Document:

Exhibit
10.1

 

EMPLOYMENT TRANSITION
AND CONSULTING AGREEMENT

 

The
Employment Transition and Consulting Agreement (the “Agreement”) is made and entered into effective as of September
1, 2022 (the “Effective Date”) by and between Fresh Vine Wine, Inc., a Nevada corporation (the “Company”),
and Elliot Savoie (“Executive”) (the Company and Executive are referred to herein individually as a “Party”
and collectively as the “Parties”).

 

WHEREAS, Executive has been
an employee of the Company, previously serving as its Chief Financial Officer and Secretary and currently serving as Head of Corporate
Development and Ventures, pursuant to an unwritten at-will employment arrangement;

 

WHEREAS, Executive and the
Company desire to provide for continued employment to provide for an orderly transition of Executive’s roles and responsibilities
within the Company;

 

WHEREAS, the Parties also
wish to enter into a consulting arrangement upon the termination of Executive’s employment with the Company; and

 

WHEREAS, Executive wishes
to provide services to the Company in exchange for compensation and is willing to grant the Company the benefits of the various covenants
contained herein.

 

Now,
Therefore, in consideration of the foregoing facts, the mutual covenants set forth herein and for other good and valuable consideration
the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, hereby agree as follows:

 

1. Employment Transition.
Except as hereinafter otherwise provided, Executive will remain employed by the Company through November 30, 2022, or such earlier or
later date as Executive and the Company shall mutually agree in writing. While employed by the Company, Executive will continue to serve
as the Company’s Head of Corporate Development and Ventures. During the term of Executive’s employment pursuant to this Agreement,
Executive shall serve the Company faithfully and to the best of his ability and shall devote his full business and professional time,
energy, knowledge, skill and diligence to the performance of his duties. Executive shall perform such services and duties in connection
with the business and affairs of the Company as are customarily incident to Executive’s position and as may reasonably be assigned
or delegated to Executive by the Chief Executive Officer of the Company (“CEO”) and the Company’s Board of Directors
(the “Board”), or their designees. Executive shall perform such duties under the direction of, and shall report to,
the Chief Executive Officer of the Company (“CEO”), and the Board, and shall comply with the Company’s reasonable
policies and procedures. The duties to be performed by Executive hereunder shall be performed primarily at the offices of the Company
in the Minneapolis, Minnesota metropolitan area, subject to reasonable travel requirements on behalf of the Company, or such other place
as the Company may reasonably designate.

 

2. Employment Term.
The term of Executive’s employment under this Agreement (“Employment Period”) shall commence on the Effective
Date and shall terminate on November 30, 2022 (or such earlier or later date as Executive and the Company shall mutually agree in writing),
unless sooner terminated pursuant to Section 7 (the “Employment Period”).

 

3. Compensation During
Employment Period.

 

(a) Salary. During the
Employment Period, the Company will pay Executive an annualized base salary (the “Salary”) of One Hundred Thousand
Dollars ($100,000) (gross), less applicable income taxes and other legally required withholding and any legally permitted deductions that
Executive voluntarily authorizes in writing. The Salary shall be payable in installments in accordance with the Company’s regular
payroll practices.

 

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(b) Stock Options. On
the Effective Date, the Company will grant to Executive a stock option (the “Option”) to purchase 69,892 shares of
the Company’s common stock at a per share exercise price equal to the fair market value of the Company’s common stock on the
date of grant. The Option will vest with respect to 3,584 shares on the last calendar day of September, October and November of 2022,
and will vest with respect to 6,571 shares on the last calendar day of each month from December 2022 through August 2023. The Option will
be governed by the Company’s 2021 Equity Incentive Plan (the “Equity Incentive Plan”) and a stock option agreement
that will incorporate the Option-related provisions contained in this subsection, which agreement shall be entered into by Executive as
a condition to the grant.

 

(c) Employee Benefits.
During the Employment Period, Executive shall continue be entitled to receive the usual and customary benefits and perquisites which the
Company generally provides to its full-time employees under its applicable plans and policies. Executive shall accrue standard paid vacation
during the Employment Period in accordance with the Company’s policies in effect from time to time.

 

(d) Expenses. During
the Employment Period, the Company shall reimburse Executive for the reasonable and necessary expenses incurred in connection with the
performance of his duties in accordance with the written policies and procedures of the Company governing such expenses, upon presentation
of appropriate vouchers for said expenses.

 

(e) Withholding. The
Company shall withhold all applicable federal, state and local taxes and social security and such other amounts as may be required by
law from all amounts payable to Executive under this Agreement in respect of services performed during the Employment Period.

 

4. Consulting Arrangement.

 

(a) Consulting Period.
Except as hereinafter otherwise provided, the Company agrees to engage Executive as a consultant of the Company effective December 1,
2022 (or such earlier or later date as Executive and the Company shall mutually agree in writing), and Executive agrees to render services
as a consultant to the Company as of such date on the terms and conditions set forth below. The term of service as a consultant to the
Company will continue through August 31, 2023, unless sooner terminated as provided in Section 7 (“Consulting Period”).

 

(b) Consulting Duties.
During the Consulting Period, Executive agrees to be available to provide such consulting services as reasonably requested from time to
time by the Company, with a selection of potential services shown in Exhibit A. Executive will use his good faith efforts to perform such
services to the best of his abilities.

 

(c) Consulting Fees.
During the Consulting Period, and provided that Executive is not in breach of his obligations under this Agreement, Executive will be
paid a $5,000 monthly consulting fee, which will be payable in arrears promptly after the end of each applicable month in the Consulting
Period.

 

(d) Consulting Expenses.
Executive will be reimbursed for all reasonable business expenses that he incurs at the request of the Company in performing services
for the Company during the Consulting Period, subject to substantiating such expenses in accordance with the Company’s reimbursement
policies, and to obtaining the prior approval of the Chief Executive Officer or Chief Financial Officer of the Company.

 

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(e) Independent Contractor
Status. Executive will be performing consulting services as an independent contractor during the Consulting Period, and not as an
employee or officer of the Company. Executive will be responsible for all taxes and non-reimbursable expenses attributable to the rendition
of his consulting services. The consulting arrangement shall not be deemed to constitute a partnership or joint venture between the Company
and Executive, nor shall the consulting arrangement be deemed to constitute Executive as an agent of the Company.

 

5. Additional Agreements.

 

(a) Company Credit Card.
As soon as practicable after the Effective Date, and in any event prior to the expiration of the Employment Period, the Company shall
repay all amounts outstanding on the Company’s American Express business credit card account linked to Executive credit (including
Executive’s credit card and cards held by any other authorized users) and shall terminate such account.

 

(b) Outstanding Tax Liability.
The Parties acknowledge that Executive owes the Company $101,090.79 in respect of funds that the Company remitted to taxing authorities
on Executive’s behalf to satisfy tax withholding obligations resulting from the Company’s issuance of common stock to Executive
upon the June 2022 vesting of his restricted stock units. The Parties further acknowledge and agree that Executive shall repay the full
amount owed on or prior to March 1, 2024.

 

(c) Expenses Associated with
Certain Legal Proceedings. The Company shall indemnify Executive to the fullest extent permitted by law if Executive becomes a party
to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, either of the pending
lawsuits (including any related legal proceedings) against the Company brought by Timothy Michaels and Janelle Anderson (the “Claims”)
by reason of (or arising in part out of) the fact that Executive is or was an officer or employee of the Company, or by reason of any
action or inaction on the part of Executive while serving in such capacity, against all fees and expenses (including, but not limited
to, attorneys’ fees and all other costs, expenses and obligations) incurred in connection with investigating, defending, being a
witness in or participating in (including on appeal), or preparing to defend, to be a witness in or to participate in, such Claims. For
clarification purposes, the Company shall not be obligated pursuant to the terms of this Section 5(c) to indemnify Executive with respect
to claims initiated or brought voluntarily by Executive against the Company or third parties and not by way of defense. In addition, the
Company shall not be liable to make any payment under this Section 5(c) to the extent Executive has otherwise actually received payment
(under any insurance policy, provision of the Articles of Incorporation or Bylaws of the Company, or otherwise) of the amounts otherwise
indemnifiable hereunder.

 

6. Representations and
Warranties by Executive. Executive hereby represents and warrants to the Company that neither the execution or delivery of this Agreement
nor the performance by Executive of Executive’s duties and other obligations hereunder violate or will violate any statute, law,
determination or award, or conflict with or constitute a default or breach of any covenant or obligation under (whether immediately, upon
the giving of notice or lapse of time or both) any prior employment agreement, contract, or other instrument to which Executive is a party
or by which Executive is bound.

 

7. Termination of Employment.

 

(a) In the event of any termination
of the employment of Executive or the services of Executive as a consultant, the Company shall pay Executive any unpaid Salary or consulting
fees accrued prior to such termination on the Company’s next regular payday. The Company shall also reimburse Executive in accordance
with and subject to the requirements of the Company’s expense reimbursement practices for any reasonable and necessary business
expenses incurred by Executive on behalf of the Company on or before the date on which his employment or services as a consultant terminates,
and reported and properly documented on expense reports.

 

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(b) The Company may terminate
the employment of Executive or the services of Executive as a consultant at any time for “Cause.” For purposes of this
Agreement, the following events will constitute “Cause”: (i) Executive’s conviction or plea relative to a crime
that constitutes a felony (whether or not such conviction is pending appeal); (ii) Executive’s fraudulent conduct or misappropriation
by Executive against the Company (including without limitation theft or embezzlement of Company property) or other dishonest act of a
reasonably serious nature with respect to the Company or its affairs; (iii) Executive’s habitual intoxication, drug use or chemical
substance abuse by any intoxicating or chemical substance, which intoxication, use or abuse adversely affects his ability to perform his
duties of employment; (iv) any act or omission by Executive which is injurious in any material respect to the financial condition or business
reputation of the Company and which resulted from Executive’s inexcusable misconduct or inexcusable neglect, provided that Executive
has been given ten (10) days’ prior written notice identifying such alleged act or omission and the resulting injury, and, if such
injury is capable of being cured, Executive fails to cure such failure within ten (10) days after receipt of such written notice; (v)
Executive’s breach of any confidentiality, non-solicitation and/or non-competition agreement with the Company to which Executive
is a party; (vi) Executive’s violation of a written Company policy that adversely effects the Company in any material respect, provided
that Executive has been given ten (10) days’ prior written notice identifying such violation and the resulting adverse effect, and,
if such adverse effect is capable of being cured, Executive fails to cure such adverse effect within ten (10) days after receipt of such
written notice; (vii) Executive’s continued, repeated or willful failure to perform his reasonable employment duties or comply with
reasonable written directives from Company management, provided that Executive has been given ten (10) days’ prior written notice
specifying the event(s) giving rise to such failure, and, if such failure is capable of being cured, Executive fails to cure such failure
within ten (10) days after receipt of such written notice; or (viii) Executive’s failure to execute and deliver the Release of Claims
contemplated by Section 11 of this Agreement, or if Executive rescinds or revokes such Release of Claims within any applicable rescission
or revocation period.

 

8. Confidential Information.

 

(a) During the course of Executive’s
employment with the Company, Executive has learned and will continue to learn of Confidential Information (as defined below), and has
developed and will continue to develop Confidential Information on behalf of the Company and its Affiliates. Executive agrees that he
will not use or disclose to any third party (except as required by applicable law or for the proper performance of Executive’s regular
duties and responsibilities for the Company) any Confidential Information obtained by Executive incident to his employment or any other
association with the Company or any of its affiliates (including without limitation as a consultant during the Consulting Period). Executive
agrees that this restriction will continue to apply after the expiration or termination of Employment Period and the Consulting Period,
regardless of the reason for such termination. For the avoidance of doubt, (i) nothing contained in this Agreement limits, restricts or
in any other way affects Executive’s communicating with any governmental agency or entity, or communicating with any official or
staff person of a governmental agency or entity, concerning matters relevant to such governmental agency or entity and (ii) Executive
will not be held criminally or civilly liable under any federal or state trade secret law for disclosing a trade secret (y) in confidence
to a federal, state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting
or investigating a suspected violation of law, or (z) in a complaint or other document filed under seal in a lawsuit or other proceeding;
provided, however, that notwithstanding this immunity from liability, Executive may be held liable if he unlawfully accesses
trade secrets by unauthorized means.

 

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(b) All documents, records and
files, in any media of whatever kind and description, relating to the business, present or otherwise, of the Company or its affiliates,
and any copies, in whole or in part, thereof (the “Documents”), whether or not prepared by Executive, shall be the
sole and exclusive property of the Company. Executive agrees to safeguard all Documents and to surrender to the Company, at the time Executive’s
employment terminates or at such earlier time or times as the Board or its designee may specify, all Documents then in Executive’s
possession or control. Executive also agrees to disclose to the Company, at the time Executive’s employment or service as a consultant
terminates or at such earlier time or times as the Board or its designee may specify, all passwords necessary or desirable to obtain access
to, or that would assist in obtaining access to, any information which Executive has password-protected on any computer equipment, network
or system of the Company or its affiliates.

 

(c) For purposes of this Agreement,
“Confidential Information” means any and all information of the Company and its affiliates that is not generally available
to the public. Confidential Information also includes any information received by the Company or its affiliates from any third party with
any understanding, express or implied, that it will not be disclosed. Confidential Information does not include information: (i) that
enters the public domain, other than through the Executive’s breach of his obligations under this Agreement or any other agreement
between Executive and the Company or its affiliates; (ii) of which Executive was in possession on a non-confidential basis prior to disclosure
during employment; (iii) that is rightfully received on a non-confidential basis from a third party that is not prohibited from disclosing
such information by a legal, contractual or fiduciary obligation to the Company; (iv) that has been approved for release by authorization
of the Company; or (v) that Executive can demonstrate is independently developed by the Executive without reference to Confidential Information.

 

9. Restricted Activities.

 

(a) During the Employment Period
and the Consulting Period, and for a period of one (1) year from and after the date on which Executive ceases to be employed by the Company
or provide services to the Company as a consultant (whichever is later) (the “Restricted Period”), unless Executive
receives the Company’s prior written approval, Executive will not, directly or indirectly, whether for his own benefit or that of
any other individual, partnership, firm, corporation, or other business organization, engage in any of the following actions (the “Restricted
Activities”):

 

(i) induce, solicit, or attempt
to induce or solicit any customer, supplier or other business relation of the Company to (i) cease doing business with the Company, or
(ii) do business with any competitor of the Company;

 

(ii) interfere with the relationship
of the Company with any person who is employed by or otherwise engaged to perform services for the Company (including, but not limited
to, any consultant or independent sales representatives or organizations), whether for Executive’s own account or for the account
of any other individual(s) or entity; or

 

(iii) engage, own, have an
interest, or participate in the financing, operation, management or control of any individual, partnership, firm, corporation, or other
business organization whose primary business is the development, production, marketing and/or sale (whether through wholesale, direct-to-consumer
or other channels) of wine varietals and brands that are primarily marketed to consumers as embodying a connection to health, wellness
and/or an active lifestyle, including without limitation varietals that are marketed as low-calorie, low-carb, and/or low-sugar and that
may meet the requirements of gluten-free, vegan and other diets, other than as a passive stockholder with less than three percent (3%)
of the outstanding common stock of a publicly traded company.

 

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The foregoing covenant shall
cover Executive’s activities in the United States and in any other country or U.S. territory in which the Company does business
during the Employment Term.

 

If Executive violates any of
the restrictive covenants in this Section 9, the Restricted Period shall be extended for an additional period equal to the duration of
the period of such violation.

 

(b) Executive agrees not to
make negative comments or otherwise disparage the Company or its affiliates or its or their officers, directors, employees, shareholders,
agents or products. The foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony
or filings, or administrative or arbitral proceedings (including depositions in connection with such proceedings).

 

10. Intellectual Property.

 

(a) Executive shall promptly
and fully disclose all Intellectual Property to the Company. Executive hereby assigns and agrees to assign to the Company (or as otherwise
directed by the Company) his full right, title and interest in and to all Intellectual Property. Executive agrees to execute any and all
applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation
the execution and delivery of instruments of further assurance or confirmation) requested by the Company to assign the Intellectual Property
to the Company (or as otherwise directed by the Company) and to permit the Company to enforce any patents, copyrights or other proprietary
rights to the Intellectual Property. Executive will not charge the Company or any of its affiliates for time spent in complying with these
obligations. All copyrightable works that Executive creates during his employment shall be considered “work made for hire”
and shall, upon creation, be owned exclusively by the Company.

 

(b) For purposes of this Agreement,
“Intellectual Property” means inventions, discoveries, developments, methods, processes, compositions, works, concepts
and ideas (whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to
practice by Executive (whether alone or with others, whether or not during normal business hours or on or off the premises of the Company
or any of its affiliates) during Executive’s employment or provision of consulting services that relate either to the business of
the Company or its affiliates or to any prospective activity of the Company or its affiliates or that result from any work performed by
Executive for the Company or its affiliates or that make use of Confidential Information or any of the equipment or facilities of the
Company or its affiliates.

 

(c) Notwithstanding the foregoing,
and pursuant to Minn. Stat. Section 181.78, the Company hereby notifies Executive that Intellectual Property does not include an invention
for which no equipment, supplies, facility or trade secret information of the Company was used and which was developed entirely on Executive’s
own time, and (a) which does not relate (i) directly to the business of the Company or (ii) to the Company’s actual or demonstrably
anticipated research or development, or (b) which does not result from any work performed by Executive for the Company.

 

11. Release of Claims.
Executive acknowledges and agrees that the Company shall have the right to terminate this Agreement for Cause if (i) Executive fails,
within thirty (30) days after the expiration of the Employment Period, a written general release in a reasonable and customary form (the
“Release of Claims”), pursuant to which Executive releases the Company, to the maximum extent permitted by law, from
any and all claims he may have against the Company that relate to or arise out of Executive’s employment or termination of employment,
except for claims arising under the Release of Claims, or (ii) Executive rescinds or revokes such Release of Claims within any applicable
rescission or revocation period.

 

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12. Miscellaneous.

 

(a) Amendment. This Agreement
may be amended only in a writing signed by both Parties.

 

(b) Entire Agreement.
With the exception of any confidentiality, non-solicitation, non-competition and/or proprietary rights agreement with the Company to which
Executive is or may become a party, this Agreement sets forth the Parties’ final and entire agreement with respect to their respective
subject matters and supersede any and all prior understandings and agreements.

 

(c) Binding Agreement.
This Agreement shall be binding upon Executive and the Company and their respective successors, assigns, heirs, executors and beneficiaries;
provided, however, that Executive acknowledges that his services are unique and personal and, accordingly, understands
and agrees that he shall not be entitled to assign his rights or delegate his duties under this Agreement.

 

(d) Rules of Construction.
The headings of Sections in this Agreement are provided for convenience only and will not affect its construction or interpretation. All
references to “Section” or “Sections” refer to the corresponding Section or Sections of this Agreement. All words
used in this Agreement will be construed to be of such gender or number as the circumstances require. Unless otherwise expressly provided,
the word “including” does not limit the preceding words or terms.

 

(e) Notices. Any notice
provided for in this Agreement must be in writing and must be either personally delivered or sent by reputable overnight courier service
(charges prepaid), or sent by registered or certified U.S. Mail (postage prepaid), or delivered by email, to the recipient at the address
below indicated:

 

	If to the Company, to:	Fresh Vine Wine, Inc.
	 	505 Hwy 169, Ste. 255
	 	Plymouth, MN 55441
	 	Attention: Chief Executive Officer
	 	 
	If to Executive, to:	Executive’s address as shown in the records of the Company;

 

or such other address or to the attention of such
other person as the recipient Party will have specified by prior written notice to the sending Party. Any notice under this Agreement
will be deemed to have been given upon the earlier of (a) actual receipt, or (b)(i) one business day after the business day of deposit
with a nationally recognized overnight courier service for next day delivery, freight prepaid, or (ii) three business days after deposit
with the United States Post Office for delivery by registered or certified mail, postage prepaid.

 

(f) Waiver of Breach.
Any waiver by either Party of compliance with any provision of this Agreement by the other Party shall not operate or be construed as
a waiver of any other provision of this Agreement, or of any subsequent breach by such Party of a provision of this Agreement.

 

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(g) Section 409A. The
intent of the Parties is that payments and benefits under this Agreement comply with or be exempt from Section 409A of the Code (“Section
409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith
or exempt therefrom. For purposes of Section 409A, the phrase “termination of employment” (or other words to that effect),
as used in this Agreement, shall be interpreted to mean “separation from service” as defined under Section 409A. To the maximum
extent permitted under Section 409A, the cash severance and other benefits payable under this Agreement are intended to meet the requirements
of the short-term deferral exemption under Section 409A and the “separation pay exception” under Treas. Reg. §1.409A-1(b)(9)(iii).
For purposes of the application of Treas. Reg. § 1.409A-l(b)(4)(or any successor provision), each payment in a series of payments
to Executive will be deemed a separate payment. To the extent any cash payment or continuing benefit payable upon Executive’s termination
of employment is nonqualified deferred compensation subject to Section 409A, then, only to the extent required by Section 409A, such payment
or continuing benefit shall not commence until the date which is six (6) months after the date of separation from service, and any previously
scheduled payments shall be made in a lump sum (without interest) on that date. Notwithstanding the foregoing, the Company makes no representations
that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall the Company be liable for
all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Executive on account of non-compliance
with Section 409A.

 

(h) Further Assurances.
Each Party shall, without further consideration, execute such additional documents as may be reasonably required in order to carry out
the purpose and intent of this Agreement.

 

(i) Severability. If
any one or more of the provisions (or portions thereof) of this Agreement shall for any reason be held by a final determination of a court
of competent jurisdiction to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality or unenforceability shall
not affect any other provisions (or portions of the provisions) of this Agreement, and the invalid, illegal or unenforceable provisions
shall be deemed replaced by a provision that is valid, legal and enforceable and that comes closest to expressing the intention of the
Parties hereto.

 

(j) Choice of Law and Venue.
The Company and Executive entered into this Agreement in the State of Minnesota. This Agreement shall be construed, enforced, and interpreted
in accordance with and governed by the laws of the State of Minnesota, exclusive of its conflict of law provisions. With respect to any
controversy or claim arising out of this Agreement, the Company and Executive consent to the exclusive venue and jurisdiction in the District
Court of Hennepin County, State of Minnesota and to service of process under Minnesota law in any action arising from the construction,
interpretation, or enforcement of this Agreement.

 

(k) Survival of Provisions.
Notwithstanding any other provision of this Agreement, the Parties’ respective rights and obligations under Sections5, 8, 9, 10
and 11 hereof, and any confidentiality, non-solicitation, non-competition and/or proprietary rights agreements with the Company to which
Executive is or may become a party, will survive any termination or expiration of this Agreement or the termination of Executive’s
employment or provision of consulting services for any reason whatsoever.

 

(l) Remedies. Executive
acknowledges that a violation of Section 8, 9 and/or 10 of this Agreement may cause irreparable harm to the Company, and that a remedy
at law for any such violation would be inadequate. Thus, in addition to any other relief afforded by law, including damages sustained
by a breach of this Agreement, and without any necessity of proof of actual damage, the Company will have the right to enforce Sections
8, 9 and 10 of this Agreement by specific enforcement, which will include, among other things, temporary and permanent injunctions to
stop or prevent the breach, threatened breach, or anticipated breach of this Agreement, it being the understanding of the Parties that
both damages and injunctions will be proper modes of relief and are not to be considered as alternative remedies. All current and future
subsidiaries and other affiliates of the Company are intended third party beneficiaries of the Company’s rights under this Agreement.
The Company will also be entitled to recover from Executive its attorney’s fees and costs in any action for breach, anticipated
breach, or threatened breach of this Agreement in which the Company substantially prevails.

 

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(m) Arbitration. If the
Parties should have a dispute arising out of, or relating to, this Agreement or the Parties’ respective rights and duties hereunder,
other than a violation or alleged violation by Executive of Section 8, 9 and/or 10 of this Agreement, then the Parties will resolve such
dispute in the following manner: (i) any Party may at any time deliver to the others a written dispute notice setting forth a brief description
of the issue for which such notice initiates the dispute resolution mechanism contemplated by this Section 12(m); (ii) during the 30-day
period following the delivery of the notice described in this Section 12(m) above, the Parties will refer the issue (to the exclusion
of a court of law) to final and binding arbitration in Minnesota in accordance with the then existing rules (the “Rules”)
of the American Arbitration Association (“AAA”), and judgment upon the award rendered by the arbitrators may be entered
in any court having jurisdiction thereof; provided, that the law applicable to any controversy shall be the laws of the state of Minnesota,
regardless of principles of conflicts of laws. In any arbitration pursuant to this Agreement, (1) discovery shall be allowed and governed
by the Rules, and (2) the award or decision shall be rendered by a single arbitrator who shall be appointed by mutual agreement of the
Company and Executive. In the event of failure of the Parties subject to the dispute to agree within 30 days after the commencement of
the arbitration proceeding upon the appointment of the single arbitrator, the single arbitrator shall be appointed by the AAA in accordance
with the Rules. Upon the completion of the selection of the single arbitrator, an award or decision shall be rendered within no more than
30 days. Failure of the arbitrator to meet the time limits of this subsection will not be a basis for challenging the award. The arbitrator
will not have the authority to award punitive damages to either Party. Each Party will bear its own expenses, but the Parties will share
equally the expenses of the arbitrator. The arbitrator may elect to award attorneys’ fees and other related costs payable by the
losing Party to the successful Party. This Agreement will be enforceable, and any arbitration award will be final and non-appealable,
and judgment thereon may be entered in any court of competent jurisdiction.

 

THE PARTIES HERETO HEREBY WAIVE
TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER IN TORT, CONTRACT OR OTHERWISE) IN ANY
WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, THE RELATED DOCUMENTS OR THE RELATIONSHIP ESTABLISHED UNDER THIS AGREEMENT.

 

(n) Employment Not Guaranteed.
Neither this Agreement nor any action taken hereunder shall be deemed to give Executive the right to be retained as an employee of the
Company except as otherwise expressly provided in this Agreement.

 

(o) Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute
but one and the same agreement.

 

Signature page follows.

 

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In
Witness Whereof, the Parties have executed the Employment Transition and Consulting Agreement effective as of the Effective Date
written above.

 

	 	THE COMPANY:
	 	 
	 	FRESH VINE WINE, INC.
	 	 	 
	 	By:	/s/ Rick Nechio
	 	Name: 	Rick Nechio
	 	Title:	Chief Executive Officer
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Elliot Savoie
	 	Elliot Savoie
	 	 

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EXHIBIT A

Consulting SERVICES

 

I.
Transition Period

Onboard Interim CFO and Secretary in
order to transition necessary knowledge and enable seamless leadership transition

 

		a)	Support Onboarding of Interim CFO and Secretary

		i)	Transition system access

		ii)	Transfer intellectual property to secure and accessible location

		iii)	Educate and provide context on confidential or role-specific
matters

		iv)	Provide general support in an effort to promote business continuity

 

II.
Ongoing Maintenance

Support ongoing and recurring business
activities

 

		a)	Continued implementation and enforcement of controls and approvals

		b)	Development and periodic review of financial forecast and
budget model

		c)	Support and review SEC filings prior to submission, including:

		i)	Annual SEC Form 10-K filings

		ii)	Quarterly SEC Form 10-Q filings

		iii)	SEC Form 8-K filings, as needed

		d)	Support monthly and quarterly financial close processes

		e)	Transition all vendor and customer contacts to appropriate
full-time employee

 

III.
Special Projects

Description

 

		a)	Support efforts to raise additional capital through debt or
equity financing

		b)	Review, evaluate, and advise on formation of potential partnerships
or strategic vendor relationships

		c)	Other special projects, as deemed necessary and appropriate
by Board Chairman

 

 

11srlpex1019222

Exhibit 10.1    EXECUTION VERSION  USActive 58084637.12  THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT  THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT  AGREEMENT, dated as of September 2, 2022 (this “Amendment”), by and among SPRAGUE  OPERATING RESOURCES LLC (the “U.S. Borrower”), KILDAIR SERVICE ULC (“Kildair” or the  “Canadian Borrower” and, together with the U.S. Borrower, the “Borrowers”), the Lenders parties hereto  and MUFG BANK, LTD., as administrative agent (the “Administrative Agent”), which amends the Second  Amended and Restated Credit Agreement, dated as of May 19, 2020 (as amended, restated, supplemented  or otherwise modified and in effect prior to the date hereof, the “Existing Credit Agreement”, and as  modified hereby and as may be further amended, restated, supplemented or otherwise modified from time  to time, the “Credit Agreement”), by and among the Borrowers, the several Lenders from time to time  parties thereto and the Administrative Agent.  RECITALS  WHEREAS, the Borrowers have requested that the Lenders and the Administrative Agent  make certain amendments to the Existing Credit Agreement on the terms and subject to the conditions set  forth herein; and  WHEREAS, the Administrative Agent and each Lender party hereto (constituting all  Lenders) have agreed to make such amendments solely upon the terms and conditions set forth herein;  NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set  forth, the parties hereto hereby agree as follows:  1. Defined Terms.  Unless otherwise noted herein, terms defined in the Credit  Agreement and used herein shall have the meanings given to them in the Credit Agreement.  2. Amendments to the Existing Credit Agreement.   The Existing Credit Agreement  is hereby amended to delete the red, stricken text (indicated textually in the same manner as the following  example: stricken text) and to add the blue, double underlined text (indicated in the same manner as the  following example: underlined text) as attached hereto on Exhibit A.  The Exhibits and Schedules to the  Existing Credit Agreement (other than as set forth in Section 3) shall not be modified by this Amendment  and shall be Exhibits and Schedules to the Credit Agreement.   3. Amendment to Schedules to the Existing Credit Agreement.      (a) Schedule 1.0 of the Existing Credit Agreement is hereby amended and restated in  its entirety as attached hereto on Annex I.  (b) Schedule 1.1(A) of the Existing Credit Agreement is hereby amended and restated  in its entirety as attached hereto on Annex II.  (c) Schedule 1.1(B) of the Existing Credit Agreement is hereby amended and restated  in its entirety as attached hereto on Annex III.  (d) Schedule 1.1(C) of the Existing Credit Agreement is hereby amended and restated  in its entirety as attached hereto on Annex IV.   

 

2  USActive 58084637.12  (e) Schedule 1.1(D) of the Existing Credit Agreement is hereby amended and restated  in its entirety as attached hereto on Annex V.   (f) Schedule 1.1(E) of the Existing Credit Agreement is hereby amended and restated  in its entirety as attached hereto on Annex VI.   (g) Schedule 1.1(F) of the Existing Credit Agreement is hereby amended and restated  in its entirety as attached hereto on Annex VII.  (h) Schedule 1.1(G) of the Existing Credit Agreement is hereby amended and restated  in its entirety as attached hereto on Annex VIII.  (i) Schedule 1.1(I) of the Existing Credit Agreement is hereby amended and restated  in its entirety as attached hereto on Annex IX.  (j) Schedule 2.2 of the Existing Credit Agreement is hereby amended and restated in  its entirety as attached hereto on Annex X.  (k) Schedule 5.15 of the Existing Credit Agreement is hereby amended and restated in  its entirety as attached hereto on Annex XI.  (l) Schedule 5.16 of the Existing Credit Agreement is hereby amended and restated in  its entirety as attached hereto on Annex XII.  (m) Schedule 5.18 of the Existing Credit Agreement is hereby amended and restated in  its entirety as attached hereto on Annex XIII.  (n) Schedule 5.19 of the Existing Credit Agreement is hereby amended and restated in  its entirety as attached hereto on Annex XIV.  (o) Schedule 5.25 of the Existing Credit Agreement is hereby amended and restated in  its entirety as attached hereto on Annex XV.  (p) Schedule 8.2 of the Existing Credit Agreement is hereby amended and restated in  its entirety as attached hereto on Annex XVI.  4. Conditions to Effectiveness.   This Amendment shall become effective as of the  date (the “Amendment Effective Date”) on which the following conditions precedent shall have been  satisfied or waived:  (a) Loan Documents.  The Administrative Agent shall have received the following  (collectively, the “Amendment Documents”):  (i) this Amendment, executed and delivered by a duly authorized officer of each  Borrower, the Administrative Agent, and each Lender;  (ii) the U.S. Omnibus Reaffirmation Agreement, executed and delivered by a duly  authorized officer of each Loan Party party thereto;  (iii) the Canadian Omnibus Reaffirmation Agreement, executed and delivered by a  duly authorized officer of each Loan Party party thereto;  

 

3  USActive 58084637.12  (iv) for each Dollar Working Capital Facility Committed Tranche Lender requesting  the same, a Note of the Borrowers substantially in the form of Exhibit A-1 to the Credit Agreement  and conforming to the requirements hereof and executed by a duly authorized officer of each  Borrower;  (v) for each Dollar Working Capital Facility Uncommitted Tranche Lender requesting  the same, a Note of the Borrowers substantially in the form of Exhibit A-2 to the Credit Agreement  and conforming to the requirements hereof and executed by a duly authorized officer of each  Borrower;  (vi) for each Multicurrency Working Capital Facility Lender requesting the same, a  Note of the Borrowers substantially in the form of Exhibit A-3 to the Credit Agreement and  conforming to the requirements hereof and executed by a duly authorized officer of each Borrower;   (vii) for each Dollar Committed Tranche Swing Line Lender requesting the same, a  Note of the Borrowers substantially in the form of Exhibit A-4 to the Credit Agreement and  conforming to the requirements hereof and executed by a duly authorized officer of each Borrower;  (viii) for each Dollar Uncommitted Tranche Swing Line Lender requesting the same, a  Note of the Borrowers substantially in the form of Exhibit A-5 to the Credit Agreement and  conforming to the requirements hereof and executed by a duly authorized officer of each Borrower;  and  (ix) for each Multicurrency Swing Line Lender requesting the same, a Note of the  Borrowers substantially in the form of Exhibit A-6 to the Credit Agreement and conforming to the  requirements hereof and executed by a duly authorized officer of each Borrower.  (b) Secretary’s Certificates.  The Administrative Agent shall have received a  certificate of each Loan Party, dated the Amendment Effective Date, substantially in the form of Exhibit E  to the Credit Agreement (or such other similar form reasonably satisfactory to the Administrative Agent),  with appropriate insertions and attachments, reasonably satisfactory in form and substance to the  Administrative Agent (or certifying that there have been no changes to such insertions and attachments  since the applicable certificate delivered pursuant to Section 6.1(b) of the Credit Agreement on the  Restatement Effective Date) , executed by (i) the President or any Vice President and the Secretary or any  Assistant Secretary on behalf of such Person, or, if applicable, of the general partner or managing member  or members of such Person, on behalf of such Person, or (ii) in the case of any such Person that is a limited  liability company, partnership or limited partnership that does not have any such officers, the general  partner, in the case of a partnership or limited partnership, or, in the case of a limited liability company, the  managing member or members of such Person, on behalf of such Person.  (c) Borrowing Base Report; Marked-to-Market Report; Position Report. The  Administrative Agent shall have received a Borrowing Base Report, a Marked-to-Market Report and a  Position Report, in each case as of a date acceptable to the Administrative Agent, reasonably satisfactory  in form and substance to the Administrative Agent.  (d) Proceedings of the Loan Parties.  The Administrative Agent shall have received a  copy of the resolutions, in form and substance reasonably satisfactory to the Administrative Agent, of the  Board of Directors (or analogous body) of each Loan Party authorizing as applicable to such Person (i) the  execution, delivery and performance of this Amendment and the other Loan Documents to which it is a  party and (ii) the borrowings contemplated thereunder, as applicable, certified on behalf of such Person by  the Secretary or an Assistant Secretary of such Person, or, if applicable, of the general partner or managing  

 

4  USActive 58084637.12  member or members of such Person, as of the Amendment Effective Date, which certification shall be  included in the certificate delivered in respect of such Person pursuant to Section 4(b), shall be in form and  substance reasonably satisfactory to the Administrative Agent and shall state that the resolutions thereby  certified have not been amended, modified, revoked or rescinded.  (e) Incumbency Certificates.  The Administrative Agent shall have received a  certificate of each Loan Party, dated the Amendment Effective Date, as to the incumbency and signature of  the officers of such Person or, if applicable, of the general partner or managing member or members of such  Person, executing any Loan Document, or having authorization to execute any certificate, notice or other  submission required to be delivered to the Administrative Agent or a Lender pursuant to this Amendment  (or certifying that there has been no change to such officers since the certificate delivered pursuant to  Section 6.1(b) of the Credit Agreement on the Restatement Effective Date), which certificate shall be  included in the certificate delivered in respect of such Person pursuant to Section 4(b), shall be reasonably  satisfactory in form and substance to the Administrative Agent, and shall be executed by the President or  any Vice President and the Secretary or any Assistant Secretary of such Person, or, if applicable, of the  general partner or managing member or members of such Person, on behalf of such Person.  (f) Organizational Documents.  The Administrative Agent shall have received true  and complete copies of the Governing Documents of each Loan Party, certified as of the Amendment  Effective Date as complete copies thereof by the Secretary or an Assistant Secretary of such Person, or, if  applicable, of the general partner or managing member or members of such Person, on behalf of such Person  (or certifying that there have been no changes to such Governing Documents since the applicable certificate  delivered pursuant to Section 6.1(b) of the Credit Agreement on the Restatement Effective Date), which  certification shall be included in the certificate delivered in respect of such Person pursuant to Section 4(b)  and shall be in form and substance reasonably satisfactory to the Administrative Agent.  (g) Good Standing Certificates.  The Administrative Agent shall have received  certificates of status, compliance or good standing (as applicable) dated as of a recent date from the  Secretary of State or other appropriate authority, evidencing the good standing of each Loan Party in the  jurisdiction of its organization.  (h) Consents, Licenses and Approvals.  The Administrative Agent shall have received  a certificate of a Responsible Person of the U.S. Borrower either (x) attaching copies of all consents,  authorizations and filings referred to in Section 5.4 of the Credit Agreement (other than the Mortgage and  Security Agreements and any UCC financing statement or PPSA financing statement or Civil Code of  Quebec filings filed pursuant to the Security Documents), and stating that such consents, licenses and filings  are in full force and effect or (y) stating that no such consents, licenses or approvals are so required.  (i) U.S. Borrower’s Certificate.  The Administrative Agent shall have received a  certificate substantially in the form of Exhibit S to the Credit Agreement signed by a Responsible Person  of the U.S. Borrower, stating on behalf of the U.S. Borrower that:  (i) The representations and warranties contained in Section 5 hereof and in Section 5  of the Credit Agreement are true and correct in all material respects on and as of the date hereof,  as though made on and as of such date (except that any representation or warranty which by its  terms is made as of an earlier date shall be true and correct in all material respects as of such earlier  date);  (ii) No Default or Event of Default exists as of the date hereof; and  

 

5  USActive 58084637.12  (iii) There has not occurred since December 31, 2021 (x) a Material Adverse Effect or  (y) a development or an event that has resulted in a material adverse change in the operations,  business, assets, properties or condition (financial or other condition) of Kildair and its Subsidiaries  taken as a whole.  (j) Fees.  The Administrative Agent, the Arrangers and the Lenders shall have  received the fees to be received on the Amendment Effective Date referred to herein and in that certain  Amended and Restated Fee Letter dated as of July 21, 2022, and, to the extent invoiced at least two Business  Days prior to the Amendment Effective Date (or such lesser time as agreed by the US Borrower), all  reasonable and documented out-of-pocket costs and expenses incurred by the Administrative Agent and the  Lead Arranger (including reasonable fees, disbursements and other charges of counsel to the Administrative  Agent) in connection with the negotiation of this Amendment, the related Loan Documents and due  diligence with respect thereto.  (k) Legal Opinions.  The Administrative Agent shall have received, with a counterpart  for each Lender, the following executed legal opinions in form and substance reasonably satisfactory to the  Administrative Agent and in accordance with customary opinion practice:  (i) the executed legal opinion(s) of Baker Botts L.L.P., counsel to the Loan Parties;  (ii) the executed legal opinion of local Pennsylvania counsel to certain of the Loan  Parties; and  (iii) the executed  legal opinion(s) of Stikeman Elliott LLP, Canadian counsel to certain  of the Loan Parties, which opinion(s) shall cover, inter alia, (i) corporate law matters concerning  the Loan Parties organized in Canada and the validity and perfection of the security interests in the  Collateral (other than in respect of any Mortgaged Property) described in the Canadian Security  Agreement and the Canadian Pledge Agreement and in each Mortgaged Property located in the  Province of British Columbia or the Province of Ontario and (ii) the validity and perfection of the  security interests in the Collateral (other than in respect of any Mortgaged Property) described in  the Quebec Security Documents and in each Mortgaged Property located in the Province of Quebec.  Each such legal opinion shall cover such other matters incident to the transactions  contemplated by this Amendment as the Administrative Agent may reasonably require in accordance with  customary opinion practice.  (l) Risk Management Policy. The Administrative Agent and the Lenders shall have  received a copy of the Risk Management Policy, including position and other limits, which shall be  satisfactory in content and form to the Administrative Agent.  (m) Lien Searches.  The Administrative Agent shall have received the results of a  recent search by a Person reasonably satisfactory to the Administrative Agent, under the UCC, PPSA, Civil  Code of Quebec and equivalent legislation in all relevant jurisdictions and all customary judgment and tax  Lien searches for financing transactions of this nature in all applicable jurisdictions, which may have been  filed with respect to personal property of the Loan Parties, and the results of such search shall be reasonably  satisfactory to the Administrative Agent.   (n) Financial Statements. The Administrative Agent and the Lenders shall have  received the most recently required financial statements or other information required to be delivered under  the Existing Credit Agreement, together with such additional financial information as the Administrative  Agent shall reasonably request.  

 

6  USActive 58084637.12  (o) [Reserved].  (p) Solvency.  The Administrative Agent shall have received a solvency certificate  substantially in the form of Exhibit V to the Credit Agreement from either the chief financial officer of the  MLP or the General Partner.  (q) PATRIOT Act; CAML.  The Administrative Agent shall have received, no later  than five (5) days prior to the Amendment Effective Date, (i) all documentation and other information  requested by the Administrative Agent no later than ten (10) days prior to the Amendment Effective Date  that are required by bank regulatory authorities under applicable “know your customer” and anti-money  laundering rules and regulations, including the USA PATRIOT Act and CAML and (ii) a Beneficial  Ownership Certification in relation to each Loan Party.  (r) No Change.  There has not occurred since December 31, 2021 (x) a Material  Adverse Effect or (y) a development or an event that has resulted in a material adverse change in the  operations, business, assets, properties or condition (financial or other condition) of Kildair and its  Subsidiaries taken as a whole.  5. Representations and Warranties.  Each Borrower hereby represents and warrants  to the Administrative Agent and each Lender that as of the Amendment Effective Date (immediately before  and after giving effect to this Amendment):  (a) it has the corporate (or analogous) power and authority to execute, deliver and  perform this Amendment and the other Amendment Documents to which it is a party;  (b) each of the representations and warranties made by the Loan Parties herein or in  or pursuant to the Loan Documents is true and correct in all material respects on and as of the Amendment  Effective Date as if made on and as of such date (except that any representation or warranty which by its  terms is made as of an earlier date shall be true and correct in all material respects as of such earlier date);  and  (c) no Default or Event of Default has occurred and is continuing, or will result  immediately after giving effect to this Amendment, the other Amendment Documents and the  consummation of the transactions contemplated by this Amendment and the other Amendment Documents.  6. New Lenders and Increasing Lenders. Each undersigned Person not party to the  Credit Agreement immediately prior to the Amendment Effective Date (each, a “New Lender”) and each  undersigned Lender party to the Credit Agreement immediately prior to the Amendment Effective Date that  is increasing its Commitments and/or Dollar Working Capital Facility Uncommitted Tranche Portions  pursuant hereto (each, an “Increasing Lender”) acknowledges and agrees that no Lender party to the Credit  Agreement (a) has made any representation or warranty and shall have no responsibility with respect to any  statements, warranties or representations made in or in connection with the Credit Agreement or any other  Loan Document or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the  Credit Agreement, any other Loan Document or any other instrument or document furnished pursuant  thereto; or (b) has made any representation or warranty and shall have no responsibility with respect to the  financial condition of any Borrower or any other Loan Party or the performance or observance by any  Borrower or any Loan Party of any of their respective obligations under the Credit Agreement or any other  Loan Document or any other instrument or document furnished pursuant hereto or thereto.  Each New  Lender and each Increasing Lender represents and warrants that it is legally authorized to enter into this  Amendment, and each New Lender (i) confirms that it has received a copy of the Credit Agreement,  together with copies of the financial statements most recently delivered pursuant to Section 7.1 thereof and  

 

7  USActive 58084637.12  such other documents and information as it has deemed appropriate to make its own credit analysis and  decision to enter into this Amendment; (ii) agrees that it will, independently and without reliance upon the  Lenders, the Administrative Agent or any other agent and based on such documents and information as it  shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action  under the Credit Agreement, the other Loan Documents or any other instrument or document furnished  pursuant hereto or thereto; (iii) appoints and authorizes the Administrative Agent to take such action as  agent on its behalf and to exercise such powers and discretion under the Credit Agreement, the other Loan  Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to  the Administrative Agent by the terms thereof, together with such powers as are incidental thereto; and (iv)  agrees that it will be bound by the provisions of the Credit Agreement and will perform in accordance with  its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it  as a Lender.  7. Amendment to Schedule 1.0 and Pro Rata Reallocations.  (a) Each Lender agrees and acknowledges that, after the Amendment Effective Date,  such Lender’s applicable Commitments and Dollar Working Capital Facility Uncommitted Tranche  Portion, as applicable, shall be as set forth on Annex I attached hereto.  (b) On the Amendment Effective Date, (A) each Dollar Working Capital Facility  Committed Tranche Lender that is increasing its Dollar Working Capital Facility Commitment under the  Credit Agreement on the date hereof shall make available to the Administrative Agent such amounts in  immediately available funds as the Administrative Agent shall determine, for the benefit of the other  relevant Dollar Working Capital Facility Committed Tranche Lenders, as being required in order to cause,  after giving effect to such increase and the use of such amounts to make payments to such other relevant  Dollar Working Capital Facility Committed Tranche Lenders, each Dollar Working Capital Facility  Committed Tranche Lender’s portion of the outstanding Dollar Working Capital Facility Committed  Tranche Loans of all the Dollar Working Capital Facility Committed Tranche Lenders to equal its Dollar  Working Capital Facility Commitment Percentage of such Dollar Working Capital Facility Committed  Tranche Loans, (B) the Borrowers shall be deemed to have repaid and reborrowed all outstanding Dollar  Working Capital Facility Committed Tranche Loans of all the Dollar Working Capital Facility Committed  Tranche Lenders to equal its Dollar Working Capital Facility Commitment Percentage of such outstanding  Dollar Working Capital Facility Committed Tranche Loans as of the date of any increase in the Dollar  Working Capital Facility Commitments (with such reborrowing to consist of the Types of Dollar Working  Capital Facility Committed Tranche Loans, with related Interest Periods if applicable, specified in a notice  delivered by the Borrowers in accordance with the requirements of Section 4.3 of the Credit Agreement)  and (C) the participations in Dollar Working Capital Facility Committed Tranche Letters of Credit shall be  adjusted to reflect changes in Dollar Working Capital Facility Commitment Percentages. The deemed  payments made pursuant to clause (B) of the immediately preceding sentence in respect of each Dollar  Working Capital Facility Committed Tranche Loan that is a Term SOFR Loan shall be subject to  indemnification by the Borrowers pursuant to the provisions of Section 4.14 of the Credit Agreement if the  deemed payment occurs other than on the last day of the related Interest Periods.  (c) On the Amendment Effective Date, (A) each Dollar Working Capital Facility  Uncommitted Tranche Lender that is increasing its Dollar Working Capital Facility Uncommitted Tranche  Portion under the Credit Agreement on the date hereof shall make available to the Administrative Agent  such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit  of the other relevant Dollar Working Capital Facility Uncommitted Tranche Lenders, as being required in  order to cause, after giving effect to such increase and the use of such amounts to make payments to such  other relevant Dollar Working Capital Facility Uncommitted Tranche Lenders, each Dollar Working  Capital Facility Uncommitted Tranche Lender’s portion of the outstanding Dollar Working Capital Facility  

 

8  USActive 58084637.12  Uncommitted Tranche Loans of all the Dollar Working Capital Facility Uncommitted Tranche Lenders to  equal its Dollar Working Capital Facility Uncommitted Tranche Percentage of such Dollar Working Capital  Facility Uncommitted Tranche Loans, (B) the Borrowers shall be deemed to have repaid and reborrowed  all outstanding Dollar Working Capital Facility Uncommitted Tranche Loans of all the Dollar Working  Capital Facility Uncommitted Tranche Lenders to equal its Dollar Working Capital Facility Uncommitted  Tranche Percentage of such outstanding Dollar Working Capital Facility Uncommitted Tranche Loans as  of the date of any increase in the Dollar Working Capital Facility Uncommitted Tranche Portions (with  such reborrowing to consist of the Types of Dollar Working Capital Facility Uncommitted Tranche Loans,  with related Interest Periods if applicable, specified in a notice delivered by the Borrowers in accordance  with the requirements of Section 4.3 of the Credit Agreement) and (C) the participations in Dollar Working  Capital Facility Uncommitted Tranche Letters of Credit shall be adjusted to reflect changes in Dollar  Working Capital Facility Uncommitted Tranche Percentages. The deemed payments made pursuant to  clause (B) of the immediately preceding sentence in respect of each Dollar Working Capital Facility  Uncommitted Tranche Loan that is a Term SOFR Loan shall be subject to indemnification by the Borrowers  pursuant to the provisions of Section 4.14 of the Credit Agreement if the deemed payment occurs other than  on the last day of the related Interest Periods.  (d) [Reserved].  (e) On the Amendment Effective Date, (A) each Multicurrency Working Capital  Facility Lender that is increasing its Multicurrency Working Capital Facility Commitment under the Credit  Agreement on the date hereof shall make available to the Administrative Agent such amounts in  immediately available funds as the Administrative Agent shall determine, for the benefit of the other  relevant Multicurrency Working Capital Facility Lenders, as being required in order to cause, after giving  effect to such increase and the use of such amounts to make payments to such other relevant Multicurrency  Working Capital Facility Lenders, each Multicurrency Working Capital Facility Lender’s portion of the  outstanding Multicurrency Working Capital Facility Loans of all the Multicurrency Working Capital  Facility Lenders to equal its Multicurrency Working Capital Facility Commitment Percentage of such  Multicurrency Working Capital Facility Loans, (B) the Borrowers shall be deemed to have repaid and  reborrowed all outstanding Multicurrency Working Capital Facility Loans of all the Multicurrency Working  Capital Facility Lenders to equal its Multicurrency Working Capital Facility Commitment Percentage of  such outstanding Multicurrency Working Capital Facility Loans as of the date of any increase in the  Multicurrency Working Capital Facility Commitments (with such reborrowing to consist of the Types of  Multicurrency Working Capital Facility Loans, with related Interest Periods if applicable, specified in a  notice delivered by the Borrowers in accordance with the requirements of Section 4.3 of the Credit  Agreement) and (C) the participations in Multicurrency Working Capital Facility Letters of Credit shall be  adjusted to reflect changes in Multicurrency Working Capital Facility Commitment Percentages. The  deemed payments made pursuant to clause (B) of the immediately preceding sentence in respect of each  Multicurrency Working Capital Facility Loan that is a Term SOFR Loan or CDOR Loan, as applicable,  shall be subject to indemnification by the Borrowers pursuant to the provisions of Section 4.14 of the Credit  Agreement if the deemed payment occurs other than on the last day of the related Interest Periods.  8. Post-Closing Matters.    (a) Notwithstanding anything in the Loan Documents to the contrary, within sixty  (60) days after the Amendment Effective Date (or such longer time as may be agreed by the Administrative  Agent in its sole discretion) (the “Post-Closing Period”), to the extent not satisfied on the Amendment  Effective Date, the Borrowers shall cause to be delivered to the Administrative Agent (A) evidence in form  and substance reasonably satisfactory to Administrative Agent that all of the insurance-related requirements  of Section 7.5 of the Credit Agreement and Section 5(q) of the U.S. Security Agreement and Section 5(p)  of the Canadian Security Agreement, as applicable, shall have been satisfied and (B) evidence that the  

 

9  USActive 58084637.12  premiums then due and payable on each insurance policy have been paid, and all such policies that are flood  insurance policies (a) shall be endorsed or otherwise amended to include a “standard” or “New York”  lender’s loss payable or mortgagee endorsement (as applicable), (b) shall name the Administrative Agent  as additional insured or loss payee, as applicable, and (c) shall (x) identify the addresses of each property  located in a special flood hazard area or, in the case of Mortgaged Property located in Canada, a flood plain,  (y) indicate the applicable flood zone designation, the flood insurance coverage and the deductible relating  thereto and (z) provide that the insurer will give the Administrative Agent 30 days written notice of  cancellation or non-renewal (collectively, such items as described in the preceding clauses (A) and (B), the  “Insurance Requirements”).  No Default or Event of Default under the Loan Documents shall be deemed  to occur solely as a result of the Borrowers’ failure to satisfy all Insurance Requirements prior to the  expiration of the Post-Closing Period; provided that, the failure of the Borrowers to comply with the terms  set forth in this Section 8(a) on a timely basis shall constitute an Event of Default under the Credit  Agreement.  (b) Notwithstanding anything in the Loan Documents to the contrary, within the Post- Closing Period, to the extent not satisfied on the Amendment Effective Date, the Borrowers shall cause to  be delivered to the Administrative Agent with respect to each existing Mortgaged Property in Connecticut  (i) an amendment to the related Mortgage and Security Agreement in respect thereof, in each case, executed  and delivered by a duly authorized officer of each party thereto, (ii) an executed legal opinion from local  counsel to certain of the Loan Parties substantially in the form of the applicable local counsel opinion  delivered in August, 2021 with respect to each amendment required pursuant to the preceding clause (i),  and (iii) a date down endorsement to the existing title insurance policy or policies covering title insurance  in the name of the Administrative Agent for the ratable benefit of the Secured Parties, and evidence that all  premiums in respect of the date-down endorsements have been paid, in each case (with respect to each of  the preceding clauses (i) through (iii)), in form and substance reasonably satisfactory to the Administrative  Agent. No Default or Event of Default under the Loan Documents shall be deemed to occur solely as a  result of the Borrowers’ failure to satisfy all requirements set forth in this Section 8(b) prior to the expiration  of the Post-Closing Period; provided that the failure of the Borrowers to comply with the terms set forth in  this Section 8(b) on a timely basis shall constitute an Event of Default under the Credit Agreement.  9. Payment of Expenses. Without duplication of reimbursement of costs and  expenses reimbursed pursuant to the Amended and Restated Mandate Letter, dated as of July 21, 2022,  between the US Borrower and MUFG Bank, Ltd., the Borrowers agree to pay or reimburse the  Administrative Agent for all of its costs and expenses in accordance with Section 11.6 of the Credit  Agreement.  10. Loan Document.  Each of the parties hereto agrees that this Amendment constitutes  a “Loan Document” for all purposes under the Credit Agreement and the other Loan Documents.  11. Limited Effect.  Except as expressly provided hereby, all of the terms and  provisions of the Credit Agreement and the other Loan Documents are and shall remain in full  force and effect; provided that, upon the effectiveness of this Amendment, each reference to the  Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit  Agreement as amended hereby. The amendments contained herein shall not be construed as a  waiver or amendment of any other provision of the Credit Agreement or the other Loan Documents  or for any purpose except as expressly set forth herein or a consent to any further or future action  on the part of any Borrower or any other Loan Party that would require the waiver or consent of  the Administrative Agent or any of the Lenders or Issuing Lenders.  

 

10  USActive 58084637.12  12. Severability.  In case any of the provisions of this Amendment shall for any reason  be held to be invalid, illegal, or unenforceable, such invalidity, illegality, or unenforceability shall not affect  any other provision hereof, and this Amendment shall be construed as if such invalid, illegal, or  unenforceable provision had never been contained herein.  13. Execution in Counterparts. This Amendment may be executed by one or more of  the parties to this Amendment on any number of separate counterparts (including by facsimile transmission  or electronic mail transmission in portable document format of signature pages hereto), and all of said  counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an  executed signature page of this Amendment by facsimile transmission or by electronic mail in portable  document format shall be effective as delivery of a manually executed counterpart hereof. A set of the  copies of this Amendment signed by all the parties shall be lodged with the Borrowers and the  Administrative Agent. The words “execution,” “signed,” “signature,” and words of like import in this  Amendment and the other Loan Documents shall be deemed to include electronic signatures, the electronic  matching of assignment terms and contract formations on electronic platforms approved by the  Administrative Agent, which shall include DocuSign and similar electronic signature platforms and digital  copies of a signatory’s manual signature, deliveries or the keeping of records in electronic form, each of  which shall be of the same legal effect, validity or enforceability as a manually executed signature or the  use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any  applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the  New York State Electronic Signatures and Records Act, or any other similar state laws based on the  Uniform Electronic Transactions Act.  14. Governing Law.  THIS AMENDMENT AND THE RIGHTS AND  OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND  CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF  NEW YORK.  15. Integration.  This Amendment represents the agreement of the parties hereto with  respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties  by the Administrative Agent or any Lender or Issuing Lender relative to the subject matter hereof not  expressly set forth or referred to herein.   16. Binding Effect.  The execution and delivery of this Amendment by each party  hereto shall be binding upon each of such party’s successors and assigns.  17. Headings, etc.  Section or other headings contained in this Amendment are for  reference purposes only and shall not in any way affect the meaning or interpretation of this Amendment.  [SIGNATURE PAGES FOLLOW]  

 

   [MUFG – Sprague – Signature Page to Third Amendment]  IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly  executed and delivered by their proper and duly authorized officers as of the day and year first above  written.  SPRAGUE OPERATING RESOURCES LLC,   as a Borrower  By:_/s/ Paul A. Scoff________________  Name: Paul A. Scoff  Title: Vice President, General Counsel, Chief  Compliance Officer and Secretary  KILDAIR SERVICE ULC,   as a Borrower  By:_/s/ Paul A. Scoff________________  Name: Paul A. Scoff  Title:   Secretary    

 

   [MUFG – Sprague – Signature Page to Third Amendment]  MUFG BANK, LTD.,   as Administrative Agent and as a Lender  By:__/s/ Christopher Taylor_________  Name: Christopher Taylor  Title:   Managing Director    

 

   [MUFG – Sprague – Signature Page to Third Amendment]  MUFG BANK, LTD., CANADA BRANCH,   as a Lender under the Multicurrency Working  Capital Facility  By:_/s/ Richard W. Kim_________________  Name:  Richard W. Kim  Title:    Director     

 

   [MUFG – Sprague – Signature Page to Third Amendment]  CUSTOMERS BANK,   as a Lender  By:_/s/ Kevin M. McGowan_________________  Name: Kevin M. McGowan  Title:   Senior Vice President  

 

   [MUFG – Sprague – Signature Page to Third Amendment]  WELLS FARGO BANK, N.A.,   as a Lender  By:_/s/ Michael Lim_________________  Name: Michael Lim  Title:   Vice President  

 

   [MUFG – Sprague – Signature Page to Third Amendment]  M&T BANK, successor by merger to   PEOPLE’S UNITED BANK, N.A.,   as a Lender  By:_/s/ Patricia L. Camelio______________  Name: Patricia L. Camelio  Title:   Senior Vice President  

 

   [MUFG – Sprague – Signature Page to Third Amendment]  COÖPERATIEVE RABOBANK U.A., NEW YORK  BRANCH,   as a Lender  By:_/s/ Brad Dingwall_________________  Name: Brad Dingwall  Title:   Executive Director  By:_/s/ Gabrielle Rossi_________________  Name: Gabrielle Rossi  Title:   Vice President    

 

   [MUFG – Sprague – Signature Page to Third Amendment]  SANTANDER BANK, N.A.,   as a Lender  By:_/s/ Jennifer Baydian________________  Name: Jennifer Baydian  Title:   Senior Vice President  

 

   [MUFG – Sprague – Signature Page to Third Amendment]  SOCIÉTÉ GÉNÉRALE,   as a Lender  By:_/s/ Michiel V.M. van der Voort________  Name: Michiel V.M. van der Voort  Title:   Managing Director  

 

   [MUFG – Sprague – Signature Page to Third Amendment]  ROYAL BANK OF CANADA,   as a Lender  By:_/s/ Vincent Bourbeau______________  Name: Vincent Bourbeau  Title:   Director  

 

   [MUFG – Sprague – Signature Page to Third Amendment]  CITY NATIONAL BANK,   as a Lender  By:_/s/ John Tyson__________________  Name: John Tyson  Title:   Senior Vice President  

 

   [MUFG – Sprague – Signature Page to Third Amendment]  CITIZENS BANK, N.A.,   as a Lender  By:_/s/ Donald A. Wright_______________  Name: Donald A. Wright  Title:   Senior Vice President  

 

   [MUFG – Sprague – Signature Page to Third Amendment]  WEBSTER BANK, N.A.,   as a Lender  By:_/s/ Samuel Lepe_______________  Name: Samuel Lepe  Title:   Vice President  

 

   [MUFG – Sprague – Signature Page to Third Amendment]  CITIBANK, N.A.,   as a Lender  By:_/s/ Marina E. Grossi______________  Name: Marina E. Grossi  Title:   Senior Vice President  

 

   [MUFG – Sprague – Signature Page to Third Amendment]  BAR HARBOR BANK & TRUST,   as a Lender  By:_/s/ Adam L. Robertson________________  Name: Adam L. Robertson  Title:   Senior Vice President  

 

   [MUFG – Sprague – Signature Page to Third Amendment]  BERKSHIRE BANK,   as a Lender  By:_/s/ Mark D. Evitts_________________  Name: Mark D. Evitts  Title:   Senior Vice President  

 

   [MUFG – Sprague – Signature Page to Third Amendment]  HSBC BANK USA, N.A.,   as a Lender  By:_/s/ Antonio J. Nanez_______________  Name: Antonio J. Nanez  Title:   Head of CTF, North America    

 

   [MUFG – Sprague – Signature Page to Third Amendment]  HSBC BANK CANADA,   as a Lender  By:_/s/ Lotfi Bengalouze__________________  Name: Lotfi Bengalouze  Title:   AVP – International Subsidiaries  By:_/s/ David Price______________________  Name: David Price  Title:   Regional Head – Western Canada &    National Head of Commodity Trade Finance Sales    

 

   [MUFG – Sprague – Signature Page to Third Amendment]  NEEDHAM BANK,   as a Lender  By:_/s/ James B. Daley________________  Name: James B. Daley  Title:   SVP, Director of Structured Finance        

 

  USActive 58084637.12  Exhibit A    AMENDED CREDIT AGREEMENT    (see attached)  

 

      

 

Exhibit A    USActive 56005294.1656005294.24  SECOND AMENDED AND RESTATED CREDIT AGREEMENT  among  SPRAGUE OPERATING RESOURCES LLC,  as U.S. Borrower,  and  KILDAIR SERVICE ULC,  as Canadian Borrower,  and  The Several Lenders  from time to time Parties Hereto,  and  MUFG BANK, LTD.,  as Administrative Agent  Dated as of May 19, 2020    BNP PARIBAS,  CITIZENS BANK, N.A.,  SOCIÉTÉ GÉNÉRALE,  SANTANDER BANK, N.A.,  WELLS FARGO BANK, N.A., and  COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, and  CITIBANK, N.A.,  as Co-Syndication Agents,  and  MUFG BANK, LTD., and  BNP PARIBAS,  as Co-Collateral AgentsAgent  and  MUFG BANK, LTD.,  BNP PARIBAS SECURITIES CORP.,  CITIZENS BANK, N.A.,  SOCIÉTÉ GÉNÉRALE,  SANTANDER BANK, N.A.,  WELLS FARGO SECURITIES, LLC, and  COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, and  CITIBANK, N.A.,  as Joint Lead Arrangers and Joint Bookrunners  THIS AGREEMENT PROVIDES FOR AN UNCOMMITTED TRANCHE.  ALL ADVANCES AND ISSUANCES OF LETTERS OF CREDITS   UNDER SUCH UNCOMMITTED TRANCHE ARE DISCRETIONARY   ON THE PART OF THE APPLICABLE LENDERS IN THEIR SOLE AND ABSOLUTE  DISCRETION.    

 

  USActive 56005294.1656005294.24 -i-  TABLE OF CONTENTS  Page  SECTION 1 DEFINITIONS ......................................................................................................1  1.1 Defined Terms. ......................................................................................................1  1.2 Other Definitional Provisions; Terms Generally. ........................................102103  1.3 Rounding. ....................................................................................................103104  1.4 Quebec Matters. ...........................................................................................103105  1.5 Divisions. .....................................................................................................104105  1.6 Interest Rates. ..............................................................................................104105  SECTION 2 AMOUNT AND TERMS OF THE LOANS, COMMITMENTS AND  DOLLAR WORKING CAPITAL FACILITY UNCOMMITTED  TRANCHE PORTIONS ..............................................................................105106  2.1 Working Capital Facility Loans. .................................................................105106  2.2 [Reserved]. ...................................................................................................107108  2.3 Swing Line Loans. .......................................................................................107108  2.4 Acquisition Facility Loans. .........................................................................109111  2.5 Procedure for Borrowing Loans. .................................................................110111  2.6 Refunding of Swing Line Loans. .................................................................115117  2.7 Foreign Exchange Rate. ...............................................................................119120  2.8 Commitment Fee. ........................................................................................119121  SECTION 3 LETTERS OF CREDIT ..............................................................................120121  3.1 Working Capital Facility Letters of Credit. .................................................120121  3.2 Acquisition Facility Letters of Credit. .........................................................121123  3.3 Procedure for the Issuance and Amendments of Letters of Credit. .............122123  3.4 General Terms of Letters of Credit. ............................................................125126  3.5 Fees, Commissions and Other Charges. ......................................................127129  3.6 L/C Participations. .......................................................................................128129  3.7 Reimbursement Obligations of the Borrowers. ...........................................129131  3.8 Obligations Absolute. ..................................................................................130132  3.9 Role of the Issuing Lenders. ........................................................................131133  3.10 Letter of Credit Request. .............................................................................132134  SECTION 4 GENERAL PROVISIONS APPLICABLE TO LOANS AND LETTERS  OF CREDIT .................................................................................................132134  4.1 Increase, Termination or Reduction of Commitments or Total Dollar  Working Capital Facility Uncommitted Tranche Portions. .........................132134  4.2 Interest Rates and Payment Dates. ..............................................................136137  

 

  -ii-  USActive 56005294.16 -ii-56005294.24  4.3 Conversion and Continuation Options. .......................................................137138  4.4 Minimum Amounts of Tranches; Maximum Number of Tranches. ............138140  4.5 Repayment of Loans; Evidence of Debt. .....................................................139140  4.6 Optional Prepayments. ................................................................................140141  4.7 Mandatory Prepayments. .............................................................................141142  4.8 Computation of Interest and Fees. ...............................................................143144  4.9 Pro Rata Treatment and Payments. .............................................................143145  4.10 Requirements of Law. .................................................................................145147  4.11 Taxes. ...........................................................................................................147148  4.12 Lending Offices. ..........................................................................................152153  4.13 Credit Utilization Reporting. .......................................................................152153  4.14 Indemnity. ....................................................................................................152154  4.15 Market Disruption and Inability to Determine Interest Rate. ......................152154  4.16 Illegality. ......................................................................................................153155  4.17 Replacement of Lenders. .............................................................................154155  4.18 Defaulting Lender. .......................................................................................156157  4.19 Interest Act (Canada). ..................................................................................159160  4.20 Limitations on Interest. ................................................................................159161  4.21 Replacement Facility. ..................................................................................160161  4.22 Election of Approving Lenders to Continue Funding. ................................161163  4.23 Benchmark Replacement Setting. ...............................................................163164  SECTION 5 REPRESENTATIONS AND WARRANTIES ...........................................164166  5.1 Financial Condition. ....................................................................................164166  5.2 No Change. ..................................................................................................165167  5.3 Existence; Compliance with Law. ...............................................................165167  5.4 Power; Authorization; Enforceable Obligations. ........................................166167  5.5 No Legal Bar. ..............................................................................................166168  5.6 No Material Litigation. ................................................................................166168  5.7 No Default. ..................................................................................................167168  5.8 Ownership of Property; Liens. ....................................................................167168  5.9 Intellectual Property. ...................................................................................167168  5.10 No Burdensome Restrictions. ......................................................................167169  5.11 Taxes. ...........................................................................................................167169  5.12 Federal Regulations. ....................................................................................168169  5.13 ERISA. .........................................................................................................168169  5.14 Investment Company Act; Other Regulations. ............................................169171  5.15 Subsidiaries. .................................................................................................169171  5.16 Security Documents. ....................................................................................169171  5.17 Accuracy and Completeness of Information. ..............................................171172  5.18 Labor Relations. ..........................................................................................171173  5.19 Insurance. .....................................................................................................171173  5.20 Solvency. .....................................................................................................172173  5.21 Use of Letters of Credit and Proceeds of Loans. .........................................172174  5.22 Environmental Matters. ...............................................................................173175  

 

  -iii-  USActive 56005294.16 -iii-56005294.24  5.23 Risk Management Policy. ............................................................................175176  5.24 Anti-Corruption Laws and Sanctions. .........................................................175176  5.25 Canadian Pension Plan and Benefit Plans. ..................................................175177  5.26 EEA Financial Institutions. .........................................................................176177  5.27 Beneficial Ownership Certification. ............................................................176178  SECTION 6 CONDITIONS PRECEDENT .....................................................................176178  6.1 Conditions Precedent. ..................................................................................176178  6.2 Conditions to Each Credit Extension. .........................................................184186  SECTION 7 AFFIRMATIVE COVENANTS .................................................................187189  7.1 Financial Statements. ...................................................................................187189  7.2 Certificates; Other Information. ..................................................................189191  7.3 Payment of Obligations. ..............................................................................191192  7.4 Conduct of Business and Maintenance of Existence. ..................................191192  7.5 Maintenance of Property; Insurance. ...........................................................191192  7.6 Inspection of Property; Books and Records; Discussions. ..........................191193  7.7 Notices. ........................................................................................................192193  7.8 Environmental Laws. ...................................................................................193194  7.9 Periodic Audit of Borrowing Base Assets. ..................................................193195  7.10 Risk Management Policy. ............................................................................194195  7.11 Collections of Accounts Receivable. ...........................................................194196  7.12 Taxes. ...........................................................................................................195196  7.13 Additional Collateral; Further Actions. .......................................................195196  7.14 Use of Proceeds. ..........................................................................................198199  7.15 Cash Management. ......................................................................................198199  7.16 New Business Valuations of Approved Acquisition Assets. .......................198200  7.17 Post-Closing Matters. ..................................................................................198200  7.18 Canadian Pension Plans and Benefit Plans. ................................................199200  SECTION 8 NEGATIVE COVENANTS ........................................................................199201  8.1 Financial Condition Covenants. ..................................................................200201  8.2 Limitation on Indebtedness. ........................................................................200202  8.3 Limitation on Liens. ....................................................................................202203  8.4 Limitation on Fundamental Changes. ..........................................................204205  8.5 Restricted Payments. ...................................................................................205206  8.6 Limitation on Sale of Assets. .......................................................................206207  8.7 Limitation on Capital Expenditures. ............................................................207209  8.8 Limitation on Investments, Loans and Advances. .......................................207209  8.9 Limitation on Payments or Modifications of Junior Debt Instruments. ......208210  8.10 Limitation on Transactions with Affiliates. .................................................208210  8.11 Accounting Changes. ...................................................................................209211  8.12 Limitation on Negative Pledge Clauses. .....................................................209211  

 

  -iv-  USActive 56005294.16 -iv-56005294.24  8.13 Limitation on Lines of Business. .................................................................210212  8.14 Governing Documents. ................................................................................210212  8.15 Limitations on Clauses Restricting Subsidiary Distributions. .....................211212  8.16 Canadian Pension Plan. ...............................................................................211213  8.17 Use of Proceeds. ..........................................................................................211213  8.18 Loan Parties. ................................................................................................211213  8.19 Limitation on Securitization Agreements. .........................................................213  SECTION 9 EVENTS OF DEFAULT ............................................................................211213  9.1 Events of Default. ........................................................................................211213  SECTION 10 THE ADMINISTRATIVE AGENT ............................................................216218  10.1 Appointment. ...............................................................................................216218  10.2 Delegation of Duties. ...................................................................................218220  10.3 Exculpatory Provisions. ...............................................................................218220  10.4 Reliance by Administrative Agent. .............................................................218220  10.5 Notice of Default. ........................................................................................219221  10.6 Non-Reliance on Administrative Agent and Other Lenders. ......................219221  10.7 Indemnification. ...........................................................................................220222  10.8 Administrative Agent in Its Individual Capacity. ........................................220222  10.9 Successor Administrative Agent. ................................................................220222  10.10 Collateral Matters. .......................................................................................221223  10.11 Arrangers, Co-Collateral Agents and the Co-Syndication Agents. .............222224  10.12 Credit Bidding. ............................................................................................222224  10.13 Single Action Rule. .....................................................................................223225  10.14 Collateral Sharing Provisions. .....................................................................223225  10.15 Certain ERISA Matters. ...............................................................................224226  10.16 Erroneous Payments. ...................................................................................225227  SECTION 11 MISCELLANEOUS ....................................................................................228230  11.1 Amendments and Waivers. ..........................................................................228230  11.2 Notices. ........................................................................................................230232  11.3 No Waiver; Cumulative Remedies. .............................................................233235  11.4 Survival of Representations and Warranties. ..............................................234236  11.5 Release of Collateral and Guarantee Obligations. .......................................234236  11.6 Payment of Costs and Expenses. .................................................................234236  11.7 Successors and Assigns; Participations and Assignments. ..........................236238  11.8 Adjustments; Set-off. ...................................................................................240242  11.9 Counterparts. ...............................................................................................241243  11.10 Severability. .................................................................................................242244  11.11 Integration. ...................................................................................................242244  11.12 Governing Law. ...........................................................................................242244  11.13 Submission to Jurisdiction; Waiver of Certain Damages. ...........................242244  

 

  -v-  USActive 56005294.16 -v-56005294.24  11.14 Acknowledgements. ....................................................................................243245  11.15 Waivers of Jury Trial. ..................................................................................243245  11.16 Confidentiality. ............................................................................................243245  11.17 Specified Laws. ...........................................................................................245247  11.18 No Fiduciary Duty, etc. ...............................................................................245247  11.19 Additional Borrowers. .................................................................................246248  11.20 Joint and Several Liability. ..........................................................................247249  11.21 Contribution and Indemnification among the Borrower Parties;  Subordination. .............................................................................................249251  11.22 Express Waivers by Borrower Parties in Respect of Cross Guaranties and  Cross Collateralization. ...............................................................................249251  11.23 Limitation on Obligations of Borrower Parties. ..........................................251253  11.24 Keepwell. .....................................................................................................251253  11.25 Judgment Currency. .....................................................................................252254  11.26 English Language. .......................................................................................252254  11.27 Effect of Amendment and Restatement. ......................................................252254  11.28 Acknowledgement and Consent to Bail-In of Affected Financial  Institutions. ..................................................................................................253255  11.29 Acknowledgement Regarding Any Supported QFCs. .................................253255  11.30 Approved Organizational Changes. .............................................................254256  11.31 Sustainability Adjustments. ...............................................................................258       

 

  -vi-  USActive 56005294.16 -vi-56005294.24  SCHEDULES  Schedule 1.0 Lenders, Commitments, Dollar Working Capital Facility Uncommitted  Tranche Portions and Applicable Lending Offices  Schedule 1.1(A) Approved Inventory Locations  Schedule 1.1(B) Cash Management Banks  Schedule 1.1(C) Eligible Foreign Counterparties  Schedule 1.1(D) Independent Entity Schedule  Schedule 1.1(E) Mortgaged Property  Schedule 1.1(F) Specified Account Debtors  Schedule 1.1(G) Issuance Caps  Schedule 1.1(H) Swing Line Caps  Schedule 1.1(I) Excluded Accounts  Schedule 2.2 Wire Instructions for Working Capital Facility Loans and Swing Line Loans  Schedule 3.1(a) Existing Dollar Working Capital Facility Letters of Credit  Schedule 3.1(b) Existing Multicurrency Working Capital Facility Letters of Credit  Schedule 3.2 Existing Acquisition Facility Letters of Credit  Schedule 5.1(c) Liabilities  Schedule 5.1(f) Acquisitions  Schedule 5.4 Consents and Authorizations  Schedule 5.9 Intellectual Property  Schedule 5.15 Subsidiaries  Schedule 5.16 Filing Jurisdictions  Schedule 5.18 Labor Relations  Schedule 5.19 Insurance  Schedule 5.22 Environmental Matters  Schedule 5.25 Canadian Pension Plans and Benefit Plans  Schedule 8.2 Existing Indebtedness  Schedule 8.3 Existing Liens  Schedule 8.6 Dispositions  Schedule 8.8 Investments  Schedule 8.10 Transactions with Affiliates  EXHIBITS  Exhibit A-1 Form of Dollar Working Capital Facility Committed Tranche Note  Exhibit A-2 Form of Dollar Working Capital Facility Uncommitted Tranche Note  Exhibit A-3 Form of Multicurrency Working Capital Facility Note  Exhibit A-4  Form of Dollar Committed Tranche Swing Line Note  Exhibit A-5  Form of Dollar Uncommitted Tranche Swing Line Note  Exhibit A-6 Form of Multicurrency Swing Line Note  Exhibit A-7  Form of Acquisition Facility Note  Exhibit B  [Reserved]  Exhibit C [Reserved]  Exhibit D-1  Form of Section 4.11 Certificate (For Non-U.S. Lenders That Are Not  Partnerships)  

 

  -vii-  USActive 56005294.16 -vii-56005294.24  Exhibit D-2 Form of Section 4.11 Certificate (For Non-U.S. Participants That Are Not  Partnerships)  Exhibit D-3 Form of Section 4.11 Certificate (For Non-U.S. Participants That Are  Partnerships)  Exhibit D-4 Form of Section 4.11 Certificate (For Non-U.S. Lenders That Are Partnerships)  Exhibit E  Form of Secretary’s Certificate  Exhibit F  Form of Assignment and Acceptance  Exhibit G  Form of Borrowing Base Report  Exhibit H-1  Form of Intercompany Subordination Agreement  Exhibit H-2  Form of Hartree Subordination Agreement  Exhibit I  Risk Management Policy  Exhibit J  [Reserved]  Exhibit K  Cash Collateral Documentation  Exhibit L  Form of U.S. Mortgage and Security Agreement  Exhibit M  Form of Position Report  Exhibit N [Reserved]  Exhibit O Form of Compliance Certificate  Exhibit P Form of Increase and New Lender Agreement  Exhibit Q Form of Perfection Certificate  Exhibit R  Form of Marked-to-Market Report  Exhibit S  Form of Borrower’s Certificate  Exhibit T  Form of Hedging Agreement Qualification Notification  Exhibit U  Form of Joinder Agreement  Exhibit V Form of Solvency Certificate  ANNEXES  Annex I  Form of Borrowing Notice  Annex II  Form of Continuation/Conversion Notice  Annex III  Form of Notice of Prepayment  Annex IV Form of Credit Utilization Summary  Annex V Form of Declining Lender Notice    

 

  USActive 56005294.1656005294.24  SECOND AMENDED AND RESTATED CREDIT AGREEMENT  SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as of  May 19, 2020, among SPRAGUE OPERATING RESOURCES LLC, a Delaware limited liability  company (the “U.S. Borrower”), Kildair Service ULC, a corporation originally formed under the  laws of Canada and continued under the laws of British Columbia (“Kildair” or the “Canadian  Borrower” and, together with the U.S. Borrower, the “Borrowers”), the several banks and other  financial institutions or entities from time to time parties to this Agreement, as lenders (the  “Lenders”), and MUFG BANK, LTD., (“MUFG”), as administrative agent (together with any  successor Administrative Agent appointed pursuant to Section 10.9, in such capacity the  “Administrative Agent”).  W I T N E S S E T H:  WHEREAS, the Borrowers are party to the Existing Credit Agreement (as defined  below) with the several banks and other financial institutions parties thereto and MUFG, as  successor administrative agent, successor Canadian agent and successor collateral agent;  WHEREAS, the Borrowers, the Lenders and the Administrative Agent have,  subject to the terms and conditions set forth herein, agreed to amend and restate the Existing Credit  Agreement as provided in this Agreement;  WHEREAS, it is the intent of the parties hereto that this Agreement not constitute  a novation of the obligations and liabilities existing under the Existing Credit Agreement or  evidence repayment of any such obligations and liabilities and that this Agreement amend and  restate in its entirety the Existing Credit Agreement and re-evidence the obligations of each  Borrower outstanding thereunder;  NOW, THEREFORE, in consideration of the above premises, each Borrower, each  Lender and the Administrative Agent (in its capacity as successor administrative agent, successor  Canadian agent and successor collateral agent under the Existing Credit Agreement) agree that on  the Restatement Effective Date (as defined below) the Existing Credit Agreement shall be  amended and restated in its entirety as follows:  SECTION 1 DEFINITIONS  1.1 Defined Terms.  As used in this Agreement, the following terms shall have  the following meanings:  “Acceptable Investment Grade Credit Enhancement”:  with respect to any Account  Receivable, (i) a letter of credit in form and substance reasonably acceptable to the Administrative  Agent issued by a bank which is Investment Grade and which letter of credit does not terminate  earlier than fifteen (15) days after the expected payment date of such Account Receivable;  provided, that, upon the request of the Administrative Agent during the continuance of an Event  of Default, with respect to each letter of credit described in this clause (i), the applicable Loan  

 

  -2-  USActive 56005294.16 -2-56005294.24  Party shall (A) assign the proceeds of such letter of credit to the Administrative Agent, (B) cause  the issuing bank of such letter of credit to consent to such assignment and (C) cause any such letter  of credit issued to be advised by the Administrative Agent, or (ii) a parent guarantee, insurance  policy, surety bond or other customary credit support, in each case, (A) provided by any Person  who is Investment Grade and (B) in form and substance reasonably acceptable to the  Administrative Agent.  “Account”:  any “account” as defined in Section 9-102 of the UCC  and any  “account” as defined under the PPSA and any “claim” for purposes of the Civil Code of Quebec.  “Account Control Agreements”:  with respect to any Deposit Account, Commodity  Account or Securities Account of a Loan Party (other than Excluded Accounts), an account control  agreement in form and substance reasonably acceptable to the applicable Loan Party and the  Administrative Agent.  “Account Debtor”:  a Person who is obligated to a Loan Party under an Account  Receivable or Exchange Receivable of such Loan Party.  “Account Receivable”:  an Account or Payment Intangible of a Loan Party.  “Acquisition”:  as to any Person, the acquisition by such Person of (a) Capital Stock  of any other Person if, after giving effect to the acquisition of such Capital Stock, such other Person  would be a Subsidiary, (b) all or substantially all of the assets of any other Person or (c) assets  constituting one or more business units of any other Person.  “Acquisition Assets”:  all assets of the Loan Parties other than (a) assets of any  Exempt CFC or any Subsidiary thereof, (b) assets included in the U.S. Borrowing Base or the  Kildair Borrowing Base and (c) Excluded Assets (as defined in the U.S. Security Agreement or  the Canadian Security Agreement, as applicable); provided that (i) subject to clause (ii) below, no  such asset shall be an Acquisition Asset unless it is subject to a Perfected First Lien and is free and  clear of all Liens other than Liens permitted hereunder and (ii) any asset that is acquired in an  acquisition permitted by this Agreement and that would constitute an Acquisition Asset but for the  fact that it is not subject to a Perfected First Lien shall be deemed to be an Acquisition Asset from  the date of acquisition thereof, but shall cease to be an Acquisition Asset on the 60th day (or such  longer time as may be agreed by the Administrative Agent) following the date of its acquisition  unless on or prior to that day it has become, and then remains, subject to a Perfected First Lien and  is free and clear of all Liens other than Liens permitted hereunder.  “Acquisition Facility”:  the Acquisition Facility Commitments and the extensions  of credit thereunder.  “Acquisition Facility Acquisition Extensions of Credit”:  at any date, as to any  Acquisition Facility Lender, that portion of the Acquisition Facility Extensions of Credit that are  not Acquisition Facility Working Capital Extensions of Credit.  “Acquisition Facility Acquisition Letter of Credit”:  each Acquisition Facility  Letter of Credit that is an Acquisition Facility Acquisition Extension of Credit.  

 

  -3-  USActive 56005294.16 -3-56005294.24  “Acquisition Facility Acquisition Loan”:  each Acquisition Facility Loan that is an  Acquisition Facility Acquisition Extension of Credit.  “Acquisition Facility Commitment”:  at any date, as to any Acquisition Facility  Lender, the obligation of such Acquisition Facility Lender to make Acquisition Facility Loans to  the Borrowers pursuant to Section 2.4 and to participate in Acquisition Facility Letters of Credit  in an aggregate principal and/or face amount at any one time outstanding not to exceed the amount  set forth opposite such Acquisition Facility Lender’s name on Schedule 1.0 under the caption  “Acquisition Facility Commitment” or, as the case may be, in the Assignment and Acceptance  pursuant to which such Acquisition Facility Lender becomes a party hereto, as such amount may  be changed from time to time in accordance with the terms of this Agreement.  As of the  SecondThird Amendment Effective Date, the original aggregate amount of the Acquisition Facility  Commitments is $450,000,000.  “Acquisition Facility Commitment Percentage”:  as to any Acquisition Facility  Lender at any time, the percentage which such Acquisition Facility Lender’s Acquisition Facility  Commitment then constitutes of the aggregate Acquisition Facility Commitments of all  Acquisition Facility Lenders at such time (or, at any time after the Acquisition Facility  Commitments shall have expired or terminated, such Acquisition Facility Lender’s Acquisition  Facility Credit Exposure Percentage).  “Acquisition Facility Commitment Period”:  the period from and including the  Restatement Effective Date to but not including the Acquisition Facility Commitment Termination  Date or such earlier date on which all of the Acquisition Facility Commitments shall terminate as  provided herein.  “Acquisition Facility Commitment Termination Date”:  May 19September 2,  20232024, or, if such date is not a Business Day, the next preceding Business Day.  “Acquisition Facility Credit Exposure”:  as to any Acquisition Facility Lender at  any time, the Available Acquisition Facility Commitment of such Acquisition Facility Lender plus,  the amount of the Acquisition Facility Extensions of Credit of such Acquisition Facility Lender.  “Acquisition Facility Credit Exposure Percentage”:  as to any Acquisition Facility  Lender at any time, the fraction (expressed as a percentage), the numerator of which is the  Acquisition Facility Credit Exposure of such Acquisition Facility Lender at such time and the  denominator of which is the aggregate Acquisition Facility Credit Exposures of all of the  Acquisition Facility Lenders at such time.  “Acquisition Facility Extensions of Credit”:  at any date, as to any Acquisition  Facility Lender at any time, an amount equal to the aggregate principal amount of Acquisition  Facility Loans made by such Acquisition Facility Lender plus the amount of the undivided interest  of such Acquisition Facility Lender (based on such Acquisition Facility Lenders’ Acquisition  Facility Credit Exposure Percentage) in any then-outstanding Acquisition Facility  L/C Obligations.  “Acquisition Facility Increase”:  as defined in Section 4.1(b).  

 

  -4-  USActive 56005294.16 -4-56005294.24  “Acquisition Facility Issuing Lenders”:  MUFG, BNP Paribas, Société Générale,  Wells Fargo Bank, N.A., Coöperatieve Rabobank U.A., New York Branch, Citizens Bank, N.A.,  Santander Bank, N.A. and each other Acquisition Facility Lender from time to time designated by  the U.S. Borrower (and agreed to by such Lender) as an Acquisition Facility Issuing Lender with  the prior consent of the Administrative Agent (such consent not to be unreasonably withheld,  conditioned or delayed) (and upon such designation and agreement, each such Lender shall set  forth its Issuance Cap on Schedule 1.1(G) pursuant to the terms of this Agreement), each in its  capacity as issuer of any Acquisition Facility Letter of Credit.  “Acquisition Facility L/C Obligations”:  at any time, an amount equal to the sum  of (a) the aggregate then undrawn and unexpired amount of the then outstanding Acquisition  Facility Letters of Credit and (b) the aggregate amount of drawings under Acquisition Facility  Letters of Credit which have not then been reimbursed or converted to an Acquisition Facility  Loan pursuant to Section 3.7.  “Acquisition Facility L/C Participants”:  with respect to any Acquisition Facility  Letter of Credit, all of the Acquisition Facility Lenders other than the Acquisition Facility Issuing  Lender thereof.  “Acquisition Facility L/C Participation Obligations”:  the obligations of the  Acquisition Facility L/C Participants to purchase participations in the obligations of the  Acquisition Facility Issuing Lenders under outstanding Acquisition Facility Letters of Credit  pursuant to Section 3.6.  “Acquisition Facility Lender”:  each Lender having an Acquisition Facility  Commitment (or, after the termination of the Acquisition Facility Commitments, each Lender  holding Acquisition Facility Extensions of Credit), and, as the context requires, includes the  Acquisition Facility Issuing Lenders.  As of the SecondThird Amendment Effective Date, each  Acquisition Facility Lender is specified on Schedule 1.0.  “Acquisition Facility Letter of Credit”:  as defined in Section 3.2.  “Acquisition Facility Letter of Credit Sub-Limit”:  $50,000,000 at any time  outstanding.  “Acquisition Facility Loans”:  as defined in Section 2.4(a).  “Acquisition Facility Maintenance Cap-Ex Extensions of Credit”:  Acquisition  Facility Loans and Acquisition Facility Letters of Credit which are used to finance Capital  Expenditures for the maintenance of existing assets or property of the Loan Parties, as designated  by the applicable Borrower in good faith.  “Acquisition Facility Maintenance Cap-Ex Sub-Limit”:  $25,000,000 during any  Fiscal Year.  “Acquisition Facility Maturity Date”:  with respect to any Acquisition Facility  Loan, the earliest to occur of (i) the date on which the Acquisition Facility Loans become due and  

 

  -5-  USActive 56005294.16 -5-56005294.24  payable pursuant to Section 9, (ii) the date on which the Acquisition Facility Commitments  terminate pursuant to Section 4.1 and (iii) the Acquisition Facility Commitment Termination Date.  “Acquisition Facility Performance Letters of Credit”:  Acquisition Facility Letters  of Credit that are Performance Letters of Credit.  “Acquisition Facility Transportation Letter of Credit”:  an Acquisition Facility  Performance Letter of Credit that is issued to support the transportation of Eligible Commodities  (other than the obligation to pay for the purchase of Eligible Commodities).  “Acquisition Facility Transportation Letter of Credit Sub-Limit”:  $25,000,000 at  any time outstanding.  “Acquisition Facility Working Capital Availability Time”:  any time during the  period commencing on August 1 of any year and ending on March 31 of the next year when the  sum of the aggregate Available Dollar Working Capital Facility Uncommitted Tranche Portions,  aggregate Available Dollar Working Capital Facility Commitments and aggregate Available  Multicurrency Working Capital Facility Commitments is $0.  “Acquisition Facility Working Capital Extensions of Credit”:  Acquisition Facility  Loans and Acquisition Facility Letters of Credit which are used for general working capital  purposes, including to finance assets included in the U.S. Borrowing Base or the Kildair Borrowing  Base.  “Acquisition Facility Working Capital Letter of Credit”:  each Acquisition Facility  Letter of Credit that is an Acquisition Facility Working Capital Extension of Credit.  “Acquisition Facility Working Capital Loan”:  each Acquisition Facility Loan that  is an Acquisition Facility Working Capital Extension of Credit.  “Acquisition Facility Working Capital Sub-Limit”:  an amount at the time of the  incurrence of any Acquisition Facility Working Capital Extension of Credit equal to (a) at any  time when an Acquisition Facility Working Capital Availability Time is in effect, the lesser of  (i) the Borrowing Base Availability and (ii) the Available Acquisition Facility Commitment, and  (b) at any time other than when an Acquisition Facility Working Capital Availability Time is in  effect, $0.  “Additional Borrower”:  as defined in Section 11.19.  “Additional Borrower Collateral Risk Review”:  as defined in Section 11.19.  “Adjusted Term SOFR”: for purposes of any calculation, the rate per annum equal  to (a) Term SOFR for such calculation plus (b) the Term SOFR Adjustment; provided that if  Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR  shall be deemed to be the Floor.  “Adjusted Total Dollar Working Capital Facility Uncommitted Tranche Portion”:   as of any date, the sum of the Total Dollar Working Capital Facility Uncommitted Tranche Portion  

 

  -6-  USActive 56005294.16 -6-56005294.24  plus the aggregate sum of the Dollar Working Capital Facility Uncommitted Tranche Extensions  of Credit of all Declining Lenders as of such date.  “Adjusted Dollar Working Capital Facility Uncommitted Tranche Percentage”:   with respect to any Dollar Working Capital Facility Uncommitted Tranche Lender as of any date,  the Dollar Working Capital Facility Uncommitted Tranche Percentage of such Lender adjusted for  the aggregate Dollar Working Capital Facility Uncommitted Tranche Extensions of Credit of all  Declining Lenders as of such date, if any, as determined below:   (a) prior to the first Conversion to Approving Lenders Date, with respect to any  Dollar Working Capital Facility Uncommitted Tranche Lender as of any date, such Dollar  Working Capital Facility Uncommitted Tranche Lender’s Dollar Working Capital Facility  Uncommitted Tranche Percentage as of such date,   (b) thereafter:  (i) with respect to any Approving Lender as of any date, the percentage  equivalent of the quotient (rounded to the ninth decimal place) obtained by dividing such  Approving Lender’s Dollar Working Capital Facility Uncommitted Tranche Portion by the  Adjusted Total Dollar Working Capital Facility Uncommitted Tranche Portion;  (ii) with respect to any Declining Lender as of any date,  (A) for the purpose of determining such Declining Lender’s percentage with  respect to then outstanding Dollar Working Capital Facility Uncommitted Tranche Loans as of  such date, the percentage equivalent of the quotient (rounded to the ninth decimal place)  obtained by dividing the aggregate principal amount of such Declining Lender’s then  outstanding Dollar Working Capital Facility Uncommitted Tranche Loans by the aggregate  principal amount of all then outstanding Dollar Working Capital Facility Uncommitted Tranche  Loans;  (B) for the purpose of determining such Declining Lender’s percentage with  respect to any Refunded Dollar Uncommitted Tranche Swing Line Loan, the percentage  equivalent of the quotient (rounded to the ninth decimal place) obtained by dividing the principal  amount of such Declining Lender’s participation in such Refunded Dollar Uncommitted Tranche  Swing Line Loan by the aggregate principal amount of such Refunded Dollar Uncommitted  Tranche Swing Line Loan;  (C) for the purpose of determining such Declining Lender’s percentage with  respect to then outstanding Dollar Working Capital Facility Uncommitted Tranche L/C  Obligations as of such date, the percentage equivalent of the quotient (rounded to the ninth  decimal place) obtained by dividing the aggregate principal amount of such Declining Lender’s  then outstanding Dollar Working Capital Facility Uncommitted Tranche L/C Obligations by the  aggregate principal amount of all then outstanding Dollar Working Capital Facility  Uncommitted Tranche L/C Obligations; provided that with respect to any Dollar Working  Capital Facility Uncommitted Tranche Letter of Credit for which such Declining Lender is the  Dollar Working Capital Facility Uncommitted Tranche Issuing Lender, the Dollar Working  Capital Facility Uncommitted Tranche L/C Obligation amount for such Dollar Working Capital  

 

  -7-  USActive 56005294.16 -7-56005294.24  Facility Uncommitted Tranche Letter of Credit shall be deemed to be the maximum available  amount under such Letter of Credit as of such date minus the aggregate sum of all Dollar  Working Capital Facility Uncommitted Tranche L/C Obligation in such Letter of Credit as of  the close of business on the date immediately prior to the determination date; and  (D) for the purpose of determining such Declining Lender’s percentage for  purposes of Section 10.7 as of such date, the percentage equivalent of the quotient (rounded to  the ninth decimal place) obtained by dividing such Declining Lender’s Dollar Working Capital  Facility Uncommitted Tranche Extensions of Credit by the Total Dollar Working Capital  Facility Uncommitted Tranche Extensions of Credit (or, if no Dollar Working Capital Facility  Uncommitted Tranche Extensions of Credit are then outstanding, such Declining Lender’s  Dollar Working Capital Facility Uncommitted Tranche Percentage).  “Administrative Agent”:  as defined in the introductory paragraph of this  Agreement.  For the avoidance of doubt, the “Administrative Agent” as used herein and in the  other Loan Documents shall include, on the Restatement Effective Date, MUFG acting in its  capacity as successor administrative agent, successor Canadian agent and successor collateral  agent under the Existing Credit Agreement and the loan documents related thereto.  “Affected Financial Institution”: (a) any EEA Financial Institution or (b) any UK  Financial Institution.  “Affiliate”:  as to any Person, any other Person (other than a Subsidiary) which,  directly or indirectly, is in control of, is controlled by, or is under common control with, such  Person.  For purposes of this definition, “control” of a Person (including, with its correlative  meanings, “controlled by” and “under common control with”) means the power, directly or  indirectly, either to (a) vote 25% or more of the securities having ordinary voting power for the  election of directors (or, if such Person is not a corporation, similar governing Persons) of such  Person or (b) direct or cause the direction of the management and policies of such Person, whether  by contract or otherwise.  “Agent-Related Person”:  as defined in Section 10.3.  “Aggregate Borrowing Base Amount”:  on any date, an amount equal to the sum of  the U.S. Borrowing Base and the Kildair Borrowing Base.  “Aggregate Eligible In the Money Forward Contract Amount”:  the aggregate of all  Eligible In the Money Forward Contract Amounts with respect to all Forward Contract  Counterparties.  “Agreement”:  this Second Amended and Restated Credit Agreement.  “Allowed Reserve”:  with respect to any Fiscal Year, an amount equal to the  transportation and hedged storage gains or losses arising under contracts in place that the  Borrowers and the other Loan Parties have elected to defer for use in calculations hereunder, which  shall be reflected in the Borrowers’ and the other Loan Parties’ Reconciliation Summary.  

 

  -8-  USActive 56005294.16 -8-56005294.24  “Annual Budget”:  the annual budget of the MLP and its consolidated Subsidiaries  which encompasses, among other things, environmental matters, in form and substance  satisfactory to the Administrative Agent, as updated from time to time pursuant to Section 7.1(d).  “Anti-Corruption Laws”:  all laws, rules and regulations of any jurisdiction  applicable to the U.S. Borrower, the Canadian Borrower or their respective Affiliates from time to  time concerning or relating to bribery or corruption.  “Applicable Commitment Fee Rate”:  on any day,  (a) with respect to the Dollar Working Capital Facility Committed Tranche, the  rate per annum set forth in the table below as the Applicable Commitment Fee Rate  opposite the applicable Working Capital Facility Utilization for the immediately preceding  fiscal quarter; provided, that solely for purposes of determining such Applicable  Commitment Fee Rate, as used in this definition, the amount of outstanding Swing Line  Loans under the Dollar Working Capital Facility Committed Tranche shall be deemed to  be zero and such applicable Working Capital Facility Utilization shall be so calculated  accordingly.    Working Capital Facility  Utilization  Applicable Commitment  Fee Rate  Category 1:  ≥ 75% 0.500%  Category 2:  < 75% and  ≥ 40% 0.375%  Category 3:  < 40% 0.375%  (b) with respect to the Multicurrency Working Capital Facility, the rate per  annum set forth in the table below as the Applicable Commitment Fee Rate opposite the  applicable Working Capital Facility Utilization for the immediately preceding fiscal  quarter; provided, that solely for purposes of determining such Applicable Commitment  Fee Rate, as used in this definition, the amount of outstanding Swing Line Loans under the  Multicurrency Working Capital Facility shall be deemed to be zero and such applicable  Working Capital Facility Utilization shall be so calculated accordingly.    Working Capital Facility  Utilization  Applicable Commitment  Fee Rate  Category 1:  ≥ 75% 0.500%  Category 2:  < 75% and  ≥ 40% 0.375%  Category 3:  < 40% 0.375%  

 

  -9-  USActive 56005294.16 -9-56005294.24  (c) with respect to the Acquisition Facility, the rate per annum set forth in the  table below as the Applicable Commitment Fee Rate opposite the applicable Consolidated  Total Leverage Ratio for the immediately preceding fiscal quarter; provided, that solely for  purposes of determining such Applicable Commitment Fee Rate, as used in this definition,  the amount of outstanding Swing Line Loans under the Acquisition Facility shall be  deemed to be zero and such applicable Consolidated Total Leverage Ratio shall be so  calculated accordingly.    Consolidated Total  Leverage Ratio  Applicable Commitment  Fee Rate  Category 1:  ≥ 4.00:1.0 0.500%  Category 2:  < 4.00:1.0 and  ≥ 3.50:1.0 0.450%  Category 3:  < 3.50:1.0 and  ≥ 3.00:1.0 0.400%  Category 4:  < 3.00:1.0 and  ≥ 2.50:1.0 0.375%  Category 5:  < 2.50:1.0 0.350%  For purposes of the foregoing, (i) the Applicable Commitment Fee Rate shall be  determined as of the end of each fiscal quarter of the U.S. Borrower, and (A) in the case of any  determination of the Applicable Commitment Fee Rate based on Working Capital Facility  Utilization, shall be based on the Borrowing Base Reports that are delivered from time to time  pursuant to Section 7.2 and the Applicable Commitment Fee Rate so determined shall become  effective as of the first day of the month succeeding the applicable Borrowing Base Date of the  last Borrowing Base Report delivered for a date included in the applicable fiscal quarter and (B) in  the case of any determination of the Applicable Commitment Fee Rate based on the Consolidated  Total Leverage Ratio, based upon those monthly consolidated financial statements of the MLP that  are delivered after the end of each fiscal quarter pursuant to Section 7.1(c) and (ii) each change in  the Applicable Commitment Fee Rate resulting from a change in the Consolidated Total Leverage  Ratio shall be effective during the period commencing on the first day of the month (the  “Commitment Fee Adjustment Date”) succeeding the date of delivery to the Administrative Agent  of the last set of consolidated financial statements for a period included in the applicable fiscal  quarter and ending on the date immediately preceding the next Commitment Fee Adjustment Date,  provided that (x) subject to clause (y) below, the Applicable Commitment Fee Rate determined  pursuant to each of clauses (a) and (b) shall be deemed to be Category 2 until the delivery pursuant  to Section 7.2 of the first Borrowing Base Report delivered after the end of the first fiscal quarter  ending after the Restatement Effective Date (it being understood that the first determination of the  Applicable Commitment Fee Rate pursuant to clauses (a) and (b) in accordance with this clause (x)  shall be calculated with respect to Working Capital Facility Utilization for the portion of the  preceding fiscal quarter ended on and after the Restatement Effective Date) and the Applicable  Commitment Fee Rate determined pursuant to clause (c) shall be deemed to be Category 2 until  the delivery pursuant to Section 7.1(c) of the first financial statements after the end of the first  fiscal quarter ending after the Restatement Effective Date and (y) the Applicable Commitment Fee  

 

  -10-  USActive 56005294.16 -10-56005294.24  Rate determined pursuant to each of clauses (a), (b) and (c) shall be deemed to be Category 1 (A) at  any time that an Event of Default has occurred and is continuing or (B) at the option of the  Administrative Agent or at the request of the Required Committed Lenders if the U.S. Borrower  fails to deliver the consolidated financial statements required to be delivered by it pursuant to  Section 7.1(c) or any Borrowing Base Report required to be delivered by it pursuant to Section 7.2,  during the period from the expiration of the time for delivery thereof specified in Section 7.1 or  Section 7.2, as applicable, until such consolidated financial statements or Borrowing Base Report,  as applicable, are delivered.  “Applicable Facility Termination Date”: the applicable Commitment Termination  Date or the Dollar Working Capital Facility Uncommitted Tranche Termination Date, as  applicable.   “Applicable L/C Fee Rate”:  on any day,  (a) with respect to each Dollar Working Capital Facility Committed Tranche  Letter of Credit, the rate per annum set forth in the table below for such Dollar Working  Capital Facility Committed Tranche Letter of Credit opposite the applicable Working  Capital Facility Utilization for the immediately preceding fiscal quarter.    Working Capital Facility  Utilization  Applicable L/C Fee Rate  (Trade Letters of Credit  – Dollar Working Capital  Facility Committed  Tranche )  Applicable L/C Fee Rate  (Performance Letters of  Credit – Dollar Working  Capital Facility  Committed Tranche)  Category 1:  ≥ 75% 2.00% 2.125%  Category 2:  < 75% but ≥ 40% 1.75% 1.875%  Category 3:  < 40% 1.50% 1.625%  (b) with respect to each Dollar Working Capital Facility Uncommitted Tranche  Letter of Credit, the rate per annum set forth in the table below for such Dollar Working  Capital Facility Uncommitted Tranche Letter of Credit opposite the applicable Working  Capital Facility Utilization for the immediately preceding fiscal quarter.    

 

  -11-  USActive 56005294.16 -11-56005294.24  Working Capital Facility  Utilization  Applicable L/C Fee Rate  (Trade Letters of Credit  – Dollar Working Capital  Facility Uncommitted  Tranche )  Applicable L/C Fee Rate  (Performance Letters of  Credit – Dollar Working  Capital Facility  Uncommitted Tranche)  Category 1:  ≥ 75% 1.75% 1.875%  Category 2:  < 75% but ≥ 40% 1.50% 1.625%  Category 3:  < 40% 1.25% 1.375%  (c) with respect to each Multicurrency Working Capital Facility Letter of  Credit, the rate per annum set forth in the table below for such Multicurrency Working  Capital Facility Letter of Credit opposite the applicable Working Capital Facility  Utilization for the immediately preceding fiscal quarter.    Working Capital Facility  Utilization  Applicable L/C Fee Rate  (Trade Letters of Credit  – Multicurrency  Working Capital  Facility)  Applicable L/C Fee Rate  (Performance Letters of  Credit – Multicurrency  Working Capital  Facility)  Category 1:  ≥ 75% 2.00% 2.125%  Category 2:  < 75% but ≥ 40% 1.75% 1.875%  Category 3:  < 40% 1.50% 1.625%    (d) with respect to any Acquisition Facility Letter of Credit, the rate per annum  set forth in the table below for such Acquisition Facility Letter of Credit opposite the  applicable Consolidated Total Leverage Ratio for the immediately preceding fiscal quarter.    

 

  -12-  USActive 56005294.16 -12-56005294.24  Consolidated Total Leverage Ratio  Applicable L/C Fee Rate  (Acquisition Facility Letters of  Credit)  Category 1:  ≥ 4.00:1.0 2.625%  Category 2:  < 4.00:1.0 and  ≥ 3.50:1.0 2.375%  Category 3:  < 3.50:1.0 and  ≥ 3.00:1.0 2.125%  Category 4:  < 3.00:1.0 and  ≥ 2.50:1.0 1.875%  Category 5:  < 2.50:1.0 1.625%  For purposes of the foregoing, (i) the Applicable L/C Fee Rate shall be determined  as of the end of each fiscal quarter of the U.S. Borrower, and (A) in the case of any determination  of the Applicable L/C Fee Rate based on Working Capital Facility Utilization shall be based on  the Borrowing Base Reports that are delivered from time to time pursuant to Section 7.2 and the  Applicable L/C Fee Rate so determined shall become effective as of the first day of the month  succeeding the applicable Borrowing Base Date of the last Borrowing Base Report delivered for a  date included in the applicable fiscal quarter and (B) in the case of any determination of the  Applicable L/C Fee Rate based on the Consolidated Total Leverage Ratio, based upon those  monthly consolidated financial statements of the MLP that are delivered after the end of each fiscal  quarter pursuant to Section 7.1(c) and (ii) each change in the Applicable L/C Fee Rate resulting  from a change in the Consolidated Total Leverage Ratio shall be effective during the period  commencing on the first day of the month (the “L/C Fee Adjustment Date”) succeeding the date  of delivery to the Administrative Agent of the last set of consolidated financial statements for a  period included in the applicable fiscal quarter and ending on the date immediately preceding the  next L/C Fee Adjustment Date, provided that (x) subject to clause (y) below, the Applicable L/C  Fee Rate determined pursuant to clause (a) and (b) shall be determined to be Category 2 and the  Applicable L/C Fee Rate determined pursuant to clause (c) shall be deemed to be Category 2, in  each case until the delivery pursuant to Section 7.2 of the first Borrowing Base Report delivered  after the end of the first fiscal quarter ending after the Restatement Effective Date (it being  understood that the first determination of the Applicable L/C Fee Rate pursuant to clauses (a), (b)  and (c) in accordance with this clause (x) shall be calculated with respect to Working Capital  Facility Utilization for the portion of the preceding fiscal quarter ended on and after the  Restatement Effective Date) and the Applicable L/C Fee Rate determined pursuant to clause (d)  shall be deemed to be Category 2 until the delivery pursuant to Section 7.1(c) of the first financial  statements after the end of the first fiscal quarter ending after the Restatement Effective Date and  (y) the Applicable L/C Fee Rate determined pursuant to each of clauses (a), (b), (c) and (d) shall  be deemed to be Category 1 (A) at any time that an Event of Default has occurred and is continuing  or (B) at the option of the Administrative Agent or at the request of the Required Lenders if the  U.S. Borrower fails to deliver the consolidated financial statements required to be delivered by it  pursuant to Section 7.1(c) or any Borrowing Base Report required to be delivered by it pursuant  to Section 7.2, during the period from the expiration of the time for delivery thereof specified in  

 

  -13-  USActive 56005294.16 -13-56005294.24  Section 7.1 or Section 7.2, as applicable, until such consolidated financial statements or Borrowing  Base Report, as applicable, are delivered.  “Applicable Lending Office”:  for each Lender and for each Type of Loan, and/or  participation in any Reimbursement Obligation, the lending office of such Lender designated on  Schedule 1.0 (or, as the case may be, in the Assignment and Acceptance pursuant to which such  Lender became a party hereto) for such Type of Loan and/or participation in any Reimbursement  Obligation (or any other lending office from time to time notified to the Administrative Agent by  such Lender) as the office at which its Loans and/or participation in any Reimbursement  Obligation of such Type are to be made and maintained.  “Applicable Margin”:  on any date:  (a) on any day with respect to each Dollar Working Capital Facility Committed  Tranche Loan or Dollar Committed Tranche Swing Line Loan, the rate per annum set forth  in the table below for such Loans opposite the applicable Working Capital Facility  Utilization for the immediately preceding fiscal quarter.          (b) on any  day with respect to each Dollar  Working Capital Facility  Uncommitted Tranche Loan or  Dollar Uncommitted  Tranche Swing Line Loan, the  rate per annum set forth in the  table below for such Loans  opposite the applicable Working  Capital Facility Utilization for the immediately preceding fiscal quarter.  Working  Capital  Facility  Utilization  Applicable  Margin  (Base Rate  Loans)   Applicable  Margin (Term  SOFR Loans)   Category 1:   ≥ 75%  1.50% 2.50%  Category 2:   <75% but ≥  40%  1.25% 2.25%  Category 3:   < 40%  1.00% 2.00%  Working  Capital  Facility  Utilization  Applicable  Margin  (Base Rate  Loans)   Applicable  Margin (Term  SOFR Loans)   Category 1:   ≥ 75%  1.25% 2.25%  Category 2:   <75% but ≥  40%  1.00% 2.00%  

 

  -14-  USActive 56005294.16 -14-56005294.24                    (c) on any day with respect to each Multicurrency Working Capital Facility  Loan or Multicurrency Swing Line Loan, the rate per annum set forth in the table below  for such Loans opposite the applicable Working Capital Facility Utilization for the  immediately preceding fiscal quarter.            (d) on any  day with respect to any  Acquisition Facility Loan, the rate  per annum set forth in the table  below opposite the  applicable Consolidated Total  Leverage Ratio for the  immediately preceding fiscal  quarter.    Category 3:   < 40%  0.75% 1.75%  Working  Capital  Facility  Utilization  Applicable  Margin  (Base Rate  Loans)   Applicable  Margin  (CDOR Loans  and Term  SOFR Loans)   Category 1:   ≥ 75%  1.50% 2.50%  Category 2:   <75% but ≥  40%  1.25% 2.25%  Category 3:   < 40%  1.00% 2.00%  

 

  -15-  USActive 56005294.16 -15-56005294.24  Consolidated Total Leverage Ratio  Applicable Margin  (Base Rate Loans)  Applicable Margin  (Term SOFR Loans)  Category 1:  ≥ 4.00:1.0 2.25% 3.25%  Category 2:  < 4.00:1.0 and  ≥ 3.50:1.0 2.00% 3.00%  Category 3:  < 3.50:1.0 and  ≥ 3.00:1.0 1.75% 2.75%  Category 4:  < 3.00:1.0 and  ≥ 2.50:1.0 1.50% 2.50%  Category 5:  < 2.50:1.0 1.25% 2.25%  For purposes of the foregoing, (i) the Applicable Margin shall be determined as of  the end of each fiscal quarter of the U.S. Borrower (A) in the case of any determination of the  Applicable Margin based on Working Capital Facility Utilization shall be based on the Borrowing  Base Reports that are delivered from time to time pursuant to Section 7.2 and the Applicable  Margin so determined shall become effective as of the first day of the month succeeding the  applicable Borrowing Base Date of the last Borrowing Base Report delivered for a date included  in the applicable fiscal quarter and (B) in the case of any determination of the Applicable Margin  based on the Consolidated Total Leverage Ratio shall be based upon those monthly consolidated  financial statements of the MLP that are delivered after the end of each fiscal quarter pursuant to  Section 7.1(c) and (ii) each change in the Applicable Margin resulting from a change in the  Consolidated Total Leverage Ratio shall be effective during the period commencing on the first  day of the month (the “Margin Adjustment Date”) succeeding the date of delivery to the  Administrative Agent of the last set of consolidated financial statements for a period included in  the applicable fiscal quarter and ending on the date immediately preceding the next Margin  Adjustment Date, provided that (x) subject to clause (y) below, the Applicable Margin determined  pursuant to clause (a) and (b) shall be deemed to be Category 2 and the Applicable Margin  determined pursuant to clause (c) shall be deemed to be Category 2, in each case until the delivery  pursuant to Section 7.2 of the first Borrowing Base Report delivered after the end of the first fiscal  quarter ending after the Restatement Effective Date (it being understood that the first determination  of the Applicable Margin pursuant to clauses (a), (b) and (c) in accordance with this clause (x)  shall be calculated with respect to Working Capital Facility Utilization for the portion of the  preceding fiscal quarter ended on and after the Restatement Effective Date) and the Applicable  Margin determined pursuant to clause (d) shall be deemed to be Category 2 until the delivery  pursuant to Section 7.1(c) of the first financial statements after the end of the first fiscal quarter  ending after the Restatement Effective Date and (y) the Applicable Margin determined pursuant  to each of clauses (a), (b), (c) and (d) shall be deemed to be Category 1 (A) at any time that an  Event of Default has occurred and is continuing or (B) at the option of the Administrative Agent  or at the request of the Required Lenders if the U.S. Borrower fails to deliver the consolidated  financial statements required to be delivered by it pursuant to Section 7.1(c) or any Borrowing  Base Report required to be delivered by it pursuant to Section 7.2, during the period from the  expiration of the time for delivery thereof specified in Section 7.1 or Section 7.2, as applicable,  until such consolidated financial statements or Borrowing Base Report, as applicable, are  delivered.  

 

  -16-  USActive 56005294.16 -16-56005294.24  “Applicable Sub-Limit”:  each of the following:   (a) with respect to Dollar Swing Line Loans, the Dollar Swing Line Loan  Sub-Limit;  (b) with respect to Multicurrency Swing Line Loans, the Multicurrency Swing  Line Loan Sub-Limit;  (c) with respect to Dollar Working Capital Facility Letters of Credit, the Dollar  Working Capital Facility Letter of Credit Sub-Limit;  (d) with respect to Multicurrency Working Capital Facility Letters of Credit,  the Multicurrency Working Capital Facility Letter of Credit Sub-Limit;  (e) with respect to Dollar Working Capital Facility Performance Letters of  Credit, the Dollar Performance Letter of Credit Sub-Limit;  (f) with respect to Multicurrency Working Capital Facility Performance Letters  of Credit, the Multicurrency Performance Letter of Credit Sub-Limit;  (g) with respect to Dollar Working Capital Facility Long Tenor Letters of  Credit, the Dollar Long Tenor Letter of Credit Sub-Limit;  (h) with respect to Multicurrency Working Capital Facility Long Tenor Letters  of Credit, the Multicurrency Long Tenor Letter of Credit Sub-Limit;  (i) with respect to Acquisition Facility Letters of Credit, the Acquisition  Facility Letter of Credit Sub-Limit;  (j) with respect to Acquisition Facility Transportation Letters of Credit, the  Acquisition Facility Transportation Letter of Credit Sub-Limit;  (k) with respect to Acquisition Facility Working Capital Extensions of Credit,  the Acquisition Facility Working Capital Sub-Limit; and  (l) with respect to Acquisition Facility Maintenance Cap-Ex Extensions of  Credit, the Acquisition Facility Maintenance Cap-Ex Sub-Limit.  “Approved Acquisition Assets”:  each Acquisition Asset for which the  Administrative Agent has received a Business Valuation meeting the requirements of the definition  therefor; provided that no asset shall be an Approved Acquisition Asset unless it is subject to a  Perfected First Lien and is free and clear of all Liens other than Liens permitted hereunder.  “Approved Fund”:  (a) with respect to any Lender, any Bank CLO of such Lender,  and (b) with respect to any Lender that is a fund that invests in commercial loans and similar  extensions of credit, any other fund that invests in commercial loans and similar extensions of  credit and is managed by the same investment advisor as such Lender or by an Affiliate or  Subsidiary of such investment advisor.  

 

  -17-  USActive 56005294.16 -17-56005294.24  “Approved Inventory Location”:  (a) any pipeline or storage facility owned by any  Loan Party and (b) any other pipeline, third-party carrier or third party storage facility that (i) has  been sent notice of the Administrative Agent’s Perfected First Lien on the inventory owned by any  Loan Party located in or at such pipeline, third party carrier or third party storage facility in  accordance with the U.S. Security Agreement or the Canadian Security Documents, as applicable,  and (ii) (A) is identified on Schedule 1.1(A) (the “Approved Inventory Location Schedule”) or  (B) has been approved by the Administrative Agent, in its sole discretion (exercised in good faith),  from time to time after the RestatementThird Amendment Effective Date, unless in each case, the  status of such pipeline, third party carrier or third party storage facility as an Approved Inventory  Location has been revoked upon ten (10) Business Days’ notice to the U.S. Borrower from the  Administrative Agent, acting in its reasonable discretion.  The Approved Inventory Location  Schedule shall be deemed amended to include such Approved Inventory Locations without further  action immediately upon the Administrative Agent’s approval.  “Approving Lender”: as defined in Section 4.22(a).  “Approved Organizational Changes”: as defined in Section 11.30.  “Arrangers”:  the Lead Arranger, BNP Paribas Securities Corp., Citizens Bank,  N.A. Coöperatieve Rabobank U.A., New York Branch, Société Générale, Santander Bank, N.A.  and Wells Fargo Securities, LLC.  “Asset Sale”:  any conveyance, sale, lease, sub-lease, assignment, transfer or other  disposition of property or series of related sales, leases or other dispositions of property (excluding  any such sale, lease or other disposition permitted by Section 8.6) which yields Net Cash Proceeds  to any Borrower or any other Loan Party (valued at the initial principal amount thereof in the case  of non-cash proceeds consisting of notes or other debt securities and valued at fair market value in  the case of other non-cash proceeds) in excess of $5,000,000.  “Assignee”:  as defined in Section 11.7(c).  “Assignment and Acceptance”:  as defined in Section 11.7(c).  “Assignment of Claims Act”:  the Federal Assignment of Claims Act of 1940  (31 U.S.C. §3727 et seq.) and any similar state or local laws, together with all rules, regulations,  interpretations and binding court decisions related thereto.  “Auto-Renewal Letter of Credit”:  as defined in Section 3.4(c).  “Availability Certification”:  as defined in Section 6.2(e)(ix).  “Available Acquisition Facility Commitment”:  as to any Acquisition Facility  Lender at any time, an amount equal to the excess, if any, of (i) the amount of such Acquisition  Facility Lender’s Acquisition Facility Commitment at such time over (ii) such Acquisition Facility  Lender’s Acquisition Facility Extensions of Credit outstanding at such time; provided, that such  amount shall never be less than zero.  

 

  -18-  USActive 56005294.16 -18-56005294.24  “Available Commitment”:  at any time as to any Lender, all or any of the Available  Dollar Working Capital Facility Commitment, the Available Multicurrency Working Capital  Facility Commitment and/or the Available Acquisition Facility Commitment of such Lender at  such time, as the context requires.  “Available Dollar Working Capital Facility Commitment”:  as to any Dollar  Working Capital Facility Committed Tranche Lender at any time, an amount equal to the excess,  if any, of (i) the amount of such Dollar Working Capital Facility Committed Tranche Lender’s  Dollar Working Capital Facility Commitment at such time over (ii) such Dollar Working Capital  Facility Committed Tranche Lender’s Dollar Working Capital Facility Committed Tranche  Extensions of Credit outstanding at such time; provided, that such amount shall never be less than  zero; provided further that solely for purposes of determining fees pursuant to Section 2.8, the  amount of outstanding Dollar Working Capital Facility Committed Tranche Extensions of Credit  consisting of Dollar Committed Tranche Swing Line Loans shall be deemed to be zero.  “Available Dollar Working Capital Facility Uncommitted Tranche Portion”:  as to  any Dollar Working Capital Facility Uncommitted Tranche Lender at any time, an amount equal  to the excess, if any, of (i) the amount of such Dollar Working Capital Facility Uncommitted  Tranche Lender’s Dollar Working Capital Facility Uncommitted Tranche Portion at such time over  (ii) such Dollar Working Capital Facility Uncommitted Tranche Lender’s Dollar Working Capital  Facility Uncommitted Tranche Extensions of Credit outstanding at such time; provided, that such  amount shall never be less than zero.  “Available Multicurrency Working Capital Facility Commitment”:  as to any  Multicurrency Working Capital Facility Lender at any time, an amount equal to the excess, if any,  of (i) the amount of such Multicurrency Working Capital Facility Lender’s Multicurrency  Working Capital Facility Commitment at such time over (ii) the Dollar Equivalent of such  Multicurrency Working Capital Facility Lender’s Multicurrency Working Capital Facility  Extensions of Credit outstanding at such time; provided, that such amount shall never be less than  zero; provided further that solely for purposes of determining fees pursuant to Section 2.8, the  amount of outstanding Multicurrency Working Capital Facility Extensions of Credit consisting of  Multicurrency Swing Line Loans shall be deemed to be zero.  “Available Tenor”: as of any date of determination and with respect to any then- current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such  Benchmark (or component thereof) that is or may be used for determining the length of an interest  period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with  reference to such Benchmark (or component thereof) that is or may be used for determining any  frequency of making payments of interest calculated with reference to such Benchmark, in each  case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark  that is then-removed from the definition of “Interest Period” pursuant to Section 4.23(d).    “Bail-In Action”: the exercise of any Write-Down and Conversion Powers by the  applicable Resolution Authority in respect of any liability of an Affected Financial Institution.  “Bail-In Legislation”: (a) with respect to any EEA Member Country implementing  Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European  

 

  -19-  USActive 56005294.16 -19-56005294.24  Union, the implementing law, regulation, rule or requirement for such EEA Member Country from  time to time that is described in the EU Bail-In Legislation Schedule and (b) with respect to the  United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time)  and any other law, regulation or rule applicable in the United Kingdom relating to the resolution  of unsound or failing banks, investment firms or other financial institutions or their affiliates (other  than through liquidation, administration or other insolvency proceedings).  “Bank CLO”:  as to any Lender, any entity (whether a corporation, partnership,  trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing in  commercial loans and similar extensions of credit in the ordinary course of its business and is  administered or managed by such Lender or an Affiliate or Subsidiary of such Lender.  “Banking Services”:  each and any of the following bank services provided to any  Loan Party or its Subsidiaries:  (a) credit cards for commercial customers (including, without  limitation, “commercial credit cards” and purchasing cards), (b) stored value cards and  (c) merchant processing services.  “Bankruptcy Code”:  Title 11 of the United States Code (11 U.S.C. § 101 et seq.).  “Barrel”:  forty-two U.S. gallons.  “Base Rate”: for any day, the rate per annum (rounded upward, if necessary, to the  next 1/100th of 1%) equal to the greatest of (a) the U.S. Prime Rate in effect on such day, (b) the  Federal Funds Effective Rate in effect on such day plus 0.50% and (c) Adjusted Term SOFR for a  one-month tenor in effect on such day plus 1.00%.  Any change in the Base Rate due to a change  in the U.S. Prime Rate, the Federal Funds Effective Rate or Adjusted Term SOFR shall be effective  as of the opening of business on the day such change in the U.S. Prime Rate, the Federal Funds  Effective Rate or Adjusted Term SOFR becomes effective, respectively.  Notwithstanding the  foregoing, if the Base Rate as so determined shall ever be less than the Floor, then the Base Rate  shall be deemed to be the Floor.   “Base Rate Loans”:  Loans the rate of interest of which is based upon the Base Rate.  “Base Rate Term SOFR Determination Day”: as defined in the definition of “Term  SOFR” in this Section 1.1.    “Benchmark”: initially, with respect to any (a) Obligations, interest, fees,  commissions or other amounts denominated in, or calculated with respect to, United States Dollars,  the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with  respect to the Term SOFR Reference Rate or then-current Benchmark for United States Dollars,  then “Benchmark” means, with respect to such Obligations, interest, fees, commissions or other  amounts, the applicable Benchmark Replacement to the extent that such Benchmark Replacement  has replaced such prior benchmark rate pursuant to Section 4.23, and (b) Obligations, interest, fees,  commissions or other amounts denominated in, or calculated with respect to, Canadian Dollars,  CDOR; provided that if a Benchmark Transition Event has occurred with respect to CDOR, or the  then-current Benchmark for Canadian Dollars, then “Benchmark” means, with respect to such  Obligations, interest, fees, commissions or other amounts, the applicable Benchmark Replacement  

 

  -20-  USActive 56005294.16 -20-56005294.24  to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant  to Section 4.23.  “Benchmark Replacement”: with respect to any Benchmark Transition Event for  any then-current Benchmark, the sum of: (a) the alternate benchmark rate that has been selected  by the Administrative Agent and the Borrowers as the replacement for such Benchmark giving  due consideration to (i) any selection or recommendation of a replacement benchmark rate or the  mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving  or then-prevailing market convention for determining a benchmark rate as a replacement for such  Benchmark for syndicated credit facilities denominated in the applicable currency at such time and  (b) the related Benchmark Replacement Adjustment; provided that, if such Benchmark  Replacement as so determined would be less than the Floor, such Benchmark Replacement will be  deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.   “Benchmark Replacement Adjustment”: with respect to any replacement of any  then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable  Available Tenor, the spread adjustment, or method for calculating or determining such spread  adjustment, (which may be a positive or negative value or zero) that has been selected by the  Administrative Agent and the Borrowers giving due consideration to (a) any selection or  recommendation of a spread adjustment, or method for calculating or determining such spread  adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark  Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market  convention for determining a spread adjustment, or method for calculating or determining such  spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted  Benchmark Replacement for syndicated credit facilities denominated in the applicable currency.  “Benchmark Replacement Date”: the earliest to occur of the following events with  respect to the then-current Benchmark for any applicable currency:  (a) in the case of clause (a) or (b) of the definition of “Benchmark Transition  Event,” the later of (i) the date of the public statement or publication of information referenced  therein and (ii) the date on which the administrator of such Benchmark (or the published  component used in the calculation thereof) permanently or indefinitely ceases to provide all  Available Tenors of such Benchmark (or such component thereof); or  (b) in the case of clause (c) of the definition of “Benchmark Transition Event,”  the first date on which such Benchmark (or the published component used in the calculation  thereof) has been determined and announced by or on behalf of the regulatory supervisor for the  administrator of such Benchmark (or such component thereof) to be non-representative; provided  that such non-representativeness will be determined by reference to the most recent statement or  publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or  such component thereof) continues to be provided on such date.  For the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred  in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable  event or events set forth therein with respect to all then-current Available Tenors of such  Benchmark (or the published component used in the calculation thereof).   

 

  -21-  USActive 56005294.16 -21-56005294.24  “Benchmark Transition Event”: with respect to the then-current Benchmark for any  applicable currency, the occurrence of one or more of the following events with respect to such  Benchmark:  (a) a public statement or publication of information by or on behalf of the  administrator of such Benchmark (or the published component used in the calculation thereof)  announcing that such administrator has ceased or will cease to provide all Available Tenors of  such Benchmark (or such component thereof), permanently or indefinitely; provided that, at the  time of such statement or publication, there is no successor administrator that will continue to  provide any Available Tenor of such Benchmark (or such component thereof);  (b) a public statement or publication of information by the regulatory  supervisor for the administrator of such Benchmark (or the published component used in the  calculation thereof), the Board, the Federal Reserve Bank of New York, the central bank for the  currency applicable to such Benchmark, an insolvency official with jurisdiction over the  administrator for such Benchmark (or such component), a resolution authority with jurisdiction  over the administrator for such Benchmark (or such component) or a court or an entity with similar  insolvency or resolution authority over the administrator for such Benchmark (or such component),  which states that the administrator of such Benchmark (or such component) has ceased or will  cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently  or indefinitely; provided that, at the time of such statement or publication, there is no successor  administrator that will continue to provide any Available Tenor of such Benchmark (or such  component thereof); or  (c) a public statement or publication of information by the regulatory  supervisor for the administrator of such Benchmark (or the published component used in the  calculation thereof) announcing that all Available Tenors of such Benchmark (or such component  thereof) are not, or as of a specified future date will not be, representative.  For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred  with respect to any Benchmark if a public statement or publication of information set forth above  has occurred with respect to each then-current Available Tenor of such Benchmark (or the  published component used in the calculation thereof).  “Benchmark Transition Start Date: with respect to any Benchmark for any  applicable currency, in the case of a Benchmark Transition Event, the earlier of (a) the applicable  Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement  or publication of information of a prospective event, the 90th day prior to the expected date of such  event as of such public statement or publication of information (or if the expected date of such  prospective event is fewer than 90 days after such statement or publication, the date of such  statement or publication).  “Benchmark Unavailability Period”: with respect to any then-current Benchmark  for any applicable currency, the period (if any) (x) beginning at the time that a Benchmark  Replacement Date with respect to such Benchmark pursuant to clauses (a) or (b) of that definition  has occurred if, at such time, no Benchmark Replacement has replaced such Benchmark for all  purposes hereunder and under any Loan Document in accordance with Section 4.23 and (y) ending  

 

  -22-  USActive 56005294.16 -22-56005294.24  at the time that a Benchmark Replacement has replaced such Benchmark for all purposes hereunder  and under any Loan Document in accordance with Section 4.23.   “Beneficial Ownership Certification”:  a certification regarding beneficial  ownership as required by the Beneficial Ownership Regulation.  “Beneficial Ownership Regulation”:  31 C.F.R. § 1010.230.  “Benefit Plan”: any of (a) an “employee benefit plan” (as defined in ERISA) that  is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code  or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for  purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit  plan” or “plan”.  “Benefited Lender”:  as defined in Section 11.8(a).  “Board”:  the Board of Governors of the Federal Reserve System of the United  States (or any successor).  “Borrower Materials”:  as defined in Section 11.2.  “Borrowers”:  as defined in the introductory paragraph of this Agreement.  “Borrower Parties”:  collectively, the Borrowers and any Additional Borrowers.  “Borrowing Base Availability”:  at any time, an amount equal to the Aggregate  Borrowing Base Amount at such time minus the Total Working Capital Facility Extensions of  Credit at such time minus the Total Acquisition Facility Working Capital Extensions of Credit.  “Borrowing Base Date”:  the most recent date as of which the U.S. Borrower has  based a Borrowing Base Report to be delivered by the U.S. Borrower pursuant to Section 7.2(c).  “Borrowing Base Report”:  a report certified by a Responsible Person of the U.S.  Borrower, substantially in the form of Exhibit G, with appropriate insertions and schedules,  showing the Aggregate Borrowing Base Amount, the U.S. Borrowing Base and the Kildair  Borrowing Base, in each case as of the date set forth therein and the basis on which it was  calculated, together with the following detailed supporting information:  (i) for each of the U.S. Borrowing Base and the Kildair Borrowing  Base, for Eligible Cash and Cash Equivalents, a statement as of the applicable  Borrowing Base Date of the account balance, issued by each Cash Management  Bank;  (ii) for each of the U.S. Borrowing Base and the Kildair Borrowing  Base, for Eligible L/C Backed Accounts Receivable, Eligible Tier 1 Accounts  Receivable, Eligible Tier 2 Accounts Receivable, Eligible Unbilled Tier 1  Accounts Receivable, and Eligible Unbilled Tier 2 Accounts Receivable,  

 

  -23-  USActive 56005294.16 -23-56005294.24  (A) a schedule listing each Account Receivable which is  supported by a letter of credit, together with the amount of such Account  Receivable, the Account Debtor of such Account Receivable, the issuing  bank, the applicant and the expiration date of the related letter of credit, the  terms of the auto-renewal provision, if any, and the face amount of the  related letter of credit (or, if applicable, the maximum value of the related  letter of credit after giving effect to any tolerance included therein, and the  amount of such tolerance);  (B) a schedule of each Eligible Account Receivable and Eligible  Unbilled Account Receivable, listing the counterparty thereof, and each of  the offsets and deductions to the amount of such Eligible Account  Receivable or Eligible Unbilled Account Receivable, as applicable,  including, if applicable, (1) the contra account balance thereof, (2) any  offset or counterclaim resulting from trade liabilities, (3) the net  marked-to-market net-off calculation of any losses applied to the Account  Debtor after deduction for all margin monies received and/or paid and the  details of any related letters of credit described in clause (A) above, (4) any  Out of the Money Forward Contract Amounts applied thereto pursuant to  clause (F) of the definition of “U.S. Borrowing Base” or “Kildair  Borrowing Base”, as applicable) and (5) any adjustments described in the  definitions of U.S. Borrowing Base or Kildair Borrowing Base, as  applicable, to the extent applicable; and  (C) with respect to each Eligible Account Receivable, other than  Eligible Unbilled Accounts Receivable, to the extent applicable, an aging  report in form and substance satisfactory to the Administrative Agent;  (iii) for each of the U.S. Borrowing Base and the Kildair Borrowing  Base, for Eligible Inventory, a schedule of (A) inventory locations, (B) Market  Value and inventory volumes by location and type of Eligible Commodity, (C) if  requested by the Administrative Agent, in the case of Eligible Hedged Petroleum  Inventory and (in the case of the U.S. Borrowing Base) Eligible Hedged Natural  Gas Inventory, evidence of the hedge as demonstrated to the reasonable satisfaction  of the Administrative Agent in the Position Report delivered concurrently with the  applicable Borrowing Base Report, (D) each of the offsets and deductions used in  determining the value of the Eligible Inventory, including any exchange payable or  other offsets and any adjustments described in the definitions of U.S. Borrowing  Base or Kildair Borrowing Base, as applicable, to the extent applicable, (E) except  to the extent covered by clause (F) or clause (G) below, available supporting  documentation for the inventory volumes as of such Borrowing Base Date,  (F) within thirty (30) days after each Borrowing Base Date with respect to a  calendar month (provided that the U.S. Borrower shall use best efforts to provide  within thirty (30) days following receipt therefor a Borrowing Base Report  requested by the Administrative Agent), a volume difference reconciliation  comparing the inventory volumes reflected in the U.S. Borrower’s accounting  records with the U.S. Borrower’s third party statements, together with a copy of  

 

  -24-  USActive 56005294.16 -24-56005294.24  such statements (provided, that a copy of such third party statements shall not be  required with respect to any storage site not owned or operated by the U.S.  Borrower or any of its Affiliates where less than 5,000 Barrels of Eligible  Petroleum Inventory is held) and (G) within thirty (30) days after each Borrowing  Base Date that occurs on the last day of March, June, September and December of  each year, if requested by the Administrative Agent, inventory and field reports  supplied by 25% of the terminals owned by the Loan Parties (so that, in one  calendar year, reports with respect to each terminal owned by any Loan Party shall  have been delivered);  (iv) for each of the U.S. Borrowing Base and the Kildair Borrowing  Base, for Eligible Net Liquidity in Futures Accounts, copies of summary account  statements (or if requested by the Administrative Agent, the full account  statements) issued by the Eligible Broker where such assets are held as of the  applicable Borrowing Base Date together with additional statements for each  commodities futures account that account for any (x) discounted face value of any  U.S. Treasury Securities held in such account that are zero coupon securities issued  by the United States of America and (y) unearned interest on such U.S. Treasury  Securities;  (v) for the U.S. Borrowing Base, for Eligible Exchange Receivables,  (A) a schedule of each Eligible Exchange Receivable, the counterparty thereof, the  time outstanding and each of the offsets and deductions to the amount of such  Eligible Exchange Receivable used in determining the value of Eligible Exchange  Receivables, including any contra account balance thereof and, if applicable, any  Out of the Money Forward Contract Amounts applied thereto pursuant to clause (F)  of the definition of “U.S. Borrowing Base” and any other adjustments described in  the definitions of Borrowing Base, to the extent applicable, and (B) to the extent  applicable, information described in clause (ii)(A) above;  (vi) for each of the U.S. Borrowing Base and the Kildair Borrowing  Base, for the Eligible Short Term Unrealized Forward Gains and, solely with  respect to the U.S. Borrowing Base, for the Eligible Medium Term Unrealized  Forward Gains and Eligible Long Term Unrealized Forward Gains, a summary  schedule thereof listing:  (A) the Marked-to-Market Value and the date of the final cash or  physical settlement of each Forward Contract;  (B) the aggregate amount of each of the offsets and deductions  to the Marked-to-Market Value of such Forward Contracts included in the  calculation of the Counterparty Forward Contract Amount with respect to a  Forward Contract Counterparty, including, to the extent applicable, the  aggregate contra account balance of such Forward Contract Counterparty  (and the calculation of such contra balance), all margin monies received  and/or paid with respect to such Forward Contracts and the details of any  related letters of credit and any adjustments described in the definitions of  

 

  -25-  USActive 56005294.16 -25-56005294.24  U.S. Borrowing Base or Kildair Borrowing Base, as applicable, to the extent  applicable; and  (C) the Counterparty Forward Contract Amount for each  Forward Contract Counterparty;  (vii) for each of the U.S. Borrowing Base and the Kildair Borrowing  Base, for Eligible Letters of Credit Issued for Commodities Not Yet Received, (A) a  schedule listing each Letter of Credit giving rise to Eligible Letters of Credit Issued  for Commodities Not Yet Received, together with the name of the applicant, the  expiration date of the related Letter of Credit and the face value thereof (or, if  applicable, the maximum value of such Letter of Credit after giving effect to any  tolerance included therein, and the amount of such tolerance), (B) a calculation  supporting the value of physical volume delivered and the liability owed by the  applicable Loan Party to the beneficiary of the Letter of Credit in connection  therewith versus the face amount of such Letters of Credit, and (C) a schedule of  each of the offsets and deductions used in determining the value of Eligible Letters  of Credit Issued for Commodities Not Yet Received, including the amounts and a  calculation, by type (i.e., mark-to-market loss, exchange payables and other type of  liability owed), supporting the value of any other liabilities owed by the applicable  Loan Party to the beneficiary of the Letter of Credit versus the face amount of such  Letters of Credit and any adjustments described in the definitions of U.S.  Borrowing Base or Kildair Borrowing Base, as applicable, to the extent applicable;  (viii) for each of the U.S. Borrowing Base and the Kildair Borrowing  Base, for Paid but Unexpired Letters of Credit, (A) a schedule listing each Letter of  Credit giving rise to Paid but Unexpired Letters of Credit, together with the name  of the applicant, the expiration date of the related Letter of Credit and the face value  thereof (or, if applicable, the maximum value of such Letter of Credit after giving  effect to any tolerance included therein, and the amount of such tolerance), (B) a  statement describing the existing liabilities that may be satisfied with such Letter  of Credit and the amount therefor, (C) a schedule of any payments made by the  applicable Loan Party to satisfy the obligations for which such Letter of Credit was  issued, (D) a schedule of the underlying “operational tolerance” with respect to any  such Trade Letter of Credit (if applicable) and (E) a schedule of each of the offsets  and deductions used in determining the value of Paid but Unexpired Letters of  Credit, including the amounts and a calculation, by type (i.e. mark-to-market loss,  exchange payables and other type of liability owed), supporting the value of any  other liabilities owed by the applicable Loan Party to the beneficiary of the Letter  of Credit versus the face amount of such Letters of Credit and any adjustments  described in the definitions of U.S. Borrowing Base or Kildair Borrowing Base, as  applicable, to the extent applicable;  (ix) for the U.S. Borrowing Base, for Eligible RINs, a schedule  summarizing the value of the RINs inventory available for sale, including the total  RINs volume separated by fuel category.  For each fuel category the RINs volumes  and values for each RINs year for which there is inventory also will be shown;  

 

  -26-  USActive 56005294.16 -26-56005294.24  (x) for the U.S. Borrowing Base, for the First Purchaser Lien Amount,  a schedule setting forth the holder of each First Purchaser Lien, the amount of the  obligations outstanding giving rise to the First Purchaser Lien Amount to such  holder, each of the offsets and deductions to the amount of such obligations used in  determining the First Purchaser Lien Amount, including the portion thereof reduced  by any Letter of Credit, and any adjustments described in the definitions of  Borrowing Base, to the extent applicable;  (xi) for each of the U.S. Borrowing Base and the Kildair Borrowing  Base, for Product Taxes, a schedule listing the amounts of each tax liability by  taxing authority, the description thereof and the period(s) for which such taxes were  assessed;  (xii) for each of the U.S. Borrowing Base and the Kildair Borrowing  Base, for Swap Amounts due to Qualified Counterparties, a schedule listing the  aggregate net unrealized gains or losses with respect to each Commodity OTC  Agreement with a Qualified Counterparty and each Financial Hedging Agreement  with a Qualified Counterparty (whether or not the Swap Amounts due to Qualified  Counterparties is equal to or in excess of $20,000,000 (in the case of the U.S.  Borrowing Base) or $5,000,000 (in the case of the Kildair Borrowing Base));  (xiii) a summary report showing the total amount outstanding under each  type of extension of credit made hereunder; and  (xiv) a summary of the Working Capital Facility Utilization for the period  from the immediately preceding Borrowing Base Date (or, in the case of the first  Borrowing Base Report, the Restatement Effective Date) to (but not including) the  Borrowing Base Date for such Borrowing Base Report.  “Borrowing Date”:  any Business Day specified (i) in a Borrowing Notice as a date  on which a Loan requested by a Borrower is to be made or (ii) in a Letter of Credit Request as a  date on which a Letter of Credit requested by a Borrower is to be issued, amended or renewed.  “Borrowing Notice”:  as defined in Section 2.5(a).  “Brokerage Account Deducts”:  as defined in the definition of “Eligible Net  Liquidity in Futures Accounts” in this Section 1.1.  “Business”:  as defined in Section 5.22(b).  “Business Day”: any day that is not a Saturday, Sunday or other day that is a legal  holiday under the laws of the State of New York or is a day on which banking institutions in such  state are authorized or required by Law to close; provided, that solely for purposes of Section  2.5(a), (c), and (f), Section 3.7(c) and the definition of Borrowing Date in connection with  Multicurrency Working Capital Facility Loans and Multicurrency Swing Line Loans, the term  “Business Day” shall not include any day on which banking institutions in Toronto are authorized  or required by Law to close.  

 

  -27-  USActive 56005294.16 -27-56005294.24  “Business Valuation”:  with respect to any Approved Acquisition Asset, a business  valuation commissioned by and addressed to the Administrative Agent and in form and substance  reasonably acceptable to the Administrative Agent (such acceptance not to be unreasonably  withheld, conditioned or delayed) and prepared by a Valuation Agent.  “CAML”:  the Proceeds of Crime (Money Laundering) and Terrorist Financing Act  (Canada) and other applicable anti-money laundering, anti-terrorist financing, government  sanction and “know your client” laws.  “Calculation Date”:  the last Business Day of each calendar month (or any other  day selected by the Administrative Agent); provided that (a) the second Business Day preceding  (or such other Business Day as the Administrative Agent shall deem applicable with respect to  Canadian Dollars in accordance with rate-setting convention for Canadian Dollars) (i) each  Borrowing Date with respect to any Loan denominated in Canadian Dollars or (ii) any date on  which a Loan denominated in Canadian Dollars is continued shall also be a “Calculation Date”,  (b) each Borrowing Date with respect to any other Loan made hereunder shall also be a  “Calculation Date” and (c) the date of issuance, amendment, renewal or extension of a Letter of  Credit shall also be a Calculation Date.  “Canadian Benefit Plans”:  any plan, fund, program, or policy, whether oral or  written, formal or informal, funded or unfunded, insured or uninsured, providing employee  benefits, including medical, hospital care, dental, sickness, accident, disability, life insurance,  pension, retirement or savings benefits, under which any Loan Party or any Subsidiary of any Loan  Party that carries on business in Canada, has any liability with respect to any employee or former  employee, but excluding any Canadian Pension Plans.  “Canadian Borrower”:  as defined in the introductory paragraph of this Agreement.  “Canadian Dollar Equivalent”:  with respect to (i) an amount denominated in any  currency other than Canadian Dollars, the equivalent in Canadian Dollars of such amount  determined at the Exchange Rate on the most recent Calculation Date and (ii) an amount  denominated in Canadian Dollars, such amount.  “Canadian Dollars” and “C$”:  dollars in lawful currency of Canada.  “Canadian Loan Parties”: collectively, (a) the Canadian Borrower, (b) the Loan  Parties which are organized under the laws of Canada or any province or territory thereof  and (c)  each other Person organized under the laws of Canada or any province or territory thereof that at  any time becomes a Loan Party under the Loan Documents; each sometimes being referred to  herein individually as a “Canadian Loan Party”.  “Canadian Omnibus Amendment Agreement:  the Omnibus Amendment  Agreement, dated as of the Restatement Effective Date, by and among each Loan Party party  thereto and the Administrative Agent, which shall amend the Canadian Security Agreement and  the Canadian Pledge Agreement.  “Canadian Pension Plans”:  each pension plan required to be registered under  Canadian federal or provincial law that is maintained or contributed to by a Loan Party or any  

 

  -28-  USActive 56005294.16 -28-56005294.24  Subsidiary of any Loan Party for its employees or former employees, but does not include the  Canada Pension Plan or the Quebec Pension Plan as administered by the Government of Canada  or the Province of Quebec, respectively.  “Canadian Pledge Agreement”:  the Canadian Pledge Agreement, dated as of  December 9, 2014, by (a) each Loan Party pledging Capital Stock of any Person organized under  the laws of Canada or any province or territory thereof and (b) with respect to the pledge of Capital  Stock of any Person not organized under the laws of Canada or any province or territory thereof,  any Loan Party organized under the laws of Canada or any province or territory thereof or having  its chief executive office or domicile in Canada, in favor of the Administrative Agent, as amended,  restated, supplemented or otherwise modified from time to time.  “Canadian Prime Rate”:  for any day, the rate per annum equal to the greater of  (a) the rate equal to the PRIMCAN Index rate (rounded upward, if necessary, to the next 1/16 of  1.00%) that appears on the Bloomberg screen at 10:15 a.m. Toronto time on such date (or, in the  event that the PRIMCAN Index is not published by Bloomberg, any other information service that  publishes such index from time to time, as selected by the Administrative Agent in its reasonable  discretion) and (b) the CDOR Rate in effect on such day plus 1.00%.   Any change in the Canadian  Prime Rate due to a change in the PRIMCAN Index or the CDOR Rate shall be effective as of the  opening of business on the day such change in the PRIMCAN Index or the CDOR Rate becomes  effective, respectively.  Notwithstanding the foregoing, if the Canadian Prime Rate as so  determined shall ever be less than the Floor, then the Canadian Prime Rate shall be deemed to be  the Floor.  “Canadian Security Agreement”:  the Canadian Security Agreement, dated as of  December 9, 2014, by the Loan Parties organized under the laws of Canada or any province or  territory thereof, having its chief executive office (or domicile) in Canada or any province or  territory thereof or having tangible assets in Canada, in favor of the Administrative Agent, as  amended, restated, supplemented or otherwise modified from time to time.  “Canadian Security Documents”:  collectively, the Canadian Security Agreement,  the Canadian Pledge Agreement, the Quebec Security Documents and each Mortgage and Security  Agreement in respect of any real property located in Canada and, in each case, any Successor  Agent Document in respect of any of the foregoing.  “Canadian Subsidiary”: any Subsidiary of the U.S. Borrower organized or  incorporated under the laws of Canada or any province or territory thereof.  “Capital Expenditures”:  for any period with respect to any Person, all expenditures  made by such Person during such period that, in accordance with GAAP, should be classified as a  capital expenditure.  “Capital Stock”:  any and all shares, interests, participations or other equivalents  (however designated) of capital stock of a corporation or unlimited liability company, all  membership interests in a limited liability company, all partnership interests in a limited  partnership or partnership, all membership rights in a cooperative or any and all similar ownership  interests in a Person (other than a corporation, unlimited liability company, limited liability  

 

  -29-  USActive 56005294.16 -29-56005294.24  company, limited partnership or partnership) and any and all warrants, rights or options to purchase  any of the foregoing.  “Cash and Carry Transaction”:  in respect of a particular commodity, all  transactions that occur during a Contango Market consisting of:  (a) the entering into of future or swap contracts for the purchase of such  commodity offset by the concurrent entering into of future or swap contracts for the sale  of the same quantity of such commodity for a later delivery date and a maximum period  not exceeding twelve (12) months; and/or  (b) the physical purchase by the U.S. Borrower or any other Loan Party of such  commodity which shall be stored for a period not exceeding twelve (12) months from the  date of delivery of such commodity to the U.S. Borrower or such Loan Party, and the sale  of which shall be Hedged by hedges that have a maximum tenor not exceeding twelve (12)  months; and/or  (c) any combination of the foregoing.  “Cash (100%) Collateralize”; “Cash (100%) Collateralized”:  with respect to any  Letter of Credit, to pledge and deposit as collateral for the Obligations Cash Collateral in the  currency in which such Letter of Credit is denominated and in an amount equal to 100% of the  undrawn face amount of such Letter of Credit plus unpaid fees associated with such Letter of  Credit (including any letter of credit commissions) then due and payable or to be owed with respect  to such Letter of Credit for the period from the time such Cash Collateral is deposited as collateral  until the expiration date of such Letter of Credit, pursuant to documentation substantially in the  form of Exhibit K or such other substantially similar form reasonably satisfactory to the  Administrative Agent.  “Cash Collateral”:  with respect to any Letter of Credit, cash or deposit account  balances denominated in United States Dollars or Canadian Dollars that have been pledged and  deposited with or delivered to the Administrative Agent for the ratable benefit of the Secured  Parties as collateral for the Obligations, including the repayment of such Letter of Credit.  “Cash Collateralize”, “Cash Collateralized”, “Cash Collateralization”:  with respect  to any Letter of Credit, to pledge and deposit as collateral for the Obligations Cash Collateral in  the currency in which such Letter of Credit is denominated and in an amount equal to 105% of the  undrawn face amount of such Letter of Credit plus unpaid fees associated with such Letter of  Credit (including any letter of credit commissions) then due and payable or to be owed with respect  to such Letter of Credit for the period from the time such Cash Collateral is deposited as collateral  until the expiration date of such Letter of Credit, pursuant to documentation substantially in the  form of Exhibit K or such other substantially similar form reasonably satisfactory to the  Administrative Agent.  “Cash Equivalents”:  (a) securities with maturities of twelve (12) months or less  from the date of acquisition or acceptance which are issued or fully guaranteed or insured by the  United States, Canada or any agency or instrumentality thereof, (b) bankers’ acceptances,  certificates of deposit and eurodollar time deposits with maturities of nine (9) months or less from  

 

  -30-  USActive 56005294.16 -30-56005294.24  the date of acquisition and overnight bank deposits, in each case, of any Lender or of any  international or national commercial bank with commercial paper rated, on the day of such  purchase, at least A-1 or the equivalent thereof by S&P or P-1 or the equivalent thereof by  Moody’s, (c) commercial paper, variable rate or auction rate securities, or any other short term,  liquid investment having a rating, on the date of purchase, of at least A-1 or the equivalent thereof  by S&P or at least P-1 or the equivalent thereof by Moody’s and that matures or resets not more  than nine (9) months after the date of acquisition, (d) obligations of any U.S. state, Canadian  province or territory or a division, public instrumentality or taxing authority thereof, having on the  date of purchase a rating of at least AA or the equivalent thereof by S&P or at least Aa2 or the  equivalent thereof by Moody’s and (e) investments in money market funds, mutual funds or other  pooled investment vehicles, in each case acceptable to the Administrative Agent in its sole  discretion, the assets of which consist solely of the foregoing.  “Cash Management Account”:  a Deposit Account or Securities Account  maintained with any Cash Management Bank.  “Cash Management Bank”:  JPMorgan Chase Bank, N.A. and each of the banks  and other financial institutions listed on Schedule 1.1(B) and any other bank or financial institution  (which is reasonably acceptable to the Administrative Agent) from time to time designated by the  U.S. Borrower as a bank or financial institution (i) at which any Borrower or any other Loan Party  or any of their Subsidiaries maintains any Controlled Account or (ii) with which any Borrower or  any other Loan Party or any of their Subsidiaries engages in Banking Services.  “Cash Management Bank Agreement”:  any (i) account agreement, account control  agreement or other agreement governing the relationship between a Cash Management Bank and  a Loan Party with respect to a Cash Management Account and (ii) any agreement governing  Banking Services.  “CDOR”: as defined in the definition of “CDOR Rate” in this Section 1.1.    “CDOR Business Day”: for Obligations, interest, fees, commissions or other  amounts denominated in, or calculated with respect to, Canadian Dollars, any day (other than a  Saturday or Sunday) on which banks are open for business in Toronto; provided, that for purposes  of notice requirements in Sections 2.5(a) and 4.6, in each case, such day is also a Business Day.   “CDOR Loans”:  Loans for which the applicable rate of interest is based upon the  CDOR Rate.  “CDOR Rate”:   (a)  for any calculation with respect to a CDOR Loan for any Interest Period,  the greater of (i) the sum of (A) the rate per annum equal to the rate determined by the  Administrative Agent on the basis of the rate applicable to Canadian Dollar bankers’ acceptances  (“CDOR”) as administered by Refinitiv Benchmarks Services (UK) Limited, or a comparable or  successor administrator approved by the Administrative Agent, for a period comparable to the  applicable Interest Period, at approximately 10:00 a.m. (Toronto time) on the applicable Rate  Determination Date and (B) 0.10% per annum and (ii) the Floor; and  

 

  -31-  USActive 56005294.16 -31-56005294.24  (b) for any calculation with respect to a Prime Rate Loan on any day, the greater of  (i) the sum of (A) the rate per annum equal to CDOR as administered by Refinitiv Benchmarks  Services (UK) Limited, or a comparable or successor administrator approved by the  Administrative Agent, for a period of one month, at approximately 10:00 a.m. (Toronto time) on  the applicable Rate Determination Date and (B) 0.10% per annum and (ii) the Floor.  “Change of Control”:  the occurrence of any of the following events:  (a) the  Permitted Investors shall cease to own and control, of record and beneficially, directly or  indirectly, more than 50% of the total voting power of all classes of Capital Stock of (i) prior to  the effectiveness of the Approved Organizational Changes, the General Partner or (ii) after the  effectiveness of the Approved Organizational Changes, the MLP, in each case, entitled to vote  generally in the election of directors free and clear of all Liens, other than Liens of the type  permitted pursuant to Section 8.3 (and with respect to the General Partner, as if Section 8.3 were  applicable), (b) prior to the effectiveness of the Approved Organizational Changes, the General  Partner shall cease to own and control, of record and beneficially, 100% of the general partnership  interests of the MLP free and clear of all Liens, other than Liens of the type permitted pursuant to  Section 8.3 (as if Section 8.3 were applicable) or (c) the MLP shall cease to own and control, of  record and beneficially, directly or indirectly, 100% of each class of outstanding Capital Stock of  each Borrower and each other Loan Party (other than the MLP) free and clear of all Liens, other  than Liens permitted pursuant to Section 8.3.  “Chapter 11 Debtor”:  as defined in the definition of “Eligible Account Receivable”  in this Section 1.1.  “Code”:  the Internal Revenue Code of 1986, as amended.  “Collateral”:  all property and interests in property of the Loan Parties now owned  or hereafter acquired, upon which a Lien is purported to be created by any Security Document;  provided, that notwithstanding anything to the contrary herein or in any other Loan Document, no  shares, interests, participations or other equivalents of capital stock of an Unlimited Liability  Company (as defined in the Canadian Pledge Agreement), together with all stock certificates,  options or rights of any nature whatsoever which may be issued or granted by an Unlimited  Liability Company, shall constitute “Collateral” under any Security Document other than the  Canadian Pledge Agreement and the deed of hypothec securing the Obligations forming part of  the Quebec Security Documents, as provided for therein.  “Collateral Agent”:  MUFG.  “Commitment”:  at any date, as to any Lender, the Dollar Working Capital Facility  Commitments, the Multicurrency Working Capital Facility Commitments and/or the Acquisition  Facility Commitments of such Lender, as the context requires.  “Commitment Percentage”:  at any time, as to any Lender, the Acquisition Facility  Commitment Percentage, the Dollar Working Capital Facility Commitment Percentage or the  Multicurrency Working Capital Facility Commitment Percentage of such Lender at such time, as  the context requires.  

 

  -32-  USActive 56005294.16 -32-56005294.24  “Commitment Period”:  the Acquisition Facility Commitment Period, the Dollar  Working Capital Facility Commitment Period or the Multicurrency Working Capital Facility  Commitment Period, as the context requires.  “Commitment Termination Date”:  the Acquisition Facility Commitment  Termination Date, the Dollar Working Capital Facility Commitment Termination Date or the  Multicurrency Working Capital Facility Commitment Termination Date, as the context requires.  “Committed Facilities”:  collectively, the Dollar Working Capital Facility  Committed Tranche, the Multicurrency Working Capital Facility and the Acquisition Facility.  “Committed Facilities Credit Exposure”:  as to any Committed Lender at any time,  the Dollar Working Capital Facility Committed Tranche Credit Exposure of such Committed  Lender plus the Multicurrency Working Capital Facility Credit Exposure of such Committed  Lender plus the Acquisition Facility Credit Exposure of such Committed Lender.  “Committed Facilities Credit Exposure Percentage”:  as to any Committed Lender  at any time, the fraction (expressed as a percentage), the numerator of which is the Committed  Facilities Credit Exposure of such Committed Lender at such time and the denominator of which  is the aggregate Committed Facilities Credit Exposures of all of the Committed Lenders at such  time.  “Committed Lenders”:  the Dollar Working Capital Facility Committed Tranche  Lenders, the Multicurrency Working Capital Facility Lenders and the Acquisition Facility  Lenders.  “Commodity Account”:  any “Commodity Account” as defined in Section 9-102 of  the UCC, any “futures account” as defined under the PPSA and any “securities account” as defined  in the Quebec STA in which is held “commodity futures contracts”, “security futures contracts”,  “financial instrument futures contracts” and other similar “futures contracts”, as such terms are  defined in the Quebec STA.  “Commodity Contract”:  (a) a Physical Commodity Contract, (b) any Commodity  OTC Agreement or (c) a contract for the storage or transportation of any physical Eligible  Commodity.  “Commodity Exchange Act”: the Commodity Exchange Act (7 U.S.C. § 1 et seq.),  as amended from time to time, and any successor statute.  “Commodity OTC Agreement”:  (i) any forward commodity contract (excluding  any Forward Contract which is a Physical Commodity Contract), swap, option, collar, cap or floor  transaction, in each case based on Eligible Commodities and (ii) any other similar transaction  (including any option to enter into any of the foregoing) or any combination of the foregoing.  “Commonly Controlled Entity”:  an entity, whether or not incorporated, which is  under common control with the U.S. Borrower within the meaning of Section 4001(a)(14) of  ERISA or is part of a group which includes the U.S. Borrower and which is treated as a single  employer under Section 414(b), (c), (m) or (o) of the Code.  

 

  -33-  USActive 56005294.16 -33-56005294.24  “Compliance Certificate”:  as defined in Section 7.2(b).  “Conduit Lender”:  any special purpose entity organized and administered by any  Lender (or an affiliate of such Lender) for the purpose of making Loans required to be made by  such Lender or of funding such Lender’s participation in any unpaid Reimbursement Obligation  and designated as its Conduit Lender by such Lender in a written instrument; provided, that the  designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of  its obligations to fund a Loan or a participation in any unpaid Reimbursement Obligation under  this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan or participation  in any unpaid Reimbursement Obligation, and the designating Lender (and not the Conduit  Lender) shall have the sole right and responsibility to deliver all consents and waivers required or  requested under this Agreement with respect to its Conduit Lender; provided, further, that no  Conduit Lender shall (a) be entitled to receive any greater amount pursuant to Section 11.6 than  the designating Lender would have been entitled to receive in respect of the extensions of credit  made by such Conduit Lender or (b) be deemed to have any commitment hereunder.  “Confidential Information”:  as defined in Section 11.16.  “Conforming Changes”: with respect to the use or administration of any initial  Benchmark or the use, administration, adoption or implementation of any Benchmark  Replacement, any technical, administrative or operational changes (including changes to the  definition of “Base Rate”, the definition of “Business Day,” the definition of “U.S. Government  Securities Business Day,” the definition of “CDOR Business Day,” the definition of “Interest  Period” or any similar or analogous definition (or the addition of a concept of “interest period”),  timing and frequency of determining rates and making payments of interest, timing of borrowing  requests or prepayment, conversion or continuation notices, the applicability and length of  lookback periods, the applicability of Section 4.14 and other technical, administrative or  operational matters) that the Administrative Agent, in consultation with the Borrower, decides may  be appropriate to reflect the adoption and implementation of any such rate or to permit the use and  administration thereof by the Administrative Agent in a manner substantially consistent with  market practice (or, if the Administrative Agent decides that adoption of any portion of such  market practice is not administratively feasible or if the Administrative Agent determines that no  market practice for the administration of any such rate exists, in such other manner of  administration as the Administrative Agent, in consultation with the Borrower, decides is  reasonably necessary in connection with the administration of this Agreement and the other Loan  Documents).   “Connection Income Taxes”: Other Connection Taxes that are imposed on or  measured by net income (however denominated) or that are franchise Taxes or branch profits  Taxes.  “Consolidated Current Assets”:  as of any date of determination, all assets of the  Loan Parties that, in accordance with GAAP adjusted on an Economic Basis, would be classified  as current assets on a consolidated balance sheet of the Loan Parties; provided, that amounts  otherwise classified as current assets which are due from any Affiliate (including shareholders  (other than public limited partners of the MLP)) or Subsidiary of any Loan Party shall not be  classified as current assets.  

 

  -34-  USActive 56005294.16 -34-56005294.24  “Consolidated Current Liabilities”:  as of any date of determination, all liabilities  of the Loan Parties that, in accordance with GAAP adjusted on an Economic Basis, would be  classified as current liabilities on a consolidated balance sheet of the Loan Parties; provided that  “Consolidated Current Liabilities” shall (i) include (A) except to the extent excluded in clause (ii)  below, all Loans outstanding hereunder from time to time, and (B) the current portion of all  Indebtedness with a maturity (as of such date of determination) of longer than one (1) year, and  (ii) exclude any (A) Hartree Subordinated Indebtedness, (B) Intercompany Subordinated  Indebtedness, (C) unsecured Indebtedness permitted under Section 8.2(h) and (D) Acquisition  Facility Loans.  “Consolidated EBITDA”:  for any period, Consolidated Net Income of the Loan  Parties for such period, plus, without duplication and to the extent used in determining such  Consolidated Net Income, the sum of:  (1) provisions for income taxes, interest expense, and depreciation and  amortization expense;  (2) amounts deducted in respect of other non-cash expenses;  (3) the amount of any aggregate net loss (or minus the amount of any gain)  arising from the Disposition of capital assets by such Person and its Subsidiaries; and  (4) extraordinary, unusual or non-recurring losses and charges;  provided that (i) each of the foregoing items (1)-(4) shall be calculated in accordance with GAAP  adjusted on an Economic Basis, (ii) for the purposes of this definition, with respect to a business  or assets acquired by the Loan Parties pursuant to an Acquisition permitted under this Agreement,  Consolidated EBITDA shall be calculated on a pro forma basis, using historical numbers, in  accordance with GAAP and such calculation shall be determined in good faith by a financial  officer of the U.S. Borrower (and the U.S. Borrower will provide to the Administrative Agent such  supporting information as the Administrative Agent may reasonably request), without giving effect  to any anticipated or proposed change in operations, revenues, expenses or other items included in  the computation of Consolidated EBITDA, and in a manner which is reasonably satisfactory to the  Administrative Agent in all respects, adjusted on an Economic Basis plus or minus any Allowed  Reserve, as if the acquisition had been consummated on the first day of such period and (iii) for  the purposes of this definition, with respect to a business or assets disposed of by the Loan Parties  pursuant to a disposition permitted under this Agreement, Consolidated EBITDA shall be  calculated on a pro forma basis, using historical numbers, in accordance with GAAP and such  calculation shall be determined in good faith by a financial officer of the U.S. Borrower (and the  U.S. Borrower will provide to the Administrative Agent such supporting information as the  Administrative Agent may reasonably request), without giving effect to any anticipated or  proposed change in operations, revenues, expenses or other items included in the computation of  Consolidated EBITDA, and in a manner which is reasonably satisfactory to the Administrative  Agent in all respects, as if such disposition had been consummated on the first day of such period.   Notwithstanding the foregoing, but subject to clauses (ii) and (iii) of the proviso above,  Consolidated EBITDA shall be deemed to be (x) $13,973,408 with respect to the fiscal quarter  

 

  -35-  USActive 56005294.16 -35-56005294.24  ending September 30, 2019, (y) $31,495,006 with respect to the fiscal quarter ending December  31, 2019 and (z) $47,932,245 with respect to the fiscal quarter ending March 31, 2020.  “Consolidated Fixed Charge Coverage Ratio”:  for any period, the ratio of  Consolidated EBITDA to Consolidated Fixed Charges for such period.  “Consolidated Fixed Charges”:  for any period with respect to the Loan Parties, the  sum (without duplication) of (i) the amounts deducted for the cash portion of Consolidated Interest  Expense in determining Consolidated Net Income for such period, (ii) letter of credit fees to the  extent paid in cash during such period, and (iii) principal paid or payable during such period in  respect of Indebtedness (excluding (A) principal on any Loan, (B) principal on the Hartree  Subordinated Indebtedness, (C) principal on any Intercompany Subordinated Indebtedness,  (D) principal on unsecured Indebtedness permitted under Section 8.2(h) incurred for working  capital purposes in an aggregate outstanding amount (as of such date of determination) of  $50,000,000 or less with a maturity (as of such date of determination) of less than one (1) year that  is not a note (other than a promissory note evidencing commercial Indebtedness), debenture, bond  or other like obligation) of the Loan Parties and (E) principal on any Indebtedness outstanding  under a Contango Facility).  For purposes of the above calculation, (1) with respect to a business  or assets acquired by the Loan Parties pursuant to an Acquisition permitted under this Agreement,  Consolidated Interest Expense shall be calculated on a pro forma basis, using historical numbers,  in accordance with GAAP and such calculation shall be determined in good faith by a financial  officer of the U.S. Borrower (and the U.S. Borrower will provide to the Administrative Agent such  supporting information as Administrative Agent may reasonably request), without giving effect to  any anticipated or proposed change in operations, revenues, expenses or other items included in  the computation of Consolidated Interest Expense, and in a manner which is reasonably  satisfactory to the Administrative Agent in all respects, as if the Indebtedness associated with the  Acquisition had been incurred on the first day of such period (it being understood that, with respect  to any Indebtedness incurred in connection with such Acquisition, if such Indebtedness has a  floating or formula rate, it shall have an implied rate of interest for the applicable period for  purposes of this definition determined by utilizing the rate that is or would be in effect with respect  to such Indebtedness as at the relevant date of determination) and (2) with respect to a business or  assets disposed of by the Loan Parties pursuant to a disposition permitted under this Agreement,  Consolidated Interest Expense shall be calculated on a pro forma basis, using historical numbers,  in accordance with GAAP and such calculation shall be determined in good faith by a financial  officer of the U.S. Borrower (and the U.S. Borrower will provide to the Administrative Agent such  supporting information as the Administrative Agent may reasonably request), without giving effect  to any anticipated or proposed change in operations, revenues, expenses or other items included in  the computation of Consolidated Interest Expense, and in a manner which is reasonably  satisfactory to the Administrative Agent in all respects, as if such disposition had been  consummated on the first day of such period.  Notwithstanding the foregoing, but subject to clauses (1) and (2) above,  Consolidated Fixed Charges shall be deemed to be (i) $10,010,213 with respect to the fiscal quarter  ending September 30, 2019, (ii) $11,149,675 with respect to the fiscal quarter ending December  31, 2019 and (iii) $10,533,833 with respect to the fiscal quarter ending March 31, 2020.  

 

  -36-  USActive 56005294.16 -36-56005294.24  “Consolidated Interest Expense”:  for any period with respect to the Loan Parties,  the amount which, in conformity with GAAP adjusted on an Economic Basis plus or minus any  Allowed Reserve, as applicable, would be set forth opposite the caption “interest expense” or any  like caption (including imputed interest included in payments under Financing Leases) on a  consolidated income statement of the Loan Parties for such period excluding the amortization of  any original issue discount; provided that “Consolidated Interest Expense” shall not include  interest expense with respect to the Maine Dock Liability Obligations.  “Consolidated Net Income”:  for any period, the consolidated net income (or  deficit) of the Loan Parties for such period (taken as a cumulative whole) determined in accordance  with GAAP adjusted on an Economic Basis plus or minus any Allowed Reserve, as applicable;  provided that there shall be excluded (a) the income (or deficit) of any Loan Party accrued prior to  the date it becomes a Subsidiary or is merged into or consolidated or amalgamated with any Loan  Party, (b) any write-up of any fixed asset (other than write-ups as the result of the application of  purchase accounting), (c) any net gain from the collection of the proceeds of life insurance policies,  and (d) any gain arising from the acquisition of any securities, or the extinguishment, under GAAP,  of any Indebtedness, of any Loan Party.  “Consolidated Net Working Capital”:  as of any date of determination,  (a) Consolidated Current Assets as of such date minus (b) Consolidated Current Liabilities as of  such date.  “Consolidated Total Leverage Ratio”:  as of any date of determination, the ratio of  (a) the Dollar Equivalent of the aggregate outstanding principal amount of Indebtedness  (excluding any (A) Hartree Subordinated Indebtedness, (B) Intercompany Subordinated  Indebtedness or (C) unsecured Indebtedness permitted under Section 8.2(h) incurred for working  capital purposes in an aggregate outstanding amount (as of such date of determination) of  $50,000,000 or less with a maturity (as of such date of determination) of less than one (1) year that  is not a note (other than a promissory note evidencing commercial Indebtedness), debenture, bond  or other like obligation) of the Loan Parties as of such date minus (x) the aggregate outstanding  principal amount of Dollar Working Capital Facility Loans, the aggregate outstanding face amount  of issued, but undrawn, Dollar Working Capital Facility Letters of Credit and any Unreimbursed  Amounts in respect of Dollar Working Capital Facility Letters of Credit outstanding at such time,  (y) the Dollar Equivalent of the aggregate outstanding principal amount of Multicurrency Working  Capital Facility Loans, the aggregate outstanding face amount of issued, but undrawn,  Multicurrency Working Capital Facility Letters of Credit and any Unreimbursed Amounts in  respect of Multicurrency Working Capital Facility Letters of Credit outstanding at such time and  (z) the aggregate outstanding face amount of issued, but undrawn, Acquisition Facility  Transportation Letters of Credit outstanding at such time to (b) Consolidated EBITDA for the  twelve (12) month period ending as of such date.  “Contango Facility”:  a senior secured credit facility of any Loan Party solely to be  used to finance Cash and Carry Transactions, the recourse to such Loan Party with respect to such  credit facility Indebtedness is limited to its interest in the inventory, forward contracts and  receivables related to such Cash and Carry Transactions (and the proceeds thereof); provided, that  (a) any release of Collateral hereunder for inclusion as collateral for the Contango Facility has  been approved by the Administrative Agent and the Supermajority Lenders and (b) such facility is  

 

  -37-  USActive 56005294.16 -37-56005294.24  subject to an intercreditor agreement in form and substance satisfactory to the Administrative  Agent and the Supermajority Lenders.  “Contango Market”:  the market condition in which the price of a commodity for  forward delivery is higher than the price that is quoted for spot settlement, or where a far forward  delivery price is higher than a nearer forward delivery price.  “Continuation/Conversion Notice”:  as defined in Section 4.3(b).  “Continue”, “Continuation” and “Continued”:  the continuation of a CDOR Loan  or Term SOFR Loan from one Interest Period to the next Interest Period.  “Contractual Obligation”:  as to any Person, any provision of any security issued  by such Person or of any agreement, instrument or other undertaking to which such Person is a  party or by which it or any of its property is bound.  “Controlled Account”:  each Pledged Account that is subject to an Account Control  Agreement.  “Conversion to Approving Lenders Date”: with respect to any Declining Lender  Notice, the Business Day on which the Administrative Agent receives such Declining Lender  Notice; provided that if the Administrative Agent receives a Declining Lender Notice (a) after the  time specified in Section 4.22(a) or (b) on any day that is not a Business Day, in the case of each  of clause (a) and (b), the “Conversion to Approving Lenders Date” for such Declining Lender  Notice shall be deemed to be the immediately succeeding Business Day.  “Convert”, “Conversion” and “Converted”:  a conversion of Loans from one Type  to another Type, which may be accompanied by the transfer by a Lender (at its sole discretion) of  a Loan from one Applicable Lending Office to another.  “Counterparty Forward Contract Amount”:  with respect to any Forward Contract  Counterparty, an amount equal to (a) the aggregate Marked-to-Market Value of all Eligible  Forward Contracts of the Loan Parties with such Forward Contract Counterparty with a positive  value, net of (i) cash and Cash Equivalents held by the Loan Parties from such Forward Contract  Counterparty for such Eligible Forward Contract and (ii) any claim of offset or other counterclaim  known to the Loan Parties to have been asserted in respect of those Eligible Forward Contracts by  such Forward Contract Counterparty, minus, (b) the aggregate Marked-to-Market Value of all  Forward Contracts of the Loan Parties with such Forward Contract Counterparty with a negative  value, net of cash and Cash Equivalents posted by the Loan Parties with such Forward Contract  Counterparty for such Forward Contract.  “Co-Collateral Agents”:  MUFG and BNP Paribas.  “Co-Syndication Agents”:  BNP Paribas, Citizens Bank, N.A., Société Générale,  Santander Bank, N.A., Wells Fargo Bank, N.A. and, Coöperatieve Rabobank U.A., New York  Branch, and CitiBank, N.A.  

 

  -38-  USActive 56005294.16 -38-56005294.24  “Credit Exposure”:  as to any Lender at any time, the sum of its Acquisition Facility  Credit Exposure, its Dollar Working Capital Facility Committed Tranche Credit Exposure, its  Dollar Working Capital Facility Uncommitted Tranche Credit Exposure and its Multicurrency  Working Capital Facility Credit Exposure.  “Credit Exposure Percentage”:  as to any Lender at any time, the fraction (expressed  as a percentage), the numerator of which is the Credit Exposure of such Lender at such time and  the denominator of which is the aggregate Credit Exposures of all of the Lenders at such time.  “Credit Utilization Summary”:  as defined in Section 4.13.  “Declining Lender”: as defined in Section 4.22(a) hereof.  “Declining Lender Notice”: a notice substantially in the form of Annex V.  “Default”:  any of the events specified in Section 9.1, whether or not any  requirement for the giving of notice, the lapse of time, or both, has been satisfied.  “Defaulting Lender”:  at any time, any Lender that (a) within two (2) Business Days  of when due, has failed to fund any portion of any Working Capital Facility Loan, Acquisition  Facility Loan, Swing Line Loan, Refunded Swing Line Loan, Dollar Swing Line Participation  Amount, Multicurrency Swing Line Participation Amount or L/C Participation Obligation (or any  participation in the foregoing) to, as applicable, any Borrower, the Administrative Agent, any  Swing Line Lender or any Issuing Lender required pursuant to the terms of this Agreement to be  funded by such Lender, or has notified the Administrative Agent that it does not intend to do so  unless such Lender notifies the Administrative Agent in writing that such failure is the result of  such Lender’s determination that one or more conditions precedent to funding (each of which  conditions precedent, together with any applicable Default, shall be specifically identified in  writing) has not been satisfied; or (b) notified any Borrower, the Administrative Agent, any Issuing  Lender, or any Lender in writing that it does not intend to comply with any of its funding  obligations under this Agreement (unless such writing states that such position is based on such  Lender’s determination that a condition precedent to funding (which condition precedent, together  with any applicable Default, shall be specifically identified in writing) cannot be satisfied) or has  made a public statement to the effect that it does not intend to comply with its funding obligations  under this Agreement or under other agreements generally in which it commits to extend credit;  or (c) failed, within three (3) Business Day after request by the Administrative Agent or the U.S.  Borrower, to confirm that it will comply with the terms of this Agreement relating to any of its  obligations to fund prospective Working Capital Facility Loans, Acquisition Facility Loans, Swing  Line Loans, Refunded Swing Line Loans, Dollar Swing Line Participation Amounts,  Multicurrency Swing Line Participation Amounts or L/C Participation Obligations; or  (d) otherwise failed to pay over to the Administrative Agent, any Issuing Lender, or any other  Lender any other amount required to be paid by it hereunder within one (1) Business Day of the  date when due, unless the subject of a good faith dispute; or (e) (i) has become or is insolvent or  has a parent company that has become or is insolvent, (ii) has become the subject of a bankruptcy  or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it,  or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence  in any such proceeding or appointment or has a parent company that has become the subject of a  

 

  -39-  USActive 56005294.16 -39-56005294.24  bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian  appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of  or acquiescence in any such proceeding or appointment or (iii) has, or has a parent company that  has, become the subject of a Bail-In Action.  For the avoidance of doubt, a Lender shall not be  deemed to be a Defaulting Lender solely by virtue of the ownership or acquisition of any Capital  Stock of such Lender or a parent company of such Lender by a Governmental Authority.  “Deposit Account”:  as defined in Section 9-102 of the UCC.  “Designated Account Receivable”: any Account Receivable arising from the sale  or transfer of refined products by a Loan Party to any Person that is located in the New York  metropolitan area that is a commercial or industrial customer of the line of business acquired by  the Loan Parties through the acquisition of certain assets of the Castle Oil Corporation.  “Disclosing Party”:  as defined in Section 11.16(b).  “Disposition”:  with respect to any property, any sale, lease, sale and leaseback,  assignment, conveyance, transfer or other disposition thereof; and the terms “Dispose” and  “Disposed of” shall have correlative meanings.  “Dollar Committed Tranche L/C Exposure”:  at any time, the total L/C Obligations  with respect to Dollar Working Capital Facility Committed Tranche Letters of Credit.  The Dollar  Committed Tranche L/C Exposure of any Dollar Working Capital Facility Committed Tranche  Lender at any time shall be its Dollar Working Capital Facility Commitment Percentage of the  total Dollar Committed Tranche L/C Exposure at such time.  “Dollar Committed Tranche Swing Line Exposure”:  at any time, the sum of the  aggregate amount of all outstanding Dollar Committed Tranche Swing Line Loans at such time.   The Dollar Committed Tranche Swing Line Exposure of any Dollar Working Capital Facility  Committed Tranche Lender at any time shall be the sum of (a) its Dollar Working Capital Facility  Commitment Percentage of the total Dollar Committed Tranche Swing Line Exposure at such time  related to Dollar Committed Tranche Swing Line Loans other than any Dollar Committed Tranche  Swing Line Loans made by such Lender in its capacity as a Dollar Committed Tranche Swing Line  Lender and (b) if such Lender shall be a Dollar Committed Tranche Swing Line Lender, the  principal amount of all Dollar Committed Tranche Swing Line Loans made by such Lender  outstanding at such time (to the extent that the other Dollar Working Capital Facility Committed  Tranche Lenders shall not have funded their participations in such Swing Line Loans).  “Dollar Committed Tranche Swing Line Lenders”:  MUFG, Wells Fargo Bank,  N.A. and each other Dollar Working Capital Facility Committed Tranche Lender from time to  time designated by the U.S. Borrower (and agreed to by such Lender) as a Dollar Committed  Tranche Swing Line Lender with the prior consent of the Administrative Agent (such consent not  to be unreasonably withheld, conditioned or delayed) (and upon such designation and agreement,  each such Lender shall set forth its Swing Line Cap on Schedule 1.1(H) pursuant to the terms of  this Agreement), in each case in its capacity as lender of Dollar Committed Tranche Swing Line  Loans hereunder.  “Dollar Committed Tranche Swing Line Loans”:  as defined in Section 2.3(a).  

 

  -40-  USActive 56005294.16 -40-56005294.24  “Dollar Committed Tranche Swing Line Participation Amount”:  as defined in  Section 2.6(b)(i)  “Dollar Equivalent”:  with respect to (i) an amount denominated in any currency  other than United States Dollars, the equivalent in United States Dollars of such amount  determined at the Exchange Rate on the most recent Calculation Date and (ii) an amount  denominated in United States Dollars, such amount.  “Dollar Long Tenor Letter of Credit Sub-Limit”:  $75,000,000 at any time  outstanding.  “Dollar Performance Letter of Credit Sub-Limit”:  $50,000,000 at any time  outstanding.  “Dollar Swing Line Loan”:  a Dollar Committed Tranche Swing Line Loan and/or  a Dollar Uncommitted Tranche Swing Line Loan, as the context requires.  “Dollar Swing Line Loan Sub-Limit”:  $70,000,000 at any time outstanding.  “Dollar Swing Line Participation Amount”:  the Dollar Committed Tranche Swing  Line Participation Amount and/or the Dollar Uncommitted Tranche Swing Line Participation  Amount, as the context requires.  “Dollar Uncommitted Tranche L/C Exposure”:  at any time, the total  L/C Obligations with respect to Dollar Working Capital Facility Uncommitted Tranche Letters of  Credit.  The Dollar Uncommitted Tranche L/C Exposure of any Dollar Working Capital Facility  Uncommitted Tranche Lender at any time shall be its Adjusted Dollar Working Capital Facility  Uncommitted Tranche Percentage of the total Dollar Uncommitted Tranche L/C Exposure at such  time.  “Dollar Uncommitted Tranche Swing Line Exposure”:  at any time, the sum of the  aggregate amount of all outstanding Dollar Uncommitted Tranche Swing Line Loans at such time.   The Dollar Uncommitted Tranche Swing Line Exposure of any Dollar Working Capital Facility  Uncommitted Tranche Lender at any time shall be the sum of (a) its Adjusted Dollar Working  Capital Facility Uncommitted Tranche Percentage of the total Dollar Uncommitted Tranche Swing  Line Exposure at such time related to Dollar Uncommitted Tranche Swing Line Loans other than  any Dollar Uncommitted Tranche Swing Line Loans made by such Lender in its capacity as a  Dollar Uncommitted Tranche Swing Line Lender and (b) if such Lender shall be a Dollar  Uncommitted Tranche Swing Line Lender, the principal amount of all Dollar Uncommitted  Tranche Swing Line Loans made by such Lender outstanding at such time (to the extent that the  other Dollar Working Capital Facility Uncommitted Tranche Lenders shall not have funded their  participations in such Swing Line Loans).  “Dollar Uncommitted Tranche Swing Line Lenders”:  MUFG, Wells Fargo Bank,  N.A. and each other Dollar Working Capital Facility Uncommitted Tranche Lender from time to  time designated by the U.S. Borrower (and agreed to by such Lender) as a Dollar Uncommitted  Tranche Swing Line Lender with the prior consent of the Administrative Agent (such consent not  to be unreasonably withheld, conditioned or delayed) (and upon such designation and agreement,  

 

  -41-  USActive 56005294.16 -41-56005294.24  each such Lender shall set forth its Swing Line Cap on Schedule 1.1(H) pursuant to the terms of  this Agreement), in each case in its capacity as lender of Dollar Uncommitted Tranche Swing Line  Loans hereunder.  “Dollar Uncommitted Tranche Swing Line Loans”:  as defined in Section 2.3(b)  “Dollar Uncommitted Tranche Swing Line Participation Amount”:  as defined in  Section 2.6(b)(ii).  “Dollar Working Capital Facility”:  the Dollar Working Capital Facility Committed  Tranche and/or the Dollar Working Capital Facility Uncommitted Tranche, as the context requires.  “Dollar Working Capital Facility Commitment”:  at any date, as to any Dollar  Working Capital Facility Committed Tranche Lender, the obligation of such Dollar Working  Capital Facility Committed Tranche Lender to make Dollar Working Capital Facility Committed  Tranche Loans to the Borrowers pursuant to Section 2.1(a) and to participate in Dollar Committed  Tranche Swing Line Loans and Dollar Working Capital Facility Committed Tranche Letters of  Credit in an aggregate principal and/or face amount at any one time outstanding not to exceed the  amount set forth opposite such Dollar Working Capital Facility Committed Tranche Lender’s  name on Schedule 1.0 under the caption “Dollar Working Capital Facility Commitment” or, as the  case may be, in the Assignment and Acceptance pursuant to which such Dollar Working Capital  Facility Committed Tranche Lender becomes a party hereto, as such amount may be changed from  time to time in accordance with the terms of this Agreement.  As of the SecondThird Amendment  Effective Date, the original aggregate amount of the Dollar Working Capital Facility  Commitments is $535,900,000.00535,000,000.00.  “Dollar Working Capital Facility Commitment Percentage”:  as to any Dollar  Working Capital Facility Committed Tranche Lender at any time, the percentage which such  Dollar Working Capital Facility Committed Tranche Lender’s Dollar Working Capital Facility  Commitment then constitutes of the aggregate Dollar Working Capital Facility Commitments of  all Dollar Working Capital Facility Committed Tranche Lenders at such time (or, at any time after  the Dollar Working Capital Facility Commitments shall have expired or terminated, such Dollar  Working Capital Facility Committed Tranche Lenders’ Dollar Working Capital Facility  Committed Tranche Credit Exposure Percentage).  “Dollar Working Capital Facility Commitment Period”:  the period from and  including the Restatement Effective Date to but not including the Dollar Working Capital Facility  Commitment Termination Date or such earlier date on which all of the Dollar Working Capital  Facility Commitments shall terminate as provided herein.  “Dollar Working Capital Facility Commitment Termination Date”:  May  19September 2, 20232024, or, if such date is not a Business Day, the next preceding Business Day.  “Dollar Working Capital Facility Committed Tranche”:  the Dollar Working  Capital Facility Commitments and the extensions of credit thereunder.  “Dollar Working Capital Facility Committed Tranche Credit Exposure”:  as to any  Dollar Working Capital Facility Committed Tranche Lender at any time, the Available Dollar  

 

  -42-  USActive 56005294.16 -42-56005294.24  Working Capital Facility Commitment of such Dollar Working Capital Facility Committed  Tranche Lender plus the amount of the Dollar Working Capital Facility Committed Tranche  Extensions of Credit of such Dollar Working Capital Facility Committed Tranche Lender.  “Dollar Working Capital Facility Committed Tranche Credit Exposure  Percentage”:  as to any Dollar Working Capital Facility Committed Tranche Lender at any time,  the fraction (expressed as a percentage), the numerator of which is the Dollar Working Capital  Facility Committed Tranche Credit Exposure of such Dollar Working Capital Facility Committed  Tranche Lender at such time and the denominator of which is the aggregate Dollar Working  Capital Facility Committed Tranche Credit Exposures of all of the Dollar Working Capital Facility  Committed Tranche Lenders at such time.  “Dollar Working Capital Facility Committed Tranche Extensions of Credit”:  at  any date, as to any Dollar Working Capital Facility Committed Tranche Lender at any time, the  aggregate outstanding principal amount of Dollar Working Capital Facility Committed Tranche  Loans made by such Dollar Working Capital Facility Committed Tranche Lender, plus the amount  of the undivided interest of such Dollar Working Capital Facility Committed Tranche Lender in  any then-outstanding Dollar Working Capital Facility Committed Tranche L/C Obligations, plus  such Dollar Working Capital Facility Committed Tranche Lender’s Dollar Committed Tranche  Swing Line Exposure.  “Dollar Working Capital Facility Committed Tranche Issuing Lenders”:  MUFG,  BNP Paribas, Société Générale, Wells Fargo Bank, N.A., Coöperatieve Rabobank U.A., New York  Branch, Citizens Bank, N.A., Santander Bank, N.A. and each other Dollar Working Capital  Facility Committed Tranche Lender from time to time designated by the U.S. Borrower (and  agreed to by such Lender) as a Dollar Working Capital Facility Committed Tranche Issuing Lender  with the prior consent of the Administrative Agent (such consent not to be unreasonably withheld,  conditioned or delayed) (and upon such designation and agreement, each such Lender shall set  forth its Issuance Cap on Schedule 1.1(G) pursuant to the terms of this Agreement), each in its  capacity as issuer of any Dollar Working Capital Facility Committed Tranche Letter of Credit.  “Dollar Working Capital Facility Committed Tranche L/C Obligations”:  at any  time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the  then outstanding Dollar Working Capital Facility Committed Tranche Letters of Credit and (b) the  aggregate amount of drawings under Dollar Working Capital Facility Committed Tranche Letters  of Credit which have not then been reimbursed or converted to a Dollar Working Capital Facility  Committed Tranche Loan pursuant to Section 3.7.  “Dollar Working Capital Facility Committed Tranche L/C Participants”:  with  respect to any Dollar Working Capital Facility Committed Tranche Letter of Credit, all of the  Dollar Working Capital Facility Committed Tranche Lenders other than the Dollar Working  Capital Facility Committed Tranche Issuing Lender thereof.  “Dollar Working Capital Facility Committed Tranche L/C Participation  Obligations”:  the obligations of the Dollar Working Capital Facility Committed Tranche  L/C Participants to purchase participations in the obligations of the Dollar Working Capital  

 

  -43-  USActive 56005294.16 -43-56005294.24  Facility Committed Tranche Issuing Lenders under outstanding Dollar Working Capital Facility  Committed Tranche Letters of Credit pursuant to Section 3.6.  “Dollar Working Capital Facility Committed Tranche Lender”:  each Lender  having a Dollar Working Capital Facility Commitment (or, after the termination of the Dollar  Working Capital Facility Commitments, each Lender holding Dollar Working Capital Facility  Committed Tranche Extensions of Credit), and, as the context requires, includes the Dollar  Working Capital Facility Committed Tranche Issuing Lenders.  As of the SecondThird  Amendment Effective Date, each Dollar Working Capital Facility Committed Tranche Lender is  specified on Schedule 1.0.  “Dollar Working Capital Facility Committed Tranche Letter of Credit”:  as defined  in Section 3.1.  “Dollar Working Capital Facility Committed Tranche Loans”:  as defined in  Section 2.1(a).  “Dollar Working Capital Facility Committed Tranche Maturity Date”:  with respect  to any Dollar Working Capital Facility Committed Tranche Loan, the earliest to occur of (i) the  date on which the Dollar Working Capital Facility Committed Tranche Loans become due and  payable pursuant to Section 9, (ii) the date on which the Dollar Working Capital Facility  Commitments terminate pursuant to Section 4.1 and (iii) the Dollar Working Capital Facility  Commitment Termination Date.  “Dollar Working Capital Facility Increase”:  as defined in Section 4.1(b).  “Dollar Working Capital Facility Letter of Credit”: a Dollar Working Capital  Facility Committed Tranche Letter of Credit and/or a Dollar Working Capital Facility  Uncommitted Tranche Letter of Credit, as the context requires.  “Dollar Working Capital Facility Letter of Credit Sub-Limit”:  $300,000,000 at any  time outstanding.  “Dollar Working Capital Facility Loans”:  collectively, the Dollar Working Capital  Facility Committed Tranche Loans and the Dollar Working Capital Facility Uncommitted Tranche  Loans.  “Dollar Working Capital Facility Long Tenor Letters of Credit”:  Dollar Working  Capital Facility Letters of Credit that are Long Tenor Letters of Credit.  “Dollar Working Capital Facility Performance Letters of Credit”:  Dollar Working  Capital Facility Letters of Credit that are Performance Letters of Credit.  “Dollar Working Capital Facility Uncommitted Tranche”:  the Dollar Working  Capital Facility Uncommitted Tranche Portions and the extensions of credit thereunder.  “Dollar Working Capital Facility Uncommitted Tranche Credit Exposure”:  as to  any Dollar Working Capital Facility Uncommitted Tranche Lender at any time, the Available  

 

  -44-  USActive 56005294.16 -44-56005294.24  Dollar Working Capital Facility Uncommitted Tranche Portion of such Dollar Working Capital  Facility Uncommitted Tranche Lender plus the amount of the Dollar Working Capital Facility  Uncommitted Tranche Extensions of Credit of such Dollar Working Capital Facility Uncommitted  Tranche Lender.  “Dollar Working Capital Facility Uncommitted Tranche Credit Exposure  Percentage”:  as to any Dollar Working Capital Facility Uncommitted Tranche Lender at any time,  the fraction (expressed as a percentage), the numerator of which is the Dollar Working Capital  Facility Uncommitted Tranche Credit Exposure of such Dollar Working Capital Facility  Uncommitted Tranche Lender at such time and the denominator of which is the aggregate Dollar  Working Capital Facility Uncommitted Tranche Credit Exposures of all of the Dollar Working  Capital Facility Uncommitted Tranche Lenders at such time.  “Dollar Working Capital Facility Uncommitted Tranche Extensions of Credit”:  at  any date, as to any Dollar Working Capital Facility Uncommitted Tranche Lender at any time, the  aggregate outstanding principal amount of Dollar Working Capital Facility Uncommitted Tranche  Loans made by such Dollar Working Capital Facility Uncommitted Tranche Lender, plus the  amount of the undivided interest of such Dollar Working Capital Facility Uncommitted Tranche  Lender in any then-outstanding Dollar Working Capital Facility Uncommitted Tranche  L/C Obligations, plus such Dollar Working Capital Facility Uncommitted Tranche Lender’s  Dollar Uncommitted Tranche Swing Line Exposure.  “Dollar Working Capital Facility Uncommitted Tranche Issuing Lenders”:  MUFG,  BNP Paribas, Société Générale, Wells Fargo Bank, N.A., Coöperatieve Rabobank U.A., New York  Branch, Citizens Bank, N.A., Santander Bank, N.A. and each other Dollar Working Capital  Facility Uncommitted Tranche Lender from time to time designated by the U.S. Borrower (and  agreed to by such Lender) as a Dollar Working Capital Facility Uncommitted Tranche Issuing  Lender with the prior consent of the Administrative Agent (such consent not to be unreasonably  withheld, conditioned or delayed) (and upon such designation and agreement, each such Lender  shall set forth its Issuance Cap on Schedule 1.1(G) pursuant to the terms of this Agreement), each  in its capacity as issuer of any Dollar Working Capital Facility Uncommitted Tranche Letter of  Credit.  “Dollar Working Capital Facility Uncommitted Tranche L/C Obligations”:  at any  time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the  then outstanding Dollar Working Capital Facility Uncommitted Tranche Letters of Credit and  (b) the aggregate amount of drawings under Dollar Working Capital Facility Uncommitted  Tranche Letters of Credit which have not then been reimbursed or converted to a Dollar Working  Capital Facility Uncommitted Tranche Loan pursuant to Section 3.7.  “Dollar Working Capital Facility Uncommitted Tranche L/C Participants”:  with  respect to any Dollar Working Capital Facility Uncommitted Tranche Letter of Credit, all of the  Dollar Working Capital Facility Uncommitted Tranche Lenders other than the Dollar Working  Capital Facility Uncommitted Tranche Issuing Lender thereof.  “Dollar Working Capital Facility Uncommitted Tranche L/C Participation  Obligations”:  the obligations of the Dollar Working Capital Facility Uncommitted Tranche  

 

  -45-  USActive 56005294.16 -45-56005294.24  L/C Participants to purchase participations in the obligations of the Dollar Working Capital  Facility Uncommitted Tranche Issuing Lenders under outstanding Dollar Working Capital Facility  Uncommitted Tranche Letters of Credit pursuant to Section 3.6.  “Dollar Working Capital Facility Uncommitted Tranche Lender”:  each Lender  having a Dollar Working Capital Facility Uncommitted Tranche Portion (or, after the termination  of the Dollar Working Capital Facility Uncommitted Tranche Portions, each Lender holding Dollar  Working Capital Facility Uncommitted Tranche Extensions of Credit), and, as the context requires,  includes the Dollar Working Capital Facility Uncommitted Tranche Issuing Lenders.  As of the  SecondThird Amendment Effective Date, each Dollar Working Capital Facility Uncommitted  Tranche Lender is specified on Schedule 1.0.  “Dollar Working Capital Facility Uncommitted Tranche Letter of Credit”:  as  defined in Section 3.1.  “Dollar Working Capital Facility Uncommitted Tranche Loans”:  as defined in  Section 2.1(b).  “Dollar Working Capital Facility Uncommitted Tranche Maturity Date”:  with  respect to any Dollar Working Capital Facility Uncommitted Tranche Loan, the earliest to occur  of (i) the date on which the Dollar Working Capital Facility Uncommitted Tranche Loans become  due and payable pursuant to Section 9, (ii) the date on which the Dollar Working Capital Facility  Uncommitted Tranche Portions terminate pursuant to Section 4.1 and (iii) the Dollar Working  Capital Facility Uncommitted Tranche Termination Date.  “Dollar Working Capital Facility Uncommitted Tranche Percentage”:  as to any  Dollar Working Capital Facility Uncommitted Tranche Lender at any time, the percentage which  such Dollar Working Capital Facility Uncommitted Tranche Lender’s Dollar Working Capital  Facility Uncommitted Tranche Portion then constitutes of the Total Dollar Working Capital  Facility Uncommitted Tranche Portions at such time (or, at any time after the Dollar Working  Capital Facility Uncommitted Tranche Portions shall have expired or terminated, such Dollar  Working Capital Facility Uncommitted Tranche Lenders’ Dollar Working Capital Facility  Uncommitted Tranche Credit Exposure Percentage).  “Dollar Working Capital Facility Uncommitted Tranche Period”:  the period from  and including the Restatement Effective Date to but not including the Dollar Working Capital  Facility Uncommitted Tranche Termination Date or such earlier date on which all of the Dollar  Working Capital Facility Uncommitted Tranche Portions shall terminate as provided herein.  “Dollar Working Capital Facility Uncommitted Tranche Portion”:  at any date, as  to any Dollar Working Capital Facility Uncommitted Tranche Lender, the obligation of such  Dollar Working Capital Facility Uncommitted Tranche Lender to consider making Dollar Working  Capital Facility Uncommitted Tranche Loans to the Borrowers pursuant to Section 2.1(b) and to  participate in Dollar Uncommitted Tranche Swing Line Loans and Dollar Working Capital Facility  Uncommitted Tranche Letters of Credit in an aggregate principal and/or face amount at any one  time outstanding not to exceed the amount set forth opposite such Dollar Working Capital Facility  Uncommitted Tranche Lender’s name on Schedule 1.0 under the caption “Dollar Working Capital  

 

  -46-  USActive 56005294.16 -46-56005294.24  Facility Uncommitted Tranche Portion” or, as the case may be, in the Assignment and Acceptance  pursuant to which such Dollar Working Capital Facility Uncommitted Tranche Lender becomes a  party hereto, as such amount may be changed from time to time in accordance with the terms of  this Agreement. The Dollar Working Capital Facility Uncommitted Tranche Portion of any  Declining Lender shall be deemed to be zero (0) from and after the date such Dollar Working  Capital Facility Uncommitted Tranche Lender becomes a Declining Lender, except that such  Declining Lender’s Dollar Working Capital Facility Uncommitted Tranche Portion shall not be  reduced to zero (0) for the limited purpose of an assignment by such Declining Lender to an  assignee of such Declining Lender’s Dollar Working Capital Facility Uncommitted Tranche  Portion pursuant to the terms of Section 4.17.  “Dollar Working Capital Facility Uncommitted Tranche Termination Date”:  May  19September 2, 20232024, or, if such date is not a Business Day, the next preceding Business Day.  “Economic Basis”:  GAAP adjusted to include, as applicable and to the extent not  already included in the calculation of GAAP at such time, (a) the positive Market Value of  inventory and exchanges in respect of transactions that do not qualify for hedging treatment under  GAAP; (b) the positive or negative Marked-to-Market Value of Forward Contracts, including, but  not limited to, forward physical purchase and sales contracts, that do not qualify as derivatives  under GAAP, such as storage and transportation; provided that the preceding clause (b), with  respect to storage and transportation contracts, shall be limited to the intrinsic value of the  underlying contracts, net of any demand charges; and (c) other marked-to-market changes or  adjustment as determined by the U.S. Borrower with agreement from the Administrative Agent;  provided, that in its reasonable discretion the Administrative Agent may require the vote of the  Required Lenders.  “EEA Financial Institution”:  (a) any credit institution or investment firm  established in any EEA Member Country that is subject to the supervision of an EEA Resolution  Authority, (b) any entity established in an EEA Member Country that is a parent of an institution  described in clause (a) of this definition, or (c) any financial institution established in an EEA  Member Country that is a subsidiary of an institution described in clauses (a) or (b) of this  definition and is subject to consolidated supervision with its parent.  “EEA Member Country”:  any of the member states of the European Union,  Iceland, Liechtenstein, and Norway.  “EEA Resolution Authority”:  any public administrative authority or any Person  entrusted with public administrative authority of any EEA Member Country (including any  delegee) having responsibility for the resolution of any EEA Financial Institution.  “Eligible Account Receivable”:  with respect to any Loan Party, as of any date, an  Account Receivable as to which the following requirements have been fulfilled:  (a) such Account Receivable relates to a Materials Handling Contract, rail car  lease or sublease, transportation services agreement, Commodity Contract or Financial  Hedging Agreement;  

 

  -47-  USActive 56005294.16 -47-56005294.24  (b) the relevant Loan Party has lawful and absolute title to such Account  Receivable subject only to Permitted Borrowing Base Liens or Liens in favor of the  Administrative Agent for the benefit of the Secured Parties under the Loan Documents;  provided that the amount of the Eligible Account Receivable, if any, included in the U.S.  Borrowing Base or Kildair Borrowing Base, as applicable, shall be net of the aggregate  amount secured by such Permitted Borrowing Base Lien (other than Liens created by the  Security Documents);  (c) with respect to any such Account Receivable relating to a Financial Hedging  Agreement, the amount of such Account Receivable payable by the Account Debtor thereof  has been determined;  (d) such Account Receivable is a valid, legally enforceable obligation of the  party who is obligated under such Account Receivable;  (e) the amount of such Account Receivable included as an Eligible Account  Receivable shall have been reduced by any portion that is, or which any Loan Party has a  reasonable basis to believe may be, subject to any dispute, offset, counterclaim or other  claim or defense on the part of the Account Debtor (including offset or netting relating to  trade or any other payables, contra, accrued liabilities, unrealized forward losses and net  exchange payables specific to such Account Debtor) or to any claim on the part of the  Account Debtor denying payment liability under such Account Receivable (provided that  any amount so deducted shall not be further deducted from the U.S. Borrowing Base or  Kildair Borrowing Base, as applicable);  (f) such Account Receivable is not evidenced by any chattel paper, promissory  note or other instrument unless such chattel paper, promissory note or other instrument is  subject to a Perfected First Lien and delivered to the Administrative Agent for the benefit  of the Secured Parties;  (g) such Account Receivable is subject to a Perfected First Lien, and such  Account Receivable is not subject to any Liens other than Perfected First Liens or  Permitted Borrowing Base Liens;  (h) (i) such Account Receivable has been fully earned (or in the case of rail car  leases or subleases, invoiced no earlier than 30 days in advance of the relevant lease period  and earned as a result of the passage of time over the course of such lease period) and such  Account Receivable has been invoiced (if the issuance of such an invoice is a condition  precedent to the Account Debtor’s obligation to pay) or is, as of such date, within four (4)  Business Days of being invoiced or (ii) payment of the Account Receivable is otherwise  due and payable; provided that such Account Receivable shall qualify as an Eligible  Account Receivable only (A) with respect to the U.S. Borrowing Base, if such Account  Receivable arises from the sale of wholesale Natural Gas Products where it is customary  industry practice for the payment for such Natural Gas Product to be due on the 25th of  each month, not more than 30 days have elapsed after the due date specified in the original  invoice; (B) if such Account Receivable arises from a Financial Hedging Agreement and  not more than five (5) Business Days have elapsed after the date on which the payment of  

 

  -48-  USActive 56005294.16 -48-56005294.24  the Account Receivable is required to be paid under the terms of such Financial Hedging  Agreement; (C) with respect to a Designated Account Receivable, if not more than 90 days  have elapsed after the due date specified in the original invoice; and (D) for any other  Account Receivable not covered by clauses (A), (B) or (C), if not more than 60 days have  elapsed after the due date specified in the original invoice; provided, further, that an  “Eligible Account Receivable” shall not include (i) any Designated Account Receivable  that is outstanding longer than 120 days after the date such Account Receivable arose and  (ii) any Account Receivable (other than a Designated Account Receivable) that is  outstanding longer than 90 days after the date such Account Receivable arose; provided,  further, that the aggregate amount of Eligible Accounts Receivable invoiced in advance in  respect of rail car leases or subleases shall not exceed $2,000,000;  (i) such Account Receivable complies with all applicable Laws (excluding any  prohibition, limitation or restriction in any agreement with a Governmental Authority to  the extent that such prohibition, limitation or restriction would be ineffective under  applicable Law (including as provided under Sections 9-406 and 9-408 of the Uniform  Commercial Code or Section 40(4) of the Personal Property Security Act of Ontario (or  the corresponding Section of such other applicable PPSA) as from time to time in effect in  the applicable jurisdiction)) to which the relevant Loan Party is subject;  (j) such Account Receivable is reduced by any prepayment or cash collateral  from the applicable Account Debtor;  (k) if the Account Debtor of such Account Receivable is a debtor under the  Bankruptcy Code or in respect of which a proceeding, petition, application or plan of  arrangement has commenced under Insolvency Laws (any of the foregoing, a “Chapter 11  Debtor”), such Account Receivable arose after the commencement of the bankruptcy case  or such proceeding, petition, application or plan (the “Petition Date”) of such Account  Debtor or has been assumed by such Account Debtor;  (l) at the time of the sale giving rise to such Account Receivable, the Account  Debtor is not in contractual default on any other obligations to any Loan Party (other than  (i) any amounts subject to a good faith dispute under the applicable contract, (ii) amounts  due and owing within the applicable time periods specified in clause (h) above and  (iii) with respect to any Account Debtor that is a Chapter 11 Debtor, payment defaults that  occurred prior to the Petition Date of such Chapter 11 Debtor or other defaults that arose  as a result of such Account Debtor becoming a Chapter 11 Debtor); provided, however,  that this clause (l) shall not apply to any Account Debtor to which a Loan Party, consistent  with its internal credit policies, has granted a waiver of a contractual default to lift a  specified volume of product;  (m) except with respect to an Account Receivable described in clause (k) above,  the Account Debtor obligated on such Account Receivable (i) has not admitted in writing  its inability to pay its debts generally or made a general assignment for the benefit of its  creditors, (ii) has not instituted or had instituted against it a proceeding seeking to  adjudicate it a debtor, bankrupt or insolvent or seeking liquidation, winding up,  reorganization, compromise, arrangement, adjustment, stay of proceedings, protection,  

 

  -49-  USActive 56005294.16 -49-56005294.24  relief or composition of it or its debts under any Law relating to bankruptcy, insolvency or  reorganization or relief of debtors or corporate law or seeking the entry of an order for  relief or the appointment of a receiver, interim receiver, receiver and manager, monitor,  trustee or other similar official of it or for any substantial part of its property, and (iii) has  not taken any corporate action to authorize any of the foregoing;  (n) (i) the Account Debtor of such Account Receivable shall not be a  Governmental Authority unless all actions required under any Assignment of Claims Act,  the Financial Administration Act (Canada) and any similar local, provincial or territorial  laws, rules or regulations applicable to such Account Receivable and such Governmental  Authority shall have been taken to approve and permit the assignment of rights to payment  thereunder or thereon to the Administrative Agent, for the ratable benefit of the Secured  Parties, under the Security Documents and (ii) the Account Debtor of such Account  Receivable shall not be a Governmental Authority of a State within the United States unless  such state has waived any claim of sovereign immunity with respect to such Account  Receivable by statute, applicable case law, contract or otherwise; provided that at the  Administrative Agent’s discretion, exercised in good faith, any Accounts Receivable that  would otherwise be considered ineligible pursuant to this clause (n) shall not be deemed  ineligible solely as a result of this clause (n);  (o) if the Account Debtor of such Account Receivable is a Subsidiary or an  Affiliate of the U.S. Borrower, such Account Debtor is approved by the Required Lenders  in their sole discretion (exercised in good faith);  (p) if the Account Debtor of such Account Receivable is incorporated in, or  primarily conducts business in, any jurisdiction outside the United States or Canada, such  Account Debtor is an Eligible Foreign Counterparty;  (q) the Account Debtor of such Account Receivable is creditworthy in  accordance with the Risk Management Policy; provided, that such Account Debtor may be  deemed non-creditworthy (and therefore such Account Receivable thereof shall be  ineligible for inclusion as an “Eligible Account Receivable”) in the judgment of the  Administrative Agent after consultation with the U.S. Borrower;  (r) such Account Receivable is denominated in United States Dollars or  Canadian Dollars and payable in the United States or Canada;  (s) such Account Receivable is not inclusive of any demurrage claim;  (t) with respect to any such Account Receivable relating to a Materials  Handling Contract, such Account Receivable has been billed in arrears; and  (u) solely with respect to any Account Receivable of a Kildair Loan Party, such  Account Receivable is not an Excess Concentration Account Receivable.  “Eligible Acquisition Asset Value”:  70% multiplied by the aggregate Estimated  Going Concern Value of the Approved Acquisition Assets taken as a whole.  

 

  -50-  USActive 56005294.16 -50-56005294.24  “Eligible Asphalt Inventory”:  as of any date, all Eligible Inventory of the Loan  Parties consisting of asphalt.  “Eligible Broker”:  as defined in the definition of “Eligible Net Liquidity in Futures  Accounts” in this Section 1.1.  “Eligible Cash and Cash Equivalents”:  as of any date and with respect to any Loan  Party, currency consisting of United States Dollars, Canadian Dollars or Cash Equivalents, in each  case, which (i) has been deposited in a Deposit Account or a Securities Account of such Loan Party  with a Cash Management Bank that is subject to an Account Control Agreement, (ii) is subject to  a Perfected First Lien, (iii) is subject to no other Liens other than Permitted Cash Management  Liens and (iv) does not constitute Cash Collateral.  “Eligible Commodities”:  collectively, Natural Gas Products, Petroleum Products  and asphalt.  “Eligible Exchange Receivable”:  an Exchange Receivable of any Loan Party that  would be an Eligible Account Receivable but for the fact that the consideration to be received by  such Loan Party consists in whole or in part of the delivery of Eligible Commodities; provided,  however, that the value of an Eligible Exchange Receivable shall be the Value as of any date of  the Eligible Commodities required to be delivered to such Loan Party.  “Eligible Foreign Counterparty”:  with respect to any Loan Party, an Account  Debtor that is incorporated in, or primarily conducts business in, any jurisdiction outside the  United States or Canada, and (A) is set forth on Schedule 1.1(C) or (B) has been approved by the  Required Lenders, in their sole discretion, from time to time after the RestatementThird  Amendment Effective Date in accordance with the following procedure:  (x) the U.S. Borrower  shall deliver a written request to the Administrative Agent for such approval by the Required  Lenders of such counterparty and credit exposure, which request shall be provided by the  Administrative Agent to the Lenders, including, if requested by a Lender, through posting on  Intralinks or other web site in use to distribute information to the Lenders, or by other electronic  mail, or other notice procedure permitted under Section 11.2; and (y) the Required Lenders shall  inform the Administrative Agent of such approval in writing (by electronic communication,  telecopy or facsimile) within five (5) Business Days after receipt of notice from the Administrative  Agent; provided that failure of a Lender to respond to any request for approval within the time  period provided for hereby shall be deemed to be an acceptance of such counterparty as an Eligible  Foreign Counterparty by such Lender; provided, further, that, the Supermajority Lenders, in their  sole discretion, may from time to time revoke the Eligible Foreign Counterparty status of any  counterparty previously approved as an Eligible Foreign Counterparty or reduce the  previously-approved credit exposure of the Loan Parties to such counterparty, which revocation  or reduction shall be effective as of the date that is at least ten (10) days after the delivery of written  notice of such revocation or reduction by the Administrative Agent to the U.S. Borrower.  The  Administrative Agent may, in its sole discretion, extend such five (5) Business Day period if the  Administrative Agent determines that any counterparty requires additional review by the Lenders.   Schedule 1.1(C) shall be deemed amended to include such Eligible Foreign Counterparties and the  related credit exposure without further action immediately upon the Required Lenders’ approval  

 

  -51-  USActive 56005294.16 -51-56005294.24  of such Eligible Foreign Counterparty and the related credit exposure in accordance with the  procedure described in this definition.  “Eligible Forward Contract”:  a Forward Contract of a Loan Party as to which all  of the following requirements have been fulfilled:  (a) such Forward Contract conforms to the Risk Management Policy;  (b) the Forward Contract Counterparty to such Forward Contract is not a  Subsidiary of a Loan Party or an Affiliate of a Loan Party;  (c) such Forward Contract is evidenced by a written agreement or a trade  confirmation enforceable against the Forward Contract Counterparty thereto;  (d) (i) such Forward Contract is subject to a Perfected First Lien, subject only  to Permitted Borrowing Base Liens, and (ii) (A) the grant of the Perfected First Lien over  such Forward Contract is not prohibited by any contract, agreement or instrument  evidencing or governing such Forward Contract, (B) the grant of the Perfected First Lien  over such Forward Contract does not terminate such Forward Contract or give any other  party thereto or to any such contract, agreement or instrument the right to terminate such  Forward Contract or such party’s obligations under any such Forward Contract or (C) if  the grant of the Perfected First Lien over such Forward Contract is only permitted under  the terms of any contract, agreement or instrument evidencing or governing such Forward  Contract with the consent of any other Person party thereto, such consent has been  obtained, unless, in the case of any of sub-clauses (A) through (C) of this clause (ii), any  such prohibition, limitation or restriction would be ineffective under applicable Law  (including as provided under Sections 9-406 and 9-408 of the UCC or Section 40(4) of the  Personal Property Security Act of Ontario (or the corresponding Section of such other  applicable PPSA) as from time to time in effect in the applicable jurisdiction));  (e) such Forward Contract has not been terminated and is not currently subject  to termination by reason of any default, other termination event or other similar event  having occurred thereunder;  (f) if the Forward Contract Counterparty to such Forward Contract is a Chapter  11 Debtor, such Forward Contract was entered into after the Petition Date of such Forward  Contract Counterparty or has been assumed by such Forward Contract Counterparty;  (g) the Forward Contract Counterparty to such Forward Contract is not in  contractual default on any other obligations to any Loan Party (other than (i) any amounts  subject to a good faith dispute under the applicable contract and (ii) with respect to any  Forward Contract Counterparty that is a Chapter 11 Debtor, payment defaults that occurred  prior to the Petition Date of such Chapter 11 Debtor or other defaults that arose as a result  of such Forward Contract Counterparty becoming a Chapter 11 Debtor); provided,  however, that this clause (g) shall not apply to any Forward Contract Counterparty to which  a Loan Party, consistent with its internal credit policies, has granted a waiver of a  contractual default;  

 

  -52-  USActive 56005294.16 -52-56005294.24  (h) except with respect to a Forward Contract described in clause (f) or (g)  above, the Forward Contract Counterparty to such Forward Contract (i) has not admitted  in writing its inability to pay its debts generally or made a general assignment for the benefit  of its creditors, (ii) has not instituted or had instituted against it a proceeding seeking to  adjudicate it a debtor, bankrupt or insolvent or seeking liquidation, winding up,  reorganization, compromise, arrangement, adjustment, stay of proceedings, protection,  relief or composition of it or its debts under any Law relating to bankruptcy, insolvency or  reorganization or relief of debtors or seeking the entry of an order for relief or the  appointment of a receiver, interim receiver, receiver and manager, monitor, trustee or other  similar official of it or for any substantial part of its property, and (iii) has not taken any  corporate action to authorize any of the foregoing;  (i) such Forward Contract has not been deemed ineligible as to its form by the  Administrative Agent acting in its sole discretion; and  (j) (i) the Forward Contract Counterparty to such Forward Contract shall not  be a Governmental Authority unless all actions required under any applicable Assignment  of Claims Act, the Financial Administration Act (Canada), and any other similar local,  provincial, or territorial laws, rules or regulations, if any, applicable to such Forward  Contract and such Governmental Authority shall have been taken to approve and permit  the assignment of rights to payment thereunder or thereon to the Administrative Agent, for  the ratable benefit of the Secured Parties under the Security Documents and (ii) the  Forward Contract Counterparty to such Forward Contract shall not be a Governmental  Authority of a State within the United States unless such state has waived any claim of  sovereign immunity with respect to such Forward Contract by statute, applicable case law,  contract or otherwise; provided that at the Administrative Agent’s discretion, exercised in  good faith, any Forward Contract that would otherwise be considered ineligible pursuant  to this clause (j) shall not be deemed ineligible solely as a result of this clause (j).  “Eligible Hedged Natural Gas Inventory”:  as of any date, the Value of Eligible  Natural Gas Inventory as of such date that has been Hedged.  “Eligible Hedged Petroleum Inventory”:  as of any date, the Value of Eligible  Petroleum Inventory as of such date that has been Hedged.  “Eligible In the Money Forward Contract Amount”:  as of any date and with respect  to any Loan Party, to the extent that the Counterparty Forward Contract Amount with respect to  any Forward Contract Counterparty is positive, such Counterparty Forward Contract Amount.  “Eligible Inventory”:  as of any date, all inventory of any Loan Party consisting of  Eligible Commodities valued at the then current Value, and in all instances as to which the  following requirements have been fulfilled:  (a) the inventory is owned by such Loan Party;  (b) the inventory is subject to a Perfected First Lien and is free and clear of all  other Liens except Permitted Borrowing Base Liens;  

 

  -53-  USActive 56005294.16 -53-56005294.24  (c) all requirements set forth in Section 5(k) of the U.S. Security Agreement or  Section 5(k) of the Canadian Security Agreement, as applicable, applicable to such  inventory have been satisfied;  (d) the inventory has not been identified for deliveries with the result that a  buyer may have rights to the inventory that could be superior to the Perfected First Liens,  nor shall such inventory have become subject to a customer’s ownership or lien;  (e) the inventory is in transit, in a pipeline or in a storage facility at an Approved  Inventory Location in the U.S. or Canada and, if such inventory is in transit on a water  borne vessel chartered, rented, owned or leased by such Loan Party, either a bill of lading  related thereto has been issued to or endorsed to the order of such Loan Party (without  further endorsement as of such date) or a letter of indemnity for payment, provided by the  holder or named shipper thereof, has been issued to or addressed to such Loan Party;  (f) the inventory is in good saleable condition, is not deteriorating in quality  and is not obsolete;  (g) with respect to any inventory consisting of biofuels, biodiesel or ethanol,  not more than six (6) months has passed since the receipt thereof; and  (h) the inventory has not been placed on consignment;  provided that (i) the value of Eligible Inventory shall be reduced by the Value of any net volumetric  balance owed by any Loan Party to a counterparty with whom such Loan Party holds title to the  inventory, and (ii) (A) line fill and tank bottoms (other than any tank bottoms consisting of  distillates, gasolines or other light oil products or residual fuel oils acceptable to the Administrative  Agent in its sole discretion) in transportation or storage facilities owned by any Loan Party and  (B) the portion of commodities held in third party transportation or storage facilities (1) that are  tank bottoms (other than any tank bottoms consisting of distillates, gasolines or other light oil  products or residual fuel oils acceptable to the Administrative Agent in its sole discretion) or  (2) line fill or working inventory (however designated) that is not subject to an agreement  recognizing such Loan Party’s ownership and/or the withdrawal of which is subject to contractual  restrictions (other than any tank bottoms consisting of distillates, gasolines or other light oil  products or residual fuel oils acceptable to the Administrative Agent in its sole discretion), will  not be considered “Eligible Inventory”.  For the purposes of this definition, “tank bottoms” with  respect to asphalt shall be deemed to be that portion of asphalt that is located at or below the suction  point.  “Eligible L/C Backed Account Receivable”: at the time of any determination  thereof, each Eligible Account Receivable which is supported by a letter of credit in form and  substance reasonably acceptable to the Administrative Agent issued by a bank which is Investment  Grade and which letter of credit does not terminate earlier than fifteen (15) days after the expected  payment date of the Account Receivable supported by such letter of credit; provided, that,  following the occurrence and during the continuance of an Event of Default with respect to any  new letter of credit described in this definition, the applicable Loan Party shall have (A) at the  request of the Administrative Agent, assigned the proceeds of such letter of credit to the  

 

  -54-  USActive 56005294.16 -54-56005294.24  Administrative Agent, (B) at the request of the Administrative Agent, caused the issuing bank of  such letter of credit to consent to such assignment and (C) unless otherwise agreed by the  Administrative Agent, caused such letter of credit to be advised by the Administrative Agent.  “Eligible Letters of Credit Issued for Commodities Not Yet Received”:  as of any  date, the aggregate face amount of either standby and/or documentary Letters of Credit for the  purchase of Eligible Commodities for which title has passed to a Loan Party as of such date, as  long as such Loan Party is able to calculate drawable liability thereof in a manner acceptable to  the Administrative Agent in its sole discretion (exercised in good faith), which such manner shall  be in such Loan Party’s normal course of business and consistent with its month-end reconciliation  processes, minus any amounts drawn or paid under such Letters of Credit minus any other liabilities  then existing that may be satisfied by any such Letters of Credit minus any other liabilities that  may be owed by such Loan Party to the beneficiary of any such Letters of Credit and which may  be satisfied by any such Letters of Credit.  “Eligible Long Term Unrealized Forward Gain”:  as of any date and with respect  to any Loan Party, the Aggregate Eligible In the Money Forward Contract Amount at such date  for Eligible Forward Contract obligations whose final cash or physical settlement is during the  period exceeding twenty-four (24) months but no greater than thirty-six (36) months after such  date; provided that, notwithstanding the foregoing, an Eligible Forward Contract shall be excluded  from the calculation of Eligible Long Term Unrealized Forward Gain if it is not in compliance  with the Risk Management Policy or is a Futures Contract.  “Eligible Medium Term Unrealized Forward Gain”:  as of any date and with respect  to any Loan Party, the Aggregate Eligible In the Money Forward Contract Amount at such date  for Eligible Forward Contract obligations whose final cash or physical settlement is during the  period exceeding twelve (12) months but no greater than twenty-four (24) months after such date;  provided that, notwithstanding the foregoing, an Eligible Forward Contract shall be excluded from  the calculation of Eligible Medium Term Unrealized Forward Gain if it is not in compliance with  the Risk Management Policy or is a Futures Contract.  “Eligible Natural Gas Inventory”:  as of any date, all Eligible Inventory of the Loan  Parties consisting of Natural Gas Products.  “Eligible Net Liquidity in Futures Accounts”:  as of any date, the Net Liquidation  Value of any Commodity Account of any Loan Party as of such date maintained with BNP Paribas  Commodity Futures, Inc., Citigroup Global Markets Inc., SG Americas Securities LLC or a  reputable broker reasonably acceptable to the Administrative Agent (each, so long as such Person  remains qualified as such pursuant to the next succeeding sentence, an “Eligible Broker”) with  respect to positions held by such Eligible Broker on a regulated exchange (including the New York  Mercantile Exchange, the Intercontinental Commodities Exchange and CME ClearPort) that have  been maintained at all times and in all respects in accordance with the Risk Management Policy  and this Agreement (including for the avoidance of doubt, all transactions credited to such  Commodity Account or related thereto) which such Commodity Account is subject to (i) a  Perfected First Lien, subject only to Permitted Borrowing Base Liens and any Lien of such Eligible  Broker in connection with any indebtedness of such Loan Party to such Eligible Broker permitted  by the applicable Account Control Agreement (including, but not limited to, if permitted, any right  

 

  -55-  USActive 56005294.16 -55-56005294.24  of the Eligible Broker to close out open positions of such Loan Party without prior demand for  additional margin and without prior notice) (such amounts in a Commodity Account subject to the  liens and close-out rights of the Eligible Broker set forth in this clause (i), the “Brokerage Account  Deducts”), and (ii) an Account Control Agreement among the Administrative Agent, such Loan  Party holding such account and the Eligible Broker with which such account is maintained.  For  the avoidance of doubt, a broker may, at any time, cease to qualify as an “Eligible Broker” for all  purposes hereunder upon two (2) Business Days’ notice thereof by the Administrative Agent,  acting in its reasonable discretion, to the U.S. Borrower.  Eligible Net Liquidity in Futures  Accounts shall include any discounted face value of any U.S. Treasury Securities held as of such  date in such account that are zero coupon securities issued by the United States of America, minus  any unearned interest on such U.S. Treasury Securities as of such date; provided that the maturity  date thereof is within six (6) months of the relevant Borrowing Base Date; provided, further, that  the Eligible Net Liquidity in Futures Accounts as calculated pursuant to this definition shall be net  of any Brokerage Account Deducts.  “Eligible Petroleum Inventory”:  as of any date, all Eligible Inventory of the Loan  Parties consisting of Petroleum Products.  “Eligible RINs”:  as of any date, all inventory of any Loan Party consisting of RINs  valued at the then current Value, and in all instances as to which the following requirements have  been fulfilled:  (a) the Eligible RIN is owned by such Loan Party;  (b) the Eligible RIN is subject to a Perfected First Lien and is free and clear of  all other Liens except Permitted Borrowing Base Liens;  (c) if the Eligible RIN is credited to a Commodity Account or Securities  Account, such account is a Controlled Account;  (d) all requirements of applicable law with respect to the Eligible RIN have  been satisfied; and  (e) the Eligible RIN has an expiration date at least 31 days after such date.  “Eligible Short Term Unrealized Forward Gain”:  as of any date and with respect  to any Loan Party, the Aggregate Eligible In the Money Forward Contract Amount at such time  for Eligible Forward Contract obligations whose final cash or physical settlement is during the  period ending twelve (12) months after such date; provided that, notwithstanding the foregoing,  an Eligible Forward Contract shall be excluded from the calculation of Eligible Short Term  Unrealized Forward Gain if it is not in compliance with the Risk Management Policy or is a Futures  Contract.  “Eligible Tier 1 Account Receivable”:  at the time of any determination thereof,  each Eligible Account Receivable the Account Debtor of which is a Tier 1 Counterparty.  “Eligible Tier 2 Account Receivable”:  at the time of any determination thereof,  each Eligible Account Receivable the Account Debtor of which is a Tier 2 Counterparty.  

 

  -56-  USActive 56005294.16 -56-56005294.24  “Eligible Unbilled Account Receivable”:  as of any date, each Account Receivable  of any Loan Party which would be an Eligible Account Receivable but for the fact that such  Account Receivable has not actually been invoiced prior to such date.  “Eligible Unbilled Tier 1 Account Receivable”:  at the time of any determination  thereof, each Eligible Unbilled Account Receivable the Account Debtor of which is a Tier 1  Counterparty.  “Eligible Unbilled Tier 2 Account Receivable”:  at the time of any determination  thereof, each Eligible Unbilled Account Receivable the Account Debtor of which is a Tier 2  Counterparty.  “Employee Benefit Plans”:  any benefit plan or arrangements in respect of any  employees (including employees who are employed in Canada) or past employees operated by any  Loan Party or in which any Loan Party participates and which provides benefits on retirement or  voluntary withdrawal from or involuntary termination of employment, including termination  indemnity payments and post-retirement medical benefits.  “Environmental Laws”:  any and all federal, state, provincial, territorial or local  statutes, orders, regulations or other Law having the force and effect of law, including common  law, guidelines, decrees, orders, orders-in-council, injunctions, rules, judgments, consents,  directives, instructions, standards, judicial or administrative decisions or other requirements by  Governmental Authority having the force and effect of law, including judicial interpretation of any  of the foregoing concerning the environment or health and safety (including regulating, relating to  or imposing liability or standards of conduct concerning Materials of Environmental Concern)  which are in existence now or in the future and are binding at any time on any Loan Party in the  relevant jurisdiction in which such Loan Party has been or is operating (including by the export of  its products or its waste to that jurisdiction).  Notwithstanding anything in this Agreement or in  any other Loan Document to the contrary, the defined term “Laws” and the usage of such term  (including as used in the defined term “Requirement of Law”) herein and in each other Loan  Document shall not include any of the items in the definition of the term “Laws” to the extent they  both (i) concern the environment or health and safety (including regulating, relating to or imposing  liability or standards of conduct concerning Materials of Environmental Concern) and (ii) do not  have the force and effect of law.  “Environmental Permits”:  any permit, license, registration, consent, approval and  other authorization from a Governmental Authority required under any Environmental Law for the  operation of the business, including facilities and equipment, of any Loan Party conducted on, at  the Properties.  “ERISA”:  the Employee Retirement Income Security Act of 1974, as amended.  “Erroneous Payment”:  as defined in Section 10.16(a).  “Erroneous Payment Deficiency Assignment”:  as defined in Section 10.16(d).  “Erroneous Payment Impacted Class”:  as defined in Section 10.16(d).  

 

  -57-  USActive 56005294.16 -57-56005294.24  “Erroneous Payment Return Deficiency”:  as defined in Section 10.16(d).  “Erroneous Payment Subrogation Rights”:  as defined in Section 10.16(d).  “ESA”:  as defined in Section 6.1(x).  “Estimated Going Concern Value”:  with respect to any Approved Acquisition  Asset, the “going concern value” of such Approved Acquisition Asset as reflected in the most  recent Business Valuation of such Approved Acquisition Asset obtained by the Administrative  Agent on or prior to the Restatement Effective Date (or with respect to any Approved Acquisition  Asset acquired after the Restatement Effective Date, upon acquisition thereof), pursuant to  Section 7.16, or at the request of the U.S. Borrower (at the U.S. Borrower’s sole expense).  “EU Bail-In Legislation Schedule”:  the EU Bail-In Legislation Schedule published  by the Loan Market Association (or any successor Person), as in effect from time to time.  “Event of Default”:  any of the events specified in Section 9.1 for which all  applicable requirements for the giving of notice, the lapse of time, or both, have been satisfied.  “Excess Concentration Accounts Receivable”:  with respect to any Account Debtor,  to the extent the aggregate amount of Accounts Receivable owing from such Account Debtor and  its Affiliates to the Kildair Loan Parties exceeds 15% of the aggregate Eligible Accounts  Receivable for all Kildair Loan Parties, any Accounts Receivable in excess of such threshold;  provided that any Account Receivable that is either (i) owing from an Account Debtor listed on  Schedule 1.1(F) (as such schedule may be updated by the U.S. Borrower from time to time with  the approval of the Administrative Agent), (ii) owing from an Account Debtor who is Investment  Grade or (iii) supported by an Acceptable Investment Grade Credit Enhancement, shall be  excluded from the aggregate amount of Accounts Receivable owing from the applicable Account  Debtor for purposes of the above calculation.  “Exchange Rate”:  with respect to any non-United States Dollar or non-Canadian  Dollar currency, as applicable, on any date, the rate at which such currency may be exchanged into  United States Dollars or Canadian Dollars, as applicable, as set forth on such date on the relevant  Reuters currency page at or about 11:00 A.M., London time, on such date.  In the event that such  rate does not appear on any Reuters currency page, the “Exchange Rate” with respect to such  non-United States Dollar or non-Canadian Dollar currency, as applicable, shall be determined by  reference to such other publicly available service for displaying exchange rates as may be agreed  upon by the Administrative Agent and the U.S. Borrower or, in the absence of such agreement,  such “Exchange Rate” shall instead be the Administrative Agent’s spot rate of exchange in the  interbank market where its foreign currency exchange operations in respect of such non-United  States Dollar or non-Canadian Dollar currency, as applicable, are then being conducted, at or about  10:00 A.M., local time, on such date for the purchase of United States Dollars or Canadian Dollars,  as applicable, with such non-United States Dollar or non-Canadian Dollar currency, as applicable,  for delivery two Business Days later; provided, that if at the time of any such determination, no  such spot rate can reasonably be quoted, the Administrative Agent may use any reasonable method  as it deems applicable to determine such rate, and such determination shall be conclusive absent  manifest error.  

 

  -58-  USActive 56005294.16 -58-56005294.24  “Exchange Receivable”:  any right to receive consideration that would be an  Account Receivable but for the fact that the consideration to be received by the relevant Loan Party  consists in whole or in part of the delivery of Eligible Commodities.  “Excluded Accounts”:  collectively, (a) the Deposit Accounts of Wintergreen set  forth on Schedule 1.1(I) hereto solely to the extent that (i) such Deposit Accounts constitute payroll  accounts containing funds to be used solely for payroll payments (including payroll taxes) and (ii)  the amount on deposit in such Deposit Accounts, in aggregate, at any one time is less than $400,000  and (b) Deposit Accounts of any Grantor solely to the extent that the amount on deposit in such  Deposit Accounts, in aggregate, at any one time is less than $200,000.  “Excluded Swap Obligation”:  with respect to any Loan Party, any Swap Obligation  if, and to the extent that, and only for so long as, all or a portion of the guarantee of such Loan  Party of, or the grant by such Loan Party of a security interest to secure, as applicable, such Swap  Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act  or any rule, regulation or order of the Commodity Futures Trading Commission (or the application  or official interpretation of any thereof) by virtue of such Loan Party’s failure to constitute an  “eligible contract participant,” as defined in the Commodity Exchange Act and the regulations  thereunder, at the time the guarantee of (or grant of such security interest by, as applicable) such  Loan Party becomes or would become effective with respect to such Swap Obligation.  If a Swap  Obligation arises under a master agreement governing more than one Swap, such exclusion shall  apply only to the portion of such Swap Obligation that is attributable to Swaps for which such  guarantee or security interest is or becomes illegal.  “Exempt CFC”:  any “controlled foreign corporation” (as defined in Section 957 of  the Code) of which the MLP or a Subsidiary of the MLP is a “United States shareholder” (within  the meaning of the Code).  “Existing Acquisition Facility Letter of Credit”:  each outstanding “Acquisition  Facility Letter of Credit” (as defined in the Existing Credit Agreement) set forth on Schedule 3.2.  “Existing Acquisition Facility Loan”:  each “Acquisition Facility Loan” (as defined  in the Existing Credit Agreement) that is outstanding immediately prior to the Restatement  Effective Date.  “Existing Credit Agreement”:  that certain Amended and Restated Credit  Agreement, dated as of December 9, 2014, among the Borrowers, the lenders and agents party  thereto, and MUFG, as successor administrative agent, successor Canadian agent and successor  collateral agent, as amended, restated, supplemented or otherwise modified from time to time  immediately prior to the Restatement Effective Date.  “Existing Dollar Working Capital Facility Letters of Credit”:  each “Dollar  Working Capital Facility Letter of Credit” (as defined in the Existing Credit Agreement) set forth  on Schedule 3.1(a).  “Existing Dollar Working Capital Facility Loans”:  each “Dollar Working Capital  Facility Loan” (as defined in the Existing Credit Agreement) that is outstanding immediately prior  to the Restatement Effective Date.  

 

  -59-  USActive 56005294.16 -59-56005294.24  “Existing Lender”:  MUFG in its capacity as the sole “Lender” (as defined in the  Existing Credit Agreement) pursuant to the terms of the Successor Agent Agreement.  “Existing Mortgaged Property”:  each property that is currently covered by a  mortgage or deed of trust pursuant to the Existing Credit Agreement.  “Existing Multicurrency Working Capital Facility Letters of Credit”:  each  “Multicurrency Working Capital Facility Letter of Credit” (as defined in the Existing Credit  Agreement) set forth on Schedule 3.1(b).  “Existing Multicurrency Working Capital Facility Loans”:  each “Multicurrency  Working Capital Facility Loan” (as defined in the Existing Credit Agreement) that is outstanding  immediately prior to the Restatement Effective Date.  “Extensions of Credit”:  at any date, as to any Lender at any time, the amount of its  Dollar Working Capital Facility Committed Tranche Extensions of Credit, its Dollar Working  Capital Facility Uncommitted Tranche Extensions of Credit, its Multicurrency Working Capital  Facility Extensions of Credit or its Acquisition Facility Extensions of Credit at such time, as the  context requires.  “Facility”:  the Acquisition Facility, the Dollar Working Capital Facility  Committed Tranche, the Dollar Working Capital Facility Uncommitted Tranche or the  Multicurrency Working Capital Facility, as the context requires.  “Facility Increase”:  as defined in Section 4.1(b).  “FATCA”:  Sections 1471 through 1474 of the Code, as of the SecondThird  Amendment Effective Date (or any amended or successor version that is substantively comparable  and not materially more onerous to comply with), any current or future regulations or official  interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code,  any intergovernmental agreements entered into in connection with the implementation of such  Sections of the Code and any fiscal or regulatory legislation or rules adopted pursuant to such  intergovernmental agreements.  “Federal Funds Effective Rate”:  for any day, the rate calculated by the NYFRB  based on such day’s federal funds transactions by depositary institutions, as determined in such  manner as the NYFRB shall set forth on its public website from time to time, and published on the  next succeeding Business Day by the NYFRB as the federal funds effective rate, provided that if  the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed zero for the  purposes of this Agreement.  “Fee Letter”:  collectively, (i) the fee letterAmended and Restated Fee Letter dated  as of March 18July 21, 20212022, between MUFG and the U.S. Borrower, and (ii) the fee letter  dated as of April 13, 2022, between MUFG and the Borrowers.  “FERC”:  the U.S. Federal Energy Regulatory Commission.  “FERC Contract Collateral”:  as defined in the Security Agreement.  

 

  -60-  USActive 56005294.16 -60-56005294.24  “Financial Hedging Agreement”:  any currency swap, cross-currency rate swap,  currency option, interest rate option, interest rate swap, cap or collar agreement or similar  arrangement or any other similar transaction (including any option to enter into any of the  foregoing) or any combination of the foregoing including any derivative relating to interest rate or  currency rate risk, in each case which is not a Commodity OTC Agreement.  “Financing Lease”:  any lease of property, real or personal, the obligations of the  lessee in respect of which are required in accordance with GAAP to be capitalized on a balance  sheet of the lessee; provided that the Borrowers may choose for any lease of any Person that are  or would be characterized as an operating lease in accordance with GAAP on December 31, 2018  (whether or not such operating lease was in effect on such date) to be accounted for as an operating  lease (and not as a Financing Lease) for purposes of this Agreement regardless of any change in  GAAP following such date that would otherwise require such operating lease to be recharacterized  (on a prospective or retroactive basis or otherwise) as a Financing Lease.  “First Amendment”:  that certain First Amendment to Second Amended and  Restated Credit Agreement, dated as of May 11, 2021, by and among the Borrowers, the Lenders  and the Administrative Agent.  “First Amendment Effective Date”:  the “Amendment Effective Date” as defined  in the First Amendment.  “First Purchaser Lien”:  a so-called “first purchaser” Lien, as defined in Texas Bus.  & Com. Code Section 9.343, comparable Laws of the states of North Dakota, Oklahoma, Kansas,  Mississippi, Wyoming, Montana or New Mexico, or any other comparable Law of any such  jurisdiction or any other applicable jurisdiction.  “First Purchaser Lien Amount”:  as of any date, in respect of any property of a Loan  Party subject to a First Purchaser Lien, the aggregate amount of the obligations outstanding as of  such date giving rise to such First Purchaser Lien, less any portion of such obligations that are  secured or supported by a Letter of Credit.  “Fiscal Year”:  with respect to any Person, such Person’s fiscal year, which consists  of a twelve (12) month period beginning on each January 1 and ending on each December 31.  “Floor”: a rate of interest equal to 0.25%.  “Foreign Lender”:  a Lender that is not a U.S. Person.  “Forward Contract”:  as of any date of determination, a Commodity Contract with  a delivery date or, with respect to a Commodity OTC Agreement, price settlement date, one day  or later after such date of determination.  “Forward Contract Counterparty”:  any counterparty to a Forward Contract of any  Loan Party.  “Futures Contracts”:  contracts for making or taking delivery of Eligible  Commodities that are traded on a market-recognized commodity exchange, which such contracts  

 

  -61-  USActive 56005294.16 -61-56005294.24  meet the specification and delivery requirements of futures contracts on such commodity  exchange.  “GAAP”:  generally accepted accounting principles in the United States of America  in effect from time to time.  “General Partner”:  Sprague Resources GP LLC, a Delaware limited liability  company.  “Governing Documents”:  with respect to (a) a corporation or unlimited liability  company, its articles or notice of articles, as applicable, memorandum or certificate of  incorporation, continuance or amalgamation, as applicable, and by-laws or articles, as applicable;  (b) a partnership, its certificate of limited partnership or partnership declaration, as applicable, and  partnership agreement; (c) a limited liability company, its certificate of formation and operating  agreement; and (d) any other Person, the other organizational or governing documents of such  Person.  “Governmental Authority”:  any nation or government, any state, provincial,  municipal, territorial or other political subdivision thereof and any agency, authority,  instrumentality, court, central bank or other similar entity exercising executive, legislative,  judicial, taxing, regulatory or administrative powers or functions of or pertaining to government  (including any supra-national body exercising such powers or functions, such as the European  Union or the European Central Bank).  “Grantor”:  any Person executing and delivering a Security Document, or becoming  party to a Security Document (by supplement or otherwise), as a grantor or pledgor (or in a similar  role), pursuant to this Agreement.  “Guarantee”:  the Amended and Restated Guarantee, dated as of December 9, 2014  by the Loan Parties in favor of the Administrative Agent, as amended, restated, supplemented or  otherwise modified from time to time.  “Guarantee Obligation”:  as to any Person (the “guaranteeing person”), any  obligation of (a) the guaranteeing person or (b) another Person (including any bank under any letter  of credit) to induce the creation of an obligation for which the guaranteeing person has issued a  reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect  guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”)  of a third Person (the “primary obligor”) in any manner, whether directly or indirectly, including  any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such  primary obligation or any property constituting direct or indirect security therefor, (ii) to advance  or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain  working capital or equity capital of the primary obligor or otherwise to maintain the net worth or  solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the  purpose of assuring the owner of any such primary obligation of the ability of the primary obligor  to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner  of any such primary obligation against loss in respect thereof; provided, however, that the term  Guarantee Obligation shall not include endorsements of instruments for deposit or collection in  

 

  -62-  USActive 56005294.16 -62-56005294.24  the ordinary course of business.  The terms “Guarantee” and “Guaranteed” used as a verb shall  have a correlative meaning.  The amount of any Guarantee Obligation of any guaranteeing person  shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the  primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum  amount for which such guaranteeing person may be liable pursuant to the terms of the instrument  embodying such Guarantee Obligation, unless such primary obligation and the maximum amount  for which such guaranteeing person may be liable are not stated or determinable, in which case the  amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably  anticipated liability in respect thereof as determined by the U.S. Borrower in good faith.  Guarantee  Obligation shall not include any performance bonds, surety bonds, appeal bonds or customs bonds  required in the ordinary course of business or in connection with the enforcement of rights or  claims of any Loan Party or in connection with judgments that have not resulted in a Default or an  Event of Default.  “Hartree Affiliate”:  any Person that is directly or indirectly in control of, controlled  by, or under common control with, Hartree Partners, LP, a Delaware limited partnership, excluding  any Loan Party and any other Person with respect to whom any Loan Party has the power, directly  or indirectly to (x) vote any of the securities having ordinary voting power for the election of  directors (or, if such Person is not a corporation, similar governing Persons) of such Person or  (y) direct or cause the direction of the management and policies of such Person, whether by  contract or otherwise.  For purposes of this definition, “control” of a Person (including, with its  correlative meanings, “controlled by” and “under common control with”) means the power,  directly or indirectly, either to (a) vote more than 50% of the securities having ordinary voting  power for the election of directors (or, if such Person is not a corporation, similar governing  Persons) of such Person or (b) direct or cause the direction of the management and policies of such  Person, whether by contract or otherwise.  “Hartree Subordinated Indebtedness”:  with respect to any Loan Party, unsecured  Indebtedness owed by such Loan Party to any Hartree Affiliate that is subject to a subordination  agreement substantially in the form of Exhibit H-2, which such form provides that there shall be  no restriction as to the incurrence of such Indebtedness by any Loan Party, or the interest rate or  stated maturity applicable thereto, or, except as provided in Section 8.9, as to the repayment of  such Indebtedness.  “Hedged”:  at any time in relation to Eligible Inventory, if the purchase or sale price  thereof has been effectively hedged as evidenced by the most recent Position Report or, if not in  such Position Report, as otherwise reasonably acceptable to the Administrative Agent through one  or a combination of Commodity Contracts or Futures Contracts entered into or held in accordance  with the Risk Management Policy for the corresponding volume of physical Eligible Commodities  held in Eligible Inventory; provided that the applicable Loan Parties’ rights under such Commodity  Contracts or Futures Contracts and all amounts due or to become due to the relevant Loan Party  under or in respect of such Commodity Contracts or Futures Contracts are subject to a Perfected  First Lien.  “Hedging Agreement Qualification Notification”:  a notification in substantially in  the form of Exhibit T.  

 

  -63-  USActive 56005294.16 -63-56005294.24  “Hydro-Québec Indemnity”:  the indemnity provided by Kildair to Hydro-Québec  pursuant to the Offer to Purchase between Kildair and Hydro-Québec with respect to potential  environmental liability at the lands acquired pursuant thereto on November 28, 2011 that are  situated in the town of Sorel-Tracy, Province of Québec and that are designated and known as lots  4 784 169 and 4 784 171, Cadastre of Québec, registration division of Richelieu.  “Immaterial Subsidiary”:  any Subsidiary that has no assets.  “Increase Amount”:  as defined in Section 4.1(b)(iii).  “Increase Effective Date”: as defined in Section 4.1(b).  “Increase and New Lender Agreement”:  as defined in Section 4.1(b)(iii).  “Increase Period”: the period from the Restatement Effective Date until (but  excluding) the Applicable Facility Termination Date.  “Increasing Lender”:  as defined in Section 4.1(b)(iii).  “Indebtedness”:  of any Person at any date, without duplication, (a) all indebtedness  of such Person for borrowed money (whether by loan or the issuance and sale of debt securities)  or for the deferred purchase price of property or services (other than current trade liabilities  incurred in the ordinary course of business and payable in accordance with customary practice),  (b) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar  instrument, (c) all obligations of such Person under Financing Leases or Synthetic Leases, (d) all  obligations of such Person in respect of letters of credit, acceptances or similar instruments issued  or created for the account of such Person, (e) all liabilities of a third party secured by (or for which  the holder of such obligations has an existing right, contingent or otherwise, to be secured by) any  Lien on any property owned by such Person even though such Person has not assumed or otherwise  become liable for the payment thereof, (f) all Guarantee Obligations of such Person in respect of  obligations of the kind referred to in clauses (a) through (e) above, and (g) for the purposes of  Section 9.1(f) only, all obligations of such Person in respect of Commodity OTC Agreements and  Financial Hedging Agreements.  The amount of any Indebtedness under (x) clause (e) shall be  equal to the lesser of (A) the stated amount of the relevant obligations and (B) the fair market value  of the property subject to the relevant Lien, and (y) clause (g) shall be the net amount, including  any net termination payments, required to be paid to a counterparty rather than the notional amount  of the applicable Commodity OTC Agreement or Financial Hedging Agreement.  Notwithstanding  the foregoing, the Maine Dock Liability Obligations and the Hydro-Québec Indemnity shall not  be considered Indebtedness for purposes of this Agreement.  “Indemnified Liabilities”:  as defined in Section 11.6.  “Indemnitee”:  as defined in Section 11.6.  “Independent Entity Schedule”:  Schedule 1.1(D) hereto, which sets forth each  counterparty with which any Loan Party transacts that has an Affiliate and/or Subsidiary that holds  itself out as an independent credit and a separate legal entity, together with any of such  counterparty’s independent Affiliates and/or Subsidiaries, provided, that (a) a new Person may be  

 

  -64-  USActive 56005294.16 -64-56005294.24  added to such Schedule 1.1(D) at the sole discretion (exercised in good faith) of the Administrative  Agent after the RestatementThird Amendment Effective Date and (b) a Person may be removed  from such Schedule 1.1(D) by the Administrative Agent, acting in its reasonable discretion, upon  ten (10) Business Days’ notice to the U.S. Borrower.  “Ineligible Participant”:  Persons identified by the U.S. Borrower to the  Administrative Agent and the Lenders from time-to-time as Persons to whom no Participation may  be sold pursuant to Section 11.7 for competitive reasons, and as to which the Administrative Agent  has consented to the designation of such Person as an Ineligible Participant.  “Insolvency”:  with respect to any Multiemployer Plan, the condition that such plan  is insolvent within the meaning of Section 4245 of ERISA.  “Insolvency Laws”:  each of the Bankruptcy and Insolvency Act (Canada), the  Companies’ Creditors Arrangement Act (Canada), and the Winding-Up and Restructuring Act  (Canada), each as now and hereafter in effect, any successors to such statutes and any other  applicable insolvency or other similar law of any jurisdiction, including any corporate law of any  jurisdiction permitting a debtor to obtain a stay or a compromise of the claims of its creditors  against it.  “Insolvent”:  pertaining to a condition of Insolvency.  “Intellectual Property”:  as defined in Section 5.9.  “Intercompany Subordinated Indebtedness”:  with respect to any Loan Party,  Indebtedness owed by such Loan Party to the MLP or any Subsidiary that is subject to a  subordination agreement substantially in the form of Exhibit H-1.  “Interest Payment Date”:  (a) with respect to any Base Rate Loan or Prime Rate  Loan (including, for the avoidance of doubt, any Swing Line Loan), (i) prior to the Dollar Working  Capital Facility Committed Tranche Maturity Date, the Dollar Working Capital Facility  Uncommitted Tranche Maturity Date, the Multicurrency Working Capital Facility Maturity Date  or the Acquisition Facility Maturity Date, as applicable, the first Business Day of each month and  (ii) the Dollar Working Capital Facility Committed Tranche Maturity Date, Dollar Working  Capital Facility Uncommitted Tranche Maturity Date, the Multicurrency Working Capital Facility  Maturity Date or the Acquisition Facility Maturity Date, as applicable, and (b) with respect to any  CDOR Loan or Term SOFR Loan, the last day of each Interest Period with respect thereto and,  with respect to any Term SOFR Loan having an Interest Period of six (6) months, the last day of  such Interest Period and the date which is three (3) months after the start of such Interest Period  and the last day of such Interest Period.  “Interest Period”:    (a) with respect to any Term SOFR Loan:  (i) initially, the period commencing on the Borrowing Date or  Conversion date, as the case may be, with respect to such Term SOFR Loan and  ending one (1), three (3) or six (6) months thereafter, as irrevocably selected by the  

 

  -65-  USActive 56005294.16 -65-56005294.24  applicable Borrower in its Borrowing Notice or Continuation/Conversion Notice,  as the case may be, given with respect thereto; and  (ii) thereafter, each period commencing on the last day of the  immediately preceding Interest Period applicable to such Term SOFR Loan and  ending one (1), three (3) or six (6) months thereafter, as irrevocably selected by the  applicable Borrower in its Continuation/Conversion Notice given with respect  thereto; and  (b) with respect to any CDOR Loan:  (i) initially, the period commencing on the Borrowing Date or  Conversion date, as the case may be, with respect to such CDOR Loan and ending  one (1), two (2) or three (3) months thereafter, as irrevocably selected by the  applicable Borrower in its Borrowing Notice or Continuation/Conversion Notice,  as the case may be, given with respect thereto; and  (ii) thereafter, each period commencing on the last day of the  immediately preceding Interest Period applicable to such CDOR Loan and ending  one (1), two (2) or three (3) months thereafter, as irrevocably selected by the  applicable Borrower in its Continuation/Conversion Notice given with respect  thereto;  provided that, with respect to any Term SOFR Loan or CDOR Loan:  (A) if any Interest Period would otherwise end on a day that is  not a Business Day, such Interest Period shall be extended to the next  succeeding Business Day unless the result of such extension would be to  carry such Interest Period into another calendar month in which event such  Interest Period shall end on the immediately preceding Business Day;  (B) any Interest Period with respect to any Loan that would  otherwise extend beyond the Applicable Facility Termination Date, shall  end on the Applicable Facility Termination Date;  (C) any Interest Period that begins on the last Business Day of a  calendar month (or on a day for which there is no numerically  corresponding day in the calendar month at the end of such Interest Period)  shall end on the last Business Day of the applicable calendar month; and  (D) no tenor that has been removed from this definition pursuant  to Section 4.23(d) shall be available for specification in any Borrowing  Notice or Continuation/Conversion Notice.  “Investment”:  any advance, loan or extension of credit (other than trade receivables  incurred in the ordinary course of the applicable Person’s business and payable in accordance with  customary market practices) or capital contribution to, investment in, or purchase or acquisition of  

 

  -66-  USActive 56005294.16 -66-56005294.24  any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit  of, any Person.  “Investment Grade”:  with respect to any Person, the long term senior unsecured  non-credit enhanced credit rating or shadow rating of which is BBB- or higher by S&P or Baa3 or  higher by Moody’s.  “IRS”:  the U.S. Internal Revenue Service.  “ISP 98”:  as defined in Section 3.4(g).  “Issuance Cap”: with respect to the obligation of an Issuing Lender to issue or  consider issuing any Letter of Credit pursuant to Section 3.1 or 3.2, the aggregate amount of  outstanding L/C Obligations attributable to Letters of Credits issued by such Issuing Lender (in its  capacity as an Issuing Lender) as set forth on Schedule 1.1(G); provided, that Schedule 1.1(G)  may be modified from time to time to add any new Issuing Lender and its Issuance Cap thereto, to  remove any Issuing Lender and its Issuance Cap therefrom, or to increase or decrease the Issuance  Cap of any Issuing Lender, in each case with the prior consent of the Borrowers, the Administrative  Agent and any such Issuing Lender being so added or removed or the Issuance Cap of which is  being so changed; provided, further, that the aggregate amount of outstanding L/C Obligations  shall be subject to Sections 3.3 and 6.2(e).  “Issuing Lenders”:  collectively, the Acquisition Facility Issuing Lenders, the  Dollar Working Capital Facility Committed Tranche Issuing Lenders, the Dollar Working Capital  Facility Uncommitted Tranche Issuing Lenders and the Multicurrency Working Capital Facility  Issuing Lenders; provided that there shall be no more than seven Issuing Lenders at any time unless  otherwise agreed by the Administrative Agent and notified to Lenders (it being understood that  any financial institution may be an Acquisition Facility Issuing Lender, a Dollar Working Capital  Facility Issuing Lender and a Multicurrency Working Capital Facility Issuing Lender (or any  combination thereof) and shall for purposes of this proviso be considered one Issuing Lender).  “Junior Indebtedness”:  as defined in Section 8.9.  “Kildair”:  as defined in the introductory paragraph of this Agreement.  “Kildair Borrowing Base”:  on any date, solely with respect to the assets of the  Kildair Loan Parties, an amount equal to:  (i) 100% of Eligible Cash and Cash Equivalents; plus  (ii) 90% of Eligible Tier 1 Accounts Receivable; plus  (iii) 85% of Eligible Unbilled Tier 1 Accounts Receivable; plus  (iv) 85% of Eligible Tier 2 Accounts Receivable; plus  (v) 80% of Eligible Unbilled Tier 2 Accounts Receivable; plus  

 

  -67-  USActive 56005294.16 -67-56005294.24  (vi) 90% of Eligible Hedged Petroleum Inventory; plus  (vii) 85% of Eligible Petroleum Inventory; plus  (viii) [reserved]; plus  (ix) [reserved]; plus  (x) [reserved]; plus  (xi) 70% of Eligible Asphalt Inventory; plus  (xii) 80% of Kildair Prepaid Purchases; plus  (xiii) 90% of Eligible Net Liquidity in Futures Accounts; plus  (xiv) 80% of Eligible Short Term Unrealized Forward Gains; plus  (xv) [reserved]; plus  (xvi) [reserved]; plus  (xvii) 85% of Eligible Letters of Credit Issued for Commodities Not Yet  Received; plus  (xviii) 100% of Paid But Unexpired Letters of Credit; plus  (xix) [reserved]; plus  (xx) 95% of Eligible L/C Backed Accounts Receivable; less  (1) Reserves taken at the reasonable discretion of the  Administrative Agent; less  (2) 100% of Product Taxes; less  (3) 110% of any Swap Amounts due to Qualified Counterparties  solely to the extent, and if, such Swap Amounts due to Qualified  Counterparties are in excess of $5,000,000; less  (4) 100% of the Overcollateralization Amount.  Any amounts described in categories (i) through (xx) and (1) through (4) above  which may fall into more than one of such categories shall be counted only once under the category  with the highest applicable advance rate percentage, when making the calculation under this  definition.  In addition, any deductions made from the value of any asset included in the Kildair  Borrowing Base in respect of counterparty contra, offsets, counterclaims, unrealized forward  losses and any other similar charges or claims shall be without duplication.  In calculating the  Kildair Borrowing Base, the following adjustments shall be made:  

 

  -68-  USActive 56005294.16 -68-56005294.24  (A) [reserved];  (B) the value of that portion of the Kildair Borrowing Base  described in clause (xiv) shall not exceed, together with the value of that  portion of the U.S. Borrowing Base described in clauses (xiv) through (xvi)  thereof (1) in the aggregate (and after giving effect to the sublimits set forth  in clauses (B)(i)(2), (B)(i)(3) and (B)(ii) of the U.S. Borrowing Base), the  lesser of (a) 30% of the Aggregate Borrowing Base Amount then in effect  and (b) $325,000,000, (2) $175,000,000 from Forward Contracts relating to  Petroleum Products, or (3) $165,000,000 from Forward Contracts relating  to Natural Gas Products;  (C) any category of the Kildair Borrowing Base shall be  calculated taking into account any elimination and reduction related to any  potential offset to such asset category;  (D) the Administrative Agent may, in its reasonable discretion,  determine that one or more assets described in clauses (ii), (iii), (iv), (v),  (xiv) or (xx) does not meet the eligibility requirements for inclusion in the  Kildair Borrowing Base, and any such assets shall not be included in the  Kildair Borrowing Base;  (E) notwithstanding anything herein to the contrary, no asset  shall be eligible in whole or in part for inclusion in the Kildair Borrowing  Base to the extent such asset is in violation of the Risk Management Policy;  (F) the calculation of the value of the assets included in  clauses (ii), (iii), (iv), (v), (xiii) and (xx) with respect to a counterparty shall  be net of any Out of the Money Forward Contract Amount attributable to  such counterparty (for purposes of this clause (F), any reference to a  counterparty shall include all Subsidiaries and Affiliates of such  counterparty which affiliation is known or should be known by the Loan  Parties, except for a counterparty that holds itself out as an independent  credit and separate legal entity with respect to its Subsidiaries and Affiliates,  together with such counterparty’s independent Subsidiaries and Affiliates,  and is listed on the Independent Entity Schedule);   (G) the calculation of the value of the assets included in  clauses (ii), (iii), (iv), (v), (xii), (xiv) and (xx) (to the extent that any of the  following constitutes a defense to drawing on the letter of credit supporting  the applicable Eligible L/C Backed Account Receivable) that are  attributable to a single counterparty shall be netted against any contra,  offset, counterclaim, unrealized forward losses or obligations of the Kildair  Loan Parties with such counterparty including amounts payable to such  counterparty (for purposes of this clause (G), any reference to a  counterparty shall include all Subsidiaries and Affiliates of such  counterparty which affiliation is known or should be known by the Loan  

 

  -69-  USActive 56005294.16 -69-56005294.24  Parties, except for a counterparty that holds itself out as an independent  credit and separate legal entity with respect to its Subsidiaries and Affiliates,  together with such counterparty’s independent Subsidiaries and Affiliates,  and is listed on the Independent Entity Schedule); and  (H) notwithstanding anything to the contrary in this Agreement,  the value of those portions of the Kildair Borrowing Base described in  clauses (vi), (vii) and (xi) may be determined based on the cost of such  Eligible Inventory to the applicable Kildair Loan Parties, provided, that the  aggregate value of those portions of the Kildair Borrowing Base consisting  of Eligible Inventory valued at cost shall not exceed $750,000 in the  aggregate.   The value of the Kildair Borrowing Base at any time shall be the value of the Kildair  Borrowing Base as of such date.  “Kildair Loan Parties”:  the Canadian Borrower and each Canadian Subsidiary of  the Canadian Borrower that is a Loan Party.  “Kildair Prepaid Purchases”:  as of any date, Eligible Commodities (consisting of  Petroleum Products) valued at the then current Value purchased and prepaid by the Kildair Loan  Parties from suppliers reasonably acceptable to the Administrative Agent in its sole discretion,  with respect to which (w) title shall not have passed to the any Loan Party, (x) such Eligible  Commodities shall not have been delivered to any Loan Party; provided that such products must  be supported by an invoice from said supplier (i) specifying the purpose of the applicable  prepayment, and (ii) including a copy of the underlying purchase contract; (y) with respect to  prepayment by any Loan Party under any agreement or arrangement, not more than five (5)  Business Days shall have elapsed since such prepayment was made and (z) the Administrative  Agent shall have a Perfected First Lien in the right of such Loan Party to receive such Eligible  Commodities (including that no provision of any agreement between such supplier and such Loan  Party shall prohibit the assignment of a security interest by such Loan Party to the Administrative  Agent in such Loan Party’s right to receive such Eligible Commodities).  “Laws”:  collectively, all international, foreign, Federal, state, provincial, territorial  and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or  judicial precedents or authorities, including the interpretation or administration thereof by any  Governmental Authority charged with the enforcement, interpretation or administration thereof,  and all applicable administrative orders, directed duties, licenses, authorizations and permits of,  and agreements with, any Governmental Authority, in each case whether or not having the force  of law.  “L/C Fee Payment Date”:  (a) the fifth day after the first Business Day of each  January, April, July and October (or, if such day is not on a Business Day, the next succeeding  Business Day) and (b) the expiration date of the last outstanding Post-Termination LOC.  “L/C Obligations”:  at any time, an amount equal to the sum of (a) the Dollar  Equivalent of the aggregate undrawn amount of the then-outstanding Letters of Credit and (b) the  

 

  -70-  USActive 56005294.16 -70-56005294.24  Dollar Equivalent of the aggregate amount of drawings under Letters of Credit that have not then  been reimbursed or converted into a Loan pursuant to Section 3.7(b) or (c).  “L/C Participants”:  with respect to any Acquisition Facility Letter of Credit, the  Acquisition Facility L/C Participants, with respect to any Dollar Working Capital Facility  Committed Tranche Letter of Credit, the Dollar Working Capital Facility Committed Tranche  L/C Participants, with respect to any Dollar Working Capital Facility Uncommitted Tranche Letter  of Credit, the Dollar Working Capital Facility Uncommitted Tranche L/C Participants and with  respect to any Multicurrency Working Capital Facility Letter of Credit, the Multicurrency Working  Capital Facility L/C Participants.  “L/C Participation Obligations”:  at any time, the Acquisition Facility  L/C Participation Obligations, the Dollar Working Capital Facility Committed Tranche  L/C Participation Obligations, the Dollar Working Capital Facility Uncommitted Tranche  L/C Participation Obligations and/or the Multicurrency Working Capital Facility L/C Participation  Obligations at such time, as the context requires.  “L/C Reimbursement Loan”:  as defined in Section 3.7(c).  “Lead Arranger”:  MUFG.  “Lender Party”:  the Administrative Agent, each Lender, each Co-the Collateral  Agent and each Co-Syndication Agent.  “Lenders”:  as defined in the introductory paragraph to this Agreement and, as the  context requires, includes, the Issuing Lenders and the Swing Line Lenders.  “Letter of Credit”:  any Acquisition Facility Letter of Credit and any Working  Capital Facility Letter of Credit.  “Letter of Credit Request”:  a request by a Borrower for a new Letter of Credit or  an amendment to an existing Letter of Credit, in each case pursuant to Section 3.3, which request  for a new Letter of Credit shall be in form reasonably satisfactory to the relevant Issuing Lender  and the Administrative Agent and which request for an amendment to an existing Letter of Credit  shall be in form reasonably satisfactory to the relevant Issuing Lender and the Administrative  Agent.  “Lien”:  any mortgage, pledge, hypothecation, assignment, deposit arrangement,  encumbrance, lien (statutory or other), charge or other security interest 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 Financing Lease having  substantially the same economic effect as any of the foregoing), and the filing of any financing  statement under the Uniform Commercial Code, PPSA or comparable Law of any jurisdiction in  order to perfect any of the foregoing; provided that “Lien” shall refer to neither (a) any interest or  title of a lessor under any leases or subleases (other than Financing Leases) entered into by the  Loan Parties in the ordinary course of business nor (b) licenses, sub-licenses, leases or sub-leases  (other than Financing Leases) granted to third parties in the ordinary course of business consistent  with past practices.  

 

  -71-  USActive 56005294.16 -71-56005294.24  “Loan”:  any loan made pursuant to this Agreement.  “Loan Documents”:  (i) this Agreement, the Notes, any Letter of Credit Requests,  the Perfection Certificate, the Guarantee, the Security Documents and the Successor Agent  Documents and (ii) any document or agreement entered into with a Loan Party that, in accordance  with its terms, is a Loan Document.  “Loan Parties”:  collectively, each Borrower, the MLP and each Subsidiary  Guarantor.  “Long Tenor Letter of Credit”:  any Trade Letter of Credit that is a Working Capital  Facility Letter of Credit that is issued to support the purchase of Eligible Commodities that is (a)  initially issued with a maximum tenor of more than ninety (90) days but less than one (1) year or  (b) an Auto-Renewal Letter of Credit.  “Maine Dock Liability Obligations”:  indebtedness of the U.S. Borrower with  respect to the State of Maine Port Authority dock liability in an aggregate principal amount of  $9,280,594 as of September 30, 2014 (which amount may be reduced (but not increased) from  time to time).  “Majority Facility Lenders”:  at any time, (a) with respect to the Acquisition  Facility, Lenders having Acquisition Facility Credit Exposure Percentages which aggregate more  than 50%; provided, that the Acquisition Facility Credit Exposure of any Defaulting Lender shall  be excluded from the calculation of Acquisition Facility Credit Exposure Percentages in  determining the Majority Facility Lenders, (b) with respect to the Dollar Working Capital Facility  Committed Tranche, Lenders having Dollar Working Capital Facility Committed Tranche Credit  Exposure Percentages which aggregate more than 50%; provided, that the Dollar Working Capital  Facility Committed Tranche Credit Exposure of any Defaulting Lender shall be excluded from the  calculation of Dollar Working Capital Facility Committed Tranche Credit Exposure Percentages  in determining the Majority Facility Lenders, (c) with respect to the Dollar Working Capital  Facility Uncommitted Tranche, Lenders having Adjusted Dollar Working Capital Facility  Uncommitted Tranche Credit Exposure Percentages which aggregate more than 50%; provided,  that the Dollar Working Capital Facility Uncommitted Tranche Credit Exposure of any Defaulting  Lender shall be excluded from the calculation of Dollar Working Capital Facility Uncommitted  Tranche Credit Exposure Percentages in determining the Majority Facility Lenders and (d) with  respect to the Multicurrency Working Capital Facility, Lenders having Multicurrency Working  Capital Facility Credit Exposure Percentages which aggregate more than 50%; provided, that the  Multicurrency Working Capital Facility Credit Exposure of any Defaulting Lender shall be  excluded from the calculation of Multicurrency Working Capital Facility Credit Exposure  Percentages in determining the Majority Facility Lenders.  “Marked-to-Market Report”:  a comprehensive marked-to-market report, in form  and substance reasonably similar to Exhibit R, of the Product purchase and sale positions identified  in the related Position Report of, as applicable, either (i) all Loan Parties (other than the Canadian  Borrower and its Subsidiaries) or (ii) only the Canadian Borrower and its Subsidiaries.  Such report  shall include all positions for all future time periods and cover all instruments that create either an  obligation to purchase or sell Product or that generate price exposure and shall include unrealized  

 

  -72-  USActive 56005294.16 -72-56005294.24  marked-to-market margin for the position considered.  The positions shall include, but not be  limited to, positions under Physical Commodity Contracts for spot purchase and sale of Eligible  Commodities, Forward Contracts, exchanges, Commodity OTC Agreements, Financial Hedging  Agreements and Futures Contracts.  The report shall exclude positions in carbon credits, wood  pellets and any other energy products approved by the Required Lenders as “Product” pursuant to  Section 5.21 after the Restatement Effective Date, in each case, to the extent that the Loan Parties’  positions in any such energy product are not material.  “Marked-to-Market Value”:  with respect to any Commodity Contract of any  Person on any date:  (a) in the case of a Commodity Contract for the purchase, sale, transfer or  exchange of any physical Eligible Commodities, the unrealized gain or loss on such  Commodity Contract, determined by comparing (i) the amount to be paid or received under  such Commodity Contract for such Eligible Commodities pursuant to the terms thereof to  (ii) the Value of such Eligible Commodities on such date, and  (b) in the case of any other Commodity Contract, the unrealized gain or loss on  such Commodity Contract determined by calculating the amount to be paid or received  under such other Commodity Contract pursuant to the terms thereof as if the cash  settlement of such other Commodity Contract were to be calculated on such date of  determination by reference to the Value of the Eligible Commodities that are the subject of  such other Commodity Contract;  provided, that (i) in the case of any Commodity Contract that is, in whole or in part, an option by  its terms, the amount so calculated shall reflect industry standard valuation models approved by  the Administrative Agent and (ii) the Marked-to-Market Value of any Commodity Contract for the  storage or transportation of any physical Eligible Commodity shall be limited to its intrinsic value  and shall take into account any demand charges associated with such Commodity Contract.  “Market Value”:  with respect to an Eligible Commodity or Eligible RIN on any  date, the price at which such Eligible Commodity or Eligible RIN could be purchased or sold for  delivery on that date or during the applicable period adjusted to reflect the specifications thereof  and the location and transportation differential, determined by using prices (a) on the New York  Mercantile Exchange, the COMEX, the London Metal Exchange, the New York Board of Trade,  the International Petroleum Exchange, the Intercontinental Commodities Exchange, the Chicago  Board of Trade, the Chicago Mercantile Exchange or, if a price for any such Eligible Commodity  or Eligible RIN (or, in each case, delivery period or location) is not available on such exchanges,  such other markets or exchanges recognized as such in the commodities trading industry, including  over-the-counter markets and private quotations, or as published in an independent industry  recognized source, in each case reasonably selected by the U.S. Borrower, (b) if such a price for  any such Eligible Commodity or Eligible RIN is not available in any market or exchange described  in clause (a) above, any other exchange or market reasonably selected by the U.S. Borrower and  reasonably satisfactory to the Administrative Agent on such date or (c) if such a price for any such  Eligible Commodity or Eligible RIN is not available in any market or exchange described in  clause (a) or (b) above, such other value determined pursuant to methodology reasonably selected  by the U.S. Borrower and reasonably satisfactory to the Administrative Agent.  With respect to  

 

  -73-  USActive 56005294.16 -73-56005294.24  any Eligible Commodity consisting of tank bottoms consisting of distillates, gasolines or other  light oil products or residual fuel oils acceptable to the Administrative Agent in its sole discretion  (exercised in good faith), the Market Value thereof shall be 50% of the value as determined by the  immediately preceding sentence.  “Material Acquisition”:  any Acquisition by a Loan Party permitted hereunder with  an aggregate purchase price that is payable in anything other than Capital Stock of the MLP in an  amount in excess of $30,000,000.  “Material Adverse Effect”:  a development or an event that has resulted in a material  adverse change in (a) the operations, business, assets, properties or condition (financial or other  condition) of the MLP and its Subsidiaries taken as a whole, (b) the ability of the Loan Parties,  taken as a whole, to perform their obligations under this Agreement or any of the other Loan  Documents, or (c) the legality, validity, binding effect or enforceability of this Agreement or any  of the other Loan Documents or the rights or remedies of the Administrative Agent or the Lenders  hereunder or thereunder.  “Materials Handling Contract”:  any fee-based contractual arrangement entered  into by any Loan Party whereby such Loan Party performs business services relating to materials  handling or through-put for a third party.  “Materials of Environmental Concern”:  any gasoline, natural gas, petroleum and  any other solid, liquid or gas hydrocarbon (including, without limitation, crude oil or any fraction  or derivative thereof) or any hydrocarbon-based products (including, without limitation, any  petroleum products) or any other pollutant, contaminant, hazardous or toxic substances, materials  or wastes, defined or regulated as such in or under, or which form the basis of liability under, any  Environmental Law or Environmental Permit, including asbestos, polychlorinated biphenyls and  urea-formaldehyde insulation, medical waste, radioactive materials and electromagnetic fields.  “Maturity Date”:  the Acquisition Facility Maturity Date, the Dollar Working  Capital Facility Committed Tranche Maturity Date, the Dollar Working Capital Facility  Uncommitted Tranche Maturity Date and/or the Multicurrency Working Capital Facility Maturity  Date, as the context requires.  “Maximum Consolidated Total Leverage Ratio”:  4.50:1.0; provided that upon the  consummation of a Material Acquisition, the Maximum Consolidated Total Leverage Ratio shall  be 5.00:1.0 for three consecutive fiscal quarters beginning with the fiscal quarter ending  immediately after consummation of such Material Acquisition (or the fiscal quarter ending upon  consummation of such Material Acquisition, in the event such consummation occurs on a fiscal  quarter end).  “Minimum Consolidated Fixed Charge Coverage Ratio”:  1.20:1.0.  “Minimum Consolidated Net Working Capital Amount”:  $35,000,000.  “MLP”:  Sprague Resources LP, together with, for the avoidance of doubt,  following the effectiveness of the Approved Organizational Changes, any successor-in-interest  thereto.  

 

  -74-  USActive 56005294.16 -74-56005294.24  “MLP Operational Document”: (a) prior to the effectiveness of the Approved  Organizational Changes, that certain First Amended and Restated Agreement of Limited  Partnership of Sprague Resources LP, dated October 30, 2013, by and among the General Partner  and the limited partners from time to time parties thereto, as amended by that certain Amendment  No. 1 to the First Amended and Restated Agreement of Limited Partnership, effective December  20, 2017, and that certain Amendment No. 2 to the First Amended and Restated Agreement of  Limited Partnership, effective October 25, 2019 and (b) after the effectiveness of the Approved  Organizational Changes, the limited liability company agreement of the successor-in-interest to  the MLP, provided that such limited liability company agreement is in form and substance  acceptable to the Administrative Agent in its reasonable discretion.  “Moody’s”:  Moody’s Investors Service, Inc., or any successor to its rating agency  business.  “Mortgage and Security Agreement”:  (i) each Quebec Security Document with  respect to Mortgaged Properties located in the Province of Quebec covering the Mortgaged  Properties owned on the Restatement Effective Date, (ii) each Mortgage Security Agreement,  Assignment of Leases and Rents and Fixture Filings or other similar documents covering the  Mortgaged Properties located in the United States owned on the Restatement Effective Date and  (iii) each Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing (and  such other instrument as required by the applicable province of Canada), substantially in the form  of Exhibit L (in the case of real property located in the United States), substantially in the form of  the Quebec Security Documents (in the case of real or immovable property located in the Province  of Quebec) or in such form as reasonably acceptable to the Administrative Agent (in the case of  real property located in Canada (other than in the Province of Quebec)), with respect to each  Mortgaged Property acquired after the Restatement Effective Date located in the United States or  Canada, respectively, and, in each case, any Successor Agent Document in respect of any of the  foregoing.  “Mortgaged Properties”:  each property listed on Schedule 1.1(E) and any other  properties as to which the Administrative Agent, for the ratable benefit of the Secured Parties, has  after the RestatementThird Amendment Effective Date been granted a Lien pursuant to one or  more Mortgage and Security Agreements.  “Multicurrency L/C Exposure”:  at any time, the total L/C Obligations with respect  to Multicurrency Working Capital Facility Letters of Credit.  The Multicurrency L/C Exposure of  any Multicurrency Working Capital Facility Lender at any time shall be its Multicurrency Working  Capital Facility Commitment Percentage of the total Multicurrency L/C Exposure at such time.  “Multicurrency Long Tenor Letter of Credit Sub-Limit”:  $25,000,000 at any time  outstanding.  “Multicurrency Performance Letter of Credit Sub-Limit”:  $5,000,000 at any time  outstanding.  “Multicurrency Swing Line Exposure”:  at any time, the sum of the aggregate  amount of all outstanding Multicurrency Swing Line Loans at such time.  The Multicurrency  

 

  -75-  USActive 56005294.16 -75-56005294.24  Swing Line Exposure of any Multicurrency Working Capital Facility Lender at any time shall be  the sum of (a) its Multicurrency Working Capital Facility Commitment Percentage of the total  Multicurrency Swing Line Exposure at such time related to Multicurrency Swing Line Loans other  than any Multicurrency Swing Line Loans made by such Lender in its capacity as a Multicurrency  Swing Line Lender and (b) if such Lender shall be a Multicurrency Swing Line Lender, the  principal amount of all Multicurrency Swing Line Loans made by such Lender outstanding at such  time (to the extent that the other Multicurrency Working Capital Facility Lenders shall not have  funded their participations in such Swing Line Loans).  “Multicurrency Swing Line Lenders”:  MUFG Bank, Ltd., Canada Branch, Wells  Fargo Bank, N.A. and each other Multicurrency Working Capital Facility Lender from time to  time designated by the U.S. Borrower (and agreed to by such Lender) as a Multicurrency Swing  Line Lender with the prior consent of the Administrative Agent (such consent not to be  unreasonably withheld, conditioned or delayed) (and upon such designation and agreement, each  such Lender shall set forth its Swing Line Cap on Schedule 1.1(H) pursuant to the terms of this  Agreement), in each case in its capacity as lender of Multicurrency Swing Line Loans hereunder.  “Multicurrency Swing Line Loan Sub-Limit”:  $20,000,000 at any time  outstanding.  “Multicurrency Swing Line Loans”:  as defined in Section 2.3(b).  “Multicurrency Swing Line Participation Amount”:  as defined in  Section 2.6(b)(ii).  “Multicurrency Working Capital Facility”:  the Multicurrency Working Capital  Facility Commitments and the extensions of credit thereunder.  “Multicurrency Working Capital Facility Commitment”:  at any date, as to any  Multicurrency Working Capital Facility Lender, the obligation of such Multicurrency Working  Capital Facility Lender to make Multicurrency Working Capital Facility Loans to the Borrowers  pursuant to Section 2.1(b) and to participate in Multicurrency Swing Line Loans and  Multicurrency Working Capital Facility Letters of Credit in an aggregate principal and/or face  amount at any one time outstanding not to exceed the amount set forth opposite such Multicurrency  Working Capital Facility Lender’s name on Schedule 1.0 under the caption “Multicurrency  Working Capital Facility Commitment” or, as the case may be, in the Assignment and Acceptance  pursuant to which such Multicurrency Working Capital Facility Lender becomes a party hereto, as  such amount may be changed from time to time in accordance with the terms of this Agreement.   As of the SecondThird Amendment Effective Date, the original aggregate amount of the  Multicurrency Working Capital Facility Commitments is $96,600,000.00100,000,000.00.  “Multicurrency Working Capital Facility Commitment Percentage”:  as to any  Multicurrency Working Capital Facility Lender at any time, the percentage which such  Multicurrency Working Capital Facility Lender’s Multicurrency Working Capital Facility  Commitment then constitutes of the aggregate Multicurrency Working Capital Facility  Commitments of all Multicurrency Working Capital Facility Lenders at such time (or, at any time  after the Multicurrency Working Capital Facility Commitments shall have expired or terminated,  

 

  -76-  USActive 56005294.16 -76-56005294.24  such Multicurrency Working Capital Facility Lenders’ Multicurrency Working Capital Facility  Credit Exposure Percentage).  “Multicurrency Working Capital Facility Commitment Period”:  the period from  and including the Restatement Effective Date to but not including the Multicurrency Working  Capital Facility Commitment Termination Date or such earlier date on which all of the  Multicurrency Working Capital Facility Commitments shall terminate as provided herein.  “Multicurrency Working Capital Facility Commitment Termination Date”:  May  19September 2, 20232024, or, if such date is not a Business Day, the next preceding Business Day.  “Multicurrency Working Capital Facility Credit Exposure”:  as to any  Multicurrency Working Capital Facility Lender at any time, the Available Multicurrency Working  Capital Facility Commitment of such Multicurrency Working Capital Facility Lender plus the  Dollar Equivalent of the amount of the Multicurrency Working Capital Facility Extensions of  Credit of such Multicurrency Working Capital Facility Lender.  “Multicurrency Working Capital Facility Credit Exposure Percentage”:  as to any  Multicurrency Working Capital Facility Lender at any time, the fraction (expressed as a  percentage), the numerator of which is the Multicurrency Working Capital Facility Credit  Exposure of such Multicurrency Working Capital Facility Lender at such time and the denominator  of which is the aggregate Multicurrency Working Capital Facility Credit Exposures of all of the  Multicurrency Working Capital Facility Lenders at such time.  “Multicurrency Working Capital Facility Extensions of Credit”:  at any date, as to  any Multicurrency Working Capital Facility Lender at any time, the aggregate outstanding  principal amount of Multicurrency Working Capital Facility Loans made by such Multicurrency  Working Capital Facility Lender, plus the amount of the undivided interest of such Multicurrency  Working Capital Facility Lender in any then-outstanding Multicurrency Working Capital Facility  L/C Obligations, plus such Multicurrency Working Capital Facility Lender’s Multicurrency Swing  Line Exposure.  “Multicurrency Working Capital Facility Increase”:  as defined in Section 4.1(b).  “Multicurrency Working Capital Facility Issuing Lenders”:  MUFG, BNP Paribas,  acting through its Canada branch, Wells Fargo Bank, N.A., Coöperatieve Rabobank U.A., New  York Branch, Citizens Bank, N.A., Santander Bank, N.A. and each other Multicurrency Working  Capital Facility Lender from time to time designated by the U.S. Borrower (and agreed to by such  Lender) as a Multicurrency Working Capital Facility Issuing Lender with the prior consent of the  Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed) (and  upon such designation and agreement, each such Lender shall set forth its Issuance Cap on  Schedule 1.1(G) pursuant to the terms of this Agreement), each in its capacity as issuer of any  Multicurrency Working Capital Facility Letter of Credit.  “Multicurrency Working Capital Facility L/C Obligations”:  at any time, an amount  equal to the sum of (a) the Dollar Equivalent of the aggregate then undrawn and unexpired amount  of the then outstanding Multicurrency Working Capital Facility Letters of Credit and (b) the Dollar  Equivalent of the aggregate amount of drawings under Multicurrency Working Capital Facility  

 

  -77-  USActive 56005294.16 -77-56005294.24  Letters of Credit which have not then been reimbursed or converted to a Multicurrency Working  Capital Facility Loan pursuant to Section 3.7.  “Multicurrency Working Capital Facility L/C Participants”:  with respect to any  Multicurrency Working Capital Facility Letter of Credit, all of the Multicurrency Working Capital  Facility Lenders other than the Multicurrency Working Capital Facility Issuing Lender thereof.  “Multicurrency Working Capital Facility L/C Participation Obligations”:  the  obligations of the Multicurrency Working Capital Facility L/C Participants to purchase  participations in the obligations of the Multicurrency Working Capital Facility Issuing Lenders  under outstanding Multicurrency Working Capital Facility Letters of Credit pursuant to  Section 3.6.  “Multicurrency Working Capital Facility Lender”:  each Lender having a  Multicurrency Working Capital Facility Commitment (or, after the termination of the  Multicurrency Working Capital Facility Commitments, each Lender holding Multicurrency  Working Capital Facility Extensions of Credit), and, as the context requires, includes the  Multicurrency Working Capital Facility Issuing Lenders.  As of the SecondThird Amendment  Effective Date, each Multicurrency Working Capital Facility Lender is specified on Schedule 1.0.  “Multicurrency Working Capital Facility Letter of Credit”:  as defined in  Section 3.1.  “Multicurrency Working Capital Facility Letter of Credit Sub-Limit”:  $50,000,000  at any time outstanding.  “Multicurrency Working Capital Facility Loans”:  as defined in Section 2.1(b).  “Multicurrency Working Capital Facility Long Tenor Letters of Credit”:   Multicurrency Working Capital Facility Letters of Credit that are Long Tenor Letters of Credit.  “Multicurrency Working Capital Facility Maturity Date”:  with respect to any  Multicurrency Working Capital Facility Loan, the earliest to occur of (i) the date on which the  Multicurrency Working Capital Facility Loans become due and payable pursuant to Section 9,  (ii) the date on which the Multicurrency Working Capital Facility Commitments terminate  pursuant to Section 4.1 and (iii) the Multicurrency Working Capital Facility Commitment  Termination Date.  “Multicurrency Working Capital Facility Performance Letters of Credit”:   Multicurrency Working Capital Facility Letters of Credit that are Performance Letters of Credit.  “Multiemployer Plan”:  a Plan which is a “multiemployer plan” as defined in  Section 4001(a)(3) of ERISA and which is subject to Title IV of ERISA.  “Natural Gas Products”:  natural gas and natural gas liquids and any other product  or by-product of any of the foregoing, and all rights to transmit, transport or store any of the  foregoing.  

 

  -78-  USActive 56005294.16 -78-56005294.24  “Natural Gas Transactions”: those certain transactions entered into by a Loan Party  in the ordinary course of business with one or more natural gas utilities (each, a “Subject Utility”  and, collectively, the “Subject Utilities”) pursuant to which the applicable Loan Party will sell to  a Subject Utility, and the applicable Subject Utility will purchase from such Loan Party, certain  accounts receivable owing to such Loan Party from its natural gas customers (such receivables are  hereinafter referred to as the “Subject Natural Gas Receivables”) and, in connection therewith, the  applicable Subject Utility will be responsible for all billing and collection duties and credit and  other risks associated with such Subject Natural Gas Receivables.  “net after-Tax basis”:  with respect to any payment to be received by a Person from  the Borrowers pursuant to Section 4.10 (a “Section 4.10 Payment”) or pursuant to Section 11.6 in  respect of an Indemnified Liability (a “Section 11.6 Payment”), the amount of such Section 4.10  Payment or Section 11.6 Payment plus a further payment or payments so that the net amount  received by such Person, after all Taxes imposed on such Person with respect to such amounts (net  of any actual current reduction in Taxes payable by such Person as a result of the costs or expenses  for which such Person receives a Section 4.10 Payment or Section 11.6 Payment) is equal to the  original payment required to be received pursuant to Section 4.10 or Section 11.6, respectively.   For avoidance of doubt, if a Lender incurs a cost of $100 for which the Borrowers pay the Lender  $100 pursuant to Section 11.6, and the cost gives rise to a tax deduction that reduces such Person’s  Taxes by $35, and the payment increases such Person’s Taxes by $35, then the net after-Tax basis  payment shall be $100 because the increase in Tax of $35 with respect to the Indemnified Liability  is offset by the reduction in Taxes of $35 that arises from the cost.  However, if the cost was not  deductible and the payment increased such Person’s Taxes by $35, then the net-after Tax basis  payment would be at least $135.  “Net Cash Proceeds”:  with respect to (i) any Permitted Securitization, the  aggregate amount of cash received from time to time (whether as initial consideration or through  payment or disposition of deferred consideration) by or on behalf of any Loan Party for its own  account in connection with any such transaction, after deducting therefrom reasonable and  customary brokerage commissions, underwriting fees and discounts, legal fees, finder’s fees and  other similar fees, costs and commissions that, in each case, are actually paid at the time of receipt  of such cash to a Person that is not a Subsidiary or an Affiliate of any Borrower, and (ii) any  Disposition of any Property or assets (other than a Permitted Securitization) by any Person or any  Recovery Event with respect to any asset of any Person, the aggregate amount of cash received  from time to time by or on behalf of such Person for its own account in connection with any such  transaction, after deducting therefrom (a) brokerage commissions, underwriting fees and  discounts, legal fees, finder’s fees and other similar fees, costs and commissions and reasonable  related expenses that, in each case, are incurred in connection with such event and are actually  paid to or earned by a Person that is not a Subsidiary or Affiliate of any of the Loan Parties or any  of their Subsidiaries or Affiliates, (b) reasonable reserves for liabilities, indemnities, escrows and  purchase price adjustments in connection with any such Disposition or Recovery Event and (c) the  amount of taxes payable by such Person (or, in the case of a Person that is a disregarded entity for  U.S. federal income tax purposes, by the owner of such Person, in the case of a Person that is a  partnership for U.S. federal income tax purposes, by the owners of such Person, or in the case of  a Person that is a member of a consolidated or unitary tax group, by such group, in each case, only  to the extent the payor of such taxes is the U.S. Borrower or a direct or indirect Subsidiary of the  U.S. Borrower) in connection with or as a result of such transaction that, in each case, are actually  

 

  -79-  USActive 56005294.16 -79-56005294.24  paid at the time of receipt of such cash to the applicable taxation authority or other Governmental  Authority or, so long as such Person is not otherwise indemnified therefor, are reserved for in  accordance with GAAP, as in effect at the time of receipt of such cash, based upon such Person’s  reasonable estimate of such taxes, and paid to the applicable taxation authority or other  Governmental Authority within 16 months after the date of receipt of such cash; provided that if,  at the time any of the liabilities, indemnities, escrows or purchase price adjustments referred to in  clause (b) and/or taxes referred to in clause (c) are actually paid or otherwise satisfied, the reserve  therefor exceeds the amount paid or otherwise satisfied, then the amount of such excess reserve  shall constitute “Net Cash Proceeds” on and as of the date of such payment or other satisfaction  for all purposes of this Agreement.  “Net Liquidation Value”:  with respect to any Commodity Account, the sum of  (i) the aggregate marked-to-market value of all futures positions, (ii) the aggregate liquidation  value of all option positions, and (iii) the cash balance, in each case credited to such Commodity  Account.  “New Lenders”:  as defined in Section 4.1(b)(iii).  “Non-Defaulting Lender”:  at any time, each Lender that is not a Defaulting Lender  at such time.  “Non-Excluded Taxes”:  as defined in Section 4.11(a).  “Non-Renewal Notice Date”:  as defined in Section 3.4(c).  “Non-U.S. Subsidiary”:  any Subsidiary that is not a U.S. Subsidiary.  “Note” and “Notes”:  as defined in Section 4.5(e).  “Notice of Prepayment”:  as defined in Section 4.6.  “NYFRB”:  the Federal Reserve Base Rate of New York.  “NYFRB Rate”:  for any day, the greater of (a) the Federal Funds Effective Rate in  effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day  that is not a Business Day, for the immediately preceding Business Day); provided that if none of  such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the  rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative  Agent from a Federal funds broker of recognized standing selected by it; provided, further, that if  any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes  of this Agreement.  “Obligations”:  the unpaid principal amount of, and interest (including interest  accruing after the maturity of the Loans and Reimbursement Obligations and interest accruing  after the filing of any petition in bankruptcy, or the commencement of any insolvency,  reorganization, arrangement or like proceeding, relating to any of the Loan Parties, whether or not  a claim for post-filing or post-petition interest is allowed in such proceeding) on the Loans and  Reimbursement Obligations, and all other obligations and liabilities of any of the Loan Parties to  

 

  -80-  USActive 56005294.16 -80-56005294.24  the Secured Parties and the Lenders, whether direct or indirect, absolute or contingent, due or to  become due, or now existing or hereafter incurred, which may arise under, or out of or in  connection with this Agreement, the Notes, the Security Documents, any other Loan Documents,  any Letter of Credit, any Commodity OTC Agreement with a Qualified Counterparty, any  Financial Hedging Agreement with a Qualified Counterparty or any Cash Management Bank  Agreement with a Qualified Cash Management Bank, or any other document made, delivered or  given in connection therewith or herewith, whether on account of principal, interest,  reimbursement obligations, fees, indemnities, costs, expenses (including all fees and  disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid  by a Loan Party pursuant to the terms of the Loan Documents or other agreement or instrument  evidencing such obligations or liabilities) or otherwise; provided further, that for purposes of  determining any Guarantee Obligations of any Loan Party with respect to the Obligations, the  definition of “Obligations” shall not create any guarantee by any Loan Party of any Excluded Swap  Obligations of such Loan Party; provided further that, (i) obligations of any Loan Party under any  Commodity OTC Agreement to a Qualified Counterparty, Financial Hedging Agreement to a  Qualified Counterparty or any Cash Management Bank Agreement to a Qualified Cash  Management Bank (such obligations, the “Hedging and Bank Product Obligations”), shall be  secured pursuant to the Security Documents and guaranteed pursuant to the Guarantee only to the  extent that, and for so long as, those obligations and liabilities of the Loan Parties listed above not  consisting of Hedging and Bank Product Obligations (the “Other Obligations”) are so secured and  guaranteed, unless the Other Obligations cease to be so secured and guaranteed either (A) as a  result of the Administrative Agent undertaking an Enforcement Action (as defined in the U.S.  Security Agreement or the Canadian Security Agreement, as applicable) or (B) following an  Insolvency Proceeding (as defined in the U.S. Security Agreement or the Canadian Security  Agreement, as applicable) with respect to any Loan Party, in which cases the Hedging and Bank  Product Obligations shall continue to be secured pursuant to the Security Documents and  guaranteed pursuant to the Guarantee and (ii) any release of Collateral or the MLP or Subsidiary  Guarantors effected in the manner permitted by this Agreement shall not require the consent of  holders of any Hedging and Bank Product Obligations.  The Hedging and Bank Product  Obligations shall be subordinated to the Other Obligations pursuant to the terms of the U.S.  Security Agreement or Canadian Security Documents, as applicable.  For the avoidance of doubt,  for the purpose of any Mortgage, the “Obligations” shall be deemed to be not fully paid or fully  performed if, among other things and in addition to any other Obligations then outstanding, any  Letter of Credit remains outstanding hereunder that has not been Cash Collateralized.   “Operating Forecast”:  the monthly operating forecast of the income statement and  balance sheet of the MLP and its consolidated Subsidiaries in form and substance satisfactory to  the Administrative Agent, as updated from time to time pursuant to Section 7.1(e).  “Original Closing Date”:  the date on which the conditions precedent set forth in  Section 6.1 of the Original Credit Agreement were satisfied, which date was October 30, 2013.  “Original Credit Agreement”:  that certain Credit Agreement, dated as of October  30, 2013, among the U.S. Borrower, the lenders and agents party thereto, and JPMorgan Chase  Bank, N.A., as administrative agent.  

 

  -81-  USActive 56005294.16 -81-56005294.24  “Other Connection Taxes”:  with respect to any Lender or the Administrative  Agent, Taxes imposed as a result of a present or former connection between such Lender or the  Administrative Agent and the jurisdiction imposing such Tax (other than connections arising  solely from such Lender or the Administrative Agent, as applicable, having executed, delivered,  become a party to, performed its obligations under, received payments under, received or perfected  a security interest under, engaged in any other transaction pursuant to or enforced any Loan  Document, or sold or assigned an interest in any Loan or Loan Document).  “Other Taxes”:  as defined in Section 4.11(b).  “Out of the Money Forward Contract Amount”: as of any date and with respect to  any Loan Party, to the extent that the Counterparty Forward Contract Amount with respect to any  Forward Contract Counterparty is negative, the absolute value of such Counterparty Forward  Contract Amount.  “Out of the Money Swap Amount”:  as of any date, to the extent that the Qualified  Counterparty Swap Amount with respect to any Qualified Counterparty is negative, the absolute  value of such Qualified Counterparty Swap Amount.  “Overcollateralization Amount”:  with respect to any counterparty under a  Commodity Contract of any Loan Party, the amount by which the cash collateral deposited with  or prepayments made to such Loan Party by such counterparty exceeds the amount of the  obligations such cash collateral was pledged to secure or with respect to which such prepayment  was made.  “Overnight Bank Funding Rate”:  for any day, the rate comprised of both overnight  federal funds and overnight eurodollar borrowings by U.S.-managed banking offices of depository  institutions, as such composite rate shall be determined by the NYFRB as set forth on its public  website from time to time, and published on the next succeeding Business Day by the NYFRB as  an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish  such composite rate).  “Paid but Unexpired Letters of Credit”:  as of any date, with respect to any Loan  Party, the sum of (a) the amount of any payment made by any Loan Party within 45 calendar days  prior to such date to satisfy the obligation for which a Letter of Credit was issued solely to the  extent that such Letter of Credit has not been reduced, cancelled or drawn upon and (b) for any  Trade Letter of Credit with respect to which no amount can be drawn with respect to  mark-to-market liability, an amount equal to 20%, times, the lesser of (i) the then applicable  undrawn portion of such Trade Letter of Credit and (ii) the operational tolerance with respect to  the underlying purchase contract with respect to which such Trade Letter of Credit was issued.  “Participant” and “Participants”:  as defined in Section 11.7(b).  “Participant Register”:  as defined in Section 11.7(b).  “Participation”:  as defined in Section 11.7(b).  “Payment Intangible”:  as defined in Section 9-102 of the UCC.  

 

  -82-  USActive 56005294.16 -82-56005294.24  “Payment Recipient”:  as defined in Section 10.16(a).  “PBGC”:  the Pension Benefit Guaranty Corporation established pursuant to  Subtitle A of Title IV of ERISA.  “Perfected First Lien”:  any perfected, first priority Lien or security interest (or its  substantial equivalent under applicable Laws) granted by a Loan Party pursuant to a Security  Document in favor of the Administrative Agent, for the ratable benefit of the Secured Parties;  provided that, in the case of inventory that is not located in the United States or contracts, Forward  Contracts, Accounts Receivable or Payment Intangibles not governed by Laws of the United States  of America or any state or political subdivision thereof, the validity and, if customarily available,  priority of such Lien shall be confirmed by an opinion of special local counsel, the form and  substance of which shall be customary and reasonably satisfactory to the Administrative Agent;  provided further that no Lien or security interest (or its substantial equivalent under applicable  Laws) granted by a Loan Party pursuant to a Security Document shall constitute a Perfected First  Lien unless it secures all Obligations, including U.S. Obligations.  “Perfection Certificate”:  the Perfection Certificate to be executed and delivered by  the Loan Parties, substantially in the form of Exhibit Q.  “Performance Letter of Credit”:  a standby Working Capital Facility Letter of  Credit or a standby Acquisition Facility Letter of Credit, in each case, issued to support bonding,  swap transaction, performance, transportation and tariff requirements relating to Eligible  Commodities (other than the obligation to pay for the purchase of Eligible Commodities) that is  (a) initially issued with a maximum tenor of less than one (1) year or (b) an Auto-Renewal Letter  of Credit.  “Periodic Term SOFR Determination Day”: as defined in the definition of “Term  SOFR” in this Section 1.1.   “Permitted Borrowing Base Liens”:  (a) carriers’, warehousemen’s, mechanics’,  materialmen’s, repairmen’s, landlords’, or other similar Liens arising in the ordinary course of  business which are not overdue for a period of more than 60 days or which are being contested in  good faith by appropriate proceedings or which have been bonded over or otherwise adequately  secured against, (b) Permitted Cash Management Liens, (c) Liens created pursuant to the Security  Documents and the other Loan Documents (provided, that such permitted Liens shall not include  any Liens purported to be granted to any commodity intermediary on assets other than assets  credited to a Controlled Account maintained with such commodity intermediary or such  Controlled Account as a result of the incorporation by reference of a separate security agreement),  (d) First Purchaser Liens, (e) inchoate tax Liens, (f) Liens arising from unauthorized UCC or PPSA  financing statements or applications for registration of a hypothec under the Register of Personal  and Movable Real Rights (Quebec) under the Civil Code of Quebec, (g) Prior Claims that are  unregistered and that secure amounts that are not yet due and payable and (h) netting and other  offset rights granted by any Loan Party to counterparties under Commodity Contracts and  Financial Hedging Agreements on or with respect to payment and other obligations owed by such  Loan Party to such counterparties.  

 

  -83-  USActive 56005294.16 -83-56005294.24  “Permitted Cash Management Liens”:  (a) Liens with respect to (i) all amounts due  to the Cash Management Bank, in respect of customary fees and expenses for the routine  maintenance and operation of any Cash Management Account, (ii) the face amount of any checks  which have been credited to any Cash Management Account, but are subsequently returned unpaid  because of uncollected or insufficient funds, or (iii) other returned items or mistakes made in  crediting such Cash Management Account, (b) any other Liens permitted under the Account  Control Agreement for a Cash Management Account, (c) Liens created by the Security Documents  and the other Loan Documents, (d) inchoate tax Liens, (e) Liens arising from unauthorized UCC  or PPSA financing statements or applications for registration of a hypothec under the Register of  Personal and Movable Real Rights (Quebec) under the Civil Code of Quebec, (f) any  Overcollateralization Amounts and (g) Liens on currency, Cash Equivalents, commodities or  Commodities Contracts of the Loan Parties deposited in, or credited to, any Controlled Account  that are subject to an Account Control Agreement; provided that, such Liens are specifically  permitted by such Account Control Agreement or arise by operation of law.  “Permitted Investors”: any of (a) Antonia A. Johnson, together with her spouse,  children, grandchildren and heirs (and any trust of which any of the foregoing (or any combination  thereof) constitute at least 80% of the then current beneficiaries) or (b) Hartree Partners, LP, a  Delaware limited partnership.  “Permitted Refinancing Indebtedness”:  as defined in Section 8.2(d).  “Permitted Securitization”: any securitization transaction pursuant to which the  Accounts Receivable of any Loan Party are sold to a bankruptcy remote vehicle on a “true sale”  basis with recourse to such Loan Party and its respective Affiliates and Subsidiaries of no more  than 10% of the value of the Accounts Receivable being sold thereby (or such higher percentage  so long as such sale is supported by a “true sale” opinion in form and substance reasonably  acceptable to the Administrative Agent, issued by a law firm reasonably satisfactory to the  Administrative Agent); provided that (i) at all times after the Third Amendment Effective Date,  the Net Cash Proceeds of such Permitted Securitization shall be paid into an account subject to an  Account Control Agreement pursuant to arrangements reasonably satisfactory to the  Administrative Agent, and (ii) the aggregate face amount of assets held in such securitizations  shall not, at any time, exceed $100,000,000, in aggregate.   “Person”:  an individual, partnership, corporation, unlimited liability company,  limited liability company, business trust, joint stock company, trust, unincorporated association,  joint venture, Governmental Authority or other entity of whatever nature.  “Petition Date”:  as defined in the definition of “Eligible Account Receivable” in  this Section 1.1.  “Petroleum Products”:  crude oil and refined petroleum products (including heating  oil, heavy oil, fuel oil, light oil, diesel, gasoline, kerosene, jet fuel, marine gas oil and propane)  and any other product or by-product of either of the foregoing, residual fuels, biodiesel, biofuels  and ethanol and all rights to transmit, transport or store any of the foregoing.  

 

  -84-  USActive 56005294.16 -84-56005294.24  “Physical Commodity Contract”:  a contract for the purchase, sale, transfer or  exchange of any physical Eligible Commodity.  “Plan”:  at a particular time, any employee benefit plan which is covered by ERISA  and in respect of which any of the Loan Parties or a Commonly Controlled Entity is (or, if such  plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an  “employer” as defined in Section 3(5) of ERISA or to which any Loan Party or Commonly  Controlled Entity has any actual or contingent liability.  “Platform”:  as defined in Section 11.2.  “Pledge Agreements”:  collectively, the Canadian Pledge Agreement and the  U.S. Pledge Agreement.  “Pledged Accounts”:  all Commodity Accounts, Deposit Accounts (other than  Excluded Accounts) and Securities Accounts of any Grantor.  “Pledged Collateral”:  the “Pledged Collateral” as defined in the U.S. Pledge  Agreement or the Canadian Pledge Agreement, as applicable.  “Position Report”:  a position report in form and substance substantially similar to  Exhibit M of either the U.S. Borrower or the Canadian Borrower, as applicable, which shows in  detail the calculations supporting, as applicable (i) the U.S. Borrower’s certification of the  compliance by the Loan Parties (other than the Canadian Borrower and its Subsidiaries) with the  position limits in the Risk Management Policy that are applicable to such Loan Parties and (ii) the  Canadian Borrower’s certification of the compliance by the Canadian Borrower and its  Subsidiaries with the position limits in the Risk Management Policy that are applicable to the  Canadian Borrower and its Subsidiaries.  “Post-Termination LOC”:  as defined in Section 3.6(c).  “PPSA”:  the Personal Property Security Act (Ontario), including the regulations  thereto, provided that, if perfection or the effect of perfection or non-perfection or the priority of  any Lien created hereunder on the Collateral is governed by the personal property security  legislation or other applicable legislation with respect to personal property security in effect in a  jurisdiction other than Ontario, “PPSA” means the Personal Property Security Act, including the  regulations thereto, or such other applicable legislation in effect from time to time in such other  jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection  or non-perfection or priority.  “Previous Credit Agreement”:  that certain Credit Agreement, dated as of May 28,  2010, as amended pursuant to (i) the First Amendment to Credit Agreement, dated as of March 22,  2011, (ii) the Second Amendment, dated as of September 27, 2012 and (iii) the Third Amendment,  dated as of May 15, 2013, and as otherwise amended, supplemented, waived or modified prior to  the Original Closing Date.  “Prime Rate Loan”:  Loans the rate of interest of which is based upon the Canadian  Prime Rate.  

 

  -85-  USActive 56005294.16 -85-56005294.24  “Prior Claims”:  all Liens created by applicable law (in contrast with Liens  voluntarily granted) or interests similar thereto under applicable law which rank or are capable of  ranking prior or pari passu with the Liens created by the Security Documents including for  amounts owing for, or in respect of, employee source deductions, non-resident withholding taxes,  vacation pay, goods and services taxes, sales taxes, harmonized sales taxes, municipal taxes,  workers’ compensation, Quebec corporate taxes, pension fund obligations and overdue rents.  “Product”:  as defined in Section 5.21(a).  “Product Taxes”:  any amounts which are due and owing to any Governmental  Authority, including excise or sales taxes, applicable to services provided under any Materials  Handling Contract or the sale of Eligible Commodities, to the extent such amounts are collected  or collectable by any Loan Party from such Loan Party’s customer to be remitted to such  Governmental Authority.  “Pro Forma Basis”:  with respect to the covenants set forth in Section 8.1 on any  date of determination, the calculation of such covenants as at such date of determination; provided  that the amount of Consolidated EBITDA and Consolidated Fixed Charges in any such calculation  shall be the amount of Consolidated EBITDA and Consolidated Fixed Charges for the most  recently ended four (4) fiscal quarter period.  “Projections”:  as defined in Section 6.1(r).  “Properties”:  as defined in Section 5.22(a).  “PTE”: a prohibited transaction class exemption issued by the U.S. Department of  Labor, as any such exemption may be amended from time to time.  “Public Lender”:  as defined in Section 11.2.  “Qualified Cash Management Bank”:  any Cash Management Bank that, at the time  a Cash Management Bank Agreement was entered into between a Loan Party and such Cash  Management Bank, was (i) a Lender (or an Affiliate thereof) or (ii) if such Cash Management  Bank Agreement was entered into prior to the Restatement Effective Date, was a lender under the  Previous Credit Agreement, the Original Credit Agreement or the Existing Credit Agreement at  the time.  “Qualified Counterparty”:  any counterparty to any Financial Hedging Agreement  or Commodity OTC Agreement entered into between a Loan Party and a Person that, (i) at the  time such Financial Hedging Agreement or Commodity OTC Agreement was entered into, was a  Lender or (ii) if such Financial Hedging Agreement or Commodity OTC Agreement was entered  into prior to the Restatement Effective Date, was a lender under the Previous Credit Agreement,  the Original Agreement or the Existing Credit Agreement at the time such Financial Hedging  Agreement or Commodity OTC Agreement was entered into; provided, that, with respect to either  clause (i) or clause (ii), such counterparty (other than any counterparty that is the Administrative  Agent) shall be a “Qualified Counterparty” with respect to any Financial Hedging Agreement or  Commodity OTC Agreement solely to the extent such counterparty has delivered a Hedging  Agreement Qualification Notification to the Administrative Agent.  

 

  -86-  USActive 56005294.16 -86-56005294.24  “Qualified Counterparty Swap Amount”:  with respect to any Qualified  Counterparty, an amount equal to (a) the aggregate unrealized gains to each relevant Loan Party,  based upon such Loan Party’s reasonable calculation of such amount in accordance with industry  standard valuation models, under all Commodity OTC Agreements and Financial Hedging  Agreements between such Qualified Counterparty and such Loan Party minus (b) the aggregate  unrealized losses to such Loan Party, based upon such Loan Party’s reasonable calculation of such  amount in accordance with industry standard valuation models, under all Commodity OTC  Agreements and Financial Hedging Agreements between such Qualified Counterparty and such  Loan Party.  “Qualified ECP Guarantor”: in respect of any Swap Obligation, each Loan Party  that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the  relevant security interest becomes effective with respect to such Swap Obligation or such other  person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any  regulations promulgated thereunder and can cause another person to qualify as an “eligible contract  participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the  Commodity Exchange Act.  “Quebec Security Documents”:  one or more deeds of hypothec to secure payment  of debentures (which hypothec shall include, without limitation, a charge on the universality of  immovable property) or the Obligations and any other related documents, bonds, debentures or  pledge agreements required to perfect a Lien in favor of the Administrative Agent in the Province  of Quebec previously executed pursuant to the Existing Credit Agreement and assigned to the  Administrative Agent or to be executed from time to time by any Loan Party organized under the  laws of the Province of Quebec or having its chief executive office (or domicile) located in the  Province of Quebec or having tangible assets located in the Province of Quebec.  “Quebec STA”:  An Act respecting the transfer of securities and the establishment  of security entitlements, R.S.Q. c. T-11.002, as amended from time to time.  “Rate Determination Date”: with respect to (a) any calculation with respect to a  CDOR Loan for any Interest Period, the date that is two (2) CDOR Business Days prior to the  commencement of such Interest Period or (b) any calculation with respect to a Prime Rate Loan,  the date that is two (2) CDOR Business Days prior to the date of such calculation, or, in each case,  such other day as is generally treated as the rate fixing day by market practice in the applicable  interbank market, as reasonably determined by the Administrative Agent; provided that to the  extent that such market practice is not administratively feasible for the Administrative Agent, such  other day as otherwise reasonably determined by the Administrative Agent.  “Reconciliation Summary”:  with respect to the annual and monthly consolidated  financial statements (other than the statements of cash flow and owners’ equity) delivered pursuant  to Section 7.1, (i) a schedule showing the elimination of transactions between any Loan Party and  any Subsidiary of a Loan Party that is not itself a Loan Party and transactions between any Loan  Party and any Affiliate of a Loan Party (other than any Subsidiary of a Loan Party), (ii) a statement  showing the adjustments made to report such financial statements on an Economic Basis plus or  minus any Allowed Reserve, as applicable, and (iii) a statement showing the adjustments made to  such financial statements with respect to any Allowed Reserve.  

 

  -87-  USActive 56005294.16 -87-56005294.24  “Recovery Event”:  any settlement of or payment in respect of any Property or  casualty insurance claim or any condemnation proceeding relating to any asset of any Loan Party  resulting in Net Cash Proceeds to the applicable Loan Party in excess of $5,000,000.  “Refunded Dollar Committed Tranche Swing Line Loan”:  any Refunded Swing  Line Loan made in respect of a Dollar Committed Tranche Swing Line Loan.  “Refunded Dollar Uncommitted Tranche Swing Line Loan”:  any Refunded Swing  Line Loan made in respect of a Dollar Uncommitted Tranche Swing Line Loan.  “Refunded Multicurrency Swing Line Loan”:  any Refunded Swing Line Loan  made in respect of a Multicurrency Swing Line Loan.  “Refunded Swing Line Loan”:  as defined in Section 2.6(a).  “Register”:  as defined in Section 11.7(d).  “Regulation U”:  Regulation U of the Board.  “Reimbursement Date”:  as defined in Section 3.7(b).  “Reimbursement Obligations”:  the obligation of the Borrowers to reimburse any  Issuing Lender, pursuant to Section 3.7(a) for Unreimbursed Amounts.  “Reinvestment Deferred Amount”:  with respect to any Reinvestment Event, the  aggregate Net Cash Proceeds received by any Loan Party in connection therewith which are not  applied to prepay outstanding Loans pursuant to Section 4.7(c) as a result of the delivery of a  Reinvestment Notice.  “Reinvestment Event”:  any Asset Sale or Recovery Event in respect of which the  U.S. Borrower has delivered a Reinvestment Notice.  “Reinvestment Notice”:  a written notice executed by a Responsible Person of the  U.S. Borrower stating that no Event of Default has occurred and is continuing and that the relevant  Loan Party either (i) intends and expects to use all or a specified portion of the Net Cash Proceeds  of an Asset Sale or Recovery Event to acquire assets (directly or through the purchase of the  Capital Stock of a Person pursuant to an Acquisition or otherwise) to replace, repair or upgrade  the assets subject to such Asset Sale or Recovery Event, or (ii) in the case of a Recovery Event,  has replaced, repaired or upgraded the asset subject to such Recovery Event prior to such Person’s  receipt of the Net Cash Proceeds thereof and the amount expended therefor.  “Reinvestment Prepayment Amount”:  with respect to any Reinvestment Event, the  Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant  Reinvestment Prepayment Date to acquire assets (directly or through the purchase of the Capital  Stock of a Person pursuant to an Acquisition or otherwise) to replace, repair or upgrade the assets  subject to such Reinvestment Event (including, in the case of a Recovery Event, amounts expended  to replace, repair or upgrade the asset subject to such Recovery Event prior to the receipt by the  relevant Loan Party of the Net Cash Proceeds thereof).  

 

  -88-  USActive 56005294.16 -88-56005294.24  “Reinvestment Prepayment Date”:  with respect to any Reinvestment Event, the  earlier of (a) the date occurring 12 months after such Reinvestment Event and (b) the date on which  the applicable Loan Party shall have determined not to, or shall have otherwise ceased to, acquire  assets (directly or through the purchase of the Capital Stock of a Person pursuant to an Acquisition  or otherwise) to replace, repair or upgrade the assets subject to such Reinvestment Event with all  or any portion of the relevant Reinvestment Deferred Amount.  “Related Person”: with respect to any Person, each officer, employee, director,  trustee, agent, advisor, affiliate, partner and controlling person of such Person.  “Related Rights”: in connection with a Permitted Securitization and solely to the  extent related to any Account Receivable released in connection therewith, a Loan Party’s contract  rights under a sales contract and all supporting obligations due with respect to the same and any  proceeds of the foregoing.  “Release”:  any release, threatened release, addition, spill, emission, leaking,  pumping, pouring, emitting, emptying, escape, injection, deposit, disposal, discharge, dispersal,  dumping, leaching or migration of Material of Environmental Concern into or through the  environment.  “Relevant Facility Lender”:  with respect to any Acquisition Facility Loan, an  Acquisition Facility Lender, with respect to any Dollar Working Capital Facility Committed  Tranche Loan, a Dollar Working Capital Facility Committed Tranche Lender, with respect to any  Dollar Working Capital Facility Uncommitted Tranche Loan, a Dollar Working Capital Facility  Uncommitted Tranche Lender and with respect to any Multicurrency Working Capital Facility  Loan, a Multicurrency Working Capital Facility Lender.  “Relevant Facility Loan”:  with respect to any L/C Reimbursement Loan related to  an Acquisition Facility Letter of Credit, an Acquisition Facility Loan, with respect to any  L/C Reimbursement Loan related to a Dollar Working Capital Facility Committed Tranche Letter  of Credit, a Dollar Working Capital Facility Committed Tranche Loan, with respect to any  L/C Reimbursement Loan related to a Dollar Working Capital Facility Uncommitted Tranche  Letter of Credit, a Dollar Working Capital Facility Uncommitted Tranche Loan and with respect  to any L/C Reimbursement Loan related to a Multicurrency Working Capital Facility Letter of  Credit, a Multicurrency Working Capital Facility Loan.  “Relevant Governmental Body”: (a) with respect to a Benchmark Replacement in  respect of Obligations, interest, fees, commissions or other amounts denominated in, or calculated  with respect to, United States Dollars, the Board or the Federal Reserve Bank of New York, or a  committee officially endorsed or convened by the Board or the Federal Reserve Bank of New  York, or any successor thereto and (b) with respect to a Benchmark Replacement in respect of  Obligations, interest, fees, commissions or other amounts denominated in, or calculated with  respect to, any currency other than United States Dollars, (i) the central bank for the currency in  which such Obligations, interest, fees, commissions or other amounts are denominated, or  calculated with respect to, or any central bank or other supervisor which is responsible for  supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark  Replacement or (ii) any working group or committee officially endorsed or convened by (A) the  

 

  -89-  USActive 56005294.16 -89-56005294.24  central bank for the currency in which such Obligations, interest, fees, commissions or other  amounts are denominated, or calculated with respect to, (B) any central bank or other supervisor  that is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator  of such Benchmark Replacement, (C) a group of those central banks or other supervisors or (D)  the Financial Stability Board or any part thereof, or, in each case for purposes of this clause (b),  any successor thereto.  “Relevant L/C Participant”:  with respect to an Acquisition Facility Letter of Credit,  an Acquisition Facility L/C Participant, with respect to a Dollar Working Capital Facility  Committed Tranche Letter of Credit, a Dollar Working Capital Facility Committed Tranche  L/C Participant, with respect to a Dollar Working Capital Facility Uncommitted Tranche Letter of  Credit, a Dollar Working Capital Facility Uncommitted Tranche L/C Participant and with respect  to a Multicurrency Working Capital Facility Letter of Credit, a Multicurrency Working Capital  Facility L/C Participant.  “Relevant Letter of Credit”:  with respect to an Acquisition Facility Issuing Lender,  an Acquisition Facility Letter of Credit, with respect to a Dollar Working Capital Facility  Committed Tranche Issuing Lender, a Dollar Working Capital Facility Committed Tranche Letter  of Credit, with respect to a Dollar Working Capital Facility Uncommitted Tranche Issuing Lender,  a Dollar Working Capital Facility Uncommitted Tranche Letter of Credit and with respect to a  Multicurrency Working Capital Facility Issuing Lender, a Multicurrency Working Capital Facility  Letter of Credit.  “Relevant Swing Line Lenders”:  with respect to the Dollar Working Capital  Facility Committed Tranche, the Dollar Committed Tranche Swing Line Lenders, with respect to  the Dollar Working Capital Facility Uncommitted Tranche, the Dollar Uncommitted Tranche  Swing Line Lenders and with respect to the Multicurrency Working Capital Facility, the  Multicurrency Working Capital Facility Swing Line Lenders.  “Relevant Working Capital Facility Issuing Lenders”:  with respect to the Dollar  Working Capital Facility Committed Tranche, the Dollar Working Capital Facility Committed  Tranche Issuing Lenders, with respect to the Dollar Working Capital Facility Uncommitted  Tranche, the Dollar Working Capital Facility Uncommitted Tranche Issuing Lenders and with  respect to the Multicurrency Working Capital Facility, the Multicurrency Working Capital Facility  Issuing Lenders.  “Renewal Notice Date”:  as defined in Section 3.4(c).  “Replacement Facility”:  as defined in Section 4.21(a).  “Replacement Facility Amendment”:  as defined in Section 4.21(c).  “Replacement Facility Closing Date”:  as defined in Section 4.21(c).  “Replacement Facility Lender”:  as defined in Section 4.21(c).  “Reportable Event”:  any of the events set forth in Section 4043(c) of ERISA, other  than those events as to which the thirty (30) day notice period is waived under PBGC Reg. § 4043.  

 

  -90-  USActive 56005294.16 -90-56005294.24  “Representatives”:  as defined in Section 11.16.  “Requested Increase Amount”:  as defined in Section 4.1(b)(i).  “Requested Increase Effective Date”:  as defined in Section 4.1(b)(i).  “Required Committed Lenders”: at any time, Lenders, the Committed Facilities  Credit Exposure Percentages of which aggregate more than 50%; provided, that the Committed  Facilities Credit Exposure of any Defaulting Lender shall be excluded from the calculation of  Committed Facilities Credit Exposure Percentages in determining the Required Committed  Lenders.  “Required Dollar Working Capital Facility Uncommitted Tranche Lenders”:  at any  time, Lenders under the Dollar Working Capital Facility Uncommitted Tranche, the Dollar  Working Capital Facility Uncommitted Tranche Credit Exposure Percentages of which aggregate  more than 50%; provided, that the Dollar Working Capital Facility Uncommitted Tranche Credit  Exposure of any Defaulting Lender shall be excluded from the calculation of Dollar Working  Capital Facility Uncommitted Tranche Credit Exposure Percentages in determining the Required  Dollar Working Capital Facility Uncommitted Tranche Lenders.  “Required Lenders”:  at any time, Lenders, the Credit Exposure Percentages of  which aggregate more than 50%; provided, that the Credit Exposure of any Defaulting Lender  shall be excluded from the calculation of Credit Exposure Percentages in determining the Required  Lenders.  “Requirement of Law”:  as to any Person, any Law or determination of an arbitrator  or a court or other 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.  “Reserves”:  individually and collectively, and without duplication, reserves in  respect of inventory that is subject to the rights of suppliers under Section 81.1 of the Bankruptcy  and Insolvency Act (Canada), reserves in respect of Prior Claims, any Wage Earner Protection Act  Reserve and any other reserves that the Administrative Agent deems necessary in its reasonable  discretion to maintain with respect to the Collateral or any Loan Party.  “Reset Date”:  as defined in Section 2.7(a).  “Resolution Authority”: an EEA Resolution Authority or, with respect to any UK  Financial Institution, a UK Resolution Authority.  “Responsible Person”:  (i) with respect to the U.S. Borrower or any Subsidiary, the  chief executive officer, president, chairman, chief operating officer, chief accounting officer, chief  financial officer, chief risk officer, chief compliance officer, senior vice-president, executive  vice-president, vice-president of finance, controller, treasurer or assistant treasurer of the U.S.  Borrower or such Subsidiary, as applicable, or any additional natural person notified to the  Administrative Agent in an officer’s certificate signed by one or more then existing Responsible  Persons of the MLP and that contains a specimen signature of such additional natural person;  provided that, with respect to any Borrowing Base Report, “Responsible Person” shall include any  

 

  -91-  USActive 56005294.16 -91-56005294.24  vice president responsible for the oversight of the trading and financial operations of the U.S.  Borrower or such Subsidiary, as applicable, or any additional natural person notified to the  Administrative Agent in an officer’s certificate signed by one or more then existing Responsible  Persons of the MLP and that contains a specimen signature of such additional natural person; and  (ii) with respect to the MLP, the chief executive officer, president, chairman, chief operating  officer, chief accounting officer, chief financial officer, chief risk officer, chief compliance officer,  senior vice-president, executive vice-president, vice-president of finance, controller, treasurer or  assistant treasurer or any additional natural person notified to the Administrative Agent in an  officer’s certificate signed by one or more then existing Responsible Persons of the MLP and that  contains a specimen signature of such additional natural person.  “Restatement Effective Date”:  the date on which the conditions precedent set forth  in Sections 6.1 and 6.2 shall be satisfied or waived, which date is May 19, 2020.  “Restricted Payments”:  as defined in Section 8.5.  “RIN”:  any renewable identification number associated with the United States  government-mandated renewable fuel standards.  “Risk Management Policy”:  the risk management policy of the Loan Parties  applicable to the funding activities of the Loan Parties as approved by the board of directors of the  General Partner (or, after the effectiveness of the Approved Organizational Changes, the board of  directors of the MLP) and as in effect as of the SecondThird Amendment Effective Date, and as  the same may be modified in accordance with Section 7.10.  “Sanctioned Country”:  at any time, a country or territory which is itself the subject  or target of any Sanctions.  “Sanctioned Person”:  at any time, (a) any Person listed in any Sanctions-related  list of designated Persons maintained by the Office of Foreign Assets Control of the  U.S. Department of the Treasury or the U.S. Department of State or by the United Nations Security  Council, the European Union, any EU member state, Canada or the United Kingdom, (b) any  Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or  controlled by any such Person or Persons.  “Sanctions”:  economic or financial sanctions or trade embargoes imposed,  administered or enforced from time to time by (a) the U.S. government, including those  administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or  the U.S. Department of State, (b) the Canadian government or (c) the United Nations Security  Council, the European Union or Her Majesty’s Treasury of the United Kingdom.  “SEC”:  the United States Securities and Exchange Commission.  “SEC Filings”:  as defined in Section 7.1.  “Second Amendment”:  that certain Second Amendment to Second Amended and  Restated Credit Agreement, dated as of April 13, 2022, by and among the Borrowers, the Lenders  and the Administrative Agent.  

 

  -92-  USActive 56005294.16 -92-56005294.24  “Second Amendment Effective Date”:  the “Amendment Effective Date” as defined  in the Second Amendment.  “Section 4.11 Certificate”:  as defined in Section Error! Reference source not  found..  “Secured Parties”:  collectively, the Administrative Agent, the Lenders (including  any Issuing Lender in its capacity as Issuing Lender and any Swing Line Lender in its capacity as  Swing Line Lender), any Qualified Cash Management Bank, any Qualified Counterparty and, in  each instance, their respective successors and permitted assigns.  “Securities Account”: any “Securities Account” as defined in Section 8-501 of the  UCC, any “securities account” as defined under the PPSA and any “securities account” as defined  in the Quebec STA.  “Securitization Obligations”: of any Person at any date, all obligations of such  Person with respect to any securitization as of such date.  “Security Agreements”:  the collective reference to the U.S. Security Agreement,  the Canadian Security Agreement and the Quebec Security Documents.  “Security Documents”:  the collective reference to each Account Control  Agreement, the Security Agreements, the Pledge Agreements, each Mortgage and Security  Agreement, the Canadian Omnibus Amendment Agreement, the U.S. Omnibus Amendment  Agreement and each other security document hereafter delivered to the Administrative Agent  guaranteeing payment of, or granting a Lien on any asset or assets of any Person to secure any of  the Obligations or to secure any guarantee of any such Obligations, and, in each case, any  Successor Agent Document in respect of any of the foregoing.  “Semi-Monthly Reporting Date”:  the fifteenth (15th) day and the last day of each  month.  “Single Employer Plan”:  any Plan which is subject to Title IV of ERISA, but which  is not a Multiemployer Plan.  “S&P”:  Standard and Poor’s Financial Services LLC, or any successor to its rating  agency business.  “SOFR”: a rate equal to the secured overnight financing rate as administered by the  SOFR Administrator.  “SOFR Administrator”: the Federal Reserve Bank of New York (or a successor  administrator of the secured overnight financing rate).  “Specified Laws”:  (i) Trading with the Enemy Act, and each of the foreign assets  control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V)  and any other enabling legislation or executive order relating thereto, (ii) the USA PATRIOT Act  and (iii) CAML.  

 

  -93-  USActive 56005294.16 -93-56005294.24  “Specified Time”:  (i) in relation to a Loan in United States Dollars, as of 11:00  a.m., London time and (ii) in relation to a Loan in Canadian Dollars, as of 10:15 a.m. Toronto,  Ontario time.  “Specified Transaction”:  as defined on Schedule 8.10.  “Sprague Resources Canada”:  Sprague Resources Canada ULC, an unlimited  liability company formed under the laws of British Columbia.  “Subject Natural Gas Receivables”:  as defined in the definition of “Natural Gas  Transactions” in this Section 1.1.  “Subject Utility” or “Subject Utilities”:  as defined in the definition of “Natural Gas  Transactions” in this Section 1.1.   “Subsidiary”:  as to any Person, a corporation, partnership or other entity of which  shares of stock or other ownership interests having ordinary voting power (other than stock or such  other ownership interests having such power only by reason of the happening of a contingency) to  elect a majority of the board of directors or other managers of such corporation, partnership or  other entity are at the time owned, or the management of which is otherwise controlled, directly or  indirectly through one or more intermediaries, or both, by such Person.  Unless otherwise qualified,  all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary  or Subsidiaries of the MLP.  As of the SecondThird Amendment Effective Date, the Subsidiaries  of the MLP are listed on Schedule 5.15.  “Subsidiary Guarantors”:  Subject to Section 11.5, Sprague Energy Solutions Inc.,  Sprague Connecticut Properties LLC, Sprague Terminal Services LLC, Sprague Resources  Finance Corp, Wintergreen, Sprague Resources Canada, Sprague Co-op Member LLC, Sprague  Natural Gas LLC, Sprague Energy LLC, the U.S. Borrower, the Canadian Borrower and Sprague  Transport LLC and, after the RestatementThird Amendment Effective Date, each other Person  executing and delivering the Guarantee, or becoming a party to the Guarantee as a guarantor (by  supplement or otherwise), pursuant to this Agreement.  “Successor Agent Agreement”: that certain Successor Agents Agreement and  Master Assignment, dated as of the date hereof, by and among JPMorgan Chase Bank, N.A., as  existing administrative agent, JPMorgan Chase Bank, N.A., Toronto Branch, as existing Canadian  agent, JPMorgan Chase Bank, N.A. and BNP Paribas, as existing co-collateral agents, each  existing lender or issuing lender party thereto and the Administrative Agent, as successor  Administrative Agent, successor Canadian agent and successor collateral agent.   “Successor Agent Documents”: (i) the Successor Agent Agreement, (ii) each  mortgage assignment and amendment agreement with respect to each Existing Mortgaged  Property, in form and substance reasonably satisfactory to the Administrative Agent, (iii) each  Account Control Agreement Amendment and Assignment, in form and substance reasonably  satisfactory to the Administrative Agent, (iv) an assignment agreement with respect to each  Quebec Security Document that is currently in effect immediately prior to giving effect to the  Restatement Effective Date, in form and substance reasonably satisfactory to the Administrative  

 

  -94-  USActive 56005294.16 -94-56005294.24  Agent, and (v) each document or agreement entered into with a Loan Party that, in accordance  with its terms, is a Successor Agent Document.  “Supermajority Lenders”:  at any time, Lenders the Credit Exposure Percentages of  which aggregate more than 66 2/3%; provided that the Credit Exposure of any Defaulting Lender  shall be excluded from the calculation of Credit Exposure Percentage in determining  Supermajority Lenders.  “Sustainability Linked Loan Principles”: the Sustainability Linked Loan Principles  (as published and maintained by the Loan Market Association, Asia Pacific Loan Market  Association and Loan Syndications & Trading Association) or with applicable current precedent  sustainability linked loans and is to be agreed among the Borrowers and the Sustainability  Structuring Agent (each acting reasonably).  “Sustainability Structuring Agent”: such Lender, designated to act in such capacity  (and agreed to by such Lender), from time to time as may be agreed upon by the Administrative  Agent and the U.S. Borrower.  “Swap”:  any agreement, contract, or transaction that constitutes a “swap” within  the meaning of Section 1a(47) of the Commodity Exchange Act.  “Swap Amounts due to Qualified Counterparties”:  as of any date, the aggregate of  all Out of the Money Swap Amounts.  “Swap Obligation”:  with respect to any Person, any obligation to pay or perform  under any Swap.  “Swing Line Cap”: with respect to the obligation of a Swing Line Lender to make  or consider making any Swing Line Loan pursuant to Section 2.3, the aggregate amount of the  then outstanding Swing Line Loans made by such Swing Line Lender (in its capacity as a Swing  Line Lender) as set forth on Schedule 1.1(H); provided, that Schedule 1.1(H) may be modified  from time to time to add any new Swing Line Lender and its Swing Line Cap thereto, to remove  any Swing Line Lender and its Swing Line Cap therefrom, or to increase or decrease the Swing  Line Cap of any Swing Line Lender, in each case with the prior consent of the Borrowers, the  Administrative Agent and any such Swing Line Lender being so added or removed or the Swing  Line Cap of which is being so changed; provided, further, that the aggregate amount of outstanding  Swing Line Loans shall be subject to Sections 2.5 and 6.2(e).  “Swing Line Lenders”:  the Dollar Committed Tranche Swing Line Lenders, the  Dollar Uncommitted Tranche Swing Line Lenders and/or the Multicurrency Swing Line Lenders,  as the context requires.  “Swing Line Loans”:  the Dollar Committed Tranche Swing Line Loans, the Dollar  Uncommitted Tranche Swing Line Loans and/or the Multicurrency Swing Line Loans, as the  context requires.  

 

  -95-  USActive 56005294.16 -95-56005294.24  “Synthetic Lease”:  any lease of property, real or personal, the obligations of the  lessee in respect of which are treated as an operating lease for financial accounting purposes and  a financing lease for U.S. income tax purposes, in accordance with GAAP.  “Taxes”:  as defined in Section 4.11(a).  “Term SOFR”:   (a) for any calculation with respect to a Term SOFR Loan, the Term SOFR  Reference Rate for a tenor comparable to the applicable Interest Period on the day (such  day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government  Securities Business Days prior to the first day of such Interest Period, as such rate is  published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m.  (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR  Reference Rate for the applicable tenor has not been published by the Term SOFR  Administrator and a Benchmark Replacement Date with respect to the Term SOFR  Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate  for such tenor as published by the Term SOFR Administrator on the first preceding U.S.  Government Securities Business Day for which such Term SOFR Reference Rate for such  tenor was published by the Term SOFR Administrator so long as such first preceding U.S.  Government Securities Business Day is not more than three (3) U.S. Government  Securities Business Days prior to such Periodic Term SOFR Determination Day; and  (b) for any calculation with respect to a Base Rate Loan on any day, the Term  SOFR Reference Rate for a tenor of one month on the day (such day, the “Base Rate Term  SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days  prior to such day, as such rate is published by the Term SOFR Administrator; provided,  however, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR  Determination Day the Term SOFR Reference Rate for the applicable tenor has not been  published by the Term SOFR Administrator and a Benchmark Replacement Date with  respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the  Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator  on the first preceding U.S. Government Securities Business Day for which such Term  SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so  long as such first preceding U.S. Government Securities Business Day is not more than  three (3) U.S. Government Securities Business Days prior to such Base Rate Term SOFR  Determination Day.  “Term SOFR Adjustment”: for any calculation with respect to a Base Rate Loan or  a Term SOFR Loan, a percentage per annum as set forth below for the applicable type of such  Loan and (if applicable) Interest Period therefor:  Base Rate Loans:  0.10%  Term SOFR Loans:  

 

  -96-  USActive 56005294.16 -96-56005294.24  Interest Period Percentage  One month 0.10%  Three months 0.15%  Six months 0.25%  “Term SOFR Administrator”: CME Group Benchmark Administration Limited  (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the  Administrative Agent in its reasonable discretion).  “Term SOFR Loans”: Loans the rate of interest of which is based upon Adjusted  Term SOFR, other than pursuant to clause (c) of the definition of Base Rate.  “Term SOFR Reference Rate”: the forward-looking term rate based on SOFR.  “Third Amendment”:  that certain Third Amendment to Second Amended and  Restated Credit Agreement, dated as of September 2, 2022, by and among the Borrowers, the  Lenders and the Administrative Agent.  “Third Amendment Effective Date”:  the “Amendment Effective Date” as defined  in the Third Amendment.   “Tier 1 Counterparty”:  in relation to an Eligible Account Receivable or Eligible  Unbilled Account Receivable, the counterparty thereto to the extent that (a) such counterparty is  Investment Grade or (b) such counterparty’s obligations with respect thereto are supported by  Acceptable Investment Grade Credit Enhancement.  “Tier 2 Counterparty”:  in relation to an Eligible Account Receivable or Eligible  Unbilled Account Receivable, the counterparty thereto to the extent that it is not a Tier 1  Counterparty.  “Title Insurance Company”:  as defined in Section 6.1(o).  “Total Acquisition Facility Acquisition Extensions of Credit”:  an amount equal to  the sum of (a) the aggregate unpaid principal amount of Acquisition Facility Loans outstanding at  such time, plus (b) the aggregate amount of Acquisition Facility L/C Obligations outstanding at  such time, that are, in each case, Acquisition Facility Acquisition Extensions of Credit.  “Total Acquisition Facility Extensions of Credit”:  an amount equal to the sum of  (a) the aggregate unpaid principal amount of Acquisition Facility Loans outstanding at such time,  plus (b) the aggregate amount of Acquisition Facility L/C Obligations outstanding at such time.  “Total Acquisition Facility Working Capital Extensions of Credit”:  an amount  equal to the sum of (a) the aggregate unpaid principal amount of Acquisition Facility Loans  outstanding at such time, plus (b) the aggregate amount of Acquisition Facility L/C Obligations  outstanding at such time, that are, in each case, Acquisition Facility Working Capital Extensions  of Credit.  

 

  -97-  USActive 56005294.16 -97-56005294.24  “Total Dollar Working Capital Facility Committed Tranche Extensions of Credit”:   an amount equal to the sum of (a) the aggregate unpaid principal amount of Dollar Working Capital  Facility Committed Tranche Loans and Dollar Committed Tranche Swing Line Loans outstanding  at such time, plus (b) the aggregate amount of Dollar Working Capital Facility Committed Tranche  L/C Obligations outstanding at such time.  “Total Dollar Working Capital Facility Uncommitted Tranche Extensions of  Credit”:  an amount equal to the sum of (a) the aggregate unpaid principal amount of Dollar  Working Capital Facility Uncommitted Tranche Loans and Dollar Uncommitted Tranche Swing  Line Loans outstanding at such time, plus (b) the aggregate amount of Dollar Working Capital  Facility Uncommitted Tranche L/C Obligations outstanding at such time.  “Total Dollar Working Capital Facility Uncommitted Tranche Portions”:  (i)  initially, the aggregate amount of each Dollar Working Capital Facility Uncommitted Tranche  Lender’s Dollar Working Capital Facility Uncommitted Tranche Portion (as such Dollar Working  Capital Facility Uncommitted Tranche Portion may be increased from time to time pursuant to  Section 4.1(b)) and (ii) from and after the first Conversion to Approving Lenders Date, the  aggregate amount of each Approving Lender’s Dollar Working Capital Facility Uncommitted  Tranche Portion as of the applicable date of determination.  As of the SecondThird Amendment  Effective Date, the Total Dollar Working Capital Facility Uncommitted Tranche Portions is  $255,000,000.00365,000,000.00.  “Total Extensions of Credit”:  at any time, the Total Dollar Working Capital  Facility Committed Tranche Extensions of Credit, the Total Dollar Working Capital Facility  Uncommitted Tranche Extensions of Credit, the Total Multicurrency Working Capital Facility  Extensions of Credit or the Total Acquisition Facility Extensions of Credit at such time, as the  context requires.  “Total Multicurrency Working Capital Facility Extensions of Credit”:  an amount  equal to the Dollar Equivalent of the sum of (a) the aggregate unpaid principal amount of  Multicurrency Working Capital Facility Loans and Multicurrency Swing Line Loans outstanding  at such time, plus (b) the aggregate amount of Multicurrency Working Capital Facility  L/C Obligations outstanding at such time.  “Total Working Capital Facility Extensions of Credit”:  an amount equal to the sum  of (a) the Total Dollar Working Capital Facility Committed Tranche Extensions of Credit at such  time plus (b) the Total Dollar Working Capital Facility Uncommitted Tranche Extensions of Credit  at such time plus (c) the Total Multicurrency Working Capital Facility Extensions of Credit at such  time.  “Trade Letter of Credit”:  a commercial or standby Letter of Credit supporting the  purchase of Eligible Commodities giving rise to Eligible Inventory and/or an Eligible Account  Receivable no later than sixty (60) days following the date of issuance of such Letter of Credit.  “Trading Business”:  with respect to each Lender, the day-to-day activities of such  Lender or a division, Subsidiary or Affiliate of such Lender relating to the proprietary purchase,  

 

  -98-  USActive 56005294.16 -98-56005294.24  sale, hedging and/or trading of commodities, including Eligible Commodities, and any related  derivative transactions.  “Tranche”:  CDOR Loans or Term SOFR Loans of the same currency, the  then-current Interest Periods of which all begin on the same date and end on the same later date  (whether or not such CDOR Loans or Term SOFR Loans shall originally have been made on the  same day).  “Transferee”:  as defined in Section 11.7(f).  “Type”:  as to any Loan, its nature as a Base Rate Loan, Prime Rate Loan, a Term  SOFR Loan or a CDOR Loan.  “UCC”:  the Uniform Commercial Code as from time to time in effect in the State  of New York or, as the context requires, any other applicable jurisdiction.  “UCP 600”:  as defined in Section 3.4(g).  “UK Financial Institution”:  any BRRD Undertaking (as such term is defined under  the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential  Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended  from time to time) promulgated by the United Kingdom Financial Conduct Authority, which  includes certain credit institutions and investment firms, and certain affiliates of such credit  institutions or investment firms.  “UK Resolution Authority”:  the Bank of England or any other public  administrative authority having responsibility for the resolution of any UK Financial Institution.  “Unadjusted Benchmark Replacement”:  the applicable Benchmark Replacement  excluding the related Benchmark Replacement Adjustment.  “United States Dollars” and “$”:  dollars in lawful currency of the United States of  America.  “Unreimbursed Amount”:  as defined in Section 3.7(a).  “U.S. Borrower”:  as defined in the introductory paragraph of this Agreement.  “U.S. Borrowing Base”:  on any date, solely with respect to the assets of the  U.S. Loan Parties, an amount equal to:  (i) 100% of Eligible Cash and Cash Equivalents; plus  (ii) 90% of Eligible Tier 1 Accounts Receivable; plus  (iii) 85% of Eligible Unbilled Tier 1 Accounts Receivable; plus  (iv) 85% of Eligible Tier 2 Accounts Receivable; plus  

 

  -99-  USActive 56005294.16 -99-56005294.24  (v) 80% of Eligible Unbilled Tier 2 Accounts Receivable; plus  (vi) 90% of Eligible Hedged Petroleum Inventory; plus  (vii) 85% of Eligible Petroleum Inventory; plus  (viii) 90% of Eligible Hedged Natural Gas Inventory; plus  (ix) 85% of Eligible Natural Gas Inventory; plus  (x) 70% of Eligible Asphalt Inventory; plus  (xi) 80% of U.S. Prepaid Purchases; plus  (xii) 90% of Eligible Net Liquidity in Futures Accounts; plus  (xiii) 85% of Eligible Exchange Receivables; plus  (xiv) 80% of Eligible Short Term Unrealized Forward Gains; plus  (xv) 70% of Eligible Medium Term Unrealized Forward Gains; plus  (xvi) 60% of Eligible Long Term Unrealized Forward Gains; plus  (xvii) 85% of Eligible Letters of Credit Issued for Commodities Not Yet  Received; plus  (xviii) 100% of Paid But Unexpired Letters of Credit; plus  (xix) 70% of Eligible RINs; plus  (xx) 95% of Eligible L/C Backed Accounts Receivable; less  (1) 100% of the First Purchaser Lien Amount; less  (2) 100% of Product Taxes; less  (3) 110% of any Swap Amounts due to Qualified Counterparties  solely to the extent, and if, such Swap Amounts due to Qualified  Counterparties are in excess of $20,000,000; less  (4) 100% of the Overcollateralization Amount.  Any amounts described in categories (i) through (xx) and (1) through (4) above  which may fall into more than one of such categories shall be counted only once under the category  with the highest applicable advance rate percentage, when making the calculation under this  definition.  In addition, any deductions made from the value of any asset included in the U.S.  Borrowing Base in respect of counterparty contra, offsets, counterclaims, unrealized forward  

 

  -100-  USActive 56005294.16 -100-56005294.24  losses and any other similar charges or claims shall be without duplication.  In calculating the U.S.  Borrowing Base, the following adjustments shall be made:  (A) the value of Accounts Receivable to be included in  clauses (ii) through (v) and (xx) shall not exceed $15,000,000 for Accounts  Receivables the Account Debtors of which are Eligible Foreign  Counterparties;  (B) (i) the value of that portion of the U.S. Borrowing Base  described in clauses (xiv) through (xvi), together with the value of that  portion of the Kildair Borrowing Base described in clause (xiv) thereof,  shall not exceed (1) in the aggregate (and after giving effect to the sublimits  set forth in clause (i)(2), (i)(3) and (ii) below), the lesser of (a) 30% of the  Aggregate Borrowing Base Amount then in effect and (b) $325,000,000,  (2) $175,000,000 from Forward Contracts relating to Petroleum Products,  or (3) $165,000,000 from Forward Contracts relating to Natural Gas  Products and (ii) the value of that portion of the U.S. Borrowing Base  described in clause (xvi) shall not exceed $20,000,000;  (C) any category of the U.S. Borrowing Base shall be calculated  taking into account any elimination and reduction related to any potential  offset to such asset category;  (D) the Administrative Agent may, in its reasonable discretion,  determine that one or more assets described in clauses (ii), (iii), (iv), (v),  (xiii), (xiv), (xv), (xvi), (xix) or (xx) does not meet the eligibility  requirements for inclusion in the U.S. Borrowing Base, and any such assets  shall not be included in the U.S. Borrowing Base;  (E) notwithstanding anything herein to the contrary, no asset  shall be eligible in whole or in part for inclusion in the U.S. Borrowing Base  to the extent such asset is in violation of the Risk Management Policy;  (F) the calculation of the value of the assets included in  clauses (ii), (iii), (iv), (v), (xii) and (xx) with respect to a counterparty shall  be net of any Out of the Money Forward Contract Amount attributable to  such counterparty (for purposes of this clause (F), any reference to a  counterparty shall include all Subsidiaries and Affiliates of such  counterparty which affiliation is known or should be known by the Loan  Parties, except for a counterparty that holds itself out as an independent  credit and separate legal entity with respect to its Subsidiaries and Affiliates,  together with such counterparty’s independent Subsidiaries and Affiliates,  and is listed on the Independent Entity Schedule);  (G) the calculation of the value of the assets included in  clauses (ii), (iii), (iv), (v), (xi), (xiii), (xiv), (xv), (xvi) and (xx) (to the extent  that any of the following constitutes a defense to drawing on the letter of  

 

  -101-  USActive 56005294.16 -101-56005294.24  credit supporting the applicable Eligible L/C Backed Account Receivable)  that are attributable to a single counterparty shall be netted against any  contra, offset, counterclaim, unrealized forward losses or obligations of the  U.S. Loan Parties with such counterparty including amounts payable to  such counterparty (for purposes of this clause (G), any reference to a  counterparty shall include all Subsidiaries and Affiliates of such  counterparty which affiliation is known or should be known by the Loan  Parties, except for a counterparty that holds itself out as an independent  credit and separate legal entity with respect to its Subsidiaries and Affiliates,  together with such counterparty’s independent Subsidiaries and Affiliates,  and is listed on the Independent Entity Schedule); and  (H) the value of that portion of the U.S. Borrowing Base  described in clause (xix) shall not exceed $10,000,000.  The value of the U.S. Borrowing Base at any time shall be the value of the U.S.  Borrowing Base as of such date.  “U.S. Government Securities Business Day”: any day except for (a) a Saturday, (b)  a Sunday or (c) a day on which the Securities Industry and Financial Markets Association  recommends that the fixed income departments of its members be closed for the entire day for  purposes of trading in United States government securities; provided, that for purposes of notice  requirements in Sections 2.5(a) and 4.6, in each case, such day is also a Business Day.  “U.S. Loan Party”:  any Loan Party organized under the laws of any jurisdiction  within the United States (and excluding any Subsidiary of Kildair).  “U.S. Obligations”:  any Obligations treated as Obligations of a U.S. Person for  U.S. federal income tax purposes.  “U.S. Omnibus Amendment Agreement”:  the Omnibus Amendment Agreement,  dated as of the Restatement Effective Date, by and among each Loan Party party thereto and the  Administrative Agent, which shall amend the U.S. Security Agreement, the U.S. Pledge  Agreement, the Guarantee and that certain Collateral Assignment of License, dated as of  September 22, 2017 (as amended, restated, supplemented or otherwise modified from time to  time), made by the U.S. Borrower in favor of the Administrative Agent.  “U.S. Person”:  a “United States person” within the meaning of Section 7701(a)(30)  of the Code.  “U.S. Pledge Agreement”:  the Amended and Restated U.S. Pledge Agreement,  dated as of December 9, 2014, by (a) any Loan Party organized under the laws of any jurisdiction  within the United States and (b) any Loan Party pledging Capital Stock of any Person organized  under the laws of any jurisdiction within the United States, in favor of the Administrative Agent,  as amended, restated, supplemented or otherwise modified from time to time.  “U.S. Prepaid Purchases”:  as of any date, Eligible Commodities (consisting of  Natural Gas Products and Petroleum Products) valued at the then current Value purchased and  

 

  -102-  USActive 56005294.16 -102-56005294.24  prepaid by the U.S. Loan Parties from suppliers reasonably acceptable to the Administrative Agent  in its sole discretion, with respect to which (w) title shall not have passed to any Loan Party,  (x) such Eligible Commodities shall not have been delivered to any Loan Party; provided that such  products must be supported by an invoice from said supplier (i) specifying the purpose of the  applicable prepayment, and (ii) including a copy of the underlying purchase contract; (y) with  respect to prepayment by any Loan Party under any other agreement or arrangement, not more  than five (5) Business Days shall have elapsed since such prepayment was made and (z) the  Administrative Agent shall have a Perfected First Lien in the right of such Loan Party to receive  such Eligible Commodities (including that no provision of any agreement between such supplier  and such Loan Party shall prohibit the assignment of a security interest by such Loan Party to the  Administrative Agent in such Loan Party’s right to receive such Eligible Commodities).  “U.S. Prime Rate”: for any day, a rate per annum that is equal to the corporate base  rate of interest established by MUFG from time to time and, if requested, provided to the  Borrowers prior to the delivery of the relevant Borrowing Notice.  The U.S. Prime Rate is a  reference rate and does not necessarily represent the lowest or best rate actually available.  “U.S. Security Agreement”:  the Amended and Restated U.S. Security Agreement,  dated as of December 9, 2014, by the Loan Parties organized under the laws of any jurisdiction  within the United States, in favor of the Administrative Agent, as amended, restated, supplemented  or otherwise modified from time to time.  “U.S. Subsidiary”:  any Subsidiary of the MLP organized under the laws of any  jurisdiction within the United States.  “USA PATRIOT Act”:  Executive Order No. 13224 on Terrorist Financing,  effective September 24, 2001 (the “Executive Order”), the Uniting and Strengthening America by  Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public  Law 107-56.  “Valuation Agent”:  Muse, Stancil & Co. or such other business valuation firm  acceptable to the U.S. Borrower and the Administrative Agent.  “Value”:  with respect to any Eligible Commodity or Eligible RIN, the Market  Value thereof.  “Wage Earner Protection Act Reserve” on any date of determination, a reserve  established from time to time by Administrative Agent in such amount as Administrative Agent  determines reflects the amounts that may become due under the Wage Earner Protection Program  Act (Canada) with respect to the employees of any Loan Party employed in Canada which would  give rise to a Lien with priority under applicable law over the Lien securing the Obligations.  “Weighted Average Life to Maturity”:  when applied to any Indebtedness at any  date, the number of years obtained by dividing (i) the sum of the products obtained by multiplying  (x) the amount of each then remaining installment or other required scheduled payments of  principal, including payment at final maturity, in respect thereof, by (y) the number of years  (calculated to the nearest one-twelfth) that will elapse between such date and the making of such  payment by (ii) the then outstanding principal amount of such Indebtedness.  

 

  -103-  USActive 56005294.16 -103-56005294.24  “Wholly Owned Subsidiary”:  as to any Person, any other Person all of the Capital  Stock of which (other than directors’ qualifying shares required by law) is owned by such Person  directly and/or through other Wholly Owned Subsidiaries.  “Wintergreen”:  Wintergreen Transport Corporation ULC, an unlimited liability  company formed under the laws of British Columbia  (being the successor by way of amalgamation  to Transit P.M. ULC and Wintergreen Transport Corporation ULC).  “Working Capital Facility”:  the Dollar Working Capital Facility Committed  Tranche, the Dollar Working Capital Facility Uncommitted Tranche and/or the Multicurrency  Working Capital Facility, as the context requires.  “Working Capital Facility Commitments”:  the Dollar Working Capital Facility  Commitments and/or the Multicurrency Working Capital Facility Commitments, as the context  requires.  “Working Capital Facility Letter of Credit”:  a Dollar Working Capital Facility  Committed Tranche Letter of Credit, a Dollar Working Capital Facility Uncommitted Tranche  Letter of Credit and/or a Multicurrency Working Capital Facility Letter of Credit, as the context  requires.  “Working Capital Facility Lender”:  any Dollar Working Capital Facility  Committed Tranche Lender, any Dollar Working Capital Facility Uncommitted Tranche Lender   and/or any Multicurrency Working Capital Facility Lender, as the context requires.  “Working Capital Facility Loan”:  a Dollar Working Capital Facility Committed  Tranche Loan, a Dollar Working Capital Facility Uncommitted Tranche Loan and/or a  Multicurrency Working Capital Facility Loan, as the context requires.  “Working Capital Facility Utilization”:  with respect to the sum of the aggregate  Dollar Working Capital Facility Commitments plus the aggregate Dollar Working Capital Facility  Uncommitted Tranche Portions plus the aggregate Multicurrency Working Capital Facility  Commitments, for any fiscal quarter, an amount (expressed as a percentage) equal to the quotient  of (a) the quotient of (i) the sum of the applicable Total Working Capital Facility Extensions of  Credit outstanding as of the close of business on each day during such fiscal quarter divided by  (ii) the number of days in such fiscal quarter divided by (b) the sum of the aggregate Dollar  Working Capital Facility Commitments plus the aggregate Dollar Working Capital Facility  Uncommitted Tranche Portions plus the aggregate Multicurrency Working Capital Facility  Commitments, in each case, in effect on the last Business Day of such fiscal quarter.  “Write-Down and Conversion Powers”: (a) with respect to any EEA Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority from time to  time under the Bail-In Legislation for the applicable EEA Member Country, which write-down  and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect  to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In  Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial  Institution or any contract or instrument under which that liability arises, to convert all or part of  that liability into shares, securities or obligations of that person or any other person, to provide that  

 

  -104-  USActive 56005294.16 -104-56005294.24  any such contract or instrument is to have effect as if a right had been exercised under it or to  suspend any obligation in respect of that liability or any of the powers under that Bail-In  Legislation that are related to or ancillary to any of those powers.  1.2 Other Definitional Provisions; Terms Generally.  (a)  Unless otherwise  specified therein, all terms defined in this Agreement shall have the defined meanings when used  in any Notes or any other Loan Documents or any certificate or other document made or delivered  pursuant hereto or thereto.  (b) Except as provided for herein (including, for the avoidance of doubt, the  proviso in the definition of “Financing Lease”), as used herein and in any Notes, any other Loan  Documents and any certificate or other document made or delivered pursuant hereto or thereto,  accounting terms relating to the MLP and its Subsidiaries not defined in Section 1.1 and (subject  to Section 1.2(c)) accounting terms partly defined in Section 1.1, to the extent not defined, shall  have the respective meanings given to them under GAAP (provided that 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 (i) any election under Accounting  Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting  Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard  having a similar result or effect) to value any Indebtedness or other liabilities of the U.S. Borrower  or any Subsidiary at “fair value”, as defined therein and (ii) any treatment of Indebtedness in  respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any  other Accounting Standards Codification or Financial Accounting Standard having a similar result  or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein,  and such Indebtedness shall at all times be valued at the full stated principal amount thereof).  (c) The words “hereof”, “herein” and “hereunder” and words of similar import  when used in this Agreement shall refer to this Agreement as a whole and not to any particular  provision of this Agreement, and Section, Schedule, Exhibit and Annex references are to this  Agreement unless otherwise specified.  (d) The meanings given to terms defined herein shall be equally applicable to  both the singular and plural forms of such terms.  (e) Unless otherwise expressly provided herein, (i) references to Governing  Documents, agreements (including the Loan Documents) and other contractual instruments shall  be deemed to include all subsequent amendments, restatements, extensions, waivers, supplements  and other modifications thereto (including, without limitation, pursuant to the Canadian Omnibus  Amendment Agreement and the U.S. Omnibus Amendment Agreement) and (ii) references to any  Law shall include all statutory and regulatory provisions consolidating, amending, replacing,  supplementing or interpreting such Law.  (f) As used herein and in any Notes, any other Loan Documents and any  certificate or other document made or delivered pursuant hereto or thereto, (i) the words “include”,  “includes” and “including” shall be deemed to be followed by the phrase “without limitation” and  (ii) the words “asset” and “property” shall be construed to have the same meaning and effect and  

 

  -105-  USActive 56005294.16 -105-56005294.24  to refer to any and all tangible and intangible assets and properties, including cash, Capital Stock,  securities, revenues, accounts, leasehold interests and contract rights.  1.3 Rounding.  Any financial ratios required to be maintained by the U.S.  Borrower and/or the Loan Parties pursuant to this Agreement shall be calculated by dividing the  appropriate component by the other component, carrying the result to one place more than the  number of places by which such ratio is expressed herein and rounding the result up or down to  the nearest number (with a rounding-up if there is no nearest number).  1.4 Quebec Matters.  For purposes of any assets, liabilities or entities located in  the Province of Québec and for all other purposes pursuant to which the interpretation or  construction of this Agreement may be subject to the laws of the Province of Québec or a court or  tribunal exercising jurisdiction in the Province of Québec, (a) “personal property” shall include  “movable property”, (b) “real property” or “real estate” shall include “immovable property”,  (c) “tangible property” shall include “corporeal property”, (d) “intangible property” shall include  “incorporeal property”, (e) “security interest”, “mortgage” and “lien” shall include a “hypothec”,  “right of retention”, “prior claim” and a resolutory clause, (f) all references to filing, perfection,  priority, remedies, registering or recording under the UCC or a Personal Property Security Act  shall include publication under the Civil Code of Québec, (g) all references to “perfection” of or  “perfected” liens or security interest shall include a reference to an “opposable” or “set up” lien or  security interest as against third parties, (h) any “right of offset”, “right of setoff” or similar  expression shall include a “right of compensation”, (i) “goods” shall include “corporeal movable  property” other than chattel paper, documents of title, instruments, money and securities, (j) an  “agent” shall include a “mandatary”, (k) “construction liens” shall include “legal hypothecs”;  (l) “joint and several” shall include “solidary”; (m) “gross negligence or willful misconduct” shall  be deemed to be “intentional or gross fault”; (n) “registered ownership held for a beneficial owner”  shall include “ownership on behalf of another as mandatary”; (o) “easement” shall include  “servitude”; (p) “priority” shall include “prior claim”; (q) “survey” shall include “certificate of  location and plan”; (r) “state” shall include “province”; (s) “fee simple title” shall include  “absolute ownership”; (t) “accounts” shall include “claims”.  1.5 Divisions.  Any reference herein to a merger, transfer, consolidation,  amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply  to a division of or by a limited liability company, or an allocation of assets to a series of a Person  (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation,  amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as  applicable, to, of or with a separate Person.  Any division of a limited liability company, or  segregated series of a Person, shall constitute a separate Person hereunder (and each division of  any limited liability company or segregated series of a Person that is a Subsidiary, joint venture or  any other like term shall also constitute such a Person or entity).  1.6 Interest Rates.  The Administrative Agent does not warrant or accept any  responsibility for, and shall not have any liability with respect to, (a) the continuation of,  administration of, submission of, calculation of or any other matter related to the Term SOFR  Reference Rate, Adjusted Term SOFR, Term SOFR, the CDOR Rate, CDOR or any other  Benchmark, or any component definition thereof or rates referred to in the definition thereof, or  with respect to any alternative, successor or replacement rate thereto (including any Benchmark  

 

  -106-  USActive 56005294.16 -106-56005294.24  Replacement), including whether the composition or characteristics of any such alternative,  successor or replacement rate (including any Benchmark Replacement) will be similar to, or  produce the same value or economic equivalence of, or have the same volume or liquidity as, the  Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, the CDOR Rate, CDOR, such  Benchmark or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect,  implementation or composition of any Conforming Changes.  The Administrative Agent and its  affiliates or other related entities may engage in transactions that affect the calculation of the Term  SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, the CDOR Rate, CDOR, any other  Benchmark, any alternative, successor or replacement rate (including any Benchmark  Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the  Borrowers.  The Administrative Agent may select information sources or services in its reasonable  discretion to ascertain the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, the  CDOR Rate, CDOR, or any other Benchmark, any component definition thereof or rates referred  to in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no  liability to any Borrower, any Lender or any other person or entity for damages of any kind,  including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or  expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or  calculation of any such rate (or component thereof) provided by any such information source or  service.  SECTION 2 AMOUNT AND TERMS OF THE LOANS, COMMITMENTS  AND DOLLAR WORKING CAPITAL FACILITY  UNCOMMITTED TRANCHE PORTIONS  2.1 Working Capital Facility Loans.  (a)  Subject to the terms and conditions  hereof, each Dollar Working Capital Facility Committed Tranche Lender severally shall make  revolving credit loans under the Dollar Working Capital Facility Commitments (the “Dollar  Working Capital Facility Committed Tranche Loans”) to the Borrowers in an amount requested  by the applicable Borrower from time to time during the Dollar Working Capital Facility  Commitment Period in an aggregate principal amount at any one time outstanding which, when  added to such Dollar Working Capital Facility Committed Tranche Lender’s then outstanding  Dollar Working Capital Facility Committed Tranche Extensions of Credit (after giving effect to  any application of proceeds of such Dollar Working Capital Facility Committed Tranche Loans  pursuant to Section 2.6), does not exceed such Lender’s Dollar Working Capital Facility  Commitment at such time; provided that, after giving effect to any Dollar Working Capital Facility  Committed Tranche Loan requested by any Borrower, each of the conditions set forth in  Section 6.2 shall be satisfied or waived.  Dollar Working Capital Facility Committed Tranche  Loans may be denominated only in United States Dollars and may from time to time be (i) Term  SOFR Loans, (ii) Base Rate Loans or (iii) a combination thereof, in each case, as the applicable  Borrower shall notify the Administrative Agent in accordance with Sections 2.5 and 4.3.  No  Dollar Working Capital Facility Committed Tranche Loan shall be made as a Term SOFR Loan  after the day that is one (1) month prior to the Dollar Working Capital Facility Commitment  Termination Date.  (b) Subject to the terms and conditions hereof, each Dollar Working Capital  Facility Uncommitted Tranche Lender severally shall, on an UNCOMMITTED AND  

 

  -107-  USActive 56005294.16 -107-56005294.24  ABSOLUTELY DISCRETIONARY basis, consider making revolving credit loans under the  Dollar Working Capital Facility Uncommitted Tranche Portions (the “Dollar Working Capital  Facility Uncommitted Tranche Loans”) to the Borrowers in an amount requested by the applicable  Borrower from time to time during the Dollar Working Capital Facility Uncommitted Tranche  Period in an aggregate principal amount at any one time outstanding which, when added to such  Dollar Working Capital Facility Uncommitted Tranche Lender’s then outstanding Dollar Working  Capital Facility Uncommitted Tranche Extensions of Credit (after giving effect to any application  of proceeds of such Dollar Working Capital Facility Uncommitted Tranche Loans pursuant to  Section 2.6), does not exceed such Lender’s Dollar Working Capital Facility Uncommitted  Tranche Portion at such time; provided that, after giving effect to any Dollar Working Capital  Facility Uncommitted Tranche Loan requested by any Borrower, each of the conditions set forth  in Section 6.2 shall be satisfied or waived.  Dollar Working Capital Facility Uncommitted Tranche  Loans may be denominated only in United States Dollars and may from time to time be (i) Term  SOFR Loans, (ii) Base Rate Loans or (iii) a combination thereof, in each case, as the applicable  Borrower shall notify the Administrative Agent in accordance with Sections 2.5 and 4.3.  No  Dollar Working Capital Facility Uncommitted Tranche Loan shall be made as a Term SOFR Loan  after the day that is one (1) month prior to the Dollar Working Capital Facility Uncommitted  Tranche Termination Date.  NO DOLLAR WORKING CAPITAL FACILITY UNCOMMITTED  TRANCHE LENDER SHALL HAVE ANY COMMITMENT OR OBLIGATION TO MAKE  ANY DOLLAR WORKING CAPITAL FACILITY UNCOMMITTED TRANCHE LOAN  HEREUNDER UNLESS AND UNTIL SUCH DOLLAR WORKING CAPITAL FACILITY  UNCOMMITTED TRANCHE LENDER AFFIRMATIVELY COMMITS OR IS DEEMED TO  HAVE COMMITTED UNDER SECTION 2.5(d) TO SUCH REQUESTED FUNDING  TRANSACTION.  NOTHING CONTAINED HEREIN SHALL OTHERWISE COMMIT OR  OBLIGATE ANY DOLLAR WORKING CAPITAL FACILITY UNCOMMITTED TRANCHE  LENDER, OR BE INTERPRETED AS A PROMISE OR COMMITMENT BY ANY DOLLAR  WORKING CAPITAL FACILITY UNCOMMITTED TRANCHE LENDER, TO MAKE OR  ELECT TO MAKE ANY SUCH DOLLAR WORKING CAPITAL FACILITY  UNCOMMITTED TRANCHE LOAN UNLESS AND UNTIL SUCH DOLLAR WORKING  CAPITAL FACILITY UNCOMMITTED TRANCHE LENDER AFFIRMATIVELY COMMITS  OR IS DEEMED TO HAVE COMMITTED UNDER SECTION 2.5(d) TO SUCH REQUESTED  FUNDING TRANSACTION.  (c) Subject to the terms and conditions hereof, each Multicurrency Working  Capital Facility Lender severally shall make revolving credit loans under the Multicurrency  Working Capital Facility Commitments (the “Multicurrency Working Capital Facility Loans”) to  the Borrowers in an amount requested by the applicable Borrower from time to time during the  Multicurrency Working Capital Facility Commitment Period in an aggregate principal amount at  any one time outstanding such that the Dollar Equivalent of such Multicurrency Working Capital  Facility Loan, when added to the Dollar Equivalent of such Multicurrency Working Capital  Facility Lender’s then outstanding Multicurrency Working Capital Facility Extensions of Credit  (after giving effect to any application of proceeds of such Multicurrency Working Capital Facility  Loans pursuant to Section 2.6), does not exceed such Lender’s Multicurrency Working Capital  Facility Commitment at such time; provided that, after giving effect to any Multicurrency Working  Capital Facility Loan requested by any Borrower, each of the conditions set forth in Section 6.2  shall be satisfied or waived.  Multicurrency Working Capital Facility Loans may be denominated  in United States Dollars or Canadian Dollars (as the applicable Borrower shall notify the  

 

  -108-  USActive 56005294.16 -108-56005294.24  Administrative Agent in accordance with Section 2.5) and may from time to time be (x) with  respect to Multicurrency Working Capital Facility Loans denominated in United States Dollars,  (i) Term SOFR Loans, (ii) Base Rate Loans or (iii) a combination thereof and (y) with respect to  Multicurrency Working Capital Facility Loans denominated in Canadian Dollars, (i) CDOR  Loans, (ii) Prime Rate Loans or (iii) a combination thereof, in each case, as the applicable  Borrower shall notify the Administrative Agent in accordance with Sections 2.5 and 4.3.  No  Multicurrency Working Capital Facility Loan shall be made as a Term SOFR Loan or a CDOR  Loan after the day that is one (1) month prior to the Multicurrency Working Capital Facility  Commitment Termination Date.  (d) During the Dollar Working Capital Facility Commitment Period, the  Borrowers may borrow, prepay the Dollar Working Capital Facility Committed Tranche Loans in  whole or in part, and reborrow Dollar Working Capital Facility Committed Tranche Loans, all in  accordance with the terms and conditions hereof.  During the Dollar Working Capital Facility  Uncommitted Tranche Period, the Borrowers may borrow, prepay the Dollar Working Capital  Facility Uncommitted Tranche Loans in whole or in part, and reborrow Dollar Working Capital  Facility Uncommitted Tranche Loans, all in accordance with the terms and conditions hereof.   During the Multicurrency Working Capital Facility Commitment Period, the Borrowers may  borrow, prepay the Multicurrency Working Capital Facility Loans in whole or in part, and  reborrow Multicurrency Working Capital Facility Loans, all in accordance with the terms and  conditions hereof.  (e) Each Lender may, at its option, make any Loan by causing any domestic or  foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such  option shall not (i) affect in any manner the obligation of the Borrowers to repay such Loan in  accordance with the terms of this Agreement or (ii) result in adverse consequences to the  Borrowers.  2.2 [Reserved].  2.3 Swing Line Loans.  (a)  Subject to the terms and conditions hereof, the  Dollar Committed Tranche Swing Line Lenders shall make a portion of the credit under the Dollar  Working Capital Facility Commitments available to the Borrowers by making swing line loans  (individually, a “Dollar Committed Tranche Swing Line Loan” and, collectively, the “Dollar  Committed Tranche Swing Line Loans”) to the applicable Borrower from time to time in United  States Dollars during the Dollar Working Capital Facility Commitment Period in an aggregate  principal amount at any one time outstanding not to exceed the Dollar Swing Line Loan Sub-Limit  then in effect; provided that (i) the sum of (x) the Dollar Committed Tranche Swing Line Exposure  of such Swing Line Lender, (y) the aggregate principal amount of outstanding Dollar Working  Capital Facility Committed Tranche Loans made by such Swing Line Lender (in its capacity as a  Dollar Working Capital Facility Committed Tranche Lender) and (z) the Dollar Committed  Tranche L/C Exposure of such Swing Line Lender (in its capacity as a Dollar Working Capital  Facility Committed Tranche Lender) may not exceed such Swing Line Lender’s Dollar Working  Capital Facility Commitment then in effect and (ii) the Borrowers shall not request, and no Dollar  Committed Tranche Swing Line Lender shall make, any Dollar Committed Tranche Swing Line  Loan if, after giving effect to the making of such Dollar Committed Tranche Swing Line Loan, the  aggregate amount of the Available Dollar Working Capital Facility Commitments would be less  

 

  -109-  USActive 56005294.16 -109-56005294.24  than zero; provided further that, after giving effect to any Dollar Committed Tranche Swing Line  Loan requested by any Borrower, each of the conditions set forth in Section 6.2 shall be satisfied  or waived.  During the Dollar Working Capital Facility Commitment Period, the Borrowers may  use the Dollar Swing Line Loan Sub-Limit by borrowing, repaying and reborrowing, all in  accordance with the terms and conditions hereof.  Any Borrower may request a Dollar Committed  Tranche Swing Line Loan and such Dollar Committed Tranche Swing Line Loan shall not be  required to be requested ratably among the Dollar Committed Tranche Swing Line Lenders.  Notwithstanding anything herein to the contrary, no Dollar Committed Tranche  Swing Line Lender shall be obligated to make any Dollar Committed Tranche Swing Line Loan  if, after giving effect to the making of such Dollar Committed Tranche Swing Line Loan, the  aggregate amount of the then outstanding Swing Line Loans made by such Swing Line Lender (in  its capacity as a Swing Line Lender) would exceed such Swing Line Lender’s Swing Line Cap;  provided, that subject to the terms and conditions hereof, each Dollar Committed Tranche Swing  Line Lender may make any Dollar Committed Tranche Swing Line Loan on a discretionary basis  during such time as the aggregate amount of the then outstanding Swing Line Loans made by such  Swing Line Lender (in its capacity as a Swing Line Lender) exceed such Swing Line Lender’s  Swing Line Cap, but the Swing Line Lender shall have no obligation to do so.  (b) Subject to the terms and conditions hereof, the Dollar Uncommitted  Tranche Swing Line Lenders shall, on an UNCOMMITTED AND ABSOLUTELY  DISCRETIONARY BASIS, consider making a portion of the credit under the Dollar Working  Capital Facility Uncommitted Tranche Portions available to the Borrowers by making swing line  loans (individually, a “Dollar Uncommitted Tranche Swing Line Loan” and, collectively, the  “Dollar Uncommitted Tranche Swing Line Loans”) to the applicable Borrower from time to time  in United States Dollars during the Dollar Working Capital Facility Uncommitted Tranche Period  in an aggregate principal amount at any one time outstanding not to exceed the Dollar Swing Line  Loan Sub-Limit then in effect; provided that (i) the sum of (x) the Dollar Uncommitted Tranche  Swing Line Exposure of such Swing Line Lender, (y) the aggregate principal amount of  outstanding Dollar Working Capital Facility Uncommitted Tranche Loans made by such Swing  Line Lender (in its capacity as a Dollar Working Capital Facility Uncommitted Tranche Lender)  and (z) the Dollar Uncommitted Tranche L/C Exposure of such Swing Line Lender (in its capacity  as a Dollar Working Capital Facility Uncommitted Tranche Lender) may not exceed such Swing  Line Lender’s Dollar Working Capital Facility Uncommitted Tranche Portion then in effect and  (ii) the Borrowers shall not request, and no Dollar Uncommitted Tranche Swing Line Lender shall  consider making, any Dollar Uncommitted Tranche Swing Line Loan if, after giving effect to the  making of such Dollar Uncommitted Tranche Swing Line Loan, the aggregate amount of the  Available Dollar Working Capital Facility Uncommitted Tranche Portions would be less than zero;  provided further that, after giving effect to any Dollar Uncommitted Tranche Swing Line Loan  requested by any Borrower, each of the conditions set forth in Section 6.2 shall be satisfied or  waived.  During the Dollar Working Capital Facility Uncommitted Tranche Period, the Borrowers  may use the Dollar Swing Line Loan Sub-Limit by borrowing, repaying and reborrowing, all in  accordance with the terms and conditions hereof.  Any Borrower may request a Dollar  Uncommitted Tranche Swing Line Loan and such Dollar Uncommitted Tranche Swing Line Loan  shall not be required to be requested ratably among the Dollar Uncommitted Tranche Swing Line  Lenders. NO DOLLAR UNCOMMITTED TRANCHE SWING LINE LENDER SHALL HAVE  ANY COMMITMENT OR OBLIGATION TO MAKE ANY DOLLAR UNCOMMITTED  

 

  -110-  USActive 56005294.16 -110-56005294.24  TRANCHE SWING LINE LOAN HEREUNDER.  NOTHING CONTAINED HEREIN SHALL  OTHERWISE COMMIT OR OBLIGATE ANY DOLLAR UNCOMMITTED TRANCHE  SWING LINE LENDER, OR BE INTERPRETED AS A PROMISE OR COMMITMENT BY  ANY DOLLAR UNCOMMITTED TRANCHE SWING LINE LENDER TO MAKE OR ELECT  TO MAKE ANY SUCH DOLLAR UNCOMMITTED TRANCHE SWING LINE LOAN.  Notwithstanding anything herein to the contrary, but without limiting the uncommitted  nature of the Dollar Working Capital Facility Uncommitted Tranche, no Dollar Uncommitted  Tranche Swing Line Lender shall be obligated to consider making any Dollar Uncommitted  Tranche Swing Line Loan if, after giving effect to the making of such Dollar Uncommitted  Tranche Swing Line Loan, the aggregate amount of the then outstanding Swing Line Loans made  by such Swing Line Lender (in its capacity as a Swing Line Lender) would exceed such Swing  Line Lender’s Swing Line Cap; provided, that subject to the terms and conditions hereof, each  Dollar Uncommitted Tranche Swing Line Lender may consider making any Dollar Uncommitted  Tranche Swing Line Loan on a discretionary basis during such time as the aggregate amount of  the then outstanding Swing Line Loans made by such Swing Line Lender (in its capacity as a  Swing Line Lender) exceed such Swing Line Lender’s Swing Line Cap, but such Swing Line  Lender shall have no obligation to do so.  (c) Subject to the terms and conditions hereof, the Multicurrency Swing Line  Lenders shall make a portion of the credit under the Multicurrency Working Capital Facility  Commitments available to the Borrowers by making swing line loans (individually, a  “Multicurrency Swing Line Loan” and, collectively, the “Multicurrency Swing Line Loans”) to  the applicable Borrower from time to time in United States Dollars or Canadian Dollars (as the  applicable Borrower shall notify the Administrative Agent in accordance with Section 2.5) during  the Multicurrency Working Capital Facility Commitment Period in an aggregate principal amount  at any one time outstanding such that the Dollar Equivalent thereof does not exceed the  Multicurrency Swing Line Loan Sub-Limit then in effect; provided that (i) the sum of (x) the  Dollar Equivalent of the Multicurrency Swing Line Exposure of such Swing Line Lender, (y) the  Dollar Equivalent of the aggregate principal amount of outstanding Multicurrency Working  Capital Facility Loans made by such Swing Line Lender (in its capacity as a Multicurrency  Working Capital Facility Lender) and (z) the Dollar Equivalent of the Multicurrency L/C Exposure  of such Swing Line Lender (in its capacity as a Multicurrency Working Capital Facility Lender)  may not exceed such Swing Line Lender’s Multicurrency Working Capital Facility Commitment  then in effect and (ii) the Borrowers shall not request, and no Multicurrency Swing Line Lender  shall make, any Multicurrency Swing Line Loan if, after giving effect to the making of such  Multicurrency Swing Line Loan, the aggregate amount of the Available Multicurrency Working  Capital Facility Commitments would be less than zero; provided further that, after giving effect to  any Multicurrency Swing Line Loan requested by any Borrower, each of the conditions set forth  in Section 6.2 shall be satisfied or waived.  During the Multicurrency Working Capital Facility  Commitment Period, the Borrowers may use the Multicurrency Swing Line Loan Sub-Limit by  borrowing, repaying and reborrowing, all in accordance with the terms and conditions hereof.  Any  Borrower may request a Multicurrency Swing Line Loan and such Multicurrency Swing Line Loan  shall not be required to be requested ratably among the Multicurrency Swing Line Lenders.  Notwithstanding anything herein to the contrary, no Multicurrency Swing Line  Lender shall be obligated to make any Multicurrency Swing Line Loan if, after giving effect to the  

 

  -111-  USActive 56005294.16 -111-56005294.24  making of such Multicurrency Swing Line Loan, the aggregate amount of the then outstanding  Swing Line Loans made by such Swing Line Lender (in its capacity as a Swing Line Lender)  would exceed such Swing Line Lender’s Swing Line Cap; provided, that subject to the terms and  conditions hereof, each Multicurrency Swing Line Lender may make any Multicurrency Swing  Line Loan on a discretionary basis during such time as the aggregate amount of the then  outstanding Swing Line Loans made by such Swing Line Lender (in its capacity as a Swing Line  Lender) exceed such Swing Line Lender’s Swing Line Cap, but the Swing Line Lender shall have  no obligation to do so.  (d) Swing Line Loans (i) denominated in United States Dollars shall be Base  Rate Loans and (ii) denominated in Canadian Dollars shall be Prime Rate Loans.  2.4 Acquisition Facility Loans.  (a)  Subject to the terms and conditions hereof,  each Acquisition Facility Lender severally shall make loans under the Acquisition Facility  Commitments (the “Acquisition Facility Loans”) to the Borrowers in an amount requested by the  applicable Borrower from time to time during the Acquisition Facility Commitment Period in an  aggregate principal amount at any one time outstanding which, when added to such Acquisition  Facility Lender’s then outstanding Acquisition Facility Extensions of Credit, does not exceed such  Acquisition Facility Lender’s Acquisition Facility Commitment at such time; provided that, after  giving effect to any Acquisition Facility Loan requested by any Borrower, each of the conditions  set forth in Section 6.2 shall be satisfied or waived.  During the Acquisition Facility Commitment  Period, the Borrowers may borrow, prepay the Acquisition Facility Loans in whole or in part, and  reborrow Acquisition Facility Loans, all in accordance with the terms and conditions hereof.  (b) Acquisition Facility Loans may be denominated only in United States  Dollars and may from time to time be (i) Term SOFR Loans, (ii) Base Rate Loans or (iii) a  combination thereof, in each case, as the applicable Borrower shall notify the Administrative  Agent in accordance with Sections 2.5 and 4.3.  No Acquisition Facility Loan shall be made as a  Term SOFR Loan after the day that is one (1) month prior to the Acquisition Facility Commitment  Termination Date.  2.5 Procedure for Borrowing Loans.  (a)  The Borrowers may borrow  Acquisition Facility Loans, Dollar Working Capital Facility Committed Tranche Loans,  Multicurrency Working Capital Facility Loans, Dollar Committed Tranche Swing Line Loans or  Multicurrency Swing Line Loans during the applicable Commitment Period or Dollar Working  Capital Facility Uncommitted Tranche Loans or Dollar Uncommitted Tranche Swing Line Loans  during the Dollar Working Capital Facility Uncommitted Tranche Period, in each case, on any  Business Day; provided that the applicable Borrower shall give the Administrative Agent and  (solely in the case of Swing Line Loans) the applicable Swing Line Lender, irrevocable notice  (which notice must be received by the Administrative Agent (x) in the case of a Working Capital  Facility Loan or Acquisition Facility Loan, prior to 1:00 p.m. (New York City time), (A) three (3)  U.S. Government Securities Business Days prior to the requested Borrowing Date, if all or any  part of the requested Working Capital Facility Loans or Acquisition Facility Loans are to be  initially Term SOFR Loans, (B) three (3) CDOR Business Days prior to the requested Borrowing  Date, if all or any part of the requested Working Capital Facility Loans or Acquisition Facility  Loans are to be initially CDOR Loans or (C) on the same Business Day of the requested Borrowing  Date, otherwise, and (y) in the case of a Swing Line Loan (A) under the Dollar Working Capital  

 

  -112-  USActive 56005294.16 -112-56005294.24  Facility, prior to 3:00 p.m. (New York City time) on the requested Borrowing Date and (B) under  the Multicurrency Working Capital Facility, prior to 2:00 p.m. (New York City time) on the  requested Borrowing Date, in each case, in the form attached hereto as Annex I (the “Borrowing  Notice”), specifying:  (i) whether the borrowing is to be an Acquisition Facility Loan, Dollar  Working Capital Facility Committed Tranche Loan, Dollar Working Capital Facility  Uncommitted Tranche Loan, Multicurrency Working Capital Facility Loan, Dollar  Committed Tranche Swing Line Loan, Dollar Uncommitted Tranche Swing Line Loan or  a Multicurrency Swing Line Loan;  (ii) the amount to be borrowed;  (iii) the requested Borrowing Date;  (iv) in the case of a Multicurrency Working Capital Facility Loan or a  Multicurrency Swing Line Loan, whether such Loan is to be denominated in United States  Dollars or Canadian Dollars;  (v) in the case of a Swing Line Loan, the applicable Swing Line Lender such  borrowing is being requested from;  (vi) in the case of an Acquisition Facility Loan, whether the borrowing is to be  an Acquisition Facility Acquisition Extension of Credit, an Acquisition Facility Working  Capital Extension of Credit or an Acquisition Facility Maintenance Cap-Ex Extension of  Credit;  (vii) in the case of a Working Capital Facility Loan or an Acquisition Facility  Loan, the purpose of such Loan;  (viii) in the case of a Dollar Working Capital Facility Loan, a Multicurrency  Working Capital Facility Loan denominated in United States Dollars or an Acquisition  Facility Loan, whether the borrowing is to be a Base Rate Loan, a Term SOFR Loan or a  combination thereof;  (ix) in the case of a Multicurrency Working Capital Facility Loan denominated  in Canadian Dollars, whether the borrowing is to be a Prime Rate Loan, a CDOR Loan or  a combination thereof; and  (x) in the case of a Working Capital Facility Loan or an Acquisition Facility  Loan, if the borrowing is to be entirely or partly of CDOR Loans or Term SOFR Loans,  the respective amounts of each such Type of Loan and the respective lengths of the initial  Interest Periods therefor.     If no election as to the currency of a proposed Multicurrency Working Capital Facility  Loan or a Multicurrency Swing Line Loan is specified in the applicable Borrowing Notice, then  the requested Loan shall be made in United States Dollars.  If no election as to the Type of a  proposed Loan is specified in the applicable Borrowing Notice, then the requested Loan  

 

  -113-  USActive 56005294.16 -113-56005294.24  denominated in (x) United States Dollars shall be made as a Base Rate Loan or (y) Canadian  Dollars shall be made as a Prime Rate Loan.  If no Interest Period for a Term SOFR Loan or CDOR  Loan is specified in the applicable Borrowing Notice, the applicable Borrower shall be deemed to  have selected an Interest Period of one month’s duration.  (b) Each borrowing of Acquisition Facility Loans, Working Capital Facility  Loans and Swing Line Loans shall be in an amount equal to (x) in the case of Base Rate Loans or  Prime Rate Loans, $100,000 or C$100,000, as applicable, or a whole multiple of $100,000 or  C$100,000, as applicable, in excess thereof (or, if the then aggregate Available Commitments or  Available Dollar Working Capital Facility Uncommitted Tranche Portions applicable to such  Loans of all Lenders of such Loans are less than $100,000 or the Dollar Equivalent of C$100,000,  as applicable, such lesser amount) and (y) in the case of CDOR Loans or Term SOFR Loans,  $1,000,000 or C$1,000,000, as applicable, or a whole multiple of $100,000 or C$100,000, as  applicable in excess thereof.  (c) Upon receipt of any notice from any Borrower pursuant to Section 2.5(a)  with respect to a requested borrowing of Acquisition Facility Loans, the Administrative Agent  shall promptly notify each Acquisition Facility Lender thereof, upon receipt of any notice from  any Borrower pursuant to Section 2.5(a) with respect to a requested borrowing of Dollar Working  Capital Facility Committed Tranche Loans (other than a notice in respect of a Dollar Committed  Tranche Swing Line Loan), the Administrative Agent shall promptly notify each Dollar Working  Capital Facility Committed Tranche Lender thereof, upon receipt of any notice from any Borrower  pursuant to Section 2.5(a) with respect to a requested borrowing of a Dollar Committed Tranche  Swing Line Loan, the Administrative Agent shall promptly notify the applicable Dollar Committed  Tranche Swing Line Lender thereof, upon receipt of any notice from any Borrower pursuant to  Section 2.5(a) with respect to a requested borrowing of Multicurrency Working Capital Facility  Loans (other than a notice in respect of a Multicurrency Swing Line Loan), the Administrative  Agent shall promptly notify each Multicurrency Working Capital Facility Lender thereof and upon  receipt of any notice from any Borrower pursuant to Section 2.5(a) with respect to a requested  borrowing of a Multicurrency Swing Line Loan, the Administrative Agent shall promptly notify  the applicable Multicurrency Swing Line Lender thereof.  Subject to the satisfaction or waiver of  the conditions contained in Section 6.2, each Dollar Working Capital Facility Committed Tranche  Lender shall make the amount of its Dollar Working Capital Facility Commitment Percentage of  each such borrowing of Dollar Working Capital Facility Committed Tranche Loans (other than  Dollar Committed Tranche Swing Line Loans), each Multicurrency Working Capital Facility  Lender shall make the amount of its Multicurrency Working Capital Facility Commitment  Percentage of each such borrowing of Multicurrency Working Capital Facility Loans (other than  Multicurrency Swing Line Loans) and each Acquisition Facility Lender shall make the amount of  its Acquisition Facility Commitment Percentage of each such borrowing of Acquisition Facility  Loans, available to the Administrative Agent for the account of the applicable Borrower at the  office of the Administrative Agent specified in Section 11.2 prior to 3:00 p.m. (New York City  time) on the Borrowing Date requested by such Borrower in funds immediately available to the  Administrative Agent.  Each Loan (other than a Dollar Committed Tranche Swing Line Loan and  a Multicurrency Swing Line Loan) so requested will then promptly, and not later than 3:30 p.m.  (New York City time), be made available on the Borrowing Date to such Borrower by the  Administrative Agent by wire transfer to the account of such Borrower set forth on Schedule 2.2  or to such other account as may be specified by such Borrower in like funds as received by the  

 

  -114-  USActive 56005294.16 -114-56005294.24  Administrative Agent.  Notwithstanding the foregoing, on the Restatement Effective Date,  (i) Existing Lender shall not be required to advance any Dollar Working Capital Facility  Committed Tranche Loans to the extent of its Existing Dollar Working Capital Facility Loans (it  being understood that on the Restatement Effective Date, such Existing Dollar Working Capital  Facility Loans shall be deemed to be Dollar Working Capital Facility Committed Tranche Loans  and such portion of the Existing Dollar Working Capital Facility Loans that were Base Rate Loans  shall be Dollar Working Capital Facility Committed Tranche Loans that are Base Rate Loans and  such portion of the Existing Dollar Working Capital Facility Loans that were Term SOFR Loans  shall be Dollar Working Capital Facility Committed Tranche Loans that are Term SOFR Loans (it  being understood that for each tranche of Existing Dollar Working Capital Facility Loans that were  Term SOFR Loans, the initial Interest Period for such tranche shall be the Interest Period  applicable to such tranche of Existing Dollar Working Capital Facility Loans immediately prior to  the Restatement Effective Date)) and the Dollar Working Capital Facility Committed Tranche  Lenders (other than the Existing Lender) shall advance funds to the Administrative Agent no later  than 3:00 p.m. (New York City time) on the Restatement Effective Date as shall be required (and  the Dollar Working Capital Facility Committed Tranche Loans of the Existing Lender shall be  repaid as required) such that each Lender’s share of outstanding Dollar Working Capital Facility  Committed Tranche Loans on the Restatement Effective Date is equal to its Dollar Working  Capital Facility Commitment Percentage on the Restatement Effective Date, (ii) the Existing  Lender shall not be required to advance any Multicurrency Working Capital Facility Loans to the  extent of its Existing Multicurrency Working Capital Facility Loans (it being understood that on  the Restatement Effective Date, such Existing Multicurrency Working Capital Facility Loans  denominated in United States Dollars shall be deemed to be Multicurrency Working Capital  Facility Loans denominated in United States Dollars, such Existing Multicurrency Working  Capital Facility Loans denominated in Canadian Dollars shall be deemed to be Multicurrency  Working Capital Facility Loans denominated in Canadian Dollars, and such portion of the Existing  Multicurrency Working Capital Facility Loans that were Base Rate Loans shall be Multicurrency  Working Capital Facility Loans that are Base Rate Loans, such portion of the Existing  Multicurrency Working Capital Facility Loans that were Term SOFR Loans shall be  Multicurrency Working Capital Facility Loans that are Term SOFR Loans (it being understood  that for each tranche of Existing Multicurrency Working Capital Facility Loans that were Term  SOFR Loans, the initial Interest Period for such tranche shall be the Interest Period applicable to  such tranche of Existing Multicurrency Working Capital Facility Loans immediately prior to the  Restatement Effective Date) and such portion of the Existing Multicurrency Working Capital  Facility Loans that were Prime Rate Loans shall be Multicurrency Working Capital Facility Loans  that are Prime Rate Loans) and the Multicurrency Working Capital Facility Lenders (other than  the Existing Lender) on the Restatement Effective Date as shall be required (and the Multicurrency  Working Capital Facility Loans of the Existing Lender shall be repaid as required) such that each  Lender’s share of outstanding Multicurrency Working Capital Facility Loans on the Restatement  Effective Date is equal to its Multicurrency Working Capital Facility Commitment Percentage on  the Restatement Effective Date and (iii) the Existing Lender shall not be required to advance any  Acquisition Facility Loans to the extent of its Existing Acquisition Facility Loans (it being  understood that on the Restatement Effective Date, such Existing Acquisition Facility Loans shall  be deemed to be Acquisition Facility Loans and such portion of the Existing Acquisition Facility  Loans that were Base Rate Loans shall be Acquisition Facility Loans that are Base Rate Loans and  such portion of the Existing Acquisition Facility Loans that were Term SOFR Loans shall be  

 

  -115-  USActive 56005294.16 -115-56005294.24  Acquisition Facility Loans that are Term SOFR Loans (it being understood that for each tranche  of Existing Acquisition Facility Loans that were Term SOFR Loans, the initial Interest Period for  such tranche shall be the Interest Period applicable to such tranche of Existing Acquisition Facility  Loans immediately prior to the Restatement Effective Date)) and the Acquisition Facility Lenders  (other than the Existing Lender) shall advance funds to the Administrative Agent no later than  3:00 p.m. (New York City time) on the Restatement Effective Date as shall be required (and the  Acquisition Facility Loans of the Existing Lender shall be repaid as required) such that each  Acquisition Facility Lender’s share of outstanding Acquisition Facility Loans on the Restatement  Effective Date is equal to its Acquisition Facility Commitment Percentage on the Restatement  Effective Date; provided, that, in each case, for the ease of the parties, all such payments may be  net of the amount that the Existing Lender owes to any such Lender pursuant to the terms of the  Successor Agent Agreement.  (d) Upon receipt of any notice from any Borrower pursuant to Section 2.5(a)  with respect to a requested borrowing of Dollar Working Capital Facility Uncommitted Tranche  Loans (other than a notice in respect of a Dollar Uncommitted Tranche Swing Line Loan), the  Administrative Agent shall promptly notify each Dollar Working Capital Facility Uncommitted  Tranche Lender thereof and upon receipt of any notice from any Borrower pursuant to  Section 2.5(a) with respect to a requested borrowing of a Dollar Uncommitted Tranche Swing Line  Loan, the Administrative Agent shall promptly notify the applicable Dollar Uncommitted Tranche  Swing Line Lender thereof.  Subject to the satisfaction or waiver of the conditions contained in  Section 6.2 and unless a Dollar Working Capital Facility Uncommitted Tranche Lender has  provided the Administrative Agent with a Declining Lender Notice prior to 10:00 a.m. (New York  City time) on the applicable Borrowing Date, each Dollar Working Capital Facility Uncommitted  Tranche Lender that has not so provided a Declining Lender Notice will be deemed to have  approved such requested borrowing of Dollar Working Capital Facility Uncommitted Tranche  Loans (other than Dollar Uncommitted Tranche Swing Line Loans) and shall make the amount of  its Dollar Working Capital Facility Uncommitted Tranche Percentage of each such borrowing of  Dollar Working Capital Facility Uncommitted Tranche Loans (other than Dollar Uncommitted  Tranche Swing Line Loans) available to the Administrative Agent for the account of the applicable  Borrower at the Administrative Agent’s office specified in Section 11.2 prior to 3:00 p.m. (New  York City time) on the Borrowing Date requested by such Borrower in funds immediately  available to the Administrative Agent.  Each Loan (other than a Dollar Uncommitted Tranche  Swing Line Loan) so requested and approved will then promptly, and not later than 3:30 p.m. (New  York City time), be made available on the Borrowing Date to such Borrower by the Administrative  Agent by wire transfer to the account of such Borrower set forth on Schedule 2.2 or to such other  account as may be specified by such Borrower in like funds as received by the Administrative  Agent.   If the Administrative Agent receives a Declining Lender Notice, pursuant to which a  Dollar Working Capital Facility Uncommitted Tranche Lender will be a Declining Lender with  respect to a Dollar Working Capital Facility Uncommitted Tranche Loan (other than a Dollar  Uncommitted Tranche Swing Line Loan) to be made pursuant to a Borrowing Notice, which  Borrowing Notice has already been received by the Administrative Agent and in respect of which  the Administrative Agent has already advised the Dollar Working Capital Facility Uncommitted  Tranche Lenders of the amount of each Dollar Working Capital Facility Uncommitted Tranche  Lender’s Dollar Working Capital Facility Uncommitted Tranche Percentage of such requested  Dollar Working Capital Facility Uncommitted Tranche Loan (other than a Dollar Uncommitted  Tranche Swing Line Loan), then the relevant Borrower, shall, at its option, by written notice to the  

 

  -116-  USActive 56005294.16 -116-56005294.24  Administrative Agent, either (i) agree to receive only the aggregate amount of the Approving  Lenders’ Dollar Working Capital Facility Uncommitted Tranche Percentages (prior to giving  effect to such Declining Lender Notice) of such requested Dollar Working Capital Facility  Uncommitted Tranche Loan (other than a Dollar Uncommitted Tranche Swing Line Loan) (as so  notified to such Dollar Working Capital Facility Uncommitted Tranche Lenders by the  Administrative Agent) and, at the option of the relevant Borrower, submit to the Administrative  Agent a new Borrowing Notice for a subsequent additional funding by the Approving Lenders of  the amounts not so funded by the Declining Lender or (ii) rescind such Borrowing Notice and, at  the option of the relevant Borrower, submit to the Administrative Agent a new Borrowing Notice  in respect of such requested borrowing.  (e) (i) Upon receipt of any notice from any Borrower pursuant to Section 2.5(a)  with respect to a requested borrowing of a Dollar Committed Tranche Swing Line Loan, subject  to the satisfaction or waiver of the conditions contained in Section 6.2, the applicable Dollar  Committed Tranche Swing Line Lender will make the requested Dollar Committed Tranche Swing  Line Loan available to such Borrower within two (2) hours of receipt of the Borrowing Notice  therefor on the Borrowing Date by wire transfer to the account of such Borrower set forth on  Schedule 2.2 or such other account as may be specified by such Borrower.  (ii)  If on any Business  Day any Dollar Uncommitted Tranche Swing Line Lender elects in its sole discretion to advance  a Dollar Uncommitted Tranche Swing Line Loan requested pursuant to a Borrowing Notice  delivered pursuant to Section 2.5(a) on such Business Day, each Dollar Working Capital Facility  Uncommitted Tranche Lender, other than a Dollar Working Capital Facility Uncommitted Tranche  Lender that was a Declining Lender prior to the date of such Borrowing Notice or which delivered  a Declining Lender Notice to the Administrative Agent on or before 10:00 a.m. (New York City  time) on such Business Day, will be deemed to have approved such requested Dollar Uncommitted  Tranche Swing Line Loan and each such Approving Lender shall be obligated, regardless of  whether it has affirmatively agreed to fund its Dollar Working Capital Facility Uncommitted  Tranche Percentage of any related Dollar Working Capital Facility Uncommitted Tranche Loan to  be applied to repay the Refunded Dollar Uncommitted Tranche Swing Line Loans, to make the  amount of its Dollar Working Capital Facility Uncommitted Tranche Percentage of such Dollar  Working Capital Facility Uncommitted Tranche Loans pursuant to Section 2.6(a) and to fund the  amount of its Dollar Working Capital Facility Uncommitted Tranche Percentage of the Dollar  Uncommitted Tranche Swing Line Participation Amount with respect to such Dollar Uncommitted  Tranche Swing Line Loan pursuant to Section 2.6(b)(ii).  Upon receipt of any notice from any  Borrower pursuant to Section 2.5(a) with respect to a requested borrowing of a Dollar  Uncommitted Tranche Swing Line Loan, subject to the satisfaction or waiver of the conditions  contained in Section 6.2, the applicable Dollar Uncommitted Tranche Swing Line Lender, to the  extent it has agreed to make such Dollar Uncommitted Tranche Swing Line Loan, will make the  requested Dollar Uncommitted Tranche Swing Line Loan available to such Borrower within two  (2) hours of receipt of the Borrowing Notice therefor on the Borrowing Date by wire transfer to  the account of such Borrower set forth on Schedule 2.2 or such other account as may be specified  by such Borrower.  (f) Upon receipt of any notice from any Borrower pursuant to Section 2.5(a)  with respect to a requested borrowing of a Multicurrency Swing Line Loan, subject to the  satisfaction or waiver of the conditions contained in Section 6.2, the applicable Multicurrency  Swing Line Lender will make the requested Multicurrency Swing Line Loan available to such  

 

  -117-  USActive 56005294.16 -117-56005294.24  Borrower within two (2) hours of receipt of the Borrowing Notice therefor on the Borrowing Date  by wire transfer to the account of such Borrower set forth on Schedule 2.2 or such other account  as may be specified by such Borrower.  2.6 Refunding of Swing Line Loans.  (a)  Each Borrower unconditionally  promises to pay each Swing Line Loan made to it on or before 1:00 p.m. (New York City time) on  the fifth Business Day following the making of such Swing Line Loan (or, if earlier, the Dollar  Working Capital Facility Committed Tranche Maturity Date, the Dollar Working Capital Facility  Uncommitted Tranche Maturity Date or the Multicurrency Working Capital Facility Maturity  Date, as applicable), including by arranging to refinance such Swing Line Loan with a Dollar  Working Capital Facility Committed Tranche Loan (in the case of a Dollar Committed Tranche  Swing Line Loan), a Dollar Working Capital Facility Uncommitted Tranche Loan (in the case of  a Dollar Uncommitted Tranche Swing Line Loan) or a Multicurrency Working Capital Facility  Loan (in the case of a Multicurrency Swing Line Loan) in accordance with procedures specified  herein; provided that (i) on each date that a Dollar Working Capital Facility Committed Tranche  Loan is borrowed, the Borrowers shall repay all Dollar Committed Tranche Swing Line Loans  then outstanding and the proceeds of any such Dollar Working Capital Facility Committed Tranche  Loans shall be applied by the Administrative Agent to repay any Dollar Committed Tranche Swing  Line Loans outstanding, (ii) on each date that a Dollar Working Capital Facility Uncommitted  Tranche Loan is borrowed, the Borrowers shall repay all Dollar Uncommitted Tranche Swing Line  Loans then outstanding and the proceeds of any such Dollar Working Capital Facility  Uncommitted Tranche Loans shall be applied by the Administrative Agent to repay any Dollar  Uncommitted Tranche Swing Line Loans outstanding and (iii) on each date that a Multicurrency  Working Capital Facility Loan is borrowed, the Borrowers shall repay all Multicurrency Swing  Line Loans then outstanding and the proceeds of any such Multicurrency Working Capital Facility  Loans shall be applied by the Administrative Agent to repay any Multicurrency Swing Line Loans  outstanding.  If the Administrative Agent shall not have received full repayment in cash of any  Swing Line Loan on or before 1:00 p.m. (New York City time) on the day that is five (5) Business  Days after the making of such Swing Line Loan, any Swing Line Lender may, not later than 3:00  p.m. (New York City time), on such day, request on behalf of the applicable Borrower (which  hereby irrevocably authorizes the Swing Line Lenders to act on its behalf solely in this regard),  that each Dollar Working Capital Facility Committed Tranche Lender, Dollar Working Capital  Facility Uncommitted Tranche Lender or Multicurrency Working Capital Facility Lender, as  applicable, including the applicable Swing Line Lender, make a Dollar Working Capital Facility  Committed Tranche Loan (which initially shall be a Base Rate Loan), a Dollar Working Capital  Facility Uncommitted Tranche Loan (which initially shall be a Base Rate Loan) or a Multicurrency  Working Capital Facility Loan (which initially shall be a Base Rate Loan (in the case of a Loan  denominated in United States Dollars) or a Prime Rate Loan (in the case of a Loan denominated  in Canadian Dollars)), as applicable, in an amount equal to such Dollar Working Capital Facility  Committed Tranche Lender’s Dollar Working Capital Facility Commitment Percentage, such  Dollar Working Capital Facility Uncommitted Tranche Lender’s Dollar Working Capital Facility  Uncommitted Tranche Percentage or such Multicurrency Working Capital Facility Lender’s  Multicurrency Working Capital Facility Commitment Percentage, as applicable, of the outstanding  amount of the applicable Swing Line Loan (a “Refunded Swing Line Loan”).  In accordance with  Section 2.5(c), unless any of the conditions contained in Section 6.2 shall not have been satisfied  or waived (in which event the procedures of clause (b) of this Section 2.6 shall apply), each Dollar  Working Capital Facility Committed Tranche Lender, Dollar Working Capital Facility  

 

  -118-  USActive 56005294.16 -118-56005294.24  Uncommitted Tranche Lender (other than a Declining Lender) or Multicurrency Working Capital  Facility Lender, as applicable, shall make, with respect to each applicable Relevant Swing Line  Lender, the ratable portion of the proceeds of its Dollar Working Capital Facility Committed  Tranche Loan, Dollar Working Capital Facility Uncommitted Tranche Loan or Multicurrency  Working Capital Facility Loan, as applicable, owing to such Swing Line Lender available to such  Swing Line Lender for the account of such Swing Line Lender at such Swing Line Lender’s  Applicable Lending Office for Base Rate Loans or Prime Rate Loans, as applicable, prior to 4:00  p.m. (New York City time) in funds immediately available on the Business Day such request is  made.  The proceeds of such Dollar Working Capital Facility Committed Tranche Loans, Dollar  Working Capital Facility Uncommitted Tranche Loans or Multicurrency Working Capital Facility  Loans, as applicable, shall be immediately applied to repay the Refunded Swing Line Loans.  (b) (i)  If for any reason any Dollar Committed Tranche Swing Line Loan  cannot be refinanced by a Dollar Working Capital Facility Committed Tranche Loan in accordance  with paragraph (a) of this Section 2.6, each Dollar Committed Tranche Swing Line Lender  irrevocably agrees to grant to each Dollar Working Capital Facility Committed Tranche Lender,  and, to induce each Dollar Committed Tranche Swing Line Lender to make Dollar Committed  Tranche Swing Line Loans hereunder, each Dollar Working Capital Facility Committed Tranche  Lender irrevocably agrees to accept and purchase from each Dollar Committed Tranche Swing  Line Lender, on the terms and conditions hereinafter stated, for such Dollar Working Capital  Facility Committed Tranche Lender’s own account and risk on the date such Dollar Working  Capital Facility Committed Tranche Loan was to have been made, an undivided participation  interest in the then-outstanding Dollar Committed Tranche Swing Line Loans in an amount equal  to its Dollar Working Capital Facility Commitment Percentage of such Dollar Committed Tranche  Swing Line Loans that were to have been repaid with such Dollar Working Capital Facility  Committed Tranche Loans (the “Dollar Committed Tranche Swing Line Participation Amount”).   Each Dollar Working Capital Facility Committed Tranche Lender shall pay to the Administrative  Agent for the account of the applicable Dollar Committed Tranche Swing Line Lender in  immediately available funds such Dollar Working Capital Facility Committed Tranche Lender’s  Dollar Committed Tranche Swing Line Participation Amount, and upon receipt thereof, the  Administrative Agent shall promptly distribute such funds to the applicable Dollar Committed  Tranche Swing Line Lender in like funds received.  (ii) If for any reason any Dollar Uncommitted Tranche Swing Line Loan cannot  be refinanced by a Dollar Working Capital Facility Uncommitted Tranche Loan in  accordance with paragraph (a) of this Section 2.6, each Dollar Uncommitted Tranche  Swing Line Lender irrevocably agrees to grant to each Dollar Working Capital Facility  Uncommitted Tranche Lender, and, to induce each Dollar Uncommitted Tranche Swing  Line Lender to consider making Dollar Uncommitted Tranche Swing Line Loans  hereunder, each Dollar Working Capital Facility Uncommitted Tranche Lender irrevocably  agrees to accept and purchase from each Dollar Uncommitted Tranche Swing Line Lender,  on the terms and conditions hereinafter stated, for such Dollar Working Capital Facility  Uncommitted Tranche Lender’s own account and risk on the date such Dollar Working  Capital Facility Uncommitted Tranche Loan was to have been made, an undivided  participation interest in the then-outstanding Dollar Uncommitted Tranche Swing Line  Loans in an amount equal to its Dollar Working Capital Facility Uncommitted Tranche  Percentage of such Dollar Uncommitted Tranche Swing Line Loans that were to have been  

 

  -119-  USActive 56005294.16 -119-56005294.24  repaid with such Dollar Working Capital Facility Uncommitted Tranche Loans (the “Dollar  Uncommitted Tranche Swing Line Participation Amount”).  Each Dollar Working Capital  Facility Uncommitted Tranche Lender shall pay to the Administrative Agent for the  account of the applicable Dollar Uncommitted Tranche Swing Line Lender in immediately  available funds such Dollar Working Capital Facility Uncommitted Tranche Lender’s  Dollar Uncommitted Tranche Swing Line Participation Amount, and upon receipt thereof,  the Administrative Agent shall promptly distribute such funds to the applicable Dollar  Uncommitted Tranche Swing Line Lender in like funds received.  (iii) If for any reason any Multicurrency Swing Line Loan cannot be refinanced  by a Multicurrency Working Capital Facility Loan in accordance with paragraph (a) of this  Section 2.6, each Multicurrency Swing Line Lender irrevocably agrees to grant to each  Multicurrency Working Capital Facility Lender, and, to induce each Multicurrency Swing  Line Lender to make Multicurrency Swing Line Loans hereunder, each Multicurrency  Working Capital Facility Lender irrevocably agrees to accept and purchase from each  Multicurrency Swing Line Lender, on the terms and conditions hereinafter stated, for such  Multicurrency Working Capital Facility Lender’s own account and risk on the date such  Multicurrency Working Capital Facility Loan was to have been made, an undivided  participation interest in the then-outstanding Multicurrency Swing Line Loans in an  amount equal to its Multicurrency Working Capital Facility Commitment Percentage of  such Multicurrency Swing Line Loans that were to have been repaid with such  Multicurrency Working Capital Facility Loans (the “Multicurrency Swing Line  Participation Amount”).  Each Multicurrency Working Capital Facility Lender shall pay to  the Administrative Agent for the account of the applicable Multicurrency Swing Line  Lender in immediately available funds such Multicurrency Working Capital Facility  Lender’s Multicurrency Swing Line Participation Amount, and upon receipt thereof, the  Administrative Agent shall promptly distribute such funds to the applicable Multicurrency  Swing Line Lender in like funds received.  (c) (i)  If any Dollar Working Capital Facility Committed Tranche Lender  failed to timely pay to the Administrative Agent all or a portion of its Dollar Committed Tranche  Swing Line Participation Amount required to be paid pursuant to Section 2.6(b)(i), such overdue  amounts shall bear interest payable by such Dollar Working Capital Facility Committed Tranche  Lender at the rate per annum applicable to Base Rate Loans under the Dollar Working Capital  Facility Committed Tranche until such overdue amounts are paid in full.  (ii)  If any Dollar Working Capital Facility Uncommitted Tranche Lender failed  to timely pay to the Administrative Agent all or a portion of its Dollar Uncommitted  Tranche Swing Line Participation Amount required to be paid pursuant to  Section 2.6(b)(ii), such overdue amounts shall bear interest payable by such Dollar  Working Capital Facility Uncommitted Tranche Lender at the rate per annum applicable  to Base Rate Loans under the Dollar Working Capital Facility Uncommitted Tranche until  such overdue amounts are paid in full.  (iii) If any Multicurrency Working Capital Facility Lender failed to timely pay  to the Administrative Agent all or a portion of its Multicurrency Swing Line Participation  Amount required to be paid pursuant to Section 2.6(b)(iii), such overdue amounts shall  

 

  -120-  USActive 56005294.16 -120-56005294.24  bear interest payable by such Multicurrency Working Capital Facility Lender at the rate  per annum applicable to Base Rate Loans (in the case of Multicurrency Swing Line Loans  denominated in United States Dollars) or Prime Rate Loans (in the case of Multicurrency  Swing Line Loans denominated in Canadian Dollars) under the Multicurrency Working  Capital Facility until such overdue amounts are paid in full.  (d) Each Working Capital Facility Lender’s obligation to make Dollar Working  Capital Facility Loans or Multicurrency Working Capital Facility Loans, as applicable, referred to  in Section 2.6(a) and to purchase participation interests pursuant to Section Error! Reference  source not found. shall be absolute and unconditional and shall not be affected by any  circumstance, including (i) any set-off, counterclaim, recoupment, defense or other right which  such Working Capital Facility Lender may have against any Swing Line Lender, any Borrower, or  any other Person for any reason whatsoever, (ii) the occurrence or continuance of an Event of  Default, (iii) any failure to satisfy any condition precedent to the applicable extension of credit set  forth in Section 6, (iv) any adverse change in the condition (financial or otherwise) of any Loan  Party, (v) any breach of this Agreement or any Loan Document by any Loan Party or any other  Lender or (vi) any other circumstance, happening or event whatsoever, whether or not similar to  any of the foregoing.  (e) Whenever, at any time after any Swing Line Lender has received from any  Dollar Working Capital Facility Committed Tranche Lender its Dollar Committed Tranche Swing  Line Participation Amount, any Dollar Working Capital Facility Uncommitted Tranche Lender its  Dollar Uncommitted Tranche Swing Line Participation Amount or Multicurrency Working Capital  Facility Lender its Multicurrency Swing Line Participation Amount, as applicable, such Swing  Line Lender receives any payment on account thereof (whether directly from any Borrower or  otherwise, including proceeds of collateral applied thereto by such Swing Line Lender) or any  payment of interest on account thereof, such Swing Line Lender shall distribute to such Dollar  Working Capital Facility Committed Tranche Lender its Dollar Working Capital Facility  Commitment Percentage, such Dollar Working Capital Facility Uncommitted Tranche Lender its  Dollar Working Capital Facility Uncommitted Tranche Percentage or such Multicurrency  Working Capital Facility Lender its Multicurrency Working Capital Facility Commitment  Percentage, as applicable, of such payments; provided, however, that in the event that any such  payment received by such Swing Line Lender shall be required to be returned by such Swing Line  Lender, such Working Capital Facility Lender shall return to such Swing Line Lender the portion  thereof previously distributed by such Swing Line Lender to it in like funds received.  2.7 Foreign Exchange Rate.  (a)  No later than 1:00 P.M. (New York City time)  on each Calculation Date, the Administrative Agent shall determine the Exchange Rate as of such  Calculation Date with respect to Canadian Dollars, provided that, upon receipt of a Borrowing  Notice with respect to a Working Capital Facility Loan or Swing Line Loan pursuant to  Section 2.5, the Administrative Agent shall determine the Exchange Rate with respect to Canadian  Dollars on the related Calculation Date (it being acknowledged and agreed that the Administrative  Agent shall use such Exchange Rate for the purposes of determining compliance with  Section 2.1(c) or Section 2.3, as applicable, with respect to such Borrowing Notice).  The  Exchange Rates so determined shall become effective on the relevant Calculation Date (a “Reset  Date”), shall remain effective until the next succeeding Reset Date and shall for all purposes of  this Agreement (other than Section 11.25 and any other provision expressly requiring the use of a  

 

  -121-  USActive 56005294.16 -121-56005294.24  current Exchange Rate) be the Exchange Rates employed in converting any amounts between  United States Dollars and Canadian Dollars.  (b) No later than 5:00 P.M. (New York City time) on each Reset Date, the  Administrative Agent shall determine the aggregate amount of the Dollar Equivalents of (i) the  principal amounts of Loans denominated in Canadian Dollars then outstanding (after giving effect  to any Loans to be made or repaid on such date), (ii) the aggregate then undrawn and unexpired  amount of the then outstanding Multicurrency Working Capital Facility Letters of Credit  denominated in Canadian Dollars and (iii) the aggregate amount of drawings under Multicurrency  Working Capital Facility Letters of Credit denominated in Canadian Dollars that have not then  been reimbursed or converted to a Multicurrency Working Capital Facility Loan.  (c) The Administrative Agent shall promptly notify the Borrowers and the  Working Capital Facility Lenders of each determination of an Exchange Rate hereunder.  2.8 Commitment Fee.  Subject to Section 4.18(b)(i), the Borrowers, jointly and  severally, agree to pay to the Administrative Agent for the account of each Lender under each  Facility (other than the Dollar Working Capital Facility Uncommitted Tranche) a commitment fee  for the period from and including the first day of the Commitment Period for such Facility to but  not including the Commitment Termination Date for such Facility, computed at the Applicable  Commitment Fee Rate for such Facility on the average daily amount of the Available Commitment  of such Lender under such Facility during the period for which payment is made, payable quarterly  in arrears on the fifth day after the first Business Day of each January, April, July and October (or,  if such day is not on a Business Day, the next succeeding Business Day) and on the Commitment  Termination Date for such Facility or such earlier date as all of the Commitments under such  Facility shall terminate as provided herein, commencing on the first of such dates to occur after  the Restatement Effective Date.  SECTION 3 LETTERS OF CREDIT  3.1 Working Capital Facility Letters of Credit.  On the Restatement Effective  Date, upon the satisfaction of the conditions specified in Section 6.1, (a) each of the Existing  Dollar Working Capital Facility Letters of Credit shall automatically be deemed to be Dollar  Working Capital Facility Committed Tranche Letters of Credit outstanding under this Agreement  and (b) each of the Existing Multicurrency Working Capital Facility Letters of Credit shall  automatically be deemed to be Multicurrency Working Capital Facility Letters of Credit  outstanding under this Agreement.  Subject to the terms and conditions hereof, (A) (x) each Dollar  Working Capital Facility Committed Tranche Issuing Lender severally agrees to issue letters of  credit (“Dollar Working Capital Facility Committed Tranche Letters of Credit”), for the account  of the applicable Borrower requesting the applicable Dollar Working Capital Facility Committed  Tranche Letter of Credit, for use by the U.S. Borrower, the Canadian Borrower or any other Loan  Party from time to time during the Dollar Working Capital Facility Commitment Period and  (y) each Multicurrency Working Capital Facility Issuing Lender severally agrees to issue letters  of credit (“Multicurrency Working Capital Facility Letters of Credit”), for the account of the  applicable Borrower requesting the applicable Multicurrency Working Capital Facility Letter of  Credit, for use by the U.S. Borrower, the Canadian Borrower or any other Loan Party from time  to time during the Multicurrency Working Capital Facility Commitment Period and (B) each  

 

  -122-  USActive 56005294.16 -122-56005294.24  Dollar Working Capital Facility Uncommitted Tranche Issuing Lender severally agrees, on an  UNCOMMITTED AND ABSOLUTELY DISCRETIONARY basis, to consider requests for the  issuance letters of credit (“Dollar Working Capital Facility Uncommitted Tranche Letters of  Credit”), for the account of the applicable Borrower requesting the applicable Dollar Working  Capital Facility Uncommitted Tranche Letter of Credit, for use by the U.S. Borrower, the Canadian  Borrower or any other Loan Party from time to time during the Dollar Working Capital Facility  Uncommitted Tranche Period; provided that, after giving effect to any Working Capital Facility  Letter of Credit requested by any Borrower:  (i) each of the conditions set forth in Section 6.2 shall be satisfied or waived;  and  (ii) Section 3.4 shall not be contravened by any Loan Party at any time.  Each Borrower acknowledges and agrees that, for the avoidance of doubt, (i) (A)  each Letter of Credit designated as a Dollar Working Capital Facility Committed Tranche Letter  of Credit shall be entirely a Dollar Working Capital Facility Committed Tranche Letter of Credit  and no portion thereof will be a Dollar Working Capital Facility Uncommitted Tranche Letter of  Credit, an Acquisition Facility Letter of Credit or a Multicurrency Working Capital Facility Letter  of Credit and (B) each Letter of Credit designated as a Dollar Working Capital Facility  Uncommitted Tranche Letter of Credit shall be entirely a Dollar Working Capital Facility  Uncommitted Tranche Letter of Credit and no portion thereof will be a Dollar Working Capital  Facility Committed Tranche Letter of Credit, an Acquisition Facility Letter of Credit or a  Multicurrency Working Capital Facility Letter of Credit and (ii) each Letter of Credit designated  as a Multicurrency Working Capital Facility Letter of Credit shall be entirely a Multicurrency  Working Capital Facility Letter of Credit and no portion thereof will be an Acquisition Facility  Letter of Credit, a Dollar Working Capital Facility Committed Tranche Letter of Credit or a Dollar  Working Capital Facility Uncommitted Tranche Letter of Credit.  NO DOLLAR WORKING CAPITAL FACILITY UNCOMMITTED TRANCHE  ISSUING LENDER OR OTHER DOLLAR WORKING CAPITAL FACILITY  UNCOMMITTED TRANCHE LENDER SHALL HAVE ANY COMMITMENT OR  OBLIGATION TO ISSUE OR PARTICIPATE, AS APPLICABLE, IN ANY DOLLAR  WORKING CAPITAL FACILITY UNCOMMITTED TRANCHE LETTER OF CREDIT OR  ANY INCREASES OR EXTENSIONS OF MATURITY OF ANY SUCH LETTER OF CREDIT  UNLESS AND UNTIL SUCH DOLLAR WORKING CAPITAL FACILITY UNCOMMITTED  TRANCHE ISSUING LENDER OR DOLLAR WORKING CAPITAL FACILITY  UNCOMMITTED TRANCHE LENDER AFFIRMATIVELY COMMITS OR IS DEEMED TO  HAVE COMMITTED UNDER SECTION 3.3(e), SECTION 3.6(a) OR SECTION 4.22(a) TO  SUCH REQUESTED DOLLAR WORKING CAPITAL FACILITY UNCOMMITTED  TRANCHE LETTER OF CREDIT OR SUCH REQUESTED INCREASE OR EXTENSION.   NOTHING CONTAINED HEREIN SHALL OTHERWISE COMMIT OR OBLIGATE ANY  DOLLAR WORKING CAPITAL FACILITY UNCOMMITTED TRANCHE ISSUING  LENDER OR DOLLAR WORKING CAPITAL FACILITY UNCOMMITTED TRANCHE  LENDER, OR BE INTERPRETED AS A PROMISE OR COMMITMENT BY ANY DOLLAR  WORKING CAPITAL FACILITY UNCOMMITTED TRANCHE ISSUING LENDER OR  DOLLAR WORKING CAPITAL FACILITY UNCOMMITTED TRANCHE LENDER TO  

 

  -123-  USActive 56005294.16 -123-56005294.24  ISSUE, ELECT TO ISSUE, EXTEND OR INCREASE ANY SUCH DOLLAR WORKING  CAPITAL FACILITY UNCOMMITTED TRANCHE LETTER OF CREDIT OR TO  PARTICIPATE OR ELECT TO PARTICIPATE IN ANY SUCH DOLLAR WORKING  CAPITAL FACILITY UNCOMMITTED TRANCHE LETTER OF CREDIT OR SUCH  INCREASE OR EXTENSION UNLESS AND UNTIL SUCH DOLLAR WORKING CAPITAL  FACILITY UNCOMMITTED TRANCHE ISSUING LENDER OR DOLLAR WORKING  CAPITAL FACILITY UNCOMMITTED TRANCHE LENDER AFFIRMATIVELY COMMITS  OR IS DEEMED TO HAVE COMMITTED UNDER SECTION 3.3(e), SECTION 3.6(a) OR  SECTION 4.22(a) TO SUCH REQUESTED DOLLAR WORKING CAPITAL FACILITY  UNCOMMITTED TRANCHE LETTER OF CREDIT OR SUCH INCREASE OR EXTENSION.  3.2 Acquisition Facility Letters of Credit.  On the Restatement Effective Date,  upon the satisfaction of the conditions specified in Section 6.1, each of the Existing Acquisition  Facility Letters of Credit shall automatically be deemed to be Acquisition Facility Letters of Credit  outstanding under this Agreement.  Subject to the terms and conditions hereof, each Acquisition  Facility Issuing Lender severally agrees to issue letters of credit (“Acquisition Facility Letters of  Credit”), for the account of the applicable Borrower requesting the applicable Acquisition Facility  Letter of Credit, from time to time during the Acquisition Facility Commitment Period; provided  that, after giving effect to any Acquisition Facility Letter of Credit requested by any Borrower:  (i) each of the conditions set forth in Section 6.2 shall be satisfied or waived;  and  (ii) Section 3.4 shall not be contravened by any Loan Party at any time.  Each Borrower acknowledges and agrees that, for the avoidance of doubt, each  Letter of Credit designated as Acquisition Facility Letter of Credit shall be entirely an Acquisition  Facility Letter of Credit and no portion thereof will be a Working Capital Facility Letter of Credit.  3.3 Procedure for the Issuance and Amendments of Letters of Credit.  (a) Procedure for the Issuance of Letters of Credit.  Each Borrower may from  time to time request the issuance of an Acquisition Facility Letter of Credit from an Acquisition  Facility Issuing Lender, a Dollar Working Capital Facility Committed Tranche Letter of Credit  from a Dollar Working Capital Facility Committed Tranche Issuing Lender, a Dollar Working  Capital Facility Uncommitted Tranche Letter of Credit from a Dollar Working Capital Facility  Uncommitted Tranche Issuing Lender or a Multicurrency Working Capital Facility Letter of Credit  from a Multicurrency Working Capital Facility Issuing Lender by delivering to the Issuing Lender  of such Letter of Credit and the Administrative Agent a Letter of Credit Request, and such other  certificates, documents and other papers and information as such Issuing Lender may reasonably  request (consistent with requests made by such Issuing Lender from other similarly situated  account parties).  Such Letter of Credit Request shall specify:  (i) whether the Letter of Credit requested is to be an Acquisition Facility Letter  of Credit, a Dollar Working Capital Facility Committed Tranche Letter of Credit, Dollar  Working Capital Facility Uncommitted Tranche Letter of Credit or a Multicurrency  Working Capital Facility Letter of Credit;  

 

  -124-  USActive 56005294.16 -124-56005294.24  (ii) the maximum amount of such Letter of Credit and the account party  therefor;  (iii) in the case of a Multicurrency Working Capital Facility Letter of Credit,  whether such Letter of Credit is to be denominated in United States Dollars or Canadian  Dollars;  (iv) in the case of a Working Capital Facility Letter of Credit, if such Working  Capital Facility Letter of Credit is a Performance Letter of Credit, a Long Tenor Letter of  Credit and/or a Trade Letter of Credit;  (v) in the case of an Acquisition Facility Letter of Credit, (A) if such Letter of  Credit is to be an Acquisition Facility Acquisition Extension of Credit, an Acquisition  Facility Working Capital Extension of Credit or an Acquisition Facility Maintenance  Cap-Ex Extension of Credit, (B) if such Letter of Credit is a Performance Letter of Credit,  a Long Tenor Letter of Credit and/or a Trade Letter of Credit and (C) if such Letter of  Credit is an Acquisition Facility Transportation Letter of Credit;   (vi) the requested date on which such Letter of Credit is to be issued;  (vii) the purpose and nature of the proposed Letter of Credit;  (viii) the name and address of the beneficiary of such Letter of Credit;  (ix) the expiration or termination date of the Letter of Credit;  (x) the documents to be presented by such beneficiary in the case of a drawing  or demand for payment thereunder; and  (xi) the delivery instructions for such Letter of Credit.  If requested by the Issuing Lender, the applicable Borrower also shall submit a  letter of credit application on the Issuing Bank’s standard form in connection with any request for  a Letter of Credit.  To the extent that any material provision of any such application is inconsistent  with the provisions of this Section 3 or adds events of default, grants of security, or remedies not  already contained in the Loan Documents, the provisions of this Section 3 and this Agreement  shall apply and such provision shall not be given effect.  Notwithstanding anything herein to the contrary, no Issuing Lender shall be  obligated to issue or consider issuing any Letter of Credit if, after giving effect to the issuance of  such Letter of Credit, the aggregate amount of outstanding L/C Obligations attributable to Letters  of Credit issued by such Issuing Lender would exceed such Issuing Lender’s Issuance Cap;  provided, that subject to the terms and conditions hereof, each Issuing Lender may issue or  consider issuing Letters of Credit on a discretionary basis during such time as the aggregate amount  of outstanding L/C Obligations attributable to Letters of Credit issued by such Issuing Lender  exceed such Issuing Lender’s Issuance Cap, but the Issuing Lender shall have no obligation to do  so.  

 

  -125-  USActive 56005294.16 -125-56005294.24  (b) Procedure for Amendments of Letters of Credit.  The applicable Borrower  may from time to time request an amendment (including any extension) to any outstanding Letter  of Credit by delivering to the Issuing Lender of such Letter of Credit and the Administrative Agent  a Letter of Credit Request which shall specify:  (i) the Letter of Credit to be amended;  (ii) the requested date of the proposed amendment;  (iii) the nature of the proposed amendment; and  (iv) the delivery instructions for such amendment.  Notwithstanding anything herein to the contrary, no Issuing Lender shall be obligated to amend  (or consider amending) any Letter of Credit if, after giving effect to the amendment of such Letter  of Credit, the aggregate amount of outstanding L/C Obligations attributable to Letters of Credit  issued by such Issuing Lender would exceed such Issuing Lender’s Issuance Cap, provided that  subject to the terms and conditions hereof, each Issuing Lender may issue or consider issuing  Letters of Credit on a discretionary basis during such time as the aggregate amount of outstanding  L/C Obligations attributable to Letters of Credit made by such Issuing Lender exceed such Issuing  Lender’s Issuance Cap, but the Issuing Lender shall have no obligation to do so.  (c) Timing of Letter of Credit Requests.  A Letter of Credit Request must be  received by the applicable Issuing Lender and the Administrative Agent by no later than 3:00 p.m.  (New York City time), on the date such Letter of Credit is to be issued or amended, or such other  time as previously agreed between the Issuing Lender thereof and the U.S. Borrower.  Upon the  issuance of any Letter of Credit or any amendment to an outstanding Letter of Credit, the  Administrative Agent and the Acquisition Facility Lenders, the Dollar Working Capital Facility  Committed Tranche Lenders, the Dollar Working Capital Facility Uncommitted Tranche Lenders  or the Multicurrency Working Capital Facility Lenders, as applicable, shall be entitled to assume  that the Letter of Credit Request and certificates, documents and other papers and information  reasonably requested by the applicable Issuing Lender in connection therewith were completed  and delivered to the satisfaction of such Issuing Lender.  (d) Validation Procedure.  Upon receipt of a Letter of Credit Request by an  Issuing Lender, such Issuing Lender will confirm with the Administrative Agent (by telephone  and in writing), that the Administrative Agent has received a copy of such Letter of Credit Request  and, if not, such Issuing Lender will provide the Administrative Agent, with a copy thereof.  Upon  receipt by such Issuing Lender of confirmation from the Administrative Agent that the requested  Letter of Credit or amendment is permitted in accordance with the terms hereof, such Issuing  Lender shall, on the requested date, issue (with respect to a Dollar Working Capital Facility  Committed Tranche Letter of Credit, a Multicurrency Working Capital Facility Letter of Credit or  an Acquisition Facility Letter of Credit) or consider issuing (with respect to a Dollar Working  Capital Facility Uncommitted Tranche Letter of Credit) a Letter of Credit for the account of the  applicable Borrower or enter into (with respect to a Dollar Working Capital Facility Committed  Tranche Letter of Credit, a Multicurrency Working Capital Facility Letter of Credit or an  Acquisition Facility Letter of Credit) or consider entering into (with respect to a Dollar Working  

 

  -126-  USActive 56005294.16 -126-56005294.24  Capital Facility Uncommitted Tranche Letter of Credit) the applicable amendment, as the case  may be, in each case in accordance with such Issuing Lender’s usual and customary business  practices.  (e) Dollar Working Capital Facility Uncommitted Tranche Letter of Credit  Requests.  Upon receipt of notice by the Administrative Agent of a Letter of Credit Request from  a Borrower under the Dollar Working Capital Facility Uncommitted Tranche, the Administrative  Agent will promptly notify each Dollar Working Capital Facility Uncommitted Tranche Lender of  its receipt of such Letter of Credit Request and the amount of such applicable Dollar Working  Capital Facility Uncommitted Tranche Lender’s Dollar Working Capital Facility Uncommitted  Tranche Percentage of the requested Dollar Working Capital Facility Uncommitted Tranche Letter  of Credit, and shall deliver such other information received by it relating thereto as any applicable  Dollar Working Capital Facility Uncommitted Tranche Lender may request.  Unless a Dollar  Working Capital Facility Uncommitted Tranche Lender has provided the Administrative Agent  with a Declining Lender Notice prior to 10:00 a.m. (New York City time) on the date of issuance  of such Dollar Working Capital Facility Uncommitted Tranche Letter of Credit, if the applicable  Dollar Working Capital Facility Uncommitted Tranche Issuing Lender elects in its sole discretion  to issue or amend, as applicable, a Dollar Working Capital Facility Uncommitted Tranche Letter  of Credit pursuant to a Letter of Credit Request, each Dollar Working Capital Facility  Uncommitted Tranche Lender (or after a Conversion to Approving Lenders Date, each then  Approving Lender) will be deemed to have approved such requested Dollar Working Capital  Facility Uncommitted Tranche Letter of Credit.  If any Dollar Working Capital Facility  Uncommitted Tranche Lender in a timely manner provides the Administrative Agent with such a  Declining Lender Notice, the Administrative Agent shall notify the Borrowers and the other Dollar  Working Capital Facility Uncommitted Tranche Lenders (other than Declining Lenders) that one  or more of the Dollar Working Capital Facility Uncommitted Tranche Lenders have elected not to  fund or participate in further Dollar Working Capital Facility Uncommitted Tranche Letters of  Credit.  3.4 General Terms of Letters of Credit.  (a)  Each Acquisition Facility Letter of  Credit and each Dollar Working Capital Facility Letter of Credit is to be denominated only in  United States Dollars.  Each Multicurrency Working Capital Facility Letter of Credit is to be  denominated only in United States Dollars or Canadian Dollars (as the applicable Borrower shall  notify the Administrative Agent and the applicable Issuing Lender in accordance with 3.3(a)).   Each Letter of Credit is to be either a Trade Letter of Credit or a Performance Letter of Credit.  (b) Each Letter of Credit shall, subject to Section 3.4(c), expire no later than  ninety (90) days after the date of issuance (or extension), unless such Letter of Credit is, subject to  the Dollar Long Tenor Letter of Credit Sub-Limit (with respect to a Dollar Working Capital  Facility Letter of Credit) or the Multicurrency Long Tenor Letter of Credit Sub-Limit (with respect  to a Multicurrency Working Capital Facility Letter of Credit), a Long Tenor Letter of Credit, or,  subject to the Dollar Performance Letter of Credit Sub-Limit (with respect to a Dollar Working  Capital Facility Letter of Credit), the Multicurrency Performance Letter of Credit Sub-Limit (with  respect to a Multicurrency Working Capital Facility Letter of Credit) or subject to the Acquisition  Facility Transportation Letter of Credit Sub-Limit (with respect to an Acquisition Facility  Transportation Letter of Credit), or a Performance Letter of Credit, in which case, such Letter of  Credit (including any such Auto-Renewal Letter of Credit) shall expire no later than the earlier of  

 

  -127-  USActive 56005294.16 -127-56005294.24  one (1) year after the date of issuance and the Applicable Facility Termination Date applicable  thereto; provided that (i) at any time, the Dollar Equivalent of the aggregate face amount of all  Letters of Credit issued with an expiration date after the Applicable Facility Termination Date  applicable thereto shall not exceed $300,000,000; (ii) all Letters of Credit with an expiration date  after the Applicable Facility Termination Date applicable thereto shall be returned and cancelled  (with the beneficiary’s consent) or Cash Collateralized at least 15 Business Days prior to the  Applicable Facility Termination Date applicable thereto and (iii) no such Letter of Credit may be  issued with an expiration date after the date that is one (1) year after the Applicable Facility  Termination Date applicable thereto.  (c) Upon request by any Borrower in the applicable Letter of Credit Request,  the relevant Issuing Lender may, in its sole and absolute discretion, agree to issue a Letter of Credit  that has automatic renewal provisions (each, an “Auto-Renewal Letter of Credit”).  Unless  otherwise agreed upon by the applicable Issuing Lender at its sole discretion, the applicable  Borrower shall make a specific request to such Issuing Lender for any renewal of an Auto-Renewal  Letter of Credit, such prior notice to be delivered to the applicable Issuing Lender and the  Administrative Agent no later than thirty (30) days prior to the expiration or termination date of  such Auto-Renewal Letter of Credit (the date of the delivery of such notice, the “Renewal Notice  Date”); provided that, unless otherwise agreed upon by the applicable Issuing Lender at its sole  discretion, the applicable Borrower shall provide to the applicable Issuing Lender and the  Administrative Agent written notice of its intent to not renew such an Auto-Renewal Letter of  Credit no later than thirty (30) days prior to the expiration or termination date of such  Auto-Renewal Letter of Credit (the date of the delivery of such notice, the “Non-Renewal Notice  Date”).  Once an Auto-Renewal Letter of Credit has been issued (or is permitted to be outstanding  hereunder in the case of an outstanding Letter of Credit that is an Auto-Renewal Letter of Credit),  the Lenders shall be deemed to have authorized (but the Lenders may not require) such Issuing  Lender to permit the renewal of such Letter of Credit at any time to a date not later than one (1)  year after the Applicable Facility Termination Date; provided, however, that no Issuing Lender  shall permit any renewal of an Auto-Renewal Letter of Credit if (A) such Issuing Lender has  determined that it would have no obligation at such time to issue such Letter of Credit in its  renewed form under the terms hereof (by reason of the provisions of Section 3.4 or 6.2 or  otherwise), (B) after giving effect to any such renewal, the earlier of the (x) expiration date of such  Auto-Renewal Letter of Credit and (y) the next occurring Non-Renewal Notice Date of such  Auto-Renewal Letter of Credit would occur after the date that is one (1) year after the Applicable  Facility Termination Date, or (C) it has received notice in writing on or before the date that is  two (2) Business Days before the Renewal Notice Date from the Administrative Agent, any Lender  or the applicable Borrower that one or more of the applicable conditions specified in Section 3.4  or 6.2 is not then satisfied.  Notwithstanding anything to the contrary contained herein, no Issuing  Lender shall have any obligation to permit the renewal of any Auto-Renewal Letter of Credit at  any time if any of the applicable conditions specified in Section 6.2 is not then satisfied.   (d) If any Issuing Lender (other than MUFG or an Affiliate thereof) shall issue,  extend or amend any Letter of Credit without obtaining prior consent of the Administrative Agent  (as provided in Section 3.3(d)), or if any Issuing Lender (other than, in the case of clause (i) below,  MUFG or an Affiliate thereof) shall permit the extension or renewal of an Auto-Renewal Letter of  Credit (i) without giving timely prior notice to the Administrative Agent or (ii) when such  extension or renewal is not permitted hereunder (as provided in sub-section (c) above), such Letter  

 

  -128-  USActive 56005294.16 -128-56005294.24  of Credit (A) shall for all purposes be deemed to have been issued by such Issuing Lender solely  for its own account and risk and (B) shall not be considered a Letter of Credit outstanding under  this Agreement, and no Lender shall be deemed to have any participation therein, effective as of  the date of such issuance, amendment, extension or renewal, as the case may be, unless the  Required Committed Lenders (if such Letter of Credit is a Dollar Working Capital Facility  Committed Tranche Letter of Credit, a Multicurrency Working Capital Facility Letter of Credit or  an Acquisition Facility Letter of Credit) or the Required Dollar Working Capital Facility  Uncommitted Tranche Lenders (if such Letter of Credit is a Dollar Working Capital Facility  Uncommitted Tranche Letter of Credit) expressly consent thereto; provided, however, that to be  considered a Letter of Credit outstanding under this Agreement, the consent of all Lenders shall  be required to the extent that any such issuance, amendment, extension or renewal is not then  permitted hereunder by reason of the provisions of this Section 3.4.  (e) Notwithstanding anything herein to the contrary, an Issuing Lender is under  no obligation to issue or provide any Letter of Credit (including any renewal of an Auto-Renewal  Letter of Credit) or renew, extend or amend any Letter of Credit unless consented to by such  Issuing Lender and the Administrative Agent if:  (i) any order, judgment or decree of any Governmental Authority or arbitrator  shall by its terms purport to enjoin or restrain such Issuing Lender from issuing, renewing,  extending or amending such Letter of Credit, or any Requirement of Law applicable to  such Issuing Lender or any request or directive (whether or not having the force of Law)  from any Governmental Authority with jurisdiction over such Issuing Lender shall  prohibit, or request that such Issuing Lender refrain from, the issuance, renewal, extension  or amending of a Letter of Credit generally or such Letter of Credit in particular or shall  impose upon such Issuing Lender with respect to such Letter of Credit any restriction,  reserve or capital requirement (in the case of an amendment of a Letter of Credit, for which  such Issuing Lender is not otherwise compensated hereunder) not in effect on the  Restatement Effective Date, or shall impose upon such Issuing Lender any unreimbursed  loss, cost or expense which was not applicable on the Restatement Effective Date and  which such Issuing Lender in good faith deems material to it; or  (ii) such Letter of Credit or the requested amendment is not in form and  substance reasonably acceptable to such Issuing Lender thereof or the issuance of such  Letter of Credit shall violate any applicable policies of such Issuing Lender.  (f) Within one (1) Business Day after its delivery of any Letter of Credit or any  amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary  thereof, the Issuing Lender thereof will also deliver to the applicable Borrower and the  Administrative Agent, a true and complete copy of such Letter of Credit or amendment.  (g) Each Letter of Credit shall be subject to the International Standby Practices  (“ISP 98”) International Chamber of Commerce Publication No. 590 or Uniform Customs and  Practice for Documentary Credits No. 600 (“UCP 600”), as applicable, and to the extent not  inconsistent with ISP 98 or UCP 600, the Laws of the State of New York.  

 

  -129-  USActive 56005294.16 -129-56005294.24  3.5 Fees, Commissions and Other Charges.  (a) Letter of Credit Fee.  The Borrowers shall pay to the Administrative Agent,  for the account of the relevant Issuing Lender and the Acquisition Facility L/C Participants, Dollar  Working Capital Facility L/C Participants or Multicurrency Working Capital Facility  L/C Participants, as applicable, a letter of credit commission, with respect to each outstanding  Letter of Credit, in an amount equal to the Applicable L/C Fee Rate times the average daily  maximum amount of such Letter of Credit (expressed as United States Dollars or Canadian  Dollars, as applicable); provided that such letter of credit commission shall not be in an amount  less than $500 or C$500, as applicable, for the period during which such Letter of Credit is  outstanding, and, in each case, such commission shall be payable to the Acquisition Facility  L/C Participants, Dollar Working Capital Facility L/C Participants or Multicurrency Working  Capital Facility L/C Participants, as applicable, and the Issuing Lender of such Letter of Credit to  be shared ratably among them in accordance with the average daily amount of their respective  Acquisition Facility Commitment Percentages, Dollar Working Capital Facility Commitment  Percentages, Adjusted Dollar Working Capital Facility Uncommitted Tranche Percentage and  Multicurrency Working Capital Facility Commitment Percentages.  Such commission shall be  payable quarterly in arrears on each L/C Fee Payment Date.  (b) Fronting Fee.  In addition to the fees and commissions in (a) and (c), the  Borrowers shall pay each relevant Issuing Lender an amount equal to 0.20% per annum times the  face amount of each Letter of Credit (expressed as United States Dollars or Canadian Dollars, as  applicable) issued by such Issuing Lender.  Such fee shall be nonrefundable and shall be payable  quarterly in arrears on each L/C Fee Payment Date.  (c) Other Charges.  In addition to the foregoing fees and commissions, the  Borrowers shall, upon demand, pay or reimburse each Issuing Lender of any Letter of Credit for  such normal and customary costs, expenses and fees as are incurred or charged by such Issuing  Lender in issuing, effecting payment under, amending, processing, negotiating or otherwise  administering any Letter of Credit.  The Borrowers shall pay each relevant Issuing Lender of any  Letter of Credit (i) a fee of no less than $500 for any issuance of a Letter of Credit by such Issuing  Lender and (ii) a fee of $100 for any amendment of a Letter of Credit issued by such Issuing  Lender (which fees shall be in addition to any fee payable under the preceding sentence for such  issuance or amendment).  (d) Distribution of Fees.  The Administrative Agent shall, within two (2)  Business Days following its receipt thereof, distribute to the relevant Issuing Lenders and the  L/C Participants all fees and commissions received by the Administrative Agent for their  respective accounts pursuant to this Section 3.5.  3.6 L/C Participations.  (a)  Each Issuing Lender irrevocably agrees to grant and  hereby grants to each Relevant L/C Participant, and, to induce the Issuing Lenders to issue Letters  of Credit hereunder, each Relevant L/C Participant irrevocably agrees to accept and purchase and  hereby accepts and purchases from each such Issuing Lender, on the terms and conditions  hereinafter stated, for such Relevant L/C Participant’s own account and risk, an undivided interest  in such Issuing Lender’s obligations and rights under each Relevant Letter of Credit issued or  provided by such Issuing Lender hereunder and the amounts paid by such Issuing Lender  

 

  -130-  USActive 56005294.16 -130-56005294.24  thereunder equal to such Relevant L/C Participant’s Commitment Percentage or Dollar Working  Capital Facility Uncommitted Tranche Percentage (determined as of the date of issuance of such  Letter of Credit), as applicable.  (b) Each L/C Participant’s obligation to accept and purchase for such  L/C Participant’s own account and risk, an undivided participation interest in an Issuing Lender’s  obligations and rights under each Letter of Credit issued or provided by such Issuing Lender  hereunder and the amounts paid by such Issuing Lender thereunder equal to such L/C Participant’s  Commitment Percentage or Dollar Working Capital Facility Uncommitted Tranche Percentage  thereof, as applicable, shall be absolute and unconditional and shall not be affected by any  circumstance, including (i) any set-off, counterclaim, recoupment, defense or other right which  such L/C Participant may have against any Issuing Lender, any Borrower, or any other Person for  any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default,  (iii) any adverse change in the condition (financial or otherwise) of any Loan Party, (iv) any breach  of this Agreement or any other Loan Document by any Loan Party or any other Lender or (v) any  other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.  (c) The obligations of the L/C Participants to purchase participations in the  obligations of the Issuing Lenders under outstanding Letters of Credit pursuant to Section 3.6 shall  survive the Applicable Facility Termination Date with respect to Letters of Credit which have been  Cash Collateralized pursuant to Section 3.4(b) until the earliest of (i) the expiration date for such  Letters of Credit and all drawings thereunder having been repaid in full, (ii) the date the entire  amount available under such Letters of Credit is drawn and such drawings are repaid and no further  drawings are permitted under such Letters of Credit, and (iii) the date that is one (1) year after the  Applicable Facility Termination Date applicable to such Letters of Credit; provided that,  notwithstanding any other provision of this Section 3.6(c), with respect to any Letter of Credit  having an expiration date following the Applicable Facility Termination Date applicable thereto  (such a Letter of Credit, a “Post-Termination LOC”), in no event shall the obligations of the  L/C Participants to purchase participations in the obligations of an Issuing Lender under a  Post-Termination LOC pursuant to Section 3.6(a) expire or terminate prior to the Business Day  following the expiration, cancellation or termination of the last remaining outstanding  Post-Termination LOC and the payment in full of all drawings, if any, thereunder.  (d) If for any reason any Unreimbursed Amount cannot be refinanced by an  L/C Reimbursement Loan in accordance with Section 3.7(c), each Relevant L/C Participant shall,  on or before the deadline for such Relevant Facility Loan to have been made, pay to the  Administrative Agent for the account of the applicable Issuing Lender in immediately available  funds such Relevant L/C Participant’s Commitment Percentage or Adjusted Dollar Working  Capital Facility Uncommitted Tranche Percentage, as applicable, of such Unreimbursed Amount,  and upon receipt thereof, the Administrative Agent shall promptly distribute such funds to the  applicable Issuing Lender in like funds received.  (e) If any L/C Participant fails to timely pay to the Administrative Agent all or  a portion of its Commitment Percentage or its Adjusted Dollar Working Capital Facility  Uncommitted Tranche Percentage, as applicable, of any Unreimbursed Amount required to be paid  pursuant to Section 3.6(d), such overdue amounts shall bear interest payable by such  L/C Participant at the rate per annum applicable to Base Rate Loans (in the case of Unreimbursed  

 

  -131-  USActive 56005294.16 -131-56005294.24  Amounts denominated in United States Dollars) or Prime Rate Loans (in the case of Unreimbursed  Amounts denominated in Canadian Dollars) under the applicable Facility until such overdue  amounts are paid in full.  (f) Whenever, at any time after any Issuing Lender has received from any  Relevant L/C Participant its Commitment Percentage or its Adjusted Dollar Working Capital  Facility Uncommitted Tranche Percentage, as applicable, of any Unreimbursed Amount, such  Issuing Lender receives any payment on account thereof (whether directly from any Borrower or  otherwise, including proceeds of collateral applied thereto by such Issuing Lender), or any  payment of interest on account thereof, such Issuing Lender shall distribute to such Relevant  L/C Participant its Commitment Percentage or its Adjusted Dollar Working Capital Facility  Uncommitted Tranche Percentage, as applicable, of such payments; provided, however, that in the  event that any such payment received by such Issuing Lender shall be required to be returned by  such Issuing Lender, such Relevant L/C Participant shall return to such Issuing Lender the portion  thereof previously distributed by such Issuing Lender to it in like funds received.  3.7 Reimbursement Obligations of the Borrowers.  (a)  Upon receipt by the  relevant Issuing Lender from the beneficiary of any Letter of Credit of any notice of a drawing or  demand for payment under such Letter of Credit, such Issuing Lender shall promptly notify the  applicable Borrower that requested such Letter of Credit and the Administrative Agent thereof.  If  such Borrower receives notice (confirmed by telephone) from such Issuing Lender of a drawing  or demand for payment under a Letter of Credit prior to 1:00 p.m. (New York City time), on any  Business Day, such Borrower shall reimburse such Issuing Lender on such Business Day for the  Unreimbursed Amount of such Letter of Credit.  If such Borrower receives notice (confirmed by  telephone) from such Issuing Lender of a drawing or demand for payment under a Letter of Credit  at or after 1:00 p.m. (New York City time), on any Business Day, such Borrower shall so reimburse  such Issuing Lender on the Business Day immediately following the Business Day upon which  such notice was received by such Borrower.  Such reimbursement shall be made directly to such  Issuing Lender in the currency in which such Letter of Credit was drawn in an amount equal to  (i) the amount so paid and (ii) any Non-Excluded Taxes and any reasonable fees, charges or other  costs or expenses incurred by such Issuing Lender at its Applicable Lending Office in immediately  available funds (such amount that has not been reimbursed by the applicable Borrower being, the  “Unreimbursed Amount”).  (b) If the applicable Borrower fails to fully reimburse any Issuing Lender  pursuant to Section 3.7(a) at the time and on the due date specified in such Section (the  “Reimbursement Date”), such Issuing Lender shall so notify the Administrative Agent (with a  copy to the applicable Borrower), which notice shall be provided on a Business Day, and specify  in such notice the amount (and currency) of the Unreimbursed Amount.  Immediately upon receipt  of such notice from such Issuing Lender, the Administrative Agent shall notify each Relevant  L/C Participant of the Reimbursement Date, the Unreimbursed Amount, and the amount (and  currency) of such Relevant L/C Participant’s Commitment Percentage or Adjusted Dollar  Working Capital Facility Uncommitted Tranche Percentage thereof.  (c) If there shall be any Unreimbursed Amounts owing to any Issuing Lender  on or after such Unreimbursed Amounts were due pursuant to Section 3.7(a), the relevant Issuing  Lender may request on behalf of the applicable Borrower (and each Borrower hereby irrevocably  

 

  -132-  USActive 56005294.16 -132-56005294.24  authorizes such Issuing Lender to act on its behalf solely in this regard), that each Relevant Facility  Lender make a Relevant Facility Loan (which initially shall be a Base Rate Loan (in the case of a  Loan denominated in United States Dollars) or a Prime Rate Loan (in the case of a Loan  denominated in Canadian Dollars)) in the currency in which such Letter of Credit was drawn and  in an amount equal to such Relevant Facility Lender’s Commitment Percentage or Adjusted Dollar  Working Capital Facility Uncommitted Tranche Percentage, as applicable, of the outstanding  amount of such Unreimbursed Amount (an “L/C Reimbursement Loan”).  In accordance with  Section 2.5(c) or 2.5(d), as applicable, unless any of the conditions contained in Section 6.2 shall  not have been satisfied or waived (in which event the procedures set forth in Section 3.6 shall  apply), each Relevant Facility Lender shall make the proceeds of its Relevant Facility Loan  available to the Administrative Agent prior to 11:00 a.m. (New York City time) in funds  immediately available on the Business Day next succeeding the date such request is made.  The  proceeds of such Relevant Facility Loans shall be immediately applied to repay the applicable  Issuing Lender.  (d) With respect to Unreimbursed Amounts that are not paid on the date due,  interest shall be payable on any and all Unreimbursed Amounts from the date such amounts  become payable (whether at stated maturity, by acceleration, demand or otherwise) until payment  in full (either in cash or upon the making of a Relevant Facility Loan) at the applicable rate which  would be payable on any outstanding Relevant Facility Loans that were Base Rate Loans or (with  respect to Unreimbursed Amounts denominated in Canadian Dollars) Prime Rate Loans, as  applicable, which were then overdue.  3.8 Obligations Absolute.  (a)  The Borrowers’ obligations under this Section 3  shall be absolute, irrevocable and unconditional and shall be performed strictly in accordance with  the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any  lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision  therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged,  fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any  respect, (iii) payment by the Issuing Lender under a Letter of Credit against presentation of a draft  or other document that does not comply with the terms of such Letter of Credit, or (iv) any other  event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but  for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of  setoff against, the Borrowers’ obligations hereunder.  Neither the Administrative Agent, the  Lenders nor the Issuing Lenders, nor any of their Related Persons, shall have any liability or  responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or  any payment or failure to make any payment thereunder (irrespective of any of the circumstances  referred to in the preceding sentence), or any error, omission, interruption, loss or delay in  transmission or delivery of any draft, notice or other communication under or relating to any Letter  of Credit (including any document required to make a drawing thereunder), any error in  interpretation of technical terms or any consequence arising from causes beyond the control of the  applicable Issuing Lender; provided that the foregoing shall not be construed to excuse any Issuing  Lender from liability to the Borrowers to the extent of any direct damages (as opposed to special,  indirect, consequential or punitive damages, claims in respect of which are hereby waived by the  Borrowers to the extent permitted by applicable law) suffered by the Borrowers that are caused by  such Issuing Lender’s failure to exercise care when determining whether drafts and other  documents presented under a Letter of Credit comply with the terms thereof.  The parties hereto  

 

  -133-  USActive 56005294.16 -133-56005294.24  expressly agree that, in the absence of gross negligence or willful misconduct on the part of an  Issuing Lender (as finally determined by a court of competent jurisdiction), such Issuing Lender  shall be deemed to have exercised care in each such determination.  In furtherance of the foregoing  and without limiting the generality thereof, the parties agree that, with respect to documents  presented which appear on their face to be in substantial compliance with the terms of a Letter of  Credit, each Issuing Lender may, in its sole discretion, either accept and make payment upon such  documents without responsibility for further investigation, regardless of any notice or information  to the contrary, or refuse to accept and make payment upon such documents if such documents are  not in strict compliance with the terms of such Letter of Credit.  3.9 Role of the Issuing Lenders.  (a)  The responsibility of any Issuing Lender  to the Borrowers in connection with any draft presented for payment under any Letter of Credit  issued on behalf of any Borrower shall, in addition to any payment obligation expressly provided  for in such Letter of Credit, be limited to determining that the documents (including each draft)  delivered by or on behalf of the beneficiary under such Letter of Credit in connection with such  presentment are in conformity with such Letter of Credit.  In addition, each Lender and each  Borrower agree that, in paying any drawing or demand for payment under any Letter of Credit, the  Issuing Lender of such Letter of Credit shall not have any responsibility to inquire as to the validity  or accuracy of any document presented in connection with such drawing or demand for payment  or the authority of the Person executing or delivering the same.  (b) No Agent-Related Person nor any of the respective correspondents,  participants or assignees of any Issuing Lender shall be liable to any Lender for:  (i) any action  taken or omitted in connection herewith in respect of any Letter of Credit at the request or with the  approval or deemed approved of the Required Lenders, the Required Committed Lenders or the  Required Dollar Working Capital Facility Uncommitted Tranche Lenders; (ii) any action taken or  omitted in respect of any Letter of Credit in the absence of gross negligence or willful misconduct;  or (iii) the due execution, effectiveness, validity or enforceability of any Letter of Credit or any  document delivered in connection with the issuance or payment of such Letter of Credit.  (c) The Borrowers hereby assume all risks of the acts or omissions of any  beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that  this assumption is not intended to, and shall not, preclude any Borrower from pursuing such rights  and remedies as it may have against such beneficiary or transferee.  No Agent-Related Person, nor  any of the respective correspondents, participants or assignees of the Issuing Lenders shall be liable  or responsible for any of the matters described in Section 3.8; provided, however, that anything in  such Section or elsewhere herein to the contrary notwithstanding, any Borrower may have a claim  against any Issuing Lender and such Issuing Lender may be liable to such Borrower, to the extent,  but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered  by such Borrower which such Borrower proved were caused (x) by such Issuing Lender’s willful  failure to pay under any Letter of Credit after the presentation to it by the beneficiary of documents  strictly complying with the terms and conditions of such Letter of Credit or (y) as a result of gross  negligence or willful misconduct by such Issuing Lender with respect to the payment by such  Issuing Lender of any Letter of Credit against presentation of any document or certificate that does  not strictly comply with the terms of such Letter of Credit.  In furtherance and not in limitation of  the foregoing:  (i) any Issuing Lender may accept documents that appear on their face to be in  order, without responsibility for further investigation, regardless of any notice or information to  

 

  -134-  USActive 56005294.16 -134-56005294.24  the contrary; and (ii) no Issuing Lender shall be responsible for the validity or sufficiency of any  instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the  rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid  or ineffective for any reason.  3.10 Letter of Credit Request.  To the extent that any material provision of any  Letter of Credit Request related to any Letter of Credit is inconsistent with the provisions of this  Section 3, the provisions of this Section 3 shall apply.  SECTION 4 GENERAL PROVISIONS APPLICABLE TO LOANS AND  LETTERS OF CREDIT  4.1 Increase, Termination or Reduction of Commitments or Total Dollar  Working Capital Facility Uncommitted Tranche Portions. (a)  The U.S. Borrower shall have the  right, from time to time, upon not less than four (4) Business Days’ notice to the Administrative  Agent, to terminate the Dollar Working Capital Facility Commitments, the Total Dollar Working  Capital Facility Uncommitted Tranche Portions, the Multicurrency Working Capital Facility  Commitments and/or the Acquisition Facility Commitments or, from time to time, reduce the  Dollar Working Capital Facility Commitments, the Total Dollar Working Capital Facility  Uncommitted Tranche Portions, the Multicurrency Working Capital Facility Commitments and/or  the Acquisition Facility Commitments; provided, that no such termination or reduction of the  relevant Commitments or the Total Dollar Working Capital Facility Uncommitted Tranche  Portions shall be permitted to the extent that, after giving effect thereto and to any prepayments of  the Loans and Cash Collateralization of the Letters of Credit made on or before the effective date  thereof, (i) the Total Dollar Working Capital Facility Committed Tranche Extensions of Credit  would exceed the aggregate amount of all Dollar Working Capital Facility Commitments of all  Dollar Working Capital Facility Committed Tranche Lenders then in effect, (ii) the Total Dollar  Working Capital Facility Uncommitted Tranche Extensions of Credit would exceed the Dollar  Working Capital Facility Uncommitted Tranche Portions of all Dollar Working Capital Facility  Uncommitted Tranche Lenders then in effect, (iii) the Total Multicurrency Working Capital  Facility Extensions of Credit would exceed the aggregate amount of all Multicurrency Working  Capital Facility Commitments of all Multicurrency Working Capital Facility Lenders then in effect  or (iv) the Total Acquisition Facility Extensions of Credit would exceed the aggregate amount of  all Acquisition Facility Commitments of all Acquisition Facility Lenders then in effect.  Any such  reduction shall be in an amount equal to $1,000,000 or a whole multiple thereof and shall reduce  permanently and ratably the applicable relevant Commitments or Dollar Working Capital Facility  Uncommitted Tranche Portions then in effect.  (b) At any time during the Increase Period, (x)(i) the aggregate Dollar Working  Capital Facility Commitments or the Total Dollar Working Capital Facility Uncommitted Tranche  Portions may be increased to an amount not to exceed $1,200,000,000 in the aggregate under the  Dollar Working Capital Facility (a “Dollar Working Capital Facility Increase”) and (ii) the  aggregate Multicurrency Working Capital Facility Commitments may be increased to an amount  not to exceed $320,000,000 (a “Multicurrency Working Capital Facility Increase”) and (y) the  aggregate Acquisition Facility Commitments may be increased to an amount not to exceed  $750,000,000 (an “Acquisition Facility Increase”; a Dollar Working Capital Facility Increase,  

 

  -135-  USActive 56005294.16 -135-56005294.24  Multicurrency Working Capital Facility Increase and an Acquisition Facility Increase, each being  a “Facility Increase”), in each case, pursuant to the following procedure:  (i) The U.S. Borrower may make a written request for such Facility Increase  to the Administrative Agent, who shall forward a copy of any such request to the Lenders  under such Facility.  Each request by the U.S. Borrower pursuant to the immediately  preceding sentence shall specify a proposed effective date of such increase (the “Requested  Increase Effective Date”), the aggregate amount of such requested increase (the  “Requested Increase Amount”), and shall (subject to clause (iii) below) constitute an  invitation to each of the Lenders under such Facility to increase its Commitment or Dollar  Working Capital Facility Uncommitted Tranche Portion, as applicable, under such Facility  by its Commitment Percentage or Dollar Working Capital Facility Uncommitted Tranche  Percentage, as applicable, of such Requested Increase Amount.  (ii) Each Lender under such Facility, acting in its sole discretion and with no  obligations to increase its Commitment or Dollar Working Capital Facility Uncommitted  Tranche Portion, as applicable, under such Facility pursuant to this Section 4.1(b), shall by  written notice to the U.S. Borrower and the Administrative Agent advise the U.S. Borrower  and the Administrative Agent whether or not such Lender agrees to all or any portion of  such increase in its Commitment or Dollar Working Capital Facility Uncommitted Tranche  Portion, as applicable, under such Facility within ten (10) days after the U.S. Borrower’s  request.  Any such Lender may accept all of its Commitment Percentage or Dollar Working  Capital Facility Uncommitted Tranche Percentage, as applicable, of such increase, a  portion of such increase, or decline to accept any of such increase in its Commitment or  Dollar Working Capital Facility Uncommitted Tranche Portion, as applicable, under such  Facility.  If any such Lender shall not have responded affirmatively within such ten (10)  day period, such Lender shall be deemed to have rejected the U.S. Borrower’s request for  an increase in such Commitment or Dollar Working Capital Facility Uncommitted Tranche  Portion, as applicable, in full.  Promptly following the conclusion of such ten (10) day  period, the Administrative Agent shall notify the U.S. Borrower of the results of the request  for the applicable Facility Increase.  (iii) If the aggregate amount of the increases in the Commitments or Total Dollar  Working Capital Facility Uncommitted Tranche Portions under any Facility which the  Lenders under such Facility have accepted in accordance with Section 4.1(b)(ii) shall be  less than the Requested Increase Amount, the Administrative Agent (subject to the  approval of the Administrative Agent and the Issuing Lenders under such Facility, such  approvals not to be unreasonably withheld, delayed or conditioned) may offer to such  additional Persons (including the Lenders under such Facility), as may be agreed by the  U.S. Borrower and the Administrative Agent, the opportunity to make available such  amount of new Commitments or Dollar Working Capital Facility Uncommitted Tranche  Portions, as applicable, under such Facility as may be required so that the aggregate  increases in the Commitments or Dollar Working Capital Facility Uncommitted Tranche  Portions, as applicable, under such Facility by the existing Lenders thereunder together  with such new Commitments or Dollar Working Capital Facility Uncommitted Tranche  Portions, as applicable, by such other Persons (the “New Lenders”) shall equal the  Requested Increase Amount (the aggregate Facility Increase provided by such existing  

 

  -136-  USActive 56005294.16 -136-56005294.24  Lenders and the New Lenders, the “Increase Amount”).  Such Increase Amount shall be in  an amount equal to $5,000,000 or a whole multiple thereof.  Notwithstanding the foregoing,  with respect to up to $100,000,000 in Facility Increases, the Borrowers may receive the  Requested Increase Amount by, subject to the approval of the Administrative Agent and  the Issuing Lenders under the applicable Facility (such approvals not to be unreasonably  withheld, delayed or conditioned), offering to such additional Persons (including the  Lenders under the applicable Facility), as may be agreed by the U.S. Borrower and the  Administrative Agent, the opportunity to make available such amount of new  Commitments or Dollar Working Capital Facility Uncommitted Tranche Portions, as  applicable, under the applicable Facility.  The effectiveness of all such increases (each such  date, the applicable “Increase Effective Date”) in the Commitments or Total Dollar  Working Capital Facility Uncommitted Tranche Portions, as applicable, under such  Facility are subject to the satisfaction of the following conditions:  (A) each Lender that so  elects to increase its Commitment or Dollar Working Capital Facility Uncommitted  Tranche Portion, as applicable, under such Facility (each an “Increasing Lender”), each  New Lender, the Administrative Agent and the U.S. Borrower shall have executed and  delivered an agreement, substantially in the form attached hereto as Exhibit P (an “Increase  and New Lender Agreement”); (B)(i)(x) with respect to the Dollar Working Capital  Facility, the aggregate Dollar Working Capital Facility Commitment plus the Total Dollar  Working Capital Facility Uncommitted Tranche Portions after giving effect to such  increases shall not exceed $1,200,000,000 in the aggregate and (y) with respect to the  Multicurrency Working Capital Facility, the aggregate Multicurrency Working Capital  Facility Commitment after giving effect to such increases shall not exceed $320,000,000  and (ii) with respect to the Acquisition Facility, the aggregate Acquisition Facility  Commitments after giving effect to such increase shall not exceed $750,000,000; (C) any  fees and other amounts (including pursuant to Section 11.6) payable by the U.S. Borrower  in connection with such increase and accession shall have been paid; (D) no Default or  Event of Default has occurred and is continuing or would result from such increase in the  Commitments or Total Dollar Working Capital Facility Uncommitted Tranche Portions;  (E) delivery of an Availability Certification dated as of the date of such increase and  (F) with respect to each Mortgaged Property, the Administrative Agent shall have received  (1) such amendments to the Mortgage and Security Agreements or new Mortgage and  Security Agreements as are in form and substance reasonably satisfactory to the  Administrative Agent, in each case, executed and delivered by a duly authorized officer of  the relevant Loan Party to the extent necessary to reflect the increase in the applicable  Facility (it being understood that, unless requested by the Administrative Agent, no  amendment shall increase the amount secured thereby if the same will result in the payment  of additional mortgage recording tax) and (2) with respect to each such Mortgage and  Security Agreement, a date-down endorsement to the title insurance policy covering such  Mortgage and Security Agreement (or if a date-down is not available for a particular  jurisdiction, a new title insurance policy in the same insured amount as originally issued or  marked up unconditional title commitment, pro forma policy or binder for such insurance)  in each case in form and substance not materially less favorable to the Administrative  Agent or the Lenders as such title policies or marked up unconditional title commitments,  pro forma policies or binders delivered on or prior to the Restatement Effective Date,  (3) evidence satisfactory to it that all premiums in respect of a related date-down  

 

  -137-  USActive 56005294.16 -137-56005294.24  endorsement or title policy (or policies) have been paid and (4) to the extent required by  applicable Law, a standard flood hazard determination for each Mortgaged Property  located in the United States, and with respect to any Mortgaged Property in the United  States that is located in a special flood hazard area and with respect to any Mortgaged  Property located in Canada in a flood plain, evidence of flood insurance in form and  substance reasonably satisfactory to the Administrative Agent.  For the avoidance of doubt,  Extensions of Credit made under any Facility Increase shall bear interest at the rate  otherwise applicable to corresponding Extensions of Credit under the applicable Facility.  (iv) On any Increase Effective Date with respect to any Facility, (A) each  Increasing Lender or New Lender thereof shall make available to the Administrative Agent  such amounts in immediately available funds as the Administrative Agent shall determine  for the benefit of the other Lenders under such Facility as being required in order to cause  (after giving effect to such increase and the use of such amounts to make payments to the  other Lenders under such Facility) each Lender’s portion of the outstanding Loans of all  Lenders under such Facility to equal its Commitment Percentage or Adjusted Dollar  Working Capital Facility Uncommitted Tranche Percentage, as applicable, of such Loans,  (B) the applicable Borrower shall be deemed to have repaid and reborrowed all outstanding  Loans of all the Lenders under such Facility to equal its Commitment Percentage or  Adjusted Dollar Working Capital Facility Uncommitted Tranche Percentage, as applicable,  of such outstanding Loans as of the date of the applicable Facility Increase (with such  reborrowing to consist of the Types of Loans, with related Interest Periods, if applicable,  specified in a notice delivered by the applicable Borrower in accordance with the  requirements of Section 4.3) and (C) the participations in Letters of Credit shall be adjusted  to reflect changes in the applicable Commitment Percentages or Adjusted Dollar Working  Capital Facility Uncommitted Tranche Percentage, as applicable.  The deemed payments  made pursuant to clause (B) of the immediately preceding sentence in respect of each  CDOR Loan and/or Term SOFR Loan shall be subject to indemnification by the applicable  Borrower pursuant to the provisions of Section 4.14 if the deemed payment occurs other  than on the last day of the related Interest Periods; provided, that the Administrative Agent  and each Lender shall cooperate with the Borrowers to reduce and/or eliminate any such  indemnification payments to the extent reasonably possible if such cooperation would not  subject the Administrative Agent or such Lender, as applicable, to any unreimbursed cost  or expense and would not otherwise be disadvantageous to the Administrative Agent or  such Lender.  (v) Upon the Increase Effective Date with respect to any Facility, Schedule 1.0  of the Increase and New Lender Agreement, which shall reflect the Commitments and the  Commitment Percentages, or the Total Dollar Working Capital Facility Uncommitted  Tranche Portions and Dollar Working Capital Facility Uncommitted Tranche Percentages,  as applicable, of the Lenders under such Facility at such time, shall be deemed to supersede  Schedule 1.0 hereto without any further action or consent of any party.  The Administrative  Agent shall cause a copy of such revised Schedule 1.0 to be available to the Issuing Lenders  and the Lenders.  4.2 Interest Rates and Payment Dates.  (a)  Each Term SOFR Loan shall bear  interest for each day during each Interest Period with respect thereto at a rate per annum equal to  

 

  -138-  USActive 56005294.16 -138-56005294.24  Adjusted Term SOFR for such Term SOFR Loan determined for such Interest Period plus the  Applicable Margin.  (b) Each CDOR Loan shall bear interest for each day during each Interest  Period with respect thereto at a rate per annum equal to the CDOR Rate for such CDOR Loan  determined for such Interest Period plus the Applicable Margin.  (c) Each Base Rate Loan (including Dollar Swing Line Loans and  Multicurrency Swing Line Loans denominated in United States Dollars) shall bear interest at a rate  per annum equal to the Base Rate plus the Applicable Margin.  Each Prime Rate Loan (including  Multicurrency Swing Line Loans denominated in Canadian Dollars) shall bear interest at a rate  per annum equal to the Canadian Prime Rate plus the Applicable Margin.  (d) If all or a portion of the principal amount of any Loan or Reimbursement  Obligation shall not be paid when due after giving effect to any applicable grace periods (whether  at the stated maturity, by acceleration or otherwise), all outstanding Obligations (whether or not  overdue) (to the extent legally permitted) shall bear interest at a rate per annum that is equal to  (i) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the  foregoing provisions of this Section plus 2.00%, (ii) in the case of Reimbursement Obligations,  the rate applicable to Base Rate Loans or (with respect to Reimbursement Obligations in respect  of Letters of Credit denominated in Canadian Dollars) Prime Rate Loans in respect of the  applicable Facility plus 2.00%, and (iii) in the case of any interest payable on any Loan or  Reimbursement Obligation or any commitment fee or other amount payable hereunder, at a rate  per annum equal to the rate then applicable to Base Rate Loans or (with respect to interest payable  on any Loan denominated in Canadian Dollars or on any Reimbursement Obligations in respect  of Letters of Credit denominated in Canadian Dollars) Prime Rate Loans under the applicable  Working Capital Facility plus 2.00%, in each case, from the date of such nonpayment after giving  effect to any applicable grace periods until such amount not paid when due is paid in full (after as  well as before judgment).  (e) Interest shall be payable in arrears on each Interest Payment Date or on the  applicable date with respect to interest payable pursuant to Section 4.2(d) above.  (f) In connection with the use or administration of any initial Benchmark, the  Administrative Agent will have the right to make Conforming Changes from time to time and,  notwithstanding anything to the contrary herein or in any other Loan Document, any amendments  implementing such Conforming Changes will become effective without any further action or  consent of any other party to this Agreement or any other Loan Document.  The Administrative  Agent will promptly notify the Borrowers and the Lenders of the effectiveness of any Conforming  Changes in connection with the use or administration of any initial Benchmark.  4.3 Conversion and Continuation Options.  (a) The applicable Borrower may  elect from time to time to Convert Loans from one Type to another Type, or to Continue a Loan  as the same Type, in each case, in accordance with the applicable provisions in this Section 4.3  and of the term “Interest Period” set forth in Section 1.1.  A Borrower may elect different options  with respect to different portions of the affected Loan, in which case each such portion shall be  allocated ratably among the applicable Lenders holding the Loans, and each such portion shall be  

 

  -139-  USActive 56005294.16 -139-56005294.24  considered a separate Loan.  This Section 4.3 shall not apply to Swing Line Loans, which may not  be Converted or Continued.   (b) To make an election pursuant to this Section 4.3, the applicable Borrower  shall give the Administrative Agent irrevocable notice at its New York office of such election in  the form attached hereto as Annex II (the “Continuation/Conversion Notice”) by the time that a  Borrowing Notice would be required pursuant to Section 2.5(a) if such Borrower were requesting  a Loan of the Type resulting from such election to be made on the effective date of such election.   Any such Continuation/Conversion Notice shall specify:   (i) the currency and principal amount of the Loan to be Converted or Continued  and, if different options are being elected with respect to different portions thereof, the  portions thereof to be allocated to each resulting Loan (in which case the information to be  specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Loan);  (ii) the effective date of such Conversion or Continuation, which shall be a  Business Day;  (iii) the Type of Loan that will result from such Conversion or Continuation;  and  (iv) with respect to any Term SOFR Loan or CDOR Loan, the Interest Period  therefor.  If no Interest Period for a Term SOFR Loan or CDOR Loan is specified in the  applicable Continuation/Conversion Notice, the applicable Borrower shall be deemed to have  selected an Interest Period of one month’s duration.   (c) The Administrative Agent shall advise each applicable Lender of the details  of any Continuation/Conversion Notice and the Lender’s portion of the resulting Loan no less than  one (1) Business Day before the effective date of the Continuation or Conversion made pursuant  to such Continuation/Conversion Notice.  (d) If a Borrower fails to deliver a timely and complete  Continuation/Conversion Notice with respect to a Term SOFR Loan or CDOR Loan prior to the  end of the Interest Period therefor, then, unless such Term SOFR Loan or CDOR Loan, as  applicable, is repaid as provided herein, such Borrower shall be deemed to have selected that such  Term SOFR Loan or CDOR Loan, as applicable, shall automatically be continued as a Term SOFR  Loan or CDOR Loan, as applicable, bearing interest at a rate based upon Adjusted Term SOFR or  the CDOR Rate, as applicable, and with an Interest Period of one month at the end of such Interest  Period.  (e) NO LOAN MAY BE CONVERTED INTO OR CONTINUED AS A  LOAN DENOMINATED IN A DIFFERENT CURRENCY EXCEPT AS SET FORTH IN  SECTION 4.3(F), BUT INSTEAD MUST BE PREPAID IN THE ORIGINAL CURRENCY OF  SUCH LOAN AND REBORROWED IN THE OTHER CURRENCY.  

 

  -140-  USActive 56005294.16 -140-56005294.24  (f) Notwithstanding any contrary provision hereof, if an Event of Default has  occurred and is continuing and the Administrative Agent, so notifies the Borrowers, then, so long  as such Event of Default is continuing (i) no Loan may be borrowed as a Term SOFR Loan or  CDOR Loan, (ii) no outstanding Loan may be Converted or Continued as a Term SOFR Loan, or  CDOR Loan, and (iii) unless repaid as provided herein, each Term SOFR Loan, and CDOR Loan  shall automatically be Converted to a Base Rate Loan denominated in United States Dollars (in an  amount equal to the Dollar Equivalent thereof, if applicable) at the end of the applicable Interest  Period therefor.  (g) Notwithstanding any contrary provision hereof, no Loan shall be Continued  as or Converted to a Term SOFR Loan, or CDOR Loan (other than a CDOR Loan or Term SOFR  Loan with an Interest Period of one month) after the day that is one month prior to the Applicable  Facility Termination Date with respect to the Facility under which such Loan is issued.   4.4 Minimum Amounts of Tranches; Maximum Number of Tranches.  (a)  All  borrowings, Conversions and Continuations of Loans hereunder and all selections of Interest  Periods hereunder shall be in such amounts and be made pursuant to such elections so that, after  giving effect thereto, the aggregate principal amount of the CDOR Loans and/or Term SOFR  Loans comprising each Tranche shall be equal to $1,000,000 or C$1,000,000, as applicable, or a  whole multiple of $100,000 or C$100,000, as applicable, in excess thereof.  (b) No more than (i) an aggregate of twenty (20) Tranches of Term SOFR  Loans or CDOR Loans shall be outstanding at any one time under the Acquisition Facility and the  Dollar Working Capital Facility, (ii) five (5) Tranches of Term SOFR Loans denominated in  United States Dollars shall be outstanding at any one time under the Multicurrency Working  Capital Facility and (iii) five (5) Tranches of CDOR Loans denominated in Canadian Dollars shall  be outstanding at any one time under the Multicurrency Working Capital Facility; provided that  for each Facility Increase in an aggregate principal amount of $50,000,000, two (2) additional  Tranches of CDOR Loans and/or Term SOFR Loans may be outstanding under the relevant  Facility (up to a maximum of thirty-five (35) Tranches of CDOR Loans and/or Term SOFR Loans  for all Facilities) at any one time.  4.5 Repayment of Loans; Evidence of Debt.  (a)  Each Borrower  unconditionally promises to pay to the Administrative Agent for the account of the appropriate  Lender or to the relevant Issuing Lender, as applicable, the then unpaid principal amount of each  of its Acquisition Facility Loans and each of its Working Capital Facility Loans on the Maturity  Date therefor.  Each Borrower hereby further agrees to pay interest on the unpaid principal amount  of its Loans and Reimbursement Obligations from time to time outstanding from the Restatement  Effective Date until payment in full thereof at the rates per annum, and on the dates, set forth in  Section 4.2.  (b) Each Lender shall maintain in accordance with its usual practice a record or  records setting forth all of the indebtedness of the Borrowers to such Lender resulting from each  Loan or other extension of credit hereunder of such Lender from time to time, including the  amounts of principal and interest payable and paid to such Lender from time to time under this  Agreement.  

 

  -141-  USActive 56005294.16 -141-56005294.24  (c) The Administrative Agent, on behalf of the Borrowers, shall maintain the  Register required by Section 11.7(d), and shall include a subaccount therein for each Lender, in  which it shall record (i) the amount of each Loan and a copy of the Note, if any, evidencing such  Loan, the Type thereof and each Interest Period applicable thereto, (ii) the amount of any principal  or interest or fee due and payable or to become due and payable from any Borrower to each Lender  hereunder, (iii) the amount of such Lender’s share of any Unreimbursed Amount and (iv) both the  amount of any sum received by the Administrative Agent hereunder from any Borrower and each  Lender’s share thereof.  (d) The entries made in the Register and the records of each Lender maintained  pursuant to Section 4.5(b) shall, to the extent permitted by applicable Law, be prima facie evidence  of the existence and amounts of the obligations of the Borrowers therein recorded (absent manifest  error); provided, however, that the failure of any Lender or the Administrative Agent to maintain  the Register or any such account, or any error therein, shall not in any manner affect the obligation  of any Borrower to repay (with applicable interest) the Loans and other extensions of credit  hereunder made to such Borrower by such Lender in accordance with the terms of this Agreement.  (e) Each Borrower agrees that, upon the request to the Administrative Agent by  any Lender, such Borrower will execute and deliver to such Lender a promissory note evidencing  the Dollar Working Capital Facility Committed Tranche Loans, the Dollar Working Capital  Facility Uncommitted Tranche Loans, the Multicurrency Working Capital Facility Loans, the  Dollar Committed Tranche Swing Line Loans, the Dollar Uncommitted Tranche Swing Line  Loans, the Multicurrency Swing Line Loans or the Acquisition Facility Loans, as applicable, of  such Lender, substantially in the form of Exhibit A-1, A-2, A-3, A-4, A-5, A-6 or A-7 as  applicable, with appropriate insertions as to date and principal amount (individually, a “Note” and,  collectively, the “Notes”).  4.6 Optional Prepayments.  The Borrowers may at any time and from time to  time prepay the Loans made to it, in whole or in part, without premium or penalty, upon notice by  the applicable Borrower in the form attached hereto as Annex III (the “Notice of Prepayment”)  delivered to the Administrative Agent (w) no later than 1:00 p.m. (New York City time) at least  three (3) U.S. Government Securities Business Days prior to the proposed prepayment date in the  case of Term SOFR Loans, (x) no later than 1:00 p.m. (New York City time) at least three (3)  CDOR Business Days prior to the proposed prepayment date in the case of CDOR Loans, (y) no  later than 1:00 p.m. (New York City time) on the proposed prepayment date in the case of Base  Rate Loans or Prime Rate Loans and (z) not later than 1:00 p.m. (New York City time) on the  proposed prepayment date in the case of Swing Line Loans, in each case, which notice shall specify  (x) the date and amount of prepayment, (y) which Loans shall be prepaid and (z) whether the  prepayment is of Base Rate Loans, Prime Rate Loans, Term SOFR Loans, CDOR Loans or a  combination thereof, and, if of a combination thereof, the amount allocable to each; provided that  if a CDOR Loan or Term SOFR Loan is prepaid on any day other than the last day of the Interest  Period applicable thereto, or the applicable Borrower revokes any notice of prepayment previously  delivered pursuant to this Section 4.6 after the date/time specified above, the applicable Borrower  shall also pay any amounts owing pursuant to Section 4.14.  Upon receipt of any such notice the  Administrative Agent shall promptly notify each Lender thereof.  If any such notice is given, the  amount specified in such notice shall be due and payable on the date specified therein, together  with any amounts payable pursuant to Section 4.14.  Partial prepayments pursuant to this  

 

  -142-  USActive 56005294.16 -142-56005294.24  Section 4.6 shall be in an aggregate principal amount of $100,000 or C$100,000, as applicable, or  a whole multiple thereof.  If any Borrower shall make any prepayment of a Dollar Committed  Tranche Swing Line Loan after 1:00 p.m. (New York City time) on the fifth Business Day  following the making of such Dollar Committed Tranche Swing Line Loan and the Dollar  Committed Tranche Swing Line Lender shall have requested from the applicable Lenders  Refunded Dollar Committed Tranche Swing Line Loans in accordance with Section 2.6(a) on  account of such Dollar Committed Tranche Swing Line Loan, the Administrative Agent shall  apply such prepayment in the following order:  first, to any other Dollar Committed Tranche Swing  Line Loans outstanding at such time and second, to any outstanding Dollar Working Capital  Facility Committed Tranche Loans that are Base Rate Loans of such Borrower.  If the amount of  such prepayment by any Borrower is greater than the outstanding amount of such Borrower’s  Dollar Committed Tranche Swing Line Loans and Dollar Working Capital Facility Committed  Tranche Loans that are Base Rate Loans at the time such prepayment is made, the Administrative  Agent shall promptly remit the excess to such Borrower.  If any Borrower shall make any  prepayment of a Dollar Uncommitted Tranche Swing Line Loan after 1:00 p.m. (New York City  time) on the fifth Business Day following the making of such Dollar Uncommitted Tranche Swing  Line Loan and the Dollar Uncommitted Tranche Swing Line Lender shall have requested from the  applicable Lenders Refunded Dollar Uncommitted Tranche Swing Line Loans in accordance with  Section 2.6(a) on account of such Dollar Uncommitted Tranche Swing Line Loan, the  Administrative Agent shall apply such prepayment in the following order:  first, to any other Dollar  Uncommitted Tranche Swing Line Loans outstanding at such time and second, to any outstanding  Dollar Working Capital Facility Uncommitted Tranche Loans that are Base Rate Loans of such  Borrower.  If the amount of such prepayment by any Borrower is greater than the outstanding  amount of such Borrower’s Dollar Uncommitted Tranche Swing Line Loans and Dollar Working  Capital Facility Uncommitted Tranche Loans that are Base Rate Loans at the time such  prepayment is made, the Administrative Agent shall promptly remit the excess to such Borrower.   If any Borrower shall make any prepayment of a Multicurrency Swing Line Loan after 1:00 p.m.  (New York City time) on the fifth Business Day following the making of such Multicurrency  Swing Line Loan and the Multicurrency Swing Line Lender shall have requested from the  applicable Lenders Refunded Multicurrency Swing Line Loans in accordance with Section 2.6(a)  on account of such Multicurrency Swing Line Loan, the Administrative Agent shall apply such  prepayment in the following order:  first, to any other Multicurrency Swing Line Loans outstanding  at such time and second, ratably to any outstanding Multicurrency Working Capital Facility Loans  that are Base Rate Loans or Prime Rate Loans of such Borrower.  If the amount of such prepayment  by any Borrower is greater than the outstanding amount of such Borrower’s Multicurrency Swing  Line Loans and Multicurrency Working Capital Facility Loans that are Base Rate Loans or Prime  Rate Loans at the time such prepayment is made, the Administrative Agent shall promptly remit  the excess to such Borrower.  4.7 Mandatory Prepayments.  (a)  If on any date, the sum of the Total Working  Capital Facility Extensions of Credit and the Acquisition Facility Working Capital Extensions of  Credit exceeds the Aggregate Borrowing Base Amount, then (i) the U.S. Borrower shall specify,  at its sole discretion, one or more of the Working Capital Facility Loans, the Acquisition Facility  Working Capital Loans or the Swing Line Loans of the Borrowers to be prepaid and the Borrowers  shall prepay such Loan or Loans, and/or (ii) the Borrowers shall Cash Collateralize, replace or  decrease (if the beneficiary of such Letter of Credit agrees to such decrease) the amount of  outstanding Working Capital Facility Letters of Credit or Acquisition Facility Working Capital  

 

  -143-  USActive 56005294.16 -143-56005294.24  Letters of Credit by an amount sufficient to eliminate such excess, no later than three (3) Business  Days immediately following such date.  (b) If on any date (i) the Total Acquisition Facility Acquisition Extensions of  Credit shall exceed the Eligible Acquisition Asset Value, (ii) the Total Acquisition Facility  Acquisition Extensions of Credit shall exceed the aggregate Acquisition Facility Commitments,  (iii) the Total Dollar Working Capital Facility Committed Tranche Extensions of Credit shall  exceed the aggregate Dollar Working Capital Facility Commitments, (iv) the Total Dollar Working  Capital Facility Uncommitted Tranche Extensions of Credit shall exceed the Total Dollar Working  Capital Facility Uncommitted Tranche Portions, (v) the Total Multicurrency Working Capital  Facility Extensions of Credit shall exceed the aggregate Multicurrency Working Capital Facility  Commitments and/or (vi) any extension of credit under this Agreement shall result in any  Applicable Sub-Limit (with each Applicable Sub-Limit calculated including the Dollar Equivalent  of any included Extensions of Credit denominated in Canadian Dollars) being exceeded, then  (A) the U.S. Borrower shall specify, at its sole discretion, one or more Loans of the Borrowers to  be prepaid and the Borrowers shall prepay such Loans and/or (B) the Borrowers shall Cash  Collateralize, replace or decrease (if the beneficiary of such Letter of Credit agrees to such  decrease) the amount of outstanding Letters of Credit by an amount sufficient to eliminate such  excess, no later than three (3) Business Days immediately following such date.  (c) Unless the Required Lenders shall otherwise agree, if on any date any  Borrower or any other Loan Party shall receive Net Cash Proceeds from any individual Asset Sale  or Recovery Event, then, unless a Reinvestment Notice shall be delivered in respect thereof within  three (3) Business Days thereafter, 100% of such Net Cash Proceeds shall be applied on such third  Business Day toward the prepayment of the relevant Loans (provided, however, that the U.S.  Borrower shall specify, at its sole discretion, the Loans of the Borrowers to be so prepaid) and  Cash Collateralization of the relevant Letters of Credit in accordance with (d), (e) and (f); provided  that, notwithstanding the foregoing, on each Reinvestment Prepayment Date, an amount equal to  the Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event shall be  applied toward the prepayment of the relevant Loans and Cash Collateralization of the relevant  Letters of Credit as set forth in (d) and (e).  (d) Amounts prepaid pursuant to Section 4.7(c) from the proceeds of Asset  Sales or Recovery Events with respect to Acquisition Assets shall be applied, first, to the  prepayment of the Acquisition Facility Acquisition Loans that are Base Rate Loans, second, to the  prepayment of the Acquisition Facility Acquisition Loans that are CDOR Loans and/or Term  SOFR Loans, third, to the Cash Collateralization of the Acquisition Facility Acquisition Letters of  Credit, fourth, to the prepayment of the Swing Line Loans (ratably among the Working Capital  Facilities), fifth, to the prepayment of Acquisition Facility Working Capital Loans that are Base  Rate Loans, sixth, to the prepayment of Acquisition Facility Working Capital Loans that are CDOR  Loans and/or Term SOFR Loans, seventh, to the Cash Collateralization of the Acquisition Facility  Working Capital Letters of Credit, eighth, to the prepayment of Working Capital Facility Loans  that are Base Rate Loans or Prime Rate Loans (ratably among the Working Capital Facilities and,  within the Multicurrency Working Capital Facility, ratably among the Base Rate Loans and the  Prime Rate Loans), ninth, to the prepayment of Working Capital Facility Loans that are CDOR  Loans and/or Term SOFR Loans  (ratably among the Working Capital Facilities), and tenth, to the  

 

  -144-  USActive 56005294.16 -144-56005294.24  Cash Collateralization of the Working Capital Facility Letters of Credit (ratably among the  Working Capital Facilities).  (e) Amounts prepaid pursuant to Section 4.7(c) from the proceeds of Asset  Sales or Recovery Events with respect to assets included in the U.S. Borrowing Base or the Kildair  Borrowing Base shall be applied, first, to the prepayment of the Swing Line Loans (ratably among  the Working Capital Facilities), second, to the prepayment of Acquisition Facility Working Capital  Loans that are Base Rate Loans, third, to the prepayment of Acquisition Facility Working Capital  Loans that are CDOR Loans and/or Term SOFR Loans, fourth, to the Cash Collateralization of the  Acquisition Facility Working Capital Letters of Credit, fifth, to the prepayment of Working Capital  Facility Loans that are Base Rate Loans or Prime Rate Loans (ratably among the Working Capital  Facilities and, within the Multicurrency Working Capital Facility, ratably among the Base Rate  Loans and the Prime Rate Loans), sixth, to the prepayment of Working Capital Facility Loans that  are CDOR Loans and/or Term SOFR Loans (ratably among the Working Capital Facilities),  seventh, to the Cash Collateralization of the Working Capital Facility Letters of Credit (ratably  among the Working Capital Facilities), eighth, to the prepayment of the Acquisition Facility  Acquisition Loans that are Base Rate Loans, ninth, to the prepayment of the Acquisition Facility  Acquisition Loans that are CDOR Loans and/or Term SOFR Loans, and tenth, to the Cash  Collateralization of the Acquisition Facility Acquisition Letters of Credit.  (f) The applicable Borrower shall notify the Administrative Agent (and, in the  case of prepayment of a Swing Line Loan, the applicable Swing Line Lenders) by written notice  of any prepayment hereunder (i) in the case of prepayment of a Term SOFR Loan, not later than  1:00 p.m. (New York City time), three (3) U.S. Government Securities Business Days before the  date of the prepayment, (ii) in the case of prepayment of a CDOR Loan, not later than 1:00 p.m.  (New York City time), three (3) CDOR Business Days before the date of the prepayment, (iii) in  the case of prepayment of a Base Rate Loan or Prime Rate Loan, not later than 1:00 p.m. (New  York City time) on the date of the prepayment and (iv) in the case of prepayment of a Swing Line  Loan, not later than 1:00 p.m. (New York City time) on the date of prepayment.  Each such notice  shall specify the prepayment date, the principal amount of each Loan or portion thereof to be  prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the  required amount of such prepayment.  Promptly following receipt of any such notice (other than a  notice relating solely to Swing Line Loans), the Administrative Agent shall advise the Lenders of  the contents thereof.  Each prepayment of an extension of credit shall be applied ratably to the  Loans included in the prepaid extension of credit and otherwise in accordance with this  Section 4.7(f).  Prepayments shall be accompanied by accrued interest to the extent required by  Section 4.2.  (g) Any prepayment of Loans pursuant to this Section 4.7, and the rights of the  Lenders in respect thereof, are subject to the provisions of Section 4.9.  (h) For the avoidance of doubt, no amounts prepaid under this Section 4.7 shall  permanently reduce any Commitments or any Dollar Working Capital Facility Uncommitted  Tranche Portions.  4.8 Computation of Interest and Fees.  (a)  All fees and interest hereunder shall  be calculated on the basis of a 360-day year for the actual days elapsed, except that (i) interest on  

 

  -145-  USActive 56005294.16 -145-56005294.24  Base Rate Loans calculated using clause (b) of the definition of “Base Rate”, (ii) interest on Prime  Rate Loans calculated using clause (a) of the definition of “Canadian Prime Rate” and (iii) interest  on CDOR Loans shall, in each case, be calculated on the basis of a 365/366-day year, as the case  may be, for the actual days elapsed.  The Administrative Agent shall as soon as practicable notify  the U.S. Borrower and the Lenders of each determination of each CDOR Rate for any CDOR  Loans outstanding.  Any change in the interest rate on a Loan resulting from a change in the Base  Rate or Canadian Prime Rate shall become effective as of the opening of business on the day on  which such change becomes effective.  The Administrative Agent shall as soon as practicable  notify the U.S. Borrower and the Lenders of the effective date and the amount of each such change  in interest rate.  (b) Each determination of an interest rate by the Administrative Agent pursuant  to any provision of this Agreement shall be conclusive and binding on the Borrowers and the  Lenders in the absence of manifest error.  The Administrative Agent shall, at the request of the  U.S. Borrower, deliver to the U.S. Borrower a statement showing the quotations used by the  Administrative Agent in determining any interest rate pursuant to Section 4.2(a).  4.9 Pro Rata Treatment and Payments.  (a)  Other than as expressly set forth  herein, each borrowing by any Borrower from the Lenders hereunder and any reduction of the  Commitments or Total Dollar Working Capital Facility Uncommitted Tranche Portions under any  Facility shall be made pro rata according to the respective Commitment Percentages or Dollar  Working Capital Facility Uncommitted Tranche Percentages, as applicable, of the Lenders under  such Facility.  Other than as expressly set forth herein, each payment (including each prepayment)  by any Borrower on account of principal of and interest and fees on the Loans and Reimbursement  Obligations under any Facility shall be made pro rata according to the respective outstanding  principal amounts of such Borrower’s Loans and Reimbursement Obligations under such Facility,  respectively, then held by the Lenders.  (b) All payments (including prepayments) to be made by any Borrower  hereunder on account of principal of Loans (other than Base Rate Loans or Prime Rate Loans on  any day other than the Maturity Date of such Loans) shall be accompanied by a payment in an  amount equal to all accrued and unpaid interest on such Loans.  All payments (including  prepayments) to be made by any Borrower hereunder, whether on account of principal, interest,  fees or otherwise, shall be made without set-off or counterclaim and shall be made prior to 1:00  p.m. (New York City time) on the due date thereof to the Administrative Agent for the account of  the applicable Lenders at the office of the Administrative Agent specified in Section 11.2 in United  States Dollars or Canadian Dollars, as applicable, in immediately available funds.  The  Administrative Agent shall distribute such payments to the appropriate Lenders promptly upon  receipt in like funds as received.  If any payment hereunder (other than payments on CDOR Loans  and/or Term SOFR Loans) becomes due and payable on a day other than a Business Day, such  payment obligation shall be extended to the next succeeding Business Day, and, with respect to  payments of principal, interest thereon shall be payable at the then applicable rate during such  extension.  If any payment on a CDOR Loan and/or Term SOFR Loan becomes due and payable  on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding  Business Day unless the result of such extension would be to extend such payment into another  calendar month in which event such payment shall be made on the immediately preceding Business  

 

  -146-  USActive 56005294.16 -146-56005294.24  Day.  In the case of any extension of any payment of principal pursuant to the preceding two  sentences, interest thereon shall be payable at the then applicable rate during such extension.  (c) Unless the Administrative Agent shall have been notified in writing by any  Lender prior to a borrowing that such Lender will not make the amount that would constitute its  Commitment Percentage or Dollar Working Capital Facility Uncommitted Tranche Percentage of  such borrowing available to the Administrative Agent, the Administrative Agent may assume that  such Lender is making such amount available to the Administrative Agent, and the Administrative  Agent may, in reliance upon such assumption, make available to the applicable Borrower a  corresponding amount.  If such amount is not made available to the Administrative Agent by the  required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent  on demand such amount with interest thereon at a rate equal to the daily average NYFRB Rate (in  the case of United States Dollar denominated amounts) or the Administrative Agent’s cost of funds  (in the case of Canadian Dollar denominated amounts) for the period until such Lender makes such  amount immediately available to the Administrative Agent.  A certificate of the Administrative  Agent submitted to any Lender with respect to any amounts owing under this Section 4.9 shall be  conclusive in the absence of manifest error.  If such Lender’s Commitment Percentage or Dollar  Working Capital Facility Uncommitted Tranche Percentage of such borrowing is not made  available to the Administrative Agent by such Lender within three (3) Business Days of such  Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with  interest thereon at the rate per annum applicable to Base Rate Loans (in the case of amounts  denominated in United States Dollars) or Prime Rate Loans (in the case of amounts denominated  in Canadian Dollars) on demand from the applicable Borrower (without duplication of the interest  otherwise applicable thereto).  No Lender shall be responsible for the failure of any other Lender  to comply with its obligations under this Agreement or any other Loan Document or be released  from its obligations hereunder or thereunder as a result thereof.  Unless the Administrative Agent  shall have been notified in writing by the applicable Borrower prior to the date on which any  payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lenders  under any Facility hereunder that the applicable Borrower will not make such payment, the  Administrative Agent may assume that the applicable Borrower is making such payment to the  Administrative Agent on such date in accordance herewith and the Administrative Agent may, in  reliance upon such assumption, distribute to the Lenders or the Issuing Lenders under such  Facility, as the case may be, such amount due.  If the applicable Borrower does not make such  payment on the date on which such payment is due, then each of the Lenders or the Issuing Lenders  under the applicable Facility, as the case may be, severally agrees to repay the Administrative  Agent forthwith on demand the amount so distributed to such Lender or Issuing Lender, with  interest thereon, for each day from and including the date such amount is distributed to it but  excluding the date of payment to the Administrative Agent, at a rate equal to the daily average  NYFRB Rate (in the case of United States Dollar denominated amounts) or the Administrative  Agent’s cost of funds (in the case of Canadian Dollar denominated amounts) for such period;  provided that, if such amount is not repaid to the Administrative Agent within three (3) Business  Days following such request, the Administrative Agent shall also be entitled to recover such  amount with interest thereon at the rate per annum applicable to Base Rate Loans or Prime Rate  Loans under such Facility on demand from such Lender or Issuing Lender (without duplication of  the interest otherwise applicable thereto).  

 

  -147-  USActive 56005294.16 -147-56005294.24  (d) Subject to Sections 4.7(d) and (e) and Section 4.18, the application of any  payment of Loans (including optional and mandatory prepayments), along with the application of  any proceeds obtained upon the exercise of remedies by the Administrative Agent for the Lenders  hereunder or under any Loan Document, shall be made to each Lender based upon its applicable  Commitment Percentage or Adjusted Dollar Working Capital Facility Uncommitted Tranche  Percentage, first, to Base Rate Loans and Prime Rate Loans, ratably, and, second, to CDOR Loans  and Term SOFR Loans, ratably.  Each payment of the CDOR Loans and Term SOFR Loans shall  be accompanied by accrued interest to the date of such payment on the amount paid.  4.10 Requirements of Law.  (a)  If the adoption of or any change in any  Requirement of Law or in the interpretation or application thereof or compliance by any Lender,  the Administrative Agent with any request or directive (whether or not having the force of law)  from any central bank or other Governmental Authority made subsequent to the Restatement  Effective Date:  (i) does or shall subject any Lender or the Administrative Agent to any Taxes  (other than (x) Non-Excluded Taxes, (y) Taxes described in clauses (ii) through (iv) of the  definition of Non-Excluded Taxes and (z) Connection Income Taxes) on its loans, loan  principal, letters of credit, commitments or other obligations, or its deposits, reserves, other  liabilities or capital attributable thereto;  (ii) does or shall impose, modify or hold applicable any reserve (including  pursuant to regulations issued from time to time by the Board for determining the  maximum reserve requirement (including any emergency, special, supplemental or other  marginal reserve requirement) with respect to eurocurrency funding (currently referred to  as “Eurocurrency liabilities” in Regulation D)), special deposit, compulsory loan,  insurance charge or similar requirement against assets held by, deposits or other liabilities  in or for the account of, advances, loans or other extensions of credit by, or any other  acquisition of funds by, any office of such Lender; or  (iii) does or shall impose on such Lender any other condition, cost or expense  (other than Taxes); and the result of any of the foregoing is to increase the cost to such  Lender or the Administrative Agent of making, Converting into, Continuing or maintaining  this Agreement or any other Loan Document, any Loan or issuing, providing and  maintaining any Letter of Credit or holding an interest in any Issuing Lender’s obligations  thereunder, or to reduce any amount receivable by the Lender or the Administrative Agent  in respect thereof, then the Lender or the Administrative Agent shall use reasonable efforts  to designate a different Applicable Lending Office for funding or booking Loans or issuing  Letters of Credit if, in the judgment of such Lender or the Administrative Agent, as  applicable, such designation (x) would eliminate or reduce amounts payable pursuant to  this Section 4.10 or eliminate the need to provide the notice specified in clause (c) of this  Section 4.10 and (y) would not subject such Lender or the Administrative Agent to any  unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender  or the Administrative Agent;  then, in any such case, and to the extent that such cost is not fully compensated for by an adjustment  to any fee on a Letter of Credit or mitigated pursuant to a change in such Lender’s Applicable  

 

  -148-  USActive 56005294.16 -148-56005294.24  Lending Office, the Borrowers shall promptly, after receiving notice as specified in clause (c) of  this Section 4.10, pay such Lender or the Administrative Agent, as applicable, such additional  amount or amounts as will compensate such Lender or the Administrative Agent for such increased  cost or reduced amount receivable on a net after-Tax basis.  (b) If any Lender shall have determined that the adoption of or any change in  any Requirement of Law regarding capital adequacy or liquidity or in the interpretation or  application thereof or compliance by such Lender or any corporation controlling such Lender with  any request or directive regarding capital adequacy or liquidity (whether or not having the force  of law) from any Governmental Authority made subsequent to the Restatement Effective Date  shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital  as a consequence of its obligations hereunder to a level below that which such Lender or such  corporation could have achieved but for such adoption, change or compliance (taking into  consideration such Lender’s or such corporation’s policies with respect to capital adequacy and  liquidity) by an amount deemed by such Lender to be material, then from time to time, the  Borrowers shall promptly pay to such Lender such additional amount or amounts as will  compensate such Lender for such reduction on a net after-Tax basis.  (c) If any Lender becomes entitled to claim any additional amounts pursuant to  this Section 4.10, it shall promptly notify the U.S. Borrower (with a copy to the Administrative  Agent) of the event by reason of which it has become so entitled.  A certificate prepared in good  faith as to any additional amounts payable pursuant to this Section 4.10 submitted by such Lender  to the U.S. Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence  of manifest error.  The agreements in this Section 4.10 shall survive the termination of this  Agreement and the payment of the Loans, Reimbursement Obligations and all other amounts  payable hereunder.  No Lender shall be entitled to claim any additional amounts pursuant to  Section 4.10(a) and (b) for circumstances which occurred more than 180 days prior to the date  such Lender makes a request for payment hereunder.  (d) It is agreed and understood that, for all purposes under this Agreement  (including for purposes of this Section 4.10 and Section 4.11) that (i) the Dodd-Frank Wall Street  Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives  thereunder or issued in connection therewith on in implementation thereof and (ii) all requests,  rules, guidelines, requirements 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, Canadian (including the Office of the Superintendent of Financial  Institutions) or other foreign regulatory authorities, in each case pursuant to Basel III, shall in each  case be deemed to be an adoption or change in a Requirement of Law made subsequent to the  Restatement Effective Date, regardless of the date enacted, adopted, implemented or issued.  4.11 Taxes.  (a)  Any and all payments by or on behalf of each Loan Party or the  Administrative Agent under or in respect of this Agreement or any other Loan Documents to which  such Loan Party is a party shall, unless otherwise required by law, be made free and clear of, and  without deduction or withholding for or on account of, any and all present or future taxes, levies,  imposts, deductions, charges or withholdings, and all liabilities (including penalties, interest and  additions to tax) with respect thereto, whether now or hereafter imposed, levied, collected,  withheld or assessed by any taxation authority or other Governmental Authority (collectively,  

 

  -149-  USActive 56005294.16 -149-56005294.24  “Taxes”).  If any Loan Party or the Administrative Agent shall be required under any Requirement  of Law to deduct or withhold any Taxes from or in respect of any sum payable under or in respect  of this Agreement, the Loans, the Letters of Credit or any of the other Loan Documents to the  Administrative Agent or any Lender (including for purposes of this Section 4.11 and Section 4.10  any assignee, successor or participant), as determined in good faith by the applicable Loan Party  or the Administrative Agent, (i) such Loan Party or the Administrative Agent shall make all such  deductions and withholdings in respect of Taxes, (ii) such Loan Party or the Administrative Agent  shall pay the full amount deducted or withheld in respect of Taxes to the relevant taxation authority  or other Governmental Authority in accordance with any Requirement of Law, and (iii) in the case  of any Non-Excluded Taxes, the sum payable by such Loan Party shall be increased as may be  necessary so that after such Loan Party or the Administrative Agent has made all required  deductions and withholdings (including deductions and withholdings applicable to additional  amounts payable under this Section 4.11) such Lender or the Administrative Agent receives an  amount equal to the sum it would have received had no such deductions or withholdings been  made or required in respect of Non-Excluded Taxes.  For purposes of this Agreement the “Non- Excluded Taxes” are Taxes other than (i) Taxes imposed on or measured by net income (however  denominated), franchise Taxes and branch profits Taxes, in each case (A) imposed as a result of  such Lender or Administrative Agent being organized under the laws of, or having its principal  office or, in the case of any Lender, its applicable lending office located in, the jurisdiction  imposing such Tax (or any political subdivision thereof) or (B) that are Other Connection Taxes,  (ii) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for  the account of such Lender with respect to an applicable interest in a Loan or Commitment  pursuant to a law in effect on the date on which (A) such Lender acquires such interest in the Loan  or Commitment (other than pursuant to an assignment request by the Borrowers under Section  4.17) or (B) such Lender changes its lending office, except in each case to the extent that, pursuant  to this Section, amounts with respect to such Taxes were payable either to such Lender’s assignor  immediately before such Lender became a party hereto or to such Lender immediately before it  changed its lending office, (iii) Taxes attributable to such Lender’s or Administrative Agent’s  failure to comply with subsection (e) of this Section,  (iv) any withholding Taxes imposed under  FATCA and (v) any Canadian withholding tax imposed by Part XIII of the Income Tax Act  (Canada) that would not have been imposed but for the Administrative Agent or a Lender not  dealing at arm’s length (within the meaning of the Income Tax Act (Canada)) with the applicable  Canadian Loan Party, except where the non-arm’s length relationship arises, on account of the  Administrative Agent or such Lender having executed, delivered, become party to, performed  obligations or received payments under, received or perfected a Lien or engaged in any other  transaction pursuant to, enforced, or sold or assigned an interest in, any Loan or Loan Document.   For the avoidance of doubt, the exclusions described in the preceding sentence will apply to the  same effect to direct or indirect beneficial owners of a Lender that is fiscally transparent.  (b) In addition, each Loan Party hereby agrees to pay any present or future  stamp, recording, documentary, excise, property or value-added taxes, or similar Taxes, charges  or levies that arise from any payment made under or in respect of this Agreement or any other  Loan Document or from the execution, delivery or registration of, any performance under, or  otherwise with respect to, this Agreement or any other Loan Document (collectively, “Other  Taxes”).  

 

  -150-  USActive 56005294.16 -150-56005294.24  (c) Each Loan Party hereby agrees to indemnify each Lender that is not fiscally  transparent and, in the case of a Lender that is fiscally transparent, its direct or indirect beneficial  owners for which such Loan Party has received proof of such ownership and entitlement to the  benefits of this Section 4.11 (subject to the same conditions for, and exclusions from  indemnification as are applicable to a Lender that is not fiscally transparent), and the  Administrative Agent for, and to hold each harmless against, the full amount of Non-Excluded  Taxes and Other Taxes, and the full amount of Taxes of any kind imposed by any jurisdiction on  amounts payable under this Section 4.11 imposed on or paid by such Lender or the Administrative  Agent, and any liability (including penalties, additions to tax, interest and expenses) arising  therefrom or with respect thereto.  The indemnity by the Loan Parties provided for in this  Section 4.11(c) shall apply and be made whether or not the Non-Excluded Taxes or Other Taxes  for which indemnification hereunder is sought have been correctly or legally asserted.  Amounts  payable by any Loan Party under the indemnity set forth in this Section 4.11(c) shall be paid within  ten (10) days from the date on which the Lender or Administrative Agent makes written demand  therefor.  (d) Within thirty (30) days after the date of any payment of Taxes, the  applicable Loan Party (or any Person making such payment on behalf of the Loan Parties) shall  furnish to such Lender and/or the Administrative Agent for its own account a certified copy of the  original official receipt evidencing payment thereof or evidence of such payment as is reasonably  satisfactory to such Lender or the Administrative Agent.  (e) (i)  If any Lender or the Administrative Agent is entitled to an exemption  from or reduction of withholding Tax with respect to payments made under any Loan Document,  such Lender or the Administrative Agent, as applicable, shall deliver to the applicable Borrower  or the Administrative Agent, at the time or times reasonably requested by the applicable Borrower  or the Administrative Agent, such properly completed and executed documentation reasonably  requested by the applicable Borrower or the Administrative Agent as will permit such payments  to be made without withholding or at a reduced rate of withholding.  In addition, any Lender or  the Administrative Agent, if reasonably requested by the applicable Borrower or the  Administrative Agent, shall deliver such other documentation prescribed by applicable law or  reasonably requested by the applicable Borrower or the Administrative Agent as will enable the  applicable Borrower or the Administrative Agent to determine whether or not such Lender or the  Administrative Agent is subject to backup withholding or information reporting requirements.   Notwithstanding anything to the contrary in the preceding two sentences, the completion,  execution and submission of such documentation (other than such documentation set forth in  Section 4.11(e)(ii)(A), (ii)(B) and (ii)(D) below and any documentation required for Canadian  withholding Tax purposes) shall not be required if in the Lender’s or Administrative Agent’s  reasonable judgment such completion, execution or submission would subject such Lender or the  Administrative Agent to any material unreimbursed cost or expense or would materially prejudice  the legal or commercial position of such Lender or the Administrative Agent.  (ii) Without limiting the generality of the foregoing:  (A) any Lender that is a U.S. Person shall deliver to the applicable  Borrower and the Administrative Agent on or prior to the date on which such  Lender becomes a Lender under this Agreement (and from time to time thereafter  

 

  -151-  USActive 56005294.16 -151-56005294.24  upon the reasonable request of the applicable Borrower or the Administrative  Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt  from U.S. federal backup withholding tax;  (B) any Foreign Lender shall, to the extent it is legally entitled to do so,  deliver to the applicable Borrower and the Administrative Agent (in such number  of copies as shall be requested by the recipient) on or prior to the date on which  such Foreign Lender becomes a Lender under this Agreement (and from time to  time thereafter upon the reasonable request of the applicable Borrower or the  Administrative Agent), whichever of the following is applicable:  (1) in the case of a Foreign Lender claiming the benefits of an  income tax treaty to which the United States is a party (x) with respect to  payments of interest under any Loan Document, executed copies of IRS  Form W-8BEN or IRS Form W-8BEN-E (as applicable) establishing an  exemption from, or reduction of, U.S. federal withholding Tax pursuant to  the “interest” article of such tax treaty and (y) with respect to any other  applicable payments under any Loan Document, IRS Form W-8BEN or IRS  Form W-8BEN-E (as applicable) establishing an exemption from, or  reduction of, U.S. federal withholding Tax pursuant to the “business  profits” or “other income” article of such tax treaty;  (2) executed copies of IRS Form W-8ECI;  (3) in the case of a Foreign Lender claiming the benefits of the  exemption for portfolio interest under Section 881(c) of the Code, (x) a  certificate substantially in the form of Exhibit D-1 to the effect that such  Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A)  of the Code, a “10 percent shareholder” of the applicable Borrower within  the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign  corporation” described in Section 881(c)(3)(C) of the Code (a “Section 4.11  Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form  W-8BEN-E (as applicable); or  (4) to the extent a Foreign Lender is not the beneficial owner,  executed copies of IRS Form W-8IMY, accompanied by IRS Form  W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a Section 4.11  Certificate substantially in the form of Exhibit D-2 or Exhibit D-3, IRS  Form W-9, and/or other certification documents from each beneficial  owner, as applicable; provided that if the Foreign Lender is a partnership  and one or more direct or indirect partners of such Foreign Lender are  claiming the portfolio interest exemption, such Foreign Lender may provide  a Section 4.11 Certificate substantially in the form of Exhibit D-4 on behalf  of each such direct and indirect partner;  (C) any Foreign Lender shall, to the extent it is legally entitled to do so,  deliver to the applicable Borrower and the Administrative Agent (in such number  

 

  -152-  USActive 56005294.16 -152-56005294.24  of copies as shall be requested by the recipient) on or prior to the date on which  such Foreign Lender becomes a Lender under this Agreement (and from time to  time thereafter upon the reasonable request of the applicable Borrower and the  Administrative Agent), executed copies of any other form prescribed by applicable  law as a basis for claiming exemption from or a reduction in U.S. federal  withholding Tax, duly completed, together with such supplementary  documentation as may be prescribed by applicable law to permit the applicable  Borrower or the Administrative Agent to determine the withholding or deduction  required to be made; and  (D) if a payment made to a Lender or the Administrative Agent under  any Loan Document would be subject to U.S. federal withholding Tax imposed by  FATCA if such Lender or the Administrative Agent 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 or the  Administrative Agent shall deliver to the applicable Borrower or the Administrative  Agent at the time or times prescribed by law and at such time or times reasonably  requested by the applicable 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 applicable Borrower or the Administrative Agent as  may be necessary for the applicable Borrower or the Administrative Agent to  comply with their obligations under FATCA and to determine that such Lender or  the Administrative Agent has complied with its obligations under FATCA or to  determine the amount to deduct and withhold from such payment.  Solely for  purposes of this clause (D), “FATCA” shall include any amendments made to  FATCA after the date of the SecondThird Amendment Effective Date.  Each Lender and the Administrative Agent agrees that if any form or certification  it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update  such form or certification or promptly notify the applicable Borrower and the Administrative  Agent in writing of its legal inability to do so.  (f) Without prejudice to the survival of any other agreement of the Loan Parties  hereunder, the agreements and obligations of the Loan Parties contained in this Section 4.11 shall  survive the termination of this Agreement and the other Loan Documents.  Nothing contained in  Section 4.10 or this Section 4.11 shall require the Administrative Agent or any Lender to make  available any of its tax returns or any other information that it deems to be confidential or  proprietary.  (g) For purposes of determining withholding Taxes imposed under FATCA,  from and after the First Amendment Effective Date, the Borrowers and the Administrative Agent  shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Existing Credit  Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury  Regulation Section 1.1471-2(b)(2)(i).  

 

  -153-  USActive 56005294.16 -153-56005294.24  (h) On the Restatement Effective Date, the Administrative Agent (or, on any  date thereafter, any successor or replacement Administrative Agent) shall deliver to the applicable  Borrower two duly executed originals of either (i) IRS Form W-9 or IRS Form W-8BEN-E, or  (ii) such other documentation as the applicable Borrower may reasonably request for purposes of  establishing that the applicable Borrower can make payments to the Administrative Agent without  deduction or withholding of any Taxes imposed by the United States or Canada.  (i) If any Lender requests compensation under Section 4.10 or requires any  Borrower to pay any Non-Excluded Taxes or additional amounts to any Lender or any  Governmental Authority for  the account of any Lender pursuant to this Section 4.11, then such  Lender shall (at the request of the Borrowers) use reasonable efforts to designate a different lending  office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder  to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation  or assignment (A) would reduce or eliminate amounts payable pursuant to Section 4.10 or this  Section 4.11 or, as the case may be, in the future and (B) would not subject such Lender to any  unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  Each  Borrower hereby agrees to pay all reasonable costs and expense incurred by any Lender in  connection with any such designation or assignment.  (j) If any party determines, in its sole discretion exercised in good faith, that it  has received a refund of any Taxes as to which it has been indemnified pursuant to this  Section (including by the payment of additional amounts pursuant to this Section), it shall pay to  the indemnifying party an amount equal to such refund (but only to the extent of indemnity  payments made under this Section with respect to the Taxes giving rise to such refund), net of all  out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other  than any interest paid by the relevant Governmental Authority with respect to such refund).  Such  indemnifying party, upon the request of such indemnified party, shall repay to such indemnified  party the amount paid over pursuant to this paragraph (j) (plus any penalties, interest or other  charges imposed by the relevant Governmental Authority) in the event that such indemnified party  is required to repay such refund to such Governmental Authority.  Notwithstanding anything to  the contrary in this paragraph (j), in no event will the indemnified party be required to pay any  amount to an indemnifying party pursuant to this paragraph (j) the payment of which would place  the indemnified party in a less favorable net after-Tax position than the indemnified party would  have been in if the Tax subject to indemnification and giving rise to such refund had not been  deducted, withheld or otherwise imposed and the indemnification payments or additional amounts  with respect to such Tax had never been paid.  This paragraph shall not be construed to require  any indemnified party to make available its Tax returns (or any other information relating to its  Taxes that it deems confidential) to the indemnifying party or any other Person.  4.12 Lending Offices.  Loans of each Type made by any Lender shall be made  and maintained at such Lender’s Applicable Lending Office for Loans of such Type.  4.13 Credit Utilization Reporting.  Within five (5) Business Days after the end  of each calendar month, each Issuing Lender shall deliver a report to the Administrative Agent,  substantially in the form of Annex IV (a “Credit Utilization Summary”), setting forth, for each  Letter of Credit issued or provided by such Issuing Lender, (i) the currency and the amount  available to be drawn or utilized under such Letters of Credit as of the end of such calendar month  

 

  -154-  USActive 56005294.16 -154-56005294.24  and (ii) the amount of any drawings, payments or reductions of such Letters of Credit during such  month, in each case, on an aggregate and per Letter of Credit basis.  Upon receiving notice from  any Borrower or the beneficiary under a Letter of Credit issued or provided by such Issuing Lender  of a reduction or termination of such Letter of Credit, each Issuing Lender shall notify the  Administrative Agent thereof.  4.14 Indemnity.  Each Borrower agrees to indemnify each Lender and to hold  each Lender harmless from any actual loss or expense (other than, in the case of expenses, any  administrative, processing or similar fee in respect thereof exceeding $100 for each affected  Lender for each relevant event) which such Lender sustains or incurs as a result of (a) default by  such Borrower in making a borrowing of, Conversion into or Continuation of CDOR Loans and/or  Term SOFR Loans after such Borrower has given a notice requesting the same in accordance with  the provisions of this Agreement, (b) default by such Borrower in making any prepayment of a  CDOR Loan and/or Term SOFR Loan after such Borrower has given a notice thereof in accordance  with the provisions of this Agreement or (c) the making of a prepayment of CDOR Loans and/or  Term SOFR Loans on a day which is not the last day of an Interest Period with respect thereto.   This covenant shall survive the termination of this Agreement and the payment of the Loans,  Reimbursement Obligations and all other amounts payable hereunder.  No Lender shall be entitled  to claim any additional amounts pursuant to this Section 4.14 for circumstances which occurred  more than 180 days prior to the date such Lender makes a request for payment hereunder.  4.15 Market Disruption and Inability to Determine Interest Rate. Subject to  Section 4.23, if:  (a) the Administrative Agent determines (which determination shall be  conclusive and binding absent manifest error) prior to the commencement of any Interest Period,  that adequate and reasonable means do not exist for ascertaining Adjusted Term SOFR or the  CDOR Rate for such Interest Period;  (b) the Administrative Agent shall determine (which determination shall be  conclusive and binding absent manifest error) that a fundamental change has occurred in the  foreign exchange markets with respect to Canadian Dollars (including changes in national or  international financial, political or economic conditions or currency exchange rates or exchange  controls); or  (c) the Administrative Agent is advised by the Majority Facility Lenders in  respect of any Facility that Adjusted Term SOFR or the CDOR Rate does not adequately and fairly  reflect the cost to such Lenders of making or maintaining any affected applicable Loans,  then, in each case, the Administrative Agent shall give notice thereof to the Borrowers and the  relevant Lenders as promptly as practicable thereafter.    Upon notice thereof by the Administrative Agent to the Borrowers, any obligation of the Lenders  to make Term SOFR Loans or CDOR Loans, as applicable, and any right of a Borrower to Convert  a Loan to, or Continue a Loan as, a Term SOFR Loan or CDOR Loan, as applicable, shall be  suspended (to the extent of the affected Loans, affected Facility or, in the case of Term SOFR  Loans, or CDOR Loans, the affected Interest Periods), until the Administrative Agent (with respect  

 

  -155-  USActive 56005294.16 -155-56005294.24  to clause (c), at the instruction of the Majority Facility Lenders in respect of the applicable Facility)  revokes such notice.  Upon receipt of such notice, (i) a Borrower may revoke any pending request  for a borrowing of, Conversion to or Continuation of Term SOFR Loans, or CDOR Loans, as  applicable (to the extent of the affected Loans, affected Facility or, in the case of in the case of  Term SOFR Loans or CDOR Loans, the affected Interest Periods) or, failing that, (A) in the case  of any request for an affected Term SOFR Loan, the applicable Borrower will be deemed to have  converted any such request into a request for a borrowing of or Conversion to Base Rate Loans in  the amount specified therein and (B) in the case of any request for an affected CDOR Loan, the  applicable Borrower will be deemed to have converted any such request into a request for a  borrowing of or Conversion to or Continuation of a Prime Rate Loan in the applicable currency  and in the amount specified therein and (ii)(A) any outstanding affected Term SOFR Loans will  be deemed to have been converted into Base Rate Loans at the end of the applicable Interest Period  and (B) any outstanding affected CDOR Loans will be deemed to have been converted into Prime  Rate Loans at the end of the applicable Interest Period.  Upon any such Conversion, the Borrowers  shall also pay accrued interest on the amount so Converted, together with any additional amounts  required pursuant to Section 4.14.   4.16 Illegality.  If any Lender determines that any Law has made it unlawful, or  that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable  lending office to make, maintain or fund Loans whose interest is determined by reference to SOFR,  the Term SOFR Reference Rate, Term SOFR, Adjusted Term SOFR or the CDOR Rate, or, with  respect to any CDOR Loan, any Governmental Authority has imposed material restrictions on the  authority of such Lender to purchase or sell, or to take deposits of, any applicable currency in the  applicable offshore interbank market for the applicable currency then, upon notice thereof by such  Lender to the Borrowers (through the Administrative Agent) (each, an “Illegality Notice”), (a) any  obligation of the Lenders to make any applicable affected Type of Loan, as applicable, and any  right of the Borrowers to Convert Loans to, or Continue Loans as, any applicable affected Type of  Loan shall be suspended and (b) if necessary to avoid such illegality, the Administrative Agent  shall compute the Base Rate without reference to clause (c) of the definition of “Base Rate” and/or   compute the Canadian Prime Rate without reference to clause (b) of the definition of “Canadian  Prime Rate”, in each case, until each such affected Lender notifies the Administrative Agent and  the Borrowers that the circumstances giving rise to such determination no longer exist.  Upon  receipt of any Illegality Notice, the Borrowers shall, if necessary to avoid such illegality, upon  demand from any Lender (with a copy to the Administrative Agent), prepay or, if applicable,  Convert all Loans of any applicable affected Type to another Type of Loan available with respect  to the applicable currency hereunder on the last day of the Interest Period therefor, if all affected  Lenders may lawfully continue to maintain such CDOR Loans, or Term SOFR Loans, as  applicable, to such day, or immediately, if any Lender may not lawfully continue to maintain such  CDOR Loans, or Term SOFR Loans, as applicable, to such day; provided, that if there is no Type  of Loan available hereunder at such time with respect to any Loan denominated in a currency other  than United States Dollars, such Loan shall be Converted on such day to a Base Rate Loan  denominated in United States Dollars (in an amount equal to the Dollar Equivalent thereof).  Upon  any such prepayment or Conversion, the Borrowers shall also pay accrued interest on the amount  so prepaid or Converted, together with any additional amounts required pursuant to Section 4.14.    4.17 Replacement of Lenders.  If (a)(i)(A) any Borrower is required to pay any  additional amount to or indemnify any Lender pursuant to Section 4.11 or (B) any Lender requests  

 

  -156-  USActive 56005294.16 -156-56005294.24  compensation under Section 4.10, and (ii) in the case of Section 4.11, a Lender has declined to  designate a different Applicable Lending Office, (b) any Lender invokes Section 4.16, (c) any  Lender becomes a Defaulting Lender or a Declining Lender, or (d) any Lender has failed to consent  to a proposed amendment, waiver or other modification that, pursuant to the terms of Section 11.1,  requires the consent of all the Lenders, or all affected Lenders, and with respect to which the  Required Lenders shall have granted their consent, then, in each case, so long as no Default or  Event of Default shall have occurred and be continuing, the Borrowers may, at the sole cost and  expense of the Borrowers, upon notice to such Lender and the Administrative Agent, require such  Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions  and obligations contained in Section 11.7), all of its interests, rights (other than its existing rights  to payments pursuant to Sections 4.10 and 4.11) and obligations under this Agreement and the  other Loan Documents (or all of its interests, rights and obligations in respect of the Loans,  Commitments or Dollar Working Capital Facility Uncommitted Tranche Portions that are the  subject of the related amendment, waiver or other modification) to an assignee that shall assume  such obligations and become a Lender pursuant to the terms of this Agreement and the other Loan  Documents; provided that (i) the transferring Lender shall have received payment of an amount  equal to (A) the outstanding principal of its Loans, accrued interest thereon, and accrued fees  payable to it hereunder, from the Assignee and (B) any additional amounts (including indemnity  payments) payable to it hereunder from the Borrowers and (ii) in the case of a transferring Lender  that is also an Issuing Lender, the Letters of Credit issued by such transferring Lender shall have  been cash collateralized or backed by a letter of credit or other credit support from a  Non-Defaulting Lender or other bank reasonably acceptable to the transferring Lender, in each  case, on terms and conditions reasonably satisfactory to such transferring Lender; provided,  further, that, if, upon such demand by the Borrowers, such Lender elects to waive its request for  additional compensation pursuant to Sections 4.10 or 4.11, or consents to the proposed  amendment, waiver or other modification, or in the case of a Declining Lender, revokes its  Declining Lender Notice, the demand by the Borrowers for such Lender to so assign all of its rights  and obligations under this Agreement shall thereupon be deemed withdrawn.  Nothing in this  Section 4.17 shall affect or postpone any of the rights of any Lender or any of the Obligations of  the Borrowers under any of the foregoing provisions of Sections 4.10, 4.11 or 4.16 in any manner.   Each Lender hereby grants to the Administrative Agent an irrevocable power of attorney (which  power is coupled with an interest) to execute and deliver, on behalf of such Lender as assignor,  any Assignment and Acceptance necessary to effectuate any assignment of such Lender’s interest  hereunder in the circumstances contemplated by this Section 4.17.  Notwithstanding the forgoing, in the case of a Declining Lender, (i) the Borrowers  may require such Declining Lender to, without recourse (in accordance with and subject to the  restrictions and obligations contained in Section 11.7), (A) assign and delegate its rights (other  than its existing rights to payments pursuant to Sections 4.10 and 4.11) and obligations under the  Dollar Working Capital Facility Uncommitted Tranche (including its Dollar Working Capital  Facility Uncommitted Tranche Portion) to such an assignee or (B) assign and delegate its rights  (other than its existing rights to payments pursuant to Sections 4.10 and 4.11) and obligations  under each Facility (including its Commitment and/or its Dollar Working Capital Facility  Uncommitted Tranche Portion) to such an assignee, (ii) in any such case, the Borrowers shall first  seek a replacement for such Declining Lender from the existing Lenders under each applicable  Facility (other than any Declining Lenders or Defaulting Lenders) pro rata in accordance with such  Lender’s applicable Commitment Percentage or Dollar Working Capital Facility Uncommitted  

 

  -157-  USActive 56005294.16 -157-56005294.24  Tranche Percentage, as applicable, (without giving effect to the applicable Commitment  Percentage or Dollar Working Capital Facility Uncommitted Tranche Percentage of any Declining  Lender or Defaulting Lender) and such existing Lenders shall be entitled to accept or decline such  requested assignment in their respective sole discretion, (iii) if the request for assignment of such  Declining Lender’s Commitments and/or Dollar Working Capital Facility Uncommitted Tranche  Portion is not accepted by the existing Lenders on a pro rata basis, such assignment in the  applicable Facility shall be offered to the existing Lenders on a non pro rata basis and (iv) if the  request for assignment of such Declining Lender’s Commitments and/or Dollar Working Capital  Facility Uncommitted Tranche Portion is not accepted by the existing Lenders on a pro rata basis  or a non pro rata basis in amounts equal to such Declining Lender’s Commitments and/or Dollar  Working Capital Facility Uncommitted Tranche Portion, as applicable, then the Borrowers shall  be permitted to arrange an assignment of such excess Commitments and/or Dollar Working Capital  Facility Uncommitted Tranche Portion, as applicable, of such Declining Lender to another Person  as permitted pursuant to the first paragraph of this Section 4.17.  If a Declining Lender revokes its  Declining Lender Notice or an assignment by such Declining Lender of its rights and obligations  under the Dollar Working Capital Facility Uncommitted Tranche (including its Dollar Working  Capital Facility Uncommitted Tranche Portion) is effectuated pursuant to this Section 4.17, then  (x) the Dollar Working Capital Facility Uncommitted Tranche L/C Obligations and the Dollar  Uncommitted Tranche Swing Line Participation Amounts of the Dollar Working Capital Facility  Uncommitted Tranche Lenders in the Dollar Working Capital Facility Uncommitted Tranche shall  be readjusted to reflect the re-inclusion of such Declining Lender’s Dollar Working Capital  Facility Uncommitted Tranche Portion or the inclusion of such assignee’s Dollar Working Capital  Facility Uncommitted Tranche Portion, and (y) such Declining Lender or such assignee (as  applicable) shall purchase at par such of the Dollar Working Capital Facility Uncommitted  Tranche Loans as the Administrative Agent shall determine may be necessary in order for such  Declining Lender or assignee to hold such Dollar Working Capital Facility Uncommitted Tranche  Loans, Dollar Working Capital Facility Uncommitted Tranche Portions and/or Obligations in the  Dollar Working Capital Facility Uncommitted Tranche in accordance with its Dollar Working  Capital Facility Uncommitted Tranche Percentage.  4.18 Defaulting Lender.  Notwithstanding any other provision in this Agreement  to the contrary, if at any time a Lender becomes a Defaulting Lender, the following provisions  shall apply so long as any Lender is a Defaulting Lender:  (a) If any Defaulting Lender (or a Lender who would be a Defaulting Lender  but for the expiration of the relevant grace period) as a result of the exercise of a set-off shall have  received a payment in respect of its Loans or its participation interests in Swing Line Loans or  Letters of Credit which results in its Extensions of Credit under any Facility being less than its  Commitment Percentage or Adjusted Dollar Working Capital Facility Uncommitted Tranche  Percentage, as applicable, of the Total Extensions of Credit under such Facility, then payments  (including principal, interest and fees) to such Defaulting Lender will be suspended until such time  as all amounts due and owing to the Lenders under such Facility have been equalized in accordance  with such Lenders’ Commitment Percentages or Adjusted Dollar Working Capital Facility  Uncommitted Tranche Percentages, as applicable, of the Total Extensions of Credit under such  Facility.  Further, if at any time prior to the acceleration or maturity of the Obligations under any  Facility with respect to which a Defaulting Lender is a Lender at such time, the Administrative  Agent shall receive any payment in respect of principal of a Loan or a reimbursement of a Letter  

 

  -158-  USActive 56005294.16 -158-56005294.24  of Credit under such Facility, the Administrative Agent shall apply such payment first to the Loans  and participations in Letters of Credit and, if applicable, Swing Line Loans, under such Facility  and for which such Defaulting Lender shall have failed to fund its pro rata share to non-Defaulting  Lenders under such Facility until such time as such Defaulting Lender’s obligation to fund such  Loans and/or participations is satisfied in full or each Lender under such Facility is paid its  Commitment Percentage or Adjusted Dollar Working Capital Facility Uncommitted Tranche  Percentage, as applicable, of the Total Extensions of Credit under such Facility.  After acceleration  or maturity of the Obligations under any Facility to which a Defaulting Lender is a Lender, subject  to the first sentence of this Section 4.18(a), all principal will be paid ratably as provided in  Section 4.9(a).  (b) Notwithstanding any provision of this Agreement to the contrary, if any  Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such  Lender is a Defaulting Lender:  (i) fees shall cease to accrue on the Available Commitments of such Defaulting  Lender pursuant to Section 2.8; and  (ii) with respect to any L/C Participation Obligation, Refunded Swing Line  Loan, Dollar Swing Line Participation Amount, or Multicurrency Swing Line Participation  Amount (collectively, “Participation Obligations”) of such Defaulting Lender that exists at  the time a Lender becomes a Defaulting Lender or thereafter:  (A) all or any part of such Defaulting Lender’s pro rata portion of all  Participation Obligations under each Facility to which such Defaulting Lender is a  Lender shall be reallocated among the Non-Defaulting Lenders under such Facility  in accordance with their respective Commitment Percentages or Dollar Working  Capital Facility Uncommitted Tranche Percentages, as applicable, (calculated  without regard to such Defaulting Lender’s Commitment or Dollar Working  Capital Facility Uncommitted Tranche Percentage, as applicable, under such  Facility) but only to the extent that (x) the sum of all Non-Defaulting Lenders’  Available Commitments or Available Dollar Working Capital Facility  Uncommitted Tranche Portions, as applicable,  under such Facility is greater than  zero and (y) each such Non-Defaulting Lender’s Available Commitment or  Available Dollar Working Capital Facility Uncommitted Tranche Portion, as  applicable, under such Facility is greater than zero;  (B) if the reallocation described in clause (ii)(A) above cannot, or can  only partially, be effected, then the Borrowers shall within three (3) Business Days  following notice by the Administrative Agent to the U.S. Borrower (1) Cash  (100%) Collateralize such Defaulting Lender’s portion of the Letters of Credit  under the applicable Facility (after giving effect to any partial reallocation pursuant  to clause (ii)(A) above) for so long as such Letters of Credit are outstanding and  (2) after giving effect to any partial reallocation pursuant to clause (ii)(A) above, if  such Defaulting Lender is (x) a Dollar Working Capital Facility Committed  Tranche Lender, repay the non-reallocated amount of each Dollar Committed  Tranche Swing Line Loan for so long as such Refunded Swing Line Loan and  

 

  -159-  USActive 56005294.16 -159-56005294.24  Dollar Committed Tranche Swing Line Participation Amount are outstanding, (y) a  Dollar Working Capital Facility Uncommitted Tranche Lender, repay the  non-reallocated amount of each Dollar Uncommitted Tranche Swing Line Loan for  so long as such Refunded Swing Line Loan and Dollar Uncommitted Tranche  Swing Line Participation Amount are outstanding and (z) a Multicurrency Working  Capital Facility Lender, repay the non-reallocated amount of each Multicurrency  Swing Line Loan for so long as such Refunded Swing Line Loan and Multicurrency  Swing Line Participation Amount are outstanding;  (C) if the Participation Obligations of the Non-Defaulting Lenders under  the relevant Facility are reallocated pursuant to clause (ii)(A) above or Cash (100%)  Collateralized or repaid pursuant to clause (ii)(B), then the fees payable to the  Lenders under such Facility pursuant to Section 2.8 shall be adjusted or reduced, as  applicable, in accordance with such Non-Defaulting Lenders’ Commitment  Percentages (calculated without regard to such Defaulting Lender’s Commitment  under such Facility); and  (D) if any Defaulting Lender’s portion of the Participation Obligations  under any Facility is neither Cash (100%) Collateralized nor reallocated pursuant  to this Section 4.18(b)(ii), then, without prejudice to any rights or remedies  hereunder of the Lenders and Issuing Lenders under such Facility and, in the case  of any Working Capital Facility, the Swing Line Lenders under such Facility, all  commitment and commission fees that otherwise would have been payable to such  Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s  Commitment or Dollar Working Capital Facility Uncommitted Tranche Portion, as  applicable, under such Facility that was utilized by the Participation Obligations  under such Facility) and letter of credit fees payable under Section 3.5(a) with  respect to such Defaulting Lender’s portion of the Letters of Credit under such  Facility shall be payable to the Issuing Lenders under such Facility and, in the case  of any Working Capital Facility, the Swing Line Lenders under such Facility, until  such Participation Obligations are Cash (100%) Collateralized, reallocated and/or  repaid in full.  (c) So long as any Lender under any Facility is a Defaulting Lender (i) no  Issuing Lender under such Facility shall be required to issue, amend or increase, or consider  issuing, amending or increasing, as applicable, any Letter of Credit under such Facility, unless it  is satisfied that the exposure of the L/C Participants in respect of such Letter of Credit will be  100% covered by the Commitments or Dollar Working Capital Facility Uncommitted Tranche  Portions, as applicable, of the Non-Defaulting Lenders under such Facility and/or cash collateral  will be provided by the Borrowers in accordance with Section 4.18(b), and participating interests  in any such newly issued or increased Letter of Credit shall be allocated among Non-Defaulting  Lenders under such Facility in a manner consistent with Section 3.6 (and Defaulting Lenders shall  not participate therein), and (ii) if the Defaulting Lender is a Working Capital Facility Lender, no  Swing Line Lender under such Facility shall be required to advance or consider advancing, as  applicable, any Swing Line Loan under such Facility, unless it is satisfied that the exposure of the  remaining Lenders under such Facility in respect of such Swing Line Loan will be 100% covered  

 

  -160-  USActive 56005294.16 -160-56005294.24  by the Commitments or Dollar Working Capital Facility Uncommitted Tranche Portions, as  applicable, of the Non-Defaulting Lenders under such Facility.  (d) So long as any Lender is a Defaulting Lender, such Defaulting Lender shall  not be a Qualified Counterparty with respect to any Commodity OTC Agreements or Financial  Hedging Agreements, or a Qualified Cash Management Bank with respect to a Cash Management  Bank Agreement, entered into while such Lender is a Defaulting Lender.  (e) In the event that the Administrative Agent, the U.S. Borrower and each  Issuing Lender under a Facility in which a Defaulting Lender is a Lender, and, in the case of any  Working Capital Facility, each Swing Line Lender under such Facility, each agrees that a  Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting  Lender, then the Participation Obligations under such Facility shall be readjusted to reflect the  inclusion of such Defaulting Lender’s Commitment or Dollar Working Capital Facility  Uncommitted Tranche Percentage, as applicable, under such Facility, and on such date each  Lender under such Facility shall purchase at par such of the Loans, funded Participation  Obligations and Commitments or Dollar Working Capital Facility Uncommitted Tranche Portions,  as applicable, under such Facility as the Administrative Agent shall determine may be necessary  in order for such Lender to hold such Loans, funded Participation Obligations and Commitments  or Dollar Working Capital Facility Uncommitted Tranche Portions, as applicable, in accordance  with its Commitment Percentage or Dollar Working Capital Facility Uncommitted Tranche  Percentage, as applicable, with respect to such Facility.  (f) If any portion of a Defaulting Lender’s Participation Obligations are  reallocated to Non-Defaulting Lenders, then defined terms (including Acquisition Facility  Commitment Percentage, Dollar Working Capital Facility Commitment Percentage, Dollar  Working Capital Facility Uncommitted Tranche Percentage, Multicurrency Working Capital  Facility Commitment Percentage, Acquisition Facility Extensions of Credit, Dollar Working  Capital Facility Committed Tranche Extensions of Credit, Dollar Working Capital Facility  Uncommitted Tranche Extensions of Credit and Multicurrency Working Capital Facility  Extensions of Credit), shall, as necessary or advisable (in the reasonable determination of the  Administrative Agent) be read as used in this Agreement (other than Section 10.7) to give effect  to such reallocation.  4.19 Interest Act (Canada).  For purposes of disclosure pursuant to the Interest  Act (Canada), the annual rates of interest or fees to which the rates of interest or fees provided in  this Agreement and the other Loan Documents (and stated herein or therein, as applicable, to be  computed on the basis of 360 days or any other period of time less than a calendar year) are  equivalent are the rates so determined multiplied by the actual number of days in the applicable  calendar year and divided by 360 or such other period of time, respectively.  Each Borrower  confirms that it fully understands and is able to calculate the rates of interest and fees applicable  to amounts payable hereunder based on the methodology for calculating per annum rates provided  for in this Agreement.  Subject to Section 1.6, the Administrative Agent agrees that if requested in  writing by a Borrower not more frequently than quarterly it will calculate the nominal and effective  per annum rate of interest or fees on any amount payable hereunder during the preceding quarter  or at the time of such request (to the extent determinable at that time) and provide such information  to such Borrower as soon as reasonably practicable; provided that any error in any such calculation,  

 

  -161-  USActive 56005294.16 -161-56005294.24  or any failure to provide such information on request, shall not relieve the Borrowers of any of  their respective obligations under this Agreement or any other Loan Document, nor result in any  liability to the Administrative Agent or any Lender.  To the extent permitted by law, each Borrower  hereby irrevocably agrees not to plead or assert, whether by way of defense or otherwise, in any  proceeding relating to any Loan Document, that the interest or fees payable under any Loan  Document and the calculation thereof has not been adequately disclosed to the Borrowers, whether  pursuant to section 4 of the Interest Act (Canada) or any other applicable law or legal principle.  4.20 Limitations on Interest.  If any provision of this Agreement or of any of the  other Loan Documents would obligate any Loan Party to make any payment of interest or other  amount payable to the Lenders in an amount or calculated at a rate which would be prohibited by  law or would result in a receipt by any Lender of interest at a criminal rate (as such terms are  construed under the Criminal Code (Canada)) then, notwithstanding such provisions, such amount  or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or  rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt  by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary,  as follows:  (1) firstly, by reducing the amount or rate of interest required to be paid to such Lender  under Section 4.2, and (2) thereafter, by reducing any fees, commissions, premiums and other  amounts required to be paid to such Lender which would constitute “interest” for purposes of  Section 347 of the Criminal Code (Canada).  Notwithstanding the foregoing, and after giving effect  to all adjustments contemplated thereby, if any Lender shall have received an amount in excess of  the maximum permitted by that section of the Criminal Code (Canada), the Loan Parties shall be  entitled, by notice in writing to the Administrative Agent, to obtain reimbursement from such  Lender in an amount equal to such excess and, pending such reimbursement, such amount shall be  deemed to be an amount payable by such Lender to the Borrowers.  Any amount or rate of interest  referred to in this Section 4.20 shall be determined in accordance with generally accepted actuarial  practices and principles as an effective annual rate of interest over the term that the applicable  Loan remains outstanding on the assumption that any charges, fees or expenses that fall within the  meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific  period of time, be pro-rated over that period of time and otherwise be pro-rated over the period  from the First Amendment Effective Date to the Maturity Date and, in the event of a dispute, a  certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Administrative  Agent shall be conclusive for the purposes of such determination.  4.21 Replacement Facility.  (a) At any time and from time to time, subject to the terms and conditions set  forth herein, the Borrowers may, by notice to the Administrative Agent (whereupon the  Administrative Agent shall promptly deliver a copy to each of the Relevant Facility Lenders),  request to replace a Facility with a new revolving credit facility under this Agreement (a  “Replacement Facility”); provided that (i) at the time of each such request and upon the  effectiveness of each Replacement Facility Amendment, no Default or Event of Default has  occurred and is continuing or shall result therefrom and (ii) the Administrative Agent has  consented (such consent not to be unreasonably withheld, delayed or conditioned) in writing to the  incurrence of such Replacement Facility.  The amount of each Replacement Facility shall not  exceed the amount of the Facility being replaced.  

 

  -162-  USActive 56005294.16 -162-56005294.24  (b) Any Replacement Facility shall rank pari passu in right of payment and  security with the Obligations in respect of the other Facilities and the obligors in respect thereof  shall be Loan Parties.  The interest on any outstanding Loans and Swing Line Loans under any  replaced Facility, together with all fees owed by the Borrowers under such Facility, shall be paid  in full, the principal of any outstanding Loans and Swing Line Loans under any replaced Facility  shall be paid in full, replaced, converted or continued on terms satisfactory to the Lenders under  such Facility and all outstanding Letters of Credit under such Facility will be replaced or continued  on terms satisfactory to the Lenders under such Facility, in each case on the Replacement Facility  Closing Date for such Facility.  Any Replacement Facility shall be on the terms and pursuant to  the documentation applicable to the Commitments or Dollar Working Capital Facility  Uncommitted Tranche Portions in respect of the Facility being replaced (other than maturity date  and pricing (interest rate and fees)) or on such other terms reasonably acceptable to the  Administrative Agent and the Borrowers, as set forth in the relevant Replacement Facility  Amendment; provided that any Replacement Facility shall not have a termination date that is  earlier than the termination date of the Facility being replaced.  In addition, the terms and  conditions applicable to any Replacement Facility may provide for additional or different  covenants or other provisions that are agreed between the Borrowers and the Lenders under such  Replacement Facility and applicable only during periods after the latest final maturity date for all  Loans and Commitments or Dollar Working Capital Facility Uncommitted Tranche Portions, as  applicable, (other than those under the Facility being replaced) in effect immediately prior to the  date such Replacement Facility is incurred or obtained or the date on which all non-replaced  Obligations (except indemnification obligations for which no claim has been made and of which  no Responsible Person of any Loan Party has knowledge and Hedging and Bank Product  Obligations) are paid in full.  (c) Each notice from the Borrowers pursuant to this Section shall set forth the  requested amount and proposed terms of the relevant Replacement Facility.  Any financial  institution that elects to extend commitments or uncommitted tranche portions under a  Replacement Facility (a “Replacement Facility Lender”) shall be reasonably satisfactory to the  U.S. Borrower and (unless such Replacement Facility Lender is already a Lender or a Subsidiary,  Affiliate or Approved Fund thereof) the Administrative Agent, and (i) if the Replacement Facility  is a replacement of the Acquisition Facility, the Acquisition Facility Issuing Lenders, and (ii) if  the Replacement Facility is a replacement of the Dollar Working Capital Facility Committed  Tranche, the Dollar Working Capital Facility Uncommitted Tranche or the Multicurrency Working  Capital Facility, the Relevant Working Capital Facility Issuing Lenders and the Relevant Swing  Line Lenders.  Each Replacement Facility Lender that is not already a Lender shall become a  Lender under this Agreement pursuant to a Replacement Facility Amendment.  Each Replacement  Facility shall become effective pursuant to an amendment (each, a “Replacement Facility  Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed by the  Borrowers, such Replacement Facility Lender(s) and the Administrative Agent.  No Replacement  Facility Amendment shall require the consent of any Lenders or any other Person other than the  Borrowers, the Administrative Agent and the Replacement Facility Lenders with respect to such  Replacement Facility Amendment.  No Lender shall be obligated to provide any commitment or  uncommitted tranche portion for any Replacement Facility, unless it so agrees in its sole discretion.   Commitments in respect of any Replacement Facility shall become Commitments under this  Agreement and Dollar Working Capital Facility Uncommitted Tranche Portions in respect of any  Replacement Facility shall become Dollar Working Capital Facility Uncommitted Tranche  

 

  -163-  USActive 56005294.16 -163-56005294.24  Portions under this Agreement.  Notwithstanding anything to the contrary in this Agreement  (including Section 11.1), a Replacement Facility Amendment may, without the consent of any  other Lenders or any other Person, effect such amendments to any Loan Documents as may be  necessary or appropriate, in the opinion of the Administrative Agent and the Borrowers, to effect  the provisions of this Section.  The effectiveness of any Replacement Facility Amendment shall,  unless otherwise agreed to by the Administrative Agent and the Replacement Facility Lenders  party thereto, be subject to the satisfaction or waiver on the date thereof (each, a “Replacement  Facility Closing Date”) of each of the conditions set forth in Section 6.2 (it being understood that  all references to the date of making any extension of credit in Section 6.2 shall be deemed to refer  to the Replacement Facility Closing Date).  To the extent reasonably requested by the  Administrative Agent, the effectiveness of a Replacement Facility Amendment may be  conditioned on the Administrative Agent’s receipt of customary legal opinions with respect  thereto, board resolutions and officers’ certificates, additional filings or registrations, mortgage  amendments, filing amendments and/or reaffirmation agreements.  No Replacement Facility may  be implemented unless such Replacement Facility has provisions reasonably satisfactory to the  Administrative Agent with respect to Letters of Credit and Swing Line Loans then outstanding  under the Facility being replaced.  4.22 Election of Approving Lenders to Continue Funding.  (a) If the Administrative Agent receives a Declining Lender Notice from a  Dollar Working Capital Facility Uncommitted Tranche Lender on any Business Day, it will  promptly forward notice of the same to all other Dollar Working Capital Facility Uncommitted  Tranche Lenders that are not then Declining Lenders.  If as of 10:00 a.m. (New York City time)  on any Business Day, (i) the Administrative Agent receives a Declining Lender Notice for reasons  other than an Event of Default from one or more Dollar Working Capital Facility Uncommitted  Tranche Lenders (the “Declining Lender” or “Declining Lenders” in respect of such Conversion  to Approving Lenders Date) and (ii) the other Dollar Working Capital Facility Uncommitted  Tranche Lender or Dollar Working Capital Facility Uncommitted Tranche Lenders approve (or  are deemed to approve as provided in this Section 4.22(a)) further Dollar Working Capital Facility  Uncommitted Tranche Loans or the further issuances of, extensions of, automatic renewal of or  amendments to Dollar Working Capital Facility Uncommitted Tranche Letters of Credit, the  Administrative Agent shall promptly notify the Dollar Working Capital Facility Uncommitted  Tranche Lenders.  With respect to any Conversion to Approving Lender Date, any Dollar Working  Capital Facility Uncommitted Tranche Lender that has not provided a Declining Lender Notice to  the Administrative Agent as of 10:00 a.m. on such date shall automatically, without any action on  the part of any Person, be deemed an “Approving Lender” with respect to such Conversion to  Approving Lender Date.  Each Approving Lender shall (x) with respect to any Dollar Working  Capital Facility Uncommitted Tranche Loan, make available (as provided in Section 2.5(d)) its  Dollar Working Capital Facility Uncommitted Tranche Percentage of such requested Dollar  Working Capital Facility Uncommitted Tranche Loan (in an amount determined pursuant to  Section 2.5(d)) and (y) with respect to any Dollar Working Capital Facility Uncommitted Tranche  Letter of Credit for which such Approving Lender is the Dollar Working Capital Facility  Uncommitted Tranche Issuing Lender, renew or issue such Letter of Credit in an amount consistent  with and as provided by Section 3.1(B) (or with respect to any Approving Lender that is not the  applicable Dollar Working Capital Facility Uncommitted Tranche Issuing Lender, assume  participations in such Dollar Working Capital Facility Uncommitted Tranche Letter of Credit as a  

 

  -164-  USActive 56005294.16 -164-56005294.24  Dollar Working Capital Facility Uncommitted Tranche L/C Participant in an amount consistent  with and as provided by Section 3.6).  From the first date after the Conversion to Approving  Lenders Date and thereafter (or until the next Conversion to Approving Lenders Date, if any, at  which time one or more Dollar Working Capital Facility Uncommitted Tranche Lenders that had  been Approving Lenders may become a Declining Lender), all subsequent Dollar Working Capital  Facility Uncommitted Tranche Loans and issuances of Dollar Working Capital Facility  Uncommitted Tranche Letters of Credit (or amendments or extensions of such Letters of Credit)  shall be made unilaterally by the Approving Lenders in respect of such Conversion to Approving  Lenders Date, and no Dollar Working Capital Facility Uncommitted Tranche Letter of Credit  thereafter issued (or amended or extended) shall be participated in by the Declining Lenders in  respect of such Conversion to Approving Lenders Date pursuant to Section 3.6.  (b) Notwithstanding the foregoing, however, for purposes of allocating  repayments prior to the occurrence of an Event of Default hereunder, the Dollar Working Capital  Facility Uncommitted Tranche Percentage of each Dollar Working Capital Facility Uncommitted  Tranche Lender, with respect to Dollar Working Capital Facility Uncommitted Tranche Loans and  Dollar Working Capital Facility Uncommitted Tranche Letters of Credit outstanding on any  specified Conversion to Approving Lenders Date or Increase Effective Date in respect of the Dollar  Working Capital Facility Uncommitted Tranche, shall remain fixed at the percentage held by such  Dollar Working Capital Facility Uncommitted Tranche Lender the day before such specified  Conversion to Approving Lenders Date or Increase Effective Date in respect of the Dollar Working  Capital Facility Uncommitted Tranche, as applicable, without respect to any changes which may  subsequently occur in such Dollar Working Capital Facility Uncommitted Tranche Lender’s  Adjusted Dollar Working Capital Facility Uncommitted Tranche Percentage (prior to the earlier  to occur of the next Conversion to Approving Lenders Date or the Increase Effective Date in  respect of the Dollar Working Capital Facility Uncommitted Tranche).  Upon the occurrence of an  Event of Default and thereafter, the allocation of all repayments and proceeds from the exercise of  remedies hereunder shall be allocated as provided in Section 8(b) of the U.S. Security Agreement  and Section 8(b) of the Canadian Security Agreement.  4.23 Benchmark Replacement Setting.  (a) Benchmark Replacement.  Notwithstanding anything to the contrary herein  or in any other Loan Document, upon the occurrence of a Benchmark Transition Event with respect  to any Benchmark, the Administrative Agent and the Borrowers may amend this Agreement to  replace such Benchmark with a Benchmark Replacement.  Any such amendment with respect to a  Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth  (5th) Business Day after the Administrative Agent has posted such proposed amendment to all  Lenders and the Borrowers so long as the Administrative Agent has not received, by such time,  written notice of objection to such amendment from Lenders comprising the Required Lenders.   No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 4.23(a)  will occur prior to the applicable Benchmark Transition Start Date.  (b) Benchmark Replacement Conforming Changes.  In connection with the use,  administration, adoption or implementation of a Benchmark Replacement, the Administrative  Agent will have the right to make Conforming Changes from time to time and, notwithstanding  anything to the contrary herein or in any other Loan Document, any amendments implementing  

 

  -165-  USActive 56005294.16 -165-56005294.24  such Conforming Changes will become effective without any further action or consent of any other  party to this Agreement or any other Loan Document.  (c) Notices; Standards for Decisions and Determinations.  The Administrative  Agent will promptly notify the Borrowers and the Lenders of (i) the implementation of any  Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with  the use, administration, adoption or implementation of a Benchmark Replacement.  The  Administrative Agent will promptly notify the Borrowers of the removal or reinstatement of any  tenor of a Benchmark pursuant to Section 4.23(d).  Any determination, decision or election that  may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders)  pursuant to this Section 4.23, including any determination with respect to a tenor, rate or  adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any  decision to take or refrain from taking any action or any selection, will be conclusive and binding  absent manifest error and may be made in its or their sole discretion and without consent from any  other party to this Agreement or any other Loan Document, except, in each case, as expressly  required pursuant to this Section 4.23.  (d) Unavailability of Tenor of Benchmark.  Notwithstanding anything to the  contrary herein or in any other Loan Document, at any time (including in connection with the  implementation of a Benchmark Replacement), (i) if any then-current Benchmark is a term rate  (including the Term SOFR Reference Rate or CDOR) and either (A) any tenor for such Benchmark  is not displayed on a screen or other information service that publishes such rate from time to time  as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor  for the administrator of such Benchmark has provided a public statement or publication of  information announcing that any tenor for such Benchmark is or will be no longer representative,  then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark  settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a  tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a  screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is  not, or is no longer, subject to an announcement that it is or will no longer be representative for a  Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify  the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such  previously removed tenor.  (e) Benchmark Unavailability Period.  Upon the Borrowers’ receipt of notice  of the commencement of a Benchmark Unavailability Period with respect to a given Benchmark,  (i) the Borrowers may revoke any request for a borrowing of, Conversion to or Continuation of  Term SOFR Loans or CDOR Loans, in each case, to be made, Converted or Continued during any  Benchmark Unavailability Period denominated in the applicable currency and, failing that, (A) in  the case of a request for a borrowing of, Conversion to or Continuation of Loans denominated in  United States Dollars, the Borrowers will be deemed to have converted any such request into a  request for a borrowing of or Conversion to Base Rate Loans and (B) in the case of a request for a  borrowing of, Conversion to or Continuation of Loans denominated in Canadian Dollars, the  Borrowers will be deemed to have converted any such request into a request for a borrowing of or  Conversion to Prime Rate Loans and (ii)(A) any outstanding affected Term SOFR Loans, if  applicable, will be deemed to have been converted into Base Rate Loans at the end of the applicable  Interest Period and (B) any outstanding affected CDOR Loans, if applicable, will be deemed to  

 

  -166-  USActive 56005294.16 -166-56005294.24  have been converted into Prime Rate Loans at the end of the applicable Interest Period.  Upon any  such Conversion, the Borrowers shall also pay accrued interest on the amount so Converted,  together with any additional amounts required pursuant to Section 4.14.  During a Benchmark  Unavailability Period with respect to any Benchmark or at any time that a tenor for any then- current Benchmark is not an Available Tenor, the component of the Base Rate or Canadian Prime  Rate, as applicable, based upon the then-current Benchmark that is the subject of such Benchmark  Unavailability Period or such tenor for such Benchmark, as applicable, will not be used in any  determination of Base Rate.   SECTION 5 REPRESENTATIONS AND WARRANTIES  To induce the Administrative Agent and the Lenders to enter into this Agreement  and to make the Loans and provide other extensions of credit hereunder and, with respect to the  Issuing Lenders, to issue the Letters of Credit, the Loan Parties hereby jointly and severally  represent and warrant to the Administrative Agent and each Lender as of the SecondThird  Amendment Effective Date and each Borrowing Date that:  5.1 Financial Condition.  (a)  Each of the financial statements delivered  pursuant to Section 6.1(r) and Section 7.1 (other than the Annual Budgets, the Operating Forecasts  and the financial statements delivered pursuant to Section 6.1(r)(ii) or pursuant to Section 4(o) of  the First Amendment) present fairly in all material respects the financial condition of the Persons  covered by such financial statements as at such date, and have been prepared in accordance with  GAAP or GAAP adjusted on an Economic Basis plus or minus any Allowed Reserve, as  applicable, in each case applied consistently throughout the periods involved (except as approved  by such accountants and as disclosed therein and, with regard to the non-annual financial  statements, subject to normal year-end adjustments and the absence of footnotes).  (b) The Annual Budgets and the Operating Forecasts have been prepared in  good faith under the direction of a Responsible Person of the General Partner (or, after the  effectiveness of the Approved Organizational Changes, the MLP).  The Annual Budgets and the  Operating Forecasts were based upon good faith estimates and assumptions believed by the Loan  Parties to be reasonable at the time made, it being recognized by the Lenders that such financial  information as it relates to future events is not to be viewed as fact and that actual results during  the period or periods covered by such financial information may differ from the projected results  set forth therein by a material amount.  (c) Except as set forth on Schedule 5.1(c) hereto, neither the MLP nor any of  its consolidated Subsidiaries has, at the date of the most recent balance sheet referred to in  Section 5.1(a), any material Guarantee Obligation, contingent liability or liability for taxes, or any  material long-term lease or unusual forward or long-term commitment, including any material  interest rate or foreign currency swap or exchange transaction or other financial derivative which  is not reflected in the foregoing statements or in the notes thereto.  (d) [Reserved].  (e) The Projections have been prepared based upon good faith estimates and  assumptions believed by management of the U.S. Borrower to be reasonable at the time made, it  

 

  -167-  USActive 56005294.16 -167-56005294.24  being recognized by the Lenders that such financial information as it relates to future events is not  to be viewed as fact and that actual results during the period or periods covered by such financial  information may differ from the projected results set forth therein by a material amount.  (f) During the period from December 31, 2021 to and including the  SecondThird Amendment Effective Date, there has been no sale, transfer or other disposition by  any Loan Party or any of their respective consolidated Subsidiaries of any material part of their  respective business or property and no purchase or other acquisition of any business or property  (including any Capital Stock of any other Person) material in relation to the consolidated financial  condition of such Loan Party and its consolidated Subsidiaries at December 31, 2021, other than  those sales, transfers, dispositions and acquisitions listed on Schedule 5.1(f).  5.2 No Change.  Since December 31, 2021, there has been no Material Adverse  Effect.  5.3 Existence; Compliance with Law.  Each of the Loan Parties (a) is duly  formed or organized, validly existing and in good standing under the Laws of the jurisdiction of  its organization, (b) has the corporate (or analogous) power and authority, and the legal right, to  own and operate its property, to lease the property it operates as lessee and to conduct the business  in which it is currently engaged, (c) is duly qualified as a foreign entity and in good standing under  the Laws of each jurisdiction where such qualification is required, except where the failure to be  so qualified or in good standing could not reasonably be expected to have a Material Adverse  Effect and (d) is in compliance with all Requirements of Law except to the extent that the failure  to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse  Effect.  5.4 Power; Authorization; Enforceable Obligations.  Each of the Loan Parties  has the corporate (or analogous) power and authority, and the legal right, to execute, deliver and  perform the Loan Documents to which it is a party and, if applicable, to borrow hereunder, and, if  applicable, has taken all necessary corporate (or analogous) action to authorize the borrowings on  the terms and conditions of this Agreement and any Notes and to authorize the execution, delivery  and performance of the Loan Documents to which it is a party.  Except for (a) the filing of UCC  and PPSA financing statements, financing change statements, applications for registration under  the Quebec Civil Code and equivalent filings for foreign jurisdictions and the taking of applicable  actions referred to in Section 5.16 and (b) the filings or other actions listed on Schedule 5.4 or  required by Section 7.13 (and including such other authorizations, approvals, registrations, actions,  notices or filings as have already been obtained, made or taken and are in full force and effect), no  consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental  Authority or any other Person, including the FERC, to which any Borrower or other Loan Party is  subject, is required in connection with the borrowings hereunder or with the execution, delivery,  validity or enforceability of the Loan Documents to which the Loan Parties are a party; provided  that approval by the FERC may be required for the transfer of direct or indirect ownership or  control of FERC Contract Collateral; provided, further, that no approval of the FERC is required  for the granting of the security interest in the FERC Contract Collateral to the Administrative  Agent pursuant to the Security Documents.  As of the SecondThird Amendment Effective Date,  the only contracts comprising FERC Contract Collateral of the Loan Parties and their respective  Subsidiaries as to which further consent of the FERC may be required in connection with the  

 

  -168-  USActive 56005294.16 -168-56005294.24  exercise of remedies by the Administrative Agent under the Loan Documents are contracts for the  transportation and storage of certain Eligible Commodities.  This Agreement has been, and each  other Loan Document to which any Loan Party is a party will be, duly executed and delivered on  behalf of such Loan Party.  This Agreement constitutes, and each other Loan Document to which  it is a party when executed and delivered will constitute, a legal, valid and binding obligation of  each Loan Party thereto enforceable against such Loan Party in accordance with its terms, subject  to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and  other similar laws relating to or affecting creditors’ rights generally, general equitable principles  (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and  fair dealing.  5.5 No Legal Bar.  The execution, delivery and performance of the Loan  Documents to which any of the Loan Parties is a party, the borrowings hereunder and the use of  the proceeds thereof (i) will not violate any Requirement of Law, including any rules or regulations  promulgated by the FERC, in any material respect or where a waiver has not been obtained, in  each case to the extent applicable to or binding upon such Loan Party or its Properties, (ii) will not  violate a material Contractual Obligation (including, for the avoidance of doubt, Governing  Documents) of any of the Loan Parties, except where such violation could not reasonably be  expected to have a Material Adverse Effect and (iii) will not result in, or require, the creation or  imposition of any Lien on any of their respective properties or revenues pursuant to any such  Requirement of Law or Contractual Obligation (other than Liens created by the Security  Documents in favor of the Administrative Agent and Liens permitted by Section 8.3).  5.6 No Material Litigation.  No litigation or proceeding to which a Loan Party  is party before any arbitrator or Governmental Authority is pending or, to the knowledge of any  Loan Party, threatened by or against any Loan Party or against any of their respective properties  or revenues (a) with respect to any of the Loan Documents, (b) with respect to any of the  transactions contemplated by or occurring simultaneously with the entering into of any of the Loan  Documents in which such litigation or proceeding is material and has a reasonable basis in fact, or  (c) which could, after giving effect to any insurance, bond or reserve, reasonably be expected to  have a Material Adverse Effect.  5.7 No Default.  No Loan Party is in default under or with respect to any  Contractual Obligation in any respect which could reasonably be expected to have a Material  Adverse Effect.  No Default or Event of Default has occurred and is continuing.  5.8 Ownership of Property; Liens.  Except for matters disclosed on the title  reports and surveys, including minor defects or irregularities in title that do not interfere with its  ability to conduct its business as currently conducted or to utilize such properties and assets for  their intended purposes and except where the failure to have such title could not reasonably be  expected to have a Material Adverse Effect, each Loan Party has defensible title in fee simple to,  or a valid leasehold interest in, all its real property, and good title to, or a valid leasehold interest  in, all its tangible personal property, and none of such property is subject to any Lien except as  permitted by Section 8.3.  5.9 Intellectual Property.  Each Loan Party owns, is licensed to use or has a  common law or contractual right to access and use, all material trademarks, tradenames,  

 

  -169-  USActive 56005294.16 -169-56005294.24  copyrights, patents, industrial designs, technology, know-how and processes necessary for the  conduct of its business as currently conducted (the “Intellectual Property”) except for those the  failure to own or license which could not reasonably be expected to have a Material Adverse  Effect.  Except as set forth on Schedule 5.9, no claim has been asserted nor is pending by any  Person challenging or questioning the use by any such Loan Party of any such Intellectual Property  or the validity or effectiveness of any such Intellectual Property, nor does any Loan Party know of  any valid basis for any such claim, except any claim that could not reasonably be expected to have  a Material Adverse Effect.  The use of such Intellectual Property by the Loan Parties does not  infringe on the rights of any Person, except for such claims and infringements that, in the  aggregate, could not reasonably be expected to have a Material Adverse Effect.  5.10 No Burdensome Restrictions.  No Requirement of Law or Contractual  Obligation of any Loan Party has or could reasonably be expected to have a Material Adverse  Effect.  5.11 Taxes.  (a)  Each Loan Party and each of its Subsidiaries has timely filed or  caused to be filed all material Tax returns required to be filed and has timely paid all material  Taxes due and payable by it or imposed with respect to any of its property and all other material  fees or other charges imposed on it or any of its property by any Governmental Authority (other  than any Taxes the amount or validity of which are currently being contested in good faith by  appropriate proceedings and with respect to which reserves in conformity with GAAP have been  provided on the books of the Loan Parties).  Each Loan Party and each of its Subsidiaries has  withheld all employee withholdings and has made all employer contributions required to be  withheld and made by it pursuant to applicable law on account of the Canada and Quebec pension  plans, employment insurance and employee income taxes.  (b) There are no Liens for Taxes and no claim is being asserted with respect to  Taxes, except for statutory liens for Taxes not yet due and payable or for Taxes the amount or  validity of which are currently being contested in good faith by appropriate proceedings and, in  each case, with respect to which reserves in conformity with GAAP have been provided on the  books of the MLP.  5.12 Federal Regulations.  No part of the proceeds of any Loan or Letter of Credit  will be used for “purchasing” or “carrying” any “margin stock” within the respective meanings of  each of the quoted terms under Regulation U, or for any purpose which violates, or which would  be inconsistent with, the provisions of the regulations of the Board.  If requested by any Lender or  the Administrative Agent, the U.S. Borrower will furnish to the Administrative Agent and each  Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or  FR Form U-1 referred to in said Regulation U.  5.13 ERISA.  Neither a Reportable Event nor a failure to satisfy the minimum  funding requirements of Section 412 or 430 of the Code has occurred during the six-year period  prior to the date on which this representation is made or deemed made or is reasonably expected  to occur with respect to any Single Employer Plan, no Plan is reasonably expected to be in “at  risk” status within the meaning of Section 430 of the Code and each Plan (including, to the  knowledge of the Loan Parties, a Multiemployer Plan or a multiemployer welfare plan maintained  pursuant to a collective bargaining agreement) has complied in all respects with the applicable  

 

  -170-  USActive 56005294.16 -170-56005294.24  provisions of ERISA, the Code and the constituent documents of such Plan, except for instances  of non-compliance that, in the aggregate, could not reasonably be expected to have a Material  Adverse Effect.  No termination of a Single Employer Plan has occurred during such six-year  period or is reasonably expected to occur (other than a termination described in Section 4041(b)  of ERISA), and no Lien in favor of the PBGC or a Plan has arisen during such six-year period or  is reasonably expected to arise.  Except to the extent that any such excess could not reasonably be  expected to have a Material Adverse Effect, the present value of all accrued benefits under each  Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last  annual valuation date prior to the date on which this representation is made or deemed made,  exceed the value of the assets of such Plan allocable to such accrued benefits.  Except to the extent  that such liability could not reasonably be expected to have a Material Adverse Effect, (i) neither  the Loan Parties nor any Commonly Controlled Entity has had a complete or partial withdrawal  from any Multiemployer Plan, and (ii) the Loan Parties would not become subject to any liability  under ERISA if a Loan Party or any Commonly Controlled Entity were to withdraw completely  from all Multiemployer Plans as of the valuation date most closely preceding the date on which  this representation is made or deemed made.  To the knowledge of the Loan Parties, no such  Multiemployer Plan is Insolvent or terminating or is reasonably expected to become Insolvent or  be terminated or is, or is reasonably expected to be in endangered, seriously endangered or critical  status, in each case within the meaning of Section 432 of the Code.  Except to the extent that any  such excess could not reasonably be expected to have a Material Adverse Effect, the present value  (determined using actuarial and other assumptions which are reasonable in respect of the benefits  provided and the employees participating) of the aggregate liabilities of the Loan Parties and each  Commonly Controlled Entity for the provision of post-retirement benefits to their current and  former employees under Plans which are welfare benefit plans (as defined in Section 3(1) of  ERISA) do not, in the aggregate, exceed the total assets under all such Plans allocable to such  benefits except as disclosed in the financial statements of the Loan Parties.  Neither the Loan  Parties nor any Commonly Controlled Entity has engaged in a prohibited transaction under  Section 406 of ERISA and/or Section 4975 of the Code in connection with any Plan that would  subject any Loan Party to liability under ERISA and/or Section 4975 of the Code that could  reasonably be expected to have a Material Adverse Effect.  Except as could not reasonably be  expected, individually or in the aggregate, to have a Material Adverse Effect:  (1) each Plan that  is intended to qualify under Section 401(a) of the Code has received a favorable determination  letter from the IRS covering such plan’s most recently completed five-year remedial amendment  cycle in accordance with Revenue Procedure 2007-44, I.R.B. 2007-28, indicating that such Plan  is so qualified and the trust related thereto has been determined by the Internal Revenue Service  to be exempt from federal income tax under Section 501(a) of the Code or an application for such  a determination is currently pending before the Internal Revenue Service and, to the knowledge of  the Borrowers, nothing has occurred subsequent to the issuance of the most recent determination  letter which would cause such Plan to lose its qualified status; (2) no liability to the PBGC (other  than required premium payments) or the IRS with respect to any Plan, any Plan or Single Employer  Plan or any trust established under Title IV of ERISA has been or is expected to be incurred by  any Loan Party or any Commonly Controlled Entity; (3) no Event of Default under Section 9.1(h)  hereof has occurred and neither the Borrowers nor any Commonly Controlled Entity is aware of  any fact, event or circumstance that could reasonably be expected to constitute or result in an Event  of Default; and (4) each of the Loan Parties’ Commonly Controlled Entities have complied with  the requirements of Section 515 of ERISA with respect to each Multiemployer Plan and are not in  

 

  -171-  USActive 56005294.16 -171-56005294.24  “default” (as defined in Section 4219(c)(5) of ERISA) with respect to payments to a  Multiemployer Plan.  5.14 Investment Company Act; Other Regulations.  None of the Loan Parties is  required to register as an “investment company”, or a company “controlled” by an “investment  company”, within the meaning of the Investment Company Act of 1940.  The Loan Parties are not  subject to regulation under any Federal or State statute or regulation (other than Regulation X of  the Board) which limits their ability to incur Indebtedness.  5.15 Subsidiaries.  Schedule 5.15 sets forth as of the SecondThird Amendment  Effective Date the names of all direct or indirect Subsidiaries of the MLP, their respective forms  of organization, their respective jurisdictions of organization, the total number of issued and  outstanding shares or other interests of Capital Stock thereof, the classes and number of issued and  outstanding shares or other interests of Capital Stock of each such class, and with respect to the  MLP, the name of each holder of general partnership interests thereof and the number of general  partnership interests held by each such holder.  5.16 Security Documents.  (a)  The provisions of the Security Documents are  effective to create in favor of the Administrative Agent for the ratable benefit of the Secured Parties  a legal, valid and enforceable Lien in all right, title and interest of each Loan Party thereto in the  “Collateral” described therein, subject to any Liens permitted by Section 8.3.  (b) When any stock certificates representing Pledged Collateral are delivered  to the Administrative Agent, and proper financing statements or other applicable filings listed in  Schedule 5.16 have been filed in the offices in the jurisdictions listed in Schedule 5.16, the  U.S. Pledge Agreement shall constitute a perfected first Lien on, and security interest in, all right,  title and interest of each Loan Party thereto in the “Pledged Collateral” described therein, subject  to any Liens permitted by Section 8.3.  (c) When any stock certificates representing Pledged Collateral are delivered  to the Administrative Agent, and proper financing statements or other applicable filings listed in  Schedule 5.16 have been filed in the offices in the jurisdictions listed in Schedule 5.16, the  Canadian Pledge Agreement shall constitute a perfected first Lien on, and security interest in, all  right, title and interest of each Person party thereto in the “Pledged Collateral” described therein,  subject to any Liens permitted by Section 8.3.  (d) When proper financing statements or other applicable filings listed in  Schedule 5.16 have been filed in the offices in the jurisdictions listed in Schedule 5.16, the security  interest granted under the U.S. Security Agreement shall constitute a perfected first Lien on, and  security interest in, all right, title and interest of the U.S. Borrower and those Loan Parties party  thereto in the portion of the “Collateral” described therein, which can be perfected by such filing,  subject to any Permitted Borrowing Base Liens.  (e) When an Account Control Agreement has been entered into with respect to  each Pledged Account of any Loan Party to the U.S. Security Agreement, the U.S. Security  Agreement shall constitute a perfected first Lien on, and security interest in, all right, title and  interest of the Loan Party thereto in the portion of the “Collateral” described therein that consists  

 

  -172-  USActive 56005294.16 -172-56005294.24  of Pledged Accounts, prior and superior in right to any other Person, subject to any Permitted Cash  Management Liens.  (f) When proper financing statements or other applicable filings listed in  Schedule 5.16 have been filed in the offices in the jurisdictions listed in Schedule 5.16, the security  interest granted under the Canadian Security Agreement and Quebec Security Documents shall  constitute a perfected first Lien on, and security interest in, all right, title and interest of the  Canadian Borrower and those Loan Parties party thereto in the portion of the “Collateral”  described therein, which can be perfected by such filing, subject to any Permitted Borrowing Base  Liens.  (g) When an Account Control Agreement has been entered into with respect to  each Pledged Account (except for Deposit Accounts maintained with a financial institution in any  province or territory of Canada, other than Quebec) of any Loan Party to the Canadian Security  Documents, the Canadian Security Documents shall constitute a perfected first Lien on, and  security interest in, all right, title and interest of the Loan Party thereto in the portion of the  “Collateral” described therein that consists of Pledged Accounts (except for Deposit Accounts  maintained with a financial institution in any province or territory of Canada, other than Quebec),  prior and superior in right to any other Person, subject to any Permitted Cash Management Liens.  (h) When proper financing statements or other applicable filings listed in  Schedule 5.16 have been filed in the offices in the jurisdictions listed in Schedule 5.16, the  Canadian Security Documents shall constitute a perfected first Lien on, and security interest in, all  right, title and interest of the Loan Party thereto in the portion of the “Collateral” described therein  that consists of Pledged Accounts consisting of Deposit Accounts maintained with a financial  institution in any province or territory of Canada, other than Quebec, prior and superior in right to  any other Person, subject to any Permitted Cash Management Liens.  5.17 Accuracy and Completeness of Information.  All written factual  information, reports and other papers and data with respect to the Loan Parties furnished pursuant  to this Agreement and the other Loan Documents, and all factual statements and representations  made in writing, to the Administrative Agent, the Arrangers or the Lenders by any Loan Party or  on behalf of any Loan Party at its direction, were, at the time the same were so furnished or made,  when taken together with all such other written factual information, reports and other papers and  data previously so furnished and all such other factual statements and representations previously  so made in writing, complete and correct in all material respects, to the extent necessary to give  the Administrative Agent, the Arrangers and the Lenders true and accurate knowledge of the  subject matter thereof in all material respects, and did not, as of the date so furnished or made,  contain any untrue statement of a material fact or omit to state any material fact necessary in order  to make the statements contained therein not materially misleading in light of the circumstances  in which the same were made.  The projections and pro forma information contained in the  materials referenced above were based upon good faith estimates and assumptions believed by the  Loan Parties to be reasonable at the time made, it being recognized by the Administrative Agent,  the Arrangers and the Lenders that such financial information as it relates to future events is not to  be viewed as fact and that actual results during the period or periods covered by such financial  information may differ from the projected results set forth therein by a material amount; provided,  however, that the representation and warranty in this Section 5.17 shall not cover (x) the financial  

 

  -173-  USActive 56005294.16 -173-56005294.24  information addressed in Section 5.1 or Section 7.1 or (y) any reports that were prepared by the  Administrative Agent, any Arranger, any Lender or any advisor thereof (whether or not such  advisor’s fees were paid by any Loan Party), but shall apply to any written information, reports,  other papers or data that were approved by any Loan Party for inclusion in any such report.  5.18 Labor Relations.  No Loan Party is engaged in any unfair labor practice  which could reasonably be expected to have a Material Adverse Effect.  Except as could not  reasonably be expected to have a Material Adverse Effect, there is (a) no unfair labor practice  complaint pending or, to the best knowledge of each Loan Party, threatened against a Loan Party  before the National Labor Relations Board, the Canada Industrial Relations Board or any other  labor relations board of any other province or territory of Canada and no grievance or arbitration  proceeding arising out of or under a collective bargaining agreement is so pending or, to the  knowledge of any Loan Party, threatened, (b) no strike, labor dispute, slowdown or stoppage  pending or, to the knowledge of each Loan Party, threatened against a Loan Party, and (c) except  as listed on Schedule 5.18, no union representation question existing with respect to the employees  of a Loan Party and, to the knowledge of any Loan Party, no union organizing activities,  certification applications or representative proceedings are taking place or pending with respect to  any thereof.  5.19 Insurance.  As of the SecondThird Amendment Effective Date, each Loan  Party has, with respect to its properties and business, insurance covering the risks, in the amounts,  with the deductible or other retention amounts, and with the carriers, listed on Schedule 5.19,  which insurance meets the requirements of Section 7.5 hereof and Section 5(q) of the U.S. Security  Agreement or Section 5(p) of the Canadian Security Agreement, as applicable, in each case as of  the SecondThird Amendment Effective Date.  5.20 Solvency.  (a)  As of the SecondThird Amendment Effective Date, and each  other Borrowing Date, immediately after giving effect to the Loans and Letters of Credit to be  made, issued or provided on such date, (i) the amount of the “present fair saleable value” of the  assets of each of the MLP and its Subsidiaries, taken as a whole, the MLP, the U.S. Borrower and  the Canadian Borrower will, as of such time, exceed the amount of all “liabilities of each of the  MLP and its Subsidiaries, taken as a whole, the MLP, the U.S. Borrower and the Canadian  Borrower, contingent or otherwise”, respectively, such quoted terms are determined in accordance  with applicable federal and state Laws governing determinations of the insolvency of debtors,  (ii) the present fair saleable value of the assets of each of the MLP and its Subsidiaries, taken as a  whole, the MLP, the U.S. Borrower and the Canadian Borrower will be greater than the amount  that will be required to pay the liabilities of each of the MLP and its Subsidiaries, taken as a whole,  the MLP, the U.S. Borrower and the Canadian Borrower on their respective debts as such debts  become absolute and matured, (iii) none of the MLP and its Subsidiaries, taken as a whole, the  MLP, the U.S. Borrower or the Canadian Borrower will have an unreasonably small amount of  capital with which to conduct their respective businesses, and (iv) each of the MLP and its  Subsidiaries, taken as a whole, the MLP, the U.S. Borrower and the Canadian Borrower will be  able to pay their respective debts as they mature.  For purposes of this Section 5.20, “debt” means  “liability on a claim”, “claim” means any (x) right to payment, whether or not such a right is  reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed,  undisputed, legal, equitable, secured or unsecured, and (y) right to an equitable remedy for breach  of performance if such breach gives rise to a right to payment, whether or not such right to an  

 

  -174-  USActive 56005294.16 -174-56005294.24  equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed,  undisputed, secured or unsecured.  5.21 Use of Letters of Credit and Proceeds of Loans.  (a)  The proceeds of the  Loans under the Working Capital Facility shall be used only (i) to finance the Loan Parties’  purchase, storage and sale of Petroleum Products, Natural Gas Products, carbon credits, RINs,  wood pellets, asphalt and such other energy products as the Required Lenders may approve from  time to time (such approval not to be unreasonably withheld) (collectively, “Product”), (ii) to  finance (x) maintenance Capital Expenditures and (y)  non-maintenance Capital Expenditures,  (iii) for hedging related to the purchase, storage and sale of Product, (iv) for the general working  capital purposes of the Loan Parties, (v) to finance the carrying of accounts receivable, (vi) for the  payment of contractual margin calls (with respect to exchange-traded contracts, over-the-counter  contracts and otherwise) or establishment of reserves in connection therewith, (vii) for the making  of Restricted Payments to the extent permitted by Section 8.5 below, (viii) to support certain  working capital requirements related to the Loan Parties’ marketing activities and (ix) to pay any  fees and expenses payable to the Lenders, the Administrative Agent and any other Secured Parties,  and, in each case, not for any other purpose.  (b) Letters of Credit under the Working Capital Facility shall be used only  (i) for the general working capital purposes of the Loan Parties, (ii) to facilitate and finance the  purchase of Product for resale or storage, (iii) to secure the obligations of any Loan Party under  any contract or agreement or in connection with any legal requirement or governmental permit,  such as transportation obligations, bonding obligations, performance and margin-related  obligations related to hedging of Product and (iv) to support (w) maintenance Capital  Expenditures, (y) solely with respect to the Dollar Working Capital Facility, and in an aggregate  amount not to exceed $10,000,000 for such purpose outstanding at any time (with respect to all  Dollar Working Capital Facility Letters of Credit), non-maintenance Capital Expenditures, and (z)  solely with respect to the Multicurrency Working Capital Facility, and in an aggregate amount not  to exceed $7,500,000 for such purpose outstanding at any time (with respect to all Multicurrency  Working Capital Facility Letters of Credit), non-maintenance Capital Expenditures, and, in each  case, not for any other purpose.  (c)  The proceeds of the Loans under the Acquisition Facility shall be used (A)  with respect to Acquisition Facility Acquisition Loans, only (i)  to finance the acquisition of  Acquisition Assets, the repayment or refinancing of all or any portion of any outstanding  Acquisition Facility Acquisition Extensions of Credit, (ii) for general corporate purposes of the  Loan Parties, distinct and separate from the general working capital purposes of the Loan Parties  and (iii) to pay any fees and expenses payable to the Lenders, the Administrative Agent and any  other Secured Parties, and, in each case, not for any other purpose, and (B) with respect to  Acquisition Facility Working Capital Loans, only (i) to finance the Loan Parties’ purchase, storage  and sale of Product, (ii) to finance maintenance Capital Expenditures, (iii) for hedging related to  the purchase, storage and sale of Product, (iv) for the general working capital purposes of the Loan  Parties, (v) to finance the carrying of accounts receivable, (vi) for the payment of contractual  margin calls (with respect to exchange-traded contracts, over-the-counter contracts and otherwise)  or establishment of reserves in connection therewith, (vii)  for the making of Restricted Payments  to the extent permitted by Section 8.5 below, (viii) to support certain working capital requirements  related to the Loan Parties’ marketing activities and (ix) to pay any fees and expenses payable to  

 

  -175-  USActive 56005294.16 -175-56005294.24  the Lenders, the Administrative Agent and any other Secured Parties, and, in each case, not for  any other purpose.  (d) Letters of Credit under the Acquisition Facility shall be used only (A) with  respect to Acquisition Facility Acquisition Letters of Credit, only (i) to support the acquisition of  Acquisition Assets, the repayment or refinancing of all or any portion of any outstanding  Acquisition Facility Acquisition Extensions of Credit, (ii) for general corporate purposes of the  Loan Parties, distinct and separate from the general working capital purposes of the Loan Parties  and (iii) for Acquisition Facility Performance Letters of Credit; provided, that Acquisition Facility  Transportation Letters of Credit shall be in an aggregate amount not to exceed the Acquisition  Facility Transportation Letter of Credit Sub-Limit and shall be as long as the Acquisition Facility  Extensions of Credit do not exceed the Eligible Acquisition Asset Value, and, in each case, not for  any other purpose, and (B) with respect to Acquisition Facility Working Capital Letters of Credit  (i) for the general working capital purposes of the Loan Parties, (ii) to facilitate and finance the  purchase of Product for resale or storage, (iii) to secure the obligations of any Loan Party under  any contract or agreement or in connection with any legal requirement or governmental permit,  such as transportation obligations, bonding obligations, performance and margin-related  obligations related to hedging of Product and (iv) to support maintenance Capital Expenditures,  and, in each case, not for any other purpose.  5.22 Environmental Matters.  Except as set forth on Schedule 5.22:  (a) To the best of each Loan Party’s knowledge and belief, such knowledge and  belief being that of a reasonable person who had conducted due diligence and good faith inquiry,  the facilities and properties owned, leased or operated by the Loan Parties (the “Properties”) do  not contain, and have not previously contained, any Materials of Environmental Concern in  amounts or concentrations which (i) constitute or constituted a violation of, or (ii) could give rise  to liability under, any Environmental Law except in either case insofar as such violation or liability,  or any aggregation thereof, is not reasonably likely to result in a Material Adverse Effect.  (b) To the best of each Loan Party’s knowledge and belief, such knowledge and  belief being that of a reasonable person who had conducted due diligence and good faith inquiry,  (i) except where the failure to be in compliance could not reasonably be expected to have a  Material Adverse Effect, the Properties and all operations at the Properties are in compliance, and  have, for the lesser of the last five years or for the duration of their ownership, lease, or operation  by Loan Parties, been in compliance in all material respects with all applicable Environmental  Laws and Environmental Permits, and (ii) there is no contamination at, under or about the  Properties or violation of any Environmental Law or Environmental Permit with respect to the  Properties or the business at the Properties operated by Loan Parties (the “Business”) which could  materially interfere with the continued operation of the Properties or materially impair the fair  saleable value thereof.  All Environmental Permits necessary in connection with the ownership  and operation of each Loan Party’s business have been obtained and are in full force and effect,  except where any such failure to obtain and maintain in full force and effect (individually or in the  aggregate) has not had and is not reasonably likely to result in a Material Adverse Effect.  Without  limiting the foregoing, all material permits, registrations, licenses or similar authorizations or  notifications required to construct and operate bulk storage tanks and other bulk storage facilities  at the Properties are in effect.  

 

  -176-  USActive 56005294.16 -176-56005294.24  (c) No Loan Party has received any written notice of violation, alleged  violation, non-compliance, liability or potential liability pursuant to Environmental Laws or  Environmental Permits with regard to any of the Properties or the Business, nor do the Loan Parties  have knowledge or reason to believe that any such notice will be received or is being threatened,  except insofar as such notice or threatened notice, or any aggregation thereof, does not involve a  matter or matters that is or are reasonably likely to result in a Material Adverse Effect.  (d) To the best of each Loan Party’s knowledge and belief, such knowledge and  belief being that of a reasonable person who had conducted due diligence and good faith inquiry,  Materials of Environmental Concern have not been transported or disposed of from the Properties  in violation of, or in a manner or to a location which could give rise to liability under, any  Environmental Law, nor have any Materials of Environmental Concern been generated, treated,  stored or disposed of at, on or under any of the Properties in violation of, or in a manner that could  give rise to liability under, any applicable Environmental Law, except insofar as any such violation  or liability referred to in this paragraph, or any aggregation thereof, is not reasonably likely to  result in a Material Adverse Effect.  (e) No judicial proceeding or governmental or administrative action is pending  or, to the knowledge of any Loan Party, threatened, under any Environmental Law to which any  Loan Party is or will be named as a party with respect to any of the Properties or the Business, nor  are there any consent decrees or other decrees, consent orders, administrative orders or other  orders, or other administrative or judicial requirements or liens outstanding under any  Environmental Law with respect to any of the Properties or the Business, except insofar as such  proceeding, action, decree, order or other requirement or lien, or any aggregation thereof, is not  reasonably likely to result in a Material Adverse Effect.  (f) There has been no Release of Materials of Environmental Concern at or  from any of the Properties arising from or related to the operations of any Loan Party in connection  with any of the Properties or otherwise in connection with the Business and, to the knowledge of  each Loan Party, no other Person has caused or suffered to exist any Release of Materials of  Environmental Concern at or from the Properties, in violation of or in amounts or in a manner that  could give rise to liability under Environmental Laws, except insofar as any such violation or  liability referred to in this paragraph, or any aggregation thereof, is not reasonably likely to result  in a Material Adverse Effect.  5.23 Risk Management Policy.  The Risk Management Policy has been duly  adopted in accordance with the internal risk policies of the U.S. Borrower, is in full force and effect  with respect to all Loan Parties, and has been previously delivered to the Administrative Agent  (for distribution to the Lenders) and certified by a Responsible Person of the U.S. Borrower as  being a true and correct copy and in full force and effect, and the Risk Management Policy in effect  as of the SecondThird Amendment Effective Date is attached hereto as Exhibit I.  5.24 Anti-Corruption Laws and Sanctions.  The U.S. Borrower has implemented  and maintains in effect policies and procedures designed to ensure compliance by the U.S.  Borrower, its Subsidiaries and their respective directors, officers, employees and agents with  Anti-Corruption Laws and applicable Sanctions, and the U.S. Borrower, its Subsidiaries and their  respective officers and employees, and to the knowledge of the U.S. Borrower its Affiliates,  

 

  -177-  USActive 56005294.16 -177-56005294.24  directors and agents, are in compliance with Anti-Corruption Laws, applicable Requirements of  Law relating to money laundering and applicable Sanctions in all material respects and are not  knowingly engaged in any activity that would reasonably be expected to result in the U.S.  Borrower or the Canadian Borrower being designated as a Sanctioned Person.  None of (a) the  U.S. Borrower, any Subsidiary or to the knowledge of the U.S. Borrower or such Subsidiary any  of their respective directors, officers, employees or Affiliates, or (b) to the knowledge of the U.S.  Borrower, any agent of the U.S. Borrower or any Subsidiary that will act in any capacity in  connection with or benefit from the credit facility established hereby, is a Sanctioned Person.  No  Loan or Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will  violate Anti-Corruption Laws, applicable Requirements of Law relating to money laundering or  applicable Sanctions.  5.25 Canadian Pension Plan and Benefit Plans.  As of the SecondThird  Amendment Effective Date, Schedule 5.25 lists all Canadian Benefit Plans and Canadian Pension  Plans currently maintained or contributed to the Loan Parties and their Subsidiaries.  The Canadian  Pension Plans are duly registered under the ITA and all other applicable laws which require  registration.  Each Loan Party and each of their Subsidiaries has in all material respects complied  with and performed its obligations under and in respect of the Canadian Pension Plans and  Canadian Benefit Plans under the terms thereof, any funding agreements and all applicable laws  (including any fiduciary, funding, investment and administration obligations).  All employer and  employee payments, contributions or premiums to be remitted, paid to or in respect of each  Canadian Pension Plan or Canadian Benefit Plan have been paid in a timely fashion in compliance  in all material respects with the terms thereof, any funding agreement and all applicable laws.   There have been no withdrawals or applications of the assets of the Canadian Pension Plans or the  Canadian Benefit Plans contrary to the terms of the Canadian Pension Plans or the Canadian  Benefit Plans, respectively, or applicable law.  No promises of benefit improvements under the  Canadian Pension Plans or the Canadian Benefit Plans have been made except where such  improvement could not be reasonably expected to have a Material Adverse Effect and, in any  event, no such improvements will result in a solvency deficiency or going concern unfunded  liability in the affected Canadian Pension Plans.  The pension fund under each Canadian Pension  Plan is exempt from the payment of any income tax and there are no taxes, penalties or interest  owing in respect of any such pension fund.  All material reports and disclosures relating to the  Canadian Pension Plans required by such plans and any Requirement of Law to be filed or  distributed have been filed or distributed.  There has been no partial termination of any Canadian  Pension Plan and no facts or circumstances have occurred or existed that could result, or be  reasonably anticipated to result, in the declaration by a regulatory authority of a partial termination  of any Canadian Pension Plan under Requirements of Law.  Except as set forth on Schedule 5.25,  there are no outstanding disputes concerning the assets of the Canadian Pension Plans or the  Canadian Benefit Plans.  Except as set forth on Schedule 5.25, each of the Canadian Pension Plans  is fully funded on both a going concern and on a solvency basis (using actuarial methods and  assumptions which are consistent with the valuations last filed with the applicable Governmental  Authorities and which are consistent with generally accepted actuarial principles).  The Loan  Parties that are Non-U.S. Subsidiaries do not have employees or own any assets located outside of  Canada.  5.26 EEA Financial Institutions.  No Loan Party is an Affected Financial  Institution.  

 

  -178-  USActive 56005294.16 -178-56005294.24  5.27 Beneficial Ownership Certification.  As of (a) the Restatement Effective  Date, the information included in the Beneficial Ownership Certification delivered pursuant to  Section 6.1(y)(ii) is true and correct in all respects and (b) the date delivered, the information  included in each Beneficial Ownership Certification delivered pursuant to Section 7.13(a)(iii) is  true and correct in all respects.  SECTION 6 CONDITIONS PRECEDENT  6.1 Conditions Precedent.  WITHOUT LIMITING THE UNCOMMITTED  NATURE OF THE UNCOMMITTED TRANCHE UNDER THIS AGREEMENT, the  effectiveness of this Agreement is subject to the satisfaction or waiver of the following conditions  precedent:  (a) Loan Documents.  The Administrative Agent shall have received:  (i) this Agreement, executed and delivered by a duly authorized officer of each  Borrower, the Administrative Agent and each Lender set forth on Schedule 1.0;  (ii) the U.S. Omnibus Amendment Agreement, executed and delivered by a  duly authorized officer of each Loan Party party thereto;  (iii) the Canadian Omnibus Amendment Agreement, executed and delivered by  a duly authorized officer of each Loan Party party thereto;  (iv) the Canadian Pledge Agreement Supplement, executed and delivered by a  duly authorized officer of Sprague Resources Canada;  (v) the Addendum to Canadian Security Agreement, executed and delivered by  a duly authorized officer of Sprague Resources Canada;  (vi) the Pledge Agreement Supplement, executed and delivered by a duly  authorized officer of Sprague Natural Gas LLC;  (vii) the Addendum to Security Agreement, executed and delivered by a duly  authorized officer of Sprague Natural Gas LLC;  (viii) the Addendum to Guarantee, executed and delivered by a duly authorized  officer of each of Sprague Resources Canada and Sprague Natural Gas LLC;  (ix) with respect to any Successor Agent Document in respect of a Quebec  Security Document that is currently in effect immediately prior to giving effect to the  Restatement Effective Date, (A) an assignment agreement in respect of such Quebec  Security Document and (B) a new deed of hypothec, in each case, executed and delivered  by a duly authorized officer or attorney of each party thereto;  (x) the Perfection Certificate, executed and delivered by a duly authorized  officer of each Loan Party;  

 

  -179-  USActive 56005294.16 -179-56005294.24  (xi) an amended and restated subordination agreement with respect to  Intercompany Subordinated Indebtedness substantially in the form of Exhibit H-1,  executed and delivered by a duly authorized officer of each party thereto;  (xii) for each Dollar Working Capital Facility Committed Tranche Lender  requesting the same, a Note of the Borrowers substantially in the form of Exhibit A-1 and  conforming to the requirements hereof and executed by a duly authorized officer of each  Borrower;  (xiii) for each Dollar Working Capital Facility Uncommitted Tranche Lender  requesting the same, a Note of the Borrowers substantially in the form of Exhibit A-2 and  conforming to the requirements hereof and executed by a duly authorized officer of each  Borrower;  (xiv) for each Multicurrency Working Capital Facility Lender requesting the  same, a Note of the Borrowers substantially in the form of Exhibit A-3 and conforming to  the requirements hereof and executed by a duly authorized officer of each Borrower;  (xv) for each Dollar Committed Tranche Swing Line Lender requesting the  same, a Note of the Borrowers substantially in the form of Exhibit A-4 and conforming to  the requirements hereof and executed by a duly authorized officer of each Borrower;  (xvi) for each Dollar Uncommitted Tranche Swing Line Lender requesting the  same, a Note of the Borrowers substantially in the form of Exhibit A-5 and conforming to  the requirements hereof and executed by a duly authorized officer of each Borrower;  (xvii) for each Multicurrency Swing Line Lender requesting the same, a Note of  the Borrowers substantially in the form of Exhibit A-6 and conforming to the requirements  hereof and executed by a duly authorized officer of each Borrower;  (xviii) for each Acquisition Facility Lender requesting the same, a Note of the  Borrowers substantially in the form of Exhibit A-7 and conforming to the requirements  hereof and executed by a duly authorized officer of each Borrower;   (xix) each of the Account Control Agreements, executed and delivered by a duly  authorized officer of each party thereto; provided that (i) to the extent an Account Control  Agreement was executed and delivered under the Existing Credit Agreement and remains  in full force and effect after giving effect to the Restatement Effective Date, a new Account  Control Agreement shall not be required (provided that to the extent any amendment to, or  assignment of, an existing Account Control Agreement is required in order for it to remain  in full force and effect after giving effect to the Restatement Effective Date, such  amendment or assignment shall be executed and delivered on the Restatement Effective  Date, or if it cannot be so delivered, shall be delivered in accordance with Section 7.17, by  a duly authorized officer of each party thereto (each, an “Account Control Agreement  Amendment and Assignment”) and (ii) to the extent an Account Control Agreement cannot  be delivered with respect to any Pledged Account on the Restatement Effective Date, such  Account Control Agreement shall be delivered in accordance with Section 7.17 by a duly  authorized officer of each party thereto;   

 

  -180-  USActive 56005294.16 -180-56005294.24  (xx) the Successor Agent Agreement and, subject to Section 7.17, each other  Successor Agent Document, in each case, executed and delivered by a duly authorized  officer of each party thereto;   (xxi) a Trademark Security Agreement, executed and delivered by a duly  authorized officer of the U.S. Borrower;  (xxii) a Copyright Security Agreement, executed and delivered by a duly  authorized officer of the U.S. Borrower;  (xxiii) a Canadian Trade-mark Security Agreement, executed and delivered by a  duly authorized officer of the Canadian Borrower; and  (xxiv) subject to Section 7.17, (A) with respect to each Mortgaged Property (other  than an Existing Mortgaged Property), a Mortgage and Security Agreement in respect  thereof and (B) with respect to each Existing Mortgaged Property, an amendment to the  Mortgage and Security Agreement in respect thereof, in each case, executed and delivered  by a duly authorized officer of each party thereto and in form and substance reasonably  satisfactory to the Administrative Agent.  (b) Secretary’s Certificates.  The Administrative Agent shall have received a  certificate of each Loan Party, dated the Restatement Effective Date, substantially in the form of  Exhibit E, with appropriate insertions and attachments, reasonably satisfactory in form and  substance to the Administrative Agent, executed by (i) the President or any Vice President and the  Secretary or any Assistant Secretary on behalf of such Person, or, if applicable, of the general  partner or managing member or members of such Person, on behalf of such Person, or (ii) in the  case of any such Person that is a limited liability company, partnership or limited partnership that  does not have any such officers, the general partner, in the case of a partnership or limited  partnership, or, in the case of a limited liability company, the managing member or members of  such Person, on behalf of such Person.  (c) Borrowing Base Report; Marked-to-Market Report; Position Report.  The  Administrative Agent shall have received a Borrowing Base Report showing the Aggregate  Borrowing Base Amount, the U.S. Borrowing Base and the Kildair Borrowing Base, a  Marked-to-Market Report and a Position Report, in each case as of April 30, 2020, with  appropriate insertions and supporting schedules and dated the Restatement Effective Date,  reasonably satisfactory in form and substance to the Administrative Agent, and executed by a  Responsible Person of the U.S. Borrower.  (d) Proceedings of the Loan Parties.  The Administrative Agent shall have  received a copy of the resolutions, in form and substance reasonably satisfactory to the  Administrative Agent, of the Board of Directors (or analogous body) of each Loan Party  authorizing as applicable to such Person (i) the execution, delivery and performance of this  Agreement and the other Loan Documents to which it is a party, (ii) the borrowings contemplated  hereunder and (iii) the granting by it of the Liens created pursuant to the Security Documents,  certified on behalf of such Person by the Secretary or an Assistant Secretary of such Person, or, if  applicable, of the general partner or managing member or members of such Person, as of the  

 

  -181-  USActive 56005294.16 -181-56005294.24  Restatement Effective Date, which certification shall be included in the certificate delivered in  respect of such Person pursuant to Section 6.1(b), shall be in form and substance reasonably  satisfactory to the Administrative Agent and shall state that the resolutions thereby certified have  not been amended, modified, revoked or rescinded.  (e) Incumbency Certificates.  The Administrative Agent shall have received a  certificate of each Loan Party, dated the Restatement Effective Date, as to the incumbency and  signature of the officers of such Person or, if applicable, of the general partner or managing  member or members of such Person, executing any Loan Document, or having authorization to  execute any certificate, notice or other submission required to be delivered to the Administrative  Agent or a Lender pursuant to this Agreement, which certificate shall be included in the certificate  delivered in respect of such Person pursuant to Section 6.1(b), shall be reasonably satisfactory in  form and substance to the Administrative Agent, and shall be executed by the President or any  Vice President and the Secretary or any Assistant Secretary of such Person, or, if applicable, of  the general partner or managing member or members of such Person, on behalf of such Person.  (f) Organizational Documents.  The Administrative Agent shall have received  true and complete copies of the Governing Documents of each Loan Party, certified as of the  Restatement Effective Date as complete copies thereof by the Secretary or an Assistant Secretary  of such Person, or, if applicable, of the general partner or managing member or members of such  Person, on behalf of such Person, which certification shall be included in the certificate delivered  in respect of such Person pursuant to Section 6.1(b) and shall be in form and substance reasonably  satisfactory to the Administrative Agent.  (g) Good Standing Certificates.  The Administrative Agent shall have received  certificates of status, compliance or good standing (as applicable) dated as of a recent date from  the Secretary of State or other appropriate authority, evidencing the good standing of each Loan  Party in the jurisdiction of its organization.  (h) Consents, Licenses and Approvals.  The Administrative Agent shall have  received a certificate of a Responsible Person of the U.S. Borrower either (x) attaching copies of  all consents, authorizations and filings referred to in Section 5.4 (other than the Mortgage and  Security Agreements and any UCC financing statement or PPSA financing statement or Civil Code  of Quebec filings filed pursuant to the Security Documents), and stating that such consents,  licenses and filings are in full force and effect or (y) stating that no such consents, licenses or  approvals are so required.  (i) U.S. Borrower’s Certificate.  The Administrative Agent shall have received  a certificate substantially in the form of Exhibit S signed by a Responsible Person of the U.S.  Borrower, stating on behalf of the U.S. Borrower that:  (i) The representations and warranties contained in Section 5 are true and  correct in all material respects on and as of such date, as though made on and as of such  date;  (ii) No Default or Event of Default exists; and  

 

  -182-  USActive 56005294.16 -182-56005294.24  (iii) There has not occurred since December 31, 2019 (x) a Material Adverse  Effect or (y) a development or an event that has resulted in a material adverse change in  the operations, business, assets, properties or condition (financial or other condition) of  Kildair and its Subsidiaries taken as a whole.  (j) Fees.  The Administrative Agent, the Arrangers and the Lenders shall have  received the fees (including reasonable fees, disbursements and other charges of counsel to the  Administrative Agent) to be received on the Restatement Effective Date referred to herein and in  the Fee Letter and, to the extent invoiced at least two Business Days prior to the Restatement  Effective Date (or such lesser time as agreed by the U.S. Borrower) all reasonable and documented  out-of-pocket costs and expenses incurred by the Administrative Agent and the Lead Arranger in  connection with the negotiation of the Loan Documents and due diligence with respect thereto.  (k) Legal Opinions.  The Administrative Agent shall have received, with a  counterpart for each Lender, the following executed legal opinions:  (i) the executed legal opinion(s) of Baker Botts L.L.P., counsel to the Loan  Parties, in form and substance reasonably satisfactory to the Administrative Agent and in  accordance with customary opinion practice;  (ii) the executed legal opinion of local Pennsylvania counsel to the Loan  Parties, in form and substance reasonably satisfactory to the Administrative Agent and in  accordance with customary opinion practice;  (iii) the executed  legal opinions of Stikeman Elliott LLP, Canadian counsel to  the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent  and in accordance with customary opinion practice, which opinions shall cover, inter alia,  (i) corporate law matters concerning the Loan Parties organized in Canada and the validity,  perfection and priority of the security interests in the Collateral (other than in respect of  any Mortgaged Property) described in the Canadian Security Agreement and the Canadian  Pledge Agreement and, subject to Section 7.17, in each Mortgaged Property located in the  Province of British Columbia or the Province of Ontario, and (ii) the validity, perfection  and priority of the security interests in the Collateral (other than in respect of any  Mortgaged Property) described in the Quebec Security Documents and, subject to Section  7.17, in each Mortgaged Property located in the Province of Quebec; and  (iv) subject to Section 7.17, an executed legal opinion of local counsel to the  Loan Parties with respect to each Mortgaged Property (other than properties located in  Canada that are covered in the opinions provided pursuant to Section 6.1(k)(iii)), in form  and substance reasonably satisfactory to the Administrative Agent and in accordance with  customary opinion practice.  Each such legal opinion shall cover such other matters incident to the transactions  contemplated by this Agreement as the Administrative Agent may reasonably require in  accordance with customary opinion practice.  (l) Successor Agent Agreement.  The Effective Date (as defined in the  Successor Agent Agreement) shall have occurred.  

 

  -183-  USActive 56005294.16 -183-56005294.24  (m) Risk Management Policy.  The Administrative Agent and the Lenders shall  have received a copy of the Risk Management Policy, including position and other limits, which  shall be satisfactory in content and form to the Administrative Agent.  (n) Lien Searches.  The Administrative Agent shall have received the results of  a recent search by a Person reasonably satisfactory to the Administrative Agent, under the UCC,  PPSA, Civil Code of Quebec and equivalent legislation in all relevant jurisdictions and all  customary judgment and tax Lien searches for financing transactions of this nature in all applicable  jurisdictions, which may have been filed with respect to personal property of the Loan Parties, and  the results of such search shall be reasonably satisfactory to the Administrative Agent.  (o) Actions to Perfect Liens.  Subject to the limitations provided in  Section 7.17, all filings, recordings, registrations and other actions, including the filing of  financing statements on form UCC-1, PPSA financing statements and filings under the Civil Code  of Quebec, necessary or, in the opinion of the Administrative Agent, desirable to perfect, or  continue the perfection of, the Liens created by the Security Documents, shall have been filed,  registered or recorded or shall have been delivered to the Administrative Agent or the title  insurance company issuing the policy referred to in Section 6.1(u) (the “Title Insurance  Company”) in proper form for filing, registration or recordation.  (p) Termination and Release from Existing Account Control Agreements.  The  Administrative Agent shall have received evidence satisfactory to it of the termination of any  account control agreement executed and delivered under the Existing Credit Agreement for which  a new Account Control Agreement is being entered into as of the Restatement Effective Date in  favor of the Administrative Agent, or if such account control agreement cannot be terminated and  such new Account Control Agreement cannot be entered into, in each case, on the Restatement  Effective Date, such evidence shall have been received by the Administrative Agent in accordance  with Section 7.17.  (q) [Reserved].  (r) Financial Statements.  The Administrative Agent and the Lenders shall have  received each of the following:  (i) the most recently required financial statements or other information  required to be delivered under Section 7.1 of the Existing Credit Agreement, together with  such additional financial information as the Administrative Agent shall reasonably request;  and  (ii) a projected income statement and balance sheet (the “Projections”) for the  MLP and its consolidated Subsidiaries for each Fiscal Year beginning after the Restatement  Effective Date and ending on or prior to December 31, 2022, in each case prepared in  accordance with GAAP adjusted on an Economic Basis plus or minus any Allowed  Reserve, and accompanied by such information as the Administrative Agent may  reasonably request to confirm the tax, legal and business assumptions made in such  projections.  

 

  -184-  USActive 56005294.16 -184-56005294.24  (s) Insurance.  The Administrative Agent shall have received, subject to  Section 7.17, (i) evidence in form and substance reasonably satisfactory to it that all of the  insurance-related requirements of Section 7.5 hereof and Section 5(q) of the U.S. Security  Agreement and Section 5(p) of the Canadian Security Agreement, as applicable, shall have been  satisfied and (ii) evidence that the premiums then due and payable on each insurance policy have  been paid, and with respect to flood insurance policies, (A) they shall be endorsed or otherwise  amended to include a “standard” or “New York” lender’s loss payable or mortgagee endorsement  (as applicable), (B) shall name the Administrative Agent as additional insured or loss payee, as  applicable, (C) shall (x) identify the addresses of each property located in a special flood hazard  area or, in the case of Mortgaged Property located in Canada, a flood plain, (y) indicate the  applicable flood zone designation, the flood insurance coverage and the deductible relating thereto  and (z) provide that the insurer will give the Administrative Agent 30 days written notice of  cancellation or non-renewal.  (t) Appraisals; Surveys.  The Administrative Agent shall have received, subject  to Section 7.17, (x)(i) real property appraisals with respect to each Mortgaged Property (other than  any Existing Mortgaged Property) from an appraiser reasonably acceptable to the Administrative  Agent and (ii) current or existing ALTA/ACSM surveys with respect to each Mortgaged Property  (other than any Existing Mortgaged Property) reasonably acceptable to the Administrative Agent  and which is sufficient for the title insurance company to remove the survey exception for each  Mortgage Policy and to issue such survey dependent endorsements as are reasonably requested by  the Administrative Agent and (y)(i) the real property appraisals with respect to each Existing  Mortgaged Property that were delivered pursuant to the Existing Credit Agreement and (ii) the  ALTA/ACSM surveys with respect to each Existing Mortgaged Property that were delivered  pursuant to the Existing Credit Agreement.  (u) Title Insurance Policy.  The Administrative Agent shall have received,  subject to Section 7.17,  (x) with respect to each Mortgage and Security Agreement intended to  encumber an Existing Mortgaged Property, date-down endorsement and amendment to the existing  title insurance policy or policies covering title insurance in the name of the Administrative Agent  for the ratable benefit of the Secured Parties and insuring the Lien of the Mortgage and Security  Agreement on such Existing Mortgaged Property, in an amount equal to, for any fee mortgage  policy, the aggregate of the land value and insurable building and improvements value of such  Existing Mortgaged Property (or such lesser amount as may be acceptable to Administrative  Agent) and evidence that all premiums in respect of the date-down endorsements and amendments  or title policies have been paid, and for any leasehold mortgage policy, an agreed upon value of  the leasehold estate reasonably acceptable to Administrative Agent, issued by a nationally  recognized title insurance company insuring the Lien of such Mortgage and Security Agreement  as a valid first Lien on the Mortgaged Property described therein, free of all other Liens that are  not expressly permitted under this Agreement, containing no general survey exception or  mechanics lien exception and issued together with such endorsements and affirmative coverage as  the Administrative Agent may reasonably request and evidence that all premiums in respect thereto  have been paid and (y) with respect to each Mortgage and Security Agreement intended to  encumber a Mortgaged Property (other than an Existing Mortgaged Property), a policy or policies  of title insurance insuring the Lien of the Mortgage and Security Agreement on such Mortgaged  Property, in an amount equal to, for any fee mortgage policy, the aggregate of the land value and  insurable building and improvements value of such Mortgaged Property (or such lesser amount as  

 

  -185-  USActive 56005294.16 -185-56005294.24  may be acceptable to Administrative Agent), and for any leasehold mortgage policy, an agreed  upon value of the leasehold estate reasonably acceptable to Administrative Agent (the mortgage  policies delivered pursuant to clause (x) or (y), the “Mortgage Policies”), issued by a nationally  recognized title insurance company insuring the Lien of such Mortgage and Security Agreement  as a valid first Lien on the Mortgaged Property described therein, free of all other Liens that are  not expressly permitted under this Agreement, containing no general survey exception or  mechanics lien exception and issued together with such endorsements and affirmative coverage as  the Administrative Agent may reasonably request and evidence that all premiums in respect thereto  have been paid.  (v) Solvency.  The Administrative Agent shall have received a solvency  certificate substantially in the form of Exhibit V from either the chief financial officer of the MLP  or the General Partner.  (w) Copies of Recorded Documents.  The Administrative Agent shall have  received, subject to Section 7.17, a copy of all recorded documents referred to, or listed as  exceptions to title in, the title policy or policies referred to in Section 6.1(u).  (x) Environmental Reports.  The Administrative Agent shall have received,  subject to Section 7.17:  (x) (i) for each Mortgaged Property (other than an Existing Mortgaged  Property), a Phase I ESA, in each case prepared by an environmental consultant reasonably  acceptable to the Administrative Agent, in form, scope, and substance reasonably satisfactory to  the Administrative Agent, together with a letter from the environmental consultant permitting the  Administrative Agent and the Lenders to rely on the environmental assessment as if addressed to  and prepared for each of them and (y) with respect to any Existing Mortgaged Property, the  environmental reports that were delivered pursuant to the Existing Credit Agreement, together  with evidence satisfactory that the Administrative Agent and the Lenders are permitted to rely on  the environmental assessment as if addressed to and prepared for each of them.  (y) PATRIOT Act; CAML.  The Administrative Agent shall have received, no  later than five (5) days prior to the Restatement Effective Date, (i) all documentation and other  information requested by the Administrative Agent no later than ten (10) days prior to the  Restatement Effective Date that are required by bank regulatory authorities under applicable  “know your customer” and anti-money laundering rules and regulations, including the USA  PATRIOT Act and CAML and (ii) a Beneficial Ownership Certification in relation to each Loan  Party.  (z) Flood Determination.  The Administrative Agent and Lenders shall have  received, subject to Section 7.17, in form and substance reasonably acceptable to the  Administrative Agent, (i) a “Life-of-Loan” Federal Emergency Management Agency Standard  Flood Hazard Determination with respect to each Mortgaged Property located in the United States,  (ii) for each Mortgaged Property located in the United States that is located in a special flood  hazard area, a notice about special flood hazard area status and flood disaster assistance duly  executed by the U.S. Borrower and (iii) for each Mortgaged Property located in the United States  that is located in a special flood hazard area and for each Mortgaged Property located in Canada  that is located in a flood plain, (A) flood insurance, in an amount reasonably satisfactory to the  Administrative Agent, (1) maintained with a financially sound and reputable insurer, (2) covering  

 

  -186-  USActive 56005294.16 -186-56005294.24  buildings and contents for such Mortgaged Property and (3) otherwise complying with  Section 6.1(s).  (aa) No Change.  There has not occurred since December 31, 2019 (x) a Material  Adverse Effect or (y) a development or an event that has resulted in a material adverse change in  the operations, business, assets, properties or condition (financial or other condition) of Kildair  and its Subsidiaries taken as a whole.  (bb) Additional Matters.  All corporate and other proceedings, and all  documents, instruments and other legal matters in connection with the transactions contemplated  by this Agreement and the other Loan Documents shall be reasonably satisfactory in form and  substance to the Administrative Agent, and the Administrative Agent shall have received such  other documents and legal opinions in respect of any aspect or consequence of the transactions  contemplated hereby or thereby as it shall reasonably request.  6.2 Conditions to Each Credit Extension.  WITHOUT LIMITING THE  UNCOMMITTED NATURE OF THE UNCOMMITTED TRANCHE UNDER THIS  AGREEMENT, the obligation of each Lender to make (or consider making) any Loan requested  to be made by it on any date (including its initial Loan, if any) and the agreement of the Issuing  Lenders to issue (or consider issuing) or provide (or consider providing) any Letter of Credit  (including the initial Letters of Credit, if any) is subject to the satisfaction or waiver of the  following conditions precedent:  (a) Borrowing Notice or Letter of Credit Request.  The Administrative Agent  shall have received a Borrowing Notice or Letter of Credit Request pursuant to Section 2.5 or  Section 3.3, as the case may be.  (b) Representations and Warranties.  Each of the representations and warranties  made by the U.S. Borrower and the other Loan Parties in or pursuant to the Loan Documents shall  be true and correct in all material respects (except that any representation and warranty that is  qualified by “materiality” or “Material Adverse Effect” shall be true and correct in all respects as  so qualified) on and as of such date as if such representation and warranty was made on and as of  such date, except to the extent any such representation and warranty relates solely to a specified  prior date, in which case such representation and warranty shall have been true and correct in all  material respects as of such specified date.  (c) No Default.  No Default or Event of Default shall have occurred and be  continuing on such date or after giving effect to the extensions of credit requested to be made on  such date.  (d) Borrowing Base Report.  The Administrative Agent shall have timely  received a Borrowing Base Report for the most recent period for which such Borrowing Base  Report is required to be delivered in accordance with Section 6.1(c) or Section 7.2(c), as  applicable.  (e) Borrowing Availability.  After giving effect to such extension of credit  requested to be made on such date,  

 

  -187-  USActive 56005294.16 -187-56005294.24  (i) the sum of the Total Working Capital Facility Extensions of Credit and the  Total Acquisition Facility Working Capital Extensions of Credit shall not exceed the  Aggregate Borrowing Base Amount as of such date,  (ii) the Total Acquisition Facility Acquisition Extensions of Credit shall not  exceed the Eligible Acquisition Asset Value,  (iii) the Total Acquisition Facility Extensions of Credit shall not exceed the  aggregate Acquisition Facility Commitments,  (iv) the Total Dollar Working Capital Facility Committed Tranche Extensions  of Credit shall not exceed the aggregate Dollar Working Capital Facility Commitments,  (v) the Total Dollar Working Capital Facility Uncommitted Tranche  Extensions of Credit shall not exceed the Total Dollar Working Capital Facility  Uncommitted Tranche Portions  (vi) the Total Multicurrency Working Capital Facility Extensions of Credit shall  not exceed the aggregate Multicurrency Working Capital Facility Commitments,  (vii) such extension of credit shall not result in any Applicable Sub-Limit (with  each Applicable Sub-Limit calculated including the Dollar Equivalent of any included  Extensions of Credit denominated in Canadian Dollars) being exceeded,  (viii) with respect to any such extension of credit under the Acquisition Facility,  the Loan Parties shall be in compliance with the covenants set forth in Section 8.1  calculated on a Pro Forma Basis, and  (ix) the Administrative Agent shall have received a certificate of a Responsible  Person of the U.S. Borrower (such certificate, the “Availability Certification”) certifying  as to the satisfaction of each of the specific conditions set forth in Sections 6.2(b) and (c)  and clauses (i)-(viii) of Section 6.2(e) as of such date.  (f) Working Capital Facility Extensions of Credit.  If, at the time any Borrower  requests any extension of credit under any Working Capital Facility, the then outstanding principal  balance of the Total Working Capital Facility Extensions of Credit (including the Dollar  Equivalent of the face amount of all Working Capital Facility Letters of Credit) is less than  $35,000,000 (such requested extension of credit, a “Working Capital Taxable Advance”), then,  with respect to any Mortgage covering real property located in the State of New York which has a  Secured Amount (as defined in each such Mortgage) allocated to the Total Working Capital  Facility Extensions of Credit which is more than the then outstanding principal balance of the Total  Working Capital Facility Extensions of Credit (prior to giving effect to the Working Capital  Taxable Advance and calculated including the Dollar Equivalent of the face amount of all Working  Capital Facility Letters of Credit), the U.S. Borrower shall cause to be recorded in the appropriate  land records in which such Mortgage is recorded a supplemental instrument in form and substance  satisfactory to the Administrative Agent which evidences that each such Mortgage secures such  Working Capital Taxable Advance, and the Borrowers shall pay all applicable mortgage recording  tax on that portion of the Working Capital Taxable Advance which equals the lesser of (i)(A) the  

 

  -188-  USActive 56005294.16 -188-56005294.24  excess of the Secured Amount (as defined in each such Mortgage) of each such Mortgage which  is allocated to the Total Working Capital Extensions of Credit over (B) the then outstanding  principal balance of the Total Working Capital Extensions of Credit (including the Dollar  Equivalent of the face amount of all Working Capital Facility Letters of Credit) allocated to such  Mortgage without giving effect to such Working Capital Taxable Advance and (ii) (A) the excess  of the outstanding principal balance of the Total Working Capital Facility Extensions of Credit  (including the Dollar Equivalent of the face amount of all Working Capital Facility Letters of  Credit) allocated to such Mortgage after giving effect to the Working Capital Taxable Advance  over (B) the outstanding principal balance of the Total Working Capital Facility Extensions of  Credit (including the Dollar Equivalent of the face amount of all Working Capital Facility Letters  of Credit) allocated to such Mortgage prior to the Working Capital Taxable Advance.  Before such  Working Capital Taxable Advance is made, the U.S. Borrower shall furnish the Administrative  Agent with a recorded, stamped copy of such supplemental instrument(s) and evidence satisfactory  to the Administrative Agent that all applicable mortgage recording tax due in connection with such  Working Capital Taxable Advance (and the recording of such supplemental instrument(s) has been  paid.  (g) Acquisition Facility Extensions of Credit.  If, at the time any Borrower  requests any extension of credit under the Acquisition Facility, the then outstanding principal  balance of the Total Acquisition Facility Extensions of Credit (including the face amount of all  Acquisition Facility Letters of Credit) is less than $21,000,000 (such requested extension of credit,  an “Acquisition Taxable Advance”), then, with respect to any Mortgage covering real property  located in the State of New York which has a Secured Amount (as defined in each such Mortgage)  allocated to the Acquisition Facility Extensions of Credit which is more than the then outstanding  principal balance of the Total Acquisition Facility Extensions of Credit (prior to giving effect to  the Acquisition Taxable Advance and calculated including the face amount of all Acquisition  Facility Letters of Credit), the U.S. Borrower shall cause to be recorded in the appropriate land  records in which such Mortgage is recorded a supplemental instrument in form and substance  satisfactory to the Administrative Agent which evidences that each such Mortgage secures such  Acquisition Taxable Advance, and the Borrowers shall pay all applicable mortgage recording tax  on that portion of the Acquisition Taxable Advance which equals the lesser of (i) (A) the excess  of the Secured Amount (as defined in each such Mortgage) of each such Mortgage which is  allocated to the Total Acquisition Facility Extensions of Credit over (B) the then outstanding  principal balance of the Total Acquisition Facility Extensions of Credit (including the face amount  of all Acquisition Facility Letters of Credit) allocated to such Mortgage without giving effect to  such Acquisition Taxable Advance and (ii) (A) the excess of the outstanding principal balance of  the Total Acquisition Facility Extensions of Credit (including the face amount of all Acquisition  Facility Letters of Credit) allocated to such Mortgage after giving effect to the Acquisition Taxable  Advance over (B) the outstanding principal balance of the Total Acquisition Facility Extensions  of Credit (including the face amount of all Acquisition Facility Letters of Credit) allocated to such  Mortgage prior to the Acquisition Taxable Advance.  Before such Acquisition Taxable Advance  is made, the U.S. Borrower shall furnish the Administrative Agent with a recorded, stamped copy  of such supplemental instrument(s) and evidence satisfactory to the Administrative Agent that all  applicable mortgage recording tax due in connection with such Acquisition Taxable Advance (and  the recording of such supplemental instrument(s) has been paid.  

 

  -189-  USActive 56005294.16 -189-56005294.24  SECTION 7 AFFIRMATIVE COVENANTS  Each of the Borrowers hereby jointly and severally agrees that, commencing on the  Restatement Effective Date and continuing so long as any of the Commitments or Dollar Working  Capital Facility Uncommitted Tranche Portions remain in effect, any Letter of Credit remains  outstanding that has not been Cash Collateralized or any amount is owing to any Lender or the  Administrative Agent hereunder or under any other Loan Document (except contingent  indemnification and expense reimbursement obligations for which no claim has been made), each  Loan Party shall:  7.1 Financial Statements.  Furnish to the Administrative Agent (for distribution  to each Lender):  (a) as soon as available, but in any event within one hundred twenty (120) days  after the end of each Fiscal Year of the MLP commencing with the Fiscal Year ending on  December 31, 2019, a copy of (i) the audited consolidated balance sheet of the MLP and its  consolidated Subsidiaries as at the end of such year, (ii) the audited consolidated balance sheet of  Kildair and its consolidated Subsidiaries as at the end of such year, in each case with the related  consolidated statements of income and retained earnings and cash flows for such year, prepared in  accordance with GAAP and setting forth in each case in comparative form the figures for the  previous year, reported on without a “going concern” or like qualification or exception (other than  any qualification or exception that is expressly solely with respect to, or expressly resulting from  (x) any Maturity Date occurring within one year from the time such opinion is delivered or (y) any  actual or potential inability to satisfy a financial covenant under Section 8.1), or qualification  arising out of the scope of the audit, by Ernst & Young LLP or other independent certified public  accountants of nationally recognized standing, and (iii) the unaudited consolidated balance sheet  of Sprague Resources Canada and its consolidated Subsidiaries that are Loan Parties as at the end  of such year, in each case with the related consolidated statements of income and retained earnings  and cash flows for such year, prepared in accordance with GAAP;  (b) as soon as available, but in any event not later than 45 days after the end of  each fiscal quarter of the MLP (except for the fourth fiscal quarter of each Fiscal Year of the MLP),  the unaudited consolidated balance sheet of the MLP and its consolidated Subsidiaries as at the  end of such fiscal quarter and the related unaudited consolidated statements of income and retained  earnings and cash flows for such quarter and the portion of the Fiscal Year through the end of such  quarter, prepared in accordance with GAAP and setting forth, in each case in comparative form  the figures for the previous year, certified by a Responsible Person of the U.S. Borrower as being  fairly presented in all material respects (subject to normal year end audit adjustments and the  absence of footnotes);  (c) as soon as available, but in any event not later than 30 days after the end of  each calendar month, the unaudited consolidated and consolidating balance sheet of the MLP and  its consolidated Subsidiaries as at the end of such calendar month and the related unaudited  consolidated and consolidating statements of income and the unaudited consolidated retained  earnings and cash flows for such month and the portion of the Fiscal Year through the end of such  month, prepared in accordance with GAAP adjusted on an Economic Basis plus or minus any  Allowed Reserve, as applicable, and setting forth, beginning with the first calendar month ending  

 

  -190-  USActive 56005294.16 -190-56005294.24  after the Restatement Effective Date, in each case in comparative form the figures for the previous  year, certified by a Responsible Person of the U.S. Borrower, as being fairly presented in all  material respects (subject to normal year-end audit adjustments and the absence of footnotes);  (d) as soon as available, but in any event not later than 60 days after the  commencement of each Fiscal Year of the U.S. Borrower, the Annual Budget for such Fiscal Year;  (e) as soon as available, but in any event not later than 30 days after the end of  each calendar month, (i) the Operating Forecast for the next succeeding calendar month and (ii) a  comparison of actual performance (as to income) of the MLP and its consolidated Subsidiaries  against the Operating Forecast for such calendar month;  (f) concurrently with the delivery of the financial statements referred to in  Section 7.1(a), a Reconciliation Summary for the annual financial statements delivered pursuant  to Section 7.1(a); and  (g) concurrently with the delivery of the financial statements referred to in  Section 7.1(c), a Reconciliation Summary for the monthly financial statements delivered pursuant  to Section 7.1(c).  All such financial statements (other than the Annual Budgets and the Operating  Forecasts) shall present fairly in all material respects the financial condition of the Persons covered  by such financial statements as at such date and shall be prepared in reasonable detail and, except  as noted herein, in accordance with GAAP or GAAP adjusted on an Economic Basis plus or minus  any Allowed Reserve, as applicable, applied consistently throughout the periods reflected therein  and with prior periods (except as approved by such accountants or officer, as the case may be, and  disclosed therein and, with regard to the non-annual financial statements, subject to normal  year-end adjustments and the absence of footnotes).  The Annual Budgets and the Operating  Forecasts shall have been prepared in good faith under the direction of a Responsible Person of  the General Partner (or, after the effectiveness of the Approved Organizational Changes, the MLP)  and based upon good faith estimates and assumptions believed by the Loan Parties to be reasonable  at the time made, it being recognized by the Lenders that such financial information as it relates to  future events is not to be viewed as fact and that actual results during the period or periods covered  by such financial information may differ from the projected results set forth therein by a material  amount.  Information required to be delivered pursuant to this Section 7.1 shall be deemed to have  been delivered if such information, or one or more annual or quarterly or other reports or proxy  statements containing such information, shall have been posted and shall remain available on a  website maintained by the SEC (such reports or proxy statements, the “SEC Filings”), provided  that the U.S. Borrower shall have notified (which may be made by facsimile or electronic mail)  the Administrative Agent of the posting of any such information pursuant to Section 7.7(l).  In  addition, and notwithstanding any other provision of this Section 7.1, to the extent any SEC Filing  shall have been certified by a Responsible Officer of the MLP, no further certification by the U.S.  Borrower shall be required under this Section 7.1 with respect to the information contained in such  SEC Filing; provided, that the MLP hereby allows the Administrative Agent and the Lenders to  rely upon such certification as if such certification had been made to the Administrative Agent and  the Lenders.  

 

  -191-  USActive 56005294.16 -191-56005294.24  7.2 Certificates; Other Information.  Furnish to the Administrative Agent (for  distribution to the Lenders, including, if requested by a Lender, through posting on Intralinks or  other web site in use to distribute information to the Lenders):  (a) concurrently with the delivery of the financial statements referred to in  Section 7.1(a), a certificate of the independent certified public accountants reporting on such  financial statements, if such accountants are willing to provide such certificate (provided that if  such independent certified public accountants are unwilling to provide such certificate and such  certificate is customarily given by independent certified public accountants of nationally  recognized standing in the market, the Loan Parties shall engage another certified public  accountant willing to provide such certificate), stating in substance that in making the examination  necessary therefor no knowledge was obtained of any Default or Event of Default arising out of  the financial covenants in Section 8.1, except as specified in such certificate;  (b) concurrently with the delivery of the financial statements referred to in  Section 7.1(c), a certificate of a Responsible Person of the U.S. Borrower substantially in the form  of Exhibit O (such a certificate, a “Compliance Certificate”) (A) stating that such Responsible  Person has obtained no knowledge of any Default or Event of Default, in each case except as  specified in such certificate, (B) stating the Loan Parties are in material compliance with the Risk  Management Policy and (C) showing in detail the calculations supporting such Person’s  certification of the Loan Parties’ compliance with the requirements of Sections 8.1(a) and 8.7 and,  if such period ends on a date which is also the end date of a fiscal quarter, the requirements of  Sections 8.1(b) and 8.1(c);  (c) (x) within seven (7) Business Days after the last day of each calendar  month, a Borrowing Base Report for the Loan Parties dated the last day of such calendar month,  (y) within seven (7) Business Days after each Semi-Monthly Reporting Date at any time that either  (i) the Borrowing Base Availability is less than or equal to $50,000,000 or (ii) the Acquisition  Facility Working Capital Sub-Limit, plus, the aggregate Working Capital Facility Commitments,  plus, the Total Dollar Working Capital Facility Uncommitted Tranche Portions, minus, the Total  Working Capital Facility Extensions of Credit, minus, the Total Acquisition Facility Working  Capital Extensions of Credit is less than or equal to $50,000,000 or (iii) an Event of Default shall  have occurred and be continuing, a Borrowing Base Report dated as of the applicable  Semi-Monthly Reporting Date, and (z) at any time and from time to time, as the U.S. Borrower  may determine in its sole, absolute discretion, a Borrowing Base Report for the Loan Parties dated  as of a date within the seven (7) Business Days preceding delivery thereof to the Administrative  Agent;  (d) as soon as available, but in any event not later than seven (7) Business Days  after each Semi-Monthly Reporting Date, a Marked-to-Market Report and Position Report, as of  the applicable Semi-Monthly Reporting Date, in form reasonably acceptable to the Administrative  Agent, certified by the U.S. Borrower;  (e) if any such report described in clauses (b), (c) or (d) above is not reasonably  satisfactory in form and substance to the Administrative Agent, the U.S. Borrower shall promptly  deliver such information supplementing such report as the Administrative Agent may reasonably  request;  

 

  -192-  USActive 56005294.16 -192-56005294.24  (f) concurrently with the delivery of the financial statements referred to in  Section 7.1, a written briefing on any material overdue Account Receivables or any other material  impairment in the value of the assets of the Loan Parties;  (g) upon request by the Administrative Agent, copies of any Employee Benefit  Plan, Plan, Canadian Benefit Plan, or Canadian Pension Plan and related documents, reports and  correspondence;  (h) concurrently with the delivery of the financial statements referred to in  Section 7.1(a) or 7.1(c), management’s discussion and analysis with respect to such financial  statements;  (i) promptly, and at least one (1) Business Day after the initial execution and  delivery thereof by the parties thereto, (i) notice of the entrance into any document or agreement  governing any Indebtedness incurred by any Loan Party pursuant to Section 8.2(h) having a  principal amount equal to or in excess of $10,000,000 or that is a note (other than a promissory  note evidencing commercial Indebtedness), debenture, bond or other like obligation, together with  a certificate of a Responsible Person of the U.S. Borrower stating that such Indebtedness complies  with the terms of Section 8.2(h), and (ii) true, correct and complete copies of any material  documents and agreements governing any Indebtedness incurred by any Loan Party pursuant to  Section 8.2(h) having a principal amount in excess of $50,000,000 or that is a note (other than a  promissory note evidencing commercial Indebtedness), debenture, bond or other like obligation;  and  (j) promptly, such additional financial and other information regarding the  Loan Parties as the Administrative Agent or any Lender may from time to time reasonably request.  7.3 Payment of Obligations.  Pay, discharge or otherwise satisfy at or before  maturity or before they become delinquent, as the case may be, all its material obligations of  whatever nature, except where the amount or validity thereof is currently being contested in good  faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have  been provided on its books.  7.4 Conduct of Business and Maintenance of Existence.  (i) Continue to engage  in business of the same general type as now conducted by it or as described in Section 8.13 and  preserve, renew and keep in full force and effect its existence and take all reasonable action to  maintain all material rights, privileges and franchises necessary or desirable in the normal conduct  of its business except as otherwise permitted pursuant to Section 8.4 or where the failure to do so  could not reasonably be expected to have a Material Adverse Effect; (ii) comply with all  Contractual Obligations and Requirements of Law, except to the extent that failure to comply  therewith could not, in the aggregate, be reasonably expected to have a Material Adverse Effect  and (iii) maintain in effect and enforce policies and procedures designed to ensure compliance by  the Borrowers, their respective Subsidiaries and their respective directors, officers, employees and  agents with Anti-Corruption Laws and applicable Sanctions.  7.5 Maintenance of Property; Insurance.  (i) Keep substantially all its property  useful and necessary in its business in good working order and condition in all material respects  

 

  -193-  USActive 56005294.16 -193-56005294.24  (excepting ordinary wear and tear and the effect of events or circumstances as to which such  property is covered by insurance or as to which funds have been reserved); (ii) maintain with  financially sound and reputable insurance companies insurance on all its property in at least such  amounts and against at least such risks (but including in any event public liability, product liability  and business interruption) as are usually insured against in the same general area by companies  engaged in the same or a similar business, which insurance shall name the Administrative Agent  for the ratable benefit of the Secured Parties as lender loss payee, in the case of property insurance,  as an additional insured, in the case of liability insurance, and as an additional insured and recipient  of a mortgagee endorsement, in the case of environmental liability insurance, as its interests may  appear; (iii) furnish to the Administrative Agent (for distribution to the Lenders through posting  on Intralinks or other web site in use to distribute information to the Lenders), upon request, full  information as to the insurance carried, evidence of the underlying policy, the related cover note  and all addenda thereto; and (iv) promptly pay all insurance premiums.  7.6 Inspection of Property; Books and Records; Discussions.  At the sole  expense of the Loan Parties:  (i) keep books of records and accounts in conformity with GAAP  that present fairly the financial condition of the MLP and its consolidated Subsidiaries covered  thereby and (ii) within three (3) Business Days of the date agreed or requested therefor, permit  representatives of the Administrative Agent to (x) visit and inspect any of its properties and  examine and make abstracts from any of its books and records upon reasonable notice during  normal business hours once during each twelve (12) month period following the Restatement  Effective Date (or more often at the Administrative Agent’s discretion exercised in good faith);  provided that, during the continuance of an Event of Default, such visits and inspections may occur  at any time, and (y) discuss the business, operations, properties and financial and other condition  of the Loan Parties with officers and employees of the Loan Parties and with their independent  certified public accountants to the extent consistent with the national policies of such independent  certified public accountants, upon reasonable notice during normal business hours.  Information  obtained by the Administrative Agent pursuant to this Section 7.6 shall be shared with a Lender  upon the request of such Lender.  7.7 Notices.  Promptly give notice to the Administrative Agent (for distribution  to the Lenders, including, if requested by a Lender, through posting on Intralinks or other web site  in use to distribute information to the Lenders) of:  (a) the occurrence of any Default or Event of Default;  (b) any (i) default or event of default under any Contractual Obligation of any  Loan Party or (ii) litigation, investigation or proceeding which may exist at any time between any  Loan Party and any Governmental Authority, which in either case could reasonably be expected  to have a Material Adverse Effect;  (c) (i) any litigation or administrative or arbitration proceeding to which any  Loan Party is a party in which the amount involved is $5,000,000 or more and not covered by  insurance, segregated cash reserves or bonds, or in which injunctive or similar relief is sought or  (ii) any Lien on any of the Collateral (other than Liens created hereby or Liens permitted on  Collateral pursuant to Section 8.3);  

 

  -194-  USActive 56005294.16 -194-56005294.24  (d) the following events:  (i) the occurrence of any Reportable Event with  respect to any Single Employer Plan, a determination that a plan is in “at risk” status within the  meaning of Section 430 of the Code, a failure to make any required contribution to a Plan when  such contributions have become due, the creation of any Lien in favor of the PBGC or a Plan, a  determination that a Multiemployer Plan is in endangered, seriously endangered or critical status,  in each case within the meaning of Section 432 of the Code, or any withdrawal from, or the  termination or Insolvency of, any Multiemployer Plan in which any Borrower or any other Loan  Party is reasonably expected to have a liability in excess of $5,000,000 or (ii) the institution of  proceedings or the taking of any other action by the PBGC to terminate any Single Employer Plan;  (e) the Borrowing Base Availability becoming less than or equal to  $50,000,000;  (f) the Acquisition Facility Working Capital Sub-Limit, plus, the aggregate  Working Capital Facility Commitments, plus, the Total Dollar Working Capital Facility  Uncommitted Tranche Portions, minus, the Total Working Capital Facility Extensions of Credit,  minus, the Total Acquisition Facility Working Capital Extensions of Credit becoming less than or  equal to $50,000,000;  (g) the sum of the Total Working Capital Facility Extensions of Credit and the  Total Acquisition Facility Working Capital Extensions of Credit exceeding the Aggregate  Borrowing Base Amount;  (h) the Total Acquisition Facility Acquisition Extensions of Credit exceeding  the Eligible Acquisition Asset Value;  (i) [Reserved];  (j) the occurrence of any event which could reasonably be expected to have a  material adverse effect on the aggregate value of the Collateral;  (k) a Material Adverse Effect;   (l) any filing made by any Borrower or any other Loan Party with the SEC of  any annual, regular, periodic or special report or registration statement which any Borrower or any  other Loan Party files with the SEC under Section 13 or 15(d) of the Securities Exchange Act of  1934; and  (m) any change in the information provided in any Beneficial Ownership  Certification delivered pursuant to Section 6.1(y)(ii) or Section 7.13(a)(iii) that would result in a  change to the list of beneficial owners identified in parts (c) or (d) of such certification.  Each notice pursuant to Section 7.7(a)-(k) shall be accompanied by a statement of  a Responsible Person setting forth details of the occurrence referred to therein and stating what  action the Loan Parties propose to take with respect thereto.  7.8 Environmental Laws.  (a) (i) With respect to properties and assets located  in Canada, obtain and maintain and comply with all Environmental Permits required by applicable  

 

  -195-  USActive 56005294.16 -195-56005294.24  Environmental Laws in all material respects, (ii) direct or obtain agreement, to the extent that any  lease existing as of the Restatement Effective Date allows and in all cases pursuant to terms that  shall be contained in all leases renewed or entered into after the Restatement Effective Date,  compliance by all tenants and subtenants, if any, with, any and all applicable Environmental Laws,  and direct all tenants and subtenants to obtain and comply with and maintain, any and all  Environmental Permits required by applicable Environmental Laws, except to the extent that  failure to do so could not be reasonably expected to have a Material Adverse Effect and  (iii) without limiting the foregoing, comply in all material respects with all material permits,  registrations, licenses or similar authorizations or notifications required to construct and operate  bulk storage tanks and other bulk storage facilities at the Properties.  (b) Conduct and complete all investigations, studies, sampling and testing, and  all remedial, removal, compliance and other actions, required under Environmental Laws, except  to the extent the failure to do so could not reasonably be expected to have a Material Adverse  Effect, and promptly comply with all lawful orders and directives of all Governmental Authorities  regarding Environmental Laws, except to the extent that the same are being contested in good faith  by appropriate proceedings and the pendency of such proceedings could not be reasonably  expected to have a Material Adverse Effect.  7.9 Periodic Audit of Borrowing Base Assets.  Permit the Administrative Agent  or any other designee of the Administrative Agent to perform, or to have an independent inspector  mutually reasonably acceptable to the U.S. Borrower and the Required Lenders perform, a periodic  due diligence inspection, test and review of all of the assets of the Loan Parties that comprise each  asset category set forth in the definitions of “U.S. Borrowing Base” and “Kildair Borrowing Base”  and the Borrowers’ internal controls, credit and risk practices and trading book on a mutually  convenient Business Day (a) within sixty (60) days following the Restatement Effective Date or  such later date if determined by the Administrative Agent in its sole discretion and (b) once during  each twelve (12) month period following the Restatement Effective Date (which, for the avoidance  of doubt, may be in addition to such inspection, test and review that may be conducted pursuant to  clause (a)), in each case, the results of which shall be reasonably satisfactory to the Administrative  Agent in all material respects and provided by the Administrative Agent to each Lender; provided,  however, the Administrative Agent or any other designee of the Administrative Agent shall be  entitled to perform additional due diligence inspections, tests and reviews of such inventory and  accounts receivable on Business Days at any time and/or frequency that the Administrative Agent  or the Required Lenders deem necessary at any time during the occurrence and continuance of an  Event of Default; provided, further, that (i) the reasonable and out of pocket cost and expense of  all such due diligence inspections, tests and reviews conducted pursuant to clause (a) or (b) and  (ii) the cost and expense of all such due diligence inspections, tests and reviews conducted during  the occurrence and continuance of an Event of Default, in each case, shall be borne exclusively by  the Borrowers.  7.10 Risk Management Policy.  (a)  Keep the Risk Management Policy in full  force and effect and conduct its business in compliance with the Risk Management Policy.  (b) The U.S. Borrower shall provide at least ten (10) Business Days’ prior  written notice to the Administrative Agent (for distribution to the Lenders through posting on  Intralinks) of any proposed amendment, modification, supplement or other change to such Risk  

 

  -196-  USActive 56005294.16 -196-56005294.24  Management Policy, which proposed amendment, modification, supplement or other change must  be approved by the Administrative Agent (which may require the approval of the Supermajority  Lenders at its reasonable discretion; provided, that (i) subject to the following clause (ii), failure  of a Lender to respond to any request by the Administrative Agent for approval within ten (10)  Business Days after receipt of such request shall be deemed an approval of such proposed  amendment, modification, supplement or other change and (ii) the Administrative Agent may, in  its sole discretion, extend such ten (10) Business Day period if the Administrative Agent  determines that any such proposed amendment, modification, supplement or other change requires  additional review by any Lender) if it relates to modifications to stop loss position limits, or  contract or commodity traded limits (including outright position limits).  The U.S. Borrower shall  provide to the Administrative Agent (for distribution to the Lenders, including, if requested by a  Lender, through posting on Intralinks or other web site in use to distribute information to the  Lenders), within ten (10) days of the effectiveness of any such amendment, modification,  supplement or other change, such revised Risk Management Policy in its entirety.  7.11 Collections of Accounts Receivable.  (a) Pursuant to and in accordance with  Section 3(c) of the U.S. Security Agreement, Section 3(c) of the Canadian Security Agreement or  any similar provision in any Quebec Security Document, as applicable, (i) instruct each Account  Debtor of an Account Receivable to make all payments to the applicable Loan Party in respect of  such Account Receivable to a Controlled Account and (ii) with respect to any items sent directly  to a Loan Party by an Account Debtor, hold such items in trust for the Secured Parties and promptly  deposit such items into a Controlled Account, (b) (i) instruct each Forward Contract Counterparty  of a Forward Contract to make all payments to the applicable Loan Party in respect of such  Forward Contract to a Controlled Account and (ii) with respect to any items sent directly to a Loan  Party by a Forward Contract Counterparty, hold such items in trust for the Secured Parties and  promptly deposit such items into a Controlled Account and (c) otherwise comply with Section 3  of the U.S. Security Agreement, Section 3 of the Canadian Security Agreement or any similar  provision in any Quebec Security Document, as applicable.  7.12 Taxes.  Each Loan Party and each of its Subsidiaries shall timely file or  cause to be filed all material Tax returns required to be filed by it and shall timely pay all material  Taxes due and payable by it or imposed with respect to any of its property and all other material  fees or other charges imposed on it or any of its property by any Governmental Authority (other  than any Taxes, fees or other charges, the amount or validity of which is being contested in good  faith by appropriate proceedings and with respect to which reserves in conformity with GAAP  have been provided on the books of such Loan Party).  Each Loan Party and each of its Subsidiaries  shall withhold all employee withholdings required to be withheld and shall make all employer  contributions required to be made by it pursuant to applicable law on account of the Canada and  Quebec pension plans, employment insurance and employee income taxes.  7.13 Additional Collateral; Further Actions.  (a) In the event that any such Loan Party acquires or forms any additional  Subsidiary (other than an Exempt CFC or any Subsidiary thereof or an Immaterial Subsidiary) (it  being understood that the acquisition of any additional Subsidiary shall include, for purposes of  this clause (a), any existing Subsidiary that ceases to be an Exempt CFC (and any Subsidiary  

 

  -197-  USActive 56005294.16 -197-56005294.24  thereof that is not an Exempt CFC or a Subsidiary of an Exempt CFC) and any existing Subsidiary  that ceases to be an Immaterial Subsidiary), shall:  (i) cause such additional Subsidiary to become a party to the applicable  Security Documents and Guarantee;  (ii) if such additional Subsidiary holds any Capital Stock of any Subsidiary,  cause such additional Subsidiary to execute such pledge agreements or addenda to the  applicable Pledge Agreement, each in form and substance satisfactory to the  Administrative Agent, and take such other action as shall be necessary or advisable  (including the filing of financing statements on Form UCC-1, PPSA financing statements  and financing change statements and filings under the Civil Code of Quebec and the  delivery of pledge agreements) in order to perfect the pledge of all of the Capital Stock of  such Subsidiary in favor of the Administrative Agent for the benefit of the Secured Parties;  provided that in the case of a pledge of Capital Stock of any Subsidiary that is an Exempt  CFC, no more than 65% of the voting Capital Stock of such Subsidiary shall be pledged;  (iii) cause such additional Subsidiary to deliver to the Administrative Agent and  the Lenders (A) with respect to any such additional Subsidiary that qualifies as a “legal  entity customer” under the Beneficial Ownership Regulation and has not previously  delivered a Beneficial Ownership Certification, a Beneficial Ownership Certification and  (B) all documentation and other information required by bank regulatory authorities under  applicable “know your customer” and anti-money laundering rules and regulations;  including the USA PATRIOT Act and CAML;  (iv) if effective to perfect a Lien on such accounts in the applicable jurisdiction  in respect of such accounts in any jurisdiction in the United States or Canada or otherwise  requested by the Administrative Agent in its sole discretion, cause an Account Control  Agreement for each Deposit Account (other than any Excluded Account), Securities  Account and Commodity Account of such additional Subsidiary to be executed and  delivered by such Subsidiary and the bank, broker or other Person maintaining such  Deposit Account, Securities Account or Commodity Account to the extent required by the  U.S. Security Agreement or the Canadian Security Documents, as applicable;  (v) no later than sixty (60) days (or such longer time as may be agreed by the  Administrative Agent) following the request of the Administrative Agent, solely with  respect to any real property having a value equal to or in excess of $500,000, (A) cause any  such additional Subsidiary that owns a fee simple or material leasehold estate in real  property located in the United States or Canada to (i) prepare, execute and deliver a  mortgage, deed of trust or deed of hypothec, as applicable, (if and to the extent permissible  under the terms of the lease) in substantially the same form as the Mortgage and Security  Agreement together with any Form UCC-1 financing statements and PPSA financing  statements or filings under the Civil Code of Quebec required by the Administrative Agent  and (ii) for any real property located in the United States, deliver a “Life-of-Loan” Federal  Emergency Management Agency Standard Flood Hazard Determination and with respect  to each such real property that is located in a flood zone, flood acknowledgements executed  by the U.S. Borrower and, with respect to any such real property and any Mortgaged  

 

  -198-  USActive 56005294.16 -198-56005294.24  Property located in Canada in a flood plain, flood insurance and evidence of the payment  of premiums then due and payable for such flood insurance, in each case in form and  substance reasonably satisfactory to the Administrative Agent and subject to the  requirements set forth in Section 6.1(z), (B) cause any such Subsidiary that owns a fee  simple or material leasehold estate in such real property located outside of the United States  or Canada to prepare, execute and deliver all mortgage or security documentation  determined by the Administrative Agent to be sufficient to create and/or perfect a Lien in  favor of the Administrative Agent on such real property, and to take such other actions as  the Administrative Agent shall request in order to create and/or perfect a Lien in favor of  the Administrative Agent on such real property of such Subsidiary and (C) cause such  Subsidiary to deliver a mortgage title insurance policy (only for such real property located  in the United States or Canada), survey (only for such real property located in the United  States or Canada), zoning report and appraisal of the real property, in each case in form  and substance reasonably satisfactory to the Administrative Agent subject to the matters  and in the form required by Sections 6.1(t) and (u); and  (vi) take any other action as shall be necessary or advisable (including the filing  of financing statements on Form UCC-1 and PPSA financing statements and any other  filing necessary to maintain the perfection of the security interest in the applicable  jurisdiction) to cause such Lien described in this Section 7.13(a) to be a Perfected First  Lien on all right, title and interest of such Collateral.  (b) The Administrative Agent shall be entitled to receive legal opinions of one  or more counsel to the Borrowers and such additional Subsidiary addressing such matters as the  Administrative Agent may reasonably request and as is customary opinion practice, including the  enforceability of each Security Document to which such additional Subsidiary becomes a party  and the pledge of the Capital Stock of such Subsidiary, and the creation, validity and perfection of  the Liens so granted by such Subsidiary and the U.S. Borrower and/or other Loan Parties to the  Administrative Agent for the benefit of the Lenders.  (c) (i) With respect to any fee simple or material leasehold estate in real  property having a value equal to or in excess of $500,000 of any of the Loan Parties located in the  United States or Canada which were not Mortgaged Properties on the Restatement Effective Date,  including pipelines, identified by the Administrative Agent or with respect to any such property  acquired by any Loan Party after the Restatement Effective Date, the applicable Loan Party shall,  no later than sixty (60) days (or such longer time as may be agreed by the Administrative Agent)  following the request of the Administrative Agent, prepare, execute and deliver a mortgage, deed  of trust or deed of hypothec, as applicable (if and to the extent permissible under the terms of the  lease), in substantially the same form as the Mortgage and Security Agreement (or Quebec Security  Documents in the case of real property located in the Province of Quebec) together with any Form  UCC-1 financing statements and PPSA financing statements or filings under the Civil Code of  Quebec required by the Administrative Agent, and with respect to any fee simple or leasehold  estate in real property of any of the Loan Parties (other than an Exempt CFC or any Subsidiary  thereof) located outside the United States and Canada, the applicable Loan Party shall prepare,  execute and deliver all mortgage or security documentation determined by the Administrative  Agent to be sufficient to create and/or perfect a Lien in favor of the Administrative Agent on such  real property, and take such other actions as the Administrative Agent shall request in order to  

 

  -199-  USActive 56005294.16 -199-56005294.24  create and/or perfect a Lien in favor of the Administrative Agent on any Mortgaged Property of  such Loan Party; and (ii) with respect to any Mortgaged Property having a value equal to or in  excess of $500,000 of any Loan Party (whether or not mortgaged on the Restatement Effective  Date or thereafter), the applicable Loan Party shall, no later than sixty (60) days (or such longer  time as may be agreed by the Administrative Agent) following the request of the Administrative  Agent, cause such Loan Party to deliver a mortgagee’s title insurance policy (only for a Mortgaged  Property located in the United States or Canada), survey (only for a Mortgaged Property located  in the United States or Canada) and appraisal of such Mortgaged Property, in each case in form  and substance reasonably satisfactory to the Administrative Agent subject to the matters and in the  form required by 6.1(t) and (u) hereof, (iii) no later than sixty (60) days (or such longer time as  may be agreed by the Administrative Agent) following the request of the Administrative Agent,  the U.S. Borrower shall deliver legal opinions of one or more counsel to the applicable Loan Party  with respect to each Mortgage and Security Agreement and each non-United States or  non-Canadian mortgage and collateral document (in each case, covering real property having a  value equal to or in excess of $500,000), addressing such matters as the Administrative Agent may  reasonably request and is customary opinion practice, including the enforceability of such Security  Documents, and the creation, validity and perfection of the Liens so granted by the applicable Loan  Party and (iv) with respect to any Mortgaged Property located in the United States and having a  value equal to or in excess of $500,000 of any Loan Party (whether or not mortgaged on the  Restatement Effective Date or thereafter), the applicable Loan Party shall deliver, as promptly as  practicable (or such longer time as may be agreed by the Administrative Agent) following the  request of the Administrative Agent, a “Life-of-Loan” Federal Emergency Management Agency  Standard Flood Hazard Determination and if such Mortgaged Property is located in a flood zone,  flood acknowledgements executed by the U.S. Borrower, and with respect to any such property  and any Mortgaged Property located in Canada, flood insurance and evidence of the payment of  premiums then due and payable for such flood insurance, in each case in form and substance  reasonably satisfactory to the Administrative Agent and subject to the requirements set forth in  Section 6.1(z).  (d) No later than sixty (60) days (or such longer time as may be agreed by the  Administrative Agent) following the request of the Administrative Agent (which request shall not  be made unless the Administrative Agent has a reasonable basis to make such request with respect  to one or more Mortgaged Properties), the Loan Parties shall promptly order and, upon completion,  provide the Administrative Agent with an environmental report as described under Section 6.1(x).   The Administrative Agent may, upon the receipt of a Phase I ESA and after consultation with the  U.S. Borrower regarding the results of such Phase I ESA and the recommendations therein, require  the delivery of further environmental assessments or reports to the extent such further assessments  or reports are recommended in the Phase I ESA or the Administrative Agent has a reasonable basis  to require such further assessments or reports.  7.14 Use of Proceeds.  Use the entire amount of the proceeds of the Loans and  the Letters of Credit as set forth in Section 5.21.  7.15 Cash Management.  Maintain all of the Pledged Accounts of the Loan  Parties at a Cash Management Bank.  

 

  -200-  USActive 56005294.16 -200-56005294.24  7.16 New Business Valuations of Approved Acquisition Assets.  If at any time  any Approved Acquisition Asset has been destroyed or damaged in any material respect or any  other event or condition has occurred that results in a material adverse change in the value of any  Approved Acquisition Asset, (a) the U.S. Borrower shall promptly notify the Administrative  Agent thereof, and permit the Administrative Agent, in its sole discretion, and at sole expense of  the Borrowers and the other Loan Parties, to obtain a new Business Valuation of such Approved  Acquisition Asset and (b) without derogating from the U.S. Borrower’s obligations to provide  notification pursuant to clause (a) above, if the Administrative Agent otherwise becomes aware of  any such destruction, damage, event or condition without notification from the U.S. Borrower, the  Administrative Agent shall be permitted, in its sole discretion, upon notice to and at the sole  expense of the Borrowers and the other Loan Parties, to obtain a new Business Valuation of such  Approved Acquisition Asset, provided that in the case of clause (a) or (b), a new Business  Valuation shall not be required if the U.S. Borrower has agreed to remove the affected Approved  Acquisition Asset from the calculation of the Eligible Acquisition Asset Value.  7.17 Post-Closing Matters. (a)  Within sixty (60) days after the Restatement  Effective Date (or such longer time as may be agreed by the Administrative Agent), to the extent  not satisfied on the Restatement Effective Date, (i) cause the possessory Collateral set forth in  Section 5(c) of the Successor Agent Agreement to be delivered to the Administrative Agent, (ii)  cause each of the documents set forth on Schedule 5.3 of the Successor Agent Agreement to be  duly executed and delivered to the Administrative Agent, (iii) cause each of the documents set  forth in Section 6.1(a)(xix) and Section 6.1(p) to be duly executed and delivered to the  Administrative Agent, (iv) cause each of the insurance deliverables set forth in Section 6.1(s) to  have been delivered to the Administrative Agent, (v) cause each of (A) the legal opinions that are  permitted to be delivered after the Restatement Effective Date under Sections 6.1(k)(iii) and (iv),  (B) the appraisals and surveys set forth in Section 6.1(t), (C) the title insurance policy deliverables  set forth in Section 6.1(u), (D) the copies of the recorded documents set forth in Section 6.1(w),  (E) the environmental reports set forth in Section 6.1(x), the flood determination deliverables set  forth in Section 6.1(z) and (F) each Mortgage and Security Agreement or amendment thereto set  forth in Section 6.1(a)(xxiv), in each case, to be delivered to the Administrative Agent and (vi)  take each action set forth in Section 6.1(o) with respect to any Security set forth in this Section  7.17.  (b) Within twenty (20) Business Days after the Restatement Effective Date (or  such longer time as may be agreed by the Administrative Agent), cause any Quebec Security  Document that has been assigned to the Administrative Agent pursuant to Section 6.1(a)(ix)(A) to  be terminated (if so requested by the Administrative Agent).  7.18 Canadian Pension Plans and Benefit Plans. (a)  For each existing, or  hereafter adopted, Canadian Pension Plan and Canadian Benefit Plan, in a timely fashion comply  with and perform in all material respects all of its obligations under and in respect of such Canadian  Pension Plan or Canadian Benefit Plan, including under any funding agreements and all applicable  laws (including any fiduciary, funding, investment and administration obligations). Within 45 days  after the Restatement Effective Date (or such longer time as may be agreed by the Administrative  Agent), (i) and (ii) cause each of the documents set forth on Schedule 5.3 of the Successor Agent  Agreement to be duly executed and delivered to the Administrative Agent.  

 

  -201-  USActive 56005294.16 -201-56005294.24  (b) Remit, withhold or pay (and cause each of its Subsidiaries to remit, withhold  or pay) all employer or employee payments, contributions or premiums required to be remitted,  withheld or paid to or in respect of each Canadian Pension Plan or Canadian Benefit Plan, in each  case in a timely fashion in compliance in all material respects with the terms thereof, any funding  agreements and all applicable laws.  (c) Deliver to the Administrative Agent (i) if requested by the Administrative  Agent, copies of each annual and other return, report or valuation with respect to each Canadian  Pension Plan as filed with any applicable Governmental Authority; (ii) promptly after receipt  thereof, a copy of any material direction, order, notice, ruling or opinion that any Loan Party or  any Subsidiary of any Loan Party may receive from any applicable Governmental Authority with  respect to any Canadian Pension Plan; (iii) notification within 30 days of any increases having a  cost to one or more of the Loan Parties and their Subsidiaries in excess of $500,000 per annum in  the aggregate, in the benefits of any existing Canadian Pension Plan or Canadian Benefit Plan, or  the establishment of any new Canadian Pension Plan or Canadian Benefit Plan, or the  commencement of contributions to any such plan to which any Loan Party was not previously  contributing; and (iv) notification within 30 days of any voluntary or involuntary termination of,  or participation in, a Canadian Pension Plan or a Canadian Benefit Plan.  SECTION 8 NEGATIVE COVENANTS  Each of the Borrowers hereby jointly and severally agrees that, commencing on the  Restatement Effective Date and continuing so long as any of the Commitments or Dollar Working  Capital Facility Uncommitted Tranche Portions remain in effect, any Letter of Credit remains  outstanding that has not been Cash Collateralized or any amount is owing to any Lender or the  Administrative Agent hereunder or under any other Loan Document (except contingent  indemnification and expense reimbursement obligations for which no claim has been made), no  Loan Party shall, directly or indirectly:  8.1 Financial Condition Covenants.  (a) Minimum Consolidated Net Working Capital.  Permit, as of the last day of  any calendar month, the Consolidated Net Working Capital to be less than the Minimum  Consolidated Net Working Capital Amount applicable as of such day in accordance with the  definitions thereof.  (b) Minimum Consolidated Fixed Charge Coverage Ratio.  Permit, as of the  last day of any fiscal quarter (commencing with the fiscal quarter ending March 31, 2020), for the  twelve (12) month period ending on such day, the Consolidated Fixed Charge Coverage Ratio to  be less than the Minimum Consolidated Fixed Charge Coverage Ratio.  (c) Maximum Consolidated Total Leverage Ratio.  Permit, as of the last day of  any fiscal quarter (commencing with the fiscal quarter ending March 31, 2020), for the twelve (12)  month period ending on such day, the Consolidated Total Leverage Ratio to exceed the Maximum  Consolidated Total Leverage Ratio applicable as of such day in accordance with the definition  thereof.  

 

  -202-  USActive 56005294.16 -202-56005294.24  8.2 Limitation on Indebtedness.  Create, incur, assume or suffer to exist any  Indebtedness, or permit any preferred stock to be issued or outstanding, except:  (a) Indebtedness of such Loan Party under this Agreement and the other Loan  Documents;  (b) (i) any Intercompany Subordinated Indebtedness and (ii) any Hartree  Subordinated Indebtedness;  (c) Indebtedness in respect of purchase money security interests, Financing  Leases or Synthetic Leases; provided that the aggregate amount of Indebtedness incurred pursuant  to this Section 8.2(c) in any Fiscal Year shall not exceed $50,000,000;  (d) Indebtedness outstanding on the SecondThird Amendment Effective Date  and listed on Schedule 8.2, or any refinancings, refundings, renewals or extensions thereof (such  refinanced, refunded, renewed or extended Indebtedness, “Permitted Refinancing Indebtedness”);  provided that (i) the stated amount of such Indebtedness is not increased at the time of such  refinancing, refunding, renewal or extension (except to the extent of non-cash interest), (ii) such  refinancing, refunding, renewal or extended Indebtedness shall (A) not have a stated final maturity  prior to the final maturity date of the Indebtedness being refinanced, refunded, renewed or  extended and (B) have an average life to maturity equal to or greater than such Indebtedness,  (iii) the terms of such refinancing, refunding, renewal or extension, taken as a whole, shall not be  more restrictive than the terms of such Indebtedness, (iv) any guarantee entered into in connection  with such refinancing, refunding, renewal or extension that is not a refinancing of an existing  guarantee of such Indebtedness shall not be permitted under this Section 8.2(d) (except that a Loan  Party may guarantee such refinanced Indebtedness) and (v) if the Indebtedness being refinanced,  refunded, renewed or extended is subordinated, such Permitted Refinancing Indebtedness shall be  subordinated to at least the same extent, and on terms at least as favorable to the Lenders, as the  Indebtedness being refinanced, refunded, renewed or extended;  (e) Indebtedness arising from the honoring by a bank or other financial  institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary  course of business or other cash management services in the ordinary course of business; provided  that such Indebtedness (other than credit or purchase cards) is extinguished within one (1) Business  Day after notification to any Loan Party of its incurrence;  (f) Indebtedness under one or more Contango Facilities in an amount  outstanding at any time not to exceed $125,000,000 in the aggregate;  (g) limited recourse Indebtedness of any Borrower or any other Loan Party to  any Governmental Authority in respect of a capital project financing provided by such  Governmental Authority, but only so long as (i) such funding accounts for 100% of the capital  costs of such project in excess of any Investment by such Borrower or such Loan Party, (ii) the  recourse to such Borrower or such Loan Party, as applicable, with respect to such Indebtedness is  limited to its interest in the project financed by such Indebtedness and proceeds from the operation  of such project, (iii) the aggregate principal amount of all such Indebtedness at any time  

 

  -203-  USActive 56005294.16 -203-56005294.24  outstanding shall not exceed $20,000,000 and (iv) the terms of such Indebtedness are reasonably  satisfactory to the Administrative Agent; and  (h) additional unsecured Indebtedness of the Loan Parties in an aggregate  principal amount (for all Loan Parties) not to exceed $500,000,000 at any one time outstanding;  provided, that (i) the terms of such unsecured Indebtedness shall not be more restrictive, in the  aggregate to the Loan Parties, than the terms, conditions, covenants and defaults contained in the  Loan Documents, (ii) the terms of such unsecured Indebtedness shall permit Obligations under the  Loan Documents in a principal amount at least equal to 115% of the combined aggregate amount  of the Working Capital Facility Commitments in effect as of the date the documentation for any  such unsecured Indebtedness is entered into, the Dollar Working Capital Facility Uncommitted  Tranche Portions in effect as of the date the documentation for any such unsecured Indebtedness  is entered into and the Acquisition Facility Commitments in effect as of the date the documentation  for any such unsecured Indebtedness is entered into without meeting any financial ratio test  (including any incurrence test) contained in the documentation for such unsecured Indebtedness,  (iii) the Weighted Average Life to Maturity of such unsecured Indebtedness shall be at least  ninety-one (91) days after the Maturity Date, (iv) the maturity date of such unsecured Indebtedness  shall be at least six (6) months after the Maturity Date, (v) such unsecured Indebtedness shall not  be guaranteed by any Subsidiary of the MLP that is not a Loan Party; and (vi) no Default or Event  of Default shall have occurred and be continuing as of the date of incurrence or refinancing of such  unsecured Indebtedness (or would occur as a result thereof) and as of such date, the Loan Parties  would be in compliance with the covenants set forth in Section 8.1 calculated on a Pro Forma Basis  as of such date assuming the incurrence of such unsecured Indebtedness.  Notwithstanding the foregoing, in no event shall any Indebtedness of (i) any Loan  Party, on the one hand, owing to (ii) the MLP or any Subsidiary or any Affiliate of the MLP, on  the other hand, be permitted hereunder other than pursuant to Section 8.2(b).  8.3 Limitation on Liens.  Create, incur, assume or suffer to exist any Lien upon  any of its property, assets or revenues, whether now owned or hereafter acquired, except for:  (a) Liens for taxes, assessments or governmental charges or levies not yet due  and payable or which are being contested in good faith by appropriate proceedings; provided that  adequate reserves with respect thereto are maintained on the books of such Loan Party, in  conformity with GAAP;  (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s,  landlord’s Liens, or other similar Liens arising in the ordinary course of business which are not  overdue for a period of more than 60 days or which are being contested in good faith by appropriate  proceedings or which have been bonded over or otherwise adequately secured against;  (c) pledges or deposits in connection with workers’ compensation,  unemployment insurance and other social security legislation or in connection with casualty  insurance;  (d) deposits or bonds to secure (i) the performance of bids, trade contracts  (other than for borrowed money), leases, statutory obligations, surety and appeal bonds and  

 

  -204-  USActive 56005294.16 -204-56005294.24  (ii) indemnities, performance and similar bonds and other obligations of a like nature incurred in  the ordinary course of business;  (e) Permitted Cash Management Liens;  (f) easements, rights-of-way, restrictions and other similar title exceptions and  encumbrances, landlords’ and lessors’ Liens on rented premises and restrictions on transfers of  leases, each incurred in the ordinary course of business which, in the aggregate, are not substantial  in amount, secure obligations that do not constitute Indebtedness, and which do not in any case  materially detract from the value of the property subject thereto or materially interfere with the  ordinary conduct of the business of the Loan Parties;  (g) Liens arising from precautionary or unauthorized UCC or PPSA financing  statements or applications for registration of a hypothec under the Register of Personal and  Movable Real Rights (Quebec) under the Civil Code of Quebec;  (h) Liens created pursuant to the Security Documents and the other Loan  Documents;  (i) First Purchaser Liens;  (j) netting and other offset rights granted by any Loan Party to counterparties  under Commodity Contracts and Financial Hedging Agreements on or with respect to payment  and other obligations owed by such Loan Party to such counterparties;  (k) Liens in existence on the Restatement Effective Date that are listed, and the  property subject thereto described, on Schedule 8.3;  (l) Liens on cash and short-term investments deposited as collateral by a Loan  Party under any Commodity Contract or Financial Hedging Agreement with the counterparty (or  counterparties) thereto;  (m) Liens securing judgments for the payment of money not constituting an  Event of Default under Section 9.1(i) or securing appeal or other surety bonds related to such  judgments;  (n) Liens of an account bank on currency, Cash Equivalents, commodities or  Commodities Contracts of Wintergreen or Sprague Resources Canada, deposited in, or credited  to, an account with such account bank; provided that such Liens arise by operation of law;  (o) Liens securing Indebtedness of the Loan Parties permitted by Section 8.2(f);  provided that such Liens do not at any time encumber any property other than the inventory,  forward contracts and receivables related to the Cash and Carry Transactions financed by such  Indebtedness;  (p) Liens securing Indebtedness of the Loan Parties permitted by Section 8.2(g)  on the property being financed by such Indebtedness and proceeds of such property;  

 

  -205-  USActive 56005294.16 -205-56005294.24  (q) restrictions under federal, provincial, territorial and state securities laws on  the transfer of securities;  (r) Liens constituting purchase money security interests (including mortgages,  conditional sales, Financing Leases and any other title retention or deferred purchase devices) in  real property, interests in leases or personal property existing or created on the date on which such  property is acquired; provided, however, that (i) each such security interest shall attach solely to  the particular item of property so acquired, and the principal amount of Indebtedness secured  thereby shall not exceed the cost (including all such Indebtedness secured thereby, whether or not  assumed) of such item of property; and (ii) the Indebtedness secured thereby was incurred, and  permitted, pursuant to Section 8.2(c);  (s) Liens securing the Maine Dock Liability Obligations in connection with the  incurrence of such liability; provided, however, that such Lien shall attach solely to the property  acquired;  (t) Liens on assets not included in the U.S. Borrowing Base or the Kildair  Borrowing Base securing obligations of the Loan Parties in an amount not to exceed $2,500,000  in the aggregate at any one time outstanding;   (u) Liens granted to a Subject Utility on the Subject Natural Gas Receivables  purchased by such Subject Utility (and not other assets of a Loan Party) pursuant to a Natural Gas  Transaction;  (v) minor defects or irregularities in title that do not interfere with the Loan  Parties’ ability to conduct their businesses as currently conducted or to utilize the relevant  properties for their intended purposes and except where the failure to have unfettered title could  reasonably be expected to have a Material Adverse Effect; and  (w) the reservations, limitations, provisos and conditions, if any, expressed in  any original grant from the Crown of any Canadian real property or any interest therein, provided  they do not, in the aggregate, in any case materially detract from the value of the property subject  thereto or materially interfere with the ordinary conduct of the business of the Loan Parties; and  (w)(x) Liens permitted pursuant to Section 8.19(c).  Notwithstanding anything to the contrary contained in this Agreement or any  Security Document (including any provision for, reference to, or acknowledgement of, any Lien  or Permitted Borrowing Base Lien or Permitted Cash Management Lien), nothing herein and no  approval by the Administrative Agent or Lenders of any Lien, Permitted Borrowing Base Lien or  Permitted Cash Management Lien (whether such approval is oral or in writing) shall be construed  as or deemed to constitute a subordination by the Administrative Agent or the Lenders of any  security interest or other right, interest or Lien in or to the Collateral or any part thereof in favor  of any Lien, Permitted Borrowing Base Lien or Permitted Cash Management Lien or any holder  of any Lien, Permitted Borrowing Base Lien or Permitted Cash Management Lien.  8.4 Limitation on Fundamental Changes.  Enter into any reorganization,  statutory arrangement, merger, consolidation or amalgamation, or liquidate, wind up or dissolve  

 

  -206-  USActive 56005294.16 -206-56005294.24  itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise  dispose of, all or substantially all of its property, business or assets of such Loan Party, except for  the following, in each case so long as, at the time thereof and immediately after giving effect  thereto, no Default or Event of Default shall have occurred and be continuing:  (a) (w) the reorganization or statutory arrangement (not involving any  compromise of claims hereunder), merger, consolidation, amalgamation or liquidation of any  Subsidiary (other than the Canadian Borrower) into the U.S. Borrower in a transaction in which  the U.S. Borrower is the surviving or resulting entity, (x) the reorganization or statutory  arrangement (not involving any compromise of claims hereunder), merger, consolidation,  amalgamation or liquidation of any Subsidiary of the Canadian Borrower into the Canadian  Borrower in a transaction in which the Canadian Borrower is the surviving or resulting entity, (y)  the reorganization or statutory arrangement (not involving any compromise of claims hereunder),  merger, consolidation, amalgamation or liquidation of any Subsidiary (other than any Borrower)  into the MLP in a transaction in which the MLP is the surviving or resulting entity and (z) a  Specified Transaction;  (b) the reorganization or statutory arrangement (not involving any compromise  of claims hereunder), merger, consolidation, amalgamation or liquidation of any Wholly-Owned  Subsidiary (but excluding any Borrower) into or with a Wholly-Owned Subsidiary or the  reorganization or statutory arrangement (not involving any compromise of claims hereunder),  merger, consolidation, amalgamation or liquidation of any Person into a Wholly-Owned  Subsidiary (other than any Borrower) or pursuant to which such Person will become a  Wholly-Owned Subsidiary (other than any Borrower) in a transaction in which the resulting or  surviving entity is a Wholly-Owned Subsidiary (it being understood that if any Person involved is  a Loan Party, the surviving entity shall be a Loan Party);  (c) the conveyance, sale, lease, assignment, transfer or disposal of all, or  substantially all, of the property, business or assets of a Loan Party to another Loan Party;  (d) sales or other Dispositions permitted under Section 8.6 (other than  Section 8.6(h)) or Section 8.19;   (e) any inactive Subsidiary (other than the Canadian Borrower) may be  liquidated; and  (f) the Approved Organizational Changes as contemplated in Section 11.30  hereof.  8.5 Restricted Payments.  Declare or pay any dividend (other than distributions  payable solely in common Capital Stock of the MLP) on, or make any payment on account of, or  set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance,  retirement or other acquisition of, any shares of any class of Capital Stock of any Loan Party or  any warrants or options to purchase any such Stock, whether now or hereafter outstanding, or make  any other distribution in respect thereof, either directly or indirectly, whether in cash or Property  or in obligations of any Loan Party (such declarations, payments, setting apart, purchases,  

 

  -207-  USActive 56005294.16 -207-56005294.24  redemptions, defeasances, retirements, acquisitions and distributions, being herein called  “Restricted Payments”); provided that:  (a) the MLP at any time may make Restricted Payments payable solely in  common Capital Stock of the MLP;  (b) any Loan Party that is a Subsidiary of the MLP may make Restricted  Payments to the MLP or any other Loan Party that owns Capital Stock of such Loan Party;  (c) the MLP may make Restricted Payments (i) with the proceeds received by  the MLP from the substantially concurrent issue of new common Capital Stock of the MLP or (ii)  with the proceeds received by the MLP from the substantially concurrent consummation of a  Specified Transaction;  (d) the MLP may (i) redeem, repurchase or otherwise acquire or retire for value  its Capital Stock or (ii) pay, settle, exercise, redeem, repurchase, or exchange any other award  constituting a Restricted Payment, in the case of clauses (i) and (ii), that is held or received by  current or former officers, directors or employees (or their estates or beneficiaries under their  estates or their immediate family members), of the General Partner (solely to the extent such  Restricted Payment is made prior to the effectiveness of the Approved Organizational Changes)  and the MLP or any of its Subsidiaries pursuant to any equity subscription agreement, equity plan,  equity option agreement, unitholders’ agreement, incentive plan or similar agreement under which  such Capital Stock was issued or such award made; provided that the aggregate cash consideration  paid therefor in any calendar year (commencing with the 2020 calendar year) does not exceed an  aggregate amount of $5,500,000 (with unused amounts in any calendar year being permitted to be  carried over for the two succeeding calendar years);  (e) the following shall be permitted:  (i) any repurchase of Capital Stock  deemed to occur upon the exercise of units, options or other rights to the extent such Capital Stock  represents a portion of the exercise price of those units, options or other rights; (ii) any repurchase  or other acquisition of Capital Stock made in lieu of withholding taxes in connection with any  exercise or exchange of equity options, warrants, incentives or other rights to acquire Capital  Stock; and (iii) any payment of cash made in lieu of the issuance of fractional units upon the  exercise of units, options, or other rights or the conversion or exchange of Capital Stock of any  such Person; provided that the aggregate cash consideration paid pursuant to this clause (e) in any  calendar year (commencing with the 2020 calendar year) does not exceed an aggregate amount of  $2,500,000; and  (f) the MLP may make Restricted Payments (including quarterly distributions  contemplated under the MLP Operational Document) if at the time of such Restricted Payment  and after giving effect thereto, no Event of Default has occurred and is continuing and the Loan  Parties are in compliance with the covenants set forth in Section 8.1 calculated on a Pro Forma  Basis after giving effect to such Restricted Payment.  8.6 Limitation on Sale of Assets.  Convey, sell, lease, assign, transfer or  otherwise dispose of any of its property, business or assets (including Accounts Receivable and  leasehold interests), whether now owned or hereafter acquired, or, in the case of any Subsidiary,  

 

  -208-  USActive 56005294.16 -208-56005294.24  issue or sell or permit the issuance or sale of any shares of such Subsidiary’s Capital Stock to any  Person other than any Loan Party, except:  (a) the sale or other disposition of obsolete or worn out property in the ordinary  course of business;  (b) the sale or other disposition of any property in the ordinary course of  business;  (c) the sale of Eligible Commodities and Eligible RINs in the ordinary course  of business;  (d) sales or other dispositions of Investments permitted under Section 8.8 in the  ordinary course of business;  (e) leases or subleases of real property not material to the business of any Loan  Party entered into in the ordinary course of business;  (f) the sale or discount without recourse of accounts receivable arising in the  ordinary course of business in connection with the compromise or collection thereof;  (g) any Disposition of Acquisition Assets so long as at the time of and after  giving effect to such Disposition, Total Acquisition Facility Acquisition Extensions of Credit (after  giving effect to any repayment of the Acquisition Facility occurring in connection with such  Disposition) do not exceed the Eligible Acquisition Asset Value, and no Default or Event of  Default shall have occurred and be continuing;  (h) sales or other Dispositions permitted under Section 8.4 (other than  Section 8.4(d));  (i) any Disposition by a Loan Party to another Loan Party;  (j) any Disposition listed on Schedule 8.6;  (k) any Restricted Payment permitted by Section 8.5 and any Investment  permitted by Section 8.8;  (l) any of the following:  (i) the termination or unwinding of any Financial  Hedging Agreement or Commodity OTC Agreement; (ii) the surrender, modification, release or  waiver of contract rights; or (iii) the settlement, release, modification, waiver or surrender of  contract, tort or other claims of any kind; and  (m) Dispositions by a Loan Party of Subject Natural Gas Receivables to a  Subject Utility pursuant to a Natural Gas Transaction; and  (m)(n)  Dispositions of Accounts Receivable pursuant to a Permitted Securitization  that complies with Section 8.19.  

 

  -209-  USActive 56005294.16 -209-56005294.24  8.7 Limitation on Capital Expenditures.  Make or commit to make (by way of  the acquisition of securities of a Person or otherwise) Capital Expenditures other than:  (i) Capital  Expenditures made with respect to the maintenance or improvement of assets or property then  owned by any Loan Party not to exceed $40,000,000 in the aggregate in any Fiscal Year; and  (ii) Capital Expenditures made with respect to any acquisition of any additional assets or property  in a single transaction not to exceed $75,000,000, provided that the aggregate amount of such  Capital Expenditures for all such acquisitions of additional assets or property in any Fiscal Year  shall not exceed $175,000,000.  8.8 Limitation on Investments, Loans and Advances.  Make any Investment in  any Person, except:  (a) extensions of trade credit in the ordinary course of business (including, for  the avoidance of doubt, ordinary course extensions of credit under Commodity Contracts and  Financial Hedging Agreements made in accordance with the Risk Management Policy);  (b) Investments in Cash Equivalents;  (c) Investments by any Loan Party in any Loan Party;  (d) Investments consisting of cash and Cash Equivalents posted as collateral to  satisfy margin requirements with counterparties of Commodity Contracts or Financial Hedging  Agreements of any Loan Party;  (e) Investments (including debt obligations and equity securities) received in  connection with the bankruptcy, insolvency, arrangement or reorganization of suppliers and  customers and in settlement of delinquent obligations of, and other disputes with, customers and  suppliers arising in the ordinary course of business;  (f) Investments in existence on the Restatement Effective Date and listed on  Schedule 8.8, together with any renewals and extensions thereof, so long as the principal amount  of such renewal or extension does not exceed the original principal amount of such Investment;  (g) payroll, travel and other loans or advances to, or Guarantee Obligations  issued to support the obligations of, current or former officers, directors, and employees of the  General Partner (solely to the extent such loan or advance is made, or such Guarantee Obligation  is issued, prior to the effectiveness of the Approved Organizational Changes), the MLP or any  Subsidiary, in each case in the ordinary course of business in an aggregate principal amount not to  exceed $5,000,000 at any one time outstanding;  (h) any Investment resulting from pledges and deposits permitted by  Section 8.3(c), (d), (l) and (m);  (i) any Investment using the proceeds of any issuance of common Capital  Stock of the MLP; and  

 

  -210-  USActive 56005294.16 -210-56005294.24  (j) any other Investment if at the time of such Investment and after giving effect  thereto, no Event of Default has occurred and is continuing and the Loan Parties are in compliance  with the covenants set forth in Section 8.1 calculated on a Pro Forma Basis; and  (j)(k)  any sale or contribution of Accounts Receivable to a bankruptcy remote  vehicle pursuant to a Permitted Securitization which complies with Section 8.19.  8.9 Limitation on Payments or Modifications of Junior Debt Instruments.   (a) Except as provided in clause (b) of this Section 8.9, amend, modify or change, or consent or  agree to any material amendment, modification or change to any of the terms of any Intercompany  Subordinated Indebtedness, any Hartree Subordinated Indebtedness, or any other Indebtedness of  a Loan Party that is subordinated in right of payment to the Obligations, is secured on a junior Lien  basis on the Collateral or is unsecured (the foregoing Indebtedness, “Junior Indebtedness”) (other  than any such amendment, modification or change which would extend the maturity or reduce the  amount of any payment of principal thereof or which would reduce the rate, increase the non-cash  portion of the rate or extend the date for payment of interest thereon or that would relax or waive  any covenant therein or (in the case of any Intercompany Subordinated Indebtedness or Hartree  Subordinated Indebtedness) which would modify any term relating to such Indebtedness not  addressed in Exhibit H-1 or Exhibit H-2, as applicable, that could not reasonably be expected to  be adverse to the interests of the Lenders), (b) amend the subordination provisions of any  Intercompany Subordinated Indebtedness, Hartree Subordinated Indebtedness or any other Junior  Indebtedness that is subordinated in right of payment to the Obligations without the consent of the  Required Lenders, (c) make any voluntary payment, prepayment, repurchase or redemption of, or  otherwise optionally or voluntarily defease or segregate funds with respect to, any Junior  Indebtedness, provided that such payments shall be permitted (subject to clause (d) of this  Section 8.9) so long as no Default or Event of Default has occurred and is continuing and the Loan  Parties are in compliance with the covenants set forth in Section 8.1 calculated on a Pro Forma  Basis or (d) make any payment on any Junior Indebtedness in violation of any subordination  provisions applicable thereto.  8.10 Limitation on Transactions with Affiliates.  Engage in any transaction with  any Affiliate or Subsidiary unless such transaction is (i) otherwise permitted under this Agreement  and (ii) on terms no less favorable in all material respects to such Loan Party than it would obtain  in a comparable arm’s-length transaction with a Person which is not an Affiliate or Subsidiary;  provided, however, that this Section 8.10 shall not apply to:  (a) any payment or other transaction listed on Schedule 8.10 (or any renewal  thereof that is not materially adverse to the Lenders);  (b) any transaction in respect of which such Loan Party delivers to the  Administrative Agent a letter addressed to the board of directors of such Loan Party from an  accounting, appraisal or investment banking firm, in each case of nationally recognized standing  that is in the good faith determination of the MLP qualified to render such letter, which letter states  that (i) such transaction is on terms no less favorable in all material respects to such Loan Party  than it would obtain in a comparable arm’s-length transaction with a Person which is not an  Affiliate or Subsidiary or (ii) such transaction is fair, when taken as a whole, to such Loan Party  from a financial point of view;  

 

  -211-  USActive 56005294.16 -211-56005294.24  (c) any payment or transaction by one Loan Party with one or more other Loan  Parties;  (d) any Restricted Payment that is permitted to be made pursuant to Section 8.5;  (e) [reserved];  (f) any issuance of common Capital Stock of the MLP; or  (g) any Hartree Subordinated Indebtedness and any payment with respect  thereto permitted hereunder.  8.11 Accounting Changes.  Make any significant change in its accounting  treatment or reporting practices, except as required by GAAP, or change its Fiscal Year without  the consent of the Required Lenders (such consent not to be unreasonably withheld, conditioned  or delayed).  At the end of any calendar year during which any such change has occurred, the  affected Loan Party shall prepare and deliver to the Administrative Agent (for distribution to the  Lenders through posting on Intralinks or other web site in use to distribute information to the  Lenders) an explanatory statement, in form and substance reasonably satisfactory to the  Administrative Agent, reconciling the previous treatment or practice with the new treatment or  practice.  8.12 Limitation on Negative Pledge Clauses.  Enter into, or permit to exist, with  any Person any agreement which effectively prohibits or limits the ability of a Loan Party to create,  incur, assume or suffer to exist any Lien upon or otherwise transfer any interest in any of its  property, assets or revenues as Collateral, whether now owned or hereafter acquired, other than:  (a) this Agreement;  (b) the Loan Documents;  (c) agreements evidencing Indebtedness permitted to be incurred under  Section 8.2(c) and (g), any industrial revenue bonds, purchase money security interests or  Financing Leases permitted by this Agreement, and agreements relating to the Maine Dock  Liability Obligations (in which cases, any prohibition or limitation shall only be effective against  the assets financed thereby);  (d) leases, contracts and agreements containing restrictions on assignment  entered into in the ordinary course of business;  (e) licensing agreements or management agreements with customary  provisions restricting assignment, entered into in the ordinary course of business;  (f) joint venture agreements containing customary and standard provisions  regarding ownership and distribution of the assets or equity interests of such joint venture;  (g) agreements that neither restrict the Administrative Agent’s or any Secured  Party’s ability to obtain first priority liens on Collateral included in the U.S. Borrowing Base or  

 

  -212-  USActive 56005294.16 -212-56005294.24  the Kildair Borrowing Base or in the calculation of Eligible Acquisition Asset Value nor restrict  in any material respect the Administrative Agent’s or any Secured Party’s ability to exercise the  remedies available to them under applicable Law and the Security Documents, subject to Liens  permitted hereunder; provided that in no event shall such agreements restrict the payment of the  Loans and other Obligations;  (h) agreements entered into by a Loan Party with a third party customer or  supplier of such Loan Party in the ordinary course of business with respect to a transaction that  places restrictions on a portion of the cash of such Loan Party in an amount reasonably related to  the amount of such transaction on terms consistent with the past practice of such Loan Party;  (i) Materials Handling Contracts and other agreements entered into in the  ordinary course of business with commodity storage, transportation and/or processing facilities  that prohibit Liens on the commodities that are the subject thereof and which shall not be included  in the U.S. Borrowing Base or the Kildair Borrowing Base;  (j) Commodity Contracts and Financial Hedging Agreements not included in  the U.S. Borrowing Base or the Kildair Borrowing Base and containing restrictions on the  assignment thereof; provided that, for the avoidance of doubt, to the extent any such prohibition,  restriction or limitation is ineffective as a matter of law, the account receivable deriving from or  the proceeds of such contract or agreement may be included in the U.S. Borrowing Base or the  Kildair Borrowing Base;  (k) agreements purporting to prohibit the existence of any Liens upon, or  transferring of any interest in, any Excluded Asset (as such term is defined in the U.S. Security  Agreement or the Canadian Security Agreement, as applicable); provided that such prohibition is  entered into in the ordinary course and not in contemplation of such asset becoming an Excluded  Asset (as such term is defined in the U.S. Security Agreement or the Canadian Security Agreement,  as applicable); and  (l) agreements with respect to assets not included in the U.S. Borrowing Base  or the Kildair Borrowing Base, the aggregate value of such assets at any one time outstanding not  to exceed $7,500,000.  8.13 Limitation on Lines of Business.  Enter into any business except for those  lines of business in which the Loan Parties are engaged on the Restatement Effective Date, and  any activities reasonably related, complementary or incidental thereto.  8.14 Governing Documents.  Except for the Approved Organizational Changes,  amend its Governing Documents in any manner that could reasonably be expected to be materially  adverse to the interests of the Lenders and the Administrative Agent without the prior written  consent of the Required Lenders, which shall not be unreasonably withheld, conditioned or  delayed.  8.15 Limitations on Clauses Restricting Subsidiary Distributions.  Enter into or  suffer to exist or become effective any consensual encumbrance or restriction on the ability of any  Subsidiary of the U.S. Borrower to (a) make Restricted Payments in respect of any Capital Stock  of such Subsidiary held by, or pay any Indebtedness owed to, the U.S. Borrower or any other  

 

  -213-  USActive 56005294.16 -213-56005294.24  Subsidiary of the U.S. Borrower or (b) make loans or advances to, or other Investments in, the  U.S. Borrower or any other Subsidiary of the U.S. Borrower, except for such encumbrances or  restrictions existing under or by reason of (i) any restrictions existing under this Agreement,  (ii) any restrictions existing under the other Loan Documents and, (iii) any restrictions with respect  to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with  the Disposition of all or substantially all of the Capital Stock or assets of such Subsidiary, and  (iv) any restrictions imposed on a Subsidiary that is a bankruptcy remote securitization vehicle  (and not a Loan Party) pursuant to a Permitted Securitization that complies with Section 8.19.  8.16 Canadian Pension Plan.  Except with the written consent of the Required  Lenders:  (i) establish, maintain, administer, sponsor, contribute to, participate in or assume or  incur any liability in respect of any new defined benefit Canadian Pension Plan, or acquire an  interest in any Person if such Person sponsors, administers, contributes to, participates in or has  any liability in respect of, any defined benefit Canadian Pension Plan; (ii) permit its Canadian  unfunded pension fund and other employee benefit plan obligations and liabilities to remain  unfunded other than in accordance with applicable law; or (iii) terminate or wind-up any defined  benefit Canadian Pension Plan.  8.17 Use of Proceeds.  Request any Loan or Letter of Credit, and the Borrowers  shall not use, and each shall procure that its Subsidiaries and its or their respective directors,  officers, employees and agents shall not use, the proceeds of any Loan or Letter of Credit (A) in  furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of  money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for  the purpose of funding, financing or facilitating any activities, business or transaction of or with  any Sanctioned Person, or in any Sanctioned Country, or (C) in any manner that would result in  the violation of any Sanctions applicable to any party hereto.  Notwithstanding the foregoing,  nothing in this Agreement shall be interpreted to contravene, or require any notification to the  Attorney General of Canada under, the Foreign Extraterritorial Measures (United States) Order,  1992, by any Borrower or any of their respective Subsidiaries located in Canada.  8.18 Loan Parties.  Permit any Loan Party to become an Exempt CFC.  8.19 Limitation on Securitization Agreements.   (a) Be party to, or sell any assets pursuant to or to facilitate, any securitization  transaction other than a Permitted Securitization, (b) other than pursuant to a Permitted  Securitization, incur any Securitization Obligations or (c) create, incur, assume or suffer to exist  any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired,  securing any Securitization Obligations, other than Liens securing Permitted Securitizations on  any Accounts Receivable which are the subject of Securitization Obligations permitted under  clause (b) of this Section 8.19 and Permitted Securitizations or Related Rights with respect thereto.  SECTION 9 EVENTS OF DEFAULT  9.1 Events of Default.  If any of the following events shall occur and be  continuing:  

 

  -214-  USActive 56005294.16 -214-56005294.24  (a) (i) Any Borrower shall fail to pay any principal of any Loan or  Reimbursement Obligation when due in accordance with the terms thereof or hereof, or (ii) any  Loan Party shall fail to pay any interest on any Loan or Reimbursement Obligation, or any other  amount payable hereunder or under any of the other Loan Documents, when such interest or other  amount becomes due in accordance with the terms thereof or hereof, and in the case of this  clause (ii), the same shall remain unremedied for a period of three (3) Business Days; or  (b) Any representation or warranty made or deemed made by any Loan Party  herein or in any other Loan Document or which is identified as such and contained in any  certificate, document or financial or other statement furnished by it at any time under or in  connection with this Agreement or any such other Loan Document shall prove to have been false  or misleading in any material respect on or as of the date made or deemed made; or  (c) Any Loan Party shall (i) default in the observance or performance of any  covenant contained in any of 7.1(a) (annual financial statements), (c) (monthly financial  statements), (f) (annual Reconciliation Summary) and (g) (monthly Reconciliation Summary), 7.2  (other than 7.2(e), (g) and (i)), 7.4, 7.6, 7.7(a), (b) or (e)-(h) or 8 of the Agreement, Sections 5(a),  (d), (g), (h), (i), (j), (n)(i), (n)(iii), (q) or (t) of the U.S. Security Agreement or Sections 5(a), (d),  (g), (h), (i), (j), (m)(i), (m)(iii), (o) or (s) of the Canadian Security Agreement or (ii) default in the  observance or performance, in any material respect, of any covenant contained in Section 5(q) of  the U.S. Security Agreement or Section 5(p) of the Canadian Security Agreement; or  (d) Any Loan Party shall default in the observance or performance of any  covenant contained in (x) Section 7.10 and such default shall remain unremedied for a period of  four (4) Business Days or (y) Section 7.17 and such default shall remain unremedied for a period  of three (3) Business Days; or  (e) Any Loan Party shall default in the observance or performance of any other  obligation applicable to it contained in this Agreement or any other Loan Document (other than as  provided in paragraphs (a), (b), (c) and (d) of this Section 9), and such default shall continue  unremedied for a period of thirty (30) days after the earlier of (x) such Loan Party having  knowledge of such default or (y) notice thereof from the Administrative Agent to any Borrower;  or  (f) Any Loan Party shall (A) default in any payment of principal of or interest  on any Indebtedness (other than the Loans or Reimbursement Obligations) or in the payment of  any Guarantee Obligation, beyond the period of grace, if any, provided in the instrument or  agreement under which such Indebtedness or Guarantee Obligation was created, if the aggregate  amount of the Indebtedness and/or Guarantee Obligations of any Loan Party in respect of which  such default or defaults shall have occurred is at least $10,000,000; (B) default in the observance  or performance of any other agreement or condition relating to any such Indebtedness or such  Guarantee Obligation (in each case involving the amounts specified in clause (A) above) or  contained in any instrument or agreement evidencing, securing or relating thereto, or any other  event shall occur or condition exist, the effect of which default or other event or condition is to  cause, or permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such  Guarantee Obligation (or a trustee or agent on behalf of such holder or holders or beneficiary or  beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due  

 

  -215-  USActive 56005294.16 -215-56005294.24  prior to its stated maturity (other than with respect to Indebtedness that is, by its terms, callable  upon demand) or such Guarantee Obligation to become payable; or (C) default in the observance  or performance of any obligation (payment or otherwise) under a Financial Hedging Agreement  or a Commodity OTC Contract that would allow the counterparty thereof to exercise a right to  terminate its position under such Financial Hedging Agreement or Commodity OTC Contract, if  the aggregate net exposure with regard to all such positions is in excess of $10,000,000; or  (g) (i) Any Loan Party shall commence any case, proceeding or other action  (A) under any existing or future Law of any jurisdiction, domestic or foreign, relating to  bankruptcy, insolvency, reorganization, arrangement, liquidation, winding-up or relief of debtors,  seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt  or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation,  dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment  of a receiver, interim receiver, receiver and manager, trustee, custodian, conservator or other  similar official for it or for all or any substantial part of its assets, or any Loan Party shall make a  general assignment for the benefit of its creditors; or (ii) there shall be commenced against any  Loan Party any case, proceeding or other action of a nature referred to in clause (i) above which  (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains  undismissed, undischarged or unbonded for a period of sixty (60) days; or (iii) there shall be  commenced against any Loan Party any case, proceeding or other action seeking issuance of a  warrant of attachment, execution, distraint or similar process against all or any substantial part of  its assets which results in the entry of an order for any such relief with regard to all or any  substantial part of its assets, which shall not have been vacated, discharged, or stayed or bonded  pending appeal within forty-five (45) days from the entry thereof; or (iv) any Loan Party shall take  any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of  the acts set forth in clause (i), (ii), or (iii) above; or (v) any Loan Party shall generally not, or shall  be unable to, or shall admit in writing its inability to, pay its debts as they become due; or  (h) (i) Any Person that is a fiduciary, party-in-interest or disqualified person  with respect to a Plan shall engage in any non-exempt “prohibited transaction” (as defined in  Section 406 of ERISA or Section 4975 of the Code) involving such Plan; (ii) any failure to satisfy  the minimum funding requirements of Section 412 or 430 of the Code, whether or not waived,  shall occur with respect to any Plan, a Plan shall be determined to be “at risk” status within the  meaning of Section 430 of the Code or any Lien in favor of the PBGC or a Plan shall arise on the  assets of any Loan Party or any Commonly Controlled Entity; (iii) a Reportable Event shall occur  with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be  appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or  commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the  Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of  ERISA; (iv) any Single Employer Plan shall terminate pursuant to Section 4041(c) or 4042 of  ERISA; (v) the Loan Parties or any Commonly Controlled Entity incur any liability in connection  with a complete or partial withdrawal from, or the Insolvency or termination of, a Multiemployer  Plan or a determination that any Multiemployer Plan is or is expected to be endangered, seriously  endangered or in critical status, in each case within the meaning of Sections 431 or 432 of the Code  or Sections 304 or 305 of ERISA, or any Loan Party or any Commonly Controlled Entity fails to  make any required contributions to a Multiemployer Plan pursuant to Sections 431 or 432 of the  Code; (vi) the failure of any Plan to comply with any material provisions of ERISA and/or the  

 

  -216-  USActive 56005294.16 -216-56005294.24  Code (and applicable regulations under either) or with the material terms of such Plan; (vii) the  failure by any Loan Party or any of its Commonly Controlled Entities to pay when due (after  expiration of any applicable grace period) any installment payment with respect to Withdrawal  Liability under Section 4201 of ERISA; (viii) the withdrawal by any Loan Party or any of their  respective Commonly Controlled Entities from any Single Employer Plan with two or more  contributing sponsors or the termination of any such Single Employer Plan resulting in liability to  any Loan Party or any of their respective Affiliates pursuant to Section 4063 or 4064 of ERISA;  (ix) the imposition of liability on any Loan Party or any of their respective Commonly Controlled  Entities pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of  Section 4212(c) of ERISA; (x) the occurrence of an act or omission which could give rise to the  imposition on any Loan Party or any of their respective Commonly Controlled Entities of fines,  penalties, taxes or related charges under Chapter 43 of the Code or under Section 409,  Section 502(c), (i) or (l), or Section 4071 of ERISA in respect of any Plan; (xi) the assertion of a  material claim (other than routine claims for benefits) against any Plan other than a Multiemployer  Plan or the assets thereof, or against any Loan Party or any of their respective Commonly  Controlled Entities in connection with any Plan; (xii) receipt from the IRS of notice of the failure  of any Single Employer Plan (or any other Plan intended to be qualified under Section 401(a) of  the Code) to qualify under Section 401(a) of the Code, or the failure of any trust forming part of  any Single Employer Plan (or any other Plan) to qualify for exemption from taxation under  Section 501(a) of the Code; (xiii) the imposition of a Lien pursuant to Section 430(k) of the Code  or pursuant to ERISA with respect to any Single Employer Plan; or (xiv) any other event or  condition shall occur or exist with respect to a Plan; and in each case in clauses (i) through (xiv)  above, such event or condition, together with all other such events or conditions, if any, could  reasonably be expected to have a Material Adverse Effect; or  (i) One or more judgments or decrees shall be entered against any Loan Party  involving in the aggregate a liability (to the extent not paid or covered by insurance) of  $10,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged,  stayed or bonded pending appeal within sixty (60) days from the entry thereof; or  (j) (i) Any of the Security Documents shall cease, for any reason, to be in full  force and effect, or any Loan Party shall so assert or (ii) the Lien created by any of the Security  Documents shall cease to be enforceable and of the same effect and priority purported to be created  thereby with respect to Collateral having an aggregate fair market value in excess of $10,000,000  (other than, in each case, by reason of the express release thereof pursuant to Section 11.5); or  (k) The Guarantee shall cease, for any reason (other than by reason of the  express release thereof pursuant to Section 11.5), to be in full force and effect or any Loan Party  shall so assert; or  (l) (i) Any Loan Party shall, directly or indirectly, terminate or cause to  terminate, in whole or in part, or initiate the termination of, in whole or in part, any Canadian  Pension Plan so as to result in any liability which could reasonably be expected to have a Material  Adverse Effect; (ii) a going concern unfunded liability or the solvency deficiency (calculated using  actuarial methods and assumptions which are consistent with the valuations last filed with the  applicable Governmental Authorities and which are consistent with generally accepted actuarial  principles) exists under any Canadian Pension Plan; (iii) any Loan Party or any of its Subsidiaries  

 

  -217-  USActive 56005294.16 -217-56005294.24  shall fail to make minimum required contributions to amortize any funding deficiencies under a  Canadian Pension Plan within the time period set out in Requirements of Laws or fail to make a  required contribution under any Canadian Pension Plan or Canadian Benefit Plan which could  result in the imposition of a Lien upon the assets of such Loan Party or any of its Subsidiaries; or  (iv) any Loan Party or any of its Subsidiaries makes any withdrawals or applications of assets of a  Canadian Pension Plan or Canadian Benefit Plan contrary to the terms of the Canadian Pension  Plan or Canadian Benefit Plan, respectively, or applicable laws;  (m) Any agreement or provision pertaining to the subordination of any Hartree  Subordinated Indebtedness or Intercompany Subordinated Indebtedness under a subordination  agreement shall cease, for any reason, to be in full force and effect, while such Indebtedness is  outstanding; or  (n) Any Change of Control shall occur;  then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii)  of paragraph (g) of this Section 9 with respect to any Borrower, the Commitments and Dollar  Working Capital Facility Uncommitted Tranche Portions shall immediately and automatically  terminate and the Loans and Reimbursement Obligations (except as provided in the following  paragraph) hereunder (with accrued interest thereon) and all other amounts owing under this  Agreement shall immediately become due and payable, and (B) if such event is any other Event  of Default, either or both of the following actions may be taken:  (i) with the consent of the  Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders,  the Administrative Agent shall, by notice to the U.S. Borrower, declare the Commitments and  Dollar Working Capital Facility Uncommitted Tranche Portions to be terminated forthwith,  whereupon the Commitments and Dollar Working Capital Facility Uncommitted Tranche Portions  shall immediately terminate; and (ii) with the consent of the Required Lenders, the Administrative  Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice  to the U.S. Borrower, declare the Loans and, except as provided in the following paragraph,  Reimbursement Obligations hereunder (with accrued interest thereon) and all other amounts owing  under this Agreement (including all amounts of L/C Obligations) to be due and payable forthwith,  whereupon the same shall immediately become due and payable.  With respect to all outstanding Letters of Credit with respect to which demand for  payment shall not have occurred at the time of an acceleration pursuant to the preceding paragraph,  the Borrowers shall at such time Cash Collateralize the aggregate then-undrawn and unexpired  amount of such Letters of Credit.  The Borrowers hereby grant to the Administrative Agent, for  the benefit of the Issuing Lenders, the Lenders, the L/C Participants and the other Secured Parties,  a security interest in such Cash Collateral to secure all obligations of the Borrowers under this  Agreement and the other Loan Documents and all other Obligations.  Cash Collateralized amounts  shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of  Credit, and fees owing with respect to such Letters of Credit, and the unused portion thereof after  all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to  repay other obligations of the Borrowers hereunder and under the Notes and any other Obligations.   After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement  Obligations shall have been satisfied and all other obligations of the Borrowers hereunder and  under the Notes and all other Obligations shall have been paid in full, the balance, if any, in such  

 

  -218-  USActive 56005294.16 -218-56005294.24  cash collateral account shall be returned to the Borrowers.  The Borrowers shall execute and deliver  to the Administrative Agent, for the account of the Issuing Lenders, the Lenders, the  L/C Participants and the other Secured Parties, such further documents and instruments as the  Administrative Agent may reasonably request to evidence the creation and perfection of the  security interest in such Cash Collateral account.  The Secured Parties shall have rights and remedies as provided in the Loan  Documents, provided that for purposes of clarification, the parties acknowledge that the net  proceeds from the exercise of remedies against any Collateral and any disposition thereof or the  use of funds in any Cash Management Account shall be applied first to pay outstanding Obligations  or, as provided in the Loan Documents, to prepay Obligations or as Cash Collateral for certain  Obligations, with any amounts in excess thereof, subject to applicable Requirements of Law, being  returned to the Loan Parties or whomever else may be lawfully entitled to receive the same.    SECTION 10 THE ADMINISTRATIVE AGENT  10.1 Appointment.  (a)  Each Lender hereby irrevocably designates and appoints  the Administrative Agent as the agent of such Lender under this Agreement and the other Loan  Documents, and each such Lender irrevocably authorizes the Administrative Agent, in such  capacity, to take such action on its behalf under the provisions of this Agreement and the other  Loan Documents and to exercise such powers and perform such duties as are expressly delegated  to the Administrative Agent by the terms of this Agreement and the other Loan Documents,  together with such other powers as are reasonably incidental thereto.  Notwithstanding any  provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have  any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship  with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or  liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against  the Administrative Agent.  (b) Each Qualified Counterparty and each Qualified Cash Management Bank,  pursuant to the terms of the applicable Hedging Agreement Qualification Notification and/or by  accepting the grant by the Loan Parties of the security interest in the Collateral pursuant to the  Security Documents, hereby irrevocably designates and appoints the Administrative Agent as the  agent of such Qualified Counterparty or Qualified Cash Management Bank under this Agreement  and the other Loan Documents, and each such Qualified Counterparty and Qualified Cash  Management Bank irrevocably authorizes the Administrative Agent, in such capacity, to take such  action on its behalf under the provisions of this Agreement and the other Loan Documents and to  exercise such powers and perform such duties as are expressly delegated to the Administrative  Agent by the terms of this Agreement and the other Loan Documents, together with such other  powers as are reasonably incidental thereto.  Notwithstanding any provision to the contrary  elsewhere in this Agreement, the Administrative Agent shall not have any duties or  responsibilities, except those expressly set forth herein, or any fiduciary relationship with any  Qualified Counterparty or Qualified Cash Management Bank, and no implied covenants,  functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any  other Loan Document or otherwise exist against the Administrative Agent.  

 

  -219-  USActive 56005294.16 -219-56005294.24  (c) For the purposes of holding any security granted by the Canadian Borrower  or any other Loan Party pursuant to the laws of the Province of Quebec prior to the date hereof, to  secure payment of any bond issued by the Canadian Borrower or any Loan Party, each Lender  hereby irrevocably appoints and authorizes the Administrative Agent to act as the person holding  the power of attorney (i.e. “fondé de pouvoir”) (in such capacity, the “Attorney”) of the Lenders  as contemplated under Article 2692 of the Civil Code of Québec at the time of the granting of such  security, and to enter into, to take and to hold on its behalf, and for its benefit, any hypothec, and  to exercise such powers and duties that are conferred upon the Attorney under any hypothec.   Moreover, without prejudice to such appointment and authorization to act as the person holding  the power of attorney as aforesaid, each Lender hereby irrevocably appoints and authorizes the  Administrative Agent (in such capacity, the “Custodian”) to act as agent and custodian for and on  behalf of the Lenders to hold and be the sole registered holder of any bond which may be issued  under any hypothec, the whole notwithstanding Section 32 of An Act respecting the special powers  of legal persons (Quebec) or any other applicable law, and to execute all related documents.  Each  of the Attorney and the Custodian shall:  (a) have the sole and exclusive right and authority to  exercise, except as may be otherwise specifically restricted by the terms hereof, all rights and  remedies given to the Attorney and the Custodian (as applicable) pursuant to any hypothec, bond,  pledge, applicable laws or otherwise, (b) benefit from and be subject to all provisions hereof with  respect to the Administrative Agent mutatis mutandis, including, without limitation, all such  provisions with respect to the liability or responsibility to and indemnification by the Lenders, and  (c) be entitled to delegate from time to time any of its powers or duties under any hypothec, bond,  or pledge on such terms and conditions as it may determine from time to time.  Any person who  becomes a Lender shall, by its execution of an Assignment and Acceptance, be deemed to have  consented to and confirmed:  (i) the Attorney as the person holding the power of attorney as  aforesaid and to have ratified, as of the date it becomes a Lender, all actions taken by the Attorney  in such capacity, and (ii) the Custodian as the agent and custodian as aforesaid and to have ratified,  as of the date it becomes a Lender, all actions taken by the Custodian in such capacity.  The  substitution of the Administrative Agent pursuant to the provisions of this Article 10 shall also  constitute the substitution of the Attorney and the Custodian.  (d) For the purposes of holding any security granted by the Canadian Borrower  or any other Loan Party pursuant to the Laws of the Province of Quebec on or following the date  hereof, the Secured Parties hereby irrevocably appoint and authorize the Administrative Agent to  act as their hypothecary representative as contemplated under Article 2692 of the Civil Code of  Québec, and to enter into, to take and to hold on their behalf, and for their benefit, any security,  including any hypothec or other Lien, and to exercise such powers and duties that are conferred  upon the Administrative Agent, as hypothecary representative, under any Loan Documents.  Any  person who becomes a Secured Party shall, upon becoming a Secured Party (including any Lender  by its execution of an Assignment and Acceptance). be deemed to have consented to and confirmed  the Administrative Agent as the hypothecary representative of the Secured Parties and to have  ratified, as of the date it becomes a Secured Party, all actions taken by the Administrative Agent  in such capacity.  For greater certainty, the Administrative Agent, in its capacity as hypothecary  representative, shall have the same rights, powers, immunities, indemnities and exclusions from  liability as are prescribed in favour of the Administrative Agent in this Agreement, which shall  apply mutatis mutandis. The substitution of the Administrative Agent pursuant to the provisions  of this Article 10, shall also constitute the substitution of the Administrative Agent as hypothecary  representative as aforesaid.  

 

  -220-  USActive 56005294.16 -220-56005294.24  10.2 Delegation of Duties.  The Administrative Agent may execute any of its  duties under this Agreement and the other Loan Documents by or through agents or  attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such  duties.  The Administrative Agent shall not be responsible for the negligence or misconduct of any  agents or attorneys in-fact selected by it with reasonable care.  10.3 Exculpatory Provisions.  Neither the Administrative Agent nor any of its  officers, directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates (each, an  “Agent-Related Person”) shall be (i) liable for any action lawfully taken or omitted to be taken by  it or such Person under or in connection with this Agreement or any other Loan Document (except  for its or such Person’s own gross negligence or willful misconduct) or (ii) responsible in any  manner to any of the Lenders for any recitals, statements, representations or warranties made by  any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or  in any certificate, report, statement or other document referred to or provided for in, or received  by the Administrative Agent under or in connection with, this Agreement or any other Loan  Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of  this Agreement or any other Loan Document or for any failure of any Loan Party to perform its  obligations hereunder or thereunder.  The Administrative Agent shall not be under any obligation  to any Lender to ascertain or to inquire as to the observance or performance of any of the  agreements contained in, or conditions of, this Agreement or any other Loan Document, or to  inspect the properties, books or records of any Loan Party.  10.4 Reliance by Administrative Agent.  The Administrative Agent shall be  entitled to rely, and shall be fully protected in relying, upon any Note, writing, resolution, notice,  consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message,  statement, order or other document or conversation believed by it to be genuine and correct and to  have been signed, sent or made by the proper Person or Persons and upon advice and statements  of legal counsel (including counsel to the U.S. Borrower, the Canadian Borrower or any other  Loan Party), independent accountants and other experts selected by the Administrative Agent with  reasonable care.  The Administrative Agent may deem and treat the payee of any Note as the owner  thereof for all purposes unless a notice of assignment, negotiation or transfer thereof shall have  been filed with the Administrative Agent.  The Administrative Agent shall be fully justified in  failing or refusing to take any action under this Agreement or any other Loan Document unless it  shall first receive such advice or concurrence of the Required Lenders, the Majority Facility  Lenders, the Required Committed Lenders or the Required Dollar Working Capital Facility  Uncommitted Tranche Lenders, as applicable, (or such greater percentage of Lenders as shall be  required therefor under Section 11.1) as it deems appropriate or as otherwise required by  Section 11.1 or it shall first be indemnified to its satisfaction by the Lenders against any and all  liability and expense which may be incurred by it by reason of taking or continuing to take any  such action.  The Administrative Agent shall in all cases be fully protected in acting, or in  refraining from acting, under this Agreement and the other Loan Documents in accordance with a  request of the Required Lenders, the Majority Facility Lenders, the Required Committed Lenders  or the Required Dollar Working Capital Facility Uncommitted Tranche Lenders, as applicable, (or  such greater percentage of Lenders as shall be required therefor under Section 11.1) and such  request and any action taken or failure to act pursuant thereto shall be binding upon all of the  Lenders and all future holders of the Loans and all other Obligations.  

 

  -221-  USActive 56005294.16 -221-56005294.24  10.5 Notice of Default.  The Administrative Agent shall not be deemed to have  knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the  Administrative Agent has received notice from a Lender, or any Borrower or any other Loan Party  referring to this Agreement, describing such Default or Event of Default and stating that such  notice is a “notice of default”.  In the event that the Administrative Agent receives such a notice,  the Administrative Agent shall give notice thereof to the Lenders.  The Administrative Agent shall  take such action with respect to such Default or Event of Default as shall be reasonably directed  by the Required Lenders; provided that unless and until the Administrative Agent shall have  received such directions, the Administrative Agent may (but shall not be obligated to) take such  action, or refrain from taking such action, with respect to such Default or Event of Default as it  shall deem advisable in the best interests of the Lenders.  10.6 Non-Reliance on Administrative Agent and Other Lenders.  Each Lender  expressly acknowledges that neither the Administrative Agent nor any of their respective officers,  directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates has made any  representations or warranties to it and that no act by the Administrative Agent hereinafter taken,  including any review of the affairs of any Borrower or any other Loan Party or any audit performed  by the Administrative Agent’s internal auditor pursuant to Section 7.9, shall be deemed to  constitute any representation or warranty by the Administrative Agent to any Lender.  Each Lender  represents to the Administrative Agent that it has, independently and without reliance upon the  Administrative Agent, any Arranger of the Facilities, any Commitments, any Dollar Working  Capital Facility Uncommitted Tranche Portions or any amendment to this Agreement or any other  Lender and their respective Related Parties, and based on such documents and information as it  has deemed appropriate, made its own appraisal of and investigation into the business, operations,  property, financial and other condition and creditworthiness of the Borrowers and the other Loan  Parties and made its own decision to extend credit to the Borrowers hereunder and enter into this  Agreement.  Each Lender also represents that it will, independently and without reliance upon the  Administrative Agent, any Arranger of the Facilities, any Commitments, any Dollar Working  Capital Facility Uncommitted Tranche Portions or any amendment to this Agreement or any other  Lender and their respective Related Parties, and based on such documents and information as it  shall deem appropriate at the time, continue to make its own credit analysis, appraisals and  decisions in taking or not taking action under this Agreement and the other Loan Documents, and  to make such investigation as it deems necessary to inform itself as to the business, operations,  property, financial and other condition and creditworthiness of the Borrowers and other Loan  Parties.  Except for notices, reports and other documents expressly required to be furnished to the  Lenders by the Administrative Agent hereunder or under any of the other Loan Documents, the  Administrative Agent shall not have any duty or responsibility to provide any Lender with any  credit or other information concerning the business, operations, property, condition (financial or  otherwise), prospects or creditworthiness of the Borrowers or any other Loan Party which may  come into the possession of the Administrative Agent or any of its officers, directors, employees,  agents, attorneys-in-fact, Subsidiaries or Affiliates.  Without limiting the generality of the  foregoing, the Administrative Agent shall not have any duty to monitor the Collateral used to  calculate the U.S. Borrowing Base or the Kildair Borrowing Base or the reporting requirements or  the contents of reports delivered by any Borrower.  Each Lender assumes the responsibility of  keeping itself informed at all times.  

 

  -222-  USActive 56005294.16 -222-56005294.24  10.7 Indemnification.  The Lenders agree to indemnify the Administrative Agent  and each other Agent-Related Person on an after-Tax basis in its capacity as such (to the extent  not reimbursed by the Borrowers and without limiting the obligation of the Borrowers to do so),  ratably according to their respective Commitment Percentages and/or Adjusted Dollar Working  Capital Facility Uncommitted Tranche Percentages (as applicable) in effect on the date on which  indemnification is sought, from and against any and all liabilities, obligations, losses, damages,  penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever  which may at any time (including at any time following the payment of the Loans and  Reimbursement Obligations and the cash collateralization of the L/C Obligations) be imposed on,  incurred by or asserted against the Administrative Agent or such Agent-Related Person in any way  relating to or arising out of, the Commitments, the Dollar Working Capital Facility Uncommitted  Tranche Portions, this Agreement, any of the other Loan Documents or any documents  contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby  or any action taken or omitted by the Administrative Agent under or in connection with any of the  foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities,  obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements  resulting solely from the Administrative Agent’s or such Agent-Related Person’s gross negligence  or willful misconduct.  The agreements in this Section 10.7 shall survive the payment of the Loans,  Reimbursement Obligations and all amounts payable hereunder and the cash collateralization of  the L/C Obligations.  10.8 Administrative Agent in Its Individual Capacity.  The Administrative Agent  and its Subsidiaries and Affiliates may make loans and other extensions of credit to, accept deposits  from and generally engage in any kind of business with the Borrowers and the other Loan Parties  and their Subsidiaries and Affiliates as though the Administrative Agent were not the  Administrative Agent hereunder and under the other Loan Documents.  With respect to the Loans  and other extensions of credit made by it hereunder, the Administrative Agent shall have the same  rights and powers under this Agreement and the other Loan Documents as any Lender and may  exercise the same as though it were not the Administrative Agent, and the terms “Lender” and  “Lenders” shall include the Administrative Agent in its individual capacity.  10.9 Successor Administrative Agent.  The Administrative Agent may resign as  the Administrative Agent upon thirty (30) days’ notice to the U.S. Borrower and the Lenders (or,  if the Administrative Agent has become the subject of a bankruptcy or insolvency proceeding, or  has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in  furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or  appointment or has a parent company that has become the subject of a bankruptcy or insolvency  proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken  any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such  proceeding or appointment, the Administrative Agent may be removed at any time thereafter by  an instrument or concurrent instruments in writing delivered to the Borrowers and the  Administrative Agent and signed by the Required Lenders).  If the Administrative Agent shall  resign (or be removed) as the Administrative Agent under this Agreement and the other Loan  Documents, then the Required Lenders shall appoint from among the Lenders (unless no Lender  is willing to act as the Administrative Agent, in which case the Administrative Agent may be any  Person approved by the Required Lenders) a successor Administrative Agent for the Lenders,  which successor Administrative Agent shall be approved by the U.S. Borrower (which approval  

 

  -223-  USActive 56005294.16 -223-56005294.24  shall not be unreasonably withheld and shall not be required during the continuance of an Event  of Default), whereupon such successor Administrative Agent shall succeed to the rights, powers  and duties of the Administrative Agent and the term “Administrative Agent” shall mean such  successor Administrative Agent effective upon such appointment and approval, and the former  Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated,  without any other or further act or deed on the part of such former Administrative Agent or any of  the parties to this Agreement or any holders of the Loans or other Obligations.  After any retiring  Administrative Agent’s resignation (or removal) as Administrative Agent, the provisions of this  Section 10 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was  Administrative Agent under this Agreement and the other Loan Documents.  If no successor  Administrative Agent has accepted appointment as Administrative Agent by the date which is  thirty (30) days following a retiring Administrative Agent’s notice of resignation, the retiring  Administrative Agent’s resignation shall nevertheless thereupon become effective and the Lenders  shall perform all of the duties of such Administrative Agent hereunder and under the other Loan  Documents until such time, if any, as the Required Lenders appoint a successor agent as provided  for above.  10.10 Collateral Matters.  (a) The Administrative Agent is authorized on behalf of all of the Secured  Parties, without the necessity of any notice to or further consent from the Secured Parties, from  time to time to take any action with respect to any Collateral or the Loan Documents which may  be necessary to perfect and maintain perfected the security interest in and Liens upon the Collateral  granted pursuant to the Loan Documents.  (b) The Lenders, and each Qualified Counterparty and each Qualified Cash  Management Bank (pursuant to the terms of the applicable Hedging Agreement Qualification  Notification and/or by accepting the grant by the Loan Parties of the security interest in the  Collateral pursuant to the Security Documents), irrevocably authorize the Administrative Agent,  at its option and in its discretion, to release any Lien granted to or held by the Administrative Agent  upon any Collateral (i) upon termination of the Commitments and the Dollar Working Capital  Facility Uncommitted Tranche Portions, and payment in full of all Loans and all other Obligations  known to the Administrative Agent and payable under this Agreement or any other Loan  Document (except indemnification obligations for which no claim has been made and of which no  Responsible Person of any Loan Party has knowledge or any obligations owed under a Commodity  OTC Agreement with a Qualified Counterparty, any Financial Hedging Agreement with a  Qualified Counterparty or any Cash Management Bank Agreement with a Qualified Cash  Management Bank); (ii) constituting property sold or to be sold or disposed of as part of or in  connection with any sale, transfer or other disposition permitted hereunder; (iii) constituting  property in which the Loan Parties owned no interest at the time the Lien was granted or at any  time thereafter; (iv) constituting property leased to any Loan Party under a lease which has expired  or been terminated in a transaction permitted under this Agreement or is about to expire and which  has not been, and is not intended by a Loan Party to be, renewed or extended; (v) consisting of an  instrument evidencing Indebtedness or other debt instrument, if the indebtedness evidenced  thereby has been paid in full; or (vi) if approved, authorized or ratified in writing by the portion of  the Lenders required by Section 11.1.  Upon request by the Administrative Agent at any time, the  Lenders will confirm in writing the Administrative Agent’s authority to release particular types or  

 

  -224-  USActive 56005294.16 -224-56005294.24  items of Collateral pursuant to this Section 10.10; provided that the absence of any such  confirmation for whatever reason shall not affect the Administrative Agent’s rights under this  Section 10.10.  (c) The Administrative Agent may execute any of its duties under this  Agreement and the other Loan Documents by or through agents or attorneys in fact and shall be  entitled to advice of counsel concerning all matters pertaining to such duties.  The Administrative  Agent shall not be responsible for the negligence or misconduct of any agents or attorneys in fact  selected by it with reasonable care.   10.11 Arrangers, Co-Collateral Agents and the Co-Syndication Agents.  None of  any Arranger, any Co-Collateral Agent or any Co-Syndication Agent, in their respective capacities  as such, shall have any duties or responsibilities, nor shall any such Person in such capacity incur  any liability under this Agreement or the other Loan Documents.  10.12 Credit Bidding.  The Secured Parties hereby irrevocably authorize the  Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of  the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all  of the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner  purchase (either directly or through one or more acquisition vehicles) all or any portion of the  Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including  under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other  jurisdictions, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt  conducted by the Administrative Agent or with the consent or at the direction of the Administrative  Agent (whether by judicial action or otherwise) in accordance with any applicable law.  In  connection with any such credit bid and purchase, the Obligations owed to the Secured Parties  shall be entitled to be, and shall be, credit bid by the Administrative Agent at the direction of the  Required Lenders on a ratable basis (with Obligations with respect to contingent or unliquidated  claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon  the liquidation of such claims in an amount proportional to the liquidated portion of the contingent  claim amount used in allocating the contingent interests) for the asset or assets so purchased (or  for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in  connection with such purchase).  In connection with any such bid (i) the Administrative Agent  shall be authorized to form one or more acquisition vehicles and to assign any successful credit  bid to such acquisition vehicle or vehicles, (ii) each of the Secured Parties’ ratable interests in the  Obligations which were credit bid shall be deemed without any further action under this  Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the  Administrative Agent shall be authorized to adopt documents providing for the governance of the  acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect  to such acquisition vehicle or vehicles, including any disposition of the assets or equity interests  thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide  for, control by the vote of the Required Lenders or their permitted assignees under the terms of  this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as  the case may be, irrespective of the termination of this Agreement and without giving effect to the  limitations on actions by the Required Lenders contained in Section 11.1 of this Agreement),  (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized  to issue to each of the Secured Parties, ratably on account of the relevant Obligations which were  

 

  -225-  USActive 56005294.16 -225-56005294.24  credit bid, interests, whether as equity, partnership, limited partnership interests or membership  interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition  vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action,  and (v) to the extent that Obligations that are assigned to an acquisition vehicle are not used to  acquire Collateral for any reason (as a result of another bid being higher or better, because the  amount of Obligations assigned to the acquisition vehicle exceeds the amount of Obligations credit  bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to  the Secured Parties pro rata and the equity interests and/or debt instruments issued by any  acquisition vehicle on account of such Obligations shall automatically be cancelled, without the  need for any Secured Party or any acquisition vehicle to take any further action.  Notwithstanding  that the ratable portion of the Obligations of each Secured Party are deemed assigned to the  acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute  such documents and provide such information regarding the Secured Party (and/or any designee  of the Secured Party which will receive interests in or debt instruments issued by such acquisition  vehicle) as the Administrative Agent may reasonably request in connection with the formation of  any acquisition vehicle, the formulation or submission of any credit bid or the consummation of  the transactions contemplated by such credit bid.  10.13 Single Action Rule.  Each Secured Party hereby agrees that, except as  otherwise provided in any Loan Documents or with the written consent of the Administrative  Agent and the Required Lenders, it will not take any enforcement action with respect to the  Collateral, accelerate obligations under any Loan Documents, or exercise any right that it might  otherwise have under applicable law to credit bid at foreclosure sales, UCC sales, PPSA sales or  other similar dispositions of Collateral; provided, however, that the foregoing shall not prohibit  (i)  the Administrative Agent from exercising on its own behalf the rights and remedies that inure  to its benefit (solely in its capacity as the Administrative Agent) hereunder and under the other  Loan Documents, (ii) the applicable Swing Line Lender from exercising the rights and remedies  that inure to its benefit (solely in its capacity as a Swing Line Lender, as the case may be) hereunder  and under the other Loan Documents, (iii) any Issuing Lender from exercising the rights and  remedies that inure to its benefit (solely in its capacity as an Issuing Lender, as the case may be)  hereunder and under the other Loan Documents, (iv) any Lender or Issuing Lender from exercising  set-off rights in accordance with Section 11.8(b) (subject to the terms of Section 11.8(a)), or  (v) any Lender or Issuing Lender from filing proofs of claim or appearing and filing pleadings on  its own behalf during the pendency of a proceeding relative to any Loan Party under the  Bankruptcy Code or any Insolvency Law; and provided, further, that if at any time there is no  Person acting as the Administrative Agent hereunder and under the other Loan Documents, then  (A) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent  pursuant to Section 9.1 and (B) in addition to the matters set forth in clauses (ii), (iii), (iv) and (v)  of the preceding proviso and subject to Section 11.8(b), any Lender or Issuing Lender may, with  the consent of the Required Lenders, enforce any rights and remedies available to it and as  authorized by the Required Lenders.  No Subordinated Party shall commence any enforcement  action against any of the Collateral except to the extent their right to do so is expressly provided  for or permitted in Loan Documents.  10.14 Collateral Sharing Provisions.  Each Secured Party hereby acknowledges  and agrees that their respective Lien priorities, the distribution of proceeds of Collateral, the  exercise of remedies under the Security Documents, amendment and waivers of the Loan  

 

  -226-  USActive 56005294.16 -226-56005294.24  Documents and other matters relating to the Collateral are subject to and governed by Section 9.1  of this Agreement, Sections 8 and 10 of the U.S. Security Agreement, Sections 8 and 10 of the  Canadian Security Agreement, Section 8 of the U.S. Pledge Agreement and Section 8 of the  Canadian Pledge Agreement.  Each Secured Party, by delivering its signature page hereto, to an  Assignment and Acceptance or to a Hedging Agreement Qualification Notification and/or by  accepting the grant by the Loan Parties of the security interest in the Collateral pursuant to the  Security Documents (as the case may be), shall be deemed to have acknowledged receipt of,  consented to and approved and agreed to be bound by Section 9.1 of this Agreement, Section 10  of the U.S. Security Agreement and Section 10 of the Canadian Security Agreement.  10.15 Certain ERISA Matters.  (a) Each Lender (x) represents and warrants, as of the date such Person became  a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party  hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the  Administrative Agent and not, for the avoidance of doubt, to or for the benefit of any Borrower,  that at least one of the following is and will be true:  (i) such Lender is not using “plan assets” (within the meaning of Section 3(42)  of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s  entrance into, participation in, administration of and performance of the Loans, the Letters  of Credit, the Commitments, the Dollar Working Capital Facility Uncommitted Tranche  Portions or this Agreement,  (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84- 14 (a class exemption for certain transactions determined by independent qualified  professional asset managers), PTE 95-60 (a class exemption for certain transactions  involving insurance company general accounts), PTE 90-1 (a class exemption for certain  transactions involving insurance company pooled separate accounts), PTE 91-38 (a class  exemption for certain transactions involving bank collective investment funds) or PTE 96- 23 (a class exemption for certain transactions determined by in-house asset managers), is  applicable with respect to such Lender’s entrance into, participation in, administration of  and performance of the Loans, the Letters of Credit, the Commitments, the Dollar Working  Capital Facility Uncommitted Tranche Portions and this Agreement,  (iii) (A) such Lender is an investment fund managed by a “Qualified  Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such  Qualified Professional Asset Manager made the investment decision on behalf of such  Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit,  the Commitments, the Dollar Working Capital Facility Uncommitted Tranche Portions and  this Agreement, (C) the entrance into, participation in, administration of and performance  of the Loans, the Letters of Credit, the Commitments, the Dollar Working Capital Facility  Uncommitted Tranche Portions and this Agreement satisfies the requirements of sub- sections (b) through (g) of Part I of PTE 84- 14 and (D) to the best knowledge of such  Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect  to such Lender’s entrance into, participation in, administration of and performance of the  

 

  -227-  USActive 56005294.16 -227-56005294.24  Loans, the Letters of Credit, the Commitments, the Dollar Working Capital Facility  Uncommitted Tranche Portions and this Agreement, or  (iv) such other representation, warranty and covenant as may be agreed in  writing between the Administrative Agent, in its sole discretion, and such Lender.  (b) In addition, unless either (1) sub-clause (i) in the immediately preceding  clause (a) is true with respect to a Lender or (2) a Lender has provided another representation,  warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a),  such Lender further (x) represents and warrants, as of the date such Person became a Lender party  hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date  such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and  not, for the avoidance of doubt, to or for the benefit of any Borrower, that Administrative Agent  is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into,  participation in, administration of and performance of the Loans, the Letters of Credit, the  Commitments, the Dollar Working Capital Facility Uncommitted Tranche Portions and this  Agreement (including in connection with the reservation or exercise of any rights by the  Administrative Agent under this Agreement, any Loan Document or any documents related hereto  or thereto).  10.16 Erroneous Payments.  (a) If the Administrative Agent notifies a Lender, an Issuing Lender or a  Secured Party, or any Person who has received funds on behalf of a Lender, an Issuing Lender or  a Secured Party (any such Lender, Issuing Lender, Secured Party or other recipient, a “Payment  Recipient”) that the Administrative Agent has determined in its sole discretion (whether or not  after receipt of any notice under immediately succeeding clause (b)) that any funds received by  such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously  transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient  (whether or not known to such Lender, Issuing Lender, Secured Party or other Payment Recipient  on its behalf) (any such funds, whether received as a payment, prepayment or repayment of  principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous  Payment”) and demands the return of such Erroneous Payment (or a portion thereof), such  Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be  segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent,  and such Lender, Issuing Lender or Secured Party shall (or, with respect to any Payment Recipient  who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no  event later than two Business Days thereafter, return to the Administrative Agent the amount of  any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same  day funds (in the currency so received), together with interest thereon in respect of each day from  and including the date such Erroneous Payment (or portion thereof) was received by such Payment  Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the  greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in  accordance with banking industry rules on interbank compensation from time to time in effect. A  notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be  conclusive, absent manifest error.  

 

  -228-  USActive 56005294.16 -228-56005294.24  (b) Without limiting immediately preceding clause (a), each Lender, Issuing  Lender or Secured Party, or any Person who has received funds on behalf of a Lender, an Issuing  Lender or a Secured Party, hereby further agrees that if it receives a payment, prepayment or  repayment (whether received as a payment, prepayment or repayment of principal, interest, fees,  distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a  different amount than, or on a different date from, that specified in a notice of payment,  prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect  to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice  of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates),  or (z) that such Lender, Issuing Lender or Secured Party, or other such recipient, otherwise  becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each  case:  (i) (A) in the case of immediately preceding clauses (x) or (y), an error shall be  presumed to have been made (absent written confirmation from the Administrative Agent  to the contrary) or (B) an error has been made (in the case of immediately preceding clause  (z)), in each case, with respect to such payment, prepayment or repayment; and  (ii) such Lender, Issuing Lender or Secured Party shall (and shall cause any  other recipient that receives funds on its respective behalf to) promptly (and, in all events,  within one Business Day of its knowledge of such error) notify the Administrative Agent  of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable  detail) and that it is so notifying the Administrative Agent pursuant to this Section 10.16(b).  (c) Each Lender, Issuing Lender or Secured Party hereby authorizes the  Administrative Agent to set off, net and apply any and all amounts at any time owing to such  Lender, Issuing Lender or Secured Party under any Loan Document, or otherwise payable or  distributable by the Administrative Agent to such Lender, Issuing Lender or Secured Party from  any source, against any amount due to the Administrative Agent under immediately preceding  clause (a) or under the indemnification provisions of this Agreement.  (d) In the event that an Erroneous Payment (or portion thereof) is not recovered  by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in  accordance with immediately preceding clause (a), from any Lender or Issuing Lender that has  received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who  received such Erroneous Payment (or portion thereof) on its respective behalf)  (such unrecovered  amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s notice to  such Lender or Issuing Lender at any time, (i) such Lender or Issuing Lender shall be deemed to  have assigned its Loans (but not its applicable Commitment or Dollar Working Capital Facility  Uncommitted Tranche Portion) of the relevant Facility with respect to which such Erroneous  Payment was made (the “Erroneous Payment Impacted Class”) in an amount equal to the  Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may  specify) (such assignment of the Loans (but not applicable Commitment or Dollar Working Capital  Facility Uncommitted Tranche Portion) of the Erroneous Payment Impacted Class, the “Erroneous  Payment Deficiency Assignment”) at par plus any accrued and unpaid interest (with the  assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together  with the Borrowers) deemed to execute and deliver an Assignment and Acceptance (or, to the  

 

  -229-  USActive 56005294.16 -229-56005294.24  extent applicable, an agreement incorporating an Assignment and Acceptance by reference  pursuant the Platform to which the Administrative Agent and such parties are participants) with  respect to such Erroneous Payment Deficiency Assignment, and such Lender or Issuing Lender  shall deliver any Notes evidencing such Loans to the applicable Borrowers or the Administrative  Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the  Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the  Administrative Agent as the assignee Lender shall become a Lender or Issuing Lender, as  applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the  assigning Lender or assigning Issuing Lender shall cease to be a Lender or Issuing Lender, as  applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding,  for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement  and its applicable Commitment and/or Dollar Working Capital Facility Uncommitted Tranche  Portion which shall survive as to such assigning Lender or assigning Issuing Lender and (iv) the  Administrative Agent may reflect in the Register its ownership interest in the Loans subject to the  Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell  any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt  of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable  Lender or Issuing Lender shall be reduced by the net proceeds of the sale of such Loan (or portion  thereof), and the Administrative Agent shall retain all other rights, remedies and claims against  such Lender or Issuing Lender (and/or against any recipient that receives funds on its respective  behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce  any Commitment or Dollar Working Capital Facility Uncommitted Tranche Portion of any Lender  or Issuing Lender and any such Commitment and Dollar Working Capital Facility Uncommitted  Tranche Portion shall remain available in accordance with the terms of this Agreement.  In  addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold  a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment,  and irrespective of whether the Administrative Agent may be equitably subrogated, the  Administrative Agent shall be contractually subrogated to all the rights and interests of the  applicable Lender, Issuing Lender or Secured Party under the Loan Documents with respect to  each Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation Rights”).  (e) The parties hereto agree that an Erroneous Payment shall not pay, prepay,  repay, discharge or otherwise satisfy any Obligations owed by any Borrower or any other Loan  Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the  amount of such Erroneous Payment that is, comprised of funds received by the Administrative  Agent from any Borrower or any other Loan Party for the purpose of paying, prepaying, repaying,  discharging or otherwise satisfying any Obligations owed by any Borrower or any other Loan  Party.  (f) To the extent permitted by applicable law, no Payment Recipient shall assert  any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any  claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim  or counterclaim by the Administrative Agent for the return of any Erroneous Payment received,  including without limitation waiver of any defense based on “discharge for value” or any similar  doctrine.  

 

  -230-  USActive 56005294.16 -230-56005294.24  (g) Each party’s obligations, agreements and waivers under this Section 10.16  shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or  obligations by, or the replacement of, a Lender or an Issuing Lender, the termination of the  Commitments and Dollar Working Capital Facility Uncommitted Tranche Portions and/or the  repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan  Document.  SECTION 11 MISCELLANEOUS  11.1 Amendments and Waivers.  Neither this Agreement nor any other Loan  Document, nor any terms hereof or thereof may be amended, supplemented or modified except in  accordance with the provisions of this Section 11.1 or as otherwise expressly set forth in this  Agreement (including Section 4.2(f) and, Section 4.23).  The Required Lenders may, or, with the  written consent of the Required Lenders, the Administrative Agent may, from time to time,  (a) enter into written amendments, supplements or modifications hereto and to the other Loan  Documents with the Loan Parties party thereto for the purpose of adding any provisions to this  Agreement or the other Loan Documents or changing in any manner the rights and obligations of  the Lenders or of the Loan Parties party thereto hereunder or thereunder or (b) waive or consent to  any departure from, prospectively, concurrently or retrospectively, on such terms and conditions  as the Required Lenders or the Administrative Agent, as the case may be, may specify in such  instrument, any of the requirements of this Agreement or the other Loan Documents or any Default  or Event of Default and its consequences; provided, however, that no such waiver or consent and  no such amendment, supplement or modification shall:  (i) reduce the amount or extend the scheduled date of maturity of any Loan or  payment Obligation hereunder or any installment thereof (other than any such Obligation  to pay any interest or letter of credit commission at the rate set forth in Section 4.2(d)), or  extend the due date for any Reimbursement Obligation, or reduce the stated rate of any  interest or fee payable hereunder (other than the rates of interest or fees set forth in  Section 4.2(d)) or extend the scheduled date of any payment thereof or increase the amount  or extend the expiration date of any Lender’s Commitment or Dollar Working Capital  Facility Uncommitted Tranche Portion, in each case without the additional written consent  of each Lender affected thereby; or  (ii) increase any percentage in the definitions of “U.S. Borrowing Base” or  “Kildair Borrowing Base” or otherwise amend or modify the definitions of “U.S.  Borrowing Base”, “Kildair Borrowing Base” or “Aggregate Borrowing Base Amount” or  any direct or indirect component definition of the foregoing that has the effect of increasing  the Borrowing Base Availability, in each case without the written consent of the  Supermajority Lenders; or  (iii) amend or modify the definition of “Eligible Commodities” or any  component definition thereof that has the effect of adding commodities thereto without the  written consent of the Supermajority Lenders; or  (iv) consent to any changes to the Risk Management Policy which are materially  adverse to the Lenders without the written consent of the Supermajority Lenders; or  

 

  -231-  USActive 56005294.16 -231-56005294.24  (v) amend, modify or waive any provision of this Section 11.1 or change the  percentage specified in the definition of Required Lenders, Majority Facility Lenders or  Supermajority Lenders, or consent to the assignment or transfer by any Loan Party of any  of their rights and obligations under this Agreement and the other Loan Documents, in each  case without the written consent of all of the Lenders; or  (vi) (A) change the percentage specified in the definition of Required  Committed Lenders without the written consent of all of the Committed Lenders or (B)  change the percentage specified in the definition of Required Dollar Working Capital  Facility Uncommitted Tranche Lenders without the written consent of all of the Dollar  Working Capital Facility Uncommitted Tranche Lenders; or  (vii) consent to the release by the Administrative Agent of all or substantially all  of the Collateral or release any Loan Party from its Guarantee Obligations under the  Guarantee or provide for the Collateral or the Guarantee to no longer secure or guarantee  all Obligations ratably, without the written consent of all of the Lenders, except to the  extent such release is permitted or required under this Agreement; or  (viii) amend, modify or waive any provision of Section 4.7(d) or (e),  Section 4.9(a) or (b) or Section 11.8 or Section 8(b) of the U.S. Security Agreement,  Section 8(b) of the Canadian Security Agreement, Section 8(a) of the U.S. Pledge  Agreement or Section 8(a) of the Canadian Pledge Agreement,  without the written consent  of all the Lenders affected thereby; or  (ix) amend, modify or waive any provision of Section 10, or any other provision  affecting the rights, duties or obligations of the Administrative Agent, without the written  consent of the Administrative Agent; or  (x) amend, modify or waive any provision of Section 3, or any provision of  Section 11.7(c) affecting the right of the Issuing Lenders to consent to certain assignments  thereunder, without the written consent of the Issuing Lenders or any other provision  affecting the rights, duties or obligations of any Issuing Lenders, without the additional  written consent of any Issuing Lender directly affected thereby; or  (xi) amend, modify or waive any provision affecting the rights, duties or  obligations of any Swing Line Lender, without the written consent of any Swing Line  Lender directly affected thereby.  Notwithstanding the foregoing, (a) amendments, supplements, modifications or  waivers that impact only the Dollar Working Capital Facility Uncommitted Tranche shall only  require Required Dollar Working Capital Facility Uncommitted Tranche Lender consent or all  Dollar Working Capital Facility Uncommitted Tranche Lender or affected Dollar Working Capital  Facility Uncommitted Tranche Lender consent, as set forth above and (b) amendments,  supplements, modifications or waivers that impact only the Committed Facilities shall only require  Required Committed Lender consent or all Committed Lender or affected Committed Lender  consent, as set forth above.  

 

  -232-  USActive 56005294.16 -232-56005294.24  Any such waiver and any such amendment, supplement or modification shall apply  equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the  Administrative Agent and all future holders of the Loans and other Obligations.  In the case of any  waiver, the Loan Parties, the Lenders and the Administrative Agent shall be restored to their former  positions and rights hereunder and under the other Loan Documents, and any Default or Event of  Default waived shall be deemed to be cured and not continuing, but no such waiver shall extend  to any subsequent or other Default or Event of Default or impair any right consequent thereon.  Notwithstanding the foregoing, (a) the Administrative Agent, with the consent of  the U.S. Borrower, may amend, modify or supplement any Loan Document without the consent  of any Lender or the Required Lenders in order to correct, amend or cure any ambiguity,  inconsistency or defect or correct any typographical error or other manifest error in any Loan  Document and (b) any waiver, amendment or modification requiring the consent of all Lenders or  each affected Lender that by its terms affects any Defaulting Lender disproportionately adversely  relative to other affected Lenders shall require the consent of such Defaulting Lender.  11.2 Notices.  (a) General.  All notices, requests and demands to or upon the respective parties  hereto to be effective shall be in writing (including by facsimile or other electronic (including  email) transmission) and, unless otherwise expressly provided herein, shall be deemed to have  been duly given or made (a) in the case of delivery by overnight courier or delivery by hand, when  delivered, (b) in the case of delivery by mail, three (3) Business Days after being deposited in the  mails, postage prepaid, or (c) in the case of delivery by facsimile or other electronic (including  email) transmission, when sent and receipt has been electronically confirmed, addressed as follows  in the case of the U.S. Borrower, the Canadian Borrower and the Administrative Agent, and as set  forth in Schedule 1.0 in the case of the other parties hereto, or to such other address as may be  hereafter notified by the respective parties hereto:  U.S. Borrower: Sprague Operating Resources LLC  185 International Drive  Portsmouth, New Hampshire 03801  Attention:  Paul Scoff, Esq.  Fax:  (603) 430-5324  Canadian Borrower: Kildair Service ULC  92, chemin Delangis  St-Paul de Joliette (QC) J0K 3E0  Attn:  Jacques Ferraro  Fax :  450 756-4783  

 

  -233-  USActive 56005294.16 -233-56005294.24  With a copy to:    Sprague Operating Resources LLC  185 International Drive  Portsmouth, New Hampshire 03801  Attention:  Paul Scoff, Esq.  Fax:  (603) 430-5324  with a copy to (which shall not constitute notice):     Baker Botts L.L.P.  30 Rockefeller Plaza  New York, New York 10112-4498  Attention:  Robert Wann, Esq.   Robert.Wann@bakerbotts.com  The Administrative Agent: For credit/administrative:   MUFG Bank, Ltd.   1221 Avenue of the Americas   New York, NY 10020-1104   Attention:  Lawrence Blat / Andre Fatovic   Group Email address: Agencydesk@us.mufg.jp   Phone:  (212) 405-6621    For collateral management / operations:   MUFG Bank, Ltd.   1221 Avenue of the Americas   New York, NY 10020-1104   Attention: Nathalie Buchanan   Group Email address: CFCMG@us.mufg.jp   Phone:  (212) 782-4647        For loan support:   MUFG Bank, Ltd.   Harborside Financial Center, 500 Plaza III   Jersey City, NJ 07311   Attention:  Oz Kurt (Ozkan Kurt)   Email address: LODAgencyServices@us.mufg.jp   Phone:  (201) 413-8567   Fax:  (201) 521-2304    For standby letter of credit support:   Trade Service Operations   MUFG Bank, Ltd.   Harborside Financial Center, 500 Plaza III   Jersey City, NJ 07311  

 

  -234-  USActive 56005294.16 -234-56005294.24   Attention:  Jaya Angara   Email address: IOD_SBLC@us.mufg.jp   Phone:  (201) 413-8843   Fax:  (201) 521-2336 / 2312    For documentary letter of credit support:   Trade Service Operations   MUFG Bank, Ltd.   Harborside Financial Center, 500 Plaza III   Jersey City, NJ 07311   Attention: Daniel Lamptey   Email address: dlamptey@us.mufg.jp   Phone: (201) 413-8841   Fax:  (201) 521-2341    For all other purposes:   MUFG Bank, Ltd.   1251 Avenue of the Americas    New York, NY 10020-1104   (212) 782-6445    Primary Contact   Attention:  Sally Haswell   Shaswell@us.mufg.jp   Phone:  212-782-4709   Secondary Contacts   Attention: Kara McNulty   kmcnulty@us.mufg.jp   Phone: 212-782-4213     with a copy to (which shall not constitute notice):     Cadwalader, Wickersham & Taft LLP  227 W. Trade650 South Tryon Street, Suite 2400  Charlotte, North Carolina 28202  Attention:  Jeffrey A. Nagle, Esq.   Jeffrey.Nagle@cwt.com  Fax:  704-348-5200  provided that any notice, request or demand to or upon the Administrative Agent, the Issuing  Lenders or the Lenders pursuant to Section 2.5, 2.6, 3.3, 3.6, 3.7, 4.1, 4.3, 4.6, 4.7, or 4.9 shall not  be effective until received.  (b) The Platform.  EACH BORROWER HEREBY ACKNOWLEDGES  THAT THE ADMINISTRATIVE AGENT WILL MAKE AVAILABLE TO THE LENDERS  MATERIALS AND/OR INFORMATION PROVIDED BY OR ON BEHALF OF THE  BORROWERS HEREUNDER (COLLECTIVELY, “BORROWER MATERIALS”) BY  POSTING THE BORROWER MATERIALS ON INTRALINKS OR ANOTHER SIMILAR  

 

  -235-  USActive 56005294.16 -235-56005294.24  ELECTRONIC SYSTEM (THE “PLATFORM”).  THE PLATFORM IS PROVIDED “AS IS”  AND “AS AVAILABLE.” THE AGENT-RELATED PERSONS DO NOT WARRANT THE  ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE  ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR  ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF  ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF  MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT  OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS,  IS MADE BY ANY AGENT-RELATED PERSON IN CONNECTION WITH THE  BORROWER MATERIALS OR THE PLATFORM.  In no event shall the Administrative Agent  or any other Agent-Related Person have any liability to any Loan Party, any Lender or any other  Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or  otherwise) arising out of any Borrower’s or the Administrative Agent’s transmission of Borrower  Materials through the internet, except to the extent that such losses, claims, damages, liabilities or  expenses are determined by a court of competent jurisdiction by a final and nonappealable  judgment to have resulted from the gross negligence or willful misconduct of such Agent-Related  Person; provided, however, that in no event shall any Agent-Related Person have any liability to  any Loan Party, any Lender or any other Person for indirect, special, incidental, consequential or  punitive damages (as opposed to direct or actual damages).  Certain of the Lenders (each, a “Public  Lender”) may have personnel who do not wish to receive material non-public information with  respect to the Borrowers, the other Loan Parties or their respective Affiliates, or the respective  securities of any of the foregoing, and who may be engaged in investment and other market-related  activities with respect to such Persons’ securities.  Each Public Lender agrees to cause at least one  individual at or on behalf of such Public Lender to at all times have selected the “Private Side  Information” or similar designation on the content declaration screen of the Platform in order to  enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance  procedures and applicable Law, including United States Federal and state securities Laws and  Canadian federal and provincial securities Laws, to make reference to Borrower Materials that are  not made available through the “Public Side Information” portion of the Platform and that may  contain material non-public information with respect to any Loan Party or its securities for  purposes of United States Federal or state securities laws and Canadian federal and provincial  securities Laws.  (c) Reliance by Administrative Agent and Lenders.  The Administrative Agent  and the Lenders shall be entitled to rely and act upon any notices (including telephonic notices)  purportedly and in good faith believed to be given by or on behalf of any Borrower even if (i) such  notices were not made in a manner specified herein, were incomplete or were not preceded or  followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by  the recipient, varied from any confirmation thereof.  The Borrowers jointly and severally  indemnify the Administrative Agent and each Lender from all losses, costs, expenses and liabilities  resulting from the reliance by such Person on each notice purportedly and believed in good faith  to be given by or on behalf of any Borrower.  All telephonic notices to and other communications  with the Administrative Agent may be recorded by the Administrative Agent, and each of the  parties hereto hereby consents to such recording.  11.3 No Waiver; Cumulative Remedies.  No failure to exercise and no delay in  exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or  

 

  -236-  USActive 56005294.16 -236-56005294.24  privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall  any single or partial exercise of any right, remedy, power or privilege hereunder or under any other  Loan Document preclude any other or further exercise thereof or the exercise of any other right,  remedy, power or privilege.  The rights, remedies, powers and privileges herein and in the other  Loan Documents provided are cumulative and not exclusive of any rights, remedies, powers and  privileges provided by Law.  11.4 Survival of Representations and Warranties.  All representations and  warranties made herein, in the other Loan Documents and in any document, certificate or statement  delivered pursuant hereto or in connection herewith shall survive the execution and delivery of  this Agreement and the making of the Loans and other extensions of credit hereunder.  11.5 Release of Collateral and Guarantee Obligations.  (a)  Upon any sale or  other transfer of any Collateral that is permitted under the Loan Documents by any Loan Party or  a sale of all of the assets of, or all of the Capital Stock of, a Subsidiary in a transaction that is  permitted under the Loan Documents (other than a sale, transfer or other disposition to another  Loan Party), or upon the effectiveness of any written consent to the release of the security interest  granted hereby in any Collateral pursuant to Section 10.10 hereof, the security interest in such  Collateral shall automatically terminate and the Administrative Agent shall execute and a deliver  a termination or satisfaction of any Mortgage and Security Agreement affecting such Collateral,  in proper form for recording.  (b) Upon any sale or other transfer of all of the Capital Stock of any Loan Party  that is permitted or consented to under the Loan Documents (other than a sale or transfer to another  Loan Party), the Guarantee of such Loan Party shall automatically be released and terminated.  (c) Upon termination of the Commitments and the Dollar Working Capital  Facility Uncommitted Tranche Portions and payment in full of the Loans and all other Obligations  payable under this Agreement or any other Loan Document (except indemnification obligations  for which no claim has been made and of which no Responsible Person of any Loan Party has  knowledge and Hedging and Bank Product Obligations) and upon the date on which all Letters of  Credit have been terminated, expired, Cash Collateralized or otherwise dealt with to the  satisfaction of the applicable Issuing Lender, the pledge and security interest granted pursuant to  this Agreement and the other Loan Documents shall automatically terminate and all rights to the  Collateral shall revert to the applicable Loan Party.  Upon any such termination or pursuant to any  termination or release as described in Section 11.5(a), the Administrative Agent will, at the  applicable Loan Party’s expense, execute and deliver to such Loan Party such documents as such  Loan Party shall reasonably request to evidence such termination.  11.6 Payment of Costs and Expenses.  Each Borrower, jointly and severally,  agrees (a) to pay or reimburse the Administrative Agent and the Lead Arranger for all its  reasonable and documented out-of-pocket costs and expenses incurred in connection with the  syndication of the Facilities and the development, preparation, negotiation, execution, delivery and  administration of, and any amendment, supplement or modification to, this Agreement and the  other Loan Documents and any other documents prepared in connection herewith or therewith,  and the consummation and administration of the transactions contemplated hereby and thereby,  including the reasonable and documented fees and disbursements of one firm of counsel to the  

 

  -237-  USActive 56005294.16 -237-56005294.24  Administrative Agent and the Lead Arranger, one regulatory counsel to the Administrative Agent  and the Lead Arranger and a single firm of local counsel in each applicable jurisdiction, (b) to pay  or reimburse each Lender, the Swing Line Lender, each Issuing Lender, the Administrative Agent  and the Lead Arranger, for all its documented costs and expenses incurred in connection with the  enforcement or preservation of any rights under this Agreement, the other Loan Documents and  any such other documents, including the documented fees and disbursements of counsel to each  Lender, the Lead Arranger, the Swing Line Lender and each Issuing Lender and of counsel to the  Administrative Agent, (c) to pay or reimburse the Administrative Agent and the Lead Arranger for  their documented costs and expenses incurred in connection with inspections performed pursuant  to Section 7.9, and any other due diligence performed in connection with this Agreement and the  other Loan Documents, including the reasonable and documented fees and disbursements of  counsel to the Administrative Agent (including the fees and expenses of Cadwalader, Wickersham  & Taft LLP and Fasken Martineau DuMoulin LLP), (d) to pay, indemnify, and hold each Lender,  the Swing Line Lender, the Issuing Lenders, the Administrative Agent and the Lead Arranger  harmless from, any and all recording and filing fees and any and all liabilities with respect to, or  resulting from any delay in paying, stamp, excise and other similar taxes (except to the extent the  Borrowers have otherwise indemnified such Person for such taxes under Section 4.11(b)), if any,  which may be payable or determined to be payable in connection with the execution and delivery  of, or consummation or administration of any of the transactions contemplated by, or any  amendment, supplement or modification of, or any waiver or consent (including the determination  of whether or not any such waiver or consent is required) under or in respect of, this Agreement,  the other Loan Documents and any such other documents, and (e) on a net after-Tax basis, to pay,  indemnify, and hold each Lender, the Issuing Lenders, the Administrative Agent and the  Arrangers, and each of their respective officers, employees, directors, trustees, agents, advisors,  affiliates, partners and controlling persons (each, an “Indemnitee”), harmless from and against any  and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,  expenses or disbursements of any kind or nature whatsoever (including the reasonable and  documented fees and expenses of one firm of counsel for all Indemnitees, taken as a whole, and if  necessary, one regulatory counsel and a single firm of local counsel in each appropriate jurisdiction  for all Indemnitees, taken as a whole (and in the case of an actual or perceived conflict of interest,  by another firm of counsel for the affected Indemnitee)) other than Taxes (as to which Section 4.10  and Section 4.11 shall govern) with respect to the execution, delivery, enforcement, performance  and administration of this Agreement, the other Loan Documents, and any such other documents  or the use or proposed use of proceeds of the Facilities, including any of the foregoing relating to  the violation of, noncompliance with or liability under, any Environmental Law applicable to the  operations of the Loan Parties and any of their Subsidiaries, or any of the Properties, or any actual  or prospective claim, litigation, investigation or proceeding relating to any of the foregoing,  whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a  party thereto (all the foregoing in this clause (e), collectively, the “Indemnified Liabilities”);  provided that the Borrowers shall have no obligation hereunder to any Indemnitee with respect to  Indemnified Liabilities to the extent such Indemnified Liabilities (x) are found by a final,  non-appealable judgment of a court of competent jurisdiction to have resulted from the bad faith,  gross negligence or willful misconduct of such Indemnitee or any Related Person thereof, (y) are  found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted  from any material breach of the obligations of such Indemnitee or any Related Person thereof or  (z) result from any proceeding that is solely among Indemnitees (other than any proceeding against  

 

  -238-  USActive 56005294.16 -238-56005294.24  the Administrative Agent or any Arranger or Person fulfilling a similar role in respect of the  Facilities in its capacity or in fulfilling its role as such) and does not involve an act or omission by  the U.S. Borrower or any of its Affiliates.  The agreements in this Section 11.6 shall survive  repayment of the Loans, Reimbursement Obligations and all other amounts payable hereunder.  11.7 Successors and Assigns; Participations and Assignments.  (a)  This  Agreement shall be binding upon and inure to the benefit of the Borrowers, the Lenders, the  Administrative Agent and their respective successors and assigns, except that no Borrower may  assign or transfer any of its rights or obligations under this Agreement without the prior written  consent of each Lender (and any purported such assignment or transfer by any Borrower without  such consent of each Lender shall be null and void).  (b) Any Lender may, in accordance with applicable Law, at any time sell to one  or more banks, financial institutions or other entities (other than the U.S. Borrower or any of its  Subsidiaries or Affiliates or any natural person) (individually, a “Participant” and, collectively, the  “Participants”) (so long as no Default or Event of Default has occurred and is continuing, only to  a Person other than an Ineligible Participant) participating interests in any Loan or Reimbursement  Obligation owing to such Lender, any Commitment of such Lender, any Dollar Working Capital  Facility Uncommitted Tranche Portion of such Lender or any other interest of such Lender  hereunder and under the other Loan Documents (a “Participation”).  In the event of any such sale  by a Lender of a participating interest to a Participant, such Lender’s obligations under this  Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall  remain solely responsible for the performance thereof, such Lender shall remain the holder of any  such Loan, Reimbursement Obligation or other interest for all purposes under this Agreement and  the other Loan Documents, and the Borrowers and the Administrative Agent shall continue to deal  solely and directly with such Lender in connection with such Lender’s rights and obligations under  this Agreement and the other Loan Documents, except with respect to Section 4.10 and 4.11, under  which the Participant has certain rights with respect thereto.  In no event shall any Participant  under any such Participation have any right to approve any amendment to or waiver of any  provision of any Loan Document, or any consent to any departure by any Loan Party therefrom,  except to the extent that such amendment, waiver or consent would reduce the principal of, or the  stated rate of interest on, the Loans, Reimbursement Obligation or any fees payable hereunder, or  postpone the date of the final maturity of the Loans or Reimbursement Obligations, in each case  to the extent subject to such Participation (and, for the avoidance of doubt, each Borrower may  exercise any rights granted to them in Section 4.17 with respect to the Lender that sold a  Participation to such Participant to the extent that the direction by such Participant to such Lender  to not consent to any such amendment would cause the applicable Lender to be subject to the  provisions of Section 4.17).  The Borrowers agree that if amounts outstanding under this  Agreement are due or unpaid during an Event of Default, or shall have been declared or shall have  become due and payable upon the occurrence of an Event of Default, each Participant shall, to the  maximum extent permitted by applicable Law, be deemed to have the right of setoff in respect of  its participating interest in amounts owing under this Agreement to the same extent as if the amount  of its participating interest were owing directly to it as a Lender under this Agreement; provided  that in purchasing such participating interest, such Participant shall be deemed to have agreed to  share with the Lenders the proceeds thereof as provided in Section 11.8(a) as fully as if it were a  Lender hereunder.  The Borrowers also agree that each Participant shall be entitled to the benefits  of, and be bound by the obligations imposed on the Lenders in, Sections 4.10, 4.11 and 4.14 with  

 

  -239-  USActive 56005294.16 -239-56005294.24  respect to its Participation in the Commitments or the Dollar Working Capital Facility  Uncommitted Tranche Portions, as applicable, and the Loans and other extensions of credit  hereunder outstanding from time to time as if it were a Lender (it being understood that the  documentation required under Section Error! Reference source not found. shall be delivered to  the participating Lender); provided, that no Participant shall be entitled to receive any greater  payments under Sections 4.10, 4.11 and 4.14, with respect to its participation, than its participating  Lender would have been entitled to receive, except to the extent such entitlement to receive a  greater payment results from change in Law that occurs after the Participant acquired the  applicable participation and the Participant agrees to be subject to the provisions of Section 4.17,  as if it were an assignee under paragraph (c) of this Section.  Each Lender that sells a participation  agrees to use reasonable efforts to cooperate with the Borrowers to effectuate the provisions of  Section 4.17 with respect to any Participant.  Each Lender that sells a participation shall, acting  solely for this purpose as non-fiduciary agent of the Borrowers, maintain a register on which it  enters the name and address of each Participant and the principal amounts (and stated interest) of  each Participant’s interest in the Loans or other obligations under the Loan Documents (the  “Participant Register”); provided that no Lender shall have any obligation to disclose all or any  portion of the Participant Register (including the identity of any Participant or any information  relating to a Participant’s interest in any commitments, uncommitted tranche portions, loans, letters  of credit or its other obligations under any Loan Document) to any Person except to the extent that  such disclosure is necessary to establish that such commitment, uncommitted tranche portion, loan,  letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United  States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent  manifest error, and such Lender shall treat each Person whose name is recorded in the Participant  Register as the owner of such participation for all purposes of this Agreement notwithstanding any  notice to the contrary.  For the avoidance of doubt, the Administrative Agent (in its capacity as  Administrative Agent) shall have no responsibility for maintaining a Participant Register.  (c) Any Lender may, in accordance with applicable Law, at any time and from  time to time assign to any Lender or any Subsidiary, Affiliate or Approved Fund thereof, or, with  the consent of the Administrative Agent, and, in the case of an assignment of the Acquisition  Facility Commitments, the Acquisition Facility Issuing Lenders, and, in the case of an assignment  of any Working Capital Facility Commitment or any Dollar Working Capital Facility  Uncommitted Tranche Portion, the Relevant Working Capital Facility Issuing Lenders and the  Relevant Swing Line Lenders, and, so long as no Event of Default has occurred and is continuing,  the U.S. Borrower (which consent shall not be unreasonably withheld or delayed), to any other  Person (other than the U.S. Borrower or any of its Subsidiaries or Affiliates, any natural person or  any Defaulting Lender) (the “Assignee”), all or any part of its rights and obligations under this  Agreement and the other Loan Documents pursuant to an Assignment and Acceptance,  substantially in the form of Exhibit F, appropriately completed (an “Assignment and  Acceptance”), executed by such Assignee, such assigning Lender (and, in the case of an Assignee  that is not then a Lender or any Subsidiary, Affiliate or Approved Fund thereof, by the  Administrative Agent, and, in the case of an assignment of the Acquisition Facility Commitments,  the Acquisition Facility Issuing Lenders, and, in the case of an Assignment of any Working Capital  Facility Commitment or any Dollar Working Capital Facility Uncommitted Tranche Portion, the  Relevant Working Capital Facility Issuing Lenders and the Relevant Swing Line Lenders, and, so  long as no Event of Default has occurred and is continuing and the U.S. Borrower is not deemed  to consent to such assignment, the U.S. Borrower) and attaching the Assignee’s relevant tax forms,  

 

  -240-  USActive 56005294.16 -240-56005294.24  administrative details and wiring instructions, and delivered to the Administrative Agent for its  acceptance and recording in the Register; provided that (i) each such assignment to an Assignee  (other than any Lender) shall be in an aggregate principal amount of $5,000,000 or a whole  multiple of $1,000,000 in excess thereof (other than in the case of (A) an assignment of all of a  Lender’s interests under this Agreement or (B) an assignment to another Lender, a Subsidiary, an  Affiliate or an Approved Fund of such assigning Lender), unless otherwise agreed by the  Administrative Agent and, so long as no Event of Default has occurred and is continuing, the U.S.  Borrower (such amount to be aggregated in respect of assignments by to any Lender and the  affiliates or Approved Funds thereof), (ii) in the case of an assignment by a Lender to a Bank CLO  managed by such Lender or an affiliate of such Lender, unless such assignment to such Bank CLO  has been consented to by the Administrative Agent, and in the case of an assignment of the  Acquisition Facility Commitments, the Acquisition Facility Issuing Lenders, and, in the case of an  Assignment of any Working Capital Facility Commitment or any Dollar Working Capital Facility  Uncommitted Tranche Portion, the Relevant Working Capital Facility Issuing Lenders, and the  Relevant Swing Line Lenders, and, so long as no Event of Default has occurred and is continuing  and the U.S. Borrower is not deemed to consent to such assignment, the U.S. Borrower (such  consent not to be unreasonably withheld or delayed), the assigning Lender shall retain the sole  right to approve any amendment, waiver or other modification of this Agreement or any other  Loan Document; provided that the Assignment and Acceptance between such Lender and such  Bank CLO may provide that such Lender will not, without the consent of such Bank CLO, agree  to any amendment, modification or waiver that requires the consent of each Lender directly  affected thereby pursuant to Section 11.2, and (iii) each Assignee shall comply with the provisions  of Section Error! Reference source not found..  Upon such execution, delivery, acceptance and  recording, from and after the effective date determined pursuant to such Assignment and  Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such  Assignment and Acceptance, have the rights and obligations of a Lender hereunder with  Commitments or a Dollar Working Capital Facility Uncommitted Tranche Portion, as applicable,  as set forth therein, and (y) the assigning Lender thereunder shall, to the extent provided in such  Assignment and Acceptance, be released from its obligations under this Agreement (and, in the  case of an Assignment and Acceptance covering all or the remaining portion of an assigning  Lender’s rights and obligations under this Agreement, such assigning Lender shall cease to be a  party hereto).  Notwithstanding any provision of this paragraph (c) and paragraph (e) of this  Section 11.7, (x) the consent of the U.S. Borrower shall not be required, and, unless requested by  the Assignee and/or the assigning Lender, new Notes shall not be required to be executed and  delivered by the Borrowers, for any assignment which occurs at any time when any Event of  Default shall have occurred and be continuing and (y) the U.S. Borrower shall be deemed to have  consented to any assignment that requires consent of the U.S. Borrower pursuant to the terms  hereof unless it shall object thereto by written notice to the Administrative Agent within five (5)  Business Days after having received notice thereof.  Any assignment or transfer by a Lender of  rights or obligations under this Agreement that does not comply with this Section 11.7 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 Section 11.7(b).  (d) The Administrative Agent, on behalf of the Borrowers, shall maintain at the  address of the Administrative Agent referred to in Section 11.2 a copy of each Assignment and  Acceptance delivered to it and a register (the “Register”) for the recordation of the names and  addresses of the Lenders (including all Assignees and successors) and the Commitments of, Dollar  

 

  -241-  USActive 56005294.16 -241-56005294.24  Working Capital Facility Uncommitted Tranche Portions of, and principal amounts (and stated  interest) of the Loans and other Obligations owing to, each Lender from time to time.  The entries  made in the Register shall, to the extent permitted by applicable Law, be prima facie evidence of  the existence and amounts of the obligations of the Borrowers therein recorded (absent manifest  error), and the Borrowers, the Administrative Agent and the Lenders may (and, in the case of any  Loan or other Obligation hereunder not evidenced by a Note, shall) treat each Person whose name  is recorded in the Register as the owner of a Loan or other Obligation hereunder as the owner  thereof for all purposes of this Agreement and the other Loan Documents, notwithstanding any  notice to the contrary; provided, however, that the failure of the Administrative Agent to maintain  the Register, or any error therein, shall not in any manner affect the obligation of the Borrowers to  repay (with applicable interest) the Loans and other extensions of credit hereunder made to any  Borrower by such Lender in accordance with the terms of this Agreement.  Any assignment of any  Loan or other Obligation hereunder, whether or not evidenced by a Note, shall be effective only  upon appropriate entries with respect thereto being made in the Register.  The Register shall be  available for inspection by the Borrowers or any Lender at any reasonable time and from time to  time upon reasonable prior notice.  The parties intend for the Loans or other Obligations to be in  registered form for tax purposes and this provision shall be construed in accordance with that  intent.  (e) Upon its receipt of an Assignment and Acceptance executed by an assigning  Lender and an Assignee (and, in the case of an Assignee that is not then a Lender (or any  Subsidiary, Affiliate or Approved Fund thereof), by the Administrative Agent, and, in the case of  an assignment of the Acquisition Facility Commitments, the Acquisition Facility Issuing Lenders,  and, in the case of an assignment of any Working Capital Facility Commitment or any Dollar  Working Capital Facility Uncommitted Tranche Portion, the Relevant Working Capital Facility  Issuing Lenders and the Relevant Swing Line Lenders and, so long as no Event of Default has  occurred and is continuing and the U.S. Borrower is not deemed to consent to such assignment,  the U.S. Borrower), together with payment to the Administrative Agent by the assigning Lender  of a registration and processing fee of $3,500, the Administrative Agent shall (i) promptly accept  such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto record  the information contained therein in the applicable Register and give notice of such acceptance  and recordation to the Lenders and the U.S. Borrower.  (f) Each Borrower authorizes each Lender to disclose to any Participant or  Assignee (each, a “Transferee”) and any prospective Transferee (so long as no Default or Event of  Default has occurred and is continuing, other than an Ineligible Participant) in each case, any and  all financial information in such Lender’s possession concerning the Borrowers, the other Loan  Parties and their Subsidiaries and Affiliates which has been delivered to such Lender by or on  behalf of any Borrower or the other Loan Parties pursuant to this Agreement or which has been  delivered to such Lender by or on behalf of any Borrower or other Loan Parties in connection with  such Lender’s credit evaluation of the Borrowers, the other the Loan Parties and their Subsidiaries  or Affiliates prior to becoming a party to this Agreement; provided that such Transferee or  prospective Transferee shall have agreed to be bound by the provisions of Section 11.16 hereof.  (g) For avoidance of doubt, the parties to this Agreement acknowledge that the  provisions of this Section 11.7 concerning assignments of Loans and other extensions of credit  hereunder and Notes relate only to absolute assignments and that such provisions do not prohibit  

 

  -242-  USActive 56005294.16 -242-56005294.24  assignments creating security interests, including (i) any pledge or assignment by a Lender of any  Loan or Note to any Federal Reserve Bank (including the Bank of Canada) or any central bank  having jurisdiction over such Lender in accordance with applicable Law and (ii) any pledge or  assignment by a Lender which is a fund to its trustee for the benefit of such trustee and/or its  investors to secure its obligations under any indenture or Governing Documents to which it is a  party; provided that no such pledge or assignment of a security interest shall release a Lender from  any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a  party hereto.  (h) Notwithstanding the foregoing, any Lender may, with notice to, but without  consent of, any Borrower and the Administrative Agent, and in accordance with the definition of  “Conduit Lender” set forth in Section 1.1 hereof and the terms of this Section 11.7(h), designate a  Conduit Lender and fund any of the Loans or Unreimbursed Amounts which such Lender is  obligated to make or pay hereunder by causing such Conduit Lender to fund such Loans or  Unreimbursed Amounts on behalf of such Lender.  Any Conduit Lender may assign any or all of  the Loans or Unreimbursed Amounts it may have funded hereunder to its designating Lender  without the consent of any Borrower or the Administrative Agent and without regard to the  limitations set forth in Section 11.7(c).  Each Borrower, each Lender and the Administrative Agent  hereby confirms that it will not institute against a Conduit Lender or join any other Person in  instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or  liquidation proceeding under any state bankruptcy, insolvency or similar Law in connection with  any obligation of such Conduit Lender under the Loan Documents, for one year and one day after  the payment in full of the latest maturing commercial paper note issued by such Conduit Lender;  provided, however, that each Lender designating any Conduit Lender hereby agrees to indemnify,  save and hold harmless each other party hereto for any loss, cost, damage or expense arising out  of its inability to institute such a proceeding against such Conduit Lender during such period of  forbearance.  In addition, notwithstanding the foregoing, any Conduit Lender may (i) with notice  to, but without the prior written consent of, any Borrower and the Administrative Agent and  without paying any processing fee therefor, assign all or a portion of its interests in any Loans or  Reimbursement Obligations to any financial institutions (consented to by the U.S. Borrower and  the Administrative Agent) providing liquidity and/or credit support to or for the account of such  Conduit Lender to support the funding or maintenance of Loans or Reimbursement Obligations by  such Conduit Lender and (ii) disclose on a confidential basis any non-public information relating  to its Loans and its Reimbursement Obligations to any rating agency, commercial paper dealer or  provider of any surety, guarantee or credit or liquidity enhancement to such Conduit Lender.  This  clause (h) may not be amended without the written consent of any Conduit Lender directly affected  thereby.  11.8 Adjustments; Set-off.  (a)  If any Lender (a “Benefited Lender”) shall at any  time receive any payment of all or part of its Loans or Reimbursement Obligations with regards to  either Facility, or interest thereon, or receive any collateral in respect thereof (whether voluntarily  or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in  Section 9.1(g), or otherwise), in a greater proportion than any such payment to or collateral  received by any other Lender under such Facility, if any, in respect of such other Lender’s Loans  or Reimbursement Obligations under such Facility, or interest thereon, except to the extent  specifically provided hereunder, such Benefited Lender shall purchase for cash from the other  Lenders under such Facility a participating interest in such portion of each such other Lender’s  

 

  -243-  USActive 56005294.16 -243-56005294.24  Loans or Reimbursement Obligations under such Facility, or shall provide such other Lenders with  the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such  Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably  with each of the Lenders under such Facility; except that with respect to any Lender that is a  Defaulting Lender by virtue of such Lender failing to fund its Commitment Percentage or Dollar  Working Capital Facility Uncommitted Tranche Percentage of any Loan or Participation  Obligation, such Defaulting Lender’s pro rata share of the excess payment shall be allocated to  the Lender (or the Lenders, pro rata) that funded such Defaulting Lender’s Commitment  Percentage or Dollar Working Capital Facility Uncommitted Tranche Percentage thereof;  provided, however, that if all or any portion of such excess payment or benefits is thereafter  recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price  and benefits returned, to the extent of such recovery, but without interest; provided further, that to  the extent prohibited by applicable law as described in the definition of “Excluded Swap  Obligation,” no amounts received from, or set off with respect to, any Loan Party shall be applied  to any Excluded Swap Obligations of such Loan Party.  Each Borrower agrees that each Lender  so purchasing a portion of another Lender’s Loans or Reimbursement Obligations may exercise  all rights of payment (including rights of set-off) with respect to such portion as fully as if such  Lender were the direct holder of such portion.  (b) In addition to any rights and remedies of the Lenders provided by Law, each  Lender shall have the right, without prior notice to any Borrower, any such notice being expressly  waived by each Borrower to the extent permitted by applicable Law, during the existence of an  Event of Default, upon any amount becoming due and payable by any Borrower hereunder  (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply  against such amount any and all deposits (general or special, time or demand, provisional or final),  in any currency, and any other credits, indebtedness or claims, in any currency, in each case  whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing  by such Lender or any branch or agency thereof to or for the credit or the account of the applicable  Borrower; provided, that in the event that any Defaulting Lender shall exercise any such right of  setoff hereunder or under any other Loan Document, (i) all amounts so set off shall be paid over  immediately to the Administrative Agent for further application in accordance with Section 4.18  and, pending such payment, shall be segregated by such Defaulting Lender from its other funds  and deemed held in trust for the benefit of the Administrative Agent and the Secured Parties, and  (ii) such Defaulting Lender shall provide promptly to the Administrative Agent a statement  describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it  exercised such right of setoff.  Each Lender agrees to promptly notify the U.S. Borrower and the  Administrative Agent after any such set-off and application made by such Lender; provided that  the failure to give such notice shall not affect the validity of such set-off or application.  11.9 Counterparts.  This Agreement may be executed by one or more of the  parties to this Agreement on any number of separate counterparts (including by facsimile  transmission or electronic mail transmission in portable document format of signature pages  hereto), and all of said counterparts taken together shall be deemed to constitute one and the same  instrument.  Delivery of an executed signature page of this Agreement by facsimile transmission  or by electronic mail in portable document format shall be effective as delivery of a manually  executed counterpart hereof.  The words “execution,” “signed,” “signature,” and words of like  import in this Agreement and the other Loan Documents shall be deemed to include electronic  

 

  -244-  USActive 56005294.16 -244-56005294.24  signatures, each of which shall be of the same legal effect, validity or enforceability as a manually  executed signature or the use of a paper-based recordkeeping system, as the case may be, to the  extent and as provided for in any applicable Law, including the Federal Electronic Signatures in  Global and National Commerce Act, the New York State Electronic Signatures and Records Act,  or any other similar state laws based on the Uniform Electronic Transactions Act.  A set of the  copies of this Agreement signed by all the parties shall be lodged with the U.S. Borrower and the  Administrative Agent.  11.10 Severability.  Any provision of this Agreement which is prohibited or  unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such  prohibition or unenforceability without invalidating the remaining provisions hereof, and any such  prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such  provision in any other jurisdiction.  11.11 Integration.  This Agreement and the other Loan Documents represent the  agreement of the parties hereto with respect to the subject matter hereof, and there are no promises,  undertakings, representations or warranties relative to subject matter hereof not expressly set forth  or referred to herein or in the other Loan Documents.  11.12 Governing Law.  THIS AGREEMENT AND THE RIGHTS AND  OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND  CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE  OF NEW YORK.  11.13 Submission to Jurisdiction; Waiver of Certain Damages.  Each Loan Party  and, solely with respect to clause (e), each other party hereto, hereby irrevocably and  unconditionally:  (a) submits for itself and its property in any legal action or proceeding relating  to this Agreement and the other Loan Documents to which it is a party, or for recognition and  enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts  of the State of New York, the courts of the United States of America for the Southern District of  New York, and appellate courts from any thereof;  (b) consents that any such action or proceeding may be brought in such courts  and waives any objection that it may now or hereafter have to the venue of any such action or  proceeding in any such court or that such action or proceeding was brought in an inconvenient  court and agrees not to plead or claim the same;  (c) agrees that service of process in any such action or proceeding may be  effected by mailing a copy thereof by registered or certified mail (or any substantially similar form  of mail), postage prepaid, to the Loan Parties as the case may be, at their address set forth in  Section 11.2 or at such other address of which the Administrative Agent shall have been notified  pursuant thereto;  (d) agrees that nothing herein shall affect the right to effect service of process  in any other manner permitted by Law or shall limit the right to sue in any other jurisdiction; and  

 

  -245-  USActive 56005294.16 -245-56005294.24  (e) without limiting the obligations of each Borrower under Section 11.6 or the  obligations of any other Loan Party pursuant to Section 18 of the U.S. Security Agreement, Section  18 of the Canadian Security Agreement or Section 2(c) of the Guarantee, waives, to the maximum  extent not prohibited by Law, any right it may have to claim or recover in any legal action or  proceeding any special, exemplary, punitive or consequential damages; provided, that nothing  contained in this clause (e) shall limit the indemnifying party’s indemnification obligations to the  extent set forth herein or in any other Loan Document to the extent such special, indirect,  consequential or punitive damages are included in any third party claim in connection with which  such indemnified person is entitled to indemnification hereunder.  11.14 Acknowledgements.  Each Loan Party hereby acknowledges that:  (a) it has been advised by counsel in the negotiation, execution and delivery of  this Agreement and the other Loan Documents;  (b) neither the Administrative Agent nor any Lender has any fiduciary  relationship with or duty to the Loan Parties arising out of or in connection with this Agreement  or any of the other Loan Documents, and the relationship between the Borrowers and the other  Loan Parties, on one hand, and the Administrative Agent and Lenders, on the other hand, in  connection herewith or therewith is solely that of debtor and creditor; and  (c) no joint venture is created hereby or by the other Loan Documents or  otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among  the Loan Parties and the Lenders.  11.15 Waivers of Jury Trial.  EACH OF THE PARTIES HERETO HEREBY  IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL  ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN  DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.  11.16 Confidentiality.  (a)  Each Lender Party shall use its best efforts to (i) keep  confidential (and shall cause its directors, officers, employees, representatives, agents, professional  advisors or auditors (collectively, “Representatives”) to keep confidential) all information that  such Lender Party receives from or on behalf of the Loan Parties other than information that is  identified by any of the Loan Parties as being non-confidential information (all such information  that is not so identified being “Confidential Information”); provided that nothing in this  Section 11.16 shall prevent any Lender Party from (A) disclosing, subject to the terms and  requirements of this Section 11.16, such information to a Subsidiary or an Affiliate or its or their  Representatives provided that such Subsidiary, Affiliate, or Representatives, as applicable, have  been advised of the confidential nature, and restrictions on use, of such Confidential Information  set forth in this Section 11.16, (B) disclosing Confidential Information in connection with the  exercise of any remedy hereunder, (C) using Confidential Information solely for purposes of  evaluating and administering the Loans and the Loan Documents, (D) disclosing Confidential  Information to a Participant, an Assignee or a potential Transferee, in each case in accordance with  Section 11.7(f), (E) subject to an agreement containing provisions substantially the same as (or no  less restrictive than) those of this Section, disclosing Confidential Information to (i) any actual or  prospective party (or its Representatives) to any swap, derivative or other transaction under which  

 

  -246-  USActive 56005294.16 -246-56005294.24  payments are to be made by reference to the Borrowers and their obligations, this Agreement or  payments hereunder or (ii) any credit insurance provider with respect to any Borrower and its  obligations or (F) to the National Association of Insurance Commissioners, any title or credit  insurance company or any similar organizations; provided further that Confidential Information  shall not include information pertaining to this Agreement routinely provided by arrangers to data  service providers, including league table providers, that serve the lending industry and (ii) subject  to Section 11.16(d), not disclose Confidential Information to Representatives of its Trading  Business.  Any Person required to maintain the confidentiality of Confidential Information as  provided in this Section 11.16 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  Confidential Information as such Person would accord to its own confidential information.  (b) Notwithstanding anything in this Section 11.16 to the contrary, any  Confidential Information may be disclosed by any Lender Party or any Representative (the affected  Lender Party or Representative being the “Disclosing Party”) if the Disclosing Party is compelled  by judicial process or is required by Law or regulation or is requested to do so by any examiner or  any other regulatory authority or recognized self-regulatory organization including the New York  Stock Exchange, the Federal Reserve Board, the New York State Banking Department and the  Securities & Exchange Commission, in each case having or asserting jurisdiction over the  Disclosing Party.  (c) The obligations of each Lender Party and its Representatives under this  Section 11.16 with respect to Confidential Information shall not apply to (i) any Confidential  Information which, as of the date of disclosure by such Lender Party or its Representatives, is in  the public domain or subsequently comes into the public domain other than as a result of a breach  of the obligations of such Lender Party or its Representatives hereunder, or (ii) any Confidential  Information that was or becomes available to such Lender Party or its Representatives from a  person or source that is or was not, to the knowledge of such Lender Party or its Representatives,  bound by a confidentiality agreement with any Loan Party or otherwise prohibited from  transferring such information to any other Person, or (iii) any Confidential Information which was  or becomes available to such Lender Party or its Representatives without any obligation of  confidentiality prior to its disclosure by or on behalf of the Loan Parties or (iv) any Confidential  Information that was developed by such Lender Party or its Representative without the use of  information provided by any Loan Party.  (d) Notwithstanding anything herein to the contrary, any Lender Party may  disclose Confidential Information to those Representatives of its Trading Business, solely to the  extent (i) such disclosure is (A) advisable, in the good faith discretion of such Lender Party, to  assist such Lender Party in protecting and enforcing its rights under any Loan Document and other  credit facilities which such Lender Party or any of its Subsidiaries or Affiliates has with the  applicable Loan Party (or any of its Subsidiaries or Affiliates) and (B) relevant to such assistance,  (ii) such Representatives have been advised of, and agree to, the confidential nature, and  restrictions on use, of such Confidential Information and need to know same in connection with  providing such assistance, and (iii) such Confidential Information is not used for any purpose other  than that set forth in this Section 11.16.  

 

  -247-  USActive 56005294.16 -247-56005294.24  (e) Each of the Lender Parties acknowledges that (a) the Confidential  Information may include material non-public information concerning the Loan Parties and their  related parties or their respective securities, (b) it has developed compliance procedures regarding  the use of material non-public information and (c) it will handle such material non-public  information in accordance with applicable Law, including United States Federal and state  securities Laws and Canadian securities laws.  11.17 Specified Laws.  Each Lender and the Administrative Agent (for itself and  not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of  the Specified Laws, it is required to obtain, verify and record information that identifies the Loan  Parties, which information includes the names and addresses of the Loan Parties and other  information that will allow such Lender or the Administrative Agent, as applicable, to identify the  Loan Parties in accordance with the Specified Laws.  11.18 No Fiduciary Duty, etc.  Each Borrower acknowledges and agrees, and  acknowledges its Subsidiaries’ understanding, that no Lender Party will have any obligations  except those obligations expressly set forth herein and in the other Loan Documents and each  Lender Party is acting solely in the capacity of an arm’s length contractual counterparty to such  Borrower with respect to the Loan Documents and the transaction contemplated therein and not as  a financial advisor or a fiduciary to, or an agent of, such Borrower or any other Person.  Each  Borrower agrees that it will not assert any claim against any Lender Party based on an alleged  breach of fiduciary duty by such Lender Party in connection with this Agreement and the  transactions contemplated hereby.  Additionally, each Borrower acknowledges and agrees that no  Lender Party is advising such Borrower as to any legal, tax, investment, accounting, regulatory or  any other matters in any jurisdiction.  Each Borrower shall consult with its own advisors  concerning such matters and shall be responsible for making its own independent investigation  and appraisal of the transactions contemplated hereby, and the Lender Parties shall have no  responsibility or liability to the Borrowers with respect thereto.  Each Borrower further acknowledges and agrees, and acknowledges its  Subsidiaries’ understanding, that each Lender Party is a full service securities or banking firm  engaged in securities trading and brokerage activities as well as providing investment banking and  other financial services.  In the ordinary course of business, any Lender Party may provide  investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts  and the accounts of customers, equity, debt and other securities and financial instruments  (including bank loans and other obligations) of, the Borrowers and other companies with which  the Borrowers may have commercial or other relationships.  With respect to any securities and/or  financial instruments so held by any Lender Party or any of its customers, all rights in respect of  such securities and financial instruments, including any voting rights, will be exercised by the  holder of the rights, in its sole discretion.  In addition, each Borrower acknowledges and agrees, and acknowledges its  Subsidiaries’ understanding, that each Lender Party and its affiliates may be providing debt  financing, equity capital or other services (including financial advisory services) to other  companies in respect of which the Borrowers and/or their Subsidiaries may have conflicting  interests regarding the transactions described herein and otherwise.  No Lender Party will use  confidential information obtained from the Borrowers by virtue of the transactions contemplated  

 

  -248-  USActive 56005294.16 -248-56005294.24  by the Loan Documents or its other relationships with the Borrowers in connection with the  performance by such Lender Party of services for other companies, and no Lender Party will  furnish any such information to other companies.  Each Borrower also acknowledges that no  Lender Party has any obligation to use in connection with the transactions contemplated by the  Loan Documents, or to furnish to the Borrowers, confidential information obtained from other  companies.  11.19 Additional Borrowers.  At any time and from time-to-time after the  Restatement Effective Date, the U.S. Borrower may request that any of its Subsidiaries (other than  an Exempt CFC or a direct or indirect Subsidiary of an Exempt CFC) become a borrower under  this Agreement (each Subsidiary which becomes a borrower pursuant to the terms of this  Section 11.19, an “Additional Borrower”).  Such Subsidiary shall become an Additional Borrower  with effect on and from the date on which the Administrative Agent notifies the U.S. Borrower  that each of the following has been satisfied (which date shall be within ten (10) Business Days  after each Lender has received the documents referred to in Section 11.19(e):  (a) the Administrative Agent receives a duly completed and executed Joinder  Agreement, substantially in the form of Exhibit U;  (b) each Lender has approved of such Additional Borrower;  (c) the U.S. Borrower confirms that no Default or Event of Default is  continuing or would occur as a result of that Subsidiary becoming an Additional Borrower and  each of the representations and warranties relating to the Additional Borrower and the Loan Parties  (other than the representations and warranties set forth in 5.1, 5.4, 5.6, 5.7, 5.17 and 5.20) is true  and not misleading in any material respect (except that any representation and warranty that is  qualified by “materiality” or “Material Adverse Effect” shall be true and correct in all respects as  so qualified) as if made on date of accession of Additional Borrower;  (d) the Subsidiary is incorporated, organized or formed in the United States of  America, Canada or another jurisdiction approved by the Supermajority Lenders;  (e) the Administrative Agent has received all of the documents and other  evidence referred to in Section 6.1(b) and Sections 6.1(d) through 6.1(g) in relation to that  Additional Borrower together with a legal opinion in respect of the Additional Borrower from a  law firm qualified to issue legal opinions with respect to the jurisdiction of incorporation,  organization or formation and (with respect to any Additional Borrower organized under the laws  of any jurisdiction of Canada) the jurisdiction of the chief executive office and domicile (within  the meaning of the Civil Code of Quebec) and each jurisdiction in which material tangible assets  are located, each in form and substance reasonably satisfactory to the Administrative Agent;  (f) the Administrative Agent shall have received the results of a recent search  by a Person reasonably satisfactory to the Administrative Agent, of the UCC and PPSA and Civil  Code of Quebec (if relevant), judgment and tax Lien filings, and all customary searches for  financing transactions of this nature in all applicable jurisdictions, which may have been filed with  respect to personal property of such Additional Borrower, and the results of such search shall be  reasonably satisfactory to the Administrative Agent;  

 

  -249-  USActive 56005294.16 -249-56005294.24  (g) the Administrative Agent and each Lender shall have received copies of a  collateral and risk management review (the “Additional Borrower Collateral Risk Review”), in  form and substance satisfactory to the Administrative Agent, of all of the assets of such Additional  Borrower that would comprise each asset category set forth in the definition of “U.S. Borrowing  Base” or “Kildair Borrowing Base”, as applicable, prepared by Administrative Agent’s internal or  external collateral and risk manager; provided, however, that (i) the Additional Borrower  Collateral Risk Review shall be completed (or in the event it is not completed, be deemed  completed) by a date no later than the date twenty-one (21) calendar days following the U.S.  Borrower’s request that a Subsidiary become an Additional Borrower, which such request may not  be made more than sixty (60) calendar days prior to the date such Subsidiary shall become an  Additional Borrower and (ii) prior to the completion of the Additional Borrower Collateral Risk  Review, the Administrative Agent may, in its sole discretion, count the assets of such Additional  Borrower in the calculation of the U.S. Borrowing Base or Kildair Borrowing Base, as applicable;  (h) the Administrative Agent shall have received evidence in form and  substance reasonably satisfactory to it that all of the requirements of Section 7.5 hereof,  Section 5(q) of the U.S. Security Agreement and Section 5(p) of the Canadian Security Agreement,  in each case to the extent applicable, shall have been satisfied with respect to such Additional  Borrower;  (i) each Lender shall have received all of the documents referred to in  Section 6.1(y) with respect to that Additional Borrower and has confirmed to the Administrative  Agent that such documents are in form and substance reasonably satisfactory to such Lender;  (j) such Additional Borrower becomes a Grantor; and  (k) such Additional Borrower appoints the U.S. Borrower to act on its behalf  as the agent for such Additional Borrower hereunder and under the other Loan Documents and  authorizes the U.S. Borrower to take such actions on its behalf and to exercise such powers as are  delegated to the U.S. Borrower by the terms hereof or thereof, together with such actions and  powers as are reasonably incidental thereto, and the U.S. Borrower accepts such appointment  (which appointment shall not be terminated or revoked without the consent of the Administrative  Agent and the Required Lenders).  The Administrative Agent, the Borrowers and any Additional Borrowers shall be  permitted to amend this Agreement and the other Loan Documents solely as necessary or advisable  to permit the Additional Borrower to borrow hereunder and as otherwise required or advisable in  connection therewith.  11.20 Joint and Several Liability.  (a) All Loans, upon funding, shall be deemed  to be jointly funded to and received by the Borrower Parties, (b) each Borrower Party jointly and  severally agrees to pay, and shall be jointly and severally liable under this Agreement for, all  Obligations, regardless of the manner or amount in which proceeds of Loans are used, allocated,  shared, or disbursed by or among the Borrower Parties themselves, or the manner in which the  Administrative Agent and/or any Lender accounts for such Loans or other extensions of credit on  its books and records, (c) each Borrower Party shall be liable for all amounts due to the  Administrative Agent and/or any Lender under this Agreement, regardless of which Borrower  

 

  -250-  USActive 56005294.16 -250-56005294.24  Party actually receives Loans or other Extensions of Credit hereunder or the amount of such Loans  and Extensions of Credit received or the manner in which the Administrative Agent and/or such  Lender accounts for such Loans or other Extensions of Credit on its books and records, and  (d) each Borrower Party’s Obligations with respect to Loans and other Extensions of Credit made  to it, and such Borrower Party’s Obligations arising as a result of the joint and several liability of  such Borrower Party hereunder, with respect to Loans and other Extensions of Credit made to the  other Borrower Parties hereunder, shall be separate and distinct obligations, but all such  Obligations shall be primary obligations of such Borrower Party.  The Borrower Parties  acknowledge and expressly agree with the Administrative Agent and each Lender that the joint  and several liability of each Borrower Party is required solely as a condition to, and is given solely  as inducement for and in consideration of, credit or accommodations extended or to be extended  under the Loan Documents to any or all of the other Borrower Parties and is not required or given  as a condition of Extensions of Credit to such Borrower Party.  Each Borrower Party’s obligations  under this Agreement shall be separate and distinct obligations.  Each Borrower Party’s obligations  under this Agreement shall, to the fullest extent permitted by Law, be unconditional irrespective  of (i) the validity or enforceability, avoidance, or subordination of the Obligations of any other  Borrower Party or of any Note or other document evidencing all or any part of the Obligations of  any other Borrower Party, (ii) the absence of any attempt to collect the Obligations from any other  Borrower Party, any other Loan Party, or any other security therefor, or the absence of any other  action to enforce the same, (iii) the waiver, consent, extension, forbearance, or granting of any  indulgence by the Administrative Agent and/or any Lender with respect to any provision of any  instrument evidencing the Obligations of any other Borrower Party or any other Loan Party, or  any part thereof, or any other agreement now or hereafter executed by any other Borrower Party  or any other Loan Party and delivered to the Administrative Agent and/or any Lender, (iv) the  failure by the Administrative Agent and/or any Lender to take any steps to perfect and maintain  its security interest in, or to preserve its rights to, any security or collateral for the Obligations of  any other Borrower Party or any other Loan Party, (v) the Administrative Agent’s and/or any  Lender’s election, in any proceeding instituted under the Bankruptcy Code or Insolvency Laws, of  the application of Section 1111(b)(2) of the Bankruptcy Code or corresponding provisions of  Insolvency Laws, (vi) any borrowing or grant of a security interest by any other Borrower Party,  as debtor-in-possession under Section 364 of the Bankruptcy Code or under Insolvency Laws,  (vii) the disallowance of all or any portion of the Administrative Agent’s and/or any Lender’s  claim(s) for the repayment of the Obligations of any other Borrower Party under Section 502 of  the Bankruptcy Code or under Insolvency Laws, or (viii) any other circumstances which might  constitute a legal or equitable discharge or defense of a guarantor or of any other Borrower Party.   With respect to any Borrower Party’s Obligations arising as a result of the joint and several liability  of the Borrower Parties hereunder with respect to Loans or other Extensions of Credit made to any  of the other Borrower Parties hereunder, such Borrower Party waives, until the Obligations shall  have been paid in full and this Agreement shall have been terminated, any right to enforce any  right of subrogation or any remedy which the Administrative Agent and/or any Lender now has or  may hereafter have against any other Borrower Party, any endorser or any guarantor of all or any  part of the Obligations, and any benefit of, and any right to participate in, any security or collateral  given to the Administrative Agent and/or any Lender to secure payment of the Obligations or any  other liability of any Borrower Party to the Administrative Agent and/or any Lender.  Upon any  Event of Default, the Administrative Agent may proceed directly and at once, without notice,  against any Borrower Party to collect and recover the full amount, or any portion of the  

 

  -251-  USActive 56005294.16 -251-56005294.24  Obligations, without first proceeding against any other Borrower Party or any other Person, or  against any security or collateral for the Obligations.  Each Borrower Party consents and agrees  that the Administrative Agent shall be under no obligation to marshal any assets in favor of any  Borrower Party or against or in payment of any or all of the Obligations.  Each Borrower Party  further acknowledges that credit extended to each Borrower Party hereunder will directly or  indirectly benefit each other Borrower Party.  11.21 Contribution and Indemnification among the Borrower Parties;  Subordination.  Each Borrower Party is obligated to repay the Obligations as joint and several  obligor under this Agreement.  To the extent that any Borrower Party shall, under this Agreement  as a joint and several obligor, repay any of the Obligations constituting Loans made to another  Borrower Party hereunder or other Obligations incurred directly and primarily by any other  Borrower Party (an “Accommodation Payment”), then the Borrower Party making such  Accommodation Payment shall be entitled to contribution and indemnification from, and be  reimbursed by, each of the other Borrower Parties in an amount, for each of such other Borrower  Parties, equal to a fraction of such Accommodation Payment, the numerator of which fraction is  such other Borrower Party’s Allocable Amount (as defined below) and the denominator of which  is the sum of the Allocable Amounts of all of the Borrower Parties.  As of any date of  determination, the “Allocable Amount” of each Borrower Party shall be equal to the maximum  amount of liability for Accommodation Payments which could be asserted against such Borrower  Party hereunder without (a) rendering such Borrower Party “insolvent” within the meaning of  Section 101(31) of the Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act  (“UFTA”) or Section 2 of the Uniform Fraudulent Conveyance Act (“UFCA”), (b) leaving such  Borrower Party with unreasonably small capital or assets, within the meaning of Section 548 of  the Bankruptcy Code, Section 4 of the UFTA, or Section 5 of the UFCA, or (c) leaving such  Borrower Party unable to pay its debts as they become due within the meaning of Section 548 of  the Bankruptcy Code or Section 4 of the UFTA, or Section 5 of the UFCA.  All rights and claims  of contribution, indemnification, and reimbursement under this Section 11.21 shall be subordinate  in right of payment to the prior payment in full of the Obligations.  The provisions of this  Section 11.21 shall, to the extent expressly inconsistent with any provision in any Loan Document,  supersede such inconsistent provision.  11.22 Express Waivers by Borrower Parties in Respect of Cross Guaranties and  Cross Collateralization.  To the extent permitted under applicable law, each Borrower Party agrees  as follows:  (a) Each Borrower Party hereby waives:  (i) notice of acceptance of this  Agreement; (ii) notice of the making of any Loans, the issuance of any Letter of Credit or any  other financial accommodations made or extended under the Loan Documents or the creation or  existence of any Obligations; (iii) notice of the amount of the Obligations, subject, however, to  such Borrower Party’s right to make inquiry of the Administrative Agent to ascertain the amount  of the Obligations at any reasonable time; (iv) notice of any adverse change in the financial  condition of any other Borrower Party or of any other fact that might increase such Borrower  Party’s risk with respect to such other Borrower Party under the Loan Documents; (v) notice of  presentment for payment, demand, protest, and notice thereof as to any promissory notes or other  instruments among the Loan Documents; and (vi) all other notices (except if such notice is  specifically required to be given to such Borrower Party hereunder or under any of the other Loan  

 

  -252-  USActive 56005294.16 -252-56005294.24  Documents to which such Borrower Party is a party) and demands to which such Borrower Party  might otherwise be entitled.  (b) Each Borrower Party hereby waives the right by statute or otherwise to  require the Administrative Agent or any other Secured Party to institute suit against any other  Borrower Party or to exhaust any rights and remedies which the Administrative Agent or any other  Secured Party has or may have against any other Borrower Party.  Each Borrower Party further  waives any defense arising by reason of any disability or other defense of any other Borrower Party  (other than the defense that the Obligations shall have been fully and finally performed and paid)  or by reason of the cessation from any cause whatsoever of the liability of any such Borrower Party  in respect thereof.  (c) Each Borrower Party hereby waives and agrees not to assert against the  Administrative Agent or any Lender:  (i) any defense (legal or equitable), set-off, counterclaim, or  claim which such Borrower Party may now or at any time hereafter have against any other  Borrower Party or any other party liable under the Loan Documents; (ii) any defense, set-off,  counterclaim, or claim of any kind or nature available to any other Borrower Party against the  Administrative Agent or any Lender, arising directly or indirectly from the present or future lack  of perfection, sufficiency, validity, or enforceability of the Obligations or any security therefor;  (iii) any right or defense arising by reason of any claim or defense based upon an election of  remedies by the Administrative Agent or any Lender under any applicable law; and (iv) the benefit  of any statute of limitations affecting any other Borrower Party’s liability hereunder.  (d) Each Borrower Party consents and agrees that, without notice to or by such  Borrower Party and without affecting or impairing the obligations of such Borrower Party  hereunder, the Administrative Agent may (subject to any requirement for consent of any of the  Lenders to the extent required by this Agreement), by action or inaction:  (i) compromise, settle,  extend the duration or the time for the payment of, or discharge the performance of, or may refuse  to or otherwise not enforce the Loan Documents; (ii) release all or any one or more parties to any  one or more of the Loan Documents or grant other indulgences to any other Borrower Party in  respect thereof; (iii) amend or modify in any manner and at any time (or from time to time) any of  the Loan Documents; or (iv) release or substitute any Person liable for payment of the Obligations,  or enforce, exchange, release, or waive any security for the Obligations or any Guarantee of the  Obligations.  (e) Each Borrower Party represents and warrants to the Administrative Agent  and the Lenders that, as of the date of entry of any Additional Borrower into this Agreement, such  Borrower Party is currently informed of the financial condition of all other Borrower Parties and  all other circumstances which a diligent inquiry would reveal and which bear upon the risk of  nonpayment of the Obligations.  Each Borrower Party further represents and warrants that, as of  the date of entry of such Borrower Party into this Agreement, such Borrower Party has read and  understands the terms and conditions of the Loan Documents.  Each Borrower Party agrees that  neither the Administrative Agent nor any Lender has any responsibility to inform any Borrower  Party of the financial condition of any other Borrower Party or of any other circumstances which  bear upon the risk of nonpayment or nonperformance of the Obligations.  

 

  -253-  USActive 56005294.16 -253-56005294.24  11.23 Limitation on Obligations of Borrower Parties.  In the event that in any  action or proceeding involving any state, federal provincial, territorial or foreign corporate law, or  any state, federal, provincial, territorial or foreign bankruptcy, insolvency, reorganization or other  Law affecting the rights of creditors generally, the obligations of any Borrower Party, including  for the obligations of any other Borrower Party, under this Agreement shall be held or determined  to be void, avoidable, invalid or unenforceable (including because of Section 548 of the  Bankruptcy Code or any applicable Insolvency Laws or any applicable state, provincial, territorial  or federal Law relating to fraudulent conveyances or transfers, preferences or transfers at an  undervalue), then, notwithstanding any other provision of this Agreement to the contrary, the  amount of such liability of a Borrower Party shall, without any further action by any Loan Party,  the Administrative Agent or any Lender, be automatically limited and reduced to the highest  amount that is valid and enforceable (such highest amount determined hereunder being the relevant  Borrower’s “Maximum Liability”); provided that nothing contained in this Section 11.23 shall  limit the liability of any Borrower Party to repay Loans made directly or indirectly to or for the  benefit of that Borrower Party or any Subsidiary of that Borrower Party (including Loans advanced  to any other Borrower Party and then re-loaned or otherwise transferred to, or for the benefit of,  such Borrower Party or any of its Subsidiaries), Obligations relating to Letters of Credit issued for  the direct or indirect benefit of such Borrower Party or any of its Subsidiaries, and all interest, fees,  expenses and other related Obligations under the Loan Documents with respect thereto, for which  such Borrower Party shall be primarily liable for all purposes hereunder.  This Section 11.23 with  respect to the Maximum Liability of each Borrower Party is intended solely to preserve the rights  of the Administrative Agent and the Lenders to the maximum extent not subject to avoidance under  applicable Law, and no Loan Party nor any other person or entity shall have any right or claim  under this Section 11.23 with respect to such Maximum Liability, except to the extent necessary  so that the obligations of any Borrower Party hereunder shall not be rendered void, voidable,  invalid or unenforceable under applicable Law.  11.24 Keepwell.  Each Qualified ECP Guarantor hereby jointly and severally  absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as  may be needed from time to time by each other Loan Party to honor all of its obligations under  this Agreement or any other Loan Document in respect of Swap Obligations; provided, however,  that in the event that in any action or proceeding involving any state, federal, provincial, territorial  or foreign corporate law, or any state, federal, provincial, territorial or foreign bankruptcy,  insolvency, reorganization or other Law affecting the rights of creditors generally, the obligations  of any Qualified ECP Guarantor under this Section 11.24 shall be held or determined to be void,  avoidable, invalid or unenforceable (including because of Section 548 of the Bankruptcy Code or  any applicable Insolvency Laws or any applicable state, provincial, territorial or federal Law  relating to fraudulent conveyances or transfers, preferences or transfers at an undervalue), then,  notwithstanding any other provision of this Section 11.24 to the contrary, the amount of such  liability of such Qualified ECP Guarantor under this Section 11.24 shall, without any further action  by any Loan Party, the Administrative Agent or any Secured Party, be automatically limited and  reduced to the highest amount that is valid and enforceable.  The obligations of each Qualified  ECP Guarantor under this Section 11.24 shall remain in full force and effect until the termination  of the Commitments and Dollar Working Capital Facility Uncommitted Tranche Portions and  payment in full of the Loans and all other Obligations.  Each Qualified ECP Guarantor intends that  this Section 11.24 constitute, and this Section 11.24 shall be deemed to constitute, a “keepwell,  

 

  -254-  USActive 56005294.16 -254-56005294.24  support, or other agreement” for the benefit of each other Loan Party for all purposes of  Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.  11.25 Judgment Currency.  (a)  The Loan Parties’ obligations hereunder and under  the other Loan Documents to make payments in United States Dollars or Canadian Dollars, as  applicable, shall not be discharged or satisfied by any tender or recovery pursuant to any judgment  expressed in or converted into any currency other than United States Dollars or Canadian Dollars,  as applicable, except to the extent that such tender or recovery results in the effective receipt by  the Administrative Agent or the respective Lender or Issuing Lender of the full amount of United  States Dollars or Canadian Dollars, as applicable, expressed to be payable to the Administrative  Agent or such Lender or Issuing Lender under this Agreement or the other Loan Documents.  If,  for the purpose of obtaining or enforcing judgment against any Loan Party in any court or in any  jurisdiction, it becomes necessary to convert into or from any currency other than United States  Dollars or Canadian Dollars, as applicable, (such other currency being hereinafter referred to as  the “Judgment Currency”) an amount due in United States Dollars or Canadian Dollars, as  applicable, the conversion shall be made at the Dollar Equivalent or Canadian Dollar Equivalent,  as applicable, determined as of the Business Day immediately preceding the day on which the  judgment is given (such Business Day being hereinafter referred to as the “Judgment Currency  Conversion Date”).  (b) If there is a change in the rate of exchange prevailing between the Judgment  Currency Conversion Date and the date of actual payment of the amount due, the Loan Parties  shall pay, or cause to be paid, such additional amounts, if any (but in any event not a lesser amount)  as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at  the rate of exchange prevailing on the date of payment, will produce the amount of United States  Dollars or Canadian Dollars, as applicable, which could have been purchased with the amount of  Judgment Currency stipulated in the judgment or judicial award at the rate of exchange prevailing  on the Judgment Currency Conversion Date.  (c) For purposes of determining the Dollar Equivalent or Canadian Dollar  Equivalent or any other rate of exchange for this Section 11.25, such amounts shall include any  premium and costs payable in connection with the purchase of United States Dollars or Canadian  Dollars, as applicable.  11.26 English Language.  The parties hereto confirm that it is their wish that this  Agreement and any other document executed in connection with the transactions contemplated  herein be drawn up in the English language only and that all other documents contemplated  thereunder or relating thereto, including notices, may also be drawn up in the English language  only.  Les parties aux présentes confirment que c’est leur volonté que cette convention et les autres  documents de crédit y afférents soient rédigés en anglais seulement et que tous les documents, y  compris tous avis, envisagés par cette convention soient rédigés en anglais seulement.  11.27 Effect of Amendment and Restatement.  On the Restatement Effective Date,  the Existing Credit Agreement shall be amended, restated and superseded in its entirety by this  Agreement.  The parties hereto acknowledge and agree that (a) this Agreement and other Loan  Documents, whether executed and delivered in connection herewith or otherwise, do not constitute  a novation, payment or reborrowing, or termination of the Obligations under the Existing Credit  

 

  -255-  USActive 56005294.16 -255-56005294.24  Agreement as in effect prior to the Restatement Effective Date and (b) such Obligations are in all  respects continuing (as amended and restated hereby) with only the terms thereof being modified  as provided in this Agreement.  Each Loan Party hereby reaffirms its duties and obligations under  each Loan Document to which it is a party including any Lien granted therein (such reaffirmation  is solely for the convenience of the parties hereto and is not required by the terms of the Existing  Credit Agreement).  Each reference to this Agreement in any Loan Document shall be deemed to  be a reference to this Agreement as amended and restated hereby.  11.28 Acknowledgement and Consent to Bail-In of Affected Financial  Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other  agreement, arrangement or understanding among any such parties, each party hereto acknowledges  that any liability of any Affected Financial Institution arising under any Loan Document, to the  extent such liability is unsecured, may be subject to the write-down and conversion powers of the  applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be  bound by:  (a) the application of any Write-Down and Conversion Powers by the  applicable Resolution Authority to any such liabilities arising hereunder that may be payable to it  by any party hereto that is an Affected Financial Institution; and  (b) the effects of any Bail-In Action on any such liability, including, if  applicable:  (i) a reduction in full or in part or cancellation of any such liability;  (ii) a conversion of all, or a portion of, such liability into shares or other  instruments of ownership in such Affected Financial Institution, its parent undertaking, or  a bridge institution that may be issued to it or otherwise conferred on it, and that such shares  or other instruments of ownership will be accepted by it in lieu of any rights with respect  to any such liability under this Agreement or any other Loan Document; or  (iii) the variation of the terms of such liability in connection with the exercise of  the write-down and conversion powers of the applicable Resolution Authority.  11.29 Acknowledgement Regarding Any Supported QFCs.  To the extent that the  Loan Documents provide support, through a guarantee or otherwise, for Financial Hedging  Agreements, Commodity OTC Agreements, Swaps or any other agreement or instrument that is a  QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties  acknowledge and agree as follows with respect to the resolution power of the Federal Deposit  Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank  Wall Street Reform and Consumer Protection Act (together with the regulations promulgated  thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC  Credit Support (with the provisions below applicable notwithstanding that the Loan Documents  and any Supported QFC may in fact be stated to be governed by the laws of the State of New York  and/or of the United States or any other state of the United States):  (a) In the event a Covered Entity that is party to a Supported QFC (each, a  “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the  

 

  -256-  USActive 56005294.16 -256-56005294.24  transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and  obligation in or under such Supported QFC and such QFC Credit Support, and any rights in  property securing such Supported QFC or such QFC Credit Support) from such Covered Party will  be effective to the same extent as the transfer would be effective under the U.S. Special Resolution  Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and  rights in property) were governed by the laws of the United States or a state of the United States.  In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a  proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents  that might otherwise apply to such Supported QFC or any QFC Credit Support that may be  exercised against such Covered Party are permitted to be exercised to no greater extent than such  Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC  and the Loan Documents were governed by the laws of the United States or a state of the United  States.  Without limitation of the foregoing, it is understood and agreed that the rights and remedies  of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered  Party with respect to a Supported QFC or any QFC Credit Support.  (b) As used in this Section 11.29, the following terms have the following  meanings:  “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined  under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.  “Covered Entity” means any of the following:   (i) a “covered entity” as that term is defined in, and interpreted in  accordance with, 12 C.F.R. § 252.82(b)  (ii) a “covered bank” as that term is defined in, and interpreted in  accordance with, 12 C.F.R. § 47.3(b); or   (iii) a “covered FSI” as that term is defined in, and interpreted in  accordance with, 12 C.F.R. § 382.2(b).  “Default Right” has the meaning assigned to that term in, and shall be interpreted  in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.  “QFC” has the meaning assigned to the term “qualified financial contract” in, and  shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).  11.30 Approved Organizational Changes.  The MLP may (i) convert from a  Delaware limited partnership to a Delaware limited liability company and (ii) change its name in  connection with such conversion (such changes in clauses (i) and (ii), the “Approved  Organizational Changes”), in each case, subject to the satisfaction of the following conditions:  (a) Notice.  The MLP has given the Administrative Agent at least thirty (30)  days prior written notice of such change;  (b) Loan Documents.  The MLP shall have executed and delivered to the  Administrative Agent such security agreements, pledges, financing statements or amendments  

 

  -257-  USActive 56005294.16 -257-56005294.24  thereto or other documents, or additional or supplemental documents or amendments to the Loan  Documents, in each case as shall be deemed necessary or appropriate by the Administrative Agent  in its reasonable discretion, including:  (i) a reaffirmation of each applicable Loan Document, each in form and  substance reasonably satisfactory to the Administrative Agent, executed and delivered by  a duly authorized officer of the MLP and each other party thereto; and   (ii) a tripartite acknowledgment of conversion and name change for each  Controlled Account of the MLP (if any), in form and substance reasonably satisfactory to  the Administrative Agent, executed and delivered by a duly authorized officer of the MLP  and each other party thereto;  (c) Legal Opinions.  The Administrative Agent shall have received legal  opinions with respect to such change and the effect thereof covering the applicable subject matter,  each in form and substance reasonably satisfactory to the Administrative Agent;  (d) Lien Searches.  The Administrative Agent shall have received the results of  a recent search by a Person reasonably satisfactory to the Administrative Agent of the Uniform  Commercial Code, judgment and tax Lien filings, and all customary searches for financing  transactions of this nature in all applicable jurisdictions, which may have been filed with respect  to personal property of the MLP and the results of such search shall be reasonably satisfactory to  the Administrative Agent;  (e) Actions to Perfect Liens.  All filings, recordings, registrations and other  actions, including the filing of financing statements on form UCC-1 and or UCC-3, necessary or,  in the opinion of the Administrative Agent, desirable to perfect or continue the perfection of the  Liens created by the Security Documents, shall have been filed, registered or recorded or shall  have been delivered to the Administrative Agent in proper form for filing, registration or  recordation;  (f) Secretary’s Certificate.  The Administrative Agent shall have received a  certificate of the MLP in respect of the Approved Organizational Changes, substantially in the  form of Exhibit E, with appropriate insertions and attachments, reasonably satisfactory in form  and substance to the Administrative Agent, executed by (i) the President or any Vice President and  the Secretary or any Assistant Secretary on behalf of such Person, or, if applicable, of the managing  member or members of such Person, on behalf of such Person, or (ii) in the case of any such Person  that is a limited liability company, partnership or limited partnership that does not have any such  officers, the managing member or members of such Person, on behalf of such Person;  (g) Proceedings of the MLP.  The Administrative Agent shall have received a  copy of the resolutions, in form and substance reasonably satisfactory to the Administrative Agent,  of the Board of Directors (or analogous body) of the MLP, certified on behalf of such Person by  the Secretary or an Assistant Secretary of such Person, or, if applicable, of the managing member  or members of such Person, which certification shall be included in the certificate delivered in  respect of such Person pursuant to Section 11.30(f), shall be in form and substance reasonably  

 

  -258-  USActive 56005294.16 -258-56005294.24  satisfactory to the Administrative Agent and shall state that the resolutions thereby certified have  not been amended, modified, revoked or rescinded;   (h) Incumbency Certificate.  The Administrative Agent shall have received a  certificate of the MLP, as to the incumbency and signature of the officers of such Person or, if  applicable, of the managing member or members of such Person, executing any Loan Document,  or having authorization to execute any certificate, notice or other submission required to be  delivered to the Administrative Agent or a Lender pursuant to this Agreement, which certificate  shall be included in the certificate delivered in respect of such Person pursuant to Section 11.30(f),  shall be reasonably satisfactory in form and substance to the Administrative Agent, and shall be  executed, as applicable, by the President or any Vice President or Director and the Secretary or  any Assistant Secretary of such Person, or, if applicable, of the managing member or members of  such Person, on behalf of such Person;   (i) Organizational Documents.  The Administrative Agent shall have received  true and complete copies of the Governing Documents of the MLP, certified as complete copies  thereof by the Secretary or an Assistant Secretary of such Person, or, if applicable, of the managing  member or members of such Person, on behalf of such Person, which certification shall be included  in the certificate delivered in respect of such Person pursuant to Section 11.30(f) and shall be in  form and substance reasonably satisfactory to the Administrative Agent;   (j) Good Standing Certificate.  The Administrative Agent shall have received  certificates of status, compliance or good standing (as applicable) dated as of a recent date from  the Secretary of State or other appropriate authority, evidencing the good standing of the MLP in  the jurisdiction of its organization;    (k) Consents, Licenses and Approvals.  The Administrative Agent shall have  received a certificate of a Responsible Person of the MLP either (i) attaching copies of all consents,  authorizations and filings referred to in Section 5.4 (other than any Uniform Commercial Code  financing statement filed pursuant to the Security Documents), and stating that such consents,  licenses and filings are in full force and effect or (ii) stating that no such consents, licenses or  approvals are so required;   (l) Risk Management Policy.  The Administrative Agent and the Lenders shall  have received a copy of the Risk Management Policy in respect of the Approved Organizational  Changes, including position and other limits, which shall be satisfactory in content and form to the  Administrative Agent; and  (m) Know Your Customer Information.  Each Lender shall have received all of  the documents referred to in Section 6.1(y) with respect to the MLP and shall have confirmed to  the Administrative Agent that such documents are in form and substance reasonably satisfactory  to such Lender.    11.31 Sustainability Adjustments.  (a) After the Third Amendment Effective Date, the Borrowers, in consultation  with the Sustainability Structuring Agent, shall be entitled to either (i) establish specified key  

 

  -259-  USActive 56005294.16 -259-56005294.24  performance indicators (“KPIs”) with respect to certain environmental, social and governance  (“ESG”) targets of the Loan Parties and their Subsidiaries or (ii) establish external ESG ratings  (“ESG Ratings”) targets to be mutually agreed between the Borrowers and the Sustainability  Structuring Agent. The Sustainability Structuring Agent, the Borrowers and the Required Lenders  may amend this Agreement (such amendment, the “ESG Amendment”) solely for the purpose of  incorporating either the KPIs or ESG Ratings and other related provisions (the “ESG Pricing  Provisions”) into this Agreement. Upon effectiveness of any such ESG Amendment, based on  either the Loan Parties’ performance against the KPIs or its obtainment of the target ESG Ratings,  certain adjustments to the Applicable Margin (including any resulting letter of credit fee) may be  made and, for the avoidance of doubt, all Lenders agree to such adjustment to the Applicable  Margin regardless of whether such Lender has consented to the ESG Amendment; provided that  the amount of any such adjustments made pursuant to an ESG Amendment shall not result in an  increase or decrease of more than 5.0 basis point in the Applicable Margin (including any resulting  letter of credit fee). If KPIs are utilized, the pricing adjustments will require, among other things,  reporting and validation of the measurement of the KPIs in a manner that is aligned with the  Sustainability Linked Loan Principles at the time of the ESG Amendment and is to be agreed  between the Borrowers and the Sustainability Structuring Agent (each acting reasonably).  Following the effectiveness of the ESG Amendment, any modification to the ESG Pricing  Provisions which has the effect of reducing the Applicable Margin (including any resulting letter  of credit fee) to a level permitted by this paragraph shall be subject only to the consent of the  Required Lenders.  (n)(b) The Sustainability Structuring Agent will (i) assist the Borrowers in  determining the ESG Pricing Provisions in connection with the ESG Amendment and (ii) assist  the Borrowers in preparing informational materials focused on ESG targets to be used in  connection with the ESG Amendment, in each case, based upon the information provided by the  Borrowers with respect to the applicable KPIs or ESG Ratings targets selected in accordance with  clause (a) above; provided that the Sustainability Structuring Agent (x) shall have no duty to  ascertain, inquire into or otherwise independently verify any such information and (y) shall have  no responsibility for (and shall not be liable for) the completeness or accuracy of any such  information.    

 

  [Signature Page to Second A&R Credit Agreement]  USActive 56005294.24  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be  duly executed and delivered by their proper and duly authorized officers as of the day and year  first above written.  SPRAGUE OPERATING RESOURCES LLC,  as a Borrower  By: _______________________________________  Name:  Title:  KILDAIR SERVICE ULC, as a Borrower  By: _______________________________________  Name:  Title:    

 

  [Signature Page to Second A&R Credit Agreement]  USActive 56005294.24  ADMINISTRATIVE AGENT AND LENDERS:  MUFG BANK, LTD.,  as Administrative Agent and a Lender  By: _______________________________________  Name:  Title:    

 

  [Signature Page to Second A&R Credit Agreement]  USActive 56005294.24  MUFG BANK, LTD., CANADA BRANCH  as a Multicurrency Working Capital Facility  Lender  By: ____________________________________  Name:    Title:    

 

  [Signature Page to Second A&R Credit Agreement]    BNP Paribas,  as a Lender under the Dollar Working Capital  Facility Committed Tranche, the Dollar  Working Capital Uncommitted Tranche, and the  Acquisition Facility  By:   Name:  Title:  By:   Name:  Title:    BNP Paribas (acting through its Canada Branch)  as a Lender under the Multicurrency Working  Capital Facility  By:   Name:    Title:  By:   Name:    Title:    

 

  [Signature Page to Second A&R Credit Agreement]    CUSTOMERS BANK,  as a Lender  By: ____________________________________  Name:    Title:    

 

  [Signature Page to Second A&R Credit Agreement]    WELLS FARGO BANK, N.A.,  as a Lender  By: ____________________________________  Name:    Title:    

 

  [Signature Page to Second A&R Credit Agreement]    PEOPLE’S UNITED BANK, NATIONAL  ASSOCIATION,  as a Lender  By: ____________________________________  Name:    Title:    

 

  [Signature Page to Second A&R Credit Agreement]  USActive 56005294.24  COÖPERATIEVE RABOBANK U.A., NEW  YORK BRANCH,  as a Lender  By: ____________________________________  Name:    Title:    By: ____________________________________  Name:    Title:      

 

  [Signature Page to Second A&R Credit Agreement]  USActive 56005294.24  SANTANDER BANK, N.A.,  as a Lender  By: ____________________________________  Name:    Title:    

 

  [Signature Page to Second A&R Credit Agreement]  USActive 56005294.24  SOCIÉTÉ GÉNÉRALE,  as a Lender  By: ____________________________________  Name:    Title:    

 

  [Signature Page to Second A&R Credit Agreement]  USActive 56005294.24  ABN AMRO CAPITAL USA LLC,  as a Lender  By: ____________________________________  Name:    Title:    By: ____________________________________  Name:    Title:      

 

  [Signature Page to Second A&R Credit Agreement]  USActive 56005294.24  CITIZENS BANK, N.A.,  as a Lender  By: ____________________________________  Name:    Title:    

 

  [Signature Page to Second A&R Credit Agreement]  USActive 56005294.24  WEBSTER BANK, N.A.,  as a Lender  By: ____________________________________  Name:    Title:    

 

  USActive 56005294.1656005294.24  CITIBANK, N.A.,  as a Lender  By: ____________________________________  Name:    Title:

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