Document:

Stock Purchase Agreement

 Exhibit 10.8 
 EXECUTION COPY 
 STOCK PURCHASE AGREEMENT 

THIS STOCK PURCHASE AGREEMENT, dated as of February 23, 2011 (this “Agreement”), is by and between HOME LOAN
SERVICING SOLUTIONS, LTD., a Cayman Islands exempted company (the “Company”), and WILLIAM C. ERBEY (“Purchaser”). 
 RECITALS 
 WHEREAS, the Company is a newly incorporated company formed for
the purpose of acquiring mortgage servicing rights, servicing advances and related assets; 
 WHEREAS, the Company is proposing
to conduct an initial public offering (the “IPO”) of its ordinary shares in connection with the acquisition by the Company of certain mortgage servicing assets, and the assumption of certain match funded liabilities, from Ocwen Loan
Servicing, LLC; and 
 WHEREAS, the parties intend that, on the terms and subject to the conditions set forth in this Agreement,
Purchaser desires to purchase, and the Company desires to sell, ordinary shares of the Company in a private placement of securities concurrently with the completion of the IPO. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, the parties hereby agree as
follows: 
 AGREEMENT 
 1. Sale and Purchase of Securities. Subject to the terms and conditions of this Agreement, the Company agrees to sell and issue to Purchaser, and Purchaser agrees to purchase, a number of ordinary
shares, par value $0.01 per share, of the Company (the “Ordinary Shares”) equal to the quotient of (a) $10,000,000 divided by (b) the per share initial price to public set forth on the front cover of the final prospectus
(the “Prospectus”) related to the IPO, rounded up to the nearest whole number of Ordinary Shares. Purchaser agrees to pay the Company an aggregate purchase price (the “Purchase Price”) equal to the quotient referred
to in the preceding sentence multiplied by the per share initial price to public set forth on the front cover of the Prospectus. The Ordinary Shares to be sold pursuant to this Agreement are collectively referred to herein as the
“Shares.” 
 2. Closing. The closing of the sale and purchase of the Shares (the
“Closing”) shall take place concurrently with the closing of the IPO at the offices of Mayer Brown LLP, 71 South Wacker Drive, Chicago, Illinois 60606. At the Closing, the Company shall deliver to Purchaser a certificate
representing the Shares being purchased by Purchaser against payment of the Purchase Price by wire transfer of immediately available funds. 
 3. Representations and Warranties of the Company. The Company hereby represents and warrants to Purchaser as follows: 

(a) Valid Issuance. The Shares, when issued and delivered to Purchaser in accordance with the terms of this
Agreement, will be duly and validly issued, fully paid and non-assessable and will be free of restrictions on transfer other than restrictions on transfer set forth in this Agreement and under applicable U.S. federal and state securities laws.

 (b) Marketable Title. The Shares, when issued and delivered to
Purchaser in accordance with the terms of this Agreement, will be free and clear of all pledges, liens, charges, mortgages, security interests and other encumbrances created by or on behalf of the Company, and Purchaser will have good and marketable
title to the Ordinary Shares upon acceptance thereof. 
 4. Representations and Warranties of Purchaser. Purchaser hereby
represents and warrants to the Company as follows: 
 (a) Investment. Purchaser is purchasing the Shares
for investment for his own account and not with the view to, or for resale in connection with, any distribution thereof. Purchaser understands that the Shares have not been registered under the Securities Act of 1933, as amended (the
“Securities Act”) by reason of a specific exemption therefrom, which depends upon, among other things, the bona fide nature of the investment intent as expressed herein. Purchaser does not have any contract, undertaking, agreement
or arrangement with any person to sell, transfer or grant participation to any third person with respect to any of the Shares. Purchaser understands and acknowledges that (i) the offering of the Shares pursuant to this Agreement will not be
registered under the Securities Act on the ground that the sale provided for in this Agreement and the issuance of Ordinary Shares under this Agreement are exempt from the registration requirements of the Securities Act and (ii) an investment
in Ordinary Shares involves significant risks and that Purchaser could lose all or part of his investment should any such risks occur. 
 (b) Access to Information. Purchaser has had the opportunity to ask questions of the Company and receive responses to such inquiries. Purchaser understands that any such discussions, as well as any
written information provided by the Company, were intended to describe the aspects of the Company’s business and prospects that the Company believes to be material, but were not necessarily an exhaustive description. 

(c) Accredited Investor Status. Purchaser is an “accredited investor” as defined in Rule 501 of
Regulation D promulgated under the Securities Act. 
 (d) Rule 144. Purchaser understands and acknowledges
that the Shares must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available. Purchaser is aware of the provisions of Rule 144 promulgated under the Securities Act, which
permit limited resale of securities purchased in a private placement subject to the satisfaction of certain conditions. 
 (e) Securities Legend. Purchaser understands and acknowledges that all certificates evidencing the Shares will bear legends substantially in the form set forth below: 

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THESE SECURITIES
MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, ASSIGNED OR OTHERWISE TRANSFERRED (EXCEPT TO THE COMPANY OR A SUBSIDIARY THEREOF) UNLESS (A) THERE IS IN EFFECT A REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE SECURITIES ACT OR
(B) A WRITTEN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED IS PROVIDED TO THE COMPANY. 

 5. Conditions to Obligations of Purchaser. The obligations of Purchaser under this
Agreement are subject to the fulfillment on or before the Closing of each of the following conditions: 
 (a)
Representations and Warranties. The representations and warranties of the Company contained in Section 3 shall be true on and as of the Closing with the same effect as though such representations and warranties had been made on
and as of the Closing. 
 (b) Performance. The Company shall have performed and complied with all
agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 
 (c) IPO. The IPO shall have closed simultaneous with the Closing. 
 6.
Conditions to Obligations of the Company. The obligations of the Company under this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions: 

(a) Representations and Warranties. The representations and warranties of Purchaser contained in
Section 4 shall be true on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the Closing. 

(b) IPO. The IPO shall have closed simultaneous with the Closing. 

7. Registration Rights. The Company shall afford the Purchaser certain registration rights with respect to the Shares owned by him
in accordance with the terms and subject to the conditions of a registration rights agreement to be entered into between the Purchaser and the Company, pursuant to which the Company will grant Purchaser demand registration rights, which he may
exercise one time, and unlimited piggyback registration rights. In connection with the IPO, Purchaser will entered into a written “lock-up” agreement providing in general that, for a period of 18 months from the date of the IPO prospectus,
he will not, among other things, sell the Shares without the prior written consent of the representative of the underwriters, subject to certain exceptions. This lock-up restriction will limit the ability of Purchaser to exercise the demand
registration rights and piggyback registration rights described in this paragraph. 
  

	8.	Miscellaneous. 

 (a) Expenses. Except as otherwise provided in this Agreement, each of the Company and Purchaser shall bear all their own respective fees and expenses incurred in connection with the negotiation and
execution of this Agreement and the consummation of the transactions contemplated hereby. 
 (b) Entire
Agreement. This Agreement represents the entire understanding and agreement between the Company and Purchaser with respect to the subject matter hereof. 
 (c) Amendment; Waiver. This Agreement may be amended, supplemented or changed, and any provision hereof may be waived, only by written instrument making specific reference to this Agreement signed
by the party against whom enforcement of any such 

 
amendment, supplement, modification or waiver is sought. No action taken pursuant to this Agreement, including any investigation by or on behalf of any party, shall be deemed to constitute a
waiver by the party taking such action of compliance with any representation, warranty or agreement contained herein. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or
continuing waiver of such breach or as a waiver of any other or subsequent breach. No failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy under this Agreement shall operate as a waiver thereof, nor
shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 

(d) Notices. All notices and other communications under this Agreement shall be in writing and shall be deemed duly
given (i) on the date of delivery if delivered personally, or by telecopy, facsimile or email, upon confirmation of receipt or (ii) on the first business day following the date of dispatch if delivered by a recognized next-day courier
service. All notices under this Agreement shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice. 

 

	 	(i)	if to the Company, to 

 Home
Loan Servicing Solutions, Ltd. 
 2002 Summit Boulevard, Sixth Floor 

Atlanta, Georgia 30319 
 Tel: (561) 682-7721 
  

	 	(ii)	if to Purchaser, to 

 c/o Home
Loan Servicing Solutions, Ltd. 
 2002 Summit Boulevard, Sixth Floor 

Atlanta, Georgia 30319 
 Tel: (561) 682-7721 
 (e) Governing Law. This
Agreement and any claim, controversy or dispute arising under or related to this Agreement, the relationship of the parties and the interpretation and enforcement of the rights and duties of the parties shall be construed and interpreted pursuant to
the substantive laws of the State of Delaware (without reference to its choice of law provisions). 
 (f)
Brokers. The Company and Purchaser each represent and warrant to the other that no broker, investment banker, financial advisor or other person is entitled to any broker’s, finder’s, financial advisor’s or other similar fee or
commission in connection with the transactions contemplated by this Agreement. 
 (g) Counterparts. This
Agreement may be executed in any number of counterparts and signature pages may be delivered by facsimile, each of which may be executed by only one of the parties, each of which shall be enforceable against the party actually executing such
counterparts, and all of which together shall constitute one instrument. 

 (h) Severability. In the event that any provision of this Agreement
becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall be effective if it materially
changes the economic benefit of this Agreement to any party. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	HOME LOAN SERVICING SOLUTIONS, LTD.
		
	 By:
	 	 /s/ William C. Erbey

	 Name:
	 	 William C. Erbey

	 Title:
	 	Chairman of the Board of Directors, Chief Executive Officer and Chief Financial Officer
	
	WILLIAM C. ERBEY
	
	 /s/ William C. ErbeyLease Agreement

 Exhibit 10.01 

 
  
 LEASE AGREEMENT 
 BETWEEN

 PARISH OF ST. JAMES, 

STATE OF LOUISIANA 

AND 
 NUSTAR LOGISTICS, L.P. 

DATED AS OF AUGUST 1, 2011 

 
  
 $75,000,000 
 PARISH OF ST.
JAMES, STATE OF LOUISIANA 
 REVENUE
BONDS 
 (NUSTAR LOGISTICS, L.P. PROJECT)

 SERIES 2011 
  

 
 The interest of the PARISH OF ST. JAMES, STATE OF
LOUISIANA (the “Issuer”) in this Lease Agreement has been assigned (except for “Reserved Rights” defined in this Lease Agreement) pursuant to the Indenture of Trust dated as of the date hereof from the Issuer to U.S. BANK
NATIONAL ASSOCIATION, as trustee (the “Trustee”), and is subject to the security interest of the Trustee thereunder. 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I
  

DEFINITIONS
	 
			
	 SECTION 1.01.
	  	 Definition of Terms
	  	 	-2-	  
	 SECTION 1.02.
	  	 Uses of Phrases
	  	 	-3-	  
	
	 ARTICLE II
  

REPRESENTATIONS, COVENANTS AND WARRANTIES
	 
			
	 SECTION 2.01.
	  	 Representations, Covenants and Warranties of the Issuer
	  	 	-4-	  
	 SECTION 2.02.
	  	 Representations, Covenants and Warranties of the Company
	  	 	-4-	  
	 SECTION 2.03.
	  	 Tax-Exempt Status of the Bonds
	  	 	-5-	  
	 SECTION 2.04.
	  	 Notice of Determination of Taxability
	  	 	-5-	  
	
	 ARTICLE III
  

ACQUISITION AND CONSTRUCTION OF THE PROJECT;
 ISSUANCE OF THE BONDS
	 
			
	 SECTION 3.01.
	  	 Agreement to Acquire, Construct and Install the Project
	  	 	-6-	  
	 SECTION 3.02.
	  	 Agreement to Issue the Bonds; Application of Bond Proceeds
	  	 	-6-	  
	 SECTION 3.03.
	  	 Disbursements from the Project Fund
	  	 	-6-	  
	 SECTION 3.04.
	  	 Furnishing Documents to the Trustee
	  	 	-6-	  
	 SECTION 3.05.
	  	 Establishment of Completion Date
	  	 	-6-	  
	 SECTION 3.06.
	  	 Company Required to Pay in Event Project Fund Insufficient
	  	 	-7-	  
	 SECTION 3.07.
	  	 Special Arbitrage Certifications
	  	 	-7-	  
	
	 ARTICLE IV
  

LEASE PROVISIONS;

SUBSTITUTE CREDIT FACILITY
	 
			
	 SECTION 4.01.
	  	 Agreement to Lease the Project
	  	 	-8-	  
	 SECTION 4.02.
	  	 Rental Payments
	  	 	-8-	  
	 SECTION 4.03.
	  	 Obligations of the Company Unconditional
	  	 	-8-	  
	 SECTION 4.04.
	  	 Substitute Credit Facility
	  	 	-9-	  
	 SECTION 4.05.
	  	 Exemption from Ad Valorem Tax
	  	 	-9-	  
	 SECTION 4.06.
	  	 Removal or Property
	  	 	-9-	  
	 SECTION 4.07.
	  	 Additional Property Constituting a Part of the Project
	  	 	-10-	  
	
	 ARTICLE V
  

PREPAYMENT AND REDEMPTION
	 
			
	 SECTION 5.01.
	  	 Prepayment and Redemption
	  	 	-11-	  
	
	 ARTICLE VI
  

SPECIAL COVENANTS
	 
			
	 SECTION 6.01.
	  	 No Warranty of Condition or Suitability by the Issuer
	  	 	-12-	  
	 SECTION 6.02.
	  	 Access to the Project
	  	 	-12-	  
	 SECTION 6.03.
	  	 Further Assurances and Corrective Instruments
	  	 	-12-	  
	 SECTION 6.04.
	  	 Issuer and Company Representatives
	  	 	-12-	  
	 SECTION 6.05.
	  	 Financing Statements
	  	 	-12-	  

							
	 SECTION 6.06.
	  	 Covenants to Provide Ongoing Disclosure
	  	 	-12-	  
	 SECTION 6.07.
	  	 Notice of Control
	  	 	-12-	  
	 SECTION 6.08.
	  	 Acknowledgement and Covenant Regarding Commercial Paper or Long Term Period
	  	 	-12-	  
	 SECTION 6.09.
	  	 Environmental Matters
	  	 	-13-	  
	
	 ARTICLE VII
  

ASSIGNMENT, SELLING, SUBLEASING,
 INDEMNIFICATION; REDEMPTION
	 
			
	 SECTION 7.01.
	  	 Assignment, Selling and Leasing
	  	 	-14-	  
	 SECTION 7.02.
	  	 Release and Indemnification Covenants
	  	 	-14-	  
	 SECTION 7.03.
	  	 Issuer to Grant Security Interest to Trustee
	  	 	-14-	  
	 SECTION 7.04.
	  	 Indemnification of Trustee
	  	 	-14-	  
	
	 ARTICLE VIII
  

DEFAULTS AND REMEDIES
	 
			
	 SECTION 8.01.
	  	 Defaults Defined
	  	 	-15-	  
	 SECTION 8.02.
	  	 Remedies on Default
	  	 	-15-	  
	 SECTION 8.03.
	  	 No Remedy Exclusive
	  	 	-16-	  
	SECTION 8.04.	  	Agreement to Pay Attorneys’ Fees and Expenses	  	 	-16-	  
	SECTION 8.05.	  	No Additional Waiver Improved by One Waiver	  	 	-16-	  
	
	 ARTICLE IX
  

MISCELLANEOUS
	 
			
	SECTION 9.01.	  	Term of Agreement; Option to Purchase Project	  	 	-17-	  
	SECTION 9.02.	  	Notices	  	 	-17-	  
	SECTION 9.03.	  	Binding Effect	  	 	-18-	  
	SECTION 9.04.	  	Severability	  	 	-18-	  
	SECTION 9.05.	  	Amounts Remaining in Funds	  	 	-18-	  
	SECTION 9.06.	  	Amendments, Changes and Modifications	  	 	-18-	  
	SECTION 9.07.	  	Execution in Counterparts	  	 	-19-	  
	SECTION 9.08.	  	Applicable Law	  	 	-19-	  
	SECTION 9.09.	  	Captions	  	 	-19-	  
			
	EXHIBIT A	  	Description of Project and Project Land	  			
	EXHIBIT B	  	Form of Requisition	  			

 LEASE AGREEMENT 

This LEASE AGREEMENT made and entered into as of August 1, 2011 is made by and
between the PARISH OF ST. JAMES, STATE OF LOUISIANA, a political subdivision under the Constitution and laws of the State
of Louisiana (the “Issuer”), and NUSTAR LOGISTICS, L.P., a Delaware limited partnership (the “Company”). 
 WITNESSETH: 
 That the parties hereto, intending to be
legally bound hereby, and for and in consideration of the premises and the mutual covenants hereinafter contained, do hereby covenant, agree and bind themselves as follows: provided, that any obligation of the Issuer created by or arising out of
this Agreement shall never constitute a debt or a pledge of the faith and credit or the taxing power of the Issuer or any political subdivision or taxing district of the State of Louisiana (the “State”) but shall be payable solely out of
the Trust Estate (as defined in the Indenture), anything herein contained to the contrary by implication or otherwise notwithstanding: 

  
 -1-

 ARTICLE 1 
 DEFINITIONS 
 SECTION 1.01. Definition of Terms. All capitalized,
undefined terms used herein shall have the same meanings as used in Article I of the hereinafter defined Indenture. In addition, the following words and phrases shall have the following meanings: 

“Completion Date” means the date with respect to which with, except for amounts retained by the Trustee at the
Company’s direction to pay any Cost of the Project not then due and payable, (i) construction of the Project has been completed and all costs of labor, services, materials and supplies used in such construction have been paid,
(ii) all equipment for the Project has been installed, such equipment so installed is suitable and sufficient for the operation of the Project, and all costs and expenses incurred in the acquisition and installation of such equipment have been
paid, and (iii) all other facilities necessary in connection with the Project have been acquired, constructed and installed and all costs and expenses incurred in connection therewith have been paid. 

“Cost” with respect to the Project shall be deemed to include all items permitted to be financed under the provisions of
the Code and the Act. 
 “Default” means any Default under this Agreement as specified in and defined by
Section 8.01 hereof. 
 “Environmental Laws” means all laws, rules, regulations, codes, ordinances,
orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management,
release or threatened release of any Hazardous Material or to health and safety matters. 
 “Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 

“Indenture” means the Indenture of Trust dated as of this date between the Issuer and the Trustee, pursuant to which the
Bonds are authorized to be issued, and any amendments and supplements thereto. 
 “Issuance Costs” means all
costs that are treated as costs of issuing or carrying the Bonds under existing Treasury Department regulations and rulings, including, but not limited to, (a) underwriter’s spread (whether realized directly or derived through purchase of
the Bonds at a discount below the price at which they are expected to be sold to the public); (b) counsel fees (including bond counsel, underwriter’s counsel, Issuer’s counsel and Company counsel, as well as any other specialized
counsel fees incurred in connection with the issuance of the Bonds); (c) financial advisory fees incurred in connection with the issuance of the Bonds; (d) rating agency fees; (e) Trustee fees incurred in connection with the issuance
of the Bonds; (f) paying agent and certifying and authenticating agent fees related to issuance of the Bonds; (g) accountant fees related to the issuance of the Bonds; (h) printing costs of the Bonds and of the preliminary and final
offering materials; (i) publication costs associated with the financing proceedings; and (j) costs of engineering 

  
 -2-

 
and feasibility studies necessary to the issuance of the Bonds; provided, that bond insurance premiums and certain credit enhancement fees, to the extent treated as interest expense under
applicable regulations, shall not be treated as “Issuance Costs”. 
 “Material Adverse Effect”
means a material adverse effect on (a) the business, assets, operations or condition (financial or otherwise) of the Company taken as a whole, (b) the ability of the Company to perform any of its obligations under this Lease
Agreement or (c) the rights of or benefits available to the Issuer under this Agreement. 
 “Net
Proceeds” means the proceeds of the Bonds reduced by amounts in a reasonably required reserve or replacement fund. 

“Project” means the facilities described in Exhibit A hereto that are financed from the proceeds of the
Bonds as set forth in Section 3.03 hereof. 
 “Qualified Project Costs” means Costs and expenses of the
Project which constitute land costs or costs for property of a character subject to the allowance for depreciation excluding specifically working capital and inventory costs, provided, however, that (i) costs or expenses paid more than sixty
(60) days prior to the adoption by the Issuer of its resolution on January 19, 2011, declaring its intent to reimburse Project expenditures with Bond proceeds, shall not be deemed to be Qualified Project Costs; (ii) Issuance Costs
shall not be deemed to be Qualified Project Costs; (iii) interest during the Construction Period shall be allocated between Qualified Project Costs and other Costs and expenses to be paid from the proceeds of the Bonds; (iv) interest
following the Construction Period shall not constitute a Qualified Project Cost; (v) letter of credit fees and municipal bond insurance premiums which represent a transfer of credit risk shall be allocated between Qualified Project Costs and
other costs and expenses to be paid from the proceeds of the Bonds; and (vi) letter of credit fees and municipal bond insurance premiums which do not represent a transfer of credit risk shall not constitute Qualified Project Costs. 

“Requisition” means a written request for a disbursement from the Project Fund, signed by a Company Representative,
substantially in the form attached hereto as Exhibit B and satisfactorily completed as contemplated by said form. 

“Reserved Rights” means amounts payable to the Issuer under Sections 4.02(b), 7.02 and 8.04 hereof. 

“State” means the State of Louisiana. 
 “Term of Agreement” means the duration of the leasehold interest created hereby as specified in Section 9.01 hereof. 

SECTION 1.02. Uses of Phrases. Words of the masculine gender shall be deemed and construed to include correlative words of the
feminine and neuter genders. Unless the context shall otherwise indicate, the words “Bond”, “Bondholder”, “Owner”, “registered owner” and “person” shall include the plural as well as the singular
number, and the word “person” shall include corporations and associations, including public bodies, as well as persons. Any percentage of Bonds, specified herein for any purpose, is to be figured on the unpaid principal amount thereof then
Outstanding. All references herein to specific Sections of the Code refer to such Sections of the Code and all successor or replacement provisions thereto. 

  
 -3-

 ARTICLE 2 
 REPRESENTATIONS, COVENANTS AND WARRANTIES 
 SECTION 2.01.
Representations, Covenants and Warranties of the Issuer. The Issuer represents, covenants and warrants that: 
 (a) The Issuer is a political subdivision of the State of Louisiana. Under the provisions of the Act, the Issuer is authorized to enter into the transactions contemplated by this Agreement and the
Indenture and to carry out its obligations hereunder and thereunder. The Issuer has been duly authorized to execute and deliver this Agreement and the Indenture. 

(b) The Issuer covenants that it will not pledge the amounts derived from this Agreement other than as contemplated by the
Indenture. 
 SECTION 2.02. Representations, Covenants and Warranties of the Company. The Company represents, covenants
and warrants that: 
 (a) The Company is a limited partnership duly organized and validly existing under the laws
of the State of Delaware. The Company is not in violation of any provision of its certificate of limited partnership, has the power to enter into this Agreement, and has duly authorized the execution and delivery of this Agreement, and is qualified
to do business and is in good standing under the laws of the State. 
 (b) The Company (i) shall preserve,
renew, and keep in full force and effect its legal existence and the rights, licenses, permits, privileges, and franchises material to the conduct of its business (provided that the foregoing shall not prohibit any merger, consolidation, sale,
lease, or transfer permitted under the following clause (ii)); and (ii) shall not without the prior written consent of the Credit Provider (during any Credit Facility Period) and the Trustee (during any Interest Period that is not a Credit
Facility Period) consolidate with or merge into any other person or sell, lease, or transfer its properties and assets as, or substantially as, an entity to any person unless (1) (A) in the case of a merger, the Company is the surviving
entity, or (B) the person formed by such consolidation or into which the Company is merged or the person that acquires by sale or transfer, or that leases the properties and assets of the Company as, or substantially as, an entity expressly
assumes by an assumption agreement hereto, executed and delivered to the Issuer, all of the obligations of the Company under this Lease Agreement; (2) the surviving entity or successor person is a person organized and existing under the laws of
the United States of America, any state thereof, or the District of Columbia; (3) immediately after giving effect to such transaction, no Default shall have occurred and be continuing; and (4) the Company has delivered to the Issuer an
officers’ certificate stating that such consolidation, merger, conveyance, sale, transfer, or lease complies with this Section 2.02(b). 
 (c) Neither the execution and delivery of this Agreement or the Remarketing Agreement, nor the consummation of the transactions contemplated hereby and thereby, nor the fulfillment of or compliance with
the terms and conditions hereof or thereof conflicts with or results in a breach of the terms, conditions, or provisions of any agreement or instrument to which the Company is now a party or by which the Company is bound, or constitutes a default
under any of the foregoing, or results in the creation or imposition of any lien, charge or encumbrance whatsoever upon any of the property or assets of the Company under the terms of any such instrument or agreement, except where such
conflict, breach, default, creation or imposition individually or in the aggregate could not reasonably be expected to result in a Material Adverse Effect. 

  
 -4-

 (d) There is no action, suit, proceeding, inquiry or investigation, at law
or in equity, before or by any court, public board or body, known to be pending or threatened against or affecting the Company or any of its officers, nor to the best knowledge of the Company is there any basis therefor, wherein an unfavorable
decision, ruling, or finding would materially adversely affect the transactions contemplated by this Agreement or which would adversely affect, in any way, the validity or enforceability of the Bonds, this Agreement, the Remarketing Agreement, or
any agreement or instrument to which the Company is a party, used or contemplated for use in the consummation of the transactions contemplated hereby. 
 (e) The Project is of the type authorized and permitted by the Act, and its estimated Cost is not less than $75,000,000. 

(f) The proceeds from the sale of the Bonds will be used only for payment of Costs of the Project. 

(g) The Company will use due diligence to cause the Project to be operated in accordance with the laws, rulings,
regulations and ordinances of the State and the departments, agencies and political subdivisions thereof. The Company has obtained or caused to be obtained all requisite approvals of the State and of other federal, state, regional and local
governmental bodies for the acquisition, construction, improving and equipping of the Project. 
 (h) The Company
will fully and faithfully perform all the duties and obligations which the Issuer has covenanted and agreed in the Indenture to cause the Company to perform and any duties and obligations which the Company is required in the Indenture to perform.
The foregoing shall not apply to any duty or undertaking of the Issuer which by its nature cannot be delegated or assigned. 
 (i) The issuance of the Bonds by the Issuer to finance the acquisition, construction and installation of the Project has induced the Company to locate the Project in the Parish of St. James, State of
Louisiana which will directly result in an increase in employment opportunities in such Parish. 
 (j) The
Company does not “control” the Credit Provider, either directly or indirectly through one or more controlled companies, within the meaning of Section 2(a)(9) of the Investment Company Act of 1940. 

SECTION 2.03. Tax-Exempt Status of the Bonds. The Company hereby represents, warrants and agrees that the Tax Regulatory Agreement
executed and delivered by the Company concurrently with the issuance and delivery of the Bonds is true, accurate and complete in all material respects as of the date on which executed and delivered. 

SECTION 2.04. Notice of Determination of Taxability. Promptly after the Company first becomes aware of any Determination of
Taxability, the Company shall give written notice thereof to the Issuer and the Trustee. 

  
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 ARTICLE 3 
 ACQUISITION AND CONSTRUCTION OF THE PROJECT; 
 ISSUANCE OF THE BONDS

 SECTION 3.01. Agreement to Acquire, Construct and Install the Project. The Company agrees to make all contracts
and do all things necessary for the acquisition, construction and installation of the Project. The Company further agrees that it will acquire, construct, and install the Project with all reasonable dispatch and use its commercially reasonable
efforts to cause acquisition, construction, installation and occupancy of the Project. The Company expects the Project to be completed by September of 2012, or as soon thereafter as may be practicable, delays caused by force majeure as defined in
Section 8.01 hereof only excepted; but if for any reason such acquisition, construction and installation is not completed by said date there shall be no resulting liability on the part of the Company and no diminution in or postponement of the
payments required in Section 4.02 hereof to be paid by the Company. 
 SECTION 3.02. Agreement to Issue the Bonds;
Application of Bond Proceeds. In order to provide funds for the payment of the Cost of the Project, the Issuer, concurrently with the execution of this Agreement, will issue, sell, and deliver the Bonds and deposit the net proceeds thereof with
the Trustee in the Project Fund. 
 SECTION 3.03. Disbursements from the Project Fund. The Issuer has, in the Indenture,
authorized and directed the Trustee to make disbursements from the Project Fund to pay the Costs of the Project, or to reimburse the Company for any Cost of the Project paid by the Company. Except with respect to payment of Issuance Costs on the
date of issuance of the Bonds, the Trustee shall not make any disbursement from the Project Fund until the Company shall have provided the Trustee with a Requisition. It is recognized that the proceeds of the Bonds are not sufficient to pay in
full the costs of all of the tanks and other facilities described in Exhibit A hereto. Upon expenditure of all of the proceeds of the Bonds in the Project Fund, the Company shall file with the Issuer and the Trustee a completion certificate
establishing the Completion Date as provided in Section 3.05 hereof and describing the facilities that were financed from the proceeds of the Bonds deposited in the Project Fund, accompanied by a bill of sale conveying said facilities to the
Issuer. Only those facilities described in said completion certificate shall constitute the Project for purposes of this Agreement, the Indenture and related documents. 
 SECTION 3.04. Furnishing Documents to the Trustee. The Company agrees to cause such Requisitions to be directed to the Trustee as may be necessary to effect payments out of the Project Fund in
accordance with Section 3.03 hereof. 
 SECTION 3.05. Establishment of Completion Date. (a) The Completion Date
shall be evidenced to the Issuer and the Trustee by a certificate signed by a Company Representative stating that, except for amounts retained by the Trustee at the Company’s direction to pay any Cost of the Project not then due and payable,
(i) construction of the Project has been completed and all costs of labor, services, materials and supplies used in such construction have been paid, (ii) all equipment for the Project has been installed, such equipment so installed is
suitable and sufficient for the operation of the Project, and all costs and expenses incurred in the acquisition and installation of such equipment have been paid, and (iii) all other facilities necessary in connection with the Project have
been acquired, constructed and installed and all costs and expenses incurred in connection therewith have been paid. Notwithstanding the foregoing, such certificate shall state that it is given without prejudice to any rights against third parties
which exist at the date of such certificate or which may subsequently come into being. Forthwith upon completion of the acquisition, construction and installation of the Project, the Company agrees to cause such certificate to be furnished to the
Issuer and the Trustee. Upon receipt of such certificate, the Trustee shall retain in the Project Fund a sum equal to the amounts necessary for payment of the Costs of the Project not then due and payable according to such certificate. If any such
amounts so retained are not subsequently used, prior to any transfer of said 

  
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amounts to the General Account of the Bond Fund as provided below, the Trustee shall give notice to the Company of the failure to apply said funds for payment of the Costs of the Project. Any
amount not to be retained in the Project Fund for payment of the Costs of the Project, and all amounts so retained but not subsequently used, shall be transferred by the Trustee into the General Account of the Bond Fund. 

(b) If, upon the Completion Date, at least ninety-five percent (95%) of the Net Proceeds of the Bonds have not been used to pay
Qualified Project Costs, any amount (exclusive of amounts retained by the Trustee in the Project Fund for payment of Costs of the Project not then due and payable) remaining in the Project Fund shall be transferred by the Trustee into the General
Account of the Bond Fund and used by the Trustee (a) to redeem, or to cause the redemption of, Bonds on the earliest redemption date permitted by the Indenture without a premium, (b) to purchase Bonds on the open market prior to such
redemption date at prices not in excess of one hundred percent (100%) of the principal amount of such Bonds, or (c) for any other purpose provided that the Trustee is furnished with an opinion of Bond Counsel to the effect that such use is
lawful under the Act and will not require that interest on the Bonds be included in gross income for federal income tax purposes. Until used for one or more of the foregoing purposes, such segregated amount may be invested as permitted by the
Indenture provided that prior to any such investment the Trustee is provided with an opinion of Bond Counsel to the effect that such investment will not require that interest on the Bonds be included in gross income for federal income tax purposes.

 SECTION 3.06. Company Required to Pay in Event Project Fund Insufficient. In the event the moneys in the Project Fund
available for payment of the Costs of the Project should not be sufficient to pay the Costs of the Project in full, the Company agrees to complete the Project and to pay that portion of the Costs of the Project in excess of the moneys available
therefor in the Project Fund. The Issuer does not make any warranty, either express or implied, that the moneys paid into the Project Fund and available for payment of the Costs of the Project will be sufficient to pay all of the Costs of the
Project. The Company agrees that if after exhaustion of the moneys in the Project Fund, the Company should pay any portion of the Costs of the Project pursuant to the provisions of this Section, the Company shall not be entitled to any reimbursement
therefor from the Issuer, the Trustee or the Owners of any of the Bonds, nor shall the Company be entitled to any diminution of the amounts payable under Section 4.02 hereof. 

SECTION 3.07. Special Arbitrage Certifications. The Company and the Issuer covenant not to cause or direct any moneys on deposit
in any fund or account to be used in a manner which would cause the Bonds to be classified as “arbitrage bonds” within the meaning of Section 148 of the Code, and the Company certifies and covenants to and for the benefit of the
Issuer and the Owners of the Bonds that so long as there are any Bonds Outstanding, moneys on deposit in any fund or account in connection with the Bonds, whether such moneys were derived from the proceeds of the sale of the Bonds or from any other
sources, will not be used in a manner which will cause the Bonds to be classified as “arbitrage bonds” within the meaning of Section 148 of the Code. 

  
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 ARTICLE 4 
 LEASE PROVISIONS; 
 SUBSTITUTE CREDIT FACILITY 

SECTION 4.01. Agreement to Lease the Project. The Issuer hereby demises and leases to the Company, and the Company hereby leases
from the Issuer, for and during the Term of Agreement, the Project, including the building and the Project Equipment, which are located on the Project Land, described in Exhibit A hereto. 

SECTION 4.02. Rental Payments. (a) The Company hereby covenants and agrees to pay base rental for the use and occupancy of
the Project, as follows: on or before any Interest Payment Date for the Bonds or any other date that any payment of interest, premium, if any, or principal or Purchase Price is required to be made in respect of the Bonds pursuant to the Indenture,
until the principal of, premium, if any, and interest on the Bonds shall have been fully paid or provision for the payment thereof shall have been made in accordance with the Indenture, in immediately available funds, a sum which, together with any
other moneys available for such payment in any account of the Bond Fund, will enable the Trustee to pay the amount payable on such date as Purchase Price or principal of (whether at maturity or upon redemption or acceleration or otherwise), premium,
if any, and interest on the Bonds as provided in the Indenture; provided, however, that the obligation of the Company to make any rental payment hereunder shall be deemed satisfied and discharged to the extent of the corresponding payment made by
the Credit Provider to the Trustee under the Credit Facility. 
 It is understood and agreed that all rental payments payable by
the Company under subsection (a) of this Section 4.02 are assigned by the Issuer to the Trustee for the benefit of the Owners of the Bonds. The Company assents to such assignment. The Issuer hereby directs the Company and the Company
hereby agrees to pay to the Trustee at the Principal Office of the Trustee all payments payable by the Company pursuant to this subsection. 
 (b) The Company will also pay, as additional rent, the reasonable fees and expenses of the Issuer related to the issuance of the Bonds, payable on the date of issuance of the Bonds. 

(c) The Company will also pay, as additional rent, the reasonable fees and expenses of the Trustee under the Indenture and all other
amounts which may be payable to the Trustee under Section 10.02 of the Indenture, such amounts to be paid directly to the Trustee for the Trustee’s own account as and when such amounts become due and payable. 

(d) The Company will also pay, as additional rent, any amounts due and payable under Section 4.05 hereof. 

(e) In the event the Company should fail to make any of the rental payments required in this Section 4.02, the item or installment
so in default shall continue as an obligation of the Company until the amount in default shall have been fully paid, and the Company agrees to pay the same with interest thereon, to the extent permitted by law, from the date when such payment was
due, at the rate of interest borne by the Bonds. 
 SECTION 4.03. Obligations of the Company Unconditional. The
obligations of the Company to make the payments required in Section 4.02 and to perform and observe the other agreements contained herein shall be absolute and unconditional and shall not be subject to any defense or any right of setoff,
counterclaim or recoupment arising out of any breach by the Issuer or the Trustee of any obligation to the Company, whether hereunder or otherwise, or out of any indebtedness or liability at any time owing to the Company by the Issuer or the
Trustee, and, until such time as the principal of, premium, if any, and interest 

  
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on the Bonds shall have been fully paid or provision for the payment thereof shall have been made in accordance with the Indenture, the Company (i) will not suspend or discontinue any rental
payments provided for in Section 4.02 hereof, (ii) will perform and observe all other agreements contained in this Agreement and (iii) except as otherwise provided herein, will not terminate the Term of Agreement for any cause,
including, without limiting the generality of the foregoing, failure of the Company to complete the acquisition, construction and installation of the Project, the occurrence of any acts or circumstances that may constitute failure of consideration,
eviction or constructive eviction, destruction of or damage to the Project, the taking by eminent domain of title to or temporary use of any or all of the Project, commercial frustration of purpose, any change in the tax or other laws of the United
States of America or of the State or any political subdivision of either thereof or any failure of the Issuer or the Trustee to perform and observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or
connected with this Agreement. Nothing contained in this Section shall be construed to release the Issuer from the performance of any of the agreements on its part herein contained, and in the event the Issuer or the Trustee should fail to perform
any such agreement on its part, the Company may institute such action against the Issuer or the Trustee as the Company may deem necessary to compel performance so long as such action does not abrogate the obligations of the Company contained in the
first sentence of this Section. 
 SECTION 4.04. Substitute Credit Facility. Subject to the conditions set forth in this
Section 4.04, the Company may provide for the delivery to the Trustee of a Substitute Credit Facility. The Company shall furnish written notice to the Trustee, not less than twenty days prior to the Mandatory Purchase Date, (a) notifying
the Trustee that the Company is exercising its option to provide for the delivery of a Substitute Credit Facility to the Trustee, (b) setting forth the Mandatory Purchase Date in connection with the delivery of such Substitute Credit Facility,
which shall in any event be an Interest Payment Date that is not less than two Business Days prior to the expiration date of the Credit Facility then in effect with respect to the Bonds, and (c) instructing the Trustee to furnish notice to the
Bondholders regarding the Mandatory Purchase Date at least fifteen days prior to the Mandatory Purchase Date, as more fully described in Section 4.01(b) of the Indenture and Exhibit B thereto. Any Substitute Credit Facility shall be
delivered to the Trustee prior to such Mandatory Purchase Date and shall be effective on and after such Mandatory Purchase Date. On or before the date of such delivery of a Substitute Credit Facility to the Trustee, the Company shall furnish to the
Trustee (a) a written opinion of Bond Counsel stating that the delivery of such Substitute Credit Facility will not adversely affect the exclusion from gross income of interest on the Bonds for federal income tax purposes; and (b) a
written opinion of counsel to the Substitute Credit Provider to the effect that the Substitute Credit Facility is a legal, valid, binding and enforceable obligation of the Substitute Credit Provider in accordance with its terms. 

SECTION 4.05. Exemption from Ad Valorem Tax. The Company and Issuer hereby acknowledge, understand and agree that, while the
Project is owned by the Issuer, the Project will be exempt from all ad valorem taxes. Notwithstanding such exemption, the Company hereby agrees, commencing on the December 31 that is at least eleven full years after establishment of the
Completion Date and on each December 31 thereafter, so long as the Issuer owns the Project, to make a payment in lieu of tax, in an amount equal to, but not exceeding, the amount that would be due and payable as ad valorem tax on the Project if
the Company owned the Project. Such payment in lieu of tax shall be paid to the person or entity collecting tax in the Parish of St. James and shall be distributed to taxing bodies in the same manner as ad valorem tax collections are distributed.

 SECTION 4.06. Removal or Property. The Issuer shall not be under any obligation to renew, repair or replace any item
of inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary equipment, fixtures or furnishings comprising a part of the Project. In any instance where the Company in its sound discretion determines that any items of the Project have
become inadequate, obsolete, worn out, unsuitable, undesirable or unnecessary, the Company may remove such items of the Project, and (on behalf of the Issuer) sell, trade-in, exchange or otherwise dispose of them (as a whole or in part) without any
responsibility or accountability to the Issuer or the Trustee therefor. 

  
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 The removal of any portion of the Project pursuant to the provisions of this Section shall
not entitle the Company to any abatement or diminution of the rents payable under Section 4.02 hereof. 
 SECTION 4.07.
Additional Property Constituting a Part of the Project. Notwithstanding any provision of this Agreement to the contrary, after the Completion Date, the Company may elect to have any real or personal property, machinery, equipment, furniture
or fixtures acquired at the sole cost of the Company included as part of the Project by delivering to the Trustee and the Issuer written notice of the Company’s election to have such property included as part of the Project. Upon the filing of
such written notice with the Trustee and the Issuer, such property specified in said notice shall become a part of the Project, up to a total cost of $10,000,000. It is recognized and understood that the provisions of this Section 4.07 and the
corresponding provisions of Section 4.07 relating to the prior issues of bonds of the Issuer on behalf of the Company are not cumulative and that the Company is entitled to make a single election in an amount not exceeding $10,000,000.

  
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 ARTICLE 5 
 PREPAYMENT AND REDEMPTION 
 SECTION 5.01. Prepayment and Redemption.
The Company shall have the option to prepay its obligations hereunder at the times and in the amounts as necessary to exercise its option to cause the Bonds to be redeemed as set forth in the Indenture and in the Bonds. The Company hereby agrees
that it shall prepay its obligations hereunder at the times and in the amounts as necessary to accomplish the mandatory redemption of the Bonds as set forth in the Indenture and in the Bonds. The Issuer, at the request of the Company, shall
forthwith take all steps (other than the payment of the money required for such redemption) necessary under the applicable redemption provisions of the Indenture to effect redemption of all or part of the Outstanding Bonds, as may be specified by
the Company, on the date established for such redemption. 

  
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 ARTICLE 6 
 SPECIAL COVENANTS 
 SECTION 6.01. No Warranty of Condition or
Suitability by the Issuer. THE ISSUER MAKES NO WARRANTY, EITHER EXPRESS OR IMPLIED, AS TO THE PROJECT OR THE CONDITION THEREOF, OR THAT THE PROJECT WILL BE SUITABLE FOR THE PURPOSES OR NEEDS OF THE COMPANY. THE ISSUER MAKES NO REPRESENTATION OR
WARRANTY, EXPRESS OR IMPLIED, THAT THE COMPANY WILL HAVE QUIET AND PEACEFUL POSSESSION OF THE PROJECT. THE ISSUER MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, WITH RESPECT TO THE MERCHANTABILITY, CONDITION OR WORKMANSHIP OF ANY PART OF
THE PROJECT OR ITS SUITABILITY FOR THE COMPANY’S PURPOSES. 
 SECTION 6.02. Access to the Project. The Company
agrees that the Issuer, the Credit Provider, the Trustee and their duly authorized agents, attorneys, experts, engineers, accountants and representatives shall have the right to inspect the Project at all reasonable times and on reasonable notice.
The Issuer, the Credit Provider, the Trustee and their duly authorized agents shall also be permitted, at all reasonable times, to examine the books and records of the Company with respect to the Project. 

SECTION 6.03. Further Assurances and Corrective Instruments. The Issuer and the Company agree that they will, from time to time,
execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such supplements hereto and such further instruments as may reasonably be required for carrying out the expressed intention of this Agreement. 

SECTION 6.04. Issuer and Company Representatives. Whenever under the provisions of this Agreement the approval of the Issuer or
the Company is required or the Issuer or the Company is required to take some action at the request of the other, such approval or such request shall be given for the Issuer by an Issuer Representative and for the Company by a Company
Representative. The Trustee shall be authorized to act on any such approval or request. 
 SECTION 6.05. Financing
Statements. The Company agrees to execute and file or cause to be executed and filed any and all financing statements or amendments thereof or continuation statements necessary to perfect and continue the perfection of the security interests
granted in the Indenture. The Company shall pay all costs of filing such instruments. 
 SECTION 6.06. Covenants to Provide
Ongoing Disclosure. The Company hereby covenants and agrees to enter into a written undertaking for the benefit of the holders of the Bonds, as required by Section (b)(5)(i) of Securities and Exchange Commission Rule 15c2-12 under the Securities
Exchange Act of 1934, as amended (17 CFR Part 240, §240.15c2-12). 
 SECTION 6.07. Notice of Control. The Company
shall provide written notice to the Trustee and the Remarketing Agent thirty days prior to the consummation of any transaction that would result in the Company controlling the Credit Provider or being controlled by the Credit Provider within the
meaning of Section 2(a)(9) of the Investment Company Act of 1940. The Company acknowledges that pursuant to Section 5.10 of the Indenture, upon receipt of such notice, the Trustee will provide notice thereof to the Owners, and the Company
hereby consents thereto. 
 SECTION 6.08. Acknowledgement and Covenant Regarding Commercial Paper or Long Term Period.
The Company acknowledges that the Bonds shall initially be rated only while the Interest Period for the Bonds is a Daily Period or a Weekly Period. Further, the Company acknowledges that in the event that it shall select a Commercial Paper Period or
Long Term Period as the Interest Period, it shall be required to provide a Substitute Credit Facility or an amendment to the Credit Facility in accordance with Section 2.07 

  
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of the Indenture. The Company covenants that, in the event that it shall select a Commercial Paper Period or Long Term Period, it shall amend or cause the amendment of, and supplement or cause
the supplementation of, this Agreement and the Indenture, respectively, such that the Bonds shall continue to be rated as investment grade by Moody’s, Fitch or S&P. 
 SECTION 6.09. Environmental Matters. The Company shall: 
 (a) comply
with all applicable Environmental Laws and obtain and comply with and maintain any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws except to the extent that failure to do so could not
reasonably be expected to have a Material Adverse Effect; and 
 (b) conduct and complete all investigations, studies,
sampling and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws except to the extent that the
same are being contested in good faith by appropriate proceedings and the pendency of such proceedings could not reasonably be expected to have a Material Adverse Effect. 

  
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 ARTICLE 7 
 ASSIGNMENT, SELLING, SUBLEASING, 
 INDEMNIFICATION; REDEMPTION

 SECTION 7.01. Assignment, Selling and Leasing. This Agreement may be assigned and the Project may be sold or
subleased, as a whole or in part, with the prior written consent of the Credit Provider and the Trustee (provided, however, during the Credit Facility Period, the consent of the Trustee shall not be required); provided, further, that no such
assignment, sale or sublease shall, in the opinion of Bond Counsel, result in interest on any of the Bonds becoming includable in gross income for federal income tax purposes, or shall otherwise violate any provisions of the Act; provided
further, however, that no such assignment, sale or sublease shall relieve the Company of any of its obligations under this Agreement. 
 SECTION 7.02. Release and Indemnification Covenants. (a) The Company shall and hereby agrees to indemnify and save the Issuer and the Trustee harmless against and from all claims by or on
behalf of any person, firm, corporation or other legal entity arising from the conduct or management of, or from any work or thing done on, the Project, or any reason whatsoever in connection with the Project and/or the Bonds, including without
limitation, (i) any condition of the Project, (ii) any breach or default on the part of the Company in the performance of any of its obligations under this Agreement, (iii) any act or negligence of the Company or of any of its agents,
contractors, servants, employees or licensees or (iv) any act or negligence of any assignee or lessee of the Company, or of any agents, contractors, servants, employees or licensees of any assignee or lessee of the Company. The Company shall
indemnify and save the Issuer and the Trustee harmless from any such claim arising as aforesaid, or in connection with any action or proceeding brought thereon, and upon notice from the Issuer or the Trustee, the Company shall defend them or either
of them in any such action or proceeding. 
 (b) Notwithstanding the fact that it is the intention of the parties hereto that
the Issuer shall not incur any pecuniary liability by reason of the terms of this Agreement or the undertakings required of the Issuer hereunder, by reason of the issuance of the Bonds, by reason of the execution of the Indenture or by reason of the
performance of any act requested of the Issuer by the Company, including all claims, liabilities or losses arising in connection with the violation of any statutes or regulation pertaining to the foregoing; nevertheless, if the Issuer should incur
any such pecuniary liability, then in such event the Company shall indemnify and hold the Issuer harmless against all claims, demands or causes of action whatsoever, by or on behalf of any person, firm or corporation or other legal entity arising
out of the same or out of any offering statement or lack of offering statement in connection with the sale or resale of the Bonds and all costs and expenses incurred in connection with any such claim or in connection with any action or proceeding
brought thereon, and upon notice from the Issuer, the Company shall defend the Issuer in any such action or proceeding. All references to the Issuer in this Section 7.02 shall be deemed to include its commissioners, directors, officers,
employees, and agents. 
 Notwithstanding anything to the contrary contained in this Section 7.02, the Company shall have
no liability to indemnify the Issuer against claims or damages resulting from the Issuer’s own gross negligence or willful misconduct. 
 SECTION 7.03. Issuer to Grant Security Interest to Trustee. The parties hereto agree that pursuant to the Indenture, the Issuer shall assign to the Trustee, in order to secure payment of the Bonds,
all of the Issuer’s right, title and interest in and to this Agreement, except for Reserved Rights. 
 SECTION 7.04.
Indemnification of Trustee. The Company shall and hereby agrees to indemnify the Trustee for, and hold the Trustee harmless against, any loss, liability or expense (including the costs and expenses of defending against any claim of liability)
incurred without negligence or willful misconduct by the Trustee and arising out of or in connection with its acting as Trustee under the Indenture. 

  
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 ARTICLE 8 
 DEFAULTS AND REMEDIES 
 SECTION 8.01. Defaults Defined. The
following shall be “Defaults” under this Agreement and the term “Default” shall mean, whenever it is used in this Agreement, any one or more of the following events: 

(a) Failure by the Company to pay any amount required to be paid under Section 4.02(a) or (d) hereof.

 (b) Failure by the Company to observe and perform any covenant, condition or agreement on its part to be
observed or performed, other than as referred to in Section 8.01(a) hereof, for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied shall have been given to the Company by the Issuer
or the Trustee, unless the Issuer and the Trustee shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, the Issuer
and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted by the Company within the applicable period and diligently pursued until such failure is corrected. 

(c) The dissolution or liquidation of the Company, except as authorized by Section 2.02 hereof, or the voluntary
initiation by the Company of any proceeding under any federal or state law relating to bankruptcy, insolvency, arrangement, reorganization, readjustment of debt or any other form of debtor relief, or the initiation against the Company of any such
proceeding which shall remain undismissed for sixty (60) days, or failure by the Company to promptly have discharged any execution, garnishment or attachment of such consequence as would impair the ability of the Company to carry on its
operations at the Project, or assignment by the Company for the benefit of creditors, or the entry by the Company into an agreement of composition with its creditors or the failure generally by the Company to pay its debts as they become due.

 (d) The occurrence and continuance of a Default under the Indenture. 

The provisions of subsection (b) of this Section are subject to the following limitation: if by reason of force majeure the Company is
unable in whole or in part to carry out any of its agreements contained herein (other than its obligations contained in Article IV hereof), the Company shall not be deemed in Default during the continuance of such inability. The term
“force majeure” as used herein shall mean, without limitation, the following: acts of God; strikes or other industrial disturbances; acts of public enemies; orders or restraints of any kind of the government of the
United States of America or of the State or of any of their departments, agencies or officials, or of any civil or military authority; insurrections; riots; landslides; earthquakes; fires; storms; droughts; floods; explosions; breakage or accident
to machinery, transmission pipes or canals; and any other cause or event not reasonably within the control of the Company. The Company agrees, however, to remedy with all reasonable dispatch the cause or causes preventing the Company from carrying
out its agreement, provided that the settlement of strikes and other industrial disturbances shall be entirely within the discretion of the Company and the Company shall not be required to settle strikes, lockouts and other industrial disturbances
by acceding to the demands of the opposing party or parties when such course is in the judgment of the Company unfavorable to the Company. 
 SECTION 8.02. Remedies on Default. Whenever any Default referred to in Section 8.01 hereof shall have happened and be continuing, the Trustee, or the Issuer with the written consent of the
Trustee, may take one or any combination of the following remedial steps: 

  
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 (a) If the Trustee has declared the Bonds immediately due and payable
pursuant to Section 9.02 of the Indenture, by written notice to the Company, declare an amount equal to all amounts then due and payable on the Bonds, whether by acceleration of maturity (as provided in the Indenture) or otherwise, to be
immediately due and payable as liquidated damages under this Agreement and not as a penalty, whereupon the same shall become immediately due and payable; 
 (b) Have reasonable access to and inspect, examine and make copies of the books and records and any and all accounts, data and income tax and other tax returns of the Company during regular business hours
of the Company if reasonably necessary in the opinion of the Trustee; or 
 (c) Take whatever action at law or in
equity may appear necessary or desirable to collect the amounts then due and thereafter to become due, or to enforce performance and observance of any obligation, agreement or covenant of the Company under this Agreement. 

Any amounts collected pursuant to action taken under this Section shall be paid into the Bond Fund and applied in accordance with the
provisions of the Indenture. 
 SECTION 8.03. No Remedy Exclusive. Subject to Section 9.02 of the Indenture, no
remedy herein conferred upon or reserved to the Issuer or the Trustee is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given
under this Agreement or now or hereafter existing at law or in equity. No delay or omission to exercise any right or power accruing upon any Default shall impair any such right or power or shall be construed to be a waiver thereof, but any such
right or power may be exercised from time to time and as often as may be deemed expedient. In order to entitle the Issuer or the Trustee to exercise any remedy reserved to it in this Article, it shall not be necessary to give any notice, other than
such notice as may be required in this Article. Such rights and remedies as are given the Issuer hereunder shall also extend to the Trustee, and the Trustee and the Owners of the Bonds, subject to the provisions of the Indenture, shall be entitled
to the benefit of all covenants and agreements herein contained. 
 SECTION 8.04. Agreement to Pay Attorneys’ Fees
and Expenses. In the event the Company should default under any of the provisions of this Agreement and the Issuer should employ attorneys or incur other expenses for the collection of payments required hereunder or the enforcement of
performance or observance of any obligation or agreement on the part of the Company herein contained, the Company agrees that it will, on demand therefor, pay to the Issuer the reasonable fee of such attorneys and such other expenses so incurred by
the Issuer. 
 SECTION 8.05. No Additional Waiver Improved by One Waiver. In the event any agreement contained in this
Agreement should be breached by either party and thereafter waived by the other party, such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other breach hereunder. 

  
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 ARTICLE 9 
 MISCELLANEOUS 
 SECTION 9.01. Term of Agreement; Option to Purchase
Project. This Agreement shall remain in full force and effect from the date hereof to and including August 1, 2041 or until such time as all of the Bonds and the fees and expenses of the Issuer and the Trustee and all amounts payable to the
Credit Provider under or in respect of the Credit Facility shall have been fully paid or provision made for such payments, whichever is later; provided, however, that this Agreement may be terminated prior to such date pursuant to
Article V of this Agreement, but in no event before all of the obligations and duties of the Company hereunder have been fully performed, including, without limitation, the payments of all costs and fees mandated hereunder. 

If the Company pays the rentals herein required, or if provision is made for payment of the Bonds in accordance with the provisions of
the Indenture, the Company shall have the right and option, herein granted by the Issuer, to purchase the Project from the Issuer at any time during the term of the Agreement after or simultaneously with payment (or provision for payment in
accordance with the Indenture) in full of the principal of and the interest and premium (if any) on the Bonds and all fees, charges and disbursements of the Trustee, accrued and to accrue until the date of such full payment, at and for a purchase
price of $1000 plus the related costs and expenses (including reasonable attorneys’ fees) incurred by the Issuer in connection with the Company’s exercise of such option. To exercise any such purchase option, the Company shall notify the
Issuer in writing not less than thirty (30) days prior to the date on which it proposes to effect such purchase and, on the date of such purchase, shall pay the aforesaid purchase price to the Issuer in cash, whereupon the Issuer will, by bills
of sale and deed or other appropriate instruments, transfer and convey the Project (in its then condition, whatever that may be) to the Company, subject only to such liens, encumbrances and exceptions to which title thereto was subject when this
Agreement was delivered, those to the creation or suffering of which the Company consented (except for this Agreement and the Indenture) and those resulting from the failure of the Company to perform or observe any of the agreements or covenants on
its part herein contained. Nothing herein contained shall be construed to give the Company any right to any rebate to or refund of any rental paid by it hereunder prior to the exercise by it of the purchase option hereinabove granted, even though
such rental may have been wholly or partially prepaid. 
 SECTION 9.02. Notices. All notices, certificates or other
communications hereunder shall be sufficiently given and shall be deemed given when delivered or mailed by registered mail, postage prepaid, addressed as follows: 
  

			
	Issuer:	  	Parish of St. James, State of Louisiana
		  	P. O. Box 176
		  	Vacherie, Louisiana 70090
		  	Attention: Parish President
		
	Trustee:	  	U.S. Bank National Association
		  	1349 West Peachtree, NW
		  	Two Midtown Plaza, Suite 1050
		  	Atlanta, Georgia 30309
		  	Attention: Corporate Trust Department
		
	Company:	  	NuStar Logistics, L.P.
		  	2330 North Loop 1604 West
		  	San Antonio, Texas 78248
		  	Attention: Chief Financial Officer

  
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	Credit Provider:	  	Wells Fargo Bank, National Association
		  	1000 Louisiana Street, 9th Floor
		  	Houston, TX 77022
		  	Attention: Christina Faith
		
	Remarketing Agent:	  	SunTrust Robinson Humphrey, Inc.
		  	3333 Peachtree Road, 11th Floor
		  	Atlanta, Georgia 30326
		  	Attention: Municipal Desk
		
	Fitch:	  	Fitch, Inc.
		  	One State Street Plaza
		  	New York, New York 10004
		  	Attention: Structured Finance
		
	Moody’s:	  	Moody’s Investors Service, Inc.
		  	99 Church Street
		  	New York, New York 10007
		  	Attention: Corporate Department, Structured Finance Group
		
	S&P:	  	Standard & Poor’s Ratings Services,
		  	a Standard & Poor’s Financial Services LLC business
		  	55 Water Street
		  	New York, New York 10041
		  	Attention: Corporate Finance Department

 A duplicate copy of each notice, certificate or other communication given hereunder by the Issuer or the
Company shall also be given to the Trustee and the Credit Provider. The Issuer, the Company, the Trustee, and the Credit Provider may, by written notice given hereunder, designate any further or different addresses to which subsequent notices,
certificates or other communications shall be sent. 
 SECTION 9.03. Binding Effect. This Agreement shall inure to the
benefit of and shall be binding upon the Issuer, the Company, the Credit Provider, the Trustee, the Owners of Bonds and their respective successors and assigns, subject, however, to the limitations contained in Section 2.02(b) hereof.

 SECTION 9.04. Severability. In the event any provision of this Agreement shall be held invalid or unenforceable by any
court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. 

SECTION 9.05. Amounts Remaining in Funds. Subject to the provisions of Section 6.11 of the Indenture, it is agreed by the
parties hereto that any amounts remaining in any account of the Bond Fund, the Project Fund, or any other fund (other than the Rebate Fund) created under the Indenture upon expiration or earlier termination of this Agreement, as provided in this
Agreement, after payment in full of the Bonds (or provision for payment thereof having been made in accordance with the provisions of the Indenture) and the fees and expenses of the Trustee in accordance with the Indenture, shall belong to and be
paid to the Company by the Trustee. 
 SECTION 9.06. Amendments, Changes and Modifications. Subsequent to the
issuance of Bonds and prior to their payment in full (or provision for the payment thereof having been made in accordance with the provisions of the Indenture), and except as otherwise herein expressly provided, this Agreement may not be effectively
amended, changed, modified, altered or terminated without the written consent of the Trustee and, prior to the Credit Facility Termination Date and payment of all amounts payable to the Credit Provider

  
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under or in connection with the Credit Facility, the consent of the Credit Provider, in accordance with the provisions of the Indenture. 

SECTION 9.07. Execution in Counterparts. This Agreement may be simultaneously executed in several counterparts, each of which
shall be an original and all of which shall constitute but one and the same instrument. 
 SECTION 9.08. Applicable Law.
This Agreement shall be governed by and construed in accordance with the laws of the State. 
 SECTION 9.09. Captions.
The captions and headings in this Agreement are for convenience only and in no way define, limit or describe the scope or intent of any provisions or Sections of this Agreement. 

  
 -19-

 IN WITNESS WHEREOF, the Parish of St. James, State of Louisiana, and NuStar Logistics, L.P.,
have caused this Agreement to be executed in their respective names and attested by their duly authorized officer or officers, and the Parish has caused its corporate seal to be affixed hereto, all as of the date first above written. 

 

							
		    	PARISH OF ST. JAMES,
		    	STATE OF LOUISIANA
				
		    	By:	  	 /s/ Dale Hymel, Jr.
	 	
		    		  	Parish President	 	

 ATTEST: 
  

							
	By:	 	 /s/ Angele Rodrigue
	 		  	
		 	Secretary, Parish Council	 		  	[SEAL]

							
				
	WITNESSES:	    		 		 	
				
	 /s/ Sharon A. Penning
	    		 		 	
				
	 /s/ Susen A. Cassou
	    		 		 	
			
		    	NUSTAR LOGISTICS, L.P.	 	
		    	By:	 	NUSTAR GP, INC., its general partner	 	
	WITNESSES:	    		 		 	
		    	By:	 	 /s/ Steven A. Blank
	 	
	 /s/ Matthew D. Willcox
	    		 	Senior Vice President, Chief Financial	 	
		    		 	Officer and Treasurer	 	
	 /s/ Lucy Champion
	    		 		 	

  
 -20-

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