Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
 LOAN AND SECURITY AGREEMENT

 Dated as of December 21, 2017 
  

 
 PAR PETROLEUM, LLC, 

PAR HAWAII, INC., 
 MID
PAC PETROLEUM, LLC, 
 HIE RETAIL, LLC, 

HERMES CONSOLIDATED, LLC, and 

WYOMING PIPELINE COMPANY LLC 

as Borrowers 
  

 
 BANK OF AMERICA, N.A., 

as Administrative Agent 
 and 

CERTAIN FINANCIAL INSTITUTIONS, 

as Lenders 
  

 
 BANK OF AMERICA, N.A., 

as Sole Lead Arranger and Sole Bookrunner 

KEYBANK NATIONAL ASSOCIATION 

as Syndication Agent 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 Section 1.
	  	 DEFINITIONS; RULES OF CONSTRUCTION
	  	 	1	 
	 1.1.
	  	 Definitions
	  	 	1	 
	 1.2.
	  	 Accounting Terms
	  	 	45	 
	 1.3.
	  	 Uniform Commercial Code
	  	 	45	 
	 1.4.
	  	 Certain Matters of Construction
	  	 	45	 
	 Section 2.
	  	 CREDIT FACILITIES
	  	 	46	 
	 2.1.
	  	 Commitment
	  	 	46	 
	 2.2.
	  	 Letter of Credit Facility
	  	 	48	 
	 Section 3.
	  	 INTEREST, FEES AND CHARGES
	  	 	52	 
	 3.1.
	  	 Interest
	  	 	52	 
	 3.2.
	  	 Fees
	  	 	54	 
	 3.3.
	  	 Computation of Interest, Fees, Yield Protection
	  	 	54	 
	 3.4.
	  	 Reimbursement Obligations
	  	 	55	 
	 3.5.
	  	 Illegality
	  	 	55	 
	 3.6.
	  	 Inability to Determine Rates
	  	 	55	 
	 3.7.
	  	 Increased Costs; Capital Adequacy
	  	 	56	 
	 3.8.
	  	 Mitigation
	  	 	57	 
	 3.9.
	  	 Funding Losses
	  	 	57	 
	 3.10.
	  	 Maximum Interest
	  	 	57	 
	 Section 4.
	  	 LOAN ADMINISTRATION
	  	 	57	 
	 4.1.
	  	 Manner of Borrowing and Funding Loans
	  	 	57	 
	 4.2.
	  	 Defaulting Lender
	  	 	59	 
	 4.3.
	  	 Number and Amount of LIBOR Loans; Determination of Rate
	  	 	60	 
	 4.4.
	  	 Borrower Agent
	  	 	60	 
	 4.5.
	  	 One Obligation
	  	 	60	 
	 4.6.
	  	 Effect of Termination
	  	 	60	 
	 Section 5.
	  	 PAYMENTS
	  	 	60	 
	 5.1.
	  	 General Payment Provisions
	  	 	60	 
	 5.2.
	  	 Repayment of Loans
	  	 	61	 
	 5.3.
	  	 Payment of Other Obligations
	  	 	61	 
	 5.4.
	  	 Marshaling; Payments Set Aside
	  	 	61	 
	 5.5.
	  	 Application and Allocation of Payments
	  	 	61	 
	 5.6.
	  	 Dominion Account
	  	 	62	 
	 5.7.
	  	 Account Stated
	  	 	62	 
	 5.8.
	  	 Taxes
	  	 	62	 
	 5.9.
	  	 Lender Tax Information
	  	 	64	 
	 5.10.
	  	 Nature and Extent of Each Borrower’s Liability
	  	 	65	 
	 Section 6.
	  	 CONDITIONS PRECEDENT
	  	 	68	 
	 6.1.
	  	 Conditions Precedent to Closing
	  	 	68	 
	 6.2.
	  	 Conditions Precedent to All Credit Extensions
	  	 	70	 
	 Section 7.
	  	 COLLATERAL
	  	 	70	 
	 7.1.
	  	 Grant of Security Interest
	  	 	70	 
	 7.2.
	  	 Lien on Deposit Accounts; Securities Accounts; Cash Collateral
	  	 	71	 
	 7.3.
	  	 Other Collateral
	  	 	71	 
	 7.4.
	  	 Limitations
	  	 	71	 
	 7.5.
	  	 Further Assurances
	  	 	72	 
	 7.6.
	  	 Certain Limited Exclusions
	  	 	72	 
	 7.7.
	  	 Collateral Rights Agreement
	  	 	73	 

							
	 Section 8.
	  	 COLLATERAL ADMINISTRATION
	  	 	73	 
	 8.1.
	  	 Borrowing Base Reports
	  	 	73	 
	 8.2.
	  	 Accounts
	  	 	74	 
	 8.3.
	  	 Proceeds of Notes Collateral
	  	 	75	 
	 8.4.
	  	 Equipment
	  	 	75	 
	 8.5.
	  	 Deposit Accounts; Securities Accounts
	  	 	75	 
	 8.6.
	  	 General Provisions
	  	 	76	 
	 8.7.
	  	 Power of Attorney
	  	 	77	 
	 Section 9.
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	77	 
	 9.1.
	  	 General Representations and Warranties
	  	 	77	 
	 9.2.
	  	 Complete Disclosure
	  	 	85	 
	 Section 10.
	  	 COVENANTS AND CONTINUING AGREEMENTS
	  	 	85	 
	 10.1.
	  	 Affirmative Covenants
	  	 	85	 
	 10.2.
	  	 Negative Covenants
	  	 	92	 
	 10.3.
	  	 Financial Covenants
	  	 	101	 
	 Section 11.
	  	 GUARANTY
	  	 	102	 
	 11.1.
	  	 Guaranty
	  	 	102	 
	 11.2.
	  	 No Setoff or Deductions; Taxes; Payments
	  	 	102	 
	 11.3.
	  	 Rights of Secured Parties
	  	 	102	 
	 11.4.
	  	 Certain Waivers
	  	 	103	 
	 11.5.
	  	 Obligations Independent
	  	 	103	 
	 11.6.
	  	 Subrogation
	  	 	103	 
	 11.7.
	  	 Termination; Reinstatement
	  	 	104	 
	 11.8.
	  	 Subordination
	  	 	104	 
	 11.9.
	  	 Stay of Acceleration
	  	 	104	 
	 11.10.
	  	 Expenses
	  	 	104	 
	 11.11.
	  	 Miscellaneous
	  	 	104	 
	 11.12.
	  	 Condition of Obligors
	  	 	104	 
	 11.13.
	  	 Additional Guarantors
	  	 	105	 
	 Section 12.
	  	 EVENTS OF DEFAULT; REMEDIES ON DEFAULT
	  	 	105	 
	 12.1.
	  	 Events of Default
	  	 	105	 
	 12.2.
	  	 Remedies upon Default
	  	 	106	 
	 12.3.
	  	 License
	  	 	107	 
	 12.4.
	  	 Setoff
	  	 	107	 
	 12.5.
	  	 Remedies Cumulative; No Waiver
	  	 	107	 
	 Section 13.
	  	 ADMINISTRATIVE AGENT
	  	 	108	 
	 13.1.
	  	 Appointment, Authority and Duties of Administrative Agent
	  	 	108	 
	 13.2.
	  	 Agreements Regarding Collateral and Borrower Materials
	  	 	109	 
	 13.3.
	  	 Reliance By Administrative Agent
	  	 	110	 
	 13.4.
	  	 Action Upon Default
	  	 	110	 
	 13.5.
	  	 Ratable Sharing
	  	 	110	 
	 13.6.
	  	 Indemnification
	  	 	111	 
	 13.7.
	  	 Limitation on Responsibilities of Administrative Agent
	  	 	111	 
	 13.8.
	  	 Successor Administrative Agent and Co-Agents
	  	 	111	 
	 13.9.
	  	 Due Diligence and Non-Reliance
	  	 	112	 
	 13.10.
	  	 Remittance of Payments and Collections
	  	 	112	 
	 13.11.
	  	 Individual Capacities
	  	 	113	 
	 13.12.
	  	 Titles
	  	 	113	 
	 13.13.
	  	 Bank Product Providers
	  	 	113	 
	 13.14.
	  	 Collateral Agent
	  	 	113	 
	 13.15.
	  	 No Third Party Beneficiaries
	  	 	114	 
	 Section 14.
	  	 BENEFIT OF AGREEMENT; ASSIGNMENTS
	  	 	114	 

  
 (ii) 

							
	 14.1.
	  	 Successors and Assigns
	  	 	114	 
	 14.2.
	  	 Participations
	  	 	114	 
	 14.3.
	  	 Assignments
	  	 	115	 
	 14.4.
	  	 Replacement of Certain Lenders
	  	 	116	 
	 Section 15.
	  	 MISCELLANEOUS
	  	 	116	 
	 15.1.
	  	 Consents, Amendments and Waivers
	  	 	116	 
	 15.2.
	  	 Indemnity
	  	 	117	 
	 15.3.
	  	 Notices and Communications
	  	 	117	 
	 15.4.
	  	 Performance of Borrowers’ Obligations
	  	 	118	 
	 15.5.
	  	 Credit Inquiries
	  	 	119	 
	 15.6.
	  	 Severability
	  	 	119	 
	 15.7.
	  	 Cumulative Effect; Conflict of Terms
	  	 	119	 
	 15.8.
	  	 Counterparts; Execution
	  	 	119	 
	 15.9.
	  	 Entire Agreement
	  	 	119	 
	 15.10.
	  	 Relationship with Lenders
	  	 	119	 
	 15.11.
	  	 No Advisory or Fiduciary Responsibility
	  	 	119	 
	 15.12.
	  	 Confidentiality
	  	 	120	 
	 15.13.
	  	 GOVERNING LAW
	  	 	120	 
	 15.14.
	  	 Consent to Forum; Bail-In of EEA Financial Institutions
	  	 	120	 
	 15.15.
	  	 Waivers by Obligors
	  	 	121	 
	 15.16.
	  	 Patriot Act Notice
	  	 	122	 
	 15.17.
	  	 NO ORAL AGREEMENT
	  	 	122	 

 LIST OF EXHIBITS AND SCHEDULES 

 

			
	 Exhibit A
	  	Form of Assignment
	 Exhibit B
	  	Form of Notice of Borrowing
	 Schedule 1.1
	  	Commitments of Lenders
	 Schedule 1.2
	  	Eligible Unbilled Account Obligors
	 Schedule 1.3
	  	Eligible Account Obligors Owing Investment Grade Receivables
	 Schedule 2.2
	  	Existing Letters of Credit
	 Schedule 8.5
	  	Deposit Accounts and Securities Accounts
	 Schedule 9.1.4
	  	Material Debt and Other Liabilities
	 Schedule 9.1.16
	  	Restrictive Agreements
	 Schedule 9.1.18
	  	Names and Capital Structure
	 Schedule 9.1.19
	  	Locations of Offices
	 Schedule 9.1.21
	  	Intellectual Property
	 Schedule 9.1.24
	  	Hedging Agreements
	 Schedule 9.1.25(a)
	  	 Filing Offices

	 Schedule 10.1.17
	  	 Post-Closing Undertakings

	 Schedule 10.2.1(i)
	  	 Closing Date Borrowed Money

	 Schedule 10.2.4
	  	Investments

  

  
 (iii) 

 LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT is dated as of December 21, 2017 (this “Agreement”), among PAR PETROLEUM,
LLC, a Delaware limited liability company (the “Company”), PAR HAWAII, INC., a Hawaii corporation (“PHI”), MID PAC PETROLEUM, LLC, a Delaware limited liability company (“Mid Pac”),
HIE RETAIL, LLC, a Hawaii limited liability company (“HIE”), HERMES CONSOLIDATED, LLC (d/b/a Wyoming Refining Company), a Delaware limited liability company (“Hermes”), and WYOMING PIPELINE COMPANY
LLC, a Wyoming limited liability company (“WPC” and collectively, with the Company, PHI, Mid Pac, HIE, and Hermes, “Borrowers”), certain subsidiaries of the Borrowers named as guarantors herein, the financial
institutions party to this Agreement from time to time as Lenders, BANK OF AMERICA, N.A., a national banking association, as administrative agent and collateral agent for the Lenders (in such capacities, “Administrative
Agent”). 
 R E C I T A L S: 

Borrowers have requested that Lenders provide a credit facility to Borrowers to finance their mutual and collective business enterprise.
Lenders are willing to provide the credit facility on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, for
valuable consideration hereby acknowledged, the parties agree as follows: 
 SECTION 1. DEFINITIONS; RULES OF CONSTRUCTION 

1.1. Definitions. As used herein, the following terms have the meanings set forth below: 

Account: as defined in the UCC, including all rights to payment for goods sold or leased, or for services rendered. 

Account Debtor: a Person obligated under an Account, Chattel Paper or General Intangible. 

Acquisition: a transaction or series of transactions resulting in (a) acquisition of a business, division, line of business or all
or substantially all assets of a Person; (b) record or beneficial ownership of more than 50% of the Equity Interests of a Person; or (c) merger, consolidation or combination of a Borrower or a Restricted Subsidiary with another Person.

 Additional Issuing Bank: any financial institution that is a Lender selected by the Borrower Agent and approved by Administrative
Agent (which approval shall not be unreasonably withheld or delayed) to issue one or more Letters of Credit hereunder, provided that such financial institution consents to becoming an Additional Issuing Bank and provided further that such financial
institution shall become a party to this Agreement in the capacity as an Issuing Bank by executing a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent and signed by the Borrowers, the Additional Issuing Bank
and Administrative Agent. 
 Administrative Agent: as defined in the introductory paragraph hereto. 

Affiliate: with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have correlative meanings. 

 Affiliate Transaction: as defined in Section 10.2.9. 

Agent Indemnitees: the Administrative Agent and its officers, directors, employees, Affiliates, agents and attorneys. 

Agent Professionals: attorneys, accountants, appraisers, auditors, business valuation experts, environmental engineers or consultants,
turnaround consultants, and other professionals and experts retained by the Administrative Agent. 
 Allocable Amount: as defined in
Section 5.10.3(b). 
 Anti-Corruption Laws: all laws, rules and regulations of any jurisdiction applicable
to any of the Borrowers or their Subsidiaries from time to time concerning or relating to bribery or corruption, including, without limitation, the U.S. Foreign Corrupt Practices Act (FCPA) and the U.K. Bribery Act. 

Anti-Terrorism Law: any law relating to terrorism or money laundering, including the Patriot Act. 

Applicable Law: any and all laws, rules, regulations and governmental guidelines applicable to any Person, conduct, transaction,
agreement or matter in question, including all applicable statutory law, common law and equitable principles, and all provisions of constitutions, treaties, statutes, rules, regulations, ordinances, judgments, orders and decrees of Governmental
Authorities, including for purposes of Section 5.8, FATCA. 
 Applicable Margin: for LIBOR Loans and Base
Rate Loans, the following percentages per annum based upon the arithmetic mean of the daily Availability (expressed as a percentage of the Borrowing Base) computed for a quarterly period, determined as of the last day of the immediately preceding
Fiscal Quarter, as set forth in the pricing grid below: 
  

							
	 Level
	  	 The arithmetic mean of daily
Availability
(expressed as a
percentage of the Borrowing
Base)
	  	 LIBOR Loans
and Base Rate
Loans
(with
interest
determined
pursuant to
clause (a) of the
definition of
“Base Rate”)
	  	
Base Rate
Loans (with
interest
determined
pursuant to
clause (b) of
the definition
of
“Base
Rate”)

	 I
	  	>50%	  	1.75%	  	0.75%
	 II
	  	>30% but £50%	  	2.00%	  	1.00%
	 III
	  	£30%	  	2.25%	  	1.25%

 From the Closing Date until the first day after the end of the first full Fiscal Quarter after the Closing
Date, the Applicable Margin shall be determined as if Level II were applicable. Thereafter, the Applicable Margin shall be subject to increase or decrease by Administrative Agent upon its receipt of the corresponding Borrowing Base Report for the
last Fiscal Quarter, which change shall be effective on the first day of the calendar month following each Fiscal Quarter end. If Administrative Agent is unable to calculate the arithmetic mean of the daily Availability for a Fiscal Quarter due to
Borrowers’ failure to deliver any Borrowing Base Report when required hereunder, then, at the option of Administrative Agent or the Required Lenders, the Applicable Margin shall be determined as if Level III were applicable until the first day
of the calendar month following receipt of such Borrowing Base Report. 

  
 -2- 

 Approved Fund: any Person (other than a natural Person) engaged in making, purchasing,
holding or otherwise investing in commercial loans in its ordinary course of activities and that is administered or managed by a Lender, an entity that administers or manages a Lender or an Affiliate of either. 

Arranger: Bank of America or any of its Affiliates, in its capacity as Sole Lead Arranger and Sole Bookrunner. 

Asset Disposition: a sale, lease, license, consignment, transfer or other disposition of Property of any Obligor or any Restricted
Subsidiary, including any disposition in connection with a sale-leaseback transaction or Synthetic Lease. 
 Assignment: an
assignment and acceptance agreement between a Lender and Eligible Assignee, in the form of Exhibit A or otherwise reasonably satisfactory to Administrative Agent. 

Availability: the Borrowing Base minus Revolver Usage. 

Availability Reserve: the sum (without duplication) of (a) the Inventory Reserve; (b) the Rent and Charges Reserve;
(c) the Tax Reserve; (d) the Bank Product Reserve; (e) the aggregate amount of liabilities (other than First Purchase Crude Payables) secured by Liens upon Collateral that are senior to the Administrative Agent’s Liens on the
Collateral (but imposition of any such reserve shall not waive an Event of Default, if any, arising therefrom); (f) the First Purchaser Reserve; (g) the Dilution Reserve, (h) with respect to Inventory consisting of tank heels or tank
bottoms, reserves for estimated evacuation, extraction and/or other removal costs and (i) such additional reserves, in such amounts and with respect to such matters, as Administrative Agent in its Permitted Discretion may elect to impose from
time to time. 
 Bail-In Action: the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

Bail-In Legislation: 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 Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule. 
 Bank of America: Bank of America, N.A., a national banking association, and its successors and assigns. 

Bank of America Indemnitees: Bank of America (including in its capacity as Arranger) and its Affiliates and any of each of their
officers, directors, employees, Affiliates, agents and attorneys. 
 Bank Product: any of the following products, services or
facilities extended to any Obligor by any Person that (a) at the time it enters into a Bank Product is a Lender or any of its Affiliates or (b) at the time it (or its Affiliate) becomes a Lender, is a party to a Bank Product with any
Obligor, in each case in its capacity as a party to such Bank Product (even if such Person ceases to be a Lender or such Person’s Affiliate ceases to be a Lender): (i) Cash Management Services; (ii) products under Hedging Agreements;
(iii) commercial credit card, purchase cards and merchant card services; and (iv) other banking products or services, other than Letters of Credit. 

Bank Product Reserve: the aggregate amount of reserves established by the Administrative Agent from time to time in its Permitted
Discretion in respect of Secured Bank Product Obligations. 
 Bankruptcy Code: Title 11 of the United States Code. 

Base Rate: for any day, (a) the LIBOR Daily Floating Rate; or (b) if the LIBOR Daily Floating Rate is unavailable for any
reason, the Prime Rate for such day. 

  
 -3- 

 Base Rate Loan: any Loan that bears interest based on the Base Rate. 

Board of Governors: the Board of Governors of the Federal Reserve System. 

Borrowed Money: with respect to any Person, without duplication, its (a) Debt that (i) arises from the lending of money by
any Person to such Person or (ii) is evidenced by notes, drafts, bonds, debentures, credit documents or similar instruments; (b) Capital Leases; (c) reimbursement obligations with respect to drawn letters of credit; and
(d) guaranties of any Debt of the foregoing types owing by another Person. 
 Borrowers: collectively, the Company, Mid Pac,
Hermes, WPC, HIE, and Par Hawaii and each individually, a “Borrower”. 
 Borrower Agent: as defined in
Section 4.4. 
 Borrower Group: the Company and its Consolidated Subsidiaries, excluding PHR and any Future
Intermediation Subsidiary. 
 Borrower Group Consolidated Cash Interest Expense: Consolidated Cash Interest Expense of the Borrower
Group less 60% of Consolidated Cash Interest Expense attributable to the Secured Notes. 
 Borrower Group Distributions:
Distributions less PHR/FIS Distributions received by the Company, in each case during the applicable period. 
 Borrower Group Fixed
Charges: with respect to the Borrower Group, the sum of Borrower Group Consolidated Cash Interest Expense, scheduled principal payments made on Borrowed Money, and Borrower Group Distributions paid in cash (other than Upstream Payments, the
Hawaii Sale Leaseback Distribution and Permitted Parent Payments (Tax)); provided, that for the purpose of determining the Borrower Group Fixed Charge Coverage Ratio in the definition of “Payment Conditions” as applied to
Section 10.2.15(c) only, “Borrower Group Fixed Charges” shall also include all optional or voluntary redemptions of the Secured Notes. 

Borrower Group Fixed Charge Coverage Ratio: the ratio, determined on a consolidated basis for the Borrower Group for the most recently
completed four-Fiscal Quarter or, during a Financial Reporting Trigger Period or a Covenant Trigger Period, for the most recently completed 12-month period, of (a) EBITDA minus Unfinanced Capital
Expenditures, minus cash taxes paid (net of cash tax refunds received during such period), to (b) Borrower Group Fixed Charges. 

Borrower Group G&A Cap: as defined in the definition of “EBITDA”. 

Borrower Materials: Borrowing Base Reports, Compliance Certificates, Payment Conditions Certificates and other information, reports,
financial statements and other materials delivered by Borrowers hereunder, as well as other Reports and information provided by the Administrative Agent to Lenders. 

Borrowing: a group of Loans that are made or converted together on the same day and have the same interest option and, if applicable,
Interest Period. 
 Borrowing Base: on any date of determination, an amount equal to the lesser of (a) the aggregate
Commitments; and (b) the sum of the following: 
 (i) 85% of Eligible Accounts Receivable (other than Eligible Investment Grade
Receivables, Eligible Credit Card Receivables, Eligible L/C-Backed Receivables and Eligible Unbilled Accounts); plus 

  
 -4- 

 (ii) 90% of Eligible Investment Grade Receivables; plus 

(iii) 90% of Eligible Credit Card Receivables; plus 

(iv) 90% Eligible L/C-Backed Receivables; plus 

(v) 80% of Eligible Refinery Hydrocarbon Inventory (other than Eligible Refinery Hydrocarbon Inventory at the Borrowers’ and Restricted
Subsidiaries’ service stations and cardlocks and provided that tank heels or tank bottoms (excluding sludge, water and asphalt) will be eligible up to 50% (before application of the advance rate)); plus 

(vi) the lesser of (A) 80% of Eligible Refinery Hydrocarbon Inventory at the Borrowers’ and the Restricted Subsidiaries’ service
stations and cardlocks (provided that tank heels or tank bottoms (excluding sludge, water and asphalt) will be eligible up to 50% (before application of the advance rate)) and (B) the greater of (x) $5,000,000 and (y) an amount
equal to 10% of the Borrowing Base; plus 
 (vii) the least of (A) 65% of Eligible Lubricants Inventory (other than Inventory consisting of
tank heels or tank bottoms), (B) 85% of the NOLV Percentage of such Eligible Lubricants Inventory and (C) $5,000,000; plus 
 (viii) 80% of
Eligible In-Transit Crude Oil and Eligible In-Transit Products; plus 

(ix) the lesser of (A) 80% of the excess of: (1) the amount available to be drawn under Letters of Credit issued in connection with
purchases of crude oil that constitutes Petroleum Inventory by the Borrowers over (2) the aggregate outstanding amounts payable by the Borrowers to the suppliers of such Petroleum Inventory that could be drawn under such Letters of Credit and
(B) $40,000,000; plus 
 (x) the lesser of (A) 85% of the Eligible Exchange Agreement Positive Balance and (B) $10,000,000; plus 

(xi) the least of (A) 50% of Eligible Merchandise Inventory, (B) 85% of the NOLV Percentage of such Eligible Merchandise Inventory, and (C)
$1,500,000; plus 
 (xii) the lesser of (A) 70% of Eligible Unbilled Accounts and (B) $3,000,000; plus 

(xiii) at the option of the Borrower, 100% of Eligible Cash; minus 

(xiv) the Availability Reserve. 

Borrowing Base Assets: Eligible Accounts Receivable, Eligible Credit Card Receivables, Eligible Investment Grade Receivables, Eligible L/C-Backed Receivables, Eligible Refinery Hydrocarbon Inventory, Eligible Lubricants Inventory, Eligible Merchandise Inventory, Eligible In-Transit Crude Oil, Eligible In-Transit Products, the Eligible Exchange Agreement Positive Balance and Eligible Unbilled Accounts. 

Borrowing Base Report: a report of the Borrowing Base by Borrowers, in form and substance satisfactory to Administrative Agent. 

Borrowing Base Reporting Trigger Period: the period (a) commencing on the day that a Default occurs, or Availability for three
consecutive Business Days is less than the greater of (i) $6,000,000 and (ii) 12.5% of the Borrowing Base on such day; and (b) continuing until the day (i) Availability has been greater than the greater of (A) $6,000,000 and (B) 12.5% of
the Borrowing Base on such day and (ii) no Default or Event of Default has occurred and is continuing, in the case of each of the clauses (b)(i) and (b)(ii), for a period of 30 consecutive calendar days. 

  
 -5- 

 Business Day: any day other than a Saturday, Sunday or other day on which commercial banks
are authorized to close under the laws of, or are in fact closed in, North Carolina and New York, and if such day relates to a LIBOR Loan, any such day on which dealings in Dollar deposits are conducted in the London interbank market. 

Capital Expenditures: all liabilities incurred or expenditures made by a Borrower or Restricted Subsidiary for the acquisition of fixed
assets, or any improvements, repairs, replacements, expansions, substitutions or additions thereto with a useful life of more than one year, but excluding any portion attributable solely to the acquisition of property, plant and equipment in
Permitted Acquisitions. 
 Capital Lease: any lease that is required to be capitalized for financial reporting purposes in accordance
with GAAP. 
 Cash Collateral: cash, and any interest or other income earned thereon, that is delivered to Administrative Agent to
Cash Collateralize any Obligations, and all interest, dividends, earnings and other proceeds relating thereto. 
 Cash Collateral
Account: a demand deposit, money market or other account established by Administrative Agent at such financial institution as Administrative Agent may select in its Permitted Discretion, which account shall be subject to a Lien in favor of
Administrative Agent for the benefit of Secured Parties. 
 Cash Collateralize: the delivery of cash to Administrative Agent, as
security for the payment of Obligations, in an amount equal to (a) with respect to LC Obligations, 105% of the aggregate LC Obligations, and (b) with respect to any inchoate, contingent or other Obligations (including Secured Bank Product
Obligations), in an amount equal to Administrative Agent’s good faith estimate of the amount due or to become due, including fees, expenses and indemnification hereunder. “Cash Collateralization” has a correlative meaning. 

Cash Dominion Cure Event: (a) with respect to any Cash Dominion Event arising from an Event of Default, the date on which such
Event of Default no longer exists and (b) with respect to any other Cash Dominion Event, Availability is equal to or greater than the greater of (i) 12.5% of the Borrowing Base or (ii) $6,000,000 for a period of forty-five (45) consecutive
calendar days. Notwithstanding the foregoing, if a Cash Dominion Event occurs more than two times during any twelve (12) month period, no Cash Dominion Cure Event shall occur until twelve (12) months have elapsed from the date the first
such Cash Dominion Event commenced. 
 Cash Dominion Event: any time either (a) an Event of Default has occurred and is
continuing or (b) Availability is less than the greater of (i) 12.5% of the Borrowing Base or (ii) $6,000,000 for five consecutive Business Days. 

Cash Dominion Period: the period (a) commencing on the day that a Cash Dominion Event occurs, and (b) continuing until a Cash
Dominion Cure Event has occurred with respect to each then outstanding Cash Dominion Event. 
 Cash Equivalents: (a) marketable
obligations issued or unconditionally guaranteed by, and backed by the full faith and credit of, the U.S. government, maturing within 12 months of the date of acquisition; (b) certificates of deposit, time deposits and bankers’ acceptances
maturing within 12 months of the date of acquisition, and overnight bank deposits, in each case which are issued by Bank of America or a commercial bank organized under the laws of the United States or any state or district thereof, rated A-1 (or better) by S&P or P-1 (or better) by Moody’s at the time of acquisition, and (unless issued by a Lender) not subject to offset rights; (c) repurchase
obligations with a term of not more than 30 days for underlying investments of the types described in clauses (a) and (b) entered into with any bank described 

  
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in clause (b); (d) commercial paper issued by Bank of America or rated A-1 (or better) by S&P or P-1 (or
better) by Moody’s, and maturing within nine months of the date of acquisition; and (e) shares of any money market fund that has substantially all of its assets invested continuously in the types of investments referred to above, has net
assets of at least $500,000,000 and has the highest rating obtainable from either Moody’s or S&P. 
 Cash Management
Services: services relating to operating, collections, payroll, trust, or other depository or disbursement accounts, including automated clearinghouse, e-payable, electronic funds transfer, wire transfer,
controlled disbursement, overdraft, depository, information reporting, lockbox and stop payment services. 
 CC Receivables: each
Payment Intangible, together with all income, payments and proceeds thereof, owed by a Credit Card Issuer or Credit Card Processor to an Obligor resulting from charges by a customer of an Obligor on credit or debit cards issued by such Credit Card
Issuer in connection with the sale of Inventory by an Obligor, or services performed by an Obligor, in each case in the ordinary course of its business. 

CERCLA: the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9601 et seq.). 

Change in Law: the occurrence, after the date hereof, of (a) the adoption, taking effect or phasing in of any law, rule,
regulation or treaty; (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority; or (c) the making, issuance or application of any request,
guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority; provided, however, that “Change in Law” shall include, regardless of the date enacted, adopted or issued, all
requests, rules, guidelines, requirements or directives (i) under or relating to the Dodd-Frank Wall Street Reform and Consumer Protection Act, or (ii) promulgated pursuant to Basel III by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any similar authority) or any other Governmental Authority. 
 Change of Control: the occurrence
of one or more of the following events: 
 (a) any sale, lease, transfer, conveyance or other disposition (in one transaction or a series of
related transactions) of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries taken as a whole to any Person or group of related Persons for purposes of Section 13(d) of the Exchange Act (a
“Group”) together with any Affiliates thereof (whether or not otherwise in compliance with the provisions of this Agreement) unless immediately following such sale, lease, transfer, conveyance or other disposition in compliance with
this Agreement such properties or assets are owned, directly or indirectly, by (i) the Company or a Restricted Subsidiary of the Company or (ii) a Person controlled by the Company or a Restricted Subsidiary of the Company; 

(b) the approval by the holders of Equity Interests of Parent or the Company of any plan for the liquidation or dissolution of Parent or the
Company, as applicable; 
 (c) the acquisition, in one or more transactions, of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of the Equity Interests of Parent by any Person or Group that, as a result of such acquisition, either (i) beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, 35% or more of Parent’s then outstanding Equity Interests or Voting Stock or (ii) otherwise has the ability to elect, directly or indirectly, a
majority of the members of the board of directors of Parent, including, without limitation, by the acquisition of revocable proxies for the election of directors; 

(d) a “change in control”, “change of control offer” or any comparable term under, and as defined in, the Secured Notes
Indenture or the Senior Notes Indenture; or 

  
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 (e) (i) Parent ceases to own and control, beneficially and of record, directly or
indirectly, all Equity Interests in the Company, (ii) the Company ceases to own and control, beneficially and of record, directly or indirectly, all Equity Interests in any other Borrower or (iii) the sale or transfer of all or
substantially all assets of any Borrower, except to another Borrower or any other Obligor. 
 Claims: all claims, liabilities,
obligations, losses, damages, penalties, judgments, proceedings, interest, costs and expenses of any kind (including remedial response costs, reasonable attorneys’ fees and Extraordinary Expenses) at any time (including after Full Payment of
the Obligations or replacement of the Administrative Agent or any Lender) incurred by any Indemnitee or asserted against any Indemnitee by any Obligor or other Person, in any way relating to (a) any Loans, Letters of Credit, Loan Documents,
Borrower Materials, or the use thereof or transactions relating thereto, (b) any action taken or omitted to be taken in connection with any Loan Documents, (c) the existence or perfection of any Liens, or realization upon any Collateral,
(d) exercise of any rights or remedies under any Loan Documents or Applicable Law, or (e) failure by any Obligor to perform or observe any terms of any Loan Document, in each case including all costs and expenses relating to any
investigation, litigation, arbitration or other proceeding (including an Insolvency Proceeding or appellate proceedings), whether or not the applicable Indemnitee is a party thereto. 

Closing Date: as defined in Section 6.1. 

Code: the Internal Revenue Code of 1986. 

Collateral: all Property described in Section 7.1 (and not Excluded Property), all Property described in any
Security Documents as security for any Obligations, and all other Property that now or hereafter secures (or is intended to secure) any Obligations. 

Collateral Rights Agreement: the Collateral Rights Agreement, dated as of the date hereof, between the Administrative Agent and the
Secured Notes Collateral Trustee, as acknowledged by the Obligors, as may be amended, amended and restated, supplemented or otherwise modified from time to time as permitted by the Loan Documents. 

Commitment: for any Lender, its obligation to make Loans and to participate in LC Obligations up to the maximum principal amount shown
on Schedule 1.1, as hereafter modified pursuant to Section 2.1.7 or an Assignment to which it is a party. “Commitments” means the aggregate amount of such commitments of all Lenders. 

Commitment Termination Date: the earliest to occur of (a) the Termination Date; (b) the date on which Borrowers terminate the
Commitments pursuant to Section 2.1.4; or (c) the date on which the Commitments are terminated pursuant to Section 12.2. 

Commodity Exchange Act: the Commodity Exchange Act (7 U.S.C. § 1 et seq.). 

Company: as defined in the introductory paragraph hereto. 

Compliance Certificate: a certificate, in form and substance satisfactory to Administrative Agent, by which a Senior Officer of the
Borrower Agent (a) certifies compliance with Section 10.3 (if then applicable), and calculates the Fixed Charge Coverage Ratio and the Borrower Group Fixed Charge Coverage Ratio for the applicable date
(regardless of whether compliance with the Fixed Charge Coverage Ratio and the Borrower Group Fixed Charge Coverage Ratio for the applicable date is required to be tested for such period), (b) to the extent applicable, attaches related financial
statements reflecting the adjustments necessary to eliminate (1) the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements and (2) the financial and other operational results of Unrestricted
Subsidiaries (if any) and (c) lists any office or place of business that was opened or was closed during the period covered by the certificate. 

  
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 Connection Income Taxes: Other Connection Taxes that are imposed on or measured by net
income (however denominated), or are franchise or branch profits Taxes. 
 Consolidated Cash Interest Expense: Consolidated Interest
Expense excluding any amount described in clause (a) of the definition thereof and any amount not payable in cash (including any interest payable-in-kind). 

Consolidated G&A Cap: as defined in the definition of “EBITDA”. 

Consolidated Interest Expense: for any period, the sum (determined without duplication) of the aggregate gross interest expense for
such period, whether paid or accrued, including to the extent included in interest expense under GAAP: (a) amortization of deferred financing fees, debt issuance costs and original issue discount,
non-cash interest payments, the interest component of any deferred payment obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance
financings, and net payments (if any) pursuant to any Hedging Agreements; (b) any interest expense on Debt of another Person that is guaranteed by the Company or any Consolidated Subsidiary or secured by a Lien on assets of the Company or any
Consolidated Subsidiary (whether or not such guarantee or Lien is called upon); (c) capitalized interest and (d) the portion of any payments or accruals under Capital Leases allocable to interest expense, plus the portion of any payments
or accruals under Synthetic Leases allocable to interest expense whether or not the same constitutes interest expense under GAAP. 

Consolidated Net Income: for any period of determination, the aggregate of the net income (or loss) of the Company and the Consolidated
Subsidiaries, or of the Borrower Group, as applicable, after allowances for taxes for such period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded from such net income (to the extent otherwise
included therein) the following: (a) the net income of any Person in which the Company or any Consolidated Subsidiary has an interest (which interest does not cause the net income of such other Person to be consolidated with the net income of
the Company and the Consolidated Subsidiaries in accordance with GAAP), except to the extent of the amount of dividends or distributions actually paid in cash during such period by such other Person to the Company or to a Consolidated Subsidiary, as
the case may be; (b) the net income (but not loss) during such period of any Consolidated Subsidiary to the extent that the declaration or payment of dividends or similar distributions or transfers or loans by that Consolidated Subsidiary is
not at the time permitted by operation of the terms of its charter or any agreement, instrument or Applicable Law applicable to such Consolidated Subsidiary or is otherwise restricted or prohibited, in each case determined in accordance with GAAP;
(c) any non-cash gains or losses during such period, including any under ASC 718 or ASC 815 and (d) any non-cash gains or losses attributable to writeups or
writedowns of assets. 
 Consolidated Subsidiaries: PHR, any Future Intermediation Subsidiary and each Restricted Subsidiary of the
Company (whether now existing or hereafter created or acquired). 
 Contingent Obligation: any obligation of a Person arising from a
guaranty, indemnity or other assurance of payment or performance of any Debt, lease, dividend or other obligation (“primary obligations”) of another obligor (“primary obligor”) in any manner, whether directly or
indirectly, including any obligation of such Person under any (a) guaranty, endorsement, co-making or sale with recourse of an obligation of a primary obligor; (b) obligation to make take-or-pay or similar payments regardless of nonperformance by any other party to an agreement; and (c) arrangement (i) to purchase any primary obligation or security
therefor, (ii) to supply funds for the purchase or payment of any primary obligation, (iii) to maintain or assure working capital, equity capital, net worth or solvency of the primary 

  
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obligor, (iv) to purchase Property or services for the purpose of assuring the ability of the primary obligor to perform a primary obligation, or (v) otherwise to assure or hold
harmless the holder of any primary obligation against loss in respect thereof. The amount of any Contingent Obligation shall be deemed to be the stated or determinable amount of the primary obligation (or, if less, the maximum amount for which such
Person may be liable under the instrument evidencing the Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability with respect thereto. 

Covenant Trigger Period: the period (a) commencing on the day that Availability is less than the greater of (i) $6,000,000 and
(ii) 12.5% of the Borrowing Base on such day; and (b) continuing until the day (i) Availability has been greater than the greater of (A) $6,000,000 and (B) 12.5% of the Borrowing Base on such day and (ii) no Default or Event of
Default has occurred and is continuing, in the case of each of the clauses (b)(i) and (b)(ii), for a period of thirty (30) consecutive calendar days. 

Credit Card Issuer: any person who issues or whose members issue credit cards, including, without limitation, MasterCard or VISA bank
credit or debit cards or other bank credit or debit cards issued through MasterCard International, Inc., Visa, U.S.A., Inc. or Visa International and American Express, Discover, Diners Club, Carte Blanche and other
non-bank credit or debit cards, including, without limitation, credit or debit cards issued by or through American Express Travel Related Services Company, Inc., and Novus Services, Inc. and other issuers
approved by the Administrative Agent. 
 Credit Card Processor: any servicing or processing agent or any factor or financial
intermediary who facilitates, services, processes or manages the credit authorization, billing transfer and/or payment procedures with respect to any Obligor’s sales transactions involving credit card or debit card purchases by customers using
credit cards or debit cards issued by any Credit Card Issuer. 
 Credit Card Receivables: any Receivable due to any Borrower arising
out of the sale of Inventory in the Ordinary Course of Business on the following credit cards: Visa, MasterCard, American Express, Diners Club, Discover and such other credit cards as the Administrative Agent shall approve from time to time, in each
case which have been earned by performance by such Borrower but not yet paid to such Borrower by the credit card issuer or the credit card processor, as applicable; provided that, in any event, “Credit Card Receivables” shall
exclude Receivables due in connection with proprietary credit cards. 
 Debt: for any Person, the sum of the following (without
duplication): (a) all obligations of such Person for Borrowed Money, reimbursement obligations of such Person in respect of issued and outstanding letters of credit and Hedging Agreements entered into by such Person; (b) all accounts payable
and all accrued expenses, liabilities or other obligations of such Person to pay the deferred purchase price of Property or services; (c) all obligations of such Person under Synthetic Leases; (d) all Debt (as defined in the other clauses
of this definition) of others secured by (or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) a Lien on any Property of such Person, whether or not such Debt is assumed by such Person; (e) all
Debt (as defined in the other clauses of this definition) of others guaranteed by such Person or in which such Person otherwise assures a creditor against loss of the Debt (howsoever such assurance shall be made) to the extent of the lesser of the
amount of such Debt and the maximum stated amount of such guarantee or assurance against loss; (f) all obligations or undertakings of such Person to maintain or cause to be maintained the financial position or covenants of others or to purchase
the Debt or Property of others; (g) obligations to pay for goods or services even if such goods or services are not actually received or utilized by such Person; (h) any Debt of a partnership for which such Person is liable either by
agreement, by operation of law or by Applicable Law but only to the extent of such liability; (i) Disqualified Capital Stock issued by such Person, (j) all obligations of such Person with respect to any Intermediation Facility and
(k) all Contingent Obligations of such Person. 
 Debtor Relief Laws: as defined in Section 11.1. 

  
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 Default: any event or condition which constitutes an Event of Default or which upon
notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 Default Rate: for any Obligation
(including, to the extent permitted by law, interest not paid when due), 2% plus the interest rate otherwise applicable thereto, and with respect to the fee payable pursuant to Section 3.2.2 herein as provided in the last
sentence thereof. 
 Defaulting Lender: any Lender that (a) has failed to comply with its funding obligations hereunder, and
such failure is not cured within two Business Days of the date such obligations were required to be funded hereunder, unless such Lender notifies the Administrative Agent and the Borrowers 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 such writing) has not been satisfied; (b) has notified
Administrative Agent or any Borrower that such Lender does not intend to comply with its funding obligations hereunder or under any other credit facility, or has made a public statement to that effect (unless such writing or public statement relates
to such Lender’s obligation to fund hereunder and 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 such writing or public statement) cannot be satisfied); (c) has failed, within three Business Days following request by Administrative Agent or any Borrower, to confirm in a manner satisfactory to Administrative Agent and
Borrowers that such Lender will comply with its funding obligations hereunder; or (d) has, or has a direct or indirect parent company that has, become the subject of an Insolvency Proceeding (including reorganization, liquidation, or
appointment of a receiver, custodian, administrator or similar Person by the Federal Deposit Insurance Corporation or any other regulatory authority) or Bail-In Action; provided, however, that a
Lender shall not be a Defaulting Lender solely by virtue of a Governmental Authority’s ownership of an equity interest in such Lender or parent company unless the ownership provides immunity for such Lender from jurisdiction of courts within
the United States or from enforcement of judgments or writs of attachment on its assets, or permits such Lender or Governmental Authority to repudiate or otherwise to reject such Lender’s agreements. 

Deposit Account Control Agreement: control agreement satisfactory to Administrative Agent executed by an institution maintaining a
Deposit Account for an Obligor, to perfect Administrative Agent’s Lien on such account. 
 Designated Jurisdiction: a country or
territory that is the subject of a Sanction. 
 Dilution Percent: the percent, determined for Borrowers’ most recent Fiscal
Quarter, equal to (a) bad debt write-downs or write-offs, discounts, returns, promotions, credits, credit memos and other dilutive items with respect to Accounts owing to the Borrowers, divided by (b) gross sales of the Borrowers. 

Dilution Reserve: the aggregate amount of reserves, as established by Administrative Agent from time to time in its Permitted
Discretion, exercised in good faith, in an amount equal to the value of the Eligible Accounts multiplied by 1.0% for each percentage point (or portion thereof) that the Borrowers’ Dilution Percent exceeds 5.0%. 

Disqualified Capital Stock: any Equity Interest that, by its terms (or by the terms of any security into which it is convertible or for
which it is exchangeable) or upon the happening of any event, matures or is mandatorily redeemable for any consideration other than other Equity Interests (which would not constitute Disqualified Capital Stock), pursuant to a sinking fund obligation
or otherwise, or is convertible or exchangeable for Debt or redeemable for any consideration other than other Equity Interests (which would not constitute Disqualified Capital Stock) at the option of the holder thereof, in whole or in part, on or
prior to the date that is one year after the later of the Stated Termination Date. 

  
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 Distribution: any payment of a distribution, interest or dividend on any Equity Interest
(other than payment-in-kind); distribution, advance or repayment of Debt to a holder of Equity Interests; or purchase, redemption, or other acquisition or retirement for
value of any Equity Interest. 
 Dollars: lawful money of the United States. 

Domestic Subsidiary: any Subsidiary that is organized under the laws of the United States of America or any state thereof or the
District of Columbia. 
 Dominion Account: a special account established by Borrowers at Bank of America or another bank acceptable
to Administrative Agent, over which Administrative Agent has control (and either has or may obtain exclusive control for withdrawal purposes). 

Drawing Document: any Letter of Credit or other document presented for purposes of drawing under any Letter of Credit. 

EBITDA: for any period of determination, the sum of (without duplication), the following determined on a consolidated
basis: (a) Consolidated Net Income during such period; 
 plus (b) to the extent deducted from Consolidated Net
Income in such period: 
 (i) income tax expense, 

(ii) franchise tax expense, 

(iii) Consolidated Interest Expense, 

(iv) amortization and depreciation during such period, 

(v) all non-cash charges and adjustments, 

(vi) extraordinary, unusual or non-recurring losses or expenses, 

(vii) non-recurring cash expenses related to the Transactions, Secured Notes, Permitted
Acquisitions, Asset Dispositions, the sale or disposition of any Equity Interests, Sales and Leaseback Transactions, recapitalizations and the incurrence of debt (and Refinancing Debt) permitted under this Agreement, 

(viii) the amount of any minority interest expense consisting of income attributable to minority Equity Interests of third
parties in any non-wholly owned Restricted Subsidiary deducted in such period, 

(ix) restructuring charge or reserve or non-recurring integration costs including one-time costs incurred in connection with Acquisitions after the Closing Date or the closure or consolidation of facilities (including employee termination costs and turnaround expenses), with respect to all of the
foregoing (other than turnaround expenses) in an aggregate amount, not to exceed $1,000,000 in any period of determination, 

(x) expenses, charges or losses with respect to liability or casualty events and to the extent covered by insurance and
actually reimbursed (other than proceeds received from business interruption insurance) or so long as a determination has been made in good faith by the Company that a reasonable basis exists that such amount shall in fact be reimbursed by an
insurer to the extent it is (i) not denied by the applicable carrier (without any right of appeal thereof) within 180 days (with a deduction in applicable future period for any amount so added back to the extent denied within such 180 days) and
(ii) in fact reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so reimbursed within such 365 days), 

  
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 (xi) inventory valuation adjustments which adjust for timing differences to
reflect the economics of inventory financing agreements as described in the SEC filings of the Parent or Borrowers; provided, that with respect to the Borrower Group, such inventory valuation adjustments shall be non-cash, and 
 (xii) Permitted Parent Payments (G&A) not to exceed (a) $20,000,000
for such period of determination (or such greater amount as may be agreed by the Administrative Agent) (the “Consolidated G&A Cap”) or (b) when used in respect of any calculation of the Borrower Group Fixed Charge Coverage
Ratio, the least of (i) $8,000,000 for such period of determination, (ii) 40% of actual Permitted Parent Payments (G&A) made during such period of determination and (iii) the actual Permitted Parent Payments (G&A) made that are
attributable to the Borrower Group for such period of determination (as calculated by the Borrower Agent in good faith and provided to the Administrative Agent) (or, in respect of this sub-clause (b),
such greater amount as may be agreed by the Administrative Agent) (this sub-clause (b), collectively, the “Borrower Group G&A Cap”); 

provided, that if the Company or its Consolidated Subsidiaries, or the Borrower Group, as applicable, shall acquire or dispose of any
Property in an aggregate amount of at least $15,000,000 during such period (other than (A) pursuant to clauses (a), (b), (d) and (e) of Section 10.2.8 and (B) acquisitions and dispositions of Equipment in the
Ordinary Course of Business), then EBITDA shall be calculated, with calculation in form and substance reasonably satisfactory to Administrative Agent, after giving pro forma effect to such acquisition or disposition, as if such acquisition or
disposition had occurred on the first day of such period (provided that Administrative Agent is reasonably satisfied with the form and substance of the related projections). 

EEA Financial Institution: (a) any credit institution or investment firm established in an 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) above; or (c) any financial institution established in an EEA Member
Country that is a subsidiary of an institution described in the foregoing clauses 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 or any other country that is a
member of the European Economic Area. 
 EEA Resolution Authority: any public administrative authority or any Person entrusted with
public administrative authority of an EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

Eligible Account Obligor: on any date, any Person obligated to pay a Receivable (a) that is not a Borrower, a Subsidiary or an
Affiliate of a Borrower; (b) that has not filed for, and is not currently the object of, a proceeding relating to its bankruptcy, insolvency, reorganization, winding-up or composition or reorganization of
debts; (c) that is in good standing with the Borrowers and their Restricted Subsidiaries and satisfies all applicable credit standards of the Borrowers and their Restricted Subsidiaries; and (d) for which not more than 50% of the aggregate
value of the Receivables of such Person have not been paid by the date 30 days after the respective due dates therefor. 

  
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 Eligible Accounts Receivable: on any date, all Receivables (other than Credit Card
Receivables, Investment Grade Receivables and L/C Backed Receivables) denominated in Dollars payable by Eligible Account Obligors to a Borrower that are deemed by the Administrative Agent in its Permitted Discretion to be Eligible Accounts
Receivable, net of any returns, rebates, discounts (calculated on the shortest terms), credits, other allowances and deductions, and Taxes (including sales, state excise or other taxes) that have been or could be claimed by the Eligible Account
Obligor (or are payable in the case of Taxes). Without limiting the foregoing, the following shall not constitute Eligible Accounts Receivable: 

(a) billed Receivables that have not been paid by the date 30 days after the respective due dates therefor; 

(b) any Receivable subject to, or as to which there has been asserted, any defense, dispute, claim, offset, counterclaim, deduction,
recoupment, reserve, chargeback, credit or allowance, unless (i) the applicable Eligible Account Obligor has entered into an agreement acceptable to the Administrative Agent to waive the foregoing rights, or (ii) with respect to any such
Receivable, (A) the Borrower’s obligation to pay for crude oil constitutes the applicable setoff, and (B) the Borrower’s payment obligation is fully secured by a Letter of Credit; provided that, if any such defense,
dispute, claim, offset or counterclaim is asserted with respect to such Receivable in an amount equal to a sum certain, then such Receivable shall be an Eligible Account Receivable to the extent the face amount thereof exceeds such sum certain; 

(c) all Receivables from an Eligible Account Obligor from whom a check, promissory note, draft, trade acceptance or other instrument for the
payment (in whole or in part) of money has been received, presented for payment and returned uncollected for any reason; 
 (d) all
Receivables from a sale to an Affiliate, or from a sale-or-return, sale-on-approval, or
otherwise subject to any repurchase or return arrangement; 
 (e) Receivables owed to a Borrower by an Eligible Account Obligor, the
aggregate unpaid balance of which exceeds twenty percent (20%) of the aggregate unpaid balance of all Receivables owed to the Borrowers at such time by all of the Borrowers’ Eligible Account Obligors (or such higher percentage as the
Administrative Agent may establish for the Eligible Account Obligor from time to time), but only to the extent of such excess; 
 (f) all
Receivables that are payable by their terms more than 30 days from the respective invoice dates therefor; 
 (g) any Receivable (i) in
which the Lenders do not have a valid and perfected first priority security interest or (ii) that is subject to any other Lien other than Liens permitted by Section 10.2.2(a) or or
sub-clauses (a) and (g) of the definition of “Excepted Liens”; 
 (h)
any Receivable owing by an Eligible Account Obligor (i) which has suspended or ceased doing business, is liquidating, dissolving or winding up its affairs, is not Solvent or is subject to any Sanctions or on any specially designated nationals
list maintained by OFAC, or (ii) with respect to which the Borrowers are not able to bring suit or enforce remedies against such Eligible Account Obligor through judicial process; 

(i) Receivables owing by an Eligible Account Obligor that is organized or has its principal offices outside the United States and Canada, or
with respect to which the portion of its assets in the United States and Canada is not material in relation to the size of the Receivables owed by such Eligible Account Obligor; 

(j) Receivables with respect to which goods have been placed on consignment, guaranteed sale, bill-and-hold, or other terms by reason of which the payment by the Eligible Account Obligor may be conditional; 

  
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 (k) Receivables with respect to which an invoice has not been sent prior to the date of any
Borrowing Base Report in which such Receivables are included for purposes of calculation of the Borrowing Base; 
 (l) Receivables which
arise out of any contract or order which, by its enforceable terms, forbids or makes void or unenforceable any assignment by the applicable Borrower to the Administrative Agent, for the benefit of the Secured Parties, of the Receivable arising with
respect thereto; 
 (m) Receivables evidenced by any instrument, unless such instrument has been delivered to the Administrative Agent for
the benefit of the Secured Parties; 
 (n) Receivables with respect to which the Administrative Agent believes, in its Permitted Discretion,
that the collection thereof is impaired, that such Receivables may not be paid by reason of the Eligible Account Obligor’s inability to pay or that are otherwise identified as unsatisfactory to the Administrative Agent; 

(o) (i) Receivables owed by the government of the United States of America or any department, agency, public corporation, or other
instrumentality thereof that do not constitute Eligible U.S. Government Accounts Receivable and (ii) Receivables owed by any Governmental Authority other than the government of the United States of America or any department, agency, public
corporation, or other instrumentality thereof, unless the Borrower has satisfied the requirements of Applicable Law, including delivering documentation satisfactory to the Administrative Agent, to effectuate the assignment of such Receivables and
establish the right of the Administrative Agent to enforce payment directly against the Eligible Account Obligor; 
 (p) Receivables
(i) to which (A) the goods giving rise to it have not been delivered to and accepted by the Eligible Account Obligor, or (B) the services giving rise to it have not been accepted by the Eligible Account Obligor, or (ii) that
otherwise do not represent a final sale; 
 (q) Receivables whose payment has been extended, or to which the Eligible Account Obligor has
made a partial payment, or which arise from a sale on a cash-on-delivery basis; 

(r) Receivables which represent a progress billing or retainage, or relate to services for which a performance, surety or completion bond or
similar assurance has been issued; or 
 (s) Receivables that include a billing for interest, fees or late charges, but ineligibility shall
be limited to the extent thereof. 
 Eligible Assignee: a Person that is (a) a Lender (except for any Defaulting Lender and its
Affiliates), Affiliate of a Lender or Approved Fund; (b) any other assignee approved by Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower Agent (which approval by the Borrower Agent shall not
be unreasonably withheld or delayed, and shall be deemed given if no objection is made within two Business Days after notice of the proposed assignment is given to the Borrower Agent); and (c) during the continuance of an Event of Default, any
Person acceptable to Administrative Agent in its discretion. 
 Eligible Cash: cash of a Borrower held in a segregated restricted
Deposit Account maintained with and pledged to the Administrative Agent, for the benefit of the Secured Parties, as security for the Obligations, and in which the Administrative Agent, for the benefit of the Secured Parties, has a first priority
perfected security interest, and subject to a Deposit Account Control Agreement. 

  
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 Eligible Credit Card Receivables: on any date, all Credit Card Receivables denominated in
Dollars, that have been earned and represent the bona fide amounts due to a Borrower from a credit card processor and/or credit card issuer, and that are deemed by the Administrative Agent in its Permitted Discretion to be Eligible Credit Card
Receivables. Without limiting the foregoing, the following shall not constitute Eligible Credit Card Receivables: 
 (a) any Credit Card
Receivable that has been outstanding more than five Business Days; 
 (b) any Credit Card Receivable owing by a credit card issuer or a
credit card processor which has suspended or ceased doing business, is liquidating, dissolving or winding up its affairs, or is not Solvent; 

(c) any Credit Card Receivable that is not the valid, legally enforceable obligation of the applicable credit card processor or credit card
issuer with respect thereto; 
 (d) any Credit Card Receivable (i) in which the Lenders do not have a valid and perfected first priority
security interest or (ii) that is subject to any other Lien other than Liens permitted by Section 10.2.2(a) or sub-clauses (a) and (g) of the definition of
“Excepted Liens”; 
 (e) any Credit Card Receivable that does not conform in all material respects to all representations,
warranties or other provisions in the Loan Documents or in the credit card agreements relating to such Credit Card Receivable; 
 (f) any
Credit Card Receivable that is subject to risk of offset, non-collection or not being processed due to unpaid and/or accrued credit card processor fee balances, but only to the extent of such unpaid and/or
accrued credit card processor fee balances; 
 (g) any Credit Card Receivable evidenced by any instrument, unless such instrument has been
delivered to the Administrative Agent for the benefit of the Secured Parties; or 
 (h) any Credit Card Receivable with respect to which the
Administrative Agent believes, in its Permitted Discretion, that the collection thereof is impaired, that such Credit Card Receivable may not be paid by reason of the credit card issuer’s or credit card processor’s inability to pay or that
are otherwise identified as unsatisfactory to the Administrative Agent. 
 In determining the amount to be so included in the calculation of the value of an
Eligible Credit Card Receivable, the face amount thereof shall be reduced by, without duplication, to the extent not reflected in such face amount, (i) the amount of all customary fees and expenses in connection with any credit card
arrangements and (ii) the aggregate amount of all cash received by a Borrower in respect thereof but not yet applied by the applicable Borrower to reduce the amount of such Eligible Credit Card Receivable. 

Eligible Exchange Agreement Positive Balance: at any date of determination, the amount of Exchange Agreement Positive Balance that is
deemed by the Administrative Agent in its Permitted Discretion to be the Eligible Exchange Agreement Positive Balance. Without limiting the foregoing, the Eligible Exchange Agreement Positive Balance shall be determined after (a) adjusting the
Exchange Agreement Positive Balance upward or downward, as applicable, to account for discounts, allowances, rebates, credits and other adjustments in respect of such Exchange Agreement Positive Balances and (b) deducting from the Exchange
Agreement Positive Balance the amount billed for or representing retainage, if any, by counterparties to Exchange Agreements. The Eligible Exchange Agreement Positive Balance shall not include any Exchange Agreement Positive Balance (a) to the
extent that the Administrative Agent does not have a valid, first priority perfected security interest in the Exchange Agreement Positive Balance and in the Petroleum Inventory to which such Exchange Agreement Positive Balance relates, or
(b) with respect to which (i) the contract counterparty has disputed liability, or made any claim to any Obligor with respect to such Exchange Agreement Positive Balance or with respect to any other Exchange Agreement Positive Balance due
from such contract counterparty, other than for a minimal 

  
 -16- 

 
adjustment in the Ordinary Course of Business and in accordance with regular commercial practice, or (ii) any event of a type described in Section 12.1(h) or
12.1(i) has occurred with respect to the contract counterparty, or the contract counterparty has suspended normal business operations; provided that the value of the Eligible Exchange Agreement Positive Balance shall be subject to
reserves as determined by the Administrative Agent in its Permitted Discretion. 
 Eligible
In-Transit Crude Oil: at any date of determination, In-Transit Crude Oil owned by a Borrower that satisfies the criteria set forth in the definition of Eligible
Refinery Hydrocarbon Inventory (other than the requirements as to location of such inventory as set forth in clauses (b), (d) and (k) of such definition) and that is deemed by the Administrative Agent, in its Permitted
Discretion, to be Eligible In-Transit Crude Oil. Without limiting the foregoing, unless otherwise agreed by the Administrative Agent, In-Transit Crude Oil shall not be
Eligible In-Transit Crude Oil unless the purchase price of such In-Transit Crude Oil has been paid or is supported by a Letter of Credit. Eligible In-Transit Crude Oil shall be valued at market value determined in accordance with the Valuation Method, and determined after, if required by the Administrative Agent, taking into account transportation and handling
charges that affect the value thereof as determined by the Administrative Agent. 
 Eligible
In-Transit Products: at any date of determination, In-Transit Products owned by a Borrower that satisfies the criteria set forth in the definition of Eligible
Refinery Hydrocarbon Inventory (other than the requirements as to location of such inventory as set forth in clauses (b), (d) and (k) of such definition) and that is deemed by the Administrative Agent, in its Permitted
Discretion, to be Eligible In-Transit Products. Without limiting the foregoing, unless otherwise agreed by the Administrative Agent, In-Transit Products shall not be
Eligible In-Transit Products unless the Administrative Agent shall have taken Rent and Charges Reserve in its Permitted Discretion or the Administrative Agent has received a third party agreement from the
operator of the barge or rail in which such In-Transit Products is transmitted in form satisfactory to the Administrative Agent. Eligible In-Transit Products shall be
valued at market value determined in accordance with the Valuation Method, and determined after, if required by the Administrative Agent, taking into account transportation and handling charges that affect the value thereof as determined by the
Administrative Agent. 
 Eligible Investment Grade Receivables: on any date, all Investment Grade Receivables denominated in Dollars
and payable to a Borrower that satisfy the criteria set forth in the definition of Eligible Accounts Receivable (other than by reason of being an Investment Grade Receivable) and that are deemed by the Administrative Agent in its Permitted
Discretion to be Eligible Investment Grade Receivables, net of any returns, rebates, discounts (calculated on the shortest terms), credits, other allowances and deductions, and Taxes (including sales, state excise or other taxes) that have been or
could be claimed by the Eligible Account Obligor (or are payable in the case of Taxes). 
 Eligible Lubricants Inventory: at any
date, the aggregate value (which shall be the lower of cost (determined in accordance with GAAP on a first-in, first-out basis) or market value) of all Lubricants owned
by a Borrower that is deemed by the Administrative Agent, in its Permitted Discretion, to be an Eligible Lubricants Inventory. Without limiting the foregoing, the following shall not constitute Eligible Lubricants Inventory: 

(a) Lubricants (i) in which the Lenders do not have a valid and perfected first priority security interest or (ii) that is subject to
any other Lien other than Liens permitted by Section 10.2.2(a) or sub-clauses (a), (c) and (g) of the definition of “Excepted Liens”; 

(b) Lubricants (i) located on premises that are not owned by a Borrower or a Restricted Subsidiary, or held by a bailee or otherwise
subject to any third party interest, with respect to which any landlord’s waiver or other third party agreement in form and substance satisfactory to, the Administrative Agent shall not have been furnished (except where an appropriate Rent and
Charges Reserve has been established), or (ii) commingled with any product other than Lubricants that are owned by another Borrower and in which the Lenders have a valid and perfected first priority security interest; 

  
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 (c) Lubricants of any Borrower with respect to which any event described in
Section 12.1(h) or 12.1(i) shall have occurred and be continuing; 
 (d) Lubricants held on consignment, or
subject to any deposit or downpayment; 
 (e)Lubricants located outside the United States; 

(f) Lubricants consigned to any Person; 

(g) Lubricants that are subject to a warehouse receipt or negotiable document; 

(h) Lubricants that are subject to a license or other arrangement that restricts the Obligors’ or the Administrative Agent’s right to
dispose of such Lubricants, unless the Administrative Agent has received an appropriate lien waiver in form and substance satisfactory to the Administrative Agent; 

(i) Lubricants that are not located at terminals, storage tanks and lines related thereto (including line fills but excluding basic sediment
and water and slop oil), bulk plants, service stations and cardlocks, in each case owned or leased and operated by the Borrowers or any Restricted Subsidiary (and, in the case of leased locations, with respect to which a landlord’s waiver or
agreement has not been provided if requested by the Administrative Agent as set forth in clause (b) of this definition (except where an appropriate Rent and Charges Reserve has been established)) or at such other locations as may be approved
from time to time by the Administrative Agent; or 
 (j) Lubricants that are obsolete, unsalable, damaged or otherwise unfit for sale or
further processing in the Ordinary Course of Business or otherwise unsatisfactory to the Administrative Agent in its Permitted Discretion. 

Eligible L/C-Backed Receivables: on any date, all L/C Backed Receivables denominated in Dollars
and payable to a Borrower that satisfy the criteria set forth in the definition of Eligible Accounts Receivable (other than the requirements set forth in clauses (c), (e), (h) (i) and (n) of such definition and by reason of being an L/C Backed
Receivable) and that are deemed by the Administrative Agent in its Permitted Discretion to be Eligible L/C-Backed Receivables, net of any returns, rebates, discounts (calculated on the shortest terms),
credits, other allowances and deductions, and Taxes (including sales, state excise or other taxes) that have been or could be claimed by the Eligible Account Obligor (or are payable in the case of Taxes). 

Eligible Merchandise Inventory: at any date, the aggregate value (which shall be the lower of cost (determined in accordance with GAAP
on a first-in, first-out basis) or market value) of all Merchandise Inventory owned by a Borrower that is deemed by the Administrative Agent, in its Permitted
Discretion, to be Eligible Merchandise Inventory. Without limiting the foregoing, there shall be excluded from Eligible Merchandise Inventory any and all Merchandise Inventory: 

(a) (i) in which the Lenders do not have a valid and perfected first priority security interest or (ii) that is subject to any other
Lien other than Liens permitted by Section 10.2.2(a) and sub-clauses (a), (c) and (g) of the definition of “Excepted Liens”; 

(b) (i) located on premises that are not owned by a Borrower or any Restricted Subsidiary (other than at service stations leased by and
operated by a Borrower or any Restricted Subsidiary) or held by a bailee or otherwise subject to any third party interest with respect to which a landlord’s waiver or other third party agreement in form and substance satisfactory to, the
Administrative Agent, shall not have been furnished (except where an appropriate Rent and Charges Reserve has been established), or (ii) commingled with any product other than Merchandise Inventory that is owned by an Obligor and in which the
Lenders have a valid and perfected first priority security interest; 

  
 -18- 

 (c) attributable to any Borrower with respect to which any event described in
Section 12.1(h) or 12.1(i) shall have occurred and be continuing; 
 (d) in transit from vendors or
suppliers; 
 (e) held on consignment, or subject to any deposit or downpayment; 

(f) located outside the United States; 

(g) consigned to any Person; 
 (h)
subject to a license or other arrangement that restricts the Obligors’ or the Administrative Agent’s right to dispose of such Merchandise Inventory, unless the Administrative Agent has received an appropriate lien waiver in form and
substance satisfactory to the Administrative Agent; or 
 (i) that was acquired from a Person subject to any Sanctions or on any specially
designated nationals list maintained by OFAC, is obsolete, unsalable, damaged or otherwise unfit for sale in the Ordinary Course of Business or otherwise unsatisfactory to the Administrative Agent in its Permitted Discretion. 

Eligible Refinery Hydrocarbon Inventory: at any date, the aggregate market value, as determined in accordance with the Valuation
Method, of all Petroleum Inventory owned by a Borrower that is deemed by the Administrative Agent, in its Permitted Discretion, to be Eligible Refinery Hydrocarbon Inventory. Without limiting the foregoing, there shall be excluded from Eligible
Refinery Hydrocarbon Inventory any and all Petroleum Inventory: 
 (a) (i) in which the Lenders do not have a valid and perfected first
priority security interest (except as such priority may be subject to statutory Liens securing First Purchase Crude Payables that purport to have priority over other secured creditors) or (ii) that is subject to any other Lien other than
(x) Liens permitted by Section 10.2.2(a) or sub-clauses (a), (c) and (g) of the definition of “Excepted Liens”, or (y) statutory Liens
securing First Purchase Crude Payables; 
 (b) (i) located on premises that are not owned by a Borrower or any Restricted Subsidiary
(other than (A) Petroleum Inventory at service stations leased by and operated by a Borrower or any Restricted Subsidiary and (B) Petroleum Inventory at cardlocks operated by a Borrower or one of the any Restricted Subsidiaries) or held by
a bailee or otherwise subject to any third party interest with respect to which a landlord’s waiver or other third party agreement in form and substance satisfactory to, the Administrative Agent shall not have been furnished (except where an
appropriate Rent and Charges Reserve has been established), or (ii) commingled with any product other than Petroleum Inventory that is owned by another Borrower and in which the Lenders have a valid and perfected first priority security
interest; 
 (c) attributable to any Borrower with respect to which any event described in Section 12.1(h) or
12.1(i) shall have occurred and be continuing; 
 (d) in transit from vendors or suppliers; 

(e) held on consignment or subject to any deposit or downpayment; 

(f) located outside the United States; 

  
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 (g) consigned to any Person; 

(h) subject to a warehouse receipt or negotiable document; 

(i) subject to a license or other arrangement that restricts the Obligors’ or the Administrative Agent’s right to dispose of such
Petroleum Inventory, unless the Administrative Agent has received an appropriate lien waiver in form and substance satisfactory to the Administrative Agent; 

(j) consisting of, or commingled with, Hydrocarbons subject to a Structured Hydrocarbon Supply Arrangement; 

(k) not located at the Refineries or at terminals, field production tanks, storage tanks and lines related thereto (including line fills but
excluding basic sediment and water and slop oil), bulk plants, service stations and cardlocks, in each case owned and operated by a Borrower or any Restricted Subsidiary or at such other locations as may be approved from time to time by the
Administrative Agent; or 
 (l) that is obsolete, unsalable, damaged or otherwise unfit for sale or further processing in the Ordinary Course
of Business or otherwise unsatisfactory to the Administrative Agent in its Permitted Discretion. 
 Eligible U.S. Government Accounts
Receivable: Eligible Accounts Receivable owed by the government of the United States of America, or any department, agency, public corporation, or other instrumentality thereof; provided that, unless otherwise permitted by the
Administrative Agent, the requirement of acknowledgement by the government set forth in the Federal Assignment of Claims Act of 1940, as amended (31 U.S.C. § 3727 et seq.), and any steps necessary to perfect the Administrative Agent’s
Liens therein and to give the Administrative Agent the right to collect such accounts, have been complied with to the Administrative Agent’s satisfaction with respect to such accounts. 

Eligible Unbilled Accounts: on any date, all Receivables that (i) would be Eligible Accounts Receivable but for the fact that they
remain unbilled and are not the subject of an invoice, are payable by any Persons listed on Schedule 1.2 to a Borrower and are deemed by the Administrative Agent in its Permitted Discretion to be Eligible Unbilled Accounts and (ii) are a
right to payment for the sale of Inventory and not then included in the determination of any other component of the Borrowing Base; provided that, Eligible Unbilled Accounts shall not include any such Receivables that are unbilled more than
15 days after the month in which such Receivables accrued. 
 Enforcement Action: any action to enforce any Obligations (other than
Secured Bank Product Obligations) or Loan Documents or to exercise any rights or remedies relating to any Collateral (whether by judicial action, self-help, notification of Account Debtors, setoff or recoupment, credit bid, action in an
Obligor’s Insolvency Proceeding or otherwise). 
 Engagement Letter: that certain engagement letter, dated as of
December 4, 2017, between Parent and Bank of America. 
 Environmental and Necessary Capex: capital expenditures to the extent
deemed reasonably necessary, as determined by the Borrowers, in good faith and pursuant to prudent judgment, that are required by Applicable Law (including to comply with Environmental Laws or permits) or are undertaken for environmental, health and
safety reasons. 
 Environmental Laws: any and all Applicable Laws (including programs, permits and guidance promulgated by
Governmental Authorities thereunder) relating to (i) environmental matters or the pollution or protection of the environment (including surface water, groundwater, soils, subsurface strata, and indoor and outdoor air) or (ii) occupational
health and safety. 

  
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 Environmental Notice: a written notice from any Governmental Authority of any possible
noncompliance with, investigation of a possible violation of, litigation relating to, or potential fine or liability under any Environmental Law, or with respect to any Release, environmental pollution or Hazardous Materials, including any
complaint, summons, citation, order, claim, demand or request for correction, remediation or otherwise. 
 Environmental Permit: any
permit, registration, license, notice, approval, consent, exemption, variance, waiver, spill or response plan, or other authorization required under or issued pursuant to applicable Environmental Laws. 

Equity Interest: the interest of any (a) shareholder in a corporation; (b) partner in a partnership (whether general,
limited, limited liability or joint venture); (c) member in a limited liability company; or (d) other Person having any other form of equity security or ownership interest. 

ERISA: the Employee Retirement Income Security Act of 1974. 

ERISA Affiliate: any trade or business (whether or not incorporated) under common control with an Obligor within the meaning of
Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

ERISA Event: (a) a Reportable Event with respect to a Pension Plan; (b) withdrawal of an Obligor or ERISA Affiliate from a
Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under
Section 4062(e) of ERISA; (c) complete or partial withdrawal by an Obligor or ERISA Affiliate from a Multiemployer Plan; (d) filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under
Section 4041 of ERISA, or the institution of proceedings by the PBGC to terminate a Pension Plan; (e) determination that any Pension Plan is considered an at-risk plan or a plan in critical or
endangered status under the Code or ERISA; (f) an event or condition that constitutes grounds under Section 4042 of ERISA for termination of, or appointment of a trustee to administer, any Pension Plan; (g) imposition of any liability
under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Obligor or ERISA Affiliate; or (h) failure by an Obligor or ERISA Affiliate to meet all applicable requirements under the
Pension Funding Rules in respect of a Pension Plan, whether or not waived, or to make a required contribution to a Multiemployer Plan. 

EU Bail-In Legislation Schedule: the EU Bail-In
Legislation Schedule published by the Loan Market Association, as in effect from time to time. 
 Event of Default: as defined in
Section 12.1. 
 Excepted Liens: (a) Liens for Taxes, assessments or other governmental charges or levies
which are not delinquent or which are being Properly Contested; (b) Liens in connection with workers’ compensation, unemployment insurance or other social security, old age pension or public liability obligations which are not delinquent
or which are being Properly Contested; (c) landlord’s liens, maritime liens, liens granted under storage contracts, liens on pipelines, Hydrocarbon storage facilities, refiners or other facilities or equipment, operators’,
vendors’, carriers’, warehousemen’s, repairmen’s, mechanics’, suppliers’, workers’, materialmen’s, construction or other like Liens, in each case arising in the Ordinary Course of Business, by operation of
law, or incident to the operation and maintenance of Properties each of which is in respect of obligations that are not delinquent or which are being Properly Contested; (d) Liens arising solely by virtue of any statutory or common law
provision relating to banker’s liens, rights of set-off or similar rights and remedies and burdening only Deposit Accounts or other funds maintained 

  
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with a creditor depository institution, provided that no such Deposit Account is a dedicated cash collateral account or is subject to restrictions against access by the depositor in excess of
those set forth by regulations promulgated by the Board of Governors and no such Deposit Account is intended by any Borrower or any Restricted Subsidiaries to provide collateral to the depository institution; (e) easements, zoning restrictions,
servitudes, permits, conditions, covenants, exceptions or reservations in any Property of any Borrower or any Restricted Subsidiary for the purpose of roads, pipelines, transmission lines, transportation lines or distribution lines, or for the joint
or common use of real estate, rights of way, facilities and equipment, that do not secure any monetary obligations and which in the aggregate do not materially impair the use of such Property for the purposes of which such Property is held by any
Borrower or any Restricted Subsidiary or materially impair the value of such Property subject thereto; (f) Liens on cash or securities pledged to secure performance of tenders, surety and appeal bonds, government contracts, performance and
return of money bonds, bids, trade contracts, leases, statutory obligations, regulatory obligations and other obligations of a like nature, in each case incurred in the Ordinary Course of Business; and (g) judgment and attachment Liens not
giving rise to an Event of Default, provided that any appropriate legal proceedings which may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such proceeding may be initiated
shall not have expired and no action to enforce such Lien has been commenced; provided, further that (i) Liens described in clauses (a) through (d), (f) and (g) shall remain “Excepted
Liens” only for so long as no action to enforce such Lien has been commenced and (ii) no intention to subordinate the first priority Lien granted in favor of the Administrative Agent and the Lenders is to be hereby implied or expressed by
the permitted existence of any Excepted Liens. 
 Exchange Act: Securities Exchange Act of 1934 and any successor statute thereto, in
each case as amended from time to time. 
 Exchange Agreement: an agreement under which a Borrower undertakes to deliver goods on
behalf of an unaffiliated Person to a customer of such Person in exchange for such Person’s delivery of similar goods to a customer of such Borrower. 

Exchange Agreement Positive Balance: at any date of determination, with respect to a Borrower that is a party to an Exchange Agreement,
the amount of the positive balance, valued on a mark-to-market basis in accordance with the Valuation Method, of Petroleum Inventory that such Borrower has the right to
receive in the Ordinary Course of Business from a counterparty to such Exchange Agreement (other than an Affiliate of such Borrower or another party determined by the Administrative Agent in its Permitted Discretion to be unacceptable) or money
owing to such Borrower in connection with an exchange of Petroleum Inventory under such Exchange Agreement, net of any offsets or counterclaims. 

Excluded Accounts: as defined in Section 8.5. 

Excluded Property: as defined in Section 7.6(a). 

Excluded Subsidiary: (a) each captive insurance Subsidiary, (b) each Foreign Subsidiary and (c) each Unrestricted
Subsidiary. 
 Excluded Swap Obligation: with respect to an Obligor, (a) any Swap Obligation as to which, and only to the extent
that, all or a portion of the guaranty by such Obligor of or grant of a Lien by such Obligor as security for such Swap Obligation 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) or (b) any other Swap Obligation designated as an “Excluded Swap Obligation” of such Obligor as specified in any agreement between the relevant Obligors
and hedge counterparty applicable to such Swap Obligations, and agreed by the Administrative Agent. If a Hedging Agreement governs more than one Swap Obligation, only the Swap Obligation(s) or portions thereof described in the foregoing sentence
shall be Excluded Swap Obligation(s) for the applicable Obligor. 

  
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 Excluded Taxes: any of the following Taxes imposed on or with respect to a Recipient or
required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient
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 (ii) that are Other
Connection Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of a Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such
Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower Agent under Section 14.4) or (ii) such Lender changes its Lending Office, except in each case to the
extent that, pursuant to Section 5.8, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately prior to such assignment or to such Lender immediately prior to its change in Lending
Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 5.9 and (d) any U.S. federal withholding Taxes imposed under FATCA. 

Executive Order: Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001. 

Existing Credit Agreements: collectively, (a) that certain Credit Agreement, dated as of December 17, 2015, among HIE, Mid
Pac, the guarantors party thereto from time to time, the lenders party thereto from time to time and KeyBank National Association, as administrative agent, (b) that certain Third Amended and Restated Loan Agreement, dated as of April 30,
2015, among Hermes and WPC, the guarantors party thereto from time to time and Bank of America as lender, and (c) that certain Credit Agreement, dated as of July 14, 2016, among Par Wyoming Holdings, LLC, the lenders party thereto from
time to time and Chambers Energy Management, LP, as agent, in each case, as amended, restated, supplemented and otherwise modified from time to time prior to the Closing Date. 

Existing Letters of Credit: the letters of credit previously issued under the Existing Credit Agreement described in clause
(b) of the definition thereof that are outstanding as of the Closing Date and listed on Schedule 2.2 hereto. 

Extraordinary Expenses: all costs, expenses or advances that Administrative Agent may incur during an Event of Default, or during the
pendency of an Insolvency Proceeding of an Obligor, including those relating to (a) any audit, inspection, repossession, storage, repair, appraisal, insurance, manufacture, preparation or advertising for sale, sale, collection, or other
preservation of or realization upon any Collateral; (b) any action, arbitration or other proceeding (whether instituted by or against Administrative Agent, any Lender, any Obligor, any representative of creditors of an Obligor or any other
Person) in any way relating to any Collateral (including the validity, perfection, priority or avoidability of Administrative Agent’s Liens with respect to any Collateral), Loan Documents, Letters of Credit or Obligations, including any lender
liability or other Claims; (c) the exercise of any rights or remedies of Administrative Agent in, or the monitoring of, any Insolvency Proceeding; (d) settlement or satisfaction of taxes, charges or Liens with respect to any Collateral;
(e) any Enforcement Action; and (f) negotiation and documentation of any modification, waiver, workout, restructuring or forbearance with respect to any Loan Documents or Obligations. Such costs, expenses and advances include transfer
fees, Other Taxes, storage fees, insurance costs, permit fees, utility reservation and reasonable and documented standby fees, legal fees and expenses, appraisal fees, brokers’ and auctioneers’ fees and commissions, accountants’ fees,
environmental study fees, wages and salaries paid to employees of any Obligor or independent contractors in liquidating any Collateral, and travel expenses. 

FATCA: Sections 1471 through 1474 of the Code (including 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 agreement entered into in connection
with the implementation of such Sections of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to such intergovernmental agreement. 

  
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 Federal Funds Rate: (a) the weighted average of interest rates on overnight federal
funds transactions with members of the Federal Reserve System arranged by federal funds brokers on the applicable Business Day (or on the preceding Business Day, if the applicable day is not a Business Day), as published by the Federal Reserve Bank
of New York on the next Business Day; or (b) if no such rate is published on the next Business Day, the average rate (rounded up, if necessary, to the nearest 1/8 of 1%) charged to Bank of America on the applicable day on such transactions, as
determined by Administrative Agent; provided, that in no event shall such rate be less than zero. 
 Feedstocks: all crude
oil, natural gas liquids, and other Hydrocarbons and ethanol, in so far as such Feedstocks are used or useful as fuel or in the manufacture, processing, refining, or blending of Intermediate Products and Refined Products at one or more Refineries.

 Financeco: Par Petroleum Finance Corp., a Delaware corporation. 

Financial Reporting Trigger Period: the period (a) commencing on the day that Availability for a period of three
(3) consecutive Business Days is less than the greater of (i) $7,500,000 and (ii) 15% of the Borrowing Base on such day; and (b) continuing until the day (i) Availability has been greater than the greater of (A) $7,500,000 and (B) 15%
of the Borrowing Base on such day and (ii) no Default or Event of Default has occurred and is continuing, in the case of each of the clauses (b)(i) and (b)(ii), for a period of thirty (30) consecutive calendar days. 

First Purchase Crude Payables: at any time, the unpaid amount of any obligation of a Borrower as a “first purchaser” of crude
oil, which is secured by a statutory “first purchaser” Lien created under the Laws of any state to the extent such obligation is not at the time of determination covered by a Letter of Credit issued hereunder. 

First Purchaser Reserve: the aggregate amount of reserves established by the Administrative Agent from time to time in its Permitted
Discretion in respect of First Purchase Crude Payables owed by the Borrowers. 
 Fiscal Quarter: each period of three months,
commencing on the first day of a Fiscal Year. 
 Fiscal Year: the fiscal year of Borrowers and Restricted Subsidiaries for accounting
and tax purposes, ending on December 31 of each year. 
 Fixed Charge Coverage Ratio: the ratio, determined on a consolidated
basis for the Company and its Consolidated Subsidiaries for the most recently completed four-Fiscal Quarter or, during a Financial Reporting Trigger Period or Covenant Trigger Period, for the most recently completed
12-month period, of (a) EBITDA minus Unfinanced Capital Expenditures, minus cash taxes paid (net of cash tax refunds received during such period), to (b) Fixed Charges. 

Fixed Charges: with respect to the Company and its Consolidated Subsidiaries, the sum of Consolidated Cash Interest Expense, scheduled
principal payments made on Borrowed Money, and Distributions paid in cash (other than Upstream Payments, the Hawaii Sale Leaseback Distribution and Permitted Parent Payments (Tax)). 

FLSA: the Fair Labor Standards Act of 1938. 

  
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 Flood Laws: (a) the National Flood Insurance Act of 1994 (which comprehensively
revised the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute thereto, (b) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any
successor statute thereto, (c) the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto, and (d) all other Applicable Laws relating to policies and procedures that address
requirements placed on federally regulated lenders relating to flood matters, in each case, as now or hereafter in effect or any successor statute thereto. 

Foreign Lender: any Lender that is not a U.S. Person. 

Foreign Plan: any employee benefit plan or arrangement (a) maintained or contributed to by any Obligor or Subsidiary that is not
subject to the laws of the United States; or (b) mandated by a government other than the United States for employees of any Obligor or Subsidiary. 

Foreign Subsidiary: a Subsidiary that is not a Domestic Subsidiary. 

Fronting Exposure: a Defaulting Lender’s interest in LC Obligations, Swingline Loans and Protective Advances, except to the extent
Cash Collateralized by the Defaulting Lender or allocated to other Lenders hereunder. 
 Full Payment: with respect to any
Obligations or Guaranteed Obligations, as applicable, (a) the full cash payment thereof (other than inchoate or contingent obligations for which no claim has been asserted), including any interest, fees and other charges accruing during an
Insolvency Proceeding (whether or not allowed in the proceeding); and (b) if such Obligations or Guaranteed Obligations are LC Obligations or inchoate or contingent in nature (other than inchoate or contingent obligations for which no claim has
been asserted), Cash Collateralization thereof (or delivery of a standby letter of credit acceptable to Administrative Agent in its Permitted Discretion, in the amount of required Cash Collateral). No Loans shall be deemed to have been paid in full
unless all Commitments related to such Loans have expired or been terminated. 
 Future Intermediation Subsidiary: any Subsidiary of
the Company other than the Guarantors as of the Closing Date that (a) is acquired after the Closing Date and such acquisition is otherwise permitted by the Loan Documents or (b) is formed after the Closing Date and, in each case of
(a) and (b), is designated by the board of directors of the Company as a Future Intermediation Subsidiary pursuant to a resolution of the board of directors of the Company as certified in a certificate delivered to the Administrative Agent by a
Senior Officer of the Company. 
 The board of directors of the Company may designate any such Subsidiary of the Company to become a Future
Intermediation Subsidiary if: 
 (A) such Subsidiary: 

(1) has entered into, is entering into, or will promptly enter into, an Intermediation Facility; 

(2) does not own any Equity Interest of the Company or any Restricted Subsidiary of the Company; and 

(3) would constitute an Investment which the Company could make in compliance with Section 10.2.4; and 

(B) the Payment Conditions are satisfied. 

Notwithstanding the preceding, if, at any time, a Future Intermediation Subsidiary would fail to meet the preceding requirements in clause
(A)(1) and (2) as a Future Intermediation Subsidiary, it shall thereafter cease to be a Future Intermediation Subsidiary for purposes of this Agreement. 

  
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 GAAP: generally accepted accounting principles in effect in the United States from time to
time. 
 Governmental Approvals: all authorizations, consents, approvals, licenses, waivers and exemptions of, registrations and
filings with, and required reports to, all Governmental Authorities. 
 Governmental Authority: 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 (including any supranational bodies, such as the European Union or the European Central Bank). 

Guaranteed Obligations: as defined in Section 11.1. 

Guarantor Payment: as defined in Section 5.10.3(b). 

Guarantors: (a) each Borrower that is not the primary obligor for the payment or performance of any Obligations, (b) each
Guarantor that is or becomes a party to this Agreement, and (c) PHR and any Future Intermediation Subsidiary; provided that, for purposes of clarity, no Excluded Subsidiary shall be a Guarantor. 

Guaranty: the guaranty of each Guarantor set forth in Section 11 (including any joinders thereto). 

Hawaii Retail Property: real property owned in fee or leased by the Company or any Restricted Subsidiary that is used in, or held for
use in, the Company’s or such Restricted Subsidiary’s retail operations in the State of Hawaii including, without limitation, all owned or leased Real Estate associated with (i) retail fueling stations branded as “Hele”,
“Tesoro” and “76”, (ii) convenience stores, and (iii) cardlock stations; provided that the fair market value of the Hawaii Retail Property does not exceed $100,000,000. 

Hawaii Retail Property Sale and Leaseback Transaction: any Sale and Leaseback Transaction made from time to time with respect to
Hawaii Retail Property; provided that the gross cash proceeds from any such Hawaii Retail Property Sale and Leaseback Transaction do not exceed the fair market value of the Hawaii Retail Property that is the subject of such Sale and Leaseback
Transaction. 
 Hawaii Sale Leaseback Distribution: a Distribution made pursuant to Section 10.2.3(f), so
long as such Distribution is made within six (6) months after the consummation of the applicable Hawaii Retail Property Sale and Leaseback Transaction and is not made from the proceeds of any Loans. 

Hazardous Material: any substance regulated or as to which liability might arise under any applicable Environmental Law including:
(a) any chemical, compound, material, product, byproduct, substance or waste defined as or included in the definition or meaning of “hazardous substance,” “hazardous material,” “hazardous waste,” “solid
waste,” “toxic waste,” “extremely hazardous substance,” “toxic substance,” “contaminant,” “pollutant,” or words of similar meaning or import found in any applicable Environmental Law;
(b) hydrocarbons, petroleum products, petroleum substances, natural gas, oil, oil and gas waste, crude oil, and any components, fractions, or derivatives thereof; and (c) radioactive materials, explosives, asbestos or asbestos containing
materials, polychlorinated biphenyls, radon, infectious or medical wastes, to the extent any of the foregoing are present in quantities or concentrations prohibited under applicable Environmental Laws. 

Hedging Agreement: a “swap agreement” as defined in Section 101(53B)(A) of the Bankruptcy Code. 

  
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 Hedging Termination Value: in respect of any one or more Hedging Agreements, after taking
into account the effect of any legally enforceable netting agreement relating to such Hedging Agreements, (a) for any date on or after the date such Hedging Agreements have been closed out and termination value(s) determined in accordance
therewith, such termination value(s) and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for
such Hedging Agreements, as determined by the counterparties to such Hedging Agreements. 
 Hermes: as defined in the introductory
paragraph hereto. 
 HIE: as defined in the introductory paragraph hereto. 

Hydrocarbons: oil, gas, casing head gas, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons, all products refined,
separated, settled and dehydrated therefrom, including, without limitation, kerosene, liquefied petroleum gas, refined lubricating oils, diesel fuel, drip gasoline, natural gasoline, ethanol, biofuels, other renewable fuels, and all other minerals.

 In-Transit Crude Oil: crude oil purchased by a Borrower, for delivery to such Borrower via
pipeline from a vendor or supplier. 
 In-Transit Products: refined fuel, jet fuel, diesel,
unleaded gas, blendstocks, other additives, ethanol, biofuels and other renewable fuels purchased by a Borrower, for delivery to such Borrower via pipeline, barge or rail from a vendor or supplier. 

Indemnified Taxes: (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of an
Obligation; and (b) to the extent not otherwise described in clause (a), Other Taxes. 
 Indemnitees: Agent Indemnitees,
Lender Indemnitees, Issuing Bank Indemnitees and Bank of America Indemnitees. 
 Insolvency Proceeding: any case or proceeding
commenced by or against a Person under any state, federal or foreign law for, or any agreement of such Person to, (a) the entry of an order for relief under the Bankruptcy Code, or any other insolvency, debtor relief or debt adjustment law;
(b) the appointment of a receiver, trustee, liquidator, administrator, conservator or other custodian for such Person or any part of its Property; or (c) an assignment or trust mortgage for the benefit of creditors. 

Intellectual Property: all intellectual and similar Property of a Person, including inventions, designs, patents, copyrights,
trademarks, service marks, trade names, trade secrets, confidential or proprietary information, customer lists, know-how, software and databases; all embodiments or fixations thereof and all related
documentation, applications, registrations and franchises; all licenses or other rights to use any of the foregoing; and all books and records relating to the foregoing. 

Intellectual Property Claim: any claim or assertion (whether in writing, by suit or otherwise) that a Borrower’s or Restricted
Subsidiary’s ownership, use, marketing, sale or distribution of any Inventory, Equipment, Intellectual Property or other Property violates another Person’s Intellectual Property. 

Intercompany Note: as defined in Section 10.2.1(e). 

Interest Period: as defined in Section 3.1.3. 

Intermediate Products: all Feedstocks that have been partially processed or refined as isomerate, cat feed, gasoline components or
naphtha. 

  
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 Intermediation Access Agreement: (a) the Acknowledgment Agreement, dated as of the
date hereof, between the Administrative Agent, the Secured Notes Collateral Trustee and J. Aron (the “Acknowledgment Agreement”), as may be amended, amended and restated, supplemented or otherwise modified from time to time as
permitted by the Loan Documents and (b) any acknowledgment agreement with the Intermediation Counterparty to any other Intermediation Facility otherwise permitted under the Loan Documents, which shall in all material respects be in the same
form, and have the same substance, as the Acknowledgment Agreement. 
 Intermediation Collateral: (a) with respect to PHR, the
J. Aron Intermediation Collateral and (b) with respect to any Future Intermediation Subsidiary that is party to an Intermediation Agreement, all of the following property or assets of such party: (a) all inventory; (b) all receivables
other than receivables constituting identifiable proceeds of Notes Collateral; (c) all Renewable Identification Numbers; (d) all investment property, chattel paper, general intangibles (excluding trademarks, trade names and other
intellectual property), documents and instruments, in each case, to the extent relating to items in clauses (a), (b) and (c) (but for the avoidance of doubt, excluding Equity Interests of each Subsidiary); (e) all deposit accounts and other bank and
securities accounts (excluding any Notes Proceeds Collateral Account) and cash and cash equivalents; (f) books and records relating to clauses (a) through (e); and (g) all proceeds of, and supporting obligations, including letter of
credit rights, with respect to, any of the foregoing (except to the extent that such proceeds and supporting obligations constitute Collateral for the notes); provided that “Intermediation Collateral” shall not include any of the
foregoing assets to the extent such assets are excluded pursuant to the express agreement of the applicable Intermediation Counterparty. For the avoidance of doubt, the Intermediation Collateral does not include any Intermediation Property. 

Intermediation Counterparty: J. Aron and any other counterparty to any Intermediation Facility, and any permitted successor or assign
of the foregoing. 
 Intermediation Facility: (a) the J. Aron Intermediation Agreement and (b) any crude oil or other
feedstock supply agreements, natural gas supply agreements, hydrogen supply agreements, or off-take agreements relating to intermediate or refined products, in each case entered into by any Future
Intermediation Subsidiary and a counterparty for purposes of facilitating a customary intermediation arrangement, together with all related storage agreements, marketing and sales agreements, agency agreements, security agreements, account control
agreements, other collateral documents and other ancillary agreements among such parties, in each case as any of the same may be extended, renewed, amended, supplemented, restated, amended and restated or otherwise modified from time to time, or
refinanced and/or replaced with another Intermediation Agreement from time to time and in whole or in part; provided that (i) the terms of any Intermediation Facility described in this clause (b) shall be not materially more
disadvantageous to the Lenders, taken as a whole, as compared to the terms of the J. Aron Intermediation Agreement in effect on the Closing Date, taken as a whole, as determined in good faith by an Officer of the Company, (ii) no Intermediation
Agreement shall provide for any lien on any assets other than Intermediation Collateral, and (iii) none of the Company and its Consolidated Subsidiaries, other than PHR or a Future Intermediation Subsidiary, shall enter into an Intermediation
Facility. 
 Intermediation Property: all Hydrocarbons from time to time owned by an Intermediation Counterparty under the terms of
an Intermediation Facility. 
 Inventory: as defined in the UCC, including all goods intended for sale, lease, display or
demonstration; all work in process; and all raw materials, and other materials and supplies of any kind that are or could be used in connection with the manufacture, printing, packing, shipping, advertising, sale, lease or furnishing of such goods,
or otherwise used or consumed in a Borrower’s business (but excluding Equipment). 
 Inventory Reserve: reserves established by
the Administrative Agent in its Permitted Discretion to reflect declines in market value or to reflect factors that may negatively impact the value of Inventory, including change in salability, obsolescence, seasonality, theft, shrinkage, imbalance,
change in composition or mix, markdowns and vendor chargebacks. 

  
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 Investment: with respect to any Person, all direct or indirect investments by such Person
in other Persons (including Affiliates) in the forms of loans (including guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the Ordinary Course of
Business), purchases or other acquisitions for consideration of Debt, Equity Interests or other securities (including Acquisitions), together with all items that are or would be classified as investments on a balance sheet prepared in accordance
with GAAP. If any Borrower or any Restricted Subsidiary of any Borrower sells or otherwise disposes of less than all of the Equity Interests of any direct or indirect Restricted Subsidiary of any Borrower such that, after giving effect to any such
sale or disposition, such Person is no longer a Restricted Subsidiary of any Borrower, the applicable Borrowers will be deemed to have made an Investment on the date of any such sale or disposition equal to the fair market value of the
Borrowers’ Investments in such Subsidiary that were not disposed of or sold. 
 Investment Grade Receivables: any Receivable due
to any Borrower and owing by an Eligible Account Obligor (a) with a long-term issuer rating of BBB- or higher by S&P and Baa3 or higher by Moody’s (or the equivalent of such rating organization)
and (b) listed on Schedule 1.3 (as such schedule, with the consent of the Administrative Agent, (i) is updated and attached to a Borrowing Base Report or (ii) is updated and supplemented from time to time). 

IP Assignment: a collateral assignment or security agreement pursuant to which an Obligor grants a Lien on its Intellectual Property to
Administrative Agent, as security for the Obligations. 
 IRS: the United States Internal Revenue Service. 

Issuing Bank: as the context may require, (a) Bank of America (including any Lending Office of Bank of America), (b) KeyBank
National Association, (c) any Additional Issuing Bank, (d) any replacement issuer appointed pursuant to Section 2.2.4, or (e) collectively, all of the foregoing. For the avoidance of doubt, references to
“Issuing Bank” in Section 14.1 and Section 15.1 shall have the meaning specified in clause (d) of the foregoing sentence. Except as provided in the immediately preceding sentence,
any reference to “Issuing Bank” herein shall be to the applicable Issuing Bank, as appropriate. 
 Issuing Bank
Indemnitees: any Issuing Bank and its officers, directors, employees, Affiliates, agents and attorneys. 
 J. Aron: J.
Aron & Company LLC. 
 J. Aron Intermediation Agreement: that certain Amended and Restated Supply and Offtake Agreement
dated as of December 21, 2017, by and between J. Aron and PHR, together with all related storage agreements, marketing and sales agreements, agency agreements, security agreements, account control agreements, other collateral documents and
other ancillary agreements among such parties, in each case as any of the same may be extended, renewed, amended, supplemented, restated, amended and restated or otherwise modified from time to time, or refinanced and/or replaced with another
Intermediation Agreement from time to time and in whole or in part; provided that (i) no J. Aron Intermediation Agreement shall provide for any lien on any assets other than J. Aron Intermediation Collateral and (ii) none of the Company or
its Consolidated Subsidiaries, other than PHR, shall enter into the J. Aron Intermediation Agreement. 
 J. Aron Intermediation
Collateral: with respect to PHR, all of the following property and assets of PHR: (a) all inventory; (b) all receivables other than receivables constituting identifiable proceeds of collateral securing the Secured Notes; (c) all
Renewable Identification Numbers; (d) all investment property, chattel paper, general intangibles (excluding trademarks, trade names and other intellectual 

  
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property), documents and instruments, in each case, to the extent relating to items in clauses (a), (b) and (c) (but for the avoidance of doubt, excluding Equity Interests of each Subsidiary);
(e) all deposit accounts and other bank and securities accounts (excluding any Notes Proceeds Collateral Account) and cash and cash equivalents; (f) books and records relating to clauses (a) through (e); and (g) all proceeds of, and
supporting obligations, including letter of credit rights, with respect to, any of the foregoing (except to the extent that such proceeds and supporting obligations constitute Collateral for the notes); provided that “J. Aron
Intermediation Collateral” shall not include any of the foregoing assets to the extent such assets are excluded pursuant to the express agreement of J. Aron. For the avoidance of doubt, the J. Aron Intermediation Collateral does not include any
Intermediation Property. 
 L/C Backed Receivables: any Receivable due to any Borrower and owing by an Eligible Account Obligor to
the extent such Receivable is backed by a letter of credit (a) in form and substance, and from an Issuing Bank that is, reasonably acceptable to the Administrative Agent, and (b) which is in the possession of, and directly drawable by, a
Borrower (provided, that during a Cash Dominion Period, such letter credit shall be in the possession of, and directly drawable by, the Administrative Agent). 

LC Application: an application by Borrower Agent to Issuing Bank for issuance of a Letter of Credit, in form and substance satisfactory
to Issuing Bank and Administrative Agent. In the event of any conflict between the terms of any LC Application and this Agreement, the terms of this Agreement shall govern. 

LC Conditions: the following conditions necessary for issuance of a Letter of Credit: (a) each of the conditions set forth in
Section 6.2; (b) after giving effect to such issuance, total LC Obligations do not exceed the Letter of Credit Subline, no Overadvance exists and Revolver Usage does not exceed the Borrowing Base; (c) the Letter of
Credit and payments thereunder are denominated in Dollars or other currency satisfactory to Administrative Agent and the applicable Issuing Bank; and (d) the purpose and form of the proposed Letter of Credit are satisfactory to Administrative
Agent and Issuing Bank in their discretion.    Additionally, no Issuing Bank shall have any obligation to issue a Letter of Credit if (i) any order, judgment, or decree of any Governmental Authority or arbitrator shall, by
its terms, purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any law applicable to such Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with
jurisdiction over such Issuing Bank shall prohibit or request that such Issuing Bank refrain from the issuance of letters of credit generally or such Letter of Credit in particular or (ii) the issuance of such Letter of Credit would violate one
or more policies of such Issuing Bank applicable to letters of credit generally. 
 LC Documents: all documents, instruments and
agreements (including LC Requests and LC Applications) delivered by any Borrowers or any other Person to an Issuing Bank or Administrative Agent in connection with any Letter of Credit. 

LC Obligations: the sum (without duplication) of (a) all amounts owing by Borrowers for drawings under Letters of Credit; and
(b) the Stated Amount of all outstanding Letters of Credit. 
 LC Request: a request for issuance of a Letter of Credit, to be
provided by Borrower Agent to Issuing Bank, in form satisfactory to Administrative Agent and Issuing Bank. 
 Lender Indemnitees:
Lenders and Secured Bank Product Providers, and their officers, directors, employees, Affiliates, agents and attorneys. 
 Lenders:
lenders party to this Agreement (including Bank of America in its capacity as provider of Swingline Loans) and any Person who hereafter becomes a “Lender” pursuant to an Assignment, other than any Person that shall have ceased to be a
party hereto pursuant to an Assignment. 

  
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 Lending Office: the office (including any domestic or foreign Affiliate or branch)
designated as such by a Lender or Issuing Bank by notice to Administrative Agent and Borrower Agent. 
 Letter of Credit: each
Existing Letter of Credit and any standby or documentary letter of credit, foreign guaranty, documentary bankers’ acceptance or similar instrument issued by Issuing Bank for the account or benefit of a Borrower or Affiliate of a Borrower. 

Letter of Credit Subline: $65,000,000; provided, that the Letter of Credit Subline shall be shared ratably among the Lenders
based on the lesser of (a) each Lender’s Commitment and (b) such Lender’s Pro Rata share of the Letter of Credit Subline. 

LIBOR: the per annum rate of interest (rounded up to the nearest 1/8th of 1% and in no event less than zero) determined by
Administrative Agent at or about 11:00 a.m. (London time) two Business Days prior to an Interest Period, for a term equivalent to such period, equal to the London Interbank Offered Rate, or comparable or successor rate approved by Administrative
Agent, as published on the applicable Reuters screen page (or other commercially available source designated by Administrative Agent from time to time); provided, that (a) any comparable or successor rate shall be applied by
Administrative Agent, if administratively feasible, in a manner consistent with market practice and (b) if LIBOR shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. 

LIBOR Daily Floating Rate: a fluctuating rate of interest per annum equal to LIBOR with a term equivalent to thirty days at
approximately 11:00 a.m. (London time) two Business Days prior to the date in question, as adjusted from time to time in Lender’s sole discretion for reserve requirements, deposit insurance assessment rates and other regulatory costs;
provided, that if such rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 
 LIBOR
Loan: a Loan that bears interest based on LIBOR. 
 License: any license or agreement under which an Obligor is authorized to use
Intellectual Property in connection with any manufacture, marketing, distribution or disposition of Collateral, any use of Property or any other conduct of its business. 

Licensor: any Person from whom an Obligor obtains the right to use any Intellectual Property. 

Lien: a Person’s interest in Property securing an obligation owed to, or a claim by, such Person, including any lien, security
interest, pledge, mortgage, hypothecation, assignment, trust, reservation, encroachment, easement, right-of-way, covenant, condition, restriction, lease, or other title
exception or encumbrance. 
 Lien Waiver: an agreement, in form and substance satisfactory to Administrative Agent, by which
(a) for any material Collateral located on leased premises, the lessor waives or subordinates any Lien it may have on the Collateral, and agrees to permit Administrative Agent to enter upon the premises and remove the Collateral or to use the
premises to store or dispose of the Collateral; (b) for any Collateral held by a warehouseman, processor, shipper, customs broker or freight forwarder, such Person waives or subordinates any Lien it may have on the Collateral, agrees to hold
any Documents in its possession relating to the Collateral as agent for Administrative Agent, and agrees to deliver the Collateral to Administrative Agent upon request; (c) for any Collateral held by a repairman, mechanic or bailee, such Person
acknowledges Administrative Agent’s Lien, waives or subordinates any Lien it may have on the Collateral, and agrees to deliver the Collateral to Administrative Agent upon request; and (d) for any Collateral subject to a Licensor’s
Intellectual Property rights, the Licensor grants to Administrative Agent the right, vis-à-vis such Licensor, to enforce Administrative Agent’s Liens with
respect to the Collateral, including the right to dispose of it with the benefit of the Intellectual Property, whether or not a default exists under any applicable License. 

  
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 Loan: a loan made pursuant to Section 2.1, and any Swingline
Loan, Overadvance Loan or Protective Advance. 
 Loan Documents: this Agreement, Other Agreements and any other Security Documents.

 Loan Year: each 12 month period commencing on the Closing Date or on an anniversary of the Closing Date. 

Lubricants: Inventory consisting of motor oil, hydraulic oil, gear oil, cutting oil, grease, and various chemicals and solvents of a
similar nature. For avoidance of doubt, Lubricants are not Feedstocks, Intermediate Products or Refined Products. 
 Margin Stock: as
defined in Regulation U of the Board of Governors. 
 Material Adverse Effect: a material adverse change in, or a material adverse
effect on (a) the business, assets, Properties, condition (financial or otherwise) or results of operations of the Borrowers and their Subsidiaries, taken as a whole; (b) the value of any material portion of the Collateral; (c) the
rights and remedies of Administrative Agent or any Lender under the Loan Documents, (d) the ability of Parent, PHR, any Future Intermediation Subsidiary or any Obligor to perform its obligations under any Loan Document to which it is a party;
or (e) the validity or enforceability against Parent, PHR, any Future Intermediation Subsidiary or any Obligor of any Loan Document to which it is a party. 

Material Contract: any agreement or arrangement to which a Borrower, Restricted Subsidiary, any Future Intermediation Subsidiary or PHR
is party (other than the Loan Documents) (a) that is deemed to be a material contract under any securities law applicable to such Person, including the Securities Act of 1933; (b) for which breach, termination, nonperformance or failure to
renew could reasonably be expected to have a Material Adverse Effect; (c) that relates to Material Debt; or (d) that relates to any Intermediation Facility. 

Material Debt: Debt (other than the Loans and Letters of Credit), or obligations in respect of one or more Hedging Agreements, of any
one or more of the Borrowers, their Restricted Subsidiaries, PHR and any Future Intermediation Subsidiary in an aggregate principal amount exceeding $10,000,000. For purposes of determining Material Debt, the “principal amount” of the
obligations of the Borrowers or any Restricted Subsidiary in respect of any Hedging Agreement at any time shall be the Hedging Termination Value. 

Merchandise Inventory: Inventory (other than (a) Lubricants not for sale at a retail location and (b) Petroleum Inventory)
held by any Borrower for retail sale in the Ordinary Course of Business. 
 Mid Pac: as defined in the introductory paragraph hereto.

 Moody’s: Moody’s Investors Service, Inc., and its successors. 

Multiemployer Plan: any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which an Obligor or ERISA
Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

Net Proceeds: with respect to an Asset Disposition, proceeds (including, when received, any deferred or escrowed payments) received by
a Borrower or Restricted Subsidiary in cash from such disposition, net of (a) reasonable and customary costs and expenses actually incurred in connection therewith, including legal fees and sales commissions; (b) amounts applied to
repayment of Debt secured by a Permitted Lien senior to Administrative Agent’s Liens on Collateral sold; (c) transfer or similar taxes; and (d) reserves for indemnities, until such reserves are no longer needed. 

  
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 NOLV Percentage: the net orderly liquidation value of Merchandise Inventory or Lubricants,
as applicable, expressed as a percentage of cost, expected to be realized at an orderly, negotiated sale held within a reasonable period of time, net of all liquidation expenses, as determined from the most recent appraisal of the Borrowers’
Merchandise Inventory or Lubricants, as applicable, performed by an appraiser and on terms satisfactory to the Administrative Agent. 
 Non-Consenting Lender: any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of each Lender or each affected Lender, in each case, in accordance with the terms of
Section 15.1 and (ii) has been approved by the Required Lenders (or, in the case of any consent, waiver or amendment that requires the approval of each Lender or each affected Lender, by all Lenders or all affected
Lenders). 
 Non-Recourse Debt: Debt (a) as to which neither the Company nor any of its
Restricted Subsidiaries, (i) provides any guarantee or credit support of any kind (including any undertaking, guarantee, indemnity, agreement or instrument that would constitute Debt) or (ii) is directly or indirectly liable (as a
guarantor or otherwise); (b) the incurrence of which will not result in any recourse against any of the assets of the Company or its Restricted Subsidiaries; and (c) no default with respect to which would permit (upon notice, lapse of time or
both) any holder of any other Debt (“Other Debt”) of the Company or any of its Restricted Subsidiaries to declare pursuant to the express terms governing such Debt a default on such Other Debt or cause the payment thereof to be
accelerated or payable prior to its stated maturity. 
 Notes Collateral: the Collateral, as defined in the Secured Notes Indenture
as of the date hereof. 
 Notes Proceeds Collateral Account: the Collateral Account, as defined in the Secured Notes Indenture. 

Notice of Borrowing: a request by Borrower Agent of a Borrowing of Loans, in the form of Exhibit B or otherwise reasonably
satisfactory to Administrative Agent. 
 Notice of Conversion/Continuation: a request by Borrower Agent of a conversion or
continuation of any Loans as LIBOR Loans, in form satisfactory to Administrative Agent. 
 Obligations: all (a) principal of and
premium, if any, on the Loans, (b) LC Obligations and other obligations of Obligors with respect to Letters of Credit, (c) interest, expenses, fees, indemnification obligations, Extraordinary Expenses and other amounts payable by Obligors
under Loan Documents, (d) Secured Bank Product Obligations, and (e) other Debts, obligations and liabilities of any kind owing by Obligors pursuant to the Loan Documents, whether now existing or hereafter arising, whether evidenced by a
note or other writing, whether allowed in any Insolvency Proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise, and whether direct or indirect, absolute or
contingent, due or to become due, primary or secondary, or joint or several; provided, that Obligations of an Obligor shall not include its Excluded Swap Obligations. 

Obligor: each Borrower, Guarantor or other Person that is liable for payment of any Obligations or that has granted a Lien on its
assets in favor of Administrative Agent to secure any Obligations (other than Parent, PHR or any Future Intermediation Subsidiary). 

OFAC: Office of Foreign Assets Control of the U.S. Treasury Department. 

Ordinary Course of Business: the ordinary course of business of any Borrower or Restricted Subsidiary, undertaken in good faith and
consistent with Applicable Law and past practices. 

  
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 Organic Documents: with respect to any Person, its charter, certificate or articles of
incorporation, bylaws, articles of organization, limited liability company agreement, operating agreement, members agreement, shareholders agreement, partnership agreement, certificate of partnership, certificate of formation, voting trust
agreement, or similar agreement or instrument governing the formation or operation of such Person. 
 OSHA: the Occupational Safety
and Hazard Act of 1970. 
 Other Agreement: the Engagement Letter, any Intermediation Access Agreement, the Collateral Rights
Agreement and all LC Documents, fee letters, Borrower Materials, and promissory notes now or hereafter delivered by an Obligor or other Person to Administrative Agent or any Lender in connection with any transactions relating hereto. 

Other Connection Taxes: Taxes imposed on a Recipient as a result of a present or former connection between the Recipient and the
jurisdiction imposing such Tax (other than connections arising from the Recipient having executed, delivered, become a 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). 
 Other Taxes: all present or future stamp,
court, documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a Lien under, or otherwise with
respect to, any Loan Document, except Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 14.4(c)). 

Overadvance: as defined in Section 2.1.5. 

Overadvance Loan: a Base Rate Loan (with interest determined pursuant to clause (b) of the definition of “Base Rate”)
made when an Overadvance exists or is caused by the funding thereof. 
 Parent: Par Pacific Holdings, Inc., a Delaware corporation.

 Parent Guaranty: that certain Guaranty, dated as of the date hereof, by the Parent in favor of the Administrative Agent on behalf
of the Secured Parties, as may be amended, amended and restated, supplemented or otherwise modified from time to time as permitted by the Loan Documents. 

Participant: as defined in Section 14.2.1. 

Patriot Act: the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001, Pub. L. No. 107-56, 115 Stat. 272 (2001). 
 Payment Condition Events: Permitted
Acquisitions, Distributions pursuant to Section 10.2.3(e)(ii) and Section 10.2.3(h), deemed Investments made by virtue of the designation of an Unrestricted Subsidiary, deemed Investments made by
virtue of the designation of a Future Intermediation Subsidiary, Investments pursuant to Section 10.2.4(d)(iv), redemptions of the Secured Notes pursuant to Section 10.2.15(d) and any other event
in the Loan Documents that is subject to satisfaction of the Payment Conditions. 
 Payment Conditions: with respect to any
applicable payment or transaction, each of the following conditions: 
 (a) as of the date of any such payment or transaction, and after
giving effect thereto, no Default shall exist or has occurred and is continuing, 
 (b) such payment or transaction shall not create negative
book net worth of the Borrower Group; 
  

  
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 (c) either (x) (A) average Availability during the immediately preceding 60 consecutive day
period and Availability at any time during the immediately preceding 10 consecutive Business Day period, in each case on a pro forma basis shall have been greater than the greater of (I) $17,500,000 and (II) 30% of the Borrowing Base then in
effect and (B) after giving effect to the payment or transaction, on a pro forma basis using the most recent calculation of the Borrowing Base immediately prior to any such payment or transaction, Availability shall be greater than the greater
of (I) $17,500,000 and (II) 30% of the Borrowing Base then in effect or (y) (A) average Availability during the immediately preceding 60 consecutive day period and Availability at any time during the immediately preceding 10 consecutive
Business Day period, in each case on a pro forma basis shall have been greater than the greater of (I) $10,000,000 and (II) 15% of the Borrowing Base then in effect, (B) after giving effect to the payment or transaction, on a pro forma basis
using the most recent calculation of the Borrowing Base immediately prior to any such payment or transaction, Availability shall be greater than the greater of (I) $10,000,000 and (II) 15% of the Borrowing Base then in effect, and (C) as of the
date of any such payment or transaction, and after giving effect thereto, on a pro forma basis (including with respect to periods prior to the Closing Date), the Borrower Group Fixed Charge Coverage Ratio (1) for the four-Fiscal Quarter period
ending on the last day of the most recent Fiscal Quarter or (2) during a Financial Reporting Trigger Period, for the 12-month period ending on the last day of the most recent month, prior to the date of
such payment or transaction for which Administrative Agent has received financial statements in accordance with Section 10.1.2(a), 10.1.2(b) or 10.1.2(c) shall be at least 1.00 to 1.00 and 

(d) receipt by Administrative Agent of a certificate of a Senior Officer of the Borrower Agent certifying as to compliance with the preceding
clauses and demonstrating (in reasonable detail) the calculations required thereby (each, a “Payment Conditions Certificate”). 

Payment Item: each check, draft or other item of payment payable to any Obligor, including those constituting proceeds of any
Collateral. 
 PBGC: the Pension Benefit Guaranty Corporation. 

Pension Funding Rules: Code and ERISA rules regarding minimum required contributions (including installment payments) to Pension Plans
set forth in, for plan years ending prior to the Pension Protection Act of 2006 effective date, Section 412 of the Code and Section 302 of ERISA, both as in effect prior to such act, and thereafter, Sections 412, 430 and 436 of the Code
and Sections 302 and 303 of ERISA. 
 Pension Plan: any employee pension benefit plan (as defined in Section 3(2) of ERISA),
other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by an Obligor or ERISA Affiliate or to which the Obligor or ERISA Affiliate contributes or has an obligation to contribute, or in the case of a
multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the preceding five plan years. 

Permitted Acquisition: an Acquisition by any Borrower or any of its Restricted Subsidiaries, provided that (a) the Person to be
(or the property of which is to be) so purchased or otherwise acquired shall be engaged in substantially the same lines of business as one or more of the businesses of the Borrowers and their Restricted Subsidiaries or in a business or businesses
reasonably related thereto; (b) immediately before giving effect to such Acquisition, no Event of Default shall have occurred and be continuing; (c) at the time of such Acquisition and immediately thereafter, (i) no Default shall have
occurred and be continuing, and (ii) the Payment Conditions have been satisfied; (d) if such acquired Person has outstanding Debt at the time of such Acquisition, such Debt is permitted pursuant to Section 10.2.1;
(e) (i) any such newly-created or acquired Subsidiary shall comply with the requirements of Section 10.1.13 or (ii) if such Subsidiary is a Future Intermediation Subsidiary, no proceeds of Loans shall be used to
make such Acquisition and (f) with respect to any Acquisition for which the consideration with respect to such Acquisition exceeds $5,000,000, the Borrowers shall have delivered to 

  
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Administrative Agent and each Lender, at least five Business Days prior to the date on which such Acquisition is to be consummated, a certificate of a Senior Officer, in form and substance
reasonably satisfactory to Administrative Agent, certifying that all of the requirements set forth in this definition have been satisfied or will be satisfied on or prior to the consummation of such Acquisition. 

Permitted Contingent Obligations: Contingent Obligations (a) arising from endorsements of Payment Items for collection or deposit
in the Ordinary Course of Business; (b) arising from Hedging Agreements permitted hereunder; (c) existing on the Closing Date, and any extension or renewal thereof that does not increase the amount of such Contingent Obligation when
extended or renewed; (d) incurred in the Ordinary Course of Business with respect to surety, appeal or performance bonds, or other similar obligations; (e) arising from customary indemnification obligations in favor of purchasers in
connection with dispositions of Equipment and other assets permitted hereunder; (f) arising under the Loan Documents; (g) arising by operation of law; or (h) in an aggregate amount of $10,000,000 or less at any time. 

Permitted Discretion: a determination made in the exercise, in good faith, of reasonable credit judgment (from the perspective of a
secured, asset-based lender). 
 Permitted Investment: any Investment permitted under Section 10.2.4. 

Permitted Lien: as defined in Section 10.2.2. 

Permitted Parent Payments: the declaration and payment of dividends or distributions by the Company to, or the making of loans to the
Parent in amounts sufficient for the Parent to pay, in each case without duplication: 
  

	 	(1)	franchise taxes, excise taxes and other fees, taxes and expenses, in each case, to the extent required to maintain the Parent’s existence or to conduct business in a jurisdiction; 

 

	 	(2)	so long as the Company is (x) treated as a pass-through or disregarded entity for tax purposes, and of which the Parent is an owner, member or partner (directly or through one or more entities that are treated as
pass-through entities for tax purposes) or (y) a member of an affiliated, consolidated, combined, unitary or similar group that includes the Parent, amounts equal to the amounts of federal, state and local income taxes that would be owed (or
estimated would be owed), to the extent such income taxes are attributable to the income of the Company or one or more of its Restricted Subsidiaries and, to the extent of the amount actually received from its Unrestricted Subsidiaries, PHR or a
Future Intermediation Subsidiary, in amounts equal to the amounts that would be required to pay such taxes to the extent attributable to the income of such Unrestricted Subsidiaries, PHR or a Future Intermediation Subsidiary, as applicable;
provided, that in each case the amount of such payments or loans in any fiscal year does not exceed the amount that the Company and its Restricted Subsidiaries would be hypothetically required to pay in respect of federal, state and local
taxes for such fiscal year as if the Company and its Restricted Subsidiaries (and Unrestricted Subsidiaries, PHR and Future Intermediation Subsidiaries to the extent described above) computed and filed their tax returns on a stand-alone basis and
did not take into account net operating losses or carryforwards or other tax attributes of the Parent or the Parent’s Affiliates; 

  

	 	(3)	so long as the Company is a member of an affiliated or consolidated group for U.S. federal income tax purposes, payments made under Section 4 of the Tax Sharing Agreement effective April 1, 2014, or any
successor or extended agreement, whether to Parent or any Affiliate of Parent and whether renewed as a payment in lieu of taxes, compensation or indemnity, in each case without duplication with payments made under (2) above; 

  
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	 	(4)	general corporate administrative, operating and overhead costs and expenses of the Parent to the extent attributable to the Company and its Consolidated Subsidiaries including but not limited to software and other
intellectual property license, fees and expenses of independent auditors, reserve engineers and legal counsel to the Parent; 

  

	 	(5)	(x) salary, bonus and other benefits payable to employees, consultants, directors, officers and managers of the Parent in the ordinary course of business to the extent attributable to the Company and its Consolidated
Subsidiaries and (y) indemnification claims made by employees, consultants, directors, officers and managers of the Parent in the ordinary course of business to the extent attributable to the Company and its Consolidated Subsidiaries; and

  

	 	(6)	payments of principal, interest on, and mandatory repurchases or redemption with respect to, the Senior Notes. 

Permitted Parent Payments (G&A): Permitted Parent Payments described in clauses (4) and (5) of the definition of Permitted
Parent Payments. 
 Permitted Parent Payments (Tax): Permitted Parent Payments described in clauses (1) through (3) of the
definition of Permitted Parent Payments (to the extent a payment of taxes). 
 Permitted Purchase Money Debt: Purchase Money Debt of
Borrowers and Restricted Subsidiaries that is unsecured or secured only by a Purchase Money Lien, as long as the aggregate amount does not exceed the greater of (a) $35,000,000 and (b) 5.0% of the Company’s Consolidated Net Tangible Assets (as
defined in the Secured Notes Indenture) at any time. 
 Permitted Unsecured Debt: unsecured Debt incurred by Obligors in the form of
one or more series of senior unsecured notes or loans; provided that such Debt (a) meets the Permitted Unsecured Debt Conditions, (b) has no financial maintenance covenants and (c) does not contain any provisions that
cross-default to any Default hereunder. 
 Permitted Unsecured Debt Conditions: of an applicable Debt are that such Debt (a) is
not scheduled to mature prior to the date that is 91 days after the latest maturity of the Loans, (b) does not mature or have scheduled amortization payments of principal or payments of principal and is not subject to mandatory redemption,
repurchase, prepayment or sinking fund obligation (except customary asset sale or change of control provisions that provide for the prior repayment in full of the Loans and all other Obligations), in each case prior to 91 days after the latest
maturity of the Loans at the time such Debt is incurred, (c) is not at any time guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors and (d) has covenants, defaults and remedy provisions and other terms and conditions
(other than interest, fees, premiums and funding discounts) that are, taken as a whole, substantially identical to, or less favorable to the investors providing such Debt than, those set forth in this Agreement. 

Person: any individual, corporation, limited liability company, partnership, joint venture, association, trust, unincorporated
organization, Governmental Authority or other entity. 
 Petroleum Inventory: Inventory consisting of refined petroleum products,
crude oil, condensate, natural gas liquids, liquefied petroleum gases, asphalt, ethanol, biofuels, other renewable fuels, or any blend thereof. 

PHR: Par Hawaii Refining, LLC, a Delaware limited liability company. 

PHR/FIS Distribution: Distributions made by PHR or a Future Intermediation Subsidiary. 

PHR Refinery: the refinery of PHR located in Kapolei, Hawaii. 

  
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 Plan: any employee benefit plan (as defined in Section 3(3) of ERISA) maintained for
employees of an Obligor or ERISA Affiliate, or to which an Obligor or ERISA Affiliate is required to contribute on behalf of its employees. 

Platform: as defined in Section 15.3.3. 

Prime Rate: for any date, a per annum rate equal to the greatest of (a) the rate of interest announced by Bank of America from
time to time as its prime rate for such day; (b) the Federal Funds Rate for such day, plus 0.50%; or (c) LIBOR for a 30 day interest period as of such day, plus 1.0%. The rate announced by Bank of America as its prime rate is based on
various factors, including its costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above or below such rate. Any change in such rate publicly
announced by Bank of America shall take effect at the opening of business on the day specified in the announcement. 
 Pro Rata: with
respect to any Lender, a percentage (rounded to the ninth decimal place) determined (a) by dividing the amount of such Lender’s Commitment by the aggregate outstanding Commitments; or (b) following termination of the Commitments, by
dividing the amount of such Lender’s Loans and LC Obligations by the aggregate outstanding Loans and LC Obligations or, if all Loans and LC Obligations have been paid in full and/or Cash Collateralized, by dividing such Lender’s and its
Affiliates’ remaining Obligations by the aggregate remaining Obligations. 
 Properly Contested: with respect to any obligation
of an Obligor, (a) the obligation is subject to a bona fide dispute regarding amount or the Obligor’s liability to pay; (b) the obligation is being properly contested in good faith by appropriate proceedings promptly instituted and
diligently pursued; (c) appropriate reserves have been established in accordance with GAAP; (d) non-payment could not have a Material Adverse Effect, nor result in forfeiture or sale of any assets of
the Obligor; (e) no Lien is imposed on assets of the Obligor, unless bonded and stayed to the satisfaction of Administrative Agent; and (f) if the obligation results from entry of a judgment or other order, such judgment or order is stayed
pending appeal or other judicial review. 
 Property: any interest in any kind of property or asset, whether real, personal or mixed,
or tangible or intangible. 
 Protective Advances: as defined in Section 2.1.6. 

Purchase Money Debt: (a) Debt (other than the Obligations), including Capital Leases, for payment of any of the purchase price and
costs of installation of fixed assets; (b) Debt (other than the Obligations), including Capital Leases, incurred within 20 days before or one year after acquisition of any fixed assets, for the purpose of financing any of the purchase price
thereof; and (c) any renewals, extensions or refinancings (but not increases) thereof. 
 Purchase Money Lien: a Lien that
secures Purchase Money Debt, encumbering only the fixed assets acquired with such Debt and constituting a Capital Lease or a purchase money security interest under the UCC. 

Qualified ECP: an Obligor with total assets exceeding $10,000,000, or that constitutes an “eligible contract participant”
under the Commodity Exchange Act and can cause another Person to qualify as an “eligible contract participant” under Section 1a(18)(A)(v)(II) of such act. 

RCRA: the Resource Conservation and Recovery Act (42 U.S.C. §§ 6991-6991i). 

Real Estate: all right, title and interest (whether as owner, lessor or lessee) in any real Property or any buildings, structures,
parking areas or other improvements thereon. 

  
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 Receivables: as to a Borrower, all accounts receivable, whether billed or unbilled, and
all rights to payment from any credit card issuer or credit card processor, in each case, arising out of the sale of Inventory in the Ordinary Course of Business. 

Recipient: Administrative Agent, any Issuing Bank, any Lender or any other recipient of a payment to be made by an Obligor under a Loan
Document or on account of an Obligation. 
 Refinancing Conditions: the following conditions for Refinancing Debt: (a) it is in
an aggregate principal amount that does not exceed the principal amount of the Debt being extended, renewed or refinanced (other than an increase in an aggregate principal amount resulting solely from any capitalized or payment in kind interest or,
solely with respect to the Secured Notes, an increase in the principal amount to the extent permitted by the Loan Documents; (b) it has a final maturity no sooner than, a weighted average life no less than, and an interest rate no greater than,
the Debt being extended, renewed or refinanced; provided, that in the case of Refinancing Debt with respect to debt permitted under Section 10.2.1(f), the final maturity of such Refinancing Debt shall be no sooner than April 16,
2023; (c) if the Debt being extended, renewed or refinanced is subordinated, it is subordinated to the Obligations at least to the same extent as the Debt being extended, renewed or refinanced or otherwise on terms and conditions acceptable to
Administrative Agent; (d) unless approved by the Administrative Agent in its sole discretion, the representations, covenants and defaults applicable to it are no less favorable (taken as a whole in any material respect) to Borrowers, than those
applicable to the Debt being extended, renewed or refinanced; (e) no additional Lien is granted to secure it; (f) no additional Person is obligated on such Debt; and (g) upon giving effect to it, no Default exists. 

Refinancing Debt: Borrowed Money that is the result of an extension, renewal or refinancing of Debt permitted under
Section 10.2.1(f), (h), (i) or (k). 
 Refined Products: all gasoline, diesel, aviation fuel,
fuel oil, propane, ethanol, transmix, and other products processed, refined or blended from Feedstocks and Intermediate Products. 

Refineries: collectively, the PHR Refinery and the Wyoming Refinery. The term “Refineries” shall also include any refinery
acquired by a Borrower or a Restricted Subsidiary of any Borrower after the Closing Date. 
 Reimbursement Date: as defined in
Section 2.2.2. 
 Release: any depositing, spilling, leaking, pumping, pouring, placing, emitting,
discarding, abandoning, emptying, discharging, migrating, injecting, escaping, leaching, dumping, or disposing. “Released” has a correlative meaning. 

Renewable Fuel Standards: the regulatory requirements set forth in 40 C.F.R. Part 80, Subpart M, §§ 80.1400 et seq. 

Renewable Identification Numbers: any “renewable identification number” as defined in 40 C.F.R. § 80.1401 and regulated
as part of Renewable Fuel Standards. 
 Rent and Charges Reserve: reserves which may be taken by the Administrative Agent in its
Permitted Discretion with respect to Eligible Refinery Hydrocarbon Inventory, Eligible Merchandise Inventory, Eligible Lubricants Inventory, Eligible In-Transit Crude Oil and Eligible In-Transit Products in an amount up to the aggregate of, without duplication, (a) all past due rent, storage, transportation, terminaling and other amounts owing by a Borrower to any landlord, warehouseman,
terminal owner or operator, pipeline, processor, repairman, mechanic, shipper, freight forwarder, broker or other Person who possesses any Eligible Refinery Hydrocarbon Inventory, Eligible Merchandise Inventory, Eligible Lubricants Inventory,
Eligible In-Transit Crude Oil or Eligible In-Transit Products or could assert a Lien 

  
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on any such Inventory, and (b) if the owner or operator of a facility, pipeline or other location where any Eligible Refinery Hydrocarbon Inventory, Eligible Merchandise Inventory, Eligible
Lubricants Inventory, Eligible In-Transit Crude Oil or Eligible In-Transit Products is located has not subordinated all Liens that are or may be held by it on such
Inventory and granted access to such Inventory pursuant to an agreement satisfactory to the Administrative Agent, an amount equal to one month of rent, storage, terminaling, transportation and other amounts payable to the applicable owner or
operator of such facility, pipeline or other location; provided that any Rent and Charges Reserve taken with respect to any location at which any Eligible Refinery Hydrocarbon Inventory, Eligible Merchandise Inventory, Eligible Lubricants
Inventory, Eligible In-Transit Crude Oil or Eligible In-Transit Products is located shall not exceed the value of such Inventory stored at such location. 

Report: as defined in Section 13.2.3. 

Reportable Event: any event set forth in Section 4043(c) of ERISA, other than an event for which the 30 day notice period has been
waived. 
 Required Lenders: two or more unaffiliated Secured Parties holding more than 50% of (a) the aggregate outstanding
Commitments; or (b) following termination of the Commitments, the aggregate outstanding Loans and LC Obligations or, if all Loans and LC Obligations have been paid in full, the aggregate remaining Obligations; provided, however,
that Commitments, Loans and other Obligations held by a Defaulting Lender and its Affiliates shall be disregarded in making such calculation, but any related Fronting Exposure shall be deemed held as a Loan or LC Obligation by the Secured Party that
funded the applicable Loan or issued the applicable Letter of Credit. 
 Restricted Investment: any Investment other than a Permitted
Investment. 
 Restricted Subsidiary: any Subsidiary that is not (a) an Unrestricted Subsidiary or a direct or indirect
Subsidiary of an Unrestricted Subsidiary and (b) PHR or a Future Intermediation Subsidiary. 
 Restrictive Agreement: an
agreement (other than a Loan Document, the Secured Notes Indenture or any agreement providing for an Intermediation Facility) that conditions or restricts the right of any Borrower, Restricted Subsidiary or other Obligor to incur or repay Borrowed
Money, to grant, convey, create or impose Liens on any assets, to declare or make Distributions, to modify, extend or renew any agreement evidencing Borrowed Money, or to repay any intercompany Debt or that requires the consent of other Persons in
connection with any of the foregoing. 
 Revolver Usage: (a) the aggregate amount of outstanding Loans; plus (b) the
aggregate Stated Amount of outstanding Letters of Credit, except to the extent Cash Collateralized by Borrowers. 
 Royalties: all
royalties, fees, expense reimbursement and other amounts payable by a Borrower under a License. 
 S&P: Standard &
Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., and any successor thereto. 
 Sale and Leaseback
Transaction: with respect to the Company or any of its Restricted Subsidiaries, any arrangement relating to equipment and real property now owned or hereafter acquired whereby the Company or a Restricted Subsidiary transfers such equipment and
real property to a Person, and the Company or a Restricted Subsidiary leases it from such Person; provided that any such arrangements with respect to catalyst or precious metals that are entered into in the ordinary course of business shall
not be deemed to be Sale and Leaseback Transactions. 
 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, the U.S. Department of State, the United Nations Security Council, the European Union, any EU member state or
other sanctions authority, (b) any Person operating, organized or resident in a Designated Jurisdiction or (c) any Person owned or controlled by any such Person. 

  
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 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, or (b) the United Nations Security Council,
the European Union, Her Majesty’s Treasury of the United Kingdom or other sanctions authority. 
 Secured Bank Product
Obligations: Debt, obligations and other liabilities with respect to Bank Products owing by an Obligor to a Secured Bank Product Provider (to the extent not entered into in connection with an Intermediation Facility); provided, that
Secured Bank Product Obligations of an Obligor shall not include its Excluded Swap Obligations. 
 Secured Bank Product Provider:
(a) Bank of America or any of its Affiliates; and (b) any Person that (i) at the time it enters into a Bank Product is a Lender or any of its Affiliates or (ii) at the time it (or its Affiliate) becomes a Lender, is a party to a
Bank Product with an Obligor, in each case in its capacity as a party to such Bank Product (even if such Person ceases to be a Lender or such Person’s Affiliate ceases to be a Lender), provided that such Bank Product is not secured by the Notes
Collateral and such provider delivers written notice to Administrative Agent, in form and substance satisfactory to Administrative Agent, within 10 days following the later of the Closing Date or creation of the Bank Product, (i) describing the
Bank Product and setting forth the maximum amount to be secured by the Collateral and the methodology to be used in calculating such amount, (ii) agreeing to be bound by Section 13.13 and (iii) designating any
Hedging Agreements as Secured Bank Product Obligations to be pari passu with the Loans to the extent applicable. 
 Secured Notes:
the Company and Financeco’s 7.750% senior secured notes due 2025 issued pursuant to the Secured Notes Indenture. 
 Secured Notes
Collateral Trustee: Wilmington Trust, National Association, in its capacity as the collateral trustee under the Secured Notes Indenture. 

Secured Notes Indenture: the indenture dated as of December 21, 2017 (as amended and supplemented from time to time), among the
Company, Financeco, the guarantors party thereto and Wilmington Trust, National Association, as trustee and collateral trustee. 

Secured Parties: Administrative Agent, Issuing Banks, Lenders and Secured Bank Product Providers. 

Securities Account Control Agreement: control agreement satisfactory to Administrative Agent executed by an institution maintaining a
Securities Account for an Obligor, to perfect Administrative Agent’s Lien on such account. 
 Security Documents: this
Agreement, the Guaranties, the Parent Guaranty, IP Assignments, Deposit Account Control Agreements, Securities Account Control Agreements and all other documents, instruments and agreements now or hereafter securing (or given with the intent to
secure) any Obligations. 
 Senior Notes: Parent’s existing 5.00% convertible senior notes due June 15, 2021 issued
pursuant to the Senior Notes Indenture. 
 Senior Notes Indenture: the indenture dated as of June 21, 2016 (as amended and
supplemented from time to time), between Parent and Wilmington Trust, National Association, as trustee. 

  
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 Senior Officer: the chairman of the board, president, chief executive officer, chief
financial officer, controller, treasurer or any senior vice president of a Borrower or, if the context requires, any other Person. 

Settlement Report: a report summarizing Loans and participations in LC Obligations outstanding as of a given settlement date, allocated
to Lenders on a Pro Rata basis in accordance with their Commitments. 
 Solvent: as to any Person, such Person (a) owns Property
whose fair salable value is greater than the amount required to pay all of its debts (including contingent, subordinated, unmatured and unliquidated liabilities); (b) owns Property whose present fair salable value (as defined below) is greater than
the probable total liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of such Person as they become absolute and matured; (c) is able to pay all of its debts as they mature; (d) has capital that is not
unreasonably small for its business and is sufficient to carry on its business and transactions and all business and transactions in which it is about to engage; (e) is not “insolvent” within the meaning of Section 101(32) of the
Bankruptcy Code; and (f) has not incurred (by way of assumption or otherwise) any obligations or liabilities (contingent or otherwise) under any Loan Documents, or made any conveyance in connection therewith, with actual intent to hinder, delay
or defraud either present or future creditors of such Person or any of its Affiliates. “Fair salable value” means the amount that could be obtained for assets within a reasonable time, either through collection or through sale under
ordinary selling conditions by a capable and diligent seller to an interested buyer who is willing (but under no compulsion) to purchase. 

Specified Obligor: an Obligor that is not then an “eligible contract participant” under the Commodity Exchange Act
(determined prior to giving effect to Section 5.10). 
 Standard Letter of Credit Practice: for Issuing
Bank, any domestic or foreign law or letter of credit practices applicable in the city in which Issuing Bank issued the applicable Letter of Credit or, for its branch or correspondent, such laws and practices applicable in the city in which it has
advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case, (a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter of
credit practices are required or permitted under (i) the International Standby Practices 1998 (International Chamber of Commerce Publication No. 590) or (ii) the Uniform Customs and Practice for Documentary Credits 2007 Revision
(International Chamber of Commerce Publication No. 600); each of (i) and (ii) above, as adopted by the International Chamber of Commerce and including any subsequent revisions thereof as of the date such Letter of Credit is issued, as
chosen in the applicable Letter of Credit. 
 Stated Amount: with respect to any outstanding Letter of Credit, including any
automatic increase or tolerance (whether or not then in effect) provided by the Letter of Credit or related LC Documents, the amount of such Letter of Credit that is or may become available to be drawn. 

Stated Termination Date: as defined in the definition of “Termination Date”. 

Structured Hydrocarbon Supply Arrangement: a transaction or series of transactions entered into by a Borrower pursuant to which one or
more third parties supplies, or agrees to supply, to such Borrower Hydrocarbons of a type that, at the time of such supply, are used or produced in the Ordinary Course of Business of the Borrowers and their Restricted Subsidiaries, including,
without limitation, such transactions that include sales by such Borrower of similar Hydrocarbons to such third parties and later purchases (or options to purchase) by such Borrower of similar Hydrocarbons from such third parties and/or their
affiliates and such transactions that include the provision by such Borrower to such third parties of related storage and other related services or the leasing by such Borrower of related storage facilities. 

  
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 Subsidiary: any entity more than 50% of whose voting securities or Equity Interests is
owned by a Borrower or combination of Borrowers (including indirect ownership through other entities in which a Borrower directly or indirectly owns more than 50% of the voting securities or Equity Interests). 

Swap Obligations: with respect to an Obligor, its obligations under a Hedging Agreement that constitutes a “swap” within the
meaning of Section 1a(47) of the Commodity Exchange Act. 
 Sweep Trigger Period: the period (a) commencing on the day that
an Event of Default occurs, or Availability for a period of five (5) consecutive Business Days is less than the greater of (i) $6,000,000 and (ii) 12.5% of the Borrowing Base on such day; and (b) continuing until the day
(i) Availability has been greater than the greater of (A) $6,000,000 and (B) 12.5% of the Borrowing Base and (ii) no Event of Default has occurred and is continuing, in the case of each of the clauses (b)(i) and (b)(ii), for a period of
forty-five (45) consecutive calendar days. 
 Swingline Loan: any Borrowing of Base Rate Loans (with interest determined
pursuant to clause (b) of the definition of “Base Rate”) funded with Bank of America’s funds, until such Borrowing is settled among Lenders or repaid by Borrowers. 

Synthetic Lease: (a) any so-called synthetic,
off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the
insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

Tax Reserve: the aggregate amount of reserves established by the Administrative Agent from time to time in its Permitted Discretion in
respect of federal and state excise taxes and sales taxes that will be payable by the Borrowers in connection with sales of Inventory included in the calculation of the Borrowing Base. 

Taxes: all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

Termination Date: December 21, 2022 (the “Stated Termination Date”). 

Transactions: with respect to the Obligors, the execution, delivery and performance by the Obligors of this Agreement and each other
Loan Document and the borrowing of Loans by the Borrowers, the use of the proceeds thereof, the issuance or deemed issuance of Letters of Credit hereunder, the guarantee of the Obligations and the grant of Liens by the Obligors on Collateral
pursuant to the Loan Documents and with respect to Parent, PHR and any Future Intermediation Subsidiary, the execution, delivery and performance by Parent, PHR and any Future Intermediation Subsidiary of each Loan Document to which such Person is a
party and the guarantee of the Obligations pursuant to the Loan Documents. 
 Transferee: any actual or potential Eligible Assignee,
Participant or other Person acquiring an interest in any Obligations. 
 UCC: the Uniform Commercial Code as in effect in the State
of New York or, when the laws of any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform Commercial Code of such jurisdiction. 

  
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 Unfinanced Capital Expenditures: for any period, Capital Expenditures made by such Person
during such period (including those funded by the proceeds of Collateral) and not financed or funded from the proceeds of Debt (other than the Loans), issuances of Equity Interests, Asset Dispositions or casualty events or condemnation awards in
respect of Equipment or Real Estate. 
 Unrestricted Subsidiary: (a) any Subsidiary of the Company (including any newly acquired
or newly formed Subsidiary of the Company) that is designated by the board of directors of the Company as an Unrestricted Subsidiary pursuant to a resolution of the board of directors of the Company as certified in a certificate delivered to the
Administrative Agent by a Senior Officer of the Company; (b) each Subsidiary of an Unrestricted Subsidiary, whenever it shall become such a Subsidiary; and (c) each Foreign Subsidiary that is as of the Closing Date listed on Schedule
9.1.18 shall be deemed to be and shall constitute an Unrestricted Subsidiary notwithstanding anything to the contrary. 
 The board of
directors of the Company may designate any Subsidiary of the Company to become an Unrestricted Subsidiary if: 
 (A) such Subsidiary: 

(1) has no Debt other than Non-Recourse Debt; 

(2) is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the Company unless
the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those that might be obtained, in light of all the circumstances, at the time from Persons who are not
Affiliates of the Company; 
 (3) is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct
or indirect contractual obligation (x) to subscribe for additional Equity Interests or (y) to maintain or preserve such Person’s financial condition or to cause such Persons to achieve any specified levels of operating results; 

(4) has not guaranteed or otherwise directly or indirectly provided credit support for any Debt of the Company or any of its Restricted
Subsidiaries; 
 (5) does not own any Equity Interest of, or own or hold any Lien on any property of, the Company or any Restricted
Subsidiary of the Company; and 
 (6) would constitute an Investment which the Company could make in compliance with
Section 10.2.4; and 
 (B) the Payment Conditions are satisfied. 

Notwithstanding the preceding, (a) if, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements in clause
(A) as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Agreement and any Debt of such Subsidiary shall be deemed to be incurred as of such date and (b) no Subsidiary may be
designated as an Unrestricted Subsidiary hereunder unless such Subsidiary is or substantially contemporaneously with such designation becomes designated as an “Unrestricted Subsidiary” under and within the meaning of the Secured Notes
Indenture. 
 Unused Line Fee Rate: a per annum rate equal to (a) 0.375%, if Revolver Usage was less than 50% of the Commitments
during the preceding calendar quarter, or (b) 0.250%, if Revolver Usage was 50% or more of the Commitments during such quarter. 

  
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 Upstream Payment: Distribution by a Restricted Subsidiary made ratably with respect to its
Equity Interests and Distributions by a Borrower to another Borrower or made with respect to Debt held by a holder of Equity Interests (other than holders of Equity Interests in the Company); it being understood and agreed that nothing in this
definition shall permit or deemed to permit any Distribution by an Obligor with respect to Debt held by a holder of Equity Interest that is not an Obligor. 

U.S. Person: “United States Person” as defined in Section 7701(a)(30) of the Code. 

U.S. Tax Compliance Certificate: as defined in Section 5.9.2(b)(iii). 

Valuation Method: the benchmark market pricing, methods and criteria used in connection with the initial field examination and
inventory appraisal performed prior to the Closing Date (including, for the avoidance of doubt, OPIS and Platts as of the initial field examination and inventory appraisal) and such benchmarks, methods and criteria, and revisions thereof, as may be
mutually agreed by the Administrative Agent and the Borrower Agent from time to time to address the results of any field examination or inventory appraisal performed after the Closing Date and other due diligence or other information with respect to
the Borrowers’ business or assets of which the Administrative Agent becomes aware after the Closing Date. 
 Vehicles: all cars,
trucks, trailers, construction and earth moving equipment and other vehicles covered by a certificate of title law of any state and all tires and other appurtenances to any of the foregoing. 

Voting Stock: of any Person as of any date, the Equity Interests of such Person that is at the time entitled to vote in the election of
the board of directors of such Person. 
 WPC: as defined in the introductory paragraph hereto. 

Write-Down and Conversion Powers: the write-down and conversion powers of the applicable EEA Resolution Authority from time to time
under the Bail-In Legislation for the applicable EEA Member Country, which powers are described in the EU Bail-In Legislation Schedule. 

Wyoming Refinery: the refinery of Hermes located in Newcastle, Wyoming. 

1.2. Accounting Terms. Under the Loan Documents (except as otherwise specified therein), all accounting terms shall be
interpreted, all accounting determinations shall be made, and all financial statements shall be prepared, in accordance with GAAP applied on a basis consistent with the most recent audited financial statements of Parent and its Subsidiaries
delivered to Administrative Agent before the Closing Date and using the same inventory valuation method as used in such financial statements, except for any change required or permitted by GAAP if Borrowers’ certified public accountants concur
in such change, the change is disclosed to Administrative Agent, and all relevant provisions of the Loan Documents are amended in a manner satisfactory to Required Lenders to take into account the effects of the change. 

1.3. Uniform Commercial Code. As used herein, the following terms are defined in accordance with the UCC in effect in the State
of New York from time to time: “Chattel Paper,” “Commercial Tort Claim,” “Commodity Account”, “Deposit Account,” “Document,” “Equipment,” “General Intangibles,” “Goods,”
“Instrument,” “Investment Property,” “Letter-of-Credit Right,” “Payment Intangible”, “Securities Account” and
“Supporting Obligation.” 
 1.4. Certain Matters of Construction. The terms “herein,” “hereof,”
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision. Any pronoun used shall be deemed to cover all genders. In the computation of periods of time from
a specified date to a later specified date, “from” means “from and including,” and “to” and “until” each mean “to but excluding.” The terms “including”

  
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and “include” shall mean “including, without limitation” and, for purposes of each Loan Document, the parties agree that the rule of ejusdem generis shall not be
applicable to limit any provision. Section titles appear as a matter of convenience only and shall not affect the interpretation of any Loan Document. All references to (a) laws include all related regulations, interpretations, supplements,
amendments and successor provisions; (b) any document, instrument or agreement include any amendments, restatements, supplements, waivers and other modifications, extensions or renewals (to the extent permitted by the Loan Documents); (c) any
section mean, unless the context otherwise requires, a section of this Agreement; (d) any exhibits or schedules mean, unless the context otherwise requires, exhibits and schedules attached hereto, which are hereby incorporated by reference;
(e) any Person include such Person’s successors and assigns; (f) time of day mean time of day at Administrative Agent’s notice address under Section 15.3.1; or (g) except as expressly provided,
discretion of Administrative Agent, any Issuing Bank or any Lender mean the sole and absolute discretion of such Person. All calculations of Value, Borrowing Base components, Loans, Letters of Credit, Obligations and other amounts herein shall be
denominated in Dollars, unless expressly provided otherwise, and all determinations (including calculations of Borrowing Base and financial covenants) made from time to time under the Loan Documents shall be made in light of the circumstances
existing at such time. Borrowing Base calculations shall be consistent with historical methods of valuation and calculation, and otherwise satisfactory to the Administrative Agent (and not necessarily calculated in accordance with GAAP). Borrowers
shall have the burden of establishing any alleged negligence, misconduct or lack of good faith by Administrative Agent, any Issuing Bank or any Lender under any Loan Documents. No provision of any Loan Documents shall be construed against any party
by reason of such party having, or being deemed to have, drafted the provision. Reference to a Borrower’s “knowledge” or similar concept means actual knowledge of a Senior Officer, or knowledge that a Senior Officer would have
obtained if he or she had engaged in good faith and diligent performance of his or her duties, including reasonably specific inquiries of employees or agents and a good faith attempt to ascertain the matter. 

SECTION 2. CREDIT FACILITIES 

2.1. Commitment. 

2.1.1. Loans. Each Lender agrees, severally on a Pro Rata basis up to its Commitment, on the terms set forth herein, to make Loans to
Borrowers from time to time after the Closing Date (but not on the Closing Date) through the Commitment Termination Date. The Loans may be repaid and reborrowed as provided herein. In no event shall Lenders have any obligation to honor a request for
a Loan if Revolver Usage at such time plus the requested Loan would exceed the Borrowing Base. 
 2.1.2. Notes. Loans and interest
accruing thereon shall be evidenced by the records of Administrative Agent and the applicable Lender. At the request of a Lender, Borrowers shall deliver promissory note(s) to such Lender, evidencing its Loan(s). 

2.1.3. Use of Proceeds. The proceeds of Loans shall be used by Borrowers solely (a) to refinance certain existing Debt under the
Existing Credit Agreements of Borrowers and their Restricted Subsidiaries; (b) to pay fees and transaction expenses incurred with respect to this credit facility and fees, expenses, premiums and prepayment penalties incurred in respect of the
refinancing described in sub-clause (a) above; (c) to pay Obligations in accordance with this Agreement; and (d) for ongoing working capital and for other lawful, general corporate, limited liability
company or partnership purposes of Borrowers and their Subsidiaries, including without limitation to finance permitted restricted payments, share repurchases, acquisitions, permitted Capital Expenditures and other Investments of Borrowers and their
Subsidiaries. Borrowers shall not, directly or indirectly, use any Letter of Credit or Loan proceeds, nor use, lend, contribute or otherwise make available any Letter of Credit or Loan proceeds to any Subsidiary, joint venture partner or other
Person, (i) to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of issuance of the Letter of Credit or 

  
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funding of the Loan, is the subject of any Sanction; (ii) in any manner that would result in a violation of a Sanction by any Person (including any Secured Party or other individual or
entity participating in a transaction); or (iii) for any purpose that would violate the U.S. Foreign Corrupt Practices Act of 1977, UK Bribery Act 2010 or similar law in any jurisdiction. 

2.1.4. Voluntary Reduction or Termination of Commitments. 

(a) The Commitments shall terminate on the Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least thirty
(30) days’ prior written notice to Administrative Agent, Borrowers may, at their option, terminate the Commitments and this credit facility. Any notice of termination given by Borrowers shall be irrevocable; provided that such
notice may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by Borrowers (by notice to Administrative Agent on or prior to the specified effective date) if such
condition is not satisfied. On the Termination Date, Borrowers shall make Full Payment of all Obligations. 
 (b) Borrowers may permanently
reduce the Commitments, on a ratable basis for all Lenders, upon at least thirty (30) days’ prior written notice to Administrative Agent, which notice shall specify the amount of the reduction and shall be irrevocable once given. Each
reduction shall be in a minimum amount of $10,000,000, or an increment of $5,000,000 in excess thereof. 
 2.1.5. Overadvances. If
Revolver Usage exceeds the Borrowing Base (“Overadvance”) at any time, the excess amount shall be payable by Borrowers on demand by Administrative Agent, but all such Loans shall nevertheless constitute Obligations secured by
the Collateral and entitled to all benefits of the Loan Documents. Administrative Agent may require Lenders to fund Overadvance Loans and to forbear from requiring Borrowers to cure an Overadvance, as long as the total Overadvance is not known by
Administrative Agent to exceed 10% of the Borrowing Base and does not continue for more than 30 consecutive days without the consent of Required Lenders. In no event shall Overadvance Loans be required that would cause Revolver Usage to exceed the
aggregate Commitments. Any funding of an Overadvance Loan or sufferance of an Overadvance shall not constitute a waiver by Administrative Agent or Lenders of the Event of Default caused thereby. In no event shall any Borrower or other Obligor be
deemed a beneficiary of this Section nor authorized to enforce any of its terms. 
 2.1.6. Protective Advances. Administrative Agent
shall be authorized, in its discretion, at any time that any conditions in Section 6 are not satisfied, to make Base Rate Loans (the rate of which is based on clause (b) of the definition of Base Rate)
(“Protective Advances”) (a) up to an aggregate amount equal to 10.0% of the aggregate amount of Commitment outstanding at any time, if Administrative Agent deems such Loans necessary or desirable to preserve or protect Collateral,
or to enhance the collectability or repayment of Obligations, as long as such Loans do not cause Revolver Usage to exceed the aggregate Commitments; or (b) to pay any other amounts chargeable to Obligors under any Loan Documents, including
interest, costs, fees and expenses. Lenders shall participate on a Pro Rata basis in Protective Advances outstanding from time to time. Required Lenders may at any time revoke Administrative Agent’s authority to make further Protective Advances
under clause (a) by written notice to Administrative Agent. Absent such revocation, Administrative Agent’s determination that funding of a Protective Advance is appropriate shall be conclusive. 

2.1.7. Increase in Commitments. Borrowers may request an increase in Commitments from time to time upon notice to Administrative Agent
by adding to this Agreement one or more Eligible Assignees that are not already Lenders hereunder to issue additional Commitments and become Lenders hereunder that are reasonably satisfactory to Administrative Agent (not to be unreasonably withheld,
delayed or conditioned) or by allowing one or more existing Lenders to increase their respective Commitments, as long as (a) the requested increase is in a minimum amount of 

  
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$10,000,000 and is offered on the same terms as existing Commitments, except for a closing fee specified by Borrowers, (b) increases under this Section do not exceed $75,000,000 in the
aggregate and no more than three (3) increases are made, (c) no reduction in Commitments pursuant to Section 2.1.4 has occurred prior to the requested increase, and (d) the requested increase does not cause
the Commitments to exceed 90% of any applicable cap under the Secured Notes Indenture. Administrative Agent shall promptly notify Lenders of the requested increase and, within 10 Business Days thereafter, each Lender shall notify Administrative
Agent if and to what extent such Lender commits to increase its Commitment. Any Lender not responding within such period shall be deemed to have declined an increase. If Lenders fail to commit to the full requested increase, Eligible Assignees may
issue additional Commitments and become Lenders hereunder. Administrative Agent may allocate, in its discretion, the increased Commitments among committing Lenders and, if necessary, Eligible Assignees. Provided the conditions set forth in
Section 6.2 are satisfied, total Commitments 
 shall be increased by the requested amount (or such lesser amount committed by
Lenders and Eligible Assignees) on a date agreed upon by Administrative Agent and Borrower Agent, but no later than 45 days following Borrowers’ increase request. Administrative Agent, Borrowers, and new and existing Lenders shall execute and
deliver such documents and agreements as Administrative Agent deems appropriate to evidence the increase in and allocations of Commitments. On the effective date of an increase, the Revolver Usage and other exposures under the Commitments shall be
reallocated among Lenders, and settled by Administrative Agent if necessary, in accordance with Lenders’ adjusted shares of such Commitments. 

2.2. Letter of Credit Facility. 

2.2.1. Issuance of Letters of Credit. From and after the Closing Date, each Existing Letter of Credit shall be deemed, for all purposes
of this Agreement, to be a Letter of Credit used for the account of the Borrowers on the Closing Date. The Issuing Banks shall also issue Letters of Credit from time to time until 15 days prior to the Termination Date (or until the Commitment
Termination Date, if earlier), on the terms set forth herein, including the following: 
 (a) Each Borrower acknowledges that Issuing
Bank’s issuance of any Letter of Credit is conditioned upon Issuing Bank’s receipt of an LC Application with respect to the requested Letter of Credit, as well as such other instruments and agreements as Issuing Bank may customarily
require for issuance of a letter of credit of similar type and amount.    Each LC Request for the issuance of a Letter of Credit, or the amendment, renewal, or extension of any outstanding Letter of Credit, shall be irrevocable
and shall be made in writing by a Senior Officer and delivered to Issuing Bank via facsimile or other electronic method of transmission reasonably acceptable to Issuing Bank. Issuing Bank shall have no obligation to issue any Letter of Credit unless
(i) Issuing Bank receives an LC Request and LC Application at least three Business Days prior to the requested date of issuance; (ii) each LC Condition is satisfied; and (iii) if a Defaulting Lender exists, such Lender or Borrowers
have entered into arrangements satisfactory to Administrative Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. If, in sufficient time to act, Issuing Bank receives written notice from Administrative Agent or
Required Lenders that an LC Condition has not been satisfied, Issuing Bank shall not issue the requested Letter of Credit until such notice is withdrawn in writing. Prior to receipt of any such notice, Issuing Bank shall not be deemed to have
knowledge of any failure of LC Conditions. 
 (b) Letters of Credit may be requested by a Borrower for its own account or the account of any
other Obligor (other than PHR or a Future Intermediation Subsidiary, except with respect to insurance policies carried by all Obligors) to support obligations incurred in the Ordinary Course of Business, or as otherwise approved by Administrative
Agent and the applicable Issuing Bank. Increase, renewal or extension of a Letter of Credit shall be treated as issuance of a new Letter of Credit, except that Issuing Bank may require a new LC Application in its discretion. 

  
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 (c) Borrowers assume all risks of the acts, omissions or misuses of any Letter of Credit by the
beneficiary. In connection with any Letter of Credit, none of Administrative Agent, any Issuing Bank or any Lender shall be responsible for the existence, character, quality, quantity, condition, packing, value or delivery of any goods purported to
be represented by any Documents; any differences or variation in the character, quality, quantity, condition, packing, value or delivery of any goods from that expressed in any Documents; the form, validity, sufficiency, accuracy, genuineness or
legal effect of any Documents or of any endorsements thereon; the time, place, manner or order in which shipment of goods is made; partial or incomplete shipment of, or failure to ship, any goods referred to in a Letter of Credit or LC Document; any
deviation from instructions, delay, default or fraud by any shipper or other Person in connection with any goods, shipment or delivery; any breach of contract between a shipper or vendor and a Borrower; errors, omissions, interruptions or delays in
transmission or delivery of any messages, by mail, cable, telegraph, telex, facsimile, e-mail, telephone or otherwise; errors in interpretation of technical terms; the misapplication by a beneficiary of any
Letter of Credit or the proceeds thereof; or any consequences arising from causes beyond the control of any Issuing Bank, Administrative Agent or any Lender, including any act or omission of a Governmental Authority. The rights and remedies of any
Issuing Bank under the Loan Documents shall be cumulative. Each Issuing Bank shall be fully subrogated to the rights and remedies of each beneficiary whose claims against Borrowers are discharged with proceeds of any Letter of Credit. 

(d) In connection with its administration of and enforcement of rights or remedies under any Letters of Credit or LC Documents, each Issuing
Bank shall be entitled to act, and shall be fully protected in acting, upon any certification, documentation or communication in whatever form believed by Issuing Bank, in good faith, to be genuine and correct and to have been signed, sent or made
by a proper Person. Each Issuing Bank may consult with and employ legal counsel, accountants and other experts to advise it concerning its obligations, rights and remedies, and shall be entitled to act upon, and shall be fully protected in any
action taken in good faith reliance upon, any advice given by such experts. Each Issuing Bank may employ agents and attorneys-in-fact in connection with any matter
relating to Letters of Credit or LC Documents, and shall not be liable for the negligence or misconduct of agents and attorneys-in-fact selected with reasonable care.

 (e) Borrowers are responsible for preparing or approving the final text of the Letter of Credit as issued by Issuing Bank, irrespective of
any assistance Issuing Bank may provide such as drafting or recommending text or by Issuing Bank’s use or refusal to use text submitted by Borrowers. Borrowers are solely responsible for the suitability of the Letter of Credit for
Borrowers’ purposes. With respect to any Letter of Credit containing an “automatic amendment” to extend the expiration date of such Letter of Credit, Issuing Bank, in its sole and absolute discretion, may give notice of nonrenewal of
such Letter of Credit and, if Borrowers do not at any time want such Letter of Credit to be renewed, Borrowers will so notify Administrative Agent and Issuing Bank at least 15 calendar days before Issuing Bank is required to notify the beneficiary
of such Letter of Credit or any advising bank of such nonrenewal pursuant to the terms of such Letter of Credit. 
 2.2.2. Reimbursement;
Participations. 
 (a) If Issuing Bank honors any request for payment under a Letter of Credit, Borrowers shall pay to Issuing Bank, on
the same day (“Reimbursement Date”), the amount paid by Issuing Bank under such Letter of Credit, together with interest at the interest rate for Base Rate Loans from the Reimbursement Date until payment by Borrowers. The obligation
of Borrowers to reimburse Issuing Bank for any payment made under a Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall be paid under any and all circumstances whatsoever, including: (i) any lack of
validity, enforceability, or legal effect of any Letter of Credit or this Agreement or any term or provision therein or herein; (ii) payment against presentation of any draft, demand or claim for payment under any Drawing Document which proves
to be fraudulent, forged, or invalid in any respect or any statement therein being untrue or inaccurate in any respect, or which is signed, issued or presented by a Person or a transferee of such Person purporting to be a successor or transferee of
the beneficiary of such Letter 

  
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of Credit; (iii) Issuing Bank or any of its branches or affiliates being the beneficiary of any Letter of Credit; (iv) Issuing Bank or any correspondent honoring a drawing against a
Drawing Document up to the amount available under any Letter of Credit even if such Drawing Document claims an amount in excess of the amount available under the Letter of Credit; (v) the existence of any claim,
set-off, defense or other right that any Borrower or any of its Subsidiaries may have at any time against any beneficiary, any assignee of proceeds, Issuing Bank or any other Person; (vi) any other event,
circumstance or conduct whatsoever, whether or not similar to any of the foregoing that might, but for this Section 2.2.2(a), constitute a legal or equitable defense to or discharge of, or provide a right of set-off against, any Borrower’s or any of its Subsidiaries’ reimbursement and other payment obligations and liabilities, arising under, or in connection with, any Letter of Credit, whether against Issuing
Bank, the beneficiary or any other Person; or (vii) the fact that any Default or Event of Default shall have occurred and be continuing. Whether or not Borrower Agent submits a Notice of Borrowing, Borrowers shall be deemed to have requested a
Borrowing of Base Rate Loans in an amount necessary to pay all amounts due Issuing Bank on any Reimbursement Date and each Lender shall fund its Pro Rata share of such Borrowing whether or not the Commitments have terminated, an Overadvance exists
or is created thereby, or the conditions in Section 6 are satisfied. 
 (b) Each Lender hereby irrevocably and
unconditionally purchases from Issuing Bank, without recourse or warranty, an undivided Pro Rata participation in all LC Obligations outstanding from time to time. Issuing Bank is issuing Letters of Credit in reliance upon this participation. If
Borrowers do not make a payment to Issuing Bank when due hereunder, Administrative Agent shall promptly notify Lenders and each Lender shall within one Business Day after such notice pay to Administrative Agent, for the benefit of Issuing Bank, such
Lender’s Pro Rata share of such payment. Upon request by a Lender, Issuing Bank shall provide copies of Letters of Credit and LC Documents in its possession at such time. 

(c) The obligation of each Lender to make payments to Administrative Agent for the account of Issuing Bank in connection with Issuing
Bank’s payment under a Letter of Credit shall be absolute, unconditional and irrevocable, not subject to any counterclaim, setoff, qualification or exception whatsoever, and shall be made in accordance with this Agreement under all
circumstances, irrespective of any lack of validity or unenforceability of any Loan Documents; any draft, certificate or other document presented under a Letter of Credit having been determined to be forged, fraudulent, noncompliant, invalid or
insufficient in any respect or any statement therein being untrue or inaccurate in any respect; any waiver by Issuing Bank of a requirement that exists for its protection (and not a Borrower’s protection) or that does not materially prejudice a
Borrower; any honor of an electronic demand for payment even if a draft is required; any payment of an item presented after a Letter of Credit’s expiration date if authorized by the UCC or applicable customs or practices; or any setoff or
defense that an Obligor may have with respect to any Obligations. No Issuing Bank assumes any responsibility for any failure or delay in performance or any breach by any Borrower or other Person of any obligations under any LC Documents. No Issuing
Bank makes to Lenders any express or implied warranty, representation or guaranty with respect to any Letter of Credit, Collateral, LC Document or Obligor. No Issuing Bank shall be responsible to any Lender for any recitals, statements, information,
representations or warranties contained in, or for the execution, validity, genuineness, effectiveness or enforceability of any LC Documents; the validity, genuineness, enforceability, collectability, value or sufficiency of any Collateral or the
perfection of any Lien therein; or the assets, liabilities, financial condition, results of operations, business, creditworthiness or legal status of any Obligor. 

(d) No Issuing Bank Indemnitee shall be liable to any Lender or other Person for any action taken or omitted to be taken in connection with any
Letter of Credit or LC Document except as a result of its gross negligence or willful misconduct. Each Issuing Bank may (but is not obligated to) refrain from taking any action with respect to a Letter of Credit until it receives written
instructions (and in its discretion, appropriate assurances) from the Lenders. 

  
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 2.2.3. Cash Collateral. Subject to Section 2.1.5, if at any
time (a) an Event of Default exists, (b) the Commitment Termination Date has occurred, or (c) the Termination Date is scheduled to occur within 5 Business Days, then Borrowers shall, at Issuing Bank’s or Administrative
Agent’s request, Cash Collateralize the stated amount of each outstanding Letters of Credit and all other LC Obligations. Borrowers shall, at Issuing Bank’s or Administrative Agent’s request at any time, Cash Collateralize the 

Fronting Exposure of any Defaulting Lender. If Borrowers fail to provide any Cash Collateral as required hereunder, Lenders may (and shall upon direction of
Administrative Agent) advance, as Loans, the amount of Cash Collateral required (whether or not the Commitments have terminated, an Overadvance exists or the conditions in Section 6 are satisfied). 

2.2.4. Resignation of Issuing Bank. Issuing Bank may resign at any time upon notice to Administrative Agent and Borrowers. From the
effective date of such resignation, Issuing Bank shall have no obligation to issue, amend, renew, extend or otherwise modify any Letter of Credit, but shall continue to have all rights and other obligations of an Issuing Bank hereunder relating to
any Letter of Credit issued by it prior to such date. Administrative Agent shall promptly appoint a replacement Issuing Bank, which, as long as no Default or Event of Default exists, shall be reasonably acceptable to Borrowers. 

2.2.5. Indemnification.In addition to (and not in any way in limitation of) any other terms or provisions of this Agreement or any
other Loan Document or LC Document providing for the indemnification of any Issuing Bank or otherwise, each Borrower agrees to indemnify, defend and hold harmless each Issuing Bank Indemnitee (to the fullest extent permitted by law) from and against
any and all claims, demands, suits, actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages, and all reasonable fees and disbursements of attorneys, experts, or consultants and all other costs and expenses actually
incurred in connection therewith or in connection with the enforcement of this indemnification (as and when they are incurred and irrespective of whether suit is brought), which may be incurred by or awarded against any Issuing Bank Indemnitee
(other than Taxes, which shall be governed by Section 5.8) (collectively, the “Letter of Credit Indemnified Costs”), and which arise out of or in connection with, or as a result of this Agreement, any
Letter of Credit, any LC Document, or any Drawing Document referred to in or related to any Letter of Credit, or any action or proceeding arising out of any of the foregoing (whether administrative, judicial or in connection with arbitration); in
each case, including that resulting from such Issuing Bank Indemnitee’s own negligence, whether brought by a third party or by a Borrower or any other Obligor; provided, however, that such indemnity shall not be available to any
Issuing Bank Indemnitee claiming indemnification to the extent that such Letter of Credit Indemnified Costs may be finally determined in a final, non-appealable judgment of a court of competent jurisdiction to
have resulted directly from the gross negligence or willful misconduct of the Issuing Bank Indemnitee claiming indemnity. This indemnification provision shall survive termination of this Agreement and all Letters of Credit. 

2.2.6. Limitation of Liability.  

The liability of Issuing Bank (or any other Indemnitee) under, in connection with or arising out of any Letter of Credit (or pre-advice), regardless of the form or legal grounds of the action or proceeding, shall be limited to direct damages suffered by Borrowers that are caused directly by Issuing Bank’s gross negligence or willful
misconduct in (i) honoring a presentation under a Letter of Credit that on its face does not at least substantially comply with the terms and conditions of such Letter of Credit, (ii) failing to honor a presentation under a Letter of
Credit that strictly complies with the terms and conditions of such Letter of Credit or (iii) retaining Drawing Documents presented under a Letter of Credit. Issuing Bank shall be deemed to have acted with due diligence and reasonable care if
Issuing Bank’s conduct is in accordance with Standard Letter of Credit Practice or in accordance with this Agreement. 

  
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 SECTION 3. INTEREST, FEES AND CHARGES 

3.1. Interest. 

3.1.1. Rates and Payment of Interest. 

(a) The Obligations shall bear interest (i) if a Base Rate Loan, at the Base Rate in effect from time to time, plus the Applicable Margin;
(ii) if a LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; and (iii) if any other Obligation not paid when due (including, to the extent permitted by law, interest not paid when due), at the Base Rate
(the rate of which is based on clause (b) of the definition thereof) in effect from time to time, plus the Applicable Margin for Base Rate Loans based on clause (b) of the definition of “Base Rate”. 

(b) During an Insolvency Proceeding with respect to any Obligor, or during any other Event of Default if Required Lenders in their discretion
so elect, Obligations shall bear interest at the Default Rate (whether before or after any judgment). Each Borrower acknowledges that the cost and expense to Administrative Agent and Lenders due to an Event of Default are difficult to ascertain and
that the Default Rate is fair and reasonable compensation for this. 
 (c) Interest shall accrue from the date a Loan is advanced or
Obligation is not paid when due, until paid in full by Borrowers, and shall in no event be less than zero at any time. Interest accrued on the Loans shall be due and payable in arrears, (i) on the first day of each quarter with respect to a
Base Rate Loan, and on the last day of the applicable Interest Period with respect to a LIBOR Loan (except in the case of a LIBOR Loan with an Interest Period of more than 90 days’ duration, each day prior to the last day of such Interest
Period that occurs at intervals of 90 days’ duration after the first day of such Interest Period); (ii) on any date of prepayment, with respect to the principal amount of Loans being prepaid; and (iii) on the Commitment Termination Date.
Interest accrued on any other Obligations shall be due and payable as provided in the Loan Documents and, if no payment date is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall
be due and payable on demand. 
 3.1.2. Application of LIBOR to Outstanding Loans. 

(a) Borrowers may on any Business Day, subject to delivery of a Notice of Conversion/Continuation, elect to convert any portion of the Base
Rate Loans to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During any Default or Event of Default, Administrative Agent may (and shall at the direction of Required Lenders) declare that no Loan may be made,
converted or continued as a LIBOR Loan. 
 (b) Whenever Borrowers desire to convert or continue Loans as LIBOR Loans, Borrower Agent shall
give Administrative Agent a Notice of Conversion/Continuation, no later than 11:00 a.m. at least two Business Days before the requested conversion or continuation date. Promptly after receiving any such notice, Administrative Agent shall notify each
Lender thereof. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be converted or continued, the conversion or continuation date (which shall be a Business Day), and the duration of the Interest
Period (which shall be deemed to be 30 days if not specified). If, upon the expiration of any Interest Period for any LIBOR Loan, Borrowers shall have failed to deliver a Notice of Conversion/Continuation, they shall be deemed to have elected to
convert such Loan into a Base Rate Loan. Administrative Agent does not warrant or accept responsibility for, nor shall it have any liability with respect to, administration, submission or any other matter related to any rate described in the
definition of LIBOR. 

  
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 3.1.3. Interest Periods. In connection with the making, conversion or continuation of any
LIBOR Loans, Borrowers shall select an interest period (“Interest Period”) to apply, which interest period shall be 30, 60, 90 or 180 days (or, with the consent of all Lenders, such longer period not to exceed 360 days);
provided, however, that: 
 (a) the Interest Period shall begin on the date the Loan is made or continued as, or converted
into, a LIBOR Loan, and shall expire on the numerically corresponding day in the calendar month at its end; 
 (b) if any Interest Period
begins on a day for which there is no corresponding day in the calendar month at its end or if such corresponding day falls after the last Business Day of such month, then the Interest Period shall expire on the last Business Day of such month; and
if any Interest Period would otherwise expire on a day that is not a Business Day, the period shall expire on the next Business Day; and 

(c) no Interest Period shall extend beyond the Termination Date. 

3.1.4. LIBOR Successor Rate. Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the
Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower Agent or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to Borrower Agent) that the
Borrower Agent or Required Lenders (as applicable) have determined, that: 
 (a) adequate and reasonable means do not exist for ascertaining
LIBOR for any requested Interest Period, including, without limitation, because the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary, or 

(b) the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public
statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”), or

 (c) syndicated loans currently being executed, or that include language similar to that contained in this definition, are being executed
or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR, 
 then, reasonably promptly after such
determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Obligors may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any
mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks
(any such proposed rate, a “LIBOR Successor Rate”), together with any proposed LIBOR Successor Rate Conforming Changes (as defined below) and any such amendment shall become effective at 5:00 p.m. (New York time) on the fifth
Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Obligors unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that
such Required Lenders do not accept such amendment. 
 If no LIBOR Successor Rate has been determined and the circumstances under clause
(i) above exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the Borrower Agent and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain
LIBOR Loans shall be suspended, (to the extent of the affected LIBOR Loans or Interest Periods), and (y) the LIBOR component shall no longer be utilized in determining the Base Rate. Upon receipt of such notice, the Borrower Agent may
revoke any pending request for a Borrowing of, conversion to or continuation of LIBOR Loans (to the extent of the affected LIBOR Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a
Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein. 

  
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 Notwithstanding anything else herein, any definition of LIBOR Successor Rate shall provide that
in no event shall such LIBOR Successor Rate be less than zero for purposes of this Agreement. 
 As used above: 

“LIBOR Screen Rate” means the LIBOR quote on the applicable Reuters screen page the Administrative Agent uses to determine
LIBOR (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time). 

“LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to
the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption of
such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice
is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Administrative Agent determines in consultation with the Borrower). 

3.2. Fees. 
 3.2.1.
Unused Line Fee. Borrowers shall pay to Administrative Agent, for the Pro Rata benefit of Lenders, a fee equal to the Unused Line Fee Rate times the amount by which the Commitments exceed the average daily Revolver Usage during any quarter.
Such fee shall be payable quarterly in arrears, on the first day of each quarter and on the Commitment Termination Date. 
 3.2.2. LC
Facility Fees. Borrowers shall pay (a) to Administrative Agent, for the Pro Rata benefit of Lenders, a fee equal to the Applicable Margin for LIBOR Loans times the average daily Stated Amount of Letters of Credit, which fee shall be payable
quarterly in arrears, on the first day of each quarter; (b) to the applicable Issuing Bank, for its own account, a fronting fee equal to 0.125% per annum on the Stated Amount of each Letter of Credit, which fee shall be payable quarterly in
arrears, on the first day of each quarter; and (c) to the applicable Issuing Bank, for its own account, all customary charges associated with the issuance, amending, negotiating, payment, processing, transfer and administration of Letters of
Credit, which charges shall be paid as and when incurred. During an Event of Default, the fee payable under clause (a) shall be increased by 2% per annum to the extent the Default Rate is applied pursuant to
Section 3.1.1(b) hereof. 
 3.2.3. Engagement and Fee Letters. Borrowers shall pay all fees set forth in
the Engagement Letter and any fee letters executed in connection with this Agreement. 
 3.3. Computation of Interest, Fees,
Yield Protection. All interest, as well as fees and other charges calculated on a per annum basis, shall be computed for the actual days elapsed, based on a year of 360 days. Each determination by Administrative Agent of any interest, fees
or interest rate hereunder shall be final, conclusive and binding for all purposes, absent manifest error. All fees shall be fully earned when due and shall not be subject to rebate, refund or proration. All fees payable under
Section 3.2 are compensation for services and are not, and shall not be deemed to be, interest or any other charge for the use, forbearance or detention of money. A certificate as to amounts payable by Borrowers under
Section 3.4, 3.6, 3.7, 3.9 or 5.8, submitted to Borrower Agent by Administrative Agent or the affected Lender shall be final, conclusive and binding for all purposes, absent manifest error, and Borrowers shall
pay such amounts to the appropriate party within 10 days following receipt of the certificate. 

  
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 3.4. Reimbursement Obligations. Borrowers shall pay all Extraordinary Expenses
promptly upon request. Borrowers shall also reimburse Administrative Agent for all reasonable and documented out-of-pocket legal, accounting, appraisal, consulting, and
other fees, costs and expenses incurred by it in connection with (a) negotiation and preparation of any Loan Documents, including any amendment or other modification thereof; (b) administration of and actions relating to any Collateral,
Loan Documents and transactions contemplated thereby, including any actions taken to perfect or maintain priority of Administrative Agent’s Liens on any Collateral, to maintain any insurance required hereunder or to verify Collateral; and
(c) subject to the limits of Section 10.1.1(b), each inspection, audit or appraisal with respect to any Obligor or Collateral, whether prepared by Administrative Agent’s personnel or a third party; provided
that reasonable and documented legal fees shall be limited to one firm of counsel to the Administrative Agent and the Lenders taken as a whole and an additional local law firm in each applicable jurisdiction and, in the case of an actual or
perceived conflict of interest as determined by the affected party, one additional firm of counsel to such affected party and one additional firm of local counsel to such affected party in each applicable jurisdiction. All reasonable and documented
legal, accounting and consulting fees shall be charged to Borrowers by Administrative Agent’s professionals at their full hourly rates, regardless of any alternative fee arrangements that Administrative Agent, any Lender or any of their
Affiliates may have with such professionals that otherwise might apply to this or any other transaction. Borrowers acknowledge that counsel may provide Administrative Agent with a benefit (such as a discount, credit or accommodation for other
matters) based on counsel’s overall relationship with Administrative Agent, including fees paid hereunder. If, for any reason (including inaccurate reporting in any Borrower Materials), it is determined that a higher Applicable Margin should
have applied to a period than was actually applied, then the proper margin shall be applied retroactively and Borrowers shall immediately pay to Administrative Agent, for the ratable benefit of Lenders, an amount equal to the difference between the
amount of interest and fees that would have accrued using the proper margin and the amount actually paid. All amounts payable by Borrowers under this Section shall be due on demand. 

3.5. Illegality. If any Lender determines that any Applicable Law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for any Lender to make, maintain or fund LIBOR Loans, or to determine or charge interest rates based upon LIBOR, or any Governmental Authority has imposed material restrictions on the authority of such Lender to
purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to Administrative Agent, any obligation of such Lender to make or continue LIBOR Loans or to convert Base Rate Loans to LIBOR
Loans shall be suspended until such Lender notifies Administrative Agent that the circumstances giving rise to such determination no longer exist. Upon delivery of such notice, Borrowers shall prepay or, if applicable, convert all LIBOR Loans of
such Lender to Base Rate Loans (the rate of which is based on clause (b) of the definition of “Base Rate”), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBOR Loans to
such day, or immediately, if such Lender may not lawfully continue to maintain such LIBOR Loans. Upon any such prepayment or conversion, Borrowers shall also pay accrued interest on the amount so prepaid or converted. 

3.6. Inability to Determine Rates. Administrative Agent will promptly notify Borrower Agent and Lenders if, in connection with
any Loan or request for a Loan, (a) Administrative Agent determines that (i) Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable Loan amount or Interest Period, or (ii) adequate
and reasonable means do not exist for determining LIBOR for the Interest Period; or (b) Administrative Agent or Required Lenders determine for any reason that LIBOR for the Interest Period does not adequately and fairly reflect the cost to
Lenders of funding the Loan. Thereafter, Lenders’ obligations to make or maintain affected LIBOR Loans and utilization of the LIBOR component (if affected) in determining Base Rate shall be suspended until Administrative Agent (upon instruction
by Required Lenders) withdraws the notice. Upon receipt of such notice, Borrower Agent may revoke any pending request for a LIBOR Loan or, failing that, will be deemed to have requested a Base Rate Loan (the rate of which is based on clause
(b) of the definition of “Base Rate”). 

  
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 3.7. Increased Costs; Capital Adequacy. 

3.7.1. Increased Costs Generally. If any Change in Law shall: 

(a) impose, modify or deem applicable any reserve, liquidity, special deposit, compulsory loan, insurance charge or similar requirement against
assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in calculating LIBOR) or any Issuing Bank; 

(b) subject any Recipient to Taxes (other than (i) Indemnified Taxes, (ii) Taxes described in clauses (b) through (d) of the
definition of Excluded Taxes, and (iii) Connection Income Taxes) with respect to any Loan, Letter of Credit, Commitment or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

(c) impose on any Lender, any Issuing Bank or interbank market any other condition, cost or expense (other than Taxes) affecting any Loan,
Letter of Credit, participation in LC Obligations, Commitment or Loan Document; 
 and the result thereof shall be to increase the cost to a Lender of
making or maintaining any Loan or Commitment, or converting to or continuing any interest option for a Loan, or to increase the cost to a Lender or an Issuing Bank of participating in, issuing or maintaining any Letter of Credit (or of maintaining
its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by a Lender or an Issuing Bank hereunder (whether of principal, interest or any other amount) then, upon request of such
Lender or Issuing Bank, Borrowers will pay to it such additional amount(s) as will compensate it for the additional costs incurred or reduction suffered. 

3.7.2. Capital Requirements. If a Lender or an Issuing Bank determines that a Change in Law affecting such Lender or Issuing Bank or
its holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s, Issuing Bank’s or holding company’s capital as a consequence of this Agreement, or
such Lender’s or Issuing Bank’s Commitments, Loans, Letters of Credit or participations in LC Obligations or Loans, to a level below that which such Lender, Issuing Bank or holding company could have achieved but for such Change in Law
(taking into consideration its policies with respect to capital adequacy), then from time to time Borrowers will pay to such Lender or Issuing Bank, as the case may be, such additional amounts as will compensate it or its holding company for the
reduction suffered. 
 3.7.3. LIBOR Loan Reserves. If any Lender is required to maintain reserves with respect to liabilities or
assets consisting of or including Eurocurrency funds or deposits, Borrowers shall pay additional interest to such Lender on each LIBOR Loan equal to the costs of such reserves allocated to the Loan by the Lender (as determined by it in good faith,
which determination shall be conclusive). The additional interest shall be due and payable on each interest payment date for the Loan; provided, however, that if the Lender notifies Borrowers (with a copy to Administrative Agent) of
the additional interest less than 10 days prior to the interest payment date, then such interest shall be payable 10 days after Borrowers’ receipt of the notice. 

3.7.4. Compensation. Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section
shall not constitute a waiver of its right to demand such compensation, but Borrowers shall not be required to compensate a Lender or an Issuing Bank for any increased costs incurred or reductions suffered more than nine months (plus any period of
retroactivity of the Change in Law giving rise to the demand) prior to the date that such Lender or Issuing Bank notifies Borrower Agent of the applicable Change in Law and of such Lender’s or Issuing Bank’s intention to claim compensation
therefor. 

  
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 3.8. Mitigation. If any Lender gives a notice under
Section 3.5 or requests compensation under Section 3.7, or if Borrowers are required to pay any Indemnified Taxes or additional amounts with respect to a Lender under
Section 5.8, then at the request of Borrower Agent, such Lender shall use reasonable efforts to designate a different Lending Office 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 eliminate the need for such notice or reduce amounts payable or to be withheld in the future, as applicable; and (b) would not subject the Lender to
any unreimbursed cost or expense and would not otherwise be disadvantageous to it or unlawful. Borrowers shall pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

3.9. Funding Losses. If for any reason (a) any Borrowing, conversion or continuation of a LIBOR Loan does not occur on the
date specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation (whether or not withdrawn), (b) any repayment or conversion of a LIBOR Loan occurs on a day other than the end of its Interest Period, (c) Borrowers fail to
repay a LIBOR Loan when required hereunder, or (d) a Lender (other than a Defaulting Lender) is required to assign a LIBOR Loan prior to the end of its Interest Period pursuant to Section 14.4, then Borrowers shall pay
to Administrative Agent its customary administrative charge and to each Lender all losses, expenses and fees arising from redeployment of funds or termination of match funding. For purposes of calculating amounts payable under this Section, a Lender
shall be deemed to have funded a LIBOR Loan by a matching deposit or other borrowing in the London interbank market for a comparable amount and period, whether or not the Loan was in fact so funded. 

3.10. Maximum Interest. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to
be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by Applicable Law (“maximum rate”). If Administrative Agent or any Lender shall receive
interest in an amount that exceeds the maximum rate, the excess interest shall be applied to the principal of the Obligations or, if it exceeds such unpaid principal, refunded to Borrowers. In determining whether the interest contracted for, charged
or received by Administrative Agent or a Lender exceeds the maximum rate, such Person may, to the extent permitted by Applicable Law, (a) characterize any payment that is not principal as an expense, fee or premium rather than interest;
(b) exclude voluntary prepayments and the effects thereof; and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

SECTION 4. LOAN ADMINISTRATION 

4.1. Manner of Borrowing and Funding Loans. 

4.1.1. Notice of Borrowing. 

(a) Whenever Borrowers desire funding of Loans, Borrower Agent shall give Administrative Agent a Notice of Borrowing. Such notice must be
received by Administrative Agent by 11:00 a.m. (i) on the requested funding date, in the case of Base Rate Loans, and (ii) at least two Business Days prior to the requested funding date, in the case of LIBOR Loans. Notices received after
such time shall be deemed received on the next Business Day. Each Notice of Borrowing shall be irrevocable and shall specify (A) the amount of the Borrowing, (B) the requested funding date (which must be a Business Day), (C) whether the
Borrowing is to be made as a Base Rate Loan or LIBOR Loan, and (D) in the case of a LIBOR Loan, the applicable Interest Period (which shall be deemed to be 30 days if not specified). 

  
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 (b) Unless payment is otherwise made by Borrowers, the becoming due of any Obligation (whether
principal, interest, fees or other charges, including Extraordinary Expenses, LC Obligations, Cash Collateral and Secured Bank Product Obligations) shall be deemed to be a request for a Base Rate Loan (the rate of which is based on clause
(b) of the definition of “Base Rate”) on the due date in the amount due and the Loan proceeds shall be disbursed as direct payment of such Obligation. In addition, Administrative Agent may, at its option, charge such amount against
any operating, investment or other account of a Borrower maintained with Administrative Agent or any of its Affiliates. 
 (c) If a Borrower
maintains a disbursement account with Administrative Agent or any of its Affiliates, then presentation for payment in the account of a Payment Item when there are insufficient funds to cover it shall be deemed to be a request for a Base Rate Loan
(the rate of which is based on clause (b) of the definition of “Base Rate”) on the presentation date, in the amount of the Payment Item. Proceeds of the Loan may be disbursed directly to the account. 

4.1.2. Fundings by Lenders. Except for Borrowings to be made as Swingline Loans, Administrative Agent shall endeavor to notify Lenders
of each Notice of Borrowing (or deemed request for a Borrowing) by 1:00 p.m. on the proposed funding date for a Base Rate Loan or by 3:00 p.m. at least two Business Days before a proposed funding of a LIBOR Loan. Each Lender shall fund its Pro Rata
share of a Borrowing in immediately available funds not later than 3:00 p.m. on the requested funding date, unless Administrative Agent’s notice is received after the times provided above, in which case Lender shall fund by 11:00 a.m. on the
next Business Day. Subject to its receipt of such amounts from Lenders, Administrative Agent shall disburse the Borrowing proceeds as directed by Borrower Agent to the extent permitted by this Agreement. Unless Administrative Agent shall have
received (in sufficient time to act) written notice from a Lender that it does not intend to fund its share of a Borrowing, Administrative Agent may assume that such Lender has deposited or promptly will deposit its share with Administrative Agent,
and Administrative Agent may disburse a corresponding amount to Borrowers. If a Lender’s share of a Borrowing or of a settlement under Section 4.1.3(b) is not received by Administrative Agent, then Borrowers agree to
repay to Administrative Agent on demand the amount of such share, together with interest thereon from the date disbursed until repaid, at the rate applicable to the Borrowing. A Lender or an Issuing Bank may fulfill its obligations under Loan
Documents through one or more Lending Offices, and this shall not affect any obligation of Obligors under the Loan Documents or with respect to any Obligations. 

4.1.3. Swingline Loans; Settlement. 

(a) To fulfill any request for a Base Rate Loan hereunder, Bank of America may in its discretion advance Swingline Loans to Borrowers, up to an
aggregate outstanding amount of $15,000,000. Swingline Loans shall constitute Loans for all purposes, except that payments thereon shall be made to Bank of America for its own account until Lenders have funded their participations therein as
provided below. 
 (b) Settlement of Loans, including Swingline Loans, among Lenders, Bank of America and Administrative Agent shall take
place on a date determined from time to time by Administrative Agent (but at least weekly, unless the settlement amount is de minimis), on a Pro Rata basis in accordance with the Settlement Report delivered by Administrative Agent to Lenders.
Between settlement dates, Administrative Agent may in its discretion apply payments on Loans to Swingline Loans, regardless of any designation by Borrowers or any provision herein to the contrary. Each Lender hereby purchases, without recourse or
warranty, an undivided Pro Rata participation in all Swingline Loans outstanding from time to time until settled. If a Swingline Loan cannot be settled among Lenders, whether due to an Obligor’s Insolvency Proceeding or for any other reason,
each Lender shall pay the amount of its participation in the Loan to Administrative Agent, in immediately available funds, within one Business Day after Administrative Agent’s request therefor. Lenders’ obligations to make settlements and
to fund participations are absolute, irrevocable and unconditional, without offset, counterclaim or other defense, and whether or not the Commitments have terminated, an Overadvance exists or the conditions in Section 6 are
satisfied. 

  
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 4.1.4. Notices. Borrowers may request, convert or continue Loans, select interest rates
and transfer funds based on telephonic or e-mailed instructions to Administrative Agent. Borrowers shall confirm each such request by prompt delivery to Administrative Agent of a Notice of Borrowing or Notice
of Conversion/Continuation, if applicable, but if it differs materially from the action taken by Administrative Agent or Lenders, the records of Administrative Agent and Lenders shall govern. Neither Administrative Agent nor any Lender shall have
any liability for any loss suffered by a Borrower as a result of Administrative Agent or any Lender acting upon its understanding of telephonic or e-mailed instructions from a person believed in good faith by
Administrative Agent or any Lender to be a person authorized to give such instructions on a Borrower’s behalf. 
 4.2. Defaulting
Lender. Notwithstanding anything herein to the contrary: 
 4.2.1. Reallocation of Pro Rata Share; Amendments. For purposes
of determining Lenders’ obligations or rights to fund, participate in or receive collections with respect to Loans and Letters of Credit (including existing Swingline Loans, Protective Advances and LC Obligations), Administrative Agent may in
its discretion reallocate Pro Rata shares by excluding a Defaulting Lender’s Commitments and Loans from the calculation of shares. A Defaulting Lender shall have no right to vote on any amendment, waiver or other modification of a Loan
Document, except as provided in Section 15.1.1(c). 
 4.2.2. Payments; Fees. To the extent the Borrowers or
any other Obligors are required to pay any amounts to a Defaulting Lender hereunder or under any other Loan Documents, Administrative Agent may, in its discretion, receive and retain any amounts payable to a Defaulting Lender under the Loan
Documents, and a Defaulting Lender shall be deemed to have assigned to Administrative Agent such amounts until all Obligations owing to Administrative Agent, non-Defaulting Lenders and other Secured Parties
have been paid in full. Administrative Agent may use such amounts to cover the Defaulting Lender’s defaulted obligations, to Cash Collateralize such Lender’s Fronting Exposure, to readvance the amounts to Borrowers or to repay Obligations.
A Lender shall not be entitled to receive any fees accruing hereunder while it is a Defaulting Lender and its unfunded Commitment shall be disregarded for purposes of calculating the unused line fee under Section 3.2.1, and
the Borrowers shall not be required to pay such unused line fee to such Defaulting Lender (or Administrative Agent for the benefit of such Defaulting Lender). If any LC Obligations owing to a Defaulting Lender are reallocated to other Lenders, fees
attributable to such LC Obligations under Section 3.2.2 shall be paid to such Lenders. Administrative Agent shall be paid all fees attributable to LC Obligations that are not reallocated. 

4.2.3. Status; Cure. Administrative Agent may determine in its reasonable discretion that a Lender constitutes a Defaulting Lender and
the effective date of such status shall be conclusive and binding on all parties, absent manifest error. Borrowers, Administrative Agent and Issuing Bank may agree in writing that a Lender has ceased to be a Defaulting Lender, whereupon Pro Rata
shares shall be reallocated without exclusion of the reinstated Lender’s Commitments and Loans, and the Revolver Usage and other exposures under the Commitments shall be reallocated among Lenders and settled by Administrative Agent (with
appropriate payments by the reinstated Lender, including payment of any breakage costs for reallocated LIBOR Loans) in accordance with the readjusted Pro Rata shares. Unless expressly agreed by Borrowers, Administrative Agent and Issuing Bank, or as
expressly provided herein with respect to Bail-In Actions and related matters, no reallocation or Commitments and Loans to non-Defaulting Lenders or reinstatement of a
Defaulting Lender shall constitute a waiver or release of claims against such Lender. The failure of any Lender to fund a Loan, to make a payment in respect of LC Obligations or otherwise to perform obligations hereunder shall not relieve any
other Lender of its obligations under any Loan Document. No Lender shall be responsible for default by another Lender. 

  
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 4.3. Number and Amount of LIBOR Loans; Determination of Rate. Each Borrowing of
LIBOR Loans when made shall be in a minimum amount of $1,000,000, plus an increment of $500,000 in excess thereof. No more than three (3) Borrowings of LIBOR Loans may be outstanding at any time, and all LIBOR Loans having the same length and
beginning date of their Interest Periods shall be aggregated together and considered one Borrowing for this purpose. Upon determining LIBOR for any Interest Period requested by Borrowers, Administrative Agent shall promptly notify Borrowers thereof
by telephone or electronically and, if requested by Borrowers, shall confirm any telephonic notice in writing. 
 4.4. Borrower
Agent. Each Borrower hereby designates the Company (“Borrower Agent”) as its representative and agent for all purposes under the Loan Documents, including requests for and receipt of Loans and Letters of Credit, designation
of interest rates, delivery or receipt of communications, preparation and delivery of Borrower Materials, receipt and payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Loan Documents (including in
respect of compliance with covenants), and all other dealings with Administrative Agent, any Issuing Bank or any Lender. Borrower Agent hereby accepts such appointment. Administrative Agent and Lenders shall be entitled to rely upon, and shall be
fully protected in relying upon, any notice or communication (including any notice of borrowing) delivered by Borrower Agent on behalf of any Borrower. Administrative Agent and Lenders may give any notice or communication with a Borrower hereunder
to Borrower Agent on behalf of such Borrower. Each of Administrative Agent, Issuing Bank and Lenders shall have the right, in its discretion, to deal exclusively with Borrower Agent for all purposes under the Loan Documents. Each Borrower agrees
that any notice, election, communication, delivery, representation, agreement, action, omission or undertaking on its behalf by Borrower Agent shall be binding upon and enforceable against it. 

4.5. One Obligation. The Loans, LC Obligations and other Obligations constitute one general obligation of Borrowers and are
secured by Administrative Agent’s Lien on all Collateral; provided, however, that Administrative Agent, each Issuing Bank and each Lender shall be deemed to be a creditor of, and the holder of a separate claim against, each
Borrower to the extent of any Obligations jointly or severally owed by such Borrower. 
 4.6. Effect of Termination. On the
effective date of the termination of all Commitments, the Obligations shall be immediately due and payable, and each Secured Bank Product Provider may terminate its Bank Products to the extent permitted by the agreements covering such Bank Products.
Until Full Payment of the Obligations, all undertakings of Borrowers contained in the Loan Documents shall continue, and Administrative Agent shall retain its Liens in the Collateral and all of its rights and remedies under the Loan Documents.
Administrative Agent shall not be required to terminate its Liens unless it receives Cash Collateral or a written agreement, in each case satisfactory to it, protecting Administrative Agent and Lenders from dishonor or return of any Payment Item
previously applied to the Obligations. Sections 2.2, 3.4, 3.6, 3.7, 3.9, 5.4, 5.8, 5.9, 5.10, 13, 15.2, this Section, and each indemnity or waiver given by an Obligor or Lender in any Loan Document, shall survive
Full Payment of the Obligations. 
 SECTION 5. PAYMENTS 

5.1. General Payment Provisions. All payments of Obligations shall be made in Dollars, without offset, counterclaim or defense of
any kind, free and clear of (and without deduction for) any Taxes, and in immediately available funds, not later than 12:00 noon on the due date. Any payment after such time shall be deemed made on the next Business Day. Any payment of a LIBOR Loan
prior to the end of its Interest Period shall be accompanied by all amounts due under Section 3.9. Borrowers agree that after an Event of Default has occurred and is continuing, Administrative Agent shall have the
continuing, exclusive right to apply and reapply payments and proceeds of Collateral against the Obligations, in such manner as Administrative Agent deems advisable, but whenever possible, any prepayment of Loans shall be applied first to Base Rate
Loans and then to LIBOR Loans. 

  
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 5.2. Repayment of Loans. Loans shall be due and payable in full on the Termination
Date, unless payment is sooner 
 required hereunder. Loans may be prepaid from time to time, without penalty or premium. Subject to
Section 2.1.5, if an Overadvance exists at any time, Borrowers shall, on the sooner of Administrative Agent’s demand or the first Business Day after any Borrower has knowledge thereof, repay Loans in an amount
sufficient to reduce Revolver Usage to the Borrowing Base. If any Asset Disposition includes the disposition of Accounts, Inventory, In-Transit Crude Oil, In-Transit
Products or Exchange Agreements (to the extent not constituting Intermediation Collateral or Asset Dispositions of Inventory, In-Transit Crude Oil, In-Transit Products
or Exchange Agreements in the Ordinary Course of Business), Borrowers shall apply Net Proceeds to repay Loans equal to the greater of (a) the net book value of such Accounts, Inventory, In-Transit Crude
Oil, In-Transit Products or Exchange Agreements or (b) the reduction in Borrowing Base resulting from the disposition. 

5.3. Payment of Other Obligations. Obligations other than Loans, including LC Obligations and Extraordinary Expenses, shall be
paid by Borrowers as provided in the Loan Documents or, if no payment date is specified, on demand. 
 5.4. Marshaling;
Payments Set Aside. None of Administrative Agent or Lenders shall be under any obligation to marshal any assets in favor of any Obligor or against any Obligations. If any payment by or on behalf of Borrowers is made to Administrative Agent,
any Issuing Bank or any Lender, or if Administrative Agent, any Issuing Bank or any Lender exercises a right of setoff, and any of such payment or setoff is subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by Administrative Agent, an Issuing Bank or a Lender in its discretion) to be repaid to a trustee, receiver or any other Person, then the Obligation originally intended to be satisfied, and all
Liens, rights and remedies relating thereto, shall be revived and continued in full force and effect as if such payment or setoff had not occurred. 

5.5. Application and Allocation of Payments. 

5.5.1. Application. Payments made by Borrowers hereunder shall be applied (a) first, as specifically required hereby;
(b) second, to Obligations then due and owing; (c) third, to other Obligations specified by Borrowers; and (d) fourth, as determined by Administrative Agent in its discretion. 

5.5.2. Post-Default Allocation. Notwithstanding anything in any Loan Document to the contrary, during an Event of Default, monies to be
applied to the Obligations, whether arising from payments by Obligors, realization on Collateral, setoff or otherwise, shall be allocated as follows: 

(a) first, to all fees, indemnification, costs and expenses, including Extraordinary Expenses, owing to Administrative Agent; 

(b) second, to all amounts owing to Bank of America and Administrative Agent on Swingline Loans, Protective Advances, and Loans and
participations that a Defaulting Lender has failed to settle or fund; 
 (c) third, to all amounts owing to Issuing Bank, ratably
among each Issuing Bank in proportion to the respective amounts described in this clause payable to it; 
 (d) fourth, to all
Obligations (other than Secured Bank Product Obligations) constituting fees, indemnification, costs or expenses owing to Lenders; 
 (e)
fifth, to all Obligations (other than Secured Bank Product Obligations) constituting interest; 
 (f) sixth, to Cash
Collateralize all LC Obligations; 

  
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 (g) seventh, to all Loans, and to Secured Bank Product Obligations arising under Hedging
Agreements (including Cash Collateralization thereof) that are pari passu with the Loans and up to the amount of the Bank Product Reserve existing therefor; 

(h) eighth, to all other Secured Bank Product Obligations; and 

(i) last, to all remaining Obligations. 

Amounts shall be applied to payment of each category of Obligations only after Full Payment of amounts payable from time to time under all preceding
categories. If amounts are insufficient to satisfy a category, they shall be paid ratably among outstanding Obligations in the category. Monies and proceeds obtained from an Obligor shall not be applied to its Excluded Swap Obligations, but
appropriate adjustments shall be made with respect to amounts obtained from other Obligors to preserve the allocations in any applicable category. Administrative Agent shall have no obligation to calculate the amount of any Secured Bank Product
Obligation and may request a reasonably detailed calculation thereof from a Secured Bank Product Provider. If the provider fails to deliver the calculation within five days following request, Administrative Agent may assume the amount is zero. The
allocations set forth in this Section are solely to determine the rights and priorities among Secured Parties, and may be changed by agreement of the affected Secured Parties, without the consent of any Obligor. This Section is not for the benefit
of or enforceable by any Obligor, and each Borrower and other Obligor irrevocably waives the right to direct the application of any payments or Collateral proceeds subject to this Section. 

5.5.3. Erroneous Application. Administrative Agent shall not be liable for any application of amounts made by it in good faith and, if
any such application is subsequently determined to have been made in error, the sole recourse of any Secured Party or other Person to which such amount should have been made shall be to recover the amount from the Person that actually received it
(and, if such amount was received by a Secured Party, the Secured Party agrees to return it). 
 5.6. Dominion Account. The
ledger balance in the main Dominion Account as of the end of a Business Day shall be applied to the Obligations at the beginning of the next Business Day, during any Sweep Trigger Period and during any Cash Dominion Period. If a credit balance
results from such application, it shall not accrue interest in favor of Borrowers and shall be made available to Borrowers as long as no Event of Default exists. 

5.7. Account Stated. Administrative Agent shall maintain, in accordance with its customary practices, loan account(s) evidencing
the Debt of Borrowers hereunder. Any failure of Administrative Agent to record anything in a loan account, or any error in doing so, shall not limit or otherwise affect the obligation of Borrowers to pay any amount owing hereunder. Entries made in a
loan account shall constitute presumptive evidence of the information contained therein. If any information contained in a loan account is provided to or inspected by any Person, the information shall be conclusive and binding on such Person for all
purposes absent manifest error, except to the extent such Person notifies Administrative Agent in writing within 30 days after receipt or inspection that specific information is subject to dispute. 

5.8. Taxes. 

5.8.1. Payments Free of Taxes; Obligation to Withhold; Tax Payment. 

(a) All payments of Obligations by Obligors shall be made without deduction or withholding for any Taxes, except as required by Applicable Law.
If Applicable Law (as determined by Administrative Agent in its good faith discretion) requires the deduction or withholding of any Tax from any such payment by Administrative Agent or an Obligor, then Administrative Agent or such Obligor shall be
entitled to make such deduction or withholding, taking into account information and documentation provided pursuant to Section 5.9. 

  
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 (b) If Administrative Agent or any Obligor is required by any Applicable Law to withhold or
deduct Taxes from any payment, then (i) Administrative Agent or such Obligor, to the extent required by Applicable Law, shall apply such withholding or deduction and timely pay the full amount to be withheld or deducted to the relevant
Governmental Authority, and (ii) to the extent the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Obligor shall be increased as necessary so that the Recipient receives an amount equal to the
sum it would have received had no such withholding or deduction been made. 
 5.8.2. Payment of Other Taxes.Without limiting the
foregoing, Borrowers shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at Administrative Agent’s option, timely reimburse Administrative Agent for payment of, any Other Taxes. 

5.8.3. Tax Indemnification. 

(a) Each Borrower shall indemnify and hold harmless, on a joint and several basis, each Recipient against any Indemnified Taxes (including
those Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by a Recipient or required to be withheld or deducted from a payment to a Recipient, and any penalties, interest and reasonable
expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Each Borrower shall make payment within 10 days after demand for any amount or
liability payable under this Section. A certificate as to the amount of such payment or liability delivered to Borrowers by a Lender or an Issuing Bank (with a copy to Administrative Agent), or by Administrative Agent on its own behalf or on behalf
of any Recipient, shall be conclusive absent manifest error. 
 (b) Each Lender and Issuing Bank shall indemnify and hold harmless, on a
several basis, (i) Administrative Agent against any Indemnified Taxes attributable to such Lender or Issuing Bank (but only to the extent Borrowers have not already paid or reimbursed Administrative Agent therefor and without limiting
Borrowers’ obligation to do so), (ii) Administrative Agent and Obligors, as applicable, against any Taxes attributable to such Lender’s failure to maintain a Participant register as required hereunder, and (iii) Administrative Agent
and Obligors, as applicable, against any Excluded Taxes attributable to such Lender or Issuing Bank, in each case, that are payable or paid by Administrative Agent or an Obligor in connection with any Obligations, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Each Lender and Issuing Bank shall make payment within 10 days after demand for any amount
or liability payable under this Section. A certificate as to the amount of such payment or liability delivered to any Lender or any Issuing Bank by Administrative Agent shall be conclusive absent manifest error. 

5.8.4. Evidence of Payments. As soon as practicable after payment of Taxes by any Obligor pursuant to this Section, Borrower Agent
shall deliver to Administrative Agent a copy of a receipt issued by the appropriate Governmental Authority evidencing the payment, a copy of any return required by Applicable Law to report the payment, or other evidence of payment reasonably
satisfactory to Administrative Agent. 
 5.8.5. Treatment of Certain Refunds. Unless required by Applicable Law, at no time shall
Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or an Issuing Bank, nor have any obligation to pay to any Lender or any Issuing Bank, any refund of Taxes withheld or deducted from funds paid for the
account of a Lender or an Issuing Bank. If a Recipient determines in its discretion, exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by Borrowers or with respect to which a Borrower has paid
additional amounts pursuant to this Section, it shall pay Borrowers an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by Borrowers with respect to the Taxes

  
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giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and
without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that Borrowers agree, upon request by the Recipient, to repay the amount paid over to Borrowers (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) to the Recipient if the Recipient is required to repay such refund to the Governmental Authority. Notwithstanding anything herein to the contrary, no Recipient shall be
required to pay any amount to Borrowers if such payment would place the Recipient in a less favorable net after-Tax position than it 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. In no event shall Administrative Agent or any Recipient be required to make its tax
returns (or any other information relating to its Taxes that it deems confidential) available to any Obligor or other Person. 
 5.8.6.
Survival. Each party’s obligations under Sections 5.8 and 5.9 shall survive the resignation or replacement of Administrative Agent or any assignment of rights by or replacement of a Lender or an Issuing Bank, the
termination of the Commitments, and the repayment, satisfaction, discharge or Full Payment of any Obligations. 
 5.9. Lender Tax
Information. 
 5.9.1. Status of Lenders. Any Lender that is entitled to an exemption from or reduction of withholding Tax
with respect to payments of Obligations shall deliver to Borrowers and Administrative Agent properly completed and executed documentation reasonably requested by Borrowers or Administrative Agent as will permit such payments to be made without or at
a reduced rate of withholding. In addition, any Lender, if reasonably requested by Borrowers or Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by Borrowers or Administrative Agent to
enable them to determine whether such Lender is subject to backup withholding or information reporting requirements. Notwithstanding the foregoing, such documentation (other than documentation described in Sections 5.9.2(a), (b) and
(d)) shall not be required if a Lender reasonably believes delivery of the documentation would subject it to any material unreimbursed cost or expense or would materially prejudice its legal or commercial position. 

5.9.2. Documentation. Without limiting the foregoing, if any Borrower is a U.S. Person, 

(a) Any Lender that is a U.S. Person shall deliver to Borrowers and Administrative Agent on or prior to the date on which such Lender becomes a
Lender hereunder (and from time to time thereafter upon reasonable request of Borrowers or 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 Borrowers and 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 hereunder (and from time to time thereafter upon reasonable request of Borrowers or Administrative Agent),
whichever of the following is applicable: 
 (i) 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
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 other payments under the Loan Documents, IRS Form W-8BEN or 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; 

  
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 (ii) executed copies of IRS Form W-8ECI; 

(iii) 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 in form satisfactory to Administrative Agent 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 a 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 (“U.S. Tax Compliance Certificate”), and (y) executed copies of IRS
Form W-8BEN or W-8BEN-E, as applicable; or 

(iv) 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 or W-8BEN-E, as applicable, a U.S. Tax
Compliance Certificate in form satisfactory to Administrative Agent, 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 U.S. Tax Compliance Certificate 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 Borrowers and 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 hereunder (and from time to time thereafter upon the reasonable request of Borrowers or 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
Borrowers or Administrative Agent to determine the withholding or deduction required to be made; and 
 (d) if payment of an Obligation to a
Lender would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code), such
Lender shall deliver to Borrowers and Administrative Agent at the time(s) prescribed by law and otherwise as reasonably requested by Borrowers or Administrative Agent such documentation prescribed by Applicable Law (including
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Borrowers or Administrative Agent as may be necessary for them to comply with their obligations under FATCA and to determine that such Lender 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 hereof. 

5.9.3. Redelivery of Documentation. If any form or certification previously delivered by a Lender or Administrative Agent pursuant to
this Section expires or becomes obsolete or inaccurate in any respect, such Lender or Administrative Agent, as applicable shall promptly update the form or certification or notify Borrowers and Administrative Agent in writing of its inability to do
so. 
 5.10. Nature and Extent of Each Borrower’s Liability. 

5.10.1. Joint and Several Liability. Each Borrower agrees that it is jointly and severally liable for, and absolutely and
unconditionally guarantees to Administrative Agent and Lenders the prompt payment and performance of, all Obligations, except its Excluded Swap Obligations. Each Borrower agrees that its guaranty obligations hereunder constitute a continuing
guaranty of payment and not of collection, that such obligations shall not be discharged until Full Payment of the Obligations, and that such obligations are absolute and unconditional, irrespective of (a) the genuineness, validity, regularity,
enforceability, subordination or any future modification of, or change in, any Obligations or Loan Document, or any other document, instrument or agreement to which any Obligor is or may become 

  
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a party or be bound; (b) the absence of any action to enforce this Agreement (including this Section) or any other Loan Document, or any waiver, consent or indulgence of any kind by
Administrative Agent or any Lender with respect thereto; (c) the existence, value or condition of, or failure to perfect a Lien or to preserve rights against, any security or guaranty for any Obligations or any action, or the absence of any
action, by Administrative Agent or any Lender in respect thereof (including the release of any security or guaranty); (d) the insolvency of any Obligor; (e) any election by Administrative Agent or any Lender in an Insolvency Proceeding for the
application of Section 1111(b)(2) of the Bankruptcy Code; (f) any borrowing or grant of a Lien by any other Borrower, as debtor-in-possession under
Section 364 of the Bankruptcy Code or otherwise; (g) the disallowance of any claims of Administrative Agent or any Lender against any Obligor for the repayment of any Obligations under Section 502 of the Bankruptcy Code or otherwise;
or (h) any other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, except Full Payment of the Obligations. 

5.10.2. Waivers. 
 (a)
Each Borrower expressly waives all rights that it may have now or in the future under any statute, at common law, in equity or otherwise, to compel Administrative Agent or Lenders to marshal assets or to proceed against any Obligor, other Person or
security for the payment or performance of any Obligations before, or as a condition to, proceeding against such Borrower. Each Borrower waives all defenses available to a surety, guarantor or accommodation
co-obligor other than Full Payment of Obligations and waives, to the maximum extent permitted by law, any right to revoke any guaranty of Obligations as long as it is a Borrower. It is agreed among each
Borrower, Administrative Agent and Lenders that the provisions of this Section 5.10 are of the essence of the transaction contemplated by the Loan Documents and that, but for such provisions, Administrative Agent and
Lenders would decline to make Loans and issue Letters of Credit. Each Borrower acknowledges that its guaranty pursuant to this Section is necessary to the conduct and promotion of its business, and can be expected to benefit such business. 

(b) Administrative Agent and Lenders may, in their discretion, pursue such rights and remedies as they deem appropriate, including realization
upon Collateral by judicial foreclosure or nonjudicial sale or enforcement, without affecting any rights and remedies under this Section 5.10. If, in taking any action in connection with the exercise of any rights or
remedies, Administrative Agent or any Lender shall forfeit any other rights or remedies, including the right to enter a deficiency judgment against any Borrower or other Person, whether because of any Applicable Laws pertaining to “election of
remedies” or otherwise, each Borrower consents to such action and waives any claim based upon it, even if the action may result in loss of any rights of subrogation that any Borrower might otherwise have had. Any election of remedies that
results in denial or impairment of the right of Administrative Agent or any Lender to seek a deficiency judgment against any Borrower shall not impair any other Borrower’s obligation to pay the full amount of the Obligations. Each Borrower
waives all rights and defenses arising out of an election of remedies, such as nonjudicial foreclosure with respect to any security for Obligations, even though that election of remedies destroys such Borrower’s rights of subrogation against
any other Person. Administrative Agent may bid Obligations, in whole or part, at any foreclosure, trustee or other sale, including any private sale, and the amount of such bid need not be paid by Administrative Agent but shall be credited against
the Obligations. The amount of the successful bid at any such sale, whether Administrative Agent or any other Person is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral, and the difference between
such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 5.10, notwithstanding that any present or future law or court
decision may have the effect of reducing the amount of any deficiency claim to which Administrative Agent or any Lender might otherwise be entitled but for such bidding at any such sale. 

  
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 5.10.3. Extent of Liability; Contribution. 

(a) Notwithstanding anything herein to the contrary, each Borrower’s liability under this Section 5.10 shall not
exceed the greater of (i) all amounts for which such Borrower is primarily liable, as described in clause (c) below, and (ii) such Borrower’s Allocable Amount. 

(b) If any Borrower makes a payment under this Section 5.10 of any Obligations (other than amounts for which such
Borrower is primarily liable) (a “Guarantor Payment”) that, taking into account all other Guarantor Payments previously or concurrently made by any other Borrower, exceeds the amount that such Borrower would otherwise have paid if
each Borrower had paid the aggregate Obligations satisfied by such Guarantor Payments in the same proportion that such Borrower’s Allocable Amount bore to the total Allocable Amounts of all Borrowers, then such Borrower shall be entitled to
receive contribution and indemnification payments from, and to be reimbursed by, each other Borrower for the amount of such excess, ratably based on their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. The
“Allocable Amount” for any Borrower shall be the maximum amount that could then be recovered from such Borrower under this Section 5.10 without rendering such payment voidable under Section 548 of the
Bankruptcy Code or under any applicable state fraudulent transfer or conveyance act, or similar statute or common law. 
 (c)
Section 5.10.3(a) shall not limit the liability of any Borrower to pay or guarantee Loans made directly or indirectly to it (including Loans advanced hereunder to any other Person and then
re-loaned or otherwise transferred to, or for the benefit of, such Borrower), LC Obligations relating to Letters of Credit issued to support its business, Secured Bank Product Obligations incurred to support
its business, and all accrued interest, fees, expenses and other related Obligations with respect thereto, for which such Borrower shall be primarily liable for all purposes hereunder. Administrative Agent and Lenders shall have the right, at any
time in their discretion, to condition Loans and Letters of Credit upon a separate calculation of borrowing availability for each Borrower and to restrict the disbursement and use of Loans and Letters of Credit to a Borrower based on that
calculation. 
 (d) Each Obligor that is a Qualified ECP when its guaranty of or grant of Lien as security for a Swap Obligation becomes
effective hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide funds or other support to each Specified Obligor with respect to such Swap Obligation as may be needed by such Specified Obligor from time to
time to honor all of its obligations under the Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP’s obligations
and undertakings under this Section 5.10 voidable under any applicable fraudulent transfer or conveyance act). The obligations and undertakings of each Qualified ECP under this Section shall remain in full force and effect
until Full Payment of all Obligations. Each Obligor intends this Section to constitute, and this Section shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support or other agreement” for the benefit of,
each Obligor for all purposes of the Commodity Exchange Act. 
 5.10.4. Joint Enterprise. Each Borrower has requested that
Administrative Agent and Lenders make this credit facility available to Borrowers on a combined basis, in order to finance Borrowers’ business most efficiently and economically. Borrowers’ business is a mutual and collective enterprise,
and the successful operation of each Borrower is dependent upon the successful performance of the integrated group. Borrowers believe that consolidation of their credit facility will enhance the borrowing power of each Borrower and ease
administration of the facility, all to their mutual advantage. Borrowers acknowledge that Administrative Agent’s and Lenders’ willingness to extend credit and to administer the Collateral on a combined basis hereunder is done solely as an
accommodation to Borrowers and at Borrowers’ request. 
 5.10.5. Subordination. Each Borrower hereby subordinates any claims,
including any rights at law or in equity to payment, subrogation, reimbursement, exoneration, contribution, indemnification or set off, that it may have at any time against any other Obligor, howsoever arising, to the Full Payment of the
Obligations. 

  
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 SECTION 6. CONDITIONS PRECEDENT 

6.1. Conditions Precedent to Closing. This Agreement shall become effective on the date (“Closing Date”)
that each of the following conditions has been satisfied (or waived in accordance with Section 15.1.1(d)(i) hereof): 

(a) Each Loan Document shall have been duly executed and delivered to Administrative Agent by each of the signatories thereto, and Parent, PHR
and each Obligor shall be in compliance with all terms of each Loan Document to which it is a party. 
 (b) Administrative Agent shall have
received (i) acknowledgments of all filings or recordations necessary to perfect its Liens in the Collateral, or arrangements reasonably satisfactory to the Administrative Agent for such filings and recordations shall have been made (and all
filing and recording fees and taxes in connection therewith shall have been duly paid or arrangements reasonably satisfactory to the Administrative Agent for the payment of such fees and taxes shall have been made), and (ii) UCC and Lien
searches and other evidence reasonably satisfactory to Administrative Agent that such Liens are the only Liens upon the Collateral, except Permitted Liens. 

(c) Administrative Agent shall have received any landlord waivers, estoppels or collateral access letters to the extent reasonably requested by
Administrative Agent. 
 (d) Administrative Agent shall have received duly executed Deposit Account Control Agreements on each Deposit
Account (i) that is a collections account and (ii) as required by Section 8.5(b), Securities Account Control Agreements and agreements establishing each Dominion Account and related lockbox, in form and substance,
and with financial institutions, reasonably satisfactory to Administrative Agent. 
 (e) Administrative Agent shall have received
certificates, in form and substance satisfactory to it, from a knowledgeable Senior Officer of each Borrower certifying that, after giving effect to the Transactions, (i) the Borrowers and the Obligors, taken as a whole, are Solvent;
(ii) no Default exists; (iii) the representations and warranties set forth in Section 9 and any other Loan Document are true and correct in all material respects (without duplication of any materiality qualifier
contained therein); and (iv) such Borrower has complied with all agreements and conditions to be satisfied by it under the Loan Documents. 

(f) Administrative Agent shall have received a certificate of a duly authorized officer of Parent, PHR and each Obligor, certifying
(i) that attached copies of such Person’s Organic Documents, as applicable, are true and complete, and in full force and effect, without amendment except as shown; (ii) that an attached copy of resolutions authorizing execution and
delivery of the Loan Documents is true and complete, and that such resolutions are in full force and effect, were duly adopted, have not been amended, modified or revoked, and constitute all resolutions adopted with respect to this credit facility;
and (iii) to the title, name and signature of each Person authorized to sign the Loan Documents on behalf of such Person, as applicable. Administrative Agent may conclusively rely on this certificate until it is otherwise notified by such
Person in writing. 
 (g) Administrative Agent shall have received a written opinion of Porter Hedges LLP, as well as any local counsel to
Parent, PHR and the Obligors, in form and substance satisfactory to Administrative Agent. 

  
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 (h) Administrative Agent shall have received copies of the charter documents of Parent, PHR and
each Obligor, certified by the Secretary of State or other appropriate official of such Person’s jurisdiction of organization. Administrative Agent shall have received good standing certificates for Parent, PHR and each Obligor, issued by the
Secretary of State or other appropriate official of such Person’s jurisdiction of organization. 
 (i) Administrative Agent shall have
received certificates of insurance for the insurance policies carried by Obligors, as well as all necessary endorsements naming Administrative Agent as an additional insured and lender loss payee with respect to the Collateral, as the case may be,
all in compliance with the Loan Documents. 
 (j) No event shall have occurred or circumstance exist since December 31, 2016 that has or
could reasonably be expected to have a Material Adverse Effect and no material adverse change in the quality, quantity or value of any Collateral shall have occurred since December 31, 2016. Administrative Agent shall have completed its
business, financial and legal due diligence of Obligors, including a field examination and inventory appraisal (other than with respect to refinery hydrocarbon inventory), with results satisfactory to Administrative Agent. No changes or developments
shall have occurred, and no new or additional information, shall have been received or discovered by Administrative Agent or the Lenders regarding Parent, PHR and the Obligors after the date such due diligence investigation has completed that
(i) either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or (ii) purports to materially adversely affect the Transactions. 

(k) Borrowers shall have paid all reasonable and documented fees and expenses to be paid to Administrative Agent and Lenders on the Closing
Date (provided that invoices for expenses shall have been delivered to Borrower Agent one Business Day prior to the Closing Date). 
 (l)
Administrative Agent shall have received a certificate of a duly authorized Senior Officer of each Borrower demonstrating that upon giving effect to the issuance or deemed issuance of Letters of Credit and the funding of the Secured Notes, and the
payment by Borrowers of all fees and expenses incurred in connection herewith as well as any payables stretched beyond their customary payment practices, Availability (based on such Borrowing Base Report) shall be at least $20,000,000. 

(m) Administrative Agent shall have received evidence satisfactory to Administrative Agent that Company shall have consummated the transactions
contemplated by the Secured Notes Indenture and that the gross proceeds of the Secured Notes received by the Company shall be in an aggregate amount not less than $300,000,000. 

(n) Administrative Agent shall have received (i) pro forma consolidated financial statements of the Parent and its Subsidiaries giving
effect to the Transactions and the funding of the Secured Notes on the Closing Date and a one-year forecast prepared by management of the Company (each in form reasonably satisfactory to Administrative Agent)
including (A) a balance sheet, (B) an income statement, and (C) such additional information as Administrative Agent may reasonably request, regarding projections for the 2018 fiscal year, (ii) consolidated financial statements of
the Parent and its Subsidiaries for the Fiscal Quarter ended September 30, 2017, and (iii) the annual (or other audited) financial statements of Parent and its Subsidiaries for the Fiscal Years ended 2014, 2015 and 2016 and all amendments
thereto. 
 (o) The Administrative Agent and Lenders shall be satisfied with the capital structure of the Company and its Subsidiaries. 

(p) Administrative Agent shall have received evidence that the Existing Credit Agreements have been, or on the Closing Date are being,
terminated and all Liens securing obligations under the Existing Credit Agreements have been, or on the Closing Date are being, released. 

  
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 (q) Administrative Agent shall have received, at least five Business Days prior to the Closing
Date, all documentation and other information required by Governmental Authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act, that has been reasonably requested by the
Administrative Agent or the Lenders. 
 6.2. Conditions Precedent to All Credit Extensions. Administrative Agent, Issuing Bank
and Lenders shall not be required to fund any Loans or arrange for issuance of any Letters of Credit to or for the benefit of Borrowers, unless the Closing Date shall have occurred and the following conditions are satisfied (or waived in accordance
with Section 15.1.1(d) hereof): 
 (a) No Default or Event of Default shall exist at the time of, or result from, such funding
or issuance; 
 (b) The representations and warranties of Parent, PHR, each Future Intermediation Subsidiary and each Obligor in the Loan
Documents to which they are a party shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) on the date of, and upon giving effect to, such funding or issuance (except for
representations and warranties that expressly relate to an earlier date); 
 (c) With respect to issuance of a Letter of Credit, the Issuing
Bank shall have received an LC Request and LC Application at least three Business Days prior to the requested date of issuance and the LC Conditions shall have been satisfied; 

(d) Administrative Agent shall have received a Notice of Borrowing with respect to the funding of any Loan; and 

(e) solely with respect to the first funding of Loans, the Administrative Agent shall have received a Borrowing Base Report as of
November 30, 2017 within five (5) Business Days after the Closing Date (or such later date as may be agreed by the Administrative Agent in its sole discretion). 

Each request (or deemed request) by Borrowers for funding of a Loan or issuance of a Letter of Credit shall constitute a representation by Borrowers that the
foregoing conditions are satisfied on the date of such request and on the date of such funding or issuance. 
 SECTION 7. COLLATERAL 

7.1. Grant of Security Interest. To secure the prompt payment and performance of the Obligations, each Obligor hereby grants to
Administrative Agent, for the benefit of Secured Parties, a continuing security interest in and Lien upon all of the following Property of such Obligor, whether now owned or hereafter acquired, and wherever located: 

(a) all Accounts and CC Receivables (excluding Accounts and CC Receivables constituting identifiable proceeds of Notes Collateral); 

(b) all Inventory; 
 (c) all
Renewable Identification Numbers (including any Renewable Identification Numbers that the Parent has registered for itself and its Subsidiaries and allocated to such Obligor, which shall be deemed to be the property of such Obligor and constitute
part of the Collateral); 
 (d) all Investment Property, Chattel Paper, General Intangibles (excluding Intellectual Property), Documents,
Commercial Tort Claims and Instruments, to the extent relating to the items in clauses (a), (b) and (c); 
 (e) all Deposit Accounts and
Securities Accounts (excluding the Notes Proceeds Collateral Account), cash and Cash Equivalents; 

  
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 (f) all books and records (including customer lists, files, correspondence, tapes, computer
programs, print-outs and computer records) pertaining to the foregoing; and 
 (g) all proceeds of (including proceeds of business
interruption and other insurance), and Supporting Obligations (including Letter-of-Credit Rights) with respect to, any of the foregoing. 

Notwithstanding anything herein to the contrary, in no event shall the security interest or Lien attach to, or the term “Collateral” be deemed to
include, any Excluded Property. For the avoidance of doubt, the entirety of this Section 7 does not apply to PHR. 

7.2. Lien on Deposit Accounts; Securities Accounts; Cash Collateral. 

7.2.1. Deposit Accounts; Securities Accounts. To further secure the prompt payment and performance of the Obligations, each Obligor
hereby grants to Administrative Agent a continuing security interest in and Lien upon all amounts credited to any Deposit Account and Securities Account of such Obligor, including sums in any blocked, lockbox, sweep or collection account, in each
case, except for the Notes Proceeds Collateral Account. Each Obligor hereby authorizes and directs each bank or other depository or securities intermediary to deliver to Administrative Agent, upon request of Administrative Agent, all balances in any
Deposit Account and Securities Account maintained for such Obligor, without inquiry into the authority or right of Administrative Agent to make such request. Administrative Agent hereby agrees that it will not issue any such request unless an Event
of Default has occurred and is continuing. 
 7.2.2. Cash Collateral. Cash Collateral may be invested, at Administrative Agent’s
discretion (and with the consent of Borrower Agent, as long as no Event of Default exists), but Administrative Agent shall have no duty to do so, regardless of any agreement or course of dealing with any Obligor, and shall have no responsibility for
any investment or loss. As security for the Obligations, each Obligor hereby grants to Administrative Agent a security interest in and Lien upon all Cash Collateral held from time to time and all proceeds thereof, whether held in a Cash Collateral
Account or otherwise. After an Event of Default has occurred and is continuing, Administrative Agent may apply Cash Collateral to the payment of such Obligations as they become due, in such order as Administrative Agent may elect. Each Cash
Collateral Account and all Cash Collateral shall be under the sole dominion and control of Administrative Agent, and no Obligor or other Person shall have any right to any Cash Collateral, until Full Payment of the Obligations. 

7.3. Other Collateral. 

7.3.1. Certain After-Acquired Collateral. Obligors shall promptly notify Administrative Agent in writing if, after the Closing Date,
any Borrower obtains any interest in any Collateral consisting of (a) Deposit Accounts (other than an Excluded Account), (b) Securities Accounts (other than Excluded Accounts), (c) Intellectual Property that is material to such Obligor’s
business or (d) Chattel Paper, Documents, Instruments or Investment Property, in each case with an individual value of or face amount in excess of $1,000,000, and, upon Administrative Agent’s request, shall promptly take such actions as
Administrative Agent deems appropriate to effect Administrative Agent’s duly perfected, first priority Lien upon such Collateral, including obtaining any appropriate possession, control agreement or Lien Waiver. If any Collateral is in the
possession of a third party, at Administrative Agent’s request, Obligors shall use commercially reasonable efforts to obtain an acknowledgment that such third party holds the Collateral for the benefit of Administrative Agent. 

7.4. Limitations. The Lien on Collateral granted hereunder is given as security only and shall not subject Administrative Agent
or any other Secured Party to, or in any way modify, any obligation or liability of Obligors relating to any Collateral. In no event shall the grant of any Lien under any Loan Document secure an Excluded Swap Obligation of the granting Obligor. 

  
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 7.5. Further Assurances. All Liens granted to Administrative Agent under the Loan
Documents are for the benefit of Secured Parties. Promptly upon request, Obligors shall deliver such instruments and agreements, and shall take such actions, as Administrative Agent deems appropriate under Applicable Law to evidence or perfect its
Lien on any Collateral, or otherwise to give effect to the intent of this Agreement. Each Obligor authorizes Administrative Agent to file any financing statement that describes the Collateral of such Obligor and ratifies any action taken by
Administrative Agent before the Closing Date to effect or perfect its Lien on any Collateral. In addition, the Obligors shall, from time to time upon the reasonable request of the Administrative Agent, (i) provide or cause the Parent to provide
to the Administrative Agent such further confirmation of the Renewable Identification Numbers allocated to and deemed owned by any Obligor, (ii) execute such further documents and instruments and take such further actions to confirm the status
of such Renewable Identification Numbers as part of the Collateral hereunder, and (iii) endeavor to obtain from such other creditors of the Parent or its subsidiaries, additional acknowledgements or other agreements recognizing that Renewable
Identification Numbers allocated to such Obligor in the foregoing manner constitute property of such Obligor and accordingly are part of the Collateral hereunder. 

7.6. Certain Limited Exclusions. (a) Notwithstanding Section 7.1, the Collateral shall not include,
and no Obligor shall be deemed to have granted a security interest in, any of such Obligor’s right, title or interest in the following (collectively, the “Excluded Property”): 

(i) any Real Estate; 
 (ii) any
Equipment, Vehicles and rolling stock, and any accessories thereto; 
 (iii) any lease, license, permit or agreement (referred to solely for
purpose of this sub-clause (iii) as a “Contract”), in each case in existence on the date hereof or upon acquisition of the relevant Obligor party thereto, to the extent that a grant of a
security interest therein would violate or invalidate such lease, license, permit or agreement or create a right of termination in favor of any other party thereto or otherwise require consent thereunder (other than to the extent that any such term
would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the
Uniform Commercial Code (or any successor provision or provisions) of any relevant jurisdiction or any other Applicable Law (including the Bankruptcy Code) or principles of equity and only so long as such prohibition or consent requirement was not
created in contemplation or anticipation of the Collateral requirements under this Agreement); provided that: (A) rights to payment under any such Contract otherwise constituting Excluded Property shall be included in the Collateral to
the extent permitted under such Contract or by Section 9-406 or Section 9-408 of the Uniform Commercial Code and (B) all proceeds paid or payable to the
Company or any other Obligor from any sale, transfer or assignment of such Contract and all rights to receive such proceeds shall be included in the Collateral; 

(iv) Equity Interests; 
 (v) other
Property to the extent the Administrative Agent determines that the cost of obtaining or perfecting a lien or security interest therein is excessive in relation to the benefit afforded to the Lenders thereby; 

(vi) (1) Property subject to a purchase money security agreement or capital lease agreement evidencing or governing purchase money and
capital lease obligations that are permitted to be incurred pursuant to the Loan Documents to the extent the granting of a security interest therein is validly prohibited thereby or otherwise requires consent (but only so long as such prohibition or
consent requirement was not created in contemplation or anticipation of the Collateral requirements under the Loan Documents) and/or 

  
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(2) any lease, license, permit or agreement, in each case in existence on the Closing Date or upon acquisition of the relevant Obligor party thereto, to the extent that a grant of a security
interest therein would violate or invalidate such lease, license, permit or agreement or create a right of termination in favor of any other party thereto or otherwise require consent thereunder (after giving effect to the applicable anti-assignment
provisions of the UCC or other Applicable Law, the assignment of which is expressly deemed effective under the UCC or other Applicable Law notwithstanding such prohibition), but only so long as such restriction or consent requirement was not created
in contemplation or anticipation of the Collateral requirements under the Loan Documents; 
 (vii) pledges and security interests prohibited
or restricted by Applicable Law (including any requirement to obtain the consent of any Governmental Authority, unless such consent has been obtained (it being understood that there shall be no obligation to obtain such consent)) (after giving
effect to the applicable anti-assignment provisions of the UCC, the assignment of which is expressly deemed effective under the UCC or other Applicable Law notwithstanding such prohibition); 

(viii) deposit accounts solely for the purpose of payroll and withholding tax and other fiduciary deposit accounts; 

(ix) any assets (including Equity Interests) owned by a Foreign Subsidiary or an Unrestricted Subsidiary; 

(x) any intent-to-use trademark application prior to the filing
of a “Statement of Use” or “Amendment to Allege Use” with respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or
enforceability of such intent-to-use trademark application under applicable federal law; 

(xi) any governmental licenses or state or local franchises, charters and authorizations to the extent the granting of security interests
therein are prohibited or restricted thereby; 
 (xii) any Intermediation Collateral; 

(xiii) Letter-of-Credit Rights to the extent not perfected by
the filing of a UCC financing statement. 
 (b) Obligors shall not be required to take any action under the law of any non-U.S. jurisdiction to create or perfect a security interest in such assets, including any intellectual property registered in any non-U.S. jurisdiction (and no security
agreements or pledge agreements governed under the laws of any non-U.S. jurisdiction shall be required). 

7.7. Collateral Rights Agreement. Notwithstanding anything herein to the contrary, the Liens and security interests granted to
Administrative Agent pursuant to this Agreement and the exercise of any right or remedy by Administrative Agent hereunder are subject to the provisions of the Collateral Rights Agreement and any Intermediation Access Agreement. In the event of any
conflict between the terms of the Collateral Rights Agreement or any Intermediation Access Agreement and this Agreement, the terms of the Collateral Rights Agreement or such any Intermediation Access Agreement shall govern and control. 

SECTION 8. COLLATERAL ADMINISTRATION 

8.1. Borrowing Base Reports. Borrowers shall deliver to Administrative Agent (and Administrative Agent shall promptly deliver
same to Lenders) a Borrowing Base Report (i) as of the close of business of the previous month by the 20th day of each month, (ii) during any Borrowing Base Reporting Trigger Period, as of the close of business of the previous week by
Wednesday of each week and (iii) at such other times as Administrative Agent may request after a Default or Event of Default has 

  
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occurred and is continuing. All information (including calculation of Availability) in a Borrowing Base Report shall be certified by Borrower Agent. Administrative Agent may from time to time
adjust any such report (a) to reflect Administrative Agent’s reasonable estimate of declines in value of Collateral, due to collections received in the Dominion Account or otherwise; (b) to adjust advance rates to reflect changes in
dilution, quality, mix and other factors affecting Collateral; and (c) to the extent any information or calculation does not comply with this Agreement. 

8.2. Accounts. 

8.2.1. Records and Schedules of Accounts. Each Borrower shall keep accurate and complete records of its Accounts, including all
payments and collections thereon, and shall submit to Administrative Agent sales, collection, reconciliation and other reports in form reasonably satisfactory to Administrative Agent, on such periodic basis as Administrative Agent may reasonably
request. Each Borrower shall also provide to Administrative Agent, on or before the 20th day of each month and, during any Borrowing Base Reporting Trigger Period, by Wednesday of each week, a detailed aged trial balance of all Accounts as of the
end of the preceding month and, during any Borrowing Base Reporting Trigger Period, as of the end of the preceding week, specifying each Account’s Account Debtor name and address, amount, invoice date and due date, showing any discount,
allowance, credit, authorized return or dispute, and including such proof of delivery, copies of invoices and invoice registers, copies of related documents, repayment histories, status reports and other information as Administrative Agent may
reasonably request; provided that Administrative Agent and the Lenders understand that information delivered during a Borrowing Base Reporting Trigger Period may be preliminary and subject to customary
month-end adjustments. If any Account in an aggregate face amount of $1,000,000 or more ceases to be an Eligible Accounts Receivable, Borrowers shall notify Administrative Agent of such occurrence promptly
(and in any event within two Business Days) after any Borrower has knowledge thereof. 
 8.2.2. Taxes. If an Account of any Borrower
includes a charge for any Taxes, Administrative Agent is authorized, during the continuance of an Event of Default, in its discretion, to pay the amount thereof to the proper taxing authority for the account of such Borrower and to charge Borrowers
therefor; provided, however, that neither Administrative Agent nor Lenders shall be liable for any Taxes that may be due from Borrowers or with respect to any Collateral. 

8.2.3. Account Verification. Whether or not a Default or an Event of Default has occurred and is continuing, 

Administrative Agent shall have the right at any time, in the name of Administrative Agent, any designee of Administrative Agent or any Borrower, to verify the
validity, amount or any other matter relating to any Accounts of Borrowers by mail, telephone or otherwise. Borrowers shall cooperate fully with Administrative Agent in an effort to facilitate and promptly conclude any such verification process.

 8.2.4. Maintenance of Dominion Account . Borrowers shall maintain Dominion Accounts pursuant to lockbox or other arrangements
acceptable to Administrative Agent. Borrowers shall obtain an agreement (in form and substance satisfactory to Administrative Agent) from each lockbox servicer and Dominion Account bank, establishing Administrative Agent’s control over and Lien
in the lockbox or Dominion Account, which may be exercised by Administrative Agent during any Sweep Trigger Period, requiring immediate deposit of all remittances received in the lockbox to a Dominion Account, and waiving offset rights of such
servicer or bank, except for customary administrative charges. If a Dominion Account is not maintained with Bank of America, Administrative Agent may, during any Sweep Trigger Period, require immediate transfer of all funds in such
account to a Dominion Account maintained with Bank of America. Administrative Agent and Lenders assume no responsibility to Borrowers for any lockbox arrangement or Dominion Account, including any claim of accord and satisfaction or release with
respect to any Payment Items accepted by any bank. 

  
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 8.2.5. Proceeds of Collateral . Borrowers shall request in writing and otherwise take all
reasonably necessary steps to ensure that all payments on Accounts or otherwise relating to the Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Borrower or Restricted Subsidiary receives cash
or Payment Items with respect to any Collateral, it shall hold same in trust for Administrative Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account. 

8.3. Proceeds of Notes Collateral. Identifiable proceeds of Asset Dispositions of Notes Collateral, and identifiable
proceeds of insurance resulting from casualty of the Notes Collateral and of awards arising from condemnation of the Notes Collateral to the extent deposited in the Notes Proceeds Collateral Account, (i) may not be commingled with any other
funds and (ii) shall at all times remain segregated funds, separate and apart from any other funds of the Borrowers and their Subsidiaries. 

8.4. Equipment. 

8.4.1. Records and Schedules of Equipment. Each Obligor shall keep accurate and complete records of its Equipment, including kind,
quality, quantity, cost, acquisitions and dispositions thereof. 
 8.4.2. Condition of Equipment. With respect to the Obligors’
obligations in connection with the operation of their business, the Equipment is in good operating condition and repair, and all necessary replacements and repairs have been made so that the value and operating efficiency of such Equipment is
preserved at all times, reasonable wear and tear excepted. 
 8.5. Deposit Accounts; Securities Accounts. (a)
Schedule 8.5 sets forth all Deposit Accounts and Securities Accounts maintained by Borrowers and other Obligors, including all Dominion Accounts as of the Closing Date. Each Borrower and other Obligors shall take all actions necessary to
establish Administrative Agent’s control of each such Deposit Account (i) that is a collections account and (ii) as required by Section 8.5(b) and each such Securities Account and each new Deposit Account and
Securities Account opened after the Closing Date (other than (A) accounts exclusively used for payroll, withholding tax and other fiduciary deposit accounts and (B) accounts containing not more than $25,000 individually and $500,000 in the
aggregate for all such accounts at any time (each an “Excluded Account” and collectively for all such accounts in clauses (A) and (B) above, the “Excluded Accounts”)). Each Borrower and each other Obligor shall
be the sole account holder of each Deposit Account and Securities Account and shall not allow any other Person (other than Administrative Agent,) to have control over a Deposit Account or a Securities Account (other than the Notes Proceeds
Collateral Account) or any Property deposited therein. Each Borrower and each other Obligor shall promptly notify Administrative Agent of any opening or closing of a Deposit Account or a Securities Account (other than an Excluded Account) and, with
the consent of Administrative Agent, will amend Schedule 8.5 to reflect same. Each Borrower shall (i) request in writing and otherwise take such reasonable steps to ensure that all Account Debtors forward payment directly to lockboxes
and Dominion Accounts maintained pursuant to and in accordance with Section 8.2.4, and (ii) deposit or cause to be deposited promptly, and in any event no later than the first Business Day after the date of receipt
thereof, all cash, checks, drafts or other similar items of payment relating to or constituting payments made in respect of any and all Collateral (whether or not otherwise delivered to a lockbox) into one or more Dominion Accounts. All Net Proceeds
of the sale or other disposition of any Collateral, shall be deposited directly into the applicable Dominion Accounts. 
 (b) Commencing on
the date that is ninety (90) days after the Closing Date (or such later date as may be agreed to by the Administrative Agent in its sole discretion) and continuing until Full Payment of the Obligations, each Borrower and the other Obligors
shall cause all funds or other property of such Borrower or Obligor maintained in any Deposit Accounts or Securities Accounts to be solely maintained in Deposit Accounts or Securities Accounts held with Bank of America, N.A. or any of its

  
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Affiliates, except for (i) Excluded Accounts and (ii) other operating and Deposit Accounts maintained with financial institutions located in Hawaii with whom the Obligors currently have
accounts, with an aggregate average monthly balance for all such accounts not to exceed $10,000,000; provided that the Administrative Agent may increase such $10,000,000 threshold or approve additional financial institutions located in Hawaii
in its sole discretion. At all times starting on the Closing Date, all operating and Deposit Accounts described in sub-clause (ii) above shall be subject to a Deposit Account Control Agreement.

 8.6. General Provisions. 

8.6.1. Location of Collateral. All tangible items of Collateral, other than Inventory in transit, shall at all times be kept by the
Borrowers at locations owned or leased by an Obligor, at customer locations or at manufacturer locations or other locations for the purposes of repair or servicing of such Collateral, except that the Borrowers may make sales or other dispositions of
Collateral in accordance with Section 10.2.8. 
 8.6.2. Insurance of Collateral; Condemnation Proceeds 

(a) Each Obligor shall maintain insurance with respect to the Collateral in accordance with Section 10.1.8. From time
to time upon request, the Borrowers shall provide Administrative Agent with reasonably detailed information as to the insurance so carried; provided, that if Real Estate secures any Obligations at any time, flood hazard diligence,
documentation and insurance shall comply with all applicable Flood Laws or otherwise shall be reasonably satisfactory to all Lenders. Unless Administrative Agent shall agree otherwise, each policy shall include satisfactory endorsements
(i) showing Administrative Agent as lender loss payee in respect of the property insurance policies relating to the Collateral and additional insured in respect of the liability insurance policies, as applicable; (ii) requiring 30 days
prior written notice to Administrative Agent in the event of cancellation of the policy for any reason whatsoever; and (iii) specifying that the interest of Administrative Agent shall not be impaired or invalidated by any act or neglect of any
Obligor or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Borrower fails to provide and pay for any insurance, Administrative Agent may, at its option, but shall
not be required to, procure the insurance and charge Borrowers therefor. While no Event of Default exists, Borrowers may settle, adjust or compromise any insurance claim with respect to Collateral, as long as the proceeds are used to repay the
Loans. If an Event of Default exists only Administrative Agent shall be authorized to settle, adjust and compromise such claims. 
 (b) Any
proceeds of insurance with respect to any Collateral (other than proceeds from workers’ compensation or D&O insurance) and any awards arising from condemnation of any Collateral shall be paid to Administrative Agent. 

8.6.3. Protection of Collateral. All expenses of protecting, storing, warehousing, insuring, handling, maintaining and shipping any
Collateral, all Taxes payable with respect to any Collateral (including any sale thereof), and all other payments required to be made by Administrative Agent to any Person to realize upon any Collateral, shall be borne and paid by Obligors.
Administrative Agent shall not be liable or responsible in any way for the safekeeping of any Collateral, for any loss or damage thereto (except for reasonable care in its custody while Collateral is in Administrative Agent’s actual
possession), for any diminution in the value thereof, or for any act or default of any warehouseman, carrier, forwarding agency or other Person whatsoever, but the same shall be at Borrowers’ sole risk. 

8.6.4. Defense of Title. Each Obligor shall defend its title to Collateral and Administrative Agent’s Liens therein against all
Persons, claims and demands, except Permitted Liens. 

  
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 8.7. Power of Attorney. Each Obligor hereby irrevocably constitutes and appoints
Administrative Agent (and all Persons designated by Administrative Agent) as such Borrower’s and such Obligor’s true and lawful attorney (and agent-in-fact)
for the purposes provided in this Section. Administrative Agent, or Administrative Agent’s designee, may, without notice and in either its or a Borrower’s or an Obligor’s name, but at the cost and expense of the Borrowers and the
other Obligors: 
 (a) Endorse any Obligor’s name on any Payment Item or other proceeds of Collateral (including proceeds of insurance)
that come into Administrative Agent’s possession or control; and 
 (b) During an Event of Default to the extent any of the following
relate to the Collateral, (i) notify any Account Debtors of the assignment of their Accounts, demand and enforce payment of Accounts by legal proceedings or otherwise, and generally exercise any rights and remedies with respect to Accounts;
(ii) settle, adjust, modify, compromise, discharge or release any Accounts or other Collateral, or any legal proceedings brought to collect Accounts or Collateral; (iii) sell or assign any Accounts and other Collateral upon such terms, for
such amounts and at such times as Administrative Agent deems advisable; (iv) collect, liquidate and receive balances in Deposit Accounts, Securities Accounts or investment accounts, and take control, in any manner, of proceeds of Collateral;
(v) prepare, file and sign an Obligor’s name to a proof of claim or other document in a bankruptcy of an Account Debtor, or to any notice, assignment or satisfaction of Lien or similar document; (vi) receive, open and dispose of mail
addressed to any Obligor, and notify postal authorities to deliver any such mail to an address designated by Administrative Agent; (vii) endorse any Chattel Paper, Document, Instrument, bill of lading, or other document or agreement relating to
any Accounts, Inventory or other Collateral; (viii) use an Obligor’s stationery and sign its name to verifications of Accounts and notices to Account Debtors; (ix) use information contained in any data processing, electronic or
information systems relating to Collateral; (x) make and adjust claims under insurance policies; (xi) take any action as may be necessary or appropriate to obtain payment under any letter of credit, banker’s acceptance or other
instrument for which an Obligor is a beneficiary; and (xii) take all other actions as Administrative Agent deems appropriate to fulfill an Obligor’s obligations under the Loan Documents. 

SECTION 9. REPRESENTATIONS AND WARRANTIES 

9.1. General Representations and Warranties. To induce Administrative Agent and Lenders to enter into this Agreement and to make
available the Commitments, Loans and Letters of Credit, each Borrower represents and warrants, as applicable, that: 
 9.1.1.
Organization; Powers. PHR, each Future Intermediation Subsidiary, each Borrower and each of its Restricted Subsidiaries (a) is a legal entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, and (b) has all requisite power and authority, and has all material governmental licenses, authorizations, consents and approvals necessary, to own its assets and to carry on its business as now conducted, and is qualified to do
business in, and is in good standing in, every jurisdiction where such qualification is required, except where failure to have such qualifications, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.
None of PHR, any Future Intermediation Subsidiary or any Obligor is an EEA Financial Institution. 
 9.1.2. Authority;
Enforceability. The Transactions are within PHR’s, any Future Intermediation Subsidiary’s and each Obligor’s corporate, limited liability company or partnership powers, as applicable, and have been duly authorized by all necessary
corporate, limited liability company or partnership, as applicable, and, if required, equity holder action (including, without limitation, any action required to be taken by any class of directors or other governing body of PHR, any Future
Intermediation Subsidiary, any Borrower or any other Person, whether interested or disinterested, in order to ensure the due authorization of the Transactions). Each Loan Document to which PHR, any Future Intermediation Subsidiary and an Obligor is
a party has been duly executed and delivered by such Person and constitutes a legal, valid and binding obligation of such Person, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or
other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

  
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 9.1.3. Approvals; No Conflicts. The Transactions (a) do not require any consent or
approval of, registration or filing with, or any other action by, any Governmental Authority or any other third Person (including shareholders or other equity holders or any class of directors or other governing body, whether interested or
disinterested, of PHR, any Future Intermediation Subsidiary, any Borrower or any other Person), nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of any Loan Document or the
consummation of the transactions contemplated thereby, except such as have been obtained or made and are in full force and effect, other than (i) the recording and filing of the Security Documents as required by this Agreement, and
(ii) those third party approvals or consents which, if not made or obtained, would not cause a Default hereunder, or could, individually or in the aggregate, not reasonably be expected to have a Material Adverse Effect, (b) will not
violate any Sanctions or Applicable Law or any Organic Documents of PHR, any Future Intermediation Subsidiary, any Borrower or any Restricted Subsidiary, or any order of any Governmental Authority, (c) will not violate or result in a default
under any Material Contract, or give rise to a right thereunder to require any payment to be made by any Borrower, any Restricted Subsidiary, any Future Intermediation Subsidiary or PHR and (d) will not result in the creation or imposition of
any Lien on any Property of PHR, any Future Intermediation Subsidiary, any Borrower or any Restricted Subsidiary (other than the Liens created by the Loan Documents). 

9.1.4. Financial Condition; No Material Adverse Effect. 

(a) The Borrower Agent has heretofore furnished to Administrative Agent and the Lenders (a) the consolidated balance sheet and statements
of operations, stockholders’ equity and cash flows of Parent and its Subsidiaries as of and for the Fiscal Year ended December 31, 2016, reported on by Deloitte & Touche LLP, independent public accountants and
(b) consolidated balance sheet and statements of operations, stockholders’ equity and cash flows of Parent and its Subsidiaries for the Fiscal Quarter ended September 30, 2017, and the pro forma financial statements described in
Section 6.1(n). Such financial statements are prepared in accordance with GAAP and present fairly, in all material respects, the financial position and results of operations and cash flows of Parent and its Subsidiaries
(mutatis mutandis) as of such date and for such period in accordance with GAAP. 
 (b) Since December 31, 2016, there has been no
event, development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect. 
 (c) No Borrower nor any
Restricted Subsidiary has, on the date hereof after giving effect to the Transactions, any Material Debt (including Disqualified Capital Stock) or any contingent liabilities, off-balance sheet liabilities or
partnerships, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments, except for this Agreement, the Secured Notes under the Secured Notes Indenture or as shown on
Schedule 9.1.4. 
 9.1.5. Litigation. There are no actions, suits, investigations or proceedings by or before any arbitrator
or Governmental Authority pending against or, to the knowledge of any Borrower, threatened in writing against or affecting PHR, any Future Intermediation Subsidiary, the Borrowers or any Restricted Subsidiary or any of their respective Properties
(i) that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve any Loan Document or the Transactions. 

9.1.6. Accounts. Administrative Agent may rely, in determining which Accounts are Eligible Accounts Receivable, on all statements and
representations made by Borrowers with respect thereto. Borrowers warrant, with respect to each Account shown as an Eligible Accounts Receivable in a Borrowing Base Report, that: 

  
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 (a) it is genuine and in all material respects what it purports to be; 

(b) it arises out of a completed, bona fide sale and delivery of goods or rendition of services in the Ordinary Course of Business, and
substantially in accordance with any purchase order, contract or other document relating thereto; 
 (c) it is for a sum certain, maturing as
stated in the applicable invoice, a copy of which has been furnished or is available to Administrative Agent on request; 
 (d) it is not
subject to any offset, Lien (other than Liens in favor of Administrative Agent), deduction, defense, dispute, counterclaim or other adverse condition except as arising in the Ordinary Course of Business and disclosed to Administrative Agent; and it
is absolutely owing by the Account Debtor, without contingency in any respect; 
 (e) no purchase order, agreement, document or Applicable
Law restricts assignment of the Account to Administrative Agent (regardless of whether, under the UCC, the restriction is ineffective), and the applicable Borrower is the sole payee or remittance party shown on the invoice; 

(f) no extension, compromise, settlement, modification, credit, deduction or return has been authorized or is in process with respect to the
Account, except discounts or allowances granted in the Ordinary Course of Business for prompt payment that are reflected on the face of the invoice related thereto and in the reports submitted to Administrative Agent hereunder; and 

(g) to the Borrowers’ knowledge, (i) there are no facts or circumstances that are reasonably likely to impair the enforceability or
collectability of such Account; (ii) the Account Debtor had the capacity to contract when the Account arose, continues to meet the applicable Borrower’s customary credit standards, is Solvent, is not contemplating or subject to an
Insolvency Proceeding, and has not failed, or suspended or ceased doing business; and (iii) there are no proceedings or actions threatened or pending against any Account Debtor that could, individually or in the aggregate, reasonably be
expected to have a material adverse effect on the Account Debtor’s financial condition. 
 9.1.7. Environmental Matters. Except
for such matters that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect: 
 (a) the
Borrowers and the Subsidiaries and each of their respective Properties and operations thereon are, and within all applicable statute of limitation periods have been, in compliance with applicable Environmental Laws; 

(b) the Borrowers and the Subsidiaries have obtained all Environmental Permits required for their respective operations and each of their
Properties, with such Environmental Permits being currently in full force and effect, and none of the Borrowers nor the Subsidiaries has received any written notice or otherwise has knowledge that any such existing Environmental Permit is likely to
be revoked, suspended or adversely modified or that any application for any new Environmental Permit or renewal of any existing Environmental Permit will be protested or denied; 

(c) there are no claims, demands, suits, orders, inquiries, investigations, written requests for information or proceedings concerning any
violation of, or any liability (including as a potentially responsible party) under, any applicable Environmental Law that is pending or, to any Borrower’s knowledge, threatened against any Borrower or any Subsidiary or any of their respective
Properties or as a result of any operations at such Properties and no Borrower or Subsidiary has received any Environmental Notice; 

  
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 (d) none of the Properties of any Borrower or any Subsidiary contain or to any Borrower’s
knowledge have contained any: (i) underground storage tanks; (ii) asbestos-containing materials; (iii) landfills or dumps; (iv) hazardous waste management units as defined pursuant to RCRA or any comparable state law; or
(v) sites on or nominated for the National Priority List promulgated pursuant to CERCLA or any state remedial priority list promulgated or published pursuant to any comparable state law; 

(e) there has been no Release or, to any Borrower’s knowledge, threatened Release, of Hazardous Materials at, on, under or from any
Borrower’s or any Subsidiary’s Properties, there are no investigations, remediations, abatements, removals, or monitorings of Hazardous Materials required under applicable Environmental Laws at such Properties and, to the knowledge of the
Borrowers, none of such Properties are adversely affected by any Release or threatened Release of a Hazardous Material originating or emanating from any other real property in quantities or concentrations that would require remediation; 

(f) neither any Borrower nor any Restricted Subsidiary has received any written notice asserting an alleged liability or obligation under any
applicable Environmental Laws with respect to the investigation, remediation, abatement, removal, or monitoring of any Hazardous Materials at, under, or Released or threatened to be Released from any real properties offsite any Borrower’s or
any Subsidiary’s Properties and, to the Borrowers’ knowledge, there are no conditions or circumstances that could reasonably be expected to result in the receipt of such written notice; and 

(g) there has been no exposure of any Person or Property to any Hazardous Materials as a result of or in connection with the operations and
businesses of any of the Borrowers’ or the Subsidiaries’ Properties that could reasonably be expected to form the basis for a claim for damages or compensation and, to the Borrowers’ knowledge, there are no conditions or circumstances
that could reasonably be expected to result in the receipt of notice regarding such exposure. 
 9.1.8. Surety Obligations. No
Borrower or Restricted Subsidiary is obligated as surety or indemnitor under any bond or other contract that assures payment or performance of any obligation of any Person, except as permitted hereunder. 

9.1.9. Compliance with the Laws and Agreements; No Defaults. 

(a) Each Borrower and each Subsidiary is in compliance, and its Properties and business operations are in compliance, with all Applicable Laws
(including ERISA, Environmental Laws, FLSA, OSHA, Anti-Terrorism Laws, and laws regarding collection and payment of Taxes), and all agreements and other instruments binding upon it or its Property, and possesses all licenses, permits, franchises,
exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and the conduct of its business, except where the failure to do so (other than failure to comply with Anti-Terrorism Laws), individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse Effect. There have been no citations, notices or orders of material noncompliance issued to any Borrower or Subsidiary under any Applicable Law. No Inventory has been
produced in violation of the FLSA. 
 (b) None of the Borrowers or any Restricted Subsidiary is in default, nor has any event or circumstance
occurred which, but for the expiration of any applicable grace period or the giving of notice, or both, would constitute a default or would require any Borrower or a Restricted Subsidiary to redeem or make any offer to redeem, under any indenture,
note, credit agreement, instrument or other agreement pursuant to which any Material Debt is outstanding or by which, any Borrower or any Restricted Subsidiary or any of their Properties is bound. 

(c) No Default has occurred and is continuing. 

  
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 9.1.10. Investment Company Act, etc. None of PHR, any Future Intermediation Subsidiary or
any Obligor is (a) an “investment company” or a company “controlled” by an “investment company,” within the meaning of, or subject to regulation under, the Investment Company Act of 1940, as amended or
(b) subject to regulation under the Federal Power Act, the Interstate Commerce Act, any public utilities code or any other Applicable Law regarding its authority to incur Debt. 

9.1.11. Taxes. Each Borrower and its Restricted Subsidiaries has timely filed or caused to be filed all income and other material tax
returns and reports required to have been filed and has paid or caused to be paid all income and other material Taxes required to have been paid by it, except to the extent being Properly Contested. The charges, accruals and reserves on the books of
each Borrower and its Restricted Subsidiaries in respect of Taxes are adequate for any Taxes properly accrued but not yet due as of the applicable dates of such books. There are no Liens relating to Taxes other than Excepted Liens. 

9.1.12. ERISA. Except for such matters that, individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Effect: 
 (a) the Borrowers, the Subsidiaries and each ERISA Affiliate have complied with ERISA and, where applicable, the Code
regarding each Plan; 
 (b) no ERISA Event has occurred or is reasonably expected to occur and each Plan is, and has been, established and
maintained in compliance with its terms, ERISA and, where applicable, the Code; 
 (c) no act, omission or transaction has occurred which
could result in imposition on any Borrower, any Subsidiary or any ERISA Affiliate (whether directly or indirectly) of (i) either a civil penalty assessed pursuant to subsections (c), (i), (l) or (m) of section 502 of ERISA or a tax imposed
pursuant to Chapter 43 of Subtitle D of the Code or (ii) breach of fiduciary duty liability damages under section 409 of ERISA; 
 (d)
full payment when due has been made of all amounts which the Borrowers, the Subsidiaries or any ERISA Affiliate is required under the terms of each Plan or Applicable Law to have paid as contributions to such Plan as of the date hereof; and 

(e) neither the Borrowers, the Subsidiaries nor any ERISA Affiliate sponsors, maintains, or contributes to an employee welfare benefit plan, as
defined in section 3(1) of ERISA, including, without limitation, any such plan maintained to provide benefits to former employees of such entities, that may not be terminated by a Borrower, a Subsidiary or any ERISA Affiliate in its sole discretion
at any time without any material liability. 
 9.1.13. Governmental Approvals. Each Borrower and Restricted Subsidiary has, is in
compliance with, and is in good standing with respect to, all Governmental Approvals necessary to conduct its business and to own, lease and operate its Properties, except as could not, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect. All necessary import, export or other licenses, permits or certificates for the import or handling of any goods or other Collateral have been procured and are in effect, and Borrowers and Restricted Subsidiaries
have complied with all foreign and domestic laws with respect to the shipment and importation of any goods or Collateral, except where noncompliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. 

  
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 9.1.14. Disclosure; No Material Misstatements. PHR and the Borrowers have disclosed or
made available for disclosure to Administrative Agent and the Lenders all material agreements, instruments and corporate or other restrictions to which PHR, the Company or any of its Restricted Subsidiaries is subject, and all other matters known to
it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of PHR, the Borrowers or any
Restricted Subsidiary to Administrative Agent or any Lender or any of their Affiliates in connection with the negotiation of this Agreement or any other Loan Document or delivered hereunder or under any other Loan Document (as modified or
supplemented by other information so furnished) contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

9.1.15. Insurance. The Borrowers have, and have caused all of their Subsidiaries to maintain, with financially sound and reputable
insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations (including hazard insurance). Administrative Agent
has been named as additional insured in respect of such liability insurance policies, and Administrative Agent has been named as lender loss payee with respect to property loss insurance for all items of Collateral. 

9.1.16. Burdensome Contracts. No Borrower or Restricted Subsidiary is party or subject to any Restrictive Agreement, except as shown on
Schedule 9.1.16. No Restrictive Agreement (including for this purpose the Secured Notes Indenture and agreements providing for any Intermediation Facility) prohibits the execution, delivery or performance of any Loan Document by an Obligor.

 9.1.17. Restriction on Liens. Neither any Borrower nor any of the Restricted Subsidiaries is a party to any material agreement or
arrangement (other than (a) Purchase Money Debt permitted by Section 10.2.1(c), but then only on the Property subject of such Purchase Money Debt, and (b) restrictions under instruments creating Permitted Liens,
but then only on the Property subject of such Lien), or subject to any order, judgment, writ or decree, which either restricts or purports to restrict its ability to grant Liens to Administrative Agent on or in respect of their Properties to secure
the Obligations and the Loan Documents. 
 9.1.18. Capital Structure. Schedule 9.1.18 shows, for each Borrower and each of its
Subsidiaries, its jurisdiction of organization, authorized and issued Equity Interests, holders of its Equity Interests (other than the holders of the Equity Interests in the Company), and agreements binding on such holders with respect to such
Equity Interests, in each case as of the Closing Date. Except as disclosed on Schedule 9.1.18, in the five years preceding the Closing Date, no Borrower or Restricted Subsidiary has acquired any substantial assets from any other Person nor
been the surviving entity in a merger or combination. Each Borrower has good title to its Equity Interests in its Restricted Subsidiaries, subject only to the Secured Notes Collateral Trustee’s Lien, and all such Equity Interests are duly
issued, fully paid and non-assessable. There are no outstanding purchase options, warrants, subscription rights, agreements to issue or sell, convertible interests, phantom rights or powers of attorney
relating to Equity Interests of any Borrower or Restricted Subsidiary (other than relating to Equity Interests in the Company). 
 9.1.19.
Location of Business and Offices. Schedule 9.1.19 shows, as of the Closing Date, the name of each Obligor as listed in the public records of its jurisdiction of organization, such Obligor’s organizational identification number in
its jurisdiction of organization, and the address for such Obligor’s principal place of business and chief executive office. 
 9.1.20.
Trade Relations. There exists no actual or threatened termination, limitation or modification of any business relationship between the Borrowers and their Restricted Subsidiaries, taken as a whole on one hand, and any customer or supplier, or
any group of customers or suppliers, on the other hand, who individually or in the aggregate are material to the business of such Borrower and its Restricted Subsidiaries, taken as a whole, except in each case, as could not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect. There exists no condition or circumstance that could reasonably be expected to materially impair the ability of any Borrower or Restricted Subsidiary to conduct its business
at any time hereafter in substantially the same manner as conducted on the Closing Date. 

  
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 9.1.21. Properties; Titles, Intellectual Property; Licenses; Etc. 

(a) Each Borrower and each Restricted Subsidiary has good and valid title to, valid leasehold interests in, or valid easements, rights of way
or other property interests in all of its material real and personal Property that constitutes Collateral free and clear of all Liens except Permitted Liens. All Liens of Administrative Agent in the Collateral are duly perfected, first priority
Liens, subject only to Permitted Liens that are expressly allowed to have priority over Administrative Agent’s Liens. 
 (b) All
material leases, easements, rights of way and other agreements necessary for the conduct of the business of the Borrowers and the Restricted Subsidiaries are valid and subsisting, in full force and effect, and there exists no default or event or
circumstance which with the giving of notice or the passage of time or both would give rise to a default under any such lease or leases, which could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 (c) Each Borrower and each Restricted Subsidiary owns, or is licensed to use, all Intellectual Property material to its business, and to
the Borrowers’ knowledge, the use thereof by such Borrower and such Restricted Subsidiary, as applicable, does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. There is no pending or, to any Borrower’s knowledge, threatened Intellectual Property Claim with respect to any Borrower, any Restricted Subsidiary or any of their Property
(including any Intellectual Property) that could reasonably be expected to result in a Material Adverse Effect. All Intellectual Property owned, used or licensed by, or otherwise subject to any interests of, any Borrower or Restricted Subsidiary as
of the Closing Date is shown on Schedule 9.1.21. 
 9.1.22. Maintenance of Properties. Except for such acts or failures to act
as could not be reasonably expected to have a Material Adverse Effect, the Properties owned, leased or used by the Borrowers and their Restricted Subsidiaries that are necessary to or useful in the conduct of their businesses are in good operating
condition and repair, subject to ordinary wear and tear. 
 9.1.23. Payable Practices. No Borrower or Restricted Subsidiary has made
any material change in its historical accounts payable practices from those in effect on the Closing Date. 
 9.1.24. Hedging
Agreements. Schedule 9.1.24, as of the Closing Date, sets forth, a true and complete list of all Hedging Agreements of the Borrowers and each Restricted Subsidiary, the material terms thereof (including the type, term, effective date,
termination date and notional amounts or volumes), the net mark to market value thereof, all credit support agreements relating thereto (including any margin required or supplied), the counterparty to each such agreement and whether such Hedging
Agreements are secured hereunder or under the Secured Notes Indenture. 
 9.1.25. Security Documents. 

(a) The provisions of this Agreement are effective to create, in favor of the Administrative Agent for the benefit of the Secured Parties, a
legal, valid and enforceable Lien on, and security interest in, all of the Collateral described herein, and (i) when financing statements and other filings in appropriate form are filed in the offices set forth on Schedule 9.1.25(a) and
(ii) upon the taking of possession or control by Administrative Agent of the Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to Administrative Agent
to the extent possession or control by Administrative Agent is required by this Agreement), the Liens created by this Agreement shall constitute fully perfected first priority Liens on, 

  
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and security interests in, all right, title and interest of the Obligors in the Collateral covered thereby (other than such Collateral in which a security interest cannot be perfected under the
Uniform Commercial Code as in effect at the relevant time in the relevant jurisdiction), in each case free of all Liens other than Permitted Liens, and prior and superior to all other Liens. 

(b) Each Security Document delivered pursuant to Section 7.4, Section 7.6 or
Section 10.1.13, upon execution and delivery thereof, is effective to create in favor of Administrative Agent, for the benefit of the Secured Parties, legal, valid and enforceable Liens on, and security interests in, all of
the Collateral thereunder, and when all appropriate filings or recordings are made in the appropriate offices as may be required under Applicable Law or possession or control is conferred to Administrative Agent, such Security Document will
constitute fully perfected first priority Liens on, and security interests in, all right, title and interest of the Obligors in the Collateral covered thereby (other than such Collateral in which a security interest cannot be perfected under the
Uniform Commercial Code as in effect at the relevant time in the relevant jurisdiction), in each case free of all Liens other than Permitted Liens, and prior and superior to all other Liens. 

9.1.26. Use of Loans and Letters of Credit. The proceeds of the Loans and the Letters of Credit shall be used to pay fees and
transaction expenses in connection with the Transactions, to refinance the existing Debt of the Borrowers and their Subsidiaries, to pay fees, expenses, premiums, and prepayment penalties incurred in respect of the refinancing above, to pay
Obligations in accordance with this Agreement and for ongoing working capital and for other lawful, general corporate, limited liability company or partnership purposes of Borrowers and their Subsidiaries, including without limitation to finance
permitted restricted payments, share repurchases, acquisitions, permitted Capital Expenditures and other Investments of Borrowers and their Subsidiaries. The Borrowers and their Subsidiaries are not engaged principally, or as one of its or their
important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock. No part of the proceeds of any Loan or Letter of Credit will be used, whether immediate,
incidental or ultimate, to buy or carry, or to reduce or refinance any Debt incurred to buy or carry, Margin Stock or for any related purpose governed by Regulations T, U or X of the Board of Governors. 

9.1.27. Solvency. Each of the Borrowers is Solvent and the Obligors, taken as a whole, are Solvent. None of PHR, any Future
Intermediation Subsidiary or any Obligor is planning to take any action described in Section 12.1(h). 
 9.1.28.
Common Enterprise. Each Borrower and Restricted Subsidiary and their business operations are closely integrated with one another into a single, interdependent and collective, common enterprise so that any benefit received by any one of them
from the financial accommodations provided under this Agreement will be to the direct benefit of the others. The Borrowers and their Restricted Subsidiaries intend to render services to or for the benefit of each other, to purchase or sell and
supply goods to or from or for the benefit of each other, to make loans, advances and provide other financial accommodations to or for the benefit of each other and to provide administrative, marketing, payroll and management services to or for the
benefit of each other (in each case, except as may be prohibited by this Agreement). 
 9.1.29. Broker’s Fees. No broker’s
or finder’s fee, commission or similar compensation will be payable by any Borrower or any Restricted Subsidiary with respect to the Transactions. 

9.1.30. Employee Matters. As of the Closing Date, (a) neither any Borrower nor any Restricted Subsidiary, nor any of their
respective employees, is subject to any collective bargaining agreement, (b) no petition for certification or union election is pending or, to the knowledge of any Borrower or any Restricted Subsidiary, contemplated with respect to the
employees thereof and no union or collective bargaining unit has sought such certification or recognition with respect to the employees of any Borrower or any Restricted Subsidiary, and (c) there are no strikes, slowdowns, work stoppages or
controversies pending or, to the knowledge of any Borrower, threatened between any Borrower or any Restricted Subsidiary and its respective employees. 

  
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 9.1.31. Anti-Corruption Laws. The Borrowers have developed and implemented and maintain
in effect internal controls, policies and procedures, management oversight, monitoring, audit and training designed to ensure compliance by the Borrowers, their Subsidiaries and their respective directors, officers, employees and agents with
applicable Anti-Corruption Laws and applicable Sanctions. The Borrowers, their Subsidiaries and, to the knowledge of the Borrowers, their respective officers, employees, directors and agents are in compliance with Anti-Corruption Laws and applicable
Sanctions. None of (a) the Borrowers, any Subsidiary or any of their respective directors or officers, or (b) to the knowledge of any Borrower, any employee or agent of the Borrowers or any Subsidiary that will act in any capacity in
connection with or benefit from the credit facility established hereby, is a Sanctioned Person or otherwise subject to Sanctions. No Borrowing or Letter of Credit, use of proceeds or other transaction will violate Anti-Corruption Laws or applicable
Sanctions. 
 9.1.32. OFAC. None of the Borrowers or their Subsidiaries or, to the knowledge of any Borrower or Subsidiary, any
director, officer, employee, agent, affiliate or representative thereof, is or is owned or controlled by any individual or entity that is currently the subject or target of any Sanction or is located, organized or resident in a Designated
Jurisdiction. 
 9.2. Complete Disclosure. No Loan Document or financial statement delivered to Administrative Agent
and the Lenders contains any untrue statement of a material fact, nor fails to disclose any material fact necessary to make the statements contained therein not materially misleading. There is no fact or circumstance that any Obligor has failed to
disclose to Administrative Agent in writing that could reasonably be expected to have a Material Adverse Effect. The financial statements of the Parent and its Subsidiaries, and of the Company and its Consolidated Subsidiaries, as applicable
hereafter delivered to Administrative Agent and Lenders under this Agreement are prepared in accordance with GAAP and present fairly, in all material respects, the financial position and results of operations as of the date and for the period set
forth therein in accordance with GAAP. All projections delivered from time to time to Administrative Agent and Lenders have been prepared in good faith, based on assumptions believed by management of the Borrowers to be reasonable at the time made,
it being recognized by Administrative Agent and the Lenders that such projections as they relate to future events are 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. 
 SECTION 10. COVENANTS AND CONTINUING AGREEMENTS 

10.1. Affirmative Covenants. Until Full Payment of all Obligations, each Borrower (on behalf of itself and its Restricted
Subsidiaries or Subsidiaries, as applicable) and each Restricted Subsidiary by its execution of this Agreement, covenants and agrees with the Administrative Agent, Issuing Banks and the Lenders that: 

10.1.1. Inspections; Appraisals. 

(a) Each Borrower shall, and shall cause each Restricted Subsidiary to, permit Administrative Agent from time to time, subject (except when an
Event of Default exists) to reasonable notice and normal business hours, to visit and inspect the Properties of any Borrower or any Restricted Subsidiary, inspect, audit and make extracts from any Borrower’s or Restricted Subsidiary’s
books and records, and discuss with its officers, employees, agents, advisors and independent accountants such Borrower’s or Restricted Subsidiary’s business, financial condition, assets, prospects and results of operations. Lenders may
participate in any such visit or inspection, at their own expense. Neither Administrative Agent nor any Lender shall have any duty to any Borrower to make any inspection, nor to share any results of any inspection, appraisal or report with any
Borrower or any of its Subsidiaries. Borrowers acknowledge that all inspections, appraisals and reports are prepared by Administrative Agent and Lenders for their purposes, and Borrowers shall not be entitled to rely upon them. 

  
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 (b) Each Borrower shall, and shall cause each Restricted Subsidiary to, permit Administrative
Agent to (i) examine any Borrower’s or Restricted Subsidiary’s books and records or any other financial or Collateral matters as Administrative Agent deems appropriate (other than with respect to refinery hydrocarbon inventory), and
each Borrower shall, and shall cause each Restricted Subsidiary to, permit Administrative Agent to (ii) examine any Borrower’s or Restricted Subsidiary’s books and records or any other financial or Collateral matters as Administrative
Agent deems appropriate, including field collection examinations (which examinations shall be limited to (A) one time per Loan Year or (B) two times per Loan Year if the second examination is initiated on the day that Availability for a
period of three (3) consecutive Business Days is less than the greater of (1) $7,500,000 and (2) 15% of the Borrowing Base on such day) and inventory appraisals (other than with respect to refinery hydrocarbon inventory) at the discretion of
the Administrative Agent; provided, however, that none of the foregoing limits shall apply if an examination or appraisal is initiated during a Default. Each Borrower shall, and shall cause each Restricted Subsidiary to, reimburse
Administrative Agent for all reasonable and documented charges, costs and expenses of Administrative Agent in connection with foregoing examinations and appraisals (including any inspections made pursuant to
Section 10.1.1(a)), and Borrowers agree to pay Administrative Agent’s then standard charges for examination activities, including reasonable and documented charges for Administrative Agent’s internal examination
and appraisal groups, as well as the reasonable and documented charges of any third party used for such purposes. No Borrowing Base calculation shall include Collateral acquired in a Permitted Acquisition or otherwise outside the Ordinary Course of
Business until completion of applicable field examinations and appraisals (which shall not be included in the limits provided above) satisfactory to Administrative Agent. 

10.1.2. Financial Statements; Other Information. The Borrowers will furnish to Administrative Agent for prompt delivery to the Lenders
(the documents required to be delivered pursuant to clauses (a), (b) and (c) below shall be deemed to have been delivered on the date on which such documents are posted on the Securities and Exchange Commission’s website at www.sec.gov):

 (a) Annual Financial Statements. As soon as available, but in any event in accordance with then Applicable Law and not later than
ninety (90) days after the end of each Fiscal Year of the Parent, its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each
case in comparative form the figures for the previous Fiscal Year, all reported on by Deloitte & Touche LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification
or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Parent
and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied and the related unaudited consolidating balance sheet and related statement of operations, and such additional information as may be sufficient to calculate
the Borrower Group Fixed Charge Coverage Ratio and the Fixed Charge Coverage Ratio, in each case, as of the end of and for such year, setting forth in each case in comparative form the figures for the previous Fiscal Year. The Parent will include an
additional summary presentation, either on the face of the audited financial statements, in the footnotes thereto, or in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” filed in its Annual
Report on Form 10-K, of the financial condition and results of operations of the Company and its Consolidated Subsidiaries separate from the financial condition and results of operations of the Parent or any
other direct or indirect parent of the Company and/or the Unrestricted Subsidiaries of the Company, as applicable.

  
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 (b) Quarterly Financial Statements. As soon as available, but not later than sixty
(60) days after the end of each of the first three Fiscal Quarters of each Fiscal Year of the Company, the Company’s and its Consolidated Subsidiaries’ internally prepared consolidated and consolidating balance sheet and related
statement of operations, and such additional information as may be sufficient to calculate the Borrower Group Fixed Charge Coverage Ratio and the Fixed Charge Coverage Ratio, in each case, as of the end of such Fiscal Quarter and the then elapsed
portion of the Fiscal Year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous Fiscal Year, all certified by a Senior Officer of
the Company as presenting fairly in all material respects the financial condition and results of operations of the Company and its Consolidated Subsidiaries on a consolidated and consolidating basis in accordance with GAAP consistently applied or as
prepared in accordance with the requirements of the SEC, subject to normal year-end audit adjustments and the absence of footnotes. 

(c) Monthly Financial Statements. During a Financial Reporting Trigger Period, as soon as available, but in any event not later than
(i) sixty (60) days after the end of each month that is the end of each Fiscal Quarter of the Company and (ii) thirty (30) days after the end of each other month of each Fiscal Year of the Company, its consolidated and consolidating
balance sheet and related statement of operations, and such additional information as may be sufficient to calculate the Borrower Group Fixed Charge Coverage Ratio and the Fixed Charge Coverage Ratio, in each case as of the end of such month and the
then elapsed portion of the Fiscal Year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous Fiscal Year, all certified by a
Senior Officer of the Company as presenting fairly in all material respects the financial condition and results of operations of the Company and its Consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied or as
prepared in accordance with the requirements of the SEC, subject to normal year-end audit adjustments and the absence of footnotes. 

(d) Annual Financial Projections. Not later than sixty (60) days after the end of each Fiscal Year, an annual business plan, budget
and projections of Company’s consolidated balance sheet and related statement of operations, and such additional information as may be sufficient to calculate the Borrower Group Fixed Charge Coverage Ratio and the Fixed Charge Coverage Ratio
and Availability for the next Fiscal Year, quarter by quarter. 
 (e) Certificate of Senior Officer – Compliance. Concurrently
with any delivery of financial statements under Section 10.1.2(a), Section 10.1.2(b) and, if applicable, Section 10.1.2(c), a Compliance Certificate. 

(f) Certificate of Insurer/Broker – Insurance Coverage. Concurrently with any delivery of financial statements under
Section 10.1.2(a), a certificate of insurance coverage from each insurer or insurance broker with respect to the insurance required by Section 10.1.8, in form and substance reasonably satisfactory
to the Administrative Agent. 
 (g) Other Accounting Reports. Promptly upon receipt thereof, a copy of each other report or letter
(except standard and customary correspondence) submitted to Parent, any Borrower or any Restricted Subsidiaries by independent accountants in connection with any annual, interim or special audit made by them of the books of Parent, any such Borrower
or any such Restricted Subsidiary, and a copy of any response by Parent, any such Borrower or any such Restricted Subsidiary, or the board of directors or other governing body, as applicable, of Parent, any such Borrower or any such Restricted
Subsidiary, to such letter or report. 
 (h) SEC and Other Filings; Reports to Shareholders. Promptly after the same become publicly
available, copies of all periodic and other reports, proxy statements and other materials filed by Parent, the Company or any Restricted Subsidiary with the SEC, or with any national or foreign securities exchange (except standard and customary
correspondence), or distributed by Parent to its shareholders generally, as the case may be. 

  
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 (i) Default Notices Under Material Contracts. Promptly after the furnishing thereof,
copies of any notice of Default furnished to or by any Person pursuant to the terms of any Material Contract. 
 (j) Information Regarding
Obligors. Prompt written notice (and in any event not less than ten (10) Business Days prior thereto (or such shorter period as may be agreed by Administrative Agent in its sole discretion)) of any change (i) in any Obligor’s
corporate name or in any trade name used to identify such Person in the conduct of its business or in the ownership of its Properties, (ii) in the location of any Obligor’s chief executive office or principal place of business,
(iii) in any Obligor’s identity or corporate structure, (iv) in any Obligor’s jurisdiction of organization or such Person’s organizational identification number in such jurisdiction of organization, and (v) in any
Obligor’s federal taxpayer identification number. 
 (k) Notices of Certain Changes. Promptly, but in any event within ten
(10) Business Days after the execution thereof, copies of any amendment, modification or supplement to the certificate or articles of incorporation, by-laws, any preferred stock designation or any other
Organic Document of Parent, PHR, any Borrower, any Restricted Subsidiary or any Future Intermediation Subsidiary. 
 (l) Trade
Payables. At Administrative Agent’s request, a listing of each Borrower’s or Restricted Subsidiary’s trade payables specifying the trade creditor and balance due, and a detailed trade payable aging, all in form satisfactory to
Administrative Agent. 
 (m) Other Requested Information. Promptly following any written request therefor, such other information
regarding the operations, business affairs, Collateral and financial condition of Parent, PHR, any Future Intermediation Subsidiary, any Borrower or any Restricted Subsidiary or any other Obligor (including, without limitation, any Plan and any
reports or other information required to be filed with respect thereto under the Code or under ERISA), or compliance with the terms of this Agreement or any other Loan Document, as the Administrative Agent or any Lender may reasonably request. 

10.1.3. Notices of Material Events. The Borrowers will furnish to Administrative Agent (for prompt delivery to the Lenders) prompt
written notice of the following: 
 (a) the occurrence of any Default; 

(b) the filing or commencement of, or the threat in writing of, any action, suit, proceeding, investigation or arbitration by or before any
arbitrator or Governmental Authority against or affecting any Borrower or any Affiliate thereof not previously disclosed in writing to Administrative Agent or any material adverse development in any action, suit, proceeding, investigation or
arbitration (whether or not previously disclosed to the Administrative Agent) that, in either case, could reasonably be expected to result in a Material Adverse Effect; 

(c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to
result in a Material Adverse Effect or could reasonably be expected to result in liability of the Borrowers and their Subsidiaries in an aggregate amount exceeding $10,000,000; 

(d) any material change in account policies or financial reporting practices by any Obligor; 

(e) receipt of any Environmental Notice; 

(f) the closure of any Refinery, or a cessation of a material portion of the business activities of the Borrowers and their Restricted
Subsidiaries, taken as a whole; and 

  
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 (g) any other development that results in, or could reasonably be expected to result in, a
Material Adverse Effect. 
 Each notice delivered under this Section 10.1.3 shall be accompanied by a statement of
a Senior Officer of the Borrowers setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

10.1.4. Existence; Conduct of Business. PHR, each Future Intermediation Subsidiary, and each Borrower will, and will cause each
Restricted Subsidiary to, do or cause to be done all things reasonably necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, consents, privileges and franchises material to the conduct
of its business and maintain, including, if necessary, its qualification to do business in each other jurisdiction in which its Properties are located or the ownership of its Properties requires such qualification, except where the failure to so
maintain such qualification to do business in each other jurisdiction, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect; provided that the foregoing shall not prohibit any merger,
consolidation, liquidation or dissolution permitted under Section 10.2.8. 
 10.1.5. Payment of Tax
Liabilities. Each Borrower will, and will cause each Restricted Subsidiary to, pay its income and other material Taxes before the same shall become delinquent or in default, except where such Taxes are being Properly Contested. 

10.1.6. Performance of Obligations under Loan Documents. The Borrowers will repay the Loans according to the reading, tenor and effect
thereof, and PHR, each Future Intermediation Subsidiary and each Borrower will, and will cause each Restricted Subsidiary to, do and perform every act and discharge all of the obligations to be performed and discharged by them under the Loan
Documents, including, without limitation, this Agreement, at the time or times and in the manner specified. 
 10.1.7. Operation and
Maintenance of Properties. Each Borrower, at its own expense, will, and will cause each Restricted Subsidiary to: 
 (a) operate its
Properties or cause such Properties to be operated in a careful and efficient manner in accordance with the practices of the industry and in compliance with all applicable contracts and agreements and in compliance with all Applicable Law,
including, without limitation, applicable Environmental Laws, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect; and 

(b) preserve, maintain and keep in good repair, condition and working order (ordinary wear and tear excepted) all Property material to the
conduct of its business, including, without limitation, all equipment, machinery and facilities. 
 10.1.8. Insurance. 

(a) The Borrowers will, and will cause each Restricted Subsidiary to, maintain, with financially sound and reputable insurance companies,
insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations (including hazard insurance). The loss payable clauses or provisions in
any insurance policy or policies insuring any of the Collateral for the Loans shall be endorsed in favor of and made payable to Administrative Agent as its interests may appear and such policies shall name Administrative Agent as an “additional
insured” and “lender loss payee”, as applicable, and provide that the insurer will give at least thirty (30) days’ prior notice of any cancellation to Administrative Agent. 

  
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 (b) If any building secures any Obligations and is located in an area designated a “flood
hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), each Borrower will, and will cause each Restricted Subsidiary to, obtain flood insurance in such reasonable total
amount as the Administrative Agent may from time to time reasonably require, and otherwise to ensure compliance with Applicable Law (including any applicable Flood Laws). 

10.1.9. Books and Records. Each Borrower will, and will cause each Restricted Subsidiary to, keep proper books of record and account in
which full, true and correct entries in all material respects are made of all dealings and transactions in relation to its business and activities. 

10.1.10. Compliance with Laws. The Borrowers will, and will cause each Subsidiary to, comply with all Applicable Laws, including FLSA,
OSHA, Environmental Laws, Anti-Terrorism Laws, Anti-Corruption Laws and laws regarding collection and payment of Taxes, and maintain all Governmental Approvals necessary for the ownership or operation of its Properties or conduct of its business,
except where the failure to do so (other than with respect to Anti-Terrorism Laws or Anti-Corruption Laws), individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Borrowers will maintain in
effect and enforce policies and procedures designed to ensure compliance by the Borrowers, their Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

10.1.11. Compliance with Material Contracts. Each Borrower will, and will cause each Restricted Subsidiary, PHR and each Future
Intermediation Subsidiary to, comply with all Material Contracts, except to the extent that such noncompliance, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

10.1.12. Environmental Matters. 

(a) Except for matters that individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, each Borrower
shall at its sole expense: (i) comply, and shall cause its Properties and operations and each Subsidiary and each Subsidiary’s Properties and operations to comply, with applicable Environmental Laws; (ii) not Release or threaten to
Release, and shall cause each Subsidiary not to Release or threaten to Release, any Hazardous Material on, under, about or from any of such Borrower’s or its Subsidiaries’ Properties except in compliance with applicable Environmental Laws;
(iii) timely obtain or file and maintain in full force and effect, and shall cause each Subsidiary to timely obtain or file and maintain in full force and effect, all Environmental Permits required under applicable Environmental Laws in
connection with the operation or use of such Borrower’s or its Subsidiaries’ Properties or business; (iv) promptly commence and diligently prosecute to completion, and shall cause each Subsidiary to promptly commence and diligently
prosecute to completion, any assessment, evaluation, investigation, monitoring, containment, cleanup, removal, repair, restoration, remediation or other remedial obligations (collectively, the “Remedial Work”) in the event any
Remedial Work is required under applicable Environmental Laws because of or in connection with the actual or suspected past, present or future Release or threatened Release of any Hazardous Material on, under, about or from any of the
Borrower’s or its Subsidiaries’ Properties; and (v) conduct, and cause each of its Subsidiaries to conduct, their respective operations and businesses in a manner that will not expose any Property or Person to Hazardous Materials that
could reasonably be expected to form the basis for a claim for damages or compensation under any Environmental Law. 
 (b) The Borrowers will
promptly, but in no event later than ten (10) Business Days after the receipt of notice by any member of the executive management team of the occurrence of a triggering event, notify the Administrative Agent and the Lenders in writing of any
Release of Hazardous Materials, any threatened action, investigation or inquiry by any Governmental Authority or any threatened demand or lawsuit by any Person against any Borrower or any Restricted Subsidiary or their Properties of which any
Borrower has knowledge in connection with any Environmental Laws if any Borrower could reasonably anticipate that such action will result in liability in excess of $5,000,000, not fully covered by insurance, subject to normal deductibles. 

  
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 10.1.13. Future Subsidiaries. The Borrowers will promptly notify Administrative Agent
upon any Person becoming a Subsidiary and, if such Person is not an Excluded Subsidiary, cause it within 30 days after such Person becomes a Subsidiary, to become a borrower under this Agreement (subject to the Administrative Agent’s prior
written consent, not to be unreasonably withheld or delayed) or to guaranty the Obligations in a manner reasonably satisfactory to Administrative Agent, and (except in the case of a Future Intermediation Subsidiary) to execute and deliver such
documents, instruments and agreements and to take such other actions as Administrative Agent shall reasonably require to evidence and perfect a Lien in favor of Administrative Agent on the Collateral of such Person, including delivery of such legal
opinions (including in the case of the guaranty by any Future Intermediation Subsidiary), in form and substance reasonably satisfactory to Administrative Agent, as it shall deem appropriate. Notwithstanding anything in this Agreement to the
contrary, the Company shall not permit any Subsidiary to guarantee the Senior Notes or the Secured Notes unless such Subsidiary is a Guarantor and provides a Guaranty with respect to the Obligations. 

10.1.14. ERISA Compliance. 

(a) Except for such matters that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, the
Borrowers will promptly furnish and will cause the Subsidiaries and any ERISA Affiliate to promptly furnish to the Administrative Agent immediately upon becoming aware of the occurrence of any “prohibited transaction,” as described in
section 406 of ERISA or in section 4975 of the Code, in connection with any Plan or any trust created thereunder, a written notice signed by a Senior Officer of the Borrower, such Restricted Subsidiary or such ERISA Affiliate, as the case may be,
specifying the nature thereof, what action the Borrower, such Subsidiary or such ERISA Affiliate is taking or proposes to take with respect thereto, and, when known, any action taken or proposed by the Internal Revenue Service or the Department of
Labor with respect thereto. 
 (b) Except for such matters that, individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect, each Borrower will ensure that neither it nor any of its Subsidiaries, at any time: 
 (i) engages in, or permits
any ERISA Affiliate to engage in, any transaction in connection with which a Borrower, a Subsidiary or any ERISA Affiliate could be subjected to either a civil penalty assessed pursuant to subsections (c), (i), (l) or (m) of section 502 of
ERISA or a tax imposed by Chapter 43 of Subtitle D of the Code. 
 (ii) fails to make, or permits any ERISA Affiliate to fail to make, full
payment when due of all amounts which, under the provisions of any Plan, agreement relating thereto or Applicable Law, a Borrower, a Subsidiary or any ERISA Affiliate is required to pay as contributions thereto. 

(iii) contributes to or assumes an obligation to contribute to, or permits any ERISA Affiliate to contribute to or assume an obligation to
contribute to (i) any employee welfare benefit plan, as defined in section 3(1) of ERISA, including, without limitation, any such plan maintained to provide benefits to former employees of such entities, that may not be terminated by such
entities in their sole discretion at any time without any material liability, or (ii) other than such plan that is or was in effect on any date preceding the Closing Date, any employee pension benefit plan, as defined in section 3(2) of ERISA,
that is subject to Title IV of ERISA, section 302 of ERISA or section 412 of the Code. 

  
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 10.1.15. Compliance with Terms of Leaseholds. Each Borrower will, and will cause all of
its Restricted Subsidiaries to, make all payments and otherwise perform all obligations in respect of all material leases of real property to which any Borrower or any of its Restricted Subsidiaries is or is to be a party, keep such leases in full
force and effect and not allow such leases to lapse or be terminated or any rights to renew such leases to be forfeited or cancelled, notify Administrative Agent of any default by any party with respect to such leases and cooperate with the
Administrative Agent in all respects to cure any such default, and cause each of its Restricted Subsidiaries to do so, except, in any case, where the failure to do so, either individually or in the aggregate, could not be reasonably likely to have a
Material Adverse Effect. 
 10.1.16. Licenses Affecting Collateral. Borrowers will (a) keep each License affecting any
Collateral (including the manufacture, distribution or disposition of Inventory) or any other material Property of each Borrower and its Subsidiaries in full force and effect, except where failure to have such License in full force and effect,
individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect; (b) promptly notify Administrative Agent of any proposed modification to any such License, or entry into any new License, in each case at
least 30 days prior to its effective date; (c) pay all Royalties when due except to the extent they are being Properly Contested; and (d) notify Administrative Agent of any default or breach asserted by any Person to have occurred under
any License. 
 10.1.17. Post-Closing Undertakings. Borrowers will, and will cause each other Obligor to, comply with the
requirements set forth on Schedule 10.1.17 within the time periods set forth therein (as any such period may be extended by Administrative Agent in its sole discretion). 

10.1.18. Landlord and Storage Agreements. Upon the reasonable request of Administrative Agent, the Borrowers shall, and shall cause
each of their Restricted Subsidiaries to, provide to the Administrative Agent, copies of all material lease, storage, pipeline and similar agreements and material amendments and modifications thereto, between any Borrower or any Restricted
Subsidiary and any landlord, warehouseman, processor, shipper, bailee or other Person that owns or operates any premises or facility where any Borrowing Base Assets are located. 

10.2. Negative Covenants. Until Full Payment of all Obligations, each Borrower (on behalf of itself and its Restricted
Subsidiaries or Subsidiaries, as applicable) and each Restricted Subsidiary by its execution of this Agreement, covenants and agrees with the Administrative Agent, Issuing Banks and the Lenders that: 

10.2.1. Debt. It will not, and will not permit any Restricted Subsidiary to, directly or indirectly, create, incur, guarantee or suffer
to exist any Debt, except: 
 (a) the Obligations arising under the Loan Documents or any guaranty of or suretyship arrangement for the
Obligations arising under the Loan Documents; 
 (b) accounts payable and accrued expenses, liabilities or other obligations to pay the
deferred purchase price of Property or services, from time to time incurred in the Ordinary Course of Business to the extent, in each case, not past due for more than sixty (60) days after the date on which such accounts payable, accrued
expenses, liabilities or other obligations were created or incurred unless being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; 

(c) Permitted Purchase Money Debt; 

  
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 (d) Debt arising from performance or appeal bonds or surety obligations required by Applicable
Law in connection with the operation of the Properties of any Borrower or any Restricted Subsidiary and in the Ordinary Course of Business; 

(e) to the extent permitted by Section 10.2.4(d) and with respect to Foreign Subsidiaries,
Section 10.2.4(k), 
 (i) intercompany Debt between the Borrowers, between any Borrower and any Restricted
Subsidiary (other than Excluded Subsidiaries) or between Restricted Subsidiaries (other than Excluded Subsidiaries); provided, that all such Debt (other than sales of Hydrocarbons in the Ordinary Course of Business) shall be
(A) evidenced by a master intercompany note, in form and substance reasonably satisfactory to Administrative Agent (the “Intercompany Note”), and (B) unsecured and subordinated in right of payment to the payment in full of
the Obligations pursuant to the terms of the Intercompany Note, 
 (ii) intercompany Debt owing by any Borrower or any Restricted Subsidiary
to any Excluded Subsidiary, PHR or any Future Intermediation Subsidiary, provided that such Debt is evidenced by the Intercompany Note to which such Excluded Subsidiary, PHR or any Future Intermediation Subsidiary is a party and is unsecured
and subordinated in right of payment to the payment in full of the Obligations pursuant to the terms of the Intercompany Note or 
 (iii)
intercompany Debt owing by an Excluded Subsidiary to any Borrower or a Restricted Subsidiary, provided that such Debt is evidenced by an Intercompany Note; 

(f) Debt incurred in connection with Environmental and Necessary Capex in an amount not to exceed the greater of $50,000,000 and 2.0% of
Consolidated Net Tangible Assets (as defined in the Secured Note Indenture) at the time incurred, at any time outstanding in the aggregate; 

(g) Debt owing to insurance companies (or their affiliates) or to finance companies, to finance insurance premiums payable to insurance
companies in connection with insurance policies purchased by a Borrower or a Restricted Subsidiary in the Ordinary Course of Business; 

(h) (i) Debt with respect to the Secured Notes made on the Closing Date pursuant to the Secured Notes Indenture in an aggregate principal
amount not to exceed $300,000,000, (ii) Debt constituting Pari Passu Lien Hedge Agreements (as defined in and permitted under the Secured Notes Indenture) and guarantees thereof and (iii) Debt with respect to Secured Notes issued after the
Closing Date, subject to such Secured Notes being permitted under the Secured Notes Indenture; 
 (i) Borrowed Money set forth on Schedule
10.2.1(i), but only to the extent outstanding on the Closing Date; 
 (j) Debt with respect to Bank Products incurred in the Ordinary
Course of Business; provided that any Bank Products constituting Hedging Agreements are permitted by Section 10.2.13; 

(k) Debt that is in existence when a Person becomes a Restricted Subsidiary or that is secured by an asset (other than Accounts) when acquired
by a Borrower or a Restricted Subsidiary (in each case other than an Intermediation Facility), as long as such Debt was not incurred in contemplation of such Person becoming a Subsidiary or such acquisition, and as long as such Debt (i) was
assumed by the Borrower or a Restricted Subsidiary in connection with a Permitted Acquisition or (ii) is in an aggregate principal amount for all such Debt not to exceed $10,000,000; 

(l) Permitted Contingent Obligations; 

  
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 (m) Refinancing Debt (other than an Intermediation Facility) as long as each Refinancing
Condition is satisfied; 
 (n) Permitted Unsecured Debt that is contractually subordinated to the Obligations in an aggregate principal
amount not to exceed $50,000,000; 
 (o) the unsecured guarantee by the Company of any Intermediation Facility on substantially the same
terms as its unsecured guarantee of the J. Aron Intermediation Agreement in effect on the Closing Date; 
 (p) obligations relating to net
Hydrocarbon balancing positions arising in the Ordinary Course of Business; 
 (q) Debt incurred in connection with any Hawaii Retail
Property Sale and Leaseback Transaction (including Debt represented by Capital Leases), and any amendments, renewals, extensions, refundings, restructurings, replacements or refinancings of such Debt, in whole or in part, and whether with the
original counterparties to such Hawaii Retail Property Sale and Leaseback Transaction or one or more replacement or additional counterparties; and 

(r) Debt under any Sale and Leaseback Transaction in an aggregate principal amount not to exceed the greater of (a) $35,000,000 and (b) 5.0% of
the Company’s Consolidated Net Tangible Assets (as defined in the Secured Notes Indenture) and any refinancing, refunding, renewal or extension of any such Debt; provided that, except to the extent otherwise permitted hereunder, the
principal amount of any such Debt is not increased above the principal amount thereof outstanding immediately prior to such refinancing, refunding, renewal or extension and the direct and contingent obligors with respect to such Debt are not
changed. 
 10.2.2. Liens. Each Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit
to exist any Lien on any of its Properties (now owned or hereafter acquired), except the following (collectively, “Permitted Liens”): 

(a) Liens securing the payment of any Obligations pursuant to the Loan Documents; 

(b) Excepted Liens; 
 (c) Purchase
Money Liens securing Permitted Purchase Money Debt; 
 (d) Liens on property (other than Accounts) existing at the time such property is
acquired by a Borrower or a Restricted Subsidiary of a Borrower; provided that (i) such Liens were not created in contemplation of such acquisition, (ii) such Liens do not extend to any assets other than those being acquired by such
Borrower or such Restricted Subsidiary and (iii) the applicable Debt secured by such Lien is permitted under Section 10.2.1(k);  

(e) any interest or title of a lessor under any lease or sublease entered into by any Borrower or any Restricted Subsidiary in the Ordinary
Course of Business and covering only the assets so leased or subleased; 
 (f) Liens on unearned premiums in respect of insurance policies
securing insurance premium financing permitted under Section 10.2.1(g); 
 (g) Liens solely on Notes Collateral
securing Debt permitted by Section 10.2.1(h); 
 (h) Liens securing Debt permitted by
Section 10.2.1(j) (other than Debt constituting Obligations); 

  
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 (i) Liens not otherwise permitted by this Section 10.2.2 so long as
securing obligations other than Borrowed Money and neither (i) the aggregate outstanding principal amount of the obligations secured thereby nor (ii) the aggregate book value (determined, in the case of each such Lien, as of the date such
Lien is incurred) of the assets subject thereto exceeds (as to the Borrowers and all Restricted Subsidiaries) $15,000,000 in the aggregate at any one time, provided that no such Lien shall extend to or cover any Collateral (other than cash); 

(j) [reserved]; 
 (k) Liens (other
than on Collateral) arising under operating agreements, joint venture agreements, partnership agreements, oil and gas leases, participation and development agreements, farmout and farm-in agreements, contracts
for drilling, operating and producing property, contracts for construction, repair or improvement to equipment or property, division orders, contracts for purchase and sale of Hydrocarbons, interconnection agreements, contracts for transportation,
processing, fractionation, storage or exchange of Hydrocarbons, unitization and pooling declarations, orders and agreements, area of mutual interest agreements, gas balancing or deferred production agreements, production sharing agreements,
injection, repressuring and recycling agreements, salt water or other disposal agreements, seismic or geophysical permits, licenses or agreements, or production payment agreements and interests, in each case, arising in the Ordinary Course of
Business; 
 (l) Liens arising out of conditional sale, title retention, consignment or similar arrangements, or that are contractual rights
of set-off, relating to the sale or purchase of goods entered into by the Company or any of its Restricted Subsidiaries in the Ordinary Course of Business; 

(m) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or
other brokerage accounts incurred in the Ordinary Course of Business and not for speculative purposes; 
 (n) Liens solely on any cash
earnest money deposits made by the Company or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement not prohibited by this Agreement; 

(o) Liens solely on Hawaii Retail Property securing obligations and Debt incurred in connection with Hawaii Retail Property Sale and Leaseback
Transactions; and 
 (p) Liens securing obligations and Debt incurred in connection with Section 10.2.1(r) and
solely on the equipment and real property that are the subject of such Sale and Leaseback Transaction. 
 10.2.3. Distributions; Upstream
Payments. The Borrowers will not, and will not permit any of their Restricted Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Distributions except Upstream Payments, and except: 

(a) the Company may declare and pay Distributions with respect to its Equity Interests payable solely in additional shares of its Equity
Interests (other than Disqualified Capital Stock); 
 (b) the Borrowers and each Restricted Subsidiary may purchase, redeem or otherwise
acquire its common Equity Interests with the proceeds received from the substantially concurrent issue of new common Equity Interests by Parent; 

(c) if no Event of Default then exists or would result from the making of such Distribution, the Company or its Restricted Subsidiaries or make
payments to employees, officers or directors of Parent or its Subsidiaries upon termination of employment or service in connection with the exercise of stock options, stock appreciation rights or similar equity incentives or equity based incentives
pursuant to management incentive plans or in connection with the death or disability of such employees, officers or directors in an aggregate amount not to exceed $2,500,000 in any Fiscal Year; 

  
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 (d) the Company may make Distributions to repurchase Equity Interests of the Parent in connection
with the administration of its equity-based compensation plans from time to time in effect in connection with the repurchase of Equity Interests from employees, directors and other such recipients to satisfy federal, state or local tax withholding
obligations of such employees, directors and other recipients with respect to income deemed earned as the result of options, stock grants or other awards made under such plans; 

(e) (i) the Company may declare and pay Distributions to the Parent in amounts sufficient to make (A) Permitted Parent Payments
(Tax), (B) Permitted Parent Payments (G&A) not to exceed the Consolidated G&A Cap or, in respect of Permitted Parent Payments (G&A) attributable to the Borrower Group, the Borrower Group G&A Cap (in each case, over any given
four-Fiscal Quarter period or, during a Financial Reporting Trigger Period or a Covenant Trigger Period, for any given twelve-month period) and (C) so long as no Default has occurred and is continuing, Permitted Parent Payments described in
clause (6) of the definition thereof in respect of payments of interest on the Senior Notes, and (ii) the Company may declare and pay Distributions to the Parent in amounts sufficient to make other Permitted Parent Payments (not included
in the immediately preceding clause (i)) so long as at the time of such Distribtuion and immediately thereafter, the Payment Conditions are satisfied; 

(f) the Company may declare and pay Distributions to the Parent from the Net Proceeds attributable to any Hawaii Retail Property Sale and
Leaseback Transaction up to an aggregate amount not to exceed the lesser of (i) the fair market value of the Hawaii Retail Property sold pursuant to any Hawaii Retail Property Sale and Leaseback Transaction and (ii) $100,000,000,
provided that no Event of Default has occurred and is continuing immediately before or after such Distribution; and 
 (g) the Company
may declare and pay Distributions to the Parent, so long as at the time of such Distribution and immediately thereafter, the Payment Conditions have been satisfied. 

10.2.4. Investments, Loans and Advances. The Borrowers will not, and will not permit any Restricted Subsidiary to, make or permit to
remain outstanding any Investments in or to any Person, except: 
 (a) Investments in Restricted Subsidiaries or disclosed on Schedule
10.2.4, in each case to the extent existing on the Closing Date; 
 (b) Accounts arising in the Ordinary Course of Business; 

(c) Cash Equivalents; 
 (d)
Investments (i) made by any Borrower in or to any Guarantors (for the avoidance of doubt, other than Parent) or another Borrower, (ii) made by any Restricted Subsidiary in or to any Borrower or any Guarantor (for the avoidance of doubt,
other than Parent), (iii) of cash made by the Company to PHR so long as such Investment is funded with the substantially contemporaneous contribution of cash to the Company by the Parent or its Subsidiaries (other than the Company and its
Subsidiaries) (other than a Specified Equity Contribution), and in the case of a loan, are evidenced by the Intercompany Note and (iv) of cash made by the Borrower or any Restricted Subsidiary to PHR or any Future Intermediation Subsidiary so
long as at the time of such Investment and immediately thereafter, the Payment Conditions are satisfied, and in the case of a loan, are evidenced by the Intercompany Note; 

  
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 (e) Investments in stock, obligations or securities received in settlement of debts arising from
Investments permitted under Section 10.2.4(b) owing to any Borrower or any Restricted Subsidiary as a result of a bankruptcy or other insolvency proceeding of the obligor in respect of such debts or upon the enforcement of
any Lien in favor of any Borrower or any of its Restricted Subsidiaries; provided that the Borrower Agent shall give Administrative Agent prompt written notice in the event that the aggregate amount of all Investments held at any one time
under this Section 10.2.4(e) exceeds $5,000,000; 
 (f) Investments received in consideration for any Asset
Disposition permitted under Section 10.2.8 (other than Section 10.2.8(f)); provided that the Borrowers and the Restricted Subsidiaries shall take appropriate steps to grant a first priority
perfected Lien in such Investments constituting Collateral in favor of Administrative Agent for the benefit of the Secured Parties; 
 (g)
advances to officers, directors and employees of Parent, the Borrowers and their Restricted Subsidiaries in an aggregate amount not to exceed $5,000,000 at any time outstanding, for travel, entertainment, relocation and analogous ordinary business
purposes; 
 (h) any purchases of Equity Interests permitted under Section 10.2.3; 

(i) Permitted Acquisitions; 
 (j)
Investments (including Debt and other obligations) received in connection with the bankruptcy or reorganization of suppliers or in settlement of delinquent obligations of, and other disputes with, suppliers in the Ordinary Course of Business; and

 (k) other Investments (including controlling interests in Persons in the same or a similar line of business as the Borrower) not to exceed
$5,000,000 in the aggregate at any time. 
 10.2.5. Fundamental Changes. Each Borrower will not, and will not permit any Consolidated
Subsidiary to, (a) engage (directly or indirectly) in any business other than those businesses in which the Borrowers and their Restricted Subsidiaries are engaged on the Closing Date (or which are reasonably related thereto or are reasonable
extensions thereof but not any trading business or similar activities) or allow any material change to be made in the character of its business; (b) change its name or conduct business under any fictitious name; (c) change its tax, charter
or organizational identification number; or (d) change its form or state of organization; provided, in the case of clause (b), (c), and (d), Borrowers and the applicable Consolidated Subsidiaries have
(i) complied with Section 10.1.2(k) and given written notice of such change in accordance therewith and (ii) taken all actions necessary or advisable to maintain the continuous validity, perfection and the same or
better priority of Administrative Agent’s security interest in the Collateral granted or intended to be granted and agreed to hereby or as Administrative Agent may reasonably request. 

10.2.6. Proceeds of Loans. Each Borrower will not permit the proceeds of the Loans to be used for any purpose 

other than those permitted by Section 9.1.26. Neither any Borrower nor any Person acting on behalf of any Borrower has taken or will
take any action which might cause any of the Loan Documents to violate Regulations T, U or X or any other regulation of the Board of Governors or to violate Section 7 of the Securities Exchange Act of 1934 or any rule or regulation thereunder,
in each case as now in effect or as the same may hereinafter be in effect. Borrowers shall not, directly or indirectly, use any Letter of Credit or Loan proceeds, nor use, lend, contribute or otherwise make available any Letter of Credit or Loan
proceeds to any Subsidiary, joint venture partner or other Person, (i) to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of issuance of the Letter of Credit or funding of the Loan, is
the subject of any Sanction; (ii) in any manner that would result in a violation of a Sanction by any Person (including any Secured Party or other individual or entity participating in a transaction); or (iii) for any purpose that would
breach the U.S. Foreign Corrupt Practices Act of 1977, UK Bribery Act 2010 or similar law in any jurisdiction. 

  
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 10.2.7. Mergers, Etc. Each Borrower will not, and will not permit any Restricted
Subsidiary to, merge into or with or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all
or substantially all of its Property to any other Person (whether now owned or hereafter acquired) (any such transaction, a “consolidation”), or liquidate or dissolve; except that (a) any Restricted Subsidiary of a Borrower may
participate in a consolidation with any other Restricted Subsidiary of a Borrower or a Borrower (provided that if a Borrower or Guarantor is consolidated with such Restricted Subsidiary, such Borrower or such Guarantor, as applicable, shall be the
continuing or surviving entity and if a Borrower is consolidated with a Guarantor, such Borrower shall be the continuing or surviving entity) and (b) any Borrower or Restricted Subsidiary may participate in a consolidation with any Unrestricted
Subsidiary (provided that if a Borrower or a Restricted Subsidiary is consolidated with an Unrestricted Subsidiary, such Borrower or Restricted Subsidiary shall be the continuing or surviving entity). 

10.2.8. Sales of Properties. The Borrowers will not, and will not permit any Restricted Subsidiary to make any Asset Disposition except
for: 
 (a) the sale of Inventory in the Ordinary Course of Business; 

(b) the sale or transfer in the Ordinary Course of Business of Equipment or other goods that are obsolete, worn out or no longer necessary for,
or used or useful in, the business of the Borrowers or the Restricted Subsidiaries or are replaced substantially contemporaneously by other comparable Equipment or goods; 

(c) any Asset Disposition (other than an Asset Disposition (i) of Accounts or (ii) to PHR or any Future Intermediation Subsidiary
unless such Property has substantially contemporaneously been contributed by Parent or its Subsidiaries (other than the Company and its Subsidiaries) and was otherwise never Property of the Company and its Subsidiaries); provided that no
Event of Default has occurred and is continuing; 
 (d) the transfer of Property by a Restricted Subsidiary or a Guarantor to a Borrower or
another Guarantor (for the avoidance of doubt, other than to Parent); 
 (e) the sale of the Borrowers’ treasury stock and the sale or
issuance of any Subsidiary’s Equity Interests to a Borrower or any Guarantor; 
 (f) Asset Dispositions constituting Investments
permitted under Section 10.2.4 or constituting Distributions permitted by Section 10.2.3; 

(g) discounts granted to settle collection of Accounts or the sale of defaulted Accounts arising in the Ordinary Course of Business in
connection with the compromise or collection thereof and not in connection with any financing transaction as long as (i) such Accounts are not Eligible Accounts Receivables and (ii) the aggregate amount of all such Accounts so disposed
does not exceed $5,000,000 in any Fiscal Year; and 
 (h) the Hawaii Retail Property Sale and Leaseback Transaction; 

provided, that (i) each Asset Disposition described in this Section 10.2.8 (other than pursuant to
Section 10.2.8(d), (f), (g) or (h)) (A) shall be for fair market value and (B) in the case of an Asset Disposition of Collateral (other than in the Ordinary Course of Business) shall be for 100% cash or Cash
Equivalents, (ii) to the extent a mandatory prepayment of Secured Notes is required by the Secured Notes Indenture, as applicable, in each case as a result of such Asset Disposition, the Borrowers shall make such mandatory prepayments,
(iii) in the case of an Asset Disposition to which Section 5.2 applies, the Borrowers shall comply with the terms of such Section and (iv) all payments with respect to an Asset Disposition of Collateral are
deposited in a Dominion Account to the extent required by Section 8.2.5. 

  
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 Notwithstanding anything to the contrary set forth in this
Section 10.2.8, neither the Borrower nor any Restricted Subsidiary shall make any Asset Disposition of any Refinery. 

10.2.9. Transactions with Affiliates. The Borrowers will not, and will not permit any Restricted Subsidiary to, make any
payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee
with, or for the benefit of, any Affiliate of the Company (other than the Company or another Restricted Subsidiary) (each, an “Affiliate Transaction”), unless: 

(a) the Affiliate Transaction is on terms that taken as a whole are not materially less favorable to the Company or the relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by such Borrower or such Restricted Subsidiary with an unrelated Person; and 

(b) the Borrower Agent delivers to the Administrative Agent with respect to any Affiliate Transaction or series of related Affiliate
Transactions (other than sales of Hydrocarbons among the Borrowers and their Affiliates in the Ordinary Course of Business) involving aggregate consideration in excess of $40,000,000, a resolution of the board of directors of the Borrower Agent
certifying that such Affiliate Transaction complies with this covenant and that such Affiliate Transaction has been approved by a majority of the disinterested members, if any, of the board of directors of the Borrower Agent. 

10.2.10. Subsidiaries. Each Borrower will not, and will not permit any Subsidiary to, create or acquire any additional Subsidiary
unless such Borrower gives prior written notice to the Administrative Agent of such creation or acquisition and complies with Section 10.1.13. Each Borrower shall not, and shall not permit any Restricted Subsidiary to,
sell, assign or otherwise dispose of any Equity Interests in any Subsidiary except in compliance with Section 10.2.8(c) or (e). 

10.2.11. Limitation on Issuance of Equity Interests. Each Borrower shall not permit any Restricted Subsidiary to issue any Equity
Interest (including by way of sales of treasury stock) or any options or warrants to purchase, or securities convertible into, any Equity Interest, except for Equity Interest issued to an Obligor. The Borrowers and the Subsidiaries shall comply with
Section 10.1.13 with respect to any such issued Equity Interests. 
 10.2.12. Restrictive Agreements. Each
Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or suffer to exist any Restrictive Agreement (other than this Agreement, the other Security Documents, documents governing Purchase Money Liens securing
Permitted Purchase Money Debt, the Secured Notes Indenture or documents governing other Debt permitted hereunder). 
 10.2.13. Hedging
Agreements. Each Borrower will not, and will not permit any Restricted Subsidiary to, enter into any Hedging Agreements except to hedge risks arising in the Ordinary Course of Business and not for speculative purposes. 

10.2.14. Sale and Leaseback. Each Borrower shall not, and shall not permit any Restricted Subsidiary to, enter into any Sale and
Leaseback Transaction, except as permitted under Section 10.2.1 and Section 10.2.8. 

  
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 10.2.15. Amendments to Organic Documents, Secured Notes, Intermediation Facility,
Subordinated Debt or Fiscal Year End; Prepayments of Secured Notes and Subordinated Debt. 
 (a) Each Borrower shall not, and shall not
permit any Restricted Subsidiary to, amend, supplement or otherwise modify (or permit to be amended, supplemented or modified) its Organic Documents in a manner that would be adverse to the Lenders in any material respect, except to the extent
required by Applicable Law. 
 (b) Each Borrower shall not, and shall not permit any Restricted Subsidiary to, (i) change the last day
of its Fiscal Year from December 31 of each year, or the last days of the first three Fiscal Quarters in each of its Fiscal Years from March 31, June 30 and September 30 of each year, respectively or (ii) make any material
change in accounting treatment or reporting practices, except as required by GAAP. 
 (c) Each Borrower shall not, and shall not permit any
Restricted Subsidiary to: (i) call, make or offer to make any optional or voluntary redemption of or otherwise optionally or voluntarily redeem (whether in whole or in part) the Secured Notes; provided that the Company may
(x) refinance the Secured Notes with Refinancing Debt (other than an Intermediation Facility) as long as each Refinancing Condition is satisfied, (y) redeem any Secured Notes in a principal amount not exceeding the cash proceeds of any
sale of Equity Interests (other than Disqualified Capital Stock) of Parent that are contributed to the Company or (z) redeem any Secured Notes if the Payment Conditions are satisfied, or (ii) amend, modify, waive or otherwise change,
consent or agree to any amendment, supplement, modification, waiver or other change to, any of the terms of the Secured Notes or the Secured Notes Indenture if the effect thereof would be to shorten its maturity or average life or increase the
amount of any payment of principal thereof or increase the rate or shorten any period for payment of interest thereon, provided that the foregoing shall not prohibit the execution of supplemental indentures to add guarantors if required by the terms
of the Secured Notes Indenture. 
 (d) The Company shall not, and shall not permit PHR or any Future Intermediation Subsidiary to amend,
modify, waive or otherwise change, or consent or agree to any amendment, supplement, modification, waiver or other change to, any of the terms of any Intermediation Facility in a manner that would be materially more disadvantageous to the Lenders,
taken as a whole, compared to the terms of the J. Aron Intermediation Agreement in effect on Closing Date, taken as a whole. 
 (e) Each
Borrower shall not, and shall not permit any Restricted Subsidiary to, prior to the date that is ninety-one (91) days after the Stated Termination Date: (i) call, make or offer to make any optional
or voluntary redemption of or otherwise optionally or voluntarily redeem (whether in whole or in part) any Debt that is contractually subordinated to the Loans (other than intercompany Debt); or (ii) amend, modify, waive or otherwise change, or
consent or agree to any amendment, supplement, modification, waiver or other change to, any of the terms of any Debt that is contractually subordinated to the Loans (other than intercompany Debt) if the effect thereof would be to shorten its
maturity or average life, increase the amount of any payment of principal thereof, remove or weaken the subordination provisions thereof, shorten any period for payment of interest thereon or in any other manner that would be adverse to any Borrower
or any Restricted Subsidiaries or the Lenders in any material respect. 
 10.2.16. Tax Consolidation. Each Borrower shall not, and
shall not permit any Restricted Subsidiary to, file or consent to the filing of any consolidated income tax return with any Person other than a group the common parent of which is the Company or a Restricted Subsidiary. 

10.2.17. Plans. Each Borrower shall not, and shall not permit any Restricted Subsidiary to, become a party to any Multiemployer Plan or
Foreign Plan, other than any in existence on the Closing Date, except where becoming such a party could not reasonably be expected to have a Material Adverse Effect. 

  
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 10.2.18. Additional Deposits in the Notes Proceeds Collateral Account Prohibited. Each
Borrower shall not, and shall not permit any Restricted Subsidiary to, deposit any funds or other Property in, or credit any funds or other Property to, the Notes Proceeds Collateral Account other than (a) identifiable proceeds of Asset
Dispositions of Notes Collateral and (b) identifiable proceeds of insurance resulting from casualty of the Notes Collateral and of awards arising from condemnation of the Notes Collateral. 

10.2.19. Limitation on Activities of the Company. In the case of the Company, notwithstanding anything to the contrary in this
Agreement or any other Loan Document, the Company shall not conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any business or operations or own any assets other than (i) its ownership of the Equity
Interests of its Subsidiaries and activities incidental thereto, (ii) activities incidental to the maintenance of its existence and compliance with Applicable Law and legal, tax and accounting matters related thereto and activities relating to
its employees, (iii) activities relating to the performance of obligations under the Loan Documents and the documentation governing other Debt to which it is a party that is permitted by Section 10.2.1, (iv) the
making of Distributions permitted to be made by the Company pursuant to Section 10.2.3 and (v) the receipt of Distributions permitted to be made to the Company under Section 10.2.3. 

10.3. Financial Covenants. As long as any Commitments or Obligations are outstanding, Borrowers shall: 

10.3.1. Fixed Charge Coverage Ratio. Have a Fixed Charge Coverage Ratio as of the last day of each month for the 12-month period then ending of at least 1.00 to 1.00 while a Covenant Trigger Period is in effect, measured for the most recent period for which financial statements were delivered hereunder prior to the Covenant
Trigger Period and as of the last day of each month for the 12-month period ending thereafter until the Covenant Trigger Period is no longer in effect. 

10.3.2. Borrower Group Fixed Charge Coverage Ratio. Have a Borrower Group Fixed Charge Coverage Ratio as of the last day of each month
for the 12-month period then ending of at least 1.00 to 1.00 while a Covenant Trigger Period is in effect, measured for the most recent period for which financial statements were delivered hereunder prior to
the Covenant Trigger Period and as of the last day of each month for the 12-month period ending thereafter until the Covenant Trigger Period is no longer in effect. 

10.3.3. Right to Cure Fixed Charge Coverage Ratio. Solely for purposes of determining compliance with the Fixed Charge Coverage Ratio
set forth in Section 10.3.1 and the Borrower Group Fixed Charge Coverage Ratio set forth in Section 10.3.2, net cash proceeds of common equity contributions by Parent to the Company and made up to
five Business Days after the day on which financial statements are required to be delivered for any applicable measurement period will be included in the calculation of EBITDA for such month for purposes of determining compliance with such Fixed
Charge Coverage Ratio and such Borrower Group Fixed Charge Coverage Ratio for such applicable measurement period and any subsequent measurement period that includes such month (any such equity contribution so included in the calculation of EBITDA, a
“Specified Equity Contribution”); provided that (i) no more than five (5) Specified Equity Contributions shall be made during the term of this Agreement; (ii) no more than two (2) Specified Equity
Contributions shall be made during any 12-month period, (iii) the amount of any Specified Equity Contribution shall be no greater than 110% of the amount required to cause the Borrowers to be in
compliance with the Fixed Charge Coverage Ratio and the Borrower Group Fixed Charge Coverage Ratio, and (iv) all Specified Equity Contributions shall be disregarded for purposes of determining any baskets, tests, or pro forma tests set forth in
the covenants in this Agreement. 

  
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 SECTION 11. GUARANTY 

11.1. Guaranty. For value received, the sufficiency of which is hereby acknowledged, and in consideration of credit and/or
financial accommodation heretofore or hereafter from time to time made or granted to the Borrowers and the other Obligors by the Secured Parties, each Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Administrative Agent,
for the ratable benefit of the Secured Parties, the full and prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of the Guaranteed Obligations (as
hereafter defined) and the punctual performance of all of the terms contained in the documents executed by such Guarantor in favor of one or more Secured Parties in connection with the Guaranteed Obligations. This Guaranty is a guaranty of payment
and performance and is not merely a guaranty of collection. As used herein, the term “Guaranteed Obligations” means any and all existing and future Obligations of any Obligor to any Secured Party, whether associated with any credit
or other financial accommodation made to or for the benefit of any Obligor by any Secured Party or otherwise and whenever created, arising, evidenced or acquired (including all renewals,
extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’ fees and expenses incurred by the Secured Parties in connection with the collection or enforcement thereof); provided, however, that the
definition of “Guaranteed Obligations” shall not create any guarantee by any Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes of
determining any obligations of any Guarantor. Without limiting the generality of the foregoing, the Guaranteed Obligations shall include any such indebtedness, obligations, and liabilities which may be or hereafter become unenforceable or shall be
an allowed or disallowed claim under any proceeding or case commenced by or against any Guarantor or any Obligor under the Bankruptcy Code, any successor statute or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally
(collectively, “Debtor Relief Laws”), and shall include interest that accrues after the commencement by or against any Obligor of any proceeding under any Debtor Relief Laws. Anything contained herein to the contrary
notwithstanding, the obligations of each Guarantor hereunder at any time shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance as a fraudulent transfer or conveyance
under Section 548 of the Bankruptcy Code or any comparable provisions of any similar federal or state law. 
 11.2. No Setoff
or Deductions; Taxes; Payments. Each Guarantor shall make all payments hereunder without setoff or counterclaim and free and clear of and without deduction for any levies, imposts, duties, charges, fees, deductions, withholdings,
compulsory loans, restrictions or conditions of any nature (other than Taxes, which shall be governed by Section 5.8) now or hereafter imposed or levied by any jurisdiction or any political subdivision thereof or authority
therein unless such Guarantor is compelled by law to make such deduction or withholding. If any such obligation (other than one arising with respect to Taxes) is imposed upon a Guarantor with respect to any amount payable by it hereunder, such
Guarantor will pay to the applicable Secured Party, on the date on which such amount is due and payable hereunder, such additional amount in U.S. dollars as shall be necessary to enable such Secured Party to receive the same net amount which such
Secured Party would have received on such due date had no such obligation been imposed upon such Guarantor. Each Guarantor will deliver promptly to such Secured Party certificates or other valid vouchers for all charges deducted from or paid with
respect to payments made by such Guarantor hereunder. The obligations of each Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty. 

11.3. Rights of Secured Parties. Each Guarantor consents and agrees that the Secured Parties may, at any time and from time to
time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend (including increase), modify, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or
the terms of the Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Guaranteed Obligations;
(c) apply such security and direct the order or manner of sale thereof as the Secured Parties 

  
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in their sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Guaranteed Obligations. Without limiting the generality
of the foregoing, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of such Guarantor under this Guaranty or which, but for this provision, might operate as a discharge
of such Guarantor. 
 11.4. Certain Waivers. Each Guarantor waives to the fullest extent permitted by law (a) any defense
arising by reason of any disability or other defense of any Obligor or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of any Secured Party) of the liability of any Obligor; (b) any defense based
on any claim that such Guarantor’s obligations exceed or are more burdensome than those of any Borrower or any other Obligor; (c) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder; (d) any
right to require any Secured Party to proceed against any Borrower or any other Obligor, proceed against or exhaust any security for the Guaranteed Obligations, or pursue any other remedy in any Secured Party’s power whatsoever and any defense
based upon the doctrines of marshalling of assets or of election of remedies; (e) any benefit of and any right to participate in any security now or hereafter held by any Secured Party; (f) any defense relating to the failure of any
Secured Party to comply with the Applicable Laws in connection with the sale or other disposition of Collateral for all or any part of the Guaranteed Obligations; (g) any amendment or waiver of the term of any Guaranteed Obligation;
(h) any law or regulation of any jurisdiction or any other event affecting any term of a Guaranteed Obligation; (i) any fact or circumstance related to the Guaranteed Obligations which might otherwise constitute a defense to the
obligations of such Guarantor under this Guaranty and (j) any and all other defenses or benefits that may be derived from or afforded by Applicable Law limiting the liability of or exonerating guarantors or sureties, other than the defense that
the Guaranteed Obligations have been fully performed and indefeasibly paid in full in cash. 
 Each Guarantor expressly waives all setoffs
and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to
the Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Guaranteed Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or
enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any
Collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of any Guarantor under this Guaranty, and each Guarantor hereby irrevocably waives any defenses
it may now have or hereafter acquire in any way relating to any or all of the foregoing. 
 11.5. Obligations Independent. The
obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Guaranteed Obligations and the obligations of any other guarantor, and a separate action may be brought against each Guarantor
to enforce this Guaranty whether or not the Borrowers or any other person or entity is joined as a party. 
 11.6.
Subrogation. No Guarantor shall exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until Full Payment of all Guaranteed Obligations and any
amounts payable under this Guaranty. If any amounts are paid to any Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to Administrative
Agent (for the benefit of itself and the other Secured Parties) to reduce the amount of the Guaranteed Obligations, whether matured or unmatured. 

  
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 11.7. Termination; Reinstatement. This Guaranty is a continuing and irrevocable
guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until Full Payment of all Guaranteed Obligations and any amounts payable under this Guaranty. Notwithstanding the foregoing, this Guaranty
shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of any Borrower or any Guarantor is made, or any Secured Party exercises its right of setoff, in respect of the Guaranteed Obligations and such
payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any Secured Party in its discretion) to be
repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not such Secured Party is in
possession of or has released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of each Guarantor under this paragraph shall survive termination of this Guaranty. 

11.8. Subordination. Each Guarantor hereby subordinates the payment of all obligations and indebtedness of any Obligor owing to
such Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of any Obligor to such Guarantor as subrogee of any Secured Party or resulting from such Guarantor’s performance under this Guaranty, to the
Full Payment of all Guaranteed Obligations. If the Administrative Agent so requests, any such obligation or indebtedness of any Obligor to any Guarantor shall be enforced and performance received by such Guarantor as trustee for the Administrative
Agent and the proceeds thereof, as well as any other amounts received by such Guarantor in violation of this Section, shall be paid over to the Administrative Agent on account of the Guaranteed Obligations, but without reducing or affecting in any
manner the liability of such Guarantor under this Guaranty. 
 11.9. Stay of Acceleration. In the event that acceleration of
the time for payment of any of the Guaranteed Obligations is stayed, in connection with any case commenced by or against any Guarantor or any Obligor under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by any
Guarantor immediately upon demand by Administrative Agent. 
 11.10. Expenses. Each Guarantor shall pay on demand all
reasonable and documented out-of-pocket expenses (including reasonable attorneys’ fees and expenses) in any way relating to the enforcement or protection of any
Secured Party’s rights under this Guaranty or in respect of the Guaranteed Obligations, including any incurred during any “workout” or restructuring in respect of the Guaranteed Obligations and any incurred in the preservation,
protection or enforcement of any rights of any Secured Party in any proceeding under any Debtor Relief Laws. The obligations of each Guarantor under this paragraph shall survive the Full Payment of the Guaranteed Obligations and termination of this
Guaranty. 
 11.11. Miscellaneous. Administrative Agent’s books and records showing the amount of the Guaranteed
Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon each Guarantor and conclusive, absent manifest error, for the purpose of establishing the amount of the Guaranteed Obligations. No failure by any
Secured Party to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy or power hereunder preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. The remedies herein provided are cumulative and not exclusive of any remedies provided by law or in equity. The unenforceability or invalidity of any provision of this Guaranty shall not
affect the enforceability or validity of any other provision herein. Unless otherwise agreed by the Administrative Agent and each Guarantor in writing, this Guaranty is not intended to supersede or otherwise affect any other guaranty now or
hereafter given by any Guarantor or any other guarantor for the benefit of the Secured Parties or any term or provision thereof. 

11.12. Condition of Obligors. Each Guarantor acknowledges and agrees that it has the sole responsibility for, and
has adequate means of, obtaining from the Borrowers and the other Obligors and any other guarantor such information concerning the financial condition, business and operations of the Obligors and any such other guarantor as each Guarantor requires,
and that the Secured Parties have no 

  
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duty, and each Guarantor is not relying on any Secured Party at any time, to disclose to such Guarantor any information relating to the business, operations or financial condition of the Obligors
or any other guarantor (the guarantor waiving any duty on the part of any Secured Party to disclose such information and any defense relating to the failure to provide the same). 

11.13. Additional Guarantors. Each Person that is required to become a party to this Guaranty pursuant to
Section 10.1.13 shall become a Guarantor for all purposes of this Guaranty upon execution and delivery by such Person of a supplement in form reasonably satisfactory to Administrative Agent. 

SECTION 12. EVENTS OF DEFAULT; REMEDIES ON DEFAULT 

12.1. Events of Default. Each of the following shall be an “Event of Default” if it occurs for any reason
whatsoever, whether voluntary or involuntary, by operation of law or otherwise: 
 (a) Parent, PHR, any Future Intermediation Subsidiary or
any Obligor fails to pay principal on any Loan when due (whether at stated maturity, on demand, upon acceleration or otherwise), or Parent, PHR, any Future Intermediation Subsidiary or any Obligor fails to pay any interest, fee or any other
Obligation, and such failure continues unremedied for a period of three (3) Business Days; 
 (b) Any representation, warranty or other
written statement of Parent, PHR, any Future Intermediation Subsidiary or an Obligor made in connection with any Loan Documents or the borrowings hereunder is incorrect or misleading in any material respect (without duplication of any materiality
qualifier contained therein) when given; 
 (c) PHR, any Future Intermediation Subsidiary or an Obligor breaches or fails to perform any
covenant contained in (i) Section 10.1.2 and such breach or failure continues for a period of three (3) Business Days, and (ii) Section 7.2, 7.4, 7.6, 8.1, 8.2.4, 8.2.5, 8.3,
8.6.2, 10.1.1, 10.1.3, 10.1.4, 10.1.17, 10.2 or 10.3; 
 (d) PHR, any Future Intermediation Subsidiary or an Obligor breaches or
fails to perform any other covenant contained in any Loan Documents, and such breach or failure is not cured within 30 days after a Senior Officer of PHR, any Future Intermediation Subsidiary or such Obligor, as applicable, has knowledge thereof or
receives notice thereof from Administrative Agent, whichever is sooner; provided, however, that such notice and opportunity to cure shall not apply if the breach or failure to perform is not capable of being cured within such period or
is a willful breach by an Obligor; 
 (e) A Guarantor repudiates, revokes or attempts to revoke its Guaranty; Parent repudiates, revokes or
attempts to revoke its Parent Guaranty or any breach of the Parent Guaranty occurs (after the expiration of any applicable grace period); PHR or any Future Intermediation Subsidiary repudiates, revokes or attempts to revoke its Guaranty; Parent, an
Obligor or third party denies or contests the validity or enforceability of any Loan Documents (or any material provision thereof) or Obligations, or the perfection or priority of any Lien granted to Administrative Agent; or any Loan Document ceases
to be in full force or effect for any reason (other than a waiver or release by Administrative Agent and Lenders); 
 (f) Any
(i) failure of any Obligor to make any payment or (ii) other breach or default of any Obligor occurs under any instrument or agreement to which it is a party or by which it or any of its Properties is bound, in each case relating to any
Material Debt, and if, in the case of clause (ii), the maturity of, termination of or any payment with respect to such Material Debt may be accelerated, caused or demanded due to such breach; Any failure of PHR or any Future Intermediation
Subsidiary to make any payment when due under any Intermediation Facility (beyond any applicable grace or cure period), any notice of acceleration is sent by any Intermediation Counterparty to PHR or any Future Intermediation Subsidiary pursuant to
any Intermediation Facility, or any acceleration of Debt under any Intermediation Facility occurs; 

  
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 (g) Any Borrower or any of its Restricted Subsidiaries to pay final judgments aggregating in
excess of $10,000,000 (excluding amounts covered by insurance), which judgments are either (i) not paid within thirty (30) days after the date payment is due or (ii) not discharged or stayed for a period of thirty (30) days from
the date of such judgment; 
 (h) An Insolvency Proceeding is commenced by Parent, PHR, any Future Intermediation Subsidiary or an Obligor;
Parent, PHR, any Future Intermediation Subsidiary or an Obligor makes an offer of settlement, extension or composition to its unsecured creditors generally; a trustee is appointed to take possession of any substantial Property of or to operate any
of the business of Parent, PHR, any Future Intermediation Subsidiary or an Obligor; or an Insolvency Proceeding is commenced against Parent, PHR, any Future Intermediation Subsidiary or an Obligor and Parent, PHR, any Future Intermediation
Subsidiary or such Obligor, as applicable, consents to institution of the proceeding, the petition commencing the proceeding is not timely contested by Parent, PHR, any Future Intermediation Subsidiary or such Obligor, as applicable, the petition is
not dismissed within 30 days after filing, or an order for relief is entered in the proceeding; 
 (i) Parent, PHR, any Future Intermediation
Subsidiary or any Obligor shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; 

(j) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that, when taken together with all other ERISA Events that have
occurred, has resulted or could reasonably be expected to result in liability of an Obligor to a Pension Plan, Multiemployer Plan or PBGC in an amount exceeding $10,000,000 in the aggregate, or that constitutes grounds for appointment of a trustee
for or termination by the PBGC of any Pension Plan or Multiemployer Plan; an Obligor or ERISA Affiliate fails to pay when due any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer
Plan that could reasonably be expected to have a Material Adverse Effect; or any event similar to the foregoing occurs or exists with respect to a Foreign Plan; 

(k) A Change of Control occurs; or 

(l) Any Obligor, PHR or any Future Intermediation Subsidiary repudiates, revokes or attempts to revoke any subordination agreement in favor of
the Administrative Agent; or any Obligor, PHR, any Future Intermediation Subsidiary or third party denies or contests the validity or enforceability of any subordination agreement in favor of the Administrative Agent. 

12.2. Remedies upon Default. If an Event of Default described in Section 12.1(h) occurs with respect
to Parent or any Obligor, then to the extent permitted by Applicable Law, all Obligations (other than Secured Bank Product Obligations) shall become automatically due and payable and all Commitments shall terminate, without any action by
Administrative Agent or notice of any kind. In addition, or if any other Event of Default exists, Administrative Agent may in its discretion (and shall upon written direction of Required Lenders) do any one or more of the following from time to
time: 
 (a) declare any Obligations (other than Secured Bank Product Obligations) immediately due and payable, whereupon they shall be due
and payable without diligence, presentment, demand, protest or notice of any kind, all of which are hereby waived by Borrowers and the other Obligors to the fullest extent permitted by law; 

(b) terminate, reduce or condition any Commitment, or make any adjustment to the Borrowing Base; 

  
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 (c) require Obligors to Cash Collateralize their LC Obligations, Secured Bank Product Obligations
and other Obligations that are contingent or not yet due and payable, and if any Obligors fail to deposit such Cash Collateral, Administrative Agent may (and shall upon the direction of Required Lenders) advance the required Cash Collateral as Loans
(whether or not an Overadvance exists or is created thereby, or the conditions in Section 6 are satisfied); and 

(d) exercise any other rights or remedies afforded under any agreement, by law, at equity or otherwise, including the rights and remedies of a
secured party under the UCC. Such rights and remedies include the rights to (i) take possession of any Collateral; (ii) require Obligors to assemble Collateral, at Obligors’ expense, and make it available to Administrative Agent at a
place designated by Administrative Agent; (iii) enter any premises where Collateral is located and store Collateral on such premises until sold (and if the premises are owned or leased by an Obligor, Obligors agree not to charge for such
storage); and (iv) sell or otherwise dispose of any Collateral in its then condition, or after any further manufacturing or processing thereof, at public or private sale, with such notice as may be required by Applicable Law, in lots or in
bulk, at such locations, all as Administrative Agent, in its discretion, deems advisable. Each Obligor agrees that 10 days’ notice of any proposed sale or other disposition of Collateral by Administrative Agent shall be reasonable, and that any
sale conducted on the internet or to a licensor of Intellectual Property shall be commercially reasonable. Administrative Agent may conduct sales on any Obligor’s premises, without charge, and any sale may be adjourned from time to time in
accordance with Applicable Law. Administrative Agent shall have the right to sell, lease or otherwise dispose of any Collateral for cash, credit or any combination thereof, and Administrative Agent may purchase any Collateral at public or, if
permitted by law, private sale and, in lieu of actual payment of the purchase price, may credit bid and set off the amount of such price against the Obligations. 

12.3. License. Administrative Agent is hereby granted an irrevocable, non-exclusive
license or other right to use, license or sub-license (without payment of royalty or other compensation to any Person) any or all Intellectual Property of Obligors, computer hardware and software, trade
secrets, brochures, customer lists, promotional and advertising materials, labels, packaging materials and other Property, in advertising for sale, marketing, selling, collecting, completing manufacture of, or otherwise exercising any rights or
remedies with respect to, any Collateral. Each Obligor’s rights and interests under Intellectual Property shall inure to Administrative Agent’s benefit. 

12.4. Setoff. At any time during an Event of Default, Administrative Agent, Issuing Bank, Lenders, and any of their Affiliates
are authorized, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever
currency) at any time owing by Administrative Agent, such Issuing Bank, such Lender or such Affiliate to or for the credit or the account of an Obligor against the Obligations, whether or not Administrative Agent, such Issuing Bank, such Lender or
such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such Obligations may be contingent or unmatured or are owed to a branch or office of Administrative Agent, such Issuing Bank, such Lender or such
Affiliate different from the branch or office holding such deposit or obligated on such indebtedness. The rights of Administrative Agent, each Issuing Bank, each Lender and each such Affiliate under this Section are in addition to other rights and
remedies (including other rights of setoff) that such Person may have. 
 12.5. Remedies Cumulative; No Waiver. 

12.5.1. Cumulative Rights. All agreements, warranties, guaranties, indemnities and other undertakings of Parent, PHR, each Future
Intermediation Subsidiary and the Obligors under the Loan Documents are cumulative and not in derogation of each other. The rights and remedies of Administrative Agent, any Issuing Bank, the Lenders and any other Secured Party under the Loan
Documents are cumulative, may be exercised at any time and from time to time, concurrently or in any order, and are not exclusive of any other rights or remedies available by agreement, by law, at equity or otherwise. All such rights and remedies
shall continue in full force and effect until Full Payment of all Obligations. 

  
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 12.5.2. Waivers. No waiver or course of dealing shall be established by (a) the
failure or delay of Administrative Agent or any Lender to require strict performance by Parent, PHR, any Future Intermediation Subsidiary or any Obligor under any Loan Document, or to exercise any rights or remedies with respect to Collateral or
otherwise; (b) the making of any Loan or issuance of any Letter of Credit during a Default, Event of Default or other failure to satisfy any conditions precedent; or (c) acceptance by Administrative Agent or any Lender of any payment or
performance by Parent, PHR, any Future Intermediation Subsidiary or an Obligor under any Loan Documents in a manner other than that specified therein. Any failure to satisfy a financial covenant on a measurement date shall not be cured or remedied
by satisfaction of such covenant on a subsequent date. 
 SECTION 13. ADMINISTRATIVE AGENT 

13.1. Appointment, Authority and Duties of Administrative Agent. 

13.1.1. Appointment and Authority. Each Secured Party appoints and designates Bank of America as Administrative Agent under all Loan
Documents. The Administrative Agent may, and each Secured Party authorizes the Administrative Agent to, enter into all Loan Documents to which the Administrative Agent is intended to be a party and accept all Security Documents. Any action taken by
the Administrative Agent in accordance with the provisions of the Loan Documents, and the exercise by the Administrative Agent of any rights or remedies set forth therein, together with all other powers reasonably incidental thereto, shall be
authorized by and binding upon all Secured Parties. Without limiting the generality of the foregoing, Administrative Agent shall have the sole and exclusive authority to (a) act as the disbursing and collecting agent for Lenders with respect to
all payments and collections arising in connection with the Loan Documents; (b) execute and deliver, as Administrative Agent, each Loan Document, including any Intermediation Access Agreement, the Collateral Rights Agreement and any
intercreditor or subordination agreement, and accept delivery of each Loan Document; (c) act as collateral agent for Secured Parties for purposes of perfecting and administering Liens under the Loan Documents, and for all other purposes stated
therein; (d) manage, supervise or otherwise deal with Collateral; and (e) take any Enforcement Action or otherwise exercise any rights or remedies with respect to any Collateral or under any Loan Documents, Applicable Law or otherwise. The
Administrative Agent alone shall be authorized to determine eligibility and applicable advance rates under the Borrowing Base in accordance with the terms of this Agreement, whether to impose or release any reserve, or whether any conditions to
funding or issuance of a Letter of Credit have been satisfied, which determinations and judgments, if exercised in good faith, shall exonerate the Administrative Agent from liability to any Secured Party or other Person for any error in judgment. In
addition to the foregoing, each Secured Party hereby irrevocably authorizes the Administrative Agent, at Administrative Agent’s option and discretion, to enter into, or amend, the Collateral Rights Agreement (or similar agreements with the same
or similar purpose) or any Intermediation Access Agreement. Any such Collateral Rights Agreement or any Intermediation Access Agreement entered into by Administrative Agent on behalf of the Secured Parties shall be binding upon each Secured Party.
Each Lender (and each Person that becomes a Lender hereunder pursuant to Section 14.3) and each other Secured Party hereby authorizes and directs the Administrative Agent to enter into the Collateral Rights Agreement or any
Intermediation Access Agreement on behalf of such Secured Party and agrees that the Administrative Agent may take such actions on its behalf as is contemplated by the terms of the Collateral Rights Agreement or any Intermediation Access Agreement.
Administrative Agent shall notify the Secured Parties of the effectiveness of the Collateral Rights Agreement or any Intermediation Access Agreement when executed and shall provide a copy of the executed Collateral Rights Agreement or any
Intermediation Access Agreement to the Secured Parties as and when effective. 

  
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 13.1.2. Duties. The title of “Administrative Agent” is used solely as a matter
of market custom and the duties of the Administrative Agent are administrative in nature only. The Administrative Agent has no duties except those expressly set forth in the Loan Documents, and in no event does the Administrative Agent have any
agency, fiduciary or implied duty to or relationship with any Secured Party or other Person by reason of any Loan Document or related transaction. The conferral upon the Administrative Agent of any right shall not imply a duty to exercise such
right, unless instructed to do so by Required Lenders in accordance with this Agreement. 
 13.1.3. Agent Professionals. The
Administrative Agent may perform its duties through agents and employees. The Administrative Agent may consult with and employ Agent Professionals, and shall be entitled to act upon, and shall be fully protected in any action taken in good faith
reliance upon, any advice given by an Agent Professional. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents, employees or Agent Professionals selected by it with reasonable care. 

13.1.4. Instructions of Required Lenders. The rights and remedies conferred upon the Administrative Agent under the Loan Documents may
be exercised without the necessity of joining any other party, unless required by Applicable Law. In determining compliance with a condition for any action hereunder, including satisfaction of any condition in Section 6,
the Administrative Agent may presume that the condition is satisfactory to a Secured Party unless the Administrative Agent has received notice to the contrary from such Secured Party before the Administrative Agent takes the action. The
Administrative Agent may request instructions from Required Lenders or other Secured Parties with respect to any act (including the failure to act) in connection with any Loan Documents or Collateral, and may seek assurances to its satisfaction from
Secured Parties of their indemnification obligations against Claims that could be incurred by the Administrative Agent. The Administrative Agent may refrain from any act until it has received such instructions or assurances, and shall not incur
liability to any Person by reason of so refraining. Instructions of Required Lenders shall be binding upon all Secured Parties, and no Secured Party shall have any right of action whatsoever against the Administrative Agent as a result of the
Administrative Agent acting or refraining from acting pursuant to instructions of Required Lenders. Notwithstanding the foregoing, instructions by and consent of specific parties shall be required to the extent provided in
Section 15.1.1. In no event shall the Administrative Agent be required to take any action that it determines in its discretion is contrary to Applicable Law or any Loan Documents or could subject any Agent Indemnitee to
liability. 
 13.2. Agreements Regarding Collateral and Borrower Materials. 

13.2.1. Lien Releases; Care of Collateral. Secured Parties authorize Administrative Agent to release any Lien with respect to any
Collateral (a) upon Full Payment of the Obligations; (b) that is the subject of a disposition or Lien that Borrower Agent certifies in writing is an Asset Disposition permitted pursuant to Section 10.2.8 or a
Permitted Lien entitled to priority over Administrative Agent’s Liens (and Administrative Agent may rely conclusively on any such certificate without further inquiry); (c) that does not constitute a material part of the Collateral that Borrower
Agent certifies in writing as such (and the Administrative Agent may rely conclusively on such certificate without further inquiry); (d) upon a Subsidiary becoming an Unrestricted Subsidiary or a Future Intermediation Subsidiary in accordance with
the terms of the Loan Documents; or (e) subject to Section 15.1, with the consent of Required Lenders. Secured Parties authorize Administrative Agent to subordinate its Liens to any Purchase Money Lien or other Lien
entitled to priority hereunder. Administrative Agent has no obligation to assure that any Collateral exists or is owned by an Obligor, or is cared for, protected or insured, nor to assure that Administrative Agent’s Liens have been properly
created, perfected or enforced, or are entitled to any particular priority, nor to exercise any duty of care with respect to any Collateral. 

  
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 13.2.2. Possession of Collateral. Administrative Agent and Secured Parties appoint each
Lender as agent (for the benefit of Secured Parties) for the purpose of perfecting Liens in any Collateral held or controlled by such Lender, to the extent such Liens are perfected by possession or control. If any Lender obtains possession or
control of any Collateral, it shall notify Administrative Agent thereof and, promptly upon Administrative Agent’s request, deliver such Collateral to Administrative Agent or otherwise deal with it in accordance with Administrative Agent’s
instructions. 
 13.2.3. Reports. Administrative Agent shall promptly provide to Lenders, when complete, any field examination, audit
or appraisal report prepared for Administrative Agent with respect to any Obligor or Collateral (“Report”). Reports and other Borrower Materials may be made available to Lenders by providing access to them on the Platform, but
Administrative Agent shall not be responsible for system failures or access issues that may occur from time to time. Each Lender agrees (a) that Reports are not intended to be comprehensive audits or examinations, and that Administrative Agent
or any other Person performing an audit or examination will inspect only limited information and will rely significantly upon Borrowers’ books, records and representations; (b) that Administrative Agent makes no representation or warranty
as to the accuracy or completeness of any Borrower Materials and shall not be liable for any information contained in or omitted from any Borrower Materials, including any Report; and (c) to keep all Borrower Materials confidential and strictly
for such Lender’s internal use, not to distribute any Report or other Borrower Materials (or the contents thereof) to any Person (except to such Lender’s Participants, attorneys and accountants), and to use all Borrower Materials solely
for administration of the Obligations. Each Lender shall indemnify and hold harmless Administrative Agent and any other Person preparing a Report from any action such Lender may take as a result of or any conclusion it may draw from any Borrower
Materials, as well as from any Claims arising as a direct or indirect result of Administrative Agent furnishing same to such Lender, via the Platform or otherwise. 

13.3. Reliance By Administrative Agent. Administrative Agent shall be entitled to rely, and shall be fully
protected in relying, upon any certification, notice or other communication (including those by telephone, telex, telegram, telecopy, e-mail or other electronic means) believed by it to be genuine and correct
and to have been signed, sent or made by the proper Person. Administrative Agent shall have a reasonable and practicable amount of time to act upon any instruction, notice or other communication under any Loan Document, and shall not be liable for
any delay in acting. 
 13.4. Action Upon Default. Administrative Agent shall not be deemed to have
knowledge of any Default or Event of Default, or of any failure to satisfy any conditions in Section 6, unless it has received written notice from a Borrower or Required Lenders specifying the occurrence and nature thereof.
If any Lender acquires knowledge of a Default, Event of Default or failure of any such conditions, it shall promptly notify Administrative Agent and the other Lenders thereof in writing. Each Secured Party (other than the Administrative Agent)
agrees that, except as otherwise provided in any Loan Documents or with the written consent of Administrative Agent and Required Lenders, it will not take any Enforcement Action, accelerate Obligations (other than Secured Bank Product Obligations)
or assert any rights relating to any 
 Collateral. 

13.5. Ratable Sharing. If any Lender obtains any payment or reduction of any Obligation, whether through set-off or otherwise, in excess of its ratable share of such Obligation, such Lender shall forthwith purchase from Secured Parties participations in the affected Obligation as are necessary to share the excess
payment or reduction on a Pro Rata basis or in accordance with Section 5.5.2, as applicable. If any of such payment or reduction is thereafter recovered from the purchasing Lender, the purchase shall be rescinded and the
purchase price restored to the extent of such recovery, but without interest. Notwithstanding the foregoing, if a Defaulting Lender obtains a payment or reduction of any Obligation, it shall immediately turn over the full amount thereof to
Administrative Agent for application under Section 4.2.2 and it shall provide a written statement to Administrative Agent describing the Obligation affected by such payment or reduction. Notwithstanding anything to the
contrary set forth in any Loan Document, no Lender shall set off against a Dominion Account without Administrative Agent’s prior consent. 

  
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 13.6. Indemnification. EACH SECURED PARTY SHALL INDEMNIFY AND HOLD HARMLESS AGENT
INDEMNITEES AND ISSUING BANK INDEMNITEES, TO THE EXTENT NOT REIMBURSED BY OBLIGORS, ON A PRO RATA BASIS, AGAINST ALL CLAIMS THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY SUCH INDEMNITEE, WHETHER BROUGHT BY A THIRD PARTY OR BY A BORROWER OR ANY
OTHER OBLIGOR OR AFFILIATE THEREOF, PROVIDED THAT ANY CLAIM AGAINST AN AGENT INDEMNITEE RELATES TO OR ARISES FROM ITS ACTING AS OR FOR THE ADMINISTRATIVE AGENT (IN THE CAPACITY OF ADMINISTRATIVE AGENT). In Administrative Agent’s Permitted
Discretion, it may reserve for any Claims made against an Agent Indemnitee or an Issuing Bank Indemnitee, and may satisfy any judgment, order or settlement relating thereto, from proceeds of Collateral prior to making any distribution of Collateral
proceeds to Secured Parties. If Administrative Agent is sued by any receiver, trustee or other Person for any alleged preference or fraudulent transfer, then any monies paid by Administrative Agent in settlement or satisfaction of such proceeding,
together with all interest, costs and expenses (including attorneys’ fees) incurred in the defense of same, shall be promptly reimbursed to Administrative Agent by each Secured Party to the extent of its Pro Rata share. 

13.7. Limitation on Responsibilities of Administrative Agent. Administrative Agent shall not be liable to any Secured
Party for any action taken or omitted to be taken under the Loan Documents, except for losses directly and solely caused by Administrative Agent’s gross negligence or willful misconduct. Administrative Agent does not assume any responsibility
for any failure or delay in performance or any breach by any Obligor, Lender or other Secured Party of any obligations under the Loan Documents. Administrative Agent does not make any express or implied representation, warranty or guarantee to
Secured Parties with respect to any Obligations, Collateral, Liens, Loan Documents, Borrower Materials or Obligors. No Agent Indemnitee shall be responsible to Secured Parties for any recitals, statements, information, representations or warranties
contained in any Loan Documents or Borrower Materials; the execution, validity, genuineness, effectiveness or enforceability of any Loan Documents; the genuineness, enforceability, collectability, value, sufficiency, location or existence of any
Collateral, or the validity, extent, perfection or priority of any Lien therein; the validity, enforceability or collectability of any Obligations; or the assets, liabilities, financial condition, results of operations, business, creditworthiness or
legal status of any Obligor or Account Debtor. No Agent Indemnitee shall have any obligation to any Secured Party to ascertain or inquire into the existence of any Default or Event of Default, the observance by any Obligor of any terms of the Loan
Documents, or the satisfaction of any conditions precedent contained in any Loan Documents. 
 13.8. Successor Administrative Agent
and Co-Agents. 
 13.8.1. Resignation; Successor Administrative Agent. Administrative
Agent may resign at any time by giving at least 30 days written notice thereof to Lenders and Borrowers. If Administrative Agent is a Defaulting Lender under clause (d) of the definition thereof, Required Lenders may, to the extent permitted by
Applicable Law, remove such Administrative Agent by written notice to Borrowers and Administrative Agent. Required Lenders may appoint a successor to replace the resigning or removed Administrative Agent, which successor shall be (a) a Lender
or an Affiliate of a Lender; or (b) a financial institution reasonably acceptable to Required Lenders and (provided no Default or Event of Default exists) Borrowers. If no successor agent is appointed prior to the effective date of
Administrative Agent’s resignation or removal, then Administrative Agent may appoint a successor agent that is a financial institution acceptable to it (which shall be a Lender unless no Lender accepts the role) or in the absence of such
appointment, Required Lenders shall automatically on such date assume all rights and duties of Administrative Agent hereunder. Upon acceptance by any successor Administrative Agent of its appointment hereunder, such successor Administrative Agent
shall thereupon succeed to and become vested with all the powers and duties of the retiring Administrative Agent without further act. On the 

  
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effective date of its resignation or removal, the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder but shall continue to have all rights and
protections under the Loan Documents with respect to actions taken or omitted to be taken by it (i) while Administrative Agent and (ii) after such resignation or removal for as long as the retiring or removed Administrative Agent continues
to act in any capacity hereunder or under the other Loan Documents, including (A) acting as collateral agent or otherwise holding any collateral security on behalf of any of the Lenders and (B) in respect of any actions taken in connection
with transferring the agency to any successor Administrative Agent, including the indemnification set forth in Sections 13.6 and 15.2, and all rights and protections under this Section 13. Any successor to
Bank of America by merger or acquisition of stock or this loan shall continue to be Administrative Agent hereunder without further act on the part of any Secured Party or Obligor. 

13.8.2. Co-Agent. If appropriate under Applicable Law, Administrative Agent may appoint a Person
to serve as a co-collateral agent or separate collateral agent under any Loan Document. Each right, remedy and protection intended to be available to Administrative Agent under the Loan Documents shall also be
vested in such agent. Secured Parties shall execute and deliver any instrument or agreement that Administrative Agent may request to effect such appointment. If any such agent shall die, dissolve, become incapable of acting, resign or be removed,
then all the rights and remedies of the agent, to the extent permitted by Applicable Law, shall vest in and be exercised by Administrative Agent until appointment of a new agent. 

13.9. Due Diligence and Non-Reliance. Each Secured Party acknowledges and agrees
that it has, independently and without reliance upon Administrative Agent or any other Secured Parties, and based upon such documents, information and analyses as it has deemed appropriate, made its own credit analysis of each Obligor and its own
decision to enter into this Agreement and to fund Loans and participate in LC Obligations hereunder. Each Secured Party has made such inquiries as it feels necessary concerning the Loan Documents, Collateral and Obligors. Each Secured Party
acknowledges and agrees that the other Secured Parties have made no representations or warranties concerning any Obligor, any Collateral or the legality, validity, sufficiency or enforceability of any Loan Documents or Obligations. Each Secured
Party will, independently and without reliance upon any other Secured Party, and based upon such financial statements, documents and information as it deems appropriate at the time, continue to make and rely upon its own credit decisions in making
Loans and participating in LC Obligations, and in taking or refraining from any action under any Loan Documents. Except for notices, reports and other information expressly requested by a Lender, Administrative Agent shall have no duty or
responsibility to provide any Secured Party with any notices, reports or certificates furnished to Administrative Agent by any Obligor or any credit or other information concerning the affairs, financial condition, business or Properties of any
Obligor (or any of its Affiliates) which may come into possession of Administrative Agent or its Affiliates. 
 13.10. Remittance of
Payments and Collections. 
 13.10.1. Remittances Generally. All payments by any Secured Party to Administrative Agent shall
be made by the time and on the day set forth in this Agreement, in immediately available funds. If no time for payment is specified or if payment is due on demand by Administrative Agent and request for payment is made by Administrative Agent by
1:00 p.m. on a Business Day, payment shall be made by such Secured Party not later than 3:00 p.m. on such day, and if request is made after 1:00 p.m., then payment shall be made by 11:00 a.m. on the next Business Day. Payment by Administrative Agent
to any Secured Party shall be made by wire transfer, in the type of funds received by Administrative Agent. Any such payment shall be subject to Administrative Agent’s right of offset for any amounts due from such payee under the Loan
Documents. 

  
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 13.10.2. Failure to Pay. If any Secured Party fails to pay any amount when due by it to
Administrative Agent pursuant to the terms hereof, such amount shall bear interest, from the due date until paid in full, at the greater of the Federal Funds Rate or the rate determined by Administrative Agent as customary for interbank compensation
for two Business Days and thereafter at the Default Rate for Base Rate Loans (the rate of which is based on clause (b) of the definition of “Base Rate”). In no event shall Obligors be entitled to credit for any interest paid by a
Secured Party to Administrative Agent, nor shall a Defaulting Lender be entitled to interest on amounts held by Administrative Agent pursuant to Section 4.2. 

13.10.3. Recovery of Payments. If Administrative Agent pays an amount to a Secured Party in the expectation that a related payment will
be received by Administrative Agent from an Obligor and such related payment is not received, then Administrative Agent may recover such amount from the Secured Party. If Administrative Agent determines that an amount received by it must be returned
or paid to an Obligor or other Person pursuant to Applicable Law or otherwise, then Administrative Agent shall not be required to distribute such amount to any Secured Party. If any amounts received and applied by Administrative Agent to Obligations
held by a Secured Party are later required to be returned by Administrative Agent pursuant to Applicable Law, such Secured Party shall pay to Administrative Agent, on demand, its share of the amounts required to be returned. 

13.11. Individual Capacities. As a Lender, Bank of America shall have the same rights, obligations and remedies under the
Loan Documents as any other Lender, and the terms “Lenders,” “Required Lenders”, “Secured Party” or any similar term shall include Bank of America in its capacity as a Lender. Administrative Agent, Issuing Bank, Lenders
and their Affiliates may accept deposits from, lend money to, provide letters of credit or Bank Products to, act as financial or other advisor to, and generally engage in any kind of business with, Obligors and their Affiliates, as if they were not
Administrative Agent, Issuing Bank or Lenders hereunder, without any duty to account therefor to any Secured Party. In their individual capacities, Administrative Agent, Issuing Bank, Lenders and their Affiliates may receive information regarding
Obligors, their Affiliates and their Account Debtors (including information subject to confidentiality obligations), and shall have no obligation to provide such information to any Secured Party. 

13.12. Titles. Each Lender, other than Bank of America, that is designated in connection with this credit facility as an
“Arranger,” “Bookrunner” or “Administrative Agent” of any kind shall have no right or duty under any Loan Documents other than those applicable to all Lenders, and shall in no event have any fiduciary duty to any
Secured Party. 
 13.13. Bank Product Providers. Each Secured Bank Product Provider, by delivery of a notice to Administrative
Agent of a Bank Product, agrees to be bound by the Loan Documents, including Sections 5.5, 13, and 15.3.3. Each Secured Bank Product Provider shall indemnify and hold harmless Agent Indemnitees, to the extent not reimbursed by
Obligors, against all Claims that may be incurred by or asserted against any Agent Indemnitee in connection with such provider’s Secured Bank Product Obligations. 

13.14. Collateral Agent. Notwithstanding anything contained in this Agreement or any other Loan Document to the contrary, all
determinations under this Agreement and the other Loan Documents related, directly or indirectly, to the Collateral, Borrowing Base eligibility standards or criteria, reserves or the implementation or adjustment of reserves, collateral information
rights, access rights, appraisal rights, audit rights, cash management and cash dominion rights and control agreement rights (including, for the avoidance of doubt, any such determinations which are assigned to the Administrative Agent pursuant to
this Agreement and other Loan Documents) shall, be made by the Administrative Agent. Any of the foregoing to the contrary notwithstanding, nothing contained in this Section 13.14 shall be deemed to expand the rights of Administrative
Agent or any Lender with respect to Borrowing Base eligibility standards or advance rates applicable to the Borrowing Base or reserves. 

  
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 13.15. No Third Party Beneficiaries. This Section 13 is an agreement solely
among Secured Parties and Administrative Agent, and shall survive Full Payment of the Obligations. Except as set forth in Section 13.8 with respect to the Borrowers, this Section 13 does not confer any rights or benefits upon Borrowers or
any other Person. As between Borrowers and Administrative Agent, any action that Administrative Agent may take under any Loan Documents or with respect to any Obligations shall be conclusively presumed to have been authorized and directed by Secured
Parties. 
 SECTION 14. BENEFIT OF AGREEMENT; ASSIGNMENTS 

14.1. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of Borrowers, Administrative
Agent, Issuing Bank, Lenders, Secured Parties, and their respective successors and assigns, except that (a) no Obligor shall have the right to assign its rights or delegate its obligations under any Loan Documents; and (b) any assignment
by a Lender must be made in compliance with Section 14.3. Administrative Agent may treat the Person which made any Loan as the owner thereof for all purposes until such Person makes an assignment in accordance with
Section 14.3. Any authorization or consent of a Lender shall be conclusive and binding on any subsequent transferee or assignee of such Lender. 

14.2. Participations. 

14.2.1. Permitted Participants; Effect. Subject to Section 14.3.3, any Lender may sell to a financial
institution (“Participant”) a participating interest in the rights and obligations of such Lender under any Loan Documents. Despite any sale by a Lender of participating interests to a Participant, such Lender’s obligations
under the Loan Documents shall remain unchanged, it shall remain solely responsible to the other parties hereto for performance of such obligations, it shall remain the holder of its Loans and Commitments for all purposes, all amounts payable by
Borrowers shall be determined as if it had not sold such participating interests, and Borrowers and Administrative Agent shall continue to deal solely and directly with such Lender in connection with the Loan Documents. Each Lender shall be solely
responsible for notifying its Participants of any matters under the Loan Documents, and Administrative Agent and the other Lenders shall not have any obligation or liability to any such Participant. A Participant shall not be entitled to receive any
greater payment under Sections 3.7 and 5.8, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change
in Law that occurs after such Participant acquired the applicable participation. 
 14.2.2. Voting Rights. Each Lender shall retain
the sole right to approve, without the consent of any Participant, any amendment, waiver or other modification of a Loan Document other than that which forgives principal, interest or fees, reduces the stated interest rate or fees payable with
respect to any Loan or Commitment in which such Participant has an interest, postpones the Commitment Termination Date or any date fixed for any regularly scheduled payment of principal, interest or fees on such Loan or Commitment, or releases any
Borrower, Guarantor or substantially all Collateral. 
 14.2.3. Participant Register. Each Lender that sells a participation shall,
acting as a non-fiduciary agent of Borrowers (solely for tax purposes), maintain a register in which it enters the Participant’s name, address and interest in Commitments, Loans (including principal and
stated interest) and LC Obligations. Entries in the register shall be conclusive, absent manifest error, and such Lender shall treat each Person recorded in the register as the owner of the participation for all purposes, notwithstanding any notice
to the contrary. No Lender shall have an obligation to disclose any information in such register except to the extent necessary to establish that a Participant’s interest is in registered form under the Code. 

  
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 14.2.4. Benefit of Set-off. Borrowers agree that
each Participant shall have a right of set-off in respect of its participating interest to the same extent as if such interest were owing directly to a Lender, and each Lender shall also retain the right of set-off with respect to any participating interests sold by it. By exercising any right of set-off, a Participant agrees to share with Lenders all amounts received through its
set-off, in accordance with Section 13.5 as if such Participant were a Lender. 

14.3. Assignments. 

14.3.1. Permitted Assignments. A Lender may assign to an Eligible Assignee any of its rights and obligations under the Loan Documents,
as long as (a) each assignment is of a constant, and not a varying, percentage of the transferor Lender’s rights and obligations under the Loan Documents and, in the case of a partial assignment, is in a minimum principal amount of
$5,000,000 (unless otherwise agreed by Administrative Agent in its discretion) and integral multiples of $1,000,000 in excess of that amount; (b) except in the case of an assignment in whole of a Lender’s rights and obligations, the
aggregate amount of the Commitments retained by the transferor Lender is at least $10,000,000 (unless otherwise agreed by Administrative Agent in its discretion); and (c) the parties to each such assignment shall execute and deliver an
Assignment to Administrative Agent for acceptance and recording. Nothing herein shall limit the right of a Lender to pledge or assign any rights under the Loan Documents to secure obligations of such Lender, including a pledge or assignment to a
Federal Reserve Bank; provided, however, that no such pledge or assignment shall release the Lender from its obligations hereunder nor substitute the pledge or assignee for such Lender as a party hereto. 

14.3.2. Effect; Effective Date. Upon delivery to Administrative Agent of a fully executed Assignment and a processing fee of $3,500
(unless otherwise agreed or waived by Administrative Agent in its discretion), the assignment shall become effective as specified in the notice, if it complies with this Section 14.3. From such effective date, the Eligible
Assignee shall for all purposes be a Lender under the Loan Documents, and shall have all rights and obligations of a Lender thereunder. Upon consummation of an assignment, the transferor Lender, Administrative Agent and Borrowers shall make
appropriate arrangements for issuance of replacement and/or new notes, if applicable. The transferee Lender shall comply with Section 5.9 and deliver, upon request, an administrative questionnaire satisfactory to
Administrative Agent. 
 14.3.3. Certain Assignees. No assignment or participation may be made to a Borrower, Affiliate of a Borrower,
Defaulting Lender or natural person. Administrative Agent shall have no obligation to determine whether any assignment is permitted under the Loan Documents. Assignment by a Defaulting Lender shall be effective only if there is concurrent
satisfaction of all outstanding obligations of the Defaulting Lender under the Loan Documents in a manner satisfactory to Administrative Agent, including payment by the Eligible Assignee or Defaulting Lender to Administrative Agent of an aggregate
amount sufficient upon distribution (through direct payment, purchases of participations or other methods acceptable to Administrative Agent) to satisfy all funding and payment liabilities of the Defaulting Lender. If assignment by a Defaulting
Lender occurs (by operation of law or otherwise) without compliance with the foregoing sentence, the assignee shall be deemed a Defaulting Lender for all purposes until compliance occurs. 

14.3.4. Register. Administrative Agent, acting as a non-fiduciary agent of Borrowers (solely for
tax purposes), shall maintain (a) a copy (or electronic equivalent) of each Assignment delivered to it, and (b) a register for recordation of the names, addresses and Commitments of, and the Loans, principal, interest and LC Obligations
owing to, each Lender. Entries in the register shall be conclusive, absent manifest error, and Borrowers, Administrative Agent and Lenders shall treat each Person recorded in such register as a Lender for all purposes under the Loan Documents,
notwithstanding any notice to the contrary. Administrative Agent may choose to show only one Borrower as the borrower in the register, without any effect on the liability of any Obligor with respect to the Obligations. The register shall be
available for inspection by Borrowers or any Lender, from time to time upon reasonable notice. 

  
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 14.4. Replacement of Certain Lenders. If a Lender (a) within the last
120 days was a Non-Consenting Lender, (b) is a Defaulting Lender, or (c) within the last 120 days gave a notice under Section 3.5 or requested payment or compensation under
Section 3.7 or 5.8 (and has not designated a different Lending Office pursuant to Section 3.8), then Administrative Agent or Borrower Agent may, upon 10 days’ notice to such Lender,
require it to assign its rights and obligations under the Loan Documents to Eligible Assignee(s), pursuant to appropriate Assignment(s), within 20 days after such notice; provided, that in the case of any assignment pursuant to clause
(c) above, such assignment will result in a reduction in such compensation or payments thereafter. Administrative Agent is irrevocably appointed as attorney-in-fact
to execute any such Assignment if the Lender fails to execute it. Such Lender shall be entitled to receive, in cash, concurrently with such assignment, all amounts owed to it under the Loan Documents through the date of assignment. 

SECTION 15. MISCELLANEOUS 
 15.1.
Consents, Amendments and Waivers. 
 15.1.1. Amendment. No modification of any Loan Document, including any extension or
amendment of a Loan Document or any waiver of a Default or Event of Default, shall be effective without the prior written agreement of Administrative Agent (with the consent of Required Lenders) and each Obligor party to such Loan Document;
provided, however, that 
 (a) without the prior written consent of Administrative Agent, no modification shall alter any
provision in a Loan Document that relates to any rights, duties or discretion of Administrative Agent; 
 (b) without the prior written
consent of each applicable Issuing Bank, no modification shall alter Section 2.2 or any other provision in a Loan Document that relates to Letters of Credit or any rights, duties or discretion of such Issuing Bank; 

(c) without the prior written consent of each affected Lender, including a Defaulting Lender, no modification shall (i) increase the
Commitment of such Lender; (ii) reduce the amount of, or waive or delay payment of, any principal, interest or fees payable to such Lender (except as provided in Section 4.2); (iii) extend the Termination Date or the
Stated Termination Date; or (iv) amend this clause (c); 
 (d) without the prior written consent of all Lenders (except any Defaulting
Lender), no modification shall (i) waive the conditions precedent contained in Section 6.1; (ii) alter Section 5.5.2, 7.1 (except to add Collateral), 13.5 or 15.1.1; (iii) change
any provision of this Section 15.1.1(d) or the definition of “Required Lenders”, or any other provision hereof specifying the number or percentages of Lenders required to amend, waive or otherwise modify any
rights hereunder or any other Loan Document or make any determination or grant any consent hereunder; (iv) amend the definition of Borrowing Base (or any defined term used in such definition) if the effect of such amendment is to increase
borrowing availability; (v) increase the advance rates in the Borrowing Base or modify this Agreement in any way that would have the effect of increasing the advance rates in the Borrowing Base, in each case, beyond such advance rates in effect
on the Closing Date; (vi) release all or substantially all Collateral or all or substantially all of the value of the Guaranty; or (vii) except in connection with a merger, disposition or similar transaction expressly permitted hereby,
release any Obligor from liability for any Obligations; and 
 (e) without the prior written consent of a Secured Bank Product Provider, no
modification shall affect its relative payment priority under Section 5.5.2. 

  
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 15.1.2. Limitations. The agreement of Borrowers or any other Obligors shall not be
required for any modification of a Loan Document that deals solely with the rights and duties of Lenders, Administrative Agent and/or Issuing Bank as among themselves but the parties to such shall provide prompt written notice thereof to the
Borrowers. Only the consent of the parties to any agreement relating to fees or a Bank Product shall be required for modification of such agreement, and no Secured Bank Product Provider (in such capacity) shall have any right to consent to
modification of any Loan Document other than its Bank Product agreement. Any waiver or consent granted by Administrative Agent, any Issuing Bank or any Lenders hereunder shall be effective only if in writing and only for the matter specified. 

15.1.3. Payment for Consents. No Borrower will, directly or indirectly, pay any remuneration or other thing of value, whether by way of
additional interest, fee or otherwise, to any Lender (in its capacity as a Lender hereunder) as consideration for agreement by such Lender with any modification of any Loan Documents, unless such remuneration or value is concurrently paid, on the
same terms, on a Pro Rata basis to all Lenders providing their consent. 
 15.2. Indemnity. EACH OF PHR, ANY FUTURE
INTERMEDIATION SUBSIDIARY AND EACH OBLIGOR SHALL INDEMNIFY AND HOLD HARMLESS THE INDEMNITEES AGAINST ANY CLAIMS, DAMAGES, LOSSES, LIABILITIES AND EXPENSES (INCLUDING, WITHOUT LIMITATION, THE REASONABLE AND DOCUMENTED FEES, DISBURSEMENTS AND OTHER
CHARGES OF COUNSEL) THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE WITH RESPECT TO THE EXECUTION, DELIVERY, ENFORCEMENT, PERFORMANCE OR ADMINISTRATION OF THE LOAN DOCUMENTS, INCLUDING CLAIMS ASSERTED BY PHR, ANY FUTURE INTERMEDIATION
SUBSIDIARY, ANY BORROWER OR ANY OTHER OBLIGOR OR OTHER PERSON AND, IN ALL CASES, WHETHER OR NOT CAUSED OR ARISING IN WHOLE OR IN PART, OUT OF THE COMPARATIVE OR SOLE NEGLIGENCE OF AN INDEMNITEE. In no event shall any party to a Loan Document
have any obligation thereunder to indemnify or hold harmless an Indemnitee with respect to a Claim to the extent that it (a) is determined in a final, non-appealable judgment by a court of competent
jurisdiction to result directly from the bad faith, gross negligence or willful misconduct of such Indemnitee or (b) arises out of or is in connection with any claim, litigation, loss or proceeding not involving an act or omission of any
Obligor or any of its Affiliates and that is brought by an Indemnitee against another Indemnitee (other than against the Administrative Agent, any Issuing Bank or the Arranger in their capacities as such). 

15.3. Notices and Communications. 

15.3.1. Notice Address. Subject to Section 4.1.4, all notices and other communications by or to a party hereto
shall be in writing and shall be given to any Borrower, at Borrower Agent’s address shown on the signature pages hereof, and to any other Person at its address shown on the signature pages hereof (or, in the case of a Person who becomes a
Lender after the Closing Date, at the address shown on its Assignment), or at such other address as a party may hereafter specify by notice in accordance with this Section 15.3. Each communication shall be effective only
(a) if given by facsimile transmission, when transmitted to the applicable facsimile number, if confirmation of receipt is received; (b) if given by mail, three Business Days after deposit in the U.S. mail, with first-class postage pre-paid, addressed to the applicable address; or (c) if given by personal delivery, when duly delivered to the notice address with receipt acknowledged. Notwithstanding the foregoing, no notice to
Administrative Agent pursuant to Sections 2.1.4, 2.2, 3.1.2 or 4.1.1 shall be effective until actually received by the individual to whose attention at Administrative Agent such notice is required to be sent. Any written communication
that is not sent in conformity with the foregoing provisions shall nevertheless be effective on the date actually received by the noticed party. Any notice received by Borrower Agent shall be deemed received by all Borrowers. 

  
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 15.3.2. Communications. Electronic communications (including e-mail, messaging and websites) may be used only in a manner acceptable to Administrative Agent and, unless otherwise agreed by the Administrative Agent, only for routine communications, such as delivery of Borrower
Materials, administrative matters, distribution of Loan Documents and matters permitted under Section 4.1.4. Secured Parties make no assurance as to the privacy or security of electronic communications. E-mail and voice mail shall not be effective notices under the Loan Documents. 
 15.3.3. Platform.
Borrower Materials shall be delivered pursuant to procedures approved by Administrative Agent, including electronic delivery (if possible) upon request by Administrative Agent to an electronic system maintained by Administrative Agent
(“Platform”). Borrowers shall notify Administrative Agent of each posting of Borrower Materials on the Platform and the materials shall be deemed received by Administrative Agent only upon its receipt of such notice. Borrower
Materials and other information relating to this credit facility may be made available to Secured Parties on the Platform. The Platform is provided “as is” and “as available.” Administrative Agent does not warrant the accuracy or
completeness of any information on the Platform nor the adequacy or functioning of the Platform, and expressly disclaims liability for any errors or omissions in the Borrower Materials or any issues involving the Platform. 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 THE
ADMINISTRATIVE AGENT WITH RESPECT TO BORROWER MATERIALS OR THE PLATFORM. No Agent Indemnitee shall have any liability to Borrowers, other Obligors, Secured Parties or any other Person for losses, claims, damages, liabilities or expenses of any kind
(whether in tort, contract or otherwise) relating to use by any Person of the Platform, including any unintended recipient, nor for delivery of Borrower Materials and other information via the Platform, internet,
e-mail, or any other electronic platform or messaging system. 
 15.3.4. Public Information.
Obligors and Secured Parties acknowledge that “public” information may not be segregated from material non-public information on the Platform. Secured Parties acknowledge that Borrower Materials may
include Obligors’ material non-public information, and should not be made available to personnel who do not wish to receive such information or may be engaged in investment or other market-related
activities with respect to an Obligor’s securities. 
 15.3.5. Non-Conforming
Communications. Administrative Agent and Lenders may rely upon any communications purportedly given by or on behalf of any Borrower or other Obligor even if they were not made in a manner specified herein, were incomplete or were not confirmed,
or if the terms thereof, as understood by the recipient, varied from a later confirmation. Each Obligor shall indemnify and hold harmless each Indemnitee from any liabilities, losses, costs and expenses arising from any electronic or telephonic
communication purportedly given by or on behalf of any Obligor. 
 15.4. Performance of Borrowers’ Obligations.
Administrative Agent may, in its discretion at any time and from time to time, at Borrowers’ expense, upon notice to Borrower Agent unless an Event of Default exists and is continuing, pay any amount or do any act required of PHR, any
Future Intermediation Subsidiary or any Obligor under any Loan Documents or otherwise lawfully requested by Administrative Agent to (a) enforce any Loan Documents or collect any Obligations; (b) protect, insure, maintain or realize upon
any Collateral; or (c) defend or maintain the validity or priority of Administrative Agent’s Liens in any Collateral, including any payment of a judgment, insurance premium, warehouse charge, finishing or processing charge, or landlord
claim, or any discharge of a Lien. All reasonable and documented payments, costs and expenses (including Extraordinary Expenses) of Administrative Agent under this Section shall be reimbursed to Administrative Agent by Borrowers and other Obligors,
on demand, with interest from the date incurred until paid in full, at the Default Rate applicable to Base Rate Loans (the rate of which is based on clause (b) of the definition of “Base Rate”). Any payment made or action taken by
Administrative Agent under this Section shall be without prejudice to any right to assert an Event of Default or to exercise any other rights or remedies under the Loan Documents. 

  
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 15.5. Credit Inquiries. Administrative Agent and Lenders may (but shall have
no obligation) to respond to usual and customary credit inquiries from third parties concerning Parent, any Obligor or Subsidiary. 

15.6. Severability. Wherever possible, each provision of the Loan Documents shall be interpreted in such manner as to be
valid under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions of the Loan Documents shall remain in full force and effect. 

15.7. Cumulative Effect; Conflict of Terms. The provisions of the Loan Documents are cumulative. The parties acknowledge
that the Loan Documents may use several limitations or measurements to regulate similar matters, and they agree that these are cumulative and that each must be performed as provided. Except as otherwise provided in another Loan Document (by specific
reference to the applicable provision of this Agreement), if any provision contained herein is in direct conflict with any provision in another Loan Document, the provision herein shall govern and control. 

15.8. Counterparts; Execution. Any Loan Document may be executed in counterparts, each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective as provided in Section 6.1. Delivery of a signature page of any Loan Document by telecopy or other
electronic means shall be effective as delivery of a manually executed counterpart of such agreement. Any signature, contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as manual or
paper-based methods, to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the
Uniform Electronic Transactions Act. 
 15.9. Entire Agreement. Time is of the essence with respect to all Loan
Documents and Obligations. The Loan Documents constitute the entire agreement, and supersede all prior understandings and agreements, among the parties relating to the subject matter thereof. 

15.10. Relationship with Lenders. The obligations of each Lender hereunder are several, and no Lender shall be
responsible for the obligations or Commitments of any other Lender. Amounts payable hereunder to each Lender shall be a separate and independent debt. It shall not be necessary for Administrative Agent or any other Lender to be joined as an
additional party in any proceeding for such purposes. Nothing in this Agreement and no action of Administrative Agent, any Issuing Bank, Lenders any other Secured Party or any Affiliate thereof pursuant to the Loan Documents or otherwise shall be
deemed to constitute Administrative Agent and any Secured Party to be a partnership, joint venture or similar arrangement, nor to constitute control of Parent or any Obligor. 

15.11. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated by any
Loan Document, Borrowers acknowledge and agree that (a)(i) this credit facility and any arranging or other services by Administrative Agent, any Lender, any Issuing Bank, any of their Affiliates or any arranger are
arm’s-length commercial transactions between Parent, PHR, the Obligors and their Affiliates, on one hand, and Administrative Agent, any Issuing Bank, any Lender, any of their Affiliates or any arranger,
on the other hand; (ii) PHR and the Obligors have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate; and (iii) PHR and the Obligors are capable of evaluating, and understand and
accept, the terms, risks and conditions of the transactions contemplated by the Loan Documents; (b) each of Administrative Agent, Lenders, any Issuing Bank, their Affiliates and any arranger is and has been acting solely as a principal and,
except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for Obligors, their Affiliates or any other Person, and has no obligation with respect to the transactions
contemplated by the Loan Documents except as expressly set forth therein; and (c) Administrative Agent, any Issuing Bank, Lenders, their Affiliates and any arranger may be engaged in 

  
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a broad range of transactions that involve interests that differ from those of Obligors and their Affiliates, and have no obligation to disclose any of such interests to Obligors or their
Affiliates. To the fullest extent permitted by Applicable Law, each of PHR, each Future Intermediation Subsidiary and each Obligor hereby waives and releases any claims that it may have against Administrative Agent, any Issuing Bank, Lenders, their
Affiliates and any arranger with respect to any breach of agency or fiduciary duty in connection with any transaction contemplated by a Loan Document. Each of PHR, each Future Intermediation Subsidiary and each Obligor hereby agrees that it will not
claim that Administrative Agent, any Issuing Bank, Lenders, their Affiliates or any arranger has rendered advisory services of any nature or owes any agency or fiduciary or similar duty to it in connection with any transaction contemplated by a Loan
Document. 
 15.12. Confidentiality. Each of Administrative Agent, Lenders and Issuing Banks shall maintain the
confidentiality of all Information (as defined below), except that Information may be disclosed (a) to its Affiliates, and to its and their partners, directors, officers, employees, agents, advisors and representatives (provided they are
informed of the confidential nature of the Information and instructed to keep it confidential); (b) to the extent requested by any governmental, regulatory or self-regulatory authority purporting to have jurisdiction over it or its Affiliates;
(c) to the extent required by Applicable Law or by any subpoena or other legal process; (d) to any other party hereto; (e) in connection with any action or proceeding relating to any Loan Documents or Obligations; (f) subject to
an agreement containing provisions substantially the same as this Section, to any Transferee or any actual or prospective party (or its advisors) to any Bank Product or to any swap, derivative or other transaction under which payments are to be made
by reference to an Obligor or Obligor’s obligations; (g) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) is available to Administrative Agent, any Lender,
any Issuing Bank or any of their Affiliates on a nonconfidential basis from a source other than Borrowers; (h) on a confidential basis to a provider of a Platform; or (i) with the consent of Borrower Agent. Notwithstanding the foregoing,
Administrative Agent and Lenders may publish or disseminate general information concerning this credit facility for league table, tombstone and advertising purposes, and may use Borrowers’ logos, trademarks or product photographs in advertising
materials. As used herein, “Information” means information received from Parent, an Obligor or Subsidiary relating to it or its business that is identified as confidential when delivered. A Person required to maintain the
confidentiality of Information pursuant to this Section shall be deemed to have complied if it exercises a degree of care similar to that accorded its own confidential information. Each of Administrative Agent, Lenders and Issuing Bank acknowledges
that (i) Information may include material non-public information; (ii) it has developed compliance procedures regarding the use of such information; and (iii) it will handle the material non-public information in accordance with Applicable Law. 
 15.13. GOVERNING LAW. UNLESS
EXPRESSLY PROVIDED IN ANY LOAN DOCUMENT, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ALL CLAIMS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES EXCEPT FEDERAL LAWS RELATING TO NATIONAL
BANKS. 
 15.14. Consent to Forum; Bail-In of EEA Financial Institutions.

 15.14.1. Forum. EACH OF PHR, EACH FUTURE INTERMEDIATION SUBSIDIARY AND EACH OBLIGOR HEREBY CONSENTS TO THE EXCLUSIVE
JURISDICTION OF ANY STATE COURT SITTING IN NEW YORK COUNTY OR THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, IN ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING RELATING IN ANY WAY TO ANY LOAN DOCUMENTS, AND AGREES THAT
ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN ANY SUCH COURT. EACH OF PHR, EACH FUTURE INTERMEDIATION SUBSIDIARY AND 

  
 -120- 

 
EACH OBLIGOR IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL CLAIMS, OBJECTIONS AND DEFENSES THAT IT MAY HAVE REGARDING ANY SUCH COURT’S PERSONAL OR SUBJECT MATTER JURISDICTION, VENUE OR
INCONVENIENT FORUM. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 15.3.1. A final judgment in any proceeding of any
such court shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or any other manner provided by Applicable Law. 

15.14.2. Other Jurisdictions. Nothing herein shall limit the right of Administrative Agent, any Issuing Bank, any Lender or any
Affiliate thereof to bring proceedings against PHR, any Future Intermediation Subsidiary or any Obligor in any other court, nor limit the right of any party to serve process in any other manner permitted by Applicable Law. Nothing in this Agreement
shall be deemed to preclude enforcement by Administrative Agent of any judgment or order obtained in any forum or jurisdiction. 
 15.14.3.
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the
parties, each party hereto (including each Secured Party) acknowledges that any liability arising under a Loan Document of any Secured Party that is an EEA Financial Institution, to the extent such liability is unsecured, may be subject to the
write-down and conversion powers of an EEA 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 an EEA Resolution Authority to any such
liabilities arising under any Loan Documents which may be payable to it by any Secured Party that is an EEA Financial Institution; and (b) the effects of any Bail-in Action on any such liability,
including (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 EEA 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 any 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 any EEA Resolution Authority. 

15.15. Waivers by Obligors. To the fullest extent permitted by Applicable Law, each of PHR, each Future Intermediation
Subsidiary and each Obligor waives (a) the right to trial by jury (which Administrative Agent, each Issuing Bank and each Lender hereby also waives) in any proceeding or dispute of any kind relating in any way to any Loan
Documents, Obligations or Collateral; (b) presentment, demand, protest, notice of presentment, default, non-payment, maturity, release, compromise, settlement, extension or renewal of any
commercial paper, accounts, documents, instruments, chattel paper and guaranties at any time held by Administrative Agent, any Issuing Bank or any Lender on which PHR, a Future Intermediation Subsidiary or an Obligor may in any way be liable, and
hereby ratifies anything Administrative Agent, any Issuing Bank or any Lender may do in this regard; (c) notice prior to taking possession or control of any Collateral; (d) any bond or security that might be
required by a court prior to allowing Administrative Agent, any Issuing Bank or any Lender to exercise any rights or remedies; (e) the benefit of all valuation, appraisement and exemption laws; (f) any claim against any party hereto
on any theory of liability, for special, indirect, consequential, exemplary or punitive damages (as opposed to direct or actual damages) in any way relating to any Enforcement Action, Obligations, Loan Documents or transactions relating thereto
(which Administrative Agent, each Issuing Bank and each Lender hereby also waives); and (g) notice of acceptance hereof. Each of PHR, each Future Intermediation Subsidiary and each Obligor acknowledges that the foregoing waivers are a material
inducement to Administrative Agent, Issuing Bank and Lenders entering into this Agreement and that they are relying upon the foregoing in their dealings with Obligors. Each of PHR, each Future Intermediation Subsidiary and each Obligor has reviewed
the foregoing waivers with its legal counsel and has knowingly and voluntarily waived its jury trial and other rights following consultation with legal counsel. In the event of litigation, this Agreement may be filed as a written consent to a trial
by the court. 

  
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 15.16. Patriot Act Notice. Administrative Agent, Issuing Banks and Lenders hereby
notify PHR, each Future Intermediation Subsidiary and the Obligors that pursuant to the Patriot Act, Administrative Agent, Issuing Banks and Lenders are required to obtain, verify and record information that identifies PHR, each Future
Intermediation Subsidiary and each Obligor, including its legal name, address, tax ID number and other information that will allow Administrative Agent, Issuing Banks and Lenders to identify it in accordance with the Patriot Act. Administrative
Agent, Issuing Banks and Lenders will also require information regarding each personal guarantor, if any, and may require information regarding PHR, Future Intermediation Subsidiaries and Obligors’ management and owners, such as legal name,
address, social security number and date of birth. PHR, each Future Intermediation Subsidiary and the Obligors shall, promptly upon request, provide all documentation and other information as Administrative Agent, any Issuing Bank or any Lender may
request from time to time in order to comply with any obligations under any “know your customer,” anti-money laundering or other requirements of Applicable Law. 

15.17. NO ORAL AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES. 

[Remainder of page intentionally left blank; signatures begin on following page] 

  
 -122- 

 IN WITNESS WHEREOF, this Agreement has been executed and delivered as of the date set
forth above. 
  

	
	 BORROWERS:
  

PAR PETROLEUM, LLC
  

/s/ William Monteleone
 Name:
William Monteleone
 Title:   Chief Financial Officer

	
	 MID PAC PETROLEUM, LLC
  

/s/ William Monteleone 
 Name:
William Monteleone
 Title:    Chief Financial Officer
  

HERMES CONSOLIDATED, LLC
  

/s/ William Monteleone 
 Name:
William Monteleone
 Title:   Chief Financial Officer
  

WYOMING PIPELINE COMPANY LLC
  

/s/ William Monteleone 
 Name:
William Monteleone
 Title:   Chief Financial Officer
  

HIE RETAIL, LLC
  

/s/ William Monteleone 
 Name:
William Monteleone
 Title:   Chief Financial Officer
  

PAR HAWAII, INC.
  

/s/ William Monteleone 
 Name:
William Monteleone
 Title:   Chief Financial Officer

  

	
	 for all Borrowers:
  

800 Gessner Road, Suite 875

Houston, Texas 77025

Attn: Chief Financial Officer

Telecopy: (832) 518-5203

 [Signature Page to Loan and Security Agreement] 

			
	 GUARANTORS:
  

PAR HAWAII REFINING, LLC
  

/s/ William Monteleone 
 Name:
William Monteleone
 Title:   Chief Financial Officer
  

PAR HAWAII SHARED SERVICES, LLC
  

/s/ William Monteleone 
 Name:
William Monteleone
 Title:   Chief Financial Officer
  

PAR WYOMING HOLDINGS, LLC
  

/s/ William Monteleone 
 Name:
William Monteleone
 Title:   Chief Financial Officer
  

PAR WYOMING, LLC
  

/s/ William Monteleone 
 Name:
William Monteleone
 Title:   Chief Financial Officer
  

PAR PETROLEUM FINANCE CORP.
  

/s/ William Monteleone 
 Name:
William Monteleone
 Title:   Chief Financial officer
	  	 Address for all Guarantors:
  

800 Gessner Road, Suite 875

Houston, Texas 77025

Attn: Chief Financial Officer

Telecopy: (832) 518-5203

 [Signature Page to Loan and Security Agreement] 

 
	
	 AGENT AND LENDERS:
  

BANK OF AMERICA, N.A.,
 as Administrative Agent, Issuing
Bank and Lender
  
 /s/ Catherine T. Ngo 

Name: Catherine T. Ngo
 Title:   Senior Vice
President
 Address:
 901 Main Street, 11th Floor
 Dallas, Texas 75202

Attn: Mark Porter

Telecopy: (214) 209-4766

 [Signature Page to Loan and Security Agreement] 

 
	
	 KeyBank National Association,
 as a
Lender
  
 /s/ Nadine M. Eames 

Name: Nadine M. Eames
 Title:   Vice President

Address:
 127 Public Square, OH-01-27-0533

Cleveland, OH 44114-1306

Attn: Nadine Eames, KBBC

Telecopy: (216)689-8470

 [Signature Page to Loan and Security Agreement]EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

AMENDED AND RESTATED SUPPLY AND OFFTAKE AGREEMENT 

dated as of December 21, 2017 

between 
 J.
ARON & COMPANY LLC 
 and 

PAR HAWAII REFINING, LLC 

 TABLE OF CONTENTS 

Page 

							
	 ARTICLE 1
	  	DEFINITIONS AND CONSTRUCTION	  	 	2	 
			
	 ARTICLE 2
	  	CONDITIONS TO COMMENCEMENT	  	 	34	 
			
	 ARTICLE 3
	  	TERM OF AGREEMENT	  	 	40	 
			
	 ARTICLE 4
	  	COMMENCEMENT DATE TRANSFER	  	 	41	 
			
	 ARTICLE 5
	  	PURCHASE AND SALE OF CRUDE OIL	  	 	42	 
			
	 ARTICLE 6
	  	PURCHASE PRICE FOR CRUDE OIL	  	 	53	 
			
	 ARTICLE 7
	  	TARGET INVENTORY LEVELS AND DIFFERENTIAL ADJUSTMENT	  	 	54	 
			
	 ARTICLE 8
	  	PURCHASE AND DELIVERY OF PRODUCTS	  	 	60	 
			
	 ARTICLE 9
	  	ANCILLARY COSTS; MONTH END INVENTORY; CERTAIN DISPOSITIONS; TANK MAINTENANCE	  	 	65	 
			
	 ARTICLE 10
	  	PAYMENT PROVISIONS	  	 	70	 
			
	 ARTICLE 11
	  	DEFERRED PAYMENT	  	 	74	 
			
	 ARTICLE 12
	  	INDEPENDENT INSPECTORS; STANDARDS OF MEASUREMENT	  	 	76	 
			
	 ARTICLE 13
	  	FINANCIAL INFORMATION; CREDIT SUPPORT	  	 	76	 
			
	 ARTICLE 14
	  	REFINERY TURNAROUND, MAINTENANCE AND CLOSURE	  	 	78	 
			
	 ARTICLE 15
	  	TAXES	  	 	80	 
			
	 ARTICLE 16
	  	INSURANCE	  	 	82	 
			
	 ARTICLE 17
	  	FORCE MAJEURE	  	 	84	 
			
	 ARTICLE 18
	  	REPRESENTATIONS, WARRANTIES AND COVENANTS	  	 	86	 
			
	 ARTICLE 19
	  	DEFAULT AND TERMINATION	  	 	94	 
			
	 ARTICLE 20
	  	SETTLEMENT AT TERMINATION	  	 	99	 
			
	 ARTICLE 21
	  	INDEMNIFICATION	  	 	103	 
			
	 ARTICLE 22
	  	LIMITATION ON DAMAGES	  	 	105	 
			
	 ARTICLE 23
	  	AUDIT AND INSPECTION	  	 	105	 
			
	 ARTICLE 24
	  	CONFIDENTIALITY	  	 	105	 
			
	 ARTICLE 25
	  	GOVERNING LAW	  	 	106	 
			
	 ARTICLE 26
	  	ASSIGNMENT	  	 	107	 
			
	 ARTICLE 27
	  	NOTICES	  	 	107	 
			
	 ARTICLE 28
	  	NO WAIVER, CUMULATIVE REMEDIES	  	 	107	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
 Page 

							
	 ARTICLE 29
	  	NATURE OF THE TRANSACTION AND RELATIONSHIP OF PARTIES	  	 	108	 
			
	 ARTICLE 30
	  	MISCELLANEOUS	  	 	108	 
			
	 ARTICLE 31
	  	FORWARD JET FUEL TRANSACTION WITH PROVISIONAL PAYMENT	  	 	109	 

  
 -ii- 

 Schedules 
  

			
	 Schedule
	  	 Description

		
	Schedule A	  	Products and Product Specifications
		
	Schedule B	  	Current Month Pricing Benchmarks 
		
	Schedule C	  	Monthly True-Up Amounts
		
	Schedule D	  	Operational Volume Range
		
	Schedule E	  	Included Tanks
		
	Schedule F	  	Determination and Application of Net Deferred Amount
		
	Schedule G	  	Daily Settlement Schedule
		
	Schedule H	  	Form of Inventory Reports
		
	Schedule I	  	Initial Inventory Targets
		
	Schedule J	  	Scheduling and Communications Protocol
		
	Schedule K	  	Differential Adjustment Determination Procedures
		
	Schedule L	  	Existing Financing Agreements
		
	Schedule M	  	Notices
		
	Schedule N	  	FIFO Balance Final Settlements
		
	Schedule O	  	Form of Run-out Report
		
	Schedule P	  	Pricing Group
		
	Schedule Q	  	Form of Trade Sheet
		
	Schedule R	  	Form of Step-Out Inventory Sales Agreement
		
	Schedule S	  	Form of Refinery Production Volume Report
		
	Schedule T	  	Initial Acceptable Account Debtors
		
	Schedule U	  	Included Locations
		
	Schedule V	  	Eligible Hydrocarbon Inventory Locations and Tanks
		
	Schedule W	  	SPM Master Buy/Sell Confirmations

  
 -iii- 

			
	Schedule X	  	Included Materials
		
	Schedule Y	  	Roll Procedures
		
	Schedule Z	  	Transition Adjustment Amount
		
	Schedule AA	  	Annex
		
	Schedule BB	  	Monthly Jet Fuel Volumes
		
	Schedule CC	  	Authorized Company Representatives
		
	Schedule DD	  	Authorized Third Party Payees

  
 -iv- 

 AMENDED AND RESTATED SUPPLY AND OFFTAKE AGREEMENT 

This Amended and Restated Supply and Offtake Agreement (this “Agreement”) is made as of December 21, 2017 (the
“Restatement Effective Date”), between J. Aron & Company LLC f/k/a J. Aron & Company (“Aron”), a New York limited liability company, located at 200 West Street, New York, New York 10282-2198, and
Par Hawaii Refining, LLC f/k/a Hawaii Independent Energy, LLC (the “Company”), a Hawaii limited liability company, located at 800 Gessner Road, Suite 875, Houston, Texas 77024 (each referred to individually as a
“Party” or collectively as the “Parties”). 
 WHEREAS, the Company owns and operates a crude oil
refinery and related assets located in Kapolei, Hawaii (the “Refinery”) for the processing and refining of Crude Oil (as defined below) and other feedstocks and the recovery therefrom of refined products; 

WHEREAS, the Company and Aron entered into a Supply and Offtake Agreement, dated as of June 1, 2015, providing for a supply and
offtake transaction under which Aron agreed to supply Crude Oil to the Company to be processed at the Refinery and purchase all Products (as defined below) from the Company produced at the Refinery (such agreement, as from time to time amended prior
to the date hereof, the “Original Agreement”); 
 WHEREAS, as contemplated, on the Commencement Date (as defined
below), Aron purchased from the Company or Existing Supplier/Offtaker (as defined below) all Crude Oil and Products then being held by either entity at the Included Locations (as defined below); 

WHEREAS, the Parties have agreed that, for the Term of this Agreement, the Company will provide professional consulting, liaison, and
other related services to assist Aron in the marketing and sale of the refined products acquired by Aron hereunder in accordance with the terms and conditions of the Marketing and Sales Agreement (as defined below); 

WHEREAS, the Company and Aron wish to amend and restate in its entirety the Original Agreement as hereinafter provided; and 

WHEREAS, it is contemplated that upon the termination of this Agreement, Aron will sell and the Company will purchase all of
Aron’s Crude Oil and Products inventory held at the Included Locations in accordance with the term and conditions of the Step-Out Inventory Sales Agreement (as defined below) and Aron will transfer to the
Company, through novations or reassignments, various contractual rights pursuant to the termination provisions provided herein; 
 NOW,
THEREFORE, in consideration of the premises and respective promises, conditions, terms and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties do agree as
follows: 

 ARTICLE 1 

DEFINITIONS AND CONSTRUCTION 

1.1 Definitions. 
 For
purposes of this Agreement, including the foregoing recitals, the following terms shall have the meanings indicated below: 
 “ABL
Agent” means Bank of America, N.A. in its capacity as administrative agent and collateral agent for the lenders under the ABL Facility, and any successors and assigns in such capacity. 

“ABL Facility” means the Loan and Security Agreement dated as of the date hereof, among Par LLC and certain of its
subsidiaries as co-borrowers, and certain subsidiaries of Par LLC as guarantors, the ABL Agent, and the banks and other financial institutions party thereto, as amended, restated, supplemented or otherwise
modified from time to time. 
 “Acceptable Account Debtors” means such account debtors as Aron, in its reasonable judgment,
from time to time determines are acceptable as account debtors for purposes of determining whether an Account will qualify as an Eligible Receivable for purposes hereof; provided that: 

(a) each of the Initial Acceptable Account Debtors shall constitute an Acceptable Account Debtor for purposes hereof, subject
to clause (c) below; 
 (b) from time to time the Company may propose to Aron that a new entity constitute an Acceptable
Account Debtor for purposes hereof, in which case Aron shall make an examination and evaluation of such entity and determine whether to accept such entity as Acceptable Account Debtor; provided further that (i) in connection with such proposal,
the Company shall obtain and provide to Aron such information as Aron shall reasonably request in connection with its determination as to whether such entity shall be accepted as an Acceptable Account Debtor; (ii) based on such information and
such factors and considerations as Aron deems relevant, but in any event consistent with the standards and practices that Aron and its Affiliates generally and consistently apply in evaluating the eligibility of receivables in the context of secured
financing transactions, which may include (without limitation) the proposed commercial terms, credit considerations (including credit quality and credit limits) and reputational considerations relating to such entity, Aron will promptly endeavor to
make such determination and apprise the Company thereof, (iii) such entity shall only be accepted as and constitute an Acceptable Account Debtors if Aron, in its reasonable judgment makes an affirmative decision that such entity be so accepted,
and (iv) once added to the list of Acceptable Account Debtors, such entity shall be subject to clause (c) below; 

(c) An entity that at any time constitutes an Acceptable Account Debtor may, upon ten (10) Business Days’ prior
written notice by Aron to the Company, be removed from such status and cease to be an Acceptable Account Debtor for purposes hereof; provided that Aron bases such determination on such information and such factors and considerations as Aron deems
relevant in its commercially reasonable judgment, but in any event consistent with the standards and practices that Aron and its Affiliates generally and consistently apply in evaluating the eligibility of receivables in the context of secured
financing transactions, which may include (without limitation) the proposed commercial terms, credit considerations (including credit quality and credit limits) and 

  
 2 

 
reputational considerations relating to such entity; and provided further that if the Company objects to such change in status and so notifies Aron in writing of its objection prior to the
expiration of such ten (10) Business Day period, then such change in status shall not take effect until three (3) Business Days after the end of such ten (10) Business Day period, during which the Parties shall confer and the Company
may provide any additional information regarding Aron’s determination; and 
 Notwithstanding the foregoing paragraphs (b) and (c),
for any account debtor that posts (i) a customary trade letter of credit from a US bank, the US branch of a foreign branch or an Acceptable Foreign Bank that has an Investment Grade Rating, or (ii) cash collateral, to support its payment
obligations with respect to any account, any credit-based considerations (but excluding other considerations which are not credit-based) made by Aron in making its determination as to whether such account debtor shall be accepted as or remain as an
Acceptable Account Debtor shall be deemed to have been satisfied. 
 “Acceptable Foreign Bank” means any foreign bank or non-US branch of a foreign bank that is acceptable to Aron in accordance with its internal policies and procedures in effect from time to time, consistently applied. 

“Accounts” means all present and future accounts, as defined in the UCC, of the Company. 

“Acknowledgment Agreement” means the Acknowledgment Agreement dated as of the date hereof among Aron, the Company, the Notes
Collateral Trustee, and the ABL Agent, as amended, restated, supplemented or otherwise modified from time to time. 
 “Actual
Forward Delivered Volumes” has the meaning specified in Section 31.4(a). 
 “Additional Product
Transaction” has the meaning specified in the Marketing and Sales Agreement. 
 “Affected Obligations” has the
meaning specified in Section 17.3. 
 “Affected Party” has the meaning specified in
Section 17.1. 
 “Affiliate” means, in relation to any Person, any entity controlled, directly or
indirectly, by such Person, any entity that controls, directly or indirectly, such Person, or any entity directly or indirectly under common control with such Person. For this purpose, “control” of any entity or Person means ownership of a
majority of the issued shares or voting power or control in fact of the entity or Person; provided, however, a Permitted Holder shall not be deemed to be an Affiliate of the Company. 

“Agency Agreement” means that certain Agency Agreement by and between the Company and Aron, dated as of even date herewith.

 “Aggregate Monthly Product Sales Fee” has the meaning specified in Section 7.6. 

“Aggregate Monthly Purchased Products Fee” has the meaning specified in Section 8.8. 

  
 3 

 “Aggregate Purchase Proceeds” has the meaning specified in
Section 7.5(b)(iv)(A). 
 “Aggregate Sale Receipts” has the meaning specified in
Section 7.5(a)(iv)(A). 
 “Ancillary Contract” has the meaning specified in
Section 20.1(c). 
 “Ancillary Costs” means, to the extent reasonably demonstrated by Aron by
trade ticket, invoice or other supporting documentation, all freight, pipeline, transportation, storage, tariffs and other costs and expenses incurred as a result of the purchase, movement and storage of Crude Oil or Products undertaken in
connection with or required for purposes of this Agreement (whether or not arising under Aron Procurement Contracts and regardless of the point at which or terms upon which delivery is made under any such Aron Procurement Contract), including,
ocean-going freight and other costs associated with waterborne movements, inspection costs and fees, wharfage, port and dock fees, vessel demurrage, lightering costs, ship’s agent fees, import charges, waterborne insurance premiums, fees and
expenses, broker’s and agent’s fees, load or discharge port charges and fees, pipeline transportation costs, pipeline transfer and pumpover fees, pipeline throughput and scheduling charges (including any fees and charges resulting from
changes in nominations undertaken to satisfy delivery requirements under this Agreement), pipeline and other common carrier tariffs, blending, tankage, linefill and throughput charges, pipeline demurrage, superfund and other comparable fees,
processing fees (including fees for water or sediment removal or feedstock decontamination), merchandise processing costs and fees, any charges imposed by any Governmental Authority (including transfer taxes (but not taxes on the net income of Aron)
and customs and other duties), user fees, fees and costs for any credit support provided to any third party with respect to any transactions contemplated by this Agreement and any pipeline compensation or reimbursement payments that are not timely
paid by the pipeline to Aron. Notwithstanding the foregoing, the following shall not be considered Ancillary Costs: (i) Aron’s hedging costs in connection with this Agreement or the transactions contemplated hereby (but such exclusion
shall not change or be deemed to change the manner in which Related Hedges are addressed under Articles 19 and 20 below), (ii) any costs for which Aron has otherwise been compensated under this Agreement and the Transaction Documents by the
inclusion of the full amount thereof in any other payment made hereunder, including pursuant to any true-up, adjustment, or netting mechanism provided for thereunder, or (iii) any costs which Aron has
agreed, in accordance with the express terms hereof, shall be solely for Aron’s own account.  
 “Applicable
Law” means (i) any law, statute, regulation, code, ordinance, license, decision, order, writ, injunction, decision, directive, judgment, policy, decree and any judicial or administrative interpretations thereof, (ii) any
agreement, concession or arrangement with any Governmental Authority and (iii) any license, permit or compliance requirement, including Environmental Law, in each case as may be applicable to either Party or the subject matter of this
Agreement. 
 “Aron Crude Purchases” means, for any month, any volumes delivered under Aron Procurement Contracts during
such month. 

  
 4 

 “Aron Procurement Contract” means a procurement contract entered into by Aron
for the purchase or sale of Crude Oil to be processed or sold at the Refinery, which may be (i) a contract with any Third Party Supplier or third party purchaser of Crude Oil (other than the Company or an Affiliate of the Company) or a contract
with the Company (or an Affiliate of the Company) or such other contract to the extent the Parties deem such contract to be an Aron Procurement Contract for purposes hereof or (ii) a contract with the Company entered into pursuant to
Section 5.3(g)(i) which shall provide for the purchase by Aron from the Company of Crude Oil delivered to Aron at the Crude Intake Point. 

“Aron’s Policies and Procedures” shall have the meaning specified in Section 14.4(a). 

“Arrangement Fee” has the meaning assigned to such term in the Fee Letter. 

“Assignment of Claims Act” means the Assignment of Claims Act of 1940, as it may be amended from time to time, together with
all regulations promulgated from time to time in respect thereof. 
 “Associated Person” has the meaning assigned to such
term in Section 18.4(b). 
 “Bank Holiday” means any day (other than a Saturday or Sunday) on
which banks are authorized or required to close in the State of New York. 
 “Bankrupt” means a Person that (i) is
dissolved, other than pursuant to a consolidation, amalgamation or merger, (ii) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due, (iii) makes a
general assignment, arrangement or composition with or for the benefit of its creditors, (iv) institutes a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law
affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, (v) has a resolution passed for its winding-up, official management
or liquidation, other than pursuant to a consolidation, amalgamation or merger, (vi) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official
for all or substantially all of its assets, (vii) has a secured party take possession of all or substantially all of its assets, or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or
against all or substantially all of its assets, (viii) files an answer or other pleading admitting or failing to contest the allegations of a petition filed against it in any proceeding of the foregoing nature, (ix) causes or is subject to
any event with respect to which, under Applicable Law, has an analogous effect to any of the foregoing events, (x) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy under any bankruptcy or insolvency law or
other similar law affecting creditors’ rights and such proceeding is not dismissed within fifteen (15) days or (xi) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
foregoing events. 
 “Bankruptcy Code” means chapter 11 of Title 11, U.S. Code. 

“Barrel” means forty-two (42) net U.S. gallons, measured at 60° F. 

“Base Agreements” means any agreements hereafter entered into between the Company and a third party pursuant to which the
Company acquires any rights to use Included Product Pipelines or the Included Product Tanks.  

  
 5 

 “Best Available Inventory Data” means daily inventory reports produced by the
Company or third parties in respect of the Crude Storage Tanks, Included Product Tanks and Included Product Pipelines, in the form specified in Schedule H. 

“Billing Due Report” has the meaning as specified in Section 11.7(a). 

“BPH Pipelines” has the meaning specified on Schedule U. 

“BS&W” means basic sediment and water. 

“Business Day” means any day that is not a Saturday, Sunday, or Bank Holiday. 

“Change of Control” means an event or series of events by which: 

(a) Par LLC at any time ceases to own 100% of the Equity Interests of the Company; 

(b) Par Pacific Holdings, Inc. (“Par Pacific”) at any time ceases to own 100% of the Equity Interests of Par
LLC; 
 (c) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, but excluding the Permitted Holders or any employee benefit plan of such person or its subsidiaries, any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have
“beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or
indirectly, of 30% or more of the Equity Interests of Par Pacific entitled to vote for members of the board of directors or equivalent governing body of Par Pacific on a fully-diluted basis (and taking into account all such securities that such
person or group has the right to acquire pursuant to any option right); 
 (d) Par Pacific consolidates with, or merges with
or into, any Person, or any Person consolidates with, or merges with or into Par Pacific, in any such event pursuant to a transaction in which any of the outstanding voting stock of Par Pacific or such other Person is converted into or exchanged for
cash, securities or other property, other than any such transaction where (A) the voting stock of Par Pacific outstanding immediately prior to such transaction is converted into or exchanged for voting stock of the surviving or transferee
Person constituting a majority of the outstanding shares of such voting stock of such surviving or transferee Person (immediately after giving effect to such issuance) or (B) immediately after such transaction, no “person” or
“group” (as such terms are used in Section 13(d) and 14(d) of the Exchange Act) (other than a holding company created to hold Par Pacific or any other direct or indirect parent of the Company; provided that holders of the
voting stock of Par Pacific prior to such creation continue to hold at least a majority of the voting stock of such holding company), becomes, directly or indirectly, the beneficial owner of more than 50% of the voting power of the voting stock of
the surviving or transferee Person; 

  
 6 

 (e) the adoption of a plan relating to the liquidation or dissolution of Par
Pacific, Par LLC, or the Company; or 
 (f) any Person or two or more Persons acting in concert shall have acquired by
contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation thereof, will result in its or their acquisition of, the power to exercise, directly or indirectly, a controlling influence over the management or
policies of Par Pacific, or control over the equity securities of Par Pacific entitled to vote for members of the board of directors or equivalent governing body of Par Pacific on a fully-diluted basis (and taking into account all such securities
that such Person or group has the right to acquire pursuant to any option right) representing 30% or more of the combined voting power of such securities and such contract or arrangement shall have continued in effect for 30 consecutive days. 

“Collateral” has the meaning specified in the Lien Documents. 

“Collateral Trust and Intercreditor Agreement” means the Collateral Trust and Intercreditor Agreement dated as of the date
hereof among the Notes Issuers, the Notes Collateral Trustee, and certain other secured parties, as amended, restated, supplemented or otherwise modified from time to time. 

“Commencement Date” has the meaning specified in Section 2.3. 

“Commencement Date Crude Oil Volumes” means the total quantity of Crude Oil in the Crude Storage Tanks purchased by Aron on
the Commencement Date, pursuant to the Inventory Sales Agreements. 
 “Commencement Date Products Volumes” means the total
quantities of the Products in the Product Storage Facilities purchased by Aron on the Commencement Date, pursuant to the Inventory Sales Agreements. 

“Commencement Date Purchase Value” means, with respect to the Commencement Date Volumes, initially the Estimated Commencement
Date Value until the Definitive Commencement Date Value has been determined and thereafter the Definitive Commencement Date Value. 

“Commencement Date Volumes” means, collectively, the Commencement Date Crude Oil Volumes and the Commencement Date Products
Volumes. 
 “Commercial Accounts” means all Accounts other than Government Accounts. 

“Company Crude Reimbursement Obligation” has the meaning specified in Section 5.11(c). 

“Company Included Locations” has the meaning specified in the Storage Facilities Agreement. 

  
 7 

 “Company Inventory Sales Agreement” means the purchase and sale agreement, in
form and in substance mutually agreeable to the Parties, dated as of the Commencement Date, pursuant to which the Company is selling and transferring to Aron the portion of the Commencement Date Volumes then owned by the Company for the Commencement
Date Purchase Value related thereto, free and clear of all liens, claims and encumbrances of any kind, other than Permitted S&O Liens. 

“Company Product Reimbursement Obligation” has the meaning specified in Section 8.1(f)(iii). 

“Company Purchase Agreement” has the meaning specified in the Marketing and Sales Agreement. 

“Company Sourcing Transaction” has the meaning specified in Section 18.2(o). 

“Contract Nominations” has the meaning specified in Section 5.4(b). 

“Controlled Account” has the meaning specified in the Pledge and Security Agreement. 

“Counterparty Crude Sales Fee” means, with respect to any month, the sum of all Crude Sales Fees relating to all Counterparty
Crude Sales. 
 “Counterparty Crude Sales” means all sales of Barrels of Crude Oil under Aron Procurement Contracts made by
Aron during any month at the direction of the Company to a counterparty other than the Company. 
 “Crude Buy Leg” has the
meaning specified in Section 5.3(e). 
 “Crude Delivery Point” means the outlet flange of the
Crude Storage Tanks. 
 “Crude Differential” means the Differential applicable to the relevant Pricing Benchmark for Crude
Oil as specified in Schedule B and adjusted monthly pursuant to Schedule K. 
 “Crude Differential Adjustment
Settlement Amount” has the meaning specified in Schedule K. 
 “Crude Intake Point” means the inlet flange
of the Crude Storage Tanks. 
 “Crude Oil” means crude oil of any type or grade, excluding any Sludge. 

“Crude Payment Undertaking” means, with respect to a Refinery Procurement Contract, a written undertaking by Aron in the form
of Schedule AA hereto, subject to revisions as reasonably necessary to account for payment due dates occurring prior to completion of delivery of Crude Oil to the Company or otherwise, in each case in form and substance satisfactory to Aron
under which Aron irrevocably agrees to remit or cause or otherwise arrange for the remittance to the relevant Third Party Supplier of funds sufficient to pay the Crude Procurement Payment due to such Third Party Supplier under such Refinery
Procurement Contract on the relevant Procurement Due Date without discount, deduction, set-off or counterclaim; provided 

  
 8 

 
that (i) such remittance of the full Crude Procurement Payment shall in no way limit the Company’s obligation hereunder to reimburse Aron therefor and to compensate Aron for any
Ancillary Costs in connection therewith and (ii) in no event shall such undertaking obligate Aron to make, cause or arrange for any remittance of a prepayment under a Refinery Procurement Contract unless the Parties have agreed to such
additional terms and conditions not inconsistent with this Agreement as Aron may, in its discretion, require in connection therewith. 

“Crude Procurement Payment” means, with respect to a Refinery Procurement Contract, the payment due to the Third Party
Supplier thereunder as reflected in the invoice provided by such Third Party Supplier to the Company with respect to the volume of Crude Oil delivered thereunder to the Company. 

“Crude Procurement Request” has the meaning specified in Section 5.3(b). 

“Crude Sales Fee” means, for any month, the number of Barrels sold by Aron in connection with any Counterparty Crude Sale
multiplied by the Crude Sales Fee Rate for such Counterparty Crude Sale. 
 “Crude Sales Fee Rate” means, with respect to
any Counterparty Crude Sale under which Aron is seller, the fee per Barrel agreed to by Aron and the Company in connection with such Counterparty Crude Sale that shall be due from the Company to Aron with respect to each Barrel sold thereunder. 

“Crude Sell Leg” has the meaning specified in Section 5.3(e). 

“Crude Storage Tanks” means any of the tanks at the Refinery listed on Schedule E that store Crude Oil. 

“Cumulative Daily Forward Settlement” means, for any Forward Delivery Month, (x) the sum of the Daily Forward
Settlements paid to Aron for all days occurring during such month minus (y) the sum of the Daily Forward Settlements paid to the Company for all days occurring during such month. 

“Current Deferred Payment Amount” has the meaning specified on Schedule F. 

“Current Month Pricing Benchmark(s)” means, for any month and with respect to a particular Pricing Group, the pricing index,
formula or benchmark plus or minus the applicable Differential (if any) set forth on and determined in accordance with Schedule B for such month. 

“Customer” has the meaning specified in the Marketing and Sales Agreement. 

“Daily Forward Settlement” has the meaning specified in Section 31.8. 

“Daily Prices” means, with respect to a particular grade of Crude Oil or type of Product, the pricing index, formula or
benchmark indicated on Schedule B as the relevant daily price. 
 “Daily Produced Volume” means, for any day, the
actual aggregate volume of Jet Fuel delivered by the Company to Aron at the Products Delivery Point during such day determined using the Forward Volume Determination Procedures, except as otherwise adjusted pursuant to
Section 31.7(b). 

  
 9 

 “Daily Product Purchases” means, for any day and Product Group, Aron’s
estimate of the aggregate volume of such Product purchased during such day pursuant to Included Purchase Transactions. 
 “Daily
Product Sales” means, for any day and Product Group, Aron’s estimate of the aggregate sales volume of such Product sold during such day, pursuant to (a) any Included Sales Transaction, and (b) any Additional Product
Transaction. 
 “Default” means any event that, with notice or the passage of time, would constitute an Event of Default.

 “Default Interest Rate” means the lesser of (i) the per annum rate of interest calculated on a daily basis using
the prime rate published in the Wall Street Journal for the applicable day (with the rate for any day for which such rate is not published being the rate most recently published) plus two hundred (200) basis points and (ii) the
maximum rate of interest permitted by Applicable Law. 
 “Defaulting Party” has the meaning specified in
Section 19.2(a). 
 “Deferral Arrangement Fee” has the meaning specified in the Fee Letter. 

“Deferral Fee” has the meaning specified in Schedule F. 

“Deferred Payment Availability Fee” has the meaning specified in Schedule F. 

“Deferred Payment Termination Date” has the meaning specified in Section 11.6(b). 

“Deferred Payment Credit Support Amount” means, as of any day, the product of (i) 0.85 and (ii) sum of (A) the
Eligible Receivables as most recently reported by the Company pursuant to Section 11.7(a) and subject to any adjustments by Aron pursuant to Section 11.7(b); and (B) the Eligible Hydrocarbon
Inventory Value as of such day. 
 “Definitive Commencement Date Value” has the meaning specified in the Inventory Sales
Agreements. 
 “Delivery Date” means any calendar day. 

“Delivery Month” means (i) the month in which Crude Oil is to be delivered to the Refinery in accordance with the
relevant Procurement Contract, or (ii) the month in which Product is to be delivered to the Refinery in accordance with the relevant Refinery Product Contract or Included Product Contract. 

“Delivery Point” means a Crude Delivery Point or a Products Delivery Point, as applicable. 

  
 10 

 “Deposit Account Control Agreements” means agreements in writing, in form and
substance reasonably satisfactory to Aron, by and among Aron, the Company and each bank at which a Controlled Account is at any time maintained which provides that such bank will comply with instructions originated by Aron directing disposition of
the funds in the deposit account without further consent by the Company and has such other terms and conditions as Aron may reasonably require. 

“Designated Affiliate” means, in the case of Aron, Goldman, Sachs & Co. LLC, and in the case of the Company, Par
Pacific and Par LLC. 
 “Differential” means, for each Current Month Pricing Benchmark, the amount added to or subtracted
from the reference pricing source to determine such Current Month Pricing Benchmark. The Differentials applicable during the Term, as shall be set forth on Schedule B and as may be adjusted from time to time pursuant to
Section 7.4. 
 “Differential Adjustment Month” has the meaning specified in
Section 7.4(d). 
 “Disposed Quantity” has the meaning specified in
Section 9.4(a). 
 “Disposition Amount” has the meaning specified in
Section 9.4(a). 
 “Eligible Hydrocarbon Inventory” means, as of any day, the Hydrocarbons
(including, for the avoidance of doubt, gasoline blendstock) owned by the Company and held for sale or that consists of raw materials and, in each case, that are subject to a valid, first priority perfected Lien and security interest in favor of
Aron, including, without limitation, at any time and with respect to any such Hydrocarbons, the aggregate volume of such Hydrocarbons constituting linefill; provided that, unless Aron shall otherwise elect in its reasonable discretion, Eligible
Hydrocarbon Inventory shall not include any Hydrocarbon: 
 (a) that is held on consignment or not otherwise owned by the
Company; 
 (b) that is obsolete or returned or repossessed or used goods taken in trade; 

(c) that is unmerchantable, constitutes Sludge or damaged product or constitutes product that is permanently off-spec; 
 (d) that is subject to any other Lien whatsoever (other than Permitted Liens
(as defined in the Pledge and Security Agreement)); 
 (e) that consists solely of chemicals (other than commodity chemicals
maintained in bulk), samples, prototypes, supplies, or packing and shipping materials; 
 (f) that has been sold to a
customer of the Company; 
 (g) that is not (i) located at a location owned or leased by the Company and set forth on
Schedule V hereto, or (ii) in transit between any such locations (other than via pipeline movement within the Refinery and Storage Facilities); 

  
 11 

 (h) that is not currently either usable or salable, at market price, in the
normal course of the Company’s business; 
 (i) that contains or bears any Intellectual Property (as defined in the
Pledge and Security Agreement) licensed to the Company by any Person, if it would restrict Aron from selling or otherwise disposing of such Hydrocarbon Inventory in accordance with the terms of the Pledge and Security Agreement without infringing
the rights of the licensor of such Intellectual Property or violating any contract with such licensor (and without payment other than any ordinary course royalty payments or similar payments due with respect to the sale or disposition of such
Inventory pursuant to the applicable license agreement for such Intellectual Property) and as to which the Company has not delivered to Aron a consent or sublicense agreement from such licensor in form and substance acceptable to Aron if requested;
and 
 (j) that is not identified on Schedule X, unless otherwise mutually agreed by the Parties. 

“Eligible Hydrocarbon Inventory Value” means, as of any day, the aggregate value of the then existing Eligible Hydrocarbon
Inventory, determined based on the applicable then current Daily Prices; provided that to the extent the price of any such Eligible Hydrocarbon Inventory is hedged under Swap Contracts (as defined in the Pledge and Security Agreement), such
aggregate value shall be increased or decreased (as appropriate) by the then current aggregate mark-to-market value of such Swap Contracts as determined by Aron based on
its then current methodology for marking outstanding positions; provided further that such Swap Contracts shall only include those that have been designated by the Company (which designation shall be no less frequent than monthly) to hedge the
Company’s price exposure with respect to Eligible Hydrocarbon Inventory. 
 “Eligible Receivables” means Accounts
created by the Company that in each case satisfy the criteria set forth below as reasonably determined by Aron: 
 (a) such
Accounts arise from the actual and bona fide sale and delivery of refined petroleum products by the Company to an Acceptable Account Debtor in the ordinary course of the Company’s business which transactions are completed in accordance with the
terms and provisions contained in any documents related thereto and are evidenced by an invoice delivered to the relevant Acceptable Account Debtor; 

(b) such Accounts (i) are not unpaid more than fifteen (15) days after the original due date therefor and
(ii) are not unpaid more than forty-five (45) days after the date of the original invoice thereof; 
 (c) such
Accounts comply with the following terms and conditions: (i) the amounts shown on any invoice delivered to Aron or schedule thereof delivered to Aron shall be true and complete, (ii) no payments shall be made thereon except payments
immediately delivered to the Receivables Collection Account, (iii) no credit, discount, allowance or extension or agreement for any of the foregoing shall be granted to any Acceptable Account Debtor except for credits, discounts, allowances or
extensions made 

  
 12 

 
or given in the ordinary course of the Company’s business in accordance with practices and policies previously disclosed to Aron and (iv) none of the transactions giving rise thereto
will violate any Applicable Law, all documentation relating thereto will be legally sufficient under such Applicable Law and all such documentation will be legally enforceable in accordance with its terms; 

(d) such Accounts do not arise from sales on consignment, guaranteed sale, sale and return, sale on approval, or other terms
under which payment by the account debtor may be conditional or contingent; 
 (e) such Accounts do not consist of percentage
of completion accounts or progress billings (such that the obligation of the account debtors with respect to such Accounts is conditioned upon the Company’s satisfactory completion of any further performance under the agreement giving rise
thereto), bill and hold invoices or retainage invoices, except as to bill and hold invoices, if Aron shall have received an agreement in writing from the Acceptable Account Debtor, in form and substance reasonably satisfactory to Aron, confirming
the unconditional obligation of the account debtor to take the goods related thereto and pay such invoice; 
 (f) such
Accounts are not owing by creditors of or suppliers to the Company or an Affiliate or employee of the Company, excluding HIE Retail and the Mid Pac Group; 

(g) if such Accounts arise from the sale and delivery of refined petroleum products by the Company to HIE Retail and the Mid
Pac Group, such sale shall have arisen in the ordinary course of the Company’s or such Affiliate’s business, be made upon fair and reasonable terms not less favorable to the Company or such Affiliate than it would obtain in a comparable
arm’s length transaction with a Person which is not an Affiliate of the Company, be promptly invoiced upon delivery and provide for payment thereunder being due no later than three Business Days after invoicing; provided that the amount of such
Accounts from HIE Retail or the Mid Pac Group taken individually shall not constitute more than ten percent (10%) of the sum of all Eligible Receivables at any time (but the portion of the Accounts not in excess of such percentage shall be deemed
Eligible Receivables); provided further that the aggregate amount of such Accounts shall not constitute more than eighteen percent (18%) of the sum of all Eligible Receivables at any time (but the portion of the Accounts not in excess of such
percentage shall be deemed Eligible Receivables); 
 (h) there are no facts, events or occurrences which would materially
impair the validity, enforceability or collectability of such Accounts or reduce the amount payable or materially delay payment thereunder; 

(i) such Accounts are subject to the first priority, valid and perfected security interest in favor of Aron pursuant to the
Lien Documents and each Acceptable Account Debtor has been instructed that all payments in respect of such Accounts are to be made directly to the Receivables Collection Account; 

  
 13 

 (j) such Accounts are not subject to any other Liens and any goods giving rise
thereto are not, and were not at the time of the sale thereof, subject to any Liens, in each case, other than Permitted S&O Liens; 

(k) neither the Acceptable Account Debtor nor any officer or employee of the Acceptable Account Debtor with respect to such
Accounts is an officer, employee, agent or Affiliate of the Company; 
 (l) there are no proceedings or actions which are
pending or, to the knowledge of the Company, threatened against the account debtor with respect to such Accounts which might result in any material adverse change in any such account debtor’s financial condition (including, without limitation,
any bankruptcy, dissolution, liquidation, reorganization or similar proceeding); 
 (m) such Account is not owed by an
account debtor that has (i) applied for, suffered, or consented to the appointment of any receiver, interim receiver, receiver-manager, custodian, trustee, or liquidator of its assets, (ii) had possession of all or a material part of its
property taken by any receiver, interim receiver, receiver-manager, custodian, trustee or liquidator, (iii) filed, or had filed against it, any request or petition for liquidation, reorganization, arrangement, adjustment of debts, adjudication
as bankrupt, winding-up, or voluntary or involuntary case or other Insolvency Proceeding under any Federal, State, foreign or other bankruptcy laws (other than post-petition accounts payable of an account
debtor that is a debtor-in-possession under the Bankruptcy Code and reasonably acceptable to Aron), (iv) admitted in writing its inability, or is generally unable to,
pay its debts as they become due, (v) become insolvent, or (vi) ceased operation of its business; 
 (n) such
Account is not owed by an account debtor that has sold all or substantially all its assets (unless such Account has been assumed by a Person that shall have acquired such assets and otherwise satisfies the requirements set forth in this definition);

 (o) such Account is not owed by an account debtor that has Accounts classified as ineligible under clause (b) above
which constitute more than twenty-five percent (25%) of the total Accounts of such account debtor; 
 (p) the account debtor
is not located in a state requiring the filing of a “Notice of Business Activities Report” or similar report in order to permit the Company to seek judicial enforcement in such State of payment of such Account, unless the Company has
qualified to do business in such state or has filed a “Notice of Business Activities Report” or equivalent report for the then current year or such failure to file and inability to seek judicial enforcement is capable of being remedied
without any material delay or material cost; 
 (q) such Accounts do not include any billing for interest, fees or late
charges (but the portion of the Accounts in excess of such amounts shall be deemed Eligible Receivables if such Accounts are otherwise Eligible Receivables); 

  
 14 

 (r) which indicates any Person other than the Company as payee or remittance
party or is owed in any currency other than U.S. dollars; 
 (s) which is owed by an account debtor (i) that maintains
its chief executive office in the United States and is organized under applicable law of the United States or any State of the United States or (ii) (A) that maintains an Investment Grade Rating, (B) the obligations of which under any
Account that is to be an Eligible Receivable are supported by a customary trade letter of credit from a US bank, the US branch of a foreign branch or an Acceptable Foreign Bank that has an Investment Grade Rating or (C) the obligations of which
under any Account that is to be an Eligible Receivable are supported by credit insurance that is in form and substance and by an issuer reasonably satisfactory to Aron; 

(t) such Accounts are owed by account debtors that at all times are Acceptable Account Debtors; 

(u) no portion of any such Accounts is evidenced by a promissory note or other instrument or by chattel paper; 

(v) such Accounts are not otherwise subject to any potential offset, counterclaim, dispute, deduction, discount, recoupment,
reserve, defense, chargeback, rebate, credit or allowance (provided that if such Accounts are otherwise Eligible Receivables, the portion of such Accounts in excess of the amount at any time and from time to time owed by the Company to the
Acceptable Account Debtor or claimed owed by such Acceptable Account Debtor may be deemed Eligible Receivables); 
 (w) if
the Account is a Commercial Account, then it shall be an Eligible Receivable only if it satisfies the following additional criteria: 

(I) the aggregate amount of such Accounts owing by a single account debtor do not constitute more than twenty-five percent
(25%) of the sum of all Eligible Receivables (but the portion of the Accounts not in excess of such percentage shall be deemed Eligible Receivables); 

(II) the account debtors with respect to such Accounts are not any foreign government, the United States of America, any State,
political subdivision, department, agency or instrumentality thereof; and 
 (III) such Accounts are owed by account debtors
whose total indebtedness to such the Company does not exceed the credit limit with respect to such account debtors as determined by the Company from time to time, to the extent such credit limit as to any account debtor is established consistent
with the current practices and policies of the Company as of the Commencement Date and such credit limit is reasonably acceptable to Aron (but the portion of the Accounts not in excess of such credit limit may be deemed Eligible Receivables if such
Accounts are otherwise Eligible Receivables); and 

  
 15 

 (x) if the Account is a Government Account and otherwise satisfies the criteria
for an Eligible Receivable it shall be an Eligible Receivable except for any portion thereof: 
 (I) against which the
applicable U.S. Governmental Authority has exercised its right of setoff or deduction or has formally notified the Company of its intention to do so; 

(II) to the extent such Government Account is offset by a deferred revenue deposit related to such Government Account (but only
to the extent of such deferred revenue deposit; provided, if and to the extent any such deferred revenue deposit exceeds the related Government Account (such excess, the “Deferred Revenue Excess”), such Deferred Revenue Excess shall
further reduce the total Eligible Receivables on a dollar for dollar basis); and 
 (III) as to which the Company shall not
have executed a Notice of Assignment and an Instrument of Assignment with respect to the underlying Government Contract and any other agreements, instruments and documents and performed all acts that Aron may reasonably require to ensure compliance
with the Assignment of Claims Act (or any other similar state laws); provided, however, that the filing of such Notice of Assignment and Instrument of Assignment with the applicable U.S. Governmental Authority shall not occur until required pursuant
to the Lien Documents; 
 provided that, in determining the amount of the Accounts to be included in as Eligible Receivables, the face amount
of an Account shall be reduced, to the extent not reflected in such face amount, by (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges or
other allowances (including any amount that the Company may be obligated to rebate to a customer pursuant to the terms of any agreement or understanding (written or oral)); (ii) the aggregate amount of all cash received in respect of such Account
but not yet applied by the Company to reduce the amount of such Account or (iii) the amount of any Reserve established for such Accounts by Aron. 

“Ending In-Tank Crude Inventory” has the meaning specified in
Section 9.2(a). 
 “Ending In-Tank Product Inventory” has
the meaning specified in Section 9.2(a). 
 “Environmental Law” means any existing or past
Applicable Law, policy, judicial or administrative interpretation thereof or any legally binding requirement that governs or purports to govern the protection of persons, natural resources or the environment (including the protection of ambient air,
surface water, groundwater, land surface or subsurface strata, endangered species or wetlands), occupational health and safety and the manufacture, processing, distribution, use, generation, handling, treatment, storage, disposal, transportation,
release or management of solid waste, industrial waste or hazardous substances or materials. 

  
 16 

 “Equity Interests” means, with respect to any Person, all of the shares of
capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such
Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other
interests are outstanding on any date of determination. 
 “Equity Pledge Agreement” means the Equity Pledge Agreement,
dated as of the Commencement Date, by and between Par LLC and Aron, pursuant to which Par LLC pledged to Aron, and granted Aron a first lien in, all Equity Interests of the Company. 

“ERISA” has the meaning specified in the Pledge and Security Agreement. 

“EST” means the prevailing time in the Eastern time zone. 

“Estimated Commencement Date Value” has the meaning specified in the Inventory Sales Agreements. 

“Estimated Daily Net Crude Sales” has the meaning specified in Section 10.1(c)(i). 

“Estimated Daily Net Product Sales” has the meaning specified in Section 10.1(c)(ii). 

“Estimated Monthly Forward Value” has the meaning specified in Section 31.7(a). 

“Estimated Termination Amount” has the meaning specified in Section 20.2(b). 

“Estimated Yield” has the meaning specified in Section 8.3(a). 

“Event of Default” means an occurrence of the events or circumstances described in Section 19.1.

 “Excess Quantity” has the meaning specified in Section 7.10(a). 

“Exchanged Confirmations” mean, with respect to an Aron Procurement Contract that is confirmed by Aron and the Third Party
Supplier exchanging confirmations rather than jointly executing a single confirmation, the confirmations so exchanged by Aron and such Third Party Supplier. 

“Excluded Materials” means any materials other than Crude Oil or Products. 

“Existing Financing Agreements” means the Financing Agreements listed on Schedule L. 

“Existing Supplier/Offtaker” means Barclays Bank PLC, a public limited company organized under the laws of England and Wales.

  
 17 

 “Existing Supplier/Offtaker Inventory Sales Agreement” means the purchase and
sale agreements, in form and in substance reasonably satisfactory to Aron, dated as of the Commencement Date, pursuant to which the Existing Supplier/Offtaker and the Company is selling and transferring to Aron the portion of the Commencement Date
Volumes then owned by the Existing Supplier/Offtaker and the Company for the Commencement Date Purchase Value related thereto, free and clear of all liens, claims and encumbrances of any kind, other than Permitted S&O Liens. 

“Expiration Date” has the meaning specified in Section 3.1. 

“Fed Funds Rate” means the rate set forth in H.15(519) or in H.15 Daily Update for the most recently preceding Business Day
under the caption “Federal funds (effective)”; provided that if no such rate is so published for any of the immediately three preceding Business Days, then such rate shall be the arithmetic mean of the rates for the last transaction in
overnight Federal funds arranged by each of three leading brokers of U.S. dollar Federal funds transactions prior to 9:00 a.m., EST, on that day, which brokers shall be selected by Aron in a commercially reasonable manner. For purposes hereof,
“H.15(519)” means the weekly statistical release designated as such, or any successor publication, published by the Board of Governors of the Federal Reserve System, available through the worldwide website of the Board of Governors of the
Federal Reserve System at http://www.federalreserve.gov/releases/h15/, or any successor site or publication and “H.15 Daily Update” means the daily update of H.15(519), available through the worldwide website of the Board of Governors of
the Federal Reserve System at http://www.federalreserve.gov/releases/h15/update/, or any successor site or publication. 
 “Fee
Letter” means that certain letter from Aron to the Company, dated as of May 8, 2017, and as from time to time thereafter amended and/or restated, which identifies itself as the “Fee Letter” for purposes hereof, and pursuant
to which the Parties have set forth the amounts for and other terms relating to certain fees payable hereunder. 
 “FIFO Balance
Final Settlement” has the meaning specified in Schedule N. 
 “Financing Agreement” means any credit
agreement, indenture or other financing agreement under which the Company or any of its Affiliates may incur or become liable for indebtedness for borrowed money (including capitalized lease obligations and reimbursement obligations with respect to
letters of credit) but only if the covenants thereunder limit or otherwise apply to any of the business, assets or operations of the Company and/or any of its Subsidiaries. 

“Force Majeure” means any cause or event reasonably beyond the control of a Party, including fires, earthquakes, lightning,
floods, explosions, storms, adverse weather, landslides and other acts of natural calamity or acts of God; navigational accidents or maritime peril; vessel damage or loss; strikes, grievances, actions by or among workers or lock-outs (whether or not
such labor difficulty could be settled by acceding to any demands of any such labor group of individuals and whether or not involving employees of the Company or Aron); accidents at, closing of, or restrictions upon the use of mooring facilities,
docks, ports, pipelines, harbors, railroads or other navigational or transportation mechanisms; disruption or breakdown of, explosions or accidents to wells, storage plants, refineries, terminals, machinery or other facilities; acts of war,
hostilities (whether declared or undeclared), civil commotion, embargoes, blockades, terrorism, sabotage or acts of the public enemy; any act or omission of any 

  
 18 

 
Governmental Authority; good faith compliance with any order, request or directive of any Governmental Authority; curtailment, interference, failure or cessation of supplies reasonably beyond the
control of a Party; or any other cause reasonably beyond the control of a Party, whether similar or dissimilar to those above and whether foreseeable or unforeseeable, which, by the exercise of due diligence, such Party could not have been able to
avoid or overcome. Solely for purposes of this definition, the failure of any Third Party Supplier to deliver Crude Oil pursuant to any Aron Procurement Contract, whether as a result of Force Majeure as defined above, “force majeure” as
defined in such Aron Procurement Contract, breach of contract by such Third Party Supplier or any other reason, shall constitute an event of Force Majeure for Aron under this Agreement with respect to the quantity of Crude Oil subject to that Aron
Procurement Contract. 
 “Forward Delivery Month” has the meaning specified in Section 31.2. 

“Forward Jet Fuel Transaction” has the meaning specified in Section 31.1. 

“Forward Transaction Commencement Date” has the meaning specified in Section 31.2. 

“Forward Transaction Early Termination” has the meaning specified in Section 31.12. 

“Forward Transaction Obligations” means all of the Company’s obligations to Aron from time to time arising under this
Article 31 in respect of the Forward Jet Fuel Transaction. 
 “Forward Volume Determination Procedures” mean, for
any specified period, procedures for determining the volume of Jet Fuel or other Product that has been delivered by the Company to Aron at the Products Delivery Point during such period using available meters, gauges and other measuring equipment or
methods, which procedures shall be developed by the Company in consultation with Aron and shall be satisfactory to Aron in its commercially reasonable judgment. 

“Framework Agreement” means that certain Framework Agreement, dated as of September 25, 2013 (as may be amended,
restated, supplemented or otherwise modified from time to time), by and among Tesoro Hawaii, LLC, a Hawaii limited liability company, Hawaii Pacific Energy, LLC, a Delaware limited liability company, and Existing Supplier/Offtaker. 

“FTZ” means a foreign trade zone authorized in accordance with the Foreign Trade Zone Act of 1934. 

“GAAP” means generally accepted accounting principles in the U.S. set out in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and the Financial Accounting Standards Board as in effect from time to time. 

“Government Accounts” means Accounts owing directly by any U.S. Governmental Authority to a Loan Party under a prime contract
entered into between such U.S. Governmental Authority and such Loan Party. 

  
 19 

 “Governmental Authority” means any federal, state, regional, local, or municipal
governmental body, agency, instrumentality, authority or entity established or controlled by a government or subdivision thereof, including any legislative, administrative or judicial body, or any person purporting to act therefor. 

“Guarantor” means Par LLC. 

“Guaranty” means the Guaranty, dated as of the Restatement Effective Date, from the Guarantor provided to Aron in connection
with this Agreement and the transactions contemplated hereby, in form and substance satisfactory to Aron. 
 “Hazardous
Substances” means any explosive or radioactive substances or wastes and any toxic or hazardous substances, materials, wastes, contaminants or pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing
materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances defined or listed as “hazardous substances,” “hazardous materials,” “hazardous wastes” or “toxic
substances” (or similarly identified), regulated under or forming the basis for liability under any applicable Environmental Law. 

“HIE Retail” means HIE Retail, LLC, a Hawaii limited liability company. 

“Honolulu 10 Inch Pipeline” has the meaning specified on Schedule U. 

“HST” means the prevailing time in Hawaii. 

“Hydrocarbons” means crude oil, intermediate feedstocks, blendstocks, and finished and unfinished petroleum products,
including without limitation, asphalt, gasoline, diesel fuels, fuel oil and jet fuels; provided that such term shall not include solvents. 

“Identified Facilities” has the meaning specified in Section 14.4(a). 

“Included Company Product Tanks” means all Included Product Tanks owned by the Company or any Affiliate of the Company. 

“Included Locations” means, collectively, the Crude Storage Tanks and the Product Storage Facilities, as more particularly
described on Schedule E and Schedule U. 
 “Included Product Pipelines” means the Product pipelines or
sections thereof owned or leased by the Company or by a third party that is listed on Schedule U, as such schedule may from time to time be amended by the Parties. 

“Included Product Tanks” means the Product storage tanks owned and operated by the Company or by third parties as further
identified and described on Schedule E, including, as applicable with respect to the inventory report provided by such third party, any related facilities or pipelines used in connection with such tanks. 

“Included Purchase Transaction” means (i) an agreement entered into by Aron at the request of the Company under
Section 2.3 of the Marketing and Sales Agreement, pursuant to which Aron purchases any Products from a third party (a “Product Supplier”), or (ii) an agreement with the Company entered into pursuant to
Section 8.1(c)(i) which shall provide for purchase by Aron from the Company of Products delivered to Aron at the Products Intake Point. 

  
 20 

 “Included Sales Transaction” has the meaning specified in the Marketing and
Sales Agreement. 
 “Included Tanks” means the Crude Storage Tanks and Included Product Tanks, as more particularly
described on Schedule E. 
 “Included Third Party Product Tanks” means any Included Product Tanks other than
Included Company Product Tanks. 
 “Indenture” means the Indenture, dated as of December 21, 2017, among the Notes
Issuers, Wilmington Trust, National Association as trustee, and the Notes Collateral Trustee. 
 “Independent Inspection
Company” has the meaning specified in Section 12.3. 
 “Index Purchase Value” has the
meaning specified in Section 7.5(b)(iv)(B). 
 “Index Sale Value” has the meaning specified in
Section 7.5(a)(iv)(B). 
 “Infrared Thermography” means the use of infrared images taken on four
sides of each tank with the average value determined used to determine the level of Sludge from the appropriate strapping table, with values adjusted from Gross Standard Volume (GSV) to reflect Sludge volumes. 

“Initial Acceptable Account Debtors” means the entities listed on Schedule T hereto. 

“Initial Estimated Yield” has the meaning specified in Section 2.1(v). 

“Initial Margin Amount” has the meaning specified in Section 4.3. 

“Interim Differential Adjustment Month” has the meaning specified in Section 7.4(d). 

“Interim Payment” has the meaning specified in Section 10.1(a). 

“Inventory Report” has the meaning as specified in Section 11.7(a). 

“Inventory Sales Agreements” means the Company Inventory Sales Agreement and the Existing Supplier/Offtaker Inventory Sales
Agreement. 
 “Investment Grade Rating” means a rating of BBB- or better by
Standard & Poor’s Rating Services and Baa3 or better by Moody’s Investors Service, Inc. 
 “Jet Fuel”
means the Jet Fuel Product Group described on Schedule P hereto. 
 “Latest Commencement Date” has the meaning
specified in Section 2.3(a). 

  
 21 

 “Liabilities” means any losses, liabilities, charges, damages, deficiencies,
assessments, interests, fines, penalties, costs and expenses (collectively, “Costs”) of any kind (including reasonable attorneys’ fees and other fees, court costs and other disbursements), including any Costs directly or
indirectly arising out of or related to any suit, proceeding, judgment, settlement or judicial or administrative order and any Costs arising from compliance or non-compliance with Environmental Law. 

“LIBOR” means, as of the date of any determination, the London Interbank Offered Rate for three-month U.S. dollar deposits
appearing on Reuters Screen LIBOR01 Page (or any successor page) at approximately 11:00 a.m. (London time). If such rate does not appear on Reuters Screen LIBOR01 Page (or otherwise on such screen or its successor), LIBOR shall be determined by
reference to such other comparable publicly available service for displaying eurodollar rates as the Parties, acting reasonably, select. LIBOR shall be established on the last Business Day of a calendar quarter and shall be in effect for the
following three months in the next calendar quarter. If any Governmental Authority having jurisdiction over the quotation or determination of the London Interbank Offered Rates declares that it will no longer supervise or sanction such rates for
purposes of interest rates on loans, then Aron shall select a successor rate in its commercially reasonable discretion consistent with industry practice. 

“Lien Documents” means the Pledge and Security Agreement, the Deposit Account Control Agreements and any other instruments,
documents and agreements delivered by or on behalf of the Company and its Affiliates in order to grant to and perfect in favor of Aron a security interest in and lien on all real, personal or mixed property of any nature of the Company and its
Affiliates (subject to customary exclusions acceptable to Aron) as security for the obligations of the Company pursuant to this Agreement and the other Transaction Documents. 

“Liens” has the meaning specified in Section 18.2(l). 

“Liquidated Amount” has the meaning specified in Section 19.2(f). 

“Liquidity” means, as of any day, an amount equal to (a) all unrestricted cash and cash equivalents of the Company held
in Controlled Accounts, plus (b) the excess, if any, of the Deferred Payment Credit Support Amount over the Current Deferred Payment Amount or, if no excess exists, then zero (provided that if as of such day a reduction in the Current Deferred
Payment Amount has been determined or is required under Section 11.4 but payment of such reduction has not yet been made by the Company, the amount determined under this definition shall be decreased by the amount of such reduction). 

“Marketing and Sales Agreement” means the products marketing and sales agreement, dated as of the Commencement Date, between
the Company and Aron pursuant to which the Product purchased by Aron hereunder shall from time to time be marketed and sold by the Company for Aron’s account or otherwise, as amended, supplemented, restated or otherwise modified from time to
time. 
 “Master Agreement” means the ISDA Master Agreement, dated as of June 1, 2015, between the Company and Aron,
including the Schedule thereto, amended and restated as of the date hereof, and all other schedules, annexes and exhibits thereto and all confirmations from time to time issued thereunder and subject thereto, amended and restated as of the date
hereof (the “Amended and Restated Master Agreement”), and as further amended, supplemented, restated or otherwise modified from time to time. 

  
 22 

 “Master Agreement Termination Event” means, with respect to a party, any
“Event of Default” under the Master Agreement with respect to such party or any “Additional Termination Event” under the Master Agreement for which such party is the sole Affected Party thereunder (other than the “Event of
Default” referred to in Part 1(h) of the Schedule to the Master Agreement). 
 “Measured Crude Quantity” means, for
any Delivery Date, the total quantity of Crude Oil that, during such Delivery Date, was withdrawn and lifted by and delivered to the Company at the Crude Delivery Point, as evidenced by either meter readings and meter tickets for that Delivery Date
and tank gaugings conducted at the beginning and end of such Delivery Date. 
 “Measured Product Quantity” means, for any
Delivery Date, the total quantity of a particular Product that, during such Delivery Date, was delivered by the Company to Aron at the Products Intake Point, as evidenced by either (i) meter readings and meter tickets for that Delivery Date or
(ii) tank gaugings conducted at the beginning and end of such Delivery Date. 
 “Mid Pac Group” means Mid Pac
Petroleum, LLC, a Delaware limited liability company, and its Subsidiaries. 
 “Monthly Cover Costs” has the meaning
specified in Section 7.7. 
 “Monthly Crude Forecast” has the meaning specified in
Section 5.2(b). 
 “Monthly Crude Oil True-Up Amount” has
the meaning specified in Schedule C. 
 “Monthly Forward True-Up Amount” has
the meaning specified in Section 31.4(b). 
 “Monthly Forward Volume has the meaning specified in
Section 31.2. 
 “Monthly Market Structure Roll Fees” has the meaning specified in Schedule
Y. 
 “Monthly Net Crude Run” has the meaning specified in Section 6.3(b). 

“Monthly Net Crude Sales” has the meaning specified in Section 9.3(a). 

“Monthly Net Product Group Sales” has the meaning specified in Section 9.3(b). 

“Monthly Produced Volume” means, for any Forward Delivery Month, the actual aggregate volume of Jet Fuel delivered by the
Company to Aron at the Products Delivery Point during such Month determined using the Forward Volume Determination Procedures. 

“Monthly Product Purchase Adjustment” has the meaning specified in Section 7.5(b). 

“Monthly Product Sale Adjustment” has the meaning specified in Section 7.5(a). 

  
 23 

 “Monthly Product True-Up Amount” has the
meaning specified in Schedule C. 
 “Monthly True-Up Amount” has the meaning
specified in Section 10.2(a). 
 “Monthly Volume Shortfall” has the meaning specified in
Section 31.5(a). 
 “Mortgage” means the Mortgage and Security Agreement, dated as of the
Commencement Date, between the Company, as mortgagor and Aron, as mortgagee, granting Aron a lien on all real property and improvements owned by the Company and related asset of the Company as further described therein, as amended, supplemented,
restated or otherwise modified from time to time. 
 “Nomination Cutoff Date” means, with respect to any Aron Procurement
Contract, the date and time (if any) by which Aron is required to provide its nominations to the Third Party Supplier thereunder for the next delivery for which nominations are then due or can then be made. 

“Non-Affected Party” has the meaning specified in
Section 17.1. 
 “Non-Defaulting Party” has the meaning
specified in Section 19.2(a). 
 “Notes” means the 7.75% Senior Secured Notes due 2025 issued
under the Indenture. 
 “Notes Collateral Trustee” means Wilmington Trust, National Association in its capacity as
collateral trustee under the Collateral Trust and Intercreditor Agreement, and any successors and assigns in such capacity. 

“Notes Issuers” means Par LLC and Par Petroleum Finance Corp. 

“NSV” means, with respect to any measurement of volume, the total liquid volume, excluding sediment and water and free water,
corrected for the observed temperature to 60° F. 
 “Operational Volume Range” means the range of operational volumes
for any given set of associated Crude Storage Tanks for each type of Crude Oil and for any given set of associated Product Storage Facilities for each group of Products, between the minimum volume and the maximum volume, as set forth on Schedule
D. 
 “Original Agreement” has the meaning specified in the recitals hereto. 

“Original Effective Date” means June 1, 2015. 

“Other Barrels” has the meaning specified in Section 5.3(g)(ii). 

“Other Product Barrels” has the meaning specified in Section 8.1(c)(ii). 

“Outstanding Forward Amount” means, as of any date of determination, the present value, using the Discount Rate set forth in
the Fee Letter, of future cash flows that equal the then remaining Monthly Forward Volumes multiplied by the corresponding Specified Index Price for such month utilized in the calculations thereof as of the Forward Transaction Commencement Date.

  
 24 

 “Par LLC” means Par Petroleum, LLC f/k/a Hawaii Pacific Energy, LLC, a Delaware
limited liability company. 
 “Party” or “Parties” has the meaning specified in the preamble to this
Agreement. 
 “Payment Undertaking” has the meaning specified in Section 18.2(r). 

“Permitted Holders” means Whitebox Advisors LLC, Zell Credit Opportunities Master Fund, L.P. and each of their respective
Affiliates. 
 “Permitted S&O Liens” means: (a) Liens for taxes, assessments, judgments, governmental charges or
levies, or claims not yet delinquent or the non-payment of which is being diligently contested in good faith by appropriate proceedings and for which adequate reserves have been made; (b) Liens of
mechanics, laborers, suppliers, workers, materialmen, and other similar liens incurred in the ordinary course of business for sums not yet due or being diligently contested in good faith, if such reserve or appropriate provision, if any, as shall be
required by GAAP shall have been made therefore; (c) Liens securing rental, storage, throughput, transportation, handling or other similar fees or charges owing from time to time to carriers, bailees, transporters or warehousemen, solely to the
extent of such fees or charges; and (d) Liens (1) incurred in the ordinary course of business in connection with the purchase or shipping of goods or assets (or the related assets and proceeds thereof), which Liens arise by operation of law in
favor of the seller or shipper of such goods or assets, only attach to such goods or assets and cease to be in effect upon payment in full of the purchase price for such goods or assets, and (2) in favor of customs and revenue authorities
arising as a matter of law to secure payment of customs duties in connection with the importation of goods. 
 “Person”
means an individual, corporation, partnership, limited liability company, joint venture, trust or unincorporated organization, joint stock company or any other private entity or organization, Governmental Authority, court or any other legal entity,
whether acting in an individual, fiduciary or other capacity. 
 “Pipeline Cutoff Date” means, with respect to any third
party Included Product Pipeline, the date and time by which a shipper on such Included Product Pipeline is required to provide its nominations to the entity that schedules and tracks Products in such Included Product Pipeline for the next shipment
period for which nominations are then due. 
 “Pledge and Security Agreement” means that certain Pledge and Security
Agreement by and between the Company and Aron, dated of June 1, 2015, as amended and restated as of the date hereof (the “Amended and Restated Pledge and Security Agreement”), and as further amended, restated, supplemented or
otherwise modified from time to time. 
 “Pricing Group” means any of the Product Groups listed as a pricing group on
Schedule P. 

  
 25 

 “Prior ABL Credit Agreement” means that certain ABL Credit Agreement, dated as
of September 25, 2013 (as amended by that First Amendment and Waiver to ABL Credit Agreement dated as of February 7, 2014, that Second Amendment and Waiver to ABL Credit Agreement dated as of March 30, 2015, and as further amended,
restated, supplemented or otherwise modified from time to time), by and among Hawaii Independent Energy, LLC, formerly known as Tesoro Hawaii, LLC, a Hawaii limited liability company, its subsidiaries party thereto, and each other entity that
becomes a borrower thereunder, as borrowers, Hawaii Pacific Energy, LLC, a Delaware limited liability company, as guarantor, the lenders party thereto, and Deutsche Bank AG New York Branch, as administrative agent. 

“Procurement Contract” means any Aron Procurement Contract or Refinery Procurement Contract, or such other contract to the
extent the Parties mutually deem such contract to be a Procurement Contract for purposes hereof. 
 “Procurement Contract
Assignment” means an instrument, in form and substance reasonably satisfactory to Aron, by which the Company assigns to Aron all rights and obligations under a Refinery Procurement Contract and Aron assumes such rights and obligations
thereunder, subject to terms reasonably satisfactory to Aron providing for the automatic reassignment thereof to the Company in connection with the termination of this Agreement. 

“Procurement Due Date” means, with respect to a Refinery Procurement Contract or Refinery Product Contract, the date on which
the Crude Procurement Payment or Product Procurement Payment under the applicable Contract is due to be paid, which date shall occur after the delivery date under such Refinery Procurement Contract or Refinery Product Contract (unless otherwise
expressly agreed by Aron). 
 “Product” means any of the petroleum products listed on Schedule A, as from time to
time amended by mutual agreement of the Parties, excluding any Sludge. 
 “Product Buy Leg” has the meaning specified in
Section 8.1(d). 
 “Product Differential” means any Differential applicable to a relevant Pricing
Benchmark except for the Current Month Pricing Benchmark for Crude Oil as shall be set forth on Schedule B and as may be adjusted from time to time pursuant to Section 7.4. 

“Product Differential Adjustment Settlement Amount” has the meaning specified in Schedule K. 

“Product Group” means Crude Oil or a group of Products as specified on Schedule P. 

“Product Linefill” means, at any time and for any grade of Product, the aggregate volume of linefill of that Product on the
Included Product Pipelines for which Aron is treated as the exclusive owner by the Included Product Pipelines; provided that such volume shall be determined by using the volumes reported on the monthly or daily statements, as applicable, from the
Included Product Pipelines. 

  
 26 

 “Product Payment Undertaking” means, with respect to a Refinery Product
Contract, a written undertaking by Aron in the form of Schedule AA, subject to revisions as reasonably necessary to account for payment due dates occurring prior to completion of delivery of Products to the Company or otherwise, in each case
in form and substance satisfactory to Aron under which Aron irrevocably agrees to remit or cause or otherwise arrange for the remittance to the relevant Third Party Seller of funds sufficient to pay the Product Procurement Payment due to such Third
Party Seller under such Refinery Product Contract on the relevant Procurement Due Date without discount, deduction, set-off or counterclaim; provided that (i) such remittance of the full Product
Procurement Payment shall in no way limit the Company’s obligation hereunder to reimburse Aron therefor and to compensate Aron for any Ancillary Costs in connection therewith and (ii) in no event shall such undertaking obligate Aron to
make, cause or arrange for any remittance of a prepayment under a Refinery Product Contract unless the Parties have agreed to such additional terms and conditions not inconsistent with the terms of this Agreement as Aron may, in its discretion,
require in connection therewith. 
 “Product Procurement Fee” has the meaning specified in the Marketing and Sales
Agreement. 
 “Product Procurement Payment” means, with respect to a Refinery Product Contract, the payment due to the
Third Party Supplier thereunder as reflected in the invoice provided by such Third Party Supplier to the Company with respect to the volume of Products delivered thereunder to the Company. 

“Product Sales Fee” has the meaning specified in the Marketing and Sales Agreement. 

“Product Sell Leg” has the meaning specified in Section 8.1(d). 

“Product Storage Facilities” means, collectively, Included Product Tanks and Included Product Pipelines. 

“Products Delivery Point” means, with respect to any delivery of Product from an Included Location, (i) in the case of
delivery from the Refinery Product Storage Tanks, (A) if the Product is to be transported via the Honolulu 10 Inch Pipeline, the last permanent flange of the Honolulu 10 Inch Pipeline and (B) if the Product is to be transported via any of
the BPH Pipelines, the last permanent flange of the relevant BPH Pipeline, and (ii) in the case of delivery from any Product Storage Facility other than the Refinery Product Storage Tanks, the outlet flange of the Included Product Tank at such
Product Storage Facility. 
 “Products Intake Point” means (i) in the case of the Refinery Product Storage Tanks, the
inlet flange of the Refinery Product Storage Tanks and (ii) in the case of any Product Storage Facility other than the Refinery Product Storage Tanks, the inlet flange of the Included Product Tanks at such Product Storage Facility. 

“Products Offtake Point” means the delivery point at which Aron transfers title to Products in accordance with sales
transactions executed pursuant to the Marketing and Sales Agreement. 
 “Projected Monthly Run Volume” has the meaning
specified in Section 7.2(a). 
 “Provisional Payment” has the meaning specified in
Section 31.3. 

  
 27 

 “Receivables Collection Account” means the deposit account identified in and
subject to a Deposit Account Control Agreement which is the exclusive account maintained by the Company for the collection of all its Accounts. 

“Receivables Report” has the meaning specified in Section 11.7(a). 

“Refinery” has the meaning specified in the recitals hereto. 

“Refinery Crude Purchase Fee” has the meaning specified in Schedule C. 

“Refinery Crude Purchase Fee Price” has the meaning specified in the Fee Letter. 

“Refinery Facilities” means (i) all the facilities located at the Refinery, and (ii) any associated or adjacent
facility used by the Company to carry out the terms of this Agreement, excluding, however, the Crude Oil receiving and Products delivery facilities, pipelines, tanks and associated facilities which constitute the Storage Facilities. 

“Refinery Procured Barrels” has the meaning specified in Section 5.3(g)(i). 

“Refinery Procured Product Barrels” has the meaning specified in Section 8.1(c)(i). 

“Refinery Procurement Contract” means a procurement contract entered into by the Company with any Third Party Supplier for
the purchase by the Company of Crude Oil, which Crude Oil is to be resold by the Company to Aron at the time such Crude Oil passes the Crude Intake Point. 

“Refinery Product Contract” means a procurement contract entered into by the Company with any third party seller for the
purchase by the Company of Product, which Product is to be resold by the Company to Aron at the time such Product passes the Products Intake Point. 

“Refinery Product Storage Tanks” means the Included Product Tanks owned by the Company and located adjacent to the Refinery
used for the storage of Products, as identified on Schedule E. 
 “Regulatory Event” has the meaning specified in
Section 9.6. 
 “Related Hedges” means any transactions from time to time entered into by Aron
with third parties unrelated to Aron or its Affiliates to hedge Aron’s exposure resulting from this Agreement or any other Transaction Document and Aron’s rights and obligations hereunder or thereunder. 

“Remaining Tenor” has the meaning specified in Section 31.10(a). 

“Required Storage and Transportation Arrangements” means such designations and other binding contractual arrangements
hereafter entered into, in form and substance reasonably satisfactory to Aron, pursuant to which the Company (or its Affiliates) hereafter shall provide Aron with the Company’s (or its Affiliates’) full right to use the third party
Included Product Pipelines and third party Included Product Tanks, pursuant to the terms and conditions of the Base Agreements or such other agreements creating the Company’s rights in and to such facilities and the rights of existing third
parties. 

  
 28 

 “Reserves” means as of any date of determination, such amounts as Aron may from
time to time reasonably and in good faith establish and revise pursuant to the standards and practices that Aron and its Affiliates generally and consistently apply in evaluating the eligibility of receivables in the context of secured financing
transactions, reducing the amount of Accounts that would otherwise be Eligible Receivables: (a) to reflect events, conditions, contingencies or risks which, as determined by Aron in good faith, adversely affect, or would have a reasonable
likelihood of adversely affecting, such Account or the amount that might be received by Aron the sale or other disposition or realization upon such Account (but without duplication to the extent already addressed in the criteria which establishes
Eligible Receivables) or (b) to reflect Aron’s good faith belief that (1) any collateral report (including the reports to be provided pursuant to Section 11.7(a)) or financial information furnished by or on
behalf of the Company to Aron is or may have been incomplete, inaccurate or misleading in any material respect or (2) the information being used by Aron is no longer current as a result of any such collateral report or financial information not
having been provided or having been provided after its required delivery date. Without limiting the generality of the foregoing, Reserves may, at Aron’s option, be established to reflect: (A) dilution with respect to the Accounts (based on
the ratio of the aggregate amount of non-cash reductions in such Accounts for any period to the aggregate dollar amount of the sales for such period), if such dilution as calculated by Aron for any period is
or is reasonably anticipated to be greater than five percent (5%); (B) returns, discounts, claims (including, without limitation, warranty claims), credits and allowances of any nature that are not paid pursuant to the reduction of Accounts; or
(C) sales, excise or similar taxes included in the amount of any such Accounts reported to Aron. To the extent that an event, condition or matter as to any Eligible Receivable or Eligible Hydrocarbon Inventory is addressed pursuant to the
treatment thereof within the applicable definition of such term, Aron shall not also establish a Reserve to address the same event, condition or matter. The amount of any Reserve established by Aron shall have a reasonable relationship to the event,
condition or other matter which is the basis for such Reserve as determined by Aron in good faith in its reasonable judgment. 

“Restatement Effective Date” has the meaning specified in the introductory paragraph of this Agreement. 

“Revised Estimated Yield” has the meaning specified in Section 8.3(a). 

“Run-out Report” has the meaning specified in
Section 7.3(a). 
 “Scheduled Differential Adjustment Month” has the meaning specified in
Section 7.4(d). 
 “Settlement Amount” has the meaning specified in
Section 19.2(b). 
 “Shortfall Settlement Date” means, for any Forward Delivery Month in which a
Monthly Volumetric Shortfall occurs, the same day as the Monthly True-up Amount for such month is due under Section 10.2 hereof. 

“Shortfall Value” has the meaning specified in Section 31.2. 

  
 29 

 “Sludge” means a semi-solid slurry consisting of hydrocarbons, sediment,
paraffin and water, produced from a process or as a result of solids separated from suspension in a liquid. 
 “Sourcing
Transaction” has the meaning specified in Section 18.2(r). 
 “Specified Indebtedness”
means any obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) of the Company in respect of borrowed money. 

“Specified Schedule” has the meaning specified in Section 30.9. 

“Specified Schedule Change” has the meaning specified in Section 30.9. 

“Specified Transaction” means (a) any transaction (including an agreement with respect thereto) now existing or
hereafter entered into between Aron (or any of its Designated Affiliates) and the Company (or any of its Designated Affiliates) (i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity
option, commodity spot transaction, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option, weather swap, weather derivative, weather option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase
transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these
transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause (i) that is currently, or in the future becomes, recurrently entered into the financial markets (including terms and conditions
incorporated by reference in such agreement) and that is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, or
economic indices or measures of economic risk or value, (b) any combination of these transactions and (c) any other transaction identified as a Specified Transaction in this agreement or the relevant confirmation. 

“SPM” means the self-contained single-point mooring buoy offshore terminal facility maintained by the Company offshore of the
Refinery for the purposes of mooring and transferring Crude Oil and Product cargoes from oceangoing vessels. 
 “SPM Buy/Sell Crude
Transaction” has the meaning specified in Section 5.3(e). 
 “SPM Buy/Sell Product
Transaction” has the meaning specified in Section 8.1(d). 
 “SPM Buy/Sell Transaction”
means any SPM Buy/Sell Crude Transaction or SPM Buy/Sell Product Transaction. 
 “SPM Delivery Point” means, with respect
to any Aron Procurement Contract that contemplates delivery at the SPM, the delivery point specified in such Aron Procurement Contract at which title to the Crude Oil or Products being sold thereunder is to be transferred from the Third Party
Supplier thereunder to Aron. 

  
 30 

 “SPM Master Buy/Sell Crude Confirmation” means the master confirmation for SPM
Buy/Sell Crude Transactions in the form provided on Schedule W. 
 “SPM Master Buy/Sell Product Confirmation” means
the master confirmation for SPM Buy/Sell Product Transactions in the form provided on Schedule W. 
 “Step-Out Inventory Sales Agreement” means the purchase and sale agreement, in the form provided on Schedule R, to be dated as of the Termination Date, pursuant to which the Company shall buy Crude
Oil and Products from Aron subject to the provisions of this Agreement and any other terms agreed to by the Parties thereto. 

“Storage Facilities” means the storage, loading and offloading facilities located at the Refinery including the Crude Storage
Tanks and the Refinery Product Storage Tanks and the land, piping, marine facilities, truck facilities and other facilities related thereto, together with existing or future modifications or additions, which are excluded from the definition of
Refinery. In addition, the term “Storage Facilities” includes all other Company Included Locations, except those storage, loading and offloading facilities which are used exclusively to store Excluded Materials. 

“Storage Facilities Agreement” means the storage facilities agreement, in form and substance mutually agreeable to the
Parties, to be dated as of the Commencement Date, between the Company and Aron, pursuant to which the Company has granted to Aron an exclusive right to use the Storage Facilities (to the extent that such exclusive right can be granted) in connection
with this Agreement; provided that such storage facilities agreement shall also grant Aron the right to use the SPM for receiving delivery of material to the extent contemplated by this Agreement, it being acknowledged that Aron shall only receive
and concurrently transfer to the Company title to materials delivered at the SPM Delivery Point and shall not at any time hold, store or transport any materials at or through the SPM or the pipelines, hoses and other infrastructure connecting the
SPM to the Crude Storage Tanks or Refinery Product Storage Tanks. 
 “Subsidiaries” means, with respect to any Person (the
“parent”), any corporation, partnership, joint venture, limited liability company, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if
such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, partnership, joint venture, limited liability company, association or other entity (a) of which securities or other ownership
interests representing more than 50% of the equity or more than 50% of the ordinary voting power, or in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that
is, as of such date, otherwise controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

“Supplier’s Inspector” means any Person selected by Aron in a commercially reasonable manner that is acting as an agent
for Aron or that (1) is a licensed Person who performs sampling, quality analysis and quantity determination of the Crude Oil and Products purchased and sold hereunder, (2) is not an Affiliate of any Party and (3) in the reasonable
judgment of Aron, is qualified and reputed to perform its services in accordance with Applicable Law and industry practice, to perform any and all inspections required by Aron. 

  
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 “Tank Maintenance” has the meaning specified in
Section 9.5(c). 
 “Target Month End Crude Volume” has the meaning specified in
Section 7.2(b). 
 “Target Month End Product Volume” has the meaning specified in
Section 7.3(b). 
 “Tax” or “Taxes” has the meaning specified in
Section 15.1(a). 
 “Term” has the meaning specified in Section 3.1.

 “Termination Amount” means, without duplication, the total net amount owed by one Party to the other Party upon
termination of this Agreement under Section 20.2(a). 
 “Termination Date” has the meaning
specified in Section 20.1. 
 “Termination Date Crude Oil Volumes” has the meaning specified in
Section 20.1(d). 
 “Termination Date Product Volumes” has the meaning specified in
Section 20.1(d). 
 “Termination Date Volumes” has the meaning specified in
Section 20.1(d). 
 “Termination Reconciliation Statement” has the meaning specified in
Section 20.2(c). 
 “Third Party Seller” means any seller of Product under a Refinery Product
Contract (other than an Affiliate of the Company). 
 “Third Party Supplier” means any seller of Crude Oil under a
Procurement Contract (other than the Company or any Affiliate of the Company). 
 “Transaction Commencement Date” has the
meaning specified in Section 31.2. 
 “Transaction Cutoff Date” has the meaning specified in
Section 31.9. 
 “Transaction Document” means any of this Agreement, Marketing and Sales
Agreement, the Inventory Sales Agreements, the Storage Facilities Agreement, the Step-Out Inventory Sales Agreement, the Required Storage and Transportation Arrangements, the Fee Letter, any SPM Master
Buy/Sell Crude Confirmation, any SPM Master Buy/Sell Product Confirmation, the Lien Documents, the Guaranty and any other agreement or instrument contemplated hereby or executed in connection herewith, including any guarantees or other credit
support documents as may be from time to time provided by the Company and/or its Affiliates. 
 “Transition Adjustment
Amount” has the meaning specified on Schedule Z hereto. 
 “U.S. Governmental Authority” means the federal
government of the United States of America or any agency or instrumentality thereof or any state of the United States of America approved by Aron or any agency or instrumentality thereof. 

  
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 “Volume Determination Procedures” means (a) in respect of determining the
NSV of Crude Oil in the Crude Storage Tanks or Products in the Included Company Product Tanks, the Company’s ordinary daily and month-end procedures, which include manually gauging each Crude Storage Tank
or Included Company Product Tank on the last day of the month to ensure that the automated tank level readings are accurate to within a tolerance of two inches; provided that if the automated reading cannot be calibrated to be within such tolerance,
the Company shall use the manual gauge reading in its calculation of month-end inventory; (b) in respect of determining the NSV of Products in the Included Third Party Product Tanks, using the volumes
reported on the most recently available daily reports or monthly statements in respect of such tanks; and (c) in respect of the linefill in the Company-owned Included Product Pipelines, such pipelines shall be deemed full, except when products
owned by third parties are flowing through such pipelines. 
 “Weekly Projection” has the meaning specified in
Section 5.2(c). 
 1.2 Construction of Agreement. 

(a) Unless otherwise specified, reference to, and the definition of any document (including this Agreement) shall be deemed a
reference to such document as may be, amended, supplemented, revised or modified from time to time. 
 (b) Unless otherwise
specified, all references to an “Article,” “Section,” or Schedule” are to an Article or Section hereof or a Schedule attached hereto. 

(c) All headings herein are intended solely for convenience of reference and shall not affect the meaning or interpretation of
the provisions of this Agreement. 
 (d) Unless expressly provided otherwise, the word “including” as used herein
does not limit the preceding words or terms and shall be read to be followed by the words “without limitation” or words having similar import. 

(e) Unless expressly provided otherwise, all references to days, weeks, months and quarters mean calendar days, weeks, months
and quarters, respectively. 
 (f) Unless expressly provided otherwise, references herein to “consent” mean the
prior written consent of the Party at issue, which shall not be unreasonably withheld, delayed or conditioned. 
 (g) A
reference to any Party to this Agreement or another agreement or document includes the Party’s permitted successors and assigns. 

(h) Unless the contrary clearly appears from the context, for purposes of this Agreement, the singular number includes the
plural number and vice versa; and each gender includes the other gender. 
 (i) Except where specifically stated otherwise,
any reference to any Applicable Law or agreement shall be a reference to the same as amended, supplemented or re-enacted from time to time. 

  
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 (j) Unless otherwise expressly stated herein, any reference to “volume”
shall be deemed to refer to actual NSV, unless such volume has not been yet been determined, in which case, volume shall be an estimated net volume determined in accordance with the terms hereof. 

(k) 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. 
 (l) For the
purposes of this Agreement, any reference to the “first month” shall be the period from and including the Commencement Date to and including June 30, 2015. Any reference to the “prior month” means the period from and
including the Commencement Date of the Original Agreement (as defined therein) to and including the day immediately preceding the Commencement Date. 

1.3 The Parties acknowledge that they and their counsel have reviewed and revised this Agreement and that no presumption of contract
interpretation or construction shall apply to the advantage or disadvantage of the drafter of this Agreement. 
 ARTICLE 2 

CONDITIONS TO COMMENCEMENT 

2.1 Conditions to Obligations of Aron. The obligations of Aron contemplated by this Agreement shall be subject to satisfaction by the
Company of the following conditions precedent on and as of the Commencement Date: 
 (a) The Company Inventory Sales
Agreement shall have been duly executed by the Company and, pursuant thereto, the Company shall have agreed to transfer to Aron on the Commencement Date, all right, title and interest in and to the portion of the Commencement Date Volumes subject
thereto, free and clear of all Liens, other than Permitted S&O Liens; 
 (b) The Existing Supplier/Offtaker Inventory
Sales Agreement shall have been duly executed by the Existing Supplier/Offtaker and the Company and, pursuant thereto, the Existing Supplier/Offtaker and the Company shall have agreed to transfer to Aron on the Commencement Date, all right, title
and interest in and to the portion of the Commencement Date Volumes subject thereto, free and clear of all Liens, other than Permitted S&O Liens; 

(c) The Company shall have agreed to a form of the Step-Out Inventory Sales Agreement
in form and in substance satisfactory to Aron; 
 (d) The Company shall have duly executed the Storage Facilities Agreement
in form and in substance satisfactory to Aron and provided Aron satisfactory documentation that it has secured, for the benefit of Aron, full, unencumbered storage and usage rights of the Storage Facilities; 

  
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 (e) The Company shall have duly executed the Marketing and Sales Agreement in
form and in substance satisfactory to Aron; 
 (f) The Company shall have duly executed the Agency Agreement in form and in
substance satisfactory to Aron; 
 (g) The Company shall have provided Aron with evidence, in a form reasonably satisfactory
to Aron, that the Commencement Date Volumes will be sold to Aron free and clear of any Liens, other than Permitted S&O Liens; 

(h) Aron shall have received evidence, reasonably satisfactory to it, confirming that, as of the Commencement Date,
(i) the Framework Agreement between the Company and the Existing Supplier/Offtaker has been terminated and all obligations thereunder have been satisfied (other than customary indemnification and similar contingent obligations that expressly
survive such termination); (ii) the Prior ABL Credit Agreement has been terminated and all obligations thereunder have been satisfied (other than customary indemnification and similar contingent obligations that expressly survive such termination)
and (iii) there are no other Existing Financing Agreements outstanding; 
 (i) The Company shall have duly executed the
Fee Letter and performed any terms and conditions thereof to be performed by the Company on or before the Commencement Date; 

(j) [Reserved]; 

(k) The Company shall have delivered to Aron a certificate signed by an appropriate officer of the Company certifying as to
incumbency, due authorization, board approval and resolutions; 
 (l) The Company shall have delivered to Aron an opinion of
counsel, in form and substance satisfactory to Aron, covering such matters as Aron shall reasonably request, including: good standing; existence and due qualification; power and authority; due authorization and execution; enforceability; no
conflicts; provided that, subject to Aron’s consent, certain of such opinions may be delivered by the General Counsel of the Company; 

(m) No action or proceeding shall have been instituted nor shall any action by a Governmental Authority be threatened, nor
shall any order, judgment or decree have been issued or proposed to be issued by any Governmental Authority as of the Commencement Date to set aside, restrain, enjoin or prevent the transactions and performance of the obligations contemplated by
this Agreement; 
 (n) Neither the Refinery nor any of the Included Locations shall have been affected adversely or
threatened to be affected adversely by any loss or damage, whether or not covered by insurance, unless such loss or damages would not have a material adverse effect on the usual, regular and ordinary operations of the Refinery or the Included
Locations; 

  
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 (o) The Company shall have delivered to Aron insurance certificates evidencing
the effectiveness of the insurance policies and endorsements required by Article 16 below; 
 (p) The Company shall
have complied with all covenants and agreements hereunder that it is required to comply with on or before the Commencement Date; 

(q) All representations and warranties of the Company and its Affiliates contained in the Transaction Documents shall be true
and correct on and as of the Commencement Date; 
 (r) The Company shall have delivered to Aron such other certificates,
documents and instruments as may be reasonably necessary to consummate the transactions contemplated herein; 
 (s) The
Company shall have entered into the Lien Documents granting and perfecting in favor of Aron the security interest and lien contemplated thereby and all actions necessary to perfect the Liens granted thereunder shall have been completed, including
(i) the filing of UCC financing statements, (ii) the submission of the Mortgage for filing with appropriate Governmental Authorities, and (iii) the delivery of any certificates and transfer instruments required under the Pledge and
Security Agreement or the Equity Pledge Agreement; 
 (t) The Company shall have duly executed the Environmental Indemnity
Agreement in form and in substance satisfactory to Aron; 
 (u) Aron shall have received written confirmation that
(i) all UCC filings in favor of the Existing Supplier/Offtaker or the creditors under the Existing Financing Agreements have been authorized for termination and that applicable termination statements shall be submitted for filing upon the
Commencement Date, (ii) any mortgages in favor of the Existing Supplier/Offtaker or such creditors have been authorized for release and that applicable mortgage releases shall be submitted for filing upon the Commencement Date and
(iii) all liens in favor of the Existing Supplier/Offtaker or such creditors have been terminated or will be terminated upon proper filing; 

(v) Aron shall have received written confirmation that, with respect to all Governmental Accounts (i) assignment of claims
in favor of Aron under the Assignment of Claims Act of 1940, as amended (31 U.S.C. 3727, 41 U.S.C. 15), in form reasonably satisfactory to Aron, shall have been duly executed and filed with the relevant account debtors and (ii) all assignment
of claims under such Act previously filed in favor of any other party have been cancelled; 
 (w) A report of bulk sale or
transfer with respect to the transfers contemplated by the Company Inventory Sales Agreement and the Existing Supplier/Offtaker Inventory Sales Agreement shall have been filed with the Hawaii Department of Taxation and Aron shall have received a
certificate from the Hawaii Director of Taxation confirming that Aron, as purchaser thereunder, has no liability with respect to any Hawaii state taxes due from either of the sellers thereunder; 

  
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 (x) On or prior to the Commencement Date, the Company shall have provided to Aron
an expected Product yield for the Refinery based on its then current operating forecast for the Refinery (the “Initial Estimated Yield”); and 

(y) Aron shall have received payment of all fees, expenses and other amounts due and payable on or prior to the Commencement
Date required to be reimbursed or paid by the Company hereunder, under the Fee Letter or any other Transaction Document on or prior to such date, including (i) the Arrangement Fee, (ii) the Deferral Arrangement Fee and
(iii) reimbursement or payment of Aron’s estimated out-of-pocket expenses of Aron and its Affiliates (including reasonable fees, charges and disbursements of
Aron’s counsel, experts and consultants). 
 (z) The Initial Margin Amount shall have been posted with Aron as
contemplated by Section 4.3. 
 2.2 Conditions to Obligations of the Company. The obligations of the
Company contemplated by this Agreement shall be subject to satisfaction by Aron of the following conditions precedent on and as of the Commencement Date: 

(a) Aron shall have duly executed the Company Inventory Sales Agreement in form and substance satisfactory to the Company; 

(b) Aron shall have duly executed the Existing Supplier/Offtaker Inventory Sales Agreement; 

(c) Aron shall have duly executed the Storage Facilities Agreement in form and in substance satisfactory to the Company; 

(d) Aron shall have duly executed the Marketing and Sales Agreement in form and in substance satisfactory to the Company; 

(e) Aron shall have duly executed the Agency Agreement in form and in substance satisfactory to the Company; 

(f) Aron shall have agreed to the form of the Step-Out Inventory Sales Agreement in
form and in substance satisfactory to the Company; 
 (g) Aron shall have duly executed the Fee Letter; 

(h) [Reserved]; 

(i) Aron shall have executed the Lien Documents to the extent its signature is required thereunder; 

  
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 (j) All representations and warranties of Aron contained in the Transaction
Documents shall be true and correct on and as of the Commencement Date; 
 (k) Aron shall have complied with all covenants
and agreements hereunder that it is required to comply with on or before the Commencement Date; 
 (l) Aron shall have
delivered to the Company such other certificates, documents and instruments as may be reasonably necessary to consummate the transactions contemplated herein; and 

(m) Aron shall have delivered satisfactory evidence of its federal form 637 license. 

2.3 Status of Certain Conditions and Other Provisions. The Parties acknowledge that the Commencement Date occurred on June 1, 2015
(the “Commencement Date”) under the Original Agreement and that, on and as of such date, various conditions were satisfied and other provisions complied with as contemplated under the Original Agreement, including without limitation
the conditions set forth in Sections 2.1 and 2.2 and the determinations, transfer and payments contemplated under Article 4. The retention of the foregoing provisions in this Agreement shall not be deemed to imply that any of such conditions or
other provisions were not satisfied or complied with on and as of the Commencement Date, and any defined terms used in Sections 2.1 and 2.2 shall be defined solely for purposes of Sections 2.1 and 2.2 as such terms were defined as of the
Commencement Date. Such provisions have been retained for good order’s sake and to provide a convenient record thereof. 
 2.4
Post-Commencement Date Undertakings. From and after the Commencement Date, the Company may endeavor to negotiate and implement designations and other binding contractual arrangements, in form and substance reasonably satisfactory to Aron,
pursuant to which the Company may transfer and assign to Aron the Company’s (or its Affiliates’) right to use any storage or transportation facility as may hereafter be identified by the Company; provided that (i) upon and
concurrently with implementing any such assignment, designation or arrangement, any such storage or transportation facility shall be added to the appropriate Schedule hereto as an additional Included Crude Tank, Included Product Tank or Included
Product Pipeline, as applicable, and such assignment, designation or arrangement shall constitute a Required Storage and Transportation Arrangement hereunder; (ii) to the extent requested by Aron, the Parties shall amend the Company Inventory
Sales Agreement and any other applicable Transaction Document to include any inventory transferred to Aron as a result of such assignment, designation or arrangement; and (iii) without limiting the generality of the foregoing, the addition of
an Included Location shall be subject to satisfaction of Aron’s Policies and Procedures (as defined in Section 14.4(a) below), which shall be applied in a nondiscriminatory manner as provided in
Section 14.4(b)(i) below. In addition, if the relevant storage or transportation facility fails to satisfy Aron’s Policies and Procedures, then, upon the Company’s request, Aron shall consult with the Company in
good faith to determine whether based on further information provided by the Company such storage or transportation facility complies with Aron’s Policies and Procedures and/or whether additional actions or procedures can be taken or
implemented so that, as a result, such storage or transportation facility would comply with Aron’s Policies and Procedures and, based on such further information and/or the implementation of such additional actions or procedures, Aron will from
time to time reconsider whether such storage or transportation facility satisfies clause (iii) above. 

  
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 2.5 UCC Filings. 

(a) From and after the Commencement Date, the Company will cooperate with Aron to cause to be prepared, and filed, in such
jurisdictions as Aron shall deem necessary or appropriate, UCC-1 financing statements reflecting (i) Aron as owner of all Crude Oil and Products in the Included Locations and (ii) Aron as a secured
party with respect to the Collateral to perfect Aron’s security interest under the Lien Documents. The Company shall execute and deliver to Aron, and the Company hereby authorizes Aron to file (with or without the Company’s signature), at
any time and from time to time, all such financing statements, amendments to financing statements, continuation financing statements, termination statements, relating to such Crude Oil and Products and the Collateral, and other documents and
instruments, all in form satisfactory to Aron, as Aron may request, to confirm Aron’s ownership of such Crude Oil and Products and to otherwise accomplish the purposes of this Agreement and as required pursuant to the Lien Documents. 

(b) Without limiting the generality of the foregoing, the Company ratifies and authorizes the filing by Aron of any financing
statements filed prior to the Commencement Date. 
 2.6 Additional Conditions Relating to Amended and Restated Supply and Offtake
Agreement. In connection with and as a condition to the execution by the Parties of the amendment and restatement of this Agreement on the Restatement Effective Date: 

(a) Aron shall have received a fully executed copy of the Acknowledgment Agreement in form and substance satisfactory to Aron;

 (b) The Parties have entered into the Amended and Restated Pledge and Security Agreement; 

(c) The Parties have entered into the Amended and Restated Master Agreement; 

(d) Aron shall have received a fully executed copy of the Guaranty; 

(e) The Notes have been issued pursuant to the Indenture; 

(f) Aron has received evidence of the effectiveness of the ABL Facility; 

(g) The Company has provided to Aron confirmation, in form and substance satisfactory to Aron, that all Transaction Documents
remain in full force and effect; 
 (h) The Parties have prepared and appended hereto a full amended and restated set of
Schedules; 

  
 39 

 (i) To the extent required by Aron, updated and amended UCC filings shall have
been filed; 
 (j) The Company shall have provided certified board resolutions authoring the amendment and restated
contemplated hereby and transactions subject hereto and to the other Transaction Documents; 
 (k) The Company shall have
delivered to Aron a certificate signed by an appropriate officer of the Company certifying as to incumbency, due authorization, board approval and resolutions; 

(l) The Company shall have delivered to Aron an opinion of counsel, in form and substance satisfactory to Aron, covering such
matters as Aron shall reasonably request, including: good standing; existence and due qualification; power and authority; due authorization and execution; enforceability; no conflicts; provided that, subject to Aron’s consent, certain of such
opinions may be delivered by the General Counsel of the Company; 
 (m) All representations and warranties of the Company and
its Affiliates contained in the Transaction Documents shall be true and correct on and as of the Restatement Effective Date; 

(n) Aron shall have received from the Company payment of or reimbursement for all fees, costs, and expenses (including all
reasonable attorneys’ fees and expenses) incurred by Aron in connection with the negotiation, preparation and execution of this Agreement and all other documents and transactions being executed in connection herewith; 

(o) Aron shall have received payment of all fees, expenses and other amounts due and payable by the Company on or prior to the
Restatement Effective Date; 
 (p) Aron shall have received a bailee letter, in form and substance satisfactory to Aron,
executed by Mid Pac Petroleum, LLC (“Mid Pac”), relating to each location operated by Mid Pac at which the Company maintains any inventory; and 

(q) Aron shall have taken actions to terminate the Mortgage and the Equity Pledge Agreement and to release any Liens associated
with such documents, including any fixture filings. 
 ARTICLE 3 

TERM OF AGREEMENT 
 3.1
Term. The Original Agreement became effective on the Original Effective Date with the Commencement Date (as acknowledged in Section 2.3 above) occurring on June 1, 2015. This Agreement constitutes a continuation
of the term of the Original Agreement and, subject to Section 3.2, shall continue for a period ending at 11:59:59 p.m., EST on May 31, 2021 (the “Term”; the last day of such Term being herein referred
to as the “Expiration Date,” except as provided in Section 3.2 below). 

  
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 3.2 Changing the Term. The Parties may, no later than one hundred twenty (120) days
prior to the then current Expiration Date, by mutual agreement, elect to extend the Term of this Agreement for an additional one year period following such current Expiration Date and, upon the effectiveness of such mutual agreement, the last day of
such additional one year period shall be the Expiration Date hereunder. 
 3.3 Obligations upon Termination. In connection with the
termination of the Agreement on the Expiration Date, the Parties shall perform their obligations relating to termination pursuant to Article 20. 

ARTICLE 4 
 COMMENCEMENT
DATE TRANSFER 
 4.1 Transfer and Payment on the Commencement Date. The Parties acknowledge that Aron’s obligations
hereunder (other than its obligation under Section 2.3 above) shall commence on the Commencement Date only if the Commencement Date Volumes shall be sold and transferred to Aron as provided under the Inventory Sales
Agreements, against payment of the Estimated Commencement Date Value made as provided therein. 
 4.2 Post-Commencement Date
Reconciliation and True-Up. The Parties further acknowledge that the determination and payment of the Definitive Commencement Date Value shall be made as provided in the Inventory Sales Agreements. 

4.3 Initial Margin Amount. The Company shall post with Aron on the Commencement Date and maintain during the Term cash in the amount of
$7,033,475 (the “Initial Margin Amount”); provided, as further agreed by the Parties, all or a portion of such amount may be posted by Aron holding back a portion of the amount payable to the Company under the Company Inventory
Sales Agreement. The Initial Margin Amount shall (i) constitute credit support for all of the Company’s obligations under the Transaction Documents, (ii) be subject to the applicable provisions of this Agreement, including
Section 13.4(a), and (iii) except as otherwise applied in accordance with the terms of the Transaction Documents, be returned to the Company only if the Transaction Documents have been terminated and all the
Company’s obligations under the Transactions Documents have been satisfied in full. 
 4.4 Transition Adjustment Amount.
Promptly after the Commencement Date, Aron shall determine in accordance with the procedure and methodology set forth on Schedule Z hereto the Transition Adjustment Amount and, after such determination is made, Aron shall provide to the
Company written notice of such amount, together with a statement setting forth in reasonable detail Aron’s calculation thereof. If such notice is given at least two Business Days prior to the date on which payment with respect to the Definitive
Commencement Date Value is to be made under the Inventory Sales Agreement, then the Party obligated to pay such Transition Adjustment Amount (as provided on Schedule Z) shall pay such amount on such payment date under the Inventory Sales
Agreement and, to the extent appropriate, the Transition Adjustment 

  
 41 

 
Amount shall be aggregated with or netted against the amount being paid by one Party to the other under the Inventory Sales Agreement. If such notice is given at a later date than specified in
the preceding sentence, then the Party obligated to pay the Transition Adjustment Amount (as provided in Schedule Z) shall be obligated to pay such amount no later than the second Business Day following the date such notice is given. 

ARTICLE 5 
 PURCHASE AND
SALE OF CRUDE OIL 
 5.1 Sale of Crude Oil. On and after the Commencement Date through the end of the Term, and subject to
(a) Aron’s ability to procure Crude Oil in accordance with the terms hereof, (b) its receipt of Crude Oil under Aron Procurement Contracts and (c) the Company’s maintenance of the Base Agreements and Required Storage and
Transportation Arrangements, if any, and compliance with the terms and conditions hereof, Aron will endeavor, in a commercially reasonable manner, to enter into Aron Procurement Contracts which will accommodate, in the aggregate, monthly deliveries
of Crude Oil of up to an average of ninety-four thousand (94,000) Barrels per day and the Company agrees to purchase and receive from Aron all such Crude Oil as provided herein. Aron shall, in accordance with the terms and conditions hereof, have
the right to be the exclusive owner of Crude Oil in the Crude Storage Tanks. 
 5.2 Monthly and Weekly Forecasts and Projections.

 (a) No later than the fifth (5th) Business Day of the month preceding
a Delivery Month, the Company shall provide Aron with a preliminary written forecast of the Target Month End Crude Volume and Target Month End Product Volume for the Delivery Month. During the first
(1st) month of deliveries of Crude Oil made pursuant to this Agreement, the Target Month End Crude Volume and Target Month End Product Volume shall be the amounts set forth on Schedule I.

 (b) No later than the fifth (5th) Business Day of the month preceding
a Delivery Month, the Company shall provide Aron with a written forecast of the Refinery’s anticipated Crude Oil requirements for the following Delivery Month and the immediately following month (each, a “Monthly Crude
Forecast”). 
 (c) No later than 5:00 p.m., EST on Friday, the Company shall provide Aron with a written summary of
the Refinery’s projected Crude Oil runs for the upcoming production week (each, a “Weekly Projection”). 

(d) The Company shall promptly notify Aron in writing upon learning of any material change in any Monthly Crude Forecast or
Weekly Projection or if it is necessary to delay any previously scheduled pipeline nominations. 
 (e) The Parties
acknowledge that the Company is solely responsible for providing the Monthly Crude Forecast and the Weekly Projection and for making any adjustments thereto, and the Company agrees that all such forecasts and projections shall be prepared in good
faith, with due regard to all available and reliable historical 

  
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information and the Company’s then-current business prospects, and in accordance with such standards of care as are generally applicable in the U.S. oil refining industry; provided, however,
the Parties acknowledge and agree that such forecasts and projections are only estimates, and the Company shall have no liability to Aron for any differences between such forecasts and projections provided by Producer in good faith and the actual
crude requirements or runs. The Company acknowledges and agrees that (i) Aron shall be entitled to rely and act, and shall be fully protected in relying and acting, upon all such forecasts and projections, and (ii) Aron shall not have any
responsibility to make any investigation into the facts or matters stated in such forecasts or projections. 
 5.3 Procurement of Crude
Oil. 
 (a) As of the Commencement Date, Aron may have entered into or novated from the Existing Supplier/Offtaker one or
more Aron Procurement Contracts for the purchase of Crude Oil to be processed at the Refinery. 
 (b) From time to time
during the Term of this Agreement, the Company may propose that one or more additional Aron Procurement Contracts be entered into, including any such additional Aron Procurement Contract as may be entered into in connection with the expiration of an
outstanding Aron Procurement Contract. If the Parties mutually agree to seek additional Aron Procurement Contracts, then the Company shall endeavor to identify quantities of Crude Oil that may be acquired from one or more Third Party Suppliers under
contracts that provide for one or more shipment(s) of Crude Oil. The Company may negotiate with any such Third Party Supplier regarding the price and other terms of such potential additional Aron Procurement Contract. The Company shall have no
authority to bind Aron to, or enter into on Aron’s behalf, any additional Aron Procurement Contract or Procurement Contract Assignment, and the Company shall not represent to any third party that it has such authority. If the Company has
negotiated an offer from a Third Party Supplier for an additional Aron Procurement Contract (and if relevant, Procurement Contract Assignment) that the Company wishes to be executed, the Company shall apprise Aron in writing, using the applicable
trade sheet included in Schedule Q (the “Crude Procurement Request”), of the terms of such offer, and Aron shall promptly, but no later than two (2) Business Days after the Company’s delivery of such applicable
trade sheet (at which time the Crude Procurement Request shall terminate), determine and advise the Company as to whether Aron desires to accept such offer. If Aron indicates its desire to accept such offer, then Aron shall promptly endeavor to
formally communicate its acceptance of such offer to the Company and such Third Party Supplier so that the Third Party Supplier and Aron may enter into a binding additional Aron Procurement Contract (and if relevant, Procurement Contract Assignment)
provided that any additional Aron Procurement Contract (and, if relevant, related Procurement Contract Assignment) shall require Aron’s express agreement and Aron shall not have any liability under or in connection with this Agreement if for
any reason it, acting in good faith, does not agree to any proposed additional Aron Procurement Contract or related Procurement Contract Assignment. If any Aron Procurement Contract is a term contract pursuant to which Aron may, from time to time,
nominate a shipment by a Nomination Cutoff Date for expected delivery during a designated month, Aron will apprise the Company of such timing requirements relating to such Nomination Cutoff Date. The Company acknowledges that the confirmation of an
Aron Procurement Contract with a Third Party Supplier may be effected by Exchanged Confirmations. 

  
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 (c) Aron may, in its discretion, acting in good faith, elect to reject any such
offer to enter into an Aron Procurement Contract, provided that from time to time during the Term hereof Aron shall, upon the reasonable request of the Company, consult with the Company regarding those counterparties that Aron would be prepared to
trade with as of the time of such consultation upon review of acceptable documentation as further contemplated herein. Aron’s decision to reject any such offer shall be based on such factors and considerations as Aron deems relevant, which may
include (without limitation) the proposed commercial terms, credit considerations (including credit quality and credit limits), reputational considerations, prior or current interactions between Aron and the proposed Third Party Supplier, the
presence or absence of trading documentation between Aron and the proposed Third Party Supplier, the presence or absence of a pre-existing trading relationship with the proposed Third Party Supplier or the
suitability of the proposed Third Party Supplier for such transaction. Without limiting the foregoing, any proposed Third Party Supplier shall be required to satisfy Aron’s internal requirements and policies as they relate to any applicable
“know-your-customer” rules, anti-money laundering policies and procedures, laws, rules and regulations (including without limitation, the Patriot Act, rules and regulations of the Office of Foreign Assets Control) and other similar client
identification and business conduct standard and dealing policies and procedures (including reputational considerations), in each case, as consistently applied by Aron and to have provided to Aron all material documentation and other information
required by such policies and procedure and applicable regulatory authorities. Notwithstanding the foregoing, Aron shall not reject any such offer to enter into an Aron Procurement Contract with any counterparty based solely on the fact that such
offer was presented to it by the Company hereunder where, at such time, Aron would otherwise have transacted with such counterparty on such terms and under all other applicable policies and limitations. 

(d) If the Company determines, in its reasonable judgment, that it is commercially beneficial for the Refinery to run a
particular grade and/or volume of Crude Oil that is available from a Third Party Supplier that is not a counterparty with which Aron is then prepared to enter into a contract, then the Company may execute a Refinery Procurement Contract to acquire
such Crude Oil for the Company’s account, with such Crude Oil constituting Other Barrels pursuant to Section 5.3(g)(ii) below. 

(e) With respect to each shipment of Crude Oil delivered under an Aron Procurement Contract and/or a Procurement Contract
Assignment that provides for delivery at the SPM Delivery Point, (i) the Company and Aron shall automatically be deemed to have entered into a buy/sell transaction (each, an “SPM Buy/Sell Crude Transaction”) subject to and in
accordance with the terms and conditions of the SPM Master Buy/Sell Crude Confirmation, with the Company buying such shipment of Crude Oil from Aron at the SPM Delivery Point (the “Crude Buy Leg”) and selling an equal quantity and
quality of Crude Oil to Aron at the Crude Intake Point (the “Crude Sell Leg”), (ii) under the Crude Buy Leg of each SPM Buy/Sell Crude Transaction, the 

  
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Company shall purchase from Aron the quantity of Crude Oil delivered under the relevant shipment with delivery and transfer of title and risk of loss all occurring at the SPM Delivery Point on
the same basis as transfer of title and risk of loss are to occur under the Aron Procurement Contract and/or a Procurement Contract Assignment so that, simultaneously with the transfer of title to such Crude Oil from the Third Party Supplier to
Aron, title to such Crude Oil is transferred from Aron to the Company and (iii) under the Crude Sell Leg of such SPM Buy/Sell Crude Transaction, the Company shall sell to Aron Crude Oil in a quantity equal to, and of a grade and quality at
least equivalent to, that of the Crude Oil purchased by the Company under the Crude Buy Leg of such SPM Buy/Sell Crude Transaction, with delivery and transfer of title and risk of loss occurring at and as such Crude Oil passes the Crude Intake
Point. With respect to each SPM Buy/Sell Crude Transaction, the parties acknowledge and agree that (A) any quantity shortfall, or grade or quality deficiency, with respect to the Crude Oil delivered under the Crude Sell Leg shall be borne by
and is solely for the account of the Company, (B) as a result of the foregoing arrangements, title to Crude Oil shall be held exclusively by the Company at all times as and after such Crude Oil passes the SPM Delivery Point, while such Crude
Oil is being held in or transported by any subsea hoses, subsea pipelines or other infrastructure connecting the SPM Delivery Point to the Crude Intake Point and until such Crude Oil passes the Crude Intake Point, (C) all such Crude Oil in
which the Company holds title shall be subject to the security interest and lien in favor of Aron under the Lien Documents, (D) for purposes of calculating inventory measurements, determining cash settlements under Sections 10.1 and
10.2 and calculating any fees due hereunder or under any other Transaction Document, quantities of Crude Oil in which the Company has title as contemplated by clause (B) above shall not be counted as quantities of Crude Oil held in an
Included Location and (E) for purposes hereof, neither an SPM Buy/Sell Crude Transaction nor the Crude Buy Leg or Crude Sell Leg thereunder shall constitute an Aron Procurement Contract, a Procurement Contract Assignment, or a Refinery
Procurement Contract. 
 (f) For deliveries of Crude Oil not made via the SPM Delivery Point, title for each quantity of
Crude Oil shall pass to Aron as the Crude Oil passes the Crude Intake Point. The Parties acknowledge that the consideration due from Aron to the Company for any Crude Oil that is not delivered under a Procurement Contract will be reflected in the
Monthly True-Up Amounts determined following delivery and in accordance with Schedule C. 

(g) The following provisions shall be applicable to Refinery Procured Barrels: 

(i) No later than the fifth (5th) Business Day of the month preceding a Delivery Month, the Company shall inform Aron whether
the Company has purchased or intends to purchase any Crude Oil that is being procured under a Refinery Procurement Contract for delivery during such Delivery Month (“Refinery Procured Barrels”). In connection with each such quantity of
Refinery Procured Barrels, the Company shall provide to Aron a trade ticket stating the quantity, grade and delivery terms of such Refinery Procured Barrels expected to be delivered to the Crude Storage Tanks during such Delivery Month and, provided
no Default or Event of Default with respect to the Company has 

  
 45 

 
occurred and is then continuing, the Company and Aron shall enter into an Aron Procurement Contract under which Aron shall purchase such quantity from the Company as and when it passes the Crude
Intake Point and Aron shall promptly provide to the Company a written confirmation of such Aron Procurement Contract. If any change occurs in the quantity, grade or delivery terms of the Refinery Procured Barrels that the Company expects to procure
for delivery during such month, the Company shall promptly advise Aron of such change and the related Aron Procurement Contract shall be modified accordingly. With respect to any such confirmation issued by Aron to the Company in connection with an
Aron Procurement Contract with the Company, if Aron does not receive from the Company either acceptance or notification of a bona fide error within five Business Days after receipt of such confirmation, then the Company shall be deemed to have
accepted such confirmation, and such confirmation shall be effective and binding upon the Parties. 
 (ii) In the event that
the Company enters into a Refinery Procurement Contract, but does not enter into a related Aron Procurement Contract pursuant to a trade ticket as contemplated under Section 5.3(g)(i) above, and the Crude Oil procured under
such Refinery Procurement Contract is delivered to the Crude Storage Tanks (“Other Barrels”), then such Other Barrels shall be deemed sold to Aron as and when they pass the Crude Intake Point at the Current Month Pricing Benchmark,
provided that prior to the delivery of any Other Barrels hereunder, the Parties shall establish procedures and mechanisms, reasonably satisfactory to Aron, for determining and reporting specific volumes of such Other Barrels. With respect to any
Other Barrels that the Company expects to deliver to the Crude Storage Tanks, the Company shall give Aron written notice of such expected delivery at least ten (10) Business Days preceding the expected delivery month for such Other Barrels and
in such notice the Company shall provide to Aron the quantity, grade and delivery terms of such Other Barrels expected to be delivered. If thereafter any change occurs in the quantity, grade or delivery terms of the Other Barrels that the Company
expects to procure for delivery during such month, the Company shall promptly advise Aron of such change. 
 (h) Concurrently
with or promptly after entering into an Aron Procurement Contract pursuant to Section 5.3(b), Aron and the Company may agree to the terms of the intermonth time spread transaction that the Parties have entered into in
connection with such Aron Procurement Contract, which (unless otherwise agreed by Aron) shall consist of a time spread based on the period between cargo pricing and the expected delivery month, with pricing based on the first nearby ICE Brent
Futures for the Cargo Pricing Window (as defined in Schedule K) and the ICE Brent calendar month swap for the relevant expected delivery month; provided that the Parties agree that each such time spread shall be a “Transaction”
under and subject to the Master Agreement and Aron shall issue a confirmation of each such time spread confirming it as a “Transaction” under and subject to the Master Agreement. 

  
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 5.4 Nominations under Aron Procurement Contracts. 

(a) Concurrently with its delivery of a Monthly Crude Forecast to Aron, the Company shall provide to Aron the Company’s
Target Month End Crude Volume and Target Month End Product Volumes for the related Delivery Month if different from the Target Month End Crude Volume and/or Target Month End Product Volumes for the related Delivery Month previously provided in
Section 5.2(a).    With respect to each Delivery Month, based on its Projected Monthly Run Volume, Crude Oil volumes then in Included Locations, shipments previously nominated under Aron Procurement
Contracts, Other Barrels being delivered under Refinery Procurement Contracts and such other information as it deems relevant, the Company shall determine, in its commercially reasonable judgment, (i) the additional shipments of Crude Oil under
Aron Procurement Contracts that the Company desires be delivered to the Included Locations during such Delivery Month and (ii) the aggregate number of shipments of Crude Oil under Aron Procurement Contracts that the Company desires be in
transit but not delivered during such Delivery Month. With respect to each shipment under an Aron Procurement Contract that the Company desires be delivered by a specified Delivery Month, the Company shall notify Aron of such shipment at least 15
Business Days prior to the first applicable Nomination Cutoff Date for such month, if any (each, a “Shipment Notification”). As part of such Projected Monthly Run Volume, the Company may specify the grade of such Projected Monthly
Run Volume, provided that such grades and their respective quantities specified by the Company shall fall within the grades and quantities then available to be nominated by Aron under the outstanding Aron Procurement Contracts. 

(b) Provided that the Company provides Aron with the Projected Monthly Run Volume and the Shipment Notifications as required
under Section 5.4(a), Aron and the Company shall consult regarding scheduling and other selections and nominations (collectively, “Contract Nominations”) to be made by Aron under then outstanding Aron
Procurement Contracts on or before any applicable Nomination Cutoff Dates taking into account the quantities of Other Barrel being acquired pursuant to Refinery Procurement Contracts. To the extent reasonably practicable and in accordance with its
consultation with the Company, Aron shall endeavor to make Contract Nominations that reflect the quantity of each grade specified by the Company in such Projected Monthly Run Volume. Should any Contract Nomination not be accepted by any Third Party
Supplier under an Aron Procurement Contract, Aron shall promptly advise the Company and use commercially reasonable efforts with the Company and such Third Party Supplier to revise the Contract Nomination subject to the terms of any such Aron
Procurement Contract. Aron shall provide the Company with confirmation of each such Contract Nomination that is made. 
 (c)
The Parties agree that the Company may, from time to time, request that Aron make adjustments or modifications to Contract Nominations it has previously made under the Aron Procurement Contracts. Promptly following receipt of any such request, Aron
will use its commercially reasonable efforts to make such adjustment or modification, subject to any limitations or restrictions under the relevant Aron Procurement Contracts. Any additional cost or expenses incurred as a result of such an
adjustment or modification shall constitute an Ancillary Cost hereunder. 

  
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 (d) Aron shall not nominate or to its knowledge otherwise acquire any Crude Oil
with characteristics that are not previously approved by the Company for use at the Refinery, such approval to be in the Company’s sole and absolute discretion. 

(e) In addition to the nomination process, Aron and the Company shall follow the mutually agreed communications protocol as set
forth on Schedule J hereto, with respect to ongoing daily coordination with feedstock suppliers, including purchases or sales of Crude Oil or other feedstocks outside of the normal nomination procedures. 

(f) Each of the Company and Aron agrees to use commercially reasonable efforts in preparing the forecasts, projections and
nominations required by this Agreement in a manner intended to maintain Crude Oil and Product operational volumes within the Operational Volume Range. 

(g) Prior to entering into any Ancillary Contract that is intended for the exclusive benefit of the Company in connection with
this Agreement and does not by its terms expire or terminate on or before the Expiration Date, Aron will endeavor, in good faith and subject to any confidentiality restrictions, to afford the Company an opportunity to review and comment on such
Ancillary Contract or the terms thereof and to confer with the Company regarding such Ancillary Contract and terms, and if Aron enters into any such Ancillary Contract without the Company’s consent, the Company shall not be obligated to assume
such Ancillary Contract pursuant to Section 20.1(c) below.  
 5.5 Transportation, Storage and
Delivery of Crude Oil. 
 (a) Aron shall have the exclusive right to inject (except for such injections by the Company
otherwise contemplated hereby, which result in title to any injected Crude Oil being transferred to Aron), store and withdraw Crude Oil in and from the Crude Storage Tanks as provided in the Storage Facilities Agreement. Aron shall have exclusive
right to store Crude Oil in the Crude Storage Tanks as provided in the Storage Facilities Agreement. 
 (b) Provided no
Default or Event of Default has occurred and is continuing, the Company shall be permitted to withdraw from the Crude Storage Tanks and take delivery of Crude Oil on any day and at any time. The withdrawal and receipt of any Crude Oil by the Company
at the Crude Delivery Point shall be on an “ex works” basis (EXW Incoterms 2010). Aron shall be responsible only for arranging transportation and delivery of Crude Oil into the Crude Storage Tanks and the Company shall bear sole
responsibility for arranging the withdrawal of Crude Oil from the Crude Storage Tanks. The Company shall take all commercially reasonable actions necessary to maintain a connection with the Crude Storage Tanks to enable withdrawal and delivery of
Crude Oil to be made as contemplated hereby. 
 5.6 Title, Risk of Loss and Custody. 

(a) Title to and risk of loss of the Crude Oil shall pass from the Company to Aron at the Crude Intake Point. Aron shall retain
title to and risk of loss of such Crude Oil during the time such Crude Oil is held in any Storage Facilities.    Title to and risk of loss of the Crude Oil shall pass from Aron to the Company at the Crude Delivery Point. The
Company shall assume custody of the Crude Oil as it passes the Crude Delivery Point. 

  
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 (b) During the time any Crude Oil or Products are held in any Storage Facilities,
the Company, in its capacity as operator of the Storage Facilities and pursuant to the Storage Facilities Agreement, shall be solely responsible for compliance with all Applicable Laws, including all Environmental Laws, pertaining to the possession,
handling, use and processing of such Crude Oil or Products and shall indemnify and hold harmless Aron, its Affiliates and their agents, representatives, contractors, employees, directors and officers, for all Liabilities directly or indirectly
arising therefrom except to the extent such Liabilities are caused by or attributable to any of the matters for which Aron is indemnifying the Company pursuant to Article 21. 

(c) At and after transfer of any Crude Oil at the Crude Delivery Point, the Company and its Affiliates shall be solely
responsible for compliance with all Applicable Laws, including all Environmental Laws pertaining to the possession, handling, use and processing of such Crude Oil and shall indemnify and hold harmless Aron, its Affiliates and their agents,
representatives, contractors, employees, directors and officers, for all Liabilities directly or indirectly arising therefrom. 

(d) To the extent the Company wishes to sell any Crude Oil to any third party, the Company acknowledges that it shall not have
the authority to agree to such sale without Aron’s prior written consent. 
 5.7 Contract Documentation, Confirmations and
Conditions. 
 (a) Aron’s obligations to deliver Crude Oil under this Agreement shall be subject to (i) the
Company identifying and negotiating potential Aron Procurement Contracts, in accordance with Section 5.3, that are acceptable to both the Company and Aron relating to a sufficient quantity of Crude Oil to meet the
Refinery’s requirements, (ii) the Company performing its obligations hereunder with respect to providing Aron with timely nominations, forecasts and projections (including Projected Monthly Run Volumes, as contemplated in
Section 5.4(a)) so that Aron may make timely nominations under the Aron Procurement Contracts, (iii) all of the terms and conditions of the Aron Procurement Contracts, (iv) any other condition set forth in
Section 5.1 above and (v) no Event of Default having occurred and continuing with respect to the Company. 

(b) In documenting each Aron Procurement Contract, Aron will endeavor and cooperate with the Company, in good faith and in a
commercially reasonable manner, to obtain the Third Party Supplier’s agreement that a copy of such Aron Procurement Contract may be provided to the Company; provided that this Section 5.7(b) in no way limits the
Company’s rights to consent to all Aron Procurement Contracts as contemplated by Section 5.3. In addition, to the extent it is permitted to do so, Aron will endeavor to keep the Company apprised of, and consult with
the Company regarding, the terms and conditions being incorporated into any Aron Procurement Contract under negotiation with a Third Party Supplier. 

  
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 (c) The Company acknowledges and agrees that, subject to the terms and conditions
of this Agreement, it is obligated to purchase and take delivery of all Crude Oil acquired by Aron under Aron Procurement Contracts executed in connection herewith and subject to the terms and conditions specified in
Section 5.4 above. In the event of a dispute, Aron will provide, to the extent legally and contractually permissible, to the Company, a copy of the Aron Procurement Contract in question. 

5.8 DISCLAIMER OF WARRANTIES. EXCEPT FOR THE WARRANTY OF TITLE WITH RESPECT TO CRUDE OIL OR PRODUCTS DELIVERED HEREUNDER, NEITHER PARTY
MAKES ANY WARRANTY, CONDITION OR OTHER REPRESENTATION, WRITTEN OR ORAL, EXPRESS OR IMPLIED, OF MERCHANTABILITY, FITNESS OR SUITABILITY OF SUCH CRUDE OIL OR PRODUCTS FOR ANY PARTICULAR PURPOSE OR OTHERWISE. FURTHER, NEITHER PARTY MAKES ANY WARRANTY
OR REPRESENTATION THAT SUCH CRUDE OIL OR PRODUCTS CONFORMS TO THE SPECIFICATIONS IDENTIFIED IN ANY CONTRACT WITH ANY THIRD PARTY SUPPLIER. 

5.9 Quality Claims and Claims Handling. 

(a) The failure of any Crude Oil or Product that Aron hereunder sells to the Company to meet the specifications or other
quality requirements applicable thereto as stated in an Aron Procurement Contract for that Crude Oil or Product shall be for the sole account of the Company and shall not entitle the Company to any reduction in the amounts due by it to Aron
hereunder; provided, however, that any claims made by Aron with respect to such non-conforming Crude Oil or Product shall be for the Company’s account and resolved in accordance with this
Section 5.9. 
 (b) The Parties shall consult with each other and coordinate how to handle and
resolve any claims arising in the ordinary course of business (including claims related to Crude Oil, Products, pipeline, tank transfers, or ocean transportation, and any dispute, claim, or controversy arising hereunder between Aron and any of its
vendors who supply goods or services in conjunction with Aron’s performance of its obligations under this Agreement) made by or against Aron. In all instances wherein claims are made by a third party against Aron which will be for the account
of the Company, the Company shall have the right, subject to Section 5.9(d), to either direct Aron to take commercially reasonable actions in the handling of such claims or assume the handling of such claims in the name of
Aron, all at the Company’s cost and expense; provided that Aron may require that the Company assume the handling of any such claim. To the extent that the Company believes that any claim should be made by Aron for the account of the Company
against any third party (whether a Third Party Supplier, terminal facility, pipeline, storage facility or otherwise), and subject to Section 5.9(d) and the terms and conditions of the Agency Agreement, Aron will take any
commercially reasonable actions as requested by the Company either directly, or by allowing the Company to do so, to prosecute such claim all at the Company’s cost and expense and all recoveries resulting from the prosecution of such claim
shall be for the account of the Company. 

  
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 (c) Aron shall, in a commercially reasonable manner, cooperate with the Company
in prosecuting any such claim and shall be entitled to assist in the prosecution of such claim at the Company’s expense, if the Company so requests. In the event that Aron assists in the prosecution of such claim not at the request of Company,
such prosecution shall be at Aron’s sole cost and expense. 
 (d) Notwithstanding anything in
Section 5.9(b) or Section 5.9(c) to the contrary, Aron may notify the Company that Aron is retaining control over or limiting its participation in the resolution of any claim referred to in
Section 5.9(b) or Section 5.9(c) if Aron, in its reasonable judgment, has determined that it has commercially reasonable business considerations for doing so based on any relationships that Aron or
any of its Affiliates had, has or may have with the third party involved in such claim; provided that, subject to such considerations, Aron shall use commercially reasonable efforts to resolve such claim, at the Company’s expense and for the
Company’s account. In addition, any claim that is or becomes subject to Article 21 shall be handled and resolved in accordance with the provisions of Article 21. 

5.10 Communications. 

(a) Each Party shall promptly provide to the other copies of any and all written communications and documents between it and
any third party which in any way relate to Ancillary Costs, including but not limited to written communications and documents with Included Product Pipelines, provided that Aron has received such communications and documents in respect of the
Included Product Pipelines and/or any communications and documents related to the nominating, scheduling and/or chartering of vessels; provided that neither Party shall be obligated to provide to the other any such materials that contain proprietary
or confidential information and, in providing any such materials, such Party may redact or delete any such proprietary or confidential information. 

(b) With respect to any proprietary or confidential information referred to in Section 5.10(a), Aron
shall promptly notify the Company of the nature or type of such information and use its commercially reasonable efforts to obtain such consents or releases as necessary to permit such information to be made available to the Company. 

(c) The Parties shall coordinate all nominations and deliveries according to the communications protocol on Schedule J
hereto. 
 5.11 Payment Undertakings for Refinery Procurement Contracts. 

(a) From time to time, upon the request of the Company, Aron and the Company may endeavor to negotiate with a Third Party
Supplier a Crude Payment Undertaking by Aron under which Aron will agree to remit or cause or otherwise arrange for the remittance to such Third Party Supplier of funds sufficient to pay the Crude Procurement Payment due to such Third Party Supplier
under one or more Refinery Procurement Contracts on the relevant Procurement Due Dates. 

  
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 (b) To the extent deemed appropriate by Aron, the considerations under
Section 5.3(c) applicable to the determining whether Aron elects to enter into a proposed Aron Procurement Contract shall also apply to Aron’s determination regarding whether to execute a Crude Payment Undertaking with
a Third Party Supplier. 
 (c) For each Crude Payment Undertaking that Aron enters into, the Company shall, automatically and
without any further action by either Party, become obligated to reimburse Aron for, and pay all Ancillary Costs applicable to, the payment made or caused to be made by Aron under such Crude Payment Undertaking (a “Company Crude Reimbursement
Obligation”); provided that (i) the amounts payable by the Company under the Company Crude Reimbursement Obligation shall be determined in accordance with Schedule C hereof and (ii) any security and credit support with
respect to a Company Crude Reimbursement Obligation shall be as provided in this Agreement and other Transaction Documents. The Company Crude Reimbursement Obligation for a Crude Payment Undertaking shall arise at the time as such Crude Payment
Undertaking is entered into by Aron. 
 (d) Without limiting any other rights or remedies of Aron hereunder (including any
obligations of the Company to indemnify Aron), if any claim of any nature (including any quantity or quality claim) arises under a Refinery Procurement Contract for which Aron has made, or caused to be made, payment under a Crude Payment
Undertaking, then Aron shall, to the same extent as contemplated by Section 5.9(b), Section 5.9(c) and Section 5.9(d) hereof, cooperate with and take such actions as
reasonably requested by the Company in pursuing or endeavoring to resolve such claim. 
 5.12 Documentation Discrepancies. If any
dispute arises with a Third Party Supplier or Third Party Seller regarding the terms of any documentation to which Aron is a party, Aron in cooperation with the Company shall use commercially reasonable efforts to resolve such documentation
discrepancy with such Third Party Supplier or Third Party Seller; provided that if such discrepancy has not been resolved within 5 Business Days after Aron has commenced such efforts, then any time thereafter, upon request by Aron, the Company shall
assume full responsibility for communicating with such Third Party Supplier or Third Party Seller and endeavoring to resolve such documentation discrepancy and, following such request, Aron shall not be required to take any further action to resolve
such documentation discrepancy not otherwise required by Section 5.9(b) and Section 5.9(c) and Aron shall be fully entitled to rely on the terms in any contract that Aron has executed
notwithstanding any discrepancy with any other documentation unless and until a further amendment thereto is agreed by all parties. Without limiting the foregoing, the Company covenants and agrees that any costs, losses or damages that Aron may
incur directly as a result of such a documentation discrepancy (including any differences in the terms reflected in any Exchanged Confirmations) shall constitute Ancillary Costs and be for the account of the Company. 

  
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 ARTICLE 6 

PURCHASE PRICE FOR CRUDE OIL 

6.1 Daily Volumes. Each Business Day the Company shall provide to Aron, by no later than 7:00 pm HST meter tickets and/or meter
readings, and tank gauge readings confirming the Measured Crude Quantity for each Crude Storage Tank for all Delivery Dates since the prior Business Day. 

6.2 Purchase Price for Crude Oil. The per Barrel purchase price for the Monthly Net Crude Sales shall equal the Current Month Pricing
Benchmark specified for Crude Oil, subject to the calculation of the Total Monthly Crude Oil True-Up Amount as provided for on Schedule C. 

6.3 Refinery Crude Purchase Fee. As used herein: 

(a) For any month, the Company shall owe to Aron when due the Refinery Crude Purchase Fee. 

(b) “Monthly Net Crude Run” means, for any month, (i) the Ending In-Tank Crude
Inventory for the prior month, plus (ii) the Aron Crude Purchases for such month, plus (iii) the aggregate quantity of Other Barrels that are actually delivered and received at the Crude Storage Tanks during such month, minus (iv) the
Ending In-Tank Crude Inventory for such month. 
 (c) The Refinery Crude Purchase Fee calculated
under this Section 6.3 shall be incorporated under Schedule C as an amount due to Aron. 
 6.4 Material
Crude Grade Changes. If either the Company or Aron concludes in its reasonable judgment that the specifications (including specific gravity and sulfur content of the Crude Oil) of the Crude Oil procured, or projected to be procured, differ
materially from the grades that have generally been run by the Refinery or such grades that the Company may run from time to time acting as a prudent refinery operator, then the Company and Aron will endeavor in good faith to mutually agree on
(i) acceptable price indices for such Crude Oil, and (ii) a settlement payment from one Party to the other that is sufficient to compensate the relevant Party for the relative costs and benefits to each of the price differences between the
prior price indices and the amended price indices. 
 6.5 Counterparty Crude Sales. At the request of the Company and subject to the
applicable provisions of Article 5 above, Aron may from time to time enter into one or more Counterparty Crude Sales. In such cases, the Counterparty Crude Sales Fee shall be applicable to such Counterparty Crude Sales, and shall be payable
by the Company to Aron hereunder; provided, however, such Counterparty Crude Sales Fee shall not be applicable to any other disposition of Crude Oil made by Aron hereunder or under the Transaction Documents. 

6.6 Upon Aron’s request, the Company will provide documentation evidencing all Barrels of Crude Oil purchased for any month under
Refinery Procurement Contracts. 

  
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 ARTICLE 7 

TARGET INVENTORY LEVELS AND DIFFERENTIAL ADJUSTMENT 

7.1 Target Inventory Levels. Monthly inventory targets for Crude Oil and Products shall be set pursuant to this Article 7. Such
monthly inventory targets for Crude Oil and Products shall be subject to the minimum and maximum inventory levels in Schedule D for each Pricing Group. The Company represents and warrants that the respective Target Month End Crude Volumes and
Target Month End Product Volumes that the Company sets for each month during the Term hereof shall be the Company’s good faith estimate, at the time it sets such targets, of the Ending In-Tank Crude
Inventory and the Ending In-Tank Product Inventories at the end of such month. 
 7.2 Target
Month End Crude Volume. 
 (a) By no later than the fifth (5th)
Business Day of the month preceding each Delivery Month, the Company shall notify Aron of the aggregate quantity of Crude Oil that the Company expects to run at the Refinery during such Delivery Month (the “Projected Monthly Run
Volume”). 
 (b) For each month of the Term, the Company shall from time to time (but subject to any applicable
notification deadlines specified on Schedule D hereto) specify the “Target Month End Crude Volume” which shall equal (i) the Target Month End Crude Volume for the immediately preceding month, plus (ii) the aggregate
volume of Crude Oil that Aron has nominated under the Aron Procurement Contracts for delivery during that month pursuant to Section 5.4(b), plus (iii) the aggregate volume of the Other Barrels expected to be delivered
during such month, minus (iv) the Projected Monthly Run Volume for that month (except that the Target Month End Crude Volume as of the Commencement Date and as of the end of the first month of the Term shall be the respective volumes specified
as such on Schedule I hereto). 
 (c) In establishing a Target Month End Crude Volume, the Parties acknowledge that
any increase in a Target Month End Crude Volume is constrained to the extent that the Crude Oil available for delivery under the Aron Procurement Contracts with Third Party Suppliers plus Other Barrels available for delivery during such month are
not greater than the Company’s Crude Oil requirements for the Refinery for the month related to such Target Month End Crude Volume. 

(d) The Parties may, by mutual agreement, adjust the Target Month End Crude Volume for any month. Any change to a Target Month
End Crude Volume shall affect only the subject month and does not impact the calculation of the Target Month End Crude Volume in subsequent months pursuant to Section 7.2(b). 

7.3 Target Month End Product Volume. 

(a) By no later than the fifth (5th) Business Day of the month preceding
each Delivery Month, the Company shall provide to Aron its standard run-out report substantially in the form of Schedule O (the “Run-out Report”)
showing the estimated 

  
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quantities of each Product that it expects to produce and deliver to Aron during the following month and the quantities of each Product it expects to sell under the Marketing and Sales Agreement
during such following month (for each Product, the “Projected Monthly Production Volume”), which may, from time to time, be adjusted by the Company. 

(b) For each month and each type of Product, the Company shall from time to time (but subject to any applicable notification
deadlines specified on Schedule D hereto) specify an aggregate quantity and grade that shall be the “Target Month End Product Volume” for that month, which shall represent a volume which may be zero or a
positive number (except that the Target Month End Product Volume for each type of Product as of the Commencement Date and as of the end of the first month of the Term shall be the respective volumes specified as such on Schedule I hereto).

 (c) Subject to events of Force Majeure, facility turnarounds, the performance of any third parties (including purchasers
of Products under the Marketing and Sales Agreement), the Company will, in establishing each Target Month End Product Volume, cause such Target Month End Product Volume to be within the applicable range specified for such Product on Schedule
D hereto. 
 (d) At any time prior to the beginning of the month to which a Target Month End Product Volume relates (but
subject to any applicable notification deadlines specified on Schedule D hereto), the Parties may, by mutual agreement, change such Target Month End Product Volume. 

(e) In addition, Aron may adjust the Target Month End Product Volume with the consent of the Company. 

(f) For any calendar month in which quantities of Products are delivered by Aron under one or more Additional Product
Transactions entered into during such month pursuant to the Marketing and Sales Agreement, the Target Month End Product Volume of any such Product for the end of such month shall be reduced by the aggregate net quantity of such Product so delivered
to the extent such Additional Product Transactions are entered into after such Target Month End Product Volume is established. 
 7.4
Differential Adjustments. 
 (a) Pursuant to the procedures set forth in Schedule K hereto, Aron shall
determine for each month during the term hereof whether any adjustment to the Crude Differential is required. Promptly after Aron has completed such calculation, it shall advise the Company in writing as to whether any Crude Differential adjustment
is appropriate and if so the amount of such Crude Differential adjustments. Any such adjusted Crude Differential shall become applicable commencing with the month immediately following the month with respect to which such determination was made.

  

  
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 (b) Promptly following each Differential Adjustment Month, Aron shall review the
realized sales data for such Differential Adjustment Month and calculate whether, based on such data, an adjustment to any of the Product Differentials is appropriate (or, in the case of an Interim Differential Adjustment Month, the Product
Differentials identified by whichever Party provides notification thereof); provided that, if Aron determines in its reasonable judgment that the data for such Differential Adjustment Month do not provide a representative basis for such
determination (due to anomalies, distortions or other factors identified by Aron), then Aron may, at its election, make such calculation based on data for the three calendar month period preceding the Differential Adjustment Month. Promptly after
Aron has completed such calculation, it shall advise the Company in writing as to whether any Product Differential adjustments are appropriate and if so the amounts of such Product Differential adjustments. Any such adjusted Product Differentials
shall become applicable commencing with the month immediately following such Differential Adjustment Month. 
 (c) For any
month for which a Crude Differential adjustment is to be made pursuant to Section 7.4(a) or for any Differential Adjustment Month for which any Product Differential adjustments are to be made pursuant to
Section 7.4(b), Aron shall determine either the Product Differential Adjustment Settlement Amount or the Crude Differential Adjustment Settlement Amount and such amount shall be included in the Total Monthly Crude True-Up Amount (in the case of a Crude Differential Adjustment) or Aggregate Monthly Product True-Up Amount (in the case of a Product Differential Adjustment) that is
incorporated into the Monthly True-Up Payment for such month or Differential Adjustment Month; provided that, in the case of an Interim Differential Adjustment Month, such determination shall be made only with
respect to those Product Differentials identified in Aron’s notification to the Company relating to such Interim Differential Adjustment Month. 

(d) As used herein, 

(i) “Differential Adjustment Month” means either a Scheduled Differential Adjustment Month or an Interim
Differential Adjustment Month; 
 (ii) “Interim Differential Adjustment Month” means any month (other than a
Scheduled Differential Adjustment Month) during which either Party notifies the other Party in writing (including via email) on or prior to the last Business Day of such month that, in such notifying Party’s commercially reasonable judgment, a
material change has occurred in one or more of the market differentials used to establish any of the Product Differentials hereunder; provided that for each such Product Differential no more than one Interim Differential Adjustment Month shall occur
between any two consecutive Scheduled Differential Adjustment Months; and 
 (iii) “Scheduled Differential Adjustment
Month” means each January, April, July and October during the term hereof (except for the final month of the Term). 
 7.5
Monthly Product Adjustments. 

  
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 (a) Monthly Product Sale Adjustment. For each month (or portion thereof)
during the term of the Marketing and Sales Agreement and for each Product Group, Aron shall determine whether an amount is due by one Party to the other (for each Product Group, a “Monthly Product Sale Adjustment”) in accordance
with the following terms and conditions: 
 (i) For each Product Group and relevant period, Aron shall determine the
aggregate quantity of Barrels of such Product Group sold during such period under Included Sales Transactions; 
 (ii) If,
for any Product Group and relevant period, (i) the Aggregate Sale Receipts exceeds the Index Sale Value (as defined below), then the Monthly Product Sale Adjustment for that Product Group shall equal such excess and shall be due to the Company
and (ii) the Index Sale Value exceeds the Aggregate Sale Receipts, then the Monthly Product Sale Adjustment for that Product Group shall equal such excess and shall be due to Aron; 

(iii) If Aron determines that any Monthly Product Sale Adjustment is due, it will include its calculation of such amount in the
documentation provided to the Company for the relevant period pursuant to Section 10.2 and such Monthly Product Sale Adjustment shall be incorporated as a component of the Monthly
True-Up Amount due for such period which, if due to the Company, shall be expressed as a negative number and, if due to Aron, shall be expressed as a positive number; 

(iv) As used herein: 

(A) “Aggregate Sale Receipts” shall mean, for any Product Group and relevant period, the sum of the actual
aggregate purchase value invoiced by Aron for all quantities of such Product Group that Aron delivered during such period under Included Sales Transactions with Customers (as defined in the Marketing and Sales Agreement); and 

(B) “Index Sale Value” shall mean, for any Product Group and relevant period, the product of (i) the sum
of the aggregate quantity of Barrels of such Product Group sold during such period under Included Sales Transactions, multiplied by (ii) the Current Month Pricing Benchmark for that Product Group and period. 

(b) Monthly Product Purchase Adjustment. For each month (or portion thereof) during the term of the Marketing and Sales
Agreement and for each Product Group, Aron shall determine whether an amount is due by one Party to the other (for each Product Group, a “Monthly Product Purchase Adjustment”) in accordance with the following terms and conditions:

 (i) For each Product Group and relevant period, Aron shall determine the aggregate quantity of Barrels of such Product
Group purchased during such period under Included Purchase Transactions; 

  
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 (ii) If, for any Product Group and relevant period, (i) the Aggregate
Purchase Proceeds exceeds the Index Purchase Value (as defined below), then the Monthly Product Purchase Adjustment for that Product Group shall equal such excess and shall be due to Aron and (ii) the Index Purchase Value exceeds the Aggregate
Purchase Proceeds, then the Monthly Product Purchase Adjustment for that Product Group shall equal such excess and shall be due to the Company; 

(iii) If Aron determines that any Monthly Product Purchase Adjustment is due, it will include its calculation of such amount in
the documentation provided to the Company for the relevant period pursuant to Section 10.2 and such Monthly Product Purchase Adjustment shall be incorporated as a component of the Monthly
True-Up Amount due for such period which, if due to the Company, shall be expressed as a negative number and, if due to Aron, shall be expressed as a positive number; 

(iv) As used herein: 

(A) “Aggregate Purchase Proceeds” shall mean, for any Product Group and relevant period, the sum of the
actual aggregate purchase value invoiced to Aron for all quantities of such Product Group that Aron purchased during such period under Included Purchase Transactions with Product Supplier (as defined in the Marketing and Sales Agreement); and 

(B) “Index Purchase Value” shall mean, for any Product Group and relevant period, the product of (i) the
sum of the aggregate quantity of Barrels of such Product Group purchased during such period under Included Purchase Transactions, multiplied by (ii) the Current Month Pricing Benchmark for that Product Group and period. 

7.6 Monthly Product Sales Fees. For each month, the applicable Product Sales Fee shall be applied to each Barrel of Product, if any,
sold by Aron under any Included Sales Transaction during such month. With respect to each month, the aggregate monthly value of the Product Sale Fees (the “Aggregate Monthly Product Sales Fee”) shall be calculated pursuant to
Schedule C and shall be due and payable from the Company to Aron as specified in Schedule C. 
 7.7 Monthly Cover Costs.
If, for any month (or portion thereof), Aron reasonably determines that, as a result of the Company’s failure to produce the quantities of Product projected under this Agreement or the Company’s failure to comply with its obligations under
the Marketing and Sales Agreement, Aron retains insufficient quantities of Product to comply with its obligations to any third parties, under Included Sales Transactions, and Aron incurs any additional costs and expenses or related damages in
procuring and transporting Product from other sources for purposes of covering such delivery obligations or the shortfall in the quantity held for its account (collectively, “Monthly Cover Costs”), then the Company shall be obliged
to reimburse Aron for such Monthly Cover Costs, subject to the limitations set forth in Article 22. If Aron determines that any Monthly Cover Costs are due to it, Aron shall promptly communicate such determination to the Company and, subject
to any mitigation of such costs 

  
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actually achieved by the Company, include the calculation of such amount in the documentation provided to the Company for the relevant period pursuant to Section 10.2
and such Monthly Cover Costs shall be incorporated as a component of the Monthly True-Up Amount due for such period hereunder. If, for any month (or portion thereof), Aron reasonably determines that, as a
result of the Company’s failure to produce the quantities of Product projected under this Agreement or the Company’s failure to comply with its obligations under the Marketing and Sales Agreement, Aron retains insufficient quantities of
Product to comply with its obligations to Company, under any Company Agreements or otherwise pursuant to Section 2.6 of the Marketing and Sales Agreement, the Company shall be solely responsible for covering any delivery
obligations to third parties or the shortfall in the quantity held for such third parties in connection with the Company’s Product Marketing Operations (as defined in the Marketing and Sales Agreement). 

7.8 Costs Related to Shortfall. To the extent that Aron is required to cover any shortfall in any Product delivery, under an Included
Sales Transaction, by any inventory it owns and acquires separately from the inventory owned and maintained in connection with this Agreement, any cost or loss incurred by Aron in connection therewith that is not otherwise included as a Monthly
Cover Cost shall constitute an Ancillary Cost that is to be reimbursed to Aron. 
 7.9 Excess Target Levels. No later than five
(5) Business Days prior to the date on which the Company is obligated to establish the Target Month End Crude Volume or the Target Month End Product Volumes for any month, the Company may request that Aron agree to a level for any of the
foregoing that exceeds that applicable maximum level set forth on Schedule D hereto (an “Excess Inventory Level”); provided that such request may be for only such month or for a period of two or more consecutive months
starting with such month, as the Company shall specify in its request. If such request is made in a timely manner, Aron shall promptly review such request and advise the Company as to whether Aron accepts or rejects such Excess Inventory Level;
provided that, Aron is under no obligation to accept any such request. If Aron accepts any request for an Excess Inventory Level, then for all purposes of this Agreement and in lieu of the relevant level set forth on Schedule D, such Excess
Inventory Level shall constitute the maximum level the relevant Product Group for the period specified in such request; provided that, after such period, the applicable level set forth on Schedule D shall be in effect for purposes of this
Agreement. If Aron rejects any such request, then the applicable level set forth on Schedule D shall continue in effect, unless otherwise expressly agreed by the Parties in writing. 

7.10 Excess Inventory Levels.  

(a) If, at any time, either Party determines, with respect to any Product Group, that the aggregate quantity of such Product
Group being held in the Included Locations exceeds the Maximum Inventory Level for such Product Group (such excess, an “Excess Quantity”), such Party shall promptly notify the other Party of the existence and volume of such Excess
Quantity. Within three (3) Business Days after such notice is given, Aron shall advise the Company as to whether Aron accepts such Excess Quantity (in which case Section 7.10(b) shall apply) or rejects such Excess
Quantity (in which case Section 7.10(c) shall apply). 

  
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 (b) If Aron accepts an Excess Quantity then, for all purposes of this Agreement,
such Excess Quantity shall constitute the Maximum Inventory Level for the relevant Product Group for the balance of the month in which such Excess Quantity was first identified and, at Aron’s option, for such additional month or months as Aron
may specify; provided that if Aron does not accept such Excess Quantity for any additional month or months, such Excess Quantity shall only be in effect for the then current month and if such Excess Quantity remains after the end of such current
month, the provisions of this Section 7.10 shall apply anew as of the beginning the following month. 

(c) If Aron rejects an Excess Quantity then, for purposes of determining amounts due under Sections 10.1 and 10.2
of this Agreement, such Excess Quantity shall not be counted as Crude Oil or Products being held at an Included Location. In such case, if the Company is able to segregate in one or more Included Tanks a quantity of the relevant Product Group at
least equal to such Excess Quantity, the Company may, at its option, elect to designate such Included Tanks and purchase from Aron the segregated quantity of such Product Group held in such designated Included Tanks so that the quantity of such
Product Group owned by Aron would not exceed the Maximum Inventory Level for the relevant Product Group after giving effect to such purchase, at a price equal to the product of (a) the volume of such Product Group held in such Included Tanks
and (b) the Current Month Pricing Benchmark for the applicable Product Group. After settlement of such purchase, such Included Tanks shall no longer constitute Included Locations for purposes hereof unless and until Aron determines, in its
reasonable discretion, that Aron’s ownership of the quantities held in such tanks would not result, as of the time of such determination, in the aggregate quantity of the relevant Product Group owned by Aron exceeding the applicable Maximum
Inventory Level. If and when such determination is made, the Parties shall confirm the sale by the Company to Aron of the quantities held in such Included Tanks at a price equal to the product of (a) such quantity and (b) the Current Month
Pricing Benchmark for the applicable Product Group and upon the settlement of such purchase, such Included Tanks shall thereafter again constitute Included Locations for all purposes hereof. 

ARTICLE 8 
 PURCHASE AND
DELIVERY OF PRODUCTS 
 8.1 Purchase and Sale of Products. 

(a) Aron agrees to purchase and receive from the Company, and the Company agrees to sell and deliver to Aron, the entire
Products output of the Refinery from and including the Commencement Date through the end of the Term of this Agreement, at the prices determined pursuant to this Agreement and otherwise in accordance with the terms and conditions of this Agreement.

 (b) From time to time, under the Marketing and Sales Agreement, the Company may propose that Aron enter into an Included
Purchase Transaction with an identified Product Supplier. Such proposal and Aron’s acceptance and rejection of such proposal shall be made pursuant to Section 2.3 of the Marketing and Sales Agreement. 

  
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 (c) The following provisions shall be applicable to Refinery Procured Product
Barrels: 
 (i) No later than the fifth (5th) Business Day of the month
preceding a Delivery Month, the Company shall inform Aron whether the Company has purchased or intends to purchase any Product that is being procured under a Refinery Product Contract for delivery during such Delivery Month (“Refinery
Procured Product Barrels”). In connection with each such quantity of Refinery Procured Product Barrels, the Company shall provide to Aron a trade ticket stating the quantity, grade and delivery terms of such Refinery Procured Product
Barrels expected to be delivered to the Refinery Product Storage Tanks or such other location designated by the Company during such Delivery Month and, provided no Default or Event of Default with respect to the Company has occurred and is then
continuing, the Company and Aron shall enter into a Included Purchase Transaction under which Aron shall purchase such quantity from the Company as and when it passes the Products Intake Point and Aron shall promptly provide to the Company a written
confirmation of such Included Purchase Transaction. If any change occurs in the quantity, grade or delivery terms of the Refinery Procured Product Barrels that the Company expects to procure for delivery during such month, the Company shall promptly
advise Aron of such change and the related Included Purchase Transaction shall be modified accordingly. With respect to any such confirmation issued by Aron to the Company in connection with an Included Purchase Transaction with the Company, if Aron
does not receive from the Company either acceptance or notification of a bona fide error within five Business Days after receipt of such confirmation, then the Company shall be deemed to have accepted such confirmation, and such confirmation shall
be effective and binding upon the Parties. 
 (ii) In the event that the Company enters into a Refinery Product Contract, but
does not enter into a related Included Purchase Transaction pursuant to a trade ticket as contemplated under Section 8.1(c) above, and the Products procured under such Refinery Product Contract is delivered to the Refinery
Product Storage Tanks or such other location designated by the Company (“Other Product Barrels”), then such Other Product Barrels shall be deemed sold to Aron as and when they pass the Products Intake Point at the Current Month
Pricing Benchmarks, provided that prior to the delivery of any Other Product Barrels hereunder, the Parties shall establish reasonable procedures and mechanisms for determining and reporting specific volumes of such Other Product Barrels. With
respect to any Other Product Barrels that the Company expects to deliver to the Refinery Product Storage Tanks or such other designated Included Product Tanks, the Company shall give Aron written notice of such expected delivery at least ten
(10) Business Days preceding the expected delivery month for such Other Product Barrels and in such notice the Company shall provide to Aron the quantity, grade and delivery terms of such Other Product Barrels expected to be delivered. If
thereafter any change occurs in the quantity, grade or delivery terms of the Other Product Barrels that the Company expects to procure for delivery during such month, the Company shall promptly advise Aron of such change. 

  
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 (d) With respect to each shipment of Products delivered under an Included
Purchase Transaction that provides for delivery at the SPM Delivery Point, (i) the Company and Aron shall automatically be deemed to have entered into a buy/sell transaction (each, an “SPM Buy/Sell Product Transaction”) subject
to and in accordance with the terms and conditions of the SPM Master Buy/Sell Product Confirmation, with the Company buying such shipment of Products from Aron at the SPM Delivery Point (the “Product Buy Leg”) and selling an equal
quantity and quality of Product to Aron at the Products Intake Point (the “Product Sell Leg”), (ii) under the Product Buy Leg of each SPM Buy/Sell Product Transaction, the Company shall purchase from Aron the quantity of Product
delivered under the relevant shipment with delivery and transfer of title and risk of loss all occurring at the SPM Delivery Point on the same basis as transfer of title and risk of loss are to occur under the Included Purchase Transaction so that,
simultaneously with the transfer of title to such Products from the Third Party Supplier to Aron, title to such Products is transferred from Aron to the Company and (iii) under the Product Sell Leg of such SPM Buy/Sell Products Transaction, the
Company shall sell to Aron Products in a quantity equal to, and of a grade and quality at least equivalent to, that of the Products purchased by the Company under the Product Buy Leg of such SPM Buy/Sell Product Transaction, with delivery and
transfer of title and risk of loss occurring at and as such Product passes the Products Intake Point. With respect to each SPM Buy/Sell Product Transaction, the parties acknowledge and agree that (A) any quantity shortfall, or grade or quality
deficiency, with respect to the Products delivered under the Product Sell Leg shall be borne by and is solely for the account of the Company, (B) as a result of the foregoing arrangements, title to Product shall be held exclusively by the
Company at all times as and after such Product passes the SPM Delivery Point, while such Product is being held in or transported by any subsea hoses, subsea pipelines or other infrastructure connecting the SPM Delivery Point to the Products Intake
Point and until such Product passes the Products Intake Point, (C) all such Products in which the Company holds title shall be subject to the security interest and lien in favor of Aron under the Lien Documents, (D) for purposes of
calculating inventory measurements, determining cash settlements under Sections 10.1 and 10.2 and calculating any fees due hereunder or under any other Transaction Document, quantities of Products in which the Company has title as
contemplated by clause (B) above shall not be counted as quantities of Products held in an Included Location and (E) for purposes hereof, neither an SPM Buy/Sell Product Transaction nor the Product Buy Leg or Product Sell Leg thereunder
shall constitute a Included Purchase Transaction. 
 (e) For purposes of all computations hereunder relating to the value of
any materials held in the Honolulu 10” Pipeline, including without limitation, for the purposes of Sections 10.1 and 10.2 hereof, the per-barrel price of any such materials shall equal the
applicable price benchmark for the Slop Product Group. 
 (f) Payment Undertaking for Refinery Product Contracts. 

  
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 (i) From time to time, upon the request of the Company, Aron and the Company may
endeavor to negotiate with a Third Party Seller a Product Payment Undertaking by Aron under which Aron will agree to remit or cause or otherwise arrange for the remittance to such Third Party Seller of funds sufficient to pay the Product Procurement
Payment due to such Third Party Seller under one or more Refinery Product Contracts on the relevant Procurement Due Dates. 

(ii) To the extent deemed appropriate by Aron, the considerations under Section 5.3(c) applicable to
the determining whether Aron elects to enter into a proposed Aron Procurement Contract shall also apply to Aron’s determination regarding whether to execute a Product Payment Undertaking with a Third Party Seller. 

(iii) For each Product Payment Undertaking that Aron enters into, the Company shall, automatically and without any further
action by either Party, become obligated to reimburse Aron for, and pay all Ancillary Costs applicable to, the payment made or caused to be made by Aron under such Product Payment Undertaking (a “Company Product Reimbursement
Obligation”); provided that (x) the amounts payable by the Company under the Company Product Reimbursement Obligation shall be determined in accordance with Schedule C hereof and (y) any security and credit support with
respect to a Company Product Reimbursement Obligation shall be as provided in this Agreement and other Transaction Documents. The Company Product Reimbursement Obligation for a Product Payment Undertaking shall arise at the time as such Product
Payment Undertaking is entered into by Aron. 
 (iv) Without limiting any other rights or remedies of Aron hereunder
(including any obligations of the Company to indemnify Aron), if any claim of any nature (including any quantity or quality claim) arises under a Refinery Product Contract for which Aron has made, or caused to be made, payment under a Product
Payment Undertaking, then Aron shall, to the same extent as contemplated by Section 5.9(b), Section 5.9(c) and Section 5.9(d) hereof, cooperate with and take such actions
as reasonably requested by the Company in pursuing or endeavoring to resolve such claim. 
 8.2 Delivery and Storage of Products. 

(a) Unless otherwise agreed by Aron, all Products shall be delivered by the Company to Aron at the Products Intake Point of the
Refinery Product Storage Tanks or any other Included Product Tanks (as the case may be) on a DDP (Incoterms 2010) basis, with the Company being responsible for ensuring delivery of such Product into the Refinery Product Storage Tanks. 

(b) Aron shall have exclusive right (to the extent that such exclusive right can be granted) to store Products in the Refinery
Product Storage Tanks and all other Included Product Tanks as provided under the Storage Facilities Agreement and, if hereafter entered into, any Required Storage and Transportation Arrangements. 

  
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 8.3 Expected Yield and Estimated Output. 

(a) From time to time, based on its then current operating forecast for the Refinery, the Company may provide to Aron a revised
expected Product yield for the Refinery (each, a “Revised Estimated Yield” and, together with the Initial Estimated Yield, an “Estimated Yield”). 

(b) On the Commencement Date and thereafter as set forth on Schedule J, the Company shall, based on the then current
Estimated Yield and such other operating factors as it deems relevant, prepare and provide to Aron an estimate of the Product quantities it expects to deliver to Aron during such month (each, a “Monthly Product Estimate”). 

8.4 Delivered Quantities. 

(a) For each Delivery Date, the Company shall provide to Aron, by no later than 7:00 p.m., HST on the second (2nd) Business Day following such Delivery Date, meter tickets and/or meter readings and tank gauge readings confirming the Measured Product Quantity in each Included Product Tank for each Product
delivered during that Delivery Date and other such relevant information including but not limited to Product identifiers and the location of Products, aggregated on a Product Group basis. 

(b) If the Company determines that any meter tickets and/or meter readings and tank gauge readings provided pursuant to clause
(a) above are inaccurate, the Company will provide to Aron such corrected meter tickets and/or meter readings and tank gauge readings by no later than 7:00 p.m., HST on the third (3rd)
Business Day following the date on which such determination is made. 
 8.5 Title and Risk of Loss. Title and risk of loss to Products
shall pass from the Company to Aron as Products pass the Products Intake Point. Aron shall retain title and risk of loss through the Included Product Pipelines and in the Included Product Tanks. Title and risk of loss to Products shall pass from
Aron (i) to the Company as Products pass at a Products Delivery Point or (ii) in the case of sales of Product by Aron under the Marketing and Sales Agreement, to the Company or third parties (as the case may be) at a Products Offtake
Point, including tank to tank transfer. 
 8.6 Product Specifications. The Company agrees that all Products sold to Aron hereunder
shall conform to the respective specifications set forth on Schedule A or to such other specifications as are from time to time agreed upon by the Parties. 

8.7 Purchase Price of Products. The per Barrel purchase price for the Monthly Net Product Group Sales for each type of Product Group
sold to Aron hereunder shall equal the Current Month Pricing Benchmark specified for such Product Group, subject to the calculation of the Aggregate Monthly Product True-Up Amount as provided for on
Schedule C. 
 8.8 Fees for Included Purchase Transactions. The Product Procurement Fee shall be applied to each Barrel of
Product to be delivered to an Included Location or the Refinery pursuant to an Included Purchase Transaction. With respect to each month, the aggregate monthly value of the Product Procurement Fees (the “Aggregate Monthly Purchased Products
Fee”) shall be calculated pursuant to Schedule C and shall be due and payable from the Company to Aron as specified in Schedule C. 

  
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 8.9 Transportation, Storage and Delivery of Products. 

(a) Aron shall have the exclusive right (to the extent that such exclusive right can be granted) to inject, store and withdraw
Products in the Storage Facilities as provided in the Storage Facilities Agreement. 
 (b) Pursuant to the Required Storage
and Transportation Arrangements, Aron shall have the exclusive right (to the extent that such exclusive right can be granted) to inject (except for such injections by the Company otherwise contemplated hereby), store, transport and withdraw Products
in and on the Included Product Pipelines and the Included Product Tanks to the same extent as the Company’s rights to do so prior to the implementation of the Required Storage and Transportation Arrangements. 

(c) Insofar as any pipeline nominations are required to be made by Aron for any Product prior to any applicable Pipeline Cutoff
Date for any month, Aron shall be responsible for making such pipeline and terminal nominations for that month; provided that, Aron’s obligation to make such nominations shall be conditioned on its receiving from the Company scheduling
instructions for that month a sufficient number of days prior to such Pipeline Cutoff Date so that Aron can make such nominations within the lead times required by such pipelines and terminals. Aron shall not be responsible if an Included Product
Pipeline is unable to accept Aron’s nomination or if the Included Product Pipelines must allocate capacity among its shippers. 
 8.10
Material Product Grade Changes. If either the Company or Aron concludes in its reasonable judgment that the specifications or the mix of the constituents of a Pricing Group produced, or projected to be produced, differ materially from those
that have generally been produced by the Refinery or those that the Company may produce from time to time acting as a prudent refinery operator, then the Company and Aron will endeavor in good faith to mutually agree on (i) acceptable price
indices for such Product, and (ii) a settlement payment from one Party to the other sufficient to compensate the relevant Party for the relative costs and benefits to each of the price differences between the prior price indices and the amended
price indices. 
 ARTICLE 9 

ANCILLARY COSTS; MONTH END INVENTORY; CERTAIN DISPOSITIONS; TANK MAINTENANCE 

9.1 Ancillary Costs. 

(a) The Parties agree that, to the maximum extent reasonably practicable, the Company shall pay directly any item that would
constitute an Ancillary Cost. The Parties shall cooperate and endeavor in a commercially reasonable manner to arrange for all such items to be billed directly to the Company and for the payee of such item to expect payment of such item solely from
the Company. 

  
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 (b) Without limiting the foregoing, the Company agrees to reimburse Aron for all
Ancillary Costs incurred by Aron. Such reimbursement shall occur from time to time upon demand of Aron to the Company. When making such demand, Aron shall promptly provide the Company with copies of any relevant trade tickets, invoices or other
supporting documentation for Ancillary Costs incurred by Aron. 
 (c) To the extent the Company has not paid or reimbursed
Aron for any Ancillary Costs then outstanding and payable with respect to any month or any adjustments or refunds have occurred with respect to any Ancillary Costs previously paid or reimbursed, Aron may include in the Monthly True-Up Amount for such month as a separate line item on the applicable Monthly True-Up Amount invoice an amount to compensate the Parties, as appropriate, for such items.

 (d) From time to time upon the reasonable request of either Party, the Parties shall consult to assess whether
(i) Ancillary Costs actually being incurred are consistent with the expectations of the Parties and the terms of this Agreement, (ii) procedures for paying, handling or otherwise dealing with Ancillary Costs can be improved or should be
modified, (iii) documentation relating to substantiation of Ancillary Costs is sufficient and (iv) in any other respect the processing of Ancillary Costs hereunder can or improved or modified. 

9.2 Month End Inventory. 

(a) As of 11:59:59 p.m., HST, on the last day of each month, the Company shall apply the Volume Determination Procedures to the
Included Locations, and based thereon shall determine for such month (i) the aggregate volume of Crude Oil held in the Crude Storage Tanks at that time (the “Ending In-Tank Crude
Inventory”) and (ii) for each Product, the aggregate volume of such Product held in the Refinery Product Storage Tanks and the other Included Product Tanks at that time, plus the Product Linefill for such Product at that time (each, an
“Ending In-Tank Product Inventory”). The Company shall notify Aron of the Ending In-Tank Crude Inventory and each Ending
In-Tank Product Inventory by no later than 5:00 p.m., HST on the tenth day thereafter, except that with respect to volume information provided by third parties, the Company shall endeavor to cause third
parties to provide such information to Aron by the tenth (10th) day after the end of such month. 

(b) Aron may, or may have Supplier’s Inspector, at Aron’s sole cost and expense, witness all or any aspects of the
Volume Determination Procedures as Aron shall direct. If, in the reasonable judgment of Aron or Supplier’s Inspector, the Volume Determination Procedures have not been applied correctly, then the Company will cooperate with Aron, or
Supplier’s Inspector, to ensure the correct application of the Volume Determination Procedures, including making such revisions to the Ending In-Tank Crude Inventory and any Ending In-Tank Product Inventory as may be necessary to correct any such errors. 

  
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 (c) The Company agrees that in addition to reporting to Aron the volume
determinations made by the Company pursuant to Section 9.2(a), the Company will provide to Aron copies of all volume reports and statements related to Crude Oil or Products held at any Included Locations or with respect to
any hydrocarbon inventories held by the Company at any other locations including any inventory, quantity, or quality inspection reports prepared by a third party. 

9.3 Calculation of Sales. 

(a) For any month, the “Monthly Net Crude Sales” shall be determined as set forth on Schedule C. 

(b) For any month, and for each Pricing Group (as defined on Schedule P), the “Monthly Net Product Group
Sales” shall be determined as set forth on Schedule C. 
 9.4 Disposition Following Force Majeure. 

(a) Notwithstanding anything to the contrary, if Aron decides or is required, due to an event of Force Majeure affecting either
Party or otherwise, to sell to any unrelated third parties, in arm’s length transactions, any quantities of Crude Oil that, based on the then current Monthly Crude Forecast or Weekly Projection, Aron would reasonably have expected to have sold
to the Company (any quantity of Crude Oil so disposed of by Aron being referred to as a “Disposed Quantity”), then the Company shall be obligated to pay to Aron an amount equal to the difference between the price at which such
Disposed Quantity would have been sold to the Company, minus the amount realized in the sale to a third party (the “Disposition Amount”); provided, however, prior to Aron making any such disposition and provided that no Event of
Default with respect to the Company has occurred and is continuing, the Company shall have a period equal to the lesser of (i) ten (10) Business Days from the occurrence of such Force Majeure event or (ii) the remaining time period before
an event of default would occur under the contracts relevant to the Disposed Quantity as a result of such Force Majeure event, in which to arrange the disposition of such Disposed Quantity on commercially reasonable terms and conditions. In no event
shall the Disposed Quantity exceed the aggregate amount of Crude Oil that the Company would have been expected to purchase based on their current Monthly Crude Forecast or Weekly Projection for the period during which the Company is unable to take
delivery of Crude Oil as the result of the Force Majeure event or otherwise. 
 (b) In connection with its selling any
Disposed Quantity, Aron shall promptly determine the Disposition Amount and issue to the Company an invoice for such amount. The Company shall pay to Aron the invoiced amount no later than the second Business Day after the date of such invoice. If,
in connection with the sale of any Disposed Quantity, the Disposition Amount is a negative number, then Aron shall pay the amount of such excess to the Company no later than the second Business Day after the date of such invoice. 

(c) In connection with any disposition by Aron permitted by this Section 9.4, Aron will endeavor, in
good faith, to consult with the Company regarding, and keep the Company apprised of Aron’s negotiations relating to, such disposition so long as, in Aron’s commercially reasonable judgment, doing so does not in any way interfere with or
limit Aron’s ability to execute such disposition in such manner as it deems acceptable. 

  
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 9.5 Tank and Pipeline Maintenance. 

(a) Promptly after the Company completes its annual business plan with respect to any year, it shall notify Aron of any tank
maintenance contemplated with respect to such year that would result in any SPM Delivery Point, Crude Storage Tank, Product Storage Tank or Included Product Pipelines being unavailable. 

(b) The Company immediately shall notify Aron orally (followed by prompt written notice) of any previously unscheduled downtime
or maintenance of any SPM Delivery Point, or in the case of any Crude Storage Tank, Product Storage Tank or Included Product Pipeline, any previously unscheduled downtime or maintenance expected to have a duration in excess of ten (10) days.

 (c) The Company shall give Aron at least thirty (30) days’ prior written notice of any scheduled maintenance
that the Company and/or any of its Affiliates intends to conduct on any of the Crude Storage Tanks or the Included Company Product Tanks that would result in such storage tank being taken out of service for a period greater than thirty
(30) days (“Tank Maintenance”). 
 (d) In connection with any Tank Maintenance, the Parties shall
promptly consult and endeavor to agree on adjusted inventory minimum and maximum levels and other appropriate adjustments hereunder that are to apply during the period of such Tank Maintenance, if deemed necessary by the Parties. 

(e) The Company agrees that it will use its best efforts, consistent with good industry standards and practices, to complete
(and to cause any third parties to complete) any Tank Maintenance as promptly as practicable. The Company shall provide Aron with an initial estimate of the period of any Tank Maintenance and shall regularly update Aron as to the progress of such
Tank Maintenance. If, the Company determines that the expected completion date for Tank Maintenance has or is likely to change by thirty (30) days or more, it shall promptly notify Aron of such determination. 

9.6 Certain Regulatory Matters. 

(a) If Aron shall determine, in its reasonable judgment, that as a result of (i) the taking effect of any Applicable Law after the date
hereof, (ii) any change in Applicable Law or in the administration, interpretation or application thereof by any Governmental Authority, (iii) the making or issuance of any request, guideline or directive (whether or not having the force
of law) or any interpretation thereof by any Governmental Authority or the entry of a final, non-appealable judgment or order in a court of competent jurisdiction (regardless of whether related to Aron) or
(iv) any interpretation of or proposal to implement any of the foregoing by a Governmental Authority, including, without limitation, any of the foregoing events described in clauses (i)-(iv) arising from or relating to either the Federal
Reserve Notice of Proposed Rulemaking or the Federal Reserve 620 Report and whether occurring before or after the Effective Date (each, a “Regulatory Event”), Aron or any of its Affiliates is or would (A) not be

  
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permitted to hold, store, transport, buy, finance, sell or own any or certain of the commodities subject to the transactions contemplated by the Transaction Documents, (B) be required to
hold additional capital, or be assessed any additional capital or other charges, on the basis of holding, storing, transporting, buying, financing, selling, or owing any commodities from time to time, including without limitation, any of the
commodities subject to the transactions contemplated by this Agreement and the other Transaction Documents, (C) be unable to perform in any material respect its obligations under this Agreement and the other Transaction Documents, or
(D) were it to continue to hold, store, transport, buy, finance, sell or own any of the commodities subject to the transactions contemplated by this Agreement and the Transaction Documents or perform any such obligations, and taking into
account other commodities and the volumes thereof held by Aron or any of its Affiliates from time to time, be or likely to be required to hold additional capital, or be assessed any additional capital or other charges, or be or likely to be subject
to additional or increased burdens or costs (such additional capital or other charges, burdens and costs, collectively, “Additional Costs”), then it shall notify the Company in writing of such determination (a “Regulatory Event
Notice”). Promptly following the sending of a Regulatory Event Notice, Aron shall propose what actions or steps, if any, either Party or both Parties could implement to alleviate, minimize and/or mitigate the effect of any such Regulatory
Event, and the Company shall consider any such actions or steps in good faith. If, in Aron’s reasonable judgment, such actions or steps can be implemented with respect to the transactions contemplated by this Agreement and the other Transaction
Documents without adversely impacting the business conducted by Aron and its Affiliates generally, including, without limitation, without resulting in Aron or its Affiliates being required to incur any Additional Costs on the basis of holding,
storing, transporting, buying, selling or owing any commodities from time to time, including without limitation, any of the commodities subject to the transactions contemplated by this Agreement and the other Transaction Documents, while preserving
the economic terms and conditions of this Agreement and the other Transaction Documents (including economic benefits, risk allocation, costs and Liabilities), then the Parties shall, in good faith and in a commercially reasonable manner, endeavor to
implement such actions and steps. If, in Aron’s reasonable judgment, no such actions or steps are so identified or the Parties are unable to implement any actions and steps that have been so identified, then Aron may, by written notice to the
Company (a “Regulatory Termination Notice”), elect to terminate this Agreement in the manner provided for in Article 20 on such date Aron shall specify in such notice, which date shall constitute a Termination Date for purposes of Article
20; provided that (x) (unless such Regulatory Event has or is expected to become effective at an earlier date) the date specified in such Regulatory Termination Notice shall occur at least one hundred and twenty (120) days after the date such
notice is given and if practicable on the last day of a month and (y) if the relevant Regulatory Termination Notice relates only to the incurrence of Additional Costs, then if and for so long as the Company exercises its option under
Section 9.6(b) below, no termination shall result from such Regulatory Termination Notice. In the case of a Regulatory Termination Notice referred to in clause (y) of the preceding sentence, Aron will also provide to the Company an
estimate of such Additional Costs which Aron shall determine in a commercially reasonable manner based on such information relating to the relevant Regulatory Event as is then available to Aron. 

  
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 (b) If Aron gives a Regulatory Termination Notice relating to a Regulatory Event Notice that
relates only to the incurrence of Additional Costs, then the Company may elect, by written notice to Aron, to compensate Aron from time to time for such Additional Costs incurred by Aron and so long as the Company compensates Aron for such
Additional Costs, this Agreement shall not be terminated on the basis of such Regulatory Event Notice; provided that (i) upon giving such notice to Aron, the Company shall become obligated to pay all Additional Costs thereafter incurred,
subject to clause (iv) below, and without limiting such obligation Aron may require that the Company execute such further documents or instruments as Aron may request to confirm such obligation, (ii) the amount of such Additional Costs
shall be determined by Aron in accordance with its internal procedures and shall include Additional Costs directly arising from this Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby and the portion of
any other Additional Costs allocable, on a pro rata basis, to this Agreement, such Transaction Documents and such transactions, (iii) such Additional Costs shall be invoiced by Aron to the Company on a monthly basis and be due and payable
within three (3) Business Days after invoicing, it being acknowledged that to the extent feasible, Aron will endeavor to include such Additional Costs in the monthly settlement provided for under Section 10.2 hereof
and (iv) the Company may elect to cease compensating Aron for such Additional Costs by written notice which shall be effective 120 days after being given, in which case Aron may reinstate its Regulatory Termination Notice with respect to such
Additional Costs. 
 (c) As used herein, “Federal Reserve Notice of Proposed Rulemaking” means the notice of proposed rulemaking
issued by the Board of Governors of the Federal Reserve System titled “Risk-based Capital and Other Regulatory Requirements for Activities of Financing Holding Companies Related to Physical Commodities and Risk-based Capital Requirements for
Merchant Banking Investments” (Docket No. R-1547; RIN 7100 AE-58); and “Federal Reserve 620 Report” means the Report to the Congress and the Financial
Stability Oversight Council Pursuant to Section 620 of the Dodd-Frank Act issued in September 2016 by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the
Currency. 
 ARTICLE 10 

PAYMENT PROVISIONS 
 10.1
Interim Payments. 
 (a) For each day, Aron will calculate a provisional payment (each an “Interim
Payment”) by applying the applicable Daily Prices to the Estimated Daily Net Crude Sales and Estimated Daily Net Product Sales for that day, in the manner illustrated on Schedule G and using Best Available Inventory Data; provided
that if inventory data have not been reported on any day within a three (3) Business Day period, Aron will use the inventory data for the day occurring during the thirty (30) day period preceding such calendar day that results in the
largest Estimated Daily Net Crude Sales or the smallest Estimated Daily Net Product Sales (as the case may be), in any case resulting in an amount equal to the highest daily amount that would be payable to Aron; provided further that, if Aron
determines that any inventory data it has used in such determination was inaccurate by at least 20,000 barrels, then Aron shall adjust future Interim Payments to take account of any corrected inventory data. 

  
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 The “Interim Payment” shall be an amount equal to the value of the Estimated
Daily Net Crude Sales based on the applicable Daily Prices minus the sum of the value of the Estimated Daily Net Product Sales based on the applicable Daily Prices. If this is a negative amount, the absolute value will represent an amount payable to
the Company and if this is a positive amount, it will represent an amount payable to Aron. 
 (b) With respect to the
Estimated Daily Net Crude Sales and Estimated Daily Net Product Sales, 
 (i) The inventory data to be used in determining
each shall include the Best Available Inventory Data. 
 (ii) The Company shall, at the end of each day, provide to Aron
inventory reports in the form set forth on Schedule H, showing the quantity of Crude Oil held in the Crude Storage Tanks and the quantities of Products held in the Included Product Tanks; and 

(c) For the purposes hereof, 

(i) “Estimated Daily Net Crude Sales” “Estimated Daily Net Crude Sales” for any day shall be the
estimate for that day of the Crude Oil volume, excluding any Other Barrels, that equals the Ending Inventory for the Material “#CRUDERUN” (as shown in the Inventory Report), which will equal the total number of Crude Oil Barrels run for
such day, excluding any Other Barrels; 
 (ii) “Estimated Daily Net Product Sales” for any day and Product
shall be the estimate for that day of the Product volume that equals (A) the total of (w) the aggregate volume of such Product held in the Product Storage Facilities at the end of such day, plus (x) the Daily Product Sales of such
Product for such day, minus (y) the Daily Product Purchases of such Product for such day, minus (z) the aggregate volume of such Product held in the Product Storage Facilities at the beginning of such day, minus (v), the “Daily
Produced Volume”; and 
 (d) For each day, Aron shall determine the Estimated Daily Net Crude Sales and Estimated Daily
Net Product Sales, in a commercially reasonable manner based on the inventory data and otherwise in the manner contemplated by this Section 10.1 and Schedule G, and to the extent it deems appropriate taking into
account such other data as may be relevant to the determination of such estimates. 
 (e) Aron shall advise the Company of
the amount of an Interim Payment via invoice issued in accordance with Schedule G. The party obligated to make such Interim Payment shall cause such payment to be made on the applicable Payment Date indicated on Schedule G. 

(f) For any Business Day, the Interim Payment to be determined and advised by Aron shall be the Interim Payment for that day,
provided that if such Business Day is followed by one or more non-Business Days (whether weekends or Bank Holidays), then Aron shall determine and advise to the Company the Interim Payment for that Business
Day as well as the Interim Payment each of such following non-Business Days and all such Interim Payments shall be due on the same day. 

  
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 10.2 Monthly True-Up Amount. 

(a) Aron will use commercially reasonable efforts to provide to the Company, within five (5) Business Days following
receipt of the Ending In-Tank Crude Inventory and the Ending In-Tank Product Inventory pursuant to Section 9.2, a calculation and appropriate
documentation to support such calculation for such month for a monthly true-up payment (the “Monthly True-Up Amount”). The Monthly True-Up Amount for any month shall be equal to: 
 (i) the Total Monthly Crude Oil True-Up Amount (as defined in Schedule C); plus 
 (ii) the Aggregate Monthly
Product True-Up Amount (as defined in Schedule C), plus 
 (iii) the aggregate
amount of unpaid or unreimbursed Ancillary Costs for such month and any adjustments relating to estimated or paid Ancillary Cost, plus 

(iv) the Counterparty Crude Sales Fee for such month, plus 

(v) the Deferral Fee for such month, plus 

(vi) the Deferred Payment Availability Fee for such month, plus 

(vii) the Monthly Cover Costs; plus 

(viii) any other amount then due from the Company to Aron under this Agreement or any other Transaction Document, minus 

(ix) any other amount then due from Aron to the Company under this Agreement or any other Transaction Document. 

If the Monthly True-Up Amount is a negative number, then the absolute value of such number shall be
the amount due from Aron to the Company, and if the Monthly True-Up Amount is a positive number, such amount shall be due from the Company to Aron. The Company shall pay any Monthly True-Up Amount due to Aron no later than the earlier of (i) twenty (20) Business Days after the Company’s receipt of the monthly invoice and all related documentation supporting the invoiced amount or
(ii) the last Business Day of such month. Aron shall pay any Monthly True-Up Amount due to the Company no later than the earlier of (i) fifteen (15) Business Days after making its definitive
determination of such amount or (ii) the last Business Day of such month. 

  
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 (b) For purposes of determining the amounts due under clauses (i) and (ii)
of Section 10.2(a), the definitions and formulas set forth in Schedule C shall apply and for purposes of determining the amount due under clause (v) and (vi) of Section 10.2(a), the
definitions and formula set forth in Schedule F shall apply. In addition, the Fee Letter contains various definitions and formulas that shall be applied for purposes of determining certain of the amounts referred to in
Section 10.2(a). 
 10.3 Maximum Inventory Levels. Notwithstanding any transfer of title to Aron to all such
Crude Oil or Products, Aron shall not be obligated at any time to pay for any quantity of Crude Oil or Product under Section 10.1 or 10.2 or otherwise hereunder to the extent such payment would relate to an aggregate
quantity of Crude Oil or such Products in the Included Locations in excess of the then applicable maximum level as set forth on Schedule D or as may have been temporarily adjusted under Section 7.9. 

10.4 Invoices. 

(a) Invoices shall be prepared and submitted in accordance to Schedule G. 

(b) If the Company in good faith disputes the amount of any invoice issued by Aron relating to any amount payable hereunder
(including Interim Payments, Monthly True-Up Amounts or Ancillary Costs), it nonetheless shall pay Aron the full amount of such invoice by the due date and inform Aron in writing of the portion of the invoice
with which it disagrees and why; provided that, to the extent that the Company promptly informs Aron of a calculation error that is obvious on its face, the Company shall pay Aron the undisputed amounts and may retain such disputed amount pending
resolution of such dispute. The Parties shall cooperate in resolving the dispute expeditiously. If the Parties agree that the Company does not owe some or all of the disputed amount or as may be determined by a court pursuant to
Article 25, Aron shall return such amount to the Company, together with interest at the Fed Funds Rate from the date such amount was paid, within two (2) Business Days from, as appropriate, the date of their agreement
or the date of the final, non-appealable decision of such court. Following resolution of any such disputed amount, Aron will issue a corrected invoice and any residual payment that would be required thereby
will be made by the appropriate Party within two (2) Business Days. 
 10.5 Other Feedstocks. If Aron procures any catfeed or
other non-Crude Oil feedstocks for the Company to run at the Refinery, the Parties shall agree in connection with such procurement upon terms for incorporating the purchase of such feedstocks into the daily
and monthly settlements contemplated by Sections 10.1 and 10.2 above. 
 10.6 Interest. Interest
shall accrue on late payments under this Agreement at the Default Interest Rate from the date that payment is due until the date that payment is actually received by Aron. 

10.7 Payment in Full in Same Day Funds. All payments to be made under this Agreement shall be made by wire transfer of same day funds in
U.S. Dollars to such bank account at such bank as the payee shall designate in writing to the payor from time to time. Except as expressly provided in this Agreement, all payments shall be made in full without discount, offset, withholding,
counterclaim or deduction whatsoever for any claims which a Party may now have or hereafter acquire against the other Party, whether pursuant to the terms of this Agreement or otherwise. 

  
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 ARTICLE 11 

DEFERRED PAYMENT 
 11.1
Deferred Payment Period. From and after the Commencement Date until the Deferred Payment Termination Date (the “Deferred Payment Period”), payment of amounts due from the Company to Aron or Aron to the Company under this
Agreement shall be deferred or applied to the extent provided in, and subject to the terms and conditions of, this Article 11. 
 11.2
Daily Deferrals. Aron shall, on each Business Day, pursuant to the terms and conditions set forth on Schedule F hereto, determine whether and the extent to which either (i) payments due hereunder from one Party to the other shall
be subject to deferred settlement or (ii) payments previously deferred hereunder shall be subject to accelerated settlement. Promptly after such determination on any Business Day, Aron shall notify the Company in writing (which include notice
by email) of the results of such determination and the Parties shall effect payment hereunder in accordance with such results. 
 11.3
Invoicing and Other Communications. Aron will make commercially reasonable efforts to incorporate payment deferrals and application under Sections 11.2 above in the invoice it issues for Interim Payments and Monthly True-Up Amounts if such information is available prior to such issuance; provided that if such information is not incorporated into such invoice, Aron will thereafter endeavor in a commercially reasonable manner to
apprise the Company, via separate communication, of such information prior to the due date for such Interim Payment or Monthly True-Up Amount. 

11.4 Interim Increases or Reductions of Current Deferred Payment Amount. As provided in Schedule F hereto, the Current Deferred
Payment Amount will from time to time increase or decrease based on a combination of variables as determined and applied thereunder, including without limitation changes in the Deferred Payment Credit Support Amount. In addition, as provided in
Schedule F, either Party may elect to prepay an amount that has been deferred prior to its deferred settlement date, which shall result in adjustment to the Current Deferred Payment Amount. 

11.5 Deferral Fee. In consideration of the payment deferral provided for in this Article 11, the Company shall owe and pay to
Aron, for each month (or portion of a month) during the Deferred Payment Period, the Deferral Fee for such month (or portion of a month). The Deferral Fee shall be calculated as of the end of each month or the last date of the Deferred Payment
Period for the month or portion of a month ending on such date. For purposes of calculating such Deferral Fee, Aron shall determine the Average Deferral Amount for the relevant period in accordance with Schedule F. Each Deferral Fee
calculated as of the end of a month shall be due as provided in Section 10.2. A Deferral Fee calculated as of the end of the Deferred Payment Period shall be due pursuant Section 19 or 20,
as applicable. 
 11.6 Termination of Deferred Payment Period. 

  
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 (a) On the Deferred Payment Termination Date, the Current Deferred Payment Amount
shall be immediately due and payable by the Company to Aron, together any Deferral Fee due with respect to the period ending on such date. 

(b) The “Deferred Payment Termination Date” shall be the earliest to occur of the following: (i) the
Termination Date pursuant to Section 20; (ii) upon notice by Aron after the occurrence and during the continuance of any Event of Default with respect to the Company (other than an Event of Default under
Section 19.1(d)); (iii) upon the occurrence of an Event of Default with respect to the Company under Section 19.1(d); and (iv) such date as the Parties shall mutually agree in writing. 

11.7 Eligible Receivables and Eligible Hydrocarbon Inventory. 

(a) By no later than 7:00 p.m. HST on each Business Day, the Company shall provide to Aron, via email, reports in form and
substance reasonably satisfactory to Aron as illustrated in Schedule H (the “Receivables Report”, “Billing Due Report” and “Inventory Report”) showing (i) the then current total amount
of Eligible Receivables and a breakdown of such Eligible Receivables by Acceptable Account Debtor, which breakdown shall indicate the amount and remaining tenor of each Eligible Receivable owing by the relevant Acceptable Account Debtor, and
(ii) the inventory quantities that then constitute Eligible Hydrocarbon Inventory, including the quantity and location of each type of inventory. 

(b) Promptly after receipt of each Receivables Report, Billing Due Report and Inventory Report, Aron shall calculate the
Deferred Payment Credit Support Amount based on the information provided in such report; provided that Aron may only exclude from such calculation any receivables included in such report that Aron, in its reasonable judgment, determines in good
faith do not constitute Eligible Receivables and any Hydrocarbons that Aron, in its reasonable judgement, determines in good faith do not constitute Eligible Hydrocarbon Inventory. 

(c) The Company, by delivering a Receivables Report, Billing Due Report and Inventory Report shall be deemed to represent and
warrant to Aron (to the same extent as if set forth in this Agreement) that (i) all Accounts identified as Eligible Receivables in such report meet all the requirements of an Eligible Receivable set forth in this Agreement and (ii) all
Hydrocarbons identified as Eligible Hydrocarbon Inventory in such report meet all the requirements of Eligible Hydrocarbon Inventory set forth in this Agreement. 

(d) The Company agrees that, at least once every 6 months, the Company shall procure and cause to be provided to Aron a due
diligence report prepared by KPMG LLP (or such other independent auditor as shall be acceptable to Aron) and addressed to Aron relating to the Company’s Eligible Receivables and other matters pertaining to the Company and its operations and
financial condition, which report shall be in substance comparable to the reports previously provided by KPMG to the Company’s lenders (a “Receivables Assessment”). The Company further agrees that, if Aron has in its
reasonable judgment identified material discrepancies between those Accounts that the 

  
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Company has reported as Eligible Receivables and the Accounts that actually qualify as Eligible Receivables, then Aron may require that the Company procure and cause to be provided to Aron one or
more additional Receivables Assessments, provided that Aron shall not be entitled to require more than two additional Receivables Assessments during any 12 month period. All costs of procuring such Receivables Assessment shall be borne by the
Company. 
 ARTICLE 12 

INDEPENDENT INSPECTORS; STANDARDS OF MEASUREMENT 

12.1 Aron shall be entitled to have Supplier’s Inspector, at Aron’s sole cost and expense, present at any time the Volume
Determination Procedures are to be applied in accordance with the terms of this Agreement and to observe the conduct of Volume Determination Procedures. 

12.2 In addition to its rights under Section 12.1, Aron may, from time to time during the Term of this Agreement,
upon reasonable prior notice to the Company, at Aron’s own cost and expense, have Supplier’s Inspector conduct surveys and inspections of any of the Storage Facilities or observe any Crude Oil or Product transmission, handling, metering or
other activities being conducted at such Storage Facilities or the Delivery Points; provided that such surveys, inspections and observations shall not materially interfere with the ordinary course of business being conducted at such Storage
Facilities or the Refinery. 
 12.3 Subject to the Storage Facilities Agreement between Aron and the Company, Aron will have the right to
inspect the Storage Facilities. In the event that recalibration of meters, gauges or other measurement equipment is requested by Aron such as “strapping,” the Parties shall select a mutually agreeable certified and licensed independent
petroleum inspection company (the “Independent Inspection Company”) to conduct such recalibration. The cost of the Independent Inspection Company is to be shared equally by the Company and Aron. 

12.4 Standards of Measurement. All quantity determinations herein will be corrected to sixty (60) degrees Fahrenheit based on a
U.S. gallon of two hundred thirty one (231) cubic inches and forty two (42) gallons to the Barrel, in accordance with the latest supplement or amendment to ASTM-IP petroleum measurement tables (Table
6A of ASTM-IP for Feedstocks and Table 6B of ASTM-IP for Products). 

ARTICLE 13 
 FINANCIAL
INFORMATION; CREDIT SUPPORT 
 13.1 Provision of Financial Information. The Company shall provide Aron (i) within ninety
(90) days following the end of each of its fiscal years, (a) a copy of the annual report, containing audited consolidated financial statements of the Company and its consolidated subsidiaries for such fiscal year certified by independent
certified public accountants and (b) the balance sheet, statement of income and statement of cash flow of the Company for such fiscal year, as reviewed by the Company’s independent certified public accountants, and (ii) within

  
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forty five (45) days after the end of its first three fiscal quarters of each fiscal year, a copy of the quarterly report, containing unaudited consolidated financial statements of the
Company and its consolidated subsidiaries for such fiscal quarter; provided that so long as the Company is required to make public filings of its quarterly and annual financial results pursuant to the Exchange Act, such filings are available on the
SEC’s EDGAR database and such filings are made in a timely manner, then the Company will not be required to provide such annual or quarterly financial reports to Aron. 

13.2 Additional Information. 

(a) Upon reasonable notice, the Company shall provide to Aron such additional information as Aron may reasonably request to
enable it to ascertain the current financial condition of the Company, including product reports in the form of Schedule S; 

(b) From time to time, upon reasonable request by Aron, the Company shall obtain and provide to Aron additional information
from third party arrangements, if any, but only to the extent the Company may contractually disclose such arrangements to Aron; 

(c) The Company shall deliver to Aron, in form and detail satisfactory to Aron concurrently with the delivery of the financial
statements referred to in Section 13.1, a certificate signed by an appropriate officer of the Company certifying as to Liquidity as of the last day of the fiscal quarter together with a statement showing in reasonable
detail the calculation of such Liquidity; and 
 (d) On the final Business Day of each week, the Company shall notify Aron as
to the Liquidity as of the close of business on such day (such notification may be by email). 
 13.3 Notification of Certain Events.
The Company shall notify Aron within one (1) Business Day after learning of any of the following events: 
 (a) The
Company’s or any of its Affiliates’ binding agreement to sell, lease, sublease, transfer or otherwise dispose of, or grant any Person (including an Affiliate) an option to acquire, in one transaction or a series of related transactions,
all or a material portion of the Refinery assets; 
 (b) The Company’s or any of its Affiliates’ binding agreement
to consolidate or amalgamate with, merge with or into, or transfer all or substantially all of its assets to, another entity (including an Affiliate); 

(c) An early termination of or any notice of any “event of default” under any Base Agreement, if any; 

(d) An amendment to any Financing Agreement; provided that the Company shall notify Aron at least ten (10) Business Days
prior to entering into any new Financing Agreement; and 

  
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 (e) The execution of any agreement or other instrument or the announcement of any
transaction or proposed transaction that contemplates or could or does result in a Change of Control. 
 13.4 Credit Support. 

(a) As security for the prompt and complete payment of all amounts due or that may become due from the Company to Aron and the
performance by the Company of all covenants and obligations to be performed by it pursuant to this Agreement and all other Transaction Documents and all outstanding transactions hereunder and thereunder (collectively, the
“Obligations”), the Company hereby pledges, assigns, conveys and transfers to Aron as margin, and hereby grants to Aron a present and continuing security interest in and to, and a general first lien upon and right of set off
against, to amount of U.S. dollars constituting the Initial Margin Amount and all interest and other proceeds from time to time received, receivable or otherwise distributed in respect thereof, or in exchange therefor; provided that (i) the
Company shall effect such pledge, assignment, conveyance and transfer of the Initial Margin Amount as and when required under Section 4.3 hereof and (ii) once the full amount of the Initial Margin Amount has been so
pledge, assigned conveyed and transferred, the Company agrees that for the duration of the Term, it shall maintain such pledge, assignment, conveyance and transfer and take such action as Aron reasonably requests in order to perfect Aron’s
continuing security interest in, and lien on (and right of setoff against), such amount. Notwithstanding the provisions of Applicable Law, if no Event of Default has occurred and is continuing with respect to Aron, then Aron shall have the right to
sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise use in its business all or any portion of the Initial Margin Amount, free from any claim or right of any nature whatsoever of the Company, including any equity or right of
redemption by the Company. Nothing in this Section 13.4(a) shall limit any rights of Aron under any other provision of this Agreement or any other Transaction Documents, including without limitation, under
Section 13.4(b) or Article 19 below. Aron will exercise reasonable care to assure the safe custody of the Initial Margin Amount to the extent required by Applicable Law. 

(b) As further security for the prompt and complete payment of all amounts due or that may become due hereunder, the Company
shall grant the Lien contemplated by, comply with the terms of and maintain in full force and effect the Lien Documents and assist Aron in maintaining any UCC financing statements or other filings necessary to preserve Aron’s Liens pursuant to
the Lien Documents. 
 ARTICLE 14 

REFINERY TURNAROUND, MAINTENANCE AND CLOSURE 

14.1 The Company shall be responsible for all operations and maintenance of Included Locations which are, directly or indirectly, owned by the
Company. The Company shall promptly notify Aron in writing of the date for which any inspection, maintenance, restart or turnaround at the Refinery or the Refinery Facilities has been scheduled, or any revision to previously scheduled inspection,
maintenance, restart or turnaround, which may affect receipts of 

  
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Crude Oil at the Refinery, the SPM or the Storage Facilities, the processing of Crude Oil in the Refinery or the delivery of Products to Aron or by Aron to the Company or any third parties;
provided that, (i) promptly after the Company completes its annual business plan with respect to any year, it shall notify Aron of any such inspection, maintenance, restart or turnaround contemplated with respect to such year and (ii) the
Company shall give Aron at least two (2) months’ prior written notice of any such scheduled inspection, maintenance, restart or turnaround. 

14.2 The Company shall promptly notify Aron orally (followed by prompt written notice) of any previously unscheduled downtime at the Refinery
hydrocracker or Crude Oil unit exceeding twenty-four (24) hours. 
 14.3 In the event of a scheduled shutdown of the Refinery, the
Company shall, to the extent feasible, complete processing of all Crude Oil being charged to, processed at or consumed in the Refinery at that time. 

14.4 (a) Subject to Section 14.4(b) below, if at any time Aron determines that all or any portion of the facilities
constituting an Included Location (in each case, “Identified Facilities”) fail to satisfy Aron’s then applicable policies and procedures (such policies and procedures to be in reasonable accordance with and not to exceed
industry, regulatory and customary practices) relating to the prudent maintenance and operation of storage tanks, pipeline facilities, vessels and other infrastructure used to store or transport crude oil and/or refined products
(“Aron’s Policies and Procedures”), and without limiting any other rights and remedies available to Aron hereunder or under any other Transaction Document, Aron may provide the Company notice of such failure so long as such
failure is continuing and, if Aron provides such notice, the following provisions shall be applicable: (i) in the case of any Identified Facilities that are subject to the Storage Facility Agreement, upon such date as Aron shall specify, such
Identified Facilities shall cease to constitute an Included Location (or part of an Included Location) for purposes hereof and any payment to Aron in respect of any Crude Oil or Products held in such Identified Facilities shall become due in
accordance with the provisions of Section 10 hereof; and (ii) in the case of any Identified Facilities that are subject to a Required Storage and Transportation Arrangement, the Parties shall endeavor as promptly as
reasonably practicable to execute such rights, provide such notices, negotiate such reassignments or terminations and/or take such further actions as Aron deems necessary or appropriate to terminate Aron’s status as the party entitled to use
and/or hold Crude Oil or Products at such Identified Facilities and, concurrently with effecting the termination of such status, such Identified Facilities shall cease to constitute an Included Location (or part of an Included Location) for purposes
hereof and any payment to Aron in respect of any Crude Oil or Products held in such Identified Facilities shall become due in accordance with the provisions of Section 10 hereof. 

(b) Aron’s rights under Section 14.4(a) above are subject to the following additional terms and
conditions: 
 (i) Aron shall apply Aron’s Policies and Procedures with respect to the Included Locations in a non-discriminatory manner as compared with other similar storage tanks and pipeline facilities utilized by Aron in a similar manner; 

  
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 (ii) If the failure of any Identified Facilities to satisfy Aron’s Policies
and Procedures is a result of Aron’s Policies and Procedures exceeding the standards or requirements imposed under Applicable Law or good and prudent industry practice, then (1) Aron shall not require the removal of such Identified
Facilities as Included Locations until the 120th day after giving the Company written notice of such failure, unless in Aron’s reasonable judgment such failure presents an imminent risk
relating to such Identified Facility in which case Aron may require that such Identified Facility immediately cease to constitute an Included Location and the terms of Section 14.4(a) shall immediately become applicable,
(2) during such 120 day period, Aron shall consult with the Company in good faith to determine whether based on further information provided by the Company such Identified Facilities comply with Aron’s Policies and Procedures and/or
whether additional actions or procedures can be taken or implemented so that, as a result, such Identified Facilities would comply with Aron’s Policies and Procedures, and (3) if it is determined that such Identified Facilities do comply
with Aron’s Policies and Procedures or, as a result of such additional actions or procedures, such Identified Facilities become so compliant within such 120 day period, then such Identified Facilities shall not cease to be Included Locations
based on the noncompliance stated in Aron’s notice to the Company; 
 (iii) If within the 120 day period referred to in
clause (ii)(2) above, the Company has identified and diligently commenced the implementation of additional actions or procedures that are intended to result in such Identified Facilities becoming compliant with Aron’s Policies and Procedures,
but such implementation cannot through commercially reasonable efforts be completed within such 120 day period, then so long as the Company continues to diligently and in a commercially reasonable manner pursue the implementation of such additional
actions and procedures, Aron will extend such 120 day period up for up to an additional 60 days (or such longer period as the Parties may mutually agree) to allow for such implementation to be completed and if such implementation is completed within
such additional 60 day period (or such longer period as the Parties may mutually agree), then such Identified Facilities shall not cease to be Included Locations based on the noncompliance stated in Aron’s notice to the Company; and 

(iv) If any Identified Facilities cease to be Included Locations pursuant to Section 14.4(a) above
and thereafter Aron determines, in its reasonable good faith judgment, that such Identified Facilities have become compliant with Aron’s Policies and Procedures, then Aron shall promptly cooperate with the Company to reestablish such Identified
Facilities as Included Locations hereunder. 
 ARTICLE 15 

TAXES 
 15.1 (a) The
Company shall pay and indemnify and hold Aron harmless against, the amount of all sales, use, gross receipts, value added, severance, ad valorem, excise, property, spill, environmental, transaction-based, or similar taxes, duties and fees, howsoever
designated regardless of the taxing authority, and all penalties and interest thereon, except to the extent such 

  
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penalties and interest are due to the willful misconduct of Aron (each, a “Tax” and collectively, “Taxes”), paid, owing, asserted against, or incurred by Aron
directly or indirectly with respect to the Crude Oil procured and sold to Company hereunder, and the Products purchased and resold to Company hereunder, and other transactions contemplated hereunder to the greatest extent permitted by applicable
law; in the event that the Company is not permitted to pay such Taxes, the amount due hereunder shall be adjusted by Aron such that the Company shall bear the economic burden of the Taxes. The Company shall pay when due such Taxes unless there is an
applicable exemption from such Tax, with written confirmation of such Tax exemption to be contemporaneously provided to Aron. To the extent Aron is required by law to collect such Taxes, one hundred percent (100%) of such Taxes shall be added to
invoices as separately stated charges and paid in full by the Company in accordance with this Agreement, unless the Company is exempt from such Taxes and furnishes Aron with a certificate of exemption; provided, however, that (i) the failure of
Aron to separately state or collect Taxes from the Company shall not alter the liability of the Company for Taxes and (ii) Aron shall only be liable for Taxes if and to the extent that such Taxes have been separately stated and collected from
the Company. Any refund or credit with respect to any Taxes paid or indemnified by Company hereunder shall belong to Company. Aron shall be responsible for all taxes imposed on Aron’s net or gross (or any derivative thereof) income, and the
Company shall be responsible for all taxes imposed on the Company’s net or gross (or any derivative thereof) income. For avoidance of doubt, no taxes described in the immediately preceding sentence shall include gross receipts taxes described
in the first sentence of this Section 15.1(a). 
 (b) In addition to paragraph (a), the Company shall complete and file all necessary
property tax returns on Aron’s behalf with respect to Crude Oil and Products, regardless of whether property tax laws place the obligation to do so on Aron or the Company, disclose Aron’s ownership interest therein, and pay such amounts as
due. Provided that the Company pays (or indemnifies Aron for) all property taxes, the Company shall have the first right to claim income tax credits for such property taxes paid and shall be solely responsible for the extent to which such credits
are available to or realized by the Company. 
 15.2 If the Company disagrees with Aron’s determination that any Tax is due with respect
to transactions under this Agreement, the Company shall have the right to seek an administrative determination from the applicable taxing authority, or, alternatively, the Company shall have the right to contest any asserted claim for such Taxes,
subject to its agreeing to indemnify Aron for the entire amount of such contested Tax should such Tax be deemed applicable. Aron agrees to reasonably cooperate with the Company, in the event the Company determines to contest any such Taxes. Company
shall be responsible for all costs and expenses incurred by Company or Aron in the event Company decides to seek an administrative determination from the applicable taxing authority or to contest any such Taxes. 

15.3 (a) The Company and Aron shall promptly inform each other in writing of any assertion by a taxing authority of additional liability for
Taxes in respect of said transactions. Any legal proceedings or any other action against Aron with respect to such asserted liability shall be under Aron’s direction but the Company shall be kept reasonably informed and consulted by Aron. Any
legal proceedings or any other action against the Company with respect to such asserted liability shall be under the Company’s direction but Aron shall be consulted. In any event, the Company and Aron shall fully cooperate with each other as to
the asserted liability. Each Party shall bear all the reasonable costs of any action undertaken by the other at the Party’s request. 

  
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 (b) In addition to paragraph (a) and other information sharing requirements applicable to
Aron and the Company, Aron and the Company shall seasonably and from time to time as is otherwise reasonable exchange and share information with each other as necessary to properly report, defend, challenge, and pay Taxes (including but not limited
to sales taxes and fuel taxes and file tax returns (including without limitation any returns referred to in Section 15.1(b)), including information that supports and demonstrates total sales, sales that are exempt from Tax, and sales that are
subject to Tax at a reduced rate. 
 15.4 Any other provision of this Agreement to the contrary notwithstanding, this Article 15 shall
survive until ninety (90) days after the expiration of the statute of limitations for the assessment, collection, and levy of any Tax. 

ARTICLE 16 
 INSURANCE

 16.1 Insurance Coverages. The Company shall procure and maintain in full force and effect throughout the Term of this
Agreement insurance coverages of the following types and amounts and with insurance companies rated not less than A-X by A.M. Best Company, or otherwise equivalent in respect of the Company’s properties
and operations: 
 (a) Property damage including business interruption coverage on an “all risk” basis, including
but not limited to flood, earthquake, windstorm, and tsunami, covering damage to the Refinery Facilities and the Storage Facilities on a repair or replacement cost basis in an amount sufficient to repair major components of such Facilities as
reasonably determined pursuant to an engineering report prepared by an expert recognized by underwriters for such purpose or loss limited reasonably acceptable to Aron. Aron shall be named as a co-loss payee
under such property damage coverage related to the Collateral, and the losses, if any, for property damage with respect to the Collateral shall be payable to Aron for distribution by it to itself and to the Company, as their respective interests may
appear, or order, except that, unless underwriters have been otherwise instructed by notice in writing from Aron, in the case of any loss involving any damage to the Collateral that is less than $10,000,000, the underwriters shall pay directly for
the repair or replacement or other charges involved or, if the Company shall have first fully repaired the damage or replaced the damaged property and paid the cost thereof, or discharged any other charges directly related thereto, then the
underwriters may pay the Company as reimbursement therefor without first obtaining the written consent thereto of Aron. Business interruption and extra expense coverage shall include at least 18 months indemnity period and shall be in an amount
equal to the projected net income plus costs that would necessarily continue from such Facilities based upon the Company’s reasonable estimate thereof. 

  
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 (b) Commercial general liability coverage which includes bodily injury, broad
form property damage and contractual liability, cross suit liability, products and completed operations liability, sudden and accidental pollution liability (excluding events that result in acidic deposition), liability arising out of wharfinger,
terminal operator and/or stevedoring operations and loss, and contamination or degradation of Aron’s Crude Oil and Products inventory coverage in a minimum amount of $1,000,000 per occurrence and $2,000,000 in the aggregate, which coverage may
be self-insured by the Company. 
 (c) (i) Workers compensation in the amount required by Applicable Law, and
(ii) employer’s liability with a minimum amount of $1,000,000 per accident, $1,000,000 per disease, and $1,000,000 aggregate. 

(d) Commercial automobile liability insurance in a minimum amount of $1,000,000 per accident. 

(e) Umbrella/excess liability coverage providing coverage on a follow-form basis with respect the coverage required under
Sections 16.1(b) (not including contamination or degradation of Aron’s Crude Oil and Products inventory), (c)(ii) and (d) in a minimum amount of $500,000,000 per occurrence and in the aggregate; provided that, to the
extent such limit exceeds the insurance limits available or the insurance limits available at commercially reasonable rates in the insurance marketplace, the Company will maintain the highest insurance limit available at commercially reasonable
rates; provided further however, that the Company will promptly notify Aron of the Company’s inability to procure and maintain such limit of coverage. 

(f) Pollution legal liability coverage (excluding events that result in acidic deposition) in a minimum amount of $100,000,000
per occurrence and in the aggregate. 
 (g) Charterer’s liability insurance (if applicable) in a minimum amount of
$50,000,000 per occurrence and in the aggregate. 
 16.2 Additional Insurance Requirements. 

(a) The foregoing policies shall include or provide that the underwriters waive all rights of subrogation against Aron and the
insurance is primary without contribution from Aron’s insurance. The foregoing policies with the exception of those listed in Sections 16.1 (c), (d) and (g) shall include Aron, its subsidiaries, and affiliates
and their respective directors, officers, employees and agents as additional insured with respect to the Collateral. 
 (b)
The Company shall cause its insurance carriers or its authorized insurance broker to furnish Aron with insurance certificates, in Acord form or equivalent, evidencing the existence of the coverages and the endorsements required above. The Company
shall provide thirty (30) days’ written notice prior to cancellation or material modification of insurance becoming effective. The Company also shall provide renewal certificates prior to expiration of the policy. 

(c) The Company shall comply with all notice and reporting requirements in the foregoing policies and timely pay all premiums.

  
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 (d) The Company shall be responsible for any deductibles or retentions that are
applicable to the insurance required pursuant to Section 16.1. 
 16.3 Aron Insurance Requirements. Aron
shall, at Aron’s expense, carry and maintain in full force and effect throughout the Term of this Agreement all risk cargo insurance for the full market value with respect to the Crude Oil and Products that it owns. Aron shall pay all premiums
required to maintain these policies in effect. In the event that the market value or potential full replacement cost of all Crude Oil and Products exceeds the insurance limits available or the insurance limits available at commercially reasonable
rates in the insurance marketplace, Aron will maintain the highest insurance limit available at commercially reasonable rates. 
 16.4 No
Reduction or Release. The mere purchase and existence of insurance does not reduce or release either Party from any liability incurred or assumed under this Agreement. 

ARTICLE 17 
 FORCE
MAJEURE 
 17.1 If a Party is rendered unable by an event of Force Majeure to perform in whole or in part any obligation or condition of
this Agreement (the “Affected Party”), it shall not be liable to the other Party to perform such obligation or condition (except for payment and indemnification obligations) for so long as the event of Force Majeure exists and to
the extent that performance is hindered by such event of Force Majeure; provided, however, that the Affected Party shall use any commercially reasonable efforts to avoid or remove the event of Force Majeure. During the period that performance by the
Affected Party of a part or whole of its obligations has been suspended by reason of an event of Force Majeure, the other Party (the “Non-Affected Party”) likewise may suspend the performance
of all or a part of its obligations to the extent that such suspension is commercially reasonable, except for any payment and indemnification obligations. The Parties acknowledge that if, as a result of a Force Majeure, the Company were to suspend
its receipt and/or processing of Crude Oil, then Aron would be entitled to suspend, to a comparable extent, its purchasing of Products. 

17.2 The Affected Party shall give prompt oral notice to the Non-Affected Party of its declaration of
an event of Force Majeure, to be followed by written notice within twenty-four (24) hours after receiving such oral notice of the occurrence of a Force Majeure event, including, to the extent feasible, the details and the expected duration of
the Force Majeure event and the volume of Crude Oil or Products affected. The Affected Party also shall promptly notify the Non-Affected Party when the event of Force Majeure is terminated. However, the
failure or inability of the Affected Party to provide such notice within the time periods specified above shall not preclude it from declaring an event of Force Majeure. 

17.3 In the event the Affected Party’s performance is suspended due to an event of Force Majeure in excess of thirty (30) consecutive
days after the date that notice of such event is given, and so long as such event is continuing, the Non-Affected Party, in its sole discretion, may terminate or curtail its obligations under this Agreement
affected by such event of Force Majeure (the “Affected Obligations”) by giving notice of such termination or curtailment to the Affected 

  
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Party, and neither Party shall have any further liability to the other in respect of such Affected Obligations to the extent terminated or curtailed, except for the rights and remedies previously
accrued under this Agreement, any payment and indemnification obligations by either Party under this Agreement and the obligations set forth in Article 20. Without limiting any rights of any
Non-Affected Party under this Article 17, the parties agree that following notice of an event of Force Majeure, they will consult in good faith to assess potential actions or steps with respect thereto.

 17.4 If any Affected Obligation is not terminated pursuant to this Article 17 or any other provision of this
Agreement, performance shall resume to the extent made possible by the end or amelioration of the event of Force Majeure in accordance with the terms of this Agreement; provided, however, that the term of this Agreement shall not be extended. 

17.5 The Parties acknowledge and agree that the right of Aron to declare a Force Majeure based upon any failure by a Third Party Supplier to
deliver Crude Oil under a Aron Procurement Contract is solely for purposes of determining the respective rights and obligations as between Aron and the Company with respect to any Crude Oil delivery affected thereby, and any such declaration shall
not excuse the default of such Third Party Supplier under one or more Aron Procurement Contracts. Any claims that Aron may have as a result of such Third Party Supplier’s failure shall be subject to Section 5.9 and any
other applicable provisions of this Agreement relating to claims against third parties. 
 17.6 If at any time during the Term any of the
Required Storage and Transportation Arrangements cease to be in effect (in whole or in part) or any of the applicable Included Product Pipelines or Included Product Tanks cease, in whole or in part, to be available to Aron pursuant to the Required
Storage and Transportation Arrangements, and the foregoing is a result of or attributable to any owner or operator of such Included Product Pipelines or Included Product Tanks becoming Bankrupt or breaching or defaulting in any of its obligations
relating to the Required Storage and Transportation Arrangements, then: 
 (a) The Company shall promptly use commercially
reasonable efforts to establish for Aron’s benefit alternative and/or replacement storage and transportation arrangements no less favorable to Aron (in Aron’s reasonable judgment) than those that have ceased to be available; 

(b) Until such alternative and/or replacement arrangements complying with clause (a) above have been established, each
Party shall be deemed to have been affected by an event of Force Majeure and its obligations under this Agreement shall be curtailed to the extent such performance is hindered by such lack of effectiveness of any Required Storage and Transportation
Arrangements or the availability of any pipeline or storage facility related thereto; and 
 (c) Without limiting the
generality of the foregoing, in no event shall Aron have any obligation under or in connection with this Agreement to store Crude Oil or Product in any pipeline or store Crude Oil or Product in any storage facility at any time from and after the
owner or operator thereof becoming Bankrupt. If any such storage facility is an Included Location then Aron may, in its discretion, elect upon written notice 

  
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to the Company that such storage facility shall cease to be an Included Location as of a date specified in such written notice in which case any Crude Oil or Product held by Aron therein shall be
purchased by the Company in accordance with the applicable provisions of Sections 10.1 and 10.2 hereof. 
 ARTICLE 18

 REPRESENTATIONS, WARRANTIES AND COVENANTS 

18.1 Mutual Representations. Each Party represents and warrants to the other Party as of the Effective Date and each sale of Crude Oil
or Refined Products hereunder, that: 
 (a) It is an “Eligible Contract Participant,” as defined in
Section 1a(18) of the Commodity Exchange Act, as amended. 
 (b) It is a “forward contract merchant” in
respect of this Agreement and this Agreement and each sale of Crude Oil or Products hereunder constitutes a “forward contract,” as such term is used in Section 556 of the Bankruptcy Code. 

(c) It is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and in
good standing under such laws. 
 (d) It has the corporate, governmental or other legal capacity, authority and power to
execute and deliver the Transaction Documents and to perform its obligations under this Agreement, and has taken all necessary action to authorize the foregoing. 

(e) The execution, delivery and performance of the Transaction Documents and the performance of its obligations thereunder and
the consummation of the transactions contemplated thereby do not violate or conflict with any Applicable Law, any provision of its constitutional documents, any order or judgment of any court or Governmental Authority applicable to it or any of its
assets or any contractual restriction binding on or affecting it or any of its assets. 
 (f) Except for the filing of UCC-1 or UCC-3 financing statements and the Lien Documents in applicable state and county filing offices, all governmental and other authorizations, approvals, consents,
notices and filings that are required to have been obtained or submitted by it with respect to the Transaction Documents have been obtained or submitted and are in full force and effect, and all conditions of any such authorizations, approvals,
consents, notices and filings have been complied with. 
 (g) Its obligations under the Transaction Documents constitute its
legal, valid and binding obligations, enforceable in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to
equitable principles of general application regardless of whether enforcement is sought in a proceeding in equity or at law). 

  
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 (h) No Event of Default or Default has occurred and is continuing with respect to
such Party, and no such event or circumstance would occur as a result of its entering into or performing its obligations under the Transaction Documents. 

(i) There is not pending or, to its knowledge, threatened against it or any of its Affiliates any action, suit or proceeding at
law or in equity or before any court, tribunal, Governmental Authority, official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or its ability to perform its obligations under the
Transaction Documents. 
 (j) It is not relying upon any representations of the other Party other than those expressly set
forth in this Agreement. 
 (k) It has entered into this Agreement as principal (and not as advisor, agent, broker or in any
other capacity, fiduciary or otherwise), with a full understanding of the material terms and risks of the same, and is capable of assuming those risks. 

(l) It has made its trading and investment decisions (including their suitability) based upon its own judgment and any advice
from its advisors as it has deemed necessary and not in reliance upon any view expressed by the other Party. 
 (m) The other
Party (i) is acting solely in the capacity of an arm’s-length contractual counterparty with respect to this Agreement, (ii) is not acting as a financial advisor or fiduciary or in any similar
capacity with respect to this Agreement and (iii) has not given to it any assurance or guarantee as to the expected performance or result of this Agreement. 

(n) It is not bound by any agreement that would preclude or hinder its execution, delivery, or performance of this Agreement.

 (o) Neither it nor any of its Affiliates has been contacted by or negotiated with any finder, broker or other intermediary
in connection with the sale of Crude Oil or Products hereunder who is entitled to any compensation with respect thereto. 

(p) None of its directors, officers, employees or agents or those of its Affiliates has received or will receive any
commission, fee, rebate, gift or entertainment of significant value in connection with this Agreement. 
 18.2 Company’s
Representations and Covenants. 
 The Company hereby represents, warrants, covenants and agrees as follows: 

(a) The Company will deliver true and complete copies of the Base Agreements and all amendments thereto to Aron as and when
such agreements are entered into by the Company. 
 (b) The Company shall in all material respects perform its obligations
under and comply with the terms of the Base Agreements and Required Storage and Transportation Arrangements as and when such agreements are entered into by the Company. 

  
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 (c) The Company shall maintain and pursue diligently all its material rights
under the Base Agreements and Required Storage and Transportation Arrangements and take all reasonable steps to enforce its rights and any rights granted to the Company thereunder as and when such agreements are entered into by the Company. 

(d) With respect to any Aron Procurement Contract, Included Purchase Transaction, buy/sell transaction or other transaction
subject hereto in which Aron is receiving delivery of any Crude Oil or Products from a vessel, the Company covenants and agrees that it will use commercially reasonable efforts to provide, or cause to be provided, a safe berth for such vessel free
of all wharfage, dockage and quay dues or than those dues being contested in good faith for which adequate reserves have been established in accordance with GAAP, which such vessel can proceed to, lie at, and depart from, always safely afloat. 

(e) The Company shall not modify, amend or waive rights arising under any of the Base Agreements or the Required Storage and
Transportation Arrangements as and when such agreements are entered into by the Company without the prior written consent of Aron; provided, however, that if the Company provides Aron with notice, the Company may make such modifications or
amendments, including extensions or elections under any of the foregoing, that do not adversely affect Aron’s rights thereunder, degrade, reduce or limit the standards applicable to the operator thereunder or otherwise interfere with
Aron’s rights to use the Included Product Pipelines and Included Product Tanks subject thereto without the prior written consent of Aron. 

(f) The Company shall not cause or permit any of the Crude Oil or Products held at the Included Locations to become subject to
any Liens, except for Permitted S&O Liens. 
 (g) The Company represents and warrants that the Storage Facilities have
been maintained, repaired, inspected and serviced in accordance with good and prudent industry standards and Applicable Law and are in good working order and repair in all respects. 

(h) The Company (i) represents and warrants that each Included Location is within the FTZ and (ii) covenants and
agrees that it will cause (and take such actions as are necessary to cause) each Included Location at all times during the Term of this Agreement to continue to be within FTZ or to otherwise be entitled to the benefits of being within the FTZ
(should any FTZ designation change). 
 (i) Neither Company nor any Affiliate shall, from and after the Effective Date, enter
into any Financing Agreement (an “Additional Financing Agreement”) unless such Additional Financing Agreement, at the time it is entered into, (i) contains provisions that recognize the respective rights and obligations of the
Parties under this Agreement and the other Transaction Documents, (ii) does not adversely affect in any 

  
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respect any of Aron’s rights or remedies under this Agreement or the other Transaction Documents and (iii) recognizes that Aron is the owner of Crude Oil and Products to the extent
contemplated hereby and by the other Transaction Documents, free and clear of any liens of any lender or other creditor that is party to such Financing Agreement, other than Permitted S&O Liens. Neither Company nor any Affiliate shall modify or
amend (including any extensions of or elections under), or waive any rights arising under, any Additional Financing Agreement without the prior written consent of Aron, if doing so would (i) adversely affect in any respect any of Aron’s
rights or remedies under this Agreement or the other Transaction Documents or (ii) cause such Additional Financing Agreement to no longer recognize that Aron is the owner of Crude Oil and Products to the extent contemplated hereby and by the
other Transaction Documents, free and clear of any liens of any lender or other creditor that is party to such Financing Agreement, other than Permitted S&O Liens. 

(j) To the extent deemed necessary or appropriate by Aron, the Company shall cause acknowledgements and/or releases (including
without limitation, amendments or termination of UCC financing statements), in form and substance satisfactory to Aron, to be duly executed by lenders or other creditors that are party to Financing Agreements, confirming the release of any lien in
favor of such lender or other creditor, other than Permitted S&O Liens, that might apply to or be deemed to apply to any Crude Oil and/or Products of which Aron is the owner as contemplated by this Agreement and the other Transaction Documents
or the priority of the Lien granted to Aron under the Lien Documents, and agreeing to provide Aron with such further documentation as it may reasonably request in order to confirm the foregoing. 

(k) In the event the Company becomes Bankrupt, and to the extent permitted by Applicable Law, the Company intends that
(i) Aron’s right to liquidate, collect, net and set off rights and obligations under this Agreement and liquidate and terminate this Agreement shall not be stayed, avoided, or otherwise limited by the Bankruptcy Code, including sections
362(a), 547, 548 or 553 thereof; (ii) Aron shall be entitled to the rights, remedies and protections afforded by and under, among other sections, sections 362(b)(6), 362(b)(17), 362((b)(27), 362(o), 546(e), 546(g), 546(j), 548(d), 553, 556,
560, 561 and 562 of the Bankruptcy Code; and (iii) any cash, securities or other property provided as performance assurance, credit, support or collateral with respect to the transactions contemplated hereby shall constitute “margin
payments” as defined in section 101(38) of the Bankruptcy Code and all payments for, under or in connection with the transactions contemplated hereby, shall constitute “settlement payments” as defined in section 101(51A) of the
Bankruptcy Code. 
 (l) The Company agrees that each of them shall have no interest in or the right to dispose of, and shall
not permit the creation of, or suffer to exist, any security interest, lien, encumbrance, charge or other claim of any nature (collectively, “Liens”), other than Permitted S&O Liens, with respect to, any quantities of Crude Oil
prior to the delivery thereof by Aron to the Company at the Crude Delivery Point or any quantities of Products after delivery thereof to Aron at a Products Intake Point (collectively, “Aron’s Property”). The Company authorizes
Aron to file at any time and from time to time any Uniform Commercial Code financing statements describing the quantities of Aron’s 

  
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Property subject to this Agreement and Aron’s ownership thereof and title thereto, as well as any cash, accounts receivables, inventory or other Collateral on which the Company has granted
to Aron as a first priority Lien pursuant to the Lien Documents, and the Company shall execute and deliver to Aron, and the Company hereby authorizes Aron to file (with or without the Company’s signature), at any time and from time to time, all
amendments to financing statements, assignments, continuation financing statements, termination statements, and other documents and instruments, in form reasonably satisfactory to Aron, as Aron may reasonably request, to provide public notice of
Aron’s ownership of and title to the quantities of Aron’s Property subject to this Agreement and to otherwise protect Aron’s interest therein. 

(m) The Parties acknowledge that, as provided herein and in the other Transaction Documents, Crude Oil and Products owned by
Aron may be subject to Permitted S&O Liens. Notwithstanding the foregoing, the Company covenants and agrees that (i) the Company in its capacity as owner and/or operator of any Storage Facilities shall not have or assert any Permitted
S&O Lien with respect to any Crude Oil or Products owned by Aron (excluding, however, any Permitted S&O Lien granted to the Company by Aron pursuant to the Storage Facilities Agreement), (ii) the permissibility or existence of any Permitted
S&O Liens does not, and shall not be deemed to, in any way limit the Company’s obligations hereunder and the other Transactions Documents to pay amounts that are or could be the basis for any third parties (whether or not a Governmental
Authority) asserting or enforcing, or attempting to assert or enforce, any Permitted S&O Lien, including any obligations of the Company with respect to Ancillary Costs or Taxes and (iii) the permissibility or existence of any Permitted
S&O Liens does not, and shall not be deemed to, limit any rights and remedies of Aron hereunder or under other Transactions Documents (subject, however, to the right of the Company to exercise any available rights, remedies, or defenses
hereunder or under the other Transactions Documents). 
 (n) To the extent that Aron, under any Aron Procurement Contract or
Included Purchase Transaction, is obligated to make available or provide any berthing, terminalling or other marine-related facilities or services, the Company covenants and agrees that it will (or will cause) such facilities or services to be
provided as and when required in accordance with the terms and conditions of such Aron Procurement Contract or Included Purchase Transaction. 

(o) If, in connection with the Company’s procurement of Crude Oil or Products from any third party (a “Company
Sourcing Transaction”), Aron enters into Aron Procurement Contract or Included Purchase Transaction with the Company to purchase such Crude Oil or Products from the Company and thereunder agrees to make a prepayment to the Company for such
Crude Oil or Products, then the Company covenants and agrees, with respect to such Company Sourcing Transaction, that: 
 (i)
any bill of lading issued under any Company Sourcing Transaction (including without limitation any change to delivery location for the relevant shipment) shall be nonnegotiable; and 

  
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 (ii) the funds prepaid by Aron to the Company under the related Aron Procurement
Contract or Included Purchase Transaction shall be used exclusively by the Company to make payment to the seller under such Company Sourcing Transaction and the date by which any prepayment from Aron is due to be made shall be fixed so that promptly
after the Company’s receipt of such funds it shall be required remit the same to the seller under such Company Sourcing Transaction or to post such funds as cash collateral to support a letter of credit issued to the seller under such Company
Sourcing Transaction. 
 (p) The volume of Sludge held in any Included Tanks shall be determined from time to time as
follows:  
 (i) on an annual basis, the Company shall determine the volume of Sludge in each Included Tank
using Infrared Thermography to make such determination; 
 (ii) so long as no Default or Event of Default with respect to the
Company has occurred and is continuing, Aron may at any time require that the Company determine within thirty (30) Business Days the volume of Sludge in each Included Tank using Infrared Thermography if no such determination has been made in
the immediately preceding six (6) months and the annual determination to be made under clause (i) above is not scheduled to occur within the next 30 days; 

(iii) if a Default or Event of Default with respect to the Company has occurred and is continuing, Aron may at any time require
that the Company determine within thirty (30) Business Days the volume of Sludge in each Included Tank using Infrared Thermography; provided that, if the Company does not or is not able to complete such determination within such period, then
Aron may elect to have an Independent Inspection Company make such determination as promptly as practicable; 
 (iv) Infrared
Thermography shall be used in determining the Sludge volumes to be determined as of any Termination Date; 
 (v) if the
Company makes any volume determination pursuant to the preceding clauses, it shall promptly provide the results of such determination to Aron in writing; and 

(vi) during the Term hereof, for purposes of calculations under Sections 10.1 and 10.2, Aron shall use the most recently Sludge
volumes determined pursuant to the foregoing clauses to calculate the volumes of Crude Oil and Products owned by Aron in the Included Tanks. 

(q) The Company shall be the importer of record of all shipments of Crude Oil or Products held in the Included Tanks. 

  
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 (r) In connection with Aron’s procurement of Crude Oil or Products, whether
from the Company or any third party, under an Aron Procurement Contract or an Included Purchase Transaction (each a “Sourcing Transaction”) or Aron’s provision of a Crude Payment Undertaking or Product Payment Undertaking
(each, a “Payment Undertaking”) with respect to any Refinery Procurement Contract or Refinery Product Contract, the Company covenants and agrees that any costs, losses or damages that Aron may incur directly as a result of such
Sourcing Transaction or Payment Undertaking, including due to failure by the Company or any such third party to deliver the Crude Oil or Products subject to such Sourcing Transaction, Refinery Procurement Contract or Refinery Product Contract, shall
constitute Ancillary Costs and be for the account of the Company and claims arising in connection therewith shall be subject to Section 5.9 hereof. 

(s) The Company covenants and agrees that it shall be solely responsible for conducting any line flushes using the SPM and any
and all Liabilities arising as a result of or in connection with any such line flushes, and acknowledges that Aron shall have no involvement or role in or responsibility of any nature with respect to such activities and that the Company will
endeavor to procure for Aron from any third parties involved in any such line flush, including vessel operator and charterers and Third Party Suppliers, written acknowledgment or confirmation in form and substance satisfactory to Aron acknowledging
and confirming the foregoing. 
 (t) Minimum Liquidity. The Company covenants and agrees that it shall not permit the
Liquidity of the Company for any three consecutive Business Days to be less than $15,000,000 at any time with at least $7,500,000 of such Liquidity consisting of cash and cash equivalents. 

(u) Subsidiaries. As of the date hereof, the Company has no Subsidiaries. The Company covenants and agrees that it shall
not create or acquire any Subsidiaries without the written consent of Aron. 
 18.3 Acknowledgment. The Company acknowledges and
agrees that (1) Aron is a merchant of Crude Oil and Products and may, from time to time, be dealing with prospective counterparties, or pursuing trading or hedging strategies, in connection with aspects of Aron’s business which are
unrelated hereto and that such dealings and such trading or hedging strategies may be different from or opposite to those being pursued by or for the Company, (2) Aron may, in its sole discretion, determine whether to advise the Company of any
potential transaction with a Third Party Supplier and prior to advising the Company of any such potential transaction Aron may, in its discretion, determine not to pursue such transaction or to pursue such transaction in connection with another
aspect of Aron’s business and Aron shall have no liability of any nature to the Company as a result of any such determination, (3) Aron has no fiduciary or trust obligations of any nature with respect to the Refinery or the Company or any
of its Affiliates, (4) Aron may enter into transactions and purchase Crude Oil or Products for its own account or the account of others at prices more favorable than those being paid by the Company hereunder and (5) nothing herein shall be
construed to prevent Aron, or any of its partners, officers, employees or Affiliates, in any way from purchasing, selling or otherwise trading in Crude Oil, Products or any other commodity for its or their own account or for the account of others,
whether prior to, simultaneously with or subsequent to any transaction under this Agreement. 
 18.4 Economic Sanctions/Anti-Bribery
Provisions.  

  
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 (a) Each Party shall comply with relevant applicable laws and regulations
pertaining to bribery and corruption in connection with this Agreement and has instituted and maintains policies and procedures reasonably designed to ensure compliance with all applicable laws, regulations, rules and requirements of the United
Kingdom, the United States of America or any other applicable jurisdiction relating to anti-bribery or anti-money laundering. Each party agrees that it shall take reasonable steps to ensure that individuals and entities performing services for or on
its behalf has complied with all applicable laws and regulations pertaining to bribery and corruption in connection with this agreement. Without limiting the generality of the foregoing, each Party covenants and agrees that it shall not, directly or
indirectly engage in other acts or transactions, in each case, if this is in violation of or inconsistent with the anti-bribery or anti-money laundering legislation of any applicable government, including, as applicable, U.S. Foreign Corrupt
Practices Act, the U.K. Anti-Terrorism, Crime and Security Act 2001 and the applicable country legislation implementing either the United Nations Convention against Corruption or the OECD Convention on Combating Bribery of Foreign Public Officials
in International Business Transactions. 
 (b) Each Party further represents, warrants and agrees that (i) no provision
of this Agreement shall be interpreted to require it or any of its Affiliates to take, or refrain from taking, any action that would cause it or any of its Affiliates to violate or be subject to penalty under applicable economic sanctions laws and
regulations of the United Kingdom, the European Union, the United Nations or the United States of America, including U.S. laws restricting participation in or compliance with certain foreign boycotts, directly or indirectly, as contained in the U.S.
Export Administration Act of 1979 and the U.S. Internal Revenue Code; (ii) neither Party, nor any of its respective directors, officers, subsidiaries, agents, employees or controlled affiliates, is an individual or entity (each, an
“Associated Person”) that is (i) the subject of any sanctions administered or enforced by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, the United Nations Security Council, the European
Union, Her Majesty’s Treasury or other applicable sanctions authority or pursuant to the U.S. Iran Sanctions Act, or (ii) located, organized, or resident in a country or territory that is the subject of applicable sanctions (including,
without limitation, the Crimea region of Ukraine (as defined under applicable sanctions), Cuba, Iran, North Korea, Sudan, and Syria); and, further, neither it nor any of its respective Associated Persons shall, directly or indirectly, use the
proceeds, if any, received from the other Party, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Associated Person, to fund any activities or business of or with any Associated Person
or in any country or territory that, at the time of such funding, is the subject of the foregoing economic sanctions, or in any manner that will result in a violation of such sanctions by any Associated Person, unless permitted by law. 

(c) The Company represents, warrants and covenants to Aron that no Crude Oil or Products originate or will originate from, are
or will be derived in whole or in part from any article which is grown, produced, or manufactured in, or have been transported through, the Crimea region of Ukraine (as defined under applicable sanctions), Cuba, Iran, North Korea, Sudan, Syria, or
any other country or territory that is the subject of the foregoing economic sanctions, for so long as such country or territory is the subject of 

  
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economic sanctions. The Company further agrees that, in no event, shall Aron be obligated to take delivery of any Crude Oil or Products, whether from the Company or any other party, that would
violate the representation, warranty and covenant in the preceding sentence. 
 ARTICLE 19 

DEFAULT AND TERMINATION 

19.1 Events of Default. Notwithstanding any other provision of this Agreement, the occurrence of any of the following shall constitute
an “Event of Default”: 
 (a) Either Party fails to make payment when due (i) under Article 10,
Article 20 or any Company Purchase Agreement within one (1) Business Day after a written demand therefor or (ii) under any other provision hereof or any other Transaction Document within five (5) Business
Days; or 
 (b) Other than a default described in Section 19.1(a), 19.1(c), or
19.1(k), either Party (or, if applicable, any Affiliate of such Party that is party to a Transaction Document) fails to perform any material obligation or covenant to the other under this Agreement or any other Transaction Document, which is
not cured to the reasonable satisfaction of the other Party (in its reasonable discretion) within ten (10) Business Days after the date that such Party receives written notice that such obligation or covenant has not been performed; or 

(c) Either Party (or, if applicable, any Affiliate of such Party that is party to a Transaction Document) breaches any material
representation or material warranty made or repeated or deemed to have been made or repeated by the Party, or any warranty or representation proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have
been made or repeated under any Transaction Document; provided, however, that if such breach is curable, such breach is not cured to the reasonable satisfaction of the other Party within ten (10) Business Days after the date that such Party
receives notice that corrective action is needed; or 
 (d) Either Party becomes Bankrupt; or 

(e) Either Party or any of its Designated Affiliates (1) defaults under a Specified Transaction and, after giving effect
to any applicable notice requirement or grace period, there occurs a liquidation of, an acceleration of obligations under, or any early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice
requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three (3) Business
Days if there is no applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to
operate it or act on its behalf); or either Party or any Affiliate of such Party that is party to any credit support document provided pursuant hereto or in connection herewith, disaffirms, disclaims, repudiates or rejects, in whole or in party,
such credit support document or its obligations thereunder; or 

  
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 (f) A Master Agreement Termination Event occurs with respect to either Party;

 (g) A Change of Control; or 

(h) The Company fails, after giving effect to any applicable notice requirement or grace period, to perform its obligations
under, comply with, or maintain in any material respect a Base Agreement or the Required Storage and Transportation Arrangements, if any; or 

(i) The Company or any of its Subsidiaries sells, leases, subleases, transfers or otherwise disposes of, in one transaction or
a series of related transactions, all or a material portion of the assets of the Refinery; or 
 (j) The Company
(i) consolidates or amalgamates with, merges with or into, or transfers all or substantially all of its assets to, another entity (including an Affiliate) or any such consolidation, amalgamation, merger or transfer is consummated, and
(ii) (A) the successor entity resulting from any such consolidation, amalgamation or merger or the Person that otherwise acquires all or substantially all of the assets of the Company does not assume, in a manner reasonably satisfactory to
Aron, all of the Company’s obligations hereunder and under the other Transaction Documents, or (B) in the reasonable judgment of Aron, the creditworthiness of the resulting, surviving or transferee entity, taking into account any
guaranties, is materially weaker than the Company immediately prior to the consolidation, amalgamation, merger or transfer; or 

(k) The Company fails to perform or observe any term, covenant or agreement contained in any of
Section 5(b)(i) (Liens), Section 5(b)(ii) (Indebtedness), Section 5(b)(v) (Asset Dispositions), or Section 5(b)(vi) (Transactions with
Affiliates) of the Pledge and Security Agreement; or 
 (l) There shall occur, after giving effect to any applicable notice
requirement or grace period, either (A) a default, event of default or other similar condition or event (however described) in respect of the Company under one or more agreements or instruments relating to Specified Indebtedness (other than the
indebtedness under the Transaction Documents) in an aggregate amount of not less than One Million dollars ($1,000,000) which has resulted in such Specified Indebtedness becoming due and payable under such agreements and instruments before it would
have otherwise been due and payable or (B) a default by the Company in making one or more payments on the due date thereof in an aggregate amount of not less than One Million dollars ($1,000,000) under such agreements or instruments (after
giving effect to any applicable notice requirement or grace period); or 

  
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 (m) There shall occur (i) any failure of any Note Issuer or any Affiliate of
a Note Issuer to make any payment when due (beyond any applicable grace or cure period) under the ABL Facility, the Indenture or any other Secured Debt (as defined in the Indenture) or (ii) any default, event of default or other similar
condition or event (however described) in respect of any Note Issuer or any Affiliate of a Note Issuer under the Indenture or the ABL Facility and such default, event or condition has resulted in the indebtedness or obligations of such Note Issuer
or Affiliate becoming due and payable thereunder before they would otherwise have been due and payable; or 
 (n) Any of the
following: (i) the Guarantor fails to perform or otherwise defaults in any obligation under the Guaranty, (ii) the Guarantor becomes Bankrupt, (iii) the Guaranty expires or terminates or ceases to be in full force and effect prior to
the satisfaction of all obligations of the Company to Aron under this Agreement and the other Transaction Documents, or (iv) the Guarantor disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, the
Guaranty. 
 19.2 Remedies Upon Event of Default. 

(a) Notwithstanding any other provision of this Agreement, if any Event of Default with respect to the Company, on the one
hand, or Aron, on the other hand (such defaulting Party, the “Defaulting Party”) has occurred and is continuing, Aron (where the Company is the Defaulting Party) or the Company (where Aron is the Defaulting Party) (such non-defaulting Party or Parties, the “Non-Defaulting Party”) may, without notice, (i) declare all of the Defaulting Party’s obligations under this
Agreement to be forthwith due and payable, all without presentment, demand, protest or further notice of any kind, all of which are expressly waived by the Defaulting Party, including the Current Deferred Payment Amount as contemplated under
Section 11.8(a) and/or (ii) subject to Section 19.2(c), exercise any rights and remedies provided or available to the Non-Defaulting Party under this Agreement or at law or equity, including
all remedies provided under the Uniform Commercial Code and as provided under this Section 19.2. 

(b) Notwithstanding any other provision of this Agreement, if an Event of Default has occurred and is continuing with respect
to the Defaulting Party, the Non-Defaulting Party shall have the right, immediately and at any time(s) thereafter, to terminate this Agreement (and any other contract or agreement that may then be outstanding
among the Parties that relates specifically to this Agreement, including any Transaction Document) and, subject to Section 19.2(c), to liquidate and terminate any or all rights and obligations under this Agreement and such
other Transaction Documents; provided that, in the event Aron is the Non-Defaulting Party, this Agreement shall not be deemed to have terminated in full until Aron shall have disposed of all Crude Oil and
Products owned or maintained by Aron in connection herewith. The Settlement Amount (as defined below) shall be calculated in a commercially reasonable manner based on such liquidated and terminated rights and obligations and shall be payable by one
Party to the other. The “Settlement Amount” shall mean the amount, expressed in U.S. Dollars, of losses and costs that are or would be incurred by the Non-Defaulting Party (expressed as a
positive number) or gains that are or would be realized by the Non-Defaulting Party (expressed as a negative number) as a result of the liquidation and termination of all rights and obligations under this
Agreement and such other Transaction Documents. The determination of the Settlement Amount shall include (without duplication): (x) the 

  
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losses and costs (or gains) incurred or realized (and determined in a commercially reasonable manner) by the Non-Defaulting Party in terminating,
transferring, redeploying or otherwise modifying any outstanding Procurement Contracts, (y) the losses and costs (or gains) incurred or realized (and determined in a commercially reasonable manner) by the
Non-Defaulting Party in terminating and liquidating any transactions evidenced by confirmations subject hereto (including the SPM Master Buy/Sell Crude Confirmation, SPM Master Buy/Sell Product Confirmation
and any other buy/sell confirmation hereunder) and (z) all losses and costs (or gains) incurred or realized by the Non-Defaulting Party, as a result of the
Non-Defaulting Party’s terminating, liquidating, maintaining, obtaining or reestablishing any Related Hedges (including, if Aron is the Non-Defaulting Party, all
hedging transactions relating to the Monthly Market Structure Roll Fees). If the Settlement Amount is a positive number it shall be due to the Non-Defaulting Party and if it is a negative number, the absolute
value thereof shall be due to the Defaulting Party. 
 (c) The Settlement Amount shall be determined by the Non-Defaulting Party, acting in good faith, in a commercially reasonable manner. The Non-Defaulting Party shall determine the Settlement Amount commencing as of the date on
which such termination occurs by reference to such futures, forward, swap and options markets as it shall select in its commercially reasonable judgment; provided that the Non-Defaulting Party is not required
to effect such terminations and/or determine the Settlement Amount on a single day, but rather may effect such terminations and determine the Settlement Amount over a commercially reasonable period of time. Without limiting the generality of the
foregoing, it is agreed that for purposes of determining the Settlement Amount: (1) all fees hereunder and under the Fee Letter (other than the Refinery Crude Purchase Fee Price applicable to the Refinery Crude Purchase Fee) shall be due to
Aron and determined by Aron based on the applicable minimum inventory levels specified in Schedule D and current forward curve and applicable Benchmark Prices as of the date of determination of the Settlement Amount; (2) for the period
following the date of determination of the Settlement Amount, the Refinery Crude Purchase Fee Price applicable to the Refinery Crude Purchase Fee shall be included in the Settlement Amount based on an assumed net daily crude runs of 60,000 Barrels
per day through the Expiration Date; (3) to the extent the Fee Letter provides for the calculation of any amount to be included in the Settlement Amount, the provisions of the Fee Letter shall be controlling for such purpose; and (4) to
the extent the Non-Defaulting Party deems it commercially reasonable to do so, it may in referencing prices in the futures, forward, swap and options markets for purposes of calculating various elements of the
Settlement Amount endeavor to align the dates as of which such reference prices are determined. In calculating the Settlement Amount, the Non-Defaulting Party shall discount to present value (in any
commercially reasonable manner based on London interbank rates for the applicable period and currency) any amount which would be due at a later date and shall add interest (at a rate determined in the same manner) to any amount due prior to the date
of the calculation. 

  
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 (d) Without limiting any other rights or remedies hereunder, if an Event of
Default has occurred and is continuing and Aron is the Non-Defaulting Party, Aron may, in its discretion, (i) withhold or suspend its obligations, including any of its delivery or payment obligations,
under this Agreement or any other Transaction Documents, (ii) withdraw from storage any and all of the Crude Oil and/or Products then in the Included Locations, (iii) otherwise arrange for the disposition of any Crude Oil and/or Products
subject to any outstanding Aron Procurement Contract or Included Purchase Transaction and/or the modification, settlement or termination of such outstanding Aron Procurement Contract or Included Purchase Transaction in such manner as it elects and
(iv) liquidate in a commercially reasonable manner any credit support, margin or collateral, to the extent not already in the form of cash (including applying any other margin or collateral) and apply and set off such credit support, margin or
collateral or the proceeds thereof against any obligation owing by the Company to Aron (including without limitation the Initial Margin Amount). Aron shall be under no obligation to prioritize the order with respect to which it exercises any one or
more rights and remedies available hereunder. The Company shall in all events remain liable to Aron for any amount payable by the Company in respect of any of its obligations remaining unpaid after any such liquidation, application and set off. 

(e) Without limiting any other rights or remedies hereunder, if an Event of Default has occurred and is continuing and the
Company is the Non-Defaulting Party, the Company may, in its discretion, (i) withhold or suspend its obligations, including any of its delivery or payment obligations, under this Agreement and/or
(ii) otherwise arrange for the settlement or termination of the Parties’ outstanding commitments hereunder, the sale in a commercially reasonable manner of Crude Oil and/or Product for Aron’s account, and the replacement of the supply
and offtake arrangement contemplated hereby with such alternative arrangements as it may procure. 
 (f) The Non-Defaulting Party shall set off (i) the Settlement Amount (if due to the Defaulting Party), plus any performance security (including any other margin or collateral) then held by the Non-Defaulting Party pursuant to the Transaction Documents, plus (at the Non-Defaulting Party’s election) any or all other amounts due to the Defaulting Party hereunder
(including under Article 10), against (ii) the Settlement Amount (if due to the Non-Defaulting Party), plus any performance security (including any other margin or collateral)
then held by the Defaulting Party, plus (at the Non-Defaulting Party’s election) any or all other amounts due to the Non-Defaulting Party hereunder (including under
Article 10), so that all such amounts shall be netted to a single liquidated amount payable by one Party to the other (the “Liquidated Amount”). The Party with the payment obligation shall pay the
Liquidated Amount to the applicable other Parties within one (1) Business Day after such amount has been determined. In addition, the Parties acknowledge that, in connection with an Event of Default hereunder, the
Step-out Inventory Sales Agreement may be terminated and with respect thereto any rights and remedies available hereunder, under any other agreement between the Parties hereto or the parties thereto, or at law
or equity may be exercised. 
 (g) No delay or failure on the part of the
Non-Defaulting Party in exercising any right or remedy to which it may be entitled on account of any Event of Default shall constitute an abandonment of any such right, and the
Non-Defaulting Party shall be entitled to exercise such right or remedy at any time during the continuance of an Event of Default. 

  
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 (h) The Non-Defaulting Party’s
rights under this Section 19.2 shall be in addition to, and not in limitation or exclusion of, any other rights which the Non-Defaulting Party may have (whether by agreement,
operation of law or otherwise), including any rights of recoupment, setoff, combination of accounts or other rights under any credit support that may from time to time be provided in connection with this Agreement. The Defaulting Party shall
indemnify and hold the Non-Defaulting Party harmless from all reasonable costs and expenses, including reasonable attorney fees, incurred in the exercise of any remedies hereunder. 

(i) If an Event of Default has occurred and is continuing, the Non-Defaulting Party
may, without limitation on its rights under this Section 19.2, set off amounts which the Defaulting Party owes to it against any amounts which it owes to the Defaulting Party (whether hereunder, under any other contract or
agreement or otherwise and whether or not then due). 
 (j) The Parties acknowledge and agree that this Agreement is intended
to be a “master netting agreement” as such term is defined in section 101(38A) of the Bankruptcy Code. As used in this Section 19.2, unless otherwise expressly provided, each reference to “this
Agreement” shall, and shall be deemed to, be a reference to “this Agreement and the other Transaction Documents.” 

ARTICLE 20 
 SETTLEMENT
AT TERMINATION 
 20.1 Upon expiration or termination of this Agreement for any reason other than as a result of an Event of Default (in
which case the Expiration Date or such other date as the Parties may agree shall be the “Termination Date”; provided that if such date is not a Business Day, any payments due on such date shall be made on the immediately preceding
Business Day), the Parties covenant and agree to proceed as provided in this Article 20; provided that (x) this Agreement shall continue in effect following the Termination Date until all obligations are finally
settled as contemplated by this Article 20 and (y) the provisions of this Article 20 shall in no way limit the rights and remedies which the
Non-Defaulting Party may have as a result of an Event of Default, whether pursuant to Article 19 above or otherwise: 

(a) If any Aron Procurement Contract does not either (i) by its terms automatically become assigned to the Company on and
as of the Termination Date in a manner which releases Aron from all obligations thereunder for all periods following the Termination Date or (ii) by its terms, expire or terminate on and as of the Termination Date, then the Parties shall
promptly negotiate and enter into, with each of the then existing Third Party Suppliers, assignments, assumptions and/or such other documentation, in form and substance reasonably satisfactory to the Parties, pursuant to which, as of the Termination
Date, (w) such Aron Procurement Contract shall be assigned to the Company or shall be terminated, (x) all rights and obligations of Aron under each of the then outstanding Aron Procurement Contracts shall be assigned to the Company,
(y) the Company shall assume all of such obligations to be paid or performed following such termination, and (z) Aron shall be released by such Third Party Suppliers 

  
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and the Company from any further obligations thereunder. In connection with the assignment or reassignment of any Aron Procurement Contract, the Parties shall endeavor, in a commercially
reasonable manner, to facilitate the transitioning of the supply and payment arrangements, including any change in payment terms, under the relevant Aron Procurement Contracts so as to prevent any material disruption in the supply of Crude Oil
thereunder. 
 (b) If, pursuant to the Marketing and Sales Agreement, any sales commitments are outstanding which, by their
terms, extend beyond the Termination Date, then the Parties shall promptly negotiate and enter into, with each of the purchasers thereunder, assignments, assumptions and/or such other documentation, in form and substance reasonably satisfactory to
the Parties, pursuant to which, as of the Termination Date, (i) such sales commitment shall be assigned (or reassigned) to the Company or shall be terminated, (ii) all rights and obligations of Aron with respect to each then outstanding
sales commitment shall be assigned to the Company, (iii) the Company shall assume all of such obligations to be paid or performed following such termination, and (iv) Aron shall be released by the purchasers thereunder and the Company from
any further obligations with respect to such sales commitments. In connection with the assignment or reassignment of any Aron Procurement Contract, the Parties shall endeavor, in a commercially reasonable manner, to facilitate the transitioning of
the Product marketing and sales arrangements so as to prevent any material disruption in the distribution of Products from the Refinery. 

(c) In the event that Aron has become a party to any other third party service contract in connection with this Agreement and
the transactions contemplated hereby, including any pipeline, terminalling, storage and shipping arrangement including but not limited to the Required Storage and Transportation Arrangements (an “Ancillary Contract”) and such
Ancillary Contract does not by its terms expire or terminate on and as of the Termination Date, then the Parties shall promptly negotiate and enter into with each service provider thereunder such instruments or other documentation, in form and
substance reasonably satisfactory to the Parties, pursuant to which as of the Termination Date (i) such Ancillary Contract shall be assigned to the Company or shall be terminated, (ii) all rights and obligations of Aron with respect to
each then outstanding Ancillary Contract shall be assigned to the Company, (iii) the Company shall assume all of such obligations to be paid or performed following such termination, and (iv) Aron shall be released by the third party
service providers thereunder and the Company from any further obligations with respect to such Ancillary Contract. 
 (d) The
volume of Crude Oil and Products at the Included Locations shall be purchased and transferred as contemplated in the Step-Out Inventory Sales Agreement. The Crude Oil volumes measured by Supplier’s
Inspector at the Termination Date and recorded in Supplier’s Inspector’s final inventory report shall be the “Termination Date Crude Oil Volumes” for the purposes of this Agreement and the Product volumes measured by
Supplier’s Inspector at the Termination Date and recorded in Supplier’s Inspector’s final inventory report shall be the “Termination Date Product Volumes” for purposes of this Agreement, and such Termination Date
Crude Oil Volumes and Termination Date Product Volumes shall collectively be referred to as the “Termination Date Volumes.” 

  
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 (e) Aron shall promptly reconcile and determine the Termination Amount pursuant
to Section 20.2. The Parties shall promptly exchange all information necessary to determine the estimates and final calculations contemplated by Section 20.2. 

(f) Aron shall have no further obligation to purchase and shall not purchase or pay for Crude Oil or Products, or incur any
such purchase obligations on and after the Termination Date. Except as may be required for Aron to fulfill its obligations hereunder until the Termination Date or during any obligatory notice period pursuant to any Aron Procurement Contract, Aron
shall not be obligated to purchase, take title to or pay for any Crude Oil or Products following the Termination Date or such earlier date as the Parties may determine in connection with the transitioning of such supply arrangements to the Company.
Notwithstanding anything to the contrary herein, no Delivery Date shall occur later than the calendar day immediately preceding the Termination Date. 

20.2 Termination Amount.

(a) The “Termination Amount” shall equal: 

(i) Any unpaid amounts owed by the Company to Aron pursuant to the Step-Out Inventory
Sales Agreement, plus 
 (ii) all unpaid amounts payable hereunder by the Company to Aron in respect of Crude Oil delivered
on or prior to the Termination Date, plus 
 (iii) all Ancillary Costs incurred through the Termination Date that have not
yet been paid or reimbursed by the Company, plus 
 (iv) in the case of an early termination, the amount reasonably
determined by Aron as the breakage costs it incurred in connection with the termination, unwinding or redeploying of all Related Hedges as a result of such early termination, plus 

(v) the aggregate amount due under Section 10.2(a), calculated as of the Termination Date with such
date being the final day of the last monthly period for which such calculations are to be made under this Agreement; provided that, if such amount under Section 10.2(a) is due to Aron, then such amount will be included in
this Termination Amount as a positive number and if such amount under Section 10.2(a) is due to the Company, then such amount will be included in this Termination Amount as a negative number, plus 

(vi) any unpaid portion of any fee owed to Aron pursuant to Article 11; plus 

  
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 (vii) any FIFO Balance Final Settlement that is determined to be due pursuant to
Schedule N; provided that, if such FIFO Balance Final Settlement is due to Aron, then such amount will be included in this Termination Amount as a positive number and if such amount under Section 10.2(a) would be due
to the Company, then such amount will be included in this Termination Amount as a negative number, plus 
 (viii) the Current
Deferred Payment Amount, minus 
 (ix) all unpaid amounts payable hereunder by Aron to the Company in respect of Product
delivered on or prior to the Termination Date, minus 
 (x) all unpaid amounts payable under the Marketing and Sales
Agreement by Aron to the Company for services provided up to the Termination Date. 
 All of the foregoing amounts shall be aggregated or netted to a single
liquidated amount owing from one Party to the other. If the Termination Amount is a positive number, it shall be due to Aron and if it is a negative number, the absolute value thereof shall be due to the Company. 

(b) The Parties acknowledge that one or more of the components of the Termination Amount will not be able to be definitively
determined by the Termination Date and therefore agree that Aron shall, in a commercially reasonable manner, estimate in good faith each of such components and use such estimated components to determine an estimate of the Termination Amount (the
“Estimated Termination Amount”); provided that the Parties agree that Aron shall continue to hold the Initial Margin Amount until final settlement is completed pursuant to Section 20.2(c). Without limiting the generality of the
foregoing, the Parties agree that the amount due under Section 20.2(a)(i) above shall be estimated by Aron in the same manner and using the same methodology as it used in preparing the Estimated Commencement Date Value, but
applying the “Step-Out Prices” as indicated in Schedule B and other price terms provided for herein with respect to the purchase of the Termination Date Volumes. Aron shall use its
commercially reasonable efforts to prepare, and provide the Company with, an initial Estimated Termination Amount, together with appropriate supporting documentation, at least five (5) Business Days prior to the Termination Date. To the extent
reasonably practicable, Aron shall endeavor to update its calculation of the Estimated Termination Amount by no later than 12:00 p.m. HST on the Business Day prior to the Termination Date. If Aron is able to provide such updated amount, that amount
shall constitute the Estimated Termination Amount and shall be due and payable by no later than 5:00 p.m., HST on the Business Day preceding the Termination Date. Otherwise, the initial Estimated Termination Amount shall be the amount payable on the
Termination Date. If the Estimated Termination Amount is a positive number, it shall be due to Aron and if it is a negative number, the absolute value thereof shall be due to the Company. 

(c) On or before ten (10) Business Days following the Termination Date, Aron shall prepare, and provide the Company with,
(i) a statement showing the calculation, as of the Termination Date, of the Termination Amount, (ii) a statement (the “Termination Reconciliation Statement”) reconciling the Termination Amount with the sum of the Estimated
Termination Amount pursuant to Section 20.2(b) and the Initial 

  
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Margin Amount and indicating any amount remaining to be paid by one Party to the other as a result of such reconciliation. Within one (1) Business Day after receiving the Termination
Reconciliation Statement and the related supporting documentation, the Parties will make any and all payments required pursuant thereto. Promptly after receiving such payment (but in any event within five (5) Business Days), Aron shall
(x) cause any filing or recording of any UCC financing forms to be terminated, (y) release and terminate all Lien Documents pursuant to one or more instruments mutually acceptable to the Parties and (z) deliver, re-assign, reconvey and transfer, as applicable, to the Company any other Collateral or credit support held or maintained by Aron (including, without limitation, the remaining balance, if any, of the Initial Margin
Amount after giving effect to this Article 20). 
 (d) Notwithstanding anything herein to the contrary, Aron shall not
have any obligation to make any payment contemplated by this Section 20.2, transfer of title to Crude Oil or Products or to otherwise cooperate in the transition matters described in Section 20.1
unless (i) the Company shall have performed its obligations under the Step-Out Inventory Sales Agreement and this Section 20.02 as and when required pursuant to the terms hereof
and thereof, and (ii) except as otherwise agreed by the Parties, the Master Agreement and all Transactions outstanding thereunder have been terminated and all amounts due with respect to such terminated Transactions shall have been paid in
full.. 
 20.3 Transition Services. To the extent necessary to facilitate the transition to the Purchasers of the storage and
transportation rights and status contemplated hereby, each Party shall take such additional actions, execute such further instruments and provide such additional assistance as the other Party may from time to time reasonably request for such
purposes. 
 ARTICLE 21 

INDEMNIFICATION; EXPENSES 

21.1 To the fullest extent permitted by Applicable Law and except as specified otherwise elsewhere in the Transaction Documents, Aron shall
defend, indemnify and hold harmless the Company, its Affiliates, and their directors, officers, employees, representatives, agents and contractors for and against any Liabilities directly or indirectly arising out of (i) any breach by Aron of
any covenant or agreement contained herein or made in connection herewith or any representation or warranty of Aron made herein or in connection herewith proving to be false or misleading, (ii) any failure by Aron to comply with or observe any
Applicable Law, (iii) Aron’s negligence or willful misconduct, or (iv) injury, disease, or death of any person or damage to or loss of any property, fine or penalty, any of which is caused by Aron or its employees, representatives,
agents or contractors in exercising any rights or performing any obligations hereunder or in connection herewith, except to the extent that any Liability arising under clause (iv) has resulted from the negligence or willful misconduct on the
part of the Company, its Affiliates or any of their respective employees, representatives, agents or contractors. 

  
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 21.2 To the fullest extent permitted by Applicable Law and except as specified otherwise
elsewhere in this Agreement, the Company shall defend, indemnify and hold harmless Aron, its Affiliates, and their directors, officers, employees, representatives, agents and contractors for and against any Liabilities directly or indirectly arising
out of (i) any breach by the Company of any covenant or agreement contained herein or made in connection herewith or any representation or warranty of the Company made herein or in connection herewith proving to be false or misleading,
including, without limitation the Company’s obligation for payment of taxes pursuant to Section 15.1, (ii) the Company’s transportation, handling, storage, refining or disposal of any Crude Oil or the products
thereof, including any conduct by the Company on behalf of or as the agent of Aron under the Required Storage and Transportation Arrangements, (iii) the Company’s failure to comply with its obligations under the terminalling, pipeline and
lease agreements underlying the Required Storage and Transportation Arrangements, (iv) the Company’s negligence or willful misconduct, (v) any failure by the Company to comply with or observe any Applicable Law, (vi) injury,
disease, or death of any person or damage to or loss of any property, fine or penalty, any of which is caused by the Company or its employees, representatives, agents or contractors in exercising any rights or performing any obligations hereunder or
in connection herewith, (vii) actual or alleged presence or release of Hazardous Substances in connection with the Transaction Documents or the transactions contemplated thereby, or any liability under any Environmental Law related in any way
to or asserted in connection with the Transaction Documents or the transactions contemplated thereby or (viii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract,
tort or any other theory, whether brought by a third party or by the Company, and regardless of whether Aron is a party thereto, except to the extent that any Liability arising under clause (vi), (vii) or (viii) above has resulted from the
negligence or willful misconduct on the part of Aron, its Affiliates or any of their respective employees, representatives, agents or contractors. 

21.3 The Parties’ obligations to defend, indemnify, and hold each other harmless under the terms of the Transaction Documents shall not
vest any rights in any third party (whether a Governmental Authority or private entity), nor shall they be considered an admission of liability or responsibility for any purposes other than those enumerated in the Transaction Documents. 

21.4 Each Party agrees to notify the other as soon as practicable after receiving notice of any claim or suit brought against it within the
indemnities of this Agreement, shall furnish to the other the complete details within its knowledge and shall render all reasonable assistance requested by the other in the defense; provided that, the failure to give such notice shall not affect the
indemnification provided hereunder, except to the extent that the indemnifying Party is materially adversely affected by such failure. Each Party shall have the right but not the duty to participate, at its own expense, with counsel of its own
selection, in the defense and settlement thereof without relieving the other of any obligations hereunder. 
 21.5 The Company shall pay
(i) all reasonable out-of-pocket expenses incurred by Aron and its Affiliates (including the reasonable fees, charges and disbursements of counsel and tax
consultants for Aron) in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Transaction Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all out-of-pocket expenses incurred by Aron and its Affiliates in
connection with the enforcement or protection of Aron’s rights under or in connection with this Agreement and the other Transaction Documents. 

  
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 ARTICLE 22 

LIMITATION ON DAMAGES 
 TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES’ LIABILITY FOR DAMAGES IS LIMITED TO DIRECT, ACTUAL DAMAGES ONLY (WHICH INCLUDE ANY AMOUNTS DETERMINED UNDER ARTICLE 19) AND NEITHER PARTY SHALL BE LIABLE FOR SPECIFIC
PERFORMANCE, LOST PROFITS OR OTHER BUSINESS INTERRUPTION DAMAGES, OR SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, EXEMPLARY OR INDIRECT DAMAGES, IN TORT, CONTRACT OR OTHERWISE, OF ANY KIND, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE
PERFORMANCE, THE SUSPENSION OF PERFORMANCE, THE FAILURE TO PERFORM, OR THE TERMINATION OF THIS AGREEMENT; PROVIDED, HOWEVER, THAT, SUCH LIMITATION SHALL NOT APPLY WITH RESPECT TO (I) ANY THIRD PARTY CLAIM FOR WHICH INDEMNIFICATION IS AVAILABLE
UNDER THIS AGREEMENT OR (II) ANY BREACH OF ARTICLE 24. EACH PARTY ACKNOWLEDGES THE DUTY TO MITIGATE DAMAGES HEREUNDER. 

ARTICLE 23 
 AUDIT AND
INSPECTION 
 During the Term of this Agreement each Party and its duly authorized representatives, upon reasonable notice and during normal working
hours, shall have access to the accounting records and other documents maintained by the other Party, or any of the other Party’s contractors and agents, which relate to this Agreement; provided that, neither this Section nor any other
provision hereof shall entitle the Company to have access to any records concerning any hedges or offsetting transactions or other trading positions or pricing information that may have been entered into with other parties or utilized in connection
with any transactions contemplated hereby or by any other Transaction Document. The right to inspect or audit such records shall survive termination of this Agreement for a period of two (2) years following the Termination Date. Each Party
shall preserve, and shall cause all contractors or agents to preserve, all of the aforesaid documents for a period of at least two (2) years from the Termination Date. 

ARTICLE 24 

CONFIDENTIALITY 
 24.1 In
addition to the Company’s confidentiality obligations under the Transaction Documents, the Parties agree that the specific terms and conditions of this Agreement, including any list of counterparties, the Transaction Documents and the drafts of
this Agreement exchanged by the Parties and any information exchanged between the Parties, including calculations of any fees or other amounts paid by the Company to Aron under this Agreement and all information received by Aron from the Company
relating to the costs of operation, operating conditions, and other commercial information of the Company not made available to the public, are confidential and shall not be disclosed to any third party, except (i) as may be required by court
order or Applicable Laws or as requested by a Governmental Authority, (ii) to 

  
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such Party’s or its Affiliates’ employees, directors, shareholders, auditors, consultants, banks, lenders, financial advisors and legal advisors for purposes of administering,
negotiating, considering, processing or evaluating this Agreement and the other Transaction Documents or the transactions contemplated thereby, or (iii) to such Party’ insurance providers, solely for the purpose of procuring insurance
coverage or confirming the extent of existing insurance coverage; provided that, prior to any disclosure permitted by this clause (iii), such insurance providers shall have agreed in writing to keep confidential any information or document subject
to this Section 24.1. The confidentiality obligations under this Agreement shall survive termination of this Agreement for a period of two (2) years following the Termination Date. The Parties shall be entitled to all
remedies available at law, or in equity, to enforce or seek relief in connection with the confidentiality obligations contained herein. 

24.2 In the case of disclosure covered by clause (i) of Section 24.1, to the extent practicable and in
conformance with the relevant court order, Applicable Law or request, the disclosing Party shall notify the other Party in writing of any proceeding of which it is aware which may result in disclosure. 

24.3 Tax Disclosure. Notwithstanding anything herein to the contrary, the Parties (and their respective employees, representatives or
other agents) are authorized to disclose to any person the U.S. federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to the
Parties relating to that treatment and structure, without the Parties imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not
apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, “tax structure” is limited to any facts that may be relevant to that treatment. 

ARTICLE 25 
 GOVERNING
LAW 
 25.1 THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED UNDER THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO
ITS CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER STATE. 
 25.2 EACH OF THE PARTIES HEREBY
IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT OF COMPETENT JURISDICTION SITUATED IN THE CITY OF NEW YORK, (WITHOUT RECOURSE TO ARBITRATION UNLESS BOTH PARTIES AGREE IN WRITING), AND TO SERVICE OF PROCESS BY
CERTIFIED MAIL, DELIVERED TO THE PARTY AT THE ADDRESS INDICATED IN ARTICLE 27. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION TO PERSONAL JURISDICTION, WHETHER ON
GROUNDS OF VENUE, RESIDENCE OR DOMICILE. 

  
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 25.3 Each Party waives, to the fullest extent permitted by Applicable Law, any right it may have
to a trial by jury in respect of any proceedings relating to this agreement. 
 ARTICLE 26 

ASSIGNMENT 
 26.1 This
Agreement shall inure to the benefit of and be binding upon the Parties hereto, their respective successors and permitted assigns. 
 26.2
The Company shall not assign this Agreement or its rights or interests hereunder in whole or in part, or delegate its obligations hereunder in whole or in part, without the express written consent of Aron. Aron may, without the Company’s
consent, assign and delegate all of Aron’s rights and obligations hereunder to (i) any Affiliate of Aron, provided that the obligations of such Affiliate hereunder are guaranteed by The Goldman Sachs Group, Inc. or (ii) any non-Affiliate Person that succeeds to all or substantially all of its assets and business and assumes Aron’s obligations hereunder, whether by contract, operation of law or otherwise, provided that the
creditworthiness of such successor entity, in the Company’s reasonable credit judgment, is equal or superior to the creditworthiness of Aron immediately prior to such assignment. Any other assignment by Aron shall require the Company’s
consent. 
 26.3 Any attempted assignment in violation of this Article 26 shall be null and void ab initio and the non-assigning Party shall have the right, without prejudice to any other rights or remedies it may have hereunder or otherwise, to terminate this Agreement effective immediately upon notice to the Party attempting
such assignment. 
 ARTICLE 27 

NOTICES 
 All invoices, notices, requests
and other communications given pursuant to this Agreement shall be in writing and sent by email or nationally recognized overnight courier. A notice shall be deemed to have been received when transmitted by email to the other Party’s email set
forth in Schedule M, or on the following Business Day if sent by nationally recognized overnight courier to the other Party’s address set forth in Schedule M and to the attention of the person or department indicated. A Party may
change its address or email address by giving written notice in accordance with this Section, which is effective upon receipt. 
 ARTICLE
28 
 NO WAIVER, CUMULATIVE REMEDIES 

28.1 The failure of a Party hereunder to assert a right or enforce an obligation of the other Party shall not be deemed a waiver of such right
or obligation. The waiver by any Party of a breach of any provision of, or Event of Default or Default under, this Agreement shall not operate or be construed as a waiver of any other breach of that provision or as a waiver of any breach of another
provision of, Event of Default or Default under, this Agreement, whether of a like kind or different nature. 

  
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 28.2 Each and every right granted to the Parties under this Agreement or allowed it by law or
equity shall be cumulative and may be exercised from time to time in accordance with the terms thereof and Applicable Law. 
 ARTICLE 29

 NATURE OF THE TRANSACTION AND RELATIONSHIP OF PARTIES 

29.1 This Agreement shall not be construed as creating a partnership, association or joint venture between the Parties. It is understood that
each Party is an independent contractor with complete charge of its employees and agents in the performance of its duties hereunder, and nothing herein shall be construed to make such Party, or any employee or agent of the Company, an agent or
employee of the other Party. 
 29.2 Neither Party shall have the right or authority to negotiate, conclude or execute any contract or legal
document with any third person; to assume, create, or incur any liability of any kind, express or implied, against or in the name of the other; or to otherwise act as the representative of the other, unless expressly authorized in writing by the
other. 
 ARTICLE 30 

MISCELLANEOUS 
 30.1 If
any Article, Section or provision of this Agreement shall be determined to be null and void, voidable or invalid by a court of competent jurisdiction, then for such period that the same is void or invalid, it shall be deemed to be deleted from this
Agreement and the remaining portions of this Agreement shall remain in full force and effect. 
 30.2 The terms of this Agreement constitute
the entire agreement between the Parties with respect to the matters set forth in this Agreement, and no representations or warranties shall be implied or provisions added in the absence of a written agreement to such effect between the Parties.
This Agreement shall not be modified or changed except by written instrument executed by the Parties’ duly authorized representatives. 

30.3 No promise, representation or inducement has been made by either Party that is not embodied in this Agreement or the Transaction
Documents, and neither Party shall be bound by or liable for any alleged representation, promise or inducement not so set forth. 
 30.4
Time is of the essence with respect to all aspects of each Party’s performance of any obligations under this Agreement. 
 30.5 Nothing
expressed or implied in this Agreement is intended to create any rights, obligations or benefits under this Agreement in any person other than the Parties and their successors and permitted assigns. 

30.6 All audit rights, payment, confidentiality and indemnification obligations and obligations under this Agreement shall survive for the
time periods specified herein. 

  
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 30.7 This Agreement may be executed by the Parties in separate counterparts and initially
delivered by facsimile transmission or otherwise, with original signature pages to follow, and all such counterparts shall together constitute one and the same instrument. 

30.8 All transactions hereunder are entered into in reliance on the fact that this Agreement and all such transactions constitute a single,
integrated agreement between the Parties, and the Parties would not have otherwise entered into any other transactions hereunder. 
 30.9
The Parties agree, that notwithstanding anything to the contrary in Section 30.2 or otherwise herein, the Parties may amend any item on Schedule E, M, P, T, X, CC or DD (each a “Specified
Schedule” and, collectively, the “Specified Schedules”) from time to time in accordance with the following procedures (each such amend, a “Specified Schedule Change”): 

(a) Each Specified Schedule Change shall be evidenced by an exchange of emails between the parties which shall specifically reference the item
being changed and indicate the nature of the Specified Schedule Change (which may include, without limitation, the removal or addition of a Tank on Schedule E, change to the notice addresses and parties on Schedule M, the removal or
addition of or change to a Pricing Group on Schedule P, changes to account debtors listed on Schedule T, changes relating to Included Materials on Schedule X, changes to representatives listed on Schedule CC or changes to
payees listed on Schedule DD), the effective date of such Specified Schedule Change and, if such Specified Schedule Change is known to be temporary (such as in the case of Tank being temporarily removed from service), the date or expected
date as of which such Specified Schedule Change is to cease being effective. Either Party may initiate this email exchange, but such email exchange shall only be effective to bind the Parties once the second Party has responded via email in a manner
sufficient to confirm its agreement to the Specified Schedule Change reflected in the initial email. Other than a Specified Schedule Change, any amendment to any schedule hereto shall only be effective if evidenced by except by a written instrument
executed by the Parties’ duly authorized representatives. 
 (b) An exchange of emails complying with the terms of this
Section 30.9 shall (notwithstanding anything to the contrary herein) constitute an amendment of relevant Specified Schedule with respect to the Specified Schedule Change memorialized in such emails. 

(c) With respect to Schedule E, whenever as a result of any Specified Schedule Change in accordance with the foregoing procedures, a
Tank is (i) included on Schedule E, it shall constitute an Included Location for purposes thereof and (ii) excluded from such Schedule E, it shall not constitute an Included Location, in each case as of the relevant effective
date. 
 ARTICLE 31 

FORWARD JET FUEL TRANSACTION WITH PROVISIONAL PAYMENT 

31.1 Forward Transaction. Pursuant to the terms and conditions of this Article 31, the Parties have entered to a forward transaction
for the sale by the Company and the purchase by Aron of volumes of Jet Fuel (as defined below) to be delivered over an agreed period with payment to be made by Aron in a provisional payment subject to subsequent intra-month and monthly true ups (the
“Forward Jet Fuel Transaction”). 

  
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 31.2 Transaction Commencement. Subject to satisfaction of the conditions in
Section 31.9, commencing on May 8, 2017 or such later date as the Parties shall agree (the “Forward Transaction Commencement Date”), the Company shall be obligated to sell and deliver to Aron, and Aron
shall be obligated to purchase and receive from the Company, the monthly Jet Fuel volumes as indicated on Schedule BB hereto; provided that (i) each calendar month listed on Schedule BB during which Jet Fuel volumes are to
be delivered under the Forward Jet Fuel Transaction shall be a “Forward Delivery Month” hereunder, (ii) the price specified on such Schedule for each Forward Delivery Month shall be the “Specified Index Price”
for such month and (iii) the Jet Fuel volume to be delivered by the Company during any Forward Delivery Month shall be the “Monthly Forward Volume” for such month. 

31.3 Provisional Payment. Provided that the conditions in Section 31.9 have been satisfied and no Default or
Event of Default with respect to the Company has occurred and is continuing on the Forward Transaction Commencement Date, Aron shall pay to the Company, a provisional payment under the Forward Jet Fuel Transaction in the amount of $30,039,211.30
(the “Provisional Payment”). 
 31.4 Monthly True-Up under Forward Jet Fuel
Transaction. 
 (a) For each Forward Delivery Month, Aron shall determine the actual volume of Jet Fuel that the Company
has delivered during such month under the Forward Jet Fuel Transaction (the “Actual Forward Delivered Volume”), which shall equal the lesser of (A) the Monthly Forward Volume for such month and (B) the Monthly Produced
Volume for Jet Fuel for such month. 
 (b) For each Forward Delivery Month, Aron shall determine a true up payment (the
“Monthly Forward True-Up Amount”) which shall equal: 
 (i) (x)
the Current Month Pricing Benchmark for Jet Fuel for such month minus the Specified Index Price for such Forward Delivery Month, multiplied by (y) the Actual Forward Delivered Volume for such month, multiplied by
-1; minus 
 (ii) The Cumulative Daily Forward Settlement for such Forward Delivery
Month. 
 (c) The Monthly Forward True-Up Amount shall be incorporated as provided in
Schedule C hereto and as result shall be paid as part of the Monthly True-up Amount due under Section 10.2. 

31.5 Volume Shortfalls. 

(a) If for any Forward Delivery Month, the Monthly Forward Volume exceeds the Actual Forward Delivered Volume (a
“Monthly Volumetric Shortfall”), then the Company shall be obligated to compensate Aron for such Monthly Volumetric Shortfall no later than the Shortfall Settlement Date by making a cash payment to Aron in an amount equal to the
product of (x) the Monthly Volumetric Shortfall and (y) the Specified Index Price for such Forward Delivery Month (the “Shortfall Value”). 

  
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 (b) If the Company has not settled a Monthly Volumetric Shortfall on or before
the Shortfall Settlement Date, then (A) an Event of Default with respect to the Company shall occur hereunder and (B) without limiting the foregoing, interest shall accrue on such Shortfall Value (based on actual days elapsed over a 365
day year) during each monthly period from and after such Shortfall Settlement Date until such settlement occurs, at an annual rate of equal to the Discount Rate specified in the Fee Letter for the first monthly period which rate shall increase by 1%
for each subsequent monthly period, all of which accrued interest shall be due from time to time upon demand by Aron and in any event no later than the settlement of such Monthly Volumetric Shortfall. 

31.6 Delivery and Specifications. Unless otherwise agreed by Aron, all deliveries of Jet Fuel delivered under the Forward Jet Fuel
Transaction shall be in accordance with Section 8.5 above and all such Products shall conform to the specification requirements under Section 8.6 above. 

31.7 Adjustment to Interim Payments. For each Forward Delivery Month, the Interim Payments determined for each day during such month
under Section 10.1 hereof shall be adjusted in accordance with the following provisions: 
 (a) For
each day during a Forward Delivery Month, Aron shall estimate (i) the Daily Produced Volume for such day using the Best Available Inventory Data; provided that if inventory data have not been reported on any day within a three
(3) Business Day period, Aron will use the inventory data for the day occurring during the thirty (30) day period preceding such calendar day that results in the smallest Estimated Daily Net Product Sales for Jet Fuel; provided
further that, if any Party determines that any inventory data Aron has used in such determination was materially inaccurate, then Aron shall adjust future Daily Forward Settlements to take account of any corrected inventory data, and
(ii) the aggregate volume of Jet Fuel that has been delivered to Aron from the first day of such Forward Delivery Month through such day, up to an aggregate volume not exceeding the Monthly Forward Volume for such Forward Delivery Month (the
“Estimated Monthly Forward Volume”). All such estimates shall be made by Aron in a commercially reasonable manner based on the available inventory data and otherwise in the manner contemplated above, and to the extent it deems
appropriate taking into account such other data as may be relevant to the determination of such estimates. 
 (b) If, as of
any day during a Forward Delivery Month, the Estimated Monthly Forward Volume equals the Monthly Forward Volume for such month, then for such day (or portion of such day) and for all days occurring thereafter during such month, the Daily Produced
Volume shall be zero. 
 31.8 Daily Forward Settlements. For each day during a Forward Delivery Month, Aron shall calculate a
provisional settlement with respect to the Daily Produced Volume for such day (each, a “Daily Forward Settlement”) as provided in this Section 31.8. For purposes of this calculation, (i) the Daily
Price for each day shall be the Daily Price for the Jet Fuel Product Group as determined under Section 10.1 and (ii) the Specified Index Price for such day shall be the Specified Index Price for the Forward Delivery
Month during which such day occurs. The Daily Forward Settlement for any day shall equal (x) the Specified Index Price for such month 

  
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minus the Daily Price multiplied by the (y) Daily Produced volume. If the resulting figure is positive, that amount shall be due from the Company to Aron. If the resulting figure is
negative, the absolute value of that amount shall be due from Aron to the Company. Payment of the Daily Forward Settlement for any day shall be due on the same date as the Interim Payment for that day and shall be, as appropriate, aggregated with or
netted against such Interim Payment determined under Section 10.1(a) hereof. 
 31.9 Conditions. The
obligation of Aron to purchase Jet Fuel and make the payments for such Jet Fuel contemplated by this Article 31 shall be subject to satisfaction of the following conditions precedent on and as of a date occurring no later than May 8,
2017 (the “Transaction Cutoff Date”): 
 (a) All representations and warranties of the Company contained
herein shall be true and correct on and as of such date and no Default or Event of Default with respect to the Company shall have occurred and be continuing; and 

(b) Aron shall have received such certificates, documents, instruments and opinion letters from the Company and its
representatives as Aron may reasonably request in connection with the commencement of the Forward Jet Fuel Transaction, including an officer’s certificate dated as of the Forward Transaction Commencement Date confirming that no Default or Event
of Default with respect to the Company has occurred and is continuing on such day and all other applicable conditions to the Forward Transaction Commencement Date are then satisfied. 

The Company agrees that it will use its commercially reasonable efforts to cause each of the foregoing conditions to be satisfied on or before the Transaction
Cutoff Date. 
 31.10 Remedies upon Event of Default. If an Event of Default with respect to the Company occurs and Aron exercises
its remedies under Section 19.2 hereof, then without limiting any rights and remedies that Aron may have thereunder, under the Transaction Documents or otherwise, it is agreed that with respect to the Forward Jet Fuel
Transaction: 
 (a) Aron shall terminate, close-out and liquidate the Forward Jet
Fuel Transaction (including, without limitation, all obligations to make any Provisional Payments thereunder) and determine a Settlement Amount (as defined in Section 19.2(b) hereof) for the Forward Jet Fuel Transaction;
provided that such Settlement Amount shall be determined with respect to the period from the date of such termination through the end of the final Forward Delivery Month (the “Remaining Tenor”) by calculating, for each Forward
Delivery Month (or portion thereof) during the Remaining Tenor, the product of the relevant Monthly Forward Volume and Specified Index Price, discounting each such product from the end of the relevant Forward Delivery Month to the date of
termination at a discount rate based on LIBOR as determined by Aron in a commercially reasonable manner, and taking the sum of such discounted amounts; provided further that such Settlement Amount shall also take account of any Forward Transaction
Obligations then due and owing and all losses and costs which Aron incurs as a result of maintaining, terminating or obtaining any related hedge positions and in doing so Aron may use such pricing and rate references as Aron deems appropriate in its
commercially reasonable judgment, including references to such futures, forward, swap and options markets as it shall select in its reasonable judgment; and 

  
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 (b) The Settlement Amount determined under clause (i) above shall constitute
a Settlement Amount for all purposes of Section 19.2 hereof. 
 The foregoing shall in no way limit or be deemed to limit
Aron’s rights under the Lien Documents, including its rights to apply the proceeds of any collateral to any obligations secured thereby. 

31.11 Settlement at Termination. In the event this Agreement terminates pursuant to Article 20 hereof, the following provisions
shall apply with respect to the Forward Jet Fuel Transaction: 
 (a) All amounts due between the parties (including any
Settlement Amount determined under clause (i) above) shall be included in the Termination Amount under Section 20.2(a); and 

(b) In determining the Estimated Termination Amount and the Termination Holdback Amount, Aron may, in its commercially
reasonable judgment, take account of any amounts due under the Forward Jet Fuel Transaction that will not be definitively determined as of the Termination Date and/or which will be subject to any true-up or
adjustment following the Termination Date. 
 31.12 Early Termination of Forward Jet Fuel Transaction. 

(a) Subject to the terms and conditions hereof, the Company may, in its sole discretion and upon no less than 45 days’
notice to Aron and effective on the first calendar day of the following month for purposes of determining the Outstanding Forward Amount, terminate the Forward Jet Fuel Transaction, in whole but not in part, at any time following Forward Transaction
Commencement Date (a “Forward Transaction Early Termination”). In order to effectuate any Forward Transaction Early Termination, the Company shall on the proposed date of such Forward Transaction Early Termination pay to Aron, in
immediately available funds, and without any set-off or counterclaim, an amount equal to the Outstanding Forward Amount as of such date. 

(b) Notwithstanding the conditions specified in Section 31.12(a), at the Company’s request, the Parties hereby agree
that a Forward Transaction Early Termination shall occur effective on December 21, 2017 and that, accordingly, the Company shall be obligated to pay to Aron $26,438,149.52 on such date. 

31.13 Use of Proceeds. The Parties acknowledge that the payments received from Aron under the Forward Jet Fuel Transaction were used to
make a one-time “restricted payment” under Section 5(b)(iii)(C) of the Pledge and Security Agreement as in effect at the time of such payments, which Section has been deleted as of the
Restatement Effective Date. 

  
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 [Remainder of Page Intentionally Left Blank] 

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

			
	J. ARON & COMPANY LLC
		
	By:	 	/s/ John Eleoterio
	Name:	 	John Eleoterio
	Title:	 	Managing Director
	
	PAR HAWAII REFINING, LLC
		
	By:	 	/s/ William Monteleone
	Name:	 	William Monteleone
	Title:	 	Chief Financial Officer

 [Signature Page to Supply and Offtake Agreement]

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