Document:

Exhibit 10.5

 

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**).

 

EXECUTION VERSION

 

AMENDED AND RESTATED SUPPLY AND OFFTAKE AGREEMENT

dated as of October 7, 2014

 

among

 

PHILADELPHIA ENERGY SOLUTIONS REFINING AND MARKETING LLC,

as PESRM

 

and

 

MERRILL LYNCH COMMODITIES, INC.,

as MLC

 

and

 

THE OTHER TRANSACTION PARTIES HERETO

 

 

TABLE OF CONTENTS

 

	
Section
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
ARTICLE I.
    
	
 
    
	
DEFINED TERMS;   PRINCIPLES OF CONSTRUCTION
    
	
 
    	
 
    	
 
    
	
Section 1.01
    	
Defined Terms
    	
2
    
	
 
    	
 
    	
 
    
	
Section 1.02
    	
Principles of Construction
    	
38
    
	
 
    	
 
    	
 
    
	
Section 1.03
    	
Accounting Terms; GAAP
    	
39
    
	
 
    	
 
    	
 
    
	
Section 1.04
    	
Single Agreement
    	
39
    
	
 
    	
 
    	
 
    
	
Section 1.05
    	
Inconsistency
    	
39
    
	
 
    	
 
    	
 
    
	
Section 1.06
    	
Additional Defined Terms
    	
39
    
	
 
    	
 
    	
 
    
	
ARTICLE II.
    
	
 
    
	
TERM OF   AGREEMENT; CONDITIONS TO THE EFFECTIVE DATE
    
	
 
    	
 
    	
 
    
	
Section 2.01
    	
Term of Agreement
    	
41
    
	
 
    	
 
    	
 
    
	
Section 2.02
    	
PESRM Conditions to the   Effective Date
    	
41
    
	
 
    	
 
    	
 
    
	
Section 2.03
    	
MLC Conditions to the Effective   Date
    	
46
    
	
 
    	
 
    	
 
    
	
ARTICLE III.
    
	
 
    
	
PURCHASE, SALE   AND DELIVERY OF
    
	
CRUDE OIL
    
	
 
    	
 
    	
 
    
	
Section 3.01
    	
Supply by MLC of Crude Oil   Requirements
    	
46
    
	
 
    	
 
    	
 
    
	
Section 3.02
    	
Conditions to Crude Oil Supply   Obligation
    	
47
    
	
 
    	
 
    	
 
    
	
Section 3.03
    	
[Reserved]
    	
47
    
	
 
    	
 
    	
 
    
	
Section 3.04
    	
Crude Oil Initial Sales
    	
47
    
	
 
    	
 
    	
 
    
	
Section 3.05
    	
Daily Actual Production Books
    	
47
    
	
 
    	
 
    	
 
    
	
Section 3.06
    	
Financial Report
    	
48
    
	
 
    	
 
    	
 
    
	
Section 3.07
    	
[Reserved]
    	
48
    
	
 
    	
 
    	
 
    
	
Section 3.08
    	
Certain Additional MLC Reports
    	
48
    
	
 
    	
 
    	
 
    
	
Section 3.09
    	
Crude Oil Sourcing Protocols
    	
48
    
	
 
    	
 
    	
 
    
	
Section 3.10
    	
CO Transactions
    	
54
    
	
 
    	
 
    	
 
    
	
Section 3.11
    	
Daily Trades Done To Date   Report
    	
54
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

i

 

	
Section 3.12
    	
Crude Oil Title and Risk of   Loss
    	
54
    
	
 
    	
 
    	
 
    
	
Section 3.13
    	
Crude Oil Good and Marketable   Title
    	
54
    
	
 
    	
 
    	
 
    
	
Section 3.14
    	
CRUDE OIL NO WARRANTY OF   MERCHANTABILITY
    	
54
    
	
 
    	
 
    	
 
    
	
Section 3.15
    	
Crude Oil Payment   Responsibility and Invoicing
    	
55
    
	
 
    	
 
    	
 
    
	
Section 3.16
    	
Daily Actual Production Book;   Further Assurances in Respect of On-Premise Infrastructure
    	
55
    
	
 
    	
 
    	
 
    
	
Section 3.17
    	
PESRM-MLC CO Secured Prepay   Transactions; International Transactions
    	
55
    
	
 
    	
 
    	
 
    
	
Section 3.18
    	
[Reserved]
    	
56
    
	
 
    	
 
    	
 
    
	
Section 3.19
    	
First Purchaser Requirements
    	
56
    
	
 
    	
 
    	
 
    
	
ARTICLE IV.
    
	
 
    
	
PURCHASE, SALE   AND DELIVERY OF
    
	
REFINED PRODUCTS
    
	
 
    	
 
    	
 
    
	
Section 4.01
    	
Supply by PESRM of Refined   Products Produced by the Refinery
    	
57
    
	
 
    	
 
    	
 
    
	
Section 4.02
    	
Conditions to Refined Product   Purchase Obligation
    	
57
    
	
 
    	
 
    	
 
    
	
Section 4.03
    	
Reserved
    	
57
    
	
 
    	
 
    	
 
    
	
Section 4.04
    	
Third Party Reports
    	
57
    
	
 
    	
 
    	
 
    
	
Section 4.05
    	
RP Transactions and Certain RP   Sales Contracts
    	
58
    
	
 
    	
 
    	
 
    
	
Section 4.06
    	
Refined Product Title
    	
58
    
	
 
    	
 
    	
 
    
	
Section 4.07
    	
REFINED PRODUCT - NO WARRANTY   OF MERCHANTABILITY
    	
58
    
	
 
    	
 
    	
 
    
	
Section 4.08
    	
[Reserved]
    	
58
    
	
 
    	
 
    	
 
    
	
Section 4.09
    	
Refined Product Sales Protocols
    	
58
    
	
 
    	
 
    	
 
    
	
Section 4.10
    	
Prepayments
    	
63
    
	
 
    	
 
    	
 
    
	
Section 4.11
    	
RP Payment Responsibility and   Invoicing
    	
64
    
	
 
    	
 
    	
 
    
	
Section 4.12
    	
PESRM-MLC RP Secured Prepay   Transactions; International Transactions
    	
64
    
	
 
    	
 
    	
 
    
	
Section 4.13
    	
Initial RP Purchases
    	
65
    
	
 
    	
 
    	
 
    
	
Section 4.14
    	
Butane Sale Transactions
    	
65
    
	
 
    	
 
    	
 
    
	
Section 4.15
    	
Off-Spec Product
    	
66
    
	
 
    	
 
    	
 
    
	
Section 4.16
    	
PESRM as Obligated Party
    	
66
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

ii

 

	
ARTICLE V.
    
	
 
    
	
PAYMENTS AND   INVOICING
    
	
 
    	
 
    	
 
    
	
Section 5.01
    	
Daily Payment
    	
66
    
	
 
    	
 
    	
 
    
	
Section 5.02
    	
Monthly True-Up
    	
69
    
	
 
    	
 
    	
 
    
	
Section 5.03
    	
Auto Bin True-Ups
    	
71
    
	
 
    	
 
    	
 
    
	
Section 5.04
    	
Disputed Invoices
    	
71
    
	
 
    	
 
    	
 
    
	
Section 5.05
    	
Payment Netting
    	
72
    
	
 
    	
 
    	
 
    
	
Section 5.06
    	
Payment Convention
    	
72
    
	
 
    	
 
    	
 
    
	
Section 5.07
    	
Tax Status of the Parties
    	
72
    
	
 
    	
 
    	
 
    
	
ARTICLE VI.
    
	
 
    
	
DOWNGRADE   TERMINATION EVENT,
    
	
ACKNOWLEDGEMENT   AND OTHER MATTERS
    
	
 
    	
 
    	
 
    
	
Section 6.01
    	
Downgrade and Cost of Assurance   Trigger Event
    	
72
    
	
 
    	
 
    	
 
    
	
Section 6.02
    	
Termination at Expiration of   the Term
    	
73
    
	
 
    	
 
    	
 
    
	
Section 6.03
    	
Unexcused MLC Failure to   Deliver or Accept
    	
74
    
	
 
    	
 
    	
 
    
	
Section 6.04
    	
Semi-Annual Inspections
    	
75
    
	
 
    	
 
    	
 
    
	
Section 6.05
    	
Required Infrastructure
    	
76
    
	
 
    	
 
    	
 
    
	
Section 6.06
    	
PESRM-MLC Secured Prepay   Transactions
    	
76
    
	
 
    	
 
    	
 
    
	
Section 6.07
    	
Accounting Treatment
    	
77
    
	
 
    	
 
    	
 
    
	
Section 6.08
    	
[Reserved]
    	
77
    
	
 
    	
 
    	
 
    
	
Section 6.09
    	
Change in Law
    	
77
    
	
 
    	
 
    	
 
    
	
Section 6.10
    	
PESRM Acknowledgement
    	
78
    
	
 
    	
 
    	
 
    
	
Section 6.11
    	
Inventory Volumes
    	
78
    
	
 
    	
 
    	
 
    
	
Section 6.12
    	
[Reserved]
    	
78
    
	
 
    	
 
    	
 
    
	
Section 6.13
    	
Procedures for Resolving Claims   Against Third Parties
    	
78
    
	
 
    	
 
    	
 
    
	
Section 6.14
    	
Operational Imbalances
    	
79
    
	
 
    	
 
    	
 
    
	
Section 6.15
    	
PESRM/PESIC Failure to Perform
    	
79
    
	
 
    	
 
    	
 
    
	
Section 6.16
    	
Foreign Trade Zone Operator;   Imports and Exports
    	
80
    
	
 
    	
 
    	
 
    
	
Section 6.17
    	
MLC Guaranty
    	
80
    
	
 
    	
 
    	
 
    
	
Section 6.18
    	
Demurrage Cost Invoicing
    	
80
    
	
 
    	
 
    	
 
    
	
Section 6.19
    	
Inventory, Sale and Receipt   Data Reconciliation
    	
80
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

iii

 

	
Section 6.20
    	
Anti-Corruption Laws
    	
81
    
	
 
    	
 
    	
 
    
	
Section 6.21
    	
[Reserved]
    	
82
    
	
 
    	
 
    	
 
    
	
Section 6.22
    	
Transmix
    	
82
    
	
 
    	
 
    	
 
    
	
Section 6.23
    	
[Reserved]
    	
82
    
	
 
    	
 
    	
 
    
	
Section 6.24
    	
Aggregate Liability Limitations
    	
82
    
	
 
    	
 
    	
 
    
	
Section 6.25
    	
[**] No Title to Hydrocarbons
    	
83
    
	
 
    	
 
    	
 
    
	
ARTICLE VII.
    
	
 
    
	
INDEMNITIES
    
	
 
    	
 
    	
 
    
	
Section 7.01
    	
Indemnities
    	
83
    
	
 
    	
 
    	
 
    
	
ARTICLE VIII.
    
	
 
    
	
REPRESENTATIONS   AND WARRANTIES OF THE TRANSACTION PARTIES
    
	
 
    	
 
    	
 
    
	
Section 8.01
    	
Organization; Powers
    	
90
    
	
 
    	
 
    	
 
    
	
Section 8.02
    	
Authorization; Enforceability
    	
91
    
	
 
    	
 
    	
 
    
	
Section 8.03
    	
No Conflicts; Material   Contracts
    	
91
    
	
 
    	
 
    	
 
    
	
Section 8.04
    	
Financial Statements;   Projections
    	
92
    
	
 
    	
 
    	
 
    
	
Section 8.05
    	
Properties
    	
92
    
	
 
    	
 
    	
 
    
	
Section 8.06
    	
Intellectual Property
    	
92
    
	
 
    	
 
    	
 
    
	
Section 8.07
    	
Equity Interests and   Subsidiaries
    	
93
    
	
 
    	
 
    	
 
    
	
Section 8.08
    	
Litigation; Compliance with   Laws; Permits; and Agreements
    	
93
    
	
 
    	
 
    	
 
    
	
Section 8.09
    	
[Reserved]
    	
94
    
	
 
    	
 
    	
 
    
	
Section 8.10
    	
[Reserved]
    	
94
    
	
 
    	
 
    	
 
    
	
Section 8.11
    	
Investment Company Act
    	
94
    
	
 
    	
 
    	
 
    
	
Section 8.12
    	
[Reserved]
    	
94
    
	
 
    	
 
    	
 
    
	
Section 8.13
    	
Taxes
    	
94
    
	
 
    	
 
    	
 
    
	
Section 8.14
    	
No Material Misstatements
    	
94
    
	
 
    	
 
    	
 
    
	
Section 8.15
    	
Labor Matters
    	
95
    
	
 
    	
 
    	
 
    
	
Section 8.16
    	
Solvency
    	
95
    
	
 
    	
 
    	
 
    
	
Section 8.17
    	
Employee Benefit Plans
    	
95
    
	
 
    	
 
    	
 
    
	
Section 8.18
    	
Environmental Matters
    	
96
    
	
 
    	
 
    	
 
    
	
Section 8.19
    	
Insurance
    	
98
    
	
 
    	
 
    	
 
    
	
Section 8.20
    	
Security Documents
    	
98
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

iv

 

	
Section 8.21
    	
Anti-Terrorism Laws
    	
99
    
	
 
    	
 
    	
 
    
	
Section 8.22
    	
Location of Hydrocarbon   Inventory
    	
100
    
	
 
    	
 
    	
 
    
	
Section 8.23
    	
[Reserved]
    	
100
    
	
 
    	
 
    	
 
    
	
Section 8.24
    	
Affiliate Transactions
    	
100
    
	
 
    	
 
    	
 
    
	
Section 8.25
    	
Common Enterprise
    	
100
    
	
 
    	
 
    	
 
    
	
Section 8.26
    	
Certain Additional   Representations
    	
101
    
	
 
    	
 
    	
 
    
	
ARTICLE IX.
    
	
 
    
	
REPRESENTATIONS   AND WARRANTIES OF MLC
    
	
 
    	
 
    	
 
    
	
Section 9.01
    	
Organization; Powers
    	
102
    
	
 
    	
 
    	
 
    
	
Section 9.02
    	
Authorization; Enforceability
    	
102
    
	
 
    	
 
    	
 
    
	
Section 9.03
    	
No Conflicts
    	
102
    
	
 
    	
 
    	
 
    
	
Section 9.04
    	
Litigation; Compliance with   Laws
    	
102
    
	
 
    	
 
    	
 
    
	
Section 9.05
    	
Wholly-Owned Subsidiary
    	
103
    
	
 
    	
 
    	
 
    
	
ARTICLE X.
    
	
 
    
	
PESRM   AFFIRMATIVE COVENANTS
    
	
 
    	
 
    	
 
    
	
Section 10.01
    	
Financial Statements, Reports,   etc.
    	
103
    
	
 
    	
 
    	
 
    
	
Section 10.02
    	
Litigation and Other Notices
    	
105
    
	
 
    	
 
    	
 
    
	
Section 10.03
    	
Existence; Businesses and   Properties
    	
106
    
	
 
    	
 
    	
 
    
	
Section 10.04
    	
Insurance
    	
106
    
	
 
    	
 
    	
 
    
	
Section 10.05
    	
Taxes; Filings
    	
107
    
	
 
    	
 
    	
 
    
	
Section 10.06
    	
Employee Benefits
    	
107
    
	
 
    	
 
    	
 
    
	
Section 10.07
    	
Maintaining Records; Access to   Properties and Inspections
    	
108
    
	
 
    	
 
    	
 
    
	
Section 10.08
    	
[Reserved]
    	
108
    
	
 
    	
 
    	
 
    
	
Section 10.09
    	
Compliance with Environmental   Laws and Environmental Permits; Environmental Reports
    	
108
    
	
 
    	
 
    	
 
    
	
Section 10.10
    	
Additional Collateral;   Additional Guarantors
    	
109
    
	
 
    	
 
    	
 
    
	
Section 10.11
    	
Security Interests; Further   Assurances
    	
111
    
	
 
    	
 
    	
 
    
	
Section 10.12
    	
Information Regarding   Collateral
    	
112
    
	
 
    	
 
    	
 
    
	
Section 10.13
    	
Depository Banks
    	
112
    
	
 
    	
 
    	
 
    
	
Section 10.14
    	
Affirmative Covenants with   Respect to Required Infrastructure
    	
113
    
	
 
    	
 
    	
 
    
	
Section 10.15
    	
[Reserved]
    	
113
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

v

 

	
Section 10.16
    	
Designation of Excluded   Subsidiaries
    	
113
    
	
 
    	
 
    	
 
    
	
Section 10.17
    	
Anti-Terrorism Laws
    	
114
    
	
 
    	
 
    	
 
    
	
Section 10.18
    	
Third Party Consent Agreements
    	
114
    
	
 
    	
 
    	
 
    
	
Section 10.19
    	
Refinery Turnaround,   Maintenance and Closure
    	
114
    
	
 
    	
 
    	
 
    
	
Section 10.20
    	
Certain PESRM Services
    	
115
    
	
 
    	
 
    	
 
    
	
ARTICLE XI.
    
	
 
    
	
PESRM NEGATIVE   COVENANTS
    
	
 
    	
 
    	
 
    
	
Section 11.01
    	
Indebtedness
    	
116
    
	
 
    	
 
    	
 
    
	
Section 11.02
    	
Liens
    	
119
    
	
 
    	
 
    	
 
    
	
Section 11.03
    	
Sale and Leaseback Transactions
    	
124
    
	
 
    	
 
    	
 
    
	
Section 11.04
    	
Investment, Loan, Advances and   Acquisition
    	
124
    
	
 
    	
 
    	
 
    
	
Section 11.05
    	
Mergers and Consolidations
    	
126
    
	
 
    	
 
    	
 
    
	
Section 11.06
    	
Asset Sales
    	
127
    
	
 
    	
 
    	
 
    
	
Section 11.07
    	
Dividends
    	
129
    
	
 
    	
 
    	
 
    
	
Section 11.08
    	
Transactions with Affiliates
    	
131
    
	
 
    	
 
    	
 
    
	
Section 11.09
    	
[Reserved]
    	
133
    
	
 
    	
 
    	
 
    
	
Section 11.10
    	
Prepayments of Other   Indebtedness; Modifications of Organizational Documents and Other Documents,   etc.
    	
133
    
	
 
    	
 
    	
 
    
	
Section 11.11
    	
Limitation on Certain   Restrictions on Guarantors
    	
133
    
	
 
    	
 
    	
 
    
	
Section 11.12
    	
Business
    	
134
    
	
 
    	
 
    	
 
    
	
Section 11.13
    	
Fiscal Year
    	
134
    
	
 
    	
 
    	
 
    
	
Section 11.14
    	
Compliance with Anti-Terrorism   Laws
    	
135
    
	
 
    	
 
    	
 
    
	
Section 11.15
    	
Speculative Transactions
    	
135
    
	
 
    	
 
    	
 
    
	
Section 11.16
    	
Title to Hydrocarbons
    	
135
    
	
 
    	
 
    	
 
    
	
ARTICLE XII.
    
	
 
    
	
COVER   TRANSACTIONS
    
	
 
    	
 
    	
 
    
	
Section 12.01
    	
Cover Transactions
    	
136
    
	
 
    	
 
    	
 
    
	
Section 12.02
    	
Cover Protocols
    	
137
    
	
 
    	
 
    	
 
    
	
Section 12.03
    	
Applicable Conditions
    	
141
    
	
 
    	
 
    	
 
    
	
Section 12.04
    	
MLC Cover Transactions
    	
141
    
	
 
    	
 
    	
 
    
	
Section 12.05
    	
Cover Throughput Service Fees
    	
141
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

vi

 

	
Section 12.06
    	
Volume Limitations
    	
141
    
	
 
    	
 
    	
 
    
	
Section 12.07
    	
Cover Transaction Invoicing
    	
142
    
	
 
    	
 
    	
 
    
	
Section 12.08
    	
Termination of CO Supply   Contracts and RP Sales Contracts
    	
142
    
	
 
    	
 
    	
 
    
	
Section 12.09
    	
[Reserved]
    	
143
    
	
 
    	
 
    	
 
    
	
Section 12.10
    	
Cover Transaction Event
    	
143
    
	
 
    	
 
    	
 
    
	
Section 12.11
    	
Renewable Fuels and RINS
    	
143
    
	
 
    	
 
    	
 
    
	
ARTICLE XIII.
    
	
 
    
	
GUARANTEE
    
	
 
    	
 
    	
 
    
	
Section 13.01
    	
The Guarantee
    	
143
    
	
 
    	
 
    	
 
    
	
Section 13.02
    	
Rights of MLC
    	
143
    
	
 
    	
 
    	
 
    
	
Section 13.03
    	
Obligations Unconditional
    	
144
    
	
 
    	
 
    	
 
    
	
Section 13.04
    	
Reinstatement
    	
146
    
	
 
    	
 
    	
 
    
	
Section 13.05
    	
Subrogation; Subordination
    	
146
    
	
 
    	
 
    	
 
    
	
Section 13.06
    	
Remedies
    	
146
    
	
 
    	
 
    	
 
    
	
Section 13.07
    	
Instrument for the Payment of   Money
    	
147
    
	
 
    	
 
    	
 
    
	
Section 13.08
    	
Continuing Guarantee
    	
147
    
	
 
    	
 
    	
 
    
	
Section 13.09
    	
General Limitation on Guarantee   Obligations
    	
147
    
	
 
    	
 
    	
 
    
	
Section 13.10
    	
Release of Transaction Parties
    	
147
    
	
 
    	
 
    	
 
    
	
Section 13.11
    	
Right of Contribution
    	
147
    
	
 
    	
 
    	
 
    
	
Section 13.12
    	
Default; Remedies; Bankruptcy;   Etc.
    	
148
    
	
 
    	
 
    	
 
    
	
ARTICLE XIV.
    
	
 
    
	
EVENTS OF   DEFAULT; REMEDIES
    
	
 
    	
 
    	
 
    
	
Section 14.01
    	
PESRM Events of Default
    	
149
    
	
 
    	
 
    	
 
    
	
Section 14.02
    	
MLC Events of Default
    	
153
    
	
 
    	
 
    	
 
    
	
Section 14.03
    	
Termination Events
    	
156
    
	
 
    	
 
    	
 
    
	
Section 14.04
    	
Remedies
    	
158
    
	
 
    	
 
    	
 
    
	
ARTICLE XV.
    
	
 
    
	
FORCE MAJEURE
    
	
 
    	
 
    	
 
    
	
Section 15.01
    	
Force Majeure
    	
162
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

vii

 

	
Section 15.02
    	
Force Majeure with Respect to   Certain Facilities
    	
163
    
	
 
    	
 
    	
 
    
	
Section 15.03
    	
PESRM Force Majeure Indemnity
    	
163
    
	
 
    	
 
    	
 
    
	
Section 15.04
    	
Force Majeure Termination
    	
163
    
	
 
    	
 
    	
 
    
	
Section 15.05
    	
Payments Not Excused
    	
164
    
	
 
    	
 
    	
 
    
	
Section 15.06
    	
No Extension
    	
164
    
	
 
    	
 
    	
 
    
	
ARTICLE XVI.
    
	
 
    
	
MISCELLANEOUS
    
	
 
    	
 
    	
 
    
	
Section 16.01
    	
Governing Law and Submission to   Jurisdiction
    	
164
    
	
 
    	
 
    	
 
    
	
Section 16.02
    	
Waivers
    	
165
    
	
 
    	
 
    	
 
    
	
Section 16.03
    	
Further Assurances
    	
166
    
	
 
    	
 
    	
 
    
	
Section 16.04
    	
Regulatory Filings
    	
166
    
	
 
    	
 
    	
 
    
	
Section 16.05
    	
No Waiver
    	
166
    
	
 
    	
 
    	
 
    
	
Section 16.06
    	
Severability
    	
166
    
	
 
    	
 
    	
 
    
	
Section 16.07
    	
Successors and Assigns
    	
166
    
	
 
    	
 
    	
 
    
	
Section 16.08
    	
Confidentiality
    	
167
    
	
 
    	
 
    	
 
    
	
Section 16.09
    	
Notices
    	
167
    
	
 
    	
 
    	
 
    
	
Section 16.10
    	
Amendments, Etc.
    	
169
    
	
 
    	
 
    	
 
    
	
Section 16.11
    	
Nature of the Transaction and   Relationship of Parties
    	
169
    
	
 
    	
 
    	
 
    
	
Section 16.12
    	
Interest
    	
169
    
	
 
    	
 
    	
 
    
	
Section 16.13
    	
Recording of Conversations
    	
169
    
	
 
    	
 
    	
 
    
	
Section 16.14
    	
Counterparts
    	
170
    
	
 
    	
 
    	
 
    
	
Section 16.15
    	
No Third Party Beneficiaries
    	
170
    
	
 
    	
 
    	
 
    
	
Section 16.16
    	
Entire Agreement
    	
170
    
	
 
    	
 
    	
 
    
	
Section 16.17
    	
Survival
    	
170
    
	
 
    	
 
    	
 
    
	
Section 16.18
    	
Release of Collateral
    	
170
    
	
 
    	
 
    	
 
    
	
Section 16.19
    	
Costs and Expenses
    	
170
    
	
 
    	
 
    	
 
    
	
Section 16.20
    	
Amendment and Restatement
    	
171
    

 

	
Schedules
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Schedule   1.01(a)
    	
-
    	
Assigned   Agreements
    
	
Schedule   1.01(b)
    	
-
    	
Guarantors   
    
	
Schedule   1.01(c)
    	
-
    	
Hydrocarbon   Specifications
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

viii

 

	
Schedule   1.01(e)
    	
-
    	
Form of   Joinder Agreement
    
	
Schedule   1.01(g)
    	
-
    	
Form of   Supply and Offtake Perfection Certificate
    
	
Schedule   1.01(h)
    	
-
    	
Mortgaged   Properties
    
	
Schedule   1.01(i)
    	
-
    	
North   Yard Parcel
    
	
Schedule   1.01(j)
    	
-
    	
West   Yard Parcel
    
	
Schedule   1.01(k)
    	
-
    	
Racks   and Rack Infrastructure Owners
    
	
Schedule   1.01(l)
    	
-
    	
Refinery
    
	
Schedule   1.01(m)
    	
-
    	
Refinery   Real Property
    
	
Schedule   1.01(n)
    	
-
    	
[Reserved]
    
	
Schedule   1.01(o)
    	
-
    	
[Reserved]
    
	
Schedule   1.01(p)
    	
-
    	
[Reserved]
    
	
Schedule   1.01(q)
    	
-
    	
Approved   Terms and Conditions
    
	
Schedule   1.01(r)
    	
-
    	
Business   Days
    
	
Schedule   1.01(s)
    	
-
    	
Working   Capital Amount Example
    
	
Schedule   1.01(t)
    	
-
    	
PESRM   Infrastructure
    
	
Schedule   1.01(u)
    	
-
    	
Sunoco   PMT Infrastructure
    
	
Schedule   1.01(v)
    	
-
    	
Sunoco   Pipeline Infrastructure
    
	
Schedule   1.01(w)
    	
-
    	
Other   Third Party Infrastructure
    
	
Schedule   1.01(x)
    	
 
    	
Butane   Rail Facility
    
	
Schedule   2.02(a)
    	
-
    	
Post-Closing   Third Party Consent Agreements 
    
	
Schedule   2.02(d)
    	
-
    	
Solvency   Certificate
    
	
Schedule   2.02(k)
    	
-
    	
Material   Approvals
    
	
Schedule   3.01(b)
    	
-
    	
CO   Delivery Points
    
	
Schedule   3.05(a)
    	
-
    	
Form of   Daily Actual Production Book
    
	
Schedule   3.06(a)
    	
-
    	
Form of   Financial Report
    
	
Schedule   3.08(b)(i)
    	
-
    	
Form of   Daily Trades Done to Date Report
    
	
Schedule   3.08(b)(ii)
    	
-
    	
Form of   Daily Raw Invoice Report
    
	
Schedule   3.08(b)(iii)
    	
-
    	
Form of   Daily Sales Report
    
	
Schedule   3.08(b)(iv)
    	
-
    	
Form of   Provisional FIFO Queue Report
    
	
Schedule   3.08(c)
    	
-
    	
Form of   Monthly CO FIFO Report
    
	
Schedule   3.09(b)
    	
-
    	
Form of   PESRM Buy Request / PESRM Sales Request
    
	
Schedule   3.09(c)
    	
-
    	
Form of   MLC CO Trade Confirmation
    
	
Schedule   3.19
    	
-
    	
First   Purchaser Jurisdictions
    
	
Schedule   4.01
    	
-
    	
RP   Delivery Points
    
	
Schedule   4.04(a)(i)
    	
-
    	
Form of   PPC Daily Rack Sales Report
    
	
Schedule   4.04(a)(ii)
    	
-
    	
Form of   SXL Daily Rack Sales Report
    
	
Schedule   4.04(a)(iii)
    	
-
    	
Form of   SXL Report
    
	
Schedule   4.09
    	
-
    	
Product   Purchaser Delivery Points
    
	
Schedule   4.09(a)
    	
-
    	
Form of   Oil Flow Report
    
	
Schedule   4.09(c)
    	
-
    	
Form of   MLC RP Trade Confirmation
    
	
Schedule   5(a)
    	
-
    	
Calculation   of Crude Oil Price Amount 
    
	
Schedule   5(b)
    	
-
    	
Calculation   of Refined Product Price Amount 
    
	
Schedule   5(c)
    	
-
    	
Market   Structure
    
	
Schedule   6.17
    	
-
    	
Form of   MLC Guaranty
    
	
Schedule   8.03(a)
    	
-
    	
No   Conflicts
    
	
Schedule   8.03(b)
    	
-
    	
Material   Contracts
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

ix

 

	
Schedule   8.07
    	
-
    	
Subsidiaries
    
	
Schedule   8.08(a)
    	
-
    	
Litigation
    
	
Schedule   8.08(c)
    	
-
    	
Material   Permits
    
	
Schedule   8.18
    	
-
    	
Environmental   Matters
    
	
Schedule   8.19
    	
-
    	
Effective   Date Insurance
    
	
Schedule   8.22
    	
-
    	
Location   of Material Collateral
    
	
Schedule   9.03
    	
-
    	
No   Conflicts
    
	
Schedule   9.04
    	
-
    	
Litigation
    
	
Schedule   10.04
    	
-
    	
Insurance   Requirements
    
	
Schedule   10.18
    	
-
    	
Form of   Third Party Consent Agreement
    
	
Schedule   11.01(z)
    	
-
    	
Existing   Indebtedness
    
	
Schedule   11.02(c)
    	
-
    	
Existing   Liens
    
	
Schedule   11.04(b)
    	
-
    	
Existing   Investments
    
	
Schedule   11.08
    	
-
    	
Existing   Transactions
    
	
Schedule   12
    	
-
    	
Cover   Transaction Pricing and Fees
    
	
 
    	
 
    	
 
    
	
Annexes
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Annex   I
    	
 
    	
Terms   Defined by Reference to Senior Secured Credit Facility
    
	
Annex   II
    	
 
    	
Refinery   Map and Legend
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

x

 

AMENDED AND RESTATED SUPPLY AND OFFTAKE AGREEMENT

 

THIS AMENDED AND RESTATED SUPPLY AND OFFTAKE AGREEMENT (as the same may be amended, restated, supplemented or otherwise modified from time to time, this “Agreement”) dated as of October 7, 2014 is by and among MERRILL LYNCH COMMODITIES, INC., a corporation organized under the laws of the State of Delaware (“MLC”), PHILADELPHIA ENERGY SOLUTIONS REFINING AND MARKETING LLC, a limited liability company organized under the laws of Delaware (“PESRM”), and the Guarantors party hereto from time to time (each of MLC and PESRM referred to individually as a “Party” or collectively as the “Parties” and each of PESRM and the Guarantors referred to individually as a “Transaction Party” or collectively as the “Transaction Parties”).

 

WHEREAS, J.P. Morgan Ventures Energy Corporation (“JPMVEC”) and PESRM are party to that certain Supply and Offtake Agreement, dated as of September 8, 2012 (as amended, restated, replaced, supplemented or otherwise modified from time to time prior to the date hereof, the “Original Agreement”), pursuant to which JPMVEC provided to PESRM an intermediation arrangement with respect to the crude oil and non-crude feed stock and refined products and blendstocks of that certain crude oil refinery currently owned and operated by PESRM in Philadelphia, Pennsylvania, which Original Agreement became effective on September 8, 2012 (the “Original Agreement Effective Date”);

 

WHEREAS, pursuant to and in accordance with the terms (including the satisfaction or waiver of certain terms and conditions) of that certain Assignment and Assumption Agreement dated as of the date hereof (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Assignment and Assumption Agreement”), among JPMVEC, MLC and PESRM, JPMVEC has agreed to assign to MLC all of JPMVEC’s rights, title and interest, and MLC has agreed to assume JPMVEC’s liabilities and obligations, under the Original Agreement and rights, titles, obligations, interests and liabilities under related infrastructure agreements with PESRM and other parties, in each case relating to the Original Agreement (collectively, the “Assignment”);

 

WHEREAS, pursuant to and in accordance with the terms (including the satisfaction or waiver of certain terms and conditions) of the Assignment and Assumption Agreement, (a) JPMVEC, MLC, PESRM and PES Administrative Services, LLC have entered into that certain Wind-Down Agreement, dated as of the date hereof (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Wind-Down Agreement”), whereby (i) JPMVEC and MLC have agreed to enter into the New MLC Transactions and (ii) JPMVEC has agreed to assign or novate to MLC certain existing CO Supply Contracts and certain existing RP Sales Contracts, and (b) pursuant to the Inventory Sales Agreement, JPMVEC has agreed to sell the In-Storage Inventory owned by JPMVEC to MLC (and MLC has agreed to purchase same) (collectively, together with the Assignment, the “Assignments and Transfers”);

 

WHEREAS, upon the consummation and effectiveness of the Assignments and Transfers, MLC and PESRM wish to amend and restate the Original Agreement, in its entirety upon the terms and conditions set forth in this Agreement, which amendment and restatement shall become effective on the Effective Date;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

WHEREAS, it is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities of PESRM under the Original Agreement and that this Agreement amend and restate in its entirety the Original Agreement; and

 

WHEREAS, it is the intent of PESRM to confirm that all Obligations of PESRM under the Effective Date PESRM Transaction Documents, as amended, amended and restated, supplemented, refinanced or otherwise modified hereby or on or as of the date hereof, shall continue in full force and effect and that from and after the Effective Date, all references to the “Supply and Offtake Agreement” contained in the Effective Date PESRM Transaction Documents shall be deemed to refer to this Agreement;

 

WHEREAS, Holdings directly owns 100% of the Equity Interests in PESRM Holdings, LLC (“Intermediate Holdco”), Intermediate Holdco directly owns 100% of the Equity Interests in PESRM, and Intermediate Holdco directly or indirectly owns 100% of the Equity Interests of each of its Subsidiaries;

 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings set forth in this Agreement, MLC, PESRM and the other Transaction Parties hereby agree to amend and restate the Original Agreement as follows:

 

ARTICLE I.

 

DEFINED TERMS; PRINCIPLES OF CONSTRUCTION

 

Section 1.01                             Defined Terms.  Capitalized terms used in this Agreement have the meanings ascribed to them below:

 

“ABL/SOA Investment Accounts” has the meaning assigned to such term in Section 10.10(e).

 

“ABL/SOA Priority Collateral” has the meaning assigned to such term (or any equivalent term) in (a) to the extent the Existing Term Loan Facility is outstanding (whether secured or unsecured), the Existing Term-ABL Intercreditor Agreement, (b) to the extent the Existing Term Loan Facility has been refinanced with a Permitted Secured Term Loan Facility pursuant to which a Term-ABL Intercreditor Agreement has been entered into, such Term-ABL Intercreditor Agreement and (c) otherwise, the Existing Term-ABL Intercreditor Agreement.

 

“Action” has the meaning set forth in Section 16.01(b).

 

“Adversely Affected Party” has the meaning set forth in Section 6.09.

 

“Affected Party” means:

 

(i)                                     with respect to Illegality, the meaning set forth in Section 14.03(a)(i);

 

(ii)                                  with respect to Credit Event Upon Merger, the meaning set forth in Section 14.03(a)(ii); and

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

2

 

(iii)                               with respect to an ISDA Termination Event, the meaning set forth in Section 14.03(a)(iii).

 

“Affected Transactions” means:

 

(i)                                     with respect to any Termination Event consisting of an Illegality under Section 14.03(a)(i) as a result of which (x) a Party cannot perform under a material portion of (1) the CO Transactions, (2) the RP Transactions or (3) the PESRM-MLC Secured Prepay Transactions or (y) MLC cannot perform under a material portion of (1) the CO Supply Contracts, (2) the RP Sales Contracts or (3) the PESRM-MLC Secured Prepay Transactions, this Agreement and all PESRM Transactions,

 

(ii)                                  with respect to any Termination Event consisting of an Illegality not covered by subclause (i) of this definition, all PESRM Transactions affected by the occurrence of such Termination Event, and

 

(iii)                               with respect to any other Termination Event, this Agreement and all PESRM Transactions.

 

“Affiliate” means, when used 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; provided, that no direct or indirect parent of Philadelphia Energy Solutions, LLC shall be an Affiliate of PESRM or its Subsidiaries for purposes of this Agreement and provided further that PESIC shall not be an Affiliate of PESRM or its Subsidiaries for the purposes of this Agreement.

 

“Affiliate Transferee” means an Affiliate of PESRM that is in the business of owning, developing, operating and maintaining any of the Affiliate Transferee Assets and any other businesses ancillary or reasonably related thereto; provided that, for the avoidance of doubt, for purposes of this Agreement and the other PESRM Transaction Documents, PESIC shall not be an Affiliate Transferee.

 

“Affiliate Transferee Assets” means, collectively, the North Yard Assets and any Other Logistics Assets, to the extent transferred to an Affiliate Transferee.

 

“Aggregate Liability Amount” has the meaning set forth in Section 6.24.

 

“Agreement” has the meaning set forth in the introductory paragraph of this Agreement.

 

“Amended and Restated Mortgage” has the meaning set forth in Section 2.02(g).

 

“Annual Cover Throughput Service Fee” means a fee payable by PESRM in respect of all Cover Transactions to be entered into pursuant to this Agreement, whether or not any Cover Transactions are entered into or consummated, in an amount equal to $[**] per annum.

 

“Anti-Corruption Laws” has the meaning set forth in Section 6.20(a).

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

3

 

“Anti-Terrorism Laws” means any Applicable Law related to terrorism financing or money laundering including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56), The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act”, 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959), the Trading With the Enemy Act (50 U.S.C. § 1 et seq., as amended) and Executive Order 13224 (effective September 24, 2001).

 

“Applicable Condition” means the occurrence and continuance of any of the following events or circumstances: (i) any PESRM Event of Default, (ii) any PESRM/PESIC Failure to Perform, (iii) any event of Force Majeure, (iv) any MLC non-performance resulting from a lack of availability of working capacity of Required Infrastructure (including with respect to any PESRM-MLC Secured Prepay Transactions or any MLC-PESIC Secured Prepay Transactions), (v) any CO Supply Contract Event, (vi) any Cover Transaction Event, (vii) any Operational Imbalance, (viii) any excused or unexcused failure by PESRM under any PESRM-MLC Secured Prepay Transaction or PESIC-PESRM Secured Prepay Transaction, (ix) any excused or unexcused failure by PESIC under any MLC-PESIC Secured Prepay Transaction (other than the PESIC Account not being available to MLC thereunder due to an MLC Event (or equivalent condition) occurring thereunder) or (x) any excused or unexcused failure by PESRM under any PESIC-PESRM Secured Prepay Transactions.  For the avoidance of doubt, any Applicable Condition described in subclauses (ii) through (vii) above shall only excuse or suspend MLC’s duty to enter into and/or perform under the affected or corresponding PESRM Transaction(s), other PESRM Transaction Documents, CO Supply Contracts, PESRM-MLC Secured Prepay Transactions, MLC-PESIC Secured Prepay Transactions, RP Sales Contracts and/or Cover Transactions.

 

“Applicable Initial Refined Product Price” has the meaning set forth in Schedule 5(b).

 

“Applicable Laws” means all valid constitutions, statutes, laws (including common law), treaties, codes, regulations, ordinances, licenses, orders, directives, decrees, rules, rulings, decisions, judgments, policies, legally binding requirements, restrictions, writs, injunctions, permits or compliance requirements and any judicial or administrative decisions or interpretations of any Governmental Authority having jurisdiction over any transaction or matter contemplated in this Agreement, including any rights or obligations established hereunder.

 

“Applicable Margin” has the meaning set forth in the definition of Working Capital Rate.

 

“Applicable PESRM Transaction Documents” means: (i) with respect to the Effective Date, the Effective Date PESRM Transaction Documents, and (ii) with respect to each Day of the Term other than the Effective Date, the PESRM Transaction Documents.

 

“Applicable Refined Product Index” has the meaning set forth in Schedule 5(b).

 

“Approved Terms and Conditions” means those General Terms and Conditions which are set forth in Schedule 1.01(q) hereto, as amended from time to time by agreement of MLC and PESRM.

 

“ARPLA Revision” has the meaning set forth in the definition of Applicable Refined Product Locational Adjustment in Schedule 5(b).

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

4

 

“ARPLA Revision Amount” has the meaning set forth in Schedule 5(b).

 

“Asset Sale” means, in each case to the extent in excess of (i) $[**] in respect of transactions or series of related transactions in respect of ABL/SOA Priority Collateral and (ii) $[**] per transaction or series of related transactions in respect of transactions or series of related transactions not in respect of ABL/SOA Priority Collateral, (a) any conveyance, sale, assignment, transfer or other disposition (including by way of merger or consolidation and including any Sale and Leaseback Transaction) of any property (but excluding in any event sales of inventory, transactions pursuant to the PESRM Tranasaction Documents, dispositions of cash and cash equivalents (including Cash Equivalents) and licenses of any Intellectual Property by PESRM or any of its Subsidiaries in the ordinary course of business) and (b) any issuance or sale of any Equity Interests of any Subsidiary of Holdings, in each case, to any person other than (i) PESRM or (ii) any Guarantor.  For the avoidance of doubt, the granting of a Permitted Lien shall not constitute an “Asset Sale.”

 

“Assigned Agreements” means each of the agreements set forth in Schedule 1.01(a).

 

“Assigned CO Contracts” means each of the agreements set forth in Part I of Schedule 1.01(a).

 

“Assigned RP Contracts” means each of the agreements set forth in Part II of Schedule 1.01(a).

 

“Assignment” has the meaning set forth in the recitals of this Agreement.

 

“Assignment and Assumption Agreement” has the meaning set forth in the recitals of this Agreement.

 

“Assignment Documents” has the meaning assigned to the term “Transaction Documents” in the Assignment and Assumption Agreement.

 

“Assignments and Transfers” has the meaning set forth in the recitals of this Agreement.

 

“Auto Bin” means all transactions that are subject to Auto Bin Deemed Hedge Rolls.

 

“Auto Bin Deemed Hedge Roll” has the meaning set forth in Schedule 5(c).

 

“Auto Bin Deemed Roll Settlement Amount” means an amount equal to the net deemed settlement value of all Auto Bin Deemed Hedge Rolls in the Auto Bin for any calendar month.  If the Auto Bin Deemed Hedge Roll Settlement Amount is a negative number, MLC shall owe the absolute value of such amount to PESRM, and if the Auto Bin Deemed Roll Settlement Amount is a positive number, PESRM shall owe such amount to MLC.

 

“Average Rack Sale Daily Amount” means, with respect to any quarter during the Term, an amount equal to the quotient of (i) the aggregate sum of all amounts of Refined Products (measured in U.S. Dollars) actually sold under all outstanding Rack Sales Contracts from MLC to PESRM on every Day in such calendar quarter, divided by (ii) the number of Days in such calendar quarter.

 

“Bank of America” means Bank of America, N.A.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

5

 

“Bankruptcy Code” has the meaning set forth in Section 13.01.

 

“Barrel” means one United States barrel (42 United States gallons).

 

“Base Interest Rate” has the meaning set forth in the definition of Working Capital Rate.

 

“Basic Infrastructure” means all of (a) the PESRM Infrastructure, (b) the Sunoco PMT Infrastructure, (c) the Sunoco Pipeline Infrastructure, (d) any Other Third Party Infrastructure owned by an Affiliate Transferee, and (e) to the extent PESRM is able to do so, all the Other Third Party Infrastructure not referred to in clause (d) above.

 

“Belmont Truck Rack” means the truck rack that is located in Philadelphia, Pennsylvania adjacent to the Refinery and that is owned by Sunoco PMT.

 

“BS&W” means bottoms sediment/sludge, suspended sediment and water and free water.

 

“Business Day” means each Day set forth on Schedule 1.01(r), as may be amended from time to time.

 

“Business Day Convention” means that, as a general matter, any reference to a Day that is not a Business Day shall instead refer to the first (1st) Business Day following such Day (other than in the case of certain reports required to be delivered hereunder, and certain pricing determinations to be made hereunder, in which case references to a Day shall refer to that calendar Day), except that:

 

(i)                                     in the case of an ordinary (two-day) weekend or a three-day weekend in which Friday is not a Business Day, any reports required pursuant to Sections 3.05(a), 3.06, 3.07, 3.08 and 4.04(a), and the specified pricing determinations required to be made under Schedules 5(a), 5(b) and 5(c), with respect to a Day that is a Sunday shall be due or made, as applicable, on the following Tuesday (unless that Tuesday is not a Business Day, in which case such report shall be due, or such pricing determination shall be made, on the next Business Day following that Tuesday);

 

(ii)                                  in the case of a Day falling on a three-day weekend in which Monday is not a Business Day, any reports required pursuant to Sections 3.05(a), 3.06, 3.07, 3.08 and 4.04(a), and the specified pricing determinations required to be made under Schedules 5(a), 5(b) and 5(c), with respect to a Day that is a Sunday or Monday shall be due or made, as applicable, on the following Wednesday (unless that Wednesday is not a Business Day, in which case such report shall be due, or such pricing determination shall be made, on the next Business Day following that Wednesday); and

 

(iii)                               in the event that four or more consecutive Days are not Business Days, references to any of those consecutive Days which are not Business Days shall be resolved by any arrangement reasonably agreed to by the Parties.

 

This Business Day Convention shall apply only where the context so indicates.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

6

 

“Butane Cover Transaction” has the meaning set forth in Section 12.01(a)(i).

 

“Butane Inventory” means, for any Day, the butane inventory (measured in Barrels) held by PESRM as at the end of such Day (including any butane that is subject to PESRM-MLC Secured Prepay Transactions or PESIC-PESRM Secured Prepay Transactions), as reflected in the Daily Actual Production Book (with respect to butane inventory located at the Refinery) and the SXL Report (with respect to butane inventory located off premises of the Refinery), as the same shall be revised from time to time pursuant to Section 4.14(b).

 

“Butane Inventory Build” means, for any Day, any positive difference between the Butane Inventory on such Day and the Butane Inventory on the previous Day.

 

“Butane Inventory Build Day” means any Day on which there is Butane Inventory Build.

 

“Butane Inventory Draw” means, for any Day, any negative difference between the Butane Inventory on such Day and the Butane Inventory on the previous Day.

 

“Butane Inventory Draw Day” means any Day on which there is Butane Inventory Draw.

 

“Butane Rail Facility” means the butane rack loading and unloading rail facility located in the Girard Point South Yard portion of the Refinery to be constructed by PESRM, as further described on Schedule 1.01(x).

 

“Butane Sale Price Amount” means, in respect of any delivery of butane made at the RP/B Delivery Point on any Day and sold by MLC to PESRM pursuant to a Butane Sale Transaction, an amount (expressed in US Dollars) equal to the product of (a) the aggregate volume (expressed in Barrels or other applicable unit of measure) of such delivery multiplied by (b) the Applicable Initial Refined Product Price.

 

“Butane Sale Transaction” has the meaning set forth in Section 4.14(a).

 

“Calendar Week” means a period of seven consecutive Days commencing at (and including) 00:00 Eastern Time on each Sunday and ending at (but excluding) 24:00 Eastern Time on the following Saturday.

 

“Carlyle PES” means Carlyle PES, L.L.C.

 

“CEA” has the meaning set forth in Section 8.26(a).

 

“CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. § 9601 et seq. and all implementing regulations.

 

“Certain PESRM Transaction Documents” means this Agreement (including all PESRM Transactions hereunder), the PESRM-MLC ISDA Master Agreement and the other PESRM-MLC ISDA Documents, the PESRM-MLC Secured Prepay Transactions, each Third Party Consent Agreement, the PESRM-MLC Consulting Agreement, the Master Netting Agreement, the Supply and Offtake Security Documents and the Intercreditor Agreement.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

7

 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following (a) the adoption or taking into effect of any Applicable Law, (b) any change in Applicable Law or in the administration, interpretation or application thereof by any Governmental Authority, (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder, issued in connection therewith or in implementation thereof (the “Dodd-Frank Act”), and (ii) all requests, rules, guidelines and directives promulgated pursuant to Basel III by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented.

 

“Change in Law Notice” has the meaning set forth in Section 6.09.

 

“CO Cover Transaction Price Amount” has the meaning set forth in Schedule 12.

 

“CO Cover Transaction Volume Limitation” has the meaning set forth in Section 12.06(a).

 

“CO Cover Transactions” has the meaning set forth in Section 12.01(a)(ii).

 

“CO Cover Throughput Service Fee” has the meaning set forth in Schedule 12.

 

“CO Delivery Point” means the gauges or metering points listed on Schedule 3.01(b).

 

“CO Operational Issue” means, as determined by MLC in good faith and a commercially reasonable manner based on information provided by PESRM, a circumstance or event that occurs with respect to the Refinery and/or any Required Infrastructure (including planned maintenance and mechanical failures) or with respect to any mode of transportation utilized to deliver Crude Oil to the Refinery under any CO Supply Contract, any PESRM-MLC CO Secured Prepay Transaction or any PESIC-PESRM Secured Prepay Transaction and that results (or could reasonably be expect to result) in an inability of PESRM, PESIC or MLC (as applicable) to accept delivery of, or process, the quantity, type or grade of Crude Oil scheduled to be delivered pursuant to any outstanding CO Supply Contract, any PESRM-MLC CO Secured Prepay Transaction or any PESIC-PESRM Secured Prepay Transaction.

 

“CO Payable Monetization Transaction” has the meaning set forth in Section 3.09(a).

 

“CO Supply Contract” has the meaning set forth in Section 3.09(c).

 

“CO Supply Contract Event” has the meaning set forth in Section 3.09(g).

 

“CO Transaction” has the meaning set forth in Section 3.10.

 

“CO Transportation and Other Costs” means, on any Day, all direct out of pocket losses, costs and expenses incurred by, or amounts owed by, MLC on or before such Day (and not previously paid by PESRM) (including any expenses payable to PESRM or any PESRM Affiliate) that arise from the acquisition or sale of Crude Oil in connection with this Agreement or any CO Supply

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

8

 

Contract, PESRM-MLC CO Secured Prepay Transaction or MLC-PESIC Secured Prepay Transaction (but excluding any Demurrage Costs), including pipeline tariffs, vessel, rail or truck freight fees and charges, lightering costs, inspection fees, any charges imposed by a Governmental Authority, tankage and throughput charges, supplier administration charges, supplier funding charges, loss control charges, broker’s fees, penalties, terminal fees, costs of bank countersigned letters of indemnity, L/C Fees and Costs, any obligation to pay any Prepayment Amount (except in connection with the PESRM-MLC CO Secured Prepay Transactions) and any contractual obligation to indemnify or reimburse any Counterparty under any CO Supply Contract for any Indemnifiable Taxes (including any taxes thereon), damages, duties, imposts, tariffs, fees, charges, losses or liabilities of whatever nature together with any penalties and costs associated therewith.  Without limiting the foregoing, CO Transportation and Other Costs includes all direct out of pocket losses, costs and expenses associated with the settlement or discharge of CO Supply Contracts for physical delivery where such contracts arise as a consequence of any transaction relating to the ultimate delivery of Crude Oil to an applicable delivery point determined in accordance with the terms of this Agreement (but excluding any Demurrage Costs).  CO Transportation and Other Costs shall not include any costs or increases of costs that arise from any MLC Event.

 

“Code” means the Internal Revenue Code of 1986.

 

“Collateral” means, collectively, all (i) Supply and Offtake Security Agreement Collateral and (ii) other property of whatever kind and nature subject or purported to be subject from time to time to a Lien under any Supply and Offtake Security Document.

 

“Commodities Account” has the meaning assigned to such term in the UCC.

 

“Common Shares” means, with respect to any Person, the ordinary equity interests or membership interests issued by such person (not including any preferred or other special class of equity interests in such Person)

 

“Consequential Steps” has the meaning set forth in Section 6.09.

 

“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 ownership of voting securities, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.

 

“Control Agreement” has the meaning given to such term in the Supply and Offtake Security Agreement.

 

“Core PESRM Transaction Document” means this Agreement, any PESRM Transaction, the Rack Sales Contract, the PESRM-MLC ISDA Master Agreement and the other PESRM-MLC ISDA Documents, the PESRM-MLC Secured Prepay Transactions, each Third Party Consent Agreement, the PESRM-MLC Consulting Agreement, the Supply and Offtake Security Documents and the Intercreditor Agreement.

 

“Cost of Assurance Trigger Event” means: (i) an event where the aggregate of L/C Fees and Costs and Prepayment Amounts paid by PESRM under this Agreement exceeds (x) $[**] over

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

9

 

any four consecutive fiscal quarters or (y) $[**] in any single fiscal quarter; provided, that L/C Fees and Costs and Prepayment Amounts arising in connection with Cover Transactions shall not be considered when determining whether the foregoing thresholds have been exceeded; or (ii) an event where the aggregate Section 3.09(d) Funding Costs exceeds $[**] in any single fiscal quarter.

 

“Counterparty” has the meaning set forth in Section 3.09(a).

 

“Counterparty Payment Date” has the meaning set forth in Section 3.09(d).

 

“Cover Counterparties” has the meaning set forth in Section 12.02(a).

 

“Cover Payable Monetization Transaction” has the meaning set forth in Section 12.01(a).

 

“Cover Protocols” has the meaning set forth in Section 12.02.

 

“Cover Request” has the meaning set forth in Section 12.02(d).

 

“Cover Throughput Service Fee” means the Annual Cover Throughput Service Fee, any CO Cover Throughput Service Fee and/or any RP Cover Throughput Service Fee, as applicable.

 

“Cover Transaction Event”  has the meaning set forth in Section 12.10.

 

“Cover Transaction Price Amounts” means the RP Cover Transaction Price Amounts and the CO Cover Transaction Price Amounts.

 

“Cover Transaction Notice” has the meaning set forth in Section 12.02(a).

 

“Cover Transaction Price Amount” means an RP Cover Transaction Price Amount and/or a CO Cover Transaction Price Amount, as applicable.

 

“Cover Transactions” means RP Cover Transactions and CO Cover Transactions.

 

“Cover Transportation and Other Costs” means, on any Day, all direct out of pocket losses, costs and expenses incurred by, or amounts owed by, MLC on or before such Day (and not previously paid by PESRM) (including any expenses payable to PESRM or any PESRM Affiliate) that arise from the acquisition or sale of Crude Oil and/or Refined Products pursuant to any Cover Transaction from the acquisition point to the delivery point specified in the applicable Cover Transaction, any PESRM-MLC Secured Prepay Transaction or MLC-PESIC Secured Prepay Transaction related to such Cover Transaction (but excluding any Demurrage Costs), including pipeline tariffs, vessel, rail or truck freight fees and charges, lightering costs, inspection fees, any charges imposed by a Governmental Authority, tankage and throughput charges, supplier administration charges, supplier funding charges, loss control charges, broker’s fees, penalties, terminal fees, costs of bank countersigned letters of indemnity, L/C Fees and Costs, any contractual obligation to pay any Prepayment Amounts and any obligation to indemnify or reimburse any Cover Counterparty under any Cover Transaction for any Indemnifiable Taxes (including any taxes thereon), damages, duties, imposts, tariffs, fees, charges, losses or liabilities of whatever nature together with any penalties and costs associated therewith. Cover

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

10

 

Transportation and Other Costs shall be reflected in an Invoice or the Monthly True-Up Invoice, as applicable.  Without limiting the foregoing, Cover Transportation and Other Costs includes  all direct out of pocket losses, costs and expenses associated with the settlement or discharge of Cover Transactions. Cover Transportation and Other Costs shall not include any costs or increases of costs that arise from any MLC Event.

 

“Credit Event Upon Merger” has the meaning set forth in Section 14.03(a)(ii).

 

“Credit Requirements” means the credit requirements determined by MLC in its commercially reasonable discretion which include that (i) each CO Supply Contract, PESRM-MLC Secured Prepay Transaction, RP Sales Contract and Cover Transaction is structured in accordance with General Terms and Conditions that are acceptable to MLC in its commercially reasonable discretion, in each case based on MLC’s then current practices and policies applied on a non-discriminatory basis, (ii) each CO Supply Contract, PESRM-MLC Secured Prepay Transaction, RP Sales Contract and Cover Transaction is with a permissible counterparty under Applicable Law, would not cause MLC to be in violation of any Applicable Law (as determined by MLC in its sole discretion), has been approved by MLC, in its sole discretion, in accordance with its internal practices and policies, and is otherwise in form and substance consistent with MLC’s then current practices and policies including MLC’s absolute discretion in respect of “Know Your Customer”/on-boarding procedures and standards and MLC’s risk management practices, (iii) MLC has country risk availability, and has a credit line in effect for the relevant counterparty with sufficient available credit capacity, to accommodate each CO Supply Contract, PESRM-MLC Secured Prepay Transaction, RP Sales Contract and Cover Transaction, (iv) each jurisdiction, in which a loading terminal or delivery location is located under each of CO Supply Contracts, PESRM-MLC Secured Prepay Transactions, RP Sales Contracts and Cover Transactions, is acceptable to MLC in its sole discretion, (v) mode of transportation for each of CO Supply Contracts, PESRM-MLC Secured Prepay Transactions, RP Sales Contracts and Cover Transactions is acceptable to MLC in its sole discretion and (vi) unless otherwise agreed by the parties (e.g., in connection with the term contracts to be negotiated on a case by case basis), each CO Supply Contract, PESRM-MLC Secured Prepay Transaction, RP Sales Contract and Cover Transaction provides for delivery of the applicable commodity within less than sixty (60) Days.

 

“Crude Oil” means crude oil of any type or grade.

 

“Crude Oil Grade Differential” has the meaning set forth in Schedule 5(a).

 

“Crude Oil Index” has the meaning set forth in Schedule 5(b).

 

“Crude Oil Price Amount” has the meaning set forth in Schedule 5(a).

 

“Customs” has the meaning set forth in Section 6.16(a).

 

“Daily Actual Production Book” means, for any Day, a written production book prepared by PESRM substantially in the form attached hereto as Schedule 3.05(a) (and as may be amended from time to time pursuant to Section 3.16), detailing all month-to-date changes for all Hydrocarbon inventories (in each case, by type, grade and volume) located at the Refinery and

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

11

 

the other On-Premise Infrastructure on the prior Day (including all Hydrocarbon shipments and receipts at the On-Premise Infrastructure on such Day), subject to Section 3.05(b).

 

“Daily Cover Throughput Service Fee” means, for any Day, a fee equal to the product of (a) $[**] multiplied by (b) the volume (measured in Barrels) of all Cover Transactions settled on such Day.

 

“Daily Raw Invoice Report” means, for any Day, a written report prepared by MLC substantially in the form attached hereto as Schedule 3.08(b)(ii), detailing the primary and secondary costs incurred by MLC (i.e., fees specified on MLC’s trade capture software system) for the applicable Invoice on the first (1st) Day (i.e., the Day + 1) following such Day the costs are incurred.

 

“Daily Sales Report” means, for any Day, a written report prepared by MLC substantially in the form attached hereto as Schedule 3.08(b)(iii), detailing the daily Refined Product transfer volume information between MLC and each Product Purchaser or Cover Counterparty, as applicable, with respect to each RP Sales Contract and RP Cover Transaction under which Refined Products are delivered on such Day.

 

“Daily Trades Done To Date Report” means, for any Day, a written report prepared by MLC substantially in the form attached hereto as Schedule 3.08(b)(i), detailing the factual trade information produced by MLC’s physical trade capture software system on the first (1st) Day (i.e., the Day + 1) following such Day the factual trade information is captured in the trade capture software system.

 

“DAP” means Delivered At Place (as such term is defined in Incoterms 2010).

 

“Day” means a period of twenty-four (24) consecutive hours beginning and ending at midnight Eastern Time.

 

“Deed of Pledge” means that certain Deed of Pledge dated as of the date hereof by and between PESRM and MLC.

 

“Default” means any event, occurrence or condition which is, or upon notice, lapse of time or both would constitute, a PESRM Event of Default or MLC Event of Default, as applicable.

 

“Default Interest Rate” has the meaning set forth in Section 16.12(a).

 

“Defaulting Party” has the meaning set forth in Section 14.04(a)(i).

 

“Demurrage Costs” means, on any Day, all direct out of pocket losses, costs and expenses incurred by MLC on or before such Day (and not previously paid by PESRM) relating to demurrage incurred in connection with (i) the transportation, delivery or receipt of Hydrocarbons pursuant to this Agreement and, without duplication, the PESRM Transactions, the CO Supply Contracts, the RP Sales Contracts and the Cover Transactions by any rail or waterborne means of transportation from the locations where such Hydrocarbons are acquired to the Refinery or the other Basic Infrastructure (or, with respect to any Cover Transactions, to the delivery point specified in such transaction) and (ii) the receipt and delivery of Hydrocarbons from the Refinery or the other Basic Infrastructure (or, with respect to any Cover Transactions, to the delivery point

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

12

 

specified in such transaction) into or out of any rail or waterborne means of transportation.  Demurrage Costs shall not include any costs or increases of costs that arise from MLC’s gross negligence or willful misconduct.

 

“DES” means Delivered Ex Ship (as such term is defined in Incoterms 2000).

 

“Designated Sales Representative” means the person responsible for receiving PESRM Buy Requests, PERSM Sales Requests and all other communication related thereto, as specified by MLC in writing to PESRM from time to time.

 

“Development Financing” means (a) a loan or loans made through the U.S. EB-5 Program (“EB-5 Program”) to finance or refinance capital expenditures or other expenses eligible under the EB-5 Program, in respect of which no Liens are granted on any ABL/SOA Priority Collateral, (b) a financing of the North Yard Assets or (c) any other financing with respect to development of the Refinery, in each case which (i) is subject to an intercreditor agreement containing usual and customary terms for such type of financing facility (a “Development Intercreditor Agreement”), (ii) the material terms of such financing (including interest rates) are generally consistent with prevailing market terms for such type of financing facility at the time such financing facility is entered into and (iii) is not used to construct facilities without which the Refinery could not continue to process Crude Oil.

 

“Development Intercreditor Agreement” has the meaning set forth in the definition of Development Financing.

 

“Dodd-Frank Act” has the meaning set forth in the definition of Change in Law.

 

“Eagle Point Terminal” means that certain Hydrocarbon terminal and dock facility, operated as of the date hereof by Sunoco PMT, which is located in Westville, New Jersey.

 

“Early Termination Date” has the meaning set forth in Section 14.04(a)(i).

 

“Eastern Time” or “ET” means Eastern Standard Time or Eastern Daylight Saving Time in effect in Philadelphia, Pennsylvania on the date in question.

 

“EB-5 Program” has the meaning set forth in the definition of Development Financing.

 

“Effective Date” means the date on which all of the conditions precedent set forth in Sections 2.02 and 2.03 shall have been satisfied or waived in writing in accordance with the terms hereof.

 

“Effective Date Infrastructure” has the meaning set forth in Section 2.02(n).

 

“Effective Date PESRM Transaction Document” means this Agreement, the Products Sales Agreement, each Third Party Consent Agreement, the PESRM-MLC Consulting Agreement, the Supply and Offtake Security Documents and the Intercreditor Agreement, the PESRM-MLC ISDA Master Agreement and the other PESRM-MLC ISDA Documents, the Master Netting Agreement and any other agreement to be entered into on the Effective Date in connection with this Agreement or any other of the foregoing agreements.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

13

 

“Eligible for Invoicing” means, as used in Article V, any amount that MLC is authorized to invoice under the terms of Sections 3.15, 4.11, 6.16, 6.18 or 12.07.

 

“Employee Payment Distributions” means payments, dividends or distributions by any of PESRM, the Guarantors and their respective Subsidiaries (without duplication) directly or indirectly to Holdings for the payment of:

 

(x)               Management Personnel Costs (a) to the extent such Management Personnel Costs comply with Section 11.08(c) (provided, however, for purposes of this definition, references in Section 11.08(c) to the Board of Directors of PESRM shall be deemed to be a reference to the Board of Directors of Holdings), (b) only to the extent such amounts are attributable solely to services provided by such Management Personnel to Holdings related to the operations of PESRM or its Subsidiaries and (c) which are then due and owing or, in the reasonable judgment of PESRM, are expected to become due within thirty-one (31) days of the applicable payment, dividend or distribution; and

 

(y)               other Management Personnel Costs in an aggregate amount not to exceed $[**] in any fiscal year.

 

“Environment” means ambient air, indoor air, surface water and groundwater (including potable water, navigable water and wetlands), the land surface or subsurface strata, natural resources or as otherwise defined in any Environmental Law.

 

“Environmental Claim” means any claim, notice, demand, order, action, suit or proceeding alleging liability for or obligation with respect to any investigation, remediation, removal, cleanup, response, corrective action, damages to natural resources, personal injury, property damage, fines, penalties or other costs resulting from, related to or arising out of (i) the presence, Release or threatened Release in or into the Environment of Hazardous Material at any location or (ii) any violation or alleged violation of any Environmental Law, and shall include any claim seeking damages, fine, penalty, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from, related to or arising out of the presence, Release or threatened Release of Hazardous Material or alleged injury or threat of injury to the Environment or, as it relates to exposure to Hazardous Materials, to human health.

 

“Environmental Laws” means any and all past, present and future Applicable Laws relating to the protection of public health or the Environment, the Release or threatened Release of Hazardous Material, natural resources or natural resource damages, or occupational safety or health relating to exposure of or to Hazardous Materials, and any and all Environmental Permits.

 

“Environmental Permit” means any permit, license, approval, registration, notification, exemption, consent or other authorization required by or from a Governmental Authority under Environmental Law.

 

“EPA” means the United States Environmental Protection Agency.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

14

 

“Equity Interest” means, with respect to any person, any and all shares, interests, participations or other equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such person, including, if such person is a partnership, partnership interests (whether general or limited) and any other interest or participation that confers on a person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, whether outstanding on the date hereof or issued after the Effective Date, but excluding debt securities convertible or exchangeable into such equity.

 

“Estimated Daily Rack Sale Amount” means, (i) for the period beginning on the Effective Date and ending on (and including) December 31, 2014, an amount equal to the Initial Rack Sale Amount and (ii) for any subsequent quarter, such amount as may be adjusted in accordance with Section 4.10.

 

“Event of Default” means either a PESRM Event of Default or a MLC Event of Default, as applicable.

 

“Excluded Subsidiaries” means (a) each Subsidiary formed or acquired after the Effective Date that is designated as an Excluded Subsidiary pursuant to Section 10.16 and (b) each Affiliate Transferee.  For the avoidance of doubt, each Excluded Subsidiary shall not be a Guarantor, and to the extent that an Excluded Subsidiary’s net income would otherwise be included in the definition of Consolidated Net Income or Consolidated EBITDA or any component thereof such Excluded Subsidiary’s net income shall not be included for purposes of calculating Consolidated Net Income or Consolidated EBITDA except to the extent provided in either such definition.

 

“Existing Mortgage” means that certain Open-End Mortgage, Security Agreement, Assignment of Leases and Rents, Financing Statement and Fixture Filing (Secures Future Advances), dated as of July 31, 2013, by PESRM, as mortgagor, to MLC (as assignee of JPMVEC), as mortgagee, as amended and restated by the Amended and Restated Mortgage as of the Effective Date.

 

“Existing Term-ABL Intercreditor Agreement” means that certain Intercreditor Agreement, dated as of April 4, 2013, among Bank of America, N.A. (as assignee of JPMorgan), as revolving collateral agent, JPMorgan, as term loan administrative agent, the SOA Collateral Agent (as assignee of JPMVEC), PESRM and the other parties thereto.

 

“Existing Term Loan Credit Agreement” means that certain Term Loan Agreement among PESRM, the lenders party thereto from time to time and JPMorgan, as administrative agent, dated April 4, 2013, with J.P. Morgan Securities LLC, as Sole Lead Arranger and Sole Bookrunner.

 

“Existing Term Loan Facility” means the facility established pursuant to the Existing Term Loan Credit Agreement.

 

“Final Termination Date” has the meaning set forth in Section 6.02(a).

 

“Financial Products ISDA Master Agreement” means that certain 2002 ISDA Master Agreement, dated as of the date hereof, including the Schedule, exhibits and annexes thereto and the transactions thereunder, between PESRM and MLC, as amended, restated, supplemented, replaced or otherwise modified from time to time.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

15

 

“Financial Report” means, for any Day, a written report prepared by MLC substantially in the form attached hereto as Schedule 3.06(a), detailing (i) all Priced Hydrocarbon Inventory by Index and Hydrocarbon Deemed Hedge Contract, with related allocations to the applicable Hydrocarbon Deemed Hedge Contracts (as such terms are defined in Schedule 5(c)), for such Day including all financial trades associated with the Auto Bin Deemed Hedge Roll, and (ii) all Priced Hydrocarbon Inventory by Index and Hydrocarbon Deemed Hedge Contract, which is either pricing “in” or “out” on, at least, the Business Day following such Day.

 

“First Purchaser Compliance Costs” means, on any Day, without duplication, all direct out of pocket losses, costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by, or amounts owed by, MLC on or before such Day that arise from taking, or causing to be taken, such steps as are necessary or appropriate to comply with any First Purchaser Requirements that are applicable to MLC or any Affiliate of MLC as a first purchaser of Products pursuant to one or more transactions entered into at the request of or for the benefit of MLC or any Affiliate of MLC pursuant to this Agreement, as approved by PESRM pursuant to Section 3.19.

 

“First Purchaser Requirements” has the meaning set forth in Section 3.19(b)(i).

 

“FOB” means Free on Board as such term is defined in Incoterms 2010.

 

“Force Majeure” has the meaning set forth in Section 15.01.

 

“Framework Agreement” means that certain Framework and Collateral Agency Agreement, dated as of the date hereof, among PESIC, MLC and MLC, as the SOA Collateral Agent, as in effect on the date of this Agreement.

 

“GAAP” means generally accepted accounting principles in the United States applied on a consistent basis.

 

“General Terms and Conditions” means standardized general terms and conditions for CO Supply Contracts and/or RP Sales Contracts and/or Cover Transactions in a form commonly used in the relevant market (e.g. the ConocoPhillips General Provisions Domestic Crude Oil Agreements Effective January 1, 1993).

 

“Governmental Approval” means (i) any authorization, consent, approval, license, lease, ruling, permit, tariff, certification, exemption, filing, variance, claim, order, judgment, award, decree, by or with any Governmental Authority, (ii) any declaration of or with any Governmental Authority or (iii) any registration by or with, any Governmental Authority, in each case relating to the due execution and delivery of, or the performance by each intended party of, or the performance of its obligations or the exercise of its rights under, this Agreement and the other PESRM Transaction Documents to which it is (or is intended to be) a party.

 

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state, provincial 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 supra-national bodies such as the European Union, the European

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

16

 

Central Bank or the Organisation for Economic Co-operation and Development), and self-regulatory bodies including NYMEX, ICE or any other exchange or clearing organization on which hedging relating to this Agreement may occur or be cleared.

 

“Government Official” has the meaning set forth in Section 6.20(a)(ii).

 

“Governmental Real Property Disclosure Requirements” means any Environmental Law requiring notification of the buyer, lessee, mortgagee, assignee, or other transferee of any Real Property, facility, establishment or business, or notification, registration or filing to or with any Governmental Authority, in connection with the sale, lease, mortgage, assignment or other transfer (including any transfer of control) of any Real Property, facility, establishment or business, of the actual or threatened presence or Release in or into the Environment, or the use, disposal or handling of Hazardous Material on, at, under or near the Real Property, facility, establishment or business to be sold, leased, mortgaged, assigned or transferred.

 

“Guarantee” has the meaning set forth in Section 13.01.

 

“Guaranteed Obligations” has the meaning set forth in Section 13.01.

 

“Guarantor” means (i) each Subsidiary listed on Schedule 1.01(b) hereto and (ii) each other Subsidiary that is or becomes a party to this Agreement pursuant to Section 10.10(b) and that has not been designated by PESRM, in accordance with Section 10.16, as an Excluded Subsidiary, and in any event, excluding any Subsidiary that is organized under the laws of a jurisdiction other than the United States or any state thereof or the District of Columbia.

 

“Hazardous Materials” means the following: hazardous substances; hazardous wastes; any petroleum-based contaminant; polychlorinated biphenyls (“PCBs”) or any substance or compound containing PCBs; asbestos or any asbestos-containing materials in any form or condition; radon or any other radioactive materials including any source, special nuclear or by-product material; and any other chemicals, wastes, materials, compounds, constituents or substances, subject to regulation as hazardous, toxic, a pollutant or a contaminant, or which can give rise to liability under any Environmental Laws.

 

“Hedging Activities” has the meaning set forth in Section 6.09.

 

“Holdings” means Philadelphia Energy Solutions, LLC.

 

“Hydrocarbon” means Crude Oil and Refined Products.

 

“Hydrocarbon Deemed Hedge Contract” means, for any Hydrocarbon, the index specified under the heading “Hydrocarbon Deemed Hedge Contract” on Table 1 of Part 2 of Schedule 5(c).

 

“Hydrocarbon Physical Inventory” has the meaning set forth in Schedule 5(c).

 

“ICE” means InterContinental Exchange, Inc.

 

“ICE LIBOR” has the meaning set forth in the definition of LIBOR.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

17

 

“Illegality” has the meaning set forth in Section 14.03(a)(i).

 

“Imbalance Quantity” has the meaning set forth in Section 6.14.

 

“In-Storage Inventory” has the meaning set forth in the Inventory Sales Agreement.

 

“Indemnifiable Taxes” means all taxes imposed by reason of the procurement, purchase, ownership, storage, transfer, transport, sale or use of the Hydrocarbons or lease, use or ownership of any Required Infrastructure pursuant to this Agreement, any other PESRM Transaction Document, any CO Supply Contract, any PESRM-MLC Secured Prepay Transaction, any MLC-PESIC Secured Prepay Transaction, any PESIC-PESRM Secured Prepay Transaction, any RP Sales Contract, or any Cover Transaction, or by reason of any other transaction or service contemplated hereunder or thereunder, including all foreign, federal, territorial, provincial, state and local taxes on gross income, sales, use, gross receipts, municipal license, value added, severance, ad valorem, excise, inventory, property (whether real or personal), spill, environmental, carbon, production, transaction-based, occupation, gathering, pipeline regulating, windfall profits, gross production, energy, withholding and other taxes and governmental charges and assessments; provided, that Indemnifiable Taxes shall not include (i) any taxes imposed on or measured by net income or profits, capital value, net worth or overall net assets of any entity, whether denominated as franchise taxes, doing business taxes, mercantile taxes, business privilege taxes, capital stock taxes or the like (other than any franchise taxes, mercantile taxes or business privilege taxes (x) imposed on or measured by gross income or gross receipts (including the gross receipts portion of the City of Philadelphia Business Income and Receipts Tax) or (y) that MLC would not have been subject to but for its having entered into any PESRM Transaction Document, CO Supply Contract, PESRM-MLC Secured Prepay Transaction, MLC-PESIC Secured Prepay Transaction, PESIC-PESRM Secured Prepay Transaction, RP Sales Contract, or Cover Transaction, including any transaction or service contemplated thereunder), or (ii) business license or registration fees (other than any non-U.S. business license or registration fees that MLC would not have been subject to but for its having entered into any PESRM Transaction Document, CO Supply Contract, PESRM-MLC Secured Prepay Transaction, MLC-PESIC Secured Prepay Transaction, PESIC-PESRM Secured Prepay Transaction, RP Sales Contract, or Cover Transaction, including any transaction or service contemplated thereunder).

 

“Indemnified Party” has the meaning set forth in Section 7.01(f).

 

“Indemnifying Party” has the meaning set forth in Section 7.01(f).

 

“Index” means, for any Hydrocarbon, the index specified under the heading “Index” in Table 1 of Part 2 of Schedule 5(c).

 

“Initial Rack Sale Amount” means $[**].

 

“Initial Refined Product Price Amount” has the meaning set forth in Schedule 5(b).

 

“Initial RP Purchases” has the meaning set forth in Section 4.13(a).

 

“Insurance Requirements” has the meaning set forth in Section 10.04(a).

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

18

 

“Intermediate Holdco” has the meaning set forth in the recitals to this Agreement.

 

“Inventory Sales Agreement” means that certain Inventory Sales Agreement dated as of the date hereof, between JPMVEC and MLC.

 

“Investment Assets” has the meaning assigned to such term in Section 10.10(e).

 

“Invoice” has the meaning set forth in Section 5.01.

 

“ISDA Termination Event” has the meaning set forth in Section 14.03(a)(iii).

 

“Joinder Agreement” means a joinder agreement substantially in the form of Schedule 1.01(e).

 

“Jones Act” means the Merchant Marine Act of 1920, as amended.

 

“JPMVEC” has the meaning set forth in the recitals of this Agreement.

 

“L/C Fees and Costs” means, in respect of any letter of credit posted by MLC or any of its Affiliates to any third party in connection with the performance of MLC’s obligations under this Agreement, the other PESRM Transaction Documents, the CO Supply Contracts, the PESRM-MLC Secured Prepay Transactions, the RP Sales Contracts or the Cover Transactions, any and all fees and costs payable by MLC and/or such Affiliates in respect of such letter of credit.

 

“Leased Affiliate Transferee Assets” means any Affiliate Transferee Assets leased by a Transaction Party to an Affiliate Transferee.

 

“Liabilities” means any losses, claims, charges, damages, deficiencies, assessments, interest, fines, penalties, costs and expenses of any kind (including reasonable attorneys’ fees and disbursements and other fees, court costs and other disbursements), directly or indirectly arising out of or related to any Proceeding (or threatened Proceeding), judgment, investigation (or threatened investigation), settlement (whether or not Proceedings have been initiated) or judicial or administrative order, including any Environmental Claim, and, in each case, including any indemnification by MLC of PESIC or any other Indemnified Party (as defined in the Framework Agreement), other than any MLC Caused Indemnity.  Liabilities shall include costs of purchasing replacement commodities, receipt, storage, transportation and delivery costs relating thereto, liquidated damages, credit charges and hedging costs and any costs of MLC on account of MLC paying to PESIC or the holders of the Preferred Shares or the Class B Preferred Shares the dividend on the Preferred Shares (as defined in the limited liability company agreement of PESIC) or the Class B Preferred Shares (as defined in the limited liability company agreement of PESIC) after PESRM’s failure to pay such amount pursuant to the terms of the PESIC-PESRM Consulting Agreement (taking into account any grace period for the payment of such amount).

 

“LIBOR” means, for any Day, the rate per annum determined by MLC at approximately 11:00 a.m. (London time) on the date that is two London Banking Days prior to such Day by reference to the ICE Benchmark Administration LIBOR Rate, as published by Reuters (or other commercially available source providing quotations of ICE LIBOR as may be designated by MLC from time to time) (“ICE LIBOR”), for a period equal to the designated period; provided, that if the ICE LIBOR is not available to MLC for any reason, then the applicable LIBOR for

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

19

 

such Day shall instead be the average of the rates per annum at which deposits in US Dollars are offered for such designated period to major banks in the London interbank market in London, England by Bank of America, N.A., at approximately 11:00 a.m. (London time) on the date which is two London Banking Days prior to such Day.  Each determination by MLC pursuant to this definition shall be conclusive absent manifest error.

 

“Lien” means, with respect to any asset, (i) any mortgage, deed of trust, lien, pledge, encumbrance, charge, collateral assignment, hypothecation, security interest or encumbrance of any kind or any arrangement effective to provide priority or preference or any filing of any financing statement under the UCC, as in effect from time to time in any applicable state or jurisdiction, or any other similar notice of lien under any similar notice or recording statute of any Governmental Authority, including any easement, right-of-way or other encumbrance on title to Real Property, in each of the foregoing cases whether voluntary or imposed by law, (ii) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such property, and (iii) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.

 

“London Banking Day” means a Day on which dealings in US Dollar deposits are conducted by and between banks in the London interbank market.

 

“Loss” means, with respect to this Agreement or one or more terminated PESRM Transactions (such transactions, the “Terminated Transactions”), as the case may be, and a Party, an amount that Party reasonably determines in good faith and a commercially reasonable manner to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with this Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may be, including, without limitation, any loss of bargain, cost of funding and (i) in any case where MLC is the Performing Party, without duplication, losses and costs (or gains) incurred by MLC as a result of its terminating, liquidating, obtaining, amending or reestablishing any CO Supply Contracts, PESRM-MLC Secured Prepay Transactions, RP Sales Contracts or Cover Transactions (but solely with respect to unreimbursed market structure risks (i.e., deemed basis risks and deemed roll risks), grade differentials and/or locational differentials related to such contracts or transactions, as applicable), any losses and costs (or gains) incurred in liquidating any Crude Oil or Refined Product inventory or removing any such inventory from storage and/or piping, and any unreimbursed CO Transportation and Other Costs, RP Transportation and Other Costs, Cover Transportation and Other Costs and any unpaid Throughput Service Fees and Cover Throughput Service Fees, and (ii) in any case where PESRM is the Performing Party, without duplication, losses and costs (or gains) that would have been incurred by MLC as a result of the termination or liquidation of all then outstanding CO Supply Contracts, PESRM-MLC Secured Prepay Transactions, RP Sales Contracts and Cover Transactions (but solely with respect to (and in each case only to the extent applicable) unreimbursed market structure risks (i.e., deemed basis risks and deemed roll risks), grade differentials and/or locational differentials related to such contracts or transactions, as applicable) and any unreimbursed CO Transportation and Other Costs, RP Transportation and Other Costs, Cover Transportation and Other Costs and any unpaid Throughput Service Fees and Cover Throughput Service Fees.  Loss includes losses and costs (or gains) in respect of any payment or delivery required to have been made (assuming satisfaction of each applicable condition precedent) on or before the relevant Early Termination

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

20

 

Date and not made.  A Party will determine its Loss as of the relevant Early Termination Date, or, if that is not reasonably practicable, as of the earliest date thereafter as is reasonably practicable, subject to Section 14.04(a).  A Party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the relevant markets.  For the avoidance of doubt, Loss will be calculated separately from any indemnity determinations made under this Agreement.

 

“Management Personnel” means Persons, including employees of Holdings, who are engaged in the management or operations of PESRM or any of its Subsidiaries (among other things).

 

“Management Personnel Costs” means (i) accrued salaries, bonuses and other compensation of, and expense and tax reimbursements to, Management Personnel and (ii) other costs of Holdings directly arising from the employment of such Management Personnel.

 

“Master Netting Agreement” means that certain IECA Master Netting Agreement, dated as of the date hereof, between PESRM and MLC.

 

“Material Adverse Condition” has the meaning set forth in Section 6.04(a).

 

“Material Adverse Effect” means (i) a material adverse effect on the business, property, results of operations or financial condition of the Transaction Parties or MLC, as applicable, taken as a whole; (ii) a material adverse effect on the ability of the Transaction Parties or MLC, as applicable, to fully perform their respective payment or performance obligations under any Certain PESRM Transaction Document, the MLC-PESIC ISDA Master Agreement or the PESIC-PESRM ISDA Master Agreement; or (iii) a material adverse effect on the rights of or benefits or remedies available to MLC or PESRM, as applicable, under any Certain PESRM Transaction Document, the MLC-PESIC ISDA Master Agreement or the PESIC-PESRM ISDA Master Agreement, in each case other than due to a PESIC Failure.

 

“Material Contracts” means (i) to the extent any Permitted Term Loan Facility is then outstanding, the Term Loan Credit Agreement and the other Term Loan Documents, (ii) the Senior Secured Credit Facility Documents and (iii) any other agreement or contract to which any Transaction Party is a party and the failure of which to keep in full force and effect could reasonably be expected to have a Material Adverse Effect.

 

“Material Permit” means permits required for PESRM to conduct its businesses, operations and Real Property in accordance with Applicable Law, excluding such permits the absence of which, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

“MLC” has the meaning given to such term in the preamble to this agreement.

 

“MLC Caused Indemnity” means any indemnification by MLC of PESIC or any other Indemnified Party (as defined in the Framework Agreement) as a result of (a) a breach by MLC of any covenant or agreement contained in any MLC-PESIC Secured Prepay Transaction Document or in connection therewith, (b) any representation or warranty of MLC made in any MLC-PESIC Secured Prepay Transaction Document or in connection therewith proving to be

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

21

 

false or misleading or (c) any other event or circumstance which was caused by the actions of, or inaction by, MLC.

 

“MLC Crude Oil Purchase” means the physical volume of all Crude Oil purchased by MLC pursuant to a CO Supply Contract .

 

“MLC Deemed Daily Production” has the meaning set forth in Section 3.05(b).

 

“MLC Event” means, in respect of any Core PESRM Transaction Document, CO Supply Contract, PESRM-MLC Secured Prepay Transaction, RP Sales Contract or Cover Transaction, (i) any unexcused failure of MLC to perform under such document, contract or transaction, or (ii) the negligence or willful misconduct on the part of MLC, its Affiliates or any of their respective agents, consultants, contractors, directors, employees, officers or representatives; provided, that, in each case covered by subclause (i) or subclause (ii), MLC shall not be responsible for any failure relating to the negligence or willful misconduct of PESRM, PESIC, their Affiliates or any of their respective agents, consultants, contractors, directors, employees, officers, managers or representatives, in each case when acting as a consultant to MLC; and provided further that any MLC failure to perform due to an Applicable Condition shall not be a MLC Event.

 

“MLC Event of Default” has the meaning set forth in Section 14.02.

 

“MLC Guarantor” has the meaning set forth in Section 6.17.

 

“MLC Guaranty” has the meaning set forth in Section 6.17.

 

“MLC Ratings Trigger Event” means MLC Guarantor’s senior unsecured and unsubordinated long-term debt rating is downgraded to [**] or lower by Moody’s or to [**] or lower by S&P.

 

“MLC Transaction” has the meaning set forth in Section 14.01(h).

 

“MLC-PESIC ISDA Master Agreement” means that certain 2002 MLC-PESIC ISDA Master Agreement, dated as of the date hereof, including the Schedule, exhibits and annexes thereto and the transactions thereunder, between MLC and PESIC, as amended, restated, supplemented, replaced or otherwise modified from time to time.

 

“MLC-PESIC Secured Prepay Transaction Documents” has the meaning assigned to the term “PESIC Secured Prepay Transaction Documents” in the Framework Agreement as of the date of this Agreement.

 

“MLC-PESIC Secured Prepay Transactions” means those certain “Sourcing Transactions” and “Prepay Transactions” conducted under the MLC-PESIC ISDA Master Agreement.

 

“Monthly CO FIFO Report” means, with respect to any calendar month, a report substantially in the form of Schedule 3.08(c), setting forth the physical and financial trades used in the calculation of the True Up Calendar Month Crude Oil Differential.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

22

 

“Monthly Cover Throughput Service Fee” means, for any calendar month, a pro rated portion of the Annual Cover Throughput Service Fee for such month (which shall be $[**] per calendar month).

 

“Monthly True-Up” has the meaning set forth in Section 5.02.

 

“Monthly True-Up Date” means the second (2nd) Business Day following the twentieth (20th) Day of each calendar month (or any other Day that may be agreed by MLC and PESRM).

 

“Monthly True-Up Invoice” has the meaning set forth in Section 5.02.

 

“Moody’s” means Moody’s Investors Service, Inc. or any successor that is a nationally recognized statistical rating organization.

 

“Mortgage Policy” has the meaning set forth in Section 2.02(g).

 

“Mortgaged Properties” means the parcels of Real Property described by metes and bounds on Schedule 1.01(h) and identified as Parcels A, B-1, C and D in the Owner’s Title Policy, as to which MLC shall be granted a Lien pursuant to the Mortgages.

 

“Mortgages” means each of the mortgages and deeds of trust made by any Transaction Party in favor of, or for the benefit of, MLC.

 

“New MLC Transactions” has the meaning set forth in the Wind-Down Agreement.

 

“Non-Affected Party” has the meaning set forth in Section 6.09.

 

“North Yard” means the parcels of real property commonly referred to as the “north yard” located north of Passyunk Avenue and adjacent to Philadelphia Gas Works property and described by metes and bounds on Schedule 1.01(i) and identified as Parcels B-2, B-3, B-4, H-1 and H-2 in the Owner’s Title Policy.

 

“North Yard Assets” means, collectively, the North Yard, including all improvements thereon or incidental thereto, any railroads and any other assets or personal property necessary for or incidental to the operation and maintenance of the assets located on the North Yard.

 

“NYMEX” means the New York Mercantile Exchange, Inc.

 

“Obligations” means (a) obligations of PESRM and the other Transaction Parties from time to time arising under or in respect of the due and punctual payment of all monetary obligations, including fees, reimbursements, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar Proceeding, regardless of whether allowed or allowable in such Proceeding) of PESRM and the other Transaction Parties under this Agreement, the PESRM-MLC Secured Prepay Transactions, the other PESRM Transaction Documents and the RINs Secured Obligations Agreement and (b) the due and punctual performance of all covenants, agreements, obligations and liabilities of PESRM and the other Transaction Parties under or pursuant to this Agreement and the other PESRM Transaction

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

23

 

Documents and the RINs Secured Obligations Agreement. Solely for the purposes of the Term-ABL Intercreditor Agreement, the Term Loan Documents and the Intercreditor Agreement, the PESIC-PESRM ISDA Master Agreement, the PESIC-PESRM Consulting Agreement, the other PESIC-PESRM Secured Prepay Transaction Documents (as defined in the Supply and Offtake Security Agreement), the MLC-PESIC ISDA Master Agreement and the other MLC-PESIC Secured Prepay Transaction Documents (as defined in the Supply and Offtake Security Agreement) shall be deemed to be “Supply and Offtake Documents,” and “Obligations” shall be deemed to include PESRM’s obligations to PESIC under the PESIC-PESRM ISDA Master Agreement.

 

“Oil Flow Report” means, for any Day, a written report substantially in the form attached hereto as Schedule 4.09(a) that sets forth PESRM’s then current best estimates for each Day during the ninety (90) Day period immediately following such Day of (i) each of the types, grades and volumes of Crude Oil expected to be processed by the Refinery and (ii) each of the types, grades and volumes of Refined Products expected to be produced by the Refinery, in each case on each Day during such period.

 

“On-Premise Infrastructure” means the PESRM Infrastructure, the Sunoco PMT Infrastructure (other than the Eagle Point Terminal and the Paulsboro Terminal) and any Other Third Party Infrastructure owned by an Affiliate Transferee.

 

“Operational Imbalance” has the meaning set forth in Section 6.14.

 

“Operational Issue” means an RP Operational Issue and/or a CO Operational Issue, as applicable.

 

“Original Agreement” has the meaning set forth in the recitals of this Agreement.

 

“Original Agreement Effective Date” has the meaning set forth in the recitals of this Agreement.

 

“OSG Chartering Letter” means that certain Letter Agreement, dated as of October 7, 2014, by MLC to OSG Delaware Bay Lightering LLC, and the Acknowledgement, dated as of October 7, 2014, by OSG Delaware Bay Lightering LLC in favor of MLC.

 

“Other Logistics Assets” means, collectively, (a) the West Yard, including all improvements thereon or incidental thereto, (b) any railroads, railcars, rail loading and unloading facilities, (c) tanks that are (x) dedicated to any rail loading and unloading facility or (y) otherwise put into service after April 4, 2013, (d) pipeline infrastructure that connects any rail loading and unloading facility to these tanks and these tanks to the Refinery, (e) any assets and property interests which are subject to the rights of first refusal in favor of PESRM under the Terminaling Agreements, along with any pipeline infrastructure connecting these assets or property interests to the Refinery that are acquired by PESRM or any Guarantor after April 4, 2013, (f) any assets owned by PESRM and subject to a right of first offer or option pursuant to any agreement with PES Logistics, L.P. and (g) all contract rights and real estate rights related thereto.

 

“Other Third Party” means (i) Kinder Morgan Liquids Terminals, LLC (“KMLT”) and (ii) any other Person listed in Schedule 1.01(w), as amended from time to time, including any Affiliate Transferee that owns Other Third Party Infrastructure (as set forth on an amended

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

24

 

Schedule 1.01(w) updated at any time any such Other Third Party Infrastructure is transferred to such Affiliate Transferee in accordance with this Agreement).

 

“Other Third Party Infrastructure” means (i) the infrastructure assets available to PESRM under the Master Services Agreement dated as of January 1, 1996, between KMLT and PESRM (as successor in interest to Sunoco R&M), as amended from time to time, including the infrastructure assets listed in Schedule 1.01(w) (as amended from time to time) and (ii) any other infrastructure assets of any Other Third Party that are listed in Schedule 1.01(w), as amended from time to time, including any infrastructure assets comprised of Affiliate Transferee Assets owned by an Affiliate Transferee (as set forth on an amended Schedule 1.01(w) updated at any time such infrastructure assets are transferred to such Affiliate Transferee in accordance with this Agreement), but excluding, for the avoidance of doubt, any Leased Affiliate Transferee Assets.

 

“Owner’s Title Policy” means that certain Owner’s Policy of Title Insurance issued by First American Title Insurance Company in favor of PESRM, Policy No. 5011442-0051311e, including any and all endorsements to the same.

 

“Parties” has the meaning set forth in the introductory paragraph of this Agreement.

 

“Party” has the meaning set forth in the introductory paragraph of this Agreement.

 

“Paulsboro Terminal” means that certain Hydrocarbon terminal, operated as of the date hereof by Sunoco PMT, which is located in Paulsboro, New Jersey.

 

“Payable Monetization Transaction” means each CO Payable Monetization Transaction and each Cover Payable Monetization Transaction.

 

“Performing Party” has the meaning set forth in Section 14.04(a)(i).

 

“Permit” means any permit, license, approval, registration, notification, exemption, consent or other authorization required by or from a Governmental Authority under any Applicable Law, not including any Environmental Law.

 

“Permitted Liens” has the meaning set forth in Section 11.02.

 

“Permitted Specified Transactions” has the meaning set forth in Section 11.15.

 

“Permitted Term Loan Facility” means (a) the secured term loan facility evidenced by the Existing Term Loan Credit Agreement, (b) to the extent the Existing Term Loan Facility is refinanced, in whole or in part, with (x) unsecured Indebtedness, and/or (y) a secured term loan facility (and any refinancing or replacement of any such secured term loan facility), provided that, in each case, (1) the aggregate principal amount of such secured and unsecured Indebtedness does not exceed an amount equal to the Term Loan Permitted Indebtedness Limit minus the aggregate principal amount of any Indebtedness outstanding under (A) any Permitted Term Loan Facility then outstanding minus, (B) any then-outstanding Development Financing secured by Liens on property other than the property to which such Development Financing relates and (C) any then-outstanding Indebtedness incurred under Section 11.01(y) secured by Liens on property other than the property to which such Indebtedness relates and (c) with respect

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

25

 

to any secured term loan facility permitted under the preceding clause (b), such secured Indebtedness (i) is not secured by Liens on any ABL/SOA Priority Collateral unless such Liens are subordinated to the Obligations pursuant to an intercreditor agreement on terms and conditions substantially similar to those set forth in the Existing Term-ABL Intercreditor Agreement or any intercreditor agreement with respect to ABL/SOA Priority Collateral in force immediately prior to the incurrence of such Indebtedness (such intercreditor agreement, together with the Existing Term-ABL Intercreditor Agreement, a “Term-ABL Intercreditor Agreement”), provided that, in no event shall any such intercreditor agreement result in the removal of any assets or property from the definitions of ABL/SOA Collateral or MLC Separate Assets and Collateral set forth in the Existing Term-ABL Intercreditor Agreement, except as set forth in and pursuant to Section 16.18, (ii) the material terms of such financing (including interest rates) are generally consistent with prevailing market terms for such type of financing facility available to similarly-situated borrowers in the refining industry at the time such financing facility is entered into, documented pursuant to a loan agreement (together with the Existing Term Loan Credit Agreement, the “Term Loan Credit Agreement”) and (iii) any scheduled amortization payments thereunder shall not exceed an amount per annum equal to 5.00% of the principal amount of Indebtedness incurred under such facility.

 

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

 

“PESA” means PES Administrative Services, LLC.

 

“PESIC” means PES Inventory Company, LLC, a special purpose vehicle owned by Intermediate Holdco.

 

“PESIC Account” means that certain deposit account maintained at Bank of New York Mellon in the name of MLC and designated as the “PESIC Account”, which deposit account shall at all times be subject to the PESIC Account Control Agreement, into which funds will be deposited by PESIC to secure PESIC’s obligations to MLC under the MLC-PESIC ISDA Master Agreement.

 

“PESIC Account Control Agreement” means an agreement in form and substance reasonably satisfactory to MLC establishing MLC’s control with respect to the PESIC Account.

 

“PESIC Failure” means any PESRM/PESIC Failure to Perform by PESIC that was not caused by the actions of, or inaction by, PESRM under the PESIC-PESRM Consulting Agreement or PESRM or an Affiliate of PESRM under the PESIC LLC Agreement and was caused by the actions or inactions of the holder(s) of Common Shares of PESIC.

 

“PESIC Security Agreement” means that certain Security Agreement, dated as of the date hereof, by and among PESIC, as grantor, and MLC.

 

“PESIC-PESRM Consulting Agreement” means the consulting agreement, dated as of the Effective Date, between PESIC and PESRM, as amended, restated, replaced, supplemented or otherwise modified from time to time.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

26

 

“PESIC-PESRM ISDA Master Agreement” means that certain 2002 PESRM-MLC ISDA Master Agreement, dated as of the date hereof, including the Schedule, exhibits and annexes thereto and the transactions thereunder, between PESRM and PESIC, as amended, restated, supplemented, replaced or otherwise modified from time to time.

 

“PESIC-PESRM Secured Prepay Transaction Documents” means the PESIC-PESRM ISDA Master Agreement, the PESIC-PESRM Consulting Agreement and the Consent to Assignment (each as defined in the Framework Agreement as in effect on the date of this Agreement).

 

“PESIC-PESRM Secured Prepay Transactions” means those certain PESIC-PESRM “Sourcing Transactions” and “Prepay Transactions” conducted under the PESIC-PESRM ISDA Master Agreement.

 

“PESRM” has the meaning set forth in the introductory paragraph of this Agreement.

 

“PESRM Buy Request” has the meaning set forth in Section 3.09(b).

 

“PESRM Event of Default” has the meaning set forth in Section 14.01.

 

“PESRM/PESIC Failure to Perform” has the meaning set forth in Section 6.15.

 

“PESRM FTZ” has the meaning set forth in Section 6.16(a).

 

“PESRM Infrastructure” means (i) the Refinery and other infrastructure assets owned by PESRM that are reasonably necessary or desirable to the performance by the Parties of their respective obligations under this Agreement, including the infrastructure assets listed in Schedule 1.01(t), as amended from time to time and (ii) any Affiliate Transferee Assets that are not covered by clause (i) above, but that are owned by PESRM or any other Transaction Party (as set forth on an amended Schedule 1.01(t) updated at any time such infrastructure assets are acquired by PESRM or such other Transaction Party in accordance with this Agreement), including, for the avoidance of doubt, in respect of each of clauses (i) and (ii) above, any Leased Affiliate Transferee Assets.

 

“PESRM Prepayment Amount Failure” has the meaning set forth in Section 3.09(d).

 

“PESRM Sales Request” has the meaning set forth in Section 4.09(b).

 

“PESRM Transaction Documents” means this Agreement, the PESRM Transactions, the PESRM-MLC ISDA Master Agreement and the other PESRM-MLC ISDA Documents, the PESRM-MLC Secured Prepay Transactions, each Third Party Consent Agreement, the PESRM-MLC Consulting Agreement, the Products Sales Agreement, the Supply and Offtake Security Documents, the Intercreditor Agreement, the Master Netting Agreement and any other agreement entered into in connection with this Agreement or any other such agreement.

 

“PESRM Transactions” means (i) any CO Transaction, (ii) any RP Transaction, (iii) any Butane Sale Transaction and (iv) any PESRM-MLC Secured Prepay Transaction.

 

“PESRM-MLC CO Secured Prepay Transaction” means a PESRM-MLC Secured Prepay Transaction for supply of Crude Oil to the Refinery.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

27

 

“PESRM-MLC Consulting Agreement” means that certain Amended and Restated Consulting Agreement dated as of the Effective Date, between MLC (as assignee of JPMVEC) and PESRM, as amended, restated, replaced, supplemented or otherwise modified from time to time, as assigned by JPMVEC to MLC pursuant to the Assignment and Assumption Agreement.

 

“PESRM-MLC ISDA Master Agreement” means that certain 2002 PESRM-MLC ISDA Master Agreement, dated as of the date hereof, including the schedule, exhibits and annexes thereto and the transactions thereunder, between MLC and PESRM, pursuant to which MLC and PESRM may enter into PESRM-MLC Secured Prepay Transactions, as amended, restated, supplemented, replaced or otherwise modified from time to time.

 

“PESRM-MLC ISDA Documents” has the meaning ascribed to such term in the PESRM-MLC ISDA Master Agreement.

 

“PESRM-MLC Prepay Transaction” has the meaning given to the term “Prepay Transaction” in the PESRM-MLC ISDA Master Agreement.

 

“PESRM-MLC RP Secured Prepay Transaction” means a PESRM-MLC Secured Prepay Transaction for the sale of Refined Products.

 

“PESRM-MLC Secured Prepay Transaction” means a PESRM-MLC Sourcing Transaction and its related Prepay Transaction. PESRM-MLC Secured Prepay Transaction may mean either a PESRM-MLC CO Secured Prepay Transaction, PESRM-MLC RP Secured Prepay Transaction or both, as the context may require.

 

“PESRM-MLC Sourcing Transaction” has the meaning given to such term “Sourcing Transaction” in the PESRM-MLC ISDA Master Agreement.

 

“Post Transfer Environmental Liabilities” has the meaning set forth in Section 11.08(p).

 

“PPC” means Lucknow-Highspire Terminals Co.

 

“Prepayment Amount” means, in connection with MLC’s entry into or performance of any CO Supply Contract or Cover Transaction, in any case where MLC is required (i) to make a prepayment or provide cash collateral under such contract, a cash prepayment in US Dollars in an amount equal to the amount of such required prepayment or cash collateral, (ii) to post a letter of credit under such contract, but MLC is unable, as determined by MLC in its sole discretion, to obtain such letter of credit on an unsecured basis or provide cash collateral, a cash prepayment in US Dollars in an amount equal to the face amount of the required letter of credit, and/or (iii) to make a prepayment, post a letter of credit under such contract, but MLC is unable, as determined by MLC in its sole discretion, to obtain such letter of credit on an unsecured basis, or provide cash collateral, a cash prepayment in US Dollars in an amount equal to the amount of such required prepayment, the face amount of the required letter of credit, or the required cash collateral, as applicable.

 

“Priced Hydrocarbon Inventory” has the meaning set forth in Schedule 5(c).

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

28

 

“Principal CO Cover Terms” means, in respect of any CO Cover Transaction, the Principal CO Terms for such CO Cover Transaction.

 

“Principal CO Terms” means, in respect of any CO Supply Contract, those terms identified on the form of PESRM Buy Request, including (i) the identity of the Counterparty to such contract, (ii) the type, grade and volume of Crude Oil subject to such contract, (iii) the Crude Oil Index applicable to such contract, (iv) the Crude Oil Grade Differential applicable to such contract, (v) the payment terms applicable to such contract, (vi) the delivery point and delivery period of such contract, (vii) the specifications for the Crude Oil to be purchased under such contract, where applicable and (viii) the General Terms and Conditions and any amendments thereto to be used in such transaction.

 

“Principal Cover Terms” means the Principal RP Cover Terms and/or the Principal CO Cover Terms, as applicable.

 

“Principal RP Cover Terms” means, in respect of any RP Cover Transaction, the Principal RP Terms for such RP Cover Transaction.

 

“Principal RP Terms” means, in respect of any RP Sales Contract , those terms identified on the form of PESRM Sales Request, including (i) the identity of the Product Purchaser under such contract, (ii) the type, grade and volume of Refined Product to be sold under such contract, (iii) the index that will be used to price Refined Products under such contract, (iv) any differentials or adjustments that will be applicable to the Refined Product price under such contract, (v) the payment terms applicable to such contract, (vi) the delivery period and mode of delivery to be used under such contract, (vii) the specifications for Refined Product to be sold under such contract and (viii) the General Terms and Conditions and any amendments thereto to be used in such transaction.

 

“Principal Terms” means the Principal CO Cover Terms, Principal CO Terms, Principal RP Cover Terms and/or the Principal RP Terms, as the context may require.

 

“Proceeding” means any suit, action, proceeding, claim, challenge or other matter whether brought before a Governmental Authority, arbitration panel or other body.

 

“Product Purchaser” has the meaning set forth in Section 4.09(a).

 

“Product Purchaser Delivery Point” means the gauges or metering points, as applicable, set forth in Schedule 4.09 that, in each case, are located immediately prior to the point where the applicable Refined Product is delivered by MLC to a Product Purchaser pursuant to a RP Sales Contract on an FOB basis at the Refinery or the other Basic Infrastructure.

 

“Products Sales Agreement” means that certain Products Sales Agreement, dated as of the Effective Date, between PESRM and MLC.

 

“Protocols” means the Sourcing Protocols, the Sales Protocols and the Cover Protocols.

 

“Provisional FIFO Queue Report” means a report substantially in the form of Schedule 3.08(b)(iv).

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

29

 

“Rack” means a facility that is operating and capable of loading tank trucks with blended refined petroleum products for marketing refined petroleum products by truck and which provides blending and additive services, as more specifically set forth on Schedule 1.01(k), as amended from time to time.

 

“Rack Infrastructure Owner” means, with respect to each Rack, the entity set forth opposite the name of such Rack on Schedule 1.01(k), as amended from time to time.

 

“Rack Sale Prepayment Amount” means, for any Day during the Term, (a) for any Monday through Thursday (inclusive) that is a Business Day and for which the immediately following Day is a Business Day, an amount equal to the Estimated Daily Rack Sale Amount for such following Day and (b) for any Friday, Saturday, Sunday, any Business Day that is not immediately followed by another Business Day, or any other Day that is not a Business Day, an amount equal to the product of (i) the Estimated Daily Rack Sale Amount multiplied by (ii) the number of Days from (but not including) such Day until and including the next Business Day; provided that, in the event that the Estimated Daily Rack Sale Amount changes during any period referred to in this clause (b), the Rack Sale Prepayment Amount shall be adjusted to take into account the applicable Estimated Daily Rack Sale Amount on each such Day during such period.

 

“Rack Sales Contract” has the meaning set forth in Section 4.09(c).

 

“Real Property” means any parcel or tract, or portion thereof, of real property owned by any Transaction Party, which for purposes of this Agreement and the other PESRM Transaction Documents shall not include the North Yard and any improvements thereto or the West Yard and any improvements thereto.

 

“Recording Office” has the meaning set forth in Section 2.02(g).

 

“Refined Product” has the meaning set forth in Schedule 1.01(c).

 

“Refined Product Price Amount” has the meaning set forth in Schedule 5(b).

 

“Refined Product Specifications” means, in respect of any Refined Product, the applicable specifications for such Refined Product, set forth in Schedule 1.01(c), as amended from time to time.

 

“Refinery” means the refinery located in Philadelphia, Pennsylvania (consisting of two formerly separate refining operations commonly known as “Point Breeze” and “Girard Point”), as further described on Schedule 1.01(l) including the North Yard and the West Yard.

 

“Refinery Real Property” means the real property interests at the site of the Refinery as described in Schedule 1.0.1(m).

 

“Release” means any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing, depositing, dispersing, emanating or migrating of any Hazardous Material in, into, onto or through the Environment.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

30

 

“Relevant Day” has the meaning set forth in Section 3.05(a).

 

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

 

“Required Infrastructure” has the meaning set forth in Section 6.05(a).

 

“Response” means (a) “response” as such term is defined in CERCLA, 42 U.S.C. § 9601(24), and (b) all other actions required by any Governmental Authority or voluntarily undertaken to (i) clean up, remove, treat, abate or in any other way address any Hazardous Material in the Environment, (ii) prevent the Release or threat of Release, or minimize the further Release, of any Hazardous Material, or (iii) perform studies and investigations in connection with, or as a precondition to, or to determine the necessity of the activities described in, subclause (i) or (ii) above.

 

“RIN” has the meaning as set forth in 40 C.F.R. § 80.1401 and regulated as part of Renewable Fuel Standards.

 

“RINs Secured Obligations Agreement” has the meaning given to such term in the Intercreditor Agreement.

 

“RP Cover Throughput Service Fee” has the meaning set forth in Schedule 12.

 

“RP Cover Transaction Price Amount” has the meaning set forth in Schedule 12.

 

“RP Cover Transaction Volume Limitation” has the meaning set forth in Section 12.06(b).

 

“RP Cover Transactions” has the meaning set forth in Section 12.01(a)(i).

 

“RP Delivery Point” means the gauges or metering points, as applicable, set forth in Schedule 4.01.

 

“RP Operational Issue” means, as determined by MLC in good faith and a commercially reasonable manner based on information provided by PESRM, a circumstance or event that occurs with respect to the Refinery and/or any Required Infrastructure (including planned maintenance and mechanical failures) or any mode of transportation utilized by the Refinery to effect delivery under any RP Sales Contract or PESRM-MLC RP Secured Prepay Transaction and that results in a failure by the Refinery to (i) produce the quantity of Refined Product required to be delivered under any RP Sales Contract or PESRM-MLC RP Secured Prepay Transaction or (ii) deliver any Refined Product on the delivery dates, and to the Product Purchaser Delivery Point or other delivery point specified in any applicable RP Sales Contract or PESRM-MLC RP Secured Prepay Transaction.

 

“RP Sales Contract” has the meaning set forth in Section 4.09(c).

 

“RP Sales Contract Prepayment Amount” means for any Day during the Term, (a) for any Monday through Thursday (inclusive) that is a Business Day and for which the immediately following Day is a Business Day, an amount equal to the notional value (measured in Dollars) of

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

31

 

the scheduled deliveries pursuant to all PESRM-MLC RP Sales Contracts for such following Day and (b) for any Friday, Saturday, Sunday, any Business Day that is not immediately followed by another Business Day, or any other Day that is not a Business Day, an amount equal to the sum of the notional amounts for all scheduled deliveries pursuant to all PESRM-MLC RP Sales Contracts from (but not including) such Day until and including the next Business Day.

 

“RP Transaction” has the meaning set forth in Section 4.05(a).

 

“RP Transportation and Other Costs” means any and all direct expenses incurred by MLC (and not previously paid by PESRM) (including any such expenses payable to PESRM or any PESRM Affiliate), relating to the receipt, storage, transportation and/or delivery of Refined Products to, at and/or from the Refinery or the other Basic Infrastructure (including any costs of bank countersigned letters of indemnity, L/C Fees and Costs, MLC’s share of any inspection costs and any contractual obligation to indemnify or reimburse any Product Purchaser under any RP Sales Contract for any Indemnifiable Taxes (including any taxes thereon), damages, duties, imposts, tariffs, fees, costs of posting any bonds, charges, losses or liabilities of whatever nature together with any penalties and costs associated therewith), but excluding (i) any expenses after such Refined Products are delivered to third party purchasers at the applicable Product Purchaser Delivery Point and (ii) any Demurrage Costs.  RP Transportation and Other Costs shall not include any costs or increases of costs that arise from any MLC Event.

 

“RVO” means any Renewable Volume Obligation as defined in 40 C.F.R. § 80.1407 and regulated as part of Renewable Fuel Standards.

 

“S&P” means Standard & Poor’s Rating Agency Group, a division of McGraw Hill Companies, Inc., or any successor that is a nationally recognized statistical rating organization.

 

“Sales Protocols” has the meaning set forth in Section 4.09.

 

“Section 3.09(d) Funding Costs” has the meaning set forth in Section 3.09(d).

 

“Securities Account” has the meaning assigned to such term in the UCC.

 

“Senior Secured Credit Facility” means that certain Amended and Restated Revolving Credit and Guaranty Agreement dated as of the Effective Date, among PESRM, the Guarantors, the Lenders (as defined therein) party thereto from time to time, Bank of America, as sole lead arranger and sole bookrunner, Bank of America, as swingline lender, Bank of America and  JPMorgan Chase Bank, N.A. as issuing banks, and Bank of America, as administrative agent and as collateral agent, as amended, supplemented or otherwise modified from time to time.

 

“Senior Secured Credit Facility Documents” means the “Loan Documents” under the Senior Secured Credit Facility and as defined therein as of the Effective Date.

 

“Sleeve Transaction” has the meaning set forth in the Wind-Down Agreement.

 

“SOA Collateral Agent” means Merrill Lynch Commodities, Inc., in its capacity as collateral agent for the Supply and Offtake Secured Parties (as defined in the Supply and Offtake Security Agreement).

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

32

 

“Sourcing Protocols” has the meaning set forth in Section 3.09.

 

“Specified Losses and Costs” means any losses (or gains in which case expressed as a negative number), costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by MLC in connection with (i) the occurrence of an Illegality under this Agreement or any PESRM Transaction, CO Supply Contract, PESRM-MLC Secured Prepay Transaction, RP Sales Contract, or Cover Transaction, or (ii) a breach, default (however defined) or other failure to perform by a counterparty under any CO Supply Contract, PESRM-MLC Secured Prepay Transaction, RP Sales Contract or Cover Transaction (excluding any loss, cost or expense to the extent caused by the bankruptcy or insolvency of the counterparty under such contract) and any losses, costs and expenses under this Agreement or a PESRM Transaction, or by PESRM under the PESRM-MLC ISDA Master Agreement or any PESRM-MLC Secured Prepay Transaction, to the extent related to or caused by such breach, default or other failure.

 

“Specified Transaction” means (i) any transaction (including an agreement with respect to any such transaction) now existing or hereafter entered into between PESRM and any third party (x) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, 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, 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, weather index transaction, 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 (y) which is a transaction similar to any transaction referred to in subclause (x) that is currently, or in the future becomes, regularly entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which 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, or other benchmarks against which payments or deliveries are made and (ii) any combination of these transactions.  For the avoidance of doubt, “Specified Transaction” shall not include this Agreement, any PESRM Transaction, any PESIC-PESRM Secured Prepay Transaction, any MLC-PESIC Secured Prepay Transaction or the Financial Products ISDA Master Agreement.

 

“Specified Transaction Obligation” means obligations under or with respect to Specified Transactions.

 

“Subsidiary” means, with respect to any Person (the “parent”) at any date, (i) any Person 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, (ii) any corporation, limited liability company, association or other business entity of which securities or other ownership interests representing more than 50% of the voting power of all Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of the board of directors thereof are, as of such date, owned, controlled or held by the parent and/or one or more subsidiaries of the parent, (iii) any partnership (a) the sole general partner or the managing general partner of which is the parent and/or one or more subsidiaries of

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

33

 

the parent or (b) the only general partners of which are the parent and/or one or more subsidiaries of the parent and (iv) any other Person that is otherwise Controlled by the parent and/or one or more subsidiaries of the parent.  Unless the context requires otherwise, “Subsidiary” refers to a Subsidiary of PESRM.

 

“Sunoco” means Sunoco, LLC.

 

“Sunoco Pipeline” means Sunoco Pipeline L.P.

 

“Sunoco Pipeline Contracts” means (a) the Amended and Restated Inter-Refinery Pipeline Lease, between Sunoco Pipeline and PESRM, dated as of the Original Agreement Effective Date, as amended on November 30, 2012, (b) the Pipeline Connection Agreement (SRTF), between Sunoco Pipeline and PESRM, dated as of the Original Agreement Effective Date and (c) the Pipeline Connection Agreement (Outplant Lines), between Sunoco Pipeline and PESRM, dated as of the Original Agreement Effective Date, each as amended from time to time.

 

“Sunoco Pipeline Infrastructure” means the infrastructure assets made available to PESRM under the Sunoco Pipeline Contracts, including the infrastructure assets listed in Schedule 1.01(v), as amended from time to time.

 

“Sunoco PMT” means Sunoco Partners Marketing & Terminals L.P.

 

“Sunoco PMT Contracts” means (a) the Ft. Mifflin - Marine Dock & Terminaling Agreement, between Sunoco PMT and PESRM, dated as of the Original Agreement Effective Date, (b) the Paulsboro/Belmont — Products Terminal Services Agreement, between Sunoco PMT and PESRM, dated as of the Original Agreement Effective Date, (c) the Eagle Point — Terminaling & Storage Agreement, between Sunoco PMT and PESRM, dated as of the Original Agreement Effective Date, and (d) the Terminal Servies Agreement dated as of May 8, 2014 by and between Sunoco PMT and PESRM, each as amended from time to time.

 

“Sunoco PMT Infrastructure” means the infrastructure assets made available to PESRM under the Sunoco PMT Contracts, including the infrastructure assets listed in Schedule 1.01(u), as amended from time to time, and excluding any such infrastructure assets transferred to and owned by, or leased by a Transaction Party to, an Affiliate Transferee from and after the date such infrastructure assets are transferred or leased to such Affiliate Transferee in accordance with this Agreement (as set forth on an amended Schedule 1.01(u) updated on each such date).

 

“Sunoco R&M” means Sunoco, LLC (f/k/a Sunoco, Inc. (R&M).

 

“Supply and Offtake Documents” means the PESRM Transaction Documents.

 

“Supply and Offtake Perfection Certificate” means a duly completed and executed certificate substantially in the form of Schedule 1.01(g).

 

“Supply and Offtake Security Agreement” means that certain Second Amended and Restated Supply and Offtake Security Agreement, dated as of the date hereof, by and among PESRM, as Grantor, each other Grantor and the SOA Collateral Agent (as assignee of JPMVEC).

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

34

 

“Supply and Offtake Security Agreement Collateral” means all property pledged, granted or reaffirmed as collateral pursuant to the Supply and Offtake Security Agreement (a) on the Effective Date or (b) pursuant to Section 10.10.

 

“Supply and Offtake Security Documents” means the Supply and Offtake Security Agreement, the Mortgages, the Deed of Pledge and each other security document delivered in accordance with applicable local or foreign law to grant a valid, perfected security interest in any property as collateral for the Secured Obligations, and all UCC or other financing statements or instruments of perfection required by this Agreement, the Supply and Offtake Security Agreement, or any other such security document to be filed with respect to the security interests in property created pursuant to the Supply and Offtake Security Agreement and any other document or instrument utilized to pledge or grant or purport to pledge or grant a security interest or lien on any property as collateral for the Obligations. For the avoidance of doubt, “Supply and Offtake Security Documents” shall not include PESIC Security Agreement or the PESIC Account Control Agreement.

 

“Survey” means an as-built survey of such Mortgaged Properties certified to MLC and the Title Company in a manner reasonably satisfactory to them, dated a date satisfactory to MLC and the Title Company by an independent professional licensed land surveyor reasonably satisfactory to MLC.

 

“SXL” means Sunoco Logistics Partners L.P. and any or all of its Subsidiaries, as the context requires.

 

“SXL Report” means a report produced by SXL substantially in the form of Schedule 4.04(a).

 

“Tank” means each of the tanks identified in Schedules 1.01(u), (v), (w) and (x) of this Agreement.

 

“Term” has the meaning set forth in Section 2.01.

 

“Term—ABL Intercreditor Agreement” has the meaning set forth in the definition of “Permitted Term Loan Facility”.

 

“Term Expiration Date” has the meaning set forth in Section 6.02(a).

 

“Term Loan Credit Agreement” has the meaning assigned to such term in the definition of “Permitted Term Loan Facility”.

 

“Terminaling Agreements” means any agreements to which PESRM is a party as of the Effective Date with respect to the receipt, handling, storage or delivery of crude oil, refined petroleum products (or any other products reasonably related or ancillary thereto).

 

“Terminated Transactions” has the meaning set forth in the definition of Loss.

 

“Termination Event” has the meaning set forth in Section 14.03(a).

 

“Termination Payment” has the meaning set forth in Section 14.04(b).

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

35

 

“Third Party” means Sunoco PMT, Sunoco Pipeline and any Other Third Party.

 

“Third Party Claim” has the meaning set forth in Section 7.01(f).

 

“Third Party Consent Agreement” means a consent agreement, in the form of Schedule 18 or otherwise in form and substance satisfactory to MLC, between an owner of Third Party Infrastructure and the SOA Collateral Agent.

 

“Third Party Contract” means any agreement entered into between PESRM and a third party owner from time to time that provides for infrastructure or equipment that loads, unloads, stores, blends, transports or processes MLC Separate Assets and Collateral.

 

“Third Party Infrastructure” means the Sunoco PMT Infrastructure, the Sunoco Pipeline Infrastructure and any Other Third Party Infrastructure.

 

“Throughput Service Fee” means (i) $[**]/Barrel for all Crude Oil Barrels delivered at the CO Delivery Point and (ii) $[**]/Barrel for all Refined Product Barrels delivered by MLC to third parties or pursuant to any PESRM/MLC RP Sales Contracts.

 

“Throughput Service Fee Implied Discount” means, in respect of any calendar month, the sum of (a) the actual volume (measured in Barrels) of Crude Oil delivered at the CO Delivery Point in such month multiplied by $[**] plus (b) the actual volume (measured in Barrels) of Refined Products delivered by MLC to third parties or pursuant to PESRM/MLC RP Sales Contracts in such month multiplied by $[**].

 

“Throughput Service Fee Implied Discount True-Up” means, in respect of any calendar month, an amount equal to (a) the Throughput Service Fee Implied Discount minus (b) an amount equal to (I) from the Effective Date to but not including the [**] anniversary of the Effective Date, $[**], (II) from and including the [**] anniversary of the Effective Date to but not including the [**] anniversary of the Effective Date, $[**] and (III) from and including the [**] anniversary of the Effective Date to but not including the [**] anniversary of the Effective Date, $[**], payable by (x) if such amount is positive, PESRM to MLC in accordance with Section 5.02 and (y) if such amount is negative, MLC to PESRM in accordance with Section 5.02.

 

“Title Company” means First American Title Insurance Company, or another title insurance company reasonably acceptable to MLC.

 

“Transaction Documents” means (i) the PESRM Transaction Documents and (ii) the Senior Secured Credit Facility Documents.

 

“Transaction Parties” has the meaning set forth in the introductory paragraph of this Agreement.

 

“Transferred Guarantor” has the meaning set forth in Section 13.10.

 

“True Up Calendar Month Crude Oil Differential” has the meaning set forth in Schedule 5(a).

 

“True-Up Crude Oil Price Amount” has the meaning set forth in Schedule 5(a).

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

36

 

“True-Up Refined Product Price Amount” has the meaning set forth in Schedule 5(b).

 

“UCC” means the Uniform Commercial Code, as in effect from time to time (except as otherwise specified) in any applicable state or jurisdiction.

 

“Uninvoiced Day” means any Day that is not a Business Day and for which an Invoice has not previously been prepared by MLC and delivered to PESRM pursuant to Section 5.01.

 

“United States” means, the United States of America.

 

“Unpaid Amounts” means, with respect to any Early Termination Date, but without duplication of any amounts included in the related calculation of Loss, the aggregate of the amounts that became payable (whether or not due) to PESRM or MLC hereunder prior to the occurrence of such Early Termination Date or as a result of the termination of this Agreement and that remain payable (whether or not due) as at such Early Termination Date (including any Working Capital Fee, any Auto-Bin Deemed Hedge Roll true-up and any indemnities) together with interest thereon from (and including) the date such amounts became due and payable to (but excluding) such Early Termination Date, at the interest rate set forth in Section 16.12.

 

“US Dollars” and “$” means the lawful money of the United States of America.

 

“VAT” means value added tax.

 

“Vessel” has the definition set forth in the PESRM-MLC ISDA Master Agreement.

 

“Volumetric Gain and Loss” means the value, as determined by MLC, of any gains or losses in respect of any volume of in-transit or in-storage Crude Oil, Refined Product or the measurement thereof (each relevant volume being measured in accordance with Section 6.11) in connection with the PESRM Transactions, CO Supply Contracts, RP Sales Contracts and Cover Transactions (including, in each case, any hedging gain or loss directly relating to any such volumetric gain or loss), for which, in the case of any loss, MLC has not been compensated by PESRM or any third party, and, in the case of any gain, MLC has not paid PESRM or any third party for the relevant excess volume (each such gain, a “Volumetric Gain”, and each such loss, a “Volumetric Loss”). PESRM shall have the right to require a review by a jointly appointed independent inspector of any MLC determination of a Volumetric Gain or Volumetric Loss by notice given to MLC within two (2) Business Days after PESRM is notified of such determination.

 

“West Yard” means the parcel of real properly (and any improvements to such parcel of real property) commonly referred to as the “west yard” described by metes and bounds on Schedule 1.01(j) and identified in the Owner’s Title Policy as Parcel E.

 

“Wind-Down Agreement” has the meaning set forth in the recitals hereto.

 

“Wind-down Liquidation” has the meaning set forth in Section 6.02(b).

 

“Working Capital Amount” means, in respect of any Day, the positive amount (if any) equal to:

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

37

 

(a) the sum of (i) the total amount prepaid by MLC in connection with all MLC-PESIC Secured Prepay Transactions then outstanding, and (ii) the total amount prepaid by MLC in connection with all PESRM-MLC Secured Prepay Transactions then outstanding;

 

PLUS

 

(b)                                 the sum of aggregate receivables for such Day from all MLC counterparties in respect of transactions directly relating to the performance of MLC’s obligations under this Agreement and, without duplication, the PESRM Transactions, the CO Supply Contracts,  the RP Sales Contracts and the Cover Transactions on such Day;

 

MINUS

 

(c)                                  the sum of aggregate payables for such Day to all MLC counterparties in respect of all transactions directly relating to the performance of MLC’s obligations under this Agreement and, without duplication, the PESRM Transactions, the CO Supply Contracts, the RP Sales Contracts and the Cover Transactions on such Day;

 

MINUS

 

(d)                                 the sum of all Prepayment Amounts in respect of Hydrocarbons included above paid by PESRM on or before such Day;

 

MINUS

 

(e)                                  the value of any Hydrocarbons for which PESRM is being charged a Section 3.09(d) Funding Cost in respect of such Hydrocarbons for such Day.

 

An example calculation of the Working Capital Amount is set forth on Schedule 1.01(s) hereto, for illustrative purposes only.

 

“Working Capital Fee” means, for each Day, the product of (i) the Working Capital Rate for such Day and (ii) the Working Capital Amount for such Day.

 

“Working Capital Rate” means, except as otherwise provided in Section 16.12(b), for each Day, the sum of (i) three (3) months LIBOR for such Day (the “Base Interest Rate”) and (ii) [**] (the “Applicable Margin”).

 

Section 1.02                             Principles of Construction.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise (a) any definition of or reference to any PESRM Transaction Document, agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified or in effect (subject to any restrictions on such amendments, supplements or modifications set forth herein) unless the context expressly otherwise requires,

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

38

 

(b) any reference herein to any person shall be construed to include such person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Annexes and Schedules shall be construed to refer to Articles and Sections of, and Annexes and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall refer to such law or regulation as amended, modified or supplemented from time to time, and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

Section 1.03                             Accounting Terms; GAAP.  Except as otherwise expressly provided herein, all financial statements to be delivered pursuant to this Agreement shall be prepared in accordance with GAAP as in effect from time to time and all terms of an accounting or financial nature shall be construed and interpreted in accordance with GAAP, as in effect on the date hereof unless otherwise agreed to by MLC.  If, after the Effective Date, any change in the accounting principles used in the preparation of the most recent financial statements referred to in Section 10.01 is hereafter required or permitted by the rules, regulations, pronouncements and opinions of the Financial Accounting Standards Board or the American Institute of Certified Public Accountants (or any successors thereto) and such change is adopted by PESRM and results in a change in any of the calculations required by Article XI that would not have resulted had such accounting change not occurred, if requested by PESRM or MLC, the parties hereto agree to enter into negotiations in good faith in order to amend such provisions so as to equitably reflect such change such that the criteria for evaluating compliance with such covenants by PESRM shall be the same after such change as if such change had not been made; provided, that (i) no change in GAAP that would affect a calculation that measures compliance with any covenant contained in Article XI shall be given effect until such provisions are amended to reflect such changes in GAAP and (ii) PESRM shall provide to MLC financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between such calculations made before and after giving effect to such change in GAAP.

 

Section 1.04                             Single Agreement.  All PESRM Transactions and all transactions contemplated thereby are entered into in reliance on the fact that this Agreement, the PESRM Transaction Documents and all PESRM Transactions, the PESIC-PESRM ISDA Master Agreement and all PESIC-PESRM Secured Prepay Transactions (and all transactions contemplated thereby) form a single integrated agreement among MLC and the Transaction Parties.

 

Section 1.05                             Inconsistency.  In the event of any inconsistency between the provisions of any PESRM Transaction and this Agreement, the terms of such PESRM Transaction will prevail for purposes of such transaction.

 

Section 1.06                             Additional Defined Terms.  For purposes of the definitions of “Excluded Subsidiary” and “Material Contracts” in Section 1.01, Section 1.01(j), Sections 2.02, 14.01(i), 14.01(l), 14.01(m), 14.02(g), 16.08, 16.18 and Articles VIII, IX, X, XI and XIII, the defined terms set forth in Annex I (except as otherwise specified in Annex I) (including each defined term that is used, directly or indirectly, in each defined term listed in Annex I, but that is not defined in this Agreement) shall have the meaning ascribed to such terms in the Senior Secured

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

39

 

Credit Facility as in effect on the Effective Date without giving effect to any subsequent termination, amendment, modification, supplement or waiver to or of the Senior Secured Credit Facility.  References in the defined terms so incorporated herein pursuant to the preceding sentence (for purposes of such sections and articles hereof):

 

(a)                                 to “Administrative Agent”, “Collateral Agent”, “Lender” or “Lenders”, “Required Lenders”, “Secured Party” or “Secured Parties”, or “Swingline Lender” shall be deemed amended in each case to be a reference to MLC in its capacity as a Party to this Agreement, and the text of such defined terms shall be deemed amended, mutatis mutandis, to give effect to such deemed reference;

 

(b)                                 to “Borrower” shall be deemed amended in each case to be a reference to “PESRM” in its capacity as a Party to this Agreement, and the text of such defined term shall be deemed amended, mutatis mutandis, to give effect to such deemed reference;

 

(c)                                  to “Hedging Agreement” shall be deemed amended in each case to be a reference to “Specified Transaction”, as such term is defined in this Agreement, and the text of such defined term shall be deemed amended, mutatis mutandis, to give effect to such deemed reference;

 

(d)                                 to “Hedging Obligation” shall be deemed amended in each case to be a reference to “Specified Transaction Obligation”, as such term is defined in this Agreement, and the text of such defined term shall be deemed amended, mutatis mutandis, to give effect to such deemed reference;

 

(e)                                  to “Loan Document” or “Loan Documents” shall be deemed amended in each case to be a reference to “Senior Secured Credit Facility Documents”, as such term is defined in this Agreement, but without giving effect to any subsequent termination, amendment, modification, supplement or waiver to or of the Senior Secured Credit Facility, and the text of such defined terms shall be deemed amended, mutatis mutandis, to give effect to such deemed reference;

 

(f)                                   to “Loan Party” or “Loan Parties” shall be deemed amended in each case to be a reference to “Transaction Parties”, as such term is defined in this Agreement, and the text of such defined terms shall be deemed amended, mutatis mutandis, to give effect to such deemed reference;

 

(g)                                  to “Requirement of Law” or “Requirements of Law” shall be deemed amended in each case to be a reference to “Applicable Law”, as such term is defined in this Agreement, and the text of such defined terms shall be deemed amended, mutatis mutandis, to give effect to such deemed reference;

 

(h)                                 to “Security Document” or “Security Documents” shall be deemed amended in each case to be a reference to “Supply and Offtake Security Documents”, as such term is defined in this Agreement, and the text of such defined terms shall be deemed amended, mutatis mutandis, to give effect to such deemed reference; and

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

40

 

(i)                                     to sections of the Senior Secured Credit Facility or Senior Secured Credit Facility Documents shall be deemed in each case to be a reference to the corresponding section in this Agreement or the other PESRM Transaction Documents, as applicable, and shall be deemed amended, mutatis mutandis, to give effect to such deemed reference; and

 

(j)                                    to “Collateral” shall be deemed to be a reference to “ABL/SOA Priority Collateral” (such term having the meaning ascribed thereto by operation of this Section 1.06), but only where the term “Collateral” appears in the definitions of the terms “Asset Sale” and “Reserves” in Section 1.01 of the Senior Secured Credit Facility, and the text of such defined terms shall be deemed amended, mutatis mutandis, to give effect to such deemed reference.

 

ARTICLE II.

 

TERM OF AGREEMENT; CONDITIONS TO THE EFFECTIVE DATE

 

Section 2.01                             Term of Agreement.  The initial term of this Agreement shall commence on the Effective Date and shall remain in full force and effect until the third (3rd) anniversary of the Effective Date (subject to Section 6.02, the “Term”).

 

Section 2.02                             PESRM Conditions to the Effective Date.  MLC’s obligations hereunder shall be subject to the satisfaction by PESRM or waiver by MLC of the following conditions:

 

(a)                                 Assignments and Transfers Effective; Effective Date Deliverables.  The Assignments and Transfers shall have been consummated and be effective pursuant to the terms of the Assignment Documents. There shall have been delivered to MLC, with respect to each Transaction Party, as applicable, an executed counterpart of each of the following documents:

 

i.                              this Agreement;

 

ii.                           the PESIC-PESRM Consulting Agreement;

 

iii.                        the PESRM-MLC Consulting Agreement;

 

iv.                       a Third Party Consent Agreement, duly executed and delivered by each Third Party owner of Third Party Infrastructure, except as set forth on Schedule 2.02(a);

 

v.                          the Supply and Offtake Security Agreement and the Deed of Pledge;

 

vi.                       the Products Sales Agreement;

 

vii.                    the Intercreditor Agreement;

 

viii.                 the PESRM-MLC ISDA Master Agreement and the other PESRM-MLC ISDA Documents;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

41

 

xi.                       the PESIC-PESRM ISDA Master Agreement;

 

xii.                    the OSG Chartering Letter;

 

xiii.                 the Master Netting Agreement;

 

xiv.                the MLC-PESIC ISDA Master Agreement;

 

xv.                   the Framework Agreement;

 

and in each case, such agreement shall be in full force and effect.

 

(b)                                 Corporate Documents.  MLC shall have received:

 

(i)                                     a certificate of the secretary or assistant secretary of each Transaction Party, dated the Effective Date, certifying (x) that attached thereto is a true and complete copy of each Organizational Document of such Transaction Party certified (to the extent applicable) as of a recent date by (if applicable) the Secretary of State of the state of its organization, (y) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors of such Transaction Party authorizing the execution, delivery and performance of the Effective Date PESRM Transaction Documents and, if applicable, all documents related to the PESIC-PESRM Secured Prepay Transactions, to which such Person is a party and, in the case of PESRM, the Obligations hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect and (z) as to the incumbency and specimen signature of each officer executing any Effective Date PESRM Transaction Document, the PESIC-PESRM ISDA Master Agreement or any other document delivered in connection herewith on behalf of such Transaction Party (together with a certificate of another officer as to the incumbency and specimen signature of the secretary or assistant secretary executing the certificate in this subclause (i)); and

 

(ii)                                  a certificate as to the good standing of each Transaction Party (in each case, in so-called “long-form” if available) in its jurisdiction of organization as of a recent date, from such Secretary of State (or other applicable Governmental Authority).

 

(c)                                  Opinions of Counsel.  MLC shall have received a favorable written opinion of (i) Latham & Watkins LLP, special counsel for the Transaction Parties, (x) dated the Effective Date, (y) addressed to MLC and (z) covering such matters relating to the Effective Date PESRM Transaction Documents as MLC shall reasonably request and (ii) Buchanan Ingersoll & Rooney PC, special Pennsylvania counsel for the Transaction Parties, (x) dated the Effective Date, (y) addressed to MLC and (z) covering such matters relating to the Mortgage(as assigned and amended and restated on the Effective Date) as MLC shall reasonably request.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

42

 

(d)                                 Solvency Certificate.  MLC shall have received a solvency certificate in the form of Schedule 2.02(d), dated the Effective Date and signed by the chief financial officer or chief executive officer of PESRM.

 

(e)                                  Fees.  An amount equal to the aggregate of all amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all reasonable and documented out of pocket expenses (including the reasonable and documented out of pocket legal fees and expenses of Skadden, Arps, Slate, Meagher & Flom LLP, special counsel to MLC incurred prior to September 1, 2014, and the reasonable and documented out-of-pocket fees and expenses of any local counsel, foreign counsel, appraisers, consultants and other advisors and legal counsels to MLC), shall be paid by PESRM (or arrangement for payment therefor satisfactory to MLC shall have been made), including any of the aforementioned fees and expenses incurred on or prior to the Effective Date in connection with the negotiation, execution and delivery of the Assignment and Assumption Agreement and the other Transaction Documents (as such term is defined in the Assignment and Assumption Agreement), and all documents related to any PESIC-PESRM Secured Prepay Transactions.

 

(f)                                   Personal Property Requirements.  MLC shall have received:

 

(i)                                     with respect to each Transaction Party, UCC financing statements (or amendments to existing financing statements, as applicable) in appropriate form for filing under the UCC and such other documents under domestic Applicable Law in each domestic jurisdiction as may be necessary or appropriate, in the reasonable opinion of MLC, to perfect (or maintain the perfection of, as applicable) the Liens created, or purported to be created, by the Supply and Offtake Security Documents (including, without limitation, by amending UCC financing statements on file in the applicable jurisdiction);

 

(ii)                                  with respect to each Transaction Party, certified copies of UCC, tax and judgment lien searches, bankruptcy and pending lawsuit searches or equivalent reports or searches, each of a recent date listing all effective financing statements, lien notices or comparable documents that name any of the Transaction Parties as debtor and that are filed in those state and county jurisdictions in which any of the Transaction Parties is organized or maintains its principal place of business, and such other searches that are required by the Supply and Offtake Perfection Certificate with respect to any of the Transaction Parties or that MLC deems necessary or appropriate, none of which encumber, or reflect a Lien on, the Collateral covered or intended to be covered by the Supply and Offtake Security Documents (other than, solely in respect of the Supply and Offtake Security Agreement Collateral, Permitted Liens on such Collateral or any other Liens acceptable to MLC);

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

43

 

(iii)                               with respect to each Transaction Party, evidence acceptable to MLC of payment or arrangements for payment of all applicable recording taxes, fees, charges, costs and expenses required for the recording of the Supply and Offtake Security Documents, if any; and

 

(iv)                              with respect to each Transaction Party, a Supply and Offtake Perfection Certificate, reflecting all Collateral pledged as of the Effective Date.

 

(g)                                  Real Property Requirements. PESRM shall have delivered or caused to be delivered the following: (i) an amended and restated Mortgage, in form and substance reasonably acceptable to MLC (the “Amended and Restated Mortgage”), duly executed by PESRM and in proper form for recording in the real estate records of the county in which the applicable Mortgaged Property is located (the “Recording Office”); (ii) UCC-3 financing statements and other termination documentation relating to the Existing Mortgage as may be reasonably requested by MLC; (iii) an endorsement to the mortgagee’s policy of title insurance (the “Mortgage Policy”), dated as of the Effective Date, insuring the assignment of the Existing Mortgage and the Amended and Restated Mortgage, and insuring MLC as the mortgagee of record as of the Effective Date, which endorsement shall reveal no liens or encumbrances other than Permitted Liens or other liens or encumbrances otherwise acceptable to MLC and shall otherwise be in form and substance reasonably acceptable to MLC and as is customarily issued in the Commonwealth of Pennsylvania by the Title Company; (iv) all affidavits and other documentation executed by JPMVEC, PESRM or MLC as reasonably requested by the Title Company in order for the Title Company to issue the title endorsement as described in the immediately preceding clause (iii); and (v) all other documentation reasonably necessary or advisable to effect the actions contemplated by this Section 2.02(g).

 

(h)                                 Anti-Terrorism Laws.  MLC shall have timely received the information required under Section 10.17.

 

(i)                                     [Reserved]

 

(j)                                    Products Sales Agreement. The purchase and sale of the Products (as defined in the Products Sales Agreement) shall have been consummated prior to or substantially concurrently with the entry into this Agreement pursuant to terms of the Products Sales Agreement.

 

(k)                                 Material Approvals.  All material Governmental Authority and, except as set forth on Schedule 2.02(k), all material third-party licenses, registrations, permits, consents and approvals necessary in connection with this Agreement, the PESRM Transaction Documents and the PESIC-PESRM ISDA Master Agreement and the transactions hereunder and thereunder shall have been obtained (without the imposition of any conditions that would materially impair the rights, or materially increase the liabilities or obligations, of MLC, without its prior consent (such consent not to be unreasonably withheld or delayed)) and no Applicable Laws are

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

44

 

then in effect that materially and adversely restrain or prevent this Agreement, the PESRM Transaction Documents and the PESIC-PESRM ISDA Master Agreement and the transactions hereunder and thereunder or impose conditions that materially impair the rights, or materially increase the liabilities or obligations, of MLC, without the prior consent of MLC (such consent not to be unreasonably withheld or delayed).

 

(l)                                     Outstanding Indebtedness.  After giving effect to this Agreement, the Effective Date PESRM Transaction Documents and the PESIC-PESRM ISDA Master Agreement and the transactions hereunder and thereunder, the Transaction Parties shall have no outstanding Indebtedness or preferred stock other than (i) the Obligations and obligations related to all PESIC-PESRM Secured Prepay Transactions, (ii) to the extent constituting Indebtedness, (x) Permitted Specified Transactions, and (y) obligations under the Senior Secured Credit Facility Documents, and (iii) other Indebtedness permitted by Section 11.01.

 

(m)                             Insurance Requirements.  MLC shall have received evidence reasonably satisfactory to it that PESRM has satisfied the Insurance Requirements, including receipt by MLC of insurance certificates, in form and substance acceptable to MLC, listing MLC as loss payee thereon and as an additional insured with respect to the applicable insurance policies maintained by PESRM in accordance with the Insurance Requirements.

 

(n)                                 Effective Date Infrastructure.  None of the Refinery (including the Tanks, pipelines, racks, vessels, railroads, terminals and docks associated therewith), any other PESRM Infrastructure, any Sunoco PMT Infrastructure, any Sunoco Pipeline Infrastructure or any Other Third Party Infrastructure (collectively, the “Effective Date Infrastructure”) shall have been affected by loss or damage (whether or not covered by insurance) that reasonably would be expected to prevent PESRM from receiving and/or storing Crude Oil at the Effective Date Infrastructure, transporting Crude Oil to, within, among or from the Effective Date Infrastructure, delivering Crude Oil at the CO Delivery Point, receiving delivery of Refined Products at the RP Delivery Point, receiving and/or storing Refined Products at the Effective Date Infrastructure, transporting Refined Products to, within, among or from the Effective Date Infrastructure, or delivering Refined Products to any Product Purchaser Delivery Point, except to the extent that such damage can be remedied within 30 days and PESRM commits to make such repairs, in each case, in a manner and on terms reasonably satisfactory to MLC.

 

(o)                                 Effective Date Material Adverse Effect.  Since December 31, 2013, no event, development, circumstance or other matter affecting PESRM, the Refinery or any other Effective Date Infrastructure or the transactions contemplated under this Agreement, the other PESRM Transaction Documents or the PESIC-PESRM ISDA Master Agreement has occurred which has had or would reasonably be expected to result in a Material Adverse Effect.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

45

 

(p)                                 Representations and Warranties.  Each of the representations set forth in Article VIII shall be true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects as so qualified) on and as of the Effective Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date.

 

(q)                                 [Reserved].

 

(r)                                    Officers’ Certificate.  MLC shall have received a certificate, dated the Effective Date and signed by the chief executive officer and the chief financial officer of PESRM, confirming compliance with the conditions precedent set forth in this Section 2.02.

 

(s)                                   Senior Secured Credit Facility.  Copies of the duly executed Senior Secured Credit Facility Documents shall have been delivered to MLC in form and substance reasonably satisfactory to MLC and shall be in full force and effect save for any conditions expressly related to the occurrence of the Effective Date hereunder.

 

(t)                                    Intercreditor Agreements.  There shall have been delivered to MLC, with respect to each Transaction Party and each other Person party thereto, an executed counterpart of each of (i) an amendment to Exhibit A of the Term-ABL Intercreditor Agreement and (ii) an amendment to Exhibit A of the Intercreditor Agreement, in each case in form and substance satisfactory to MLC.

 

(u)                                 PESIC Transactions.  PESRM shall have entered into the PESIC-PESRM ISDA Master Agreement, in form and substance satisfactory to MLC.

 

Section 2.03                             MLC Conditions to the Effective Date.  PESRM’s obligations hereunder shall be subject to the satisfaction by MLC or waiver by PESRM of the following condition:

 

(a)                                 Opinion of Counsel.  PESRM shall have received a favorable written opinion of Skadden, Arps, Slate, Meagher & Flom LLP, special counsel for MLC, (i) dated the Effective Date, (ii) addressed to PESRM and (iii) covering the matters reasonably requested by PESRM.

 

ARTICLE III.

 

PURCHASE, SALE AND DELIVERY OF
 CRUDE OIL

 

Section 3.01                             Supply by MLC of Crude Oil Requirements.  From and after the Effective Date, MLC agrees to supply, sell and deliver to PESRM, and PESRM agrees to purchase and take delivery of, all of the Crude Oil requirements of the Refinery upon the terms and conditions set forth herein and MLC shall be the exclusive supplier of Crude Oil to the Refinery with respect to the requirements of the Refinery during the term; provided that, the foregoing shall not

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

46

 

be construed to prevent or limit any PESRM-MLC CO Secured Prepay Transactions otherwise entered into in accordance with the terms hereof or any other transaction permitted to be entered by PESRM pursuant to Section 3.09(c).  MLC shall sell the Crude Oil to PESRM at the CO Delivery Point in such volumes as PESRM may require for processing at the Refinery, subject to the provisions of Section 3.02.  MLC shall not be required to enter into any CO Supply Contract or PESRM-MLC CO Secured Prepay Transaction if, immediately after entering into such CO Supply Contract or PESRM-MLC CO Secured Prepay Transaction, the types and grades, and the aggregate volume of Crude Oil under all then-outstanding CO Supply Contracts and PESRM-MLC CO Secured Prepay Transactions would vary from the types and grades or exceed the reasonable volume expectations of the Crude Oil requirements for the Refinery for all months covered by such contracts, taking into account the refining capacity of the Refinery, the available capacity of the Basic Infrastructure and anticipated delivery dates of Crude Oil , but not taking into account any limitations imposed on any of the foregoing by any exercise by MLC of its rights under Sections 3.09(e) and 6.25.

 

Section 3.02                             Conditions to Crude Oil Supply Obligation.  Notwithstanding any other provision of this Article III, all of MLC’s obligations under this Article III are subject to (a) PESRM’s compliance with the Sourcing Protocols as set forth in Section 3.09, (b) the ability of third party suppliers of Crude Oil to MLC to meet MLC’s Credit Requirements, (c) the availability of Crude Oil supply in the market of the types and grades, and in the volumes, specified by PESRM in the applicable PESRM Buy Requests, and (d) no related Applicable Condition having occurred.

 

Section 3.03                             [Reserved].

 

Section 3.04                             Crude Oil Initial Sales.  MLC and PESRM agree that, notwithstanding anything in this Agreement to the contrary (i) MLC shall sell and deliver to PESRM, and PESRM shall purchase and receive from MLC, at the CO Delivery Point all of the types, grades and volumes of Crude Oil included in the In-Storage Inventory and acquired by MLC pursuant to any New MLC Transactions and (ii) each of the Inventory Sales Agreement and any New MLC Transactions for Crude Oil and the Assigned CO Contracts are hereby designated as CO Supply Contracts in respect of all Crude Oil purchased and to be purchased under such agreements, confirmations and contracts.

 

Section 3.05                             Daily Actual Production Books.

 

(a)                                 At or before 1:00 p.m. ET of each Business Day during the Term commencing on the first Business Day following the Effective Date, PESRM shall provide MLC with a Daily Actual Production Book for each Day of the Term prior to such Business Day for which no Daily Actual Production Book has previously been provided to MLC, subject, in each case, to the Business Day Convention (each, a “Relevant Day”).

 

(b)                                 MLC shall, in its reasonable discretion, determine the types, grades and volumes of Hydrocarbons that were delivered to each applicable delivery point, and purchased and sold, on any Day pursuant to this Agreement, any PESRM Transactions, any CO Supply Contracts, any PESRM-MLC Secured Prepay

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

47

 

Transactions, any RP Sales Contracts and/or any Cover Transactions, as applicable, (i) by reference to the data and information contained in the Daily Actual Production Book in respect of such Day, or (ii) if no Daily Actual Production Book is timely delivered in respect of such Day (or if any such book is incomplete), MLC shall use the most recent delivered Daily Actual Production Book to determine a deemed amount of Hydrocarbon inventories (in each case, by type, grade and volume) located at On-Premise Infrastructure on such Day (a “MLC Deemed Daily Production”).  Any Hydrocarbon inventory differences (in each case, by type, grade and/or volume) between the MLC Deemed Daily Production utilized by MLC for such Day and the Daily Actual Production Book reflecting actual Hydrocarbon inventories for such Day shall be treated and accounted for as Volumetric Gains and Losses.

 

Section 3.06                             Financial Report.  At or before 8:00 p.m. ET of each Business Day during the Term commencing on the first Business Day following the Effective Date, MLC shall provide PESRM with a Financial Report for each Day of the Term prior to such Business Day for which no Financial Report has previously been provided to MLC, subject, in each case, to the Business Day Convention.

 

Section 3.07                             [Reserved].

 

Section 3.08                             Certain Additional MLC Reports.

 

(a)                                 On each Business Day during the Term commencing on the first Business Day following the Effective Date, MLC shall make commercially reasonable efforts to provide PESRM with a Daily Trades Done To Date Report, a Daily Raw Invoice Report, a Provisional FIFO Queue Report and a Daily Sales Report for each Day of the Term prior to such Business Day for which no Daily Trades Done To Date Report, Daily Raw Invoice Report, Provisional FIFO Queue Report and/or Daily Sales Report, as applicable, has previously been provided by MLC (and on the first Business Day following the Effective Date, for the Effective Date), subject, in each case, to the Business Day Convention.

 

(b)                                 On each Monthly True-Up Date MLC shall make commercially reasonable efforts to provide PESRM with a Monthly CO FIFO Report for the calendar month immediately prior to the calendar month in which such Monthly CO FIFO Report is to be delivered.

 

Section 3.09                             Crude Oil Sourcing Protocols.  PESRM and MLC shall mutually agree on all of the Principal CO Terms applicable to the Crude Oil to be purchased or provided by MLC under this Agreement and all CO Transactions in accordance with the protocols set forth below (the “Sourcing Protocols”).

 

(a)                                 During the Term, PESRM shall identify opportunities to acquire Crude Oil from suppliers (each, a “Counterparty”) of the types and grades, and in the volumes, necessary to satisfy such requirements and shall promptly notify MLC of such opportunities.  Notwithstanding the foregoing, except as otherwise mutually

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

48

 

agreed, MLC shall have no obligation to enter into any CO Supply Contract that would provide for delivery of Crude Oil, to the Refinery or the other Basic Infrastructure, as applicable, more than sixty (60) days after the date of entry into such contract. MLC may, but is not required to, identify opportunities to acquire Crude Oil from one or more potential Counterparties or to supply Crude Oil from MLC’s own resources (in which case, MLC would be the potential Counterparty) and may notify PESRM of any such opportunities.  From time to time, subject to the requirements set forth in this Agreement, PESRM may be a Counterparty to one or more CO Supply Contracts for the purchase of certain Crude Oil, provided that, in connection with any such CO Supply Contract with PESRM as a Counterparty, MLC may, using its commercially reasonable discretion, require that the payment terms in such CO Supply Contract provide for payment on a shorter timeframe than that agreed between PESRM and the applicable third party Crude Oil supplier (any such arrangement, including PESRM’s arrangement with a third party Crude Oil supplier, a “CO Payable Monetization Transaction”); provided, further, that, for the avoidance of doubt, nothing in this Section 3.09(a) shall be construed so as to excuse PESRM from at all times during the Term complying with Sections 8.21, 10.17 and 11.14.

 

(b)                                 PESRM may negotiate directly with potential Counterparties in respect of any or all of the Principal CO Terms that, subject to MLC’s agreement, will be applicable to MLC’s purchases of Crude Oil.  From time to time, PESRM shall present MLC with a request by email, substantially in the form of Schedule 3.09(b) (each, a “PESRM Buy Request”), that MLC purchase Crude Oil from one or more potential Counterparties, and on such Principal CO Terms, as are identified in such request.  PESRM shall not be permitted to revoke any PESRM Buy Request unless PESRM notifies MLC of such revocation in writing and MLC confirms such revocation in writing, in each case, prior to the date and time at which MLC enters into any CO Supply Contract covered by such request. To the extent that email or other electronic means of communication is not available at any time to permit delivery of communications pursuant to this clause (b) by email, PESRM shall deliver all communications pursuant to this clause (b) to MLC through its Designated Sales Representative by telephone.

 

(c)                                  Upon receipt of any PESRM Buy Request, MLC shall make good faith efforts, subject to MLC’s Credit Requirements, to enter into a contract to purchase Crude Oil , from each potential Counterparty identified in such request (each, a “CO Supply Contract”).  All of the terms of each CO Supply Contract (including the Principal CO Terms) must be reasonably acceptable to MLC.  In the negotiation of CO Supply Contracts, MLC shall use commercially reasonable efforts to obtain the agreement of the proposed Counterparties to the use of such General Terms and Conditions and other terms as may be reasonably requested by PESRM and acceptable to MLC; provided, that (i) MLC may, but shall not be obligated to, enter into any CO Supply Contract if doing so would require MLC to agree to General Terms and Conditions other than Approved Terms and Conditions, and MLC shall have no liability in the event that any Counterparties do not agree to such General Terms and Conditions or other terms and (ii) the failure of

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

49

 

Counterparties to agree to General Terms and Conditions or such other terms requested by PESRM shall have no impact on MLC’s rights or PESRM’s obligations under this Agreement, including PESRM’s indemnity obligations under this Agreement.  MLC shall indicate to PESRM in writing whether MLC intends to enter into a CO Supply Contract with respect to such PESRM Buy Request (i) with respect to any Counterparty with which MLC has previously entered into transactions pursuant to this Agreement, not later than two (2) Business Days after delivery to MLC of any PESRM Buy Request and (ii) with respect to any Counterparty with which MLC has not previously entered into transactions pursuant to this Agreement, not later than five (5) Business Days after delivery to MLC of any PESRM Buy Request, which response may specify that a longer period may be required by MLC to ensure satisfaction of any requirements set forth in this Agreement with respect to on-boarding of such Counterparty and any information which MLC requires and has not yet obtained  (or obtained access to) to complete such on-boarding. To the extent MLC elects not to enter into a CO Supply Contract with respect to such PESRM Buy Request for any reason (including, without limitation, if a Counterparty has not yet been on-boarded by MLC), notwithstanding anything to the contrary in this Agreement, PESRM shall be permitted to enter into the arrangement set forth in such PESRM Buy Request directly with the applicable Counterparties; provided that if any such Counterparty has previously commenced the on-boarding process with MLC and has not been on-boarded by MLC due to failure to satisfy or comply with MLC’s then current “Know Your Customer” procedures (applied equally across all similarly situated counterparties) (including any reasonable requests for information from such Counterparty in connection therewith), such Counterparty shall be acceptable to MLC in its sole discretion; provided, further, that (x) concurrently with entry into this arrangement, PESRM enters into a back-to-back CO Supply Contract with MLC on the same terms set forth in such PESRM Buy Request (a “PESRM/MLC CO Supply Contract”), (y) the terms of such PESRM/MLC CO Supply Contract (1) include payment terms that match the payment terms obtained by PESRM in the associated arrangement and (2) are reasonably acceptable to MLC and (z) for all purposes of this Agreement, such PESRM/MLC CO Supply Contract is deemed to constitute a “CO Supply Contract”.

 

MLC shall not be required to enter into any CO Supply Contract with any Counterparty or PESRM, as applicable, that (aa) does not satisfy MLC’s Credit Requirements, (bb) would impose any Liability under any Environmental Law on MLC that MLC, in its sole discretion, is not willing to accept, (cc) would require MLC to purchase any Crude Oil for delivery by rail, truck or Vessel (except as may be approved by MLC in its sole discretion) on any basis other than a delivered basis at the Refinery, except in connection with an associated PESRM-MLC CO Secured Prepay Transaction, (dd) would require the use of Required Infrastructure that is or could reasonably be expected to be unavailable, (ii) would require MLC to take any delivery of Crude Oil on any date following the end of the Term, (ff) at the time of entry into such transaction, would require MLC to

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

50

 

make a prepayment, provide cash collateral and/or or provide a letter of credit for which the issuing bank would require collateral from MLC (as determined by MLC in its sole discretion), before the delivery to MLC of the Crude Oil subject to such contract (unless PESRM agrees to pay, and does pay, MLC the Prepayment Amount for such CO Supply Contract prior to MLC’s entry into such contract), (gg) subject to the conditions set forth in Section 3.19, which would require it to act as “first purchaser” of Crude Oil in a jurisdiction for which MLC (x) lacks any applicable Governmental Approval or (y) has not yet put in place such operational and/or compliance policies, procedures, systems and/or personnel related to such jurisdiction as are necessary or appropriate in connection with MLC’s compliance with the First Purchaser Requirements, or (hh) would require MLC to incur any First Purchaser Compliance Costs or (ii) uses a Vessel which has not been approved by each of MLC (acting in its sole discretion) and the terminal receiving such Vessel. MLC shall use good faith efforts to approve a Vessel within one (1) Business Day of receiving a request therefor from PESRM. In addition to any of the foregoing limitations, MLC shall not be required to enter into any CO Supply Contract if there is a breach or default under any PESIC-PESRM Secured Prepay Transactions or MLC-PESIC Secured Prepay Transactions or if MLC determines, in its reasonable discretion, that no MLC-PESIC Secured Prepay Transaction or PESIC-PESRM Secured Prepay Transaction can be booked in order to ensure that MLC can perform its obligations under such CO Supply Contract.

 

In the event one or more of the Principal CO Terms that MLC negotiates with a potential Counterparty to a CO Supply Contract are inconsistent with those of the related PESRM Buy Request, MLC shall ask PESRM to re-confirm the PESRM Buy Request in respect of such contract and will not enter into any such contract unless PESRM so re-confirms such PESRM Buy Request.  In the event that, after such reconfirmation (or in the event PESRM fails to provide such reconfirmation), the Principal CO Terms that MLC negotiates with the potential Counterparty to the CO Supply Contract remain inconsistent with the terms of the related PESRM Buy Request, MLC shall be under no obligation to enter into any such CO Supply Contract (it being understood that nothing in the foregoing shall be construed as preventing PESRM from submitting a new PESRM Buy Request in accordance with the terms hereof). Any such request, and the related re-confirmation, may be provided by email.

 

In the event that the terms of any trade confirmation proposed by a Counterparty in connection with any CO Supply Contract differ from the Principal CO Terms that are proposed in the related PESRM Buy Request, MLC shall attempt to resolve such differences with the applicable Counterparty.  In the event MLC is unable to resolve such differences, MLC will so notify PESRM.  PESRM shall promptly (and in any event within two (2) Business Days of MLC’s notification thereof) notify MLC whether PESRM objects to such different term. If PESRM does not respond within such period or if it accepts such term(s), MLC will accept such terms. In the event that PESRM rejects such term(s), MLC shall use commercially reasonable efforts to negotiate with the applicable Counterparty to

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

51

 

revise such term(s) in a matter that is mutually acceptable to PESRM and MLC; So long as the Principal CO Terms proposed by PESRM to MLC with respect to such transaction are the same terms as those proposed by MLC to such Counterparty, either initially or in subsequent negotiations, with respect to such transaction, PESRM shall be deemed to be bound by any terms and conditions of the resulting transaction, which terms shall constitute part of such CO Supply Contract.

 

In the event that the terms of any trade confirmation proposed by a Counterparty in connection with any CO Supply Contract, other than the Principal CO Terms, are different from the form of MLC trade confirmation attached hereto as Schedule 3.09(c), MLC shall notify PESRM of such differences. PESRM shall notify MLC whether it accepts or rejects each such different terms within two (2) Business Days of MLC’s notification thereof.  In the event that PESRM does not respond to MLC’s notification within the timeframe set forth in the foregoing sentence or accepts such terms, PESRM shall be deemed to have accepted all such terms of the applicable confirmation.  In the event PESRM objects to any such different term within the two (2) Business Day timeframe set forth above in this paragraph, MLC shall use commercially reasonable efforts to negotiate with the applicable Counterparty to revise such different terms in a matter that is mutually acceptable to PESRM and MLC. So long as the terms other than the Principal CO Terms proposed by PESRM to MLC with respect to such transaction are the same terms as those proposed by MLC to such Counterparty, either initially or in subsequent negotiations, with respect to such transaction, PESRM shall be deemed to be bound by any terms and conditions of the resulting transaction, which terms shall constitute part of such CO Supply Contract. Any such terms that are accepted or deemed accepted shall be binding, as between PESRM and MLC.  Notwithstanding anything to the contrary in this Section 3.09(c), in no event shall MLC be required to accept terms provided in any trade confirmation that would otherwise not meet the requirements for CO Supply Contracts to be entered into pursuant to this Agreement.

 

(d)                                 If after MLC enters into any CO Supply Contract, the Counterparty to such contract at any time demands that MLC make a prepayment, provide cash collateral and/or a letter of credit for which the issuing bank would require collateral from MLC (as determined by MLC in its sole discretion), MLC shall notify PESRM of its receipt of any such demand and shall include the related Prepayment Amount in an Invoice, as applicable, no fewer than two (2) Business Days from the date on which MLC provides such notice, and such notice shall specify (i) the date (the “Counterparty Payment Date”) on or before which MLC will be required to provide such Counterparty with the demanded prepayment, cash collateral or letter of credit, as applicable, and (ii) the amount of the related Prepayment Amount.  If PESRM does not pay an amount equal to the related Prepayment Amount to MLC on or before the related Counterparty Payment Date as provided in the foregoing sentence, (1) PESRM shall be responsible for any and all funding costs (the “Section 3.09(d) Funding Costs”) that MLC incurs in providing the relevant Counterparty with the demanded prepayment, cash

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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collateral or letter of credit, as applicable, for the period from (and including) the date on which MLC first incurs such funding costs to (but excluding) the date that otherwise would be the regular payment date under the relevant CO Supply Contract, (2) MLC shall have the right, in its discretion, to elect to not provide the relevant Counterparty with the demanded prepayment, cash collateral or letter of credit, as applicable and (3) if MLC elects to not provide the demanded prepayment, cash collateral or letter of credit, as applicable, MLC shall promptly notify PESRM.  If PESRM fails to pay the full amount due from it under the Invoice that includes any related Prepayment Amount on or before the date such payment is due, such failure shall constitute, and be referred to herein as, a “PESRM Prepayment Amount Failure”.  If any such PESRM Prepayment Amount Failure is not remedied within two (2) Business Days after notice of such failure is given to PESRM, MLC shall have the right, in its sole discretion, by written notice to PESRM, immediately (x) to terminate its obligation to enter into new CO Supply Contracts effective on the thirtieth (30th) day following the related Counterparty Payment Date, and/or (y) to terminate this Agreement in the manner provided for in Section 6.02 as if the Term Expiration Date (as such term is used in Section 6.02) had occurred on the thirtieth (30th) day following the related Counterparty Payment Date.

 

(e)                                  MLC shall be the sole owner of, and have the sole dominion and control over, all CO Supply Contracts, including having the exclusive right to amend, restate, supplement, novate, assign, sell, terminate, cancel or otherwise dispose of any such CO Supply Contract in its discretion; provided, that no such action shall affect MLC’s obligations under this Agreement.

 

(f)                                   All statements and representations made by PESRM’s advisors, agents, attorneys, consultants, contractors, directors, employees, officers, managers and representatives in connection with proposed and actual CO Supply Contracts shall be made on behalf of PESRM in its own capacity, and PESRM is not authorized to act as agent for or to bind MLC in connection with the negotiation or execution of any CO Supply Contracts or , nor to make any representations to any Counterparty on behalf of MLC.  Unless expressly authorized by MLC in writing, any advice, recommendations, warranties or representations made to any Counterparty by PESRM shall be the sole and exclusive responsibility of PESRM, and MLC shall not be liable for any errors, omissions or misinformation that PESRM or its advisors, agents, attorneys, consultants, contractors, directors, employees, officers, managers or representatives provide to any counterparty, unless such error, omission or misinformation is included in such express MLC authorization.

 

(g)                                  Any excused or unexcused failure by a Counterparty under a CO Supply Contract  (other than MLC or any of its Affiliates) to fully and timely perform or otherwise satisfy any of its obligations under such contract (each, a “CO Supply Contract Event”) shall excuse any corresponding failure by MLC to fully and timely perform or otherwise satisfy its obligations under the CO Transaction or any PESRM-MLC Secured Prepay Transaction, unless any such CO Supply Contract

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Event is due to or arises out of (i) the bankruptcy or insolvency of such supplier (other than PESRM, or any of its Affiliates) or (ii) any MLC Event.

 

Section 3.10                             CO Transactions. During the Term, MLC shall sell to PESRM and PESRM shall purchase and take delivery from MLC all of the MLC Crude Oil Purchase at the CO Delivery Point, measured for each Day during the Term as the amount of Crude Oil of which PESRM takes delivery on such Day according to the Daily Actual Production Book (each such Day’s purchase, a “CO Transaction”), and which shall be priced by reference to Schedule 5(a).

 

Section 3.11                             Daily Trades Done To Date Report.  At or before 4:00 p.m. ET on each Business Day during the Term commencing on the first Business Day following the Effective Date, MLC shall provide PESRM with a Daily Trades Done To Date Report for each Day of the Term prior to such Business Day for which no Daily Trades Done To Date Report has previously been provided to PESRM.  Unless otherwise agreed in writing by MLC and PESRM, as promptly as practicable, but in no event later than 4:00 p.m. ET on the first (1st) Business Day following PESRM’s receipt of any Daily Trades Done To Date Report, PESRM shall advise MLC of PESRM’s objection to any differences between such Daily Trades Done To Date Report and the immediately preceding Daily Trades Done To Date Report received by PESRM (provided, that any such objection must be based on the grounds that the terms set forth in the relevant Daily Trades Done To Date Report are inconsistent with those of the related PESRM Buy Request, PESRM Sales Request or Cover Request, as applicable, and must be stated in writing and in reasonable detail), failing which PESRM shall be deemed to have accepted and agreed that such Daily Trades Done To Date Report accurately sets forth the principal economic terms of all CO Supply Contracts, CO Transactions, RP Transactions, RP Sales Contracts, Cover Transactions and MLC-PESIC Secured Prepay Transactions as of the Day(s) covered by such Daily Trades Done To Date Report.  MLC and PESRM agree that each Daily Trades Done To Date Report shall constitute the written confirmation of each CO Transaction, RP Transaction and Cover Transaction entered into (or deemed to be entered into) by MLC and PESRM on the Day(s) covered by such Daily Trades Done To Date Report.

 

Section 3.12                             Crude Oil Title and Risk of Loss.  Title and risk of loss with respect to the Crude Oil subject to each CO Supply Contract or Prepay Transaction shall pass to MLC when it receives delivery of such products.

 

Section 3.13                             Crude Oil Good and Marketable Title.  MLC represents and warrants that, on delivery of any Crude Oil to PESIC or PESRM in accordance with Section 3.12 (as applicable), good and marketable title to such Crude Oil shall pass to PESIC or PESRM (as applicable) on such delivery, free and clear of all Liens and encumbrances (except for security interests of MLC provided for in the PESRM Transaction Documents and security interests of PESIC provided for in the PESIC-PESRM Secured Prepay Transaction documents).

 

Section 3.14                             CRUDE OIL NO WARRANTY OF MERCHANTABILITY.  WITH RESPECT TO CO SUPPLY CONTRACTS AND PESRM-MLC CO SECURED PREPAY TRANSACTIONS, PESRM AGREES THAT (A) IT SHALL TAKE DELIVERY OF SUCH CRUDE OIL “AS IS, WHERE IS” AND “WITH ALL FAULTS”, AND (B) MLC MAKES NO WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND ALL IMPLIED WARRANTIES ARE DISCLAIMED.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Section 3.15                             Crude Oil Payment Responsibility and Invoicing.

 

(a)                                 MLC shall be responsible for paying invoices with respect to CO Supply Contracts, Prepay Transactions relating to Crude Oil and all related CO Transportation and Other Costs (it being understood and agreed that PESRM shall be directly responsible for any and all costs, including, costs relating to demurrage, incurred in connection with the transportation, delivery and receipt of Hydrocarbons pursuant to any PESRM-MLC Secured Prepay Transaction), which CO Transportation and Other Costs shall be included in the payments due under this Agreement, as provided for in Article V. Upon request, MLC shall promptly provide PESRM with copies of Counterparty and third party invoices, which may be redacted as deemed necessary by MLC in accordance with its policies and procedures; provided that, in no event shall MLC be required to provided PESRM with copies of greater than twenty-five (25) Counterparty or third party invoices in any calendar quarter. All refunds or adjustments of any type received by MLC related to the CO Transportation and Other Costs shall be for the account of PESRM and shall be reflected in an Invoice and/or Monthly True-Up Invoice, as applicable.

 

(b)                                 CO Transportation and Other Costs may not be invoiced by MLC to PESRM until MLC itself is invoiced, which for this purpose shall include a pro forma invoice, for such costs.

 

Section 3.16                             Daily Actual Production Book; Further Assurances in Respect of On-Premise Infrastructure.  When (a) any infrastructure assets comprised of Affiliate Transferee Assets owned by an Affiliate Transferee are added to Other Third Party Infrastructure in accordance with the definition thereof and/or (b) any Affiliate Transferee Assets are leased by a Transaction Party to an Affiliate Transferee, the form of the Daily Actual Production Book will be amended by the parties hereto to include such Affiliate Transferee Assets.  In addition, if reasonably requested by MLC, with respect to any On-Premise Infrastructure comprised of Affiliate Transferee Assets, PESRM hereby agrees to provide, or cause to be provided, to MLC data and information concerning any such Affiliate Transferee Assets that is comparable to the data and information that MLC receives, as of the Effective Date, concerning other comparable, existing On-Premise Infrastructure.

 

Section 3.17                             PESRM-MLC CO Secured Prepay Transactions; International Transactions.

 

(a)                                 [Reserved].

 

(b)                                 CO Supply Contract; PESRM-MLC CO Secured Prepay Transaction.  Notwithstanding anything to the contrary herein or in any other PESRM Transaction Document, neither MLC nor PESRM shall enter into any PESRM-MLC CO Secured Prepay Transaction without first (or concurrently with the entry into such PESRM-MLC CO Secured Prepay Transaction) entering into a CO Supply Contract with respect to the Crude Oil that is the subject of such PESRM-MLC CO Secured Prepay Transaction.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(c)                                  International Transactions.  The Parties shall not enter into, and MLC shall not be required to enter into, any PESRM-MLC CO Secured Prepay Transaction (or equivalent transaction with a third party) or CO Supply Contract in which:

 

(i)                                     the loading terminal and/or delivery location is located in any jurisdiction that is outside of the United States, or

 

(ii)                                  Crude Oil is otherwise transported through any jurisdiction outside of the United States, until and unless all filings and other arrangements have been made in such jurisdiction which are, in MLC’s commercially reasonable discretion, necessary or appropriate with respect to (x) MLC’s Lien on the Crude Oil subject to such PESRM-MLC CO Secured Prepay Transaction (or equivalent transaction with a third party) or CO Supply Contract and (y) Applicable Law (including obtaining any applicable permits), or

 

(iii)                               a vessel is used which has not been approved by both MLC (acting in its sole discretion) and the terminal receiving such vessel. MLC shall make good faith efforts to promptly approve such vessel.

 

Section 3.18                             [Reserved].

 

Section 3.19                             First Purchaser Requirements.

 

(a)                                 PESRM shall, on or before the Effective Date, provide to MLC a prioritized list of the United States jurisdictions in which PESRM anticipates requesting that MLC act as “first purchaser” of Product pursuant to CO Supply Contracts or PESRM-MLC CO Secured Prepay Transactions (such list being attached hereto as Schedule 3.19, it being understood that subsequent revisions to this list by PESRM shall not require an amendment to this Agreement).

 

(b)                                 MLC shall, promptly following the Effective Date, and promptly following the addition of any United States jurisdiction to Schedule 3.19, use commercially reasonable efforts to, with respect to each United States jurisdiction set forth on such list and in the priority order indicated thereon:

 

(i)                                     diligence such US jurisdiction’s Applicable Law with respect to the laws, rules and regulations applicable to “first purchasers” of Product (such laws, rules and regulations, “First Purchaser Requirements”);

 

(ii)                                  obtain all Governmental Approvals relating to such United States jurisdiction as are necessary or appropriate in order for MLC to act as a “first purchaser” of Product in connection with this Agreement and the other PESRM Transaction Documents, any PESRM-MLC CO Secured Prepay Transactions and any CO Supply Contracts; and

 

(iii)                               put in place such operational and/or compliance policies, procedures, systems and/or personnel related to such United States jurisdiction as are

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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necessary or appropriate in connection with MLC’s compliance with the First Purchaser Requirements.

 

(c)                                  MLC and PESRM shall cooperate in good faith to facilitate the process described in this Section 3.19.

 

Prior to incurring any costs in connection with Section 3.19(b), MLC shall provide an estimate of such costs to PESRM for approval. Upon receipt of approval of such estimate from PESRM, MLC shall undertake the activities set forth in such estimate. PESRM shall reimburse MLC for all approved costs and expenses incurred by MLC in connection with the First Purchaser Requirements, including conducting diligence, obtaining Governmental Approvals, etc., in accordance with Article V.  Notwithstanding the above, PESRM acknowledges and agrees that MLC cannot make any assurances of being able to actually satisfy and implement all requirements under this Section 3.19(b) with respect to First Purchaser Requirements for any particular jurisdiction requested.

 

ARTICLE IV.

 

PURCHASE, SALE AND DELIVERY OF
 REFINED PRODUCTS

 

Section 4.01                             Supply by PESRM of Refined Products Produced by the Refinery.  From and after the Effective Date, PESRM agrees to supply, sell and deliver to MLC, and MLC agrees to purchase and take delivery of, all of the Refined Products processed by the Refinery upon the terms and conditions set forth herein and MLC shall be the exclusive purchaser of Refined Products produced by the Refinery during the Term; provided that, the foregoing shall not be construed to prevent or limit any PESRM-MLC RP Secured Prepay Transactions otherwise entered into in accordance with the terms hereof or any transaction permitted to be entered by PESRM pursuant to Section 4.09(c).

 

Section 4.02                             Conditions to Refined Product Purchase Obligation. Notwithstanding any other provision of this Article IV, all of MLC’s obligations under this Article IV are subject to (a) PESRM’s compliance with the Sales Protocols as set forth in Section 4.09, (b) the ability of third party purchasers of Refined Products from MLC to meet MLC’s Credit Requirements, and (c) no related Applicable Condition having occurred.

 

Section 4.03                             Reserved.

 

Section 4.04                             Third Party Reports.

 

(a)                                 At or before 4:00 p.m. ET of each Business Day during the Term, commencing on the first Business Day following the Effective Date, PESRM shall use commercially reasonable efforts to cause Third Party Infrastructure owners to provide to MLC any and all inventory, receipt, delivery and sales reports (and the SXL Report) prepared by such owners, identifying the Hydrocarbons owned by MLC or which are part of the MLC Separate Assets and Collateral in such Third Party Infrastructure, which reports with respect to sales of Refined Products at Racks owned by PPC and SXL shall be substantially in the form of Schedule

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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4.04(a)(i) and Schedule 4.04(a)(ii), respectively; provided that if any such reports are not delivered at or before 4:00 p.m. ET on any such Business Day, MLC shall, in its reasonable discretion, estimate any such deliveries and sales to Third Parties on such Day based on any such reports delivered on the prior Day, provided further that in no event shall any estimate determined pursuant to this proviso apply to any period longer than one Day.

 

(b)                                 MLC shall, in its reasonable discretion, determine the types, grades and volumes of Refined Products that were delivered to each applicable delivery point, and purchased and sold, on any Day pursuant to this Agreement, any PESRM Transactions, any CO Supply Contracts, any RP Sales Contracts and/or any Cover Transactions, as applicable.

 

Section 4.05                             RP Transactions and Certain RP Sales Contracts.

 

(a)                                 On each Day during the Term, PESRM shall sell to MLC and MLC shall purchase from PESRM all Refined Products produced by PESRM at the Refinery (other than butane, Refined Products subject to Section 4.13 and, for the avoidance of doubt, Section 12.01(a)(i)(C)) to be delivered to MLC by PESRM at the RP Delivery Point, in each case by type, grade and volume, on each Day as set forth in the Daily Actual Production Book for such Day (each such binding purchase and sale obligation, an “RP Transaction”), with the pricing for each such RP Transaction to be determined by reference to Schedule 5(b).

 

(b)                                 Each of the Assigned RP Contracts is hereby designated as a RP Sales Contract in respect of all Refined Products sold or to be sold thereunder.

 

Section 4.06                             Refined Product Title.  PESRM represents and warrants that, on delivery of any Refined Product to MLC at the RP Delivery Point, good and marketable title to such Refined Product shall pass to MLC on such delivery, free and clear of all Liens and encumbrances (except for security interests of MLC provided for in the PESRM Transaction Documents).

 

Section 4.07                             REFINED PRODUCT - NO WARRANTY OF MERCHANTABILITY.  PESRM MAKES NO WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OTHER THAN THAT THE REFINED PRODUCTS DELIVERED TO THE RP DELIVERY POINT OR PURSUANT TO ANY PESRM-MLC RP SECURED PREPAY TRANSACTION SHALL CONFORM TO THE APPLICABLE REFINED PRODUCT SPECIFICATIONS, AND ALL APPLICABLE ENVIRONMENTAL REGULATORY SPECIFICATIONS FOR SUCH REFINED PRODUCT OR TO SUCH OTHER SPECIFICATIONS AS ARE FROM TIME TO TIME AGREED UPON BY THE PARTIES.

 

Section 4.08                             [Reserved].

 

Section 4.09                             Refined Product Sales Protocols.  PESRM and MLC shall mutually agree on the Principal RP Terms applicable to sales by MLC of Refined Products of the same types, grades and volumes purchased by MLC under this Agreement, the RP Transactions and any PESRM-

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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MLC RP Secured Prepay Transactions, in each case, in accordance with the protocols set forth below (the “Sales Protocols”).

 

(a)                                 Commencing with the delivery of the first Oil Flow Report and continuing until RP Sales Contracts concerning all of the Refined Products set forth in such report or any subsequent Oil Flow Report are entered into, PESRM shall identify opportunities to sell Refined Products to purchasers (each, a “Product Purchaser”) of the types and grades, and in the volumes, reflected in the then current Oil Flow Report and shall promptly notify MLC of such opportunities.  Notwithstanding the foregoing, except as otherwise mutually agreed by PESRM and MLC, MLC shall have no obligation to enter into any RP Sales Contract or PESRM-MLC RP Secured Prepay Transaction that would provide for delivery of Refined Products, at the Product Purchaser Delivery Point more than sixty (60) days after the date of entry into such contract.  MLC may, but is not required to, identify opportunities to sell Refined Products to one or more potential Product Purchasers or to purchase Refined Products for MLC’s own account (in which case, MLC would be the potential Product Purchaser) and may notify PESRM of any such opportunities.

 

(b)                                 PESRM may negotiate directly with potential Product Purchasers in respect of any or all of the Principal RP Terms that, subject to MLC’s agreement, will be applicable to MLC’s sales of Refined Products to Product Purchasers.  From time to time, PESRM shall present MLC with a request by email, substantially in the form of Schedule 3.09(b) (each, a “PESRM Sales Request”) that MLC sell Refined Products to one or more potential Product Purchasers, and on such Principal RP Terms, as are identified in such request.  PESRM shall not be permitted to revoke any PESRM Sales Request unless PESRM notifies MLC of such revocation in writing and MLC confirms such revocation in writing, in each case, prior to the date and time at which MLC enters into any RP Sales Contract covered by such request. To the extent that email or other electronic means of communication is not available at any time to permit delivery of communications pursuant to this clause (b) by email, PESRM shall deliver all communications pursuant to this clause (b) to MLC through its Designated Sales Representative by telephone.

 

(c)                                  Upon receipt of any PESRM Sales Request, MLC shall make good faith efforts, subject to MLC’s Credit Requirements, to enter into a contract to sell Refined Products, to each potential Product Purchaser identified in such request (each such contract, a “RP Sales Contract”).  All of the terms of each RP Sales Contract (including the Principal RP Terms) must be reasonably acceptable to MLC.  In the negotiation of RP Sales Contracts, MLC shall use commercially reasonable efforts to obtain the agreement of the proposed Product Purchasers to the use of such General Terms and Conditions and other terms as may be reasonably requested by PESRM and acceptable to MLC; provided, that (i) MLC shall have no liability in the event that any Product Purchasers do not agree to such General Terms and Conditions or other terms and (ii) the failure of Product Purchasers to agree to General Terms and Conditions or such other terms requested by PESRM

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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shall have no impact on MLC’s rights or PESRM’s obligations under this Agreement, including PESRM’s indemnity obligations under this Agreement.  MLC shall indicate to PESRM in writing whether MLC intends to enter into a RP Sales Contract with respect to such PESRM Sales Request (i) with respect to any Product Purchaser with which MLC has previously entered into transactions pursuant to this Agreement, not later than two (2) Business Days after delivery to MLC of any PESRM Sales Request and (ii) with respect to any Product Purchaser with which MLC has not previously entered into transactions pursuant to this Agreement, not later than five (5) Business Days after delivery to MLC of any PESRM Sales Request, which response may specify that a longer period may be required by MLC to ensure satisfaction of any requirements set forth in this Agreement with respect to on-boarding of such Product Purchaser and any information which MLC requires and has not yet obtained  (or obtained access to) to complete such on-boarding. To the extent MLC elects not to enter into a RP Sales Contract with respect to such PESRM Sales Request for any reason (including, without limitation, if a Product Purchaser has not yet been on-boarded by MLC), notwithstanding anything to the contrary in this Agreement, PESRM shall be permitted to enter into the arrangement set forth in such PESRM Sales Request directly with the applicable Product Purchasers; provided that if any such Product Purchaser has previously commenced the on-boarding process with MLC and has not been on-boarded by MLC due to failure to satisfy or comply with MLC’s then current “Know Your Customer” procedures (applied equally across all similarly situated counterparties) (including any reasonable requests for information from such Product Purchaser in connection therewith), such Product Purchaser shall be acceptable to MLC in its sole discretion; provided, further, that (x) concurrently with entry into this arrangement, PESRM enters into a back-to-back RP Sales Contract with MLC on the same terms set forth in such PESRM Sales Request (“PESRM/MLC RP Sales Contract”), (y) the terms of such PESRM/MLC RP Sales Contract  include a payment term requiring PESRM to prepay the RP Sales Contract Prepayment Amount in full prior to any delivery of such Refined Products and (z) for all purposes of this Agreement, such PESRM/MLC RP Sales Contract is deemed to constitute a “RP Sales Contract”.

 

MLC shall not be required to enter into any RP Sales Contract or PESRM-MLC RP Secured Prepay Transaction with any Product Purchaser or PESRM, as applicable, that (aa) does not satisfy MLC’s Credit Requirements, (bb) will not be priced at or around the time of delivery of the applicable Refined Products to the Product Purchaser, PESRM or MLC, as applicable, by reference to an Applicable Refined Product Index, (cc) would require MLC to deliver any Refined Product at any location other than the Product Purchaser Delivery Point, except in connection with any associated PESRM-MLC RP Secured Prepay Transaction, (dd) that would impose any Liability under any Environmental Law on MLC that MLC, in its sole discretion, is not willing to accept, (ee) would require MLC to make rack sales of Refined Products (A) at the Belmont Truck Rack to any Person other than (1) Sunoco PMT or (2) PESRM or a mutually agreed Product Purchaser and (B) at any Rack other than the Belmont Truck Rack, to any Person other than PESRM or another mutually agreed Product Purchaser, (ff) would

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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require the use of Required Infrastructure that is or could reasonably be expected to be unavailable, (gg) would require MLC to allocate shortfalls of Refined Products among Product Purchasers on any basis other than in the manner that MLC may see as fit in respect of any such shortfall (provided, that any Product Purchaser’s agreement to allow MLC to allocate shortfalls in any manner that MLC may see as fit shall have no impact on MLC’s rights and PESRM’s obligations under this Agreement, including PESRM’s indemnity obligations under this Agreement), (hh) uses a vessel which has not been approved by both MLC (acting in its sole discretion) and the terminal receiving such vessel, or (ii) would require MLC to make any delivery of Refined Products on any date following the end of the Term.  MLC shall use good faith efforts to approve a vessel within one (1) Business Day of receiving a request therefor from PESRM. Rack sales by MLC to PESRM (if any) shall be made pursuant to a separate contract to be mutually agreed that shall not be subject to these Sales Protocols (the “Rack Sales Contract”); provided, that any such contract shall constitute a RP Sales Contract for purposes of this Agreement.  In addition to the foregoing limitations, MLC shall not be required to enter into any RP Sales Contract if there is a breach or default under any PESIC-PESRM Secured Prepay Transactions or MLC-PESIC Secured Prepay Transactions or if MLC determines, in its reasonable discretion, that no MLC-PESIC Secured Prepay Transaction or PESIC-PESRM Secured Prepay Transaction can be booked in order to ensure that MLC can perform its obligations under such RP Sales Contract.

 

In the event one or more of the Principal RP Terms that MLC negotiates with any potential Product Purchaser to a RP Sales Contract are inconsistent with those of the related PESRM Sales Request, MLC shall ask PESRM to re-confirm the PESRM Sales Request in respect of such RP Sales Contract and will not enter into any such RP Sales Contract unless PESRM so re-confirms such PESRM Sales Request.  In the event that, after such reconfirmation (or in the event PESRM fails to provide such reconfirmation), the Principal RP Terms that MLC negotiates with the potential Counterparty to the RP Sales Contract remain inconsistent with the terms of the related PESRM Sales Request, MLC shall be under no obligation to enter into any such RP Sales Contract (it being understood that nothing in the foregoing shall be construed as preventing PESRM from submitting a new PESRM Sales Request).  Any such request, and the related re-confirmation, may be provided by email.

 

In the event that the terms of any trade confirmation proposed by a Product Purchaser in connection with any RP Sales Contract differ from the Principal RP Terms that are proposed in the related PESRM Sales Request, MLC shall attempt to resolve such differences with the applicable Counterparty. In the event MLC is unable to resolve such differences, MLC will so notify PESRM. PESRM shall promptly (and in any event within two (2) Business Days of MLC’s notification thereof) notify MLC whether PESRM objects to such different term. If PESRM does not respond within such period or if it accepts such term(s), MLC will accept such terms. In the event that PESRM rejects such term(s), MLC shall use commercially reasonable efforts to negotiate with the applicable Counterparty to

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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revise such term(s) in a matter that is mutually acceptable to PESRM and MLC. So long as the Principal RP Terms proposed by PESRM to MLC with respect to such transaction are the same terms as those proposed by MLC to such Product Purchaser, either initially or in subsequent negotiations, with respect to such transaction, PESRM shall be deemed to be bound by any terms and conditions of the resulting transaction, which terms shall constitute part of such RP Sales Contract.

 

In the event that the terms of any trade confirmation proposed by a Counterparty in connection with any RP Sales Contract, other than the Principal RP Terms are different from the form of MLC trade confirmation attached hereto as Schedule 4.09(c), MLC shall notify PESRM of such differences.  PESRM shall notify MLC whether it accepts or rejects each such different terms within two (2) Business Days of MLC’s notification thereof.  In the event that PESRM does not respond to MLC’s notification within the timeframe set forth in the foregoing sentence or accepts such terms, PESRM shall be deemed to have accepted all such terms of the applicable confirmation.  In the event that PESRM objects to any such different term within the two (2) Business Day timeframe set forth above in this paragraph, MLC shall use commercially reasonable efforts to negotiate with the applicable Counterparty to revise such different terms in a matter that is mutually acceptable to PESRM and MLC.  So long as the terms other than the Principal RP Terms proposed by PESRM to MLC with respect to such transaction are the same terms as those proposed by MLC to such Product Purchaser, either initially or in subsequent negotiations, with respect to such transaction, PESRM shall be deemed to be bound by any terms and conditions of the resulting transaction, which terms shall constitute part of such RP Sales Contract.  Any such terms that are accepted or deemed accepted shall be binding, as between PESRM and MLC.  Notwithstanding anything to the contrary in this Section 4.09(c), in no event shall MLC be required to accept terms provided in any trade confirmation that would otherwise not meet the requirements for RP Sales Contracts to be entered into pursuant to this Agreement.

 

(d)                                 MLC shall be the sole owner of, and have the sole dominion and control over, all RP Sales Contracts, including having the exclusive right to amend, restate, supplement, novate, assign, sell, terminate, cancel or otherwise dispose of any such RP Sales Contract in its discretion; provided, that no such action shall affect MLC’s obligations under this Agreement.

 

(e)                                  All statements and representations made by PESRM’s advisors, agents, attorneys, consultants, contractors, directors, employees, officers, managers and representatives in connection with proposed and actual RP Sales Contracts and PESRM-MLC RP Secured Prepay Transactions shall be made on behalf of PESRM in its own capacity, and PESRM is not authorized to act as agent for or to bind MLC in connection with the negotiation or execution of any RP Sales Contracts or PESRM-MLC RP Secured Prepay Transactions, nor to make any representations to any counterparty on behalf of MLC.  Unless expressly authorized by MLC in writing, any advice, recommendations, warranties or

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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representations made to any counterparty by PESRM shall be the sole and exclusive responsibility of PESRM, and MLC shall not be liable for any errors, omissions or misinformation that PESRM or its advisors, agents, attorneys, consultants, contractors, directors, employees, officers, managers or representatives provide to any counterparty, unless such error, omission or misinformation is included in such express MLC authorization.

 

(f)                                   In respect of each and every outstanding RP Sales Contract and PESRM-MLC RP Secured Prepay Transaction, PESRM must timely provide to MLC, directly through one or more RP Transactions and/or indirectly through timely authorizations to enter into one or more RP Cover Transactions, with Refined Products (each having such qualities and being in such volumes) that collectively are sufficient to enable MLC to fully and timely satisfy all of MLC’s obligations under such RP Sales Contract.

 

Section 4.10                             Prepayments.

 

(a)                                 With respect to all Rack Sales Contracts that are outstanding on any Day of any quarter of the Term, PESRM shall prepay to MLC the Rack Sale Prepayment Amount applicable for such Day, in accordance with Article V.

 

(b)                                 Starting from the first quarter following December 31, 2014, the Estimated Daily Rack Sale Amount may be increased or decreased, based on the Average Rack Sale Daily Amount for the prior quarter, which will be calculated by MLC on a Business Day that is the tenth (10th) Business Day prior to the beginning of any calendar quarter, as follows: if the Average Rack Sale Daily Amount for any prior quarter is greater than or lower than the Estimated Daily Rack Sale Amount payable in the prior quarter by an amount equal to at least $[**], the Estimated Daily Rack Sale Amount applicable to the following quarter shall be increased or decreased, as applicable, by such amount.  The Estimated Daily Rack Sale Amount shall be further proportionately increased or decreased, as determined by MLC, using its commercially reasonable discretion, to take into account (i) any addition to or removal of any Racks from any Required Infrastructure and (ii) any material expansions or contractions of working capacity at any Racks, such increase or decrease, as applicable, to take effect on the Day on which a new Rack becomes part of the Required Infrastructure, a then existing Rack is removed from the Required Infrastructure or such material expansion or contraction of the working capacity of any Rack occurs, provided that such modifications are made on the basis of information relating to increases or decreases to throughput provided by PESRM to MLC in a timely manner, and only to the extent any such increases or decreases constitute an increase or decrease in the aggregate of at least $[**].

 

(c)                                  Each Rack Sale Prepayment Amount will be trued up with the actual amount of MLC Refined Product sales to PERSM at Racks in accordance with the invoicing provisions set forth in Article V.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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With respect to all PESRM-MLC RP Sales Contract that are outstanding on any Day, PESRM shall prepay to MLC in full the RP Sales Contract Prepayment Amount for such PESRM-MLC RP Sales Contracts, in accordance with Article V. Each RP Sales Contract Prepayment Amount will be trued up with the actual amount of MLC Refined Products sales under PESRM-MLC RP Sales Contracts in accordance with the invoicing provisions set forth in Article V.

 

Section 4.11                             RP Payment Responsibility and Invoicing.

 

(a)                                 MLC shall be responsible for paying invoices with respect to Prepay Transactions relating to Refined Products and all RP Transportation and Other Costs (it being understood and agreed that PESRM shall be directly responsible for any and all costs, including, without limitation, costs relating to demurrage, incurred in connection with the transportation, delivery and receipt of Hydrocarbons pursuant to any PESRM-MLC Secured Prepay Transaction), which RP Transportation and Other Costs shall be included in the payments due under this Agreement, as provided for in Article V.  All refunds or adjustments of any type received by MLC related to the RP Transportation and Other Costs shall be for the account of PESRM and shall be reflected in an Invoice or the Monthly True-Up Invoice, as applicable.

 

(b)                                 RP Transportation and Other Costs may not be invoiced by MLC to PESRM until MLC itself is invoiced, which for this purpose shall include a pro forma invoice, for such costs.

 

Section 4.12                             PESRM-MLC RP Secured Prepay Transactions; International Transactions.

 

(a)                                 [Reserved].

 

(b)                                 RP Sales Contract.  Notwithstanding anything to the contrary herein or in any other PESRM Transaction Document, neither MLC nor PESRM shall enter into any PESRM-MLC RP Secured Prepay Transaction without first (or concurrently with the entry into such PESRM-MLC RP Secured Prepay Transaction) entering into a RP Sales Contract with respect to the Refined Products that are the subject of such PESRM-MLC RP Secured Prepay Transaction.

 

(c)                                  International Transactions.  The Parties shall not enter into, and MLC shall not be required to enter into, any PESRM-MLC RP Secured Prepay Transaction (or equivalent transaction with a third party) or RP Sales Contract in which:

 

(i)                                     the loading terminal and/or delivery location is located in any jurisdiction that is outside of the United States, or

 

(ii)                                  Refined Products are otherwise transported through any jurisdiction outside of the United States, until and unless all filings and other arrangements have been made in such jurisdiction which are, in MLC’s commercially reasonable discretion, necessary or appropriate with respect to (x) MLC’s Lien on the Refined Products subject to such PESRM-MLC

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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RP Secured Prepay Transaction (or equivalent transaction with a third party) or RP Sales Contract and (y) Applicable Law (including obtaining any applicable permits), or

 

(iii)                               a vessel is used which has not been approved by both MLC (acting in its sole discretion) and the terminal receiving such vessel.

 

Section 4.13                             Initial RP Purchases.  Notwithstanding anything in this Agreement to the contrary, each of MLC’s purchases of Refined Products  (a) under the Inventory Sales Agreement, (b) under the Products Sales Agreement and (c) pursuant to any New MLC Transactions (other than any Sleeve Transactions) under the Wind-Down Agreement (such purchases described in clauses (a), (b) and (c), collectively, the “Initial RP Purchases”) shall be deemed to be an RP Cover Transaction that was entered into by MLC; provided, that no Cover Throughput Service Fee shall be payable in respect of any Initial RP Purchase.  MLC shall calculate the applicable Cover Transaction Price Amounts with respect to such transactions, which Cover Transaction Price Amounts shall be payable by MLC or PESRM, as applicable, in accordance with Section 12.07.  In addition, PESRM shall be responsible for all Cover Transportation and Other Costs incurred, or owed by MLC, in connection with the Initial RP Purchases, which costs shall be payable in accordance with Section 12.07.

 

Section 4.14                             Butane Sale Transactions.

 

(a)                                 Butane Sale Transactions.  On each Butane Inventory Draw Day, MLC shall be deemed to have sold to PESRM and PESRM shall be deemed to have purchased from MLC a volume of butane equal to the Butane Inventory Draw on such Day (each such transaction, a “Butane Sale Transaction”), in each case, of the type and grade set forth in the Daily Actual Production Book and/or the SXL Report, as applicable, with the pricing for each Butane Sale Transaction to be determined by reference to Schedule 5(b).  Notwithstanding the foregoing, all of MLC’s obligations with respect to Butane Sale Transactions are subject to no related Applicable Condition having occurred.

 

(b)                                 Butane Sale Transaction True-Ups.  In connection with the Butane Sale Transactions, in the event that either Party obtains knowledge of a discrepancy between the Butane Inventory reflected in the Daily Actual Production Book and the SXL Report and the actual volumes of butane (measured in Barrels) produced or acquired and used or sold by PESRM on any Day, such party shall promptly notify the other Party of such discrepancy, and the Parties shall work in good faith to confirm whether or not such discrepancy exists and, if so, the extent of such discrepancy.  Upon agreement between the Parties as to the existence and extent of any discrepancy, PESRM shall make an adjustment in the Daily Actual Production Book on the next Business Day to eliminate any such discrepancy. For the avoidance of doubt, any resulting increase or decrease in the Butane Inventory shall be taken into account in determining whether there is a Butane Inventory Build or a Butane Inventory Draw on the Day on which any such adjustment occurs.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(c)                                  NO WARRANTY OF MERCHANTIBILITY.  WITH RESPECT TO ALL BUTANE SALE TRANSACTIONS, PESRM AGREES THAT (A) IT SHALL TAKE DELIVERY OF SUCH BUTANE “AS IS, WHERE IS” AND “WITH ALL FAULTS”, AND (B) MLC MAKES NO WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND ALL IMPLIED WARRANTIES ARE DISCLAIMED.

 

(d)                                 Costs and Invoicing.  Any and all direct expenses incurred by MLC (and not previously paid by PESRM) that, if such Butane Sale Transaction were a sale of butane by MLC to a third party pursuant to an RP Sales Contract would be RP Transportation and Other Costs, shall be deemed to be RP Transportation and Other Costs for all purposes of this Agreement and the other PESRM Transaction Documents, which RP Transportation and Other Costs shall be included in the payments due under this Agreement, as provided for in Article V.

 

Section 4.15                             Off-Spec Product.  If any Refined Products delivered to MLC at the RP Delivery Point, held in storage by PESRM at the Basic Infrastructure or delivered to any Product Purchaser at the Product Purchaser Delivery Point or at any other delivery point in connection with a RP Sales Contract that is entered into in connection with a PESRM-MLC RP Secured Prepay Transaction (as approved by MLC in its sole discretion) do not meet the required specifications for such Refined Products , MLC shall have the right, by notice to PESRM, to require PESRM promptly to take such actions, at PESRM’s sole cost and expense, as are reasonably necessary to bring such products into compliance with the applicable required specifications or to provide replacement products (including pursuant to Cover Transactions) that meet such specifications.

 

Section 4.16                             PESRM as Obligated Party.  PESRM shall be the “obligated party” as the refiner of all Refined Products certified or designated, as applicable, pursuant to 40 C.F.R. Part 80.  Nothing in this Agreement shall be interpreted to impart any responsibility to MLC to comply with Renewable Fuel Standards (including requirements therein for RVOs and RINs) as an “obligated party” pursuant to 40 C.F.R. Part 80 by virtue of the transactions contemplated by this Agreement.  PESRM shall, as a refiner, comply with all Renewable Fuel Standards (including requirements therein for RVOs and RINs) and all applicable fuel and fuel additive requirements set forth in 40 C.F.R. Part 80, and all other Applicable Laws (including Environmental Laws) related thereto.

 

ARTICLE V.

 

PAYMENTS AND INVOICING

 

Section 5.01                             Daily Payment.  On each Business Day of each Calendar Week, MLC shall prepare and deliver to PESRM an invoice (an “Invoice”) specifying:

 

The sum of all Crude Oil Price Amounts owed in respect of all Crude Oil delivered by MLC to PESRM at the applicable CO Delivery Point on the prior Day and each other Uninvoiced Day;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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PLUS

 

The sum of all Demurrage Costs and CO Transportation and Other Costs Eligible for Invoicing by MLC on the prior Day and each other Uninvoiced Day;

 

PLUS

 

The sum of all Throughput Service Fees and Cover Throughput Service Fees (other than the Annual Cover Throughput Service Fee) applied in respect of (i) all Crude Oil delivered by MLC at the CO Delivery Point, (ii) all Crude Oil delivered by MLC to third party purchasers pursuant to Cover Transactions and (iii) all Crude Oil for which delivery under any CO Supply Contract was cancelled pursuant to Cover Transactions, in each case on the prior Day and each other Uninvoiced Day;

 

PLUS

 

The sum of all Cover Transportation and Other Costs Eligible for Invoicing on the prior Day and each other Uninvoiced Day;

 

PLUS

 

The sum of all Volumetric Losses owed to MLC in respect of the prior Calendar Day and each other Uninvoiced Day;

 

PLUS

 

The sum of any ARPLA Revision Amount that is payable by PESRM in respect of any ARPLA Revision, as applicable, that occurred during such prior Day and each other Uninvoiced Day;

 

PLUS

 

The sum of all Cover Transaction Price Amounts due from PESRM, in each case on the prior Day and each other Uninvoiced Day;

 

PLUS

 

The sum of all Butane Sale Price Amounts due from PESRM, in each case in respect of the prior Day and each other Uninvoiced Day;

 

MINUS

 

The sum of all Refined Product Price Amounts owed in respect of all Refined Products, delivered by PESRM to MLC at the RP Delivery Point on the prior Day and each other Uninvoiced Day;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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MINUS

 

The sum of all Volumetric Gains owed to PESRM in respect of the prior Day and each other Uninvoiced Day;

 

MINUS

 

The sum of any ARPLA Revision Amount that is payable by MLC in respect of any ARPLA Revision, that occurred during the prior Day and each other Uninvoiced Day;

 

MINUS

 

The sum of all Cover Transaction Price Amounts due from MLC, in each case on the prior Day and each other Uninvoiced Day;

 

PLUS

 

The sum of all First Purchaser Compliance Costs incurred by MLC on the prior Day and each other Uninvoiced Day;

 

PLUS

 

The sum of all Throughput Service Fees and Cover Throughput Service Fees (other than the Annual Cover Throughput Service Fee) applied in respect of all Refined Products (i) delivered by MLC at the Product Purchaser Delivery Point, (ii) delivered to MLC at the RP Delivery Point pursuant to Cover Transactions and (iii) for which delivery was cancelled under any RP Sales Contract pursuant to Cover Transactions, in each case on the prior Day and each other Uninvoiced Day;

 

PLUS

 

The sum of all RP Transportation and Other Costs Eligible for Invoicing by MLC on prior Day and each other Uninvoiced Day;

 

PLUS

 

The sum of all MLC Refined Product sales to PESRM at Racks in respect to the prior Day and each other Uninvoiced Day;

 

MINUS

 

The sum of the Rack Sale Prepayment Amounts in respect of the prior Day and each other Uninvoiced Day;

 

PLUS

 

The sum of the Rack Sale Prepayment Amounts in respect of the following Day;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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PLUS

 

The sum of all MLC Refined Product sales to PESRM in accordance with RP Sales Contracts in respect to the prior Day and each other Uninvoiced Day;

 

MINUS

 

The sum of the RP Sales Contract Prepayment Amounts, in respect of all PESRM-MLC RP Sales Contracts for delivery on the prior Day and each other Uninvoiced Day;

 

PLUS

 

The sum of all RP Sales Contract Prepayment Amounts, in respect of all PESRM-MLC RP Sales Contracts for delivery on the following Day;

 

PLUS

 

The sum of all MLC Refined Product and Crude Oil sales to PESRM under all PESRM-MLC Sourcing Transactions in respect of the prior Day and each other Uninvoiced Day;

 

MINUS

 

The sum of all MLC Refined Product and Crude Oil purchases from PESRM pursuant to all PESRM-MLC Secured Prepay Transactions in respect of the prior Day and each other Uninvoiced Day;

 

PLUS

 

The Daily Cover Throughput Service Fee, in respect of the prior Day and each other Uninvoiced Day;

 

MLC shall determine the amount payable in respect of each Invoice and the identity of the Party owing such payment, it being understood that if the above sum is positive, PESRM shall be the Party owing such payment, and if the above sum is negative, MLC shall be the Party owing such payment.  In the event that the terms of any CO Supply Contract, RP Sales Contract or Cover Transaction include any true-up that is not expressly contemplated by this Agreement, the financial consequences of such true-up will, without duplication, be passed through to PESRM in any Invoice or Monthly True-up Invoice issued following the occurrence of such true-up.  In the event that adjustments are required to any previously issued Invoice, MLC shall have the right to incorporate such adjustments in subsequent Invoices until all numbers are final and accurate.  All amounts due and owing in respect of each Invoice shall be paid by the owing Party to the other Party on the next Business Day following PESRM’s receipt of each Invoice.

 

Section 5.02                             Monthly True-Up.  For each calendar month during the Term, the monthly true-up (the “Monthly True-Up”) shall be a financial adjustment required to correct for actual True Up Crude Oil Price Amounts, actual Demurrage Costs, actual CO Transportation and Other

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Costs (that are Eligible for Invoicing), actual Throughput Service Fees and actual Cover Throughput Service Fees in respect Crude Oil , actual Cover Transaction Price Amounts, actual Cover Transportation and Other Costs (that are Eligible for Invoicing), actual Volumetric Gains and Losses, actual Refined Product Price Amounts, actual ARPLA Revision Amounts, actual Prepaid Gasoline Price Amounts, actual RP Transportation and Other Costs (that are Eligible for Invoicing), actual Butane Sale Price Amounts and actual Throughput Service Fees and actual Cover Throughput Service Fees in respect Refined Products not already corrected in prior Invoices (with the sum of such corrections resulting in an amount payable either to MLC or to PESRM (and, if payable to PESRM, expressed as a negative number)),

 

PLUS

 

The sum of the True-Up Crude Oil Price Amount with respect to the prior calendar month;

 

PLUS

 

The Working Capital Fee, and the sum of the Section 3.09(d) Funding Costs, owed to MLC for each Day in the prior calendar month,

 

PLUS

 

The sum of all amounts owed by PESRM to MLC in respect of Indemnifiable Tax (and, except as provided in Section 7.01(d)(ii), taxes, interest and penalties related thereto) and other indemnities given by PESRM to MLC under the PESRM Transaction Documents in respect of the prior calendar month,

 

PLUS

 

The sum of all Specified Losses and Costs incurred by MLC in the prior calendar month,

 

PLUS

 

Without duplication, the sum of all refunds (including transmix reimbursements), adjustments and other costs and amounts then owed to MLC under this Agreement,

 

MINUS

 

Without duplication, the sum of all refunds, adjustments and other costs and amounts then owed to PESRM under this Agreement, including pursuant to Section 6.03,

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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PLUS

 

The positive difference (if any) of (i) the Monthly Cover Throughput Service Fee for the prior calendar month over (ii) the sum of all Daily Cover Throughput Service Fees paid by PESRM in the prior calendar month,

 

PLUS

 

Any Throughput Service Fee Implied Discount True-Up owed to MLC in respect of the prior calendar month,

 

MINUS

 

Any Throughput Service Fee Implied Discount True-Up owed to PESRM in respect of the prior calendar month.

 

On each Monthly True-Up Date, MLC shall determine the amount payable in respect of the Monthly True-Up for the calendar month immediately preceding the calendar month in which such Monthly True-Up Date occurs and the identity of the Party owing such payment, it being understood that if the above sum is positive, PESRM shall be the Party owing such payment, and if the above sum is negative, MLC shall be the Party owing such payment.  All amounts due and owing in respect of such Monthly True-Up shall be paid by the owing Party to the other Party on the second (2nd) Business Day following PESRM’s receipt of the invoice (each, a “Monthly True-Up Invoice”) for such Monthly True-Up. In the event that adjustments are required to any previously issued Monthly True-Up Invoice, MLC shall have the right to incorporate such adjustments in subsequent Monthly True-Up Invoices until all numbers are final and accurate.

 

Hedging Gains and Losses for Hydrocarbons purchased by MLC on the Effective Date.   Without duplication of any payment made under Section 4.13, any gains or losses incurred or accrued by MLC as the result of any deemed hedging adjustments made by MLC to reflect the difference between the estimated quantity of Hydrocarbons purchased by MLC on the Effective Date and the actual quantity of Hydrocarbons purchased by MLC on the Effective Date shall be for PESRM’s account.  MLC shall include such deemed hedging gains and losses, if any, in the applicable Invoice for the Day in which such gains and/or losses were incurred or accrued.

 

Section 5.03                             Auto Bin True-Ups.  On the second (2nd) Business Day after each expiry date of any deemed hedge roll in the Auto Bin, MLC shall determine the Auto Bin Deemed Hedge Roll Settlement Amount as of such expiry date and the identity of the Party owing such payment, and shall be invoiced by MLC on such Day of determination.  All amounts due and owing in respect of such Auto Bin Deemed Hedge Roll Settlement Amount shall be settled and shall be paid by the owing Party to the other Party on the second (2nd) Business Day following PESRM’s receipt of such invoice.

 

Section 5.04                             Disputed Invoices.  If PESRM, in good faith, disputes the accuracy of the amount invoiced, PESRM shall pay the undisputed amount and the disputed amount in excess of $[**] and provide written notice stating the reasons why the disputed amount is incorrect, along with supporting documentation.  In the event the Parties are unable to resolve such dispute within ten (10) Business Days, either Party may pursue any remedy available at law or in equity to enforce

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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its rights hereunder.  In the event that it is determined or agreed that one of the Parties must or will pay or return all or any portion of the disputed amount, then such Party shall pay interest from and including the original payment due date until, but excluding, the date such amount is received by the owed party, at the Default Interest Rate.

 

Section 5.05                             Payment Netting.  The Parties agree to net all amounts that are due each other under this Agreement and any Rack Sales Contract on the same Business Day, and the Parties shall confirm at least one (1) Business Day prior to the payment date, in writing, the amounts to be netted and any amounts remaining after such net-out (if any).  Any remaining balance after net-out shall be paid by the Party owing such amount to the other Party on the applicable payment date.  The owing Party’s payment of a net amount shall satisfy each Party’s payment obligations included in the settlement on a payment date.

 

Section 5.06                             Payment Convention.  Unless otherwise expressly provided for in this Agreement (a) if any payment due date under this Agreement falls on a Saturday or non-Monday weekday that is not a Business Day, such payment shall be made on the immediately preceding Business Day and (b) if the payment due date falls on a Sunday or Monday which is not a Business Day, such payment shall be made on the immediately following Business Day.

 

Section 5.07                             Tax Status of the Parties.  Prior to the first due date of a payment under this Agreement (and from time to time thereafter upon the reasonable request of the other Party), each Party shall deliver to the other Party a duly executed original of IRS Form W-9 or successor form certifying or establishing that it is exempt from U.S. federal backup withholding tax.

 

ARTICLE VI.

 

DOWNGRADE TERMINATION EVENT,
 ACKNOWLEDGEMENT AND OTHER MATTERS

 

Section 6.01                             Downgrade and Cost of Assurance Trigger Event.  If a MLC Ratings Trigger Event occurs and is continuing or a Cost of Assurance Trigger Event has occurred as of the end of the previous fiscal quarter, notwithstanding any other provision of this Agreement, PESRM shall have the right (but not the obligation) to terminate this Agreement in the manner provided for in Section 6.02 as if the Term Expiration Date had occurred by giving thirty (30) days advance notice of such termination to MLC, and if PESRM gives MLC such a termination notice, such thirtieth (30th) day shall be deemed to be the Term Expiration Date for purposes of Section 6.02; provided, that PESRM may extend the notice period preceding the deemed occurrence of any such Term Expiration Date for up to an additional thirty (30) days by providing MLC with at least ten (10) days advance notice of any such extension; and provided further that any termination right arising from the occurrence of a MLC Ratings Trigger Event or a Cost of Assurance Trigger Event must be exercised within ninety (90) days following such occurrence; and provided further that if an Event of Default or Termination Event, or a PESRM Prepayment Amount Failure, occurs during any period covered by this Section 6.01, MLC and/or PESRM, as applicable, shall have all of the rights and remedies specified in Article XIV with respect to such Event of Default or Termination Event and/or Section 3.09(d) with respect to such PESRM Prepayment Amount Failure, as applicable.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Section 6.02                             Termination at Expiration of the Term.

 

(a)                                 On the expiration of the Term (such date, the “Term Expiration Date”), all then outstanding PESRM Transactions, this Agreement, all other PESRM Transaction Documents and all documents related to the PESIC-PESRM Secured Prepay Transactions shall be extended to the date (the “Final Termination Date”) that is necessary solely to allow for (i) the continued performance of all then outstanding PESRM Transactions, CO Supply Contracts, PESRM-MLC Secured Prepay Transactions, MLC-PESIC Secured Prepay Transactions, PESIC-PESRM Secured Prepay Transactions, RP Sales Contracts and Cover Transactions, and (ii) without duplication, the sale to PESRM and/or one or more mutually acceptable third party purchasers of all of then current in-transit and in-storage Crude Oil, Refined Product inventories with respect to this Agreement; provided, that at any time prior to the Final Termination Date, all of then current in-transit and in-storage Crude Oil and Refined Product inventories with respect to this Agreement may be sold to PESRM or a mutually acceptable third party, in each case on mutually agreed prices and terms (including arrangements for novations, back to back purchases and sales and/or settlement payments, as applicable, in respect of then outstanding CO Supply Contracts, PESRM-MLC Secured Prepay Transactions, RP Sales Contracts, Cover Transactions and/or PESRM Transactions, it being acknowledged that such novations and/or other transactions under such contracts (other than PESRM Transactions) will require the agreement of third parties), and MLC and PESRM shall cooperate in good faith to facilitate such sales.  During the period following the Term Expiration Date, but prior to the Final Termination Date, (x) each of the Parties shall cooperate in good faith with the other Party to implement an orderly transition, and (y) MLC shall assign and/or transfer to PESRM all of its rights, title, interest, liabilities and obligations under all Assigned Agreements and, to the extent reasonably requested by PESRM, shall request that each counterparty to any Assigned Agreement assign to PESRM any related assets (including using its commercially reasonable efforts, subject to applicable tariffs, to assign to or at the direction of PESRM any related records) which had been previously assigned or transferred to MLC in connection with the transactions contemplated under such Assigned Agreement.  If an Event of Default or Termination Event occurs during the period between the Term Expiration Date and the Final Termination Date, MLC and/or PESRM, as applicable, shall have all of the rights and remedies specified in Article XIV with respect to such Event of Default or Termination Event, as applicable.  Notwithstanding the occurrence of the Final Termination Date, MLC shall continue to issue invoices under this Agreement with respect to any amounts that remain outstanding between the Parties on and after the Final Termination Date and any true-ups or corrections required by this Agreement.

 

(b)                                 Notwithstanding any other provision of this Agreement, if the Final Termination Date has not occurred within sixty (60) days following the Term Expiration Date, MLC shall have the right, in its sole discretion, by written notice to PESRM to (x) terminate, liquidate and accelerate any or all of such PESRM Transactions, CO Supply Contracts, PESRM-MLC Secured Prepay Transactions, RP Sales

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Contracts and Cover Transactions and any of the PESIC-PESRM Secured Prepay Transactions (or, to the extent not entered into with PESRM, sell, assign or novate any CO Supply Contracts, Secured Prepay Transactions, RP Sales Contracts and Cover Transactions), and/or (y) without duplication, sell all of then current in-transit and/or in-storage Crude Oil and Refined Product inventories to one or more third party purchasers (such terminations, close-outs and sales, collectively, a “Wind-down Liquidation”).  PESRM shall reimburse MLC for any and all losses, costs and expenses (including any market structure or related costs under Schedule 5(c)) incurred by MLC (and after giving effect to any gains realized by MLC) with respect to such Wind-down Liquidation, which amounts shall be payable, from time to time, within two (2) Business Days following MLC’s delivery of an invoice to PESRM with respect to such amounts.  Sales by MLC of Hydrocarbons pursuant to this Section 6.02(b) shall not be subject to any of the Protocols.

 

Section 6.03                             Unexcused MLC Failure to Deliver or Accept.  Unless excused by Force Majeure or any other Applicable Condition, if MLC fails to deliver or accept all or part of the volume of the Hydrocarbons as required in any PESRM Transaction, CO Supply Contract, RP Sales Contract or Cover Transaction on the applicable delivery date, then the financial remedy set forth below shall apply:

 

(a)                                 Unexcused MLC Failure to Deliver under any PESRM Transaction.  MLC, as the seller under any PESRM Transaction, shall pay to PESRM under such PESRM Transaction, as part of the Monthly True-Up for the month in which the failure occurs, an amount equal to the product of (i) the amount of the Hydrocarbons that MLC failed to deliver (if any) and (ii) an amount equal to (x) the market offer price for the applicable Hydrocarbon at the applicable delivery point at the time the failure occurred minus (y) the price for such Hydrocarbon under this Agreement (except that if the difference between the amounts in subclauses (x) and (y) is zero or negative, then MLC shall have no obligation to make any payment to PESRM), all as determined by MLC, acting in a commercially reasonable manner.

 

(b)                                 Unexcused MLC Failure to Accept Delivery under any PESRM Transaction.  MLC, as the buyer under any PESRM Transaction, shall pay to PESRM as part of the Monthly True-Up for the month in which the failure occurred, an amount equal to the product of (i) the amount of the Hydrocarbon that MLC failed to accept (if any) and (ii) an amount equal to (x) the price for such Hydrocarbon under this Agreement minus (y) the market bid price for the applicable Hydrocarbon at the applicable delivery point at the time the failure occurred (except that if the difference between the amounts in subclauses (x) and (y) is zero or negative, then MLC shall have no obligation to make any payment to PESRM), all as determined by MLC, acting in a commercially reasonable manner.

 

(c)                                  Unexcused MLC Failure to Deliver under any RP Sales Contract.  MLC, as the seller under any RP Sales Contract, shall pay to PESRM as part of the Monthly True-Up for the month in which the failure occurred, an amount equal to the

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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positive True-Up Refined Product Price Amount (if any), as applicable, that would have been payable to PESRM under such RP Sales Contract if the relevant Hydrocarbons had been delivered to the purchaser on the scheduled delivery date under such RP Sales Contract; provided, that such amounts shall not be payable with respect to a failure to deliver by MLC that results from a failure by MLC to perform under a corresponding Cover Transaction that is subject to Section 6.03(d).

 

(d)                                 Unexcused MLC Failure to Deliver or Receive under any Cover Transaction.  MLC, as the purchaser or seller, as applicable, under any Cover Transaction, shall pay to PESRM, as part of the Monthly True-Up for the month in which such failure occurred, an amount equal to the Cover Transaction Price Amount, if any, that would have been payable to PESRM if MLC had delivered or received such Hydrocarbons on the scheduled delivery date under such Cover Transaction.

 

Section 6.04                             Semi-Annual Inspections.

 

(a)                                 On a semi-annual basis during the Term, MLC shall have the right, for the purpose of protecting MLC Separate Assets and Collateral against potential loss and at its own cost and expense, to have an independent inspector conduct surveys and inspections of any of the Tanks, and to observe any Hydrocarbon transfer, handling or related activities; provided, that such surveys and inspections shall be made during normal working hours and upon reasonable notice and shall not disrupt the normal operations of the Refinery or the other Basic Infrastructure, as applicable, and comply with the rules and procedures of the Refinery or the other Basic Infrastructure, as applicable.  In the event that such independent inspector, applying commercially reasonable industry standards, identifies any material adverse condition (a “Material Adverse Condition”), MLC shall notify PESRM (and, with respect to infrastructure not consisting of PESRM Infrastructure, the third party provider of such infrastructure) of the independent inspector’s findings, and MLC shall have the right in its sole discretion, by written notice to PESRM, to request PESRM not to store any additional MLC Separate Assets and Collateral in any Tanks or related infrastructure affected by such Material Adverse Conditions, and such affected Tanks and related infrastructure shall, on and after PESRM’s receipt of such notice and until the time such Material Adverse Condition is corrected, be deemed to be unavailable for purposes of Section 6.06.  PESRM shall have a commercially reasonable period of time to correct (or, with respect to infrastructure not consisting of PESRM Infrastructure, the third party provider of such infrastructure shall have a commercially reasonable period of time to correct), at its own cost and expense, such Material Adverse Condition; provided, that if such condition is of such a nature as can be reasonably remedied by relocating MLC Separate Assets and Collateral, as applicable, to other, non-affected Basic Infrastructure without materially diminishing any of the rights and services to which MLC is entitled under this Agreement and the other PESRM Transaction Documents, then PESRM will be deemed to have satisfied such correction obligation by accomplishing such relocation within such time period.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Section 6.05                             Required Infrastructure.

 

(a)                                 MLC’s obligations under this Agreement, the other PESRM Transaction Documents, the MLC-PESIC Secured Prepay Transactions, the CO Supply Contracts, the PESRM-MLC Secured Prepay Transactions, RP Sales Contracts and/or Cover Transactions to supply Crude Oil to PESRM, to sell Crude Oil to purchasers, to purchase Refined Products from PESRM, to sell Refined Products to purchasers identified by PESRM and to purchase Refined Products from suppliers identified by PESRM are, in all respects, subject to any limits imposed by the working capacity available to MLC at any time on any vessels, barges, docks, racks, railcars, railroads, railroad loading and unloading facilities, terminals, pipelines, storage tanks and other facilities and equipment that are necessary to the performance by PESRM or MLC of its obligations under the PESRM Transactions, the MLC-PESIC Secured Prepay Transactions, the CO Supply Contracts, the PESRM-MLC Secured Prepay Transactions, the RP Sales Contracts and/or the Cover Transactions, including any such facilities at the Refinery, the other Basic Infrastructure and the Butane Rail Facility (collectively, as of any date of determination, the “Required Infrastructure”), and any failure of performance by MLC under any such contracts or transactions that results, directly or indirectly, from any limits imposed by the working capacity allocated to MLC on Required Infrastructure shall be excused and shall not give rise to a MLC Event of Default.

 

(b)                                 In the event that working capacity allocated to MLC on Required Infrastructure becomes unavailable for any reason (including any provision of this Section 6.05 or Section 6.04), PESRM shall be required to use commercially reasonable efforts to secure replacement capacity at PESRM’s sole cost and expense as necessary to permit MLC to meet its delivery, receipt and resale obligations under the PESRM Transactions, the MLC-PESIC Secured Prepay Transactions, the CO Supply Contracts, the PESRM-MLC Secured Prepay Transactions, the RP Sales Contracts and/or the Cover Transactions, as applicable.

 

Section 6.06                             PESRM-MLC Secured Prepay Transactions.                                     Notwithstanding anything to the contrary in this Section 6.06, the Parties hereby acknowledge and agree that each PESRM-MLC Secured Prepay Transaction (x) constitutes an extension of credit and a “financial accommodation” to or for the benefit of PESRM within the meaning of Sections 365(c)(2) and 365(e)(2) of the Bankruptcy Code and, accordingly, (y) entry into each such PESRM-MLC Secured Prepay Transaction must be reviewed and approved in accordance with MLC’s then current Credit Requirements, as consistently applied; provided, however, that to the extent MLC determines that, for purposes of this Section 6.06, PESRM does not meet MLC’s then current Credit Requirements as consistently applied, MLC must provide written notice of such determination to PESRM, within sixty (60) days following such determination (it being understood that MLC’s failure to approve a PESRM-MLC Secured Prepay Transaction with PESRM will not preclude MLC from entering into a similarly structured transaction with a third-party in connection with the CO Supply Contract (or the RP Sales Contract, as applicable) for which such PESRM-MLC Secured Prepay Transaction was contemplated). Where the terms of any CO Supply Contract (or any RP Sales Contract, as applicable) would require the

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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transportation of Crude Oil by vessel (including any Vessel), tank truck, railcar and/or pipeline, MLC shall, subject to Section 3.17 and the first sentence of this Section 6.06, have the right to require PESRM to enter into one or more PESRM-MLC Secured Prepay Transactions under the PESRM-MLC ISDA Master Agreement with respect to such Vessel, tank truck, railcar and/or pipeline transportation requirements.

 

Section 6.07                             Accounting Treatment. Each Transaction Party represents and warrants that it has taken all necessary steps including review of the PESRM Transaction Documents with a senior representative of its finance group and its external auditor, as necessary, to ensure the appropriate financial and accounting treatment, regulatory and disclosure standards are complied with in connection with the PESRM Transaction Documents for each Transaction Party and its Affiliates.

 

Section 6.08                             [Reserved].

 

Section 6.09                             Change in Law.  Each Party shall make reasonable efforts to monitor any proposed Change in Law which may reasonably be expected to have an impact on such Party’s performance of its obligations under the PESRM Transaction Documents or its ability to hedge its trading positions in a commercially reasonable manner, including those relating to purchases and sales under, and inventories maintained in connection with, this Agreement or its other business (“Hedging Activities”) and shall promptly notify the other Party upon becoming aware of any such proposed Change in Law.  Such notice shall identify the proposed Change in Law and set out, in reasonable detail, the effects the notifying Party anticipates such Change in Law would have upon the PESRM Transaction Documents (or such Party’s performance thereunder) or its Hedging Activities if enacted.  The Parties shall in good faith meet to discuss what measures (if any) can be taken by either Party (or both) to minimize and/or mitigate the effect of any such proposed Change in Law.  If a Change in Law results or would result in a Party (the “Adversely Affected Party”) (a) violating any Applicable Law in connection with its Hedging Activities, or (b) incurring incremental damages, losses, costs, expenses, fees, fines, payments, Indemnifiable Taxes, liabilities, penalties or other sanctions of a monetary nature in excess of $[**] per annum solely as a result of such Party’s performance of its obligations under the Transaction Documents or as a result of its Hedging Activities, in each case the Adversely Affected Party shall be entitled to request that the Parties meet for purposes of addressing such Change in Law by providing written notice (a “Change in Law Notice”) to the other Party (the “Non-Affected Party”).  Within seven (7) days of receipt of a Change in Law Notice, the Parties shall meet in good faith with a view to identifying any steps (the “Consequential Steps”) that would alleviate the effects of the relevant Change in Law on the Adversely Affected Party, which may include an agreement between the Parties to share the relevant incremental losses incurred by the Adversely Affected Party or the amendment of any PESRM Transaction Document.  In identifying the Consequential Steps, the Parties shall, as far as is reasonably practicable, do so in a manner that preserves the balance of the commercial agreement (including economic benefits, risk allocation, costs and liabilities) existing between the Parties under this Agreement as of the Effective Date.  In the event the Parties cannot reach agreement on the Consequential Steps and on the implementation of the same within thirty (30) days of receipt by the Non-Affected Party of the Change in Law Notice, either Party may terminate this Agreement in the manner provided for in Section 6.02 as if the Term Expiration Date had occurred by giving

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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the other Party thirty (30) days advance notice of such termination, and such thirtieth (30th) day shall be deemed to be the Term Expiration Date for purposes of Section 6.02.

 

Section 6.10                             PESRM Acknowledgement.  PESRM acknowledges and agrees that (a) MLC is a merchant of crude oil, non-crude feedstock, refined products and blendstock and may, from time to time, be dealing with prospective counterparties, or pursuing trading or hedging strategies, in connection with aspects of MLC’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 PESRM, (b) MLC may, but is not required to, determine whether to advise PESRM of any potential transaction with a counterparty and prior to advising PESRM of any such potential transaction MLC may, in its discretion, determine not to pursue such transaction or to pursue such transaction in connection with another aspect of MLC’s business and MLC would have no liability of any nature to PESRM as a result of any such determination, (c) MLC has no fiduciary or trust obligations of any nature with respect to the Refinery or PESRM, (d) MLC may enter into transactions and purchase or sell crude oil, non-crude feedstock, refined products and/or blendstock for its own account or the account of others at prices more favorable than those being paid by or to PESRM hereunder, and (e) nothing herein would be construed to prevent MLC, or any of its advisors, agents, attorneys, consultants, contractors, directors, employees, officers, representatives, partners or Affiliates, in any way from purchasing, selling or otherwise trading in crude oil, non-crude feedstock, refined products, blendstock 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 or any other PESRM Transaction Document.  Notwithstanding the foregoing, MLC would have the obligation to execute CO Supply Contracts, PESRM-MLC Secured Prepay Transactions, and RP Sales Contracts in a manner consistent with the PESRM Transaction Documents and to otherwise perform its obligations hereunder.

 

Section 6.11                             Inventory Volumes.  For purpose of this Agreement, all Hydrocarbon inventory volumes shall be determined on a net standard volume basis, such that the saleable volume of Hydrocarbon inventory shall exclude BS&W, and shall be adjusted to a standard temperature of 60 degrees Fahrenheit by the appropriate volume correction factor for the observed temperature and API gravity.

 

Section 6.12                             [Reserved].

 

Section 6.13                             Procedures for Resolving Claims Against Third Parties.  The Parties shall consult with each other and coordinate how to handle and resolve any claims that MLC may have against any Person with respect to any CO Supply Contract, any PESRM-MLC Secured Prepay Transaction, any RP Sales Contract, any Cover Transaction or any exchange of futures for physicals related to any of the foregoing, any leases, subleases or assignments of any Third Party Infrastructure or Assigned Agreements or any CO Transportation and Other Costs, RP Transportation and Other Costs, Cover Transportation and Other Costs or Demurrage Costs.  To the extent that PESRM believes that any claim should be made by MLC for the account of PESRM against any Person with respect to any CO Supply Contract, any PESRM-MLC Secured Prepay Transaction, any RP Sales Contract, any Cover Transaction or any exchange of futures for physicals related to any of the foregoing, or any such leases, subleases or assignments, or any CO Transportation and Other Costs, RP Transportation and Other Costs, Cover Transportation

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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and Other Costs or Demurrage Costs, MLC shall, in its sole discretion after consultation with PESRM (provided, that any such consultation with PESRM shall not limit MLC’s exercise of its sole discretion), either (a) take any commercially reasonable actions as requested by PESRM directly to prosecute such claim or (b) assign its rights and interests as necessary to allow PESRM to contest, litigate or resolve such matter by a mutually acceptable alternative means that shall allow PESRM to pursue the claim, in each case at PESRM’s sole cost and expense, and all recoveries resulting from the prosecution of such claim shall be for the account of PESRM (and MLC shall only be liable to PESRM to the extent of, and in the same form as, such recoveries actually received by MLC).  In any case covered by clause (a) above, MLC shall not settle or otherwise compromise the relevant claim without PESRM’s consent (such consent not to be unreasonably withheld, delayed or conditioned), and in any case covered by clause (b) of the immediately preceding sentence, MLC shall be entitled to assist PESRM in the prosecution of the relevant claim and shall cooperate with PESRM in such prosecution, in each case in a commercially reasonable manner and at PESRM’s sole cost and expense.

 

Section 6.14                             Operational Imbalances.  MLC and PESRM recognize that due to the normal operation of one or more pipeline systems, storage facilities, dock facilities and other loading and unloading facilities and the like, certain operational imbalances (each, an “Operational Imbalance”) may arise from time to time with respect to Hydrocarbons to be sold and delivered under this Agreement due to, among other things, variations in rates of the flow of such Hydrocarbons, transit times, inaccuracies in the measurement and allocation of such Hydrocarbons and other physical reasons.  To the extent any such Operational Imbalance occurs and causes either Party to be unable to satisfy all or any part of its delivery or purchase obligations with respect to a PESRM Transaction, such Party shall not be deemed to be in default hereunder with respect to its delivery or purchase obligation for such PESRM Transaction and the shortfall or excess quantity of Hydrocarbon, as applicable (the “Imbalance Quantity”), shall be carried forward to the following delivery month or delivery months, as applicable, and settled in cash or physically settled by delivery or redelivery as soon as possible as agreed by the Parties.  MLC and PESRM shall take all necessary steps to account for and settle any such Imbalance Quantity in a commercially reasonable manner and shall adjust future nominations and deliveries of Hydrocarbon in accordance with the foregoing provisions.

 

Section 6.15                             PESRM/PESIC Failure to Perform.  Any failure by PESRM or PESIC, respectively, to receive from, or deliver to, MLC, at the CO Delivery Point, the RP Delivery Point or the Product Purchaser Delivery Point, as applicable, on any Day, any Hydrocarbons that were scheduled to be received from, or delivered to, MLC on such Day under any PESRM Transaction, MLC-PESIC Secured Prepay Transaction, PESIC-PESRM Secured Prepay Transaction or Cover Transaction and that MLC was, at the time of such PESRM or PESIC failure, obligated to buy and receive from a seller, or sell and deliver to a purchaser under (x) any CO Supply Contract, any RP Sales Contract, MLC-PESIC Secured Prepay Transaction or any Cover Transaction or (y) any other purchase or sale of such Hydrocarbons, as applicable, that was entered into by MLC pursuant to this Agreement shall excuse (as between MLC and PESRM) any failure by MLC to perform under any such contracts or transactions to the extent of any such PESRM or PESIC failure (any such PESRM or PESIC failure, a “PESRM/PESIC Failure to Perform”).

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Section 6.16                             Foreign Trade Zone Operator; Imports and Exports.

 

(a)                                 Foreign Trade Zone Operator.  From and after the Effective Date, PESRM shall (i) be solely responsible for operating the Philadelphia Foreign Trade Zone No. 35 (the “PESRM FTZ”), (ii) prepare, maintain and file all necessary documentation in connection with operation of the PESRM FTZ, and (iii) maintain all records, inventories and accounts of operations within the PESRM FTZ in accordance with Applicable Laws and the requirements of the U.S. Customs and Border Protection Service (“Customs”) and any other Governmental Authority.

 

(b)                                 Imports.  PESRM shall be the importer of record (or, if applicable, the exporter of record) for any Crude Oil, imported by virtue of the transactions contemplated by this Agreement and shall (i) prepare, maintain and file all necessary documentation as importer of record, and (ii) pay any and all duties, fees or taxes imposed as a result of importation of Crude Oil in connection with the transactions contemplated by this Agreement.

 

(c)                                  Exports.  PESRM shall be the exporter of record with respect to any sales of Refined Products to third parties for export by virtue of transactions contemplated by this Agreement and, where applicable, shall prepare, maintain and file all necessary documentation as exporter of recordand (ii) pay any and all duties, fees or taxes imposed as a result of exportation of Refined Products in connection with the transactions contemplated by this Agreement.

 

Section 6.17                             MLC Guaranty.  During the Term, MLC shall provide and maintain with PESRM a guaranty agreement substantially in the form attached hereto as Schedule 6.17 (the “MLC Guaranty”), pursuant to which Bank of America Corporation (“MLC Guarantor”) shall guarantee the prompt payment when due of all of MLC’s obligations under the PESRM Transactions and the PESRM Transaction Documents in an aggregate amount not to exceed $100,000,000.

 

Section 6.18                             Demurrage Cost Invoicing.  Demurrage Costs may not be invoiced by MLC to PESRM until MLC itself is invoiced, which for this purpose shall include a pro forma invoice, for such costs; provided, that if as of any Day, MLC reasonably determines that the aggregate amount of Demurrage Costs (that have been incurred by MLC, but for which it has not yet been invoiced) as of such Day exceeds $[**], MLC may invoice PESRM for such aggregate amount of Demurrage Costs.  The provisions of Section 5.04 shall not apply to any Demurrage Costs invoiced by MLC.  MLC shall not settle or otherwise compromise any demurrage claim without PESRM’s consent (such consent not to be unreasonably withheld, delayed or conditioned).

 

Section 6.19                             Inventory, Sale and Receipt Data Reconciliation.  Each Party will, and with respect to PESRM, will cause each of its Subsidiaries (other than Excluded Subsidiaries), upon the request of the other Party, to make commercially reasonable efforts to reconcile its inventory, sale and receipt data with the inventory, sale and receipt data of such other Party.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Section 6.20                             Anti-Corruption Laws.

 

(a)                                 The parties to this Agreement are committed to compliance with the Applicable Laws of the United States as well as the laws of other countries that are, or may be, of potential relevance, including all Applicable Laws to one or both Parties relating to bribery, money laundering and/or corrupt payments, such as the Foreign Corrupt Practices Act, 15 U.S.C. §§78dd-1 et. seq., and the UK Bribery Act of 2010 (all such laws being collectively referred to herein as the “Anti-Corruption Laws”).  Accordingly, each Party hereto hereby represents, warrants and covenants that:

 

(i)                                     It is now in compliance with the Applicable Laws required for its performance under this Agreement as well as the Anti-Corruption Laws of any other countries or jurisdictions that are applicable to the transactions that are contemplated herein and will remain in compliance with all such Applicable Laws for the duration of this Agreement.  The provisions of this Agreement and the transactions contemplated hereby are legal and binding under the laws of the relevant jurisdictions, including all applicable Anti-Corruption Laws and Applicable Laws and regulations relating to taxation and exchange control.

 

(ii)                                  It has not taken and will not take any actions in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any government official (including any officer or employee of a foreign government or government-controlled entity or of a public international organization, or any person acting in an official or representative capacity for or on behalf of any of the foregoing, or any political party or official thereof, or candidate for political office, or legislative, administrative or judicial officials whether or not elected or appointed, all of the foregoing being referred to as “Government Officials”) or to any other person while knowing that all or some portion of the money or value will be offered, given or promised to a Government Official for the purposes of obtaining or retaining business, an advantage in the conduct of business or securing any improper disadvantage.

 

(iii)                               It has not taken and will not take any actions in furtherance of an offer, payment, promise to pay or authorization of the payment or giving of, or a request or acceptance of, money or anything else of value, to or by any other person (whether or not a Government Official) while knowing that all or some portion of the money or value offered, given or promised to such other person is for the purpose of securing the improper performance of that person’s function or misuse of that person’s position.

 

(iv)                              No part of the payments received by a Party under this Agreement,  directly or indirectly, from the other Party will be used for any purpose which would cause a violation of the laws of the United States or any

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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other applicable jurisdiction including any applicable Anti-Corruption Laws.

 

(b)                                 [Reserved].

 

(c)                                  [Reserved].

 

(d)                                 Either Party may terminate this Agreement immediately upon written notice in the event that the other Party has breached any representation or warranty set forth in Section 6.20(a).  In the event of a breach of any of the representations and warranties set forth in this Section 6.20, any claims for payment by a Party with regard to any transaction for which a breach of the representations has occurred shall be void. The breaching Party shall further indemnify and hold the non-breaching Party harmless against any and all claims, losses or damages arising from or related to such breach.

 

Section 6.21                             [Reserved].

 

Section 6.22                             Transmix.  The volume of transmix that is created as the result of any shipment of Hydrocarbons pursuant to the terms of this Agreement shall be treated as a Volumetric Loss.  Any reimbursements received by MLC from third parties with respect to transmix volumes resulting from shipments pursuant to this Agreement shall be for PESRM’s account. Such transmix reimbursements shall be included in the Monthly True-Up Invoice that corresponds to the month in which such reimbursement was received by MLC.

 

Section 6.23                             [Reserved].

 

Section 6.24                             Aggregate Liability Limitations.

 

(a)                                 Unless otherwise agreed by MLC (in its sole discretion), notwithstanding anything to the contrary in this Agreement or any other PESRM Transaction Document or MLC-PESIC Secured Prepay Transaction, MLC shall have no obligation to enter into any CO Supply Contract, any RP Sales Contract, any PESRM-MLC Secured Prepay Transaction, MLC-PESIC Secured Prepay Transaction or any Cover Transaction if, as of any Monthly True-Up Date, the sum of (a) the arithmetic average of the sum, for each Day, in the calendar month immediately preceding the calendar month in which such Monthly True-Up Date occurs, of the amounts listed in clauses (a) and (b) of the definition of Working Capital Amount plus (b) the sum of (i) the stated amount of all Letters of Credit (as defined in the Senior Secured Credit Facility) outstanding on the last Day of the calendar month immediately preceding the calendar month in which such Monthly True-Up Date occurs, (ii) the aggregate principal amount of Loans (as defined in the Senior Secured Credit Facility) outstanding on the last Day of the calendar month immediately preceding the calendar month in which such Monthly True-Up Date occurs and (iii) all interest and fees accrued and unpaid on the foregoing items in clauses (i) and (ii) on the last Day of the calendar month immediately preceding the calendar month in which such Monthly True-Up Date occurs (such sum of the amounts in clauses (a) and (b), the “Aggregate Liability

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Amount”), exceeds $2,000,000,000, as determined by MLC, which determination shall be binding on the Parties absent manifest error.

 

(b)                                 MLC shall have no obligation to enter into any CO Supply Contract, any RP Sales Contract, any PESRM-MLC Secured Prepay Transaction, any MLC-PESIC Secured Prepay Transaction or any Cover Transaction if, as of any Day, the aggregate notional value (measured in U.S. Dollars) of all “Prepay Transactions” under and as defined in the MLC-PESIC ISDA Master Agreement outstanding as of such Day exceeds $1,500,000,000, as determined by MLC, which determination shall be binding on the Parties absent manifest error.

 

Section 6.25                             [**] No Title to Hydrocarbons.  For the avoidance of doubt, except as [**] may hold title to Hydrocarbons in connection [**], in no event shall [**].

 

ARTICLE VII.

 

INDEMNITIES

 

Section 7.01                             Indemnities.

 

(a)                                 PESRM’s Duty to Indemnify.  Without duplication of any indemnity provided for in Section 7.01(b), to the fullest extent permitted by Applicable Law, PESRM shall defend, indemnify and hold harmless MLC, its Affiliates, and their respective advisors, agents, attorneys, consultants, contractors, directors, employees, officers, managers and representatives from and against any Liabilities directly or indirectly arising out of (i) any breach by (x) PESRM of any covenant contained in this Agreement, any other PESRM Transaction Document, the PESIC-PESRM ISDA Master Agreement or other PESIC-PESRM Secured Prepay Transaction Document or the PESRM-MLC ISDA Master Agreement or in connection therewith or (y) PESIC of any covenant contained in the PESIC-PESRM ISDA Master Agreement, any other PESIC-PESRM Secured Prepay Transaction Document, the MLC-PESIC ISDA Master Agreement or any other MLC-PESIC Secured Prepay Transaction Document or made in connection therewith, (ii) any representation or warranty of (x) PESRM made in this Agreement, any other PESRM Transaction Document, the PESIC-PESRM ISDA Master Agreement or the PESRM-MLC ISDA Master Agreement or in connection therewith or (y) PESIC made in the PESIC-PESRM ISDA Master Agreement, any other PESIC-PESRM Secured Prepay Transaction Document, the MLC-PESIC ISDA Master Agreement or any other MLC-PESIC Secured Prepay Transaction Document, in each case, proving to be false or misleading, (iii) any failure by PESRM or PESIC to comply with or observe any Applicable Law (including Environmental Laws and the failure to obtain or maintain any Environmental Permits), (iv) the failure to comply with Renewable Fuel Standards including requirements therein for RVOs and RINs, and all other requirements of 40 C.F.R. Part 80, (v) PESRM’s or PESIC’s negligence or willful misconduct, (vi) any indemnification by MLC of PESIC or any other Indemnified Party (as defined in the Framework Agreement) other than an MLC Caused

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Indemnity or (vii) injury, disease or death of any person, damage to or loss of any property or any fine or penalty, any of which is caused by PESRM, PESIC or either of its advisors, agents, attorneys, consultants, contractors, directors, employees, officers, managers or representatives in the exercise of any of the rights granted under this Agreement or any other PESRM Transaction Documents, the PESIC-PESRM ISDA Master Agreement, the other PESIC-PESRM Secured Prepay Transaction Documents, the MLC-PESIC ISDA Master Agreement, the other MLC-PESIC Secured Prepay Transaction Documents or the PESRM-MLC ISDA Master Agreement except to the extent that such injury, disease, death, or damage to or loss of property was caused by any MLC Event.

 

(b)                                 PESRM Indemnities with respect to Certain Contracts. Without duplication of any indemnity provided for in Section 7.01(c), to the fullest extent permitted by Applicable Law, PESRM shall defend, indemnify and hold harmless MLC, its Affiliates and their respective advisors, agents, attorneys, consultants, contractors, directors, employees, officers, managers and representatives from and against any Liabilities or claims directly or indirectly arising out of or relating to this Agreement, any other Transaction Documents, any CO Supply Contract, any PESRM-MLC Secured Prepay Transaction, any RP Sales Contract or any Cover Transaction, any MLC-PESIC Secured Prepay Transaction, any PESIC-PESRM Secured Prepay Transaction or MLC’s or any counterparty’s performance hereunder or thereunder (it being understood that any gains in connection therewith shall be for PESRM’s account), including:

 

(i)                                     any actual or alleged failure by PESRM or PESIC to receive from, or deliver to, MLC or PESIC, as applicable, at the CO Delivery Point, the RP Delivery Point or the Product Purchaser Delivery Point or any delivery point pursuant to a PESRM-MLC Secured Prepay Transaction or any delivery point pursuant to a PESIC-PESRM Secured Prepay Transaction or any delivery point pursuant to a MLC-PESIC Secured Prepay Transaction, as applicable, on any Day, any Hydrocarbons that were scheduled to be received from, or delivered to, MLC or PESIC, as applicable, on such Day under any PESRM Transaction, Cover Transaction, PESRM-MLC Secured Prepay Transaction, MLC-PESIC Secured Prepay Transaction or PESIC-PESRM Secured Prepay Transaction and that MLC or PESIC was, at the time of such PESRM failure, obligated to buy and receive from a seller, or sell and deliver to a purchaser under (x) any CO Supply Contract, any PESRM-MLC Secured Prepay Transaction, any MLC-PESIC Secured Prepay Transaction, any PESIC-PESRM Secured Prepay Transaction, any RP Sales Contract or any Cover Transaction or (y) any other purchase or sale of such Hydrocarbons, as applicable, that was entered into by MLC pursuant to this Agreement;

 

(ii)                                  any actual or alleged failure of any Hydrocarbon delivered pursuant to a CO Supply Contract, PESRM-MLC Secured Prepay Transaction, RP Sales Contract, Cover Transaction or PESIC-PESRM Secured Prepay

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Transaction to conform to the specifications set forth in such CO Supply Contract, RP Sales Contract or Cover Transaction, PESRM-MLC Secured Prepay Transaction, MLC-PESIC Secured Prepay Transaction or PESIC-PESRM Secured Prepay Transaction;

 

(iii)                               any actual or alleged breach by MLC of any representations and warranties relating to the Principal Terms of, or contained in the general terms and conditions applicable to, any CO Supply Contract, PESRM-MLC Secured Prepay Transaction, RP Sales Contract or Cover Transaction, but in each case excluding any actual or alleged breach by MLC of any such representations and warranties in respect of organization, powers, due authorization, enforceability, no conflicts, litigation and compliance with laws and material agreements that are specific to MLC;

 

(iv)                              without duplication of any indemnity provided for in any other subclause of this Section 7.01(b), any actual or alleged breach by MLC of any term of any CO Supply Contract, any PESRM-MLC Secured Prepay Transaction, any RP Sales Contract, any Cover Transaction or any Third Party Consent Agreement;

 

(v)                                 any actual or alleged breach by any counterparty of any term of any CO Supply Contract, any RP Sales Contract, any Cover Transaction or any Third Party Consent Agreement;

 

(vi)                              any allocation of Refined Products among outstanding RP Sales Contracts in respect of any shortfall in supply; or

 

(vii)                           any actual or alleged breach by MLC of any actual or alleged contractual duty of MLC to use commercially reasonable efforts to mitigate damages to the counterparty to any RP Sales Contract in sourcing Refined Products to cover any failure to deliver Refined Products under such RP Sales Contract.

 

provided, that PESRM shall have no duty to indemnify MLC in accordance with this Section 7.01(b) to the extent due to (x) any MLC Event; or (y) arising, directly or indirectly, from the bankruptcy or insolvency of a third party seller or third party purchaser under any CO Supply Contract, RP Sales Contract or Cover Transaction.

 

(c)                                  Additional PESRM Indemnities.

 

(i)                                     Without limiting the above-described indemnities, PESRM shall defend, indemnify and hold harmless MLC, its Affiliates, and their respective advisors, agents, attorneys, consultants, contractors, directors, employees, officers, managers and representatives from and against any Liabilities (including the costs of any Response, natural resources damages, personal injury and property damages, civil and criminal penalties and defense

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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costs including reasonable attorneys’ fees and disbursements) under any applicable Environmental Law (including the Resource Conservation and Recovery Act, 42 U.S.C. §§6901 et seq., CERCLA, and the Pennsylvania Land Recycling and Environmental Remediation Standards Act, 35 P.S. §§6026.101 et seq. or any successor statutes thereto) resulting from the transportation and/or delivery to and from, and operations at, the Refinery or any other PESRM Infrastructure, except to the extent that such liability is due to the negligence or willful misconduct on the part of MLC, its Affiliates or any of their respective agents, consultants, contractors, directors, employees, officers or representatives; provided, that MLC shall not be responsible for any failure relating to the negligence or willful misconduct of PESRM, its Affiliates or any of their respective agents, consultants, contractors, directors, employees, officers, managers or representatives, in each case when acting as a consultant to MLC.

 

(d)                                 PESRM Tax Indemnification.

 

(i)                                     To the fullest extent permitted by Applicable Law, PESRM shall defend, indemnify and hold harmless MLC and its Affiliates against the amount of all Indemnifiable Taxes, and all penalties and interest thereon, paid, owing, asserted against, or incurred by MLC and/or its Affiliates directly or indirectly by reason of the procurement, purchase, ownership, storage, transfer, transport, sale or use of the Hydrocarbons or lease or use of any Required Infrastructure pursuant to this Agreement or any other PESRM Transaction Document, or any CO Supply Contract, PESRM-MLC Secured Prepay Transaction, MLC-PESIC Secured Prepay Transaction or any MLC-PESIC Secured Prepay Transaction Document, PESIC-PESRM Secured Prepay Transaction, RP Sales Contract (including any such RP Sales Contract with PESRM, notwithstanding any other tax provision that might be included in such RP Sales Contract with PESRM unless such tax provision makes specific reference to this Section 7.01(d)(i)), or Cover Transaction, or by reason of any other transaction or service contemplated hereunder or thereunder (including any PESRM-MLC Secured Prepay Transaction, MLC-PESIC Secured Prepay Transaction or any MLC-PESIC Secured Prepay Transaction Document, or PESIC-PESRM Secured Prepay Transaction), other than any taxes withheld from a payment made by MLC to a supplier under any CO Supply Contract, PESRM-MLC Secured Prepay Transaction, MLC-PESIC Secured Prepay Transaction or any MLC-PESIC Secured Prepay Transaction Document, PESIC-PESRM Secured Prepay Transaction, or Cover Transaction (which taxes, for the avoidance of doubt, are addressed elsewhere in this Agreement, including in the definitions and treatment of CO Transportation and Other Costs and Cover Transportation and Other Costs).  In the event that PESRM is not permitted to pay such Indemnifiable Taxes, other amounts due from PESRM to MLC under the PESRM Transaction Documents shall be adjusted such that PESRM shall bear the economic burden of the Indemnifiable Taxes.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(ii)                                  To the extent permitted by Applicable Law, PESRM shall be required to pay when due such Indemnifiable Taxes described in Section 7.01(d)(i) unless there is an applicable exemption from such Indemnifiable Tax, with written confirmation of such tax exemption to be contemporaneously provided to MLC.  To the extent that MLC is the Person required by law to collect and account to the applicable tax authority for any such Indemnifiable Taxes, MLC will pay such Indemnifiable Taxes, and any applicable penalties or interest owing or assessed in relation thereto, to the applicable taxing authority, and one-hundred percent (100%) of such Indemnifiable Taxes (and such penalties and interest, to the extent the obligation to make payment of such penalties and interest was not the result of a negligent failure by MLC to timely remit the appropriate amount of taxes to the applicable tax authority) together with an amount equal to any taxes payable by MLC in respect of amounts paid or payable to MLC under this Section 7.01(d)(ii), shall be added to invoices as separately stated charges and paid in full by PESRM in accordance with the terms of this Agreement, unless PESRM is exempt from such Indemnifiable Taxes and timely furnishes MLC with a certificate of exemption, and, to the extent (i) such invoices are satisfied in full by PESRM or (ii) other amounts due under the PESRM Transaction Documents are adjusted such that PESRM has borne the economic burden of the Indemnifiable Taxes, MLC shall assume any and all responsibility for any interest and penalty assessments made by a tax authority against either Party to the extent such interest and penalties are assessed due to a failure by MLC to promptly remit the applicable Indemnifiable Taxes to the relevant tax authority following PESRM’s satisfaction of such invoices or such adjustment of payments under the PESRM Transaction Documents.

 

(iii)                               Each Party will reasonably cooperate with the other to minimize liability for any Indemnifiable Taxes to the extent legally permissible.  Each Party will provide and make available to the other upon request any direct pay permits, resale certificates, multiple points of use certificates, treaty certification, information regarding out-of state (or out-of-country) sales or use of equipment, materials, or services, and other exemption certificates or information reasonably requested by the other Party.  To the extent PESRM is exempt from any Indemnifiable Taxes, it will provide MLC with a copy of the applicable tax exemption (or direct pay or resale certificate, as applicable), and, to the extent such exemption or certifications are reasonably acceptable to MLC, MLC will not bill or charge PESRM for such Indemnifiable Taxes.  MLC will, upon written request of PESRM and at the sole cost and expense of PESRM, cooperate and use commercially reasonable efforts to assist PESRM’s (i) lawful claims for any exemptions from any sales or services taxes, and (ii) lawful attempts to recoup or recover any VAT, similar taxes or other recoverable taxes.  At the sole cost and expense of PESRM, MLC will register as promptly as possible for all benefits for which it is eligible under the

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Keystone Opportunity Improvement Zone and will take all commercially reasonable efforts to maintain such benefits.

 

(iv)                              If PESRM disputes MLC’s determination that any Indemnifiable Tax not the subject of a Proceeding is due with respect to transactions under the PESRM Transaction Documents, or any documents related to the MLC-PESIC Secured Prepay Transactions, the PESIC-PESRM Secured Prepay Transactions, PESRM shall have the right to seek an administrative determination from the applicable taxing authority that no such Indemnifiable Tax is due, subject to its agreeing to indemnify MLC for the entire amount of such disputed Indemnifiable Tax (including any associated interest and/or late penalties), and any tax payable by MLC in respect of any amounts paid or payable to MLC under this Section 7.01(d)(iv), should such Indemnifiable Tax be determined applicable.  MLC shall agree to reasonably cooperate with PESRM, at PESRM’s cost and expense, in the event PESRM determines to seek such an administrative determination in respect of the disputed Indemnifiable Taxes.

 

(v)                                 PESRM and MLC shall be required to promptly inform each other in writing of any assertion by a taxing authority of additional Liability for Indemnifiable Taxes relating to the PESRM Transactions, the CO Supply Contracts, the MLC-PESIC Secured Prepay Transactions, the PESRM-MLC Secured Prepay Transactions, the RP Sales Contracts, the Cover Transactions or PESIC-PESRM Secured Prepay Transactions.  Any such Proceeding against MLC with respect to such asserted Liability (including any settlement thereof) shall be under MLC’s direction, but PESRM shall be consulted and, if the Proceeding solely relates to Indemnifiable Taxes relating to the PESRM Transactions, the CO Supply Contracts, the PESRM-MLC Secured Prepay Transactions, the RP Sales Contracts, the Cover Transactions, the MLC-PESIC Secured Prepay Transactions or the PESIC-PESRM Secured Prepay Transactions, as applicable, and no other matters, then MLC shall not settle or otherwise compromise the relevant claim without PESRM’s consent (such consent not to be unreasonably withheld, delayed or conditioned).  Any Proceeding against PESRM with respect to such asserted Liability (including any settlement thereof) shall be under PESRM’s direction, but MLC shall be consulted.  In any event, PESRM and MLC shall fully cooperate with each other as to the asserted Liability.  PESRM shall bear all of the reasonable costs of any such Proceeding undertaken by either Party.  If MLC, acting in good faith and a commercially reasonable manner, concludes that any rebates or refunds it receives from any tax authority are in respect of Indemnifiable Taxes that were paid or borne by PESRM, it will pay such rebate or refunds to PESRM or otherwise adjust the payments under this Agreement such that PESRM shall have the economic benefit of such rebates or refunds.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(vi)                              This Section 7.01(d) shall survive until ninety (90) days after the expiration of the statute of limitation for the assessment, collection and levy of any Indemnifiable Tax.

 

(e)                                  MLC’s Duty to Indemnify.  Subject to Section 14.04(i), to the fullest extent permitted by Applicable Law MLC shall defend, indemnify and hold harmless PESRM, its Affiliates, and their respective advisors, agents, attorneys, consultants, contractors, directors, employees, officers, managers and representatives from and against any Liabilities directly or indirectly arising out of (i) any breach by MLC of any covenant or agreement contained in this Agreement, any other PESRM Transaction Document, the PESRM-MLC ISDA Master Agreement or made in connection therewith, (ii) any representation or warranty of MLC made in this Agreement, any other PESRM Transaction Document, the PESRM-MLC ISDA Master Agreement or in connection therewith, in each case, proving to be false or misleading, (iii) any failure by MLC to comply with or observe any Applicable Law (including Environmental Laws), (iv) MLC’s negligence or willful misconduct, or (v) injury, disease, or death of any person, damage to or loss of any property, or any fine or penalty, any of which is caused by MLC or its advisors, agents, attorneys, consultants, contractors, directors, employees, officers, managers or representatives in the exercise of any of the rights granted under this Agreement or any other PESRM Transaction Documents except to the extent that such injury, disease, death, or damage to or loss of property was caused by the gross negligence or willful misconduct on the part of PESRM, its Affiliates or any of their respective advisors, agents, attorneys, consultants, contractors, directors, employees, officers, managers or representatives.

 

(f)                                   Notice of Indemnity Claim.  The Party to be indemnified (the “Indemnified Party” shall notify the other Party (the “Indemnifying Party”) as soon as practicable after receiving notice of any Proceeding brought against the Indemnified Party which may give rise to the Indemnifying Party’s obligations under this Agreement and for which the Indemnified Party, at its election and upon notice to the Indemnifying Party, intends to exercise such right to indemnification (such Proceeding a “Third Party Claim”), and shall furnish to the Indemnifying Party the complete details of such Third Party Claim within its knowledge. Any delay or failure by the Indemnified Party to give notice to the Indemnifying Party shall not relieve the Indemnifying Party of its obligations except to the extent (if any) that the Indemnifying Party shall have been materially prejudiced by reason of such delay or failure.

 

(g)                                  Defense of Indemnity Claim.  The Indemnifying Party shall have the right to assume the defense, at its own expense, of any Third Party Claim and to pursue the defense thereof in good faith by appropriate actions or proceedings promptly taken or instituted and diligently pursued, including to employ and engage counsel of its own choice; provided, that such counsel is reasonably acceptable to the Indemnified Party. Notwithstanding the Indemnifying Party’s appointment of counsel to represent an Indemnified Party, the Indemnified Party shall have the

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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right to employ separate counsel, and the Indemnifying Party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the Indemnifying Party to represent the Indemnified Party would present a conflict of interest or (ii) the Indemnifying Party shall not have employed counsel to represent the Indemnified Party within a reasonable time after notice of the institution of such Third Party Claim, provided that appointment within 30 Days after notice of the institution of such Third Party Claim shall be considered reasonable for the purposes of this section, and provided further that the Indemnified Party shall have the right to appoint separate counsel only after the receipt by the Indemnifying Party of a notice provided by the Indemnified Party that counsel has not been employed within a reasonable time after the institution of such Third Party Claim. If requested by the Indemnifying Party, the Indemnified Party agrees to reasonably cooperate with the Indemnifying Party and its counsel in contesting any Proceeding suit that the Indemnifying Party defends, including, if appropriate, making any counterclaim or cross-complaint. All costs and expenses incurred in connection with the Indemnified Party’s cooperation shall be borne by the Indemnifying Party, provided that the Indemnified Party shall provide, promptly upon request of the Indemnifying Party, evidence (which may be in the form of an invoice or receipt for such costs) of any such costs incurred up to the date of such request. Without in any way limiting the foregoing obligation of the Indemnifying Party with respect to cooperation by the Indemnified Party in connection with such Third Party Claim, the Indemnified Party may, at its own cost and expense, participate in the investigation, trial and defense of such Third Party Claim.

 

(h)                                 Settlement of Third Party Claims.  No Third Party Claim may be settled or compromised (i) by the Indemnified Party without the consent of the Indemnifying Party or (ii) by the Indemnifying Party without the consent of the Indemnified Party.  Notwithstanding the foregoing, an Indemnifying Party shall not be entitled to assume responsibility for and control of any judicial or administrative proceedings after the occurrence and during the continuance of an Event of Default by the Indemnifying Party.

 

(i)                                     Insurance.  The mere purchase and existence of insurance does not reduce or release either Party from any liability incurred or assumed under this Agreement.

 

ARTICLE VIII.

 

REPRESENTATIONS AND WARRANTIES OF THE TRANSACTION PARTIES

 

Each Transaction Party represents and warrants to MLC as of the Effective Date and as of each Day of the Term on which there is any outstanding transaction pursuant to any Applicable PESRM Transaction Document or the PESIC-PESRM ISDA Master Agreement:

 

Section 8.01                             Organization; Powers.  Each Transaction Party (a) is duly organized and validly existing under the laws of the jurisdiction of its organization, (b) has all requisite power and authority to carry on its business as now conducted and to own and lease its property and (c) is

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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qualified and in good standing (to the extent such concept is applicable in the applicable jurisdiction) to do business in every jurisdiction where such qualification is required, except in such jurisdictions where the failure to so qualify or be in good standing, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

Section 8.02                             Authorization; Enforceability.  Each Applicable PESRM Transaction Document and the PESIC-PESRM ISDA Master Agreement and each transaction contemplated hereunder and thereunder entered into by each Transaction Party are within such Transaction Party’s powers and have been duly authorized by all necessary limited liability company action on the part of such Transaction Party.  This Agreement has been duly executed and delivered by each Transaction Party and constitutes, and each other Applicable PESRM Transaction Document to which any Transaction Party is to be a party, when executed and delivered by such Transaction Party (and the PESIC-PESRM ISDA Master Agreement, when executed and delivered by PESRM), will constitute, a legal, valid and binding obligation of such Transaction Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

Section 8.03                             No Conflicts; Material Contracts.

 

(a)                                 Each Applicable PESRM Transaction Document and the PESIC-PESRM ISDA Master Agreement and each transaction contemplated hereunder and thereunder (i) does not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority having authority over any Transaction Party, except (1) such as has been obtained or made and is in full force and effect, (2) filings necessary to perfect or maintain Liens created by the Applicable PESRM Transaction Documents and (3) consents, approvals, registrations, filings, permits or actions the failure of which to obtain or perform could not reasonably be expected to result in a Material Adverse Effect, (ii) does not violate the Organizational Documents of any Transaction Party, (iii) does not violate any Applicable Law, except for any such violation which could not reasonably be expected to result in a Material Adverse Effect, (iv) except as set forth on Schedule 8.03(a), does not violate or result in a default or require any consent or approval under any Material Contract binding upon any Transaction Party or its property, or the Senior Secured Credit Facility Documents, or give rise to a right under any of the foregoing to require any payment to be made by any Transaction Party, except for violations, defaults or the creation of such rights that could not reasonably be expected to result in a Material Adverse Effect, and (v) does not result in the creation or imposition of any Lien on any property of any Transaction Party, except Permitted Liens.

 

(b)                                 As of the Effective Date, except as specified on Schedule 8.03(b), PESRM is party to such contracts, agreements or arrangements as are required for the operation of the Refinery and the business of PESRM, and all such agreements are in full force and effect.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Section 8.04                             Financial Statements; Projections.

 

(a)                                 Financial Statements.  All financial statements delivered pursuant to Sections 10.01(a), (b) and (c) have been prepared in accordance with GAAP consistently applied and present fairly and accurately in all material respects the financial condition and results of operations and cash flows of PESRM and its Subsidiaries as of the dates and for the periods to which they relate, except for, in the case of the statements delivered pursuant to Sections 10.01(b) and (c), the absence of footnote disclosures and normal year-end adjustments.

 

(b)                                 No Material Adverse Effect. Since the Effective Date, there has been no event, change, circumstance or occurrence that, individually or in the aggregate, has had or could reasonably be expected to result in a Material Adverse Effect.

 

Section 8.05                             Properties.

 

(a)                                 Generally.  Each Transaction Party has good title to, a license to or valid leasehold interests in, all its property material to its business, free and clear of all Liens except for, in the case of Collateral, Permitted Liens and, in the case of all other material property, Permitted Liens and minor irregularities or deficiencies in title that, individually or in the aggregate, do not interfere with its ability to conduct its business as currently conducted or to utilize such property for its intended purpose and except where the failure to have such title or other interest could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.  The property of the Transaction Parties, taken as a whole, (i) is in good operating order, condition and repair (ordinary wear and tear excepted) and (ii) constitutes all the property which is required for the business and operations of the Transaction Parties as presently conducted.

 

(b)                                 No Casualty Event.  No Transaction Party has received any written notice of, nor has any knowledge of, the occurrence or pendency or contemplation of any Casualty Event affecting all or any portion of its property, which Casualty Event could reasonably be expected to have a Material Adverse Effect.

 

(c)                                  Collateral.  No claim has been made and remains outstanding that any Transaction Party’s use of any Collateral does or may violate the rights of any third party that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

Section 8.06                             Intellectual Property.  Each Transaction Party owns, licenses or possesses the right to use all of the IP Rights that are necessary for the operation of its respective business, as currently conducted, and such IP Rights do not conflict with the rights of any other Person, except to the extent such failure to own, license or possess or such conflicts, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.  The conduct of the business of any Transaction Party as currently conducted or as contemplated to be conducted does not infringe upon or violate any rights held by any other Person except for such infringements and violations which, individually or in the aggregate, could not reasonably be

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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expected to have a Material Adverse Effect.  No claim or litigation regarding any of the foregoing is pending or, to the knowledge of PESRM, threatened in writing which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

Section 8.07                             Equity Interests and Subsidiaries. As of the Effective Date, each Transaction Party has no Subsidiaries other than those set forth on Schedule 8.07 and all of the outstanding Equity Interests in such Subsidiaries that are owned by a Transaction Party have been validly issued, are fully paid and non-assessable (to the extent such concepts are applicable in the relevant jurisdiction) and are owned free and clear of all Liens except Permitted Liens.

 

Section 8.08                             Litigation; Compliance with Laws; Permits; and Agreements.

 

(a)                                 Except as set forth on Schedule 8.08(a), there are no Proceedings at law or in equity by or before any Governmental Authority now pending or, to the knowledge of any Transaction Party, threatened in writing against or affecting any Transaction Party or any business, property or rights of any Transaction Party (i) that involve this Agreement, any other Applicable PESRM Transaction Document or the PESIC-PESRM ISDA Master Agreement or, as of the Effective Date, any of the other transactions contemplated hereunder or thereunder or (ii) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (but only with respect to clauses (ii) and (iii) thereof).

 

(b)                                 Except for matters covered by Section 8.18, no Transaction Party or any of its property is in violation of, nor will the continued operation of its property as currently conducted or contemplated by the Applicable PESRM Transaction Documents or the PESIC-PESRM ISDA Master Agreement violate any Applicable Law where such violation or default, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.

 

(c)                                  Except as set forth on Schedule 8.08(c) and except for matters covered by Section 8.18, PESRM has all Material Permits required for PESRM to conduct business at and operate all PESRM Infrastructure, including the Refinery, under Applicable Law.  (i) No event has occurred within the one (1) year prior to the date hereof that remains unresolved, and no circumstance or condition exists, that (with or without notice or lapse of time or both) would reasonably be expected to constitute or result in a material violation by PESRM or a failure of PESRM to comply with the terms of any such Material Permit, the result of which could not reasonably be expected to result in a Material Adverse Effect;  (ii) no Transaction Party has received any written notification that any such Material Permit is not in full force and effect, has been violated in any material respect, or is subject to any suspension, revocation, modification or cancellation, except, in each case, as could not reasonably be expected to result in a Material Adverse Effect; and (iii) there is no Proceeding pending or, to the knowledge of the Transaction Parties, threatened regarding suspension, revocation, modification or cancellation of any

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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such Material Permit, the result of which could be reasonably expected to result in a Material Adverse Effect.

 

(d)                                 Each Transaction Party is in compliance with all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  As of the Effective Date, no Default has occurred and is continuing.  On any Day of the Term following the Effective Date that this representation is made, no Event of Default has occurred and is continuing.

 

Section 8.09                             [Reserved].

 

Section 8.10                             [Reserved].

 

Section 8.11                             Investment Company Act.  No Transaction Party is an “investment company” or a company “controlled” by an “investment company,” as defined in, or is subject to regulation under, the Investment Company Act of 1940, as amended.

 

Section 8.12                             [Reserved].

 

Section 8.13                             Taxes.  Each Transaction Party has (a) timely filed or caused to be timely filed all federal Tax Returns and all material state, local and foreign Tax Returns required to have been filed by it and all such Tax Returns are true and correct in all material respects, (b) duly and timely paid, collected or remitted or caused to be duly and timely paid, collected or remitted all Taxes (whether or not shown on any Tax Return) due and payable, collectible or remittable by it and all assessments received by it, except Taxes (i) that are being contested in good faith by appropriate Proceedings and for which such Transaction Party has set aside on its books adequate reserves in accordance with GAAP or (ii) which could not, individually or in the aggregate, have a Material Adverse Effect and (c) satisfied all of its withholding tax obligations except for failures that could not be reasonably expected to, individually or in the aggregate, result in a Material Adverse Effect.  Each Transaction Party has made adequate provision in accordance with GAAP for all material Taxes not yet due and payable.  Each Transaction Party is unaware of any proposed or pending tax assessments, deficiencies or audits that could be reasonably expected to, individually or in the aggregate, result in a Material Adverse Effect.

 

Section 8.14                             No Material Misstatements.  No written information, report, financial statement, certificate, instrument, exhibit or schedule furnished by or on behalf of any Transaction Party to MLC in connection with the negotiation of any Transaction Document or the PESIC-PESRM ISDA Master Agreement or included therein or delivered pursuant thereto, taken as a whole, contained or contains any material misstatement of fact or omitted or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were or are made, not misleading in any material respect as of the date such information is dated or certified; provided, that to the extent any such written information, report, financial statement, exhibit or schedule was based upon or constitutes a forecast or projection (including pro forma financial information), each Transaction Party represents only that such information, report, financial statement, exhibit or schedule has been prepared in good faith by PESRM, based on the assumptions stated therein (which assumptions are believed by PESRM as of the time of the

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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preparation thereof to be reasonable), it being understood that such projections or forecasts may vary from actual results and that such variances may be material.

 

Section 8.15                             Labor Matters.  As of the Effective Date, there are no strikes, lockouts or slowdowns against any Transaction Party pending or, to the knowledge of any Transaction Party, threatened.  The hours worked by and payments made to employees of each Transaction Party have not been in violation of the Fair Labor Standards Act of 1938, as amended, or any other Applicable Law dealing with such matters in any manner which could reasonably be expected to result in a Material Adverse Effect.  All payments due from any Transaction Party, or for which any claim may be made against any Transaction Party, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of such Transaction Party except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.  The consummation of this Agreement, the Applicable PESRM Transaction Documents or any documents related to the PESIC-PESRM Secured Prepay Transactions and each transaction contemplated hereunder and thereunder will not give rise to any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which any Transaction Party is bound.

 

Section 8.16                             Solvency.  Immediately after the consummation of the transactions contemplated by the Effective Date PESRM Transaction Documents and all documents related to the PESIC-PESRM Secured Prepay Transactions, (a) the sum of the present fair saleable value of the assets owned by the Transaction Parties on a consolidated basis, on a going concern basis, is greater than the total amount of liabilities (including contingent and unliquidated liabilities) of the Transaction Parties on a consolidated basis as they become absolute and matured, the amount of contingent or unliquidated liabilities having been computed at an amount that, in light of all of the facts and circumstances existing at the Effective Date, represents the amount that can reasonably be expected to become an actual or matured liability, (b) the Transaction Parties do not, on a consolidated basis, have unreasonably small capital in relation to their business, and (c) the Transaction Parties, on a consolidated basis, have not incurred, do not intend to incur, and do not believe they will incur, debts beyond their ability to pay such debts as such debts mature in the ordinary course of business.

 

Section 8.17                             Employee Benefit Plans.

 

(a)                                 Except as could not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, (i) each Transaction Party and its ERISA Affiliates, and each Plan, is in compliance with the applicable provisions of ERISA and the Code and the regulations and published interpretations thereunder, (ii) no ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events, could reasonably be expected to result in any liability of any Transaction Party or the imposition of a Lien on any of the property of any Transaction Party, (iii) the present value of all accumulated benefit obligations (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) of each Pension Plan did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the property of such Pension Plan, (iv) using actuarial assumptions and computation methods consistent with subpart I of subtitle E of

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Title IV of ERISA, no Transaction Party would have liability to any Multiemployer Plan in the event of a complete withdrawal therefrom, as of the close of the most recent fiscal year of such Multiemployer Plan and (v) each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified.

 

(b)                                 Except as could not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect, and to the extent applicable, (i) each Foreign Plan has been maintained in substantial compliance with its terms and with the requirements of any and all Applicable Law and has been maintained, where required, in good standing with applicable regulatory authorities, (ii) no Transaction Party has incurred any material obligation in connection with the termination of or withdrawal from any Foreign Plan, (iii) the present value of the accrued benefit liabilities (whether or not vested) under each Foreign Plan which is funded, determined as of the end of the most recently ended fiscal year of the respective Transaction Party on the basis of actuarial assumptions, each of which is reasonable, did not exceed the current value of the property of such Foreign Plan, (iv) for each Foreign Plan which is not funded, the obligations of such Foreign Plan are properly accrued, and (v) any employer and employee contributions under any Applicable Law or by the terms of any Foreign Plan have been made, or if applicable accrued, in accordance with accepted accounting practices.

 

Section 8.18                             Environmental Matters.

 

(a)                                 Except as set forth in Schedule 8.18 (as may be updated by the Transaction Parties from time to time with the prior written consent of MLC), or except in the event of (i) through (v) below, inclusive, as, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect:

 

(i)                                     The Transaction Parties and their businesses, operations and Real Property are in compliance with, and the Transaction Parties have no liability under, any Environmental Law; and under the currently effective business plan of the Transaction Parties, no expenditures or operational adjustments which are not provided for in such business plan will be required during the next five years in order to comply with applicable Environmental Laws in effect as of the date of this Agreement;

 

(ii)                                  PESRM has all Environmental Permits required for PESRM to conduct its business at and operate all PESRM Infrastructure, including the Refinery, in accordance with Environmental Law.  (i) All such Environmental Permits are valid and in good standing and, where subject to renewal and/or transfer, the Transaction Parties have timely submitted complete renewal and/or transfer applications; and (ii) there are no Proceedings pending or, to the knowledge of the Transaction Parties, threatened which could reasonably be expected to affect the validity of any such Environmental Permit or the ability of the Transaction Parties to renew, modify or transfer any Environmental Permits as required under any

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Environmental Law.  Under the currently effective business plan of PESRM, no material expenditures or operational adjustments which are not provided for in such business plan will be required during the next five years in order to renew or modify such Environmental Permits under applicable Environmental Law in effect as of the date such renewal or modification is required;

 

(iii)                               There has been no Release or threatened Release of Hazardous Material on, at, under or from any Real Property, or other facilities currently owned, leased or operated by the Transaction Parties that are material to their business, including the PESRM Infrastructure, that could result in liability of the Transaction Parties under any Environmental Law;

 

(iv)                              There is no Environmental Claim pending or, to the knowledge of the Transaction Parties, threatened against the Transaction Parties, or relating to any Real Property, or other facilities currently owned, leased or operated by the Transaction Parties that are material to their business, including the PESRM Infrastructure, and there are no actions, activities, circumstances, conditions, events or incidents that could form the basis of such an Environmental Claim; and

 

(v)                                 No Person with an indemnity or contribution obligation to the Transaction Parties relating to compliance with or liability under Environmental Law is in default with respect to such obligation.

 

(b)                                 Except as set forth in Schedule 8.18 or except, in the case of (i) through (v) below, inclusive, as individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect:

 

(i)                                     No Transaction Party is obligated to perform any action or otherwise incur any expense under Environmental Law pursuant to any order, decree, judgment or agreement by which it is bound or has assumed by contract, agreement or operation of law, and no Transaction Party is conducting or financing any Response pursuant to any Environmental Law with respect to any Real Property or any other location;

 

(ii)                                  No Real Property or facility owned, leased or operated by the Transaction Parties that is material to their business, including the PESRM Infrastructure, is listed or proposed for listing on the National Priorities List promulgated pursuant to CERCLA, or included on any similar list maintained by any Governmental Authority including any such list relating to petroleum;

 

(iii)                               No Lien has been recorded or, to the knowledge of any Transaction Party, threatened under any Environmental Law with respect to any Real Property or other assets of the Transaction Parties;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(iv)                              The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby will not require any notification, registration, filing, reporting, disclosure, investigation, remediation or cleanup pursuant to any Governmental Real Property Disclosure Requirements or any other applicable Environmental Law; and

 

(v)                                 The Transaction Parties have made available to MLC all material records and files in the possession, custody or control of, or otherwise reasonably available to, the Transaction Parties concerning compliance with or liability under Environmental Law, including those concerning the actual or suspected existence of Hazardous Material at Real Property or facilities currently or formerly owned, operated, leased or used by the Transaction Parties.

 

Section 8.19                             Insurance.  Schedule 8.19 sets forth a true, complete and correct description of all insurance maintained by each Transaction Party as of the Effective Date.  All insurance maintained by the Transaction Parties is in full force and effect, all premiums have been duly paid, no Transaction Party has received notice of any material violation or cancellation thereof, any properties insured, and the use, occupancy and operation thereof, comply in all material respects with all Insurance Requirements, and, to PESRM’s knowledge after due investigation, there exists no material default under any Insurance Requirement.

 

Section 8.20                             Security Documents.

 

(a)                                 Security Agreement.  The Supply and Offtake Security Agreement is effective to create in favor of MLC, legal, valid and enforceable (except as enforceability may be limited by 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) Liens on, and security interests in, the Collateral to the extent that an enforceable Lien in such Collateral may be created under any applicable law of the United States or any state thereof, including the applicable UCC and when (i) financing statements (including any amendments to existing financing statements) and other filings in appropriate form are filed in the offices specified on Schedule 5 to the Supply and Offtake Perfection Certificate with payment of any associated filing fee and (ii) upon the taking of possession or control by MLC 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 MLC to the extent possession or control by MLC is required by the Supply and Offtake Security Agreement), the Liens created by the Supply and Offtake Security Agreement shall constitute perfected Liens on, and security interests in, all right, title and interest of the grantors in the Collateral (other than such Collateral in which a security interest cannot be perfected under the UCC as in effect at the relevant time in the relevant jurisdiction), in each case having priority over all other Liens on the Collateral (other than Permitted Liens) and subject to no Liens other than Permitted Liens.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(b)                                 Valid Liens.  Each of the Supply and Offtake Security Documents delivered pursuant to Sections 10.10 and 10.11 will, upon execution and delivery thereof, be effective to create in favor of MLC, legal, valid and enforceable (except as enforceability may be limited by 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) Liens on, and security interests in, all of the Transaction Parties’ right, title and interest in and to the Collateral thereunder, to the extent that a legal, valid and enforceable Lien in such Collateral may be created under any applicable law of the United States or any state thereof, including the applicable UCC, and (i) when all appropriate filings or recordings are made in the appropriate offices as may be required under Applicable Law and (ii) upon the taking of possession or control by the Collateral Agent (as defined in the Senior Secured Credit Facility) of such Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to the Collateral Agent to the extent required by such Supply and Offtake Security Document), such Supply and Offtake Security Document will constitute fully perfected Liens on, and security interests in, all right, title and interest of the Transaction Parties in such Collateral (other than such Collateral in which a security interest cannot be perfected under the UCC as in effect at the relevant time in the relevant jurisdiction), solely, in the case of Supply and Offtake Security Agreement Collateral, in each case having priority over all other Liens on the Collateral (other than Permitted Liens) and subject to no Liens other than the Permitted Liens.

 

Section 8.21                             Anti-Terrorism Laws.

 

(a)                                 No Transaction Party, none of its Subsidiaries and, to the knowledge of each Transaction Party, none of its Affiliates and none of the respective officers, directors, brokers or agents of such Transaction Party, such Subsidiary or Affiliate (i) has violated or is in violation of Anti-Terrorism Laws or (ii) has engaged or engages in any transaction, investment, undertaking or activity that conceals the identity, source or destination of the proceeds from any category of offenses designated in the “Forty Recommendations” and “Nine Special Recommendations” published by the Organisation for Economic Co-operation and Development’s Financial Action Task Force on Money Laundering.

 

(b)                                 No Transaction Party, none of its Subsidiaries and, to the knowledge of each Transaction Party, none of its Affiliates and none of the respective officers, directors, brokers or agents of such Transaction Party, such Subsidiary or such Affiliate acting or benefiting in any capacity, in connection with this Agreement, the Applicable PESRM Transaction Documents, the PESIC-PESRM ISDA Master Agreement or the PESRM-MLC ISDA Master Agreement, and any transaction hereunder or thereunder, is an Embargoed Person.

 

(c)                                  No Transaction Party, none of its Subsidiaries and, to the knowledge of each Transaction Party, none of its Affiliates and none of the respective officers,

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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directors, brokers or agents of such Transaction Party, such Subsidiary or such Affiliate acting or benefiting in any capacity in connection with this Agreement, the Applicable PESRM Transaction Documents, the PESIC-PESRM ISDA Master Agreement and any transaction hereunder or thereunder, (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Embargoed Person, (ii) deals in, or otherwise engages in any transaction related to, any property or interests in property blocked pursuant to any Anti-Terrorism Law or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law.

 

Section 8.22                             Location of Hydrocarbon Inventory.  Schedule 8.22 sets forth, as of the Effective Date, all locations in the United States where all hydrocarbon Inventory that constitutes MLC Separate Assets and Collateral is located or stored.  No hydrocarbon Inventory that constitutes MLC Separate Assets and Collateral is located or stored on any locations or premises not owned by the Transaction Parties, other than such locations and premises which are subject to a Third Party Consent Agreement.

 

Section 8.23                             [Reserved].

 

Section 8.24                             Affiliate Transactions.  As of the Effective Date, except as permitted by Section 11.08, there are no existing or proposed agreements, arrangements, understandings, or transactions between any Transaction Party, Affiliate of any Transaction Party or any of their respective officers, members, managers, directors, stockholders, parents, other interest holders or employees, or any members of their respective immediate families, and none of the foregoing Persons are directly or indirectly indebted to or have any direct or indirect ownership, partnership, or voting interest in any Affiliate of any Transaction Party or any Person with which any Transaction Party has a business relationship or which competes with any Transaction Party.

 

Section 8.25                             Common Enterprise.  The successful operation and condition of each of the Transaction Parties is dependent on the continued successful performance of the functions of the group of the Transaction Parties as a whole and the successful operation of each of the Transaction Parties is dependent on the successful performance and operation of each other Transaction Party.  Each Transaction Party expects to derive benefit (and its board of directors or other governing body has determined that it may reasonably be expected to derive benefit), directly and indirectly, from (a) successful operations of each of the other Transaction Parties and (b) the accommodations and rights extended by MLC to PESRM hereunder, both in their separate capacities and as members of the group of companies.  Each Transaction Party has determined that execution, delivery, and performance of this Agreement and any other Applicable PESRM Transaction Documents to be executed by such Transaction Party is within its purpose, in furtherance of its direct and/or indirect business interests, will be of direct and/or indirect benefit to such Transaction Party, and is in its best interest.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Section 8.26                             Certain Additional Representations.

 

(a)                                 Each Transaction Party is an “Eligible Contract Participant” as defined in Section 1a of the Commodity Exchange Act (the “CEA”), as amended from time to time.

 

(b)                                 Each Transaction Party is a “forward contract merchant” in respect of the PESRM Transactions and each purchase and sale or exchange of Crude Oil, and Refined Product is a “forward contract” for purposes of the Bankruptcy Code.

 

(c)                                  Each Transaction Party is acting for its own account, and it has made its own independent decisions to enter into the PESRM Transactions and the Applicable PESRM Transaction Documents and as to whether the PESRM Transactions and the Applicable PESRM Transaction Documents are appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary; it is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into the PESRM Transaction or the Applicable PESRM Transaction Documents, it being understood that information and explanations related to the terms and conditions of any PESRM Transaction or any Applicable PESRM Transaction Document would not be considered investment advice or a recommendation to enter into any PESRM Transaction or any Applicable PESRM Transaction Document; no communication (written or oral) received from the other party would be deemed to be an assurance or guarantee as to the expected results of any PESRM Transaction or any Applicable PESRM Transaction Document; it is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts the terms, conditions and risks of any PESRM Transaction or any Applicable PESRM Transaction Document; it is also capable of assuming, and assumes, the risks of any PESRM Transaction or any Applicable PESRM Transaction Document; and the other Party is not acting as a fiduciary for or an advisor to it in respect of any PESRM Transaction or any Applicable PESRM Transaction Document.

 

(d)                                 No Transaction Party has been contacted by or negotiated with any finder, broker or other intermediary in connection with this Agreement, any other Applicable PESRM Transaction Document or any transaction contemplated hereunder or thereunder, who is entitled to any compensation with respect thereto.

 

ARTICLE IX.

 

REPRESENTATIONS AND WARRANTIES OF MLC

 

MLC represents and warrants to each Transaction Party as of the Effective Date and as of each Day of the Term on which there is any outstanding transaction pursuant to any Applicable PESRM Transaction Document or the MLC-PESIC ISDA Master Agreement:

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Section 9.01                             Organization; Powers.  MLC (a) is duly organized and validly existing under the laws of the jurisdiction of its organization, (b) has all requisite power and authority to carry on its business as now conducted and to own and lease property and (c) is qualified and in good standing (to the extent such concept is applicable in the applicable jurisdiction) to do business in every jurisdiction where such qualification is required, except in such jurisdictions where the failure to so qualify or be in good standing, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

Section 9.02                             Authorization; Enforceability.  Each Applicable PESRM Transaction Document, the MLC-PESIC ISDA Master Agreement and the Framework Agreement and each transaction contemplated hereunder and thereunder entered into by MLC are within MLC’s powers and have been duly authorized by all necessary corporate action on the part of it.  This Agreement has been duly executed and delivered by MLC and constitutes, and each other Applicable PESRM Transaction Document to which MLC is to be a party, the Framework Agreement and the MLC-PESIC ISDA Master Agreement, when executed and delivered by MLC, will constitute, a legal, valid and binding obligation of MLC, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a Proceeding in equity or at law.

 

Section 9.03                             No Conflicts.  Except as set forth on Schedule 9.03, each Applicable PESRM Transaction Document, the MLC-PESIC ISDA Master Agreement, the Framework Agreement each transaction contemplated hereunder and thereunder (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect, and (ii) consents, approvals, registrations, filings, permits or actions the failure of which to obtain or perform which could not reasonably be expected to result in a Material Adverse Effect, (b) will not violate the Organizational Documents of MLC, (c) will not violate any Applicable Law, except for any such violation which could not reasonably be expected to result in a Material Adverse Effect, and (d) will not violate or result in a default or require any consent or approval under any indenture, agreement or other instrument binding upon MLC or its property, or give rise to a right thereunder to require any payment to be made by MLC, except for violations, defaults or the creation of such rights that could not reasonably be expected to result in a Material Adverse Effect.

 

Section 9.04                             Litigation; Compliance with Laws.  Except as set forth on Schedule 9.04, as of the Effective Date there are no Proceedings at law or in equity by or before any Governmental Authority now pending or, to the knowledge of MLC, threatened in writing against or affecting MLC or any business, property or rights of MLC (i) that involve this Agreement, any other Applicable PESRM Transaction Document, the MLC-PESIC ISDA Master Agreement, the Framework Agreement or any of the transactions contemplated hereunder or thereunder, or (ii) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (but only with respect to clauses (ii) and (iii) thereof). Neither MLC nor any of its businesses, operations and Real Property is in violation of, nor will the continued operation of its businesses, operations or Real Property as currently conducted or contemplated by the Transaction Documents violate, any Applicable Law, where such violation or default,

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.

 

Section 9.05                             Wholly-Owned Subsidiary.  MLC (or any successor or permitted assign thereof) is a direct or indirect wholly-owned subsidiary of Bank of America Corporation.

 

ARTICLE X.

 

PESRM AFFIRMATIVE COVENANTS

 

Each Transaction Party covenants and agrees that so long as this Agreement shall remain in effect and until all Obligations have been paid in full, unless MLC shall otherwise consent in writing, each Transaction Party will, and will cause each of its Subsidiaries (other than Excluded Subsidiaries) to:

 

Section 10.01                      Financial Statements, Reports, etc.  Furnish to MLC:

 

(a)                                 Annual Reports.  As soon as available and in any event within 90 days after the end of each fiscal year (i) the consolidated balance sheet of PESRM (provided that, in the event PESRM is a Wholly-Owned Subsidiary of a Permitted Reporting Company, PESRM shall be entitled to satisfy this requirement by delivering the corresponding consolidated and consolidating financial statements of the Permitted Reporting Company and its consolidated Subsidiaries) as of the end of such fiscal year and related consolidated and, if a Permitted Reporting Company, consolidating statements of income, cash flows and members’ equity for such fiscal year, in comparative form with such financial statements (if any) as of the end of, and for, the preceding fiscal year, and notes thereto, accompanied by an opinion of KPMG LLP or other independent public accountants of recognized national standing reasonably satisfactory to MLC (which opinion shall not be qualified as to scope or contain any going concern or other qualification), stating that such financial statements fairly present, in all material respects, the consolidated financial condition, results of operations and cash flows of PESRM (or, as applicable, of the Permitted Reporting Company and its consolidated Subsidiaries) as of the dates and for the periods specified in accordance with GAAP consistently applied; and (ii) a narrative report and management’s discussion and analysis, in a form reasonably satisfactory to MLC, of the financial condition and results of operations of PESRM for such fiscal year, as compared to amounts for the previous fiscal year;

 

(b)                                 Quarterly Reports. Until the date of the consummation of the IPO, as soon as available and in any event within 60 days after the end of each of the first three fiscal quarters of each fiscal year, beginning with the fiscal quarter ending September 30, 2014, and thereafter, promptly after the filing of such information with the Securities and Exchange Commission, in each case (i) the consolidated (and, in the case of a Permitted Reporting Company, consolidating) balance sheet of PESRM (or, as applicable, of a Permitted Reporting Company and its consolidated Subsidiaries) as of the end of such fiscal quarter and related

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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consolidated (and, in the case of a Permitted Reporting Company, consolidating) statements of income and cash flows for such fiscal quarter and for the then elapsed portion of the fiscal year, in comparative form with the consolidated statements of income and cash flows (if any) for the comparable periods in the previous fiscal year, and notes thereto, and accompanied by an Officer’s Certificate stating that such financial statements fairly present, in all material respects, the consolidated financial condition, results of operations and cash flows of PESRM (or, as applicable, of the Permitted Reporting Company and its consolidated Subsidiaries) as of the date and for the periods specified therein in accordance with GAAP consistently applied, and on a basis consistent with audited financial statements referred to in clause (a) of this Section 10.01, subject to normal year-end audit adjustments and the absence of footnote disclosures and (ii) a narrative report and management’s discussion and analysis, in a form reasonably satisfactory to the Administrative Agent, of the financial condition and results of operations for such fiscal quarter and the then elapsed portion of the fiscal year, as compared to the comparable periods in the previous fiscal year;

 

(c)                                  Monthly Reports.  Beginning with the month in which the Effective Date occurs, within 30 days after the end of each month of each fiscal quarter, the consolidated balance sheet of PESRM as of the end of each such month and the related consolidated statements of income and cash flows of PESRM for such month and for the then elapsed portion of such fiscal year, accompanied by a certificate of a Financial Officer stating that such financial statements fairly present, in all material respects, the consolidated results of operations and cash flows of PESRM as of the date and for the periods specified therein in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnote disclosures;

 

(d)                                 Financial Officer’s Certificate.  Concurrently with any delivery of financial statements under Sections 10.01(a), (b) or (c), a Compliance Certificate certifying that no Default has occurred or, if such a Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto;

 

(e)                                  Financial Officer’s Certificate Regarding Collateral.  Concurrently with any delivery of financial statements under Section 10.01(a), a certificate of a Financial Officer setting forth the information required pursuant to the Supply and Offtake Perfection Certificate or any supplement thereto or confirming that there has been no change in such information since the date of the Supply and Offtake Perfection Certificate or latest supplement thereto;

 

(f)                                   Management Letters.  Promptly after the receipt thereof by any Company, a copy of any “management letter” received by any such person from its certified public accountants and the management’s responses thereto;

 

(g)                                  Budgets.  Within 60 days after the beginning of each fiscal year, a budget for PESRM in form reasonably satisfactory to MLC, but to include balance sheets,

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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statements of income and sources and uses of cash, for each month of such fiscal year prepared in detail with appropriate presentation and discussion of the principal assumptions upon which such budgets are based, accompanied by the statement of a Financial Officer of PESRM to the effect that the budget of PESRM is a reasonable estimate for the periods covered thereby and have been prepared in good faith on the basis of assumptions stated therein, which such assumptions were believed to be reasonable at the time of preparation of such budget, it being understood that actual results may vary from the budget and such variances may be material;

 

(h)                                 Notices under the Senior Secured Credit Facility Documents.  Promptly, and in any event within five (5) Business Days of the delivery thereof, provide copies of any notices delivered pursuant to the Senior Secured Credit Facility Documents with respect to any “Default,” “Event of Default,” (as each such term is defined in the Senior Secured Credit Facility) or similar other condition or event; and

 

(i)                                     PESIC Financial Statements.  Promptly after the same are available pursuant to the PESIC-PESRM Consulting Agreement, copies of all financial statements of PESIC and other reports produced by PESRM on behalf of or for the benefit of PESIC thereunder.

 

(j)                                    Other Information.  Promptly, from time to time, such other information regarding the operations, business affairs and financial condition of any Company, or compliance with the terms of any PESRM Transaction Document or the PESIC-PESRM ISDA Master Agreement, as MLC may reasonably request, including copies of any reports or other information delivered or required to be delivered by any Loan Party (as such term is defined in the Senior Secured Credit Facility) under any Senior Secured Credit Facility Document.

 

Section 10.02                      Litigation and Other Notices.  Furnish to MLC written notice of the following promptly (and, in any event, within five (5) Business Days of the occurrence thereof (and in the case of any written threat or notice of intention referred to in clause (b) below, within five (5) Business Days of the date on which any Responsible Officer of a Transaction Party becomes aware or should have become aware of such occurrence)):

 

(a)                                 any Default, specifying the nature and extent thereof and the corrective action (if any) taken or proposed to be taken with respect thereto;

 

(b)                                 the filing or commencement of, or any written threat or notice of intention of any person to file or commence, any Proceeding, whether at law or in equity by or before any Governmental Authority, (i) against any Transaction Party or any Subsidiary that could reasonably be expected to result in a Material Adverse Effect or (ii) with respect to any PESRM Transaction Document or the PESIC-PESRM ISDA Master Agreement, provided that with respect the PESIC-PESRM ISDA Master Agreement, if such Proceeding is in respect of PESIC, PESRM has knowledge thereof;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(c)                                  any development that has resulted in, or could reasonably be expected to result in, a Material Adverse Effect;

 

(d)                                 the occurrence of a Casualty Event (i) to any portion of Collateral in excess of $[**] or (ii) to any portion of the assets of the Transaction Parties of any type whatsoever, in excess of $[**];

 

(e)                                  (i) all material amendments to any agreements related to Material Indebtedness (together with a copy of each such amendment) and (ii) any default, event of default, termination event, early termination event or force majeure, under any of the foregoing agreements (other than the Senior Secured Credit Facility Documents) or any event related thereto which with the giving of notice, the passage of time, or both, could result in such a default; and

 

(f)                                   any Lien (other than Permitted Liens) or claim that to PESRM’s knowledge has been made or asserted against any of the Collateral.

 

Section 10.03                      Existence; Businesses and Properties.  Except as otherwise permitted under Sections 10.12, 11.05 or 11.06, at all times preserve and keep in full force and effect (a) its existence (except, in the case of any Subsidiary, where the failure to do so could not reasonably be expected to result in a Material Adverse Effect) and (b) except to the extent that non-compliance could not reasonably be expected to result in a Material Adverse Effect, all rights and franchises, and Permits and Environmental Permits material to its business; provided, no Transaction Party or any of its Subsidiaries shall be required to preserve any such existence, right or franchise, or Permits and Environmental Permits, if such Transaction Party or Subsidiary shall determine that the preservation thereof is no longer desirable in the conduct of the business of such Transaction Party or Subsidiary, and that the loss thereof is not disadvantageous in any material respect to such Transaction Party or Subsidiary or to the MLC.

 

Section 10.04                      Insurance.

 

(a)                                 Generally.  Keep its property insured at all times in accordance with the insurance requirements set forth in Schedule 10.04 (the “Insurance Requirements”).

 

(b)                                 Requirements of Insurance.  All insurance policies maintained by PESRM from time to time shall (i) provide that no cancellation, material reduction in amount or material change in coverage thereof shall be effective until at least 30 days after receipt by MLC of written notice thereof or as otherwise reasonably acceptable to MLC, (ii) name MLC as mortgagee (in the case of property insurance) or additional insured (in the case of liability insurance) or loss payee (in the case of property insurance), as applicable, (iii) if reasonably requested by MLC, include a breach of warranty clause and (iv) be reasonably satisfactory in all other respects to MLC.

 

(c)                                  Notice to MLC.  Notify MLC promptly whenever any separate insurance concurrent in form or contributing in the event of loss with that required to be maintained under this Section 10.04 is taken out by any Company; and promptly deliver to MLC a duplicate original copy of such policy or policies.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Section 10.05                      Taxes; Filings.

 

(a)                                 Payment of Taxes.  Pay and discharge promptly when due all Taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property, before the same shall become delinquent or in default; provided, that such payment and discharge shall not be required with respect to any such Tax, assessment, charge, levy or claim so long as (i)(x) the validity or amount thereof shall be contested in good faith by appropriate Proceedings timely instituted and diligently conducted and the applicable Company shall have set aside on its books adequate reserves or other appropriate provisions with respect thereto in accordance with GAAP, and (y) such contest operates to suspend collection of the contested obligation, Tax, assessment or charge and enforcement of a Lien other than a Permitted Lien or (ii) the failure to pay could not reasonably be expected to individually or in the aggregate result in a Material Adverse Effect.

 

(b)                                 Filing of Returns.  Timely and correctly file all material Tax Returns required to be filed by it.  Withhold, collect and remit all material Taxes that it is required to collect, withhold or remit.

 

Section 10.06                      Employee Benefits.  Comply in all material respects with the applicable provisions of ERISA and the Code (except where any failure to comply could not reasonably be expected to result in a Material Adverse Effect), and furnish to MLC (a) as soon as possible after, and in any event within 5 days after any Responsible Officer of any Company or any ERISA Affiliates of any Company knows or has reason to know that, any ERISA Event has occurred or could be reasonably expected to occur that, alone or together with any other ERISA Event could reasonably be expected to result in liability of the Companies or any of their ERISA Affiliates in an aggregate amount exceeding $[**] or the imposition of a Lien on the assets of any Transaction Party, a statement of a Financial Officer of PESRM setting forth details as to such ERISA Event and the action (if any) that the Companies propose to take with respect thereto, (b) upon request by MLC, copies of (i) the most recent annual report (Form 5500 Series) filed by any Company or any ERISA Affiliate with the Department of Labor with respect to any Plan, (ii) the most recent actuarial valuation report for each Pension Plan, (iii) all notices received by any Company or any ERISA Affiliate from a Multiemployer Plan sponsor or any governmental agency concerning an ERISA Event, and (iv) such other documents or governmental reports or filings relating to any Plan as MLC shall reasonably request and (c) promptly following any request therefor, copies of (i) any documents described in Section 101(k) of ERISA that any Company or its ERISA Affiliate may request with respect to any Multiemployer Plan and (ii) any notices described in Section 101(1) of ERISA that any Company or its ERISA Affiliate may request with respect to any Multiemployer Plan; provided, that if any Company or its ERISA Affiliate has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, the applicable Company or ERISA Affiliate shall promptly make a request for such documents or notices from such administrator or sponsor and shall provide copies of such documents and notices promptly after receipt thereof.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Section 10.07                      Maintaining Records; Access to Properties and Inspections.  Keep proper books of record and account in which full, true and correct entries in conformity with GAAP consistently applied and all Applicable Law are made of all material dealings and transactions in relation to its business and activities.  Upon at least five (5) Business Days’ prior written notice, each Transaction Party will permit any representatives designated by MLC to visit and inspect the financial records (other than the records of the Board of Directors) and the property of such Transaction Party at reasonable times and as often as reasonably requested and to make extracts from and copies of such financial records, and permit any representatives designated by MLC to discuss the affairs, finances, accounts, prospects and condition of any Transaction Party with the officers and employees thereof and advisors therefor (including independent accountants); provided, that PESRM shall pay only for costs and expenses of one such inspection or visit per calendar year in the absence of an Event of Default pursuant to Section 14.01(a) or (f); provided, further, that when an Event of Default exists and is continuing, MLC (or any of their respective representatives) may do any of the foregoing at the expense of PESRM at any time during normal business hours and upon reasonable advance notice.  MLC shall give the Transaction Parties the opportunity to participate in any discussions with PESRM’s advisors (including independent public accountants).  Notwithstanding anything to the contrary in this Section 10.07, none of the Transaction Parties will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter (i) in respect of which disclosure to MLC (or its respective representatives) is prohibited by Applicable Law or binding agreement or (ii) that is subject to attorney-client privilege or constitutes attorney work product.

 

Section 10.08                      [Reserved].

 

Section 10.09                      Compliance with Environmental Laws and Environmental Permits; Environmental Reports.

 

(a)                                 In accordance with the standards applicable to a reasonable and prudent refinery operator in the refining industry, comply, and use commercially reasonable efforts to cause all lessees, sub-lessees and other persons occupying Real Property owned, operated or leased by any Transaction Party to comply, in all material respects, with all Environmental Laws and Environmental Permits applicable to PESRM’s operations and PESRM Infrastructure, including the Refinery; obtain, renew, extend and/or transfer, as applicable, all Environmental Permits applicable to PESRM’s operations and PESRM Infrastructure, including the Refinery its operations and Real Property; and conduct any Responses undertaken by the Transaction Parties by, and in accordance with, Environmental Laws.

 

(b)                                 If a PESRM Event of Default (if any) caused by reason of a breach of Section 8.18 or Section 10.09(a) shall have occurred and be continuing for more than 30 days without the Companies commencing activities reasonably likely to cure such Event of Default (if any) in accordance with Environmental Laws, at the written request of MLC, provide to MLC within 60 days after such request, at the expense of PESRM, an environmental assessment report regarding the matters which are the subject of such PESRM Event of Default, including, where required

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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by applicable Environmental Law, soil and/or groundwater sampling, prepared by an environmental consulting firm and, in the form reasonably acceptable to MLC.

 

Section 10.10                      Additional Collateral; Additional Guarantors.

 

(a)                                 Subject to the terms and conditions of the Intercreditor Agreement, to the extent applicable, any Term-ABL Intercreditor Agreement then in effect and this Section 10.10, with respect to any property acquired after the Effective Date by any Transaction Party that is of the same type as that included as “Pledged Collateral” in the Supply and Offtake Security Agreement and that is intended to be subject to the Lien created by any of the Supply and Offtake Security Documents but is not so subject (which, for the avoidance of doubt, does not include assets held by any Excluded Subsidiary or Foreign Subsidiary), promptly (and in any event within 30 days after the acquisition thereof (or such longer period of time not to exceed an additional 30 days as may be permitted by written consent of MLC)) (i) execute and deliver to MLC such amendments or supplements to the relevant Supply and Offtake Security Documents or such other documents as MLC shall deem reasonably necessary or advisable to grant to MLC, for its benefit, a Lien on such property subject to no Liens other than Permitted Liens, and (ii) at the request of MLC, take all actions necessary to cause such Lien to be duly perfected to the extent required by such Supply and Offtake Security Document in accordance with all Applicable Law, including the filing of financing statements in such jurisdictions as may be reasonably requested by MLC.  The Transaction Parties shall otherwise take such actions and execute and/or deliver to MLC such documents as MLC shall require to confirm the validity, perfection and priority of the Lien of the Supply and Offtake Security Documents on such after-acquired properties.

 

(b)                                 Subject to the terms and conditions of the Intercreditor Agreement, to the extent applicable, any Term-ABL Intercreditor Agreement then in effect and PESRM’s election under Section 10.18, with respect to any person that is or becomes a Subsidiary (other than an Excluded Subsidiary or Foreign Subsidiary) after the Effective Date, promptly (and in any event within 30 days after such person becomes a Subsidiary) (or such longer period of time not to exceed an additional 30 days as may be permitted by written consent by MLC)) cause such new Subsidiary (other than an Excluded Subsidiary or Foreign Subsidiary) (A) to execute a Joinder Agreement or such comparable documentation to become a Guarantor and a joinder agreement to the Supply and Offtake Security Agreement, substantially in the form annexed thereto, and (B) to take all actions reasonably necessary or advisable in the opinion of MLC to cause the Lien created by the Supply and Offtake Security Agreement to be duly perfected to the extent required by such agreement in accordance with all Applicable Law, including the filing of financing statements in such jurisdictions as may be reasonably requested by MLC.

 

(c)                                  Subject to the terms and conditions of the Intercreditor Agreement, to the extent applicable, any Term-ABL Intercreditor Agreement then in effect, and PESRM’s

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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election under Section 10.18, with respect to any new Subsidiary (other than an Excluded Subsidiary or Foreign Subsidiary) created or acquired after the Effective Date by PESRM or any Subsidiary other than an Excluded Subsidiary (which, for the purposes of this paragraph (c), shall include any existing Subsidiary that ceases to be an Excluded Subsidiary) or Foreign Subsidiary, promptly (i) execute and deliver to MLC such amendments to the Supply and Offtake Security Agreement as MLC deems, in its reasonable discretion, to be necessary or advisable to grant to MLC a perfected third lien security interest in the Equity Interests of such new Subsidiary that is owned by any Transaction Party, (ii) either (A) to the extent any Permitted Secured Term Loan Facility is then outstanding, deliver to the Term Loan Administrative Agent the certificates representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Subsidiary, and (B) otherwise, deliver to Bank of America, N.A., as agent under the Senior Secured Credit Facility, the certificates representing such Equity Interests, together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the relevant Subsidiary (iii) cause such new Subsidiary (other than an Excluded Subsidiary or Foreign Subsidiary) (A) to execute a Joinder Agreement or such comparable documentation to become a Guarantor, and a joinder agreement to the Security Agreement, substantially in the form annexed thereto, (B) to take such actions reasonably necessary or advisable to grant to MLC a perfected security interest in the Collateral described in the Supply and Offtake Security Agreement with respect to such new Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Supply and Offtake Security Agreement or by law or as may be reasonably requested by MLC, and (C) if requested by MLC, deliver to MLC legal opinions relating to the matters described above, which opinions shall be in form and substance comparable to the applicable opinions delivered on the Effective Date and shall be from counsel reasonably satisfactory to MLC.

 

(d)                                 Subject to the terms and conditions of the Intercreditor Agreement and, to the extent applicable, any Term-ABL Intercreditor Agreement then in effect, with respect to any fee interest in any real property having a value (together with improvements thereof or thereon) of at least $[**] (1) acquired after the Effective Date by PESRM or any Subsidiary which is not an Excluded Subsidiary or a Foreign Subsidiary or (2) owned by any Subsidiary that becomes a party to the Supply and Offtake Security Agreement (in each case other than (x) any such real property subject to a Lien expressly permitted by Section 11.02(d) and (y) real property acquired by any Excluded Subsidiary or Foreign Subsidiary), PESRM or such Subsidiary shall promptly (i) execute and deliver a Mortgage, in favor of MLC covering such real property, (ii) deliver to MLC a “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to the Mortgaged Properties or parcels thereof with improvements thereon (together with a notice about special flood hazard area status and flood disaster assistance duly executed by PESRM in the event any portion of such Mortgaged Properties are located in a special flood hazard area) and (iii) deliver to MLC such

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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other documentation related to such real property as MLC may reasonably request.  For the avoidance of doubt, this clause (e) shall not apply to the North Yard or the West Yard.

 

(e)                                  At any time that a Trigger Event shall have occurred, at the request of MLC, PESRM and each other Transaction Party shall, in the reasonable discretion of PESRM: (a) (i) execute and deliver to MLC such agreements and instruments (or amendments or supplements to the Supply and Offtake Security Agreement) as MLC may deem necessary or advisable to grant to MLC a perfected first priority Lien on all Securities Accounts, Commodities Accounts and other investment accounts of the Transaction Parties (the foregoing accounts, collectively, the “ABL/SOA Investment Accounts”), and on any and all cash, Cash Equivalents, checks, negotiable instruments, security entitlements, securities and other financial assets or other property or investment property credited to or held therein (all of the foregoing, the “Investment Assets”), and (ii) deliver, or cause to be delivered, to MLC a Control Agreement duly authorized, executed and delivered by each bank or financial institution where a Securities Account for the benefit of any Transaction Party is maintained or (b) liquidate all Investment Assets credited to or held in any and all ABL/SOA Investment Accounts and deposit or cause the deposit or credit of the proceeds thereof into the Collection Account for application and distribution in accordance with the Intercreditor Agreement; provided that, any such documentation delivered by any Transaction Party pursuant to this Section 10.10(e) shall provide that any Lien on assets granted pursuant to this Section 10.10(e) shall be released and the Transaction Parties’ obligations with respect to such Trigger Event under this Section 10.10(e) shall cease upon the cure or waiver of such Trigger Event.

 

(f)                                   Notwithstanding anything in this Agreement or any Supply and Offtake Security Document to the contrary, in no event shall the Collateral include, and no Transaction Party or any Subsidiary shall be required to take any action to create, grant or perfect a security interest in, (i) any property or assets that are subject to a jurisdiction other than the United States, any state thereof and the District of Columbia, (ii) any properties and assets as to which MLC determines in its reasonable discretion that the costs of obtaining such security interest are excessive in relation to the value of the security to be afforded thereby, or (iii) Excluded Property (as defined in the Supply and Offtake Security Agreement), other than any Deposit Account which ceases to be an Excluded Deposit Account; provided that, upon the reasonable request of MLC, each Transaction Party shall be required to take any action to create, grant or perfect a security interest in any of MLC Separate Assets and Collateral that are subject to a jurisdiction other than the United States, any state thereof and the District of Columbia in any case where MLC determines in its reasonable discretion that the costs of obtaining such security interest are not excessive in relation to the value of the security to be afforded thereby.

 

Section 10.11                      Security Interests; Further Assurances.  Subject to the terms and conditions of the Intercreditor Agreement and, to the extent applicable, any Term-ABL Intercreditor

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Agreement then in effect, promptly, upon the reasonable request of MLC, at PESRM’s expense, execute, acknowledge and deliver, or cause the execution, acknowledgment and delivery of any document or instrument supplemental to or confirmatory of the Supply and Offtake Security Documents, or otherwise deemed by MLC reasonably necessary or desirable for the continued validity, perfection and priority of the Liens on the Collateral covered thereby subject to no other Liens except Permitted Liens, or obtain any consents or waivers as may be necessary or appropriate in connection therewith.  Upon the exercise by MLC of any power, right, privilege or remedy pursuant to any Supply and Offtake Security Document which requires any consent, approval, registration, qualification or authorization of any Governmental Authority, execute and deliver all applications, certifications, instruments and other documents and papers that MLC may reasonably require.

 

Section 10.12                      Information Regarding Collateral.  Not effect any change (a) in any Transaction Party’s legal name, (b) in the location of any Transaction Party’s chief executive office, (c) in any Transaction Party’s organizational structure, (d) in any Transaction Party’s Federal Taxpayer Identification Number or organizational identification number (if any) or (e) in any Transaction Party’s jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction), in each case, until (i) PESRM shall have given MLC not less than 30 days’ prior written notice (in the form of an Officers’ Certificate), or such lesser notice period agreed to by MLC, of its intention so to do (or, with respect to the change in PESRM’s name and organizational structure anticipated to occur in anticipation of or substantially concurrently with the IPO, ten (10) Business Days’ notice), clearly describing such change and providing such other information in connection therewith as MLC may reasonably request and (ii) the Transaction Parties shall have taken all action reasonably satisfactory to MLC to maintain the perfection and priority of the security interest of MLC in the Collateral, including such actions required to comply with the requirements of Section 3.4 of the Supply and Offtake Security Agreement and the Mortgage in favor of the SOA Collateral Agent.  Each Transaction Party agrees to promptly provide MLC with certified Organizational Documents reflecting any of the changes described in the preceding sentence.  Each Transaction Party also agrees to promptly notify MLC of any change in the location of any office in which it maintains books or records relating to Collateral owned by it or any office or facility at which Collateral is located (including the establishment of any such new office or facility), other than changes in location to a leased property subject to a Third Party Consent Agreement.

 

Section 10.13                      Depository Banks. The Transaction Parties shall, on or prior to the Effective Date, (a) establish and maintain the Collection Account and the Operating Account with Bank of America or an Affiliate thereof and (b) within sixty (60) days of the Effective Date, designate and maintain Bank of America, as collateral agent under the Senior Secured Credit Facility, as its principal depository bank, including for the maintenance of all operating, administrative, cash management, collection activity, and other deposit and securities accounts for the conduct of its business, including with respect to any proceeds of any ABL/SOA Priority Collateral (including hydrocarbon Inventory).

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Section 10.14                      Affirmative Covenants with Respect to Required Infrastructure.

 

(a)                                 PESRM irrevocably grants MLC the right (without any obligation to do so) to remove MLC Separate Assets and Collateral from the PESRM Infrastructure at any time or times during the occurrence and continuation of an Event of Default.

 

(b)                                 PESRM shall make commercially reasonable efforts to cause each Third Party (or, if such Third Party is an Affiliate Transferee, PESRM shall cause such Affiliate Transferee) which provides Required Infrastructure to PESRM or MLC to (i) grant to MLC the right (without any obligation to do so) to remove MLC Separate Assets and Collateral and ABL/SOA Priority Collateral from Third Party Infrastructure, at any time or times during the period (1) during which a PESRM Event of Default has occurred and is continuing, or (2) commencing on the date on which an Early Termination Event has been designated and ending 90 days thereafter, and (ii) covenant and agree that such 90 day period described in clause (2) above will be tolled during any period in which MLC has been stayed from taking action to remove such MLC Separate Assets and Collateral and ABL/SOA Priority Collateral from the Third Party Infrastructure by any court or other governmental authority, and MLC shall have an additional period of time thereafter in which to repossess and/or dispose of the MLC Separate Assets and Collateral and ABL/SOA Priority Collateral equal to the period of such toll.

 

(c)                                  PESRM further covenants and agrees that (i) the storage tanks used to store MLC Separate Assets and Collateral, and the pipelines used to transport MLC Separate Assets and Collateral to or from such tanks, included in the PESRM Infrastructure (other than any Affiliate Transferee Assets leased by a Transaction Party to an Affiliate Transferee) and the Third Party Infrastructure (other than any Affiliate Transferee Assets owned by an Affiliate Transferee) shall be dedicated to  MLC Separate Assets and Collateral, and (ii) except to the extent necessary in response to, or to avoid a situation that threatens to imminently result in injury to individuals or material damage to property, under no circumstances shall PESRM commingle or permit the commingling of any of MLC Separate Assets and Collateral with hydrocarbon products of any other Person provided, that PESRM shall (x) promptly deliver notice to MLC of such commingling and (y) promptly upon the remedy of such emergency, segregate the affected MLC Separate Assets and Collateral from any other person’s hydrocarbon products. Notwithstanding the foregoing, MLC Separate Assets and Collateral may be commingled in tanks or pipelines constituting Third Party Infrastructure to the extent that a Third Party Consent Agreement which does not restrict such commingling has been entered into with respect to such Third Party Infrastructure.

 

Section 10.15                      [Reserved].

 

Section 10.16                      Designation of Excluded Subsidiaries.  PESRM may designate any Domestic Subsidiary acquired or formed after the Effective Date, within 30 days of the formation or acquisition thereof (or such longer period of time as may be permitted by MLC), as an Excluded Subsidiary by written notice to MLC; provided, that (i) immediately before and after such

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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designation, no Default with respect to PESRM or PESRM Event of Default shall have occurred and be continuing; (ii) no Subsidiary may be designated as an Excluded Subsidiary if it owns any Required Infrastructure and (iii) except with respect to a transfer of Affiliate Transferee Assets to an Affiliate Transferee, after giving effect to such designation, the cash or assets contributed by the Transaction Parties to all Excluded Subsidiaries (other than Affiliate Transferees) shall not in the aggregate exceed the amount permitted to be contributed to such Excluded Subsidiaries pursuant to Section 11.04(n), measured, in each case, as of the date of each such designation; provided, further, that such Excluded Subsidiary may be re-designated by PESRM as a “Guarantor” upon 10 Business Days (or such shorter period of time as may be permitted by MLC) prior written notice to MLC as long as (x) the requirements of Section 10.10 are satisfied either before or concurrently with it becoming a Guarantor and (y) the Consolidated Fixed Charge Coverage Ratio for the Transaction Parties after such re-designation would be greater than such ratio for the Transaction Parties immediately prior to such re-designation.

 

Section 10.17                      Anti-Terrorism Laws. The Transaction Parties shall, and shall cause Carlyle PES to, deliver to MLC any certification or other evidence requested from time to time by MLC in its reasonable discretion, confirming the Transaction Parties’ and Carlyle PES’ compliance with Section 11.14.

 

Section 10.18                      Third Party Consent Agreements.  If after the Effective Date, any Transaction Party enters into an agreement for Required Infrastructure and such infrastructure is not already subject to a Third Party Consent Agreement and any Transaction Party intends to store or transport any MLC Separate Assets and Collateral in or through such Required Infrastructure, then, with respect to such Required Infrastructure (other than, with the exception of Sunoco Pipeline Infrastructure, in respect of any vessels, barges, railcars, railroads or pipelines), such Transaction Party shall (a) in the case in which such Required Infrastructure is owned by a Third Party that is not an Affiliate of PESRM, use commercially reasonable efforts to obtain and deliver to MLC a Third Party Consent Agreement executed by PESRM and the Third Party counterparty to such agreement and (b) in the case in which Required Infrastructure is owned by, or leased by a Transaction Party to, an Affiliate Transferee, obtain and deliver to MLC a Third Party Consent Agreement executed by PESRM and such Affiliate Transferee, in each case, contemporaneously with the execution of such agreement. PESRM shall use commercially reasonable efforts to deliver to MLC the executed Third Party Consent Agreements set forth on Schedule 2.02(a).

 

Section 10.19                      Refinery Turnaround, Maintenance and Closure.

 

(a)                                 PESRM shall provide to MLC (i) on the Effective Date (for the balance of the calendar year in which the Effective Date occurs) and (ii) on an annual basis thereafter, on or prior to the earlier of (x) 60 Days after the beginning of each fiscal year and (y) at least thirty (30) Days prior to any anticipated or scheduled maintenance and turnaround referred to below in such fiscal year, its anticipated timing of scheduled maintenance and turnaround that may affect deliveries and receipts of Hydrocarbons at the Refinery or any other PESRM Infrastructure or the processing of Hydrocarbons at the Refinery during the upcoming year.  PESRM shall provide MLC with any updates to such schedule promptly after any decision is made to update such schedule, and in any event at least thirty (30)

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Days prior to the scheduled date of the earliest planned maintenance or turnaround that is modified or amended by such update.  PESRM shall cooperate with MLC in establishing maintenance and turnaround schedules that do not unnecessarily interfere with the delivery or receipt of Hydrocarbons that MLC has committed to purchase or sell.

 

(b)                                 PESRM shall promptly, and in any event within one (1) Business Day of PESRM first having knowledge of such unscheduled downtime, maintenance or turnaround with respect to the Refinery or any other PESRM Infrastructure, notify MLC orally (followed by prompt written notice) of any previously unscheduled downtime, maintenance or turnaround and the expected duration of such unscheduled downtime, maintenance or turnaround.

 

Section 10.20                      Certain PESRM Services.  PESRM shall at all times during the Term use commercially reasonable efforts to maintain sufficient staff and operational capabilities to meet its obligations under this Agreement, including sufficient staff to manage PESRM’s obligations under this Section 10.22 and under Article III and Article IV.  During the Term PESRM shall:

 

(a)                                 maintain staff necessary to prepare the reports and summaries required to be prepared by PESRM pursuant to Articles III and IV and to provide MLC, upon request, with all supporting documentation relating to such reports and summaries (including any related pipeline tickets and inspection reports);

 

(b)                                 maintain sufficient manual inputs into PESRM’s systems necessary to perform the reconciliations required under this Agreement;

 

(c)                                  maintain sufficient knowledge of the reporting requirements for relevant jurisdictions with respect to the purchase, sale and transport of Hydrocarbon necessary to satisfy such reporting requirements;

 

(d)                                 file, or cause to be filed, all reports required to be filed by any Transaction Party with respect to this Agreement, any PESRM Transaction or any PESRM Transaction Document;

 

(e)                                  upon MLC’s reasonable request, provide confirmation that PESRM has fulfilled all obligations, requirements and standards imposed by any Governmental Authority with respect to the Refinery, this Agreement and the transactions contemplated hereunder;

 

(f)                                   maintain appropriate information technology staff to:

 

(i)                                     support and maintain each Transaction Party’s information technology systems and infrastructure,

 

(ii)                                  develop and maintain such data feeds as may be required by MLC with respect to the performance of MLC’s obligations under this Agreement, and

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(iii)                               maintain and/or develop a data exchange to the extent required by MLC; and

 

(g)                                  provide to MLC such automated data feeds as MLC may reasonably require with respect to the performance of its obligations under this Agreement and the other PESRM Transaction Documents, including daily inventory balance feeds, run schedule information feeds and feeds detailing the movement of Hydrocarbon into and out of the Refinery and the movement of Hydrocarbon within the Refinery.

 

ARTICLE XI.

 

PESRM NEGATIVE COVENANTS

 

Each Transaction Party covenants and agrees that, so long as this Agreement shall remain in effect and until the Obligations and all obligations under any PESIC-PESRM Secured Prepay Transactions and any MLC-PESIC Secured Prepay Transactions have been paid in full, unless MLC shall otherwise consent in writing, no Transaction Party will, nor will it cause or permit any of its Subsidiaries (other than Excluded Subsidiaries) to:

 

Section 11.01                      Indebtedness.  Incur, create, assume or permit to exist, directly or indirectly, any Indebtedness, except:

 

(a)                                 Indebtedness incurred under this Agreement and the other PESRM Transaction Documents;

 

(b)                                 Indebtedness in respect of Specified Transaction Obligations permitted under Section 11.15;

 

(c)                                  Indebtedness permitted by Section 11.04(f), solely to the extent such Indebtedness is evidenced by the Intercompany Note;

 

(d)                                 Indebtedness in respect of Purchase Money Obligations, Attributable Indebtedness and Capital Lease Obligations, and any other Indebtedness financing the acquisition, construction, repair, replacement or improvement of any fixed or capital assets and refinancings or renewals thereof, in an aggregate amount not to exceed $25,000,000 except that such limit shall not apply to any purchase money security interest of (x) MLC under the Supply and Offtake Agreement, (y) MLC under the PESRM-MLC ISDA Master Agreement or (z) PESIC under the PESIC-PESRM ISDA Master Agreement;

 

(e)                                  Indebtedness in respect of (x) bid, performance or surety bonds, workers’ compensation claims, self-insurance obligations and bankers acceptances issued for the account of any Company in the ordinary course of business, including guarantees or obligations of any Company with respect to letters of credit supporting such bid, performance or surety bonds, workers’ compensation claims, self-insurance obligations and bankers acceptances (in each case other than for an obligation for money borrowed), in an aggregate amount not to exceed

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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$10,000,000 at any time outstanding and (y) federal excise tax bonds in an aggregate amount not to exceed $50,000,000;

 

(f)                                   Contingent Obligations (including guarantees) of any Transaction Party in respect of Indebtedness otherwise permitted under this Section 11.01;

 

(g)                                  Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, that such Indebtedness is extinguished within five Business Days of incurrence;

 

(h)                                 Indebtedness arising in connection with endorsement of instruments for deposit in the ordinary course of business;

 

(i)                                     unsecured Indebtedness and Subordinated Indebtedness of any Transaction Party in an aggregate amount not to exceed $10,000,000; provided, that such Indebtedness has a later final maturity date than the Indebtedness incurred under this Agreement and the other PESRM Transaction Documents; provided, further, that Specified Transaction Obligations permitted under Section 11.01(b) shall not be included in any calculation of the foregoing cap;

 

(j)                                    Indebtedness representing deferred compensation to employees of any Transaction Parties, Holdings, IPO Issuer or any of their respective Subsidiaries incurred in the ordinary course of business and/or incurred by such Person in connection with any Permitted Acquisitions or any other Investment expressly permitted hereunder in an aggregate principal amount not to exceed $15,000,000;

 

(k)                                 Indebtedness representing deferred compensation to employees of any Transaction Parties incurred in the ordinary course of business and/or incurred by such Person in connection with any Permitted Acquisitions or any other Investment expressly permitted hereunder in an aggregate principal amount not to exceed $15,000,000;

 

(l)                                     Indebtedness to current or former officers, directors, managers, consultants and employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of any Transaction Parties (solely to the extent the proceeds of such Indebtedness are ultimately contributed to the Transaction Parties) in an aggregate principal amount not to exceed (x) $5,000,000 on the Effective Date and (y) an additional $5,000,000 after the Effective Date;

 

(m)                             Indebtedness incurred in connection with a Permitted Acquisition, any other Investment expressly permitted hereunder or any Asset Sale permitted hereunder, in each case, solely to the extent constituting Indebtedness as a result of indemnification obligations or obligations in respect of purchase price (including earn-outs) or other similar adjustments;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(n)                                 Indebtedness resulting from obligations with respect to Treasury Services Agreements and other Indebtedness in respect of netting services, automatic clearinghouse arrangements, overdraft protections and similar arrangements in each case in connection with deposit accounts in the ordinary course of business;

 

(o)                                 Indebtedness consisting of the financing of insurance premiums in the ordinary course of business;

 

(p)                                 Indebtedness consisting of customer deposits and advance payments received in the ordinary course of business from customers for goods purchased;

 

(q)                                 obligations (including any guaranty thereof by any Transaction Party) under (x) the Financial Products ISDA Master Agreement and (y) the Senior Secured Credit Facility Documents in an aggregate principal amount not to exceed $150,000,000;

 

(r)                                    Indebtedness incurred in connection with Environmental and Necessary Capex in an amount not to exceed $150,000,000 in the aggregate;

 

(s)                                   Indebtedness under the Term Loan Credit Agreement and the Term Loan Documents and any Indebtedness under any other Permitted Term Loan Facility (including any guaranty thereof by any Transaction Party); provided, however, that, the proceeds of such Permitted Term Loan Facility shall not be used to make a Dividend to any person that is not a Transaction Party other than to the extent permitted by Section 11.07; provided, further, however, that the aggregate outstanding principal amount of Indebtedness under such Permitted Term Loan Facility shall not at any time exceed the Term Loan Permitted Indebtedness Limit;

 

(t)                                    Indebtedness incurred in connection with a Development Financing so long as the principal amount thereof outstanding at any time shall not exceed $135,000,000;

 

(u)                                 Indebtedness arising from an unsecured guaranty provided by any Transaction Party in respect of the Indebtedness described in the preceding clause (t);

 

(v)                                 Indebtedness in respect of cash-collateralized letter of credit facilities for the purposes set forth in Section 11.02(cc);

 

(w)                               Indebtedness of any Transaction Party so long as any recourse against such Transaction Party in respect of such Indebtedness is expressly limited to the Equity Interests of an Excluded Subsidiary (on which a Lien was permitted to be granted pursuant to Section 11.02(dd));

 

(x)                                 Indebtedness of any Transaction Party in respect of a deferred compensation plan that provides bonus payouts to employees of PESRM, Holdings or IPO Issuer or any of their respective Subsidiaries over a defined period based on a percentage of the bonus paid in any given year;

 

(y)                                 Indebtedness financing the acquisition, construction, repair, replacement or improvement of any fixed or capital assets, including any sale-leaseback and

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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refinancings or renewals of Vessels and rail cars, in an aggregate amount not to exceed $325,000,000;

 

(z)                                  any Indebtedness in existence on the Effective Date and set forth on Schedule 11.01(z) and any Indebtedness granted as a replacement or substitute therefor; provided, that any such replacement or substitute Indebtedness is not in an aggregate amount greater than that such Indebtedness on the Effective Date;

 

(aa)                          any Indebtedness incurred in connection with the acquisition by any Loan Party of all or a portion of the Butane Rail Facility, in an aggregate amount not to exceed $90,000,000; and

 

(bb)                          general Indebtedness not otherwise permitted by clauses (a) through (aa) above in an aggregate amount not to exceed $5,000,000 outstanding at any time;

 

provided that, notwithstanding anything to the contrary herein, Indebtedness permitted pursuant to any of the foregoing clauses shall not be included in the calculation of total amount of Indebtedness incurred pursuant to any other of the foregoing clauses.

 

Section 11.02                      Liens.  Create, incur, assume or permit to exist, directly or indirectly, any Lien on any property now owned or hereafter acquired by it or on any income or revenues or rights in respect of any thereof, except the following (collectively, the “Permitted Liens”):

 

(a)                                 inchoate Liens for Taxes, assessments or governmental charges or levies not yet due and payable or delinquent and Liens for Taxes, assessments or governmental charges or levies, which are being contested in good faith by appropriate Proceedings for which adequate reserves have been established in accordance with GAAP, which Proceedings (or orders entered in connection with such Proceedings) have the effect of preventing the forfeiture or sale of the property subject to any such Lien;

 

(b)                                 Liens in respect of property of any Company imposed by Applicable Law, which were incurred in the ordinary course of business and do not secure Indebtedness for borrowed money, such as carriers’, warehousemen’s, materialmen’s, landlords’, workmen’s, suppliers’, repairmen’s and mechanics’ Liens and other similar Liens arising in the ordinary course of business, and (i) which do not in the aggregate materially detract from the value of the property of the Companies, taken as a whole, and do not materially impair the use thereof in the operation of the business of the Companies, taken as a whole, and (ii) which, if they secure obligations that are then due and unpaid, are being contested in good faith by appropriate Proceedings for which adequate reserves have been established in accordance with GAAP, which Proceedings (or orders entered in connection with such Proceedings) have the effect of preventing the forfeiture or sale of the property subject to any such Lien;

 

(c)                                  any Lien in existence on the Effective Date and set forth on Schedule 11.02(c) and any Lien granted as a replacement or substitute therefor; provided, that any such replacement or substitute Lien (i) does not secure an aggregate amount of

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Indebtedness (if any) greater than that secured on the Effective Date and (ii) does not encumber any property other than the property subject thereto on the Effective Date and accessions thereto;

 

(d)                                 easements, rights-of-way, restrictions (including zoning restrictions and other similar permits), covenants, licenses, encroachments, protrusions and other similar charges or encumbrances, each matter listed as exceptions to title on Schedule B to the Owner’s Title Policy or disclosed in the Survey, and minor title deficiencies on or with respect to any Real Property, in each case whether now or hereafter in existence, not individually or in the aggregate materially interfering with the ordinary conduct of the business of the Transaction Parties at such Real Property;

 

(e)                                  Liens arising out of judgments, attachments or awards not resulting in a Default and in respect of which such Company shall in good faith be prosecuting an appeal or Proceedings for review in respect of which there shall be secured a subsisting stay of execution pending such appeal or Proceedings and, in the case of any such Lien which has or may become a Lien against any of the Collateral, such Lien is being contested in good faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP, which proceedings (or orders entered in connection with such proceedings) have the effect of preventing the forfeiture or sale of the property subject to any such Lien;

 

(f)                                   Liens (other than any Lien imposed by ERISA) (i) imposed by Applicable Law or deposits made in connection therewith in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security legislation, (ii) incurred in the ordinary course of business to secure the performance of tenders, statutory obligations (other than Taxes), surety, stay, customs and appeal bonds, statutory bonds, bids, leases, government contracts, trade contracts, performance and return of money bonds and other similar obligations (exclusive of obligations for the payment of Indebtedness) or (iii) arising by virtue of deposits made in the ordinary course of business to secure liability for premiums to insurance brokers, carriers or insurance companies; provided, that (x) with respect to subclauses (i), (ii) and (iii) of this clause (f), such Liens are for amounts not yet delinquent or, to the extent such amounts are so delinquent, in excess of $[**], such amounts are being contested in good faith by appropriate Proceedings for which adequate reserves have been established in accordance with GAAP and, in connection with such Proceedings, orders have been entered that have the effect of preventing the forfeiture or sale of the property subject to any such Lien, and (y) to the extent such Liens are not imposed by Applicable Law, such Liens shall in no event encumber any property other than cash and Cash Equivalents (or in respect of subclause (iii), cash, Cash Equivalents and/or insurance proceeds);

 

(g)                                  (i) Leases of the properties (other than Required Infrastructure) of any Company, granted by such Company, in each case entered into in the ordinary course of such Company’s business so long as such Leases do not, individually or in the

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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aggregate, interfere in any material respect with the conduct of the business of any Company or any Transaction Party’s performance of and compliance with its obligations hereunder or under any Senior Secured Credit Facility Document;

 

(ii)                                  Leases of the properties from any Transaction Party to any Affiliate or Subsidiary granted by such Transaction Party (excluding all North Yard Assets and Other Logistics Assets), if the following requirements are met: (aa) such properties (1) do not constitute or include Required Infrastructure or (2) are Affiliate Transferee Assets or other PESRM Infrastructure subject to Leases only with an Affiliate Transferee; (bb) no Event of Default has occurred and is continuing; (cc) such property is not necessary for the business and operations of the Refinery, (dd) such lease will not cause at any time any material discontinuation or disruption of the business or operations conducted at the Refinery, (ee) such Lease will not interfere in any material respect with PESRM’s or any other Transaction Party’s performance of and compliance with its obligations hereunder or under any Senior Secured Credit Facility Document and (ff) such Transaction Party delivered to MLC a certificate certifying as to (aa) through (ee) of this subclause (ii) of this clause (g); and

 

(iii)                               Leases of the properties from any Transaction Party to any Affiliate or Subsidiary granted by such Transaction Party with respect to any North Yard Assets and Other Logistics Assets;

 

(iv)                              Leases of the Butane Rail Facility to any Affiliate or Subsidiary granted by such Transaction Party; and

 

(v)                                 Liens granted by any Affiliate or Subsidiary on any properties transferred in accordance with Section 11.02(g)(ii), Section 11.02(g)(iii) or Section 11.02(g)(iv);

 

(h)                                 Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by any Company in the ordinary course of business;

 

(i)                                     subject to the terms and conditions of the Intercreditor Agreement and, to the extent applicable, any Term-ABL Intercreditor Agreement then in effect, Liens securing Indebtedness and other obligations incurred pursuant to Section 11.01(d); provided, that any such Liens attach only to the property being financed pursuant to such Indebtedness and do not encumber any other property of any Company (other than improvements and accessions thereon) or the proceeds thereof;

 

(j)                                    bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit in one or more deposit, securities and/or other similar accounts maintained by any Company, in each case granted in the ordinary course of business in favor of the bank or banks with which such accounts are maintained, (i) securing fees, charge-backs and other similar

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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obligations and (ii) securing amounts owing to such bank with respect to cash management and operating account arrangements, including those involving pooled accounts and netting arrangements;

 

(k)                                 Liens on property of a person existing at the time such person is acquired or merged with or into or consolidated with any Company to the extent permitted hereunder (and not created in anticipation or contemplation thereof); provided, that such Liens do not extend to property not subject to such Liens at the time of acquisition (other than improvements and accessions thereon) or to the proceeds thereof;

 

(l)                                     Liens granted pursuant to (i) the Supply and Offtake Security Documents to secure the Obligations and (ii) the Supply and Offtake Security Agreement to secure the other Secured Obligations (as defined therein);

 

(m)                             licenses of intellectual property (including Intellectual Property) granted by any Company in the ordinary course of business and not interfering in any material respect with the ordinary conduct of business of the Companies;

 

(n)                                 the filing of UCC financing statements solely as a precautionary measure in connection with operating leases or consignment of goods or the filing of UCC financing statements in connection with the Supply and Off-Take Documents or any Sale-Leaseback Transaction permitted hereunder;

 

(o)                                 Liens on Collateral securing the Secured Obligations under and as defined in the Senior Secured Credit Facility (as in effect on the Effective Date); provided, that such Liens are at all times subject to terms and conditions of the Intercreditor Agreement and, to the extent applicable, any Term-ABL Intercreditor Agreement then in effect;

 

(p)                                 Liens on MLC Separate Assets and Collateral in favor of (i) MLC, its Affiliates and/or an agent of any of the foregoing and (ii) the SOA Collateral Agent for the benefit of the Supply and Offtake Secured Parties (as defined in the Supply and Offtake Security Agreement); provided, that such Liens are at all times subject to the Intercreditor Agreement and, to the extent applicable, any Term-ABL Intercreditor Agreement then in effect;

 

(q)                                 Liens securing Indebtedness incurred with respect to Permitted Specified Transactions (other than Specified Hedging Obligations); provided, that in the event such Liens are on any Collateral, such Liens shall at all times be subordinated to the Liens securing the Obligations pursuant to an intercreditor agreement in form and substance reasonably satisfactory to MLC;

 

(r)                                    Liens securing Indebtedness in respect of any Permitted Secured Term Loan Facility incurred pursuant to Section 11.01(s); provided, that such Liens are at all times subject to (x) the Existing Term-ABL Intercreditor Agreement or (y) to the extent the Existing Term Loan Facility has been refinanced with a Permitted

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Secured Term Loan Facility pursuant to which a Term-ABL Intercreditor Agreement has been entered into, a Term-ABL Intercreditor Agreement;

 

(s)                                   Liens incurred in the ordinary course of business of any Company with respect to obligations that do not in the aggregate exceed $[**] at any time outstanding, so long as such Liens, to the extent covering any Collateral, are junior to the Liens granted pursuant to the Supply and Offtake Security Documents;

 

(t)                                    Liens 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 in the ordinary course of business;

 

(u)                                 Liens (i) on cash advances in favor of the seller of any property to be acquired as part of a Permitted Acquisition or (ii) consisting of an agreement to dispose of any property in an Asset Sale permitted hereunder, in each case, solely to the extent such Permitted Acquisition or Asset Sale, as the case may be, would have been permitted on the date of the creation of such Lien;

 

(v)                                 Liens that are contractual rights of set-off relating to purchase orders and other agreements entered into with customers, in the ordinary course of business;

 

(w)                               Liens solely on any cash earnest money deposits made by Holdings, IPO Issuer or any of their respective Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;

 

(x)                                 Liens placed upon the assets of a Person or any of its Subsidiaries to secure Indebtedness (or to secure a guaranty of such Indebtedness) incurred pursuant to and in accordance with Section 11.01(j) in connection with such Permitted Acquisition and Liens on Equity Interests issued by an Excluded Subsidiary;

 

(y)                                 Liens on specific items of inventory or other goods and the proceeds thereof securing such Person’s obligations in respect of documentary letters of credit or banker’s acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods;

 

(z)                                  Liens on assets constituting or related to Environmental and Necessary Capex (but not ABL/SOA Priority Collateral) securing Indebtedness permitted by Section 11.01(r);

 

(aa)                          Liens on the Refinery (including the North Yard Assets and Other Logistics Assets) securing Indebtedness in respect of any Development Financing incurred pursuant to Section 11.01(t); provided, that such Liens are at all times subject to the Development Intercreditor Agreement;

 

(bb)                          To the extent constituting Liens, such easements, licenses and access rights granted to SXL to the extent required for the operation and maintenance of assets of SXL which are located at, under or on the Refinery Real Property as of the Effective Date, on the express condition that the exercise of such access, license

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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or easement rights (x) not interfere with the operation of the Refinery and (y) could reasonably not give rise to a Material Adverse Effect;

 

(cc)                            Liens on cash collateral accounts (other than accounts constituting ABL/SOA Priority Collateral) securing obligations in connection with (A) any Governmental Authority, (B) any Permitted Hedging Obligations or PESRM Transaction Document, or (C) any letter of credit posted as collateral to secure the obligations contemplated in the foregoing clauses (A) and (B); provided that, for the avoidance of doubt, the granting of such Liens shall not be required to be subject to the intercreditor agreement contemplated by Section 11.02(q);

 

(dd)                          Liens on Equity Interests of an Excluded Subsidiary;

 

(ee)                            possessory Liens in favor of brokers and dealers arising in connection with the acquisition or disposition of Investments, provided that such Liens (i) attached only to such Investments and (ii) secure only obligations incurred in the ordinary course and arising in connection with the acquisition or disposition of such Investments and not any obligation in connection with margin financing or otherwise; and

 

(ff)                              Liens securing Indebtedness permitted by Section 11.01(y); provided that if Liens are granted by the Borrower on any ABL/SOA Priority Collateral in connection with such Indebtedness, such Liens shall be subject to an intercreditor agreement containing usual and customary terms for such type of financing facility; and

 

(gg)                            Liens not otherwise permitted by this Section 11.02 in an aggregate amount not to exceed $[**] outstanding at any time;

 

provided that, notwithstanding anything to the contrary herein, Liens permitted pursuant to any of the foregoing clauses shall not be included in the calculation of total amount of Liens incurred pursuant to any other of the foregoing clauses.

 

Section 11.03                      Sale and Leaseback Transactions.  Other than a Platinum Sale and Leaseback Transaction, enter into any Sale and Leaseback Transaction unless at the time of consummation of any such Sale and Leaseback Transaction, both before and after giving effect to such Sale and Leaseback Transaction, (a) the Pro Forma Liquidity is greater than the Threshold Basket Amount at such time and (b) the Consolidated Fixed Charge Coverage Ratio (calculated on a Pro Forma Basis) is not less than the Minimum Fixed Charge Coverage Ratio and it being understood that such Sale and Leaseback Transaction shall be included in the calculation of Consolidated Fixed Charges for purposes of this clause (b), provided that satisfaction of the preceding clauses (a) and (b) shall not be required with respect to any Sale and Leaseback Transaction which involves any acquisition of property by the Company and consummation of a substantially simultaneous Sale and Leaseback Transaction with respect to such property.

 

Section 11.04                      Investment, Loan, Advances and Acquisition.  Directly or indirectly, make any Investment, except that the following shall be permitted:

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(a)                                 the Companies may consummate this Agreement, the PESRM Transaction Documents and each transaction contemplated hereunder and thereunder in accordance with the provisions of this Agreement and the other PESRM Transaction Documents, including (i) a conveyance, transfer or assignment of the North Yard and the West Yard to Sunoco or any nominee of Sunoco and (ii) the sale of the North Yard and any Other Logistics Assets to any third party;

 

(b)                                 Investments outstanding on the Effective Date, to the extent in excess of $[**] in the aggregate and identified on Schedule 11.04(b);

 

(c)                                  the Companies may (i) acquire and hold accounts receivables owing to any of them if created or acquired in the ordinary course of business, (ii) invest in, acquire and hold cash and Cash Equivalents, (iii) endorse negotiable instruments held for collection in the ordinary course of business or (iv) make lease, utility and other similar deposits in the ordinary course of business;

 

(d)                                 Permitted Specified Transactions;

 

(e)                                  loans and advances to (i) directors, employees and officers of PESRM and the Subsidiaries or (ii) to Management Personnel, in the case of each of clauses (i) and (ii) above, for bona fide business purposes or to purchase, or pay taxes related to, Equity Interests of Holdings, in an aggregate amount not to exceed $[**]at any time outstanding;

 

(f)                                   Investments by any Transaction Party in PESRM or any existing Guarantor;

 

(g)                                  Investments in securities of trade creditors or customers in the ordinary course of business received upon foreclosure or settlement or pursuant to any plan of reorganization or liquidation or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers;

 

(h)                                 Permitted Acquisitions;

 

(i)                                     mergers and consolidations permitted by Section 11.05;

 

(j)                                    Investments made by PESRM or any Guarantor as a result of consideration received in connection with an Asset Sale permitted by Section 11.06;

 

(k)                                 Capital Expenditures made by PESRM or any Guarantor on behalf of itself, PESRM or any other Guarantor;

 

(l)                                     to the extent constituting Investments, purchases and other acquisitions of inventory, materials, equipment and other tangible property in the ordinary course of business;

 

(m)                             leases of real or personal property in the ordinary course of business which are not in violation of the PESRM Transaction Documents and which are permitted by Section 11.02(g);

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(n)                                 other Investments, provided, that after giving effect to any such Investment, (i) Pro Forma Liquidity shall be greater than the Threshold Basket Amount, (ii) no Default or Event of Default shall have occurred or shall result therefrom and (iii) the Consolidated Fixed Charge Coverage Ratio (calculated on a Pro Forma Basis) is not less than the Minimum Fixed Charge Coverage Ratio and it being understood that such Investment shall be included in the calculation of Consolidated Fixed Charges for purposes of this subclause (iii));

 

(o)                                 to the extent constituting Investments, such Investments resulting from Liens, Indebtedness, fundamental changes, Asset Sales, other dispositions of assets and Dividends expressly permitted under another Section of this Article XI;

 

(p)                                 advances of payroll payments to employees in the ordinary course of business;

 

(q)                                 Investments to the extent that payment for such Investments is made with Equity Interests of PESRM (or any direct or indirect parent of PESRM);

 

(r)                                    Investments that are held at the time of the acquisition thereof by a Subsidiary acquired after the Effective Date (and not made in contemplation of such acquisition) or of a person merged with or consolidated with any Company in accordance with Section 11.05 after the Effective Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation;

 

(s)                                   to the extent constituting Investments, any conveyance, sale, assignment, transfer or other disposition of the North Yard Assets or Other Logistics Assets permitted by Section 11.06; and

 

(t)                                    any Investments in connection with any acquisition of all or any portion of the Butane Rail Facility, in an aggregate amount not to exceed $[**];

 

provided that, notwithstanding anything to the contrary herein, Investments permitted pursuant to any of the foregoing clauses shall not be included in the calculation of total amount of Investments consummated pursuant to any other of the foregoing clauses.

 

An Investment shall be deemed to be outstanding to the extent not returned in the same form as the original Investment or in cash or Cash Equivalents to PESRM or any Guarantor, as applicable.  For the avoidance of doubt, any Investment made by a Transaction Party in, or for the benefit of, an Excluded Subsidiary shall constitute an Investment hereunder and be subject to the provisions of this Section 11.04 and any Investment made by an Excluded Subsidiary is not subject to the provisions of this Section 11.04.

 

Section 11.05                      Mergers and Consolidations.  Wind up, liquidate or dissolve its affairs or consummate any transaction of merger or consolidation, except that the following shall be permitted:

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(a)                                 the Transactions as contemplated by the Transaction Documents, including this Agreement, the PESRM Transaction Documents and each transaction contemplated hereunder and thereunder;

 

(b)                                 Asset Sales and other dispositions of assets permitted by Section 11.06 and Section 11.08;

 

(c)                                  acquisitions and other Investments permitted by Section 11.04;

 

(d)                                 any Company may merge or consolidate with or into PESRM or any Guarantor (as long as PESRM is the surviving person in the case of any merger or consolidation involving PESRM and a Guarantor is the surviving person and remains a Wholly Owned Subsidiary of PESRM in any other case); provided, that the Lien in such property constituting Collateral granted or to be granted in favor of MLC under the Supply and Offtake Security Documents shall be maintained or created in accordance with the provisions of Section 10.10 or Section 10.11, as applicable; and

 

(e)                                  any Guarantor may dissolve, liquidate or wind up its affairs at any time; provided, that such dissolution, liquidation or winding up, as applicable, is not reasonably expected to have a Material Adverse Effect;

 

provided that, notwithstanding anything to the contrary herein, transactions permitted pursuant to any of the foregoing clauses shall not be included in the calculation of total amount of transactions consummated pursuant to any other of the foregoing clauses.

 

To the extent MLC waives the provisions of this Section 11.05 with respect to the conveyance, sale, assignment, transfer or other disposition of any Collateral, or any Collateral is conveyed, sold, assigned, transferred or disposed of as permitted by this Section 11.05 or any other express term and condition of any PESRM Transaction Document, such Collateral (unless sold to a Transaction Party) shall be sold free and clear of the Liens created by Supply and Offtake Security Documents.

 

Section 11.06                      Asset Sales. Consummate any Asset Sale other than:

 

(a)                                 disposition of used, worn out, damaged, obsolete or surplus property by any Company in the ordinary course of business and the abandonment or other disposition of intellectual property (including Intellectual Property) that is, in the reasonable judgment of PESRM, no longer commercially desirable to maintain or useful in the conduct of the business of the Companies taken as a whole;

 

(b)                                 leases of real or personal property in the ordinary course of business and not in violation of the PESRM Transaction Documents;

 

(c)                                  the Transactions as contemplated by the Transaction Documents, including (i) a conveyance, transfer or assignment of the North Yard or the West Yard to Sunoco or any nominee of Sunoco and (ii) the sale of the North Yard Assets, the Other Logistics Assets  or the Butane Rail Facility to any third party;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(d)                                 mergers and consolidations permitted by Section 11.05;

 

(e)                                  Investments permitted by Section 11.04;

 

(f)                                   dispositions of immaterial assets in the ordinary course of business and leases permitted by Section 11.02(g);

 

(g)                                  dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property that is promptly purchased or (ii) the proceeds of such disposition are promptly applied to the purchase price of such replacement property (which replacement property is actually promptly purchased);

 

(h)                                 to the extent constituting Asset Sales, transactions permitted by Section 11.03, 11.05 and 11.07;

 

(i)                                     sales of Cash Equivalents in the ordinary course of business consistent with past practice;

 

(j)                                    leases, subleases, licenses or sublicenses, in each case in the ordinary course of business consistent with past practice and which do not materially interfere with the business of the Companies, taken as a whole;

 

(k)                                 transfers of property subject to Casualty Events upon receipt of the Net Cash Proceeds of such Casualty Event;

 

(l)                                     Asset Sales of property not otherwise permitted under this Section 11.06; provided, that (i) at the time of such Asset Sale (other than any such Asset Sale made pursuant to a legally binding commitment entered into at a time when no Default exists), no Default shall exist or would result from such Asset Sale, and (ii) the aggregate fair market value of all property disposed of in reliance on this clause (l) shall not exceed $[**] per calendar year(with unused amounts in any calendar year being carried forward to the next succeeding (but no other) calendar year);

 

(m)                             Asset Sales of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

 

(n)                                 Asset Sales of accounts receivable or notes receivable in the ordinary course of business in connection with the collection or compromise thereof solely to the extent not constituting ABL/SOA Priority Collateral;

 

(o)                                 any issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Excluded Subsidiary;

 

(p)                                 the unwinding of any Specified Transaction, so long as the remaining Specified Transactions comply with Section 11.15;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(q)                                 a conveyance, sale, assignment, transfer or other disposition of the North Yard Assets or any Other Logistics Assets to an Affiliate Transferee; and

 

(r)                                    a conveyance, sale, assignment, transfer or other disposition of PESA to an Affiliate Transferee, so long as PESA does not own any material portion of the Refinery; and

 

(s)                                   any transaction under the Supply and Offtake Documents, to the extent constituting an Asset Sale;

 

provided that, notwithstanding anything to the contrary herein, Asset Sales permitted pursuant to any of the foregoing clauses shall not be included in the calculation of total amount of Asset Sales consummated pursuant to any other of the foregoing clauses.

 

To the extent MLC waives the provisions of this Section 11.06 with respect to the sale of any Collateral, or any Collateral is sold as permitted by this Section 11.06, such Collateral (unless sold to a Transaction Party) shall be sold free and clear of the Liens created by the Supply and Offtake Security Documents.

 

Section 11.07                      Dividends.  Authorize, declare or pay, directly or indirectly, any Dividends, except that the following shall be permitted:

 

(a)                                 Dividends by any Company to PESRM or any Guarantor;

 

(b)                                 payments to Holdings to permit Holdings, to repurchase or redeem Qualified Capital Stock of Holdings held by officers, directors or employees or former officers, directors or employees (or their transferees, estates or beneficiaries under their estates) of any Company, upon their death, disability, retirement, severance, resignation or termination of employment or service or pursuant to any employee or directors’ and/or officers’ equity or stock compensation plan; provided, that the aggregate cash consideration paid for all such redemptions and payments shall not exceed, in any fiscal year, $[**] (and up to [**]% of such $[**] not used in any fiscal year may be carried forward to the next succeeding (but no other) fiscal year);

 

(c)                                  (i) to the extent actually used by Holdings or Intermediate Holdco to pay such Taxes, costs and expenses, payments by PESRM to or on behalf of Holdings or Intermediate Holdco in an amount sufficient to pay franchise taxes and other fees required to maintain the legal existence of Holdings or Intermediate Holdco and (ii) payments by PESRM to or on behalf of Holdings or Intermediate Holdco in an amount sufficient to pay out-of-pocket legal, accounting and filing costs and other expenses in the nature of overhead in the ordinary course of business of Holdings or Intermediate Holdco in an aggregate amount not to exceed $[**] in any fiscal year;

 

(d)                                 Dividends, provided that both before and after giving effect to any such Dividend, (i) Pro Forma Liquidity shall be greater than the Threshold Basket Amount, (ii) no Default or Event of Default shall have occurred or shall result therefrom and (iii)

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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the Consolidated Fixed Charge Coverage Ratio (calculated on a Pro Forma Basis) is not less than the Minimum Fixed Charge Coverage Ratio and it being understood that such Dividend shall be included in the calculation of Consolidated Fixed Charges for purposes of this subclause (iii);

 

(e)                                  Permitted Tax Distributions and Employee Payment Distributions;

 

(f)                                   PESRM and each Subsidiary may declare and make dividend payments or other distributions payable solely in the Equity Interests (other than Disqualified Capital Stock) of such Person;

 

(g)                                  to the extent ultimately contributed to PESRM, the Net Cash Proceeds from the sale of Equity Interests (other than Disqualified Capital Stock) of Holdings and, to the extent ultimately contributed to PESRM, Equity Interests of any of Holdings’ direct or indirect parent companies, in each case, to members of management, directors or consultants of Holdings, PESRM or any of their Subsidiaries;

 

(h)                                 any amount paid to Sponsor pursuant to the terms of the Advisory Agreement, but only to the extent that no Event of Default or Trigger Event (as such term is defined in the Senior Secured Credit Facility) has occurred and is continuing;

 

(i)                                     the Transactions as contemplated by the Transaction Documents, including (i) a conveyance, transfer or assignment of the North Yard and the West Yard to Sunoco or any nominee of Sunoco and (ii) the sale of the North Yard Assets and the Other Logistics Assets to any third party;

 

(j)                                    Dividends permitted under Section 11.02(g)(ii) and Section 11.08;

 

(k)                                 upon consummation of an IPO, (i) the net proceeds received by PESRM from the sale of securities in such IPO and (ii) dividends from Available Cash on and following such consummation, provided that, in the case of this clause (ii), after giving effect to any such dividend, Liquidity shall equal or exceed the greater of (x) an amount equal to [**]% of the then current Borrowing Base and (y) $[**]; and

 

(l)                                     Dividends taking the form of issuance of Qualified Capital Stock in PESRM;

 

(m)                             prior to, but in contemplation of an IPO, Dividends equal to existing cash and accounts receivable of PESRM (which upon consummation of the IPO (and in no event later than three (3) Business Days after the making of such Dividends), shall be replaced with an equal amount of IPO proceeds (which portion of the IPO proceeds shall not, for the avoidance of doubt, be distributed pursuant to clause (k)(i) above); and

 

(n)                                 a distribution of the Equity Interests of PESA to an Affiliate Transferee, so long as PESA does not own any material portion of the Refinery,

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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provided that, notwithstanding anything to the contrary herein, Dividends permitted pursuant to any of the foregoing clauses shall not be included in the calculation of total amount of Dividends consummated pursuant to any other of the foregoing clauses.

 

Section 11.08                      Transactions with Affiliates.  Enter into, directly or indirectly, any transaction or series of related transactions, whether or not in the ordinary course of business, with any Affiliate of any Company (other than between or among PESRM and any Transaction Party), other than any transaction or series of related transactions on terms and conditions at least as favorable to such Company as would reasonably be obtained by such Company at that time in a comparable arm’s-length transaction with a person other than an Affiliate, except that the following shall be permitted:

 

(a)                                 Dividends permitted by Section 11.07;

 

(b)                                 Investments permitted by Section 11.04(e), (f) and (m);

 

(c)                                  reasonable and customary director, officer and employee compensation (including bonuses) and other benefits (including retirement, health, stock option and other benefit plans) and indemnification arrangements, in each case approved by the Board of Directors of PESRM;

 

(d)                                 transactions with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods and services, in each case in the ordinary course of business and otherwise not prohibited by the PESRM Transaction Documents;

 

(e)                                  sales of Qualified Capital Stock of PESRM to Affiliates of PESRM not otherwise prohibited by the PESRM Transaction Documents and the granting of registration and other customary rights in connection therewith;

 

(f)                                   any transaction with an Affiliate where the only consideration paid by any Transaction Party is Qualified Capital Stock of PESRM;

 

(g)                                  the Transactions as contemplated by the Transaction Documents, this Agreement and the other PESRM Transaction Documents and each transaction contemplated hereunder and thereunder, including (i) a conveyance, transfer or assignment of the North Yard and the West Yard to Sunoco or any nominee of Sunoco and (ii) the sale of the North Yard and the Other Logistics Assets to any third party;

 

(h)                                 transactions with any person that becomes a Transaction Party as a result of such transaction;

 

(i)                                     the issuance of Equity Interests to any officer, director, employee or consultant of the Companies or any direct or indirect parent of PESRM to the extent permitted by Section 11.01(l);

 

(j)                                    Investments, loans and other transactions by PESRM and the Subsidiaries to the extent permitted under this Article XI;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(k)                                 employment and severance arrangements between any of the Companies and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans and employee benefit plans and arrangements;

 

(l)                                     payments by any of the Companies (and any direct or indirect parent thereof) pursuant to any tax sharing agreements on customary terms to the extent attributable to the ownership or operation of the Companies;

 

(m)                             the payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, current and former directors, officers, employees and consultants of any of the Companies or any direct or indirect parent of the Companies in the ordinary course of business to the extent attributable to the ownership or operation of the Companies;

 

(n)                                 to the extent not included in Schedule 11.08, customary payments by the Companies to the Sponsor made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities (including in connection with acquisitions or divestitures), which payments are approved by the person making such payment in good faith; provided, that (i) no Default or Event of Default shall have occurred and be continuing, or shall result therefrom and (ii) such payments shall not exceed $[**] in the aggregate during any fiscal year;

 

(o)                                 existing transactions as set forth on Schedule 11.08; and

 

(p)                                 (i) any conveyance, lease, sale, assignment, transfer or other disposition of the North Yard Assets and the Other Logistics Assets to an Affiliate Transferee or (ii) transactions and agreements with an Affiliate Transferee or its Subsidiaries so long as (x) such agreements contain arms-length terms as determined by the board of managers of PESRM in good faith, taking into account the terms of similar agreements entered into between Affiliates engaged in similar transactions, (y) PESRM’s indemnification obligations under Section 7.01(c) remain in full force and effect with respect to environmental site conditions in existence with respect to Affiliate Transferee Assets as of the date such Affiliate Transferee Assets are transferred to such Affiliate Transferee, and (z) such Affiliate Transferee indemnifies MLC against all Liabilities with respect to environmental conditions that arise after the date of such transfer as a result of operation of such Affiliate Transferee Assets by such Affiliate Transferee (“Post Transfer Environmental Liabilities”).  Such indemnity provided by the Affiliate Transferee to MLC may exclude coverage to the extent that PESRM actually receives insurance proceeds with respect to or on account of such Post Transfer Environmental Liabilities; provided, however, that PESRM agrees that if such indemnity contains such an exclusion, PESRM shall pay over to MLC such insurance proceeds or shall otherwise indemnify MLC, to the extent that, by virtue of such exclusion, the indemnity MLC receives from the Affiliate Transferee does not cover MLC for all Post Transfer Environmental Liabilities;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(q)                                 any conveyance, sale, assignment, transfer or other disposition of PESA to an Affiliate Transferee, so long as PESA does not own any material portion of the Refinery;

 

(r)                                    any transactions undertaken pursuant the Supply and Offtake Documents; and

 

(s)                                   a conveyance, sale, assignment, transfer or other disposition of the Butane Rail Facility to an Affiliate Transferee,

 

provided that, notwithstanding anything to the contrary herein, transactions permitted pursuant to any of the foregoing clauses shall not be included in the calculation of total amount of transactions consummated pursuant to any other of the foregoing clauses.

 

Section 11.09                      [Reserved].

 

Section 11.10                      Prepayments of Other Indebtedness; Modifications of Organizational Documents and Other Documents, etc.  Directly or indirectly:

 

(a)                                 make any Subordinated Debt Payment, any Indebtedness outstanding under any Subordinated Indebtedness, except (i) any payment of principal at scheduled maturity, (ii) a refinancing permitted by Section 11.01, (iii) any payment to the extent made with the proceeds of Qualified Capital Stock of Holdings, (iv) prepayments or redemptions of Indebtedness outstanding under any Subordinated Indebtedness, provided that both before and after giving effect to such prepayment or redemption (x) Pro Forma Liquidity shall be greater than the Threshold Basket Amount, (y) no Default or Event of Default shall have occurred or shall result therefrom and (z) the Consolidated Fixed Charge Coverage Ratio (calculated on a Pro Forma Basis) is not less than the Minimum Fixed Charge Coverage Ratio at such time (it being understood that such prepayment or redemption shall not be included in the calculation of Consolidated Fixed Charges for purposes of this subclause (iv)), and (v) Subordinated Debt Payments with the Net Cash Proceeds of any Equity Issuances and/or the incurrence of the Permitted Secured Term Loan Facility for the purpose of making such Subordinated Debt Payment; or

 

(b)                                 terminate, amend or modify, or permit the termination, amendment or modification of, any provision of (i) any document governing Subordinated Indebtedness, (ii) any Organizational Document of any Transaction Party (it being agreed that changes that are not adverse to the material interests of MLC shall not be subject to this clause (b)(ii)) or (iii) any Permitted Secured Term Loan Facility, provided that such Permitted Secured Term Loan Facility may be amended or modified as and to the extent, and solely as and to the extent, set forth in the relevant Term-ABL Intercreditor Agreement then applicable, if any (provided that notwithstanding the foregoing and for the avoidance of doubt, repayment thereof with the proceeds of Permitted Indebtedness shall be permitted).

 

Section 11.11                      Limitation on Certain Restrictions on Guarantors.  Create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Guarantor to (a) pay dividends or make any other distributions on its capital stock or any other interest or participation in its profits owned by PESRM or any Guarantor, or pay any Indebtedness owed to PESRM or a Guarantor, (b) make loans or advances to PESRM or any Guarantor or (c) transfer any of its properties to PESRM or any Guarantor, except for such encumbrances or restrictions existing under or by reason of (i) Applicable Law, (ii) this Agreement, the other PESRM Transaction Documents and any documents related to the PESIC-PESRM Secured Prepay Transactions, (iii) the documents governing the Permitted Secured Term Loan Facility and any Development Financing, (iv) customary provisions restricting subletting or assignment of any lease governing a leasehold interest of a Guarantor, (v) customary provisions restricting assignment of any agreement entered into by a Guarantor in the ordinary course of business, (vi) customary restrictions and conditions contained in any agreement relating to the sale of any property permitted under Section 11.06 pending the consummation of such sale, (vii) any agreement in effect at the time such Subsidiary becomes a Guarantor of PESRM, so long as such agreement was not entered into in connection with or in contemplation of such person becoming a Guarantor of PESRM, (viii) any instrument governing Indebtedness assumed in connection with any Permitted Acquisition, which encumbrance or restriction is not applicable to any person, or the properties or assets of any person, other than the person or the properties or assets of the person so acquired, (ix) any Permitted Liens in respect of assets subject thereto, (x) customary provisions in joint venture agreements and other similar agreements or written arrangements applicable to joint ventures permitted hereunder and applicable solely to such joint venture, (xi) customary restrictions on leases, subleases, licenses, asset sale or similar agreements, including with respect to intellectual property and other similar agreements, otherwise permitted hereby so long as such restrictions relate to the assets subject thereto, (xii) customary provisions restricting subletting or assignment of any lease governing a leasehold interest of any Company, (xiii) customary provisions restricting assignment of any agreement, (xiv) restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business or otherwise permitted hereunder, or (xv) the Senior Secured Credit Facility Documents.  No Transaction Party will, nor will it permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon the ability of such Transaction Party or any of its Subsidiaries to create, incur or permit to exist any Lien upon any of the Collateral (other than this Agreement, the PESRM Transaction Documents, any Permitted Secured Term Loan Facility, any Development Financing, the Senior Secured Credit Facility, any intercreditor agreement contemplated by Section 11.02(ff), the PESRM-MLC ISDA Master Agreement, the PESIC-PESRM ISDA Master Agreement and the PESIC-PESRM Consulting Agreement).

 

Section 11.12                      Business.  With respect to any Transaction Party, engage (directly or indirectly) in any business other than those businesses in which a Transaction Party is engaged (after giving effect to the transactions hereunder, under the other PESRM Transaction Documents and any documents related to the PESIC-PESRM Secured Prepay Transactions) on the Effective Date and reasonable extensions thereof and businesses reasonably related or incidental thereto.

 

Section 11.13                      Fiscal Year.  Change its fiscal year-end to a date other than December 31.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Section 11.14                      Compliance with Anti-Terrorism Laws.

 

(a)                                 Directly or indirectly, in connection with this Agreement, the PESRM Transaction Documents, any documents related to any PESIC-PESRM Secured Prepay Transactions or any transaction hereunder or thereunder, knowingly (i) conduct any business or engage in making or receiving any contribution of funds, goods or services to or for the benefit of any Embargoed Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to any Anti-Terrorism Law or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law.

 

(b)                                 Directly or indirectly, in connection with this Agreement, the PESRM Transaction Documents, any documents related to any PESIC-PESRM Secured Prepay Transactions or any transaction hereunder or thereunder, knowingly cause or permit any of the funds of such Transaction Party that are used to perform and pay all its Obligations under this Agreement, the PESRM Transaction Documents or any transaction hereunder or thereunder, to be derived from any unlawful activity with the result that the making of any such performance or payment under this Agreement, the PESRM Transaction Documents, or any transaction contemplated hereunder or thereunder, would be in violation of any Anti-Terrorism Law.

 

(c)                                  Knowingly cause or permit (i) an Embargoed Person to have any direct or indirect interest in or benefit of any nature whatsoever in the Transaction Parties or (ii) any of the funds or properties of the Transaction Parties that are used to perform this Agreement, the PESRM Transaction Documents, any documents related to any PESIC-PESRM Secured Prepay Transactions or any transaction hereunder or thereunder, to constitute property of, or be beneficially owned directly or indirectly by, an Embargoed Person.

 

Section 11.15                      Speculative Transactions.  Enter into (a) any Specified Transaction, except for Specified Transactions entered into (i) to effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of Holdings or any of its Subsidiaries, and (ii) to hedge or mitigate risks to which Holdings or any of its Subsidiaries has actual or anticipated exposure (other than those in respect of Equity Interests of PESRM or any of its Subsidiaries); provided, that Holdings will not, and will not permit any of its Subsidiaries to, enter into Specified Transactions that hedge the crack spread on more than eighty percent (80%) of the expected production of the Refinery for the current month and the immediately succeeding 23 months (“Permitted Specified Transactions”) or (b) any speculative transactions.

 

Section 11.16                      Title to Hydrocarbons.  Except as [**] may hold title to Hydrocarbons in connection with [**], cause or permit [**] to hold title to Hydrocarbons that are [**].

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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ARTICLE XII.

 

COVER TRANSACTIONS

 

Section 12.01                      Cover Transactions.

 

(a)                                 Subject to the terms of this Article XII, from time to time during the Term, PESRM shall request that MLC:

 

(i)                                     (A) enter into transactions with third party suppliers pursuant to which MLC will purchase Refined Products and/or (B) enter into arrangements with Product Purchasers under one or more RP Sales Contracts that will have the effect of terminating all or any portion of such RP Sales Contracts and/or (C) purchase any Refined Products (other than butane) from PESRM that are not produced by PESRM at the Refinery and/or (D) purchase any butane from PESRM (whether produced or not produced at the Refinery) in respect of any Butane Inventory Build Day (a “Butane Cover Transaction”) (each such transaction or termination, together with each Initial RP Purchase, an “RP Cover Transaction”); provided that, in connection with any such RP Cover Transaction pursuant to clause (C) above or any Butane Cover Transaction in respect of butane not produced at the Refinery, MLC may, using its commercially reasonable discretion, require that the payment terms of such RP Cover Transaction provide for payment on a shorter timeframe than that agreed between PESRM and the applicable third party Refined Product supplier (any such arrangement, including PESRM’s arrangement with a third party Refined Product supplier, a “Cover Payable Monetization Transaction”); and/or

 

(ii)                                  (x) enter into transactions with third party purchasers pursuant to which MLC will sell Crude Oil and/or (y) enter into arrangements with the Counterparties , that will have the effect of terminating all or any portion of a CO Supply Contracts (each such transaction or termination, a “CO Cover Transaction”).

 

(b)                                 All Cover Transactions other than Butane Cover Transactions (which shall be subject to Section 12.01(c)) shall be specified and executed subject to, and in accordance with, the Cover Protocols specified in Section 12.02.

 

(c)                                  Butane Cover Transactions; Third Party RP Cover Transactions.

 

(i)                                     On each Butane Inventory Build Day, PESRM shall be deemed to have sold to MLC and MLC shall be deemed to have purchased from PESRM a volume of butane equal to the Butane Inventory Build on such Day, in each case, of the type and grade set forth in the Daily Actual Production Book and/or the SXL Report, as applicable.

 

(ii)                                  On each day on which any Refined Products (other than butane) that are not produced by PESRM are received by PESRM at or delivered to the

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Refinery and are not otherwise subject to a written contract between PESRM and MLC for the sale or purchase of such Refined Products, PESRM shall be deemed to have sold to MLC and MLC shall be deemed to have purchased from PESRM a volume of such Refined Products equal to the volume of such Refined Products so received or delivered on such Day, in each case, of the type and grade set forth in the Daily Actual Production Book.

 

Section 12.02                      Cover Protocols.  PESRM and MLC shall mutually agree on all of the Principal Cover Terms applicable to each proposed Cover Transaction, other than a Butane Cover Transaction, in accordance with the protocols set forth below (such protocols, the “Cover Protocols”).

 

(a)                                 On any Day during the Term, PESRM may present to MLC a request (a “Cover Transaction Notice”) specifying (i) the proposed Cover Transaction(s) that PESRM desires that MLC enter into with third party suppliers (including, without limitation, PESRM in such capacity) or third party purchasers, as applicable, (such suppliers and purchasers, “Cover Counterparties”), (ii) the proposed Principal Cover Terms associated with each such proposed Cover Transaction (which Principal Cover Terms must be acceptable to MLC) and (iii) the RP Sales Contracts or CO Supply Contracts and any PESRM-MLC Secured Prepay Transactions that correspond to each such proposed Cover Transaction.

 

(b)                                 Promptly following receipt of a Cover Transaction Notice, MLC shall review such notice and shall notify PESRM (by telephone, email, instant message or other means of communication) (x) of any objections that MLC may have with respect to PESRM’s categorization of the Cover Transactions specified therein, or (y) if MLC does not object to any such categorizations, of MLC’s acceptance of such categorizations.

 

(c)                                  Except as otherwise provided in this Agreement, PESRM may from time to time identify opportunities to enter into Cover Transactions specified in a Cover Transaction Notice with one or more specified Cover Counterparties and shall promptly notify MLC of such opportunities.  MLC may, but is not required to, identify opportunities to enter into Cover Transactions with one or more potential Cover Counterparties and may notify PESRM of any such opportunities.  Notwithstanding the foregoing, except as otherwise mutually agreed by PESRM and MLC, MLC shall have no obligation to enter into any Cover Transaction that would provide for (x) the delivery of Crude Oil to third party purchasers, as applicable, more than sixty (60) days after the date of entry into such transaction or (y) the receipt of Refined Product by MLC more than sixty (60) days after the date of entry into such transaction.

 

(d)                                 PESRM may negotiate directly with potential Cover Counterparties in respect of any or all of the Principal Cover Terms that, subject to MLC’s agreement, will be applicable to the proposed Cover Transaction(s) specified in the applicable Cover Transaction Notice.  From time to time, PESRM shall present MLC with a request

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(by telephone, email, instant message or other means of communication) (each, an “Cover Request”) that MLC enter into one or more Cover Transactions with one or more potential Cover Counterparties, and on such Principal Cover Terms (which shall be set forth substantially in the form of Schedule 3.09(b)), as are identified in such request.  Each Cover Request shall constitute a binding approval by PESRM of MLC’s subsequent execution of any such Cover Transaction(s) with any such Cover Counterparties in response to such Cover Request, subject to the Principal Cover Terms contained in such request.  PESRM shall not be permitted to revoke any Cover Request with respect to a Cover Transaction unless PESRM notifies MLC of such revocation and MLC confirms such revocation (by telephone, email, instant message or other means of communication), in each case, prior to the date and time at which MLC enters into such Cover Transaction.

 

(e)                                  Upon receipt of any Cover Request, MLC shall make good faith efforts, subject to MLC’s Credit Requirements, to enter into the Cover Transaction(s) specified in such request with the potential Cover Counterparty or Cover Counterparties identified in such request.  All of the terms of each Cover Transaction (including the Principal Cover Terms) must be acceptable to MLC.  In the negotiation of Cover Transactions, MLC shall use commercially reasonable efforts to obtain the agreement of the proposed Cover Counterparties to the use of such general terms and conditions and other terms as may be reasonably requested by PESRM (and that are reasonably acceptable to MLC), provided, that (i) MLC shall have no liability in the event that any Cover Counterparties do not agree to such general terms and conditions or other terms, and (ii) the failure of Cover Counterparties to agree to general terms and conditions or such other terms requested by PESRM shall have no impact on MLC’s rights or PESRM’s obligations under this Agreement, including PESRM’s indemnity obligations under this Agreement.

 

(f)                                   MLC shall not be required to enter into any Cover Transaction that (i) does not satisfy MLC’s Credit Requirements, (ii) would constitute (as determined by MLC in its sole discretion) a “swap” under and as defined in the CEA, as amended by the Dodd-Frank Act, unless PESRM agrees to comply with the CEA and the rules and regulations promulgated thereunder that would be applicable to such transaction, (iii) with respect to RP Cover Transactions (except for isobutane and benzene described below) and, unless otherwise mutually agreed, would require MLC to receive any Refined Product at any location other than the Product Purchaser Delivery Point specified in the RP Sales Contract that corresponds to such RP Cover Transaction, (iv) with respect to CO Cover Transactions, unless otherwise mutually agreed, would require MLC to make delivery at any delivery point other than the original delivery point specified in the corresponding CO Supply Contract or the original lifting point specified in such contract, (v) would require MLC to purchase isobutane or benzene for delivery by rail on any basis other than a delivered basis at the Refinery, (vi) unless otherwise mutually agreed, will not be priced at or around the time of delivery of the applicable Hydrocarbons to or by MLC by reference to an applicable Hydrocarbon pricing index, (vii) would impose any Liability under any Environmental Law on MLC

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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that MLC, in its sole discretion, is not willing to accept, (viii) involves benzene where such Hydrocarbon would be sold by MLC on any basis other than an FOB basis at the Refinery, (ix) involves isobutane where such Hydrocarbon would be sold by MLC on any basis other than an FOB rail or truck basis at the Refinery, (x) would require the use of Required Infrastructure that is or could reasonably be expected to be unavailable, (xi) would require MLC to make or take any delivery of Hydrocarbons on any date following the end of the Term. or (xii) would require MLC to make a prepayment, provide cash collateral, a letter of credit for which the issuing bank would require collateral from MLC (as determined by MLC in its sole discretion), and/or a bank countersigned letter of indemnity before the delivery to or by MLC of applicable Hydrocarbon subject to such Cover Transaction (unless, with respect to requirements for prepayments, cash collateral, or letters of credit, PESRM agrees to pay, and does pay, to MLC the Prepayment Amount for such Cover Transaction prior to MLC’s entry into such transaction).  In addition to the foregoing limitations, MLC shall not be required to enter into any Cover Transaction if there is a breach or default under any PESIC-PESRM Secured Prepay Transactions or MLC-PESIC Secured Prepay Transactions or if MLC determines, in its reasonable discretion, that an MLC-PESIC Secured Prepay Transaction would be required in order for MLC to perform its obligations under such Cover Transaction in accordance with its Credit Requirements and other internal approvals, and no MLC-PESIC Secured Prepay Transaction or PESIC-PESRM Secured Prepay Transaction can be booked in order to ensure that MLC can perform its obligations under such Cover Transaction.

 

In the event one or more of the Principal Cover Terms that MLC negotiates with a potential Cover Counterparty to a Cover Transaction are inconsistent with those of the related Cover Request, MLC shall ask PESRM to re-confirm the Cover Request in respect of such Cover Transaction and will not enter into such Cover Transaction unless PESRM so re-confirms such Cover Request.  In the event that, after such reconfirmation (or in the event PESRM fails to provide such reconfirmation), the Principal Cover Terms that MLC negotiates with the potential Cover Counterparty to the Cover Transaction remain inconsistent with the terms of the related Cover Request, MLC shall be under no obligation to enter into any such Cover Transaction (it being understood that nothing in the foregoing shall be construed as preventing PESRM from submitting a new Cover Request).  Any such request, and the related re-confirmation, may be provided by email in the form set forth in Schedule 3.09(b).

 

In the event that the terms of any trade confirmation proposed by a Cover Counterparty in connection with any Cover Transaction differ from the Principal Cover Terms that are proposed in the related Cover Request, MLC shall attempt to resolve such differences with the applicable Counterparty. In the event MLC is unable to resolve such differences, MLC will so notify PESRM. PESRM shall promptly (and in any event within two (2) Business Days of MLC’s notification thereof) notify MLC whether PESRM objects to such different term. If PESRM does not respond within such period or if it accepts such term(s), MLC will accept

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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such terms. In the event that PESRM rejects such term(s), MLC shall use commercially reasonable efforts to negotiate with the applicable Cover Counterparty to revise such term(s) in a matter that is mutually acceptable to PESRM and MLC. So long as the terms other than the Principal Cover Terms proposed by PESRM to MLC with respect to such transaction are the same terms as those proposed by MLC to such Cover Counterparty, either initially or in subsequent negotiations, with respect to such transaction, PESRM shall be deemed to be bound by any terms and conditions of the resulting transaction, which terms shall constitute part of such Cover Transaction.

 

In the event that the terms of any trade confirmation proposed by a Cover Counterparty in connection with any Cover Transaction, other than the applicable Principal Cover Terms are different from the form of MLC trade confirmation attached hereto as Schedule 3.09(c) or Schedule 4.09(c), as applicable, MLC shall notify PESRM of such differences.  PESRM shall notify MLC whether it accepts or rejects each such different terms within two (2) Business Days of MLC’s notification thereof.  In the event that PESRM does not respond to MLC’s notification within the timeframe set forth in the foregoing sentence or accepts such terms, PESRM shall be deemed to have accepted all such terms of the applicable confirmation.  In the event that PESRM objects to any such different term within the two (2) Business Day timeframe set forth above in this paragraph, MLC shall use commercially reasonable efforts to negotiate with the applicable Cover Counterparty to revise such different terms in a matter that is mutually acceptable to PESRM and MLC. So long as the terms other than the Principal Cover Terms proposed by PESRM to MLC with respect to such transaction are the same terms as those proposed by MLC to such Cover Counterparty, either initially or in subsequent negotiations, with respect to such transaction, PESRM shall be deemed to be bound by any terms and conditions of the resulting transaction, which terms shall constitute part of such Cover Transaction.  Any such terms that are accepted or deemed accepted shall be binding, as between PESRM and MLC, as if PESRM and MLC had entered into such confirmation.  Notwithstanding anything to the contrary in this Section 12.02, in no event shall MLC be required to accept terms provided in any trade confirmation that would otherwise not meet the requirements for Cover Transactions to be entered into pursuant to this Agreement.

 

(g)                                  MLC shall be the sole owner of, and have the sole dominion and control over, all Cover Transactions, including having the exclusive right to amend, restate, supplement, novate, assign, sell, terminate, cancel or otherwise dispose of any such Cover Transactions in its discretion; provided, that no such action shall affect MLC’s obligations under this Agreement.

 

(h)                                 All statements and representations made by PESRM’s agents, consultants, contractors, directors, employees, officers and representatives in connection with proposed and actual Cover Transactions shall be made on behalf of PESRM in its own capacity, and PESRM is not authorized to act as agent for or to bind MLC in connection with the negotiation or execution of any Cover Transactions, nor to

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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make any representations to any Cover Counterparty on behalf of MLC.  Unless expressly authorized by MLC in writing, any advice, recommendations, warranties or representations made to any counterparty by PESRM shall be the sole and exclusive responsibility of PESRM, and MLC shall not be liable for any errors, omissions or misinformation that PESRM or its agents, consultants, contractors, directors, employees, officers or representatives provide to any counterparty, unless such error, omission or misinformation is included in such express MLC authorization.

 

Section 12.03                      Applicable Conditions.  Notwithstanding any other provision of this Agreement, MLC’s obligations under this Article XII are subject to (i) PESRM’s compliance with its obligations under this Article XII, (ii) (x) the availability of Refined Product supply from the third party suppliers, and (y) the available demand for Crude Oil from the third party purchasers, in each case, of the types and grades, and in the volumes, at the differentials and on the delivery dates specified by PESRM in the applicable Cover Request, (iii) if applicable, the availability of the Required Infrastructure to receive or make delivery at the delivery point specified for such Cover Transaction, and (iv) no PESRM Event of Default or Termination Event having occurred.  For the avoidance of doubt, any Applicable Condition described in subclause (ii) and (iii) above shall only excuse or suspend MLC’s duty to perform its obligations with respect to the affected or corresponding Cover Transactions.

 

Section 12.04                      MLC Cover Transactions.  If (i) MLC is aware of the occurrence of any Operational Issue with respect to the Refinery, and (ii) PESRM has not requested that MLC enter into an Cover Transaction pursuant to Section 12.01(a) to address such Operational Issue in a manner that would permit MLC to meet its obligations under, and in accordance with the terms of, the CO Supply Contracts, and/or RP Sales Contracts affected by such Operational Issue, then MLC shall have the right, but not the obligation, upon notice to PESRM to source and enter into one or more Cover Transactions that MLC, in good faith and a commercially reasonable manner, deems reasonably necessary to permit MLC to meet its obligations under such affected CO Supply Contracts, and/or RP Sales Contracts, and MLC’s entry into such Cover Transactions shall not be subject to the Cover Protocols.

 

Section 12.05                      Cover Throughput Service Fees.  The CO Cover Throughput Service Fee or the RP Cover Throughput Service Fee, as applicable, shall be applied to (i) each Barrel of Hydrocarbon delivered to or by MLC pursuant to each Cover Transaction that is in excess of the applicable CO Cover Transaction Volume Limitation or RP Cover Transaction Volume Limitation, as applicable, and (ii) each Barrel of Hydrocarbon for which delivery to the Product Purchaser Delivery Point or to the CO Delivery Point, as applicable, was cancelled due to the termination of all or any portion of an RP Sales Contract, CO Supply Contract or MLC-PESRM Secured Prepay Transactions that is in excess of the applicable CO Cover Transaction Volume Limitation or RP Cover Transaction Volume Limitation, as applicable. Cover Throughput Service Fees shall be paid by PESRM in accordance with Article V.  A pro rated portion of the Annual Cover Throughput Service Fee shall be deemed to be earned by MLC on each Day of the Term.

 

Section 12.06                      Volume Limitations.  Unless otherwise agreed by MLC, MLC shall have no obligation to attempt to enter into:

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(a)                                 any CO Cover Transaction in any month, if the contract quantity under such Cover Transaction would, when added to the aggregate contract quantity of all CO Cover Transactions previously entered into in such month, cause such aggregate contract quantity to exceed [**] Barrels, as determined by MLC in good faith and a commercially reasonable manner (the “CO Cover Transaction Volume Limitation”); or

 

(b)                                 any RP Cover Transaction in any month, if the contract quantity under such RP Cover Transaction would, when added to the aggregate contract quantity of all RP Cover Transactions previously entered into in such month, cause such aggregate contract quantity to exceed (i) from the Effective Date to but not including the [**] anniversary of the Effective Date, [**] Barrels, (ii) from and including the [**] anniversary of the Effective Date to but not including the [**] anniversary of the Effective Date, [**] Barrels and (ii) from and including the [**] anniversary of the Effective Date to the Term Expiration Date, [**] Barrels, in each case, as determined by MLC in good faith and a commercially reasonable manner (the “RP Cover Transaction Volume Limitation”).

 

Section 12.07                      Cover Transaction Invoicing.  MLC shall be responsible for paying or collecting, as applicable, all amounts invoiced by, or to, Cover Counterparties with respect to Cover Transactions.  The Cover Transaction Price Amounts, the Cover Throughput Service Fees and the Cover Transportation and Other Costs shall be payable by the party that owes such amounts and shall be included in the amounts invoiced under Article V. Upon request, MLC shall promptly provide PERSM with copies of Cover Counterparty and third party invoices, which may be redacted as deemed necessary by MLC in accordance with its policies and procedures; provided that, in no event shall MLC be required to provided PESRM with copies of greater than twenty-five (25) Counterparty or third party invoices in any calendar quarter. Cover Transportation and Other Costs may not be invoiced by MLC to PESRM until MLC itself is invoiced, which for this purpose shall include a pro forma invoice, for such costs.  All refunds or adjustments of any type received by MLC related to Cover Transportation and Other Costs shall be for the account of PESRM and shall be reflected in an Invoice or the Monthly True-Up Invoice, as applicable.

 

Section 12.08                      Termination of CO Supply Contracts and RP Sales Contracts.  As provided for in Sections 12.01(a)(i)(B) and 12.01(a)(ii)(y) of this Article XII and notwithstanding anything in this Agreement to the contrary, if a Cover Transaction consists of a termination of all or any portion of an RP Sales Contract or CO Supply Contract (as provided for in Sections 12.01(a)(i)(y) and 12.01(a)(ii)(y) of this Article XII), the Cover Transaction Price Amount payable with respect to such Cover Transaction shall be an amount equal to the sum of (i) the termination payment (which, for purposes of this calculation, shall be expressed as a negative number if such termination payment is payable by MLC) agreed to by MLC and the Product Purchaser or Counterparty, as applicable, subject to the Principal Cover Terms, and (ii) the amount of any gain or loss associated with the close-out and termination of all or any portion of any applicable Hydrocarbon Deemed Hedge Contract.  If such sum is a positive amount, such amount shall be payable by MLC, and if such sum is a negative amount, an amount equal to the absolute value thereof shall be payable by PESRM.  The Cover Transaction Price Amount with respect to the termination of any CO Supply Contract, or RP Sales Contract shall be payable

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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under Article V on the date that such payment is due under the applicable Cover Transaction.  If such termination payment is payable by MLC under such Cover Transaction, an amount equal to such termination payment will be payable by PESRM under Article V.  If such termination payment is payable by the Cover Counterparty party to such Cover Transaction, an amount equal to such termination payment will be payable by MLC under Article V.

 

Section 12.09                      [Reserved].

 

Section 12.10                      Cover Transaction Event.  Any failure by a Cover Counterparty under a Cover Transaction (other than MLC or any of its Affiliates) to fully and timely perform or otherwise satisfy any of its obligations under such Cover Transaction shall excuse (as between PESRM and MLC) any corresponding failure by MLC to fully and timely perform or otherwise satisfy its obligations under any corresponding PESRM Transaction (each, a “Cover Transaction Event”); unless any such Cover Transaction Event is due to or arises out of (i) the bankruptcy or insolvency of such Cover Counterparty, or (ii) any MLC Event.

 

Section 12.11                      Renewable Fuels and RINS.  For the avoidance of doubt, MLC shall have no obligation under the Agreement or pursuant to any RP Cover Transaction to purchase renewable fuels (other than RIN-less ethanol and RIN-less biodiesel) or to import Transportation Fuels, without its consent in writing.  Notwithstanding anything in this agreement to the contrary, in no event shall MLC be under any obligation to import any Transportation Fuels.

 

ARTICLE XIII.

 

GUARANTEE

 

Section 13.01                      The Guarantee.  The Guarantors hereby jointly and severally guarantee (the “Guarantee”), each as a primary obligor and not as a surety to MLC, the prompt payment in full when due (whether at stated maturity, by required prepayment, declaration, demand, by acceleration or otherwise) of the Obligations and all other obligations of the Transaction Parties under this Agreement, the PESRM Transactions and the PESRM Transaction Documents (including any interest, fees, costs or charges that would accrue but for the provisions of the Title 11 of the United States Code or any other insolvency laws (the “Bankruptcy Code”) after any bankruptcy or insolvency petition under the Bankruptcy Code) (the “Guaranteed Obligations”). The Guarantors hereby jointly and severally agree that if PESRM or the other Transaction Party(ies) shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Transaction Parties will promptly pay the same in cash, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.

 

Section 13.02                      Rights of MLC.  Each Guarantor agrees that MLC, upon such terms as it deems appropriate, without notice or demand to or on any Person and without affecting the validity or enforceability hereof or giving rise to any reduction, limitation, impairment, discharge or termination of any Guarantor’s liability hereunder, from time to time may, in accordance with the terms of this Agreement and the other PESRM Transaction Documents, (i) renew, extend,

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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accelerate, increase the rate of interest on, or otherwise change the time, place, manner or terms of payment of any Guaranteed Obligations, (ii) settle, compromise, release or discharge, or accept or refuse any offer of performance with respect to, or substitutions for, any Guaranteed Obligations or any agreement relating thereto and/or subordinate the payment of the same to the payment of any other obligations, (iii) request and accept other guaranties of any Guaranteed Obligations and take and hold security for the payment hereof or any Guaranteed Obligations, (iv) release, surrender, exchange, substitute, compromise, settle, rescind, waive, alter, subordinate or modify, with or without consideration, any security for payment of any Guaranteed Obligations, any other guaranties of any Guaranteed Obligations, or any other obligation of any Person (including any other Guarantor) with respect to the Guaranteed Obligations, (v) enforce and apply any security now or hereafter held by or for the benefit of MLC in respect hereof or any Guaranteed Obligations and direct the order or manner of sale thereof, or exercise any other right or remedy that MLC may have against any such security, in each case as MLC in its discretion may determine consistent with the applicable PESRM Transaction Document and any applicable security agreement, including foreclosure on any such security pursuant to one or more judicial or non-judicial sales, whether or not every aspect of any such sale is commercially reasonable, and even though such action operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Guarantor against PESRM or any security for its Guaranteed Obligations, and (vi) exercise any other rights available to it under the applicable PESRM Transaction Document.

 

Section 13.03                      Obligations Unconditional.  The obligations of the Guarantors under Section 13.01 shall constitute a guaranty of payment and, to the fullest extent permitted by Applicable Law, are absolute, irrevocable and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the Guaranteed Obligations of PESRM under this Agreement or the other PESRM Transaction Documents, or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or Transaction Party (except for payment in full or an amendment or waiver adopted in accordance with Section 16.10).  Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all circumstances as described above:

 

(i)                                     at any time or from time to time, without notice to the Guarantors, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

 

(ii)                                  any of the acts mentioned in any of the provisions of this Agreement or the other PESRM Transaction Documents or any other agreement or instrument referred to herein or therein shall be done or omitted;

 

(iii)                               the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be amended in any respect, or any right under the PESRM Transaction Documents or any other agreement or instrument referred to herein or therein shall be amended or waived in any respect or any other guarantee of any of the

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with;

 

(iv)                              any Lien or security interest granted to, or in favor of, MLC as security for any of the Guaranteed Obligations shall fail to be perfected; or

 

(v)                                 the release of any other Transaction Party pursuant to Section 13.10 or Section 16.10.

 

The Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that MLC exhaust any right, power or remedy or proceed against PESRM or any other agreement or instrument referred to herein or therein, or against any other person under any other guarantee of, or security for, any of the Guaranteed Obligations.  The Guarantors waive:

 

(i)                                     any and all notice of the creation, renewal, extension, waiver, termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by MLC upon this Guarantee or acceptance of this Guarantee, and the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guarantee, and all dealings between PESRM and MLC shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guarantee,

 

(ii)                                  any defense arising by reason of the incapacity, lack of authority or any disability of PESRM or any Guarantor including any defense based on or arising out of the lack of validity or the unenforceability of the Guaranteed Obligations or any agreement or instrument relating thereto or by reason of the cessation of the liability of PESRM or any other Guarantor from any cause other than payment in full of the Guaranteed Obligations (other than any Unasserted Contingent Obligations); provided, that each Guarantor reserves, and does not waive, any other defenses, set-offs and counterclaims of PESRM, which shall be available to Guarantor to the same extent as such defenses, set-offs or counterclaims are available to PESRM and may be asserted by Guarantor in respect of its obligations hereunder, in each case whether or not asserted by PESRM; provided, further that the Guarantors’ liability under this Guarantee remains in effect irrespective of (A) any change in the amount, time, manner or place of payment of, or in any other term of, any Guaranteed Obligation, or any other amendment or waiver of or any consent to departure from any terms of any Guaranteed Obligation; (B) any release or amendment or waiver of, or consent to departure from, any other guarantee or support document, or any exchange, release or non-perfection of any collateral, for any Guaranteed Obligation; (C) the absence of any action to enforce any Guaranteed Obligation or any collateral therefor; (D) the rendering of any judgment against PESRM or any action to enforce the same; (E) any bankruptcy or insolvency of PESRM or any proceeding relating thereto;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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and (F) any lack or limitation of status or of corporate or limited liability company power of PESRM, or any incapacity or disability of any signatory for PESRM, or of any other guarantor or obligor in respect of any Guaranteed Obligation, or any change whatsoever in the objects, capital structure, or business of PESRM; and

 

(iii)                               any defense based upon any Applicable Law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal.

 

This Guarantee shall be construed as a continuing, absolute, irrevocable and unconditional guarantee of payment without regard to any right of offset with respect to the Guaranteed Obligations at any time or from time to time held by MLC, and the obligations and liabilities of the Guarantors hereunder shall not be conditioned or contingent upon the pursuit by MLC or any other person at any time of any right or remedy against PESRM or against any other person which may be or become liable in respect of all or any part of the Guaranteed Obligations or against any collateral, security or guarantee therefor or right of offset with respect thereto.  This Guarantee shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Guarantors and the successors and assigns thereof, and shall inure to the benefit of MLC and its successors and assigns, notwithstanding that from time to time during the term of this Agreement there may be no Guaranteed Obligations outstanding until payment in full thereof (other than Unasserted Contingent Obligations, or any amendment or waiver adopted in accordance with Section 16.10 or any other express provision set forth in a PESRM Transaction Document).

 

Section 13.04                      Reinstatement.  The obligations of the Guarantors under this Article XIII shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of PESRM or other Transaction Party in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any Proceedings in bankruptcy or reorganization or otherwise.

 

Section 13.05                      Subrogation; Subordination.  Each Guarantor hereby agrees that, until the payment and satisfaction in full in cash of all Guaranteed Obligations (other than Unasserted Contingent Obligations) under the PESRM Transaction Documents, it shall waive any claim and shall not exercise any right or remedy, direct or indirect, arising by reason of any performance by it of its guarantee in Section 13.01, whether by subrogation or otherwise, against PESRM or any other Transaction Party of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.  Any Indebtedness of any Guarantor permitted pursuant to Section 11.01(c) shall be subordinated to such Guarantor’s Secured Obligations in the manner set forth in the Intercompany Note evidencing such Indebtedness.

 

Section 13.06                      Remedies.  Subject to the terms of the Intercreditor Agreement and, to the extent applicable, any Term-ABL Intercreditor Agreement then in effect, the Guarantors jointly and severally agree that, as between the Guarantors and MLC, the obligations of PESRM under this Agreement and the other PESRM Transaction Documents may be declared to be forthwith due and payable as provided in Section 14.04 (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 14.04) for purposes of Section 13.01,

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against PESRM and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by PESRM) shall forthwith become due and payable by the Guarantors for purposes of Section 13.01.

 

Section 13.07                      Instrument for the Payment of Money.  Each Guarantor hereby acknowledges that the guarantee in this Article XIII constitutes an instrument for the payment of money, and consents and agrees that MLC, at its sole option, in the event of a dispute by such Guarantor in the payment of any moneys due hereunder, shall have the right to bring a motion-action under New York CPLR Section 3213.

 

Section 13.08                      Continuing Guarantee.  The guarantee in this Article XIII is a continuing guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.

 

Section 13.09                      General Limitation on Guarantee Obligations.  In any Proceeding involving any state corporate, limited partnership or limited liability company law, or any Applicable Law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 13.01 would otherwise be held or determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 13.01, then, notwithstanding any other provision to the contrary, the amount of such liability shall, without any further action by such Guarantor, any other Transaction Party or any other person, be automatically limited and reduced to the highest amount (after giving effect to the right of contribution established in Section 13.11) that is valid and enforceable and not subordinated to the claims of other creditors as determined in such Proceeding.

 

Section 13.10                      Release of Transaction Parties.  If, in compliance with the terms and provisions of the PESRM Transaction Documents, all of the Equity Interests of any Guarantor are sold, conveyed, assigned, disposed of, distributed or otherwise transferred (a “Transferred Guarantor”) to a Person or Persons, none of which is PESRM, a Guarantor or an Affiliate thereof, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be automatically released from its obligations under this Agreement (including under Article VII) and its obligations to pledge and grant any Collateral owned by it pursuant to any Supply and Offtake Security Document shall be automatically released, and, so long as PESRM shall have provided MLC such reasonable certifications or reasonable documents as MLC shall reasonably request, MLC shall take such actions as are necessary or reasonably requested by PESRM to effect each release described in this Section 13.10 in accordance with the relevant provisions of the Supply and Offtake Security Documents.

 

Section 13.11                      Right of Contribution.  Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment.  Each Guarantor’s right of contribution shall be subject to the terms and conditions of Section 13.05.  The provisions of this Section 13.11 shall in no respect limit the obligations and liabilities of any Guarantor to MLC, and each Guarantor shall remain liable to MLC for the full amount of the Guaranteed Obligations.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Section 13.12                      Default; Remedies; Bankruptcy; Etc.

 

(a)                                 The Guaranteed Obligations of each Guarantor hereunder are independent of and separate from the Obligations of such Guarantor.  If any Obligation of PESRM is not paid when due, or upon any Event of Default hereunder or upon any default by PESRM as provided in any other PESRM Transaction Document, MLC may, at its sole election, proceed directly and at once, without notice, against any Guarantor to collect and recover the full amount or any portion of the Obligations of PESRM then due, without first proceeding against PESRM or any other guarantor (including the Guarantors) of its Guaranteed Obligations, or against any Collateral under the PESRM Transaction Documents or joining PESRM or any other guarantor (including the Guarantors) in any Proceeding against any Guarantor.  At any time after maturity of the Guaranteed Obligations of a Guarantor, MLC may (unless such Guaranteed Obligations have been paid in full (other than Unasserted Contingent Obligations)), without notice to such Guarantor and regardless of the acceptance of any Collateral for the payment thereof, appropriate and apply toward the payment of such Guaranteed Obligations (a) any indebtedness due or to become due from MLC to such Guarantor and (b) any moneys, credits or other property belonging to such Guarantor at any time held by or coming into the possession of MLC or any of its Affiliates.

 

So long as any Guaranteed Obligations remain outstanding, no Guarantor shall, without the prior written consent of MLC, commence or join with any other Person in commencing any bankruptcy, reorganization, or insolvency case or proceeding of or against PESRM or any other Guarantor.  The obligations of the Guarantors hereunder shall not be reduced, limited, impaired, discharged, deferred, suspended or terminated by any case or proceeding, voluntary or involuntary, involving the bankruptcy, insolvency, receivership, reorganization, liquidation or arrangement of PESRM or any other Guarantor or by any defense which PESRM or any other Guarantor may have by reason of the order, decree or decision of any court or applicable body resulting from any such Proceeding (except as described in Section 13.09).  Each Guarantor acknowledges and agrees that any interest on any portion of the Guaranteed Obligations which accrues after the commencement of any Proceeding referred to in the immediately preceding sentence (or, if interest on any portion of the Guaranteed Obligations ceases to accrue by operation of law by reason of the commencement of such case or proceeding, such interest as would have accrued on such portion of the Guaranteed Obligations if such case or proceeding had not been commenced) shall be included in the Guaranteed Obligations because it is the intention of the Guarantors and MLC that the Guaranteed Obligations which are guaranteed by Guarantors pursuant hereto should be determined without regard to any rule of law or order which may relieve PESRM of any portion of such Guaranteed Obligations.  Guarantors will permit any trustee in bankruptcy, receiver, debtor in possession, assignee for the benefit of creditors or similar Person to pay MLC, or allow the claim of MLC in respect of, any such interest accruing after the date on which such case or proceeding is commenced.  In the event that all or any portion of any Guaranteed Obligations are paid by PESRM, the obligations of the Guarantors hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such payment or payments are rescinded or recovered directly or indirectly from MLC as a preference, fraudulent transfer or otherwise, and

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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any such payments which are so rescinded or recovered shall constitute Guaranteed Obligations for all purposes hereunder.

 

ARTICLE XIV.

 

EVENTS OF DEFAULT; REMEDIES

 

Section 14.01                      PESRM Events of Default.  The occurrence of any of the following events shall constitute a “PESRM Event of Default” under this Agreement:

 

(a)                                 any Transaction Party fails to make, when due, any payment under (i) this Agreement required to be made by it if such failure is not remedied on or before the second (2nd) Business Day after notice of such failure is given to PESRM; provided, that no PESRM Prepayment Amount Failure shall constitute a PESRM Event of Default, or (ii) any other Core PESRM Transaction Document required to be made by it if such failure to pay shall continue un-remedied beyond any applicable cure period or grace period;

 

(b)                                 (i) an Event of Default or Termination Event (each as defined in the PESRM-MLC ISDA Master Agreement) (other than the non-payment Event of Default under clause (a)(ii) above) shall have occurred in respect of any Transaction Party under the PESRM-MLC ISDA Master Agreement, and such event shall continue un-remedied beyond any applicable cure period or grace period; or (ii) an Event of Default or Termination Event (each as defined in the Financial Products ISDA Master Agreement) shall have occurred in respect of any Transaction Party under the Financial Products ISDA Master Agreement, and such event shall continue un-remedied beyond any applicable cure period or grace period;

 

(c)                                  an Event of Default (as defined in the Senior Secured Credit Facility) shall have occurred in respect of PESRM or any of its Affiliates under the Senior Secured Credit Facility, and such event shall continue un-remedied beyond any applicable cure period or grace period;

 

(d)                                 any representation or warranty made or deemed made by a Transaction Party in or in connection with this Agreement or any other Applicable PESRM Transaction Document, or any representation, warranty, statement or information contained in any written report, certificate, financial statement or other written instrument furnished by a Transaction Party in connection with or pursuant to this Agreement or any other PESRM Transaction Document, shall prove to have been false or misleading in any material respect (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall not have been false or misleading in all respects as so qualified) when so made, deemed made or furnished, unless, if such misstatement (and any effect thereof) is capable of being cured, such Transaction Party cures such misstatement (and any effect thereof) within 5 Business Days of receipt of notice thereof or a Responsible Officer of PESRM becoming aware thereof. Notwithstanding the foregoing, no misstatement which, subsequent to the date of such misstatement, ceases to be a

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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misstatement (through cure or otherwise) shall give rise to a Default or Event of Default pursuant to this Section 14.01(d);

 

(e)                                  default shall be made in the due observance or performance by any Transaction Party of any covenant, condition or agreement contained in (i) Section 2 of the PESRM-MLC Consulting Agreement with respect to the Services (as defined in the PESRM-MLC Consulting Agreement) listed on Part VIII of Exhibit A thereto and such default shall continue unremedied for a period of two (2) Business Days after notice of such default is given to PESRM, (ii) Sections 3.05(a) or Section 4.04(a) and such default shall continue unremedied for a period of two (2) Business Days after notice of such default is given to PESRM, (iii) Sections 10.02(a), 10.03, 10.04, or Article XI, (iv) Sections 10.02(b), (c), (d) and (e) and such default shall continue unremedied for a period of five (5) Business Days, or (iv) Section 10.01 and such default shall continue unremedied for a period of twenty (20) consecutive calendar days after notice of such default is given to PESRM;

 

(f)                                   any Transaction Party or PESIC (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 or has instituted against it 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 it or for all or substantially all its assets, (vii) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, (viii) causes or is subject to any event with respect to it, which under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in subclauses (i) to (vii) (inclusive), or (ix) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts;

 

(g)                                  default shall be made in the due observance or performance by any Transaction Party of any covenant, condition, agreement or other Obligation contained in this Agreement (other than those which would constitute a separate PESRM Event of Default under this Section 14.01 or as otherwise provided in Section 14.04(j)) or under any other PESRM Transaction Document and such default shall continue unremedied or shall not be waived for a period of thirty (30) calendar days after written notice thereof from MLC to PESRM;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(h)                                 any Transaction Party (i) defaults under any transaction or agreement with MLC, MLC Guarantor or any of their Affiliates (other than this Agreement or the Senior Secured Credit Facility) (each, a “MLC Transaction”), and after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of obligations under, or an early termination of, that MLC Transaction, (ii) 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, any MLC Transaction, or (iii) disaffirms, disclaims, repudiates or rejects, in whole or in part, any MLC Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf);

 

(i)                                     a “default,” “event of default,” “termination event,” “early termination event” or other similar event shall be incurred by any Transaction Party in respect of any Specified Transaction Obligation, in an amount in excess of $[**], which event shall extend beyond any applicable cure periods or grace periods, provided, that in respect of Specified Transaction Obligations of such Transaction Party owed to the applicable counterparty at such time, the amount for purposes of this Section 14.01(i) shall be the amount payable by such Transaction Party to such counterparty as if all Specified Transactions relating to such Specified Transaction Obligations were terminated at such time and provided further, that such event in each case described in this clause (i) is unremedied and is not waived by the holders of such Specified Transaction Obligation;

 

(j)                                    any Transaction Party shall (i) fail to pay any principal or interest, regardless of amount, due in respect of any Indebtedness (other than any Obligation and any Specified Transaction Obligation), when and as the same shall become due and payable beyond any applicable grace period, or (ii) fail to observe or perform any other term, covenant, condition or agreement contained in any agreement or instrument evidencing or governing any such Indebtedness, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; provided, that it shall not constitute a PESRM Event of Default pursuant to this clause (j) unless the aggregate amount of all such Indebtedness referred to in subclauses (i) and (ii) in respect of which a Default has occurred then exceeds $[**] at any one time; provided, further, that this clause shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is expressly permitted hereunder;

 

(k)                                 one or more judgments, orders or decrees for the payment of money in an aggregate amount in excess of $[**] shall be rendered against any Transaction Party or any combination thereof and the same shall remain undischarged, unvacated, uninsured or unbonded for a period of thirty (30) consecutive days

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to levy upon properties of any Transaction Party to enforce any such judgment;

 

(l)                                     (i) this Agreement, the Supply and Offtake Security Agreement or the Intercreditor Agreement or any material provision thereof shall at any time and for any reason be declared by a court of competent jurisdiction to be null and void, (ii) any other Core PESRM Transaction Document shall at any time and for any reason be declared by a court of competent jurisdiction to be null and void, the effect of which is or could be reasonably expected to result in a Material Adverse Effect, or (iii) a Proceeding shall be commenced by any Transaction Party seeking to establish the invalidity or unenforceability thereof (exclusive of questions of interpretation of any provision thereof), or any Transaction Party shall repudiate or deny (in writing) any material portion of the Collateral, or any portion of its liability, Guarantee, or Obligations;

 

(m)                             one or more ERISA Events or similar events with respect to Foreign Plans shall have occurred that, in the opinion of MLC, when taken together with all other such ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect or in the imposition of any Lien on any properties of a Transaction Party;

 

(n)                                 there shall have occurred a Change in Control with respect to PESRM;

 

(o)                                 (i) any component of the Refinery, the PESRM Infrastructure or any component of the PESRM Infrastructure is sold or a contract is entered into to sell such component of the Refinery, the PESRM Infrastructure or such component of the PESRM Infrastructure (in each case, other than to an Affiliate Transferee in accordance with the provisions hereof) the effect of which is or could be reasonably expected to result in a Material Adverse Effect; or (ii) the Refinery is sold or a contract is entered into to sell the Refinery; or

 

(p)                                 any security interest and Lien purported to be created by any Supply and Offtake Security Document after delivery thereof shall cease to be in full force and effect with respect to a material portion of the Collateral (other than in accordance with its terms), or shall cease to give MLC the Liens, rights, powers and privileges purported to be created and granted under such Supply and Offtake Security Document (including a perfected first priority security interest in and Lien on a material portion of the Collateral thereunder (except as otherwise expressly provided in such Supply and Offtake Security Document)) in favor of MLC, or shall be asserted by PESRM or any other Transaction Party not to be a valid, perfected, and in the case of Collateral, first priority (except as otherwise expressly provided in this Agreement or such Supply and Offtake Security Document) security interest in or Lien on the Collateral covered thereby; except, in each case described in this Section 14.01(p), to the extent that any such loss of force and effect, loss of benefit, Liens, rights, powers and privileges, perfection or priority results from the failure of MLC to file UCC continuation statements;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(q)                                 any security interest or Lien purported to be created pursuant to the PESIC Security Agreement shall cease to be valid, perfected and in full force and effect with respect to any collateral granted therein (other than in accordance with its terms), or shall cease to give MLC the Liens, rights, powers and privileges purported to be created and granted under the PESIC Security Agreement (other than due to a PESIC Failure);

 

(r)                                    any unexcused failure of the Refinery to operate (in aggregate) at a level equal to at least [**] of its aggregate named capacity for at least [**] consecutive days; provided, that any such failure shall be excused if such failure is due to Force Majeure or a MLC Event;

 

(s)                                   an event of default or termination event (each as defined in the PESIC-PESRM ISDA Master Agreement) shall have occurred in respect of PESIC or PESRM under the PESIC-PESRM ISDA Master Agreement, other than due to a PESIC Failure, provided that a termination of the MLC-PESIC ISDA Master Agreement by PESIC as a result of a termination of the guaranty provided by the parent of MLC thereunder shall not be a Default or Event of Default for the purposes of this Agreement;

 

(t)                                    an event of default or termination event (each as defined in the MLC-PESIC ISDA Master Agreement) shall have occurred in respect of PESIC under the MLC-PESIC ISDA Master Agreement other than due to a PESIC Failure;

 

(u)                                 PESRM’s unexcused failure to receive delivery of Crude Oil at the CO Delivery Point for five (5) consecutive Days in any delivery month for which there is available MLC Crude Oil Purchase to meet the delivery requirements set forth in the then current Oil Flow Report for all such Days; provided, that any such failure shall be excused if such failure is due to Force Majeure;

 

(v)                                 PESRM fails to make, when due, any payment under any Third Party Contract required to be made by it if such failure is not remedied on or before the fifth (5th) Business Day after such failure occurs, or any other event of default (however described) shall have occurred in respect of PESRM or a Third Party under any Third Party Contract, and such event shall continue un-remedied beyond any applicable cure period or grace period; or

 

(w)                               any event of default (however described) shall have occurred in respect of Sunoco PMT under any Third Party Contract, and such event shall continue un-remedied beyond any applicable cure period or grace period.

 

Section 14.02                      MLC Events of Default.  The occurrence of any of the following events shall constitute a “MLC Event of Default” under this Agreement:

 

(a)                                 MLC fails to make, when due, any payment under this Agreement or any other Core PESRM Transaction Document required to be made by it if such failure is not remedied on or before the second (2nd) Business Day after notice of such failure is given to MLC;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(b)                                 any representation or warranty made or deemed made by MLC in or in connection with this Agreement or any PESRM Transaction Document, any representation, warranty, statement or information contained in any written report, certificate, financial statement or other written instrument furnished by MLC in connection with or pursuant to this Agreement or any PESRM Transaction Document, or any representation or warranty made or deemed made by the MLC Guarantor under the MLC Guaranty, shall prove to have been false or misleading in any material respect (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall not have been false or misleading in all respects) when so made, deemed made or furnished, unless, if such misstatement (and any effect thereof) is capable of being cured, MLC cures such misstatement (and any effect thereof) within 5 Business Days of receipt of notice thereof or an executive officer of MLC with responsibility for the administration of the obligations of MLC in respect of this Agreement becoming aware thereof. Notwithstanding the foregoing, no misstatement which, subsequent to the date of such misstatement, ceases to be a misstatement (through cure or otherwise) shall give rise to a Default or Event of Default pursuant to this Section 14.02(b);

 

(c)                                  MLC or the MLC Guarantor (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 or has instituted against it 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 it or for all or substantially all its assets; (vii) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, (viii) causes or is subject to any event with respect to which, under the Applicable Laws of any jurisdiction, has an analogous effect to any of the events specified in subclauses (i) to (vii) (inclusive), or (ix) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts;

 

(d)                                 MLC’s unexcused failure to tender Crude Oil for delivery at the CO Delivery Point for five (5) consecutive Days in any delivery month for which there are CO Supply Contracts for delivery of Crude Oil sufficient to satisfy all the delivery requirements in the then current Oil Flow Report for all such Days; provided, that MLC’s failure to perform is excused to the extent that such failure is due to Force Majeure or an Applicable Condition;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(e)                                  MLC shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those which would constitute a separate MLC Event of Default under this Section 14.02 or as otherwise provided in Section 14.04(i)) or under any other PESRM Transaction Document and such default shall continue unremedied or shall not be waived for a period of 30 calendar days after written notice thereof from PESRM to MLC;

 

(f)                                   a “default” or “event of default,” or other similar event shall be incurred by MLC or by the MLC Guarantor in respect of any Specified Transaction Obligation with PESRM or any other Transaction Party, in an amount in excess of 3.0% of the stockholders’ equity of MLC Guarantor, which event shall extend beyond any applicable cure periods or grace periods, provided, that in respect of Specified Transaction Obligations of MLC or of the MLC Guarantor, as applicable, owed to the applicable counterparty at such time, the amount for purposes of this Section 14.02(f) shall be the amount payable by MLC or the MLC Guarantor, as applicable, to such counterparty as if all Specified Transactions relating to such Specified Transaction Obligations were terminated at such time and provided further, that such event in each case described in this clause (f) is unremedied and is not waived by the holders of such Specified Transaction Obligation;

 

(g)                                  MLC or the MLC Guarantor shall (i) fail to pay any principal or interest, regardless of amount, due in respect of any indebtedness in respect of borrowed money, when and as the same shall become due and payable beyond any applicable grace period, or (ii) fail to observe or perform any other term, covenant, condition or agreement contained in any agreement or instrument evidencing or governing any such indebtedness, and any such failure referred to in subclause (i) or (ii) shall continue un-remedied beyond any applicable cure period or grace period; provided, that it shall not constitute a MLC Event of Default pursuant to this Section 14.02(g) unless the aggregate amount of all such indebtedness referred to in subclauses (i) and (ii) in respect of which a failure has occurred then exceeds 3.0% of the stockholders’ equity of MLC Guarantor at any one time

 

(h)                                 MLC Guarantor fails to comply with or perform any agreement or obligation to be complied with or performed by it in accordance with the MLC Guaranty if such failure is continuing after any applicable grace period has elapsed;

 

(i)                                     the MLC Guaranty shall cease to be in full force and effect for the purpose of this Agreement (other than in accordance with its terms) prior to the satisfaction of all obligations to which such MLC Guaranty relates without the written consent of PESRM;

 

(j)                                    the MLC Guaranty or any material provisions thereof shall at any time and for any reason be declared by a court of competent jurisdiction to be null and void, or a proceeding shall be commenced by MLC or the MLC Guarantor seeking to establish the invalidity or unenforceability thereof (exclusive of questions of

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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interpretation of any provision thereof), or MLC or the MLC Guarantor shall repudiate or deny (in writing) any material portion of the MLC Guaranty; or

 

(k)                                 an Event of Default or Termination Event (each as defined in the Financial Products ISDA Master Agreement) shall have occurred in respect of MLC under the Financial Products ISDA Master Agreement, and such event shall continue un-remedied beyond any applicable cure period or grace period.

 

Section 14.03                      Termination Events.

 

(a)                                 The occurrence of any of the following events with respect to a Party shall constitute a “Termination Event” under this Agreement:

 

(i)                                     Illegality.  Due to any event or circumstance (other than an action taken by a Party), occurring after a PESRM Transaction, a CO Supply Contract, a PESRM-MLC Secured Prepay Transaction, a PESIC-PESRM Secured Prepay Transaction, a MLC-PESIC Secured Prepay Transaction, a RP Sales Contract or a Cover Transaction is entered into, it becomes unlawful under Applicable Law (other than as a result of a breach by the party of its representation under Section 10.03) for a Party (which will be the Affected Party) (x) to perform any absolute or contingent obligation to make a payment or delivery or to receive a payment or delivery in respect of any such PESRM Transaction, CO Supply Contract, Secured Prepay Transaction, RP Sales Contract or Cover Transaction or to comply with any other material provision of this Agreement relating to any such PESRM Transaction or other such transaction or contract, or (y) to perform, or for any of its Affiliates to perform, any contingent or other obligation which the Affected Party or its Affiliate has under any PESRM Transaction Document, PESRM Transaction, CO Supply Contract, PESRM-MLC Secured Prepay Transaction, PESIC-PESRM Secured Prepay Transaction, MLC-PESIC Secured Prepay Transaction, RP Sales Contract or Cover Transaction (each, an “Illegality”).

 

(ii)                                  Credit Event Upon Merger. MLC, the MLC Guarantor or any Transaction Party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and the resulting, surviving or transferee entity assumes all of the obligations of such Party under this Agreement and any other PESRM Transaction Document to which it is a party, but the creditworthiness of the resulting, surviving or transferee entity is materially weaker than that of such Party immediately prior to the consolidation, amalgamation, merger or transfer of assets (a “Credit Event Upon Merger”); provided, that with regard to MLC and the MLC Guarantor, “materially weaker” means (x) the senior unsecured and unsubordinated long-term debt rating of MLC Guarantor (if any) is lower than [**] by Moody’s or [**] by S&P, (y) in the event that there is no senior unsecured and unsubordinated long-term debt rating by either Moody’s or S&P applicable to MLC Guarantor, but MLC Guarantor

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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has a senior unsecured and unsubordinated long-term debt rating from another internationally recognized credit rating agency, such senior unsecured and unsubordinated long-term debt rating is lower than a rating equivalent to lower than [**] by Moody’s or [**] by S&P, or (z) no such ratings exist applicable to MLC Guarantor. If a Credit Event Upon Merger occurs with respect to MLC or the MLC Guarantor, MLC shall be the Affected Party. If a Credit Event Upon Merger occurs with respect to any Transaction Party, PESRM shall be the Affected Party.

 

(iii)                               ISDA Termination Event.  An “Early Termination Date” (as defined in the MLC-PESIC ISDA Master Agreement or the PESIC-PESRM ISDA Master Agreement) has been designated under either the MLC-PESIC ISDA Master Agreement or the PESIC-PESRM ISDA Master Agreement (other than as a direct result of the occurrence of a Termination Event under this Agreement) (an “ISDA Termination Event”). If an ISDA Termination Event occurs, PESRM shall be the Affected Party.

 

(b)                                 If at any time a Termination Event has occurred and is continuing with respect to a Party, then the Party that is not the Affected Party (or, in the case of Illegality or if both Parties are Affected Parties, either Party) shall have the right (but not the obligation) by written notice to the other Party:

 

(i)                                     to terminate this Agreement in the manner provided for in Section 6.02 as if the Term Expiration Date had occurred and the effective date of such notice shall be deemed to be the Term Expiration Date for purposes of Section 6.02; provided, that the remedy set forth in this subclause (i) shall not be available to the extent that its implementation could reasonably be expected to result in an Illegality; or

 

(ii)                                  to designate a Day not earlier than the Day such notice is effective as an Early Termination Date on which to terminate, liquidate and accelerate the Affected Transactions, and the Party that is not the Affected Party shall calculate a Termination Payment (including the application of any rights of set-off) with respect to such Affected Transactions in accordance with Section 14.04 as if an Event of Default had occurred and such Party was not the Defaulting Party.  If there are two Affected Parties, each Party will determine a Termination Payment, and the amount payable will be the arithmetic mean of the two.

 

If any Termination Event occurs, the Affected Party will, promptly upon becoming aware of it, notify the other Party, specifying the nature of the Termination Event and will also give such other information about that Termination Event as the other party may reasonably require.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Section 14.04                      Remedies.

 

(a)                                 (i)                                     Notwithstanding any other term or provision of this Agreement, any other PESRM Transaction Document or the MLC-PESIC ISDA Master Agreement or the PESIC-PESRM ISDA Master Agreement, if at any time an Event of Default has occurred and is continuing with respect to a Party (the “Defaulting Party”), the other Party (the “Performing Party”) shall have the right, in its sole discretion, and in addition to any other remedies available hereunder, under any other PESRM Transaction Document, Applicable Laws, or otherwise, to (x) immediately withhold and/or suspend any or all performance under this Agreement and any other PESRM Transaction Documents, including deliveries or payments to, and/or receipts from, the Defaulting Party upon notice to the Defaulting Party (except with respect to the occurrence of any Event of Default under Section 14.01(f) or Section 14.02(c), in which case no notice shall be required), and/or (y) designate a date (not earlier than the date of such notice) (an “Early Termination Date”) on which to terminate, liquidate and accelerate this Agreement and any or all PESRM Transactions and calculate an aggregate Termination Payment in the manner set forth in this Section 14.04.  If and to the extent that, in the reasonable opinion of the Performing Party, any PESRM Transaction is commercially impracticable to liquidate and terminate or may not be liquidated, terminated or accelerated under Applicable Laws on the Early Termination Date, such PESRM Transaction shall be terminated as soon thereafter as is reasonably practicable and permitted under Applicable Law, in which case the actual termination date for such PESRM Transaction will be the Early Termination Date in respect thereof for purposes hereof.

 

(ii)                                  In any case where MLC is the Performing Party, (x) PESRM acknowledges and agrees that MLC has the right to remove its Hydrocarbons from the Basic Infrastructure under (1) this Agreement and (2) the Third Party Consent Agreements, as applicable, in accordance with their respective terms, and (y) PESRM covenants and agrees that, at its sole cost and expense, it will use best efforts to (1) provide MLC and its representatives, upon request, with full access to the Refinery and the other Basic Infrastructure, (2) maintain within or otherwise protect and preserve any of MLC’s Hydrocarbons contained at the Refinery and the other Basic Infrastructure, and (3) perform such storage, terminaling, throughput and transportation operations and services as MLC may request (including loading, unloading, blending, delivery, receipt, throughput, storage, metering, pumpover, provision of all needed pipeline connections, and other necessary services) to remove the MLC Separate Assets and Collateral from the relevant Basic Infrastructure in accordance with MLC’s instructions.

 

(iii)                               In any case where PESRM is the Performing Party and exercises its right to terminate this Agreement and any or all of the PESRM Transactions,

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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PESRM shall, in its sole discretion, have the right to demand that MLC sell to PESRM any or all of MLC’s then current in-transit and in-storage Crude Oil, and/or Refined Product inventories at prices determined by reference to the payment and invoicing provisions of this Agreement for CO Transactions and RP Transactions set forth in Schedule 5(a) and Schedule 5(b), as applicable, as if all such Crude Oil, Refined Product had been delivered on the Day of MLC’s receipt of such demand.  For the avoidance of doubt, such prices shall include all amounts that would otherwise have been payable with respect to such inventories pursuant to Article V.

 

(b)                                 On or as soon as reasonably practicable following each Early Termination Date, the Performing Party shall (i) determine the final amount payable between the Parties under this Agreement and any other PESRM Transaction Documents as provided in this Section 14.04 (the “Termination Payment”), and (ii) provide to the other Party a statement showing, in reasonable detail, the calculations (including all relevant quotations) underlying such Termination Payment.

 

(c)                                  In each case covered by Section 14.04(a), the Performing Party shall calculate the Termination Payment by:

 

(i)                                     calculating its Loss;

 

(ii)                                  determining any other Unpaid Amounts payable by one Party to the other Party under this Agreement or any other document governing or evidencing a terminated PESRM Transaction, a CO Supply Contract, a Secured Prepay Transaction, a RP Sales Contract or a Cover Transaction (without duplication) (including amounts due in respect of Hydrocarbons delivered hereunder);

 

(iii)                               where applicable, discounting each of the foregoing payments and amounts to present value as of the Early Termination Date to take account of the period between the Early Termination Date and the date on which such amount would have otherwise been due pursuant to the relevant PESRM Transaction, CO Supply Contract, Secured Prepay Transaction, RP Sales Contract or Cover Transaction (such discounting to be determined by the Performing Party in a commercially reasonable manner and at an interest rate at LIBOR for the applicable period);

 

(iv)                              where applicable, add interest at the Default Interest Rate to any amounts (including any amounts to be set-off under Section 14.04(f)) which were originally due by the Defaulting Party prior to the Early Termination Date (or, if applicable, the date of such set-off); provided, that to the extent that the agreement giving rise to such amount provides for interest with respect to late payments, the Performing Party shall apply the interest rate specified in such agreement; and

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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(v)                                 netting or aggregating all of the foregoing amounts into a single liquidated amount payable by one Party to the other Party.

 

(d)                                 Without limiting any other term or provision of this Agreement (but without duplication), the Defaulting Party shall, in addition to the amounts set forth above, indemnify and hold harmless the Performing Party for any damages, losses, fees, costs and expenses which the Performing Party may pay or incur from, as a result of or in connection with the enforcement of and protection of any of its rights and remedies under this Agreement, any PESRM Transaction, any CO Supply Contract, any PESRM-MLC Secured Prepay Transaction, any RP Sales Contract, any Cover Transaction or any other PESRM Transaction Document as a result of the early termination of this Agreement or any such contract, transaction or document (including reasonable attorneys’ fees and disbursements). Notwithstanding the occurrence of an Early Termination Date or the payment of any Termination Payment, MLC shall have the right to issue invoices under this Agreement with respect to any true-ups or corrections required by this Agreement that would have resulted in an adjustment to any Termination Payment.

 

(e)                                  If the Defaulting Party owes the Termination Payment to the Performing Party, then, within one (1) Business Day of the date upon which the Performing Party’s notice of the Termination Payment is effective, the Defaulting Party shall pay the Termination Payment to the Performing Party.  If the Performing Party owes the Termination Payment to the Defaulting Party, then, within two (2) Business Days following the final exercise of the Performing Party’s set-off rights under Section 14.04(f), the Performing Party shall pay the Termination Payment to the Defaulting Party.  If the Termination Payment is not paid by the date such payment is due in accordance with the terms of this Section 14.04(e), such Termination Payment shall accrue interest at a rate per annum equal to (i) the Default Interest Rate, if such payment is owed by the Performing Party, or (ii) the Default Interest Rate plus 2.0%, if such payment is owed by the Defaulting Party.

 

(f)                                   At any time or from time to time after the occurrence of an Event of Default or Termination Event, the Performing Party (without prior notice to the Defaulting Party) may, at the Performing Party’s election, set off any or all amounts which the Defaulting Party owes to the Performing Party or any Affiliate of the Performing Party against any or all amounts which the Performing Party or any Affiliate of the Performing Party owes to the Defaulting Party (in each case, whether under this Agreement, any other agreement or otherwise, and whether or not then due, and irrespective of the currency, place of payment or booking office of the obligation); provided, that any amount not then due which is included in such setoff shall be discounted to present value as at the time of setoff (to take account of the period between the time of setoff and the date on which such amount would have otherwise been due) at the applicable rate for that period determined by the Performing Party in any commercially reasonable manner.  The Performing Party shall give notice to the other Party of any set-off effected under this Section 14.04(f).  For this purpose, any amount (or the relevant portion of such amounts) may be converted by the Performing Party into the currency in

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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which the other is denominated at the rate of exchange at which such Party would be able, acting in a reasonable manner and in good faith, to purchase the relevant amount of such currency.  If an obligation is unascertained, the Performing Party may in good faith estimate that obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained.  Nothing in this Section 14.04(f) shall be effective to create a charge or other security interest.

 

(g)                                  In the case of any bankruptcy, insolvency, receivership or similar Proceeding with respect to a Transaction Party, and to the extent permitted by Applicable Law, each Party hereto intends that (i) the other Party’s right to liquidate, collect, net and set off 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) the other Party 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 PESRM Transactions shall constitute “margin payments” as defined in Section 101(48) of the Bankruptcy Code and all payments for, under or in connection with the PESRM Transactions shall constitute “settlement payments” as defined in Section 101(51A) of the Bankruptcy Code.

 

(h)                                 The Performing Party’s rights and remedies under this Section 14.04 shall be in addition to, and not in limitation or exclusion of, any other rights of setoff, recoupment, combination of accounts, Lien or other right which it may have, whether by agreement, operation of law or otherwise, including any and all rights available to MLC under the Supply and Offtake Security Agreement.  No delay or failure on the part of a Performing Party to exercise any right or remedy shall constitute an abandonment of such right or remedy, and the Performing Party shall be entitled to exercise such right or remedy at any time after an Event of Default has occurred, so long as such Event of Default is continuing.

 

(i)                                     Except as otherwise provided in Section 14.02(d), any unexcused failure by MLC to deliver or receive any Hydrocarbons pursuant to any PESRM Transaction, CO Supply Contract, PESRM-MLC Secured Prepay Transaction, RP Sales Contract or Cover Transaction shall not constitute an Event of Default, and cover damages under Section 6.03 shall be the sole remedy for such failure.  Notwithstanding the foregoing, failure by MLC to pay cover damages under Section 6.03 when due shall constitute a payment default under Section 14.02(a).

 

(j)                                    Except as otherwise provided in Section 14.01(s), any unexcused failure by PESRM to receive any delivery of Crude Oil, or to deliver Refined Products  shall not constitute an Event of Default, and the other payment, reimbursement and indemnity provisions of this Agreement (including the indemnity in Section 7.01(b)(i)) shall be the sole remedies for any such failures; provided, that this provision shall not relieve PESRM of its obligations to sell and deliver all of

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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the Refined Products produced by the Refinery during the Term to MLC.  Notwithstanding the foregoing, failure by PESRM to pay reimbursement or indemnity amounts owed by it when due shall constitute a payment default under Section 14.01(a).

 

ARTICLE XV.

 

FORCE MAJEURE

 

Section 15.01                      Force Majeure.

 

(a)                                 A Party shall be excused from the performance of its obligations under this Agreement, any PESRM Transaction and any PESIC-PESRM Secured Prepay Transaction to the extent its performance of such obligations is prevented, in whole or in part, due to the occurrence of any event or circumstance, whether foreseeable or unforeseeable, that is reasonably beyond the control of such Party and which, by the exercise of due diligence, such Party could not have been able to remedy, avoid or overcome (any such event, a “Force Majeure” event), including any of the following events:

 

(i)                                     Compliance with Applicable Law;

 

(ii)                                  Hostilities of war (declared or undeclared), embargoes, blockades, civil unrest, riots, disorders, terrorism or sabotage;

 

(iii)                               Fires, explosions, lightning, maritime peril, collisions, storms, landslides, earthquakes, floods and other acts of nature;

 

(iv)                              Strikes, lockouts or other labor difficulties (whether or not involving employees of either Party); provided, that settlement of strikes and other labor difficulties shall be wholly within the discretion of the Party having difficulty;

 

(v)                                 Disruption or breakdown of production or transportation facilities, equipment, labor or materials, including the closing of harbors, railroads or pipelines; or

 

(vi)                              a failure of performance of any third party under any CO Supply Contract, PESRM-MLC Secured Prepay Transaction, PESIC-PESRM Secured Prepay Transaction, MLC-PESIC Secured Prepay Transaction, RP Sales Contract, Cover Transaction or any contract or arrangement with a supplier of transportation, storage, or other services relating to any Hydrocarbons to the extent that such failure was caused by (x) an event that would otherwise satisfy the definition of a Force Majeure event as set forth in this Section 15.01, or (y) an event that satisfies the definition of force majeure pursuant to the terms of any such CO Supply Contract, PESRM-MLC Secured Prepay Transaction, PESIC-PESRM Secured Prepay Transaction, MLC-PESIC Secured Prepay Transaction, RP Sales

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Contract, Cover Transaction or such contract or arrangement with such supplier of transportation, storage or other services relating to any Hydrocarbons.

 

(b)                                 For purposes of this Agreement, the term “Force Majeure” expressly excludes: (i) a failure of performance of any Person other than the Parties, except to the extent that such failure was caused by an event that would otherwise satisfy the definition of a Force Majeure event as set forth in this Article XV, (ii) the loss of either Party’s market or any market conditions for any Crude Oil or Refined Product, as applicable, that are unfavorable to either Party, and (iii) any failure by a Party to apply for, obtain or maintain any permit, license, approval or right of way necessary under Applicable Law for the performance of any obligation hereunder.

 

(c)                                  In the event that a Party believes a Force Majeure event has occurred that will require it to invoke the provisions in this Article XV, such Party shall use commercially reasonable efforts to give verbal notice to the other Party followed by written notice within two (2) Business Days following the occurrence of such event, of the underlying circumstances of the particular causes of Force Majeure, the expected duration thereof and the volume of the Hydrocarbons affected (in each case to the extent known). The Party claiming Force Majeure shall also use commercially reasonable efforts to give the other Party notice of cessation of the Force Majeure event and the date when performance is expected to resume.

 

Section 15.02                      Force Majeure with Respect to Certain Facilities.  Without limiting Section 15.01, if a Force Majeure event occurs and is continuing in respect of the Refinery or any other Basic Infrastructure, MLC shall be relieved of its obligations to sell and deliver Crude Oil or purchase and receive Refined Products in each case to the extent MLC determines, in its reasonable judgment, that such Force Majeure event interfered with its ability to perform its obligations in respect of such Crude Oil or Refined Products .

 

Section 15.03                      PESRM Force Majeure Indemnity.  PESRM shall be responsible for, and shall indemnify MLC against, any and all losses, costs and damages that MLC incurs, directly or indirectly, in connection with the occurrence of a Force Majeure event that prevents either party from performing its obligations including hedging losses incurred by MLC arising from delivery reductions under any PESRM Transactions, CO Supply Contracts, PESRM-MLC Secured Prepay Transactions, PESIC-PESRM Secured Prepay Transactions, MLC-PESIC Secured Prepay Transactions, RP Sales Contracts, or Cover Transactions due to such Force Majeure event.

 

Section 15.04                      Force Majeure Termination.  If a Force Majeure event occurs that is unique to MLC or that is unique to PESRM (including a hurricane or other natural disaster destroying some or all of the Refinery or the other PESRM Infrastructure) and such Force Majeure event prevents the Refinery from operating at a level equal to at least [**]% of its aggregate named capacity for at least [**] consecutive days, then either Party shall have the right to terminate this Agreement on thirty (30) days prior written notice, and any such termination shall be conducted by, and all damages shall be determined by, MLC in accordance with Section 14.04 as if an

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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Event of Default had occurred with respect to PESRM (if the Force Majeure event occurred with respect to PESRM) or MLC (if the Force Majeure event occurred with respect to MLC).

 

Section 15.05                      Payments Not Excused.  Notwithstanding the provisions of Section 15.01, nothing contained in this Agreement shall relieve a Party of its obligation to make payments when due with respect to performance prior to the occurrence of a Force Majeure event, including PESRM’s obligation to pay in full the purchase price or any other amounts due.

 

Section 15.06                      No Extension.  No curtailment or suspension of deliveries or acceptance of deliveries pursuant to this Article XV shall operate to extend the Term of this Agreement or the term of any PESRM Transaction.

 

ARTICLE XVI.

 

MISCELLANEOUS

 

Section 16.01                      Governing Law and Submission to Jurisdiction.

 

(a)                                 This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without reference to conflict of law principles (except Sections 5-1401 and 5-1402 of the New York General Obligations Law).

 

(b)                                 WITH RESPECT TO ANY PROCEEDING RELATING TO THIS AGREEMENT (AN “ACTION”), SUCH PROCEEDING SHALL BE BROUGHT IN THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK OR, TO THE EXTENT FEDERAL JURISDICTION IS NOT PERMITTED, COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY, BOROUGH OF MANHATTAN, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS.  EACH PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR OTHER DOCUMENT RELATED HERETO.  EACH PARTY WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE.  NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS AGREEMENT SHALL PRECLUDE EITHER PARTY FROM BRINGING AN ACTION IN ANY OTHER JURISDICTION IN ORDER TO ENFORCE ANY JUDGMENT OBTAINED IN ANY ACTION REFERRED TO IN THE PRECEDING SENTENCE, NOR WILL THE BRINGING OF ANY ENFORCEMENT ACTIONS IN ANY ONE OR MORE JURISDICTIONS

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

164

 

PRECLUDE THE BRINGING OF ENFORCEMENT ACTIONS IN ANY OTHER JURISDICTION.

 

(c)                                  Notwithstanding anything to the contrary set forth herein, any action brought by MLC to obtain possession, custody or control of any assets constituting Collateral or to exercise any rights in respect of any lien affecting such assets may be commenced in a court of competent jurisdiction in the State in which such asset is located.

 

Section 16.02                      Waivers.

 

(a)                                 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY EXPRESSLY AND IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

(b)                                 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, NEITHER PARTY SHALL ASSERT, AND EACH PARTY HEREBY WAIVES, ANY CLAIM AGAINST THE OTHER PARTY, ON ANY THEORY OF LIABILITY, FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF, THIS AGREEMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY; PROVIDED, THAT NOTHING IN THIS SECTION 16.02(b) OR IN ANY OTHER PROVISION OF THIS AGREEMENT SHALL BE CONSTRUED TO WAIVE OR ALTER EITHER PARTY’S RIGHT TO RECOVER ANY AMOUNT EXPRESSLY PROVIDED FOR IN SECTION 6.02, ARTICLE VII OR ARTICLE XIV, INCLUDING TO THE EXTENT SUCH SECTIONS OR ARTICLES APPLY PURSUANT TO SECTION 14.04 AND SECTION 15.04.

 

(c)                                  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY, WITH RESPECT TO ITSELF AND ITS REVENUES AND ASSETS, HEREBY EXPRESSLY AND IRREVOCABLY WAIVES ALL IMMUNITY

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

165

 

ON THE GROUNDS OF SOVEREIGNTY OR OTHER SIMILAR GROUNDS FROM SUIT, JURISDICTION OF ANY COURT, RELIEF BY WAY OF INJUNCTION, ORDER FOR SPECIFIC PERFORMANCE OR FOR RECOVERY OF PROPERTY, ATTACHMENT OF ITS ASSETS WHETHER BEFORE OR AFTER JUDGMENT AND EXECUTION OR ENFORCEMENT OF ANY JUDGMENT TO WHICH IT OR ITS REVENUES OR ASSETS MIGHT OTHERWISE BE ENTITLED IN ANY ACTIONS IN THE COURTS OF ANY JURISDICTION AND IRREVOCABLY AGREES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THAT IT WILL NOT CLAIM ANY SUCH IMMUNITY IN ANY ACTIONS.

 

Section 16.03                      Further Assurances.  Each Party shall take all such further actions reasonably requested by the other Party and to execute, acknowledge and deliver all such further documents as are reasonably requested by the other Party to carry out the purposes of the transactions contemplated hereby.

 

Section 16.04                      Regulatory Filings.  Each Party shall make all regulatory filings (if any) that are necessary in order to effectuate the transactions contemplated by this Agreement.

 

Section 16.05                      No Waiver.  No waiver by either Party of any one or more defaults by the other in the performance of any provisions of this Agreement shall operate or be construed as a waiver of any future default or defaults, whether of a similar or dissimilar character.

 

Section 16.06                      Severability.  If any provision of this Agreement is held to be illegal, invalid or unenforceable and such holding does not constitute or result in an Illegality under Section 14.03(a)(i) (in which case this Section 16.06 shall not apply), (a) the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby and (b) the parties hereto shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions; provided, that this Section 16.06 shall not be applicable with respect to any provision of Article XIV that is held to be illegal, invalid or unenforceable.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 16.07                      Successors and Assigns.  This Agreement shall be binding on the parties hereto and any of their respective successors and permitted assigns. Neither Party shall assign this Agreement or its rights hereunder without first having obtained the written consent of the other Party; provided, that MLC may, without recourse and without the consent of PESRM, assign this Agreement and/or any of its rights or obligations hereunder to an Affiliate of MLC so long as:

 

(a)                                 MLC Guarantor (or another entity with a credit rating at least equal to that of MLC Guarantor) must guarantee such transferred obligations of the transferee pursuant to a guaranty in substantially the form of the guaranty of MLC Guarantor specified in this Agreement, or such transferee must have a credit rating at least equal to that of MLC Guarantor;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

166

 

(b)                                 PESRM will not, as a result of such transfer, be required to pay to the transferee an amount in respect of any Indemnifiable Tax (including any withholding tax) greater than the amount which PESRM would have been required to pay to MLC in the absence of such transfer;

 

(c)                                  it does not become unlawful for either Party to perform any obligation under this Agreement as a result of such transfer; and

 

(d)                                 an Event of Default does not occur as a result of such transfer.

 

Any Party’s transfer or assignment in violation of this Section 16.07 shall be void as to the other Party.

 

Section 16.08                      Confidentiality.  The contents of this Agreement and all other documents relating to this Agreement, and any information made available by one Party to the other Party with respect to this Agreement is confidential and shall not be disclosed to any third party (nor shall any public announcement relating to this Agreement be made by either Party, except as mutually agreed), except for such information (a) as may become generally available to the public other than due to breach of this provision, (b) as may be required or appropriate in response to any summons, subpoena, or otherwise in connection with any litigation or to comply with any Applicable Law or accounting disclosure rule or standard, (c) as may be obtained from a non-confidential source that disclosed such information in a manner that did not violate its obligations to the non-disclosing Party in making such disclosure, (d) as is disclosed to regulators or examiners, (e) as may be furnished to the disclosing Party’s Affiliates, and to each of such Person’s auditors, attorneys, advisors, lenders or potential lenders, investors or potential investors, or buyers or potential buyers which are required to keep the information that is disclosed in confidence or (f) as required to be filed or disclosed in connection with an IPO after good faith efforts are made by the Company to obtain confidential treatment of sensitive terms of this Agreement (or parts thereof, as are consistent with confidentially requests customarily granted by the Securities and Exchange Commission) and any other documents relating to this Agreement, as applicable; provided that, PESRM shall inform MLC of any confidential or proprietary information of MLC that will be disclosed as a result of such IPO prior to its disclosure or filing and shall cooperate with MLC to request redactions to this Agreement and any other documents relating hereto.  With respect to information provided with respect to a PESRM Transaction, this obligation shall survive for a period of one (1) year following the expiration or termination of such PESRM Transaction.  With respect to information made available pursuant to this Agreement, this obligation shall survive for a period of one (1) year following the delivery of such information.  With respect to the contents of this Agreement, this obligation shall survive for a period of one (1) year following the expiration or termination of this Agreement.

 

Section 16.09                      Notices.  All notices, requests, statements or payments required to be made under this Agreement shall be made as specified below.  Except as expressly set forth in this Agreement, all notices are required to be in writing and shall be delivered by letter, facsimile, email, other electronic communication or other documentary form; provided that, any notices delivered pursuant to Article XIV may not be delivered by email or other electronic communication.  Notice by facsimile or hand delivery shall be deemed to have been received on

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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the Business Day on which it was transmitted or delivered (unless transmitted or delivered after 5:00 p.m. Eastern Time in which case it shall be deemed received on the next Business Day).  A Party may change its addresses by providing notice of same in accordance herewith.  Notices shall be sent as follows:

 

If to MLC, addressed to:

 

Merrill Lynch Commodities, Inc.
 20 E. Greenway Plaza, Suite 700

Houston, Texas 77046

Attention:  Chief Operating Officer

Email: [**]

 

with a copy to (which shall not constitute notice):

 

Merrill Lynch Commodities, Inc.

20 E. Greenway Plaza, Suite 900

Houston, Texas 77046

Facsimile: [**]

Attention:  Legal Department

 

With a copy to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

4 Times Square

New York, NY 10036

Attention: Tatiana Monastyrskaya

Phone: [**]

Email: [**]

 

If to any Transaction Party, to PESRM at:

 

Philadelphia Energy Solutions Refining and Marketing LLC

1735 Market Street

Philadelphia PA 19103

Attention:   James T. Rens

John B. McShane

Treasury Department

 

Fax:                       [**]

Email:                                                            [**]

[**]

[**]

[**]

 

With a copy to:

 

Latham & Watkins LLP

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

168

 

885 Third Avenue

New York, New York 10022

Attention: James Gorton

Phone: [**]

Fax: [**]

Email: [**]

 

Section 16.10                      Amendments, Etc.  No amendment or waiver of any provision of this Agreement, and no consent to any departure by any Party therefrom, shall in any event be effective unless the same shall be in writing and signed by the Parties, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

Section 16.11                      Nature of the Transaction and Relationship of Parties.

 

(a)                                 No Partnership.  This Agreement and the PESRM Transaction Documents, including any arrangement to share profits, shall not be construed as creating a partnership, association or joint venture between MLC and any Transaction Party.  Neither MLC nor any Transaction Party shall have a relationship of principal and agent or employer and employee between them and neither MLC nor any Transaction Party shall have the authority to bind MLC or such Transaction Party, as applicable.

 

(b)                                 [Reserved]

 

(c)                                  No Authority.  Neither Party shall have the right or authority to negotiate, conclude or execute any contract or legal document with any third Person on behalf of the other Party, to assume, create, or incur any liability of any kind, express or implied, against or in the name of the other Party, or to otherwise act as the representative of the other Party, unless expressly authorized in writing by the other Party.

 

Section 16.12                      Interest.

 

(a)                                 All payments under any PESRM Transaction not paid by the date such payment is due in accordance with the terms of this Agreement and the PESRM Transaction Documents shall accrue interest at a rate per annum (the “Default Interest Rate”) equal to (a) the Base Interest Rate plus (b) the Applicable Margin plus (c) 2%.  Interest at the Default Interest Rate shall run from, and including, the applicable due date of the payment to, but excluding, the date that payment is received.

 

(b)                                 After the occurrence and during the continuance of a PESRM Event of Default, the Working Capital Rate for any Day shall be equal to the Default Rate for such Day.

 

Section 16.13                      Recording of Conversations.  Each Party (a) consents to the recording of telephone conversations between the trading, marketing and other relevant personnel of MLC and any Transaction Party in connection with this Agreement or any PESRM Transaction, (b)

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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agrees to obtain any necessary consent of and give any necessary notice of such recording to its relevant personnel and (c) agrees that all such recordings shall be held and maintained in accordance with Applicable Laws (including applicable privacy laws).

 

Section 16.14                      Counterparts.  This Agreement may be executed by the parties hereto 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.

 

Section 16.15                      No Third Party Beneficiaries.  Except as expressly provided in Article VII, nothing in this Agreement will provide any benefit to any third party or entitle any third party to any claim, cause of action, remedy or right of any kind, it being the intent of MLC and each Transaction Party that this Agreement will not be construed as a third-party beneficiary contract.

 

Section 16.16                      Entire Agreement.  This Agreement and the other PESRM Transaction Documents constitute the entire agreement between MLC and the Transaction Parties with respect to the subject matter hereof and thereof and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of MLC and the Transaction Parties.  There are no oral agreements among any of MLC and the Transaction Parties as to the subject of this Agreement and the other PESRM Transaction Documents except as explicitly provided for herein.

 

Section 16.17                      Survival.  Except where otherwise specified herein, the covenants, representations and warranties contained in this Agreement and any document, certificate or other instrument delivered by or on behalf of a Party pursuant to this Agreement shall survive expiration or termination of this Agreement and shall continue in full force and effect for the benefit of the Party to whom they are given.  No expiration or termination of this Agreement, however effected, shall affect or extinguish any rights or obligations of MLC or any Transaction Party (including with respect to the Person’s indemnification obligations) which accrued prior to the date of termination or affect or extinguish any remedies available to any of MLC or any Transaction Party by contract, at law, in equity or otherwise.

 

Section 16.18                      Release of Collateral.  In the event (x) the Term Loan Secured Obligations (as defined in the Existing Term-ABL Intercreditor Agreement) have been repaid in full or if the Liens securing such obligations are released pursuant to the Term Loan Documents (including upon the occurrence of the IPO), or (y) at any time, the outstanding Permitted Term Loan Facilities do not require that the Loan Parties grant Liens to the financing parties thereunder in respect of the ABL/SOA Priority Collateral or such Liens on the ABL/SOA Priority Collateral are released, in each case the Liens on all Term Loan Priority Collateral in favor of MLC are automatically released and MLC will, at PESRM’s expense, execute and deliver to such Transaction Party such documents as such Transaction Party may reasonably request to evidence the release of the Term Loan Priority Collateral from the Liens granted under the Supply and Offtake Security Documents.

 

Section 16.19                      Costs and Expenses.  PESRM shall pay (i) all reasonable and documented out-of-pocket expenses incurred by MLC (including the reasonable and documented out-of-pocket fees, charges and disbursements of one (1) legal counsel, together with local counsel, as

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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appropriate) in connection with the due diligence investigation, travel expenses, preparation, negotiation, execution, delivery and administration of this Agreement, the other PESRM Transaction Documents, the Assignment and Assumption Agreement and the other Transaction Documents (as such term is defined in the Assignment and Assumption Agreement) or any amendment, amendment and restatement, modification or waiver of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), including in connection with post-closing searches to confirm that security filings and recordations have been properly made, and (ii) all reasonable and documented out-of-pocket expenses incurred by MLC (including the reasonable and documented out-of-pocket fees, charges and disbursements of legal counsels to MLC) in connection with the enforcement or protection of its rights in connection with this Agreement, the other PESRM Transaction Documents, including its rights under this Section 16.19, the Assignment and Assumption Agreement and the other Transaction Documents (as such term is defined in the Assignment and Assumption Agreement) including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations.

 

Section 16.20                      Amendment and Restatement.  It is the intention of each of the parties hereto that the Original Agreement be amended and restated in its entirety pursuant to this Agreement so as to preserve the perfection and priority of all security interests and Liens securing obligations outstanding under the Original Agreement and that all Obligations of PESRM hereunder shall be secured by the Liens granted or purported to be granted pursuant to the Supply and Offtake Security Documents and that this Agreement does not constitute a novation or termination of the “Obligations” under and as defined in, and existing under, the Original Agreement (other than any “Obligations” under or relating to the Original Agreement).  PESRM, MLC and each other Person party hereto further acknowledges and agrees that this Agreement constitutes an amendment of the Original Agreement made under and in accordance with the terms of Section 16.10 of the Original Agreement.  In addition, from and after the Effective Date, all references to the “Supply and Offtake Agreement” contained in the other Effective Date PESRM Documents shall be deemed to refer to this Agreement.

 

[Signature Pages Follow]

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

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EXECUTED as of the date first written above by MLC, PESRM and PESA.

 

 

	
 
    	
MLC:
    
	
 
    	
 
    
	
 
    	
MERRILL   LYNCH COMMODITIES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Faiz Ahmad
    
	
 
    	
 
    	
Name:   Faiz Ahmad
    
	
 
    	
 
    	
Title:   Managing Director
    

 

[Signature Page to Amended and Restated Supply and Offtake Agreement]

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	
 
    	
PESRM:
    
	
 
    	
 
    
	
 
    	
PHILADELPHIA   ENERGY SOLUTIONS REFINING AND MARKETING LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James T. Rens
    
	
 
    	
 
    	
Name:   James T. Rens
    
	
 
    	
 
    	
Title:   Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PESA:
    
	
 
    	
 
    
	
 
    	
PES   ADMINISTRATIVE SERVICES, LLC,
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James T. Rens
    
	
 
    	
 
    	
Name:   James T. Rens
    
	
 
    	
 
    	
Title:   Chief Financial Officer
    

 

[Signature Page to Amended and Restated Supply and Offtake Agreement]

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

ANNEX I

 

TERMS DEFINED BY REFERENCE TO THE SENIOR SECURED CREDIT FACILITY

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

ABL/SOA Priority Collateral

Advisory Agreement

Attributable Indebtedness

Available Cash

Board of Directors

Borrowing Base

Capital Expenditures

Capital Lease Obligations

Cash Equivalents

Casualty Event

Change in Control

Collection Account

Company

Compliance Certificate

Consolidated EBITDA

Consolidated Fixed Charge Coverage Ratio

Consolidated Fixed Charges

Consolidated Net Income

Contingent Obligation

Disqualified Capital Stock

Dividend

Domestic Subsidiary

Effective Date Material Adverse Effect

Eligible Hydrocarbon Inventory

Embargoed Person

Environmental and Necessary Capex

Equity Interests

Equity Issuance

ERISA

ERISA Affiliate

ERISA Event

Financial Officer

Foreign Plan

Hedging Agreement

Indebtedness

Intellectual Property

Intercompany Note

Intercreditor Agreement

Inventory

Investment

IP Rights

IPO

IPO Issuer

Lease

Material Indebtedness

Minimum Fixed Charge Coverage Ratio

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

MLC Separate Assets and Collateral

Multiemployer Plan

Net Cash Proceeds

Officer’s Certificate

Operating Account

Organizational Document

Pension Plan

Permitted Acquisition

Permitted Hedging Obligations

Permitted Reporting Company

Permitted Tax Distributions

Plan

Platinum Sale and Leaseback Transaction

Pro Forma Basis

Pro Forma Liquidity

Purchase Money Obligations

Qualified Capital Stock

Responsible Officer

Sale and Leaseback Transaction

Secured Obligations

Specified Hedging Obligations

Sponsor

Subordinated Debt Payment

Subordinated Indebtedness(1)

Tax

Tax Return

Term Loan Administrative Agent

Term Loan Documents

Term Loan Permitted Indebtedness Limit

Term Loan Priority Collateral

Terminaling Agreements

Threshold Basket Amount

Title Insurance Company

Transactions

Treasury Services Agreements

Trigger Event

Unasserted Contingent Obligation

Wholly Owned Subsidiary

 

(1)  The defined term “Obligation” as used in the definition of “Subordinated Indebtedness” shall have the meaning ascribed to such term in the Senior Secured Credit Facility.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

2

 

SCHEDULE 1.01(a)

 

ASSIGNED AGREEMENTS

 

Part I - Assigned CO/NCF Contracts

 

	
JPM Contract #
    	
 
    	
Supplier
    	
 
    	
Product
    
	
HEI14TP0004
    	
 
    	
Hess
    	
 
    	
Bakken Crude
    

 

Part II - Assigned RP/B Contracts

 

	
JPM Contract #
    	
 
    	
Counterparty
    	
 
    	
Product
    
	
MAR14TS0016
    	
 
    	
Marathon
    	
 
    	
Gasoline
    
	
Various - Monthly
    	
 
    	
Sunoco
    	
 
    	
Gasoline &   Diesel
    
	
MIE14TS0006
    	
 
    	
Mieco
    	
 
    	
Ultra Low Sulfur Diesel
    
	
MIE14TS0008
    	
 
    	
Mieco
    	
 
    	
Ultra Low Sulfur Heat
    
	
MIE14PE0073
    	
 
    	
Mieco
    	
 
    	
Ultra Low Sulfur Heat
    
	
SUT13TS0004
    	
 
    	
Superior
    	
 
    	
Gasoline &   Diesel
    
	
HSC12TS0015
    	
 
    	
Honeywell
    	
 
    	
Cumene
    
	
KIF12TS0001
    	
 
    	
Kinder Morgan Transmix
    	
 
    	
Gasoline
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 1.01(b)

 

GUARANTORS

 

PES Administrative Services, LLC

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

SCHEDULE 1.01(c)

 

HYDROCARBON SPECIFICATIONS

 

	
Commodity ID
    	
 
    	
Commodity Description
    	
 
    	
Typical Specification
    
	
133400
    	
 
    	
83RB
    	
 
    	
Fungible 83RB
    
	
023800
    	
 
    	
83CB23 (9#)
    	
 
    	
Fungible 83CB 9# Summer, or Winter
    
	
023820
    	
 
    	
83CB20 (7.8#)/Winter
    	
 
    	
Fungible 83CB 7.8# Summer, or Winter
    
	
132100
    	
 
    	
91RB
    	
 
    	
Fungible 91RB
    
	
225000
    	
 
    	
91CB23 (9#)/Winter
    	
 
    	
Fungible 91CB 9# Summer, or Winter
    
	
225020
    	
 
    	
91CB20 (7.8#)
    	
 
    	
Fungible 91CB 7.8# Summer, or Winter
    
	
127400
    	
 
    	
87CF
    	
 
    	
Fungible 87CF 9# Summer, or Winter
    
	
84800
    	
 
    	
ETHANOL
    	
 
    	
51 to 83 vol% Ethanol
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
000500
    	
 
    	
GCOM - Alkylate
    	
 
    	
91 octane, <6# RVP
    
	
038300
    	
 
    	
GCOM - Alkylated Reformate
    	
 
    	
100 octane, <1# RVP
    
	
042600
    	
 
    	
GCOM - Misc
    	
 
    	
<430 end point, <14 RVP
    
	
425900
    	
 
    	
GCOM - Raffinate
    	
 
    	
70 octane, 11# RVP
    
	
442500
    	
 
    	
GCOM - Light Naphtha
    	
 
    	
naphtha ~70 octane, ~9#
    
	
443300
    	
 
    	
GCOM - Heavy Naphtha
    	
 
    	
naphtha ~65-70 octane, ~5-9#
    
	
492900
    	
 
    	
GCOM - Untreated Cat
    	
 
    	
85 octane, 5# RVP
    
	
496500
    	
 
    	
GCOM - Heavy Reformate
    	
 
    	
100 octane, <1# RVP
    
	
497000
    	
 
    	
GCOM - Light Cat
    	
 
    	
88 octane, 11# RVP
    
	
497100
    	
 
    	
GCOM - Heavy Cat
    	
 
    	
85 octane, 5# RVP
    
	
223300
    	
 
    	
GCOM - Butane/Pentane
    	
 
    	
Pressuring Agent, 18-55# RVP
    
	
17400
    	
 
    	
NAPHVY - Heavy Naphtha
    	
 
    	
200 deg.F IBP, 405 degF EP by D86
    
	
000800
    	
 
    	
BUTANE-BUTYLENE MIX
    	
 
    	
<25% n-C4
    
	
001001
    	
 
    	
ISO BUTANE
    	
 
    	
>90% purity Isobutane
    
	
495400
    	
 
    	
Udex Feedstock
    	
 
    	
>20% total aromatics
    
	
006700
    	
 
    	
BENZENE
    	
 
    	
Benzene
    
	
084800
    	
 
    	
ETHANOL
    	
 
    	
> 92.1 vol% Ethanol
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
023101
    	
 
    	
JET A
    	
 
    	
Fungible JetA
    
	
224400
    	
 
    	
ULSD #1 15 MOTOR VEHICLE
    	
 
    	
Fungible ULSD1 and/or JetA
    
	
224600
    	
 
    	
ULSD #2 15 MOTOR VEHICLE
    	
 
    	
Fungible ULSD2
    
	
224630
    	
 
    	
ULSD #2 15 MOTOR VEHICLE - Export
    	
 
    	
Fungible ULSD2
    
	
227300
    	
 
    	
HO COMP - UNDYED
    	
 
    	
Fungible 2FO, Undyed
    
	
227900
    	
 
    	
ULSHO - UNDYED
    	
 
    	
Fungible 2FO, Undyed, <15 ppm
    
	
1800
    	
 
    	
HS2FO
    	
 
    	
0.20 wt% Sulfur max
    
	
233200
    	
 
    	
Biodiesel
    	
 
    	
Biodiesel B100
    
	
228720
    	
 
    	
ULSD 15MV2 B5 Soy
    	
 
    	
4.5 to 5.0 vol% Biodiesel
    
	
228710
    	
 
    	
ULSD 15MV2 B3 Soy
    	
 
    	
2.5 to 3.5 vol% Biodiesel
    
	
228700
    	
 
    	
ULSD 15MV2 B2 Soy
    	
 
    	
2.0 to 3 vol% Biodiesel
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
002700
    	
 
    	
Distillate Stocks
    	
 
    	
Virgin Distillate, <20F cloud, >15 ppm sulfur
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
042500
    	
 
    	
Distillate Stocks - Surge Storage
    	
 
    	
Virgin Distillate, <20F cloud, >15 ppm sulfur
    
	
005300
    	
 
    	
LCO
    	
 
    	
<700 deg.F end point, >135 deg.F flash
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

	
136900
    	
 
    	
LCO - Treated
    	
 
    	
<700 deg.F end point, >135 deg.F flash
    
	
225500
    	
 
    	
DIST BLDSTK UNDYED
    	
 
    	
30 deg.API min, 0.10 wt% sulfur max
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
428300
    	
 
    	
FUEL OIL 6 0.3% S HP
    	
 
    	
0.3 wt% max sulfur 6FO
    
	
428900
    	
 
    	
CLARIFIED SLURRY OIL
    	
 
    	
0-10 API gravity, 0.3-1.0% sulfur
    
	
429600
    	
 
    	
1.0% #6 FUEL OIL
    	
 
    	
1.0 wt% max sulfur 6FO
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
016000
    	
 
    	
VACUUM GAS OIL
    	
 
    	
Low Sulfur type: <0.5 wt% sulfur, >175 Deg.F   aniline point, 2.0 wt% CCR max, 20 deg API min
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

2

 

Schedule 1.01(e)

 

FORM OF JOINDER AGREEMENT

 

Reference is hereby made to that certain Amended and Restated Supply and Offtake Agreement, dated as of [      ][  ], 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”), among Merrill Lynch Commodities, Inc., a Delaware corporation (“MLC”), Philadelphia Energy Solutions Refining and Marketing LLC, a Delaware limited liability company (“PESRM”) and the Guarantors (as defined therein) party thereto from time to time.  Capitalized terms used but not defined herein have the meanings ascribed to them in the Agreement.

 

W I T N E S S E T H:

 

WHEREAS, PESRM and the Guarantors have entered into the Agreement in order to, among other things, induce MLC to provide certain arrangements with respect to the (i) purchase of Crude Oil from sellers identified by PESRM, (ii) sale of the same types, grades and volumes of Crude Oil to PESRM, (iii) purchase of Refined Products from PESRM, and (iv) sale of the same types, grades and volumes of Refined Products to purchasers identified by PESRM, in each case, as agreed from time to time during the Term, subject to the terms of and conditions thereunder; and

 

WHEREAS, pursuant to Section 10.10(b) of the Agreement, each Subsidiary, other than an Excluded Subsidiary, [that was not in existence on the date of the Agreement] [that is a Domestic Subsidiary] [is required to become a Guarantor] under the Agreement by executing a Joinder Agreement. The undersigned Subsidiary (the “New Guarantor”) is executing this joinder agreement (“Joinder Agreement”) to the Agreement in order to induce MLC to continue entering into the arrangements contemplated by the Agreement and as consideration for the arrangements previously made pursuant to the Agreement.

 

NOW, THEREFORE, MLC and the New Guarantor hereby agree as follows:

 

1.                                      Guarantee. In accordance with Section 10.10(b) of the Agreement, the New Guarantor by its signature below becomes a Guarantor under the Agreement with the same force and effect as if originally named therein as a Guarantor.  The New Guarantor hereby agrees to all the terms and provisions of the Agreement applicable to it as a Guarantor thereunder.

 

2.                                      If required, the New Guarantor shall, simultaneously with the execution of this Joinder Agreement, execute and deliver such PESRM Transaction Documents (and such other documents and instruments) as requested by MLC in accordance with the Agreement.

 

3.                                      Representations and Warranties.  The New Guarantor represents and warrants that the representations and warranties made by it as a Guarantor under the Agreement are true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” is true and correct in all respects as so qualified) on and as of the date hereof. Each reference to a Guarantor in the Agreement is deemed to include the New Guarantor. The New Guarantor hereby attaches supplements to each of the schedules to the Agreement applicable to it.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

3.                                      Severability. Any provision of this Joinder Agreement that is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability and without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction.

 

4.                                      Counterparts. This Joinder Agreement may be executed in counterparts, each of which constitutes an original. Delivery of an executed signature page to this Joinder Agreement by facsimile transmission or portable document format (pdf) is as effective as delivery of a manually executed counterpart of this Joinder Agreement.

 

5.                                      No Waiver. Except as expressly supplemented hereby, the Agreement remains in full force and effect.

 

6.                                      Notices. All notices, requests and demands to or upon the New Guarantor or MLC are governed by the terms of Section 16.09 of the Agreement.

 

7.                                      Governing Law. THIS JOINDER AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

[Signature Pages Follow]

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

IN WITNESS WHEREOF, the undersigned have caused this Joinder Agreement to be duly executed and delivered by their duly authorized officers as of the day and year first above written.

 

	
 
    	
[NEW   SUBSIDIARY GUARANTOR]
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
Address   for Notices:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MERRILL   LYNCH COMMODITIES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

Schedule 1.01(g)

 

FORM OF SUPPLY AND OFFTAKE PERFECTION CERTIFICATE

 

This Perfection Certificate, dated as of [  ], 2014, is delivered pursuant to that certain Amended and Restated Supply and Offtake Agreement, dated as of [  ], 2014, among Philadelphia Energy Solutions Refining and Marketing LLC (“PESRM”), a Delaware limited liability company, the Guarantors party thereto from time to time (together with PESRM, the “Transaction Parties,” and each, a “Transaction Party”) and Merrill Lynch Commodities Inc. (“MLC”),  and the Second Amended and Restated Pledge and Security Agreement, dated as of the date hereof (the “Security Agreement”), among PESRM, PES Administrative Services, LLC, a Delaware limited liability company (“PES Admin” and, together with PESRM, the “Transaction Parties”), as a grantor, and MLC, as collateral agent (in such capacity, the “SOA Collateral Agent”). Capitalized terms used but not defined herein have the meanings assigned to them in the Security Agreement.

 

The undersigned, Chief Financial Officer of each Transaction Party, hereby certifies, in his capacity as such, and not in his individual capacity, to the SOA Collateral Agent that as of the date hereof:

 

1)                Names.  (a) Set forth on Schedule 1(a) attached hereto is a schedule of the following: (i) the exact legal name of each Transaction Party, as such name appears in its respective certificate of incorporation or any other organizational document; (ii) confirmation that such entity is a limited liability company organized under the laws of the State of Delaware; and (iii) the organizational identification number, if any, of each Transaction Party that is a registered organization; the Federal Taxpayer Identification Number of each Transaction Party; and the jurisdiction of formation of each Transaction Party.

 

(b)           Set forth on Schedule 1(b) attached hereto is a schedule of any other corporate or organizational name each Transaction Party has had in the past five years, together with the date of the relevant change.

 

2)                Current Locations.  (a) Set forth on Schedule 2(a) attached hereto is the location of the chief executive office of each Transaction Party.

 

(b)           Set forth on Schedule 2(b) attached hereto are all locations where each Transaction Party maintains any books or records relating to any Pledged Collateral.

 

(c)           Set forth on Schedule 2(c) attached hereto are all the places of business of each Transaction Party.

 

(d)           Set forth on Schedule 2(d) attached hereto are all locations where each Transaction Party stores or maintains any of the Pledged Collateral consisting of inventory as of the date hereof, other than inventory in transit.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

(e)           Set forth on Schedule 2(e) attached hereto are the names and addresses of all persons or entities other than each Transaction Party, such as lessees, consignees or warehousemen, which have possession of the Pledged Collateral consisting of inventory.

 

3)                UCC Filings.  Set forth on Schedule 3 attached hereto and made a part hereof is a schedule of the financing statements (duly authorized by each Transaction Party constituting the debtor therein), including the indications of the collateral relating to the Security Agreement, and such financing statements are in the appropriate forms for filing in the filing offices in the jurisdictions identified in Schedule 4 hereto.

 

4)                Schedule of Filings.  Attached hereto as Schedule 4 is a schedule of the appropriate filing offices for the financing statements attached hereto as Schedule 3 and any other actions required to create and perfect the security interests in the Pledged Collateral (as defined in the Security Agreement) granted to the SOA Collateral Agent pursuant to the Security Agreement.  No other filings or actions are required to create and perfect the security interests in the Pledged Collateral granted to the SOA Collateral Agent pursuant to the Security Agreement.

 

5)                Deposit Accounts.  Attached hereto as Schedule 5 is a true and complete list of all Deposit Accounts maintained by each Transaction Party, including the name of each institution where each such account is held, the name of each such account and the name of each entity that holds each account.

 

6)                Real Property.  Attached hereto as Schedule 6 is a list of all (i) real property to be encumbered by a Mortgage and fixture filing (such real property, the “Mortgaged Property”), which constitutes all real property owned by such Transaction Party (other than the North Yard and the West Yard) with a value in excess of $5,000,000, (ii) addresses of each Mortgaged Property and (iii) appropriate filing offices for the Mortgages and fixture filings relating to the Mortgaged Property.

 

7)                Stock Ownership and Other Equity Interests.  Attached hereto as Schedule 7 is a true and correct list of all of the stock, partnership interests, limited liability company membership interests or other equity interests owned by each Transaction Party and the record and beneficial owners of such stock, partnership interests, membership interests or other equity interests setting forth the percentage of such equity interests pledged under the Security Agreement.

 

8)                Instruments and Tangible Chattel Paper.  Attached hereto as Schedule 8  is a true and correct list of all promissory notes, instruments (other than checks to be deposited in the ordinary course of business), tangible chattel paper, electronic chattel paper and other evidence of indebtedness held by each Transaction Party that are part of the Pledged Collateral (as defined in the Security Agreement) as of the date hereof in an amount in excess of $10,000.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

9)                Trademarks.

 

(a)               Attached hereto as Schedule 9(a) is a schedule setting forth each Transaction Party’s Trademarks applied for or registered with the United States Patent and Trademark Office (the “USPTO”), including the name of the registered owner or applicant and the registration, application, or publication number, as applicable, of each registered or applied for Trademark owned by each Transaction Party.

 

(b)               Attached hereto as Schedule 9(b) is a schedule setting forth all Trademarks which are the subject of any licensing or franchise agreement pursuant to which such Grantor is the licensor or franchisor (whether or not recorded with the USPTO), in each case, under which a Transaction Party is the licensor or franchisor of a Trademark, including the relevant signatory parties to each license along with the date of execution thereof and, if applicable, a recordation number or other such evidence of recordation.

 

10)              Termination Statements.  Attached hereto as Schedule 10 is a schedule setting forth, other than with respect to Liens (as defined in the Supply and Offtake Agreement) permitted pursuant to Section 11.02 of the Supply and Offtake Agreement, all termination statements relating to financing statements or public notices or similar statements covering or purporting to cover any interest of any kind in the Pledged Collateral  (a) filed against such Transaction Party in such Transaction Party’s jurisdiction of organization or (b) authorized by such Transaction Party to be filed in any jurisdiction in the last five years prior to the Closing Date.

 

[SIGNATURE PAGES FOLLOW]

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

IN WITNESS WHEREOF, we have hereunto signed this Perfection Certificate as of the day first set forth above.

 

	
 
    	
TRANSACTION   PARTIES:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PHILADELPHIA   ENERGY SOLUTIONS REFINING AND MARKETING LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    	
 
    
	
 
    	
 
    	
Name:   
    	
James   T. Rens
    
	
 
    	
 
    	
Title:   
    	
Chief   Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PES   ADMINISTRATIVE SERVICES, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    	
 
    
	
 
    	
 
    	
Name:   
    	
James   T. Rens
    
	
 
    	
 
    	
Title:   
    	
Chief   Financial Officer
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

Schedule 1.01(h)

 

MORTGAGED PROPERTIES

 

MORTGAGED PROPERTIES consisting of Parcels A, B-1, C and D as identified as such in the Owner’s Policy of Title Insurance

 

PARCEL A Description. (Parcel A)

 

Beginning at a point on the northern side of Lanier Avenue and the corner of lands now or late owned by Atlantic Refining & Marketing Corp., a Delaware corporation, North 58°52’39” East, a distance of 31.47 feet; thence South 31°07’21” East, a distance of 136.40feet;  thence South 58°52’39” West, a distance of 50.41 feet to a point a corner of lands of Conrail; thence along lands of Conrail the 14 following courses and distances:

 

(1) South 31°52’50” East, a distance of 90.73 feet to a point of curvature;

(2) by a curve to the right having a radius of 335.54 feet and a central angle of 39°39’00” an arc length of 232.20 feet a chord which bears South 12°03’20” East 227.60 feet to a point;

(3)South 07°46’10” West tangent to said curve, a distance of 541.48 feet;

(4) North 35°26’10” East, a distance of 282.33 feet;

(5) North 35°47’10” East, a distance of 273.76 feet;

(6) South 07°46’01” West, a distance of 1297.42 feet;

(7) South 07°54’07” West, a distance of 144.68 feet;

(8) South 09°10’51” West, a distance of 320.82 feet;

(9)South 04°26’38” West, a distance of 122.85 feet;

(10) South 07°38’04” West, a distance of 30.09 feet;

(11) South 08°09’35” West, a distance of 119.06 feet;

(12) South 06°59’31” West, a distance of 139.54 feet;

(13) South 81°41’24” East, a distance of 89.38 feet;

(14) South 07°57’20” West, a distance of 232.50 feet to a point on the pierhead and bulkhead of the Schuylkill River;

 

thence along the bulkhead of the Schuylkill River the 56 following courses and distances:

 

(1) North 83°40’40” West, a distance of 484.75 feet;

(2) North 80°59’10” West, a distance of 293.05 feet;

(3) North 80°57’45” West, a distance of 291.76 feet;

(4) North 80°39’50” West, a distance of 367.78 feet;

(5) North 09°10’46” East, a distance of 47.72 feet;

(6) North 63°43’59” West, a distance of 87.28 feet;

(7) North 61°57’14” West, a distance of 104.02 feet;

(8) South 26°32’09” West, a distance of 51.72 feet;

(9) North 62°59’30” West, a distance of 133.92 feet;

(10) North 62°12’53” West, a distance of 166.29 feet;

(11) North 26°44’06” East, a distance of 55.61 feet;

(12) North 62°58’22” West, a distance of 247.86 feet;

(13) North 62°17’56” West, a distance of 287.77 feet;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

(14) North 45°26’57” West, a distance of 211.11 feet;

(15) North 46°31’00” West, a distance of 354.57 feet;

(16) North 64°57’13” West, a distance of 65.87 feet;

(17) North 34°41’49” West, a distance of 109.10 feet;

(18) North 46°10’22” West, a distance of 380.64 feet;

(19) North 29°33’57” West, a distance of 210.22 feet;

(20) North 28°49’08” West, a distance of 356.96 feet;

(21) North 29°42’09” West, a distance of 364.44 feet;

(22) North 16°12’31” West, a distance of 42.38 feet;

(23) North 09°26’20” West, a distance of 45.39 feet;

(24) North 15°41’58” West, a distance of 913.99 feet;

(25) North 15°05’58” West, a distance of 56.31 feet;

(26) North 08°17’52” West, a distance of 173.70 feet;

(27) North 05°19’22” West, a distance of 64.01 feet;

(28) North 07°37’01” West, a distance of 1136.34 feet;

(29) North 08°01’22” East, a distance of 380.08 feet;

(30) North 28°44’59” East, a distance of 7.74 feet;

(31) North 43°42’20” East, a distance of 197.15 feet;

(32) North 42°26’02” East, a distance of 89.30 feet;

(33) North 44°10’07” East, a distance of 72.09 feet;

(34) North 72°36’31” East, a distance of 27.87 feet;

(35) North 75°53’49” East, a distance of 101.72 feet;

(36) North 77°19’59” East, a distance of 293.03 feet;

(37) South 86°50’08” East, a distance of 373.53 feet;

(38) South 86°29’05” East, a distance of 408.99 feet;

(39) North 84°56’19” East, a distance of 6.58 feet;

(40) North 81°27’07” East, a distance of 156.35 feet;

(41) North 85°23’48” East, a distance of 75.71 feet;

(42) North 80°50’16” East, a distance of 28.45 feet;

(43) South 15°42’39” East, a distance of 2.48 feet;

(44) North 74°42’14” East, a distance of 40.34 feet;

(45) North 79°38’24” East, a distance of 11.24 feet;

(46) North 84°28’14” East, a distance of 78.29 feet;

(47) North 71°34’56” East, a distance of 10.59 feet;

(48) North 85°13’53” East, a distance of 68.60 feet;

(49) North 53°43’35” East, a distance of 138.34 feet;

(50)North 55°19’46” East, a distance of 24.25 feet;

(51) North 49°12’19” East, a distance of 21.57 feet;

(52) North 50°49’59” East, a distance of 22.71 feet;

(53) North 63°34’55” East, a distance of 37.80 feet;

(54) North 48°56’08” East, a distance of 17.60 feet;

(55) North 48°01’38” East, a distance of 37.79 feet;

(56) North 57°04’27” East, a distance of 220.24 feet to a point, a corner of lands now or late owned by Atlantic Refining & Marketing Corp., a Delaware corporation;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

2

 

thence along lands now or late owned by Atlantic Refining & Marketing Corp., a Delaware corporation,  the following 9 courses and distances:

 

(1) South 66°43’40” East, a distance of 165.74 feet;

(2) South 26°47’19” West, a distance of 173.62 feet to a point of curvature;

(3) by a curve to the left having a radius of 313.83 feet and a central angle of 55°00’41” an arc length of 301.32 feet a chord which bears South 00°06’24” West 289.88 feet;

(4) South 28°44’58” East, a distance of 198.19 feet;

(5) North 78°06’33” East, a distance of 1489.09 feet;

(6) South 07°46’10” West, a distance of 1288.62 feet;

(7) South 60°40’29” West, a distance of 577.59 feet;

(8) South 29°33’29” East, a distance of 525.42 feet;

(9) South 32°34’13” East, a distance of 529.63 feet to the point of Beginning.

Containing 394.96 Acres, more or less.

 

OPA#885044000 - 3600 Lanier  Ave

OPA#884096500 - 3404 Penrose Ave

OPA#884095400 - 3000 Penrose Ferry Rd

OPA#884095500 - 3002 Penrose Ferry Rd

 

PARCEL B-1 Description (Parcel B-1)

 

Beginning at a point on the western side of 26th street;  thence along the western side of 26th Street the 16 following courses and distances:

 

(1) South 07°45’55” West, a distance of 169.94 feet;

(2) South 00°16’02” East, a distance of 38.37 feet;

(3) South 06°25’58” West, a distance of 199.87 feet;

(4) South 07°53’20” West, a distance of 211.08 feet;

(5) South 07°47’37” West, a distance of 1509.96 feet;

(6) South 07°52’07” West, a distance of 726.03 feet;

(7) South 07°38’49” West, a distance of 48.89 feet;

(8) South 09°29’34” West, a distance of 130.93 feet;

(9) South 07°13’47” West, a distance of 401.40 feet;

(10) South 07°57’21” West, a distance of 318.70 feet;

(11) South 15°50’52” West, a distance of 136.31 feet;

(12) South 07°45’11” West, a distance of 118.07 feet;

(13) North 80°01’54” West, a distance of 17.81 feet;

(14) South 14°08’03” West, a distance of 552.84 feet to a point of curvature;

(15) by a curve to the left having a radius of 200.76 feet and a central angle of 66°30’21” an arc length of 233.04 feet and a chord which bears South 34°54’40” West 220.17 feet;

(16) South 01°46’40” West, a distance of 293.89 feet;

 

thence along the north side of Penrose Avenue South 43°34’41” West, a distance of 665.73 feet to a point of curvature; thence by a curve to the right having a radius of 126.09 feet and a central angle of 73°01’54” an arc length of 160.71 feet a chord which bears South 87°07’45” West 150.05 feet point of reverse curvature;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

3

 

thence by a reverse curve to the left having a radius of 167.93 feet and a central angle of 102°48’10” an arc length of 301.32 feet and a chord South 78°02’49” West and a distance of 262.49 feet;

 

thence along the northern side of Lanier Avenue the eight following courses and distances:

 

(1) South 28°41’02” West, a distance of 84.04 feet;

(2) South 30°01’19” West, a distance of 182.61 feet;

(3)South 33°23’20” West, a distance of 122.68 feet to a point of curvature;

(4) by a curve to the left having a radius of 365.09 feet and a central angle of 10°02’31” an arc length of 63.99 feet a chord which bears South 38°14’27” West 63.90 feet;

(5) South 45°13’17” West, a distance of 69.72 feet to a point of curvature;

(6) by a curve to the left having a radius of 248.69 feet and a central angle of 11°28’08” an arc length of 49.78 feet a chord which bears South 50°30’20” West 49.70 feet;

(7)South 55°40’25” West, a distance of 127.19 feet;  

(8) South 58°52’39” West, a distance of 504.43 feet;

 

thence along Girard Point property the following ten courses and distances:

 

(1) South 58°52’39” West, a distance of 31.47 feet;

(2) North 32°34’13” West, a distance of 529.63 feet;

(3) North 29°33’29” West, a distance of 525.42 feet;

(4) North 60°40’29” East, a distance of 577.59 feet;

(5) North 07°46’10” East, a distance of 1288.62 feet;

(6) South 78°06’33” West, a distance of 1489.09 feet;

(7) North 28°44’58” West, a distance of 198.19 feet to a point of curvature;

(8) by a curve to the right having a radius of 313.83 feet and a central angle of 55°00’41” an arc length of 301.32 feet a chord which bears North 00°06’24” East 289.88 feet to a point;

(9) North 26°47’19” East, a distance of 173.62 feet;

(10) North 66°43’40” West,  a distance of 165.74 feet to a point on the bulkhead of the Schuylkill River;

 

thence along the bulkhead of the Schuylkill River the 29 following courses and distances:

 

(1) North 43°24’56” East, a distance of 135.15 feet;

(2) North 32°59’59” East, a distance of 197.67 feet;

(3) North 28°46’15” East, a distance of 207.21 feet;

(4) South 67°36’32” East, a distance of 25.00 feet;

(5) North 28°53’49” East, a distance of 525.99 feet;

(6) North 23°14’16” East, a distance of 296.55 feet;

(7) North 16°27’07” East, a distance of 155.27 feet;

(8) North 09°56’26” East, a distance of 211.86 feet;

(9) North 26°32’07” East, a distance of 130.56 feet;

(10) North 45°19’27” West, a distance of 43.11 feet;

(11) North 23°44’32” East, a distance of 11.78 feet;

(12) North 58°39’44” East, a distance of 10.33 feet;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

4

 

(13) North 13°19’01” East, a distance of 20.88 feet;

(14) North 21°53’43” East, a distance of 22.65 feet;

(15) North 33°53’23” East, a distance of 15.69 feet;

(16) North 22°37’41” East, a distance of 36.18 feet;

(17) North 12°06’28” East, a distance of 42.35 feet;

(18) South 78°45’03” East, a distance of 9.60 feet;

(19) North 12°10’53” East, a distance of 13.10 feet;

(20) North 84°10’16” West, a distance of 12.72 feet;

(21) North 23°48’41” East, a distance of 452.70 feet;

(22) North 23°48’41” East, a distance of  453.47 feet;

(23) South 72°18’38” East, a distance of 4.28 feet;

(24) North 19°03’43” East, a distance of 23.84 feet;

(25) North 15°47’28” East, a distance of 46.32 feet;

(26) South 80°51’48” East, a distance of 21.53 feet;

(27) North 13°26’19” East, a distance of 231.84 feet;

(28) North 07°22’43” East, a distance of 111.24 feet;

(29) North 03°41’43” West, a distance of 175.93 feet;

(30) North 15°46’02” West, a distance of 105.60 feet;

 

thence North 74°54’45” East, a distance of 126.56 feet; thence continuing along same North 74°54’45” East, a distance of 225.13 feet;  thence South 14°27’15” East, a distance of 45.83 feet to a point on the southern side of Passyunk Avenue;

 

thence along the southern side of Passyunk Avenue North 74°50’12” East, a distance of 1289.66 feet;  thence leaving said side of Passyunk Avenue South 15°09’48” East, a distance of 364.36 feet;  thence North 74°50’12” East, a distance of 218.00 feet;  thence South 15°09’48” East, a distance of 63.00 feet;  thence South 89°08’54” East, a distance of 10.00 feet; thence South 25°09’48” East, a distance of 60.00 feet;  thence South 63°09’48”

 

East, a distance of 27.00 feet; thence North 71°05’39” East, a distance of 79.00 feet; thence North 66°10’39” East, a distance of 201.00 feet;  thence North 04°50’39” East, a distance of 61.00 feet;  thence South 85°09’21” East, a distance of 82.00 feet;  thence North 74°50’39” East, a distance of 253.00 feet;  thence South 82°09’21” East, a distance of 224.77 feet to the Point of Beginning.

 

Containing 360.55 Acres, more or less.

 

OPA #884097044 - 3144 W. Passyunk Ave

 

PARCEL C Description. (Parcel C)

 

ALL THAT CERTAIN tract or piece of land. SITUATE in the Forty-eighth Ward of the City of Philadelphia, described in accordance with an ALTA/ACSM Land Title Survey made by Ludgate Engineering Corporation dated 5/1/2012, as follows, to wit:

 

Beginning at a point on the eastern side of Essington Avenue and a corner of lands of Pacific Atlantic Terminal;  thence along lands of Pacific Atlantic Terminal South 82°10’16” East, a distance of 367.00 feet;  thence continuing along said lands South 77°59’17” East, a distance of 668.27 feet to a point of curvature; thence by a curve to the left having a radius of 1463.35 feet and a central angle of 25°44’18” an arc

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

5

 

length of 657.36 feet a chord which bears South 18°58’02” East 651.85 feet;

 

thence South 31°50’11” East a distance of 827.78 feet;  thence South 31°50’11” East, a distance of 1456.50 feet;  thence along Mingo Creek South 58°16’51” West, a distance of 2698.79 feet;  thence North 64°39’14” West, a distance of 673.96 feet to a point on the eastern side of Mingo Avenue;  thence along Mingo Avenue North 00°03’26” West, a distance of 1413.86 feet to a point on the eastern side of Essington Avenue;  thence along Essington Avenue North 10°51’10” East, a distance of 2507.54 feet to the Point of Beginning.

 

Containing 171.18 Acres, more or less.

 

Being a portion of OPA#884096700 — 6900 Essington Avenue

 

PARCEL D Description. (Parcel D)

 

ALL THAT CERTAIN tract or piece of land. SITUATE in the Forty-eighth Ward of the City of Philadelphia, described in accordance with an ALTA/ACSM Land Title Survey made by Ludgate Engineering Corporation dated 5/1/2012, as follows, to wit:

 

Beginning at a point a corner of lands of Pacific Atlantic Terminal;  thence along lands of Pacific Atlantic Terminal South 89°16’27” East, a distance of 989.92 feet to a point on the west side of the Schuylkill River; thence along said river the 4 following courses and distances: (1) South 03°54’17” East, a distance of 294.15 feet; (2) South 15°35’28” East, a distance of 973.86 feet; (3) South 15°35’28” East, a distance of 196.10 feet;  (4)South 29°06’56” East, a distance of 955.16 feet;  thence South 54°55’41” West, a distance of 467.65 feet to a point on the east side of lands of Pacific Atlantic Terminal;

 

thence along lands of Pacific Atlantic Terminal the three following courses and  distances: (1) North 31°50’11” West, a distance of 1423.21 feet;  (2) North 31°50’11” West, a distance of 857.35 feet to a point of curvature; (3) by a curve to the right having a radius of 1397.46 feet a central angle of 26°08’53” an arc length of 637.75 feet a chord which bears North 18°45’45” West a distance of 632.23 feet  to the Point of Beginning.

 

Containing 39.90 Acres, more or less.

 

Being a portion of OPA#884096700 — 6900 Essington Avenue

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

6

 

SCHEDULE 1.01(i)

 

NORTH YARD

 

NORTH YARD consisting of Parcels B-2, B-3, B-4, H-1 and H-2 as identified as such in the Owner’s Policy of Title Insurance

 

PARCEL B-2 Description. (Parcel B-2)

 

Beginning at a point on the south side of Passyunk Avenue and on the pierhead and bulkhead of the Schuylkill River; thence along the bulkhead of the Schuylkill River the thirty-three following courses and distances:

 

(1) North 15°46’02” West, a distance of 155.02 feet;

(2) North 31°09’33” West, a distance of 148.28 feet;

(3) North 39°25’25” West, a distance of 180.29 feet;

(4) North 44°07’32” West, a distance of 80.71 feet;

(5) North 65°32’53” West, a distance of 13.18 feet;

(6) North 49°22’28” West, a distance of 8.41 feet;

(7) North 65°46’02” West, a distance of 30.05 feet;

(8) South 54°50’25” West, a distance of 5.48 feet;

(9) North 40°45’12” West, a distance of 48.68 feet;

(10) North 56°19’58” West, a distance of 156.17 feet;

(11) North 57°58’20” West, a distance of 145.68 feet;

(12) North 75°17’24” West, a distance of 42.80 feet;

(13) North 83°31’11” West, a distance of 86.58 feet;

(14) North 83°31’11” West, a distance of 95.61 feet;

(15) North 83°00’35” West, a distance of 187.03 feet;

(16) South 80°37’47” West, a distance of 809.03 feet;

(17) South 80°01’56” West, a distance of 46.99 feet;

(18) South 85°22’16” West, a distance of 35.86 feet;

(19) South 86°42’51” West, a distance of 95.79 feet;

(20) North 05°28’09” West, a distance of 30.00 feet;

(21) North 72°05’27” West, a distance of 480.36 feet;

(22) North 49°21’34” West, a distance of 277.55 feet;

(23) North 44°46’47” West, a distance of 91.93 feet;

(24) North 27°49’54” West, a distance of 198.68 feet;

(25) North 23°47’26” West, a distance of 139.41 feet;

(26) North 27°22’11” West, a distance of 140.79 feet;

(27) North 00°58’58” West, a distance of 695.54 feet;

(27) North 14°12’09” East, a distance of 375.02 feet;

(28) North 06°23’54” West, a distance of 78.53 feet;

(29) North18°25’26” East, a distance of 447.84 feet;

(30) South 74°33’15” East, a distance of 65.04 feet;

(31) North 24°55’08” East, a distance of 22.18 feet;

(32) South 81°55’09” East, a distance of 191.39 feet;

(33) North 42°08’32” East, a distance of 43.36 feet;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

7

 

thence leaving bulkhead and along lands of Conrail South 82°20’38” East, a distance of 644.83 feet;  thence continuing along lands of Conrail the 11 following courses and distances:

 

(1) South 16°15’57” East, a distance of 120.19 feet to a point of curvature;

(2) by a curve to right having a radius of 653.39 feet and a central angle of 54°52’25” an arc length of 625.77 feet a chord which bears South 44°45’52” East 602.12 feet;

(3) South 82°10’05” East, a distance of 379.22 feet;

(4) South 81°54’46” East, a distance of 281.13 feet;

(5) South  82°09’55” East, a distance of 185.06 feet;

(6) South 82°22’37” East, a distance of 375.54 feet;

(7) South 82°19’05” East, a distance of 329.39 feet;

(8) South 81°52’05” East, a distance of 339.43 feet;

(9) South 82°21’18” East, a distance of 639.33 feet;

(10) South 82°07’25” East, a distance of 230.24 feet to a point of curvature;

(11) by a  of a curve to the right having a radius of 1028.90 feet and a central angle of 18°15’10” an arc length of 327.78 feet a chord which bears South 73°24’01”East 326.40 feet;

 

thence South 07°48’50” West, a distance of 86.27 feet to a point in line of lands owned by the City of Philadelphia; thence along lands of Philadelphia the 16 following courses and distances:

 

(1) by a curve to the left having a radius of 499.91 feet and a central angle of 22°54’36” an arc length of 199.89 feet a chord which bears South 82°53’51” West 198.56 feet;

(2) South 68°52’37” West, a distance of 368.16 feet to a point of curvature;

(3) by a curve to the left having a radius of 759.85 feet and a central angle of 9°50’11” an arc length of 130.45 feet a chord which bears South 74°48’53” West 130.29 feet;

(4) South 79°06’45” West, a distance of 310.68 feet;

(5) South 74°37’16” West, a distance of 96.75 feet;

(6) South 56°20’07” West, a distance of 70.00 feet;

(7) South 64°28’35” West, a distance of 251.25 feet;

(8) South 67°27’07” West, a distance of 302.11 feet;

(9) South 67°27’07” West, a distance of 402.58 feet;

(10) South 67°27’07” West, a distance of 141.14 feet;

(11) South 53°20’14” West, a distance of 50.00 feet;

(12) South 23°28’34” East, a distance of 32.51 feet;

(13) South 23°28’34” East, a distance of 299.99 feet;

(14) South 35°54’01” East, a distance of 737.38 feet;

(15) South 16°59’51” East, a distance of 113.90 feet;

(16) South 44°15’26” East, a distance of 25.66 feet;

 

thence South 74°54’45” West, a distance of 126.56 feet to the Point of Beginning.

 

Containing 141.00 Acres, more or less.

 

Being a portion of OPA #884097200 - 3143 W. Passyunk Ave

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

8

 

PARCEL B-3 Description. (Parcel B-3)

 

Beginning at a point on the right of way of Moore Street; thence along the southern right of way of Moore Street South 76°59’06” East, a distance of 85.84 feet;  thence continuing along said right of way South 76°04’48” East, a distance of 329.50 feet to a point on the western right of way line of 35th Street;  thence along the western right of way line of 35th Street South 13°57’01” West, a distance of 518.75 feet; thence South 82°07’46” East, a distance of 497.03 feet to a point on the western right of way line of 34th Street;  thence along the western right of way line of 34th Street South 20°22’25” West, a distance of 139.66 feet to a point on the southern right of  way line of Maiden Lane; thence along the southern right of way line of Maiden Lane South 64°11’02” East, a distance of 1256.82 feet to a point of curvature; thence by a  curve to the right entering the western side of 26th Street having a radius of 491.39 feet and a central angle of 18°49’29” an arc length of 161.45 feet and a chord which bears South 55°27’35” East 160.72 feet;

 

thence along the western side of 26th Street the eight following courses and distances:

 

(1) South 43°44’58” West, a distance of 2.95 feet;

(2) South 40°36’48” East, a distance of 169.81 feet;

(3) South 37°29’46” East, a distance of 210.70 feet;

(4) South 37°08’53” East, a distance of 599.67 feet;

(5)South 37°13’25” East, a distance of 255.57 feet;

(6) South 45°31’16” West, a distance of 2.49 feet;

(7) South 34°13’50” East, a distance of 144.39 feet;

(8) South 33°56’02” East, a distance of 266.03 feet;

 

thence leaving the western side of 26th Street and going along the northern side of lands of Conrail the 24 following courses and distances:

 

(1) North 81°59’00” West, a distance of 236.77 feet;

(2) North 58°22’13” East, a distance of 33.81 feet;

(3) North 74°29’15” West, a distance of 121.44 feet;

(4) North 76°18’45” West, a distance of 250.63 feet;

(5) North 84°05’02” West, a distance of 285.50 feet;

(6) South 47°15’52” West, a distance of 15.18 feet;

(7) North 75°52’55” West, a distance of 46.21 feet;

(8) North 82°02’14” West, a distance of 525.00 feet;

(9) North 02°36’38” East, a distance of 6.00 feet;

(10)North 82°03’42” West, a distance of 209.46 feet;

(11) North 82°26’26” West, a distance of 197.26 feet;

(12) North 82°16’24” West, a distance of 149.97 feet;

(13)North 82°06’49” West, a distance of 452.25 feet;

(14) South 11°06’33” West, a distance of 15.19 feet;

(15) North 81°57’23” West, a distance of 288.33 feet;

(16) North 80°02’02” West, a distance of 92.49 feet;

(17)North 83°48’02” West, a distance of 66.93 feet:

(18) North 79°34’03” West, a distance of 240.34 feet to a point of curvature;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

9

 

(19) by a curve to the right having a radius of 665.76 feet and a central angle of 55°53’57” an arc length of 649.53 feet and a chord which bears North 53°19’49” West 624.07 feet to a point of compound curvature;

(20) by a compound curve to the right having a radius of 733.68 feet and a central angle of 44°51’23” an arc length of 574.39 feet and a chord which bears North 00°47’49” East 559.84 feet;

(21) North 21°41’17” East, a distance of 358.44 feet;

(22) North 26°05’47” East, a distance of 92.79 feet;  

(23) South 82°19’34” East, a distance of 223.64 feet;

(24) North 13°55’44” East, a distance of 990.16 feet to the Point of Beginning.

 

Containing 106.64 Acres, more or less.

 

Being a portion of OPA #884097200 - 3143 W. Passyunk Ave

 

PARCEL B-4 Description. (Parcel B-4)

 

Beginning at a point on the northerly side of Moore Street with the centerline of the said former 36th Street, stricken from the city plan at 50 feet wide; thence along the centerline of the said former 36th Street North 13°59’19” East, a distance of 240.14 feet to a point on the southerly side of the said former Fish House Lane (at 23.208 feet wide); thence along the said former Fish House Lane the following 5 courses and distances:

 

(1) North 79°29’59” West, a distance of 30.06 feet;

(2) North 13°59’19” East, a distance of 23.25 feet;

(3) South 79°29’59” East, a distance of 495.93 feet;

(4) South 13°59’19” West, a distance of 23.25 feet;

(5) North 79°29’59” West, a distance of 25.05 feet to a point on the centerline of the said former 35th Street (50 feet wide); thence along the centerline of said former 35th Street South 13°59’19” West, a distance of 266.97 feet to a point on the northerly side of Moore Street;

 

thence along the northerly side of Moore Street  North 76°00’41” West, a distance of 440.00 feet to the Point of Beginning.

 

Containing 2.83 Acres, more or less.

 

OPA#884214115 — 3515 Moore Street

 

PARCELS H-1 and H-2 Descriptions.

 

ALL THOSE CERTAIN tracts, pieces or parcels of land, situate former 36th Street and Moore Street, 36th Ward, City of Philadelphia, Commonwealth of Pennsylvania, as shown on a plan prepared by Van Demark & Lynch, Inc., Engineers, Planners and Surveyors, Wilmington, Delaware, Drawing No. 39945-F, dated April 23, 2010, entitled “Subdivision Plat, Premises “H”, prepared for Sunoco, Inc.” and being more particularly described as follows, to wit:

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

10

 

PARCEL “H-1”:

 

BEGINNING at a point, the intersection of the northerly side of Moore Street, shown on the city plan and legally open at 50 feet wide, with the centerline of former 36th Street, stricken from the city plan at 50 feet wide, being the southwesterly corner of Premises ‘H-1’, Sunoco Propane Terminal (13-S-23/3) on a easterly line for land now or formerly of CSX Transportation, Inc. (13-S-24/4);

 

THENCE through the said land now or formerly of CSX Transportation, Inc. the seven (7) following described courses and distances:

(Courses 1 through 3 along or near a 6 foot chain link fence)

 

1.                                      North 68° 50’ 44” West, 77.400 feet to a point;

2.                                      North 18° 57’ 36” East, 199.926 feet to a point;

3.                                      North 23° 20’ 54” East, 201.193 feet to a fence corner;

4.                                      North 25° 18’ 02” East, 84.179 feet to a point;

5.                                      North 27° 45’ 33” East, 22.761 feet to a point; and

6.                                      South 68° 50’ 44” East, 43.650 feet to a point, the northwesterly corner for the herein described Parcel “B” on the westerly line of the said former 36th Street;

(Course 7 along the said westerly side of former 36th Street, being the westerly line for the said Parcel “H-2”)

7.                                      South 21° 09’ 16” West, 245.524 feet to a point on the northerly side of former Fish House Lane, at 23.208 feet wide;

 

THENCE along the northerly side, westerly terminus and southerly side of the said former Fish House Lane the three (3) following described courses and distances:

 

1.                                      North 72° 20’ 02” West, 5.018 feet to a point;

2.                                      South 21° 09’ 16” West, 23.250 feet to a point; and

3.                                      South 72° 20’02” East, 30.064 feet to a point on the said centerline of former 36th Street;

 

THENCE along the said centerline of former 36th Street, South 21° 09’ 16” West, 240.143 feet to the point and place of Beginning.

 

CONTAINING within said metes and bounds, 33,558 square feet (0.770 acres) of land, being the same, more or less.

 

PARCEL H-2

 

BEGINNING at a point, a southeasterly corner for the above described Parcel “H-1”, the intersection of the westerly side of former 36th Street, stricken from the city plan at 50 feet wide, with the northerly side of former Fish House Lane, at 23.208 feet wide, being on a southeasterly line for land now or formerly of CSX Transportation, Inc. (13-S-2414), said point being measured the four (4) following courses and distances from the intersection of the northerly side of Moore Street, shown on the city plan and legally open at 50 feet wide, with the centerline of the said former 36th Street;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

11

 

(Course 1 along the centerline of said former 36th Street)

1.                                      North 21° 09’ 16” East, 240.143 feet to a point on the southerly side of the said former Fish House Lane;

(Course 2 through 4 along the said former Fish House Lane)

2.                                      North 72° 20’ 02” West, 30.064 feet to a point;

3.                                      North 21° 09’ 16” East, 23.250 feet to a point; and

4.                                      South 72° 20’ 02” East, 5.018 feet to the Point of Beginning;

 

THENCE from said point of Beginning, through the said land now or formerly of CSX Transportation, Inc. the two (2) following courses and distances:

 

(Course 1 along an easterly line for the said Parcel “H-1”)

1.                                      North 21° 09’ 16” East, 245.524 feet to a point; and

2.                                      South 68° 50’ 44” East, 25.000 feet to a point on the centerline for the said formerly 36th Street;

 

THENCE along the said centerline of the former 36th Street, South 21° 09’ 16” West, 244.000 feet to a point on the said northerly side of former Fish House Lane;

 

THENCE along the said northerly side of former Fish House Lane, North 72° 20’ 02” West, 25.046 feet to the point and place of Beginning.

 

CONTAINING within said metes and bounds, 6,119 square feet (0.140 acres) of land, being the same, more or less.

 

CONTAINING within said metes and bounds for Parcels “H-1” and “H-2”, a total of 39,677 square feet (0.911 acres) of land, being the same, more or less.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

12

 

SCHEDULE 1.01(j)

 

WEST YARD

 

WEST YARD consisting of Parcel E as identified as such in the Owner’s Policy of Title Insurance

 

PARCEL E: West Yard Description. (Parcel E)

 

ALL THAT CERTAIN tract or piece of land. SITUATE in the Forty-eighth Ward of the City of Philadelphia, described in accordance with an ALTA/ACSM Land Title Survey made by Ludgate Engineering Corporation dated 5/1/2012, as follows, to wit:

 

Beginning at a point on the southern right of way of Passyunk Avenue and a  corner of lands of now or late Thy B. Ma;  thence along said lands of Ma and along lands of now or late Joseph & Rosanna Mitchell South 69°19’58” East, a distance of 315.10 feet to a point a corner of lands of the now or late Phing Tan  and Khanh Buu Huynh;  thence along said lands and lands of Passyunk Avenue Realty En. North 82°44’45” East, a distance of 601.48 feet to a point a corner of the now or late lands of Passyunk Avenue Realty En;  thence along said lands South 61°00’00” East, a distance of 218.91 feet;  thence South 68°14’30” East, a distance of 251.05 feet;  thence along lands of Auto Recycling Real Estate North 88°16’32” East, a distance of  288.19 feet;  thence continuing along said lands and along lands of S.R.S. Inc. North 35°03’05” East, a distance of 1800.00 feet near the Schuylkill River;

 

thence in and along the Schuylkill River the 10 following courses and distances:

 

(1)South 80°39’14” East, a distance of 401.15 feet;

(2) South 42°01’03” East, a distance of 297.66 feet;

(3) South 04°55’59” West, a distance of 350.17 feet;

(4) South 15°52’29” West, a distance of 487.33 feet;

(5) South 23°42’54” West, a distance of 196.89 feet;

(6) South 22°35’18” West, a distance of 384.45 feet;

(7) South 14°15’27” West, a distance of 121.55 feet;

(8) South 15°59’35” West, a distance of 219.74 feet;

(9) South 21°40’33” West, a distance of 445.70 feet;

(10) South 23°20’44” West, a distance of 324.02 feet to a point a corner of lands of Convoy Realty LP;

 

thence along lands of Convoy North 63°18’58” West, a distance of 1362.47 feet;  thence North 07°11’32” East, a distance of 231.25 feet to a point of curvature; thence by a curve to the left having a radius of 5000.00 feet and a central angle of 1°29’17” an arc length of 129.85 feet a chord which bears North 70°46’37” West 129.85 feet;

 

thence along lands of Point Breeze Terminal LLC the eight following courses and distances:

 

(1) North 67°11’05” West, a distance of 14.72 feet;

(2) South 83°51’36” West, a distance of 839.02 feet;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

13

 

(3)North 60°55’04” East, a distance of 31.00 feet;

(4) North 25°30’00” East, a distance of 145.00 feet;

(5) North 00°00’00” East, a distance of 50.83 feet;

(6) North 00°00’00” East, a distance of 41.00 feet;

(7) North 85°21’56” West, a distance of 972.06 feet;

(8) North 07°07’07” East, a distance of 171.91 feet to a point on the southern side of Passyunk Avenue;

 

thence along the southern side of Passyunk Avenue the three following courses and distances:

 

(1) North 74°48’30” East, a distance of 226.91 feet;

(2) South 15°11’30” East, a distance of 6.00 feet;

(3) North 74°48’30” East, a distance of 349.28 feet to the Point of Beginning.

 

Containing 80.84 Acres, more or less.

 

OPA# 884097130 — 6300 W. Passyunk Avenue

OPA#884097140 — 6030 W. Passyunk Avenue

OPA#884097110  — 3701 S. 63rd Street

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

14

 

SCHEDULE 1.01(k)

 

RACKS AND RACK INFRASTRUCTURE OWNERS

 

	
Rack
    	
 
    	
Rack Infrastructure Owner
    
	
Belmont Truck Rack, the truck rack that is located   adjacent to the Refinery at 2700 Passyunk Ave., Philadelphia, PA 19145 and   that is owned by Sunoco PMT, subject to that certain Products Terminal   Services Agreement dated as of September 8, 2012 between Sunoco PMT and   PESRM (as amended from time to time)
    	
 
    	
Sunoco PMT
    
	
 
    	
 
    	
 
    
	
Westville 1000 Crown   Point Rd., Westville NJ 08093-1317
    	
 
    	
Sunoco PMT
    
	
 
    	
 
    	
 
    
	
Sinking Spring 901   Mountain Home Rd., Sinking Spring, PA 19608
    	
 
    	
Lucknow-Highspire Terminals Company
    
	
 
    	
 
    	
 
    
	
Highspire Terminal 900   Eisenhower Blvd., Middletown, PA 17057
    	
 
    	
Lucknow-Highspire Terminals Company
    
	
 
    	
 
    	
 
    
	
Mechanicsburg Terminal   127 Texaco Road, Mechanicsburg, PA 17050
    	
 
    	
Lucknow-Highspire Terminals Company
    
	
 
    	
 
    	
 
    
	
Altoona, 1100 Burns   Ave., Altoona PA 16602
    	
 
    	
Lucknow-Highspire Terminals Company
    
	
 
    	
 
    	
 
    
	
Northumberland,   P.O. Box 300, Route 11 North, Northumberland PA 17857-0300
    	
 
    	
Lucknow-Highspire Terminals Company
    
	
 
    	
 
    	
 
    
	
Kingston, 60 S. Wyoming   Ave., Edwardsville PA 18704-3102
    	
 
    	
Sunoco PMT
    
	
 
    	
 
    	
 
    
	
Allentown, 1134 N.   Quebec St., Allentown PA 18109-1609
    	
 
    	
Lucknow-Highspire Terminals Company
    
	
 
    	
 
    	
 
    
	
Fullerton, 2480 Main   Street, Whitehall PA 18052-4607
    	
 
    	
Sunoco PMT
    
	
 
    	
 
    	
 
    
	
Tonawanda, 3733 River   Road, Tonawanda NY 14150
    	
 
    	
Sunoco PMT
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

	
Rochester, 1840 Lyell   Avenue, Rochester NY 14606
    	
 
    	
Sunoco PMT
    
	
 
    	
 
    	
 
    
	
Coraopolis South, 9   Thorn Street, Coraopolis PA 15108
    	
 
    	
Lucknow-Highspire Terminals Company
    
	
 
    	
 
    	
 
    
	
Dupont, RD 675 Suscon   Road, Pittston, PA 18640
    	
 
    	
Lucknow-Highspire Terminals Company
    
	
 
    	
 
    	
 
    
	
Van Buren, 2951 Energy   Drive, Warners NY 13164
    	
 
    	
Sunoco PMT
    
	
 
    	
 
    	
 
    
	
Exton Terminal, 601   Lincoln Highway, Exton PA 19341
    	
 
    	
Sunoco PMT
    
	
 
    	
 
    	
 
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

2

 

SCHEDULE 1.01(l)

 

REFINERY

 

Originally built in 1866, the Philadelphia refinery is a 330,000 bpd refinery with a Nelson complexity of 9.3 located in Philadelphia, Pennsylvania.  It is the oldest continuously operating petroleum facility in the world.  The Philadelphia refinery as it is known and configured today is a combination of two formerly separate refineries often referred to as Girard Point (previously owned by Gulf and later Chevron) and Point Breeze (previously owned by ARCO and later Atlantic).  The integration of the two refineries into the single Philadelphia complex was completed by Sunoco in 1995.  The Philadelphia refinery is located on a 1,400 acre site and processes light, sweet, residual cracking and heavy sweet crudes.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

SCHEDULE 1.01(m)

 

REFINERY REAL PROPERTY

 

Consisting of Parcels A, B-1, B-2, B-3, B-4, C, D, E, G, H-1 & H-2  as identified as such in the Owner’s Policy of Title Insurance

 

PARCEL A

 

Beginning at a point on the northern side of Lanier Avenue and the corner of lands now or late owned by Atlantic Refining & Marketing Corp., a Delaware corporation, North 58°52’39” East, a distance of 31.47 feet; thence South 31°07’21” East, a distance of 136.40feet;  thence South 58°52’39” West, a distance of 50.41 feet to a point a corner of lands of Conrail; thence along lands of Conrail the 14 following courses and distances:

 

(1) South 31°52’50” East, a distance of 90.73 feet to a point of curvature;

(2) by a curve to the right having a radius of 335.54 feet and a central angle of 39°39’00” an arc length of 232.20 feet a chord which bears South 12°03’20” East 227.60 feet to a point;

(3)South 07°46’10” West tangent to said curve, a distance of 541.48 feet;

(4) North 35°26’10” East, a distance of 282.33 feet;

(5) North 35°47’10” East, a distance of 273.76 feet;

(6) South 07°46’01” West, a distance of 1297.42 feet;

(7) South 07°54’07” West, a distance of 144.68 feet;

(8) South 09°10’51” West, a distance of 320.82 feet;

(9)South 04°26’38” West, a distance of 122.85 feet;

(10) South 07°38’04” West, a distance of 30.09 feet;

(11) South 08°09’35” West, a distance of 119.06 feet;

(12) South 06°59’31” West, a distance of 139.54 feet;

(13) South 81°41’24” East, a distance of 89.38 feet;

(14) South 07°57’20” West, a distance of 232.50 feet to a point on the pierhead and bulkhead of the Schuylkill River;

 

thence along the bulkhead of the Schuylkill River the 56 following courses and distances:

 

(1) North 83°40’40” West, a distance of 484.75 feet;

(2) North 80°59’10” West, a distance of 293.05 feet;

(3) North 80°57’45” West, a distance of 291.76 feet;

(4) North 80°39’50” West, a distance of 367.78 feet;

(5) North 09°10’46” East, a distance of 47.72 feet;

(6) North 63°43’59” West, a distance of 87.28 feet;

(7) North 61°57’14” West, a distance of 104.02 feet;

(8) South 26°32’09” West, a distance of 51.72 feet;

(9) North 62°59’30” West, a distance of 133.92 feet;

(10) North 62°12’53” West, a distance of 166.29 feet;

(11) North 26°44’06” East, a distance of 55.61 feet;

(12) North 62°58’22” West, a distance of 247.86 feet;

(13) North 62°17’56” West, a distance of 287.77 feet;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

(14) North 45°26’57” West, a distance of 211.11 feet;

(15) North 46°31’00” West, a distance of 354.57 feet;

(16) North 64°57’13” West, a distance of 65.87 feet;

(17) North 34°41’49” West, a distance of 109.10 feet;

(18) North 46°10’22” West, a distance of 380.64 feet;

(19) North 29°33’57” West, a distance of 210.22 feet;

(20) North 28°49’08” West, a distance of 356.96 feet;

(21) North 29°42’09” West, a distance of 364.44 feet;

(22) North 16°12’31” West, a distance of 42.38 feet;

(23) North 09°26’20” West, a distance of 45.39 feet;

(24) North 15°41’58” West, a distance of 913.99 feet;

(25) North 15°05’58” West, a distance of 56.31 feet;

(26) North 08°17’52” West, a distance of 173.70 feet;

(27) North 05°19’22” West, a distance of 64.01 feet;

(28) North 07°37’01” West, a distance of 1136.34 feet;

(29) North 08°01’22” East, a distance of 380.08 feet;

(30) North 28°44’59” East, a distance of 7.74 feet;

(31) North 43°42’20” East, a distance of 197.15 feet;

(32) North 42°26’02” East, a distance of 89.30 feet;

(33) North 44°10’07” East, a distance of 72.09 feet;

(34) North 72°36’31” East, a distance of 27.87 feet;

(35) North 75°53’49” East, a distance of 101.72 feet;

(36) North 77°19’59” East, a distance of 293.03 feet;

(37) South 86°50’08” East, a distance of 373.53 feet;

(38) South 86°29’05” East, a distance of 408.99 feet;

(39) North 84°56’19” East, a distance of 6.58 feet;

(40) North 81°27’07” East, a distance of 156.35 feet;

(41) North 85°23’48” East, a distance of 75.71 feet;

(42) North 80°50’16” East, a distance of 28.45 feet;

(43) South 15°42’39” East, a distance of 2.48 feet;

(44) North 74°42’14” East, a distance of 40.34 feet;

(45) North 79°38’24” East, a distance of 11.24 feet;

(46) North 84°28’14” East, a distance of 78.29 feet;

(47) North 71°34’56” East, a distance of 10.59 feet;

(48) North 85°13’53” East, a distance of 68.60 feet;

(49) North 53°43’35” East, a distance of 138.34 feet;

(50)North 55°19’46” East, a distance of 24.25 feet;

(51) North 49°12’19” East, a distance of 21.57 feet;

(52) North 50°49’59” East, a distance of 22.71 feet;

(53) North 63°34’55” East, a distance of 37.80 feet;

(54) North 48°56’08” East, a distance of 17.60 feet;

(55) North 48°01’38” East, a distance of 37.79 feet;

(56) North 57°04’27” East, a distance of 220.24 feet to a point, a corner of lands now or late owned by Atlantic Refining & Marketing Corp., a Delaware corporation;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

2

 

thence along lands now or late owned by Atlantic Refining & Marketing Corp., a Delaware corporation,  the following 9 courses and distances:

 

(1) South 66°43’40” East, a distance of 165.74 feet;

(2) South 26°47’19” West, a distance of 173.62 feet to a point of curvature;

(3) by a curve to the left having a radius of 313.83 feet and a central angle of 55°00’41” an arc length of 301.32 feet a chord which bears South 00°06’24” West 289.88 feet;

(4) South 28°44’58” East, a distance of 198.19 feet; 

(5) North 78°06’33” East, a distance of 1489.09 feet;

(6) South 07°46’10” West, a distance of 1288.62 feet; 

(7) South 60°40’29” West, a distance of 577.59 feet;

(8) South 29°33’29” East, a distance of 525.42 feet;

(9) South 32°34’13” East, a distance of 529.63 feet to the point of Beginning.

 

Containing 394.96 Acres, more or less.

 

OPA#885044000 - 3600 Lanier  Ave

OPA#884096500 - 3404 Penrose Ave

OPA#884095400 - 3000 Penrose Ferry Rd

OPA#884095500 - 3002 Penrose Ferry Rd

 

PARCEL B-1

 

Beginning at a point on the western side of 26th street;  thence along the western side of 26th Street the 16 following courses and distances:

 

(1) South 07°45’55” West, a distance of 169.94 feet;

(2) South 00°16’02” East, a distance of 38.37 feet;

(3) South 06°25’58” West, a distance of 199.87 feet;

(4) South 07°53’20” West, a distance of 211.08 feet;

(5) South 07°47’37” West, a distance of 1509.96 feet;

(6) South 07°52’07” West, a distance of 726.03 feet;

(7) South 07°38’49” West, a distance of 48.89 feet;

(8) South 09°29’34” West, a distance of 130.93 feet;

(9) South 07°13’47” West, a distance of 401.40 feet;

(10) South 07°57’21” West, a distance of 318.70 feet;

(11) South 15°50’52” West, a distance of 136.31 feet;

(12) South 07°45’11” West, a distance of 118.07 feet;

(13) North 80°01’54” West, a distance of 17.81 feet;

(14) South 14°08’03” West, a distance of 552.84 feet to a point of curvature;

(15) by a curve to the left having a radius of 200.76 feet and a central angle of 66°30’21” an arc length of 233.04 feet and a chord which bears South 34°54’40” West 220.17 feet;

(16) South 01°46’40” West, a distance of 293.89 feet;

 

thence along the north side of Penrose Avenue South 43°34’41” West, a distance of 665.73 feet to a point of curvature; thence by a curve to the right having a radius of 126.09 feet and a central angle of 73°01’54” an arc length of 160.71 feet a chord which bears South 87°07’45” West 150.05 feet point of reverse curvature;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

3

 

thence by a reverse curve to the left having a radius of 167.93 feet and a central angle of 102°48’10” an arc length of 301.32 feet and a chord South 78°02’49” West and a distance of 262.49 feet;

 

thence along the northern side of Lanier Avenue the eight following courses and distances:

 

(1) South 28°41’02” West, a distance of 84.04 feet;

(2) South 30°01’19” West, a distance of 182.61 feet;

(3)South 33°23’20” West, a distance of 122.68 feet to a point of curvature;

(4) by a curve to the left having a radius of 365.09 feet and a central angle of 10°02’31” an arc length of 63.99 feet a chord which bears South 38°14’27” West 63.90 feet;

(5) South 45°13’17” West, a distance of 69.72 feet to a point of curvature;

(6) by a curve to the left having a radius of 248.69 feet and a central angle of 11°28’08” an arc length of 49.78 feet a chord which bears South 50°30’20” West 49.70 feet;

(7)South 55°40’25” West, a distance of 127.19 feet;  

(8) South 58°52’39” West, a distance of 504.43 feet;

 

thence along Girard Point property the following ten courses and distances:

 

(1) South 58°52’39” West, a distance of 31.47 feet;

(2) North 32°34’13” West, a distance of 529.63 feet;

(3) North 29°33’29” West, a distance of 525.42 feet;

(4) North 60°40’29” East, a distance of 577.59 feet;

(5) North 07°46’10” East, a distance of 1288.62 feet;

(6) South 78°06’33” West, a distance of 1489.09 feet;

(7) North 28°44’58” West, a distance of 198.19 feet to a point of curvature;

(8) by a curve to the right having a radius of 313.83 feet and a central angle of 55°00’41” an arc length of 301.32 feet a chord which bears North 00°06’24” East 289.88 feet to a point;

(9) North 26°47’19” East, a distance of 173.62 feet;

(10) North 66°43’40” West,  a distance of 165.74 feet to a point on the bulkhead of the Schuylkill River;

 

thence along the bulkhead of the Schuylkill River the 29 following courses and distances:

 

(1) North 43°24’56” East, a distance of 135.15 feet;

(2) North 32°59’59” East, a distance of 197.67 feet;

(3) North 28°46’15” East, a distance of 207.21 feet;

(4) South 67°36’32” East, a distance of 25.00 feet;

(5) North 28°53’49” East, a distance of 525.99 feet;

(6) North 23°14’16” East, a distance of 296.55 feet;

(7) North 16°27’07” East, a distance of 155.27 feet;

(8) North 09°56’26” East, a distance of 211.86 feet;

(9) North 26°32’07” East, a distance of 130.56 feet;

(10) North 45°19’27” West, a distance of 43.11 feet;

(11) North 23°44’32” East, a distance of 11.78 feet;

(12) North 58°39’44” East, a distance of 10.33 feet;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

4

 

(13) North 13°19’01” East, a distance of 20.88 feet;

(14) North 21°53’43” East, a distance of 22.65 feet;

(15) North 33°53’23” East, a distance of 15.69 feet;

(16) North 22°37’41” East, a distance of 36.18 feet;

(17) North 12°06’28” East, a distance of 42.35 feet;

(18) South 78°45’03” East, a distance of 9.60 feet;

(19) North 12°10’53” East, a distance of 13.10 feet;

(20) North 84°10’16” West, a distance of 12.72 feet;

(21) North 23°48’41” East, a distance of 452.70 feet;

(22) North 23°48’41” East, a distance of  453.47 feet;

(23) South 72°18’38” East, a distance of 4.28 feet;

(24) North 19°03’43” East, a distance of 23.84 feet;

(25) North 15°47’28” East, a distance of 46.32 feet;

(26) South 80°51’48” East, a distance of 21.53 feet;

(27) North 13°26’19” East, a distance of 231.84 feet;

(28) North 07°22’43” East, a distance of 111.24 feet;

(29) North 03°41’43” West, a distance of 175.93 feet;

(30) North 15°46’02” West, a distance of 105.60 feet;

 

thence North 74°54’45” East, a distance of 126.56 feet; thence continuing along same North 74°54’45” East, a distance of 225.13 feet;  thence South 14°27’15” East, a distance of 45.83 feet to a point on the southern side of Passyunk Avenue;

 

thence along the southern side of Passyunk Avenue North 74°50’12” East, a distance of 1289.66 feet;  thence leaving said side of Passyunk Avenue South 15°09’48” East, a distance of 364.36 feet;  thence North 74°50’12” East, a distance of 218.00 feet;  thence South 15°09’48” East, a distance of 63.00 feet;  thence South 89°08’54” East, a distance of 10.00 feet; thence South 25°09’48” East, a distance of 60.00 feet;  thence South 63°09’48” East, a distance of 27.00 feet; thence North 71°05’39” East, a distance of 79.00 feet; thence North 66°10’39” East, a distance of 201.00 feet;  thence North 04°50’39” East, a distance of 61.00 feet;  thence South 85°09’21” East, a distance of 82.00 feet;  thence North 74°50’39” East, a distance of 253.00 feet;  thence South 82°09’21” East, a distance of 224.77 feet to the Point of Beginning.

 

Containing 360.55 Acres, more or less.

 

OPA #884097044 - 3144 W. Passyunk Ave

 

PARCEL B-2

 

Beginning at a point on the south side of Passyunk Avenue and on the pierhead and bulkhead of the Schuylkill River; thence along the bulkhead of the Schuylkill River the thirty-three following courses and distances:

 

(1) North 15°46’02” West, a distance of 155.02 feet;

(2) North 31°09’33” West, a distance of 148.28 feet;

(3) North 39°25’25” West, a distance of 180.29 feet;

(4) North 44°07’32” West, a distance of 80.71 feet;

(5) North 65°32’53” West, a distance of 13.18 feet;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

5

 

(6) North 49°22’28” West, a distance of 8.41 feet;

(7) North 65°46’02” West, a distance of 30.05 feet;

(8) South 54°50’25” West, a distance of 5.48 feet;

(9) North 40°45’12” West, a distance of 48.68 feet;

(10) North 56°19’58” West, a distance of 156.17 feet;

(11) North 57°58’20” West, a distance of 145.68 feet;

(12) North 75°17’24” West, a distance of 42.80 feet;

(13) North 83°31’11” West, a distance of 86.58 feet;

(14) North 83°31’11” West, a distance of 95.61 feet;

(15) North 83°00’35” West, a distance of 187.03 feet;

(16) South 80°37’47” West, a distance of 809.03 feet;

(17) South 80°01’56” West, a distance of 46.99 feet;

(18) South 85°22’16” West, a distance of 35.86 feet;

(19) South 86°42’51” West, a distance of 95.79 feet;

(20) North 05°28’09” West, a distance of 30.00 feet;

(21) North 72°05’27” West, a distance of 480.36 feet;

(22) North 49°21’34” West, a distance of 277.55 feet;

(23) North 44°46’47” West, a distance of 91.93 feet;

(24) North 27°49’54” West, a distance of 198.68 feet;

(25) North 23°47’26” West, a distance of 139.41 feet;

(26) North 27°22’11” West, a distance of 140.79 feet;

(27) North 00°58’58” West, a distance of 695.54 feet;

(27) North 14°12’09” East, a distance of 375.02 feet;

(28) North 06°23’54” West, a distance of 78.53 feet;

(29) North18°25’26” East, a distance of 447.84 feet;

(30) South 74°33’15” East, a distance of 65.04 feet;

(31) North 24°55’08” East, a distance of 22.18 feet;

(32) South 81°55’09” East, a distance of 191.39 feet;

(33) North 42°08’32” East, a distance of 43.36 feet;

 

thence leaving bulkhead and along lands of Conrail South 82°20’38” East, a distance of 644.83 feet;  thence continuing along lands of Conrail the 11 following courses and distances:

 

(1) South 16°15’57” East, a distance of 120.19 feet to a point of curvature;

(2) by a curve to right having a radius of 653.39 feet and a central angle of 54°52’25” an arc length of 625.77 feet a chord which bears South 44°45’52” East 602.12 feet;

(3) South 82°10’05” East, a distance of 379.22 feet;

(4) South 81°54’46” East, a distance of 281.13 feet;

(5) South  82°09’55” East, a distance of 185.06 feet;

(6) South 82°22’37” East, a distance of 375.54 feet;

(7) South 82°19’05” East, a distance of 329.39 feet;

(8) South 81°52’05” East, a distance of 339.43 feet;

(9) South 82°21’18” East, a distance of 639.33 feet;

(10) South 82°07’25” East, a distance of 230.24 feet to a point of curvature;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

6

 

(11) by a  of a curve to the right having a radius of 1028.90 feet and a central angle of 18°15’10” an arc length of 327.78 feet a chord which bears South 73°24’01”East 326.40 feet;

 

thence South 07°48’50” West, a distance of 86.27 feet to a point in line of lands owned by the City of Philadelphia; thence along lands of Philadelphia the 16 following courses and distances:

 

(1) by a curve to the left having a radius of 499.91 feet and a central angle of 22°54’36” an arc length of 199.89 feet a chord which bears South 82°53’51” West 198.56 feet;

(2) South 68°52’37” West, a distance of 368.16 feet to a point of curvature;

(3) by a curve to the left having a radius of 759.85 feet and a central angle of 9°50’11” an arc length of 130.45 feet a chord which bears South 74°48’53” West 130.29 feet;

(4) South 79°06’45” West, a distance of 310.68 feet;

(5) South 74°37’16” West, a distance of 96.75 feet;

(6) South 56°20’07” West, a distance of 70.00 feet;

(7) South 64°28’35” West, a distance of 251.25 feet;

(8) South 67°27’07” West, a distance of 302.11 feet;

(9) South 67°27’07” West, a distance of 402.58 feet;

(10) South 67°27’07” West, a distance of 141.14 feet;

(11) South 53°20’14” West, a distance of 50.00 feet;

(12) South 23°28’34” East, a distance of 32.51 feet;

(13) South 23°28’34” East, a distance of 299.99 feet;

(14) South 35°54’01” East, a distance of 737.38 feet;

(15) South 16°59’51” East, a distance of 113.90 feet;

(16) South 44°15’26” East, a distance of 25.66 feet;

 

thence South 74°54’45” West, a distance of 126.56 feet to the Point of Beginning.

 

Containing 141.00 Acres, more or less.

 

Being a portion of OPA #884097200 - 3143 W. Passyunk Ave

 

PARCEL B-3

 

Beginning at a point on the right of way of Moore Street; thence along the southern right of way of Moore Street South 76°59’06” East, a distance of 85.84 feet;  thence continuing along said right of way South 76°04’48” East, a distance of 329.50 feet to a point on the western right of way line of 35th Street;  thence along the western right of way line of 35th Street South 13°57’01” West, a distance of 518.75 feet; thence South 82°07’46” East, a distance of 497.03 feet to a point on the western right of way line of 34th Street;  thence along the western right of way line of 34th Street South 20°22’25” West, a distance of 139.66 feet to a point on the southern right of  way line of Maiden Lane; thence along the southern right of way line of Maiden Lane South 64°11’02” East, a distance of 1256.82 feet to a point of curvature; thence by a  curve to the right entering the western side of 26th Street having a radius of 491.39 feet and a central angle of 18°49’29” an arc length of 161.45 feet and a chord which bears South 55°27’35” East 160.72 feet;

 

thence along the western side of 26th Street the eight following courses and distances:

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

7

 

(1) South 43°44’58” West, a distance of 2.95 feet;

(2) South 40°36’48” East, a distance of 169.81 feet;

(3) South 37°29’46” East, a distance of 210.70 feet;

(4) South 37°08’53” East, a distance of 599.67 feet;

(5)South 37°13’25” East, a distance of 255.57 feet;

(6) South 45°31’16” West, a distance of 2.49 feet;

(7) South 34°13’50” East, a distance of 144.39 feet;

(8) South 33°56’02” East, a distance of 266.03 feet;

 

thence leaving the western side of 26th Street and going along the northern side of lands of Conrail the 24 following courses and distances:

 

(1) North 81°59’00” West, a distance of 236.77 feet;

(2) North 58°22’13” East, a distance of 33.81 feet;

(3) North 74°29’15” West, a distance of 121.44 feet;

(4) North 76°18’45” West, a distance of 250.63 feet;

(5) North 84°05’02” West, a distance of 285.50 feet;

(6) South 47°15’52” West, a distance of 15.18 feet;

(7) North 75°52’55” West, a distance of 46.21 feet;

(8) North 82°02’14” West, a distance of 525.00 feet;

(9) North 02°36’38” East, a distance of 6.00 feet;

(10)North 82°03’42” West, a distance of 209.46 feet;

(11) North 82°26’26” West, a distance of 197.26 feet;

(12) North 82°16’24” West, a distance of 149.97 feet;

(13)North 82°06’49” West, a distance of 452.25 feet;

(14) South 11°06’33” West, a distance of 15.19 feet;

(15) North 81°57’23” West, a distance of 288.33 feet;

(16) North 80°02’02” West, a distance of 92.49 feet;

(17)North 83°48’02” West, a distance of 66.93 feet:

(18) North 79°34’03” West, a distance of 240.34 feet to a point of curvature;

(19) by a curve to the right having a radius of 665.76 feet and a central angle of 55°53’57” an arc length of 649.53 feet and a chord which bears North 53°19’49” West 624.07 feet to a point of compound curvature;

(20) by a compound curve to the right having a radius of 733.68 feet and a central angle of 44°51’23” an arc length of 574.39 feet and a chord which bears North 00°47’49” East 559.84 feet;

(21) North 21°41’17” East, a distance of 358.44 feet;

(22) North 26°05’47” East, a distance of 92.79 feet;  

(23) South 82°19’34” East, a distance of 223.64 feet;

(24) North 13°55’44” East, a distance of 990.16 feet to the Point of Beginning.

 

Containing 106.64 Acres, more or less.

 

Being a portion of OPA #884097200 - 3143 W. Passyunk Ave

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

8

 

PARCEL B-4

 

Beginning at a point on the northerly side of Moore Street with the centerline of the said former 36th Street, stricken from the city plan at 50 feet wide; thence along the centerline of the said former 36th Street North 13°59’19” East, a distance of 240.14 feet to a point on the southerly side of the said former Fish House Lane (at 23.208 feet wide); thence along the said former Fish House Lane the following 5 courses and distances:

 

(1) North 79°29’59” West, a distance of 30.06 feet;

(2) North 13°59’19” East, a distance of 23.25 feet;

(3) South 79°29’59” East, a distance of 495.93 feet;

(4) South 13°59’19” West, a distance of 23.25 feet;

(5) North 79°29’59” West, a distance of 25.05 feet to a point on the centerline of the said former 35th Street (50 feet wide); thence along the centerline of said former 35th Street South 13°59’19” West, a distance of 266.97 feet to a point on the northerly side of Moore Street;

 

thence along the northerly side of Moore Street  North 76°00’41” West, a distance of 440.00 feet to the Point of Beginning.

 

Containing 2.83 Acres, more or less.

 

OPA#884214115 — 3515 Moore Street

 

PARCEL C

 

ALL THAT CERTAIN tract or piece of land. SITUATE in the Forty-eighth Ward of the City of Philadelphia, described in accordance with an ALTA/ACSM Land Title Survey made by Ludgate Engineering Corporation dated 5/1/2012, as follows, to wit:

 

Beginning at a point on the eastern side of Essington Avenue and a corner of lands of Pacific Atlantic Terminal;  thence along lands of Pacific Atlantic Terminal South 82°10’16” East, a distance of 367.00 feet;  thence continuing along said lands South 77°59’17” East, a distance of 668.27 feet to a point of curvature; thence by a curve to the left having a radius of 1463.35 feet and a central angle of 25°44’18” an arc length of 657.36 feet a chord which bears South 18°58’02” East 651.85 feet;

 

thence South 31°50’11” East a distance of 827.78 feet;  thence South 31°50’11” East, a distance of 1456.50 feet;  thence along Mingo Creek South 58°16’51” West, a distance of 2698.79 feet;  thence North 64°39’14” West, a distance of 673.96 feet to a point on the eastern side of Mingo Avenue;  thence along Mingo Avenue North 00°03’26” West, a distance of 1413.86 feet to a point on the eastern side of Essington Avenue;  thence along Essington Avenue North 10°51’10” East, a distance of 2507.54 feet to the Point of Beginning.

 

Containing 171.18 Acres, more or less.

 

Being a portion of OPA#884096700 — 6900 Essington Avenue

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

9

 

PARCEL D

 

ALL THAT CERTAIN tract or piece of land. SITUATE in the Forty-eighth Ward of the City of Philadelphia, described in accordance with an ALTA/ACSM Land Title Survey made by Ludgate Engineering Corporation dated 5/1/2012, as follows, to wit:

 

Beginning at a point a corner of lands of Pacific Atlantic Terminal;  thence along lands of Pacific Atlantic Terminal South 89°16’27” East, a distance of 989.92 feet to a point on the west side of the Schuylkill River; thence along said river the 4 following courses and distances: (1) South 03°54’17” East, a distance of 294.15 feet; (2) South 15°35’28” East, a distance of 973.86 feet; (3) South 15°35’28” East, a distance of 196.10 feet;  (4)South 29°06’56” East, a distance of 955.16 feet;  thence South 54°55’41” West, a distance of 467.65 feet to a point on the east side of lands of Pacific Atlantic Terminal;

 

thence along lands of Pacific Atlantic Terminal the three following courses and  distances: (1) North 31°50’11” West, a distance of 1423.21 feet;  (2) North 31°50’11” West, a distance of 857.35 feet to a point of curvature; (3) by a curve to the right having a radius of 1397.46 feet a central angle of 26°08’53” an arc length of 637.75 feet a chord which bears North 18°45’45” West a distance of 632.23 feet  to the Point of Beginning.

 

Containing 39.90 Acres, more or less.

 

Being a portion of OPA#884096700 — 6900 Essington Avenue

 

PARCEL E

 

ALL THAT CERTAIN tract or piece of land. SITUATE in the Forty-eighth Ward of the City of Philadelphia, described in accordance with an ALTA/ACSM Land Title Survey made by Ludgate Engineering Corporation dated 5/1/2012, as follows, to wit:

 

Beginning at a point on the southern right of way of Passyunk Avenue and a corner of lands of now or late Thy B. Ma;  thence along said lands of Ma and along lands of now or late Joseph & Rosanna Mitchell South 69°19’58” East, a distance of 315.10 feet to a point a corner of lands of the now or late Phing Tan  and Khanh Buu Huynh;  thence along said lands and lands of Passyunk Avenue Realty En. North 82°44’45” East, a distance of 601.48 feet to a point a corner of the now or late lands of Passyunk Avenue Realty En;  thence along said lands South 61°00’00” East, a distance of 218.91 feet;  thence South 68°14’30” East, a distance of 251.05 feet;  thence along lands of Auto Recycling Real Estate North 88°16’32” East, a distance of  288.19 feet;  thence continuing along said lands and along lands of S.R.S. Inc. North 35°03’05” East, a distance of 1800.00 feet near the Schuylkill River;

 

thence in and along the Schuylkill River the 10 following courses and distances:

 

(1)South 80°39’14” East, a distance of 401.15 feet;

(2) South 42°01’03” East, a distance of 297.66 feet;

(3) South 04°55’59” West, a distance of 350.17 feet;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

10

 

(4) South 15°52’29” West, a distance of 487.33 feet;

(5) South 23°42’54” West, a distance of 196.89 feet;

(6) South 22°35’18” West, a distance of 384.45 feet;

(7) South 14°15’27” West, a distance of 121.55 feet;

(8) South 15°59’35” West, a distance of 219.74 feet;

(9) South 21°40’33” West, a distance of 445.70 feet;

(10) South 23°20’44” West, a distance of 324.02 feet to a point a corner of lands of Convoy Realty LP;

 

thence along lands of Convoy North 63°18’58” West, a distance of 1362.47 feet;  thence North 07°11’32” East, a distance of 231.25 feet to a point of curvature; thence by a curve to the left having a radius of 5000.00 feet and a central angle of 1°29’17” an arc length of 129.85 feet a chord which bears North 70°46’37” West 129.85 feet;

 

thence along lands of Point Breeze Terminal LLC the eight following courses and distances:

 

(1) North 67°11’05” West, a distance of 14.72 feet;

(2) South 83°51’36” West, a distance of 839.02 feet;

(3)North 60°55’04” East, a distance of 31.00 feet;

(4) North 25°30’00” East, a distance of 145.00 feet;

(5) North 00°00’00” East, a distance of 50.83 feet;

(6) North 00°00’00” East, a distance of 41.00 feet;

(7) North 85°21’56” West, a distance of 972.06 feet;

(8) North 07°07’07” East, a distance of 171.91 feet to a point on the southern side of Passyunk Avenue;

 

thence along the southern side of Passyunk Avenue the three following courses and distances:

 

(1) North 74°48’30” East, a distance of 226.91 feet;

(2) South 15°11’30” East, a distance of 6.00 feet;

(3) North 74°48’30” East, a distance of 349.28 feet to the Point of Beginning.

 

Containing 80.84 Acres, more or less.

 

OPA# 884097130 — 6300 W. Passyunk Avenue

OPA#884097140 — 6030 W. Passyunk Avenue

OPA#884097110  — 3701 S. 63rd Street

 

PARCELS H-1 and H-2 Descriptions.

 

ALL THOSE CERTAIN tracts, pieces or parcels of land, situate former 36th Street and Moore Street, 36th Ward, City of Philadelphia, Commonwealth of Pennsylvania, as shown on a plan prepared by Van Demark & Lynch, Inc., Engineers, Planners and Surveyors, Wilmington, Delaware, Drawing No. 39945-F, dated April 23, 2010, entitled “Subdivision Plat, Premises “H”, prepared for Sunoco, Inc.” and being more particularly described as follows, to wit:

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

11

 

PARCEL “H-1”:

 

BEGINNING at a point, the intersection of the northerly side of Moore Street, shown on the city plan and legally open at 50 feet wide, with the centerline of former 36th Street, stricken from the city plan at 50 feet wide, being the southwesterly corner of Premises ‘H-1’, Sunoco Propane Terminal (13-S-23/3) on a easterly line for land now or formerly of CSX Transportation, Inc. (13-S-24/4);

 

THENCE through the said land now or formerly of CSX Transportation, Inc. the seven (7) following described courses and distances:

(Courses 1 through 3 along or near a 6 foot chain link fence)

 

1.                                      North 68° 50’ 44” West, 77.400 feet to a point;

2.                                      North 18° 57’ 36” East, 199.926 feet to a point;

3.                                      North 23° 20’ 54” East, 201.193 feet to a fence corner;

4.                                      North 25° 18’ 02” East, 84.179 feet to a point;

5.                                      North 27° 45’ 33” East, 22.761 feet to a point; and

6.                                      South 68° 50’ 44” East, 43.650 feet to a point, the northwesterly corner for the herein described Parcel “B” on the westerly line of the said former 36th Street;

(Course 7 along the said westerly side of former 36th Street, being the westerly line for the said Parcel “H-2”)

7.                                      South 21° 09’ 16” West, 245.524 feet to a point on the northerly side of former Fish House Lane, at 23.208 feet wide;

 

THENCE along the northerly side, westerly terminus and southerly side of the said former Fish House Lane the three (3) following described courses and distances:

 

1.                                      North 72° 20’ 02” West, 5.018 feet to a point;

2.                                      South 21° 09’ 16” West, 23.250 feet to a point; and

3.                                      South 72° 20’02” East, 30.064 feet to a point on the said centerline of former 36th Street;

 

THENCE along the said centerline of former 36th Street, South 21° 09’ 16” West, 240.143 feet to the point and place of Beginning.

 

CONTAINING within said metes and bounds, 33,558 square feet (0.770 acres) of land, being the same, more or less.

 

PARCEL H-2

 

BEGINNING at a point, a southeasterly corner for the above described Parcel “H-1”, the intersection of the westerly side of former 36th Street, stricken from the city plan at 50 feet wide, with the northerly side of former Fish House Lane, at 23.208 feet wide, being on a southeasterly line for land now or formerly of CSX Transportation, Inc. (13-S-2414), said point being measured the four (4) following courses and distances from the intersection of the northerly side of Moore Street, shown on the city plan and legally open at 50 feet wide, with the centerline of the said former 36th Street;

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

12

 

(Course 1 along the centerline of said former 36th Street)

1.                                      North 21° 09’ 16” East, 240.143 feet to a point on the southerly side of the said former Fish House Lane;

(Course 2 through 4 along the said former Fish House Lane)

2.                                      North 72° 20’ 02” West, 30.064 feet to a point;

3.                                      North 21° 09’ 16” East, 23.250 feet to a point; and

4.                                      South 72° 20’ 02” East, 5.018 feet to the Point of Beginning;

 

THENCE from said point of Beginning, through the said land now or formerly of CSX Transportation, Inc. the two (2) following courses and distances:

 

(Course 1 along an easterly line for the said Parcel “H-1”)

1.                                      North 21° 09’ 16” East, 245.524 feet to a point; and

2.                                      South 68° 50’ 44” East, 25.000 feet to a point on the centerline for the said formerly 36th Street;

 

THENCE along the said centerline of the former 36th Street, South 21° 09’ 16” West, 244.000 feet to a point on the said northerly side of former Fish House Lane;

 

THENCE along the said northerly side of former Fish House Lane, North 72° 20’ 02” West, 25.046 feet to the point and place of Beginning.

 

CONTAINING within said metes and bounds, 6,119 square feet (0.140 acres) of land, being the same, more or less.

 

CONTAINING within said metes and bounds for Parcels “H-1” and “H-2”, a total of 39,677 square feet (0.911 acres) of land, being the same, more or less.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

13

 

SCHEDULE 1.01(q)

 

APPROVED TERMS AND CONDITIONS

 

The following are approved General Terms and Conditions for sale and purchased of crude oil and refined products, subject always to such MLC amendments that may be required in respect thereof or as shall be mutually agreed.

 

BP Oil International Limited - General Terms and Conditions for Sales and Purchases of Crude Oil (2007)

 

STATOIL GENERAL TERMS AND CONDITIONS FOR SALE, Crude oil, Condensate and Petroleum Products including LPG, 2011 version

 

CHEVRON PRODUCTS GENERAL PROVISIONS FOR FOB (NAMED PORT OF SHIPMENT) SALES, 1 January 2000 edition

 

Chevron Products Company, a division of Chevron U.S.A. Inc. - General Provisions for DES (January 1, 2000)

 

TOTAL GENERAL TERMS AND CONDITIONS for F.O.B. SALES OF CRUDE OIL, 2007 edition

 

SUNCOR ENERGY MARKETING INC GENERAL TERMS AND CONDITIONS OF SALE APPLICABLE TO TERMINAL CRUDE OIL SALES FOB/FIP — EDITION OF APRIL 4, 2000

 

NNPC GENERAL CONDITIONS FOR SALE AND PURCHASE OF NIGERIAN CRUDE OIL — PART II OF THE CONTRACT

 

PETRONAS GENERAL TERMS AND CONDITIONS FOR F.O.B. SALE AND PURCHASE OF DOBA BLEND CRUDE OIL — JAN 2004

 

CONOCO General Provisions for Domestic Crude Oil Agreements, Effective January 1, 1993.  Also approved with Chevron Amendments Effective August 1, 2009 and with Cehvron Marine Provisions — Eastern Region, Revised 5/90.

 

SONANGOL E.P. STANDARD TERMS OF SALE PART II FOB GENERAL TEMS AND CONDITIONS — AUGUST 10 2010

 

Shell International Trading and Shipping Company Limited - General Terms & Conditions for Sale and Purchases of Crude Oil (2010)

 

SUNOCO General Terms and Conditions for Sales and Purchases of Refined Products etc ̧ August 14 2012

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

SCHEDULE 1.01(r)

 

BUSINESS DAYS

 

	
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Mon Nov 17 14
    
	
Fri Nov 14 14
    	
 
    	
Sat Nov 15 14
    	
 
    	
 
    	
 
    	
Mon Nov 17 14
    	
 
    	
Tue Nov 18 14
    
	
Sun Nov 16 14
    	
 
    	
Mon Nov 17 14
    	
 
    	
 
    	
 
    	
Tue Nov 18 14
    	
 
    	
Wed Nov 19 14
    
	
Tue Nov 18 14
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Nov 19 14
    	
 
    	
Thu Nov 20 14
    
	
Wed Nov 19 14
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Nov 20 14
    	
 
    	
Fri Nov 21 14
    
	
Thu Nov 20 14
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Nov 21 14
    	
 
    	
Mon Nov 24 14
    
	
Fri Nov 21 14
    	
 
    	
Sat Nov 22 14
    	
 
    	
 
    	
 
    	
Mon Nov 24 14
    	
 
    	
Tue Nov 25 14
    
	
Sun Nov 23 14
    	
 
    	
Mon Nov 24 14
    	
 
    	
 
    	
 
    	
Tue Nov 25 14
    	
 
    	
Wed Nov 26 14
    
	
Tue Nov 25 14
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Nov 26 14
    	
 
    	
Fri Nov 28 14
    
	
Wed Nov 26 14
    	
 
    	
Thu Nov 27 14
    	
 
    	
Fri Nov 28 14
    	
 
    	
Mon Dec 01 14
    	
 
    	
Tue Dec 02 14
    
	
Sat Nov 29 14
    	
 
    	
Sun Nov 30 14
    	
 
    	
Mon Dec 01 14
    	
 
    	
Tue Dec 02 14
    	
 
    	
Wed Dec 03 14
    
	
Tue Dec 02 14
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Dec 03 14
    	
 
    	
Thu Dec 04 14
    
	
Wed Dec 03 14
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Dec 04 14
    	
 
    	
Fri Dec 05 14
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

	
Thu Dec 04 14
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Dec 05 14
    	
 
    	
Mon Dec 08 14
    
	
Fri Dec 05 14
    	
 
    	
Sat Dec 06 14
    	
 
    	
 
    	
 
    	
Mon Dec 08 14
    	
 
    	
Tue Dec 09 14
    
	
Sun Dec 07 14
    	
 
    	
Mon Dec 08 14
    	
 
    	
 
    	
 
    	
Tue Dec 09 14
    	
 
    	
Wed Dec 10 14
    
	
Tue Dec 09 14
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Dec 10 14
    	
 
    	
Thu Dec 11 14
    
	
Wed Dec 10 14
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Dec 11 14
    	
 
    	
Fri Dec 12 14
    
	
Thu Dec 11 14
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Dec 12 14
    	
 
    	
Mon Dec 15 14
    
	
Fri Dec 12 14
    	
 
    	
Sat Dec 13 14
    	
 
    	
 
    	
 
    	
Mon Dec 15 14
    	
 
    	
Tue Dec 16 14
    
	
Sun Dec 14 14
    	
 
    	
Mon Dec 15 14
    	
 
    	
 
    	
 
    	
Tue Dec 16 14
    	
 
    	
Wed Dec 17 14
    
	
Tue Dec 16 14
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Dec 17 14
    	
 
    	
Thu Dec 18 14
    
	
Wed Dec 17 14
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Dec 18 14
    	
 
    	
Fri Dec 19 14
    
	
Thu Dec 18 14
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Dec 19 14
    	
 
    	
Mon Dec 22 14
    
	
Fri Dec 19 14
    	
 
    	
Sat Dec 20 14
    	
 
    	
 
    	
 
    	
Mon Dec 22 14
    	
 
    	
Tue Dec 23 14
    
	
Sun Dec 21 14
    	
 
    	
Mon Dec 22 14
    	
 
    	
 
    	
 
    	
Tue Dec 23 14
    	
 
    	
Wed Dec 24 14
    
	
Tue Dec 23 14
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Dec 24 14
    	
 
    	
Fri Dec 26 14
    
	
Wed Dec 24 14
    	
 
    	
Thu Dec 25 14
    	
 
    	
 
    	
 
    	
Fri Dec 26 14
    	
 
    	
Mon Dec 29 14
    
	
Fri Dec 26 14
    	
 
    	
Sat Dec 27 14
    	
 
    	
 
    	
 
    	
Mon Dec 29 14
    	
 
    	
Tue Dec 30 14
    
	
Sun Dec 28 14
    	
 
    	
Mon Dec 29 14
    	
 
    	
 
    	
 
    	
Tue Dec 30 14
    	
 
    	
Wed Dec 31 14
    
	
Tue Dec 30 14
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Dec 31 14
    	
 
    	
Fri Jan 02 15
    
	
Wed Dec 31 14
    	
 
    	
Thu Jan 01 15
    	
 
    	
 
    	
 
    	
Fri Jan 02 15
    	
 
    	
Mon Jan 05 15
    
	
Fri Jan 02 15
    	
 
    	
Sat Jan 03 15
    	
 
    	
 
    	
 
    	
Mon Jan 05 15
    	
 
    	
Tue Jan 06 15
    
	
Sun Jan 04 15
    	
 
    	
Mon Jan 05 15
    	
 
    	
 
    	
 
    	
Tue Jan 06 15
    	
 
    	
Wed Jan 07 15
    
	
Tue Jan 06 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jan 07 15
    	
 
    	
Thu Jan 08 15
    
	
Wed Jan 07 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jan 08 15
    	
 
    	
Fri Jan 09 15
    
	
Thu Jan 08 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jan 09 15
    	
 
    	
Mon Jan 12 15
    
	
Fri Jan 09 15
    	
 
    	
Sat Jan 10 15
    	
 
    	
 
    	
 
    	
Mon Jan 12 15
    	
 
    	
Tue Jan 13 15
    
	
Sun Jan 11 15
    	
 
    	
Mon Jan 12 15
    	
 
    	
 
    	
 
    	
Tue Jan 13 15
    	
 
    	
Wed Jan 14 15
    
	
Tue Jan 13 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jan 14 15
    	
 
    	
Thu Jan 15 15
    
	
Wed Jan 14 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jan 15 15
    	
 
    	
Fri Jan 16 15
    
	
Thu Jan 15 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jan 16 15
    	
 
    	
Tue Jan 20 15
    
	
Fri Jan 16 15
    	
 
    	
Sat Jan 17 15
    	
 
    	
Sun Jan 18 15
    	
 
    	
Tue Jan 20 15
    	
 
    	
Wed Jan 21 15
    
	
Mon Jan 19 15
    	
 
    	
Tue Jan 20 15
    	
 
    	
 
    	
 
    	
Wed Jan 21 15
    	
 
    	
Thu Jan 22 15
    
	
Wed Jan 21 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jan 22 15
    	
 
    	
Fri Jan 23 15
    
	
Thu Jan 22 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jan 23 15
    	
 
    	
Mon Jan 26 15
    
	
Fri Jan 23 15
    	
 
    	
Sat Jan 24 15
    	
 
    	
 
    	
 
    	
Mon Jan 26 15
    	
 
    	
Tue Jan 27 15
    
	
Sun Jan 25 15
    	
 
    	
Mon Jan 26 15
    	
 
    	
 
    	
 
    	
Tue Jan 27 15
    	
 
    	
Wed Jan 28 15
    
	
Tue Jan 27 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jan 28 15
    	
 
    	
Thu Jan 29 15
    
	
Wed Jan 28 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jan 29 15
    	
 
    	
Fri Jan 30 15
    
	
Thu Jan 29 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jan 30 15
    	
 
    	
Mon Feb 02 15
    
	
Fri Jan 30 15
    	
 
    	
Sat Jan 31 15
    	
 
    	
 
    	
 
    	
Mon Feb 02 15
    	
 
    	
Tue Feb 03 15
    
	
Sun Feb 01 15
    	
 
    	
Mon Feb 02 15
    	
 
    	
 
    	
 
    	
Tue Feb 03 15
    	
 
    	
Wed Feb 04 15
    
	
Tue Feb 03 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Feb 04 15
    	
 
    	
Thu Feb 05 15
    
	
Wed Feb 04 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Feb 05 15
    	
 
    	
Fri Feb 06 15
    
	
Thu Feb 05 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Feb 06 15
    	
 
    	
Mon Feb 09 15
    
	
Fri Feb 06 15
    	
 
    	
Sat Feb 07 15
    	
 
    	
 
    	
 
    	
Mon Feb 09 15
    	
 
    	
Tue Feb 10 15
    
	
Sun Feb 08 15
    	
 
    	
Mon Feb 09 15
    	
 
    	
 
    	
 
    	
Tue Feb 10 15
    	
 
    	
Wed Feb 11 15
    
	
Tue Feb 10 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Feb 11 15
    	
 
    	
Thu Feb 12 15
    
	
Wed Feb 11 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Feb 12 15
    	
 
    	
Fri Feb 13 15
    
	
Thu Feb 12 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Feb 13 15
    	
 
    	
Tue Feb 17 15
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

2

 

	
Fri Feb 13 15
    	
 
    	
Sat Feb 14 15
    	
 
    	
Sun Feb 15 15
    	
 
    	
Tue Feb 17 15
    	
 
    	
Wed Feb 18 15
    
	
Mon Feb 16 15
    	
 
    	
Tue Feb 17 15
    	
 
    	
 
    	
 
    	
Wed Feb 18 15
    	
 
    	
Thu Feb 19 15
    
	
Wed Feb 18 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Feb 19 15
    	
 
    	
Fri Feb 20 15
    
	
Thu Feb 19 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Feb 20 15
    	
 
    	
Mon Feb 23 15
    
	
Fri Feb 20 15
    	
 
    	
Sat Feb 21 15
    	
 
    	
 
    	
 
    	
Mon Feb 23 15
    	
 
    	
Tue Feb 24 15
    
	
Sun Feb 22 15
    	
 
    	
Mon Feb 23 15
    	
 
    	
 
    	
 
    	
Tue Feb 24 15
    	
 
    	
Wed Feb 25 15
    
	
Tue Feb 24 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Feb 25 15
    	
 
    	
Thu Feb 26 15
    
	
Wed Feb 25 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Feb 26 15
    	
 
    	
Fri Feb 27 15
    
	
Thu Feb 26 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Feb 27 15
    	
 
    	
Mon Mar 02 15
    
	
Fri Feb 27 15
    	
 
    	
Sat Feb 28 15
    	
 
    	
 
    	
 
    	
Mon Mar 02 15
    	
 
    	
Tue Mar 03 15
    
	
Sun Mar 01 15
    	
 
    	
Mon Mar 02 15
    	
 
    	
 
    	
 
    	
Tue Mar 03 15
    	
 
    	
Wed Mar 04 15
    
	
Tue Mar 03 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Mar 04 15
    	
 
    	
Thu Mar 05 15
    
	
Wed Mar 04 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Mar 05 15
    	
 
    	
Fri Mar 06 15
    
	
Thu Mar 05 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Mar 06 15
    	
 
    	
Mon Mar 09 15
    
	
Fri Mar 06 15
    	
 
    	
Sat Mar 07 15
    	
 
    	
 
    	
 
    	
Mon Mar 09 15
    	
 
    	
Tue Mar 10 15
    
	
Sun Mar 08 15
    	
 
    	
Mon Mar 09 15
    	
 
    	
 
    	
 
    	
Tue Mar 10 15
    	
 
    	
Wed Mar 11 15
    
	
Tue Mar 10 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Mar 11 15
    	
 
    	
Thu Mar 12 15
    
	
Wed Mar 11 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Mar 12 15
    	
 
    	
Fri Mar 13 15
    
	
Thu Mar 12 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Mar 13 15
    	
 
    	
Mon Mar 16 15
    
	
Fri Mar 13 15
    	
 
    	
Sat Mar 14 15
    	
 
    	
 
    	
 
    	
Mon Mar 16 15
    	
 
    	
Tue Mar 17 15
    
	
Sun Mar 15 15
    	
 
    	
Mon Mar 16 15
    	
 
    	
 
    	
 
    	
Tue Mar 17 15
    	
 
    	
Wed Mar 18 15
    
	
Tue Mar 17 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Mar 18 15
    	
 
    	
Thu Mar 19 15
    
	
Wed Mar 18 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Mar 19 15
    	
 
    	
Fri Mar 20 15
    
	
Thu Mar 19 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Mar 20 15
    	
 
    	
Mon Mar 23 15
    
	
Fri Mar 20 15
    	
 
    	
Sat Mar 21 15
    	
 
    	
 
    	
 
    	
Mon Mar 23 15
    	
 
    	
Tue Mar 24 15
    
	
Sun Mar 22 15
    	
 
    	
Mon Mar 23 15
    	
 
    	
 
    	
 
    	
Tue Mar 24 15
    	
 
    	
Wed Mar 25 15
    
	
Tue Mar 24 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Mar 25 15
    	
 
    	
Thu Mar 26 15
    
	
Wed Mar 25 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Mar 26 15
    	
 
    	
Fri Mar 27 15
    
	
Thu Mar 26 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Mar 27 15
    	
 
    	
Mon Mar 30 15
    
	
Fri Mar 27 15
    	
 
    	
Sat Mar 28 15
    	
 
    	
 
    	
 
    	
Mon Mar 30 15
    	
 
    	
Tue Mar 31 15
    
	
Sun Mar 29 15
    	
 
    	
Mon Mar 30 15
    	
 
    	
 
    	
 
    	
Tue Mar 31 15
    	
 
    	
Wed Apr 01 15
    
	
Tue Mar 31 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Apr 01 15
    	
 
    	
Thu Apr 02 15
    
	
Wed Apr 01 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Apr 02 15
    	
 
    	
Mon Apr 06 15
    
	
Thu Apr 02 15
    	
 
    	
Fri Apr 03 15
    	
 
    	
 
    	
 
    	
Mon Apr 06 15
    	
 
    	
Tue Apr 07 15
    
	
Sat Apr 04 15
    	
 
    	
Sun Apr 05 15
    	
 
    	
Mon Apr 06 15
    	
 
    	
Tue Apr 07 15
    	
 
    	
Wed Apr 08 15
    
	
Tue Apr 07 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Apr 08 15
    	
 
    	
Thu Apr 09 15
    
	
Wed Apr 08 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Apr 09 15
    	
 
    	
Fri Apr 10 15
    
	
Thu Apr 09 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Apr 10 15
    	
 
    	
Mon Apr 13 15
    
	
Fri Apr 10 15
    	
 
    	
Sat Apr 11 15
    	
 
    	
 
    	
 
    	
Mon Apr 13 15
    	
 
    	
Tue Apr 14 15
    
	
Sun Apr 12 15
    	
 
    	
Mon Apr 13 15
    	
 
    	
 
    	
 
    	
Tue Apr 14 15
    	
 
    	
Wed Apr 15 15
    
	
Tue Apr 14 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Apr 15 15
    	
 
    	
Thu Apr 16 15
    
	
Wed Apr 15 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Apr 16 15
    	
 
    	
Fri Apr 17 15
    
	
Thu Apr 16 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Apr 17 15
    	
 
    	
Mon Apr 20 15
    
	
Fri Apr 17 15
    	
 
    	
Sat Apr 18 15
    	
 
    	
 
    	
 
    	
Mon Apr 20 15
    	
 
    	
Tue Apr 21 15
    
	
Sun Apr 19 15
    	
 
    	
Mon Apr 20 15
    	
 
    	
 
    	
 
    	
Tue Apr 21 15
    	
 
    	
Wed Apr 22 15
    
	
Tue Apr 21 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Apr 22 15
    	
 
    	
Thu Apr 23 15
    
	
Wed Apr 22 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Apr 23 15
    	
 
    	
Fri Apr 24 15
    
	
Thu Apr 23 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Apr 24 15
    	
 
    	
Mon Apr 27 15
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

3

 

	
Fri Apr 24 15
    	
 
    	
Sat Apr 25 15
    	
 
    	
 
    	
 
    	
Mon Apr 27 15
    	
 
    	
Tue Apr 28 15
    
	
Sun Apr 26 15
    	
 
    	
Mon Apr 27 15
    	
 
    	
 
    	
 
    	
Tue Apr 28 15
    	
 
    	
Wed Apr 29 15
    
	
Tue Apr 28 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Apr 29 15
    	
 
    	
Thu Apr 30 15
    
	
Wed Apr 29 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Apr 30 15
    	
 
    	
Fri May 01 15
    
	
Thu Apr 30 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri May 01 15
    	
 
    	
Mon May 04 15
    
	
Fri May 01 15
    	
 
    	
Sat May 02 15
    	
 
    	
 
    	
 
    	
Mon May 04 15
    	
 
    	
Tue May 05 15
    
	
Sun May 03 15
    	
 
    	
Mon May 04 15
    	
 
    	
 
    	
 
    	
Tue May 05 15
    	
 
    	
Wed May 06 15
    
	
Tue May 05 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed May 06 15
    	
 
    	
Thu May 07 15
    
	
Wed May 06 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu May 07 15
    	
 
    	
Fri May 08 15
    
	
Thu May 07 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri May 08 15
    	
 
    	
Mon May 11 15
    
	
Fri May 08 15
    	
 
    	
Sat May 09 15
    	
 
    	
 
    	
 
    	
Mon May 11 15
    	
 
    	
Tue May 12 15
    
	
Sun May 10 15
    	
 
    	
Mon May 11 15
    	
 
    	
 
    	
 
    	
Tue May 12 15
    	
 
    	
Wed May 13 15
    
	
Tue May 12 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed May 13 15
    	
 
    	
Thu May 14 15
    
	
Wed May 13 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu May 14 15
    	
 
    	
Fri May 15 15
    
	
Thu May 14 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri May 15 15
    	
 
    	
Mon May 18 15
    
	
Fri May 15 15
    	
 
    	
Sat May 16 15
    	
 
    	
 
    	
 
    	
Mon May 18 15
    	
 
    	
Tue May 19 15
    
	
Sun May 17 15
    	
 
    	
Mon May 18 15
    	
 
    	
 
    	
 
    	
Tue May 19 15
    	
 
    	
Wed May 20 15
    
	
Tue May 19 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed May 20 15
    	
 
    	
Thu May 21 15
    
	
Wed May 20 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu May 21 15
    	
 
    	
Fri May 22 15
    
	
Thu May 21 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri May 22 15
    	
 
    	
Tue May 26 15
    
	
Fri May 22 15
    	
 
    	
Sat May 23 15
    	
 
    	
 
    	
 
    	
Tue May 26 15
    	
 
    	
Wed May 27 15
    
	
Sun May 24 15
    	
 
    	
Mon May 25 15
    	
 
    	
Tue May 26 15
    	
 
    	
Wed May 27 15
    	
 
    	
Thu May 28 15
    
	
Wed May 27 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu May 28 15
    	
 
    	
Fri May 29 15
    
	
Thu May 28 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri May 29 15
    	
 
    	
Mon Jun 01 15
    
	
Fri May 29 15
    	
 
    	
Sat May 30 15
    	
 
    	
 
    	
 
    	
Mon Jun 01 15
    	
 
    	
Tue Jun 02 15
    
	
Sun May 31 15
    	
 
    	
Mon Jun 01 15
    	
 
    	
 
    	
 
    	
Tue Jun 02 15
    	
 
    	
Wed Jun 03 15
    
	
Tue Jun 02 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jun 03 15
    	
 
    	
Thu Jun 04 15
    
	
Wed Jun 03 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jun 04 15
    	
 
    	
Fri Jun 05 15
    
	
Thu Jun 04 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jun 05 15
    	
 
    	
Mon Jun 08 15
    
	
Fri Jun 05 15
    	
 
    	
Sat Jun 06 15
    	
 
    	
 
    	
 
    	
Mon Jun 08 15
    	
 
    	
Tue Jun 09 15
    
	
Sun Jun 07 15
    	
 
    	
Mon Jun 08 15
    	
 
    	
 
    	
 
    	
Tue Jun 09 15
    	
 
    	
Wed Jun 10 15
    
	
Tue Jun 09 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jun 10 15
    	
 
    	
Thu Jun 11 15
    
	
Wed Jun 10 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jun 11 15
    	
 
    	
Fri Jun 12 15
    
	
Thu Jun 11 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jun 12 15
    	
 
    	
Mon Jun 15 15
    
	
Fri Jun 12 15
    	
 
    	
Sat Jun 13 15
    	
 
    	
 
    	
 
    	
Mon Jun 15 15
    	
 
    	
Tue Jun 16 15
    
	
Sun Jun 14 15
    	
 
    	
Mon Jun 15 15
    	
 
    	
 
    	
 
    	
Tue Jun 16 15
    	
 
    	
Wed Jun 17 15
    
	
Tue Jun 16 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jun 17 15
    	
 
    	
Thu Jun 18 15
    
	
Wed Jun 17 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jun 18 15
    	
 
    	
Fri Jun 19 15
    
	
Thu Jun 18 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jun 19 15
    	
 
    	
Mon Jun 22 15
    
	
Fri Jun 19 15
    	
 
    	
Sat Jun 20 15
    	
 
    	
 
    	
 
    	
Mon Jun 22 15
    	
 
    	
Tue Jun 23 15
    
	
Sun Jun 21 15
    	
 
    	
Mon Jun 22 15
    	
 
    	
 
    	
 
    	
Tue Jun 23 15
    	
 
    	
Wed Jun 24 15
    
	
Tue Jun 23 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jun 24 15
    	
 
    	
Thu Jun 25 15
    
	
Wed Jun 24 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jun 25 15
    	
 
    	
Fri Jun 26 15
    
	
Thu Jun 25 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jun 26 15
    	
 
    	
Mon Jun 29 15
    
	
Fri Jun 26 15
    	
 
    	
Sat Jun 27 15
    	
 
    	
 
    	
 
    	
Mon Jun 29 15
    	
 
    	
Tue Jun 30 15
    
	
Sun Jun 28 15
    	
 
    	
Mon Jun 29 15
    	
 
    	
 
    	
 
    	
Tue Jun 30 15
    	
 
    	
Wed Jul 01 15
    
	
Tue Jun 30 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jul 01 15
    	
 
    	
Thu Jul 02 15
    
	
Wed Jul 01 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jul 02 15
    	
 
    	
Mon Jul 06 15
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

4

 

	
Thu Jul 02 15
    	
 
    	
Fri Jul 03 15
    	
 
    	
 
    	
 
    	
Mon Jul 06 15
    	
 
    	
Tue Jul 07 15
    
	
Sat Jul 04 15
    	
 
    	
Sun Jul 05 15
    	
 
    	
Mon Jul 06 15
    	
 
    	
Tue Jul 07 15
    	
 
    	
Wed Jul 08 15
    
	
Tue Jul 07 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jul 08 15
    	
 
    	
Thu Jul 09 15
    
	
Wed Jul 08 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jul 09 15
    	
 
    	
Fri Jul 10 15
    
	
Thu Jul 09 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jul 10 15
    	
 
    	
Mon Jul 13 15
    
	
Fri Jul 10 15
    	
 
    	
Sat Jul 11 15
    	
 
    	
 
    	
 
    	
Mon Jul 13 15
    	
 
    	
Tue Jul 14 15
    
	
Sun Jul 12 15
    	
 
    	
Mon Jul 13 15
    	
 
    	
 
    	
 
    	
Tue Jul 14 15
    	
 
    	
Wed Jul 15 15
    
	
Tue Jul 14 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jul 15 15
    	
 
    	
Thu Jul 16 15
    
	
Wed Jul 15 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jul 16 15
    	
 
    	
Fri Jul 17 15
    
	
Thu Jul 16 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jul 17 15
    	
 
    	
Mon Jul 20 15
    
	
Fri Jul 17 15
    	
 
    	
Sat Jul 18 15
    	
 
    	
 
    	
 
    	
Mon Jul 20 15
    	
 
    	
Tue Jul 21 15
    
	
Sun Jul 19 15
    	
 
    	
Mon Jul 20 15
    	
 
    	
 
    	
 
    	
Tue Jul 21 15
    	
 
    	
Wed Jul 22 15
    
	
Tue Jul 21 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jul 22 15
    	
 
    	
Thu Jul 23 15
    
	
Wed Jul 22 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jul 23 15
    	
 
    	
Fri Jul 24 15
    
	
Thu Jul 23 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jul 24 15
    	
 
    	
Mon Jul 27 15
    
	
Fri Jul 24 15
    	
 
    	
Sat Jul 25 15
    	
 
    	
 
    	
 
    	
Mon Jul 27 15
    	
 
    	
Tue Jul 28 15
    
	
Sun Jul 26 15
    	
 
    	
Mon Jul 27 15
    	
 
    	
 
    	
 
    	
Tue Jul 28 15
    	
 
    	
Wed Jul 29 15
    
	
Tue Jul 28 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jul 29 15
    	
 
    	
Thu Jul 30 15
    
	
Wed Jul 29 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jul 30 15
    	
 
    	
Fri Jul 31 15
    
	
Thu Jul 30 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jul 31 15
    	
 
    	
Mon Aug 03 15
    
	
Fri Jul 31 15
    	
 
    	
Sat Aug 01 15
    	
 
    	
 
    	
 
    	
Mon Aug 03 15
    	
 
    	
Tue Aug 04 15
    
	
Sun Aug 02 15
    	
 
    	
Mon Aug 03 15
    	
 
    	
 
    	
 
    	
Tue Aug 04 15
    	
 
    	
Wed Aug 05 15
    
	
Tue Aug 04 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Aug 05 15
    	
 
    	
Thu Aug 06 15
    
	
Wed Aug 05 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Aug 06 15
    	
 
    	
Fri Aug 07 15
    
	
Thu Aug 06 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Aug 07 15
    	
 
    	
Mon Aug 10 15
    
	
Fri Aug 07 15
    	
 
    	
Sat Aug 08 15
    	
 
    	
 
    	
 
    	
Mon Aug 10 15
    	
 
    	
Tue Aug 11 15
    
	
Sun Aug 09 15
    	
 
    	
Mon Aug 10 15
    	
 
    	
 
    	
 
    	
Tue Aug 11 15
    	
 
    	
Wed Aug 12 15
    
	
Tue Aug 11 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Aug 12 15
    	
 
    	
Thu Aug 13 15
    
	
Wed Aug 12 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Aug 13 15
    	
 
    	
Fri Aug 14 15
    
	
Thu Aug 13 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Aug 14 15
    	
 
    	
Mon Aug 17 15
    
	
Fri Aug 14 15
    	
 
    	
Sat Aug 15 15
    	
 
    	
 
    	
 
    	
Mon Aug 17 15
    	
 
    	
Tue Aug 18 15
    
	
Sun Aug 16 15
    	
 
    	
Mon Aug 17 15
    	
 
    	
 
    	
 
    	
Tue Aug 18 15
    	
 
    	
Wed Aug 19 15
    
	
Tue Aug 18 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Aug 19 15
    	
 
    	
Thu Aug 20 15
    
	
Wed Aug 19 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Aug 20 15
    	
 
    	
Fri Aug 21 15
    
	
Thu Aug 20 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Aug 21 15
    	
 
    	
Mon Aug 24 15
    
	
Fri Aug 21 15
    	
 
    	
Sat Aug 22 15
    	
 
    	
 
    	
 
    	
Mon Aug 24 15
    	
 
    	
Tue Aug 25 15
    
	
Sun Aug 23 15
    	
 
    	
Mon Aug 24 15
    	
 
    	
 
    	
 
    	
Tue Aug 25 15
    	
 
    	
Wed Aug 26 15
    
	
Tue Aug 25 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Aug 26 15
    	
 
    	
Thu Aug 27 15
    
	
Wed Aug 26 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Aug 27 15
    	
 
    	
Fri Aug 28 15
    
	
Thu Aug 27 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Aug 28 15
    	
 
    	
Mon Aug 31 15
    
	
Fri Aug 28 15
    	
 
    	
Sat Aug 29 15
    	
 
    	
 
    	
 
    	
Mon Aug 31 15
    	
 
    	
Tue Sep 01 15
    
	
Sun Aug 30 15
    	
 
    	
Mon Aug 31 15
    	
 
    	
 
    	
 
    	
Tue Sep 01 15
    	
 
    	
Wed Sep 02 15
    
	
Tue Sep 01 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Sep 02 15
    	
 
    	
Thu Sep 03 15
    
	
Wed Sep 02 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Sep 03 15
    	
 
    	
Fri Sep 04 15
    
	
Thu Sep 03 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Sep 04 15
    	
 
    	
Tue Sep 08 15
    
	
Fri Sep 04 15
    	
 
    	
Sat Sep 05 15
    	
 
    	
 
    	
 
    	
Tue Sep 08 15
    	
 
    	
Wed Sep 09 15
    
	
Sun Sep 06 15
    	
 
    	
Mon Sep 07 15
    	
 
    	
Tue Sep 08 15
    	
 
    	
Wed Sep 09 15
    	
 
    	
Thu Sep 10 15
    
	
Wed Sep 09 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Sep 10 15
    	
 
    	
Fri Sep 11 15
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

5

 

	
Thu Sep 10 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Sep 11 15
    	
 
    	
Mon Sep 14 15
    
	
Fri Sep 11 15
    	
 
    	
Sat Sep 12 15
    	
 
    	
 
    	
 
    	
Mon Sep 14 15
    	
 
    	
Tue Sep 15 15
    
	
Sun Sep 13 15
    	
 
    	
Mon Sep 14 15
    	
 
    	
 
    	
 
    	
Tue Sep 15 15
    	
 
    	
Wed Sep 16 15
    
	
Tue Sep 15 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Sep 16 15
    	
 
    	
Thu Sep 17 15
    
	
Wed Sep 16 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Sep 17 15
    	
 
    	
Fri Sep 18 15
    
	
Thu Sep 17 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Sep 18 15
    	
 
    	
Mon Sep 21 15
    
	
Fri Sep 18 15
    	
 
    	
Sat Sep 19 15
    	
 
    	
 
    	
 
    	
Mon Sep 21 15
    	
 
    	
Tue Sep 22 15
    
	
Sun Sep 20 15
    	
 
    	
Mon Sep 21 15
    	
 
    	
 
    	
 
    	
Tue Sep 22 15
    	
 
    	
Wed Sep 23 15
    
	
Tue Sep 22 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Sep 23 15
    	
 
    	
Thu Sep 24 15
    
	
Wed Sep 23 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Sep 24 15
    	
 
    	
Fri Sep 25 15
    
	
Thu Sep 24 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Sep 25 15
    	
 
    	
Mon Sep 28 15
    
	
Fri Sep 25 15
    	
 
    	
Sat Sep 26 15
    	
 
    	
 
    	
 
    	
Mon Sep 28 15
    	
 
    	
Tue Sep 29 15
    
	
Sun Sep 27 15
    	
 
    	
Mon Sep 28 15
    	
 
    	
 
    	
 
    	
Tue Sep 29 15
    	
 
    	
Wed Sep 30 15
    
	
Tue Sep 29 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Sep 30 15
    	
 
    	
Thu Oct 01 15
    
	
Wed Sep 30 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Oct 01 15
    	
 
    	
Fri Oct 02 15
    
	
Thu Oct 01 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Oct 02 15
    	
 
    	
Mon Oct 05 15
    
	
Fri Oct 02 15
    	
 
    	
Sat Oct 03 15
    	
 
    	
 
    	
 
    	
Mon Oct 05 15
    	
 
    	
Tue Oct 06 15
    
	
Sun Oct 04 15
    	
 
    	
Mon Oct 05 15
    	
 
    	
 
    	
 
    	
Tue Oct 06 15
    	
 
    	
Wed Oct 07 15
    
	
Tue Oct 06 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Oct 07 15
    	
 
    	
Thu Oct 08 15
    
	
Wed Oct 07 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Oct 08 15
    	
 
    	
Fri Oct 09 15
    
	
Thu Oct 08 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Oct 09 15
    	
 
    	
Tue Oct 13 15
    
	
Fri Oct 09 15
    	
 
    	
Sat Oct 10 15
    	
 
    	
 
    	
 
    	
Mon Oct 12 15
    	
 
    	
Tue Oct 13 15
    
	
Sun Oct 11 15
    	
 
    	
Mon Oct 12 15
    	
 
    	
 
    	
 
    	
Tue Oct 13 15
    	
 
    	
Wed Oct 14 15
    
	
Tue Oct 13 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Oct 14 15
    	
 
    	
Thu Oct 15 15
    
	
Wed Oct 14 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Oct 15 15
    	
 
    	
Fri Oct 16 15
    
	
Thu Oct 15 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Oct 16 15
    	
 
    	
Mon Oct 19 15
    
	
Fri Oct 16 15
    	
 
    	
Sat Oct 17 15
    	
 
    	
 
    	
 
    	
Mon Oct 19 15
    	
 
    	
Tue Oct 20 15
    
	
Sun Oct 18 15
    	
 
    	
Mon Oct 19 15
    	
 
    	
 
    	
 
    	
Tue Oct 20 15
    	
 
    	
Wed Oct 21 15
    
	
Tue Oct 20 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Oct 21 15
    	
 
    	
Thu Oct 22 15
    
	
Wed Oct 21 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Oct 22 15
    	
 
    	
Fri Oct 23 15
    
	
Thu Oct 22 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Oct 23 15
    	
 
    	
Mon Oct 26 15
    
	
Fri Oct 23 15
    	
 
    	
Sat Oct 24 15
    	
 
    	
 
    	
 
    	
Mon Oct 26 15
    	
 
    	
Tue Oct 27 15
    
	
Sun Oct 25 15
    	
 
    	
Mon Oct 26 15
    	
 
    	
 
    	
 
    	
Tue Oct 27 15
    	
 
    	
Wed Oct 28 15
    
	
Tue Oct 27 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Oct 28 15
    	
 
    	
Thu Oct 29 15
    
	
Wed Oct 28 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Oct 29 15
    	
 
    	
Fri Oct 30 15
    
	
Thu Oct 29 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Oct 30 15
    	
 
    	
Mon Nov 02 15
    
	
Fri Oct 30 15
    	
 
    	
Sat Oct 31 15
    	
 
    	
 
    	
 
    	
Mon Nov 02 15
    	
 
    	
Tue Nov 03 15
    
	
Sun Nov 01 15
    	
 
    	
Mon Nov 02 15
    	
 
    	
 
    	
 
    	
Tue Nov 03 15
    	
 
    	
Wed Nov 04 15
    
	
Tue Nov 03 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Nov 04 15
    	
 
    	
Thu Nov 05 15
    
	
Wed Nov 04 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Nov 05 15
    	
 
    	
Fri Nov 06 15
    
	
Thu Nov 05 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Nov 06 15
    	
 
    	
Mon Nov 09 15
    
	
Fri Nov 06 15
    	
 
    	
Sat Nov 07 15
    	
 
    	
 
    	
 
    	
Mon Nov 09 15
    	
 
    	
Tue Nov 10 15
    
	
Sun Nov 08 15
    	
 
    	
Mon Nov 09 15
    	
 
    	
 
    	
 
    	
Tue Nov 10 15
    	
 
    	
Thu Nov 12 15
    
	
Tue Nov 10 15
    	
 
    	
Wed Nov 11 15
    	
 
    	
 
    	
 
    	
Thu Nov 12 15
    	
 
    	
Fri Nov 13 15
    
	
Thu Nov 12 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Nov 13 15
    	
 
    	
Mon Nov 16 15
    
	
Fri Nov 13 15
    	
 
    	
Sat Nov 14 15
    	
 
    	
 
    	
 
    	
Mon Nov 16 15
    	
 
    	
Tue Nov 17 15
    
	
Sun Nov 15 15
    	
 
    	
Mon Nov 16 15
    	
 
    	
 
    	
 
    	
Tue Nov 17 15
    	
 
    	
Wed Nov 18 15
    
	
Tue Nov 17 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Nov 18 15
    	
 
    	
Thu Nov 19 15
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

6

 

	
Wed Nov 18 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Nov 19 15
    	
 
    	
Fri Nov 20 15
    
	
Thu Nov 19 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Nov 20 15
    	
 
    	
Mon Nov 23 15
    
	
Fri Nov 20 15
    	
 
    	
Sat Nov 21 15
    	
 
    	
 
    	
 
    	
Mon Nov 23 15
    	
 
    	
Tue Nov 24 15
    
	
Sun Nov 22 15
    	
 
    	
Mon Nov 23 15
    	
 
    	
 
    	
 
    	
Tue Nov 24 15
    	
 
    	
Wed Nov 25 15
    
	
Tue Nov 24 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Nov 25 15
    	
 
    	
Fri Nov 27 15
    
	
Wed Nov 25 15
    	
 
    	
Thu Nov 26 15
    	
 
    	
Fri Nov 27 15
    	
 
    	
Mon Nov 30 15
    	
 
    	
Tue Dec 01 15
    
	
Sat Nov 28 15
    	
 
    	
Sun Nov 29 15
    	
 
    	
Mon Nov 30 15
    	
 
    	
Tue Dec 01 15
    	
 
    	
Wed Dec 02 15
    
	
Tue Dec 01 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Dec 02 15
    	
 
    	
Thu Dec 03 15
    
	
Wed Dec 02 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Dec 03 15
    	
 
    	
Fri Dec 04 15
    
	
Thu Dec 03 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Dec 04 15
    	
 
    	
Mon Dec 07 15
    
	
Fri Dec 04 15
    	
 
    	
Sat Dec 05 15
    	
 
    	
 
    	
 
    	
Mon Dec 07 15
    	
 
    	
Tue Dec 08 15
    
	
Sun Dec 06 15
    	
 
    	
Mon Dec 07 15
    	
 
    	
 
    	
 
    	
Tue Dec 08 15
    	
 
    	
Wed Dec 09 15
    
	
Tue Dec 08 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Dec 09 15
    	
 
    	
Thu Dec 10 15
    
	
Wed Dec 09 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Dec 10 15
    	
 
    	
Fri Dec 11 15
    
	
Thu Dec 10 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Dec 11 15
    	
 
    	
Mon Dec 14 15
    
	
Fri Dec 11 15
    	
 
    	
Sat Dec 12 15
    	
 
    	
 
    	
 
    	
Mon Dec 14 15
    	
 
    	
Tue Dec 15 15
    
	
Sun Dec 13 15
    	
 
    	
Mon Dec 14 15
    	
 
    	
 
    	
 
    	
Tue Dec 15 15
    	
 
    	
Wed Dec 16 15
    
	
Tue Dec 15 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Dec 16 15
    	
 
    	
Thu Dec 17 15
    
	
Wed Dec 16 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Dec 17 15
    	
 
    	
Fri Dec 18 15
    
	
Thu Dec 17 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Dec 18 15
    	
 
    	
Mon Dec 21 15
    
	
Fri Dec 18 15
    	
 
    	
Sat Dec 19 15
    	
 
    	
 
    	
 
    	
Mon Dec 21 15
    	
 
    	
Tue Dec 22 15
    
	
Sun Dec 20 15
    	
 
    	
Mon Dec 21 15
    	
 
    	
 
    	
 
    	
Tue Dec 22 15
    	
 
    	
Wed Dec 23 15
    
	
Tue Dec 22 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Dec 23 15
    	
 
    	
Thu Dec 24 15
    
	
Wed Dec 23 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Dec 24 15
    	
 
    	
Mon Dec 28 15
    
	
Thu Dec 24 15
    	
 
    	
Fri Dec 25 15
    	
 
    	
 
    	
 
    	
Mon Dec 28 15
    	
 
    	
Tue Dec 29 15
    
	
Sat Dec 26 15
    	
 
    	
Sun Dec 27 15
    	
 
    	
Mon Dec 28 15
    	
 
    	
Tue Dec 29 15
    	
 
    	
Wed Dec 30 15
    
	
Tue Dec 29 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Dec 30 15
    	
 
    	
Thu Dec 31 15
    
	
Wed Dec 30 15
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Dec 31 15
    	
 
    	
Mon Jan 04 16
    
	
Thu Dec 31 15
    	
 
    	
Fri Jan 01 16
    	
 
    	
 
    	
 
    	
Mon Jan 04 16
    	
 
    	
Tue Jan 05 16
    
	
Sat Jan 02 16
    	
 
    	
Sun Jan 03 16
    	
 
    	
Mon Jan 04 16
    	
 
    	
Tue Jan 05 16
    	
 
    	
Wed Jan 06 16
    
	
Tue Jan 05 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jan 06 16
    	
 
    	
Thu Jan 07 16
    
	
Wed Jan 06 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jan 07 16
    	
 
    	
Fri Jan 08 16
    
	
Thu Jan 07 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jan 08 16
    	
 
    	
Mon Jan 11 16
    
	
Fri Jan 08 16
    	
 
    	
Sat Jan 09 16
    	
 
    	
 
    	
 
    	
Mon Jan 11 16
    	
 
    	
Tue Jan 12 16
    
	
Sun Jan 10 16
    	
 
    	
Mon Jan 11 16
    	
 
    	
 
    	
 
    	
Tue Jan 12 16
    	
 
    	
Wed Jan 13 16
    
	
Tue Jan 12 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jan 13 16
    	
 
    	
Thu Jan 14 16
    
	
Wed Jan 13 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jan 14 16
    	
 
    	
Fri Jan 15 16
    
	
Thu Jan 14 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jan 15 16
    	
 
    	
Tue Jan 19 16
    
	
Fri Jan 15 16
    	
 
    	
Sat Jan 16 16
    	
 
    	
Sun Jan 17 16
    	
 
    	
Tue Jan 19 16
    	
 
    	
Wed Jan 20 16
    
	
Mon Jan 18 16
    	
 
    	
Tue Jan 19 16
    	
 
    	
 
    	
 
    	
Wed Jan 20 16
    	
 
    	
Thu Jan 21 16
    
	
Wed Jan 20 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jan 21 16
    	
 
    	
Fri Jan 22 16
    
	
Thu Jan 21 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jan 22 16
    	
 
    	
Mon Jan 25 16
    
	
Fri Jan 22 16
    	
 
    	
Sat Jan 23 16
    	
 
    	
 
    	
 
    	
Mon Jan 25 16
    	
 
    	
Tue Jan 26 16
    
	
Sun Jan 24 16
    	
 
    	
Mon Jan 25 16
    	
 
    	
 
    	
 
    	
Tue Jan 26 16
    	
 
    	
Wed Jan 27 16
    
	
Tue Jan 26 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jan 27 16
    	
 
    	
Thu Jan 28 16
    
	
Wed Jan 27 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jan 28 16
    	
 
    	
Fri Jan 29 16
    
	
Thu Jan 28 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jan 29 16
    	
 
    	
Mon Feb 01 16
    
	
Fri Jan 29 16
    	
 
    	
Sat Jan 30 16
    	
 
    	
 
    	
 
    	
Mon Feb 01 16
    	
 
    	
Tue Feb 02 16
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

7

 

	
Sun Jan 31 16
    	
 
    	
Mon Feb 01 16
    	
 
    	
 
    	
 
    	
Tue Feb 02 16
    	
 
    	
Wed Feb 03 16
    
	
Tue Feb 02 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Feb 03 16
    	
 
    	
Thu Feb 04 16
    
	
Wed Feb 03 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Feb 04 16
    	
 
    	
Fri Feb 05 16
    
	
Thu Feb 04 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Feb 05 16
    	
 
    	
Mon Feb 08 16
    
	
Fri Feb 05 16
    	
 
    	
Sat Feb 06 16
    	
 
    	
 
    	
 
    	
Mon Feb 08 16
    	
 
    	
Tue Feb 09 16
    
	
Sun Feb 07 16
    	
 
    	
Mon Feb 08 16
    	
 
    	
 
    	
 
    	
Tue Feb 09 16
    	
 
    	
Wed Feb 10 16
    
	
Tue Feb 09 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Feb 10 16
    	
 
    	
Thu Feb 11 16
    
	
Wed Feb 10 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Feb 11 16
    	
 
    	
Fri Feb 12 16
    
	
Thu Feb 11 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Feb 12 16
    	
 
    	
Tue Feb 16 16
    
	
Fri Feb 12 16
    	
 
    	
Sat Feb 13 16
    	
 
    	
 
    	
 
    	
Tue Feb 16 16
    	
 
    	
Wed Feb 17 16
    
	
Sun Feb 14 16
    	
 
    	
Mon Feb 15 16
    	
 
    	
Tue Feb 16 16
    	
 
    	
Wed Feb 17 16
    	
 
    	
Thu Feb 18 16
    
	
Wed Feb 17 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Feb 18 16
    	
 
    	
Fri Feb 19 16
    
	
Thu Feb 18 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Feb 19 16
    	
 
    	
Mon Feb 22 16
    
	
Fri Feb 19 16
    	
 
    	
Sat Feb 20 16
    	
 
    	
 
    	
 
    	
Mon Feb 22 16
    	
 
    	
Tue Feb 23 16
    
	
Sun Feb 21 16
    	
 
    	
Mon Feb 22 16
    	
 
    	
 
    	
 
    	
Tue Feb 23 16
    	
 
    	
Wed Feb 24 16
    
	
Tue Feb 23 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Feb 24 16
    	
 
    	
Thu Feb 25 16
    
	
Wed Feb 24 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Feb 25 16
    	
 
    	
Fri Feb 26 16
    
	
Thu Feb 25 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Feb 26 16
    	
 
    	
Mon Feb 29 16
    
	
Fri Feb 26 16
    	
 
    	
Sat Feb 27 16
    	
 
    	
 
    	
 
    	
Mon Feb 29 16
    	
 
    	
Tue Mar 01 16
    
	
Sun Feb 28 16
    	
 
    	
Mon Feb 29 16
    	
 
    	
 
    	
 
    	
Tue Mar 01 16
    	
 
    	
Wed Mar 02 16
    
	
Tue Mar 01 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Mar 02 16
    	
 
    	
Thu Mar 03 16
    
	
Wed Mar 02 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Mar 03 16
    	
 
    	
Fri Mar 04 16
    
	
Thu Mar 03 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Mar 04 16
    	
 
    	
Mon Mar 07 16
    
	
Fri Mar 04 16
    	
 
    	
Sat Mar 05 16
    	
 
    	
 
    	
 
    	
Mon Mar 07 16
    	
 
    	
Tue Mar 08 16
    
	
Sun Mar 06 16
    	
 
    	
Mon Mar 07 16
    	
 
    	
 
    	
 
    	
Tue Mar 08 16
    	
 
    	
Wed Mar 09 16
    
	
Tue Mar 08 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Mar 09 16
    	
 
    	
Thu Mar 10 16
    
	
Wed Mar 09 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Mar 10 16
    	
 
    	
Fri Mar 11 16
    
	
Thu Mar 10 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Mar 11 16
    	
 
    	
Mon Mar 14 16
    
	
Fri Mar 11 16
    	
 
    	
Sat Mar 12 16
    	
 
    	
 
    	
 
    	
Mon Mar 14 16
    	
 
    	
Tue Mar 15 16
    
	
Sun Mar 13 16
    	
 
    	
Mon Mar 14 16
    	
 
    	
 
    	
 
    	
Tue Mar 15 16
    	
 
    	
Wed Mar 16 16
    
	
Tue Mar 15 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Mar 16 16
    	
 
    	
Thu Mar 17 16
    
	
Wed Mar 16 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Mar 17 16
    	
 
    	
Fri Mar 18 16
    
	
Thu Mar 17 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Mar 18 16
    	
 
    	
Mon Mar 21 16
    
	
Fri Mar 18 16
    	
 
    	
Sat Mar 19 16
    	
 
    	
 
    	
 
    	
Mon Mar 21 16
    	
 
    	
Tue Mar 22 16
    
	
Sun Mar 20 16
    	
 
    	
Mon Mar 21 16
    	
 
    	
 
    	
 
    	
Tue Mar 22 16
    	
 
    	
Wed Mar 23 16
    
	
Tue Mar 22 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Mar 23 16
    	
 
    	
Thu Mar 24 16
    
	
Wed Mar 23 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Mar 24 16
    	
 
    	
Mon Mar 28 16
    
	
Thu Mar 24 16
    	
 
    	
Fri Mar 25 16
    	
 
    	
 
    	
 
    	
Mon Mar 28 16
    	
 
    	
Tue Mar 29 16
    
	
Sat Mar 26 16
    	
 
    	
Sun Mar 27 16
    	
 
    	
Mon Mar 28 16
    	
 
    	
Tue Mar 29 16
    	
 
    	
Wed Mar 30 16
    
	
Tue Mar 29 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Mar 30 16
    	
 
    	
Thu Mar 31 16
    
	
Wed Mar 30 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Mar 31 16
    	
 
    	
Fri Apr 01 16
    
	
Thu Mar 31 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Apr 01 16
    	
 
    	
Mon Apr 04 16
    
	
Fri Apr 01 16
    	
 
    	
Sat Apr 02 16
    	
 
    	
 
    	
 
    	
Mon Apr 04 16
    	
 
    	
Tue Apr 05 16
    
	
Sun Apr 03 16
    	
 
    	
Mon Apr 04 16
    	
 
    	
 
    	
 
    	
Tue Apr 05 16
    	
 
    	
Wed Apr 06 16
    
	
Tue Apr 05 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Apr 06 16
    	
 
    	
Thu Apr 07 16
    
	
Wed Apr 06 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Apr 07 16
    	
 
    	
Fri Apr 08 16
    
	
Thu Apr 07 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Apr 08 16
    	
 
    	
Mon Apr 11 16
    
	
Fri Apr 08 16
    	
 
    	
Sat Apr 09 16
    	
 
    	
 
    	
 
    	
Mon Apr 11 16
    	
 
    	
Tue Apr 12 16
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

8

 

	
Sun Apr 10 16
    	
 
    	
Mon Apr 11 16
    	
 
    	
 
    	
 
    	
Tue Apr 12 16
    	
 
    	
Wed Apr 13 16
    
	
Tue Apr 12 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Apr 13 16
    	
 
    	
Thu Apr 14 16
    
	
Wed Apr 13 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Apr 14 16
    	
 
    	
Fri Apr 15 16
    
	
Thu Apr 14 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Apr 15 16
    	
 
    	
Mon Apr 18 16
    
	
Fri Apr 15 16
    	
 
    	
Sat Apr 16 16
    	
 
    	
 
    	
 
    	
Mon Apr 18 16
    	
 
    	
Tue Apr 19 16
    
	
Sun Apr 17 16
    	
 
    	
Mon Apr 18 16
    	
 
    	
 
    	
 
    	
Tue Apr 19 16
    	
 
    	
Wed Apr 20 16
    
	
Tue Apr 19 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Apr 20 16
    	
 
    	
Thu Apr 21 16
    
	
Wed Apr 20 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Apr 21 16
    	
 
    	
Fri Apr 22 16
    
	
Thu Apr 21 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Apr 22 16
    	
 
    	
Mon Apr 25 16
    
	
Fri Apr 22 16
    	
 
    	
Sat Apr 23 16
    	
 
    	
 
    	
 
    	
Mon Apr 25 16
    	
 
    	
Tue Apr 26 16
    
	
Sun Apr 24 16
    	
 
    	
Mon Apr 25 16
    	
 
    	
 
    	
 
    	
Tue Apr 26 16
    	
 
    	
Wed Apr 27 16
    
	
Tue Apr 26 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Apr 27 16
    	
 
    	
Thu Apr 28 16
    
	
Wed Apr 27 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Apr 28 16
    	
 
    	
Fri Apr 29 16
    
	
Thu Apr 28 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Apr 29 16
    	
 
    	
Mon May 02 16
    
	
Fri Apr 29 16
    	
 
    	
Sat Apr 30 16
    	
 
    	
 
    	
 
    	
Mon May 02 16
    	
 
    	
Tue May 03 16
    
	
Sun May 01 16
    	
 
    	
Mon May 02 16
    	
 
    	
 
    	
 
    	
Tue May 03 16
    	
 
    	
Wed May 04 16
    
	
Tue May 03 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed May 04 16
    	
 
    	
Thu May 05 16
    
	
Wed May 04 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu May 05 16
    	
 
    	
Fri May 06 16
    
	
Thu May 05 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri May 06 16
    	
 
    	
Mon May 09 16
    
	
Fri May 06 16
    	
 
    	
Sat May 07 16
    	
 
    	
 
    	
 
    	
Mon May 09 16
    	
 
    	
Tue May 10 16
    
	
Sun May 08 16
    	
 
    	
Mon May 09 16
    	
 
    	
 
    	
 
    	
Tue May 10 16
    	
 
    	
Wed May 11 16
    
	
Tue May 10 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed May 11 16
    	
 
    	
Thu May 12 16
    
	
Wed May 11 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu May 12 16
    	
 
    	
Fri May 13 16
    
	
Thu May 12 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri May 13 16
    	
 
    	
Mon May 16 16
    
	
Fri May 13 16
    	
 
    	
Sat May 14 16
    	
 
    	
 
    	
 
    	
Mon May 16 16
    	
 
    	
Tue May 17 16
    
	
Sun May 15 16
    	
 
    	
Mon May 16 16
    	
 
    	
 
    	
 
    	
Tue May 17 16
    	
 
    	
Wed May 18 16
    
	
Tue May 17 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed May 18 16
    	
 
    	
Thu May 19 16
    
	
Wed May 18 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu May 19 16
    	
 
    	
Fri May 20 16
    
	
Thu May 19 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri May 20 16
    	
 
    	
Mon May 23 16
    
	
Fri May 20 16
    	
 
    	
Sat May 21 16
    	
 
    	
 
    	
 
    	
Mon May 23 16
    	
 
    	
Tue May 24 16
    
	
Sun May 22 16
    	
 
    	
Mon May 23 16
    	
 
    	
 
    	
 
    	
Tue May 24 16
    	
 
    	
Wed May 25 16
    
	
Tue May 24 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed May 25 16
    	
 
    	
Thu May 26 16
    
	
Wed May 25 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu May 26 16
    	
 
    	
Fri May 27 16
    
	
Thu May 26 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri May 27 16
    	
 
    	
Tue May 31 16
    
	
Fri May 27 16
    	
 
    	
Sat May 28 16
    	
 
    	
 
    	
 
    	
Tue May 31 16
    	
 
    	
Wed Jun 01 16
    
	
Sun May 29 16
    	
 
    	
Mon May 30 16
    	
 
    	
Tue May 31 16
    	
 
    	
Wed Jun 01 16
    	
 
    	
Thu Jun 02 16
    
	
Wed Jun 01 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jun 02 16
    	
 
    	
Fri Jun 03 16
    
	
Thu Jun 02 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jun 03 16
    	
 
    	
Mon Jun 06 16
    
	
Fri Jun 03 16
    	
 
    	
Sat Jun 04 16
    	
 
    	
 
    	
 
    	
Mon Jun 06 16
    	
 
    	
Tue Jun 07 16
    
	
Sun Jun 05 16
    	
 
    	
Mon Jun 06 16
    	
 
    	
 
    	
 
    	
Tue Jun 07 16
    	
 
    	
Wed Jun 08 16
    
	
Tue Jun 07 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jun 08 16
    	
 
    	
Thu Jun 09 16
    
	
Wed Jun 08 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jun 09 16
    	
 
    	
Fri Jun 10 16
    
	
Thu Jun 09 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jun 10 16
    	
 
    	
Mon Jun 13 16
    
	
Fri Jun 10 16
    	
 
    	
Sat Jun 11 16
    	
 
    	
 
    	
 
    	
Mon Jun 13 16
    	
 
    	
Tue Jun 14 16
    
	
Sun Jun 12 16
    	
 
    	
Mon Jun 13 16
    	
 
    	
 
    	
 
    	
Tue Jun 14 16
    	
 
    	
Wed Jun 15 16
    
	
Tue Jun 14 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jun 15 16
    	
 
    	
Thu Jun 16 16
    
	
Wed Jun 15 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jun 16 16
    	
 
    	
Fri Jun 17 16
    
	
Thu Jun 16 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jun 17 16
    	
 
    	
Mon Jun 20 16
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

9

 

	
Fri Jun 17 16
    	
 
    	
Sat Jun 18 16
    	
 
    	
 
    	
 
    	
Mon Jun 20 16
    	
 
    	
Tue Jun 21 16
    
	
Sun Jun 19 16
    	
 
    	
Mon Jun 20 16
    	
 
    	
 
    	
 
    	
Tue Jun 21 16
    	
 
    	
Wed Jun 22 16
    
	
Tue Jun 21 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jun 22 16
    	
 
    	
Thu Jun 23 16
    
	
Wed Jun 22 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jun 23 16
    	
 
    	
Fri Jun 24 16
    
	
Thu Jun 23 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jun 24 16
    	
 
    	
Mon Jun 27 16
    
	
Fri Jun 24 16
    	
 
    	
Sat Jun 25 16
    	
 
    	
 
    	
 
    	
Mon Jun 27 16
    	
 
    	
Tue Jun 28 16
    
	
Sun Jun 26 16
    	
 
    	
Mon Jun 27 16
    	
 
    	
 
    	
 
    	
Tue Jun 28 16
    	
 
    	
Wed Jun 29 16
    
	
Tue Jun 28 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jun 29 16
    	
 
    	
Thu Jun 30 16
    
	
Wed Jun 29 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jun 30 16
    	
 
    	
Fri Jul 01 16
    
	
Thu Jun 30 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jul 01 16
    	
 
    	
Tue Jul 05 16
    
	
Fri Jul 01 16
    	
 
    	
Sat Jul 02 16
    	
 
    	
 
    	
 
    	
Tue Jul 05 16
    	
 
    	
Wed Jul 06 16
    
	
Sun Jul 03 16
    	
 
    	
Mon Jul 04 16
    	
 
    	
Tue Jul 05 16
    	
 
    	
Wed Jul 06 16
    	
 
    	
Thu Jul 07 16
    
	
Wed Jul 06 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jul 07 16
    	
 
    	
Fri Jul 08 16
    
	
Thu Jul 07 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jul 08 16
    	
 
    	
Mon Jul 11 16
    
	
Fri Jul 08 16
    	
 
    	
Sat Jul 09 16
    	
 
    	
 
    	
 
    	
Mon Jul 11 16
    	
 
    	
Tue Jul 12 16
    
	
Sun Jul 10 16
    	
 
    	
Mon Jul 11 16
    	
 
    	
 
    	
 
    	
Tue Jul 12 16
    	
 
    	
Wed Jul 13 16
    
	
Tue Jul 12 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jul 13 16
    	
 
    	
Thu Jul 14 16
    
	
Wed Jul 13 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jul 14 16
    	
 
    	
Fri Jul 15 16
    
	
Thu Jul 14 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jul 15 16
    	
 
    	
Mon Jul 18 16
    
	
Fri Jul 15 16
    	
 
    	
Sat Jul 16 16
    	
 
    	
 
    	
 
    	
Mon Jul 18 16
    	
 
    	
Tue Jul 19 16
    
	
Sun Jul 17 16
    	
 
    	
Mon Jul 18 16
    	
 
    	
 
    	
 
    	
Tue Jul 19 16
    	
 
    	
Wed Jul 20 16
    
	
Tue Jul 19 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jul 20 16
    	
 
    	
Thu Jul 21 16
    
	
Wed Jul 20 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jul 21 16
    	
 
    	
Fri Jul 22 16
    
	
Thu Jul 21 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jul 22 16
    	
 
    	
Mon Jul 25 16
    
	
Fri Jul 22 16
    	
 
    	
Sat Jul 23 16
    	
 
    	
 
    	
 
    	
Mon Jul 25 16
    	
 
    	
Tue Jul 26 16
    
	
Sun Jul 24 16
    	
 
    	
Mon Jul 25 16
    	
 
    	
 
    	
 
    	
Tue Jul 26 16
    	
 
    	
Wed Jul 27 16
    
	
Tue Jul 26 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jul 27 16
    	
 
    	
Thu Jul 28 16
    
	
Wed Jul 27 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jul 28 16
    	
 
    	
Fri Jul 29 16
    
	
Thu Jul 28 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jul 29 16
    	
 
    	
Mon Aug 01 16
    
	
Fri Jul 29 16
    	
 
    	
Sat Jul 30 16
    	
 
    	
 
    	
 
    	
Mon Aug 01 16
    	
 
    	
Tue Aug 02 16
    
	
Sun Jul 31 16
    	
 
    	
Mon Aug 01 16
    	
 
    	
 
    	
 
    	
Tue Aug 02 16
    	
 
    	
Wed Aug 03 16
    
	
Tue Aug 02 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Aug 03 16
    	
 
    	
Thu Aug 04 16
    
	
Wed Aug 03 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Aug 04 16
    	
 
    	
Fri Aug 05 16
    
	
Thu Aug 04 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Aug 05 16
    	
 
    	
Mon Aug 08 16
    
	
Fri Aug 05 16
    	
 
    	
Sat Aug 06 16
    	
 
    	
 
    	
 
    	
Mon Aug 08 16
    	
 
    	
Tue Aug 09 16
    
	
Sun Aug 07 16
    	
 
    	
Mon Aug 08 16
    	
 
    	
 
    	
 
    	
Tue Aug 09 16
    	
 
    	
Wed Aug 10 16
    
	
Tue Aug 09 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Aug 10 16
    	
 
    	
Thu Aug 11 16
    
	
Wed Aug 10 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Aug 11 16
    	
 
    	
Fri Aug 12 16
    
	
Thu Aug 11 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Aug 12 16
    	
 
    	
Mon Aug 15 16
    
	
Fri Aug 12 16
    	
 
    	
Sat Aug 13 16
    	
 
    	
 
    	
 
    	
Mon Aug 15 16
    	
 
    	
Tue Aug 16 16
    
	
Sun Aug 14 16
    	
 
    	
Mon Aug 15 16
    	
 
    	
 
    	
 
    	
Tue Aug 16 16
    	
 
    	
Wed Aug 17 16
    
	
Tue Aug 16 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Aug 17 16
    	
 
    	
Thu Aug 18 16
    
	
Wed Aug 17 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Aug 18 16
    	
 
    	
Fri Aug 19 16
    
	
Thu Aug 18 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Aug 19 16
    	
 
    	
Mon Aug 22 16
    
	
Fri Aug 19 16
    	
 
    	
Sat Aug 20 16
    	
 
    	
 
    	
 
    	
Mon Aug 22 16
    	
 
    	
Tue Aug 23 16
    
	
Sun Aug 21 16
    	
 
    	
Mon Aug 22 16
    	
 
    	
 
    	
 
    	
Tue Aug 23 16
    	
 
    	
Wed Aug 24 16
    
	
Tue Aug 23 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Aug 24 16
    	
 
    	
Thu Aug 25 16
    
	
Wed Aug 24 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Aug 25 16
    	
 
    	
Fri Aug 26 16
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

10

 

	
Thu Aug 25 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Aug 26 16
    	
 
    	
Mon Aug 29 16
    
	
Fri Aug 26 16
    	
 
    	
Sat Aug 27 16
    	
 
    	
 
    	
 
    	
Mon Aug 29 16
    	
 
    	
Tue Aug 30 16
    
	
Sun Aug 28 16
    	
 
    	
Mon Aug 29 16
    	
 
    	
 
    	
 
    	
Tue Aug 30 16
    	
 
    	
Wed Aug 31 16
    
	
Tue Aug 30 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Aug 31 16
    	
 
    	
Thu Sep 01 16
    
	
Wed Aug 31 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Sep 01 16
    	
 
    	
Fri Sep 02 16
    
	
Thu Sep 01 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Sep 02 16
    	
 
    	
Tue Sep 06 16
    
	
Fri Sep 02 16
    	
 
    	
Sat Sep 03 16
    	
 
    	
 
    	
 
    	
Tue Sep 06 16
    	
 
    	
Wed Sep 07 16
    
	
Sun Sep 04 16
    	
 
    	
Mon Sep 05 16
    	
 
    	
Tue Sep 06 16
    	
 
    	
Wed Sep 07 16
    	
 
    	
Thu Sep 08 16
    
	
Wed Sep 07 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Sep 08 16
    	
 
    	
Fri Sep 09 16
    
	
Thu Sep 08 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Sep 09 16
    	
 
    	
Mon Sep 12 16
    
	
Fri Sep 09 16
    	
 
    	
Sat Sep 10 16
    	
 
    	
 
    	
 
    	
Mon Sep 12 16
    	
 
    	
Tue Sep 13 16
    
	
Sun Sep 11 16
    	
 
    	
Mon Sep 12 16
    	
 
    	
 
    	
 
    	
Tue Sep 13 16
    	
 
    	
Wed Sep 14 16
    
	
Tue Sep 13 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Sep 14 16
    	
 
    	
Thu Sep 15 16
    
	
Wed Sep 14 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Sep 15 16
    	
 
    	
Fri Sep 16 16
    
	
Thu Sep 15 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Sep 16 16
    	
 
    	
Mon Sep 19 16
    
	
Fri Sep 16 16
    	
 
    	
Sat Sep 17 16
    	
 
    	
 
    	
 
    	
Mon Sep 19 16
    	
 
    	
Tue Sep 20 16
    
	
Sun Sep 18 16
    	
 
    	
Mon Sep 19 16
    	
 
    	
 
    	
 
    	
Tue Sep 20 16
    	
 
    	
Wed Sep 21 16
    
	
Tue Sep 20 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Sep 21 16
    	
 
    	
Thu Sep 22 16
    
	
Wed Sep 21 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Sep 22 16
    	
 
    	
Fri Sep 23 16
    
	
Thu Sep 22 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Sep 23 16
    	
 
    	
Mon Sep 26 16
    
	
Fri Sep 23 16
    	
 
    	
Sat Sep 24 16
    	
 
    	
 
    	
 
    	
Mon Sep 26 16
    	
 
    	
Tue Sep 27 16
    
	
Sun Sep 25 16
    	
 
    	
Mon Sep 26 16
    	
 
    	
 
    	
 
    	
Tue Sep 27 16
    	
 
    	
Wed Sep 28 16
    
	
Tue Sep 27 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Sep 28 16
    	
 
    	
Thu Sep 29 16
    
	
Wed Sep 28 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Sep 29 16
    	
 
    	
Fri Sep 30 16
    
	
Thu Sep 29 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Sep 30 16
    	
 
    	
Mon Oct 03 16
    
	
Fri Sep 30 16
    	
 
    	
Sat Oct 01 16
    	
 
    	
 
    	
 
    	
Mon Oct 03 16
    	
 
    	
Tue Oct 04 16
    
	
Sun Oct 02 16
    	
 
    	
Mon Oct 03 16
    	
 
    	
 
    	
 
    	
Tue Oct 04 16
    	
 
    	
Wed Oct 05 16
    
	
Tue Oct 04 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Oct 05 16
    	
 
    	
Thu Oct 06 16
    
	
Wed Oct 05 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Oct 06 16
    	
 
    	
Fri Oct 07 16
    
	
Thu Oct 06 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Oct 07 16
    	
 
    	
Tue Oct 11 16
    
	
Fri Oct 07 16
    	
 
    	
Sat Oct 08 16
    	
 
    	
Sun Oct 09 16
    	
 
    	
Tue Oct 11 16
    	
 
    	
Wed Oct 12 16
    
	
Mon Oct 10 16
    	
 
    	
Tue Oct 11 16
    	
 
    	
 
    	
 
    	
Wed Oct 12 16
    	
 
    	
Thu Oct 13 16
    
	
Wed Oct 12 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Oct 13 16
    	
 
    	
Fri Oct 14 16
    
	
Thu Oct 13 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Oct 14 16
    	
 
    	
Mon Oct 17 16
    
	
Fri Oct 14 16
    	
 
    	
Sat Oct 15 16
    	
 
    	
 
    	
 
    	
Mon Oct 17 16
    	
 
    	
Tue Oct 18 16
    
	
Sun Oct 16 16
    	
 
    	
Mon Oct 17 16
    	
 
    	
 
    	
 
    	
Tue Oct 18 16
    	
 
    	
Wed Oct 19 16
    
	
Tue Oct 18 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Oct 19 16
    	
 
    	
Thu Oct 20 16
    
	
Wed Oct 19 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Oct 20 16
    	
 
    	
Fri Oct 21 16
    
	
Thu Oct 20 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Oct 21 16
    	
 
    	
Mon Oct 24 16
    
	
Fri Oct 21 16
    	
 
    	
Sat Oct 22 16
    	
 
    	
 
    	
 
    	
Mon Oct 24 16
    	
 
    	
Tue Oct 25 16
    
	
Sun Oct 23 16
    	
 
    	
Mon Oct 24 16
    	
 
    	
 
    	
 
    	
Tue Oct 25 16
    	
 
    	
Wed Oct 26 16
    
	
Tue Oct 25 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Oct 26 16
    	
 
    	
Thu Oct 27 16
    
	
Wed Oct 26 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Oct 27 16
    	
 
    	
Fri Oct 28 16
    
	
Thu Oct 27 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Oct 28 16
    	
 
    	
Mon Oct 31 16
    
	
Fri Oct 28 16
    	
 
    	
Sat Oct 29 16
    	
 
    	
 
    	
 
    	
Mon Oct 31 16
    	
 
    	
Tue Nov 01 16
    
	
Sun Oct 30 16
    	
 
    	
Mon Oct 31 16
    	
 
    	
 
    	
 
    	
Tue Nov 01 16
    	
 
    	
Wed Nov 02 16
    
	
Tue Nov 01 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Nov 02 16
    	
 
    	
Thu Nov 03 16
    
	
Wed Nov 02 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Nov 03 16
    	
 
    	
Fri Nov 04 16
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

11

 

	
Thu Nov 03 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Nov 04 16
    	
 
    	
Mon Nov 07 16
    
	
Fri Nov 04 16
    	
 
    	
Sat Nov 05 16
    	
 
    	
 
    	
 
    	
Mon Nov 07 16
    	
 
    	
Tue Nov 08 16
    
	
Sun Nov 06 16
    	
 
    	
Mon Nov 07 16
    	
 
    	
 
    	
 
    	
Tue Nov 08 16
    	
 
    	
Wed Nov 09 16
    
	
Tue Nov 08 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Nov 09 16
    	
 
    	
Thu Nov 10 16
    
	
Wed Nov 09 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Nov 10 16
    	
 
    	
Mon Nov 14 16
    
	
Thu Nov 10 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Nov 11 16
    	
 
    	
Mon Nov 14 16
    
	
Fri Nov 11 16
    	
 
    	
Sat Nov 12 16
    	
 
    	
 
    	
 
    	
Mon Nov 14 16
    	
 
    	
Tue Nov 15 16
    
	
Sun Nov 13 16
    	
 
    	
Mon Nov 14 16
    	
 
    	
 
    	
 
    	
Tue Nov 15 16
    	
 
    	
Wed Nov 16 16
    
	
Tue Nov 15 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Nov 16 16
    	
 
    	
Thu Nov 17 16
    
	
Wed Nov 16 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Nov 17 16
    	
 
    	
Fri Nov 18 16
    
	
Thu Nov 17 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Nov 18 16
    	
 
    	
Mon Nov 21 16
    
	
Fri Nov 18 16
    	
 
    	
Sat Nov 19 16
    	
 
    	
 
    	
 
    	
Mon Nov 21 16
    	
 
    	
Tue Nov 22 16
    
	
Sun Nov 20 16
    	
 
    	
Mon Nov 21 16
    	
 
    	
 
    	
 
    	
Tue Nov 22 16
    	
 
    	
Wed Nov 23 16
    
	
Tue Nov 22 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Nov 23 16
    	
 
    	
Fri Nov 25 16
    
	
Wed Nov 23 16
    	
 
    	
Thu Nov 24 16
    	
 
    	
Fri Nov 25 16
    	
 
    	
Mon Nov 28 16
    	
 
    	
Tue Nov 29 16
    
	
Sat Nov 26 16
    	
 
    	
Sun Nov 27 16
    	
 
    	
Mon Nov 28 16
    	
 
    	
Tue Nov 29 16
    	
 
    	
Wed Nov 30 16
    
	
Tue Nov 29 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Nov 30 16
    	
 
    	
Thu Dec 01 16
    
	
Wed Nov 30 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Dec 01 16
    	
 
    	
Fri Dec 02 16
    
	
Thu Dec 01 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Dec 02 16
    	
 
    	
Mon Dec 05 16
    
	
Fri Dec 02 16
    	
 
    	
Sat Dec 03 16
    	
 
    	
 
    	
 
    	
Mon Dec 05 16
    	
 
    	
Tue Dec 06 16
    
	
Sun Dec 04 16
    	
 
    	
Mon Dec 05 16
    	
 
    	
 
    	
 
    	
Tue Dec 06 16
    	
 
    	
Wed Dec 07 16
    
	
Tue Dec 06 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Dec 07 16
    	
 
    	
Thu Dec 08 16
    
	
Wed Dec 07 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Dec 08 16
    	
 
    	
Fri Dec 09 16
    
	
Thu Dec 08 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Dec 09 16
    	
 
    	
Mon Dec 12 16
    
	
Fri Dec 09 16
    	
 
    	
Sat Dec 10 16
    	
 
    	
 
    	
 
    	
Mon Dec 12 16
    	
 
    	
Tue Dec 13 16
    
	
Sun Dec 11 16
    	
 
    	
Mon Dec 12 16
    	
 
    	
 
    	
 
    	
Tue Dec 13 16
    	
 
    	
Wed Dec 14 16
    
	
Tue Dec 13 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Dec 14 16
    	
 
    	
Thu Dec 15 16
    
	
Wed Dec 14 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Dec 15 16
    	
 
    	
Fri Dec 16 16
    
	
Thu Dec 15 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Dec 16 16
    	
 
    	
Mon Dec 19 16
    
	
Fri Dec 16 16
    	
 
    	
Sat Dec 17 16
    	
 
    	
 
    	
 
    	
Mon Dec 19 16
    	
 
    	
Tue Dec 20 16
    
	
Sun Dec 18 16
    	
 
    	
Mon Dec 19 16
    	
 
    	
 
    	
 
    	
Tue Dec 20 16
    	
 
    	
Wed Dec 21 16
    
	
Tue Dec 20 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Dec 21 16
    	
 
    	
Thu Dec 22 16
    
	
Wed Dec 21 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Dec 22 16
    	
 
    	
Fri Dec 23 16
    
	
Thu Dec 22 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Dec 23 16
    	
 
    	
Tue Dec 27 16
    
	
Fri Dec 23 16
    	
 
    	
Sat Dec 24 16
    	
 
    	
Sun Dec 25 16
    	
 
    	
Tue Dec 27 16
    	
 
    	
Wed Dec 28 16
    
	
Mon Dec 26 16
    	
 
    	
Tue Dec 27 16
    	
 
    	
 
    	
 
    	
Wed Dec 28 16
    	
 
    	
Thu Dec 29 16
    
	
Wed Dec 28 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Dec 29 16
    	
 
    	
Fri Dec 30 16
    
	
Thu Dec 29 16
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Dec 30 16
    	
 
    	
Tue Jan 03 17
    
	
Fri Dec 30 16
    	
 
    	
Sat Dec 31 16
    	
 
    	
Sun Jan 01 17
    	
 
    	
Tue Jan 03 17
    	
 
    	
Wed Jan 04 17
    
	
Mon Jan 02 17
    	
 
    	
Tue Jan 03 17
    	
 
    	
 
    	
 
    	
Wed Jan 04 17
    	
 
    	
Thu Jan 05 17
    
	
Wed Jan 04 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jan 05 17
    	
 
    	
Fri Jan 06 17
    
	
Thu Jan 05 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jan 06 17
    	
 
    	
Mon Jan 09 17
    
	
Fri Jan 06 17
    	
 
    	
Sat Jan 07 17
    	
 
    	
 
    	
 
    	
Mon Jan 09 17
    	
 
    	
Tue Jan 10 17
    
	
Sun Jan 08 17
    	
 
    	
Mon Jan 09 17
    	
 
    	
 
    	
 
    	
Tue Jan 10 17
    	
 
    	
Wed Jan 11 17
    
	
Tue Jan 10 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jan 11 17
    	
 
    	
Thu Jan 12 17
    
	
Wed Jan 11 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jan 12 17
    	
 
    	
Fri Jan 13 17
    
	
Thu Jan 12 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jan 13 17
    	
 
    	
Tue Jan 17 17
    
	
Fri Jan 13 17
    	
 
    	
Sat Jan 14 17
    	
 
    	
 
    	
 
    	
Tue Jan 17 17
    	
 
    	
Wed Jan 18 17
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

12

 

	
Sun Jan 15 17
    	
 
    	
Mon Jan 16 17
    	
 
    	
Tue Jan 17 17
    	
 
    	
Wed Jan 18 17
    	
 
    	
Thu Jan 19 17
    
	
Wed Jan 18 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jan 19 17
    	
 
    	
Fri Jan 20 17
    
	
Thu Jan 19 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jan 20 17
    	
 
    	
Mon Jan 23 17
    
	
Fri Jan 20 17
    	
 
    	
Sat Jan 21 17
    	
 
    	
 
    	
 
    	
Mon Jan 23 17
    	
 
    	
Tue Jan 24 17
    
	
Sun Jan 22 17
    	
 
    	
Mon Jan 23 17
    	
 
    	
 
    	
 
    	
Tue Jan 24 17
    	
 
    	
Wed Jan 25 17
    
	
Tue Jan 24 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jan 25 17
    	
 
    	
Thu Jan 26 17
    
	
Wed Jan 25 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jan 26 17
    	
 
    	
Fri Jan 27 17
    
	
Thu Jan 26 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jan 27 17
    	
 
    	
Mon Jan 30 17
    
	
Fri Jan 27 17
    	
 
    	
Sat Jan 28 17
    	
 
    	
 
    	
 
    	
Mon Jan 30 17
    	
 
    	
Tue Jan 31 17
    
	
Sun Jan 29 17
    	
 
    	
Mon Jan 30 17
    	
 
    	
 
    	
 
    	
Tue Jan 31 17
    	
 
    	
Wed Feb 01 17
    
	
Tue Jan 31 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Feb 01 17
    	
 
    	
Thu Feb 02 17
    
	
Wed Feb 01 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Feb 02 17
    	
 
    	
Fri Feb 03 17
    
	
Thu Feb 02 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Feb 03 17
    	
 
    	
Mon Feb 06 17
    
	
Fri Feb 03 17
    	
 
    	
Sat Feb 04 17
    	
 
    	
 
    	
 
    	
Mon Feb 06 17
    	
 
    	
Tue Feb 07 17
    
	
Sun Feb 05 17
    	
 
    	
Mon Feb 06 17
    	
 
    	
 
    	
 
    	
Tue Feb 07 17
    	
 
    	
Wed Feb 08 17
    
	
Tue Feb 07 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Feb 08 17
    	
 
    	
Thu Feb 09 17
    
	
Wed Feb 08 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Feb 09 17
    	
 
    	
Fri Feb 10 17
    
	
Thu Feb 09 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Feb 10 17
    	
 
    	
Mon Feb 13 17
    
	
Fri Feb 10 17
    	
 
    	
Sat Feb 11 17
    	
 
    	
 
    	
 
    	
Mon Feb 13 17
    	
 
    	
Tue Feb 14 17
    
	
Sun Feb 12 17
    	
 
    	
Mon Feb 13 17
    	
 
    	
 
    	
 
    	
Tue Feb 14 17
    	
 
    	
Wed Feb 15 17
    
	
Tue Feb 14 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Feb 15 17
    	
 
    	
Thu Feb 16 17
    
	
Wed Feb 15 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Feb 16 17
    	
 
    	
Fri Feb 17 17
    
	
Thu Feb 16 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Feb 17 17
    	
 
    	
Tue Feb 21 17
    
	
Fri Feb 17 17
    	
 
    	
Sat Feb 18 17
    	
 
    	
 
    	
 
    	
Tue Feb 21 17
    	
 
    	
Wed Feb 22 17
    
	
Sun Feb 19 17
    	
 
    	
Mon Feb 20 17
    	
 
    	
Tue Feb 21 17
    	
 
    	
Wed Feb 22 17
    	
 
    	
Thu Feb 23 17
    
	
Wed Feb 22 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Feb 23 17
    	
 
    	
Fri Feb 24 17
    
	
Thu Feb 23 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Feb 24 17
    	
 
    	
Mon Feb 27 17
    
	
Fri Feb 24 17
    	
 
    	
Sat Feb 25 17
    	
 
    	
 
    	
 
    	
Mon Feb 27 17
    	
 
    	
Tue Feb 28 17
    
	
Sun Feb 26 17
    	
 
    	
Mon Feb 27 17
    	
 
    	
 
    	
 
    	
Tue Feb 28 17
    	
 
    	
Wed Mar 01 17
    
	
Tue Feb 28 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Mar 01 17
    	
 
    	
Thu Mar 02 17
    
	
Wed Mar 01 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Mar 02 17
    	
 
    	
Fri Mar 03 17
    
	
Thu Mar 02 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Mar 03 17
    	
 
    	
Mon Mar 06 17
    
	
Fri Mar 03 17
    	
 
    	
Sat Mar 04 17
    	
 
    	
 
    	
 
    	
Mon Mar 06 17
    	
 
    	
Tue Mar 07 17
    
	
Sun Mar 05 17
    	
 
    	
Mon Mar 06 17
    	
 
    	
 
    	
 
    	
Tue Mar 07 17
    	
 
    	
Wed Mar 08 17
    
	
Tue Mar 07 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Mar 08 17
    	
 
    	
Thu Mar 09 17
    
	
Wed Mar 08 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Mar 09 17
    	
 
    	
Fri Mar 10 17
    
	
Thu Mar 09 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Mar 10 17
    	
 
    	
Mon Mar 13 17
    
	
Fri Mar 10 17
    	
 
    	
Sat Mar 11 17
    	
 
    	
 
    	
 
    	
Mon Mar 13 17
    	
 
    	
Tue Mar 14 17
    
	
Sun Mar 12 17
    	
 
    	
Mon Mar 13 17
    	
 
    	
 
    	
 
    	
Tue Mar 14 17
    	
 
    	
Wed Mar 15 17
    
	
Tue Mar 14 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Mar 15 17
    	
 
    	
Thu Mar 16 17
    
	
Wed Mar 15 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Mar 16 17
    	
 
    	
Fri Mar 17 17
    
	
Thu Mar 16 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Mar 17 17
    	
 
    	
Mon Mar 20 17
    
	
Fri Mar 17 17
    	
 
    	
Sat Mar 18 17
    	
 
    	
 
    	
 
    	
Mon Mar 20 17
    	
 
    	
Tue Mar 21 17
    
	
Sun Mar 19 17
    	
 
    	
Mon Mar 20 17
    	
 
    	
 
    	
 
    	
Tue Mar 21 17
    	
 
    	
Wed Mar 22 17
    
	
Tue Mar 21 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Mar 22 17
    	
 
    	
Thu Mar 23 17
    
	
Wed Mar 22 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Mar 23 17
    	
 
    	
Fri Mar 24 17
    
	
Thu Mar 23 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Mar 24 17
    	
 
    	
Mon Mar 27 17
    
	
Fri Mar 24 17
    	
 
    	
Sat Mar 25 17
    	
 
    	
 
    	
 
    	
Mon Mar 27 17
    	
 
    	
Tue Mar 28 17
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

13

 

	
Sun Mar 26 17
    	
 
    	
Mon Mar 27 17
    	
 
    	
 
    	
 
    	
Tue Mar 28 17
    	
 
    	
Wed Mar 29 17
    
	
Tue Mar 28 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Mar 29 17
    	
 
    	
Thu Mar 30 17
    
	
Wed Mar 29 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Mar 30 17
    	
 
    	
Fri Mar 31 17
    
	
Thu Mar 30 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Mar 31 17
    	
 
    	
Mon Apr 03 17
    
	
Fri Mar 31 17
    	
 
    	
Sat Apr 01 17
    	
 
    	
 
    	
 
    	
Mon Apr 03 17
    	
 
    	
Tue Apr 04 17
    
	
Sun Apr 02 17
    	
 
    	
Mon Apr 03 17
    	
 
    	
 
    	
 
    	
Tue Apr 04 17
    	
 
    	
Wed Apr 05 17
    
	
Tue Apr 04 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Apr 05 17
    	
 
    	
Thu Apr 06 17
    
	
Wed Apr 05 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Apr 06 17
    	
 
    	
Fri Apr 07 17
    
	
Thu Apr 06 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Apr 07 17
    	
 
    	
Mon Apr 10 17
    
	
Fri Apr 07 17
    	
 
    	
Sat Apr 08 17
    	
 
    	
 
    	
 
    	
Mon Apr 10 17
    	
 
    	
Tue Apr 11 17
    
	
Sun Apr 09 17
    	
 
    	
Mon Apr 10 17
    	
 
    	
 
    	
 
    	
Tue Apr 11 17
    	
 
    	
Wed Apr 12 17
    
	
Tue Apr 11 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Apr 12 17
    	
 
    	
Thu Apr 13 17
    
	
Wed Apr 12 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Apr 13 17
    	
 
    	
Mon Apr 17 17
    
	
Thu Apr 13 17
    	
 
    	
Fri Apr 14 17
    	
 
    	
Sat Apr 15 17
    	
 
    	
Mon Apr 17 17
    	
 
    	
Tue Apr 18 17
    
	
Sun Apr 16 17
    	
 
    	
Mon Apr 17 17
    	
 
    	
 
    	
 
    	
Tue Apr 18 17
    	
 
    	
Wed Apr 19 17
    
	
Tue Apr 18 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Apr 19 17
    	
 
    	
Thu Apr 20 17
    
	
Wed Apr 19 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Apr 20 17
    	
 
    	
Fri Apr 21 17
    
	
Thu Apr 20 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Apr 21 17
    	
 
    	
Mon Apr 24 17
    
	
Fri Apr 21 17
    	
 
    	
Sat Apr 22 17
    	
 
    	
 
    	
 
    	
Mon Apr 24 17
    	
 
    	
Tue Apr 25 17
    
	
Sun Apr 23 17
    	
 
    	
Mon Apr 24 17
    	
 
    	
 
    	
 
    	
Tue Apr 25 17
    	
 
    	
Wed Apr 26 17
    
	
Tue Apr 25 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Apr 26 17
    	
 
    	
Thu Apr 27 17
    
	
Wed Apr 26 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Apr 27 17
    	
 
    	
Fri Apr 28 17
    
	
Thu Apr 27 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Apr 28 17
    	
 
    	
Mon May 01 17
    
	
Fri Apr 28 17
    	
 
    	
Sat Apr 29 17
    	
 
    	
 
    	
 
    	
Mon May 01 17
    	
 
    	
Tue May 02 17
    
	
Sun Apr 30 17
    	
 
    	
Mon May 01 17
    	
 
    	
 
    	
 
    	
Tue May 02 17
    	
 
    	
Wed May 03 17
    
	
Tue May 02 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed May 03 17
    	
 
    	
Thu May 04 17
    
	
Wed May 03 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu May 04 17
    	
 
    	
Fri May 05 17
    
	
Thu May 04 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri May 05 17
    	
 
    	
Mon May 08 17
    
	
Fri May 05 17
    	
 
    	
Sat May 06 17
    	
 
    	
 
    	
 
    	
Mon May 08 17
    	
 
    	
Tue May 09 17
    
	
Sun May 07 17
    	
 
    	
Mon May 08 17
    	
 
    	
 
    	
 
    	
Tue May 09 17
    	
 
    	
Wed May 10 17
    
	
Tue May 09 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed May 10 17
    	
 
    	
Thu May 11 17
    
	
Wed May 10 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu May 11 17
    	
 
    	
Fri May 12 17
    
	
Thu May 11 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri May 12 17
    	
 
    	
Mon May 15 17
    
	
Fri May 12 17
    	
 
    	
Sat May 13 17
    	
 
    	
 
    	
 
    	
Mon May 15 17
    	
 
    	
Tue May 16 17
    
	
Sun May 14 17
    	
 
    	
Mon May 15 17
    	
 
    	
 
    	
 
    	
Tue May 16 17
    	
 
    	
Wed May 17 17
    
	
Tue May 16 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed May 17 17
    	
 
    	
Thu May 18 17
    
	
Wed May 17 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu May 18 17
    	
 
    	
Fri May 19 17
    
	
Thu May 18 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri May 19 17
    	
 
    	
Mon May 22 17
    
	
Fri May 19 17
    	
 
    	
Sat May 20 17
    	
 
    	
 
    	
 
    	
Mon May 22 17
    	
 
    	
Tue May 23 17
    
	
Sun May 21 17
    	
 
    	
Mon May 22 17
    	
 
    	
 
    	
 
    	
Tue May 23 17
    	
 
    	
Wed May 24 17
    
	
Tue May 23 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed May 24 17
    	
 
    	
Thu May 25 17
    
	
Wed May 24 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu May 25 17
    	
 
    	
Fri May 26 17
    
	
Thu May 25 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri May 26 17
    	
 
    	
Tue May 30 17
    
	
Fri May 26 17
    	
 
    	
Sat May 27 17
    	
 
    	
 
    	
 
    	
Tue May 30 17
    	
 
    	
Wed May 31 17
    
	
Sun May 28 17
    	
 
    	
Mon May 29 17
    	
 
    	
Tue May 30 17
    	
 
    	
Wed May 31 17
    	
 
    	
Thu Jun 01 17
    
	
Wed May 31 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jun 01 17
    	
 
    	
Fri Jun 02 17
    
	
Thu Jun 01 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jun 02 17
    	
 
    	
Mon Jun 05 17
    
	
Fri Jun 02 17
    	
 
    	
Sat Jun 03 17
    	
 
    	
 
    	
 
    	
Mon Jun 05 17
    	
 
    	
Tue Jun 06 17
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

14

 

	
Sun Jun 04 17
    	
 
    	
Mon Jun 05 17
    	
 
    	
 
    	
 
    	
Tue Jun 06 17
    	
 
    	
Wed Jun 07 17
    
	
Tue Jun 06 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jun 07 17
    	
 
    	
Thu Jun 08 17
    
	
Wed Jun 07 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jun 08 17
    	
 
    	
Fri Jun 09 17
    
	
Thu Jun 08 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jun 09 17
    	
 
    	
Mon Jun 12 17
    
	
Fri Jun 09 17
    	
 
    	
Sat Jun 10 17
    	
 
    	
 
    	
 
    	
Mon Jun 12 17
    	
 
    	
Tue Jun 13 17
    
	
Sun Jun 11 17
    	
 
    	
Mon Jun 12 17
    	
 
    	
 
    	
 
    	
Tue Jun 13 17
    	
 
    	
Wed Jun 14 17
    
	
Tue Jun 13 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jun 14 17
    	
 
    	
Thu Jun 15 17
    
	
Wed Jun 14 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jun 15 17
    	
 
    	
Fri Jun 16 17
    
	
Thu Jun 15 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jun 16 17
    	
 
    	
Mon Jun 19 17
    
	
Fri Jun 16 17
    	
 
    	
Sat Jun 17 17
    	
 
    	
 
    	
 
    	
Mon Jun 19 17
    	
 
    	
Tue Jun 20 17
    
	
Sun Jun 18 17
    	
 
    	
Mon Jun 19 17
    	
 
    	
 
    	
 
    	
Tue Jun 20 17
    	
 
    	
Wed Jun 21 17
    
	
Tue Jun 20 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jun 21 17
    	
 
    	
Thu Jun 22 17
    
	
Wed Jun 21 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jun 22 17
    	
 
    	
Fri Jun 23 17
    
	
Thu Jun 22 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jun 23 17
    	
 
    	
Mon Jun 26 17
    
	
Fri Jun 23 17
    	
 
    	
Sat Jun 24 17
    	
 
    	
 
    	
 
    	
Mon Jun 26 17
    	
 
    	
Tue Jun 27 17
    
	
Sun Jun 25 17
    	
 
    	
Mon Jun 26 17
    	
 
    	
 
    	
 
    	
Tue Jun 27 17
    	
 
    	
Wed Jun 28 17
    
	
Tue Jun 27 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jun 28 17
    	
 
    	
Thu Jun 29 17
    
	
Wed Jun 28 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jun 29 17
    	
 
    	
Fri Jun 30 17
    
	
Thu Jun 29 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jun 30 17
    	
 
    	
Mon Jul 03 17
    
	
Fri Jun 30 17
    	
 
    	
Sat Jul 01 17
    	
 
    	
 
    	
 
    	
Mon Jul 03 17
    	
 
    	
Wed Jul 05 17
    
	
Sun Jul 02 17
    	
 
    	
Mon Jul 03 17
    	
 
    	
 
    	
 
    	
Wed Jul 05 17
    	
 
    	
Thu Jul 06 17
    
	
Tue Jul 04 17
    	
 
    	
Wed Jul 05 17
    	
 
    	
 
    	
 
    	
Thu Jul 06 17
    	
 
    	
Fri Jul 07 17
    
	
Thu Jul 06 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jul 07 17
    	
 
    	
Mon Jul 10 17
    
	
Fri Jul 07 17
    	
 
    	
Sat Jul 08 17
    	
 
    	
 
    	
 
    	
Mon Jul 10 17
    	
 
    	
Tue Jul 11 17
    
	
Sun Jul 09 17
    	
 
    	
Mon Jul 10 17
    	
 
    	
 
    	
 
    	
Tue Jul 11 17
    	
 
    	
Wed Jul 12 17
    
	
Tue Jul 11 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jul 12 17
    	
 
    	
Thu Jul 13 17
    
	
Wed Jul 12 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jul 13 17
    	
 
    	
Fri Jul 14 17
    
	
Thu Jul 13 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jul 14 17
    	
 
    	
Mon Jul 17 17
    
	
Fri Jul 14 17
    	
 
    	
Sat Jul 15 17
    	
 
    	
 
    	
 
    	
Mon Jul 17 17
    	
 
    	
Tue Jul 18 17
    
	
Sun Jul 16 17
    	
 
    	
Mon Jul 17 17
    	
 
    	
 
    	
 
    	
Tue Jul 18 17
    	
 
    	
Wed Jul 19 17
    
	
Tue Jul 18 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jul 19 17
    	
 
    	
Thu Jul 20 17
    
	
Wed Jul 19 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jul 20 17
    	
 
    	
Fri Jul 21 17
    
	
Thu Jul 20 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jul 21 17
    	
 
    	
Mon Jul 24 17
    
	
Fri Jul 21 17
    	
 
    	
Sat Jul 22 17
    	
 
    	
 
    	
 
    	
Mon Jul 24 17
    	
 
    	
Tue Jul 25 17
    
	
Sun Jul 23 17
    	
 
    	
Mon Jul 24 17
    	
 
    	
 
    	
 
    	
Tue Jul 25 17
    	
 
    	
Wed Jul 26 17
    
	
Tue Jul 25 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Jul 26 17
    	
 
    	
Thu Jul 27 17
    
	
Wed Jul 26 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Jul 27 17
    	
 
    	
Fri Jul 28 17
    
	
Thu Jul 27 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Jul 28 17
    	
 
    	
Mon Jul 31 17
    
	
Fri Jul 28 17
    	
 
    	
Sat Jul 29 17
    	
 
    	
 
    	
 
    	
Mon Jul 31 17
    	
 
    	
Tue Aug 01 17
    
	
Sun Jul 30 17
    	
 
    	
Mon Jul 31 17
    	
 
    	
 
    	
 
    	
Tue Aug 01 17
    	
 
    	
Wed Aug 02 17
    
	
Tue Aug 01 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Aug 02 17
    	
 
    	
Thu Aug 03 17
    
	
Wed Aug 02 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Aug 03 17
    	
 
    	
Fri Aug 04 17
    
	
Thu Aug 03 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Aug 04 17
    	
 
    	
Mon Aug 07 17
    
	
Fri Aug 04 17
    	
 
    	
Sat Aug 05 17
    	
 
    	
 
    	
 
    	
Mon Aug 07 17
    	
 
    	
Tue Aug 08 17
    
	
Sun Aug 06 17
    	
 
    	
Mon Aug 07 17
    	
 
    	
 
    	
 
    	
Tue Aug 08 17
    	
 
    	
Wed Aug 09 17
    
	
Tue Aug 08 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Aug 09 17
    	
 
    	
Thu Aug 10 17
    
	
Wed Aug 09 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Aug 10 17
    	
 
    	
Fri Aug 11 17
    
	
Thu Aug 10 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Aug 11 17
    	
 
    	
Mon Aug 14 17
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

15

 

	
Fri Aug 11 17
    	
 
    	
Sat Aug 12 17
    	
 
    	
 
    	
 
    	
Mon Aug 14 17
    	
 
    	
Tue Aug 15 17
    
	
Sun Aug 13 17
    	
 
    	
Mon Aug 14 17
    	
 
    	
 
    	
 
    	
Tue Aug 15 17
    	
 
    	
Wed Aug 16 17
    
	
Tue Aug 15 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Aug 16 17
    	
 
    	
Thu Aug 17 17
    
	
Wed Aug 16 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Aug 17 17
    	
 
    	
Fri Aug 18 17
    
	
Thu Aug 17 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Aug 18 17
    	
 
    	
Mon Aug 21 17
    
	
Fri Aug 18 17
    	
 
    	
Sat Aug 19 17
    	
 
    	
 
    	
 
    	
Mon Aug 21 17
    	
 
    	
Tue Aug 22 17
    
	
Sun Aug 20 17
    	
 
    	
Mon Aug 21 17
    	
 
    	
 
    	
 
    	
Tue Aug 22 17
    	
 
    	
Wed Aug 23 17
    
	
Tue Aug 22 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Aug 23 17
    	
 
    	
Thu Aug 24 17
    
	
Wed Aug 23 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Aug 24 17
    	
 
    	
Fri Aug 25 17
    
	
Thu Aug 24 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Aug 25 17
    	
 
    	
Mon Aug 28 17
    
	
Fri Aug 25 17
    	
 
    	
Sat Aug 26 17
    	
 
    	
 
    	
 
    	
Mon Aug 28 17
    	
 
    	
Tue Aug 29 17
    
	
Sun Aug 27 17
    	
 
    	
Mon Aug 28 17
    	
 
    	
 
    	
 
    	
Tue Aug 29 17
    	
 
    	
Wed Aug 30 17
    
	
Tue Aug 29 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Aug 30 17
    	
 
    	
Thu Aug 31 17
    
	
Wed Aug 30 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Aug 31 17
    	
 
    	
Fri Sep 01 17
    
	
Thu Aug 31 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Sep 01 17
    	
 
    	
Tue Sep 05 17
    
	
Fri Sep 01 17
    	
 
    	
Sat Sep 02 17
    	
 
    	
 
    	
 
    	
Tue Sep 05 17
    	
 
    	
Wed Sep 06 17
    
	
Sun Sep 03 17
    	
 
    	
Mon Sep 04 17
    	
 
    	
 
    	
 
    	
Wed Sep 06 17
    	
 
    	
Wed Sep 06 17
    
	
Tue Sep 05 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Sep 06 17
    	
 
    	
Thu Sep 07 17
    
	
Wed Sep 06 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Sep 07 17
    	
 
    	
Fri Sep 08 17
    
	
Thu Sep 07 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Sep 08 17
    	
 
    	
Mon Sep 11 17
    
	
Fri Sep 08 17
    	
 
    	
Sat Sep 09 17
    	
 
    	
 
    	
 
    	
Mon Sep 11 17
    	
 
    	
Tue Sep 12 17
    
	
Sun Sep 10 17
    	
 
    	
Mon Sep 11 17
    	
 
    	
 
    	
 
    	
Tue Sep 12 17
    	
 
    	
Wed Sep 13 17
    
	
Tue Sep 12 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Sep 13 17
    	
 
    	
Thu Sep 14 17
    
	
Wed Sep 13 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Sep 14 17
    	
 
    	
Fri Sep 15 17
    
	
Thu Sep 14 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Sep 15 17
    	
 
    	
Mon Sep 18 17
    
	
Fri Sep 15 17
    	
 
    	
Sat Sep 16 17
    	
 
    	
 
    	
 
    	
Mon Sep 18 17
    	
 
    	
Tue Sep 19 17
    
	
Sun Sep 17 17
    	
 
    	
Mon Sep 18 17
    	
 
    	
 
    	
 
    	
Tue Sep 19 17
    	
 
    	
Wed Sep 20 17
    
	
Tue Sep 19 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Sep 20 17
    	
 
    	
Thu Sep 21 17
    
	
Wed Sep 20 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Sep 21 17
    	
 
    	
Fri Sep 22 17
    
	
Thu Sep 21 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Sep 22 17
    	
 
    	
Mon Sep 25 17
    
	
Fri Sep 22 17
    	
 
    	
Sat Sep 23 17
    	
 
    	
 
    	
 
    	
Mon Sep 25 17
    	
 
    	
Tue Sep 26 17
    
	
Sun Sep 24 17
    	
 
    	
Mon Sep 25 17
    	
 
    	
 
    	
 
    	
Tue Sep 26 17
    	
 
    	
Wed Sep 27 17
    
	
Tue Sep 26 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Sep 27 17
    	
 
    	
Thu Sep 28 17
    
	
Wed Sep 27 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Sep 28 17
    	
 
    	
Fri Sep 29 17
    
	
Thu Sep 28 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Fri Sep 29 17
    	
 
    	
Mon Oct 02 17
    
	
Fri Sep 29 17
    	
 
    	
Sat Sep 30 17
    	
 
    	
 
    	
 
    	
Mon Oct 02 17
    	
 
    	
Tue Oct 03 17
    
	
Sun Oct 01 17
    	
 
    	
Mon Oct 02 17
    	
 
    	
 
    	
 
    	
Tue Oct 03 17
    	
 
    	
Wed Oct 04 17
    
	
Tue Oct 03 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Wed Oct 04 17
    	
 
    	
Thu Oct 05 17
    
	
Wed Oct 04 17
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Thu Oct 05 17
    	
 
    	
Fri Oct 06 17
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

16

 

SCHEDULE 1.01(s)

 

WORKING CAPITAL AMOUNT EXAMPLE

 

Attached.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

17

	

    	
Working Capital   Charge 10/1/2014 10/2/2014 10/3/2014 10/4/2014 Amount Secured Prepayments   Crude SPP Product SPP 500,000,000 300,000,000 500,000,000 300,000,000   500,000,000 300,000,000 500,000,000 300,000,000 800,000,000 800,000,000   800,000,000 800,000,000 Customer Receivables Crude Receivables Product   Receivables 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000   100,000,000 100,000,000 100,000,000 100,000,000 Prepaid Balances Crude   Prepayments Product Prepayments - 5,000,000 - 5,000,000 - 5,000,000 - 5,000,000   5,000,000 5,000,000 5,000,000 5,000,000 905,000,000 905,000,000 905,000,000   905,000,000 Total Assets Customer Payables Crude Payables Product Payables   Total Liabilities 400,000,000 100,000,000 400,000,000 100,000,000 400,000,000   100,000,000 400,000,000 100,000,000 500,000,000 500,000,000 500,000,000   500,000,000 Net Working Capital 405,000,000 405,000,000 405,000,000   405,000,000 Working Capital Charge BBLs Secured Prepayments Crude SPP Product   SPP 5,000,000 3,000,000 5,000,000 3,000,000 5,000,000 3,000,000 5,000,000   3,000,000 8,000,000 8,000,000 8,000,000 8,000,000 Customer Receivables Crude   Receivables Product Receivables 0 1,000,000 0 1,000,000 0 1,000,000 0   1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Prepaid Balances Crude   Prepayments Product Prepayments - 50,000 - 50,000 - 50,000 - 50,000 50,000   50,000 50,000 50,000 Total Assets 9,050,000 9,050,000 9,050,000 9,050,000   Customer Payables Crude Payables 4,000,000 4,000,000 4,000,000 4,000,000 **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. 
    

 

	

    	
1,000,000   1,000,000 1,000,000 1,000,000 Product Payables Total Liabilities 5,000,000   5,000,000 5,000,000 5,000,000 Net Working Capital 4,050,000 4,050,000   4,050,000 4,050,000 Working Capital Passthrough Working Capital Rate [**]   [**] [**] [**] 3 month Libor Net Annual Rate [**] [**] [**] [**] Net Monthly   Rate [**] [**] [**] [**] Net Daily Rate [**] [**] [**] [**] Crude Working   Capital Passthrough [**] [**] [**] [**] Products Working Capital Passthrough   [**] [**] [**] [**] Total Working Capital Passthrough ** Certain information   in this document has been omitted and filed separately with the Securities   and Exchange Commission. Confidential treatment has been requested with   respect to the omitted portions. [**][**][**][**] [**][**][**][**] 
    

 

	

    	
10/5/2014   10/6/2014 10/7/2014 10/8/2014 10/9/2014 10/10/2014 10/11/2014 500,000,000   300,000,000 500,000,000 300,000,000 500,000,000 300,000,000 500,000,000   300,000,000 500,000,000 300,000,000 500,000,000 300,000,000 500,000,000   300,000,000 800,000,000 800,000,000 800,000,000 800,000,000 800,000,000   800,000,000 800,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0   100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 100,000,000 100,000,000   100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 - 5,000,000 -   5,000,000 - 5,000,000 - 5,000,000 - 5,000,000 - 5,000,000 - 5,000,000 5,000,000   5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 905,000,000   905,000,000 905,000,000 905,000,000 905,000,000 905,000,000 905,000,000   400,000,000 100,000,000 400,000,000 100,000,000 400,000,000 100,000,000   400,000,000 100,000,000 400,000,000 100,000,000 400,000,000 100,000,000   400,000,000 100,000,000 500,000,000 500,000,000 500,000,000 500,000,000   500,000,000 500,000,000 500,000,000 405,000,000 405,000,000 405,000,000   405,000,000 405,000,000 405,000,000 405,000,000 5,000,000 3,000,000 5,000,000   3,000,000 5,000,000 3,000,000 5,000,000 3,000,000 5,000,000 3,000,000   5,000,000 3,000,000 5,000,000 3,000,000 8,000,000 8,000,000 8,000,000   8,000,000 8,000,000 8,000,000 8,000,000 0 1,000,000 0 1,000,000 0 1,000,000 0   1,000,000 0 1,000,000 0 1,000,000 0 1,000,000 1,000,000 1,000,000 1,000,000   1,000,000 1,000,000 1,000,000 1,000,000 - 50,000 - 50,000 - 50,000 - 50,000 -   50,000 - 50,000 - 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000   9,050,000 9,050,000 9,050,000 9,050,000 9,050,000 9,050,000 9,050,000   4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. 
    

 

	

    	
1,000,000   1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 5,000,000   5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 4,050,000   4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**][**][**][**][**][**][**] 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
10/12/2014   10/13/2014 10/14/2014 10/15/2014 10/16/2014 10/17/2014 10/18/2014 500,000,000   300,000,000 500,000,000 300,000,000 500,000,000 300,000,000 500,000,000   300,000,000 500,000,000 300,000,000 500,000,000 300,000,000 500,000,000   300,000,000 800,000,000 800,000,000 800,000,000 800,000,000 800,000,000   800,000,000 800,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0   100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 100,000,000 100,000,000   100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 - 5,000,000 -   5,000,000 - 5,000,000 - 5,000,000 - 5,000,000 - 5,000,000 - 5,000,000   5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000   905,000,000 905,000,000 905,000,000 905,000,000 905,000,000 905,000,000   905,000,000 400,000,000 100,000,000 400,000,000 100,000,000 400,000,000   100,000,000 400,000,000 100,000,000 400,000,000 100,000,000 400,000,000   100,000,000 400,000,000 100,000,000 500,000,000 500,000,000 500,000,000   500,000,000 500,000,000 500,000,000 500,000,000 405,000,000 405,000,000   405,000,000 405,000,000 405,000,000 405,000,000 405,000,000 5,000,000   3,000,000 5,000,000 3,000,000 5,000,000 3,000,000 5,000,000 3,000,000   5,000,000 3,000,000 5,000,000 3,000,000 5,000,000 3,000,000 8,000,000   8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000 0 1,000,000 0   1,000,000 0 1,000,000 0 1,000,000 0 1,000,000 0 1,000,000 0 1,000,000   1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 -   50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 50,000 50,000   50,000 50,000 50,000 50,000 50,000 9,050,000 9,050,000 9,050,000 9,050,000   9,050,000 9,050,000 9,050,000 4,000,000 4,000,000 4,000,000 4,000,000   4,000,000 4,000,000 4,000,000 ** Certain information in this document has   been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. 
    

 

	

    	
1,000,000   1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 5,000,000   5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 4,050,000   4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions.   [**][**][**][**][**][**][**] 
    

 

	

    	
10/19/2014   10/20/2014 10/21/2014 10/22/2014 10/23/2014 10/24/2014 10/25/2014 500,000,000   300,000,000 500,000,000 300,000,000 500,000,000 300,000,000 500,000,000   300,000,000 500,000,000 300,000,000 500,000,000 300,000,000 500,000,000 300,000,000   800,000,000 800,000,000 800,000,000 800,000,000 800,000,000 800,000,000   800,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0   100,000,000 0 100,000,000 0 100,000,000 100,000,000 100,000,000 100,000,000   100,000,000 100,000,000 100,000,000 100,000,000 - 5,000,000 - 5,000,000 -   5,000,000 - 5,000,000 - 5,000,000 - 5,000,000 - 5,000,000 5,000,000 5,000,000   5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 905,000,000 905,000,000   905,000,000 905,000,000 905,000,000 905,000,000 905,000,000 400,000,000   100,000,000 400,000,000 100,000,000 400,000,000 100,000,000 400,000,000   100,000,000 400,000,000 100,000,000 400,000,000 100,000,000 400,000,000   100,000,000 500,000,000 500,000,000 500,000,000 500,000,000 500,000,000   500,000,000 500,000,000 405,000,000 405,000,000 405,000,000 405,000,000   405,000,000 405,000,000 405,000,000 5,000,000 3,000,000 5,000,000 3,000,000   5,000,000 3,000,000 5,000,000 3,000,000 5,000,000 3,000,000 5,000,000   3,000,000 5,000,000 3,000,000 8,000,000 8,000,000 8,000,000 8,000,000   8,000,000 8,000,000 8,000,000 0 1,000,000 0 1,000,000 0 1,000,000 0 1,000,000   0 1,000,000 0 1,000,000 0 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000   1,000,000 1,000,000 1,000,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 -   50,000 - 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 9,050,000   9,050,000 9,050,000 9,050,000 9,050,000 9,050,000 9,050,000 4,000,000   4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. 
    

 

	

    	
1,000,000   1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 5,000,000   5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 4,050,000   4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 4,050,000 [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions.   [**][**][**][**][**][**][**] 
    

 

	

    	
10/26/2014   10/27/2014 10/28/2014 10/29/2014 10/30/2014 10/31/2014 500,000,000   300,000,000 500,000,000 300,000,000 500,000,000 300,000,000 500,000,000   300,000,000 500,000,000 300,000,000 500,000,000 300,000,000 800,000,000   800,000,000 800,000,000 800,000,000 800,000,000 800,000,000 0 100,000,000 0   100,000,000 0 100,000,000 0 100,000,000 0 100,000,000 0 100,000,000   100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 -   5,000,000 - 5,000,000 - 5,000,000 - 5,000,000 - 5,000,000 - 5,000,000   5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 905,000,000   905,000,000 905,000,000 905,000,000 905,000,000 905,000,000 400,000,000   100,000,000 400,000,000 100,000,000 400,000,000 100,000,000 400,000,000   100,000,000 400,000,000 100,000,000 400,000,000 100,000,000 500,000,000   500,000,000 500,000,000 500,000,000 500,000,000 500,000,000 405,000,000   405,000,000 405,000,000 405,000,000 405,000,000 405,000,000 5,000,000   3,000,000 5,000,000 3,000,000 5,000,000 3,000,000 5,000,000 3,000,000   5,000,000 3,000,000 5,000,000 3,000,000 8,000,000 8,000,000 8,000,000 8,000,000   8,000,000 8,000,000 0 1,000,000 0 1,000,000 0 1,000,000 0 1,000,000 0   1,000,000 0 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000   1,000,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 - 50,000 50,000 50,000   50,000 50,000 50,000 50,000 9,050,000 9,050,000 9,050,000 9,050,000 9,050,000   9,050,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. 
    

 

	

    	
1,000,000   1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 5,000,000 5,000,000   5,000,000 5,000,000 5,000,000 5,000,000 4,050,000 4,050,000 4,050,000   4,050,000 4,050,000 4,050,000 [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. [**][**][**][**][**][**][**]   [**][**][**][**][**][**] 
    

 

 

SCHEDULE 1.01(t)

 

PESRM INFRASTRUCTURE

 

	
Refinery (GP)
   Tank
    	
 
    	
Refinery (PB)
   Tank
    	
 
    	
Refinery (SR)
   Tank
    	
 
    	
Refinery Line Fill
    
	
GP1038
    	
 
    	
PB121
    	
 
    	
SR006
    	
 
    	
GPNTF_CSO
    
	
GP1064
    	
 
    	
PB126
    	
 
    	
SR007
    	
 
    	
GPNTF_Gasoil
    
	
GP1065
    	
 
    	
PB128
    	
 
    	
SR008
    	
 
    	
GPNTF_LCO
    
	
GP1066
    	
 
    	
PB129
    	
 
    	
SR014
    	
 
    	
GPNTF_Naphtha
    
	
GP1067
    	
 
    	
PB144
    	
 
    	
SR015
    	
 
    	
GPNTF_tofrom1733
    
	
GP1068
    	
 
    	
PB145
    	
 
    	
SR016
    	
 
    	
PBNY_CSO
    
	
GP1069
    	
 
    	
PB151
    	
 
    	
SR018
    	
 
    	
PBSY_Gasoil
    
	
GP1116
    	
 
    	
PB172
    	
 
    	
SR019
    	
 
    	
PBSY_GCOM
    
	
GP1211
    	
 
    	
PB178
    	
 
    	
SR020
    	
 
    	
PBSY_LCO
    
	
GP1213
    	
 
    	
PB179
    	
 
    	
SR022
    	
 
    	
SRTF_CSO
    
	
GP1214
    	
 
    	
PB253
    	
 
    	
SR023
    	
 
    	
SRTF_GCOM
    
	
GP1215
    	
 
    	
PB27
    	
 
    	
SR025
    	
 
    	
SRTF_ULSD2
    
	
GP1216
    	
 
    	
PB28
    	
 
    	
SR030
    	
 
    	
 
    
	
GP1217
    	
 
    	
PB29
    	
 
    	
SR033
    	
 
    	
 
    
	
GP1218
    	
 
    	
PB33
    	
 
    	
SR034
    	
 
    	
 
    
	
GP1219
    	
 
    	
PB34
    	
 
    	
SR035
    	
 
    	
 
    
	
GP1220
    	
 
    	
PB35
    	
 
    	
SR036
    	
 
    	
 
    
	
GP217
    	
 
    	
PB37
    	
 
    	
SR038
    	
 
    	
 
    
	
GP225
    	
 
    	
PB38
    	
 
    	
SR039
    	
 
    	
 
    
	
GP227
    	
 
    	
PB39
    	
 
    	
SR040
    	
 
    	
 
    
	
GP250
    	
 
    	
PB40
    	
 
    	
SR041
    	
 
    	
 
    
	
GP276
    	
 
    	
PB42
    	
 
    	
SR042
    	
 
    	
 
    
	
GP281
    	
 
    	
PB43
    	
 
    	
SR043
    	
 
    	
 
    
	
GP282
    	
 
    	
PB663
    	
 
    	
SR052
    	
 
    	
 
    
	
GP284
    	
 
    	
PB666
    	
 
    	
SR056
    	
 
    	
 
    
	
GP285
    	
 
    	
PB668
    	
 
    	
SR059
    	
 
    	
 
    
	
GP286
    	
 
    	
PB672
    	
 
    	
SR060
    	
 
    	
 
    
	
GP494
    	
 
    	
PB821
    	
 
    	
SR061
    	
 
    	
 
    
	
GP790
    	
 
    	
PB822
    	
 
    	
SR062
    	
 
    	
 
    
	
GP791
    	
 
    	
PB823
    	
 
    	
SR063
    	
 
    	
 
    
	
GP792
    	
 
    	
PB824
    	
 
    	
SR065
    	
 
    	
 
    
	
GP793
    	
 
    	
PB825
    	
 
    	
SR066
    	
 
    	
 
    
	
GP798
    	
 
    	
PB83
    	
 
    	
SR073
    	
 
    	
 
    
	
GP799
    	
 
    	
PB833
    	
 
    	
SR074
    	
 
    	
 
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

18

 

	
 
    	
 
    	
PB835
    	
 
    	
SR075
    	
 
    	
 
    
	
 
    	
 
    	
PB84
    	
 
    	
SR076
    	
 
    	
 
    
	
 
    	
 
    	
PB85
    	
 
    	
SR077
    	
 
    	
 
    
	
 
    	
 
    	
PB881
    	
 
    	
SR078
    	
 
    	
 
    
	
 
    	
 
    	
PB882
    	
 
    	
SR090
    	
 
    	
 
    
	
 
    	
 
    	
PB883
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
PB884
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
PB885
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
PB886
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
PBRM39
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
PBRM40
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
PBRM41
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
PBRM79
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
PBRM80
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
PBRM90
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
PBRM91
    	
 
    	
 
    	
 
    	
 
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

19

 

SCHEDULE 1.01(u)

 

SUNOCO PMT INFRASTRUCTURE

 

	
SPMT Fort Mifflin Terminal
    	
 
    	
#4 Hog Island Road
    	
 
    	
Philadelphia
    	
 
    	
PA
    	
 
    	
19153
    	
 
    	
All Crude Tanks
    	
 
    	
 
    
	
SPMT Darby Creek Tank Farm
    	
 
    	
1201 Calcon-Hook Rd
    	
 
    	
Sharon Hil
    	
 
    	
PA
    	
 
    	
19079
    	
 
    	
All Crude Tanks
    	
 
    	
 
    
	
SPMT Hog Island Wharf
    	
 
    	
4 Atlantic Avenue
    	
 
    	
Essington
    	
 
    	
PA
    	
 
    	
19029
    	
 
    	
No Tanks - Dock only
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Eagle Point 402
    	
 
    	
15MV2
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Eagle Point 403
    	
 
    	
15MV2
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Eagle Point 404
    	
 
    	
15MV2
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Eagle Point 19
    	
 
    	
HO Comp
    
	
SPMT, Eagle Point
    	
 
    	
1000 Crown Point Rd.
    	
 
    	
Westville
    	
 
    	
NJ
    	
 
    	
08093-1317
    	
 
    	
Eagle Point 20
    	
 
    	
HO Comp
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Eagle Point 30
    	
 
    	
HO Comp
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Eagle Point 118
    	
 
    	
VGO
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Eagle Point 2
    	
 
    	
CSO
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Eagle Point 4
    	
 
    	
VTB
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Eagle Point 10
    	
 
    	
Crude Oil
    
	
SPMT Marcus Hook
    	
 
    	
100 Green Street
    	
 
    	
Marcus Hook
    	
 
    	
PA
    	
 
    	
19013
    	
 
    	
Caverns #1, #2, & #3
    	
 
    	
Butane
    
	
Belmont Truck Rack
    	
 
    	
2700 Passyunk Ave.
    	
 
    	
Philadelphia
    	
 
    	
PA
    	
 
    	
19145
    	
 
    	
 
    	
 
    	
 
    
	
Westville Rack
    	
 
    	
1000 Crown Point Rd.
    	
 
    	
Westville
    	
 
    	
NJ
    	
 
    	
08093
    	
 
    	
 
    	
 
    	
 
    
	
Kingston Rack
    	
 
    	
60 S. Wyoming Ave.
    	
 
    	
Edwardsville
    	
 
    	
PA
    	
 
    	
18704
    	
 
    	
 
    	
 
    	
 
    
	
Fullerton Rack
    	
 
    	
2480 Main Street
    	
 
    	
Whitehall
    	
 
    	
PA
    	
 
    	
18052
    	
 
    	
 
    	
 
    	
 
    
	
Tonawanda Rack
    	
 
    	
3733 River Road
    	
 
    	
Tonawanda
    	
 
    	
NY
    	
 
    	
14150
    	
 
    	
 
    	
 
    	
 
    
	
Rochester Rack
    	
 
    	
1840 Lyell Ave.
    	
 
    	
Rochester
    	
 
    	
NY
    	
 
    	
14606
    	
 
    	
 
    	
 
    	
 
    
	
Van Buren Rack
    	
 
    	
2951 Energy Drive
    	
 
    	
Warners
    	
 
    	
NY
    	
 
    	
13164
    	
 
    	
 
    	
 
    	
 
    
	
Exton Terminal
    	
 
    	
601 Lincoln Highway
    	
 
    	
Exton
    	
 
    	
PA
    	
 
    	
19341
    	
 
    	
 
    	
 
    	
 
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

SCHEDULE 1.01(v)

 

SUNOCO PIPELINE INFRASTRUCTURE

 

	
Refinery Line Fill
    	
 
    	
DCTF to 137
    	
 
    	
KEYSTONE
    
	
 
    	
 
    	
GPNSL
    	
 
    	
PB12 PBPS
    
	
 
    	
 
    	
GPSSL
    	
 
    	
PB30DFM
    
	
 
    	
 
    	
HI SRTF
    	
 
    	
PB8 PBPS
    
	
 
    	
 
    	
IRPL 3N
    	
 
    	
PBFM1
    
	
 
    	
 
    	
IRPL 4N
    	
 
    	
PBFM4
    
	
 
    	
 
    	
IRPL 5N
    	
 
    	
PBFMGULF
    
	
 
    	
 
    	
 
    	
 
    	
SRTFFM2
    

 

	
Sunoco Pipeline
    	
1818 Market St
    	
Philadelphia
    	
PA
    	
19103
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 1.01(w)

 

OTHER THIRD PARTY INFRASTRUCTURE

 

	
KMI, Carteret, NJ
    	
 
    	
78 Lafayette Street
    	
 
    	
Carteret
    	
 
    	
NJ
    	
 
    	
07008
    	
 
    	
ULSD2 - tanks 1, 2, 14
    
	
NuStar, Linden   NJ
    	
 
    	
3700 South Wood Ave
    	
 
    	
Linden
    	
 
    	
NJ
    	
 
    	
07036
    	
 
    	
Tanks 15020 and 15022 - gasoline
    
	
Colonial   Pipeline
    	
 
    	
P.O. Box 101789
    	
 
    	
Atlanta
    	
 
    	
GA
    	
 
    	
30392
    	
 
    	
 
    
	
Buckeye Pipeline
    	
 
    	
One Greenway Plaza
    	
 
    	
Houston
    	
 
    	
TX
    	
 
    	
77046
    	
 
    	
 
    
	
Transflo
    	
 
    	
3600 Moore Street
    	
 
    	
Philadelphia
    	
 
    	
PA
    	
 
    	
19145
    	
 
    	
 
    
	
Sinking Spring   Rack
    	
 
    	
901 Mountain Home Road
    	
 
    	
Sinking Spring
    	
 
    	
PA
    	
 
    	
19608
    	
 
    	
 
    
	
HIghspire   Terminal
    	
 
    	
900 Eisenhower Blvd.
    	
 
    	
Middletown
    	
 
    	
PA
    	
 
    	
17057
    	
 
    	
 
    
	
Mechanicsburg   Terminal
    	
 
    	
127 Texaco Roard
    	
 
    	
Mechanicsburg
    	
 
    	
PA
    	
 
    	
17050
    	
 
    	
 
    
	
Altoona Rack
    	
 
    	
1100 Burns Ave.
    	
 
    	
Altoona
    	
 
    	
PA
    	
 
    	
16602
    	
 
    	
 
    
	
Northumberland   Rack
    	
 
    	
P.O. Box 300, Route 11 North
    	
 
    	
Northumberland
    	
 
    	
PA
    	
 
    	
17857
    	
 
    	
 
    
	
Allentown Rack
    	
 
    	
1134 N. Quebec St.
    	
 
    	
Allentown
    	
 
    	
PA
    	
 
    	
18109
    	
 
    	
 
    
	
Coraopolis South   Rack
    	
 
    	
9 Thom Street
    	
 
    	
Coraopolis
    	
 
    	
PA
    	
 
    	
15108
    	
 
    	
 
    
	
Dupont Rack
    	
 
    	
RD 675 Suscon Road
    	
 
    	
Pittston
    	
 
    	
PA
    	
 
    	
18640
    	
 
    	
 
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 1.01(x)

 

BUTANE RAIL FACILITY

 

Located in the Girard Point’s South Yard in the most southern portion of the Refinery, the Butane Rail Facility was constructed in 2014.  Originally a lubes manufacturing and process for Gulf Oil, the site had been mostly unutilized since the mid 1980’s, with the exception of a benzene railcar unloading, which continues today.  Consisting of 14 rail sidings with 36 unloading/loading stations and storage for 116 railcars, the site covers 13.5 acres and includes 2.5 miles of rail track, 1,300 feet of platforms, a 52’ x 56’ elevated equipment pad, a 90,000-gallon storage vessel, a control room, and associated electrical and instrumentation equipment.  Additionally, the site includes 2.5 acres of land leased from PECO to accommodate an access road and security fencing near the rail entrance point, as well as a 0.78 acre lease from Conrail for the lead track and security fencing.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 2.02(d)

 

FORM OF SOLVENCY CERTIFICATE

 

I, the undersigned, the chief financial officer of Philadelphia Energy Solutions Refining and Marketing LLC, a Delaware limited liability company (“PESRM”), DO HEREBY CERTIFY, to the best of my knowledge, on behalf of PESRM, and not in my individual capacity, that:

 

I.             This Certificate is furnished pursuant to Section 2.02(d) of that certain Amended and Restated Supply and Offtake Agreement, dated as of October 7, 2014 (as in effect as of the date hereof, the “A&R Supply and Offtake Agreement”), among PESRM, the Guarantors (as defined therein) party thereto (together with PESRM, the “Transaction Parties,” and each, a “Transaction Party”) and Merrill Lynch Commodities, Inc. (“MLC”).  Capitalized terms used but not defined herein have the meanings ascribed to them in the A&R Supply and Offtake Agreement.

 

II.            I am familiar with the historical and current financial condition of the Transaction Parties on a consolidated basis as an authorized officer of PESRM.  In preparing this certificate, I have made such investigations and inquiries as I deem necessary and prudent in connection with the matters set forth herein and have reviewed the terms of the A&R Supply and Offtake Agreement and the other PESRM Transaction Documents.

 

III.          Based upon the foregoing, I have reached the conclusions that as of the date hereof, after giving effect to the A&R Supply and Offtake Agreement and other PESRM Transaction Documents (including any transactions contemplated thereunder) to be consummated on the date of this certificate:

 

a.             The sum of the present fair saleable value of the assets owned by the Transaction Parties on a consolidated basis, on a going concern basis, is greater than the total amount of liabilities (including contingent and unliquidated) of the Transaction Parties on a consolidated basis as they become absolute and matured.  The amount of contingent or unliquidated liabilities having been computed at an amount that, in light of all of the facts and circumstances existing at the Effective Date, represents the amount that can reasonably be expected to become an actual or matured liability.

 

b.             The Transaction Parties do not, on a consolidated basis, have unreasonably small capital in relation to their business.

 

c.             The Transaction Parties, on a consolidated basis, have not incurred, do not intend to incur, and do not believe they will incur, debts beyond their ability to pay such debts as such debts mature in the ordinary course of business.

 

[Remainder of Page Intentionally Left Blank]

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

IN WITNESS WHEREOF, the undersigned has hereunto set his hand this     day of October, 2014.

 

 

	
 
    	
By:
    	
 
    
	
 
    	
Name:   James T. Rens
    
	
 
    	
Title:   Chief Financial Officer
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 2.02(a)

 

POST-CLOSING THIRD PARTY CONSENT AGREEMENTS

 

None.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 2.02(k)

 

MATERIAL APPROVALS

 

None.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 3.01(b)

 

CO DELIVERY POINTS

 

Delivery Points for Current Assets are listed below.

 

	
Delivery Point
    	
 
    	
Meaning
    
	
BOM - P/L, B, Gauge
    	
 
    	
Bureau of Mines Calculation, based on pipeline   tickets, barge tickets, and production estimates from tank gauge changes
    
	
BOM - Rail/Gauge
    	
 
    	
Bureau of Mines Calculation, based on rail tickets,   and production estimates from tank gauge changes
    
	
BOM - B, Gauge
    	
 
    	
Bureau of Mines Calculation, based on barge tickets,   and production estimates from tank gauge changes
    
	
BOM - Mostly Gauge
    	
 
    	
Bureau of Mines Calculation, based production   estimates from mostly tank gauge changes, although tickets from pipeline and   barge are possible
    
	
BOM - P/L, R, Gauge
    	
 
    	
Bureau of Mines Calculation, based on pipeline   tickets, rail tickets, and production estimates from tank gauge changes
    
	
BOM - P/L, Gauge
    	
 
    	
Bureau of Mines Calculation, based on pipeline   tickets, and production estimates from tank gauge changes
    
	
Pipeline In Transit
    	
 
    	
Pipeline tickets for volume in transit
    
	
BOM - B, Gauge
    	
 
    	
Bureau of Mines Calculation, based on barge tickets,   and production estimates from tank gauge changes
    
	
BOM - Gauge
    	
 
    	
Bureau of Mines Calculation, based production   estimates from mostly tank gauge changes; tickets from pipeline and barge are   rare
    

 

	
Infrastructure Description
    	
 
    	
Infrastructure ID
    	
 
    	
Delivery Point
    
	
Crude Oil
    	
 
    	
 
    	
 
    	
 
    
	
Refinery (DC) Tank
    	
 
    	
DC003
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC004
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC005
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC006
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC007
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC010
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC011
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC012
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC013
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC014
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC015
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC016
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC017
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC018
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC019
    	
 
    	
BOM - B, Gauge
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	
 
    	
 
    	
DC020
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC021
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC022
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC023
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC024
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC027
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC028
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC031
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC034
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
DC035
    	
 
    	
BOM - B, Gauge
    
	
Refinery (PB) Tank
    	
 
    	
PB826
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
PB840
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
PB841
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
PB843
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
PB847
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
PB851
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
PB852
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
PB854
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
PB855
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
PB856
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
PB881
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
PB882
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
PB883
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
PB884
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
PB885
    	
 
    	
BOM - B, Gauge
    
	
 
    	
 
    	
PB886
    	
 
    	
BOM - B, Gauge
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 3.05(a)

 

FORM OF DAILY ACTUAL PRODUCTION BOOK

 

Attached.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	

    	
SCHEDULE   3.05(a) FORM OF DAILY ACTUAL PRODUCTION BOOK PHILADELPHIA REFINERY PRODUCTION   BOOK FOR September 1, 2014 to September 22, 2014 FAMILY GROUP PRODUCT   DESCRIPTION BEGINNING INVENTORY RECEIPT SHIPMENT CONSUMED ENDING INVENTORY   INVENTORY CHANGE PRODUCTION VOLUME BPCD *** CHARGES *** CRUDE OIL BCR 300500   CRD - Offtest Dist to Crude CRD - Offtest Gasoline to Crude CRD-ESPOIR   CRD-WEST HACKBERRY SWT CRD-BAKKEN MARINE CRD-BAKKEN MARINE SUMMER CRD-BAKKEN   MARINE WINTER CRD-BAKKEN RAILCAR CRD-BAKKEN RAILCAR SUMMER CRD-BAKKEN RAILCAR   WINTER CRD-TAMPA CRD - Offtest VGO to Crude CRD - Offtest Resid to Crude   CRD-USAN CRD-EAGLE FORD SHALE CRD-EAGLE FORD SHALE Hvy 45 API 32619 0 0 0   32642 23 -23 -1 300600 0 0 0 0 0 0 0 0 300800 301000 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 301700 180917 448878 0 0 135473 -45444 494322 22468 301701 0 0 0 0 0   0 0 0 301702 0 0 0 0 0 0 0 0 302700 428379 3015616 0 0 379631 -48748 3064364   139289 302701 0 0 0 0 0 0 0 0 302702 0 0 0 0 0 0 0 0 302800 303100 0 853 0 0   0 0 0 0 0 849 0 -4 0 4 0 0 303200 0 0 0 0 0 0 0 0 303300 304000 4010 509837 0   757002 0 0 0 0 4020 419419 10 -90418 -10 847420 0 38518 304001 0 0 0 0 0 0 0   0 ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. 
    

 

	

    	
304800 307000   309000 400000 412200 CRD-LULA CRD-CARDIUM CRD-NIOBRARA CRD-OKONO CRD-NWSHELF   COND CRD-BAOBAB CRD-BONGA CRD-ALBA CRD-WHITE ROSE CRD-ES SAHARA CRD-AZERI LT   CRD-ERHA CRD-ABO CRD-TERRA NOVA CRD-KUMKOL CRD-ASGARD BLEND CRD-ZAFIRO   CRD-DALIA CRD-PUROVSKY COND CRD-STYBARROW CRD-REMBOUE CRD-QARUN CRD-MIXED   SWEET BLEND CANADIAN CRD-WTI LONGVIEW CRD-LT LOUISIANA SW CRD-EA CRD-KIKEH   CRD-ESCALANTE CRD-SLEIPNER COND CRD-BRENT BLEND CRD-AMNA CRD-SARIR   CRD-FORTIES 0 0 0 0 0 0 0 69527 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 69527 0 0 0 0 3160 0 0 412500 413400 414000 414100 414200 415100 415200   415700 417300 417400 417500 0 0 0 371646 0 59656 0 0 0 0 0 0 0 0 455051 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 173672 0 23847 0 0   0 0 0 0 0 0 -197974 0 -35809 0 0 0 0 0 0 0 0 653025 0 35809 0 0 0 0 0 0 0 0   29682 0 1627 0 0 0 0 0 418000 418100 418500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 418800 418900 419000 422800 0 0 0 12179 0 0 0 135135 0 0 0 0 0   0 0 0 0 0 0 7577 0 0 0 -4602 0 0 0 139737 0 0 0 6351 425400 128937 0 0 0   24134 -104803 104803 4763 425500 0 0 0 0 0 0 0 0 426500 426600 426700 426800   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 440200 440900   441000 441600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   ** Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. 
    

 

	

    	
442300 442400   CRD-LUCINA CRD-ECUADOR ORIENT CRD-EKOFISK CRD-BONNY LIGHT CRD-MIXED CRUDE   CRD-SAHARAN CRD-CABINDA CRD-NIGERIAN MED CRD-ZARZATINE CRD-FORCADOS   CRD-ESCRAVOS CRD-BRASS RIVER CRD-MINAS CRD-QUA IBO CRD-OSEBERG CRD-PENNINGTON   CRD-FOREIGN - MISC CRD-NINIAN CRD-KOLE CRD-OKLA SW CRD-OLMECA CRD-GULLFAKS   CRD-ANTAN CRD-PALANCA CRD-CANO LIMION CRD-LORETTA CRD-ORITO CRD-DRAUGEN   CRD-NEMBA CRD-CUSIANA CRD-RABI LIGHT CRD-N KOSSA CRD-KITINA CRD-HIBERNIA   CRD-NORNE CRD-TROLL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 442900 443000 443580   444701 445000 446300 0 0 33051 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   33051 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 447100 447600 447700 447800   448300 448700 449100 449300 449400 0 0 0 0 0 0 0 0 21116 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 21116 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 449700 449800 450900 451000 451100 451200   451300 451400 451500 451600 452300 452400 452500 453000 453700 453800 454400   455900 456400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. 
    

 

	

    	
456500 456600   456700 456800 459500 CRD-AMENAM CRD-FOINAVEN CRD-UKPOKITI CRD-COCO CRD-OSO   CONDENSATE CRD-LIONFIELD CRD-IMA CRD-ZUATA CRD-YOHO CRD-RABI LIGHT/T'CHATAMBA   CRD-ETAME CRD-GIRASSOL CRD-SLOP IN CRUDE CRD-DOBA CRD-KUITO CRD-BINTULU LT   COND CRD-BINTULU HVY COND CRD-SENIPAH COND CRD-SAXI BLEND CRD-SABLE ISLAND   COND CRD-AKPO CRD-AGBAMI CRD-OSTRA CRD-JUBILEE ** SUBTOTAL BCR ** *** TOTAL   CHARGES *** 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 483500 489100 489600 489700 489800 0 0 0 0 37809 0 0 0 0 649157   0 0 0 0 0 0 0 0 0 0 0 0 0 0 237058 0 0 0 0 199249 0 0 0 0 449908 0 0 0 0   20449 489900 492400 492500 0 0 35981 0 0 0 0 0 0 0 0 0 0 0 33104 0 0 -2877 0   0 2877 0 0 130 492600 492800 493200 282766 0 0 952228 0 0 0 0 0 0 0 0 360468   0 0 77702 0 0 874526 0 0 39751 0 0 493300 0 0 0 0 0 0 0 0 493400 0 0 0 0 0 0   0 0 493500 493600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 499100 499600 499300 499500   0 0 0 0 2139756 2139756 0 0 0 0 6482594 6482594 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 1886061 1886061 0 0 0 0 -253695 -253695 0 0 0 0 6736289 6736289 0 0 0 0   306187 306187 *** YIELDS *** FIN GASO U87 023800 023820 023830 108100 127400   83 CB 83 CB 7.8 83 CB 6.8 87RFG 10% 87 CF 117282 43957 0 0 0 0 51192 0 0 0   896170 123045 0 0 0 0 0 0 0 0 258343 2280 0 0 0 141061 -41677 0 0 0 1037231   30176 0 0 0 47146 1372 0 0 0 ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. 
    

 

	

    	
133400 83 RB **   SUBTOTAL U87 ** 91 RB 91 RB - EXPORT 91 CBOB 9.0# 91.3 CBOB 7.8# 91.3 CBOB   6.8# ** SUBTOTAL U91 ** 93 CF 93 CF 7.8 ** SUBTOTAL U93 ** ALKYLATE GASOLINE   COMS GTAB UNTREATED CAT GAS HEAVY REFORMATE LIGHT CAT GASOLINE TREATED CAT   GAS ** SUBTOTAL PRM ** UDEX RAFFINATE ** SUBTOTAL RAF ** ETHANOL ** SUBTOTAL   ETH ** HS2FO 500MV2 15MV2 ULSD 15MV2 - Export 500LMV NR2FOD DIST BLDSTK   UNDYED 15MV2 WB DIST BS HO COMP HEATING OIL 15ULS UNDYED 259802 421041 136156   0 82038 32546 0 250740 0 0 0 106026 65851 0 31980 0 51192 0 0 0 0 0 0 0 0 0 0   25801 0 0 1177917 2197132 751711 0 390822 22372 0 1164905 0 0 0 4958 85785 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 261452 522075 135219 0 84059 0 0 219278 0 0 0   81574 88657 0 48431 1650 101034 -937 0 2021 -32546 0 -31462 0 0 0 -24452   22806 0 16451 1179567 2246974 750774 0 392843 -10174 0 1133443 0 0 0 -19494   82790 0 16451 53616 102134 34125 0 17855 -462 0 51518 0 0 0 -887 3763 0 747   U91 132100 132200 225000 225020 225030 U93 134100 134120 GASO COMP PRM 000500   042600 117700 492900 496500 79160 85391 110615 0 55598 -23562 1662 75 497000   0 0 0 0 0 0 0 0 497100 85199 368216 46046 46046 0 0 0 0 424558 0 0 111192 0 0   0 0 0 0 3670 0 0 201358 0 0 0 0 0 0 1722856 125888 0 0 0 0 0 0 0 0 0 0 152609   426869 93631 93631 0 0 0 0 316112 0 67410 58653 47585 47585 0 0 0 0 -108446 0   67410 148819 47585 47585 0 0 0 0 1610740 125888 3063 6761 2162 2162 0 0 0 0   73214 5722 RAFFINATE RAF 425900 ETHA ETH 084800 FIN. DIST. DIS 001800 004600   224600 224630 224700 224706 225500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 226000 226800 227300 227900 0 0 133348 0 0 0 114975 0 0 0 144307 488933   0 0 0 0 0 0 103951 0 0 0 -29397 0 0 0 -65 488933 0 0 -2 22224 ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. 
    

 

	

    	
228106 Non-Hwy   #2 15 NLRM Dyed Locomotive Marine 15LM2 ULSD 15MV2 B2 Soy ULSD 15MV2 B4.5 Soy   ULSD 15MV2 B5 Soy ** SUBTOTAL DIS ** HEAVY DISTILLATE LCO DISCOM (TRANSFER)   LCO - Treated ** SUBTOTAL DBS ** LIGHT DISTILLATE 0 0 0 0 0 0 0 0 228108 0 0   0 0 0 0 0 0 228700 228710 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 228720 0 557906   26444 213697 0 0 118645 0 0 0 0 2481984 0 0 0 0 0 0 0 0 0 420063 23018 193615   0 0 -137843 -3426 -20082 0 0 2225496 -3426 -20082 0 0 101158 -155 -912 0 DIS   BLD STK DBS 002700 005300 042500 136900 0 240141 0 0 0 0 0 0 0 0 0 0 0 216633   0 0 -23508 0 0 -23508 0 0 -1067 0 JET/KERO/JP 8 JKS 004100 005800 023101   224400 KERO JET A 15MV1 ** SUBTOTAL JKS ** Hi-Vis #6 Fuel Oil .3% #6 FUEL OIL   MAIN FRAC BTMS 1.0% #6 FUEL OIL ** SUBTOTAL RSF ** PROPANE PROPANE -   UNSTENCHED LPG OFF TEST PROPANE ** SUBTOTAL LPG ** LT-NAPHTHA NAPHVY - Heavy   Naphtha HVY-NAPHTHA ** SUBTOTAL NAP ** UDEX FEED STOCK ** SUBTOTAL UDC ** 0   29785 41366 71151 0 182247 149742 0 331989 8093 0 0 25985 0 25985 0 0 0 0 0 0   0 0 340361 14116 354477 0 306852 286532 0 593384 138436 13936 0 0 0 0 0 0 0 0   0 0 0 0 63570 121201 184771 0 118834 143779 0 262613 11278 0 0 33785 79835 113620   0 -63413 -5963 0 -69376 3185 0 0 348161 93951 442112 0 243439 280569 0 524008   141621 13936 0 15825 4270 20095 0 11065 12753 0 23818 6436 632 RESID OILS RSF   007200 428300 428900 429600 PROPANE LPG 003300 003900 004300 040600 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 8093 76494 0 0 0 0 152372 0 0 0 0 0 11278 127625 0 3185   51131 0 155557 51131 0 7068 2323 0 NAPHTHA NAP 442500 017400 443300 138950   215444 35941 35941 0 0 0 0 0 0 0 0 0 0 0 0 277190 404815 31267 31267 138240   189371 -4674 -4674 138240 189371 -4674 -4674 6283 8606 -212 -212 UDEX FEED   UDC 495400 ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. 
    

 

	

    	
CHEMICALS BEN   006700 166000 BENZENE BENZENE - Logics ** SUBTOTAL BEN ** CUMENE Cumene (gal)   ** SUBTOTAL CUM ** PP ** SUBTOTAL PPM ** SULFUR ** SUBTOTAL SUL ** TOLUENE   TOLUENE - Logics ** SUBTOTAL TOL ** MIXED BUTANE MIXED NORMAL HIGH PURITY   NORM BUT ** SUBTOTAL NBT ** ISO BUTANE ** SUBTOTAL ISO ** BB ** SUBTOTAL BBM   ** VGO CRUDE-REDUCED ** SUBTOTAL FCC ** RECOVERED OIL TRANSMIX ** SUBTOTAL   REC ** HYDROGEN REF GAS - FUEL (FOEB) COKE-FCCU ** SUBTOTAL GAS ** *** TOTAL   YIELDS *** **** REFINERY TOTAL **** **** GAIN **** 20749 0 20749 60804 0   60804 6723 6723 431 431 0 0 0 136957 0 0 33220 0 33220 0 0 0 0 0 0 0 0 0 0   299917 0 0 0 0 0 80703 0 80703 66420 66420 2955 2955 0 0 0 69270 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 27838 0 27838 63020 0 63020 6366 6366 431 431 0 0 0   124221 0 0 7089 0 7089 2216 0 2216 -357 -357 0 0 0 0 0 -12736 0 0 -26131 0   -26131 82919 0 82919 66063 66063 2955 2955 0 0 0 -243383 0 0 -1187 0 -1187   3769 0 3769 3002 3002 134 134 0 0 0 -11062 0 0 CUM 038300 138200 PPM 009500   SUL 009400 TOL 006800 007610 NORMAL BUT NBT 223300 439000 439001 136957 39016   39016 11749 11749 279295 6527 285822 7026 0 7026 0 0 299917 105397 105397 0 0   132498 0 132498 0 0 0 0 0 69270 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 209147 124221 11703 11703 8654 8654 205042 6527 211569 10353 0 10353 0 0   -12736 -27313 -27313 -3095 -3095 -74253 0 -74253 3327 0 3327 0 0 -243383   -132710 -132710 -3095 -3095 -206751 0 -206751 3327 0 3327 0 209147 -11062   -6032 -6032 -140 -140 -9397 0 -9397 150 0 150 0 9506 ISO BUTANE ISO 001001 BB   MIX BBM 000800 FCC FEED FCC 016000 446500 RECVD OIL REC 010400 018201 MFG   FUEL GAS 007100 042700 042800 0 0 3115985 5255741 0 0 878046 7360640 0 0   7364960 7364960 143418 352565 352565 352565 0 0 3257448 5143509 0 0 141463   -112232 143418 352565 6980942 13717231 -244653 6518 16024 317302 623489   -11115 *** Important - New products have been added to Advisor that have not   been included on this report. Please inform technical support. ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. 
    

 

 

	

    	
PHILADELPHIA   REFINERY PRODUCTION BOOK FOR September 1, 2014 to September 23, 2014 FAMILY   GROUP PRODUCT DESCRIPTION BEGINNING INVENTORY RECEIPT SHIPMENT CONSUMED   ENDING INVENTORY INVENTORY CHANGE PRODUCTION VOLUME BPCD *** CHARGES ***   CRUDE OIL BCR 300500 CRD - Offtest Dist to Crude CRD - Offtest Gasoline to   Crude CRD-ESPOIR CRD-WEST HACKBERRY SWT CRD-BAKKEN MARINE CRD-BAKKEN MARINE   SUMMER CRD-BAKKEN MARINE WINTER CRD-BAKKEN RAILCAR CRD-BAKKEN RAILCAR SUMMER   CRD-BAKKEN RAILCAR WINTER CRD-TAMPA CRD - Offtest VGO to Crude CRD - Offtest   Resid to Crude CRD-USAN CRD-EAGLE FORD SHALE CRD-EAGLE FORD SHALE HVY 45 API   CRD-LULA CRD-CARDIUM CRD-NIOBRARA CRD-OKONO CRD-NWSHELF 32619 0 0 0 32614 -5   5 0 300600 0 0 0 0 0 0 0 0 300800 301000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 301700   180917 448878 0 0 127687 -53230 502108 21830 301701 0 0 0 0 0 0 0 0 301702 0   0 0 0 0 0 0 0 302700 428379 3149266 0 0 364858 -63521 3212787 139686 302701 0   0 0 0 0 0 0 0 302702 0 718 0 0 0 0 718 31 302800 303100 0 853 0 0 0 0 0 0 0   848 0 -5 0 5 0 0 303200 0 0 0 0 0 0 0 0 303300 304000 4010 509837 0 757002 0   0 0 0 4019 374426 9 -135411 -9 892413 0 38799 304001 0 0 0 0 0 0 0 0 304800   307000 309000 400000 412200 0 0 0 0 0 0 0 69527 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 69527 0 0 0 0 3022 0 0 ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. 
    

 

	

    	
COND CRD-BAOBAB   CRD-BONGA CRD-ALBA CRD-WHITE ROSE CRD-ES SAHARA CRD-AZERI LT CRD-ERHA CRD-ABO   CRD-TERRA NOVA CRD-KUMKOL CRD-ASGARD BLEND CRD-ZAFIRO CRD-DALIA CRD-PUROVSKY   COND CRD-STYBARROW CRD-REMBOUE CRD-QARUN CRD-MIXED SWEET BLEND CANADIAN   CRD-WTI LONGVIEW CRD-LT LOUISIANA SW CRD-EA CRD-KIKEH CRD-ESCALANTE   CRD-SLEIPNER COND CRD-BRENT BLEND CRD-AMNA CRD-SARIR CRD-FORTIES CRD-LUCINA   CRD-ECUADOR ORIENT CRD-EKOFISK CRD-BONNY LIGHT 412500 413400 414000 414100   414200 415100 415200 415700 417300 417400 417500 0 0 0 371646 0 59656 0 0 0 0   0 0 0 0 455051 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 165545 0 23653 0 0 0 0 0 0 0 0 -206101 0 -36003 0 0 0 0 0 0 0 0 661152 0   36003 0 0 0 0 0 0 0 0 28745 0 1565 0 0 0 0 0 418000 418100 418500 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 418800 418900 419000 422800 0 0 0 12179 0   0 0 135135 0 0 0 0 0 0 0 0 0 0 0 3705 0 0 0 -8474 0 0 0 143609 0 0 0 6243   425400 128937 0 0 0 23291 -105646 105646 4593 425500 0 0 0 0 0 0 0 0 426500   426600 426700 426800 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 440200 440900 441000 441600 442300 442400 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 442900   443000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. 
    

 

	

    	
443580 444701   445000 446300 CRD-MIXED CRUDE CRD-SAHARAN CRD-CABINDA CRD-NIGERIAN MED   CRD-ZARZATINE CRD-FORCADOS CRD-ESCRAVOS CRD-BRASS RIVER CRD-MINAS CRD-QUA IBO   CRD-OSEBERG CRD-PENNINGTON CRD-FOREIGN - MISC CRD-NINIAN CRD-KOLE CRD-OKLA SW   CRD-OLMECA CRD-GULLFAKS CRD-ANTAN CRD-PALANCA CRD-CANO LIMION CRD-LORETTA   CRD-ORITO CRD-DRAUGEN CRD-NEMBA CRD-CUSIANA CRD-RABI LIGHT CRD-N KOSSA   CRD-KITINA CRD-HIBERNIA CRD-NORNE CRD-TROLL CRD-AMENAM CRD-FOINAVEN   CRD-UKPOKITI CRD-COCO CRD-OSO 33051 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 33051 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 447100 447600 447700 447800 448300 448700 449100   449300 449400 0 0 0 0 0 0 0 0 21116 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 21116 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 449700 449800 450900 451000 451100 451200 451300 451400 451500   451600 452300 452400 452500 453000 453700 453800 454400 455900 456400 456500   456600 456700 456800 459500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. 
    

 

	

    	
CONDENSATE   CRD-LIONFIELD CRD-IMA CRD-ZUATA CRD-YOHO CRD-RABI LIGHT/T'CHATAMBA CRD-ETAME   CRD-GIRASSOL CRD-SLOP IN CRUDE CRD-DOBA CRD-KUITO CRD-BINTULU LT COND   CRD-BINTULU HVY COND CRD-SENIPAH COND CRD-SAXI BLEND CRD-SABLE ISLAND COND   CRD-AKPO CRD-AGBAMI CRD-OSTRA CRD-JUBILEE ** SUBTOTAL BCR ** *** TOTAL   CHARGES *** 483500 489100 489600 489700 489800 0 0 0 0 37809 0 0 0 0 649157 0   0 0 0 0 0 0 0 0 0 0 0 0 0 210233 0 0 0 0 172424 0 0 0 0 476733 0 0 0 0 20727   489900 492400 492500 0 0 35981 0 0 0 0 0 0 0 0 0 0 0 33083 0 0 -2898 0 0 2898   0 0 126 492600 492800 493200 282766 0 0 952228 0 0 0 0 0 0 0 0 327752 0 0   44986 0 0 907242 0 0 39446 0 0 493300 0 0 0 0 0 0 0 0 493400 0 0 0 0 0 0 0 0   493500 493600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 499100 499600 499300 499500 0 0   0 0 2139756 2139756 0 0 0 0 6616962 6616962 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   1745881 1745881 0 0 0 0 -393875 -393875 0 0 0 0 7010837 7010837 0 0 0 0   304813 304813 *** YIELDS *** FIN GASO U87 023800 023820 023830 108100 127400   133400 83 CB 83 CB 7.8 83 CB 6.8 87RFG 10% 87 CF 83 RB ** SUBTOTAL U87 ** 91   RB 91 RB - EXPORT 91 CBOB 9.0# 117282 43957 0 0 0 259802 421041 136156 0   82038 0 51192 0 0 0 0 51192 0 0 0 981522 123045 0 0 0 1234596 2339163 762183   0 433329 0 0 0 0 0 0 0 0 0 0 174121 2280 0 0 0 271308 447709 139102 0 130013   56839 -41677 0 0 0 11506 26668 2946 0 47975 1038361 30176 0 0 0 1246102   2314639 765129 0 481304 45145 1312 0 0 0 54177 100634 33266 0 20925 U91   132100 132200 225000 ** Certain information in this document has been omitted   and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. 
    

 

	

    	
225020 225030   91.3 CBOB 7.8# 91.3 CBOB 6.8# ** SUBTOTAL U91 ** 93 CF 93 CF 7.8 ** SUBTOTAL   U93 ** ALKYLATE GASOLINE COMS GTAB UNTREATED CAT GAS HEAVY REFORMATE LIGHT   CAT GASOLINE TREATED CAT GAS ** SUBTOTAL PRM ** UDEX RAFFINATE ** SUBTOTAL   RAF ** ETHANOL ** SUBTOTAL ETH ** HS2FO 500MV2 15MV2 ULSD 15MV2 - Export   500LMV NR2FOD DIST BLDSTK UNDYED 15MV2 WB DIST BS HO COMP HEATING OIL 15ULS   UNDYED Non-Hwy #2 15 NLRM Dyed Locomotive Marine 15LM2 ULSD 15MV2 B2 Soy   32546 0 250740 0 0 0 106026 65851 0 31980 0 0 0 0 0 0 0 25801 0 0 22372 0   1217884 0 0 0 4958 85785 0 0 0 0 0 0 0 0 0 0 0 0 0 0 269115 0 0 0 57246 78738   0 48398 -32546 0 18375 0 0 0 -48780 12887 0 16418 -10174 0 1236259 0 0 0   -43822 72871 0 16418 -442 0 53749 0 0 0 -1906 3168 0 713 U93 134100 134120   GASO COMP PRM 000500 042600 117700 492900 496500 79160 85391 110615 0 62791   -16369 8855 385 497000 0 0 0 0 0 0 0 0 497100 85199 368216 46046 46046 0 0 0   0 424558 0 0 111192 0 0 0 0 0 0 3670 0 0 201358 0 0 0 0 0 0 1781111 125888 0   0 0 0 0 0 0 0 0 0 167118 414291 89645 89645 0 0 0 0 301904 0 81919 46075   43599 43599 0 0 0 0 -122654 0 81919 136241 43599 43599 0 0 0 0 1654787 125888   3561 5921 1895 1895 0 0 0 0 71946 5473 RAFFINATE RAF 425900 ETHA ETH 084800   FIN. DIST. DIS 001800 004600 224600 224630 224700 224706 225500 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 226000 226800 227300 227900 0 0 133348 0 0   0 141394 0 0 0 144307 523205 0 0 0 0 0 0 132955 0 0 0 -393 0 0 0 2520 523205   0 0 110 22748 228106 0 0 0 0 0 0 0 0 228108 0 0 0 0 0 0 0 0 228700 0 0 0 0 0   0 0 0 ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. 
    

 

	

    	
228710 ULSD   15MV2 B4.5 Soy ULSD 15MV2 B5 Soy ** SUBTOTAL DIS ** HEAVY DISTILLATE LCO   DISCOM (TRANSFER) LCO - Treated ** SUBTOTAL DBS ** LIGHT DISTILLATE KERO JET   A 15MV1 ** SUBTOTAL JKS ** Hi-Vis #6 Fuel Oil .3% #6 FUEL OIL MAIN FRAC BTMS   1.0% #6 FUEL OIL ** SUBTOTAL RSF ** PROPANE PROPANE - UNSTENCHED LPG OFF TEST   PROPANE ** SUBTOTAL LPG ** LT-NAPHTHA NAPHVY - Heavy Naphtha HVY-NAPHTHA **   SUBTOTAL NAP ** UDEX FEED STOCK ** SUBTOTAL UDC ** BENZENE BENZENE - Logics   ** SUBTOTAL BEN ** CUMENE Cumene (gal) 0 0 0 0 0 0 0 0 228720 0 0 0 0 0 0 0 0   557906 26444 213697 0 145064 0 0 0 2574511 0 0 0 0 0 0 0 434859 25858 205240   0 -123047 -586 -8457 0 2306400 -586 -8457 0 100277 -25 -367 0 DIS BLD STK DBS   002700 005300 042500 136900 0 240141 0 0 29785 41366 71151 0 182247 149742 0   331989 8093 0 0 0 0 0 25985 0 25985 0 0 0 0 0 0 0 0 0 0 0 340361 14242 354603   0 306852 286532 0 593384 145949 13936 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 231098 0   0 85226 121032 206258 0 123226 159117 0 282343 10232 0 0 -9043 0 0 55441   79666 135107 0 -59021 9375 0 -49646 2139 0 0 -9043 0 0 369817 93908 463725 0   247831 295907 0 543738 148088 13936 0 -392 0 0 16078 4082 20160 0 10775 12866   0 23641 6437 605 JET/KERO/JP8 JKS 004100 005800 023101 224400 RESID OILS RSF   007200 428300 428900 429600 PROPANE LPG 003300 003900 004300 040600 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 8093 76494 0 0 0 0 159885 0 0 0 0 0 10232 119321 0 2139   42827 0 162024 42827 0 7042 1861 0 NAPHTHA NAP 442500 017400 443300 138950   215444 35941 35941 20749 0 20749 60804 0 0 0 0 0 35420 0 35420 0 0 0 0 0 0 0   0 0 80703 0 0 0 0 0 0 0 0 0 0 303498 422819 29923 29923 28176 0 28176 68065 0   164548 207375 -6018 -6018 7427 0 7427 7261 0 164548 207375 -6018 -6018 -27993   0 -27993 87964 0 7154 9015 -262 -262 -1217 0 -1217 3824 0 UDEX FEED UDC   495400 CHEMICALS BEN 006700 166000 CUM 038300 138200 ** Certain information   in this document has been omitted and filed separately with the Securities   and Exchange Commission. Confidential treatment has been requested with   respect to the omitted portions. 
    

 

	

    	
** SUBTOTAL CUM   ** PP ** SUBTOTAL PPM ** SULFUR ** SUBTOTAL SUL ** TOLUENE TOLUENE - Logics   ** SUBTOTAL TOL ** MIXED BUTANE MIXED NORMAL HIGH PURITY NORM BUT ** SUBTOTAL   NBT ** ISO BUTANE ** SUBTOTAL ISO ** BB ** SUBTOTAL BBM ** VGO CRUDE-REDUCED   ** SUBTOTAL FCC ** RECOVERED OIL TRANSMIX ** SUBTOTAL REC ** HYDROGEN REF GAS   - FUEL (FOEB) COKE-FCCU ** SUBTOTAL GAS ** *** TOTAL YIELDS *** **** REFINERY   TOTAL **** **** GAIN **** 60804 6723 6723 431 431 0 0 0 136957 0 0 0 0 0 0 0   0 0 0 315702 0 0 80703 70740 70740 3033 3033 0 0 0 69270 0 0 0 0 0 0 0 0 0 0   0 0 0 68065 7857 7857 431 431 0 0 0 134924 0 0 7261 1134 1134 0 0 0 0 0 -2033   0 0 87964 71874 71874 3033 3033 0 0 0 -248465 0 0 3824 3124 3124 131 131 0 0   0 -10802 0 0 PPM 009500 SUL 009400 TOL 006800 007610 NORMAL BUT NBT 223300   439000 439001 136957 39016 39016 11749 11749 279295 6527 285822 7026 0 7026 0   0 315702 111997 111997 0 0 146268 0 146268 0 0 0 0 0 69270 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 218338 134924 11744 11744 10026 10026 197626   6527 204153 10583 0 10583 0 0 -2033 -27272 -27272 -1723 -1723 -81669 0 -81669   3557 0 3557 0 0 -248465 -139269 -139269 -1723 -1723 -227937 0 -227937 3557 0   3557 0 218338 -10802 -6054 -6054 -74 -74 -9909 0 -9909 155 0 155 0 9492 ISO   BUTANE ISO 001001 BB MIX BBM 000800 FCC FEED FCC 016000 446500 RECVD OIL REC   010400 018201 MFG FUEL GAS 007100 042700 042800 0 0 3115985 5255741 0 0   942820 7559782 0 0 7664534 7664534 150178 368516 368516 368516 0 0 3314251   5060132 0 0 198266 -195609 150178 368516 7288496 14299333 -277659 6529 16021   316879 621692 -12066 *** Important - New products have been added to Advisor   that have not been included on this report. Please inform technical support.   ** Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. 
    

 

 

	

    	
PHILADELPHIA   REFINERY PRODUCTION BOOK FOR September 23, 2014 FAMILY GROUP PRODUCT   DESCRIPTION BEGINNING INVENTORY RECEIPT SHIPMENT CONSUMED ENDING INVENTORY   INVENTORY CHANGE PRODUCTION *** CHARGES *** CRD - Offtest Dist to Crude CRD -   Offtest Gasoline to Crude CRD-ESPOIR CRD-WEST HACKBERRY SWT CRD-BAKKEN MARINE   CRD-BAKKEN MARINE SUMMER CRD-BAKKEN MARINE WINTER CRD-BAKKEN RAILCAR   CRD-BAKKEN RAILCAR SUMMER CRD-BAKKEN RAILCAR WINTER CRD-TAMPA CRD - Offtest   VGO to Crude CRD - Offtest Resid to Crude CRD-USAN CRD-EAGLE FORD SHALE   CRD-EAGLE FORD SHALE HVY 45 API CRD-LULA CRD-CARDIUM CRD-NIOBRARA CRD-OKONO   CRD-NWSHELF COND 32642 0 0 0 32614 -28 28 CRUDE OIL BCR 300500 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 300600 300800 0 135473 0 0 0 0 0 0 0 127687 0 -7786 0   7786 0 0 0 0 301000 301700 0 0 0 0 0 0 0 0 0 301701 0 379631 0 133650 0 0 0 0   0 364858 0 -14773 0 148423 0 0 0 0 301702 302700 0 0 0 0 0 0 0 0 0 302701 0 0   718 0 0 0 0 0 0 0 0 0 718 0 0 0 0 0 302702 302800 849 0 0 0 848 -1 1 0 0   303100 0 4020 0 0 0 0 0 0 0 4019 0 -1 0 1 0 0 0 0 303200 303300 419419 0 0 0   374426 -44993 44993 0 0 304000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 304001 304800   307000 309000 400000 412200 ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. 
    

 

	

    	
0 0 0 173672 0   23847 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 165545 0 23653 0 0   0 0 0 0 0 0 0 0 0 0 0 0 -8127 0 -194 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8127 0 194 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 412500 413400 414000 414100 414200 415100 415200 415700 417300   417400 417500 418000 418100 418500 418800 418900 419000 422800 CRD-BAOBAB   CRD-BONGA CRD-ALBA CRD-WHITE ROSE CRD-ES SAHARA CRD-AZERI LT CRD-ERHA CRD-ABO   CRD-TERRA NOVA CRD-KUMKOL CRD-ASGARD BLEND CRD-ZAFIRO CRD-DALIA CRD-PUROVSKY   COND CRD-STYBARROW CRD-REMBOUE CRD-QARUN CRD-MIXED SWEET BLEND CANADIAN   CRD-WTI LONGVIEW CRD-LT LOUISIANA SW CRD-EA CRD-KIKEH CRD-ESCALANTE   CRD-SLEIPNER COND CRD-BRENT BLEND CRD-AMNA CRD-SARIR CRD-FORTIES CRD-LUCINA   CRD-ECUADOR ORIENT CRD-EKOFISK CRD-BONNY LIGHT CRD-MIXED CRUDE CRD-SAHARAN   CRD-CABINDA CRD-NIGERIAN MED CRD-ZARZATINE 7577 24134 0 0 0 0 0 0 0 0 0 0 0 0   0 72895 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3705 23291 0 0 0 0   0 0 0 0 0 0 0 0 0 72895 0 0 0 0 -3872 -843 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 3872 843 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 425400 425500 426500 426600   426700 426800 440200 440900 441000 441600 442300 442400 442900 443000 443580   444701 445000 446300 447100 ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. 
    

 

	

    	
0 0 0 0 0 0 0   21116 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 21116 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 447600 447700 447800 448300 448700 449100 449300 449400 449700 449800   450900 451000 451100 451200 451300 451400 451500 451600 452300 452400 452500   453000 453700 453800 454400 455900 456400 456500 456600 456700 456800   CRD-FORCADOS CRD-ESCRAVOS CRD-BRASS RIVER CRD-MINAS CRD-QUA IBO CRD-OSEBERG   CRD-PENNINGTON CRD-FOREIGN -MISC CRD-NINIAN CRD-KOLE CRD-OKLA SW CRD-OLMECA   CRD-GULLFAKS CRD-ANTAN CRD-PALANCA CRD-CANO LIMION CRD-LORETTA CRD-ORITO   CRD-DRAUGEN CRD-NEMBA CRD-CUSIANA CRD-RABI LIGHT CRD-N KOSSA CRD-KITINA   CRD-HIBERNIA CRD-NORNE CRD-TROLL CRD-AMENAM CRD-FOINAVEN CRD-UKPOKITI   CRD-COCO CRD-OSO CONDENSATE CRD-LIONFIELD CRD-IMA CRD-ZUATA CRD-YOHO 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 459500 483500 489100 489600 489700 ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. 
    

 

	

    	
CRD-RABI   LIGHT/T'CHATAMBA CRD-ETAME CRD-GIRASSOL CRD-SLOP IN CRUDE CRD-DOBA CRD-KUITO   CRD-BINTULU LT COND CRD-BINTULU HVY COND CRD-SENIPAH COND CRD-SAXI BLEND   CRD-SABLE ISLAND COND CRD-AKPO CRD-AGBAMI CRD-OSTRA CRD-JUBILEE ** SUBTOTAL   BCR ** *** TOTAL CHARGES *** 0 83 CB 83 CB 7.8 83 CB 6.8 87RFG 10% 87 CF 83   RB ** SUBTOTAL U87 ** 91 RB 91 RB - EXPORT 91 CBOB 9.0# 91.3 CBOB 7.8# 91.3   CBOB 6.8# ** SUBTOTAL U91 ** 93 CF 93 CF 7.8 ** SUBTOTAL U93 ** ALKYLATE   237058 0 0 33104 360468 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 210233   0 0 33083 327752 0 0 -26825 0 0 -21 -32716 0 0 26825 0 0 21 32716 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 489800 489900 492400 492500 492600 492800 493200 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 493300 493400 493500 0 0 0 0 0   1886061 1886061 0 258343 2280 0 0 0 261452 522075 135219 0 84059 0 0 219278 0   0 0 81574 0 0 0 0 0 134368 134368 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 85352 0 0 0 0 56679 142031 10472 0 42507 0 0 52979 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1745881 1745881 0 174121   2280 0 0 0 271308 447709 139102 0 130013 0 0 269115 0 0 0 57246 0 0 0 0 0   -140180 -140180 0 -84222 0 0 0 0 9856 -74366 3883 0 45954 0 0 49837 0 0 0   -24328 0 0 0 0 0 274548 274548 0 1130 0 0 0 0 66535 67665 14355 0 88461 0 0   102816 0 0 0 -24328 0 0 0 0 0 0 0 *** YIELDS *** FIN GASO 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 GASO COMP 0 0 0 0 0 0 0 0 493600 499100 499600 499300 499500 0 0 0   U87 023800 023820 023830 108100 127400 133400 0 0 0 0 0 0 0 U91 132100 132200   225000 225020 225030 0 0 0 0 0 0 U93 134100 134120 0 0 0 PRM 000500 **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. 
    

 

	

    	
81619 0 48431   55598 0 152609 426869 93631 93631 0 0 0 0 316112 0 0 0 0 0 0 103951 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 26419 0 0 0 0 0 0 0 0 0 0 0 0 0 58255 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 71700 0 48398 62791 0 167118   414291 89645 89645 0 0 0 0 301904 0 0 0 0 0 0 132955 -9919 0 -33 7193 0 14509   -12578 -3986 -3986 0 0 0 0 -14208 0 0 0 0 0 0 29004 -9919 0 -33 7193 0 14509   -12578 -3986 -3986 0 0 0 0 44047 0 0 0 0 0 0 2585 0 0 0 0 0 0 0 0 0 0 0 0 0 0   042600 117700 492900 496500 497000 497100 GASOLINE COMS GTAB UNTREATED CAT   GAS HEAVY REFORMATE LIGHT CAT GASOLINE TREATED CAT GAS ** SUBTOTAL PRM **   UDEX RAFFINATE ** SUBTOTAL RAF ** ETHANOL ** SUBTOTAL ETH ** HS2FO 500MV2   15MV2 ULSD 15MV2 - Export 500LMV NR2FOD DIST BLDSTK UNDYED 15MV2 WB DIST BS   HO COMP HEATING OIL 15ULS UNDYED Non-Hwy #2 15 NLRM Dyed Locomotive Marine   15LM2 ULSD 15MV2 B2 Soy ULSD 15MV2 B4.5 Soy ULSD 15MV2 B5 Soy ** SUBTOTAL DIS   ** HEAVY DISTILLATE LCO DISCOM (TRANSFER) LCO - Treated ** SUBTOTAL DBS **   LIGHT DISTILLATE KERO JET A 0 RAFFINATE RAF 425900 0 0 0 ETHA ETH 084800 0 0   0 FIN. DIST. DIS 001800 004600 224600 224630 224700 224706 225500 226000   226800 227300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34272 0 0 0 34272 0 0   227900 0 0 0 0 0 0 0 0 0 228106 0 0 0 0 420063 23018 193615 0 0 216633 0 0   63570 0 0 0 0 26419 0 0 0 0 0 0 0 0 0 0 0 0 92527 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 434859 25858 205240 0 0 231098 0 0 85226 0 0 0 0 14796   2840 11625 0 0 14465 0 0 21656 0 0 0 0 80904 2840 11625 0 0 14465 0 0 21656 0   0 0 0 0 0 0 0 0 0 228108 228700 228710 228720 0 DIS BLD STK DBS 002700 005300   042500 136900 0 0 0 0 JET/KERO/JP8 0 0 0 0 0 0 0 JKS 004100 005800 023101 0 0   ** Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. 
    

 

	

    	
121201 184771 0   118834 143779 0 262613 11278 0 0 0 0 0 0 0 0 126 126 0 0 0 0 0 7513 0 0 0 0 0   0 0 0 121032 206258 0 123226 159117 0 282343 10232 -169 21487 0 4392 15338 0   19730 -1046 -43 21613 0 4392 15338 0 19730 6467 0 0 0 0 224400 15MV1 **   SUBTOTAL JKS ** Hi-Vis #6 Fuel Oil .3% #6 FUEL OIL MAIN FRAC BTMS 1.0% #6   FUEL OIL ** SUBTOTAL RSF ** PROPANE PROPANE - UNSTENCHED LPG OFF TEST PROPANE   ** SUBTOTAL LPG ** LT-NAPHTHA NAPHVY - Heavy Naphtha HVY-NAPHTHA ** SUBTOTAL   NAP ** UDEX FEED STOCK ** SUBTOTAL UDC ** BENZENE BENZENE - Logics **   SUBTOTAL BEN ** CUMENE Cumene (gal) ** SUBTOTAL CUM ** PP ** SUBTOTAL PPM **   SULFUR ** SUBTOTAL SUL ** TOLUENE TOLUENE - Logics ** SUBTOTAL TOL ** MIXED   BUTANE MIXED NORMAL HIGH PURITY NORM BUT ** SUBTOTAL NBT ** ISO BUTANE 0   RESID OILS RSF 007200 428300 428900 429600 0 0 0 0 0 0 0 0 0 PROPANE LPG   003300 0 0 0 11278 127625 0 271818 404815 31267 31267 24322 0 27838 63020 0   63020 6366 6366 431 431 0 0 0 106830 0 0 0 0 0 0 0 0 0 0 0 2200 0 2200 0 0 0   0 0 0 0 0 0 0 15785 0 0 0 0 7513 0 0 0 0 0 0 0 0 0 0 0 0 4320 4320 78 78 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10232 119321 0   298126 422819 29923 29923 24660 0 28176 68065 0 68065 7857 7857 431 431 0 0 0   117533 0 0 0 0 -1046 -8304 0 26308 18004 -1344 -1344 338 0 338 5045 0 5045   1491 1491 0 0 0 0 0 10703 0 0 0 0 6467 -8304 0 26308 18004 -1344 -1344 -1862   0 -1862 5045 0 5045 5811 5811 78 78 0 0 0 -5082 0 0 0 0 0 0 0 0 0 003900   004300 040600 0 NAPHTHA NAP 442500 0 0 0 0 0 0 017400 443300 0 UDEX FEED UDC   495400 0 0 0 CHEMICALS BEN 006700 166000 0 0 0 0 0 0 0 0 0 0 0 0 NORMAL BUT 0   0 0 0 CUM 038300 138200 0 0 0 PPM 009500 0 0 SUL 009400 0 0 TOL 006800 007610   0 0 0 NBT 223300 439000 0 0 124221 11703 0 15785 6600 0 0 0 0 0 0 0 134924   11744 0 10703 41 0 -5082 -6559 0 0 0 0 439001 0 ISO BUTANE ISO 001001 **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. 
    

 

	

    	
11703 8654 8654   205042 0 211569 10353 0 10353 0 0 0 0 198266 6600 0 0 13770 0 13770 0 0 0 0 0   0 0 64774 0 0 0 0 0 0 0 0 0 0 0 0 0 299574 0 0 0 0 0 0 0 0 0 0 9191 6760   15951 15951 11744 10026 10026 197626 0 204153 10583 0 10583 0 0 0 0 3314251   41 1372 1372 -7416 0 -7416 230 0 230 0 0 0 0 56803 -6559 1372 1372 -21186 0   -21186 230 0 230 0 9191 6760 15951 307554 0 0 0 ** SUBTOTAL ISO ** BB **   SUBTOTAL BBM ** VGO CRUDE-REDUCED ** SUBTOTAL FCC ** RECOVERED OIL TRANSMIX   ** SUBTOTAL REC ** HYDROGEN REF GAS - FUEL (FOEB) COKE-FCCU ** SUBTOTAL GAS   ** *** TOTAL YIELDS *** **** REFINERY TOTAL **** **** GAIN **** *** Important   - New products have been added to Advisor that have not been included on this   report. Please inform technical support. BB MIX BBM 000800 0 0 0 FCC FEED FCC   016000 446500 0 0 0 0 0 RECVD OIL REC 010400 018201 0 0 0 0 0 MFG FUEL GAS   007100 042700 042800 0 0 0 0 -195609 0 199142 0 299574 0 15951 0 5060132 0   -83377 0 582102 -33006 ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted portions.   
    

 

 

	

    	
FAMILY ***   CHARGES *** GROUP PRODUCT DESCRIPTION Unit Fill CRUDE OIL BCR 300500 CRD -   Offtest Dist to Crude CRD - Offtest Gasoline to Crude CRD-ESPOIR CRD-WEST   HACKBERRY SWT CRD-BAKKEN MARINE CRD-BAKKEN MARINE SUMMER CRD-BAKKEN MARINE   WINTER CRD-BAKKEN RAILCAR CRD-BAKKEN RAILCAR SUMMER CRD-BAKKEN RAILCAR WINTER   CRD-TAMPA CRD - Offtest VGO to Crude CRD - Offtest Resid to Crude CRD-USAN   CRD-EAGLE FORD SHALE CRD-EAGLE FORD SHALE HVY 45 API CRD-LULA CRD-CARDIUM   CRD-NIOBRARA CRD-OKONO CRD-NWSHELF COND CRD-BAOBAB CRD-BONGA CRD-ALBA   CRD-WHITE ROSE CRD-ES SAHARA 0 0 0 0 300600 300800 0 0 0 0 301000 301700 0 0   301701 0 0 0 0 301702 302700 0 302701 0 0 0 0 0 0 302702 302800 303100 0 0 0   0 0 0 303200 303300 304000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 304001   304800 307000 309000 400000 412200 412500 413400 414000 414100 414200 **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. 
    

 

	

    	
0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 415100 415200 415700 417300 417400 417500   418000 418100 418500 418800 418900 419000 CRD-AZERI LT CRD-ERHA CRD-ABO   CRD-TERRA NOVA CRD-KUMKOL CRD-ASGARD BLEND CRD-ZAFIRO CRD-DALIA CRD-PUROVSKY   COND CRD-STYBARROW CRD-REMBOUE CRD-QARUN CRD-MIXED SWEET BLEND CANADIAN   CRD-WTI LONGVIEW CRD-LT LOUISIANA SW CRD-EA CRD-KIKEH CRD-ESCALANTE   CRD-SLEIPNER COND CRD-BRENT BLEND CRD-AMNA CRD-SARIR CRD-FORTIES CRD-LUCINA   CRD-ECUADOR ORIENT CRD-EKOFISK CRD-BONNY LIGHT CRD-MIXED CRUDE CRD-SAHARAN   CRD-CABINDA CRD-NIGERIAN MED CRD-ZARZATINE CRD-FORCADOS CRD-ESCRAVOS   CRD-BRASS RIVER CRD-MINAS CRD-QUA IBO 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 422800 425400   425500 426500 426600 426700 426800 440200 440900 441000 441600 442300 442400   442900 443000 443580 444701 445000 446300 447100 447600 447700 447800 448300   448700 -39844 ** Certain information in this document has been omitted and   filed separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. 
    

 

	

    	
0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 449100 449300 449400 449700 449800 450900   451000 451100 451200 451300 451400 451500 451600 452300 452400 452500 453000   453700 453800 454400 455900 456400 456500 456600 456700 456800 459500 483500   489100 489600 489700 CRD-OSEBERG CRD-PENNINGTON CRD-FOREIGN -MISC CRD-NINIAN   CRD-KOLE CRD-OKLA SW CRD-OLMECA CRD-GULLFAKS CRD-ANTAN CRD-PALANCA CRD-CANO   LIMION CRD-LORETTA CRD-ORITO CRD-DRAUGEN CRD-NEMBA CRD-CUSIANA CRD-RABI LIGHT   CRD-N KOSSA CRD-KITINA CRD-HIBERNIA CRD-NORNE CRD-TROLL CRD-AMENAM   CRD-FOINAVEN CRD-UKPOKITI CRD-COCO CRD-OSO CONDENSATE CRD-LIONFIELD CRD-IMA   CRD-ZUATA CRD-YOHO CRD-RABI LIGHT/T'CHATAMBA CRD-ETAME CRD-GIRASSOL CRD-SLOP   IN CRUDE CRD-DOBA CRD-KUITO 0 0 0 0 0 0 0 0 0 0 0 0 489800 489900 492400   492500 492600 492800 ** Certain information in this document has been omitted   and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. 
    

 

	

    	
0 0 0 0 0 0 0 0   493200 493300 493400 493500 CRD-BINTULU LT COND CRD-BINTULU HVY COND   CRD-SENIPAH COND CRD-SAXI BLEND CRD-SABLE ISLAND COND CRD-AKPO CRD-AGBAMI   CRD-OSTRA CRD-JUBILEE ** SUBTOTAL BCR ** *** TOTAL CHARGES *** 0 0 0 0 0 0 0   0 0 0 0 0 0 0 493600 499100 499600 499300 499500 0 0 *** YIELDS *** FIN GASO   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 U87 023800 023820 023830 108100 127400   133400 83 CB 83 CB 7.8 83 CB 6.8 87RFG 10% 87 CF 83 RB ** SUBTOTAL U87 ** 91   RB 91 RB - EXPORT 91 CBOB 9.0# 91.3 CBOB 7.8# 91.3 CBOB 6.8# ** SUBTOTAL U91 **   93 CF 93 CF 7.8 ** SUBTOTAL U93 ** 0 0 0 0 0 0 0 U91 132100 132200 225000   225020 225030 0 0 0 0 0 0 U93 134100 134120 0 0 0 GASO COMP PRM 000500 042600   117700 492900 496500 497000 497100 ALKYLATE GASOLINE COMS GTAB UNTREATED CAT   GAS HEAVY REFORMATE LIGHT CAT GASOLINE TREATED CAT GAS ** SUBTOTAL PRM **   7038 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ** Certain information in this document   has been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. 
    

 

	

    	
RAFFINATE RAF   425900 UDEX RAFFINATE ** SUBTOTAL RAF ** ETHANOL ** SUBTOTAL ETH ** HS2FO   500MV2 15MV2 ULSD 15MV2 - Export 500LMV NR2FOD DIST BLDSTK UNDYED 15MV2 WB   DIST BS HO COMP HEATING OIL 15ULS UNDYED Non-Hwy #2 15 NLRM Dyed Locomotive   Marine 15LM2 ULSD 15MV2 B2 Soy ULSD 15MV2 B4.5 Soy ULSD 15MV2 B5 Soy **   SUBTOTAL DIS ** 0 0 0 ETHA ETH 084800 0 0 0 FIN. DIST. DIS 001800 004600   224600 224630 224700 224706 225500 226000 226800 227300 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 227900 228106 228108 228700 228710   228720 0 0 DIS BLD STK DBS 002700 005300 042500 136900 HEAVY DISTILLATE LCO   DISCOM (TRANSFER) LCO - Treated ** SUBTOTAL DBS ** 0 0 0 0 0 0 0 0 0   JET/KERO/JP8 0 0 0 0 JKS 004100 005800 023101 224400 LIGHT DISTILLATE KERO   JET A 15MV1 ** SUBTOTAL JKS ** 0 0 0 0 0 RESID OILS RSF 007200 428300 Hi-Vis   #6 Fuel Oil .3% #6 FUEL OIL 0 0 ** Certain information in this document has   been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. 
    

 

	

    	
0 0 0 0 0 0   428900 429600 MAIN FRAC BTMS 1.0% #6 FUEL OIL ** SUBTOTAL RSF ** PROPANE   PROPANE - UNSTENCHED LPG OFF TEST PROPANE ** SUBTOTAL LPG ** LT-NAPHTHA   NAPHVY - Heavy Naphtha HVY-NAPHTHA ** SUBTOTAL NAP ** 0 PROPANE LPG 003300   003900 004300 040600 0 0 0 0 0 0 0 0 0 NAPHTHA NAP 442500 017400 443300 0 0 0   0 0 0 5372 0 UDEX FEED UDC 495400 UDEX FEED STOCK ** SUBTOTAL UDC ** 0 0 0   3516 CHEMICALS BEN 006700 166000 BENZENE BENZENE - Logics ** SUBTOTAL BEN **   CUMENE Cumene (gal) ** SUBTOTAL CUM ** PP ** SUBTOTAL PPM ** SULFUR **   SUBTOTAL SUL ** TOLUENE TOLUENE - Logics ** SUBTOTAL TOL ** 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 CUM 038300 138200 0 0 0 PPM 009500 0 0 SUL 009400 0 0 TOL 006800   007610 0 0 0 17391 NORMAL BUT 0 0 0 NBT 223300 439000 439001 MIXED BUTANE   MIXED NORMAL HIGH PURITY NORM BUT ** SUBTOTAL NBT ** 0 0 0 0 ISO BUTANE ISO   001001 ISO BUTANE ** SUBTOTAL ISO ** BB 0 0 0 BB MIX BBM 000800 ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. 
    

 

	

    	
0 0 0 **   SUBTOTAL BBM ** VGO CRUDE-REDUCED ** SUBTOTAL FCC ** 0 6527 FCC FEED FCC 016000   446500 0 0 0 0 0 RECVD OIL REC 010400 018201 RECOVERED OIL TRANSMIX **   SUBTOTAL REC ** HYDROGEN REF GAS - FUEL (FOEB) COKE-FCCU ** SUBTOTAL GAS **   *** TOTAL YIELDS *** **** REFINERY TOTAL **** **** GAIN **** 0 0 0 0 0 MFG   FUEL GAS 007100 042700 042800 0 0 0 0 ** Certain information in this document   has been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. 
    

 

 

Schedule 3.06(a)

 

FORM OF FINANCIAL REPORT

 

Attached.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	

    	
Schedule   3.06(a) FORM OF FINANCIAL REPORT PES Auto Roll Unwind Crude Grand PES Auto   Roll Unwind Distillate Grand Total PES Auto Roll Unwind Gasoline Grand Total   ** Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. Gasoline Row Labels Undisc   Settlement Amount MTM Position Undisc Settlement Amount Grand Total MTM Grand   Total Position 10/01/2014 0 -173,033 -99,996 0 -173,033 -99,996 11/01/2014 0   146,562 99,988 0 146,562 99,988 Grand Total 0 -26,471 -8 0 -26,471 -8   Distillates Row Labels Undisc Settlement Amount MTM Position Undisc   Settlement Amount Grand Total MTM Grand Total Position 10/01/2014 0 -113,395   -199,992 0 -113,395 -199,992 11/01/2014 0 108,767 199,976 0 108,767 199,976   Grand Total 0 -4,629 -16 0 -4,629 -16 Gasoline WTI Crude Row Labels Undisc   Settlement Amount MTM Position Undisc Settlement Amount MTM Position Undisc   Settlement Amount Grand Total MTM Grand Total Position Total 10/01/2014 0   -173,033 -99,996 0 -687,986 -399,992 0 -861,019 -499,988 11/01/2014 0 146,562   99,988 0 635,942 399,963 0 782,504 499,951 Grand Total 0 -26,471 -8 0 -52,045   -29 0 -78,515 -37 
    

 

	

    	
PES Auto Roll   Unwind Prepaid Gasoline Grand Total PES Distillate Time Spreads Grand Total   PES Fin Crude PES Fin Distillate ** Certain information in this document has   been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. Row Labels Undisc Settlement Amount Grand Total MTM Grand   Total Position Grand Total Grand Total Row Labels Undisc Settlement Amount   Grand Total MTM Grand Total Position Grand Total Grand Total Distillates Row   Labels Undisc Settlement Amount MTM Position Undisc Settlement Amount Grand   Total MTM Grand Total Position 10/01/2014 0 23,729 49,998 0 23,729 49,998   11/01/2014 0 -24,042 -49,994 0 -24,042 -49,994 Grand Total 0 -313 4 0 -313 4   Gasoline Row Labels Undisc Settlement Amount MTM Position Undisc Settlement   Amount Grand Total MTM Grand Total Position 10/01/2014 0 -692,132 -399,984 0   -692,132 -399,984 11/01/2014 0 586,249 399,951 0 586,249 399,951 Grand Total   0 -105,883 -33 0 -105,883 -33 
    

 

	

    	
PES Fin   Gasoline PES Gasoline Time Spreads Grand Total PES WTI Time Spreads **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. Row Labels Undisc Settlement   Amount Grand Total MTM Grand Total Position Grand Total Grand Total Gasoline   Row Labels Undisc Settlement Amount MTM Position Undisc Settlement Amount   Grand Total MTM Grand Total Position 10/01/2014 0 -79,293 -79,997 0 -79,293   -79,997 11/01/2014 0 85,334 79,990 0 85,334 79,990 Grand Total 0 6,041 -7 0   6,041 -7 Row Labels Undisc Settlement Amount Grand Total MTM Grand Total   Position Grand Total Grand Total 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. Gasoline Row Labels Undisc Settlement   Amount MTM Position Undisc Settlement Amount Grand Total MTM Grand Total   11/01/2014 0 791 8 0 791 12/01/2014 0 -8,349 -80 0 -8,349 Grand Total 0   -7,558 -73 0 -7,558 PES Auto Roll Gasoline Distillates Row Labels Undisc   Settlement Amount MTM Position Undisc Settlement Amount Grand Total MTM Grand   Total 11/01/2014 0 871 8 0 871 12/01/2014 0 -9,339 -80 0 -9,339 Grand Total 0   -8,468 -73 0 -8,468 PES Auto Roll Distillate WTI Crude Row Labels Undisc   Settlement Amount MTM Position Undisc Settlement Amount Grand Total MTM Grand   Total 11/01/2014 0 2,326 25 0 2,326 12/01/2014 0 -16,932 1,999,633 0 -16,932   Grand Total 0 -14,605 1,999,658 0 -14,605 PES Auto Roll Crude 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. Row Labels Undisc Settlement Amount   Grand Total MTM Grand Total Position Grand Total Grand Total PES Auto Roll   Unwind Gasoline Row Labels Undisc Settlement Amount Grand Total MTM Grand   Total Position Grand Total Grand Total PES Auto Roll Unwind Distillate Row   Labels Undisc Settlement Amount Grand Total MTM Grand Total Position Grand   Total Grand Total PES Auto Roll Unwind Crude Gasoline Row Labels Undisc   Settlement Amount MTM Position Undisc Settlement Amount Grand Total MTM Grand   Total 11/01/2014 0 1,582 15 0 1,582 12/01/2014 0 -16,698 -161 0 -16,698 Grand   Total 0 -15,116 -146 0 -15,116 PES Auto Roll Prepaid Gasoline 
    

 

	

    	
PES Auto Roll   VGO Grand ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. Row Labels   Undisc Settlement Amount Grand Total MTM Grand Total Position Grand Total   Grand Total PES Distillate Time Spreads Distillates Gasoline Row Labels   Undisc Settlement Amount MTM Position Undisc Settlement Amount MTM Position   Undisc Settlement Amount Grand Total MTM Grand Total Position Total   11/01/2014 0 0 0 0 0 0 0 0 0 12/01/2014 0 0 0 0 -14,556,056 -139,973 0 -   14,556,056 -139,973 Grand Total 0 0 0 0 -14,556,056 -139,973 0 - 14,556,056   -139,973 Row Labels Undisc Settlement Amount Grand Total MTM Grand Total   Position Grand Total Grand Total PES Auto Roll Unwind Prepaid Gasoline 
    

 

	

    	
Total Total **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. Gasoline Row Labels Undisc   Settlement Amount MTM Position Undisc Settlement Amount Grand Total MTM Grand   Total Position Grand 09/01/2014 0 12,566 0 0 12,566 10/01/2014 0 6,871   -64,855 0 6,871 -64,855 Grand Total 0 19,437 -64,855 0 19,437 -64,855 PES Fin   Gasoline Distillates Row Labels Undisc Settlement Amount MTM Position Undisc   Settlement Amount Grand Total MTM Grand Total Position Grand 09/01/2014 0 -76   0 0 -76 10/01/2014 0 263,098 254,990 0 263,098 254,990 Grand Total 0 263,023   254,990 0 263,023 254,990 PES Fin Distillate Row Labels Undisc Settlement   Amount Grand Total MTM Grand Total Position Grand Total Grand Total PES Fin   Crude 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. Row Labels Undisc Settlement Amount   Grand Total MTM Grand Total Position Grand Total Grand Total PES WTI Time   Spreads Row Labels Undisc Settlement Amount Grand Total MTM Grand Total   Position Grand Total Grand Total PES Gasoline Time Spreads 
    

 

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. Strategy Trade ID Counterparty   Instrument Type Buy/ Sell Deal Date Contract Month Price Reference (Non   ENGY-B-SWAPS) Notional Volume (in bbls) Units Fixed Price Current Gain/Loss   Status PES Auto Roll Unwind Crude 22807562 Merrill Lynch Commodities, Inc.   ENGY-SWAP Sell 9/11/2014 10/1/2014 CL-NYMEX-FUTURES -200,000.00 USD/BBL   $92.2700 $93.9900 -$343,993.1710 FMTM PES Auto Roll Unwind Crude 22807564   Merrill Lynch Commodities, Inc. ENGY-SWAP Buy 9/11/2014 11/1/2014   CL-NYMEX-FUTURES 200,000.00 USD/BBL $91.3700 $92.9600 $317,970.8565 FMTM PES   Auto Roll Unwind Crude 22807629 Merrill Lynch Commodities, Inc. ENGY-SWAP   Sell 9/12/2014 10/1/2014 CL-NYMEX-FUTURES -200,000.00 USD/BBL $92.2700   $93.9900 -$343,993.1710 FMTM PES Auto Roll Unwind Crude 22807630 Merrill   Lynch Commodities, Inc. ENGY-SWAP Buy 9/15/2014 11/1/2014 CL-NYMEX-FUTURES   200,000.00 USD/BBL $91.3700 $92.9600 $317,970.8565 FMTM PES Auto Roll Unwind   Crude 22807631 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell 9/15/2014   10/1/2014 XB-NYMEX-FUTURES -100,000.00 USD/GAL $2.5188 $2.5600 -$173,033.0065   FMTM PES Auto Roll Unwind Crude 22807632 Merrill Lynch Commodities, Inc.   ENGY-SWAP Buy 9/15/2014 11/1/2014 XB-NYMEX-FUTURES 100,000.00 USD/GAL $2.4731   $2.5080 $146,562.1647 FMTM PES Auto Roll Unwind Distillate 22807568 Merrill   Lynch Commodities, Inc. ENGY-SWAP Sell 9/11/2014 10/1/2014 HO-NYMEX-FUTURES   -100,000.00 USD/GAL $2.7405 $2.7540 -$56,697.7084 FMTM PES Auto Roll Unwind   Distillate 22807572 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy 9/11/2014   11/1/2014 HO-NYMEX-FUTURES 100,000.00 USD/GAL $2.7480 $2.7610 $54,383.3820   FMTM PES Auto Roll Unwind Distillate 22807633 Merrill Lynch Commodities, Inc.   ENGY-SWAP Sell 9/15/2014 10/1/2014 HO-NYMEX-FUTURES -100,000.00 USD/GAL   $2.7405 $2.7540 -$56,697.7084 FMTM PES Auto Roll Unwind Distillate 22807634   Merrill Lynch Commodities, Inc. ENGY-SWAP Buy 9/15/2014 11/1/2014   HO-NYMEX-FUTURES 100,000.00 USD/GAL $2.7480 $2.7610 $54,383.3820 FMTM PES   Auto Roll Unwind Gasoline 22807570 Merrill Lynch Commodities, Inc. ENGY-SWAP   Sell 9/11/2014 10/1/2014 XB-NYMEX-FUTURES -100,000.00 USD/GAL $2.5188 $2.5600   -$173,033.0065 FMTM PES Auto Roll Unwind Gasoline 22807574 Merrill Lynch   Commodities, Inc. ENGY-SWAP Buy 9/11/2014 11/1/2014 XB-NYMEX-FUTURES   100,000.00 USD/GAL $2.4731 $2.5080 $146,562.1647 FMTM PES Auto Roll Unwind   Prepaid Gasoline 22807566 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy   9/11/2014 11/1/2014 XB-NYMEX-FUTURES 200,000.00 USD/GAL $2.4731 $2.5080   $293,124.3294 FMTM PES Auto Roll Unwind Prepaid Gasoline 22807576 Merrill   Lynch Commodities, Inc. ENGY-SWAP Sell 9/11/2014 10/1/2014 XB-NYMEX-FUTURES   -200,000.00 USD/GAL $2.5188 $2.5600 -$346,066.0130 FMTM PES Auto Roll Unwind   Prepaid Gasoline 22807635 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell   9/15/2014 10/1/2014 XB-NYMEX-FUTURES -200,000.00 USD/GAL $2.5188 $2.5600   -$346,066.0130 FMTM PES Auto Roll Unwind Prepaid Gasoline 22807636 Merrill   Lynch Commodities, Inc. ENGY-SWAP Buy 9/15/2014 11/1/2014 XB-NYMEX-FUTURES   200,000.00 USD/GAL $2.4731 $2.5080 $293,124.3294 FMTM PES Distillate Time   Spreads 22807618 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell 9/12/2014   11/1/2014 HO-NYMEX-FUTURES -50,000.00 USD/GAL $2.7495 $2.7610 -$24,042.0743   FMTM PES Distillate Time Spreads 22807619 Merrill Lynch Commodities, Inc.   ENGY-SWAP Buy 9/12/2014 10/1/2014 HO-NYMEX-FUTURES 50,000.00 USD/GAL $2.7427   $2.7540 $23,729.0409 FMTM PES Gasoline Time Spreads 22807614 Merrill Lynch   Commodities, Inc. ENGY-SWAP Buy 9/12/2014 11/1/2014 XB-NYMEX-FUTURES   80,000.00 USD/GAL $2.4826 $2.5080 $85,333.6157 FMTM PES Gasoline Time Spreads   22807616 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell 9/12/2014 10/1/2014   XB-NYMEX-FUTURES -80,000.00 USD/GAL $2.5364 $2.5600 -$79,292.7952 FMTM PES   WTI Time Spreads 22807610 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy   9/12/2014 11/1/2014 CL-NYMEX-FUTURES 100,000.00 USD/BBL $92.0200 $92.9600 $93,991.3852   FMTM 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. PES WTI Time Spreads 22807612 Merrill   Lynch Commodities, Inc. ENGY-SWAP Sell 9/12/2014 10/1/2014 CL-NYMEX-FUTURES   -100,000.00 USD/BBL $92.9700 $93.9900 -$101,997.9751 FMTM 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. Strategy Trade ID Counterparty   Instrument Type Buy/ Sell Deal Date Contract Month Start Interval (Non   ENGY-B-SWAPS) Price Reference (Non ENGY-B-SWAPS) Notional Volume (in bbls)   Units Fixed Price Current Gain/Loss Status PES Fin Crude 22807695 Merrill   Lynch Commodities, Inc. ENGY-SWAP Sell 9/16/2014 10/01/2014 10/01/2014   CL-NYMEX-FUTURES 190000 USD/BBL $94.8000 $18,011,642.4287 FMTM PES Fin Crude   22807695 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell 9/16/2014 10/01/2014   10/01/2014 CL-NYMEX-FUTURES -190000 USD/BBL $94.8000 $93.9900   -$17,857,745.4839 FMTM PES Fin Distillate 22807640 Merrill Lynch Commodities,   Inc. ENGY-SWAP Buy 9/15/2014 9/01/2014 9/15/2014 HO-NYMEX-FUTURES -6000   USD/GAL $2.7633 -$696,348.1354 FMTM PES Fin Distillate 22807640 Merrill Lynch   Commodities, Inc. ENGY-SWAP Buy 9/15/2014 9/01/2014 9/16/2014   HO-NYMEX-FUTURES 6000 USD/GAL $2.7633 $2.7540 $694,004.5471 FMTM PES Fin   Distillate 22807678 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy 9/15/2014   10/01/2014 10/01/2014 HO-NYMEX-FUTURES -25000 USD/GAL $2.7563   -$2,893,998.0325 FMTM PES Fin Distillate 22807678 Merrill Lynch Commodities,   Inc. ENGY-SWAP Buy 9/15/2014 10/01/2014 10/01/2014 HO-NYMEX-FUTURES 25000   USD/GAL $2.7563 $2.7540 $2,891,583.1301 FMTM PES Fin Distillate 22807681   Merrill Lynch Commodities, Inc. ENGY-SWAP Buy 9/16/2014 10/01/2014 10/01/2014   HO-NYMEX-FUTURES -30000 USD/GAL $2.7481 -$3,462,466.0566 FMTM PES Fin   Distillate 22807681 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy 9/16/2014   10/01/2014 10/01/2014 HO-NYMEX-FUTURES 30000 USD/GAL $2.7481 $2.7540   $3,469,899.7562 FMTM PES Fin Distillate 22807682 Merrill Lynch Commodities,   Inc. ENGY-SWAP Buy 9/16/2014 10/01/2014 10/01/2014 HO-NYMEX-FUTURES -150000   USD/GAL $2.7481 -$17,312,330.2831 FMTM PES Fin Distillate 22807682 Merrill   Lynch Commodities, Inc. ENGY-SWAP Buy 9/16/2014 10/01/2014 10/01/2014   HO-NYMEX-FUTURES 150000 USD/GAL $2.7481 $2.7540 $17,349,498.7809 FMTM PES Fin   Distillate 22807688 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy 9/16/2014   10/01/2014 10/01/2014 HO-NYMEX-FUTURES -25000 USD/GAL $2.5495   -$2,676,866.8084 FMTM PES Fin Distillate 22807688 Merrill Lynch Commodities,   Inc. ENGY-SWAP Buy 9/16/2014 10/01/2014 10/01/2014 HO-NYMEX-FUTURES 25000   USD/GAL $2.5495 $2.7540 $2,891,583.1301 FMTM PES Fin Distillate 22807690   Merrill Lynch Commodities, Inc. ENGY-SWAP Buy 9/16/2014 10/01/2014 10/01/2014   HO-NYMEX-FUTURES -25000 USD/GAL $2.7481 -$2,885,388.3805 FMTM PES Fin   Distillate 22807690 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy 9/16/2014   10/01/2014 10/01/2014 HO-NYMEX-FUTURES 25000 USD/GAL $2.7481 $2.7540   $2,891,583.1301 FMTM PES Fin Gasoline 22807638 Merrill Lynch Commodities,   Inc. ENGY-SWAP Buy 9/15/2014 9/01/2014 9/15/2014 XB-NYMEX-FUTURES -12000   USD/GAL $2.5614 -$1,290,939.1771 FMTM PES Fin Gasoline 22807638 Merrill Lynch   Commodities, Inc. ENGY-SWAP Buy 9/15/2014 9/01/2014 9/16/2014   XB-NYMEX-FUTURES 12000 USD/GAL $2.5614 $2.5600 $1,290,233.5806 FMTM 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. PES Fin Gasoline 22807676 Merrill Lynch   Commodities, Inc. ENGY-SWAP Buy 9/15/2014 10/01/2014 10/01/2014   XB-NYMEX-FUTURES -7000 USD/GAL $2.5588 -$752,256.7958 FMTM PES Fin Gasoline   22807676 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy 9/15/2014 10/01/2014   10/01/2014 XB-NYMEX-FUTURES 7000 USD/GAL $2.5588 $2.5600 $752,609.5816 FMTM   PES Fin Gasoline 22807677 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy   9/15/2014 10/01/2014 10/01/2014 XB-NYMEX-FUTURES -21000 USD/GAL $2.5588   -$2,256,770.3875 FMTM PES Fin Gasoline 22807677 Merrill Lynch Commodities,   Inc. ENGY-SWAP Buy 9/15/2014 10/01/2014 10/01/2014 XB-NYMEX-FUTURES 21000   USD/GAL $2.5588 $2.5600 $2,257,828.7448 FMTM PES Fin Gasoline 22807693   Merrill Lynch Commodities, Inc. ENGY-SWAP Buy 9/16/2014 10/01/2014 10/01/2014   XB-NYMEX-FUTURES -57143 USD/GAL $2.5614 -$6,147,111.5506 FMTM PES Fin   Gasoline 22807693 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy 9/16/2014   10/01/2014 10/01/2014 XB-NYMEX-FUTURES 57143 USD/GAL $2.5614 $2.5600   $6,143,751.6864 FMTM PES Fin Gasoline 22807694 Merrill Lynch Commodities,   Inc. ENGY-SWAP Sell 9/16/2014 10/01/2014 10/01/2014 XB-NYMEX-FUTURES 100000   USD/GAL $2.5614 $10,757,445.2136 FMTM PES Fin Gasoline 22807694 Merrill Lynch   Commodities, Inc. ENGY-SWAP Sell 9/16/2014 10/01/2014 10/01/2014   XB-NYMEX-FUTURES -100000 USD/GAL $2.5614 $2.5600 -$10,751,565.4512 FMTM PES   Fin Gasoline 22807698 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell   9/16/2014 10/01/2014 10/01/2014 XB-NYMEX-FUTURES 25000 USD/GAL $2.5614   $2,689,361.3034 FMTM PES Fin Gasoline 22807698 Merrill Lynch Commodities,   Inc. ENGY-SWAP Sell 9/16/2014 10/01/2014 10/01/2014 XB-NYMEX-FUTURES -25000   USD/GAL $2.5614 $2.5600 -$2,687,891.3628 FMTM PES Fin Gasoline 22807700   Merrill Lynch Commodities, Inc. ENGY-SWAP Sell 9/16/2014 10/01/2014   10/01/2014 XB-NYMEX-FUTURES 25000 USD/GAL $2.5614 $2,689,361.3034 FMTM PES   Fin Gasoline 22807700 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell   9/16/2014 10/01/2014 10/01/2014 XB-NYMEX-FUTURES -25000 USD/GAL $2.5614   $2.5600 -$2,687,891.3628 FMTM 
    

 

	

    	
Position in   (ENGY-B-FUTURES FUTURES FUTURES FUTURES FUTURES FUTURES FUTURES FUTURES   FUTURES ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. Strategy   Trade ID Counterparty Instrument Type Buy/ Sell Deal Date Contract Month   Price Reference (ENGY-B-SWAPS) Notional Volume (in bbls) Units Spread MTM MTM   Spread Gain/Loss Status Notional BBLS (PES) SWAPS) PES Auto Roll Crude   22807546 Merrill Lynch Commodities, Inc. ENGY-B-SWAP Sell 9/11/2014 41944   CL-NYMEX-FUTURES -2000000 USD/BBL $0.0000 $92.9600 $0.0000 -$185,900,634.794   FMTM -2,000,000.00 PES Auto Roll Crude 22807546 Merrill Lynch Commodities,   Inc. ENGY-B-SWAP Buy 9/11/2014 41944 CL-NYMEX-FUTURES 2000000 USD/BBL $0.0000   $92.9600 $0.0000 $185,902,961.105 FMTM 2,000,000.00 PES Auto Roll Crude   22807548 Merrill Lynch Commodities, Inc. ENGY-B-SWAP Buy 9/11/2014 41974   CL-NYMEX-FUTURES 2000000 USD/BBL $0.0000 $92.3400 $0.0000 $184,646,143.042   FMTM 2,000,000.00 PES Auto Roll Crude 22807548 Merrill Lynch Commodities,   Inc. ENGY-B-SWAP Sell 9/11/2014 41974 CL-NYMEX-FUTURES -2000000 USD/BBL   $0.0000 $92.3400 $0.0000 -$184,663,074.746 FMTM -2,000,000.00 PES Auto Roll   Distillate 22807554 Merrill Lynch Commodities, Inc. ENGY-B-SWAP Sell   9/11/2014 41944 HO-NYMEX--1000000 USD/GAL $0.0000 $2.7610 $0.0000   -$115,944,919.875 FMTM -1,000,000.00 PES Auto Roll Distillate 22807554   Merrill Lynch Commodities, Inc. ENGY-B-SWAP Buy 9/11/2014 41944   HO-NYMEX-1000000 USD/GAL $0.0000 $2.7610 $0.0000 $115,945,790.439 FMTM   1,000,000.00 PES Auto Roll Distillate 22807556 Merrill Lynch Commodities,   Inc. ENGY-B-SWAP Buy 9/11/2014 41974 HO-NYMEX-1000000 USD/GAL $0.0000 $2.7696   $0.0000 $116,299,707.440 FMTM 1,000,000.00 PES Auto Roll Distillate 22807556   Merrill Lynch Commodities, Inc. ENGY-B-SWAP Sell 9/11/2014 41974   HO-NYMEX--1000000 USD/GAL $0.0000 $2.7696 $0.0000 -$116,309,046.234 FMTM   -1,000,000.00 PES Auto Roll Gasoline 22807550 Merrill Lynch Commodities, Inc.   ENGY-B-SWAP Sell 9/11/2014 41944 XB-NYMEX--1000000 USD/GAL $0.0000 $2.5080   $0.0000 -$105,322,392.309 FMTM -1,000,000.00 PES Auto Roll Gasoline 22807550   Merrill Lynch Commodities, Inc. ENGY-B-SWAP Buy 9/11/2014 41944   XB-NYMEX-FUTURES 1000000 USD/GAL $0.0000 $2.5080 $0.0000 $105,323,183.115   FMTM 1,000,000.00 PES Auto Roll Gasoline 22807552 Merrill Lynch Commodities,   Inc. ENGY-B-SWAP Buy 9/11/2014 41974 XB-NYMEX-1000000 USD/GAL $0.0000 $2.4760   $0.0000 $103,970,997.841 FMTM 1,000,000.00 PES Auto Roll Gasoline 22807552   Merrill Lynch Commodities, Inc. ENGY-B-SWAP Sell 9/11/2014 41974   XB-NYMEX--1000000 USD/GAL $0.0000 $2.4760 $0.0000 -$103,979,346.648 FMTM   -1,000,000.00 PES Auto Roll Prepaid Gasoline 22807558 Merrill Lynch   Commodities, Inc. ENGY-B-SWAP Sell 9/11/2014 41944 XB-NYMEX-FUTURES -2000000   USD/GAL $0.0000 $2.5080 $0.0000 -$210,644,784.619 FMTM -2,000,000.00 PES Auto   Roll Prepaid Gasoline 22807558 Merrill Lynch Commodities, Inc. ENGY-B-SWAP   Buy 9/11/2014 41944 XB-NYMEX-2000000 USD/GAL $0.0000 $2.5080 $0.0000   $210,646,366.230 FMTM 2,000,000.00 PES Auto Roll Prepaid 22807560 Merrill   Lynch Commodities, Inc. ENGY-B-SWAP Buy 9/11/2014 41974 XB-NYMEX-2000000   USD/GAL $0.0000 $2.4760 $0.0000 $207,941,995.683 FMTM 2,000,000.00 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. Gasoline PES Auto Roll Prepaid Gasoline   22807560 Merrill Lynch Commodities, Inc. ENGY-B-SWAP Sell 9/11/2014 41974   XB-NYMEX-FUTURES -2000000 USD/GAL $0.0000 $2.4760 $0.0000 -$207,958,693.295   FMTM -2,000,000.00 PES Fin Distillate 22807585 Merrill Lynch Commodities,   Inc. ENGY-B-SWAP Sell 9/11/2014 41883 HO-NYMEX-FUTURES -4000 USD/GAL $0.0000   $2.7405 $0.0000 -$460,401.709 FMTM -4,000.00 PES Fin Distillate 22807585   Merrill Lynch Commodities, Inc. ENGY-B-SWAP Buy 9/11/2014 41883   HO-NYMEX-FUTURES 4000 USD/GAL $0.0000 $2.7540 $0.0135 $462,669.698 FMTM   4,000.00 PES Fin Gasoline 22807583 Merrill Lynch Commodities, Inc.   ENGY-B-SWAP Sell 9/11/2014 41883 XB-NYMEX-FUTURES -8000 USD/GAL $0.0000   $2.5205 $0.0000 -$846,883.786 FMTM -8,000.00 PES Fin Gasoline 22807583   Merrill Lynch Commodities, Inc. ENGY-B-SWAP Buy 9/11/2014 41883 XB-NYMEX-FUTURES   8000 USD/GAL $0.0000 $2.5600 $0.0395 $860,155.720 FMTM 8,000.00 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. Strategy Trade ID Counterparty   Instrument Type Buy/ Sell Deal Date Contract Month Price Reference   (ENGY-B-SWAPS) Notional Volume (in bbls) Units Spread MTM MTM Spread   Gain/Loss Status PES Auto Roll VGO 22807587 Merrill Lynch Commodities, Inc.   ENGY-B-SWAP-BASKET Sell 9/11/2014 41944 HO-NYMEX-FUTURES -100000 USD/GAL   $0.0000 $2.7610 $0.0000 -$3,478,373.713 FMTM PES Auto Roll VGO 22807587   Merrill Lynch Commodities, Inc. ENGY-B-SWAP-BASKET Sell 9/11/2014 41944 XB-NYMEX-FUTURES   -100000 USD/GAL $0.0000 $2.5080 $0.0000 -$7,372,622.818 FMTM PES Auto Roll   VGO 22807587 Merrill Lynch Commodities, Inc. ENGY-B-SWAP-BASKET Buy 9/11/2014   41944 HO-NYMEX-FUTURES 100000 USD/GAL $0.0000 $2.7610 $0.0000 $3,478,373.713   FMTM PES Auto Roll VGO 22807587 Merrill Lynch Commodities, Inc.   ENGY-B-SWAP-BASKET Buy 9/11/2014 41944 XB-NYMEX-FUTURES 100000 USD/GAL   $0.0000 $2.5080 $0.0000 $7,372,622.818 FMTM PES Auto Roll VGO 22807589   Merrill Lynch Commodities, Inc. ENGY-B-SWAP-BASKET Sell 9/11/2014 41974   HO-NYMEX-FUTURES -100000 USD/GAL $0.0000 $2.7696 $0.0000 -$3,489,019.088 FMTM   PES Auto Roll VGO 22807589 Merrill Lynch Commodities, Inc. ENGY-B-SWAP-BASKET   Sell 9/11/2014 41974 XB-NYMEX-FUTURES -100000 USD/GAL $0.0000 $2.4760 $0.0000   -$7,278,027.975 FMTM PES Auto Roll VGO 22807589 Merrill Lynch Commodities,   Inc. ENGY-B-SWAP-BASKET Buy 9/11/2014 41974 HO-NYMEX-FUTURES 100000 USD/GAL   $0.0000 $2.7696 $0.0000 $3,489,019.088 FMTM PES Auto Roll VGO 22807589   Merrill Lynch Commodities, Inc. ENGY-B-SWAP-BASKET Sell 9/11/2014 41974   XB-NYMEX-FUTURES -100000 USD/GAL $0.0000 $2.4760 -$3.4664 -$7,278,027.975   FMTM 
    

 

 

	

    	
Seq   ENGY-B-25.254 25.254 65.451 ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. Strategy Trade ID Counterparty Instrument Type Buy/ Sell Trade   Currency (Non ENGY-B-SWAPS) UOM(Non ENGY-B-SWAPS) Deal Date Start Interval   (Non ENGY-B-SWAPS) Contract Month Price Reference (Non ENGY-B-SWAPS) Notional   Volume (in bbls) Strike Price or Adj Price Market Mid Price Disc Fee (USD)   UnDisc Settlement Amount (USD)(Non ENGY-B-SWAPS) Param Num(Non SWAPS) PES   Auto Roll Unwind Crude 22807562 Merrill Lynch Commodities, Inc. ENGY-SWAP   Sell USD BBL 9/11/2014 10/1/2014 41913 CL-NYMEX-FUTURES -200000 $92.270   $93.990 - $18,797,6 26.825 0.00 0 PES Auto Roll Unwind Crude 22807562 Merrill   Lynch Commodities, Inc. ENGY-SWAP Sell USD BBL 9/11/2014 10/1/2014 41913   CL-NYMEX-FUTURES 0 $92.270 $18,453,6 33.654 0.00 1 PES Auto Roll Unwind Crude   22807564 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD BBL 9/11/2014   11/1/2014 41944 CL-NYMEX-FUTURES 200000 $91.370 $92.960 $18,590,2 96.110 0.00   0 PES Auto Roll Unwind Crude 22807564 Merrill Lynch Commodities, Inc.   ENGY-SWAP Buy USD BBL 9/11/2014 11/1/2014 41944 CL-NYMEX-FUTURES 0 $91.370 -   $18,272,3 0.00 1 PES Auto Roll Unwind Crude 22807629 Merrill Lynch   Commodities, Inc. ENGY-SWAP Sell USD BBL 9/12/2014 10/1/2014 41913   CL-NYMEX-FUTURES -200000 $92.270 $93.990 - $18,797,6 26.825 0.00 0 PES Auto   Roll Unwind Crude 22807629 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell USD   BBL 9/12/2014 10/1/2014 41913 CL-NYMEX-FUTURES 0 $92.270 $18,453,6 33.654   0.00 1 PES Auto Roll Unwind Crude 22807630 Merrill Lynch Commodities, Inc.   ENGY-SWAP Buy USD BBL 9/15/2014 11/1/2014 41944 CL-NYMEX-FUTURES 200000   $91.370 $92.960 $18,590,2 96.110 0.00 0 PES Auto Roll Unwind Crude 22807630   Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD BBL 9/15/2014 11/1/2014   41944 CL-NYMEX-FUTURES 0 $91.370 - $18,272,3 0.00 1 PES Auto Roll Unwind   Crude 22807631 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell USD GAL   9/15/2014 10/1/2014 41913 XB-NYMEX-FUTURES -100000 $2.519 $2.560 - $10,751,5   0.00 0 PES Auto Roll Unwind Crude 22807631 Merrill Lynch Commodities, Inc.   ENGY-SWAP Sell USD GAL 9/15/2014 10/1/2014 41913 XB-NYMEX-FUTURES 0 $2.519 $10,578,5   32.445 0.00 1 PES Auto Roll Unwind Crude 22807632 Merrill Lynch Commodities,   Inc. ENGY-SWAP Buy USD GAL 9/15/2014 11/1/2014 41944 XB-NYMEX-FUTURES 100000   $2.473 $2.508 $10,532,3 18.311 0.00 0 
    

 

	

    	
95.662 95.662   65.451 ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. PES Auto   Roll Unwind Crude 22807632 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD   GAL 9/15/2014 11/1/2014 41944 XB-NYMEX-FUTURES 0 $2.473 - $10,385,7 56.147   0.00 1 PES Auto Roll Unwind Distillate 22807568 Merrill Lynch Commodities,   Inc. ENGY-SWAP Sell USD GAL 9/11/2014 10/1/2014 41913 HO-NYMEX-FUTURES   -100000 $2.741 $2.754 - $11,566,3 32.521 0.00 0 PES Auto Roll Unwind   Distillate 22807568 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell USD GAL   9/11/2014 10/1/2014 41913 HO-NYMEX-FUTURES 0 $2.741 $11,509,6 34.812 0.00 1   PES Auto Roll Unwind Distillate 22807572 Merrill Lynch Commodities, Inc.   ENGY-SWAP Buy USD GAL 9/11/2014 11/1/2014 41944 HO-NYMEX-FUTURES 100000   $2.748 $2.761 $11,594,5 79.044 0.00 0 PES Auto Roll Unwind Distillate   22807572 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD GAL 9/11/2014   11/1/2014 41944 HO-NYMEX-FUTURES 0 $2.748 - $11,540,1 0.00 1 PES Auto Roll   Unwind Distillate 22807633 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell USD   GAL 9/15/2014 10/1/2014 41913 HO-NYMEX-FUTURES -100000 $2.741 $2.754 -   $11,566,3 32.521 0.00 0 PES Auto Roll Unwind Distillate 22807633 Merrill   Lynch Commodities, Inc. ENGY-SWAP Sell USD GAL 9/15/2014 10/1/2014 41913   HO-NYMEX-FUTURES 0 $2.741 $11,509,6 34.812 0.00 1 PES Auto Roll Unwind   Distillate 22807634 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD GAL   9/15/2014 11/1/2014 41944 HO-NYMEX-FUTURES 100000 $2.748 $2.761 $11,594,5   79.044 0.00 0 PES Auto Roll Unwind Distillate 22807634 Merrill Lynch   Commodities, Inc. ENGY-SWAP Buy USD GAL 9/15/2014 11/1/2014 41944   HO-NYMEX-FUTURES 0 $2.748 - $11,540,1 0.00 1 PES Auto Roll Unwind Gasoline   22807570 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell USD GAL 9/11/2014   10/1/2014 41913 XB-NYMEX-FUTURES -100000 $2.519 $2.560 - $10,751,5 0.00 0 PES   Auto Roll Unwind Gasoline 22807570 Merrill Lynch Commodities, Inc. ENGY-SWAP   Sell USD GAL 9/11/2014 10/1/2014 41913 XB-NYMEX-FUTURES 0 $2.519 $10,578,5   32.445 0.00 1 PES Auto Roll Unwind Gasoline 22807574 Merrill Lynch   Commodities, Inc. ENGY-SWAP Buy USD GAL 9/11/2014 11/1/2014 41944   XB-NYMEX-FUTURES 100000 $2.473 $2.508 $10,532,3 18.311 0.00 0 PES Auto Roll   Unwind Gasoline 22807574 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD   GAL 9/11/2014 11/1/2014 41944 XB-NYMEX-FUTURES 0 $2.473 - $10,385,7 56.147   0.00 1 
    

 

	

    	
30.902 30.902   ** Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. PES Auto Roll Unwind Prepaid   Gasoline 22807566 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD GAL 9/11/2014   11/1/2014 41944 XB-NYMEX-FUTURES 200000 $2.473 $2.508 $21,064,6 36.623 0.00 0   PES Auto Roll Unwind Prepaid Gasoline 22807566 Merrill Lynch Commodities,   Inc. ENGY-SWAP Buy USD GAL 9/11/2014 11/1/2014 41944 XB-NYMEX-FUTURES 0   $2.473 - $20,771,5 12.294 0.00 1 PES Auto Roll Unwind Prepaid Gasoline   22807576 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell USD GAL 9/11/2014   10/1/2014 41913 XB-NYMEX-FUTURES -200000 $2.519 $2.560 - $21,503,1 0.00 0 PES   Auto Roll Unwind Prepaid Gasoline 22807576 Merrill Lynch Commodities, Inc.   ENGY-SWAP Sell USD GAL 9/11/2014 10/1/2014 41913 XB-NYMEX-FUTURES 0 $2.519   $21,157,0 64.890 0.00 1 PES Auto Roll Unwind Prepaid Gasoline 22807635   Merrill Lynch Commodities, Inc. ENGY-SWAP Sell USD GAL 9/15/2014 10/1/2014   41913 XB-NYMEX-FUTURES -200000 $2.519 $2.560 - $21,503,1 0.00 0 PES Auto Roll   Unwind Prepaid Gasoline 22807635 Merrill Lynch Commodities, Inc. ENGY-SWAP   Sell USD GAL 9/15/2014 10/1/2014 41913 XB-NYMEX-FUTURES 0 $2.519 $21,157,0   64.890 0.00 1 PES Auto Roll Unwind Prepaid Gasoline 22807636 Merrill Lynch   Commodities, Inc. ENGY-SWAP Buy USD GAL 9/15/2014 11/1/2014 41944   XB-NYMEX-FUTURES 200000 $2.473 $2.508 $21,064,6 36.623 0.00 0 PES Auto Roll   Unwind Prepaid Gasoline 22807636 Merrill Lynch Commodities, Inc. ENGY-SWAP   Buy USD GAL 9/15/2014 11/1/2014 41944 XB-NYMEX-FUTURES 0 $2.473 - $20,771,5   12.294 0.00 1 PES Distillate Time Spreads 22807618 Merrill Lynch Commodities,   Inc. ENGY-SWAP Sell USD GAL 9/12/2014 11/1/2014 41944 HO-NYMEX-FUTURES -50000   $2.750 $2.761 - $5,797,28 9.522 0.00 0 PES Distillate Time Spreads 22807618   Merrill Lynch Commodities, Inc. ENGY-SWAP Sell USD GAL 9/12/2014 11/1/2014   41944 HO-NYMEX-FUTURES 0 $2.750 $5,773,24 7.448 0.00 1 PES Distillate Time   Spreads 22807619 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD GAL   9/12/2014 10/1/2014 41913 HO-NYMEX-FUTURES 50000 $2.743 $2.754 $5,783,16   6.260 0.00 0 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. PES Distillate Time Spreads 22807619   Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD GAL 9/12/2014 10/1/2014   41913 HO-NYMEX-FUTURES 0 $2.743 - $5,759,43 7.219 0.00 1 PES Fin Crude 22807695   Merrill Lynch Commodities, Inc. ENGY-SWAP Sell USD BBL 9/16/2014 10/1/2014   41913 CL-NYMEX-FUTURES -190000 $94.800 $93.990 - $17,857,7 45.484 0.00 0 PES   Fin Crude 22807695 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell USD BBL   9/16/2014 10/1/2014 41913 CL-NYMEX-FUTURES 0 $94.800 $18,011,6 42.429 0.00 1   PES Fin Distillate 22807640 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD   GAL 9/15/2014 9/15/2014 41883 HO-NYMEX-FUTURES 0 $2.763 - $696,348. 135 0.00   1 PES Fin Distillate 22807640 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy   USD GAL 9/15/2014 9/16/2014 41883 HO-NYMEX-FUTURES 6000 $2.763 $2.754   $694,004. 547 0.00 0 PES Fin Distillate 22807678 Merrill Lynch Commodities,   Inc. ENGY-SWAP Buy USD GAL 9/15/2014 10/1/2014 41913 HO-NYMEX-FUTURES 25000   $2.756 $2.754 $2,891,58 3.130 0.00 0 PES Fin Distillate 22807678 Merrill   Lynch Commodities, Inc. ENGY-SWAP Buy USD GAL 9/15/2014 10/1/2014 41913   HO-NYMEX-FUTURES 0 $2.756 - $2,893,99 8.033 0.00 1 PES Fin Distillate   22807681 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD GAL 9/16/2014   10/1/2014 41913 HO-NYMEX-FUTURES 30000 $2.748 $2.754 $3,469,89 9.756 0.00 0   PES Fin Distillate 22807681 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD   GAL 9/16/2014 10/1/2014 41913 HO-NYMEX-FUTURES 0 $2.748 - $3,462,46 6.057   0.00 1 PES Fin Distillate 22807682 Merrill Lynch Commodities, Inc. ENGY-SWAP   Buy USD GAL 9/16/2014 10/1/2014 41913 HO-NYMEX-FUTURES 150000 $2.748 $2.754   $17,349,4 98.781 0.00 0 PES Fin Distillate 22807682 Merrill Lynch   Commodities, Inc. ENGY-SWAP Buy USD GAL 9/16/2014 10/1/2014 41913   HO-NYMEX-FUTURES 0 $2.748 - $17,312,3 30.283 0.00 1 PES Fin Distillate   22807688 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD GAL 9/16/2014   10/1/2014 41913 HO-NYMEX-FUTURES 25000 $2.550 $2.754 $2,891,58 3.130 0.00 0   PES Fin Distillate 22807688 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD   GAL 9/16/2014 10/1/2014 41913 HO-NYMEX-FUTURES 0 $2.550 - $2,676,86 6.808   0.00 1 PES Fin Distillate 22807690 Merrill Lynch Commodities, Inc. ENGY-SWAP   Buy USD GAL 9/16/2014 10/1/2014 41913 HO-NYMEX-FUTURES 25000 $2.748 $2.754   $2,891,58 3.130 0.00 0 PES Fin Distillate 22807690 Merrill Lynch Commodities,   Inc. ENGY-SWAP Buy USD GAL 9/16/2014 10/1/2014 41913 HO-NYMEX-FUTURES 0   $2.748 - $2,885,38 8.381 0.00 1 PES Fin Gasoline 22807638 Merrill Lynch Commodities,   Inc. ENGY-SWAP Buy USD GAL 9/15/2014 9/15/2014 41883 XB-NYMEX-FUTURES 0   $2.561 - $1,290,93 9.177 0.00 1 PES Fin Gasoline 22807638 Merrill Lynch   Commodities, Inc. ENGY-SWAP Buy USD GAL 9/15/2014 9/16/2014 41883   XB-NYMEX-FUTURES 12000 $2.561 $2.560 $1,290,23 3.581 0.00 0 
    

 

	

    	
2.361 **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. PES Fin Gasoline 22807676   Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD GAL 9/15/2014 10/1/2014   41913 XB-NYMEX-FUTURES 7000 $2.559 $2.560 $752,609. 582 0.00 0 PES Fin   Gasoline 22807676 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD GAL   9/15/2014 10/1/2014 41913 XB-NYMEX-FUTURES 0 $2.559 - $752,256. 796 0.00 1   PES Fin Gasoline 22807677 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD   GAL 9/15/2014 10/1/2014 41913 XB-NYMEX-FUTURES 21000 $2.559 $2.560 $2,257,82   8.745 0.00 0 PES Fin Gasoline 22807677 Merrill Lynch Commodities, Inc.   ENGY-SWAP Buy USD GAL 9/15/2014 10/1/2014 41913 XB-NYMEX-FUTURES 0 $2.559 -   $2,256,77 0.388 0.00 1 PES Fin Gasoline 22807693 Merrill Lynch Commodities,   Inc. ENGY-SWAP Buy USD GAL 9/16/2014 10/1/2014 41913 XB-NYMEX-FUTURES 57143   $2.561 $2.560 $6,143,75 1.686 0.00 0 PES Fin Gasoline 22807693 Merrill Lynch   Commodities, Inc. ENGY-SWAP Buy USD GAL 9/16/2014 10/1/2014 41913   XB-NYMEX-FUTURES 0 $2.561 - $6,147,11 1.551 0.00 1 PES Fin Gasoline 22807694   Merrill Lynch Commodities, Inc. ENGY-SWAP Sell USD GAL 9/16/2014 10/1/2014   41913 XB-NYMEX-FUTURES -100000 $2.561 $2.560 - $10,751,5 65.451 0.00 0 PES   Fin Gasoline 22807694 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell USD GAL   9/16/2014 10/1/2014 41913 XB-NYMEX-FUTURES 0 $2.561 $10,757,4 45.214 0.00 1   PES Fin Gasoline 22807698 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell USD   GAL 9/16/2014 10/1/2014 41913 XB-NYMEX-FUTURES -25000 $2.561 $2.560 -   $2,687,89 1.363 0.00 0 PES Fin Gasoline 22807698 Merrill Lynch Commodities,   Inc. ENGY-SWAP Sell USD GAL 9/16/2014 10/1/2014 41913 XB-NYMEX-FUTURES 0   $2.561 $2,689,36 1.303 0.00 1 PES Fin Gasoline 22807700 Merrill Lynch   Commodities, Inc. ENGY-SWAP Sell USD GAL 9/16/2014 10/1/2014 41913   XB-NYMEX-FUTURES -25000 $2.561 $2.560 - $2,687,89 1.363 0.00 0 PES Fin   Gasoline 22807700 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell USD GAL   9/16/2014 10/1/2014 41913 XB-NYMEX-FUTURES 0 $2.561 $2,689,36 1.303 0.00 1   PES Gasoline Time Spreads 22807614 Merrill Lynch Commodities, Inc. ENGY-SWAP   Buy USD GAL 9/12/2014 11/1/2014 41944 XB-NYMEX-FUTURES 80000 $2.483 $2.508   $8,425,85 4.649 0.00 0 PES Gasoline Time Spreads 22807614 Merrill Lynch   Commodities, Inc. ENGY-SWAP Buy USD GAL 9/12/2014 11/1/2014 41944   XB-NYMEX-FUTURES 0 $2.483 - $8,340,52 1.034 0.00 1 PES Gasoline Time Spreads   22807616 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell USD GAL 9/12/2014   10/1/2014 41913 XB-NYMEX-FUTURES -80000 $2.536 $2.560 - $8,601,25 0.00 0 PES   Gasoline Time Spreads 22807616 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell   USD GAL 9/12/2014 10/1/2014 41913 XB-NYMEX-FUTURES 0 $2.536 $8,521,95 9.566   0.00 1 
    

 

	

    	
3.413 **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. PES WTI Time Spreads 22807610   Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD BBL 9/12/2014 11/1/2014   41944 CL-NYMEX-FUTURES 100000 $92.020 $92.960 $9,295,14 8.055 0.00 0 PES WTI   Time Spreads 22807610 Merrill Lynch Commodities, Inc. ENGY-SWAP Buy USD BBL   9/12/2014 11/1/2014 41944 CL-NYMEX-FUTURES 0 $92.020 - $9,201,15 6.670 0.00 1   PES WTI Time Spreads 22807612 Merrill Lynch Commodities, Inc. ENGY-SWAP Sell   USD BBL 9/12/2014 10/1/2014 41913 CL-NYMEX-FUTURES -100000 $92.970 $93.990 -   $9,398,81 0.00 0 PES WTI Time Spreads 22807612 Merrill Lynch Commodities,   Inc. ENGY-SWAP Sell USD BBL 9/12/2014 10/1/2014 41913 CL-NYMEX-FUTURES 0   $92.970 $9,296,81 5.437 0.00 1 
    

 

 

SCHEDULE 3.08(b)(i)

 

FORM OF DAILY TRADES DONE TO DATE REPORT

 

Attached.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	

    	
SCHEDULE   3.08(b)(i) FORM OF DAILY TRADES DONE TO DATE REPORT Dl Hdr ID Contact Phone   Number Internal User Deal Detail Id R/D Status Trade Date Counterparty   Contact [**] 24363 1 D Active 9/8/2014 [**] [**] [**] [**] [**] 24559 1 D   Active 8/12/2014 [**] [**] [**] [**] [**] 24340 1 R Active 9/8/2014 [**] [**]   [**] [**] 24367 1 D Active 9/8/2014 [**] [**] [**] [**] [**] 24426 13 R   Active 9/9/2014 14:36 9/9/2014 14:36 9/9/2014 14:36 9/9/2014 14:36 9/9/2014   14:36 [**] [**] [**] [**] [**] [**] 24426 25 D Active [**] [**] [**] [**]   [**] 24426 1 R Active [**] [**] [**] [**] [**] 24426 26 D Active [**] [**]   [**] [**] [**] 24426 12 R Active [**] [**] [**] [**] ** Certain information   in this document has been omitted and filed separately with the Securities   and Exchange Commission. Confidential treatment has been requested with   respect to the omitted portions. 
    

 

	

    	
Broker Rate Is   Logistics Broker Deal Type Term Strategy PES Phys Distillate PES Phys   Distillate Product Chemical Title Transfer At Bayonne NJ - CPL Pasadena TX -   CPL PES Rail Terminal Method Sale Deal No Spot ULSD 15EXP2 ULSD 15EXP2   Pipeline Sale Deal Purchase Deal No Term ULSD2 ULSD2 Pipeline No Spot PES   Phys Crude PES Phys Gasoline BAKKEN ND Gas. F1 83RB VOC1 BAKKEN ND Gas. F1   83RB VOC1 Railcar Sale Deal Buy/Sell Deal Buy/Sell Deal Buy/Sell Deal   Buy/Sell Deal Buy/Sell Deal No Spot Booth PA - CPL Pipeline Tank Transfer   Tank Transfer Tank Transfer Tank Transfer Tank Transfer No Spot PES Phys   Crude Rabi Light Rabi Light PES Storage No Spot PES Phys Crude BAKKEN ND   BAKKEN ND PES Storage No Spot PES Phys Crude Antan Antan PES Storage No Spot   PES Phys Crude BAKKEN ND BAKKEN ND PES Storage No Spot PES Phys Crude Qua   Iboe Qua Iboe PES Storage ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. 
    

 

	

    	
PES Product   Code Custom Product Specs Payment Term Payment Term Verbiage PES Identifier INCO   Terms General Terms Chevron Products Company Crude/Products GT&C 05/01/96   ConocoPhillips Company, Its Affiliates and Subsidiaries, Products   Purchase/Sale Pipeline Cycle Fixed Price Wire Net 3 Days from Date of Invoice   Buckeye Pipeline Free in Pipe WN3DI pd11113   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14 2 business days from receipt of   invoice Payable by wire transfer on or before the 20th of the month following   the month of delivery, subject to net out of invoices for like Product   amounts which are due each party on the same date. W2WD Receipt Colonial   Pipeline Free in Pipe 12164 ConocoPhillips Company Crude GTC Domestic 01/93   Chevron Products Company Crude/Products GT&C 05/01/96 Delivered At   Terminal 20TH 1124 Wire Net 3 Days from Date of Invoice Colonial Pipeline   Free in Pipe WN3DI pd11114 ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. 
    

 

	

    	
Qty 1 Delivery   From UOM Abbv Tolerance Option Buyer or Seller Buyer or Seller Tolerance   Direction Qty 1 Delivery To Quantity Per Per Month Per Cycle Per Month Per   Month Per Month Per Month Per Month Per Month Per Month UOM Volume Type Approximate   Quantity Approximate Quantity Tolerance Clause 9/15/2014 9/25/2014 23:59   50000 bbl bbl Plus/Minus 9/1/2014 9/30/2014 23:59 25000 bbl bbl Plus/Minus   Plus/Minus 5 bbl Seller Option 9/1/2014 9/30/2014 23:59 900000 bbl bbl Fixed   Range Approximate Quantity Approximate Quantity Approximate Quantity   Approximate Quantity Approximate Quantity Approximate Quantity Seller Buyer   or Seller Buyer or Seller Buyer or Seller Buyer or Seller Buyer or Seller   Buyer or Seller Plus/Minus 9/15/2014 9/25/2014 23:59 50000 bbl bbl Plus/Minus   9/1/2014 9/30/2014 23:59 0 bbl bbl Plus/Minus 9/1/2014 9/1/2014 9/30/2014   23:59 0 bbl bbl Plus/Minus 9/1/2014 9/1/2014 9/30/2014 23:59 0 bbl bbl   Plus/Minus 9/1/2014 9/1/2014 9/30/2014 23:59 0 bbl bbl Plus/Minus 9/1/2014   9/1/2014 9/30/2014 23:59 0 bbl bbl Plus/Minus 9/1/2014 ** Certain information   in this document has been omitted and filed separately with the Securities   and Exchange Commission. Confidential treatment has been requested with   respect to the omitted portions. 
    

 

	

    	
Tolerance   Quantity Index 1 Percentage Differential Index 1 Pricing Days Rule Index 1   Pricing Days Custom Index 2 Percentage Differential Index 2 Pricing Days Rule   0 MLCI - PHYSPROD_LIND EN_54JETA 100 0.05 3 Days after BOL 0 Nymex HO 100 -   0.00107142 9 Custom   2014-10-01,2014-10-02,2014-10-03,2014-10-04,2014-10-05,2014-10-06,2014-10-07,2014-10-08,2014-10-09,2014-10-10,2014-10-11,2014-10-12,2014-10-13,2014-10-14,2014-10-15,2014-10-16,2014-10-17,2014-10-18,2014-10-19,2014-10-20,2014-10-21,2014-10-22,2014-10-23,20   5 Nymex Crude 100 -1.15 Monthly Business Day Average - Contract Month 0 MLCI   - PHYSPROD_BOS TON_H291RBVO CREG2 100 0.02 3 Days after BOL ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. 
    

 

	

    	
Index 2 Pricing   Days Custom Index 3 Pricing Days Rule Index 3 Pricing Days Custom Moved Qty   UOM gal gal bbl gal bbl bbl bbl bbl bbl Movement Date Moved Qty Index 3   Percentage Differential Credit Comments test test Creation Date 9/8/2014   16:47 9/15/2014 16:47 9/8/2014 11:37 9/8/2014 16:58 9/9/2014 14:36 9/9/2014   14:36 9/9/2014 14:36 9/9/2014 14:36 9/9/2014 14:36 9/9/2014 900000 test test   ** Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. 
    

 

	

    	
Pricing   Provision 76496 78038 76349 76507 76870 76892 76850 76894 76868 Revision Date   9/8/2014 16:47 9/15/2014 16:47 9/8/2014 11:37 9/8/2014 16:58 9/15/2014 10:48   9/15/2014 10:48 9/15/2014 10:48 9/15/2014 10:48 9/15/2014 10:48 Currency US   Dollars US Dollars US Dollars US Dollars US Dollars US Dollars US Dollars US   Dollars US Dollars Provision Description PESFormulaTabletProduct   PESFormulaTablet PESFormulaTablet PESFormulaTabletProduct   PESFormulaTabletSecuredPrepay PESFormulaTabletSecuredPrepay   PESFormulaTabletSecuredPrepay PESFormulaTabletSecuredPrepay   PESFormulaTabletSecuredPrepay Sortcolumn ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. 
    

 

 

SCHEDULE 3.08(b)(ii)

 

FORM OF DAILY RAW INVOICE REPORT

 

Attached.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	

    	
SCHEDULE   3.08(b)(ii) FORM OF DAILY RAW INVOICE REPORT Actual Invoice for   9/1/2014-9/16/2014 ** Certain information in this document has been omitted   and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. Contract # PES Deal Id External BU Product Quantity Quantity UOM   Total Value [**] [**] Azeri 1,675.0 bbl [**] [**] [**] BAKKEN ND 14,191.0 bbl   [**] [**] [**] BAKKEN ND 142,813.0 bbl [**] [**] [**] Doba 37,683.0 bbl [**]   [**] [**] Eagle Ford 3,771.0 bbl [**] [**] [**] Midland Sweet 9,417.0 bbl   [**] [**] [**] Niobrara Blend 7,303.0 bbl [**] [**] [**] Rabi Light 28,873.0   bbl [**] [**] [**] White Rose 12,475.0 bbl [**] [**] [**] WTI 40,264.0 bbl   [**] [**] [**] BB 19,992.0 gal [**] [**] [**] BB 30,072.0 gal [**] [**] [**]   BB 46,200.0 gal [**] [**] [**] HEAVY REFORMATE 35,406.0 gal [**] [**] [**]   Iso Butane 198,030.0 gal [**] [**] [**] Iso Butane 209,832.0 gal [**] [**]   [**] Iso Butane 328,944.0 gal [**] [**] [**] Light Naphtha 151,284.0 gal [**]   
    

 

	

    	
Invoice No. **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. Value Currenc y Price Per   Unit Value Offset Deal Type Name Receipt/Deliver y We Pay/They Pay   Transaction Type Sales USD [**] Buy/Sell Deal Receipt We Pay PES Differential   USD [**] Buy/Sell Deal Receipt We Pay PES Differential USD [**] Buy/Sell Deal   Receipt We Pay PES Differential USD [**] Buy/Sell Deal Receipt We Pay PES   Differential USD [**] Buy/Sell Deal Receipt We Pay PES Differential USD [**]   Buy/Sell Deal Receipt We Pay PES Differential USD [**] Buy/Sell Deal Receipt   We Pay PES Differential USD [**] Buy/Sell Deal Receipt We Pay PES   Differential USD [**] Buy/Sell Deal Receipt We Pay PES Differential USD [**]   Buy/Sell Deal Receipt We Pay PES Differential USD [**] 0.00000 Purchase Deal   Receipt We Pay Purchases - Secured Prepay USD [**] 0.00000 Purchase Deal   Receipt We Pay Purchases - Secured Prepay USD [**] 0.00000 Purchase Deal   Receipt We Pay Purchases - Secured Prepay USD [**] 0.00000 Purchase Deal   Receipt We Pay Purchases - Secured Prepay USD [**] 0.00000 Purchase Deal   Receipt We Pay Purchases - Secured Prepay USD [**] 0.00000 Purchase Deal   Receipt We Pay Purchases - Secured Prepay USD [**] 0.00000 Purchase Deal   Receipt We Pay Purchases - Secured Prepay USD [**] 0.00000 Purchase Deal   Receipt We Pay Purchases - Secured Prepay 
    

 

	

    	
Statement   REFORMATE,9/2014,13354 ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. Purchase Invoice No. Detail Number Transaction Date Commodity   Strategy Name Order Batch Name AP Net Out Statement No AR Net Out No 4   9/11/2014 Crude PES Phys Crude PES Storage,Azeri,9/2014,13492 5 9/11/2014   Crude PES Phys Crude PES Storage,BAKKEN ND,9/2014,13487 7 9/11/2014 Crude PES   Phys Crude PES Storage,BAKKEN ND,9/2014,13488 9 9/11/2014 Crude PES Phys   Crude PES Storage,Doba,9/2014,13496 10 9/11/2014 Crude PES Phys Crude PES   Storage,Eagle Ford,9/2014,13489 40 9/11/2014 Crude PES Phys Crude PES   Storage,Midland Sweet,9/2014,13493 42 9/11/2014 Crude PES Phys Crude PES   Storage,Niobrara Blend,9/2014,13490 41 9/11/2014 Crude PES Phys Crude PES   Storage,Rabi Light,9/2014,13495 17 9/11/2014 Crude PES Phys Crude PES   Storage,White Rose,9/2014,13491 18 9/11/2014 Crude PES Phys Crude PES Storage,WTI,9/2014,13494   29 9/10/2014 Refined Product PES Phys Gasoline PES Storage,BB,9/2014,13426 29   9/9/2014 Refined Product PES Phys Gasoline PES Storage,BB,9/2014,13368 29   9/11/2014 Refined Product PES Phys Gasoline PES Storage,BB,9/2014,13524 27   9/9/2014 Refined Product PES Phys Gasoline PES Storage,HEAVY 28 9/10/2014   Refined Product PES Phys Gasoline PES Storage,Iso Butane,9/2014,13425 28   9/9/2014 Refined Product PES Phys Gasoline PES Storage,Iso   Butane,9/2014,13364 28 9/11/2014 Refined Product PES Phys Gasoline PES   Storage,Iso Butane,9/2014,13523 19 9/11/2014 Refined Product PES Phys   Gasoline PES Storage,Light Naphtha,9/2014,13517 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. PES Audit Key Scheduling Comments PES   Product Code Account Detail Origin Name Origin State   MTDPRODBOOK_415100_091514111714 415100 5414289 PES Storage PA MTDPRODBOOK_301700_091514111714   301700 5414273 PES Storage PA MTDPRODBOOK_302700_091514111714 302700 5414290   PES Storage PA MTDPRODBOOK_492600_091514111714 492600 5414291 PES Storage PA   MTDPRODBOOK_304000_091514111714 304000 5414292 PES Storage PA MTDPRODBOOK_422800_091514111714   422800 5414295 PES Storage PA MTDPRODBOOK_309000_091514111714 309000 5414297   PES Storage PA MTDPRODBOOK_489800_091514111714 489800 5414296 PES Storage PA   MTDPRODBOOK_414100_091514111714 414100 5414293 PES Storage PA MTDPRODBOOK_425400_091514111714   425400 5414294 PES Storage PA MTDPRODBOOK_000800_091214104233 000800 5413612   PES Storage PA MTDPRODBOOK_000800_091114142456 000800 5413456 PES Storage PA   MTDPRODBOOK_000800_091514111714 000800 5414378 PES Storage PA   MTDPRODBOOK_496500_091114142456 496500 5413454 PES Storage PA   MTDPRODBOOK_001001_091214104233 001001 5413610 PES Storage PA   MTDPRODBOOK_001001_091114142456 001001 5413455 PES Storage PA   MTDPRODBOOK_001001_091514111714 001001 5414377 PES Storage PA   MTDPRODBOOK_442500_091514111714 442500 5414376 PES Storage PA 
    

 

	

    	
Delivery **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. Title Transfer Linked to Deal   Secured Prepay (Y/N) Accounting Period-From Date Payment date Method of   Delivered At Place N 9/1/2014 10/20/2014 Meter Ticket Delivered At Place N   9/1/2014 10/20/2014 Meter Ticket Delivered At Place N 9/1/2014 10/20/2014   Meter Ticket Delivered At Place N 9/1/2014 10/20/2014 Meter Ticket Delivered   At Place N 9/1/2014 10/20/2014 Meter Ticket Delivered At Place N 9/1/2014   10/20/2014 Meter Ticket Delivered At Place N 9/1/2014 10/20/2014 Meter Ticket   Delivered At Place N 9/1/2014 10/20/2014 Meter Ticket Delivered At Place N 9/1/2014   10/20/2014 Meter Ticket Delivered At Place N 9/1/2014 10/20/2014 Meter Ticket   Delivered At Place Y 9/1/2014 10/2/2014 Meter Ticket Delivered At Place Y   9/1/2014 10/2/2014 Meter Ticket Delivered At Place Y 9/1/2014 10/2/2014 Meter   Ticket Delivered At Place Y 9/1/2014 10/2/2014 Meter Ticket Delivered At   Place Y 9/1/2014 10/2/2014 Meter Ticket Delivered At Place Y 9/1/2014   10/2/2014 Meter Ticket Delivered At Place Y 9/1/2014 10/2/2014 Meter Ticket   Delivered At Place Y 9/1/2014 10/2/2014 Meter Ticket 
    

 

 

SCHEDULE 3.08(b)(iii)

 

FORM OF DAILY SALES REPORT

 

Attached.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	

    	
SCHEDULE   3.08(b)(iii) FORM OF DAILY SALES REPORT Detail Id 1 1 1 1 1 1 1 1 1 1 1 1 1 1   1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Transfer Id 73249 77506 77506 77506 77506   77506 77506 77506 77506 77506 77506 77506 77506 77506 77506 77506 77506 77506   77506 77506 77506 77506 77506 77507 77507 77507 77507 77507 77507 77507 77507   Order Id Movement Date Strategy PES Phys Distillate PES Phys Distillate PES   Phys Distillate PES Phys Distillate PES Phys Distillate PES Phys Distillate   PES Phys Distillate PES Phys Distillate PES Phys Distillate PES Phys   Distillate PES Phys Distillate PES Phys Distillate PES Phys Distillate PES   Phys Distillate PES Phys Distillate PES Phys Distillate PES Phys Distillate   PES Phys Distillate PES Phys Distillate PES Phys Distillate PES Phys Distillate   PES Phys Distillate PES Phys Distillate PES Phys Distillate PES Phys   Distillate PES Phys Distillate PES Phys Distillate PES Phys Distillate PES   Phys Distillate PES Phys Distillate PES Phys Distillate External BA [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] Deal   Type Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal   Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale   Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal   Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale   Deal Sale Deal Deal [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] Product ULSD 15EXP2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2   ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2   ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Co nfidential treatment has been   requested with respect to the omitted portions. 
    

 

	

    	
Detail Id 1 1 1   1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Transfer Id 77507 77507   77507 77507 77507 77507 77507 77507 77507 77507 77507 77507 77507 77507 77508   77508 77508 77508 77508 77508 77508 77508 77508 77508 77508 77508 77508 77508   Order Id Movement Date Strategy PES Phys Distillate PES Phys Distillate PES   Phys Distillate PES Phys Distillate PES Phys Distillate PES Phys Distillate   PES Phys Distillate PES Phys Distillate PES Phys Distillate PES Phys   Distillate PES Phys Distillate PES Phys Distillate PES Phys Distillate PES   Phys Distillate PES Phys Distillate PES Phys Distillate PES Phys Distillate   PES Phys Distillate PES Phys Distillate PES Phys Distillate PES Phys   Distillate PES Phys Distillate PES Phys Distillate PES Phys Distillate PES   Phys Distillate PES Phys Distillate PES Phys Distillate PES Phys Distillate   External BA [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   Deal Type Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale   Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal   Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale   Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Sale Deal Deal [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] Product ULSD2   ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2   ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2 ULSD2   ULSD2 ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Co nfidential   treatment has been requested with respect to the omitted portions. 
    

 

	

    	
Phys Qty Cost   Type Per Unit Value Idx % RorD Provision BA Provision Pricing Index MLCI -   PHYSPROD_ LINDEN_54JETA Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO   Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex   HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO   Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex   HO Offset D D D D D D D D D D D D D D D D D D D D D D D D D D D D D D D D D   2100000 6300000 6300000 6300000 6300000 6300000 6300000 6300000 6300000   6300000 6300000 6300000 6300000 6300000 6300000 6300000 6300000 6300000   6300000 6300000 6300000 6300000 6300000 6300000 6300000 6300000 6300000   6300000 6300000 6300000 6300000 6300000 6300000 Primary Primary Primary   Primary Primary Primary Primary Primary Primary Primary Primary Primary   Primary Primary Primary Primary Primary Primary Primary Primary Primary   Primary Primary Primary Primary Primary Primary Primary Primary Primary   Primary Primary Primary PESFormulaTablet Product PES Formula Tablet PES   Formula Tablet PES Formula Tablet PES Formula Tablet PES Formula Tablet PES   Formula Tablet PES Formula Tablet PES Formula Tablet PES Formula Tablet PES   Formula Tablet PES Formula Tablet PES Formula Tablet PES Formula Tablet PES   Formula Tablet PES Formula Tablet PES Formula Tablet PES Formula Tablet PES   Formula Tablet PES Formula Tablet PES Formula Tablet PES Formula Tablet PES   Formula Tablet PES Formula Tablet PES Formula Tablet PES Formula Tablet PES   Formula Tablet PES Formula Tablet PES Formula Tablet PES Formula Tablet PES   Formula Tablet PES Formula Tablet PES Formula Tablet 2.8446 100 100 100 100   100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100   100 100 100 100 100 100 100 100 100 100 0.05 -0.045 -0.045 -0.045 -0.045   -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045   -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045   -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] ** Certain information   in this document has been omitted and filed separately with the Securities   and Exchange Commission. Co nfidential treatment has been requested with   respect to the omitted portions. 
    

 

	

    	
Phys Qty   6300000 6300000 6300000 6300000 6300000 6300000 6300000 6300000 6300000   6300000 6300000 6300000 6300000 6300000 6300000 6300000 6300000 6300000   6300000 6300000 6300000 6300000 6300000 6300000 6300000 6300000 Cost Type   Primary Primary Primary Primary Primary Primary Primary Primary Primary   Primary Primary Primary Primary Primary Primary Primary Primary Primary   Primary Primary Primary Primary Primary Primary Primary Primary Per Unit   Value Idx % 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100   100 100 100 100 100 100 100 100 100 100 RorD D D D D D D D D D D D D D D D D   D D D D D D D D D D Provision BA [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] Provision PES Formula Tablet PES Formula Tablet PES Formula Tablet   PES Formula Tablet PES Formula Tablet PES Formula Tablet PES Formula Tablet   PES Formula Tablet PES Formula Tablet PES Formula Tablet PES Formula Tablet   PES Formula Tablet PES Formula Tablet PES Formula Tablet PES Formula Tablet   PES Formula Tablet PES Formula Tablet PES Formula Tablet PES Formula Tablet   PES Formula Tablet PES Formula Tablet PES Formula Tablet PES Formula Tablet   PES Formula Tablet PES Formula Tablet PES Formula Tablet Pricing Index Nymex   HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO   Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex   HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO Nymex HO   Offset -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045   -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045 -0.045   -0.045 -0.045 -0.045 -0.045 ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission. Co   nfidential treatment has been requested with respect to the omitted portions.   
    

 

	

    	
Is Sunoco   Offtake Deal N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N   N N Quote Date 9/15/2014 10/1/2014 10/2/2014 10/3/2014 10/6/2014 10/7/2014   10/8/2014 10/9/2014 10/10/2014 10/13/2014 10/14/2014 10/15/2014 10/16/2014   10/17/2014 10/20/2014 10/21/2014 10/22/2014 10/23/2014 10/24/2014 10/27/2014   10/28/2014 10/29/2014 10/30/2014 10/1/2014 10/2/2014 10/3/2014 10/6/2014   10/7/2014 10/8/2014 10/9/2014 10/10/2014 10/13/2014 10/14/2014 10/15/2014   Quote Value 2.7946 Price Qty 2100000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 Movement Id Is EFP Deal N N N N N N N N N N N N N N   N N N N N N N N N N N N N N N N N N N N Ob Id 6335 2016 2016 2016 2016 2016   2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016   2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 Pipeline Cycle   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14 C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14 C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14 C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14 C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14 C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14 ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Co nfidential treatment has been requested with respect   to the omitted portions. 
    

 

	

    	
Is Sunoco   Offtake Deal N N N N N N N N N N N N N N N N N N N N N N N N N Quote Date   10/16/2014 10/17/2014 10/20/2014 10/21/2014 10/22/2014 10/23/2014 10/24/2014   10/27/2014 10/28/2014 10/29/2014 10/30/2014 10/1/2014 10/2/2014 10/3/2014   10/6/2014 10/7/2014 10/8/2014 10/9/2014 10/10/2014 10/13/2014 10/14/2014   10/15/2014 10/16/2014 10/17/2014 10/20/2014 Quote Value Price Qty Movement Id   Is EFP Deal N N N N N N N N N N N N N N N N N N N N N N N N N Ob Id 2016 2016   2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016   2016 2016 2016 2016 2016 2016 2016 2016 Pipeline Cycle C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14 C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14 C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14 C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   C49-14,C50-14,C51-14,C52-14,C53-14,C54-14 C49-14,C50-14,C51-14,C52-14,C53-14,C54-14   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ** Certain information in   this document has been omitted and filed separately with the Securities and   Exchange Commission. Co nfidential treatment has been requested with respect   to the omitted portions. 
    

 

	

    	
PES Product   Code 224630 224600 224600 224600 224600 224600 224600 224600 224600 224600   224600 224600 224600 224600 224600 224600 224600 224600 224600 224600 224600   224600 224600 224600 224600 224600 224600 224600 224600 224600 224600 224600   224600 224600 Deal Status A A A A A A A A A A A A A A A A A A A A A A A A A A   A A A A A A A A Is Logistics N N N N N N N N N N N N N N N N N N N N N N N N   N N N N N N N N N N Scheduling Status Unscheduled Unscheduled Unscheduled   Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled   Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled   Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled   Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled   Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled   Unscheduled Scheduling Complete No No No No No No No No No No No No No No No   No No No No No No No No No No No No No No No No No No No Deal Date 9/8/2014   8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014   8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014   8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014   8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014   8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014 Dldtlprvsnid 76496 78038   78038 78038 78038 78038 78038 78038 78038 78038 78038 78038 78038 78038 78038   78038 78038 78038 78038 78038 78038 78038 78038 78038 78038 78038 78038 78038   78038 78038 78038 78038 78038 78038 Deal Location Bayonne NJ - CPL Pasadena   TX - CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX -   CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL   Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL   Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL   Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL   Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL   Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL   Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Co nfidential treatment has been   requested with respect to the omitted portions. 
    

 

	

    	
PES Product   Code 224600 224600 224600 224600 224600 224600 224600 224600 224600 224600   224600 224600 224600 224600 224600 224600 224600 224600 224600 224600 224600   224600 224600 224600 224600 Deal Status A A A A A A A A A A A A A A A A A A A   A A A A A A Is Logistics N N N N N N N N N N N N N N N N N N N N N N N N N   Scheduling Status Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled   Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled   Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled   Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled Unscheduled   Unscheduled Unscheduled Scheduling Complete No No No No No No No No No No No   No No No No No No No No No No No No No No Deal Date 8/12/2014 8/12/2014   8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014   8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014   8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014 8/12/2014   8/12/2014 8/12/2014 Dldtlprvsnid 78038 78038 78038 78038 78038 78038 78038   78038 78038 78038 78038 78038 78038 78038 78038 78038 78038 78038 78038 78038   78038 78038 78038 78038 78038 Deal Location Pasadena TX - CPL Pasadena TX -   CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL   Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL   Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL   Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL   Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL   Pasadena TX - CPL Pasadena TX - CPL Pasadena TX - CPL ** Certain information   in this document has been omitted and filed separately with the Securities   and Exchange Commission. Co nfidential treatment has been requested with   respect to the omitted portions. 
    

 

	

    	
Movement Doc   External Number Transfer Total Qty 700000 1050000 1050000 1050000 1050000   1050000 1050000 1050000 1050000 1050000 1050000 1050000 1050000 1050000   1050000 1050000 1050000 1050000 1050000 1050000 1050000 1050000 1050000   1050000 1050000 1050000 1050000 1050000 1050000 1050000 1050000 1050000   1050000 1050000 Pricing Index Id 7398 130 130 130 130 130 130 130 130 130 130   130 130 130 130 130 130 130 130 130 130 130 130 130 130 130 130 130 130 130   130 130 130 130 Total Percent Total Value 5973660 Percent 1 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Transaction Type Sales   Product Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude Sales   Crude Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude   Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude Sales   Crude Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude   Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude Sales   Crude Sales Crude Price Service ARGUS NYMEX-US NYMEX-US NYMEX-US NYMEX-US   NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US   NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US   NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US   NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1   1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ** Certain information in this document   has been omitted and filed separately with the Securities and Exchange   Commission. Co nfidential treatment has been requested with respect to the   omitted portions. 
    

 

	

    	
Movement Doc   External Number Transfer Total Qty 1050000 1050000 1050000 1050000 1050000   1050000 1050000 1050000 1050000 1050000 1050000 1050000 1050000 1050000   1050000 1050000 1050000 1050000 1050000 1050000 1050000 1050000 1050000   1050000 1050000 Pricing Index Id 130 130 130 130 130 130 130 130 130 130 130   130 130 130 130 130 130 130 130 130 130 130 130 130 130 Total Percent Total   Value Percent 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Transaction   Type Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude   Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude Sales   Crude Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude   Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude Sales Crude Price   Service NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US   NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US   NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US NYMEX-US   NYMEX-US NYMEX-US 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Co nfidential treatment has been   requested with respect to the omitted portions. 
    

 

	

    	
Pricing Index   Product 54 JET A NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX   Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating   Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil   NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX   Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX   Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX   Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX   Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX   Heating Oil NYMEX Heating Oil Broker Rate Trade Period 9/1/2014 9/1/2014   9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014   9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014   9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014   9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014   9/1/2014 Delivery Period 9/11/2014 9/6/2014 9/6/2014 9/6/2014 9/6/2014   9/6/2014 9/6/2014 9/6/2014 9/6/2014 9/6/2014 9/6/2014 9/6/2014 9/6/2014   9/6/2014 9/6/2014 9/6/2014 9/6/2014 9/6/2014 9/6/2014 9/6/2014 9/6/2014 9/6/2014   9/6/2014 9/11/2014 9/11/2014 9/11/2014 9/11/2014 9/11/2014 9/11/2014   9/11/2014 9/11/2014 9/11/2014 9/11/2014 9/11/2014 9/11/2014 Accounting Period   9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014   9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014   9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014   9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014   9/1/2014 9/1/2014 9/1/2014 Snapshot Id 46990 46990 46990 46990 46990 46990   46990 46990 46990 46990 46990 46990 46990 46990 46990 46990 46990 46990 46990   46990 46990 46990 46990 46990 46990 46990 46990 46990 46990 46990 46990 46990   46990 46990 46990 Pricing Index Location Linden - Buckeye (BPL) New York   Harbor New York Harbor New York Harbor New York Harbor New York Harbor New   York Harbor New York Harbor New York Harbor New York Harbor New York Harbor   New York Harbor New York Harbor New York Harbor New York Harbor New York   Harbor New York Harbor New York Harbor New York Harbor New York Harbor New   York Harbor New York Harbor New York Harbor New York Harbor New York Harbor   New York Harbor New York Harbor New York Harbor New York Harbor New York   Harbor New York Harbor New York Harbor New York Harbor New York Harbor New   York Harbor Broker Snapshot Date 9/19/2014 17:00 9/19/2014 17:00 9/19/2014   17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00   9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014   17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00   9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014   17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00   9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014   17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00   9/19/2014 17:00 ** Certain information in this document has been omitted and   filed separately with the Securities and Exchange Commission. Co nfidential   treatment has been requested with respect to the omitted portions. 
    

 

	

    	
Pricing Index   Product NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating   Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil   NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX   Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX   Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX   Heating Oil NYMEX Heating Oil NYMEX Heating Oil NYMEX Heating Oil Broker Rate   Trade Period 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014   9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014   9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014   9/1/2014 Delivery Period 9/11/2014 9/11/2014 9/11/2014 9/11/2014 9/11/2014   9/11/2014 9/11/2014 9/11/2014 9/11/2014 9/11/2014 9/16/2014 9/16/2014   9/16/2014 9/16/2014 9/16/2014 9/16/2014 9/16/2014 9/16/2014 9/16/2014   9/16/2014 9/16/2014 9/16/2014 9/16/2014 9/16/2014 Accounting Period 9/1/2014   9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014   9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014   9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 9/1/2014 Snapshot Id   46990 46990 46990 46990 46990 46990 46990 46990 46990 46990 46990 46990 46990   46990 46990 46990 46990 46990 46990 46990 46990 46990 46990 46990 Pricing   Index Location New York Harbor New York Harbor New York Harbor New York   Harbor New York Harbor New York Harbor New York Harbor New York Harbor New York   Harbor New York Harbor New York Harbor New York Harbor New York Harbor New   York Harbor New York Harbor New York Harbor New York Harbor New York Harbor   New York Harbor New York Harbor New York Harbor New York Harbor New York   Harbor New York Harbor Broker Snapshot Date 9/19/2014 17:00 9/19/2014 17:00   9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014   17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00   9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014   17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00   9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 9/19/2014 17:00 ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Co nfidential treatment has been   requested with respect to the omitted portions. 
    

 

 

SCHEDULE 3.08(b)(iv)

 

FORM OF PROVISIONAL FIFO QUEUE REPORT

 

Attached.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	

    	
SCHEDULE   3.08(b)(iv) FORM OF PROVISIONAL FIFO QUEUE REPORT Trade Date FIFO Month   Contract Mth Crude Type Contractual Qty Index on the Trade Trade Diff WTI-BRT   COB Swap @ T+0 BL Date Pricing Date 2/17, 2/18, 2/19, 2/20, 2/21 Diff to WTI   Deal ID Counterparty Grade 16-Feb 1/16/2014 12/6/2013 12/6/2013 1/6/2014   1/6/2014 1/28/2014 1/28/2014 1/28/2014 1/28/2014 1/28/2014 1/29/2014   1/29/2014 1/29/2014 1/29/2014 1/30/2014 1/30/2014 1/30/2014 1/30/2014   2/5/2014 2/5/2014 2/5/2014 2/5/2014 2/5/2014 2/5/2014 2/5/2014 2/5/2014   2/5/2014 2/5/2014 2/5/2014 2/5/2014 2/5/2014 2/5/2014 2/5/2014 2/5/2014   2/5/2014 2/5/2014 2/5/2014 2/5/2014 2/5/2014 2/5/2014 Mar-14 Mar-14 Mar-14   Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14   Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14   Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14   Mar-14 Mar-14 Mar-14 Mar-14 Feb-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14   Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14   Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14   Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] Azeri Bakken - Rail Bakken - Rail Bakken - Rail   Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail Bakken   - Rail Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail   Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail Bakken   - Rail Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail   Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail Bakken   - Rail Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail   Bakken - Rail Bakken - Rail Bakken - Rail Mixed Sweet Blend - Rail Eagle Ford   Crude Foreign Domestic Domestic Domestic Domestic Domestic Domestic Domestic   Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic   Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic   Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic   Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic 1,000,000   68,000 68,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000   68,000 68,000 81,000 81,000 81,000 81,000 73,000 73,000 69,000 73,000 69,000   68,000 69,000 69,000 69,000 73,000 73,000 73,000 68,000 73,000 73,000 73,000   73,000 73,000 73,000 73,000 73,000 73,000 [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] 2/6/2014 Mar-14 Mar-14 [**] [**] Domestic   62,000 [**] $[**] $[**] $[**] 2/6/2014 Mar-14 Mar-14 [**] [**] Domestic   315,000 [**] $[**] $[**] $[**] ** Certain information in this document has   been omitted and filed separately with the Securities and Exchange   Commission. Co nfidential treatment has been requested with respect to the omitted   portions. 
    

 

	

    	
Trade Date   2/7/2014 FIFO Month Mar-14 Contract Mth Mar-14 Crude Type Domestic   Contractual Qty 75,000 Index on the Trade [**] Trade Diff $[**] WTI-BRT COB   Swap @ T+0 $[**] BL Date Pricing Date Diff to WTI $[**] Deal ID [**]   Counterparty [**] Grade Bakken - Rail Eagle Ford Crude Mixed Sweet Blend -   Rail Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail   Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail Mixed   Sweet Blend - Rail Bakken Bakken - Rail Bakken - Rail Bakken - Rail Bakken -   Rail BAKKEN – RAIL Bakken - Rail Bakken - Rail Bakken WTI Crude Oil Niobrara   Bakken 2/7/2014 Mar-14 Mar-14 [**] [**] Domestic 300,000 [**] $[**] $[**]   $[**] 2/10/2014 2/12/2014 2/12/2014 2/12/2014 2/12/2014 2/12/2014 2/12/2014   2/12/2014 2/12/2014 2/12/2014 2/12/2014 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14   Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14   Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic   Domestic Domestic Domestic 62,000 72,000 72,000 72,000 72,000 72,000 72,000   72,000 72,000 70,000 70,000 [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] 2/13/2014 2/14/2014 2/18/2014   2/18/2014 2/18/2014 2/18/2014 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14   Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] Domestic Domestic Domestic Domestic Domestic   Domestic 33,000 145,000 72,000 72,000 72,000 72,000 [**] [**] [**] [**] [**]   [**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] 2/18/2014 2/19/2014 2/19/2014 2/19/2014   2/19/2014 2/25/2014 2/27/2014 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14   Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 Mar-14 [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] Domestic Domestic Domestic   Domestic Domestic Domestic Domestic 53,600 69,000 69,000 558,000 470,000 70,000   145,000 [**] [**] [**] [**] [**] [**] [**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] ** Certain information in this document has been omitted   and filed separately with the Securities and Exchange Commission. Co   nfidential treatment has been requested with respect to the omitted portions.   3/11/2014Mar-14Mar-14[**][**]BakkenDomestic29,359[**]$[**]$[**]$[**]   3/18/2014Mar-14Mar-14[**][**]Bakken - RailDomestic72,000[**]$[**]$[**]$[**]   3/18/2014Mar-14Mar-14[**][**]Bakken - RailDomestic72,000[**]$[**]$[**]$[**]   BAKKEN – 3/25/2014Mar-14Mar-14[**][**]RAILDomestic54,000[**]$[**]$[**]$[**]   7,232,600WACOG$[**] 
    

 

	

    	
Trade Date   FIFOContract Month Mth Crude Type Contractual Qty Index on the Trade Trade   Diff WTI-BRT COB Swap @ T+0 Pricing Date 2/28, 3/3, 3/4, 3/5, 3/6 3/14, 3/17,   3/18, 3/19, 3/20 3/24, 3/25, 3/26, 3/27, 3/28 3/11, 3/12, 3/13, 3/14, 3/17   3/17, 3/18, 3/19, 3/20, 3/21 3/24, 3/25, 3/26, 3/27, 3/28 Diff to WTI Vol for   Apr10-30 Deal ID Supplier Grade BL Date 1/3/2014 Apr-14 Feb-14 [**] [**] Doba   Foreign 950,000 [**] $[**] $[**] 27-Feb $[**] 665,000 1/15/2014 Apr-14 Mar-14   [**] [**] White_Rose Foreign 710,000 [**] $[**] $[**] 13-Mar $[**] 497,000   1/28/2014 Apr-14 Mar-14 [**] [**] Doba Foreign 950,000 [**] $[**] $[**]   23-Mar $[**] 665,000 2/6/2014 Apr-14 Mar-14 [**] [**] Antan Blend Foreign   950,000 [**] $[**] $[**] 10-Mar $[**] 665,000 2/14/2014 Apr-14 Mar-14 [**]   [**] Qua Iboe Foreign 950,000 [**] $[**] $[**] 15-Mar $[**] 665,000 2/27/2014   1/29/2014 1/30/2014 2/12/2014 2/12/2014 2/12/2014 2/12/2014 3/5/2014 3/5/2014   3/5/2014 3/5/2014 3/5/2014 3/5/2014 3/5/2014 3/5/2014 3/5/2014 3/5/2014   3/5/2014 3/5/2014 3/5/2014 3/5/2014 3/5/2014 3/5/2014 3/5/2014 3/5/2014 3/5/2014   3/5/2014 3/5/2014 3/5/2014 3/5/2014 3/5/2014 3/5/2014 3/5/2014 3/6/2014   Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14   Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14   Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14   Apr-14 Mar-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14   Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14   Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14   Apr-14 Apr-14 [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] Azeri BAKKEN - RAIL   Eagle Ford Crude Bakken - Rail Bakken - Rail Bakken - Rail Bakken - Rail   BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN   - RAIL BAKKEN - RAIL BAKKEN - RAIL Niobrara Bakken BAKKEN - RAIL BAKKEN -   RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL   BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN   - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL Mixed Sweet   Blend - Rail Foreign Domestic Domestic Domestic Domestic Domestic Domestic   Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic   Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic   Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic   Domestic Domestic Domestic 1,000,000 68,000 300,000 70,000 70,000 70,000   70,000 75,000 81,000 81,000 72,000 72,000 81,000 72,000 81,000 19,500 145,000   69,400 69,400 69,400 69,400 69,400 75,000 72,000 72,000 72,000 72,000 72,000   72,000 72,000 72,000 72,000 72,000 70,000 [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   22-Mar $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] 700,000 47,600   210,000 49,000 49,000 49,000 49,000 52,500 56,700 56,700 50,400 50,400 56,700   50,400 56,700 13,650 101,500 48,580 48,580 48,580 48,580 48,580 52,500 50,400   50,400 50,400 50,400 50,400 50,400 50,400 50,400 50,400 50,400 49,000   3/6/2014 Apr-14 Apr-14 [**] [**] Domestic 30,000 [**] $[**] $[**] $[**]   21,000 ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Co nfidential   treatment has been requested with respect to the omitted portions. 
    

 

	

    	
Trade Date   3/6/2014 3/10/2014 3/10/2014 3/10/2014 3/10/2014 3/11/2014 3/11/2014   3/11/2014 3/11/2014 3/11/2014 3/11/2014 3/11/2014 3/11/2014 FIFOContract   Month Mth Crude Type Domestic Domestic Domestic Domestic Domestic Domestic   Domestic Domestic Domestic Domestic Domestic Domestic Domestic Contractual   Qty 70,000 69,000 69,000 72,000 72,000 69,000 69,000 69,000 69,000 70,000   70,000 70,000 70,000 Index on the Trade [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] Trade Diff $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] WTI-BRT COB Swap @ T+0 $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] Pricing   Date Diff to WTI $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] Vol for Apr10-30 49,000 48,300 48,300 50,400 50,400 48,300   48,300 48,300 48,300 49,000 49,000 49,000 49,000 Deal ID [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] Supplier [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] Grade BAKKEN - RAIL BAKKEN -   RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL   BAKKEN - RAIL BAKKEN - RAIL Niobrara Niobrara Niobrara Niobrara Mixed Sweet   Blend - Rail BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN -   RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL   BAKKEN - RAIL Bakken BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL   BAKKEN - RAIL BAKKEN - RAIL WTI Crude Oil BAKKEN - RAIL BAKKEN - RAIL   EagleFord Crude BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL BAKKEN - RAIL   BAKKEN - RAIL BAKKEN - RAIL BL Date Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14   Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14   Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 3/11/2014   3/12/2014 3/12/2014 3/12/2014 3/12/2014 3/12/2014 3/12/2014 3/12/2014   3/13/2014 3/13/2014 3/17/2014 3/17/2014 3/17/2014 3/17/2014 3/17/2014   3/17/2014 3/17/2014 3/17/2014 3/17/2014 3/17/2014 3/18/2014 3/18/2014   3/19/2014 3/24/2014 3/24/2014 3/25/2014 3/25/2014 3/25/2014 3/25/2014 Apr-14   Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14   Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14   Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14   Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14   Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14 Apr-14   Apr-14 Apr-14 [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic   Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic   Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic   Domestic Domestic Domestic Domestic Domestic 60,000 70,000 70,000 70,000   70,000 69,000 69,000 75,000 68,000 68,000 72,000 72,000 600,000 72,000 72,000   72,000 72,000 72,000 72,000 470,000 69,000 69,000 130,000 70,000 70,000   72,500 72,500 72,500 72,500 [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**] $[**]   42,000 49,000 49,000 49,000 49,000 48,300 48,300 52,500 47,600 47,600 50,400   50,400 420,000 50,400 50,400 50,400 50,400 50,400 50,400 329,000 48,300   48,300 91,000 49,000 49,000 50,750 50,750 50,750 50,750 46,240 70,000 70,000   74,000 70,000 70,000 70,000 72,000 $[**] Revised WACOG from 4/10 on to   include intra-month $[**] ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission. Co   nfidential treatment has been requested with respect to the omitted portions.   4/4/2014 Apr-14Apr-14 [**][**]BakkenDomestic46,240[**]$[**]$[**]$[**]   4/4/2014 Apr-14Apr-14 [**][**]BAKKEN - RAIL Domestic70,000[**]$[**]$[**]$[**]   4/4/2014 Apr-14Apr-14 [**][**]BAKKEN - RAIL Domestic70,000[**]$[**]$[**]$[**]   4/4/2014 Apr-14Apr-14 [**][**]BAKKEN - RAIL Domestic74,000[**]$[**]$[**]$[**]   4/8/2014 Apr-14Apr-14 [**][**]Bakken - RailDomestic70,000[**]$[**]$[**]$[**]   4/8/2014 Apr-14Apr-14 [**][**]Bakken - RailDomestic70,000[**]$[**]$[**]$[**]   4/8/2014 Apr-14Apr-14 [**][**]Bakken - RailDomestic70,000[**]$[**]$[**]$[**]   4/9/2014 Apr-14Apr-14 [**][**]BAKKEN - RAIL Domestic72,000[**]$[**]$[**]$[**]   Original WACOG$[**] 
    

 

	

    	
Trade Date   FIFOContract Month Mth Crude Type Contractual Qty Index on the Trade Trade   Diff WTI-BRT COB Swap @ T+0 Pricing Date Diff to WTI Vol for Apr10-30 Deal ID   Supplier Grade BL Date trades PES Financial Trade Details ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Co nfidential treatment has been   requested with respect to the omitted portions. Strategy Name Trade Id Deal   Comment Trade Date Counterparty Buy/ Sell Notional Volume UOM Start Date End   Date Index Basis Price 1st price 2nd Price Difference PES Fin Crude 22501445   SOL14ID0001 8/15/2014 $[**] Sell -1,000,000.00 BBL 8/15/2014 8/15/2014 $[**]   $[**] $[**] $[**] $[**] $[**] PES Fin Crude 22501451 SOL14ID0002 8/15/2014   $[**] Buy 2,000,000.00 BBL 8/15/2014 8/21/2014 $[**] $[**] $[**] $[**] $[**]   $[**] PES Fin Crude 22501455 SOL14ID0003 8/7/2014 $[**] Buy 600,000.00 BBL   8/7/2014 8/14/2014 $[**] $[**] $[**] $[**] $[**] $[**] PES Fin Crude 22501467   SOL14ID0004 8/11/2014 $[**] Buy 1,200,000.00 BBL 8/11/2014 8/15/2014 $[**]   $[**] $[**] $[**] $[**] $[**] PES Fin Crude 22501479 SOL14ID0005 8/14/2014   $[**] Sell -800,000.00 BBL 8/14/2014 8/14/2014 $[**] $[**] $[**] $[**] $[**]   $[**] PES Fin Crude 22501481 SOL14ID0006 8/13/2014 $[**] Sell -1,250,000.00   BBL 8/13/2014 8/13/2014 $[**] $[**] $[**] $[**] $[**] $[**] 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Co nfidential treatment has been requested   with respect to the omitted portions. Trade Id Trade Date Grade Counterparty   BL Date Index Diff Dated Brent 5 Day Avg WTI 5 Day average WTI Diff FIFO Q   Month Pricing Start Date Contracted Qty BL Qty $[**] 1/16/2014 Azeri $[**]   2/16/2014 0:00 $[**] $[**] $111.94 $101.81 $10.14 Mar-14 2/17/2014 1,000,000   1,049,763 $[**] 1/3/2014 Doba $[**] 2/27/2014 0:00 $[**] $[**] $101.04 101.87   ($0.82) Mar-14 2/28/2014 950,000 950,832 $[**] 2/6/2014 Antan Blend $[**]   3/10/2014 0:00 $[**] $[**] $108.39 $98.10 $10.29 Mar-14 3/11/2014 950,000   948,515 $[**] 1/15/2014 White Rose $[**] 3/13/2014 0:00 $[**] $[**] $107.85   $98.40 $9.45 Mar-14 3/14/2014 710,000 732,097 $[**] 2/14/2014 Qua Iboe $[**]   3/15/2014 0:00 $[**] $[**] $108.79 $98.56 $10.23 Mar-14 3/17/2014 950,000 949,920   $[**] 2/27/2014 Azeri $[**] 3/22/2014 0:00 $[**] $[**] $110.45 $100.19 $10.26   Mar-14 3/24/2014 1,000,000 1,049,741 $[**] 1/28/2014 Doba $[**] 3/23/2014   0:00 $[**] $[**] $100.65 $100.19 $0.46 Mar-14 3/24/2014 950,000 950,614 
    

 

	

    	
Mon Mar 31 14   Tue Apr 01 14 Wed Apr 02 14 Thu Apr 03 14 Fri Apr 04 14 Sat Apr 05 14 Sun Apr   06 14 Mon Apr 07 14 Tue Apr 08 14 $ $ $ $ $ $ $ $ $ [**] [**] [**] [**] [**]   [**] [**] [**] [**] 288,277 319,726 319,726 319,726 319,726 319,726 319,726   319,726 319,726 2,565,587 319,726 639,453 959,179 1,278,906 1,598,632   1,918,359 2,238,085 2,557,812 2,245,861 1,926,134 1,606,408 1,286,681 966,955   647,228 327,502 7,775 Vol 7,775 311,951 Diff [**] [**] Thu Apr 10 14 Fri Apr   11 14 Sat Apr 12 14 Sun Apr 13 14 Mon Apr 14 14 Tue Apr 15 14 Wed Apr 16 14   Thu Apr 17 14 Fri Apr 18 14 Sat Apr 19 14 Sun Apr 20 14 Mon Apr 21 14 Tue Apr   22 14 Wed Apr 23 14 Thu Apr 24 14 Fri Apr 25 14 Sat Apr 26 14 Sun Apr 27 14   Mon Apr 28 14 Tue Apr 29 14 Wed Apr 30 14 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] 319,726 319,726 319,726 319,726 319,726   319,726 319,726 319,726 319,726 319,726 319,726 319,726 319,726 319,726   319,726 319,726 319,726 319,726 319,726 319,726 319,726 Adj Diff $ $ $ [**]   ** Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Co nfidential treatment has been   requested with respect to the omitted portions. Wed Apr 09 14$[**]319,726 Bal   of Prior Run DateWtg Avg DiffRefinery RunEOM InvTotal Bbls RanMonth's BBL   Left 
    

 

 

SCHEDULE 3.08(c)

 

FORM OF MONTHLY CO FIFO REPORT

 

Attached.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	

    	
SCHEDULE   3.08(c) FORM OF MONTHLY CO FIFO REPORT Provisional FIFO Diff Tue Apr 01 14   Wed Apr 02 14 Thu Apr 03 14 Fri Apr 04 14 Sat Apr 05 14 Sun Apr 06 14 Mon Apr   07 14 Tue Apr 08 14 Wed Apr 09 14 Thu Apr 10 14 Fri Apr 11 14 Sat Apr 12 14   Sun Apr 13 14 Mon Apr 14 14 Tue Apr 15 14 Wed Apr 16 14 Thu Apr 17 14 Fri Apr   18 14 Sat Apr 19 14 Sun Apr 20 14 Mon Apr 21 14 Tue Apr 22 14 Wed Apr 23 14   Thu Apr 24 14 Fri Apr 25 14 Sat Apr 26 14 Sun Apr 27 14 Mon Apr 28 14 Tue Apr   29 14 Wed Apr 30 14 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   319,726 319,726 319,726 319,726 319,726 319,726 319,726 319,726 319,726   319,726 319,726 319,726 319,726 319,726 319,726 319,726 319,726 319,726   319,726 319,726 319,726 319,726 319,726 319,726 319,726 319,726 319,726   319,726 319,726 319,726 ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission. Co   nfidential treatment has been requested with respect to the omitted portions.   Run DateFIFO DiffRefinery Run 
    

 

	

    	
April 2014   Production FAMILY GROUP PRODUCT DESCRIPTION BEGINNING INVENTORY RECEIPT SHIPMENT   CONSUMED ENDING INVENTORY INVENTORY CHANGE PRODUCTION VOLUME BPCD *** CHARGES   *** CRUDE OIL BCR 300500 CRD - Offtest Dist to Crude CRD - Offtest Gasoline   to Crude CRD-ESPOIR CRD-WEST HACKBERRY SWT CRD-BAKKEN MARINE CRD-BAKKEN   MARINE SUMMER CRD-BAKKEN MARINE WINTER CRD-BAKKEN RAILCAR CRD-BAKKEN RAILCAR   SUMMER CRD-BAKKEN RAILCAR WINTER CRD-TAMPA CRD - Offtest VGO to Crude CRD -   Offtest Resid to Crude CRD-USAN CRD-EAGLE FORD SHALE CRD-EAGLE FORD SHALE HVY   (45 API) CRD-LULA CRD-CARDIUM CRD-NIOBRARA CRD-OKONO CRD-NWSHELF COND   CRD-BAOBAB CRD-BONGA CRD-ALBA CRD-W HITE ROSE 5,519 3,823 - - 5,653 134 3,689   122 300600 - - - - - - - - - - - - - - - - 300800 301000 - - - - - - - -   301700 239,554 860,704 - - 421,291 181,737 678,967 22,631 301701 - - - - - -   - - 301702 - - - - - - - - 302700 556,621 4,289,156 - - 500,422 (56,199)   4,345,355 144,845 302701 - - - - - - - - 302702 - - - - - - - - - - - - - - -   - 302800 303100 36,902 - - - 6,343 (30,559) 30,559 1,018 303200 - - - - - - -   - - - - - - - - - 303300 304000 533,600 - - - 6,915 (526,685) 526,685 17,555   304001 - - - - - - - - 204,334 - - - - - - - - - - - - - - 12,686 - - - -   12,686 - - - - 191,648 - - - - 6,388 - 304800 307000 309000 400000 412200 - -   - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 412500 413400   414000 414100 281,287 - - - 27,449 (253,838) 253,838 8,460 ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Co nfidential treatment has been   requested with respect to the omitted portions. 
    

 

	

    	
BEGINNING   INVENTORY ENDING INVENTORY INVENTORY CHANGE VOLUME BPCD FAMILY GROUP PRODUCT   DESCRIPTION RECEIPT SHIPMENT CONSUMED PRODUCTION 414200 415100 415200 415700   417300 CRD-ES SAHARA CRD-AZERI LT CRD-ERHA CRD-ABO CRD-TERRA NOVA CRD-KUMKOL   CRD-ASGARD BLEND CRD-ZAFIRO CRD-DALIA CRD-PUROVSKY COND CRD-STYBARROW   CRD-REMBOUE CRD-QARUN CRD-MIXED SWEET BLEND CANADIAN CRD-WTI LONGVIEW CRD-LT   LOUISIANA SW CRD-EA CRD-KIKEH CRD-ESCALANTE CRD-SLEIPNER COND CRD-BRENT BLEND   CRD-AMNA CRD-SARIR CRD-FORTIES CRD-LUCINA CRD-ECUADOR ORIENT CRD-EKOFISK   CRD-BONNY LIGHT CRD-MIXED CRUDE CRD-SAHARAN CRD-CABINDA CRD-NIGERIAN MED   CRD-ZARZATINE CRD-FORCADOS - - 1,047,037 - - - - - - - - - - - - - 268,985 -   - - 65,331 - - 843,383 - - 778,052 - - 8,965 - - - - - - - - - - - - - - - -   - - 417400 417500 - - - - - - - - - - - - - - - - - - - - - - - - 418000   418100 418500 - - - - - - - - 418800 - - - - - - - - - - - - - - - - - - - -   - - - - 418900 419000 422800 25,217 203,155 - - 24,080 (1,137) 204,292 6,809   425400 98,634 393,858 - - 159,134 60,500 333,358 11,111 425500 - - - - - - -   - - - - - - - - - - - - - - - - - 426500 426600 426700 - - - - - - - - 426800   - - - - - - - - 440200 - - - - - - - - - - - - - - - - - - - - - - - - - - -   - - - - - - - - - - - - - 440900 441000 441600 442300 442400 - - - - - - - -   - - - - - - - - 442900 443000 - - - - - - - - 443580 33,051 - - - - - - - - -   - - 33,051 - - - - - - - - - - - 444701 445000 446300 - - - - - - - - - - - -   - - - - - - - - - - - - 447100 447600 ** Certain information in this document   has been omitted and filed separately with the Securities and Exchange   Commission. Co nfidential treatment has been requested with respect to the   omitted portions. 
    

 

	

    	
BEGINNING   INVENTORY 7,204 ENDING INVENTORY 990 INVENTORY CHANGE (6,214) VOLUME BPCD 207   FAMILY GROUP PRODUCT DESCRIPTION RECEIPT SHIPMENT CONSUMED PRODUCTION 447700   447800 CRD-ESCRAVOS CRD-BRASS RIVER CRD-MINAS CRD-QUA IBO CRD-OSEBERG   CRD-PENNINGTON CRD-FOREIGN - MISC CRD-NINIAN CRD-KOLE CRD-OKLA SW CRD-OLMECA   CRD-GULLFAKS CRD-ANTAN CRD-PALANCA CRD-CANO LIMION CRD-LORETTA CRD-ORITO   CRD-DRAUGEN CRD-NEMBA CRD-CUSIANA CRD-RABI LIGHT CRD-N KOSSA CRD-KITINA   CRD-HIBERNIA CRD-NORNE CRD-TROLL CRD-AMENAM CRD-FOINAVEN CRD-UKPOKITI CRD-COCO   CRD-OSO CONDENSATE CRD-LIONFIELD CRD-IMA CRD-ZUATA CRD-YOHO CRD-RABI   LIGHT/T'CHATAM BA CRD-ETAME CRD-GIRASSOL CRD-SLOP IN CRUDE CRD-DOBA CRD-KUITO   - - - 6,214 - - - - - - 950,873 - - - - - - - - - - - 316,622 - - - 316,622 -   - - 634,251 - - - 21,140 - 448300 448700 449100 449300 - - - - - - - - 449400   21,116 - - 2,928 - - 278,987 - - - - 7,814 - - 647,209 - - - - - - - - - - -   - - - - - - 21,116 - - - - - 57,859 - - - - (2,928) - - (221,128) - - - -   10,742 - - 868,337 - - - - 358 - - 28,944 - 449700 449800 450900 451000   451100 451200 451300 451400 - - - - - - - - - - - - 4,638 - - - - - - - - - -   - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -   - - - - - - - - - - - - - - 444 - - - - - - - - - - - - - - - (4,194) - - - -   - - - - - - - - - - - 4,194 - - - - - - - - - - - - - - - 139 - - - 451500   451600 452300 452400 452500 453000 453700 453800 454400 455900 456400 456500   456600 456700 456800 459500 - - - - 31,978 - - - - - - - - - - - - - - - - -   - - 4,294 - - - - (27,684) - - - - 27,684 - - - - 922 483500 489100 489600   489700 489800 7,830 - - 247,085 - - - - - - - - 236,350 - - 228,520 - -   18,565 - - 619 - - 489900 492400 492500 25,497 375,080 - - 1,404,894 - - - -   - - - 30,338 561,763 - 4,841 186,683 - (4,841) 1,218,211 - (161) 40,606 -   492600 492800 ** Certain information in this document has been omitted and   filed separately with the Securities and Exchange Commission. Co nfidential   treatment has been requested with respect to the omitted portions. 
    

 

	

    	
BEGINNING   INVENTORY ENDING INVENTORY INVENTORY CHANGE VOLUME BPCD FAMILY GROUP PRODUCT   DESCRIPTION RECEIPT SHIPMENT CONSUMED PRODUCTION 493200 CRD-BINTULU LT COND   CRD-BINTULU HVY COND CRD-SENIPAH COND CRD-SAXI BLEND CRD-SABLE ISLAND COND   CRD-AKPO CRD-AGBAMI CRD-OSTRA CRD-JUBILEE ** SUBTOTAL BCR ** *** TOTAL   CHARGES *** - - - - - - - - 493300 - - - - - - - - 493400 - - - - - - - -   493500 2,531 - - - 2,063 468 15 (468) 493600 - - - - - - - - - - - - - - - -   - - - - - - - - - - - - - - - - - - - - - - - - 499100 499600 499300 499500   2,633,505 10,259,942 - - 3,272,246 638,741 9,621,201 320,693 2,633,505   10,259,942 - - 3,272,246 638,741 9,621,201 320,693 *** YIELDS *** U87 FIN   023800 83 CB GASO 168,338 90,269 - - - 182,856 - - - - 94,719 - 718,191   508,176 - - - 1,828,692 - - - - - - 193,684 64,926 - - - 314,692 25,346   (25,343) - - - 131,836 743,537 482,833 - - (94,719) 1,960,528 24,783 16,093 -   - (3,157) 65,350 023820 023830 108100 127400 133400 83 CB 7.8 83 CB 6.8 87RFG   10% 87 CF 83 RB ** SUBTOTAL U87 ** 91 RB 91RB - EXPORT 91 CBOB 9.0# 91.3 CBOB   7.8# 91.3 CBOB 6.8# ** SUBTOTAL U91 ** 93 CF 93 CF 7.8 ** SUBTOTAL U93 **   ALKYLATE 441,463 231,194 - 63,219 64,239 - 94,719 - - - - - 3,055,059 778,404   - 298,664 179,142 - - - - - - - 573,302 118,309 - 121,254 43,667 - 131,839   (112,885) - 58,035 (20,572) - 3,092,179 665,519 - 356,699 158,570 - 103,069   22,183 - 11,889 5,285 - U91 132100 132200 225000 225020 225030 358,652 - - -   - - 1,256,210 - - - - - 283,230 - - (75,422) - - 1,180,788 - - 39,357 - - U93   134100 134120 - - - - - - - - GASO COMP PRM 000500 59,384 - 10,136 - 67,313   7,929 18,065 602 042600 GASOLINE COMS GTAB UNTREATED CAT GAS HEAVY REFORMATE   LIGHT CAT 148,866 - - - - - - - 137,790 - (11,076) - (11,076) - (369) -   117700 492900 39,114 - - - 67,264 28,150 28,150 938 496500 59,840 - 26,371 -   - - - - 90,753 - 30,913 - 4,542 - 151 - 497000 ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Co nfidential treatment has been requested with respect   to the omitted portions. 
    

 

	

    	
BEGINNING   INVENTORY ENDING INVENTORY INVENTORY CHANGE VOLUME BPCD FAMILY GROUP PRODUCT   DESCRIPTION RECEIPT SHIPMENT CONSUMED PRODUCTION GASOLINE TREATED CAT GAS **   SUBTOTAL PRM ** UDEX RAFFINATE ** SUBTOTAL RAF ** ETHANOL ** SUBTOTAL ETH **   HS2FO 497100 87,353 - - - 182,358 95,005 95,005 3,165 394,557 26,371 10,136 -   545,478 150,921 134,686 4,487 RAFFINA TE RAF 425900 65,335 - - - 69,031 3,696   3,696 123 65,335 - - - - - - - 69,031 - 3,696 - 3,696 - 123 - ETHA ETH 084800   - - - - - - - - FIN. DIST. DIS 001800 - - 526,111 - - 49,890 - - 2,659,247 -   - - - - 310,658 - - (215,453) - - 2,393,904 - - 79,796 004600 224600 224630   500MV2 15MV2 ULSD 15MV2 - Export 500LMV NR2FOD DIST BLDSTK UNDYED 15MV2 WB   DIST BS HO COMP HEATING OIL 15ULS UNDYED Non-Hwy #2 15 NLRM Dyed Locomotive   Marine 15LM2 ULSD 15MV2 B2 Soy ULSD 15MV2 B4.5 Soy ULSD 15MV2 B5 Soy **   SUBTOTAL DIS ** HEAVY DISTILLATE LCO DISCOM (TRANSFER) LCO - Treated **   SUBTOTAL DBS ** LIGHT DISTILLATE - - - - - - 737,326 - - - - - - - - - - -   737,326 - - 24,577 - - 224700 224706 225500 - - - 49,373 - - - - - - -   430,287 - - - - - - - 160,386 - - - 111,013 - - - 541,300 - - - 18,042 226000   226800 227300 227900 - - 109,140 - - - 109,140 3,638 228106 - - - - - - - -   228108 - - - - - - - - 228700 - - - - - - - - 228710 - - - - - - - - 228720 -   - - - - - - - 575,484 49,890 3,936,000 - 471,044 (104,440) 3,781,670 126,053   DIS BLD STK DBS 002700 75,174 173,993 - - - - - - 109,308 205,710 34,134   31,717 34,134 31,717 1,137 1,057 005300 042500 18,929 - - - - - - - 5,406 -   (13,523) - (13,523) - (450) - 136900 268,096 - - - 320,424 52,328 52,328   1,744 JET/KER O/JP8 JKS 004100 - - - - - - - - ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Co nfidential treatment has been requested with respect   to the omitted portions. 
    

 

	

    	
BEGINNING   INVENTORY ENDING INVENTORY INVENTORY CHANGE VOLUME BPCD FAMILY GROUP PRODUCT   DESCRIPTION RECEIPT SHIPMENT CONSUMED PRODUCTION 005800 023101 224400 KERO   JET A 15MV1 ** SUBTOTAL JKS ** Hi-Vis #6 Fuel Oil - - - - - - 5,285 - - - - -   - 17 15,205 - - 10,456 50,123 10,473 60,043 17 9,920 506 60,579 - 5,285 -   70,516 9,937 15,222 506 RESID OILS RSF 007200 - 140,007 - - - 563,672 - - -   73,991 - (66,016) - 497,656 - 16,588 428300 428900 .3% #6 FUEL OIL MAIN FRAC   BTMS 1.0% #6 FUEL OIL ** SUBTOTAL RSF ** PROPANE 144,165 - 395,108 - 97,332   (46,833) 348,275 11,609 429600 - - - - - - - - 284,172 - 958,780 - 171,323   (112,849) 845,931 28,197 PROPAN E LPG 003300 13,720 - 233,383 - 6,026 (7,694)   225,689 7,522 003900 PROPANE - UNSTENCHED LPG OFF TEST PROPANE ** SUBTOTAL   LPG ** LT-NAPHTHA - - - - - - - - - - - - - - - - 004300 040600 - - - - - - -   - 13,720 - 233,383 - 6,026 (7,694) 225,689 7,522 NAPHTH A NAP 442500 94,076 -   53,187 - 124,574 30,498 83,685 2,789 017400 NAPHVY - Heavy Naphtha   HVY-NAPHTHA ** SUBTOTAL NAP ** UDEX FEED STOCK ** SUBTOTAL UDC ** BENZENE -   200,645 - - - - - - - 231,833 - 31,188 - 31,188 - 1,040 443300 294,721 -   53,187 - 356,407 61,686 114,873 3,829 UDEX FEED UDC 495400 42,598 - - -   34,344 (8,254) (8,254) (275) 42,598 - - - 34,344 (8,254) (8,254) (275) CHEMIC   ALS BEN 006700 37,733 21,000 - - 42,773 5,040 (15,960) (532) 166000 BENZENE -   Logics ** SUBTOTAL BEN ** CUMENE Cumene (gal) ** SUBTOTAL CUM ** PP **   SUBTOTAL PPM ** SULFUR ** SUBTOTAL - - - - - - - - 37,733 140,378 - 21,000 -   - - 98,378 - - - - 42,773 140,187 - 5,040 (191) - (15,960) 98,187 - (532)   3,272 - CUM 038300 138200 140,378 1,219 - 1,362 98,378 110,820 - - 140,187   3,301 (191) 2,082 98,187 111,540 3,272 3,717 PPM 009500 1,219 410 410 1,362 -   - 110,820 3,812 3,812 - - - 3,301 425 425 2,082 15 15 111,540 3,827 3,827   3,717 127 127 SUL 009400 ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission. Co   nfidential treatment has been requested with respect to the omitted portions.   
    

 

	

    	
BEGINNING   INVENTORY ENDING INVENTORY INVENTORY CHANGE VOLUME BPCD FAMILY GROUP PRODUCT   DESCRIPTION RECEIPT SHIPMENT CONSUMED PRODUCTION SUL ** TOLUENE TOLUENE -   Logics ** SUBTOTAL TOL ** MIXED BUTANE TOL 006800 007610 - - - - - - - - - -   - - - - - - - - - - - - - - NORMAL BUT NBT 223300 47,282 - - - 97,488 - - -   90,304 - 43,022 - 140,510 - 4,682 - 439000 439001 MIXED NORMAL HIGH PURITY   NORM BUT ** SUBTOTAL NBT ** ISO BUTANE - - - - - - - - 47,282 - 97,488 -   90,304 43,022 140,510 4,682 ISO BUTANE ISO 001001 51,578 98,366 - - 47,468   (4,110) (102,476) (3,414) ** SUBTOTAL ISO ** BB ** SUBTOTAL BBM ** VGO 51,578   8,340 98,366 - - - - - 47,468 53,959 (4,110) 45,619 (102,476) 45,619 (3,414)   1,520 BB MIX BBM 000800 8,340 - - - 53,959 45,619 45,619 1,520 FCC FEED FCC   016000 309,045 150,045 - - 223,323 (85,722) (235,767) (7,858) 446500   CRUDE-REDUCED ** SUBTOTAL FCC ** RECOVERED OIL - - - - - - - - 309,045   150,045 - - 223,323 (85,722) (235,767) (7,858) RECVD OIL REC 010400 6,737 - -   - - 2,164 - - 8,777 - 2,040 - 2,040 2,164 67 72 018201 TRANSMIX ** SUBTOTAL   REC ** HYDROGEN 6,737 - 2,164 - 8,777 2,040 4,204 139 MFG FUEL GAS 007100 - -   - - - - - - 042700 REF GAS - FUEL (FOEB) COKE-FCCU ** SUBTOTAL GAS ** ***   TOTAL YIELDS *** **** REFINERY TOTAL **** **** GAIN **** - - - - - - 322,714   184,569 - - - - 322,714 184,569 10,756 6,151 042800 - - - 507,283 - - 507,283   16,907 3,402,099 441,753 9,820,702 507,283 3,511,642 109,543 9,995,775   333,172 6,035,604 10,701,695 9,820,702 507,283 6,783,888 748,284 19,616,976   (374,574) 653,865 (12,479) *** Important - New products have been added to   Advisor that have not been included on this report. Please inform technical   support. ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Co nfidential   treatment has been requested with respect to the omitted portions. 
    

 

	

    	
Actual Delivery   ** Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Co nfidential treatment has been   requested with respect to the omitted portions. Trade Id Grade Cpty Dlvrd Qty   Diff to WTI [**] White_Rose [**] 745,500 $[**] [**] Doba [**] 950,832 $[**]   [**] Doba [**] 896,000 $[**] [**] Antan Blend [**] 1,007,000 $[**] [**] Qua   Iboe [**] 959,500 $[**] [**] Azeri [**] 960,000 $[**] [**] BAKKEN - RAIL [**]   59,840 $[**] [**] Eagle Ford Crude [**] 312,000 $[**] [**] Bakken - Rail [**]   73,500 $[**] [**] Bakken - Rail [**] 74,900 $[**] [**] Bakken - Rail [**]   73,500 $[**] [**] Bakken - Rail [**] 68,600 $[**] [**] BAKKEN - RAIL [**]   75,000 $[**] [**] BAKKEN - RAIL [**] 75,330 $[**] [**] BAKKEN - RAIL [**]   71,280 $[**] [**] BAKKEN - RAIL [**] 79,200 $[**] [**] BAKKEN - RAIL [**]   67,680 $[**] [**] BAKKEN - RAIL [**] 85,860 $[**] [**] BAKKEN - RAIL [**]   73,440 $[**] [**] BAKKEN - RAIL [**] 85,050 $[**] [**] Niobrara [**] 19,110   $[**] [**] Bakken [**] 146,450 $[**] [**] BAKKEN - RAIL [**] 68,012 $[**]   [**] BAKKEN - RAIL [**] 63,154 $[**] [**] BAKKEN - RAIL [**] 70,094 $[**]   [**] BAKKEN - RAIL [**] 68,706 $[**] [**] BAKKEN - RAIL [**] 70,788 $[**]   [**] BAKKEN - RAIL [**] 81,750 $[**] [**] BAKKEN - RAIL [**] 78,480 $[**]   [**] BAKKEN - RAIL [**] 76,320 $[**] [**] BAKKEN - RAIL [**] 77,040 $[**]   [**] BAKKEN - RAIL [**] 74,880 $[**] [**] BAKKEN – RAIL [**] 69,840 $[**] 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Co nfidential treatment has been   requested with respect to the omitted portions. Trade Id Grade Cpty Dlvrd Qty   Diff to WTI [**] BAKKEN - RAIL [**] 69,120 $[**] [**] BAKKEN - RAIL [**]   66,960 $[**] [**] BAKKEN - RAIL [**] 65,520 $[**] [**] BAKKEN - RAIL [**]   72,000 $[**] [**] BAKKEN - RAIL [**] 72,000 $[**] [**] BAKKEN - RAIL [**]   63,000 $[**] [**] Mixed Sweet Blend - Rail [**] 29,400 $[**] [**] BAKKEN -   RAIL [**] 65,100 $[**] [**] BAKKEN - RAIL [**] 73,140 $[**] [**] BAKKEN -   RAIL [**] 69,690 $[**] [**] BAKKEN - RAIL [**] 77,760 $[**] [**] BAKKEN -   RAIL [**] 66,960 $[**] [**] BAKKEN - RAIL [**] 71,070 $[**] [**] BAKKEN -   RAIL [**] 63,480 $[**] [**] BAKKEN - RAIL [**] 71,760 $[**] [**] BAKKEN -   RAIL [**] 61,410 $[**] [**] Niobrara [**] 63,700 $[**] [**] Niobrara [**]   66,500 $[**] [**] Niobrara [**] 66,500 $[**] [**] Niobrara [**] 71,400 $[**]   [**] Mixed Sweet Blend - Rail [**] 61,800 $[**] [**] BAKKEN - RAIL [**]   61,600 $[**] [**] BAKKEN - RAIL [**] 63,700 $[**] [**] BAKKEN - RAIL [**]   76,300 $[**] [**] BAKKEN - RAIL [**] 72,100 $[**] [**] BAKKEN - RAIL [**]   68,310 $[**] [**] BAKKEN - RAIL [**] 61,410 $[**] [**] BAKKEN - RAIL [**]   70,500 $[**] [**] BAKKEN - RAIL [**] 69,360 $[**] [**] BAKKEN - RAIL [**] 70,720   $[**] [**] BAKKEN - RAIL [**] 76,320 $[**] [**] BAKKEN - RAIL [**] 72,000   $[**] [**] Bakken [**] 638,000 $[**] [**] BAKKEN - RAIL [**] 75,600 $[**]   [**] BAKKEN – RAIL [**] 64,080 $[**] 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Co nfidential treatment has been   requested with respect to the omitted portions. Trade Id Grade Cpty Dlvrd Qty   Diff to WTI [**] BAKKEN - RAIL [**] 70,560 $[**] [**] BAKKEN - RAIL [**]   71,280 $[**] [**] BAKKEN - RAIL [**] 64,080 $[**] [**] BAKKEN - RAIL [**]   71,280 $[**] [**] WTI Crude Oil [**] 455,900 $[**] [**] BAKKEN - RAIL [**]   64,170 $[**] [**] BAKKEN - RAIL [**] 73,140 $[**] [**] EagleFord Crude [**]   131,300 $[**] [**] BAKKEN - RAIL [**] 72,800 $[**] [**] BAKKEN - RAIL [**]   63,000 $[**] [**] BAKKEN - RAIL [**] 67,425 $[**] [**] BAKKEN - RAIL [**]   69,600 $[**] [**] BAKKEN - RAIL [**] 73,950 $[**] [**] BAKKEN - RAIL [**]   71,775 $[**] [**] Bakken [**] 48,090 $[**] [**] BAKKEN - RAIL [**] 62,300   $[**] [**] BAKKEN - RAIL [**] 72,800 $[**] [**] BAKKEN - RAIL [**] 79,180   $[**] [**] Bakken - Rail [**] 70,000 $[**] [**] Bakken - Rail [**] 73,500   $[**] [**] Bakken - Rail [**] 74,200 $[**] [**] BAKKEN - RAIL [**] 67,680   $[**] Total 12,654,916 $[**] 
    

 

	

    	
True Up **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Co nfidential treatment has been   requested with respect to the omitted portions. APRIL 2014 TRUE UP   SourceSettlement Amount Begin Inv (A)Production Book2,565,587 Crude Runs   (B)Production Book(9,591,794) Ending Inv (‘C)Production Book3,229,912 MLC   Receipts (D)Solarc (BOL)12,654,916 Prior Month’s FIFO Bal (E)3,244,560   Rolling to Next Month’s FIFO (F)Bbls in Transit (B+D+E)-C3,077,769 Rolling to   Next Month’s FIFO (G)In Transit + Ending Inv = C+F6,307,681 Provisional   SettlementIntra-Month Receipt Amount$ [ * * ]$[ * * ] Previous Month’s FIFO   BalancePrior Month’s Price * E$ [ * * ]$[ * * ] April True Up DiffActual Amt   PES should pay = -(B+E)*April T/ U Price$ [ * * ]$[ * * ] Crude True UpDue to   PES[ * * ] 
    

 

 

SCHEDULE 3.09(b)

 

FORM OF PESRM BUY REQUEST / PESRM SALES REQUEST

 

Attached.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	

    	
SCHEDULE   3.09(b) FORM OF PESRM BUY REQUEST / PESRM SALES REQUEST Crude Differential ($ /Pricing Days Fixed ($ / bbl)Index ($ / bbl)bbl)Pricing Days(Dates)Payment   TermsGeneral TermsPES Identifier PES Product Code Credit Comments Column1 B S   W M a x ToleranceT o lTitle Transfer R V P M i nR V P M a xQ u a n t i t yP e   rU O MVolume TypeOptionTolerance + / -P e r c e n t a g eINCO TermsAtM e t h   o d Trade Date Counterparty Contact Name Contact Ph Number Broker Broker   Contact Name Broker Rate Trade Type Term Strategy Delivery From Delivery To   Crude Product Customi sed Specs API Gravity Min API Gravity Max Sulfur Min   Sulfur Max BSW Min 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
RefProd T i t l   e Trade DateCounterparty Contact Name Contact Ph Numbe Broker Broker Contact   Name Broker Rate Trade Type Term Is EFP Deal Strategy Ref M e t h o d I N C O   T e r m s G en e r a l P a y m en tPES Identifier PES Product Transfer At   Terms TermsProduct Code Q u a n t i t y 2 Q u a n t i t y 3 Delivery   DeliveryQ u a n t i t Per 3 UOM 3 Volume Toleran T o l e r a n T o l Pipeline   Cycle Fixed Delivery DeliveryQ u a n t i t Per UOM Volume ToleranT o l e r a   n T o l DeliveryDeliveryQ u a n t i t Per 2 UOM 2 Volume Toleran T o l e r a   n T o l F r o m T o c e + / - P e r c e n t From 2 To 2y 2 T y p e 2 c ec e 2   + / P e r c e n t From 3 To 3y 3 c e 3 + / P e r c e n t age y T y p e c e T   y p e 3 c e Option 3 Option 2 Option age a g e 2 I n d e x P e r c e n t a g   e D i f f e r e n t i a l P r i c i n g Days Rule C r e d i t C o m m e n t s   C o l u m n 1 C o l u m n 2 C o l u m n 3 P r i c i n g D a y s C u s t o m   Index 2 Percentage 2 D i f f e r e n t i a l P r i c i n g R u l e 2 Index 3   Percentage 3 D i f f e r e n t i a l P r i c i n g P r i c i n g P r i c i n   g D a y s C u s t o m 2 2 3 D a y s D a y s R u l e 3 D a y s C u s t o m 3 I   n d e x 3 I n d e x 2 I n d e x 1 Q u a n t i t y 1 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
E m a i l E M A   I L Body Mail To Mail CC Subjec t Attachment Attachment Path [**] PES Blotter   blotter_template [**] Display Before Sending 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
Config Click to   Enable Used for <INTERNALCONTACTID> NBKNameSolarc UserID [**] [**] [**]   [**] [**] [**] [**] [**] After loading Solarc save file to... Prod UA [**] [**]   C O N N E C T I O N Environment UA Prod UA Solar c Server Database User   Password CHOUMSQ078 RightAngle_UA1 CHOUMSQ020 RightAngle CHOUMSQ078   RightAngle_UA1 Server Database User Password 0 0 T o d a y 09/29/2014 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
Column Header   Index Data pulled from Solarc Hand entered data Data that changes based upon   another selection Obsolete or not used Provision IDs Fixed 413 414 422 421   417 419 418 423 427 433 Index True Up Sales True Up Purchase Cover Fee   Throughput Fee RP Fixed RP Index Secured Pre-Pay Index Secured Pre-Pay Fixed 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
ASTRA OIL   COMPANY LLC Atlantic Trading and Marketing, Inc. Barclays Bank PLC BP OIL   INTERNATIONAL LTD BP Products North America Inc. Buckeye Partners, LP   CASTLETON COMMODITIES MERCHANT TRADING L.P 421 2054 Anadarko Energy Services   Company 24 178 [**] 28 312 680 34 35 189 1665 2726 727 3654 AOT Trading AG   Apache Canada LTD Apache Corporation Apex Oil Company, Inc. ASTRA OIL COMPANY   LLC 378 271 1014 26 421 1978 1527 3319 1370 2054 [**] [**] [**] [**] [**]   1000 3529 Atlantic Trading and Marketing, Inc. 28 189 [**] [**] [**] [**]   [**] [**] [**] Citgo Petroleum Corporation 47 235 ATLAS PETROLEUM MARKETS,   LLC 965 3161 Citigroup Energy Inc. Colonial Oil Industries, Inc. Colonial   Pipeline Company Inc. 942 49 50 3326 247 1269 Barclays Bank PLC BARCLAYS   CAPITAL ENERGY INC. BP Corporation North America Inc. BP International   Limited acting through its agent BP Products North America Inc. Buckeye   Partners, LP 312 691 32 1665 2747 929 DUCK ISLAND TERMINAL INC. EDF Trading   North America, LLC ENI TRADING & SHIPPING INC. ENI TRADING & SHIPPING   SPA Belgium ENI TRADING & SHIPPING SPA UK Enterprise Products Operating   LLC Exelon Generation Company, LLC 707 602 955 2797 2484 3562 367 34 35 1940   727 3654 [**] [**] [**] 979 3209 Burlington Resources Trading Inc. 36 205   [**] 980 3210 Calcasieu Refining Company 294 1601 [**] 235 524 1357 2445   Calumet Shreveport Fuels, LLC Canadian Natural Resources Limited CANADIAN OIL   SANDS PARTNERSHIP # 1 338 596 1814 2468 [**] [**] ExxonMobil Oil Corporation   EXXONMOBIL SALES & SUPPLY LLC Flint Hills Resources Canada, LP 70 326 699   2780 [**] 681 302 2727 1637 Cargill International S.A. Cary Oil Company, Inc.   CASTLETON COMMODITIES MERCHANT TRADING L.P Chevron Canada Resources Chevron   Products Company, a division of Chevron U. Chevron U.S.A. Inc. Cima Energy,   LTD. Citation Crude Marketing, Inc. 279 272 1684 1546 [**] [**] GAVILON, LLC   George E. Warren Corporation 348 77 1891 1271 1000 275 3529 1567 [**] [**]   Glencore Energy UK Limited GLENCORE LTD Global Companies LLC GULF OIL LP 369   1062 79 950 1947 3505 1261 3074 42 700 44 46 218 2782 922 230 [**] [**] [**]   [**] CounterpartyBAIDCntctIDRefProdCounterpartyBAIDCntctID Deal Booking   Contact 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
Guttman Oil   Company Hess Corporation Hess Energy Trading Company, LLC HIGH SIERRA CRUDE   OIL & MARKETING, LLC 385 84 1994 372 Citgo Petroleum Corporation   Citigroup Energy Inc. CITIGROUP GLOBAL MARKETS LIMITED 47 942 235 3326 [**]   [**] [**] 86 378 1039 3395 1013 3303 Clark Oil Trading Company 48 974 [**]   [**] Houston Refining LP Husky Marketing and Supply Company Husky Oil Limited   HWRT Oil Company LLC Ineos USA LLC J.P. Morgan Ventures Energy Corporation   Koch Supply & Trading, LP LukOil Pan Americas, LLC MARATHON PETROLEUM   COMPANY LP Mercuria Energy Trading, Inc. Merrill Lynch Commodities, Inc.   Mieco Inc. MONROE ENERGY, LLC Morgan Stanley Capital Group Inc. Musket   Corporation 211 1247 CLASSIC MARITIME INC. 1001 3266 406 310 88 247 2029 1660   1319 1401 COBELFRET S.A Colonial Oil Industries, Inc. Colonial Pipeline   Company Inc. Concord Energy LLC 742 49 50 1029 2880 247 1269 3372 [**] [**]   [**] [**] 470 93 99 2188 418 1768 Conectiv Energy Supply, Inc. ConocoPhillips   Canada Limited CONSOL Energy Sales Company Constellation Energy Commodities   Group, Inc. CSX Transportation Inc. DAMPSKIBSSELSKABET NORDEN A/S Delta Air   Lines, Inc. Deutsche Bank AG 519 239 612 2421 1371 2774 [**] [**] [**] 101   270 1 244 981 443 1524 1 1397 3203 293 613 693 504 403 1591 2507 2751 2268   2911 [**] [**] [**] [**] [**] 106 110 469 1299 Dillon Energy, Inc. Dominion   Energy Marketing, Inc. Dominion Exploration & Production, Inc. Dufour Petroleum   LP Duke Energy Carolinas, LLC Duke Energy Ohio, Inc. E D F Trading Ltd 56 757   1486 2919 [**] [**] [**] [**] [**] [**] [**] NIC Holding Corporation Noble   Americas Corp. NOBLE PETRO INC. NRG Power Marketing LLC PBF HOLDING COMPANY   LLC PETROCHINA INTERNATIONAL (AMERICA), INC. Petrocom Energy Group, LLC   PETROLEUM HEAT AND POWER CO., INC. Petroleum Traders Corporation PHILADELPHIA   ENERGY SOLUTIONS REFINING AND 201 116 684 530 1045 1165 958 2736 2427 3401 57   59 523 667 283 288 933 2422 2695 1593 952 543 3108 2293 E.ON GLOBAL   COMMODITIES SE Eastex Crude Co. 1006 62 3299 301 [**] [**] 552 242 2314 1386   Eastman Chemical Company Eastwind Maritime SA 63 382 2942 1985 [**] [**] 1031   3508 EDF Trading North America, LLC 602 2484 [**]   CounterpartyBAIDCntctIDRefProdCounterpartyBAIDCntctID Deal Booking Contact 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
MARKETI Edison   Mission Marketing & Trading, Inc. EIGHTY EIGHT OIL LLC El Dorado Energy   Inc. ENBRIDGE ENERGY MARKETING L.L.C. ENBRIDGE ENERGY, LIMITED PARTNERSHIP   ENBRIDGE PIPELINES ATHABASCA PHILLIPS 66 COMPANY Plains Marketing, L.P. PRSI   Trading Company LP 957 129 216 3123 746 1264 777 1068 65 2943 3522 2969 [**]   [**] [**] [**] Quiktrip Corporation SHELL INTERNATIONAL TRADING AND SHIPPING   COMPANY L Shell Trading (US) Company SONATRACH GAS MARKETING UK LIMITED   SPRAGUE OPERATING RESOURCES LLC Statoil ASA Statoil Marketing & Trading   (US) Inc. 255 1417 654 2648 949 138 3094 580 418 541 2049 2973 [**] [**] [**]   669 2698 Enbridge Pipelines, Inc. 392 2063 936 141 3011 980 Eneco Energy   Trade BV Eni Petroleum US LLC 977 230 3199 1321 [**] [**] [**] 142 1051 ENI   TRADING & SHIPPING INC. ENI TRADING & SHIPPING SPA Belgium 955 3562   [**] Suncor Energy Marketing Inc. Sunoco Partners Marketing and Terminals LP   Texon Distributing L.P. DBA Texon L.P. TOTSA Total Oil Trading S.A. Trafigura   AG Trafigura Pte Ltd UET RR, LLC Valero Marketing and Supply Company Virginia   Power Energy Marketing, Inc. 199 1145 979 3209 [**] 146 1082 ENI TRADING   & SHIPPING SPA UK 980 3210 155 350 183 544 1046 641 1903 1219 2299 3407   ENI TRADING AND SHIPPING SPA ENSERCO ENERGY LLC ENTERPRISE CRUDE OIL LLC   ENTERPRISE CRUDE PIPELINE LLC Enterprise Products Operating LLC ENTERPRISE TE   PRODUCTS PIPELINE COMPANY LLC 780 953 642 627 235 2953 3113 2605 2574 1357   [**] [**] [**] [**] [**] 167 675 649 2629 [**] [**] 537 2431 Equistar Chemicals,   LP ESSO EXPLORATION AND PRODUCTION UK LIMITED ESSO NORGE AS Exelon Generation   Company, LLC EXPRESS PIPELINE LTD. ExxonMobil Oil Corporation EXXONMOBIL   PETROLEUM & CHEMICAL BVBA FIRSTENERGY GENERATION CORP FirstEnergy   Solutions Corp. 68 1575 Vitol Inc. Vitol S.A. Western Refining Company, LP   Westport Petroleum Inc. WORLD FUEL SERVICES, INC. 184 168 171 172 340 1030   1615 3142 1337 1818 675 440 524 390 70 2711 2107 2445 2171 326 [**] [**] [**]   [**] [**] 556 937 1037 2322 3019 3388 [**] [**] [**] CounterpartyBAIDCntctIDRefProdCounterpartyBAIDCntctID   Deal Booking Contact 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
[**] FLAME SA   FLAMENCO NAVIGATION CORP A/C ENERGY PRIDE Flint Hills Resources Canada, LP   FLINT HILLS RESOURCES, LP Frontier Oil and Refining Company Fuel South, Inc.   G. P. & W., INC. GAMBIT ENERGY INC Gary-Williams Energy Corporation GATE   TERMINAL BV GAVILON, LLC GB RAILFREIGHT LIMITED Genesis Crude Oil, L.P. GENON   ENERGY MANAGEMENT, LLC George E. Warren Corporation Getty Petroleum Marketing   Inc. Gibson Energy Ltd. Gibson Energy Partnership Glencore Commodities Ltd.,   Singapore Branch Glencore Energy UK Limited Glencore International AG   GLENCORE LTD GLENCORE SINGAPORE PTE. LTD. Global Companies LLC Growmark, Inc.   GS Caltex Singapore Pte Ltd. Gulf Interstate Oil Company L.L.C GULF OIL LP   Guttman Oil Company HANDYTANKERS K/S HARGREAVES (UK) SERVICES LIMITED   Hercules Transport, Inc. Heritage Energy Resources LLC HERMES CONSOLIDATED   LLC 402 2021 705 302 753 225 305 678 935 75 715 348 652 76 528 77 234 353 483   2792 1637 3550 1293 1645 2721 3006 1080 2834 1891 2643 339 2426 1271 1343   1905 2220 [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] 266 369 285 1062 472 79 956 495 576 950 385 444 659 231   83 1049 1489 1947 1595 3505 2195 1261 3140 2251 2367 3074 1994 2114 2660 1330   975 3451 [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] Counterparty BAIDCntctIDRefProdCounterpartyBAIDCntctID Deal   Booking Contact 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
[**] Hess   Corporation, Marketing Division HESS ENERGY TRADING COMPANY (UK) LIMITED Hess   Energy Trading Company, LLC Hess Trading Company, a division of Hess   Corporati HIGH SIERRA CRUDE OIL & MARKETING, LLC HOLCIM TRADING PTE LTD   HOLLYFRONTIER REFINING & MARKETING LLC HOLMAN FENWICK WILLAN LLP Houston   Refining LP HULL BULK HANDLING LIMITED HUSKY ENERGY MARKETING INC. Husky   Energy, Inc. Husky Marketing and Supply Company Husky Oil Limited HWRT Oil   Company LLC Iberdrola Generacion, S.A.U. ICAP Energy Limited IMC Solution   Shipping Japan Co. Ltd Imperial Oil LTD. Ineos USA LLC Inergy Propane, LLC   Integrys Energy Services, Inc. Intermare Transport G.M.B.H. Intertek Caleb   Brett Iberica SAU Intertek USA Inc IPC (USA) INC. Itochu Corporation J. Aron   & Company J.P. MORGAN COMMODITIES CANADA CORPORATION J.P. Morgan Ventures   Energy Corporation JAT Oil, Inc. 217 1265 557 86 2330 378 [**] [**] 200 1154   [**] 1013 647 3303 2625 [**] [**] 1047 759 211 1024 407 226 3437 2926 1247   3348 2030 1952 [**] [**] [**] [**] [**] [**] 406 310 88 1032 589 373 251 247   89 703 445 611 481 679 351 91 2029 1660 1319 3379 2453 1965 1407 1401 944   2788 2115 2613 3526 2725 1904 395 [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] 469 2341 [**] 470 290 2188 1581 [**]   [**] Counterparty BAIDCntctIDRefProdCounterpartyBAIDCntctID Deal Booking   Contact 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	

    	
[**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] JEFFCO HOLDINGS LLC Kansas City Southern   KNIGHT ENERGY SERVICES LIMITED Koch Supply & Trading Sarl Koch Supply   & Trading, LP Lacus Limited LAURITZEN TANKERS A/S LBH GROUP OF COMPANIES   LBH Netherlands B.V LGL ENERGY MARKET SERVICES LLC Lion Oil Trading &   Transportation, Inc. LORENTZEN & STEMOCO & SOBELNORD S.A. LukOil Pan   Americas, LLC 1042 553 948 563 93 405 491 417 393 590 3397 2316 3068 2338 418   2025 2250 2048 2003 2456 [**] 95 998 432 99 2082 1768 [**] [**] M/T Euro Swan   MABANAFT, INC. Macquarie Bank Limited MAGNIFICENT SHIPPING INC Mansel Oil   Limited Marathon Oil Company MARATHON PETROLEUM COMPANY LP Marathon Petroleum   Trading Canada LLC 399 334 391 430 376 311 2016 1756 2002 2079 1981 1662 [**]   [**] [**] [**] [**] [**] [**] 101 443 435 2088 [**] MARQUIS INC Mercuria   Energy Canada Inc. Mercuria Energy Trading Pte Ltd Mercuria Energy Trading,   Inc. Mercuria Energy Trading, S.A. Merrill Lynch Commodities, Inc. Metroplex   Energy Inc. MI Europa Maritime Co Mieco Inc. MILESTONE MARITIME A/S Mitsui   Oil (Asia) Hong Kong Limited 1044 295 365 270 368 1 102 564 244 739 309 3405   1604 1934 1524 1946 1 1175 2344 1397 2868 1659 [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] BAIDCntctIDRefProdCounterpartyBAIDCntctID Deal   Booking Contact 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
[**] [**]   MONROE ENERGY, LLC Mont Belvieu Caverns, LLC 981 188 3203 1068 Morgan Stanley   Capital Group Inc. Motiva Enterprises LLC MR Management K/S MUREX LLC Murphy   Crude Oil Marketing Inc. Murphy Oil USA, Inc. Musket Corporation Mustang Pipe   Line LLC National Cooperative Refinery Association Navig8 Pool Inc   NAVIGAZIONE MONTANARI S.P.A. Neste Oil Oyj NESTE SHIPPING OY Net Energy Inc.   NetThruPut Inc. Newedge USA, LLC Nexen Energy Marketing Europe Ltd Nexen   Marketing Nexen Marketing U.S.A. Inc. NIC Holding Corporation Noble Americas   Corp. Noble Energy Inc. 106 431 416 1067 107 109 110 388 469 2670 2047 3518   928 1134 1299 1999 [**] [**] [**] [**] [**] [**] [**] [**] 111 383 737 579   413 229 221 304 331 228 181 201 116 342 1109 1983 2863 2375 2044 1314 1284   1641 1734 1313 1106 1165 958 1839 [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] Noble Energy, Inc. 790 3355 NOBLE PETRO INC. 684 2736 Nordico   Energy USA, LLC 118 765 Norfolk Southern Railway Company NORSKE SHELL A/S 187   784 1053 2959 Northville Industries Corp. 119 1139 Northville Products   Services, LP 120 1228 BAIDCntctID RefProdCounterpartyBAIDCntctID Deal Booking   Contact 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
[**] Northwest   Airlines, Inc. 347 1883 [**] NYK BULKSHIP(ATLANTIC) NV 364 1932 [**]   Occidental Crude Sales, Inc. (Intl) 374 1997 [**] Occidental Energy   Marketing, Inc. 122 515 [**] OK-Q8 AB 396 2007 [**] Oman Trading   International Limited 358 1923 OMV Supply & Trading AG Oneok Hydrocarbon,   LP 716 125 2840 940 [**] [**] [**] OPET INTERNATIONAL LTD 439 2105 [**] OSG   SHIP MANAGEMENT (GR) LTD 755 2904 [**] P.M.I. Trading Limited 467 2181 [**]   Parnon Energy Incorporated 318 1691 [**] Partrederi Fure Nord 562 2336 [**]   PBF HOLDING COMPANY LLC 1045 3401 [**] PD PORTS LIMITED 1011 3296 PEMBINA OIL   SANDS PIPELINE L.P. PENDLE SHIPPING LTD 625 466 2555 2180 [**] [**] [**]   Perry Brothers Oil Co Inc 301 1627 [**] Petro Source Partners, L.P. 197 1125   [**] PETROCHEM ENERGY SA PETROCHINA INTERNATIONAL (AMERICA), INC. 724 2853   [**] 952 3108 [**] Petrocom Energy Group, LLC 543 2293 Petroleum Traders   Corporation Phibro GmbH 242 356 1386 1912 [**] [**]   BAIDCntctIDRefProdCounterpartyBAIDCntctID Deal Booking Contact 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
[**] [**] [**]   Phibro LLC PHILADELPHIA ENERGY SOLUTIONS REFINING AND MARKETI 127 738 1031   3508 PHILLIPS 66 CANADA ULC 954 3110 [**] PHILLIPS 66 COMPANY Placid Refining   Company LLC 957 190 3123 1072 [**] [**] [**] Plains Marketing Canada, L.P.   220 1279 [**] Plains Marketing, L.P. 129 746 [**] [**] [**] [**] PLAINS   MIDSTREAM CANADA ULC 663 2912 Platoro Trading LTD. 507 2286 PORT OF TYNE   AUTHORITY 938 3027 [**] PREEM AB Prosperity Materials (International) Limited   706 2793 [**] 640 2599 [**] [**] [**] [**] [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] Protank Carriers LLC 395 2006 PRSI Trading Company LP PT ATRE   Indonesia PT ILTHABI BARA UTAMA PT Kideco Jaya Agung 216 641 352 354 1264   2604 1920 1908 Quiktrip Corporation 255 1417 RC INSPECTION B.V. 1052 3481   REDCAR BULK TERMINAL LIMITED 992 3246 Rederi AB Alvtank REFINERIA LA PAMPILLA   SA RELAPASA Reliance Industries Limited Rio Tinto Energy America Inc. River   Trading Company, Ltd. RIVIERA COMMODITIES, LLC 584 2401 994 634 533 534 740   3258 2582 2428 2576 2883 [**] [**] [**] [**] [**] Counterparty   BAIDCntctIDRefProdCounterpartyBAIDCntctID Deal Booking Contact 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
RWE SUPPLY AND   TRADING GMBH Saracen Energy Partners, LP 288 132 1599 1427 [**] [**] [**]   [**] Saras S.P.A. 738 2867 [**] SAYBOLT EASTERN HEMISPHERE BV 464 2178   Semfuel LP Sempra Energy Trading LLC Semstream LP Shell International Eastern   Trading Company owned SHELL INTERNATIONAL TRADING AND SHIPPING COMPANY L 134   258 136 538 1452 1580 [**] [**] [**] [**] 265 1508 [**] [**] [**] 949 3094   Shell Trading (US) Company 138 580 [**] SHELL TRADING CANADA 698 2775 [**]   SHELL TRADING ROTTERDAM B.V 644 2618 [**] SHELL UK OIL PRODUCTS LIMITED 448   2135 [**] Sinochem Group Sinochem International Oil (Singapore) Pte Ltd 593   2460 [**] 238 1362 [**] SK Energy International Pte. Ltd. 375 1971 [**] SMITH   IMOSSI AND CO LTD 607 2498 [**] Songa Bulk Chartering Pte Ltd 345 1859 [**]   Spectron Energy, Inc. SPRAGUE OPERATING RESOURCES LLC 591 2458 [**] 936 3011   [**] ST Shipping and Transport PTE. LTD. 594 2493 [**] Statoil Marketing   & Trading (US) Inc. 142 1051 [**] Suburban Propane, L.P. 143 1311 SUEK AG   SUNCOR ENERGY INC. 493 559 2247 2332 [**] [**] Counterparty   BAIDCntctIDRefProdCounterpartyBAIDCntctID Deal Booking Contact 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
[**] [**] [**]   Suncor Energy Marketing Inc. 199 1145 [**] Sunoco Inc. (R & M) Sunoco   Partners Marketing and Terminals LP 145 963 [**] 146 1082 [**] Swift Tankers   387 1998 [**] SWISSMARINE CORPORATION 366 1936 [**] Syntexenergy LLC 147 3213   [**] TARNTANK REDERI AKTIEBOLAG Tesoro Canada Supply & Distribution LTD.   Texon Distributing L.P. DBA Texon L.P. TFS Energy, LLC The Royal Bank of   Scotland PLC Tidal Energy Marketing U.S. LLC Total Petrochemicals USA Inc.   TOTSA Total Oil Trading S.A. Trafigura AG TRAFIGURA BEHEER B.V. TRAFIGURA   CANADA GENERAL PARTNERSHIP Trafigura Pte Ltd Transmontaigne Product Services,   Inc. TRANSPORT4, LLC Traxys North America LLC UBS AG UET RR, LLC Unipec Asia   Company Limited UNIQUE NAVIGATION CORP. UNITED AIRLINES, INC. United Energy   Trading, LLC US Oil Co., Inc. 398 2014 [**] [**] [**] [**] [**] [**] [**]   [**] [**] [**] 268 1503 155 592 349 157 158 350 183 447 641 2457 1894 754   1270 1903 1219 2133 619 544 2544 2299 [**] [**] 162 711 626 180 1046 314 756   1010 1033 166 654 3564 2560 995 3407 1672 2913 3300 3382 660 [**] [**] [**]   [**] [**] [**] [**] [**] [**] [**] Counterparty BAIDCntctIDRefProdCounterpartyBAIDCntctID   Deal Booking Contact 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
Valero   Marketing and Supply Company Vattenfall Energy Trading Netherlands NV Vitol   Inc. Vitol S.A. VOPAK AGENCIES ROTTERDAM B.V. Western Refining Company, LP   Westlake Petrochemicals LP Westport Petroleum Inc. WILLIAMS ENERGY RESOURCES   LLC World Fuel Services Corporation WORLD FUEL SERVICES, INC. 675[**] [**]   2548[**] 167 622 184 168 783 171 260 172 730 323 340 [**] [**] [**] [**] [**]   [**] [**] [**] [**] [**] 1030 1615 2957 3142 1454 1337 2858 1704 1818   BAIDCntctIDRefProdCounterpartyBAIDCntctID Deal Booking Contact 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

	

    	
Confirmations,   GTD& M Goodridge, Wayne BUCKEYE ENERGY SERVICES LLC CHARTER BROKERAGE LLC   First National Oil Brokers, Inc. ICAP Energy LLC BUCKEYE ENERGY SERVICES LLC   First National Oil Brokers, Inc. 810 810 Purchase 1 197 10 199 R 1 E   Evergreen 985 73 Sale 2 200 20 205 D 2 Spot S 73 597 GFI Brokers LLC GFI   Brokers Ltd. Hacienda L.P.G. Brokerage, Inc. ICAP Energy LLC 845 601 Term T   ICAP United Inc. MOAB Oil, Inc. Sage Refined Products, Ltd. SGS North America   Inc. STARSUPPLY PETROLEUM EUROPE B.V. 259 104 82 597 179 ICAP United Inc.   KIML BROKERAGE & TRADING CORP. London Commodity Brokers Limited   Millennium Brokerage Services, LLC MOAB Oil, Inc. Sage Refined Products, Ltd.   Starsupply Petroleum LLC, a Division of GFI Broker TCT Oil Brokers, Inc. 259   269 939 446 322 Tradition Financial Services, Inc. 160 209 104 179 202 150   Crude Contact RefProd ContactBroker RefProdBroker TradeSubSubProductDeal   TypeHeaderHeaderDetailDetailDirectorTypeTerm 
    

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	

    	
Customized   Specs Customized Specs Customized Specs Customized Specs Customized Specs   Customized Specs Customized Specs Customized Specs Customized Specs 51 ULSK   351 224400 PES Phys Distillate Abo 51 ULSK 140-Customized Specs 140 307 54   JET A 352 023101 PES Phys Distillate Amenam 54 JET A 141-Customized Specs 141   308 62 ULSD2 421 224600 PES Phys Distillate Amna 62 ULSD2 142-Customized   Specs 142 309 67 ULSHO 422 227900 PES Phys Distillate Antan 67 ULSHO   143-Customized Specs 143 300 76 LSD 77 HS Heat Undyed 88 HS Heat Dyed 405   004600 PES Phys Distillate Asgard 76 LSD 144-Customized Specs 144 305 358   227300 PES Phys Distillate Azeri 77 HS Heat Undyed 145-Customized Specs 145   311 359 227300 PES Phys Distillate BAKKEN ND 88 HS Heat Dyed 146-Customized   Specs 146 349 Abo 312 415700 PES Phys Crude Bonga Alkylate 149-Customized   Specs 149 321 Alkylate Amenam Amna Antan Asgard Azeri BAKKEN ND BB Benzene   Bio Diesel Bonga Bonny Bonny Light 360 313 314 315 316 317 307 432 361 362   318 344 295 000500 456500 440900 451200 417500 415100 see below 000800 006700   233200 413400 443000 443000 PES Phys Gasoline PES Phys Crude PES Phys Crude   PES Phys Crude PES Phys Crude PES Phys Crude PES Phys Crude PES Phys Gasoline   PES Phys Gasoline PES Phys Distillate PES Phys Crude PES Phys Crude PES Phys   Crude Bonny Bonny Light Brass River Brego Doba Eagle Ford Erha Escravos GCC   Girassol Jubilee LLS Midland Sweet Mixed Sweet Blend NKossa Odudu Oklahoma   Sweet Okono Ostra BB Benzene Bio Diesel Cat Gas CSO Cumene Ethanol Fuel Oil   No.6 1% Gas. A1 83CB 7.8 Gas. A2 83CB 9.0 Gas. A3 83CB 11.5 Gas. A4 83 CB   13.5 Gas. A5 83CB 15.0 150-Customized Specs 150 350 Brass River Brego Cat Gas   345 319 364 447800 000000 497100 PES Phys Crude PES Phys Crude PES Phys   Gasoline Gas. D1 91CB 7.8 Gas. D2 91CB 9.0 Gas. D3 91CB 11.5 CSO Cumene Doba   365 366 320 428900 038300 492600 PES Phys Fuel Oil PES Phys Gasoline PES Phys   Crude Gas. D4 91CB 13.5 Gas. D5 91CB 15.0 Gas. F1 83RB VOC1 ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. Crude Customised ProductIDPES IDProduct   StrategyCrudeProductRef ProductConcatCSSpecs1stCrudeIdCS 
    

 

	

    	
Eagle Ford Erha   Escravos Ethanol Fuel Oil No.6 1% Gas. A1 83CB 7.8 Gas. A2 83CB 9.0 Gas. A3   83CB 11.5 Gas. A4 83 CB 13.5 Gas. A5 83CB 15.0 Gas. D1 91CB 7.8 Gas. D2 91CB   9.0 Gas. D3 91CB 11.5 Gas. D4 91CB 13.5 Gas. D5 91CB 15.0 Gas. F1 83RB VOC1   Gas. F2 83RB VOC2 Gas. F3 83RB 11.5 Gas. F4 83RB 13.5 Gas. F5 83RB 15.0 Gas.   H1 91RB VOC1 Gas. H2 91RB VOC2 Gas. H3 91RB 11.5 Gas. H4 91RB 321 346 322 270   304000 415200 447700 084800 PES Phys Crude PES Phys Crude PES Phys Crude PES   Phys Gasoline Palanca Qua Iboe Rabi Light Saharan Blend Gas. F2 83RB VOC2   Gas. F3 83RB 11.5 Gas. F4 83RB 13.5 Gas. F5 83RB 15.0 357 429600 PES Phys   Fuel Oil Sarir Gas. H1 91RB VOC1 369 023820 PES Phys Gasoline Saxi Blend Gas.   H2 91RB VOC2 370 023800 PES Phys Gasoline Tampa Gas. H3 91RB 11.5 371 023800   PES Phys Gasoline Troll Gas. H4 91RB 13.5 372 023800 PES Phys Gasoline Usan   Gas. H5 91RB 15.0 373 023800 PES Phys Gasoline White Rose Gas. M1 87CF 7.8   374 225020 PES Phys Gasoline WTI Gas. M2 87CF 9.0 375 225000 PES Phys   Gasoline Yoho Gas. M3 87CF 11.5 376 225000 PES Phys Gasoline Zafiro Gas. M4   87CF 13.5 377 225000 PES Phys Gasoline Gas. M5 87CF 15.0 378 225000 PES Phys   Gasoline Gasoline Component 379 133400 PES Phys Gasoline Heavy Naphtha 380   133400 PES Phys Gasoline Iso Butane 381 133400 PES Phys Gasoline LCO 382 133400   PES Phys Gasoline Light Naphtha 383 133400 PES Phys Gasoline LSFO .3% HP 384   132100 PES Phys Gasoline LSFO .5% HP 385 132100 PES Phys Gasoline Mixed   Butane 386 387 132100 132100 PES Phys Gasoline PES Phys Gasoline NY No. 6   1.0% S Raffinate ** Certain information in this document has been omitted and   filed separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. Crude   Customised ProductIDPES IDProduct StrategyCrudeProductRef ProductConcatCSSpecs1stCrudeIdCS   
    

 

	

    	
13.5 Gas. H5   91RB 15.0 Gas. M1 87CF 7.8 Gas. M2 87CF 9.0 Gas. M3 87CF 11.5 Gas. M4 87CF   13.5 Gas. M5 87CF 15.0 Gasoline Component GCC Girassol Heavy Naphtha Iso   Butane Jubilee LCO Light Naphtha LLS LSFO .3% HP LSFO .5% HP Midland Sweet   Mixed Butane Mixed Sweet Blend NKossa NY No. 6 1.0% S Odudu Oklahoma Sweet   Okono Ostra Palanca 388 132100 PES Phys Gasoline Reformate 389 127400 PES   Phys Gasoline ULSD 15EXP2 390 127400 PES Phys Gasoline ULSD2 391 127400 PES   Phys Gasoline ULSH Dyed 392 127400 PES Phys Gasoline ULSH Undyed 393 127400   PES Phys Gasoline VGO 394 323 324 042600 425400 492400 PES Phys Gasoline PES   Phys Crude PES Phys Crude VTB 395 403 462 396 397 38 404 406 443300 001001   499500 005300 442500 425500 428300 428300 PES Phys Gasoline PES Phys Gasoline   PES Phys Crude PES Phys Distillate PES Phys Gasoline PES Phys Crude PES Phys   Fuel Oil PES Phys Fuel Oil 325 398 111111 223300 PES Phys Crude PES Phys   Prepaid Gasoline 349 347 422800 453700 PES Phys Crude PES Phys Crude 81 326   429600 333333 PES Phys Fuel Oil PES Phys Crude 327 328 329 330 450900 400000   499300 451300 PES Phys Crude PES Phys Crude PES Phys Crude PES Phys Crude **   Certain information in this document has been omitted and filed separately with   the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. Crude Customised ProductIDPES   IDProduct StrategyCrudeProductRef ProductConcatCSSpecs1stCrudeIdCS 
    

 

	

    	
Qua Iboe Rabi Light   Raffinate Reformate Saharan Blend Sarir Saxi Blend Tampa Troll ULSD 15EXP2   ULSD2 ULSH Dyed ULSH Undyed Usan VGO VTB White Rose WTI Yoho Zafiro 297 331   399 400 332 333 334 335 336 354 353 355 356 337 401 402 338 40 339 340 448700   453000 425900 496500 444701 441000 493500 302800 456400 224630 224600 227900   227900 303300 016000 428300 414100 425400 489700 418000 PES Phys Crude PES   Phys Crude PES Phys Gasoline PES Phys Gasoline PES Phys Crude PES Phys Crude   PES Phys Crude PES Phys Crude PES Phys Crude PES Phys Distillate PES Phys   Distillate PES Phys Distillate PES Phys Distillate PES Phys Crude PES Phys   VGO PES Phys Fuel Oil PES Phys Crude PES Phys Crude PES Phys Crude PES Phys   Crude ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. Crude   Customised ProductIDPES IDProduct StrategyCrudeProductRef   ProductConcatCSSpecs1stCrudeIdCS 
    

 

	

    	
<apigravitymi   n>38.00</apig ravitymin><ap igravitymin_te stmethod></a   pigravitymin_t estmethod><a pigravitymin_r ejection>Y</a   pigravitymin_r ejection><api gravitymax>4 3.00</apigravi   tymax><apigr avitymax_test method></api gravitymax_te   stmethod><ap igravitymax_r ejection>Y</a pigravitymax_   rejection><sul furmin>0.17</ sulfurmin><su lfurmin_testm   ethod></sulfu rmin_testmet hod><sulfurmi n_rejection>Y   </sulfurmin_r ejection><sulf urmax>0.20</ sulfurmax><su   lfurmax_test method></sul furmax_testm ethod><sulfur   max_rejection >Y</sulfurmax _rejection><b swmin>0</bs   wmin><bswmi 140-Customized Specs BAKKEN ND 11.5 Unlead 4 Cycle P Day   BBL ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. XMLProduct   Spec Crude CS List RefProd CustomisedRefProd CS SpecsList PerCrude PerUOM 
    

 

	

    	
n_testmethod   ></bswmin_te stmethod><bs wmin_rejectio n>Y</bswmin   _rejection><b swmax>0.10< /bswmax><bs wmax_testme   thod></bswm ax_testmetho d><bswmax_r ejection>Y</b   swmax_rejecti on><rvpmin>0 </rvpmin><rv pmin_testmet   hod></rvpmin _testmethod> <rvpmin_rejec tion>Y</rvpmi   n_rejection>< rvpmax>010</ rvpmax><rvp max_testmeth   od></rvpmax _testmethod> <rvpmax_reje ction>Y</rvp   max_rejection > <apigravitymi n>38.00</apig ravitymin><ap   igravitymin_te stmethod></a pigravitymin_t estmethod><a   pigravitymin_r ejection>Y</a pigravitymin_r ejection><api   gravitymax>4 3.00</apigravi NDS-N Dakota Sweet 13.5 Unlead 3 Day D   Month GAL ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. XMLProduct   Spec Crude CS List RefProd CustomisedRefProd CS SpecsList PerCrude PerUOM 
    

 

	

    	
tymax><apigr   avitymax_test method></api gravitymax_te stmethod><ap   igravitymax_r ejection>Y</a pigravitymax_ rejection><sul   furmin>0.17</ sulfurmin><su lfurmin_testm ethod></sulfu   rmin_testmet hod><sulfurmi n_rejection>Y </sulfurmin_r   ejection><sulf urmax>0.20</ sulfurmax><su lfurmax_test   method></sul furmax_testm ethod><sulfur max_rejection   >Y</sulfurmax _rejection><b swmin>0</bs wmin><bswmi   n_testmethod ></bswmin_te stmethod><bs wmin_rejectio   n>Y</bswmin _rejection><b swmax>0.10< /bswmax><bs   wmax_testme thod></bswm ax_testmetho d><bswmax_r   ejection>Y</b swmax_rejecti on><rvpmin>0 ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. XMLProduct Spec Crude CS List RefProd   CustomisedRefProd CS SpecsList PerCrude PerUOM 
    

 

	

    	
</rvpmin><rv   pmin_testmet hod></rvpmin _testmethod> <rvpmin_rejec   tion>Y</rvpmi n_rejection>< rvpmax>010</ rvpmax><rvp   max_testmeth od></rvpmax _testmethod> <rvpmax_reje   ction>Y</rvp max_rejection > <apigravitymi n>38.00</apig   ravitymin><ap igravitymin_te stmethod></a pigravitymin_t estmethod><a   pigravitymin_r ejection>Y</a pigravitymin_r ejection><api   gravitymax>4 3.00</apigravi tymax><apigr avitymax_test   method></api gravitymax_te stmethod><ap igravitymax_r   ejection>Y</a pigravitymax_ rejection><sul furmin>0.17</   sulfurmin><su lfurmin_testm ethod></sulfu rmin_testmet   hod><sulfurmi Williston Basin Swee 15.0 Unlead 2 Month M LBS ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. XMLProduct Spec Crude CS List RefProd   CustomisedRefProd CS SpecsList PerCrude PerUOM 
    

 

	

    	
n_rejection>Y   </sulfurmin_r ejection><sulf urmax>0.20</ sulfurmax><su   lfurmax_test method></sul furmax_testm ethod><sulfur   max_rejection >Y</sulfurmax _rejection><b swmin>0</bs   wmin><bswmi n_testmethod ></bswmin_te stmethod><bs   wmin_rejectio n>Y</bswmin _rejection><b swmax>0.10< /bswmax><bs   wmax_testme thod></bswm ax_testmetho d><bswmax_r ejection>Y</b   swmax_rejecti on><rvpmin>0 </rvpmin><rv pmin_testmet   hod></rvpmin _testmethod> <rvpmin_rejec tion>Y</rvpmi   n_rejection>< rvpmax>010</ rvpmax><rvp max_testmeth   od></rvpmax _testmethod> <rvpmax_reje ction>Y</rvp   max_rejection ** Certain information in this document has been omitted and   filed separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. XMLProduct   Spec Crude CS List RefProd CustomisedRefProd CS SpecsList PerCrude PerUOM 
    

 

 

	

    	
> <apigravitymin>38.00   </apigravitymin> <apigravitymin_testmethod> </apigravitymin_testmethod>   <apigravitymin_rejection>Y </apigravitymin_rejection> <apigravitymax>43.00   </apigravitymax> <apigravitymax_testmethod> </apigravitymax_testmethod>   <apigravitymax_rejection>Y </apigravitymax_rejection> <sulfurmin>0.17   </sulfurmin> <sulfurmin_testmethod> </sulfurmin_testmethod>   <sulfurmin_rejection>Y </sulfurmin_rejection> <sulfurmax>0.20   </sulfurmax> <sulfurmax_testmethod> </sulfurmax_testmethod>   <sulfurmax_rejection>Y </sulfurmax_rejection> <bswmin>0   </bswmin> <bswmin_testmethod Eagle Ford Crude Oil 54 Grade 9 **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. XMLProduct Spec Crude CS List   RefProd Customised RefProd CS Specs List Per Crude Per UOM 
    

 

	

    	
> </bswmin_testmethod>   <bswmin_rejection>Y </bswmin_rejection> <bswmax>0.10 </bswmax>   <bswmax_testmethod> </bswmax_testmethod> <bswmax_rejection>Y   </bswmax_rejection> <rvpmin>0 </rvpmin> <rvpmin_testmethod>   </rvpmin_testmethod> <rvpmin_rejection>Y </rvpmin_rejection>   <rvpmax>010 </rvpmax> <rvpmax_testmethod> </rvpmax_testmethod>   <rvpmax_rejection>Y </rvpmax_rejection> <apigravitymin>38.00   </apigravitymin> <apigravitymin_testmethod> </apigravitymin_testmethod>   <apigravitymin_rejection>Y </apigravitymin_rejection> <apigravitymax>43.00   </apigravitymax> <apigrNiobrara Blend 54 Grade 17 ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. XMLProduct Spec Crude CS List RefProd   Customised RefProd CS Specs List Per Crude Per UOM 
    

 

	

    	
avitymax_testmethod>   </apigravitymax_testmethod> <apigravitymax_rejection>Y </apigravitymax_rejection>   <sulfurmin>0.17 </sulfurmin> <sulfurmin_testmethod> </sulfurmin_testmethod>   <sulfurmin_rejection>Y </sulfurmin_rejection> <sulfurmax>0.20   </ sulfurmax> <sulfurmax_testmethod> </sulfurmax_testmethod>   <sulfurmax_rejection>Y </sulfurmax_rejection> <bswmin>0   </bswmin> <bswmin_testmethod> </bswmin_testmethod> <bswmin_rejection>Y   </bswmin_rejection> <bswmax>0.10 </bswmax> <bswmax_testmethod>   </bswmax_testmethod> <bswmax_rejection>Y </bswmax_rejection>   <rvpmin>0 </rvpmin> <rv**Certain information in this document   has been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. XMLProduct Spec Crude CS List RefProd Customised RefProd CS   Specs List Per Crude PerUOM 
    

 

	

    	
pmin_testmethod>   </rvpmin_testmethod> <rvpmin_rejection>Y </rvpmin_rejection>   <rvpmax>010 </rvpmax> <rvpmax_testmethod> </rvpmax_testmethod>   <rvpmax_rejection>Y </rvpmax_rejection>Colorado Sweet Mixed Sweet   Blend 61 Grade 11 61 Grade 95 <apigravitymin>38.00 </apigravitymin>   <apigravitymin_testmethod> </apigravitymin_testmethod> <apigravitymin_rejection>Y   </apigravitymin_rejection> <apigravitymax>43.00 </apigravitymax>   <apigravitymax_testmethod> </apigravitymax_testmethod> <apigravitymax_rejection>Y   </apigravitymax_rejection> <sulfurmin>0.17 </sulfurmin>   <sulfurmin_testm Eagle Ford 7.8 Unlead 5 ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. XMLProduct Spec Crude CS List RefProd Customised RefProd   CS SpecsList Per Crude Per UOM 
    

 

	

    	
ethod> </sulfurmin_testmethod>   <sulfurmin_rejection>Y </sulfurmin_rejection> <sulfurmax>0.20   </sulfurmax> <sulfurmax_testmethod> </sulfurmax_testmethod>   <sulfurmax_rejection>Y </sulfurmax_rejection> <bswmin>0   </bswmin> <bswmin_testmethod> </bswmin_testmethod> <bswmin_rejection>Y   </bswmin_rejection> <bswmax>0.10 </bswmax> <bswmax_testmethod>   </bswmax_testmethod> <bswmax_rejection>Y </bswmax_rejection>   <rvpmin>0 </rvpmin> <rvpmin_testmethod> </rvpmin_testmethod>   <rvpmin_rejection>Y </rvpmin_rejection> <rvpmax>10.00 </rvpmax>   <rvpmax_testmethod> </rvpmax_testmethod ** Certain information in   this document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. XMLProduct Spec Crude CS List RefProd Customised RefProd   CS SpecsList Per Crude Per UOM 
    

 

	

    	
> <rvpmax_rejection>Y   </rvpmax_rejection> Olmeca 74 Grade 74 Grade 76 Grade 76 Grade 88 Grade   88 Grade 88 Grade 9.0 Unlead Chicago LSD E10 F1 F1 F2 F2 F3 F3 F4 F4 F5 F5   German DIN H1 H1 H2 H2 H3 H3 H4 H4 H5 10 79 71 78 62 64 101 6 1 102 27 52 26   53 25 54 24 55 23 56 107 28 57 29 58 30 59 31 60 32 ** Certain information in   this document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. XMLProduct Spec Crude CS List RefProd Customised RefProd   CS Specs List Per Crude Per UOM 
    

 

	

    	
H5 M M M1 M1 M2   M2 M3 M3 M4 M4 M5 M5 N Grade None Northern grade VOC Northern grade VOC   Russian Summer grade VOC Summer grade VOC TS1 TS1 UK Spec V V1 V1 V2 V2 V3 V3   V4 V4 61 63 65 12 70 13 69 14 68 15 67 16 66 8 0 45 49 99 50 51 110 116 100   72 22 73 21 74 20 75 19 76 ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted portions.   XMLProduct Spec Crude CS List RefProd Customised RefProd CS Specs List Per Crude   Per UOM 
    

 

	

    	
V5 V5 X Grade   18 77 7 2 3 9 BBL GAL BBL GAL Appr. Quantity Fixed Quantity Fixed Range   Percent Range Y N F P Buyers Option Either Option Sellers Option B E S Minus   Plus Plus/Minus M P B Cost and Freight Delivered At Place Delivered At   Terminal Delivered EX Railcar Delivered EX Ship Delivered Ex Tank FOB BARGE   Free Carrier Free in Pipe Free on Board 5 19 21 18 10 17 15 2 16 4 Cost and   Freight Delivered At Place Delivered At Terminal Delivered EX Railcar   Delivered EX Ship Delivered Ex Tank FOB BARGE Free Carrier Free in Pipe Free   on Board 5 19 21 18 10 17 15 2 16 4 PES Phys Crude 311 PES Phys Distillate   PES Phys Fuel Oil PES Phys Gasoline PES Phys Prepaid Gasoline PES Phys VGO   314 315 313 Berthold Berthold, ND Colorado City Eagle Point NJ - CPL Eagle   Point NJ - SPL Eagle Point NJ - SXL Abo Arzew Berthold 5224 5225 5226 317 316   Cushing, OK Dickinson Eddystone Eland Enola, PA Epping FIDALGO Ft Laramie   Garyville, LA Geismar Girard Point PA - CPL Girard Point PA - PES Linden -   Buckeye (BPL) Linden - Buckeye (CPL) Linden - Buckeye (SPL) Linden - Citgo   Linden - Citgo (SPL) Linden - Gulf (SPL) Linden - NuStar Linden - NuStar   (CPL) Berthold, ND Bonga FPSO Bonny Brass Terminal Buelah Cape Lopez   Ceyhan-Botas Clovelly, LA Colorado City Corpus Christi 4779 5239 5252 5253   5020 5240 5241 1596 5016 5250 ** Certain information in this document has   been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. Strategy RefProdStrategy Crude Title Transfer At RefProd   Title Transfer At Crude Location Master Crude RefPro UOM dUOM Volume Type   Tolerance Option Tolerance +/-INCO Terms RefProd INCO Terms XMLProduct Spec   Crude CS List RefProd CustomisedRefProd CS SpecsList Per Crude Per UOM 
    

 

	

    	
Guernsey HAYTI   Midland, TX Minot New Town, ND PES PES Rail Terminal PES Storage PORT   WESTWARD Reybold, DE Ross SHREVEPORT Stampede, ND Stanley Enbridge Stanley   Plains TACOMA Trenton Trenton, ND WALNUT HILL Waskom Centerpoint Wood River,   IL Yorktown Linden - NuStar (SPL) Linden - P66 Tremley (SPL) Linden - Tremley   Pt (CPL) PES Storage Point Breeze PA - CPL Pt Breeze - PES Corpus Christi, TX   Cromer Cushing, OK Dickinson Djeno Dore Eddystone Eland Enola, PA Epping Erha   Escravos FIDALGO Ft Laramie Galveston, Texas Garyville, LA Geismar Girassol   Guernsey Hardisty HAYTI Hebert, TX Houston Houston, TX Jeffco Terminal Jubilee   Kerrobert Kizomba FPSO Knock Taggert FPSO Kome Kribi Krotz Springs, LA Lake   Charles, LA Manitou Marsa al Hariga Port Midland, TX 2292 1867 1600 5021 5255   5022 5023 5227 4824 5228 5254 5229 5024 5230 2578 3291 5025 5231 5018 1866   5026 1608 5027 1616 4754 5463 1868 5242 5243 5244 1612 1613 5029 5245 1599 **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. Strategy RefProdStrategy   Crude Title Transfer AtRefProd Title Transfer At Crude Location Master 
    

 

 

	

    	
Minot Mongstad   Nederland-SXL New Town, ND Newtown Odudu Okono Ostra FPSO Palanca Pasadena,   TX Patoka PES PES Rail Terminal PES Storage Port Arthur, TX Port Neches, TX   PORT WESTWARD Qua Iboe Ras Lanuf Reybold, DE Ross Rotterdam Sea Rose FPSO   Serpentina SHREVEPORT St. James, LA Stampede, ND Stanley Enbridge Stanley   Plains TACOMA Tioga Trenton Trenton, ND Tulsa, OK Usan FPSO 4995 2069 5232   4806 5030 5233 5234 5246 5235 1603 2511 5164 4755 5258 1609 3386 5032 5256   5247 4925 5004 1967 5248 5257 5033 1598 4823 4994 5003 5035 5036 5236 4825   1604 5249 ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. Strategy RefProdStrategy   Crude Title Transfer AtRefProd Title Transfer At Crude Location Master 
    

 

	

    	
WALNUT HILL   Waskom Centerpoint Wood River, IL Yoho Yorktown 5037 5039 2581 5237 5238 N N   Y Y N N N Y N N Y Y Y Y N Y Y N Y Y Y Y Y N Allentown PA - BPL AllentownPPC   Altoona PA - BPL AltoonaPPC Astoria NY - Castle Baton Rouge LA - CPL Baton   Rouge, LA Bayonne NJ Bayonne NJ - CPL Bayway NJ P66 Beaumont, TX BelmontSPMT   Booth PA - CPL Boston MA BPL Linden - Buckeye Brayton Pt MA Bridgeport CT   Bronx NY Brooklyn NY - BPL BYD Bayonne, NJ Carteret NJ - BPL Carteret NJ -   CPL Carteret NJ - KMI Carteret NJ - KMI 5340 5341 5342 5343 5344 5345 1610   5346 5347 5348 2227 5349 5350 5351 1624 5352 5353 5354 5355 1904 5357 5358   5359 5356 38 38 38 38 38 40 40 40 40 40 295 295 295 295 297 297 297 297 297   297 307 307 307 307 LLS LLS LLS LLS LLS WTI WTI WTI WTI WTI Bonny Light Bonny   Light Bonny Light Bonny Light Qua Iboe Qua Iboe Qua Iboe Qua Iboe Qua Iboe   Qua Iboe BAKKEN ND BAKKEN ND BAKKEN ND BAKKEN ND Corpus Christi, TX Geismar   PES PES Storage St. James, LA Cushing, OK Midland, TX Nederland-SXL PES PES   Storage Corpus Christi, TX Enola, PA Stampede, ND Trenton, ND Corpus Christi,   TX Enola, PA PES Storage Qua Iboe Stampede, ND Trenton, ND Berthold Berthold,   ND Buelah Colorado City 2292 5025 5164 5258 1598 1600 1599 5232 5164 5258   2292 4824 4823 4825 2292 4824 5258 5256 4823 4825 5226 4779 5020 5016 81 114   114 114 114 114 114 114 114 114 114 114 114 114 114 114 114 114 114 114 114   114 114 114 NY No. 6 1.0% S #2 Heating Oil #2 Heating Oil #2 Heating Oil #2   Heating Oil #2 Heating Oil #2 Heating Oil #2 Heating Oil #2 Heating Oil #2   Heating Oil #2 Heating Oil #2 Heating Oil #2 Heating Oil #2 Heating Oil #2   Heating Oil #2 Heating Oil #2 Heating Oil #2 Heating Oil #2 Heating Oil #2 Heating   Oil #2 Heating Oil #2 Heating Oil #2 Heating Oil #2 Heating Oil Citgo   Paulsboro, NJ Baton Rouge, LA BPL Linden - Buckeye BYD Bayonne, NJ CBL -   Cedar Bayou CBU - Cedar Bayou Charlotte Tankage Collins, MS Corpus Christi,   TX CPL GXD Linden GATX Hebert, TX Houston, TX Krotz Springs, LA Lake Charles,   LA LND Linden, NJ Nashville Tankage New York Harbor NWD - Staten Isl, NY NWD   Newark Delivery Pasadena, TX Pascagoula, MS PMD - Staten Isl, NY Port Arthur,   TX 1798 1610 1624 1904 2711 3003 2916 1615 2292 2157 1986 1608 1616 1612 1613   1606 2917 1623 2383 1922 1603 2817 2409 1609 ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. RefProd Location IsDomestic Master Crude Locations RefProd   Locations Strategy RefProdStrategy Crude Title Transfer AtRefProd Title   Transfer At Crude Location Master Strategy RefProdStrategy Crude Title   Transfer AtRefProd Title Transfer At Crude Location Master 
    

 

	

    	
(SPL) CBL -   Cedar Bayou CBU - Cedar Bayou Cedar Bayou TX Charlotte NC - CPL Charlotte   Tankage Chattahoochee GA - CPL Chelsea PA - BPL Chicago, IL CIF NWE-Basis ARA   Citgo Paulsboro, NJ Collins MS - CPL Collins, MS Con Hook NJ Copenhagen   Coraopolis PA - BPL CoraopolisPPC Corpus Christi, TX Coryton CPL Delaware   City DE N Y Y Y Y 2711 3003 5360 5361 2916 307 307 307 307 307 BAKKEN ND   BAKKEN ND BAKKEN ND BAKKEN ND BAKKEN ND Cushing, OK Dickinson Dore Eddystone   Eland 1600 5021 5022 5023 5227 114 270 270 270 270 #2 Heating Oil Ethanol   Ethanol Ethanol Ethanol SWD Sewaren Delivery Allentown PA - BPL AllentownPPC   Altoona PA - BPL AltoonaPPC 2046 5340 5341 5342 5343 Y N Y N Y Y Y Y Y N N N   N N Y 5362 5363 1605 2279 1798 5364 1615 5365 2987 5366 5367 2292 2532 2157   5368 307 307 307 307 307 307 307 307 307 307 307 307 307 307 307 BAKKEN ND   BAKKEN ND BAKKEN ND BAKKEN ND BAKKEN ND BAKKEN ND BAKKEN ND BAKKEN ND BAKKEN   ND BAKKEN ND BAKKEN ND BAKKEN ND BAKKEN ND BAKKEN ND BAKKEN ND Enola, PA   Epping FIDALGO Ft Laramie Galveston, Texas Garyville, LA Geismar Guernsey   HAYTI Midland, TX Minot New Town, ND PES PES Rail Terminal PES Storage PORT   WESTWARD Reybold, DE Ross SHREVEPORT Stampede, ND Stanley Enbridge Stanley   Plains TACOMA Trenton Trenton, ND WALNUT HILL Waskom Centerpoint Wood River,   IL Yorktown 4824 5228 5024 5230 2578 3291 5025 5018 5026 1599 4995 4806 5164   4755 5258 270 270 270 270 270 270 270 270 270 270 270 270 270 270 270 Ethanol   Ethanol Ethanol Ethanol Ethanol Ethanol Ethanol Ethanol Ethanol Ethanol   Ethanol Ethanol Ethanol Ethanol Ethanol BelmontSPMT Chicago, IL Coraopolis PA   - BPL CoraopolisPPC Dupont PA - BPL DupontPPC FullertonSPMT Highspire PA -   BPL HighspirePPC Kingston PA KingstonSPMT Linden - Buckeye (BPL) Linden - Buckeye   (CPL) Linden - Buckeye (SPL) Linden - Citgo 5349 1605 5366 5367 5370 5371   5377 5382 5383 5385 5386 5387 5392 5388 5395 Y Y N Y Y N Y Y Y N N Denmark   Doraville GA - CPL Dupont PA - BPL DupontPPC Eagle Point NJ - CPL Eagle Point   NJ - SPL Eagle Point NJ - SXL El Dorado Storage Ereglisi Fairfax VA - CPL   Fawley 2342 5369 5370 5371 5373 5374 5372 2526 2495 5375 2984 307 307 307 307   307 307 307 307 307 307 307 BAKKEN ND BAKKEN ND BAKKEN ND BAKKEN ND BAKKEN ND   BAKKEN ND BAKKEN ND BAKKEN ND BAKKEN ND BAKKEN ND BAKKEN ND 5032 4925 5004   5033 4823 4994 5003 5035 5236 4825 5037 270 270 270 270 270 270 270 270 270   270 270 Ethanol Ethanol Ethanol Ethanol Ethanol Ethanol Ethanol Ethanol   Ethanol Ethanol Ethanol Linden - Citgo (SPL) Linden - Gulf (SPL) Linden -   NuStar Linden - NuStar (CPL) Linden - NuStar (SPL) Linden - P66 Tremley (SPL)   Linden - Tremley Pt (CPL) LindenNustarPPC Mechanicsburg PA - BPL   MechanicsburgPPC Newark NJ 5396 5389 5397 5393 5390 5391 5394 5398 5402 5403   5404 N N Y Fos Fullerton PA FullertonSPMT 2332 5376 5377 307 307 307 BAKKEN   ND BAKKEN ND BAKKEN ND 5039 2581 5238 270 270 270 Ethanol Ethanol Ethanol   Newark NJ - CPL Newark NJ - SPL Northumberland PA 5405 5406 5413 ** Certain   information in this document has been omitted and filed separately with the Securities   and Exchange Commission. Confidential treatment has been requested with   respect to the omitted portions. 
    

 

	

    	
Y Y Y Y Y Y   Galveston, Texas Garyville, LA Gavle Genoa Gibraltar Gijon 2578 3291 2328   2445 2716 2671 312 312 313 313 314 314 Abo Abo Amenam Amenam Amna Amna Abo   PES Storage Odudu PES Storage PES Storage Ras Lanuf Knock Taggert FPSO PES   Storage Mongstad PES Storage Ceyhan-Botas PES Storage Bonga FPSO PES Storage   PES Storage Ras Lanuf Kome Kribi PES Storage Corpus Christi Houston PES PES   Storage Escravos PES Storage Nederland-SXL PES PES Storage Girassol PES   Storage PES PES Storage Odudu PES Storage 5224 5258 5233 5258 5258 5247 270   270 270 270 270 270 Ethanol Ethanol Ethanol Ethanol Ethanol Ethanol   NorthumberlandPPC PES Storage Point Breeze PA - CPL Pt Breeze - PES Rochester   NY - BPL Rochester NY - SPL 5414 5258 5433 5434 5437 5438 Y N N Y Y N N N Y Y   Y Y Y Y Y Y Y Y N Y Y Y N Y Girard Point PA - CPL Girard Point PA - PES   Gothenburg Greensboro NC - CPL Gulf Coast TEPPCO GXD Linden GATX Halmstad   Hamburg Hebert TEPPCO, TX Hebert TX - CPL Hebert, TX Highspire PA - BPL   HighspirePPC Hou TEPPCO base Houston TX - CPL Houston, TX Inwood NY - BPL   Ireland Moneypoint Isle of Grain Isle of Grain GASLNG Kingston PA   KingstonSPMT Koper Krotz Springs, LA La Pallice Lake Charles LA - CPL Lake   Charles, LA 5378 5379 2277 5380 3920 1986 2339 2348 2300 5381 1608 5382 5383   2223 5458 1616 5384 4106 2986 3274 5385 5386 2625 1612 2316 5460 1613 315 315   316 316 317 317 318 318 319 319 320 320 321 321 321 321 322 322 323 323 323   324 324 325 325 326 326 Antan Antan Asgard Asgard Azeri Azeri Bonga Bonga   Brego Brego Doba Doba Eagle Ford Eagle Ford Eagle Ford Eagle Ford Escravos   Escravos GCC GCC GCC Girassol Girassol Midland Sweet Midland Sweet Odudu Odudu   Oklahoma Sweet Oklahoma Sweet 5243 5258 2069 5258 5241 5258 5239 5258 5258   5247 5244 5258 5250 5027 5164 5258 5229 5258 5232 5164 5258 5231 5258 5164   5258 5233 5258 270 270 270 270 270 270 270 270 351 351 351 351 351 351 351   351 351 351 351 351 351 351 351 351 351 351 351 Ethanol Ethanol Ethanol   Ethanol Ethanol Ethanol Ethanol Ethanol 51 ULSK 51 ULSK 51 ULSK 51 ULSK 51   ULSK 51 ULSK 51 ULSK 51 ULSK 51 ULSK 51 ULSK 51 ULSK 51 ULSK 51 ULSK 51 ULSK   51 ULSK 51 ULSK 51 ULSK 51 ULSK 51 ULSK RochesterSPMT Sinking Spring PA - BPL   Sinking Spring PA - SPL SinkingSpringPPC SyracuseSPMT Tonawanda NY   TonawandaSPMT WestvilleEaglePtSPMT Girard Point PA - CPL Girard Point PA -   PES Linden - Buckeye (BPL) Linden - Buckeye (CPL) Linden - Buckeye (SPL)   Linden - Citgo Linden - Citgo (SPL) Linden - Gulf (SPL) Linden - NuStar   Linden - NuStar (CPL) Linden - NuStar (SPL) Linden - P66 Tremley (SPL) Linden   - Tremley Pt (CPL) Macungie PA - BPL Macungie PA - SPL Newark NJ Newark NJ -   CPL Newark NJ - SPL NYH Trading Area 5439 5442 5443 5444 5461 5448 5449 5454   5378 5379 5387 5392 5388 5395 5396 5389 5397 5393 5390 5391 5394 5399 5400   5404 5405 5406 5415 Lavera 2447 327 PES 5164 351 51 ULSK PES Storage 5258   Lavera Physical 3269 327 PES Storage 5258 351 51 ULSK Point Breeze PA - CPL   5433 ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. 
    

 

	

    	
LDH - Mt.   Belvieu Le Havre Lemont, IL Linden - Buckeye (BPL) Linden - Buckeye (CPL)   Linden - Buckeye (SPL) Linden - Citgo Linden - Citgo (SPL) Linden - Gulf   (SPL) Linden - NuStar 1601 2527 1617 328 328 329 Okono Okono Ostra Okono PES   Storage Ostra FPSO 5234 5258 5246 351 352 352 51 ULSK 54 JET A 54 JET A Pt   Breeze - PES Baton Rouge LA - CPL Booth PA - CPL 5434 5345 5350 5387 329   Ostra PES Storage 5258 352 54 JET A Cedar Bayou TX 5360 5392 330 Palanca   Palanca 5235 352 54 JET A Collins MS - CPL 5364 5388 5395 5396 5389 5397 330   331 331 332 332 Palanca Rabi Light Rabi Light Saharan Blend Saharan Blend PES   Storage Cape Lopez PES Storage Arzew PES Storage Marsa al Hariga Port PES   Storage 5258 5240 5258 5225 5258 352 352 352 352 352 54 JET A 54 JET A 54 JET   A 54 JET A 54 JET A Girard Point PA - CPL Girard Point PA - PES Greensboro NC   - CPL Houston TX - CPL Lake Charles LA - CPL 5378 5379 5380 5458 5460 Linden   - NuStar (CPL) Linden - NuStar (SPL) Linden - P66 Tremley (SPL) Linden -   Tremley Pt (CPL) LindenNustarPPC LND Linden, NJ Macungie PA - BPL Macungie PA   - SPL Malta Marcus Hook NJ - SXL Mechanicsburg PA - BPL MechanicsburgPPC   Milford Haven Mohamedia Moundville AL - CPL Naples Nashville Tankage New   Haven CT New York Harbor Newark NJ Newark NJ - CPL 5393 5390 333 333 Sarir   Sarir 5245 5258 352 352 54 JET A 54 JET A Linden - Buckeye (BPL) Linden -   Buckeye (CPL) 5387 5392 5391 334 Saxi Blend Kizomba FPSO 5242 352 54 JET A   Linden - Buckeye (SPL) 5388 5394 5398 1606 5399 5400 2556 5401 334 335 335   335 336 336 337 Saxi Blend Tampa Tampa Tampa Troll Troll Usan PES Storage PES   PES Storage Yorktown Mongstad PES Storage PES Storage 5258 5164 5258 5238   2069 5258 5258 352 352 352 352 352 352 352 54 JET A 54 JET A 54 JET A 54 JET   A 54 JET A 54 JET A 54 JET A Linden - Citgo Linden - Citgo (SPL) Linden -   Gulf (SPL) Linden - NuStar Linden - NuStar (CPL) Linden - NuStar (SPL) Linden   - P66 Tremley (SPL) 5395 5396 5389 5397 5393 5390 5391 5402 5403 2291 2483   5459 2446 2917 5408 1623 5404 5405 337 338 338 339 339 340 340 344 345 346 347   Usan White Rose White Rose Yoho Yoho Zafiro Zafiro Bonny Brass River Erha   NKossa Mixed Sweet Blend Usan FPSO PES Storage Sea Rose FPSO PES Storage Yoho   PES Storage Serpentina Bonny Brass Terminal Erha Djeno 5249 5258 5248 5258   5237 5258 5257 5252 5253 5254 5255 352 352 352 352 352 352 352 352 352 352   352 54 JET A 54 JET A 54 JET A 54 JET A 54 JET A 54 JET A 54 JET A 54 JET A   54 JET A 54 JET A 54 JET A Linden - Tremley Pt (CPL) Macungie PA - BPL   Macungie PA - SPL Moundville AL - CPL Norfolk South VA - CPL NYH Trading Area   Pasadena TX - CPL Paulsboro NJ - CPL Paulsboro NJ - PBF Paulsboro NJ - Plains   PES Storage 5394 5399 5400 5459 5411 5415 5416 5417 5418 5419 5258 Newark NJ   - SPL 5406 349 PES 5164 352 54 JET A Philadelphia - Plains North 5426 **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. 
    

 

	

    	
Mixed Sweet   Blend Jubilee Jubilee Newburgh NY NKD Norfolk Delivery Norfolk Hill VA - CPL   Norfolk South VA - CPL 5407 2033 5410 349 462 462 PES Storage Jubilee PES   5258 5463 5164 352 352 352 54 JET A 54 JET A 54 JET A Philadelphia ARFA - SPL   Philadelphia Harbor Philadelphia International Airport 5425 5422 5423 5411   462 Jubilee PES Storage 5258 352 54 JET A Philadelphia Plains South 5424 As   Directed ICE Brent Non-PenUltimate ICE Brent PenUltimate As Directed A 10 A   1625 98 1678 bbl 2 13 Argus Inth LPG - ARA / Butane Cargo Argus US Products -   Buckeye / 83.5 CBOB Summer 7395 33 7448 gal Barge G 50 Barge In-line Transfer   In-well Transfer G 1624 98 1677 bbl 6 12 7401 33 7454 gal Bulk In-line   Transfer In-well Transfer Pipeline Railcar B 90 I LLS 624 33 649 bbl 10 13   Argus US Products - Buckeye / 83.5 CBOB Winter 7407 33 7460 gal I 100 W NYMEX   WTI Platts Dated Brent 128 6 129 bbl 33 13 Argus US Products - Buckeye / 83.7   RBOB Argus US Products - Buckeye / 83.7 RBOB Summer Argus US Products -   Buckeye / 83.7 RBOB Winter Argus US Products - Buckeye / 91 CBOB Argus US   Products - Buckeye / 91 CBOB 9.0 Summer 7423 33 7476 gal W P C 130 20 40   Pipeline Railcar Storage Tank Transfer P C S 571 10 596 bbl 98 105 106 12 13   13 7420 7425 7416 33 33 33 7473 7478 7469 gal gal gal Storage Tank Transfer   Truck Vessel S 70 T 7412 33 7465 gal T R V 110 30 60 Truck Vessel R V Argus   US Products - Buckeye / 91 CBOB Summer Argus US Products - Buckeye / 91 CBOB   Winter Argus US Products - Buckeye / 91.3 RBOB Argus US Products - Buckeye /   91.3 RBOB Summer Argus US Products - Buckeye / 91.3 RBOB Winter Argus US   Products - Buckeye / Jet 54 Argus US Products - Buckeye / ULSD 10ppm Argus US   Products - Laurel / 83.5 CBOB 9.0 Summer Argus US Products - Laurel / 84 CBOB   Argus US Products - Laurel / 90 CBOB 9.0 Summer Argus US Products - Laurel /   91 CBOB Argus US Products - Laurel / 91.3 RBOB Argus US Products - Laurel /   HO 2000ppm Argus US Products - Laurel / ULSD 10ppm 7410 7417 7430 33 33 33   7463 7470 7483 gal gal gal 7426 7432 7398 7437 33 33 33 33 7479 7485 7451   7490 gal gal gal gal 7402 7404 33 33 7455 7457 gal gal 7411 7415 7429 7438   7436 33 33 33 33 33 7464 7468 7482 7491 7489 gal gal gal gal gal ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. RefProdDynLstUOMPriceDynLstUOM   MethodMethodIndex ($ / bbl) BxTyp RPHdrID UOMID Abbv RPHdrID Type RefProd   IndexBxTyp RPHdrID UOMID Abbv 
    

 

	

    	
Argus US   Products - Laurel 84 RBOB 6.6 Argus US Products - NYH Barge / 83.5 CBOB 9.0   Summer Argus US Products - NYH Barge / 83.5 CBOB Summer Argus US Products -   NYH Barge / 83.5 CBOB Winter Argus US Products - NYH Barge / 83.7 RBOB Argus   US Products - NYH Barge / 83.7 RBOB Summer Argus US Products - NYH Barge /   83.7 RBOB Winter Argus US Products - NYH Barge / 91 CBOB Argus US Products -   NYH Barge / 91 CBOB 9.0 Summer Argus US Products - NYH Barge / 91 CBOB Summer   Argus US Products - NYH Barge / 91 CBOB Winter Argus US Products - NYH Barge   / 91.3 RBOB Argus US Products - NYH Barge / 91.3 RBOB Summer Argus US   Products - NYH Barge / 91.3 RBOB Winter Argus US Products - NYH Barge / Jet   54 Argus US Products - NYH Barge / LSFO .3% HP Argus US Products - NYH Barge   / LSFO .3% HP (Low) Argus US Products - NYH Barge / No 2 HO 2000ppm Argus US   Products - NYH Barge / ULSD 15ppm Argus US Products - NYH Barge / ULSH Undyed   Argus US Products - NYH Bio & Blend / Reformate BBG - NYH Cargo / LSFO   .3% HP CMAI - Colonial / 54 Jet/Kero CMAI - NYH Barge / 91 CBOB 9.0 Summer CMAI   - USGC FoB / Benzene CMAI - USGC FoB / Cumene NYMEX HO NYMEX RB NYMEX WTI   7419 33 7472 gal 7403 33 7456 gal 7406 33 7459 gal 7408 7422 33 33 7461 7475   gal gal 7421 33 7474 gal 7424 7414 33 33 7477 7467 gal gal 7413 33 7466 gal   7409 33 7462 gal 7418 7427 33 33 7471 7480 gal gal 7428 33 7481 gal 7431 7396   7433 33 33 33 7484 7449 7486 gal gal bbl 7434 33 7487 bbl 7399 7397 7439 33   33 33 7452 7450 7492 gal gal gal 7435 7440 7444 7443 7441 7442 130 129 128 33   105 104 104 104 104 6 6 6 7488 7493 7497 7496 7494 7495 131 130 129 gal bbl   gal gal gal gal gal gal bbl ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted portions.   
    

 

	

    	
OPIS - MTB /   N-TET Normal Butane OPIS - MTB / TET Isobutane OPIS - MTB / TET Normal Butane   Platts US - Buckeye / 91 RBOB Platts US - Buckeye / ULSD Platts US - NYH   Barge / Jet Kero Platts US - NYH Cargo / LSFO .3% HP Platts US - NYH Cargo /   LSFO .3% HP (High) Platts US - NYH Cargo / LSFO .3% HP (Low) Platts US - NYH   Cargo / LSFO .7% Platts US - NYH Cargo / LSFO .7% (High) Platts US - NYH   Cargo / LSFO 1% Platts US - USAC / FO No 6 1% 7446 7445 7447 7456 7448 7449   7454 7450 7457 7453 7452 7451 7469 2 2 2 10 10 10 10 10 10 10 10 10 10 7499   7498 7500 7509 7501 7502 7507 7503 7510 7506 7505 7504 7522 gal gal gal gal   gal gal bbl bbl bbl bbl bbl bbl bbl 2 13 Average of 5 days after B/L Monthly   Business Day Average Monthly Business Day Average - Contract Month 36 1 10 5   10 0 0 0 0 0 6 12 22 1 1 31 1 0 0 0 0 0 10 33 98 105 106 13 13 12 13 13 166 1   2 31 2 0 0 0 0 0 3 Days after BOL 3 Days after COD 3 days around BOL 5 Day   Wrap Around BOL Movement Date - Price Service First Before Holiday 1292 1293   69 1290 3 3 -1 -2 1 1 1 1 3 3 1 2 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 64 0 1 0 0 1 23 0 0 0 0 0 0 0 0 0 0 ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. ENDINGENDINGSHIFT STARTING DAYSQUOTEENDING   DAYSQUOTESTARTINGDAYSSTARTINGDAYSROLLOFF RefProd Pricing   DaysOFFSETREFERENCE1OFFSETREFERENCE2DAYS SHIFTSHIFTDAYS DROPDROPDATE Price   RPHdrIDType STARTINGENDINGENDINGENDINGSHIFT   DAYSQUOTEDAYSQUOTESTARTINGDAYSSTARTINGDAYSROLLOFF Pricing   DaysOFFSETREFERENCE1OFFSETREFERENCE2DAYS SHIFTSHIFTDAYS DROPDROPDATE 
    

 

	

    	
Payable by wire   in US funds on or before the 25th of the month following the month of   delivery, subject to net out of invoices for like Product amounts which are   due each party on the same date. Payable by wire transfer on or before the   20th of the month following the month of delivery, subject to net out of   invoices for like Product amounts which are due each party on the same date.   Wire Net 10 Days from Bill of Lading Date Wire Net 2 Days from Bill of Lading   Date Wire Net 20 Days from Bill of Lading Date Wire Net 30 Days from Bill of   Lading Date 25TH US 47W2WD Receipt 2 business days from receipt of invoice 48   20TH WN10BL WN2BL WN20BL WN30BL 39WN3DI 53 33 20 21 Wire Net 3 Days from Date   of Invoice 79 BP Global Oil - Americas-General Provisions for Purchases and   Sales 2008 Chevron Products Company Crude/Products GT&C 05/01/96   ConocoPhillips Company, Its Affiliates and Subsidiaries, Products   Purchase/Sale Glencore, Ltd. Crude and Products GTC - Purchase/Sale/Exchange   10/05 Master Agreement ("ISDA") for Barclays Bank PLC dated April   1, 2002 Master Agreement ("ISDA") for Bridger Marketing, LLC dated   April 3, 2014 Master Agreement ("ISDA") for Citigroup Energy Inc.   dated February 1, 2006 Master Agreement ("ISDA") for DB Energy Trading   LLC dated January 11, 2011 Master Agreement ("ISDA") for Hermes   Consolidated LLC dated January 15, 2013 Master Agreement ("ISDA")   for High Sierra Crude Oil dated January 31, 2013 Master Agreement   ("ISDA") for Holly Frntr Ref & Mktng LLC dated August 29, 2013   Master Agreement ("ISDA") for J. Aron dated June 23, 1995 Shell   International Trading and Shipping Company Limited GTC (Sales & Purchases   Amerada Hess Corporation Crude GTC 01/97 BP Global Oil - Americas-General   Provisions for Purchases and Sales 2008 36 77 77 43 LOC PP BP Global Oil   Americas Crude GTC 11/08 38 5 BP Oil Americas DELIVERED Crude GTC 01/04 BP   Oil Americas FOB Crude GTC 11/08 40 39 56 82 BP Oil International-General   Terms and Conditions for Sales and Purchases of Cru BP Oil Supply Company   Amendment to Conoco General Provisions-Domestic Crude Oil 78 96 76 79 CITGO   Petroleum Company Crude Domestic 11/95 44 91 ConocoPhillips Company Crude GTC   Domestic 01/93 3 92 ConocoPhillips Company Crude GTC Domestic 01/93 and   Conoco amended 8/09 95 80 ConocoPhillips Company Crude GTC Domestic 01/93   w/BP Amendment ConocoPhillips Company Crude GTC Domestic 01/93 w/Exxon   Amendment ConocoPhillips Company Crude GTC Domestic 01/93 w/Marathon Petro   '13 Marine Prov ConocoPhillips Company Crude GTC Domestic 01/93 w/Shell   Amendment ConocoPhillips Company Crude GTC Domestic 01/93 w/Shell Trdng US   '13 Marine Prov 47 48 81 90 49 32 74 84 ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. General TermsRefProd General Terms Credit Payment   TermsRefProd Payment Terms 
    

 

 

	

    	
ConocoPhillips   Company Crude GTC Domestic 04/01/05 ConocoPhillips Company Crude GTC   Wholesale Purchase 04/01/04 Glencore, Ltd. Crude and Products GTC -   Purchase/Sale/Exchange 10/05 Husky Marketing and Supply Company Crude GTC   Domestic 09/01/08 JPMorgan Ventures Crude GTC Purchase/Sale Master Agreement   ("ISDA") for Barclays Bank PLC dated April 1, 2002 Master Agreement   ("ISDA") for Bridger Marketing, LLC dated April 3, 2014 Master   Agreement ("ISDA") for Citigroup Energy Inc. dated February 1, 2006   Master Agreement ("ISDA") for DB Energy Trading LLC dated January   11, 2011 Master Agreement ("ISDA") for Hermes Consolidated LLC   dated January 15, 2013 Master Agreement ("ISDA") for High Sierra   Crude Oil dated January 31, 2013 Master Agreement ("ISDA") for   Holly Frntr Ref & Mktng LLC dated August 29, 2013 Master Agreement   ("ISDA") for J. Aron dated June 23, 1995 Master Agreement   ("ISDA") for Spark Energy Gas LP dated November 30, 2012 Shell Int   Trading Co Crude GTC (Non US Territories) 03/01/94 w/Amend 11/25/99 Shell Int   Trading Co Crude GTC FOB 01/01/93 Shell International Trading and Shipping   Company Limited GTC (Sales & Purchases Suncor Energy Crude GTC   Purchase/Sale/Exchange 02/01/06 Sunoco Inc.'s GTC (Part 1) for Sales and   Purchases of Refined Products TEPPCO Crude GTC 07/01/07 50 51 56 57 61 82 96   79 91 92 80 81 90 94 65 66 74 68 102 71 Buckeye Pipeline Colonial Pipeline   Sunoco Pipeline Sunoco PL Montello Inbound Sunoco PL Montello Outbound Sunoco   PL Point Breeze Buckeye Pipeline-Jul 14 Cycle 20 Buckeye Pipeline-Jul 14   Cycle 31 Buckeye Pipeline-Aug 14 Cycle 10 Buckeye Pipeline-Aug 14 Cycle 20   Buckeye Pipeline-Aug 14 Cycle 31 Buckeye Pipeline-Sep 14 Cycle 10 Buckeye   Pipeline-Sep 14 Cycle 20 Buckeye Pipeline-Sep 14 Cycle 30 Buckeye   Pipeline-Oct 14 Cycle 10 Buckeye Pipeline-Oct 14 Cycle 20 Buckeye   Pipeline-Oct 14 Cycle 31 Buckeye Pipeline-Nov 14 Cycle 10 Buckeye   Pipeline-Nov 14 Cycle 20 Buckeye Pipeline Buckeye Pipeline Buckeye Pipeline   Buckeye Pipeline Buckeye Pipeline Buckeye Pipeline Buckeye Pipeline Buckeye Pipeline   Buckeye Pipeline Buckeye Pipeline Buckeye Pipeline Buckeye Pipeline Buckeye   Pipeline Jul 14 Cycle 20 Jul 14 Cycle 31 Aug 14 Cycle 10 Aug 14 Cycle 20 Aug   14 Cycle 31 Sep 14 Cycle 10 Sep 14 Cycle 20 Sep 14 Cycle 30 Oct 14 Cycle 10   Oct 14 Cycle 20 Oct 14 Cycle 31 Nov 14 Cycle 10 Nov 14 Cycle 20 7/11/2014   7/21/2014 8/1/2014 8/11/2014 8/21/2014 9/1/2014 9/11/2014 9/21/2014 10/1/2014   10/11/2014 10/21/2014 11/1/2014 11/11/2014 7/20/2014 7/31/2014 8/10/2014   8/20/2014 8/31/2014 9/10/2014 9/20/2014 9/30/2014 10/10/2014 10/20/2014   10/31/2014 11/10/2014 11/20/2014 32558 32559 32560 32561 32562 32563 32564   32565 32566 32567 32568 32569 32570 ** Certain information in this document   has been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. RefProd PipelineRefProd CyclePipeline   NameCycleNameFromDateToDatePipelineCycleID 
    

 

	

    	
Buckeye   Pipeline-Nov 14 Cycle 30 Buckeye Pipeline-Dec 14 Cycle 10 Buckeye   Pipeline-Dec 14 Cycle 20 Buckeye Pipeline-Dec 14 Cycle 31 Colonial   Pipeline-C39-14 Colonial Pipeline-C40-14 Colonial Pipeline-C41-14 Colonial   Pipeline-C42-14 Colonial Pipeline-C43-14 Colonial Pipeline-C44-14 Colonial   Pipeline-C45-14 Colonial Pipeline-C46-14 Colonial Pipeline-C47-14 Colonial   Pipeline-C48-14 Colonial Pipeline-C49-14 Colonial Pipeline-C50-14 Colonial   Pipeline-C51-14 Colonial Pipeline-C52-14 Colonial Pipeline-C53-14 Colonial   Pipeline-C54-14 Colonial Pipeline-C55-14 Colonial Pipeline-C56-14 Colonial   Pipeline-C57-14 Colonial Pipeline-C58-14 Colonial Pipeline-C59-14 Colonial   Pipeline-C60-14 Colonial Pipeline-C61-14 Colonial Pipeline-C62-14 Colonial   Pipeline-C63-14 Colonial Pipeline-C64-14 Colonial Pipeline-C65-14 Colonial   Pipeline-C66-14 Colonial Pipeline-C67-14 Colonial Pipeline-C68-14 Colonial   Pipeline-C69-14 Colonial Pipeline-C70-14 Buckeye Pipeline Buckeye Pipeline   Buckeye Pipeline Buckeye Pipeline Colonial Pipeline Colonial Pipeline   Colonial Pipeline Colonial Pipeline Colonial Pipeline Colonial Pipeline   Colonial Pipeline Colonial Pipeline Colonial Pipeline Colonial Pipeline   Colonial Pipeline Colonial Pipeline Colonial Pipeline Colonial Pipeline   Colonial Pipeline Colonial Pipeline Colonial Pipeline Colonial Pipeline   Colonial Pipeline Colonial Pipeline Colonial Pipeline Colonial Pipeline   Colonial Pipeline Colonial Pipeline Colonial Pipeline Colonial Pipeline   Colonial Pipeline Colonial Pipeline Colonial Pipeline Colonial Pipeline   Colonial Pipeline Colonial Pipeline Nov 14 Cycle 30 Dec 14 Cycle 10 Dec 14   Cycle 20 Dec 14 Cycle 31 C39-14 C40-14 C41-14 C42-14 C43-14 C44-14 C45-14   C46-14 C47-14 C48-14 C49-14 C50-14 C51-14 C52-14 C53-14 C54-14 C55-14 C56-14   C57-14 C58-14 C59-14 C60-14 C61-14 C62-14 C63-14 C64-14 C65-14 C66-14 C67-14   C68-14 C69-14 C70-14 11/21/2014 12/1/2014 12/11/2014 12/21/2014 7/11/2014   7/16/2014 7/21/2014 7/26/2014 8/1/2014 8/6/2014 8/11/2014 8/16/2014 8/21/2014   8/26/2014 9/1/2014 9/6/2014 9/11/2014 9/16/2014 9/21/2014 9/26/2014 10/1/2014   10/6/2014 10/11/2014 10/16/2014 10/21/2014 10/26/2014 11/1/2014 11/6/2014   11/11/2014 11/16/2014 11/21/2014 11/26/2014 12/1/2014 12/6/2014 12/11/2014   12/16/2014 11/30/2014 12/10/2014 12/20/2014 12/31/2014 7/15/2014 7/20/2014   7/25/2014 7/31/2014 8/5/2014 8/10/2014 8/15/2014 8/20/2014 8/25/2014   8/31/2014 9/5/2014 9/10/2014 9/15/2014 9/20/2014 9/25/2014 9/30/2014   10/5/2014 10/10/2014 10/15/2014 10/20/2014 10/25/2014 10/31/2014 11/5/2014   11/10/2014 11/15/2014 11/20/2014 11/25/2014 11/30/2014 12/5/2014 12/10/2014   12/15/2014 12/20/2014 32571 32572 32573 32574 32613 32614 32615 32616 32617   32618 32619 32620 32621 32622 32623 32624 32625 32626 32627 32628 32629 32630   32631 32632 32633 32634 32635 32636 32637 32638 32639 32640 32641 32642 32643   32644 ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. 
    

 

	

    	
Colonial   Pipeline-C71-14 Colonial Pipeline-C72-14 Colonial Pipeline-C01-15 Sunoco   Pipeline-Sunoco PL Montello Inbound-Cycle 27 Sunoco PL Montello Inbound-Cycle   29 Sunoco PL Montello Inbound-Cycle 30 Sunoco PL Montello Inbound-Cycle 31   Sunoco PL Montello Inbound-Cycle 33 Sunoco PL Montello Inbound-Cycle 34   Sunoco PL Montello Inbound-Cycle 35 Sunoco PL Montello Inbound-Cycle 37   Sunoco PL Montello Inbound-Cycle 38 Sunoco PL Montello Inbound-Cycle 39   Sunoco PL Montello Inbound-Cycle 41 Sunoco PL Montello Inbound-Cycle 42   Sunoco PL Montello Inbound-Cycle 43 Sunoco PL Montello Inbound-Cycle 45   Sunoco PL Montello Inbound-Cycle 46 Sunoco PL Montello Inbound-Cycle 47   Sunoco PL Montello Outbound-Cycle 26 Sunoco PL Montello Outbound-Cycle 27   Sunoco PL Montello Outbound-Cycle 29 Sunoco PL Montello Outbound-Cycle 30   Sunoco PL Montello Outbound-Cycle 31 Sunoco PL Montello Outbound-Cycle 33   Sunoco PL Montello Outbound-Cycle 34 Sunoco PL Montello Outbound-Cycle 35   Sunoco PL Montello Outbound-Cycle 37 Sunoco PL Montello Outbound-Cycle 38   Sunoco PL Montello Outbound-Cycle 39 Sunoco PL Montello Outbound-Cycle 41   Sunoco PL Montello Outbound-Cycle 42 Sunoco PL Montello Outbound-Cycle 43   Sunoco PL Montello Outbound-Cycle 45 Sunoco PL Montello Outbound-Cycle 46   Colonial Pipeline Colonial Pipeline Colonial Pipeline Sunoco Pipeline Sunoco   PL Montello Inbound Sunoco PL Montello Inbound Sunoco PL Montello Inbound   Sunoco PL Montello Inbound Sunoco PL Montello Inbound Sunoco PL Montello   Inbound Sunoco PL Montello Inbound Sunoco PL Montello Inbound Sunoco PL   Montello Inbound Sunoco PL Montello Inbound Sunoco PL Montello Inbound Sunoco   PL Montello Inbound Sunoco PL Montello Inbound Sunoco PL Montello Inbound   Sunoco PL Montello Inbound Sunoco PL Montello Inbound Sunoco PL Montello   Outbound Sunoco PL Montello Outbound Sunoco PL Montello Outbound Sunoco PL   Montello Outbound Sunoco PL Montello Outbound Sunoco PL Montello Outbound   Sunoco PL Montello Outbound Sunoco PL Montello Outbound Sunoco PL Montello   Outbound Sunoco PL Montello Outbound Sunoco PL Montello Outbound Sunoco PL   Montello Outbound Sunoco PL Montello Outbound Sunoco PL Montello Outbound   Sunoco PL Montello Outbound Sunoco PL Montello Outbound C71-14 C72-14 C01-15   12/21/2014 12/26/2014 1/1/2015 1/1/2014 7/18/2014 7/27/2014 8/7/2014   8/18/2014 8/28/2014 9/8/2014 9/18/2014 9/28/2014 10/8/2014 10/18/2014   10/28/2014 11/8/2014 11/18/2014 11/28/2014 12/8/2014 12/18/2014 7/11/2014   7/21/2014 8/1/2014 8/11/2014 8/21/2014 9/1/2014 9/11/2014 9/21/2014 10/1/2014   10/11/2014 10/21/2014 11/1/2014 11/11/2014 11/21/2014 12/1/2014 12/11/2014   12/25/2014 12/31/2014 1/5/2015 12/31/2049 7/26/2014 8/6/2014 8/17/2014   8/27/2014 9/7/2014 9/17/2014 9/27/2014 10/7/2014 10/17/2014 10/27/2014   11/7/2014 11/17/2014 11/27/2014 12/7/2014 12/17/2014 12/27/2014 7/20/2014   7/31/2014 8/10/2014 8/20/2014 8/31/2014 9/10/2014 9/20/2014 9/30/2014   10/10/2014 10/20/2014 10/31/2014 11/10/2014 11/20/2014 11/30/2014 12/10/2014   12/20/2014 32645 32646 32647 32648 32669 32670 32671 32672 32673 32674 32675   32676 32677 32678 32679 32680 32681 32682 32683 32684 32704 32705 32706 32707   32708 32709 32710 32711 32712 32713 32714 32715 32716 32717 32718 32719 Cycle   27 Cycle 29 Cycle 30 Cycle 31 Cycle 33 Cycle 34 Cycle 35 Cycle 37 Cycle 38   Cycle 39 Cycle 41 Cycle 42 Cycle 43 Cycle 45 Cycle 46 Cycle 47 Cycle 26 Cycle   27 Cycle 29 Cycle 30 Cycle 31 Cycle 33 Cycle 34 Cycle 35 Cycle 37 Cycle 38 Cycle   39 Cycle 41 Cycle 42 Cycle 43 Cycle 45 Cycle 46 ** Certain information in   this document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. 
    

 

	

    	
Sunoco PL   Montello Outbound-Cycle 47 Sunoco PL Point Breeze-Cycle 27 Sunoco PL Point   Breeze-Cycle 29 Sunoco PL Point Breeze-Cycle 30 Sunoco PL Point Breeze-Cycle   31 Sunoco PL Point Breeze-Cycle 33 Sunoco PL Point Breeze-Cycle 34 Sunoco PL   Point Breeze-Cycle 35 Sunoco PL Point Breeze-Cycle 37 Sunoco PL Point   Breeze-Cycle 38 Sunoco PL Point Breeze-Cycle 39 Sunoco PL Point Breeze-Cycle   41 Sunoco PL Point Breeze-Cycle 42 Sunoco PL Point Breeze-Cycle 43 Sunoco PL   Point Breeze-Cycle 45 Sunoco PL Point Breeze-Cycle 46 Sunoco PL Point   Breeze-Cycle 47 Sunoco PL Montello Outbound Sunoco PL Point Breeze Sunoco PL   Point Breeze Sunoco PL Point Breeze Sunoco PL Point Breeze Sunoco PL Point   Breeze Sunoco PL Point Breeze Sunoco PL Point Breeze Sunoco PL Point Breeze   Sunoco PL Point Breeze Sunoco PL Point Breeze Sunoco PL Point Breeze Sunoco   PL Point Breeze Sunoco PL Point Breeze Sunoco PL Point Breeze Sunoco PL Point   Breeze Sunoco PL Point Breeze Cycle 47 Cycle 27 Cycle 29 Cycle 30 Cycle 31   Cycle 33 Cycle 34 Cycle 35 Cycle 37 Cycle 38 Cycle 39 Cycle 41 Cycle 42 Cycle   43 Cycle 45 Cycle 46 Cycle 47 12/21/2014 7/18/2014 7/28/2014 8/8/2014   8/18/2014 8/28/2014 9/8/2014 9/18/2014 9/28/2014 10/8/2014 10/18/2014   10/28/2014 11/8/2014 11/18/2014 11/28/2014 12/8/2014 12/18/2014 12/31/2014   7/27/2014 7/8/2014 8/17/2014 8/27/2014 7/9/2014 9/17/2014 9/27/2014 7/10/2014   10/17/2014 10/27/2014 7/11/2014 11/17/2014 11/27/2014 7/12/2014 12/17/2014   12/27/2014 32720 32741 32742 32743 32744 32745 32746 32747 32748 32749 32750 32751   32752 32753 32754 32755 32756 ** Certain information in this document has   been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. ConcatConversionFlipped Trade Named Ranges Price True Up   Index 1Pct 1Strategy 2Price True Up Index 2Pct 2Back to Back Row Deal   UOMCurve UOM RefProdCycleDisplay INTERNALCONTACTID YesNo BAKKEN ND MethodPES   Prod ID Strategy 1 
    

 

	

    	
Notes **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. Release Notes Version Date   Changes 1.15 7/23/2014 Only first <PROVISIONCOSTTYPE> set to P, the   rest are S Default Broker Rate for Ref Prod to 0.05 1.16 7/24/2014 Add seven   more Attributes to the Pricing Days SQL and appropriate changes to the Config   and XML Builders sheets. Add <ISEFPDEAL> to Ref Prod XML Builder and to   Trade Entry Form and Blotter. Default to N. Set ContactID in the XML Builder.   Remove from Entry Forms and Blotters. In the Trade Entry Forms set Tolerance   Option, Tolerance +/-and Tolerance Pct. To blank, disabled and grayed out if   Volume Type is "Appr. Quantity" or "Fixed Quantity".   Default the Crude Strategy on the form to PES Phys Crude. Gray out Cust Spec   detail fields when disabled. 1.17 7/28/2014 Removed EFP lists. Make first   <PROVISIONCOSTTYPE> in each DealDetail section P, the rest can stay S   Pricing Days (Dates) fields - On the Trade Entry forms if a date range is   entered with ellipses then break them out into the individual dates,   separated by commas Set <SUBTEMPLATEID> to 197 for purchase and EFP   deals and 200 for sales. Set <SUBTEMPLATEID> to 199 for purchase and   EFP deals and 205 for sales in the Deal Detail sections. Resize named lists   to actual size of range and create separate lists with a blank at the end for   all non required fields. Use these new lists in the Trade Entry forms. 1.18   7/30/2014 Add formula to get <PROVISIONUNITOFMEASUREID> in multiple   areas. 182 should be ProvisionID for Refined Products Broker Rate Ref   Products Index Price Provisions should have <PERCENTAGE> populated from   the Blotter. 1.19 8/1/2014 Get a concatenation of Pipeline and Cycle name   when retrieving Cycles from Solarc. Use this in the XML VLookUp for returning   the Cycle Id, as Cycle name is not unique. If a Customized Spec is selected   then default the values from Solarc. Do not add a Cust Spec trade unless the   default values have changed. 1.20 8/5/2014 Change <PROVISIONCOMPANYID>   in the Pricing Provisions to do a lookup on the Counterparty for a value. It   was hard coded. Add validation to txtDeliveryFrom2 and txtDeliveryTo2 to make   sure they are greater that txtDeliveryTo date. If a Customized Spec is   selected then spec fields will be blank and they must enter at least one   custom value before the trade can be saved. Otherwise de-select Customized   Spec. Highlight required fields on trade entry forms. 1.20.1 8/7/2014 Check   that required fields are populated in the blotter before sending trades to   Solarc. Report missing fields and rows 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. Sheet Notes Config 1 2 3 Change the   environment by making a selection in the dropdown list in cell $F$3. The   lists will automatically be updated for that environment. Manually update the   lists by clicking the Update button. To automatically save a copy of this   file after loading Solarc click the check box in cell $D$18. Depending on the   environment, the path will be highlighted green for enabled or red for   disabled. affected. Fixed vluTerm to include Evergreen. Added the ability to   edit a trade from the blotter by double-clicking on it and loading it into a   trade entry form. 1.20.2 8/10/2014 Added validation that either Index or   Fixed Price was selected in the trade entry forms before the trade was sent   to the blotter. Added validation in the blotters that either Index or Fixed   Price was selected before sending the trade to Solarc. When loading a trade   from the blotter to trade entry form, trap error 380 for an invalid value.   1.21 8/12/2014 Added a third set of Quantity parameters and a third Deall   Detail section in the Ref Prod XML builder. When pulling in Counterparty   info, make sure the default Contact is Active. 1.22 8/19/2014 Move PES   Product ID from the Header section to the Deal Detail sections. Populate   <priceattribute20> with Delivery From date day. Needed to make it   dynamic for each different Deal Detail section for Ref Prods due to different   Delivery From dates. Crude - Add Provision for Cover Fee, Ref Prod - Add Provisions   for Cover Fee, Throughput Fee, Price True Up SUBSTITUTE the following special   characters >, <, &, ' in the Comments. Only allow Pipeline and   Cycle from the Ref Prod form when Method of Pipeline is selected. When   choosing the Product automatically populate the PES Product Code and the   Strategy. Disable the Trade Date text box on the Trade Entry Forms. Moved   Cover Fee, Throughput Fee and Price True Up from the blotters to the XML   builders. 1.23 9/9/2014 Save file in a different directory for Prod and UA after   sending the trades to Solarc. Make General Terms required. Create a routine   to format deemed dates before sending a trade to Solarc to prevent serial   dates being passed in. Added Sheet Notes. Create back to back trades for   Crude and Refined Products. Add IsDomestic to the Crude Location SQL and to   Config sheet. Get conversion factor for Differential based upon Deal UOM and   Curve UOM. <pesproductcode> needs to be in lower case in the xml   builder sheets. 1.23.1 9/10/2014 Add PESFormulaTabletSecuredPrepay and   PESFixedPriceSecuredPrepay as the ProvisionIDs for the flipped trades. 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. 4 The column header row on this sheet   has been protected as changing the names will cause errors. Crude/Ref Prod 1   2 3 4 5 6 Click New Trade to open the appropriate Trade Entry form. To edit a   trade, double click a cell, and the trade on that line will be opened in the   Trade Entry form. Click Load Solarc to load the trades into Solarc. The load   will start at row 3 and include all rows with a value in the Trade Date   column. Processing will stop the first time a blank in this column is found.   Trades will be checked for required fields before being loaded into Solarc.   Editing a trade in the blotter can cause errors as no validation will take   place and no relationships or dependencies will be verified. The table header   row on these sheets have been protected as changing the names will cause   errors. Trade Entry Forms 1 2 3 4 5 Required fields are highlighted in   yellow. A trade will not be saved to the blotter unless all required fields   have been entered. Validation rules will be enforced. Some fields will be   limited to a list. Others must be a specific data type or format. Some fields   may have a default value or enabled/disabled based upon another selection.   Some drop down lists will be re-populated based upon another selection. Click   Save to add a new trade to the blotter or update an edited trade. Clear   Fields will clear all the fields for the trade. No changes will be made to   the blotter unless Save is clicked. XML Builders 1 2 3 4 There are two xml   builder sheets. One for Crude and one for Refined Products. They are the same   in form and function. The differences are based upon the fields in the   respective trade types. To automatically generate the xml for a trade, enter   its line number in $A$4 on the appropriate builder sheet. The xml sent to   Solarc is in cell $O$2 for Crude and $O$2:$O$4 for Ref Prod. If you see #Ref   in any cell on the xml builder then there is bad trade data and the trade   should be re-validated in one of the trade entry forms. These sheets may be   hidden. Email 1 2 3 4 5 Body - Default text to put in the email's body. Mail   To - Required. Valid distribution groups or addresses. Mail CC - Valid   distribution groups or addresses if desired. Subject - Subject line for the   email. Attachment - The name the current workbook/attachment will be saved   as. This name will have the current timestamp appended in the form of   "_yyyy-mm-dd-hhmmss". 
    

 

	

    	
** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. Field Dependencies Parent Field   Dependant Field Products Affected Product PES Product ID Strategy Title   Transfer At Both Both Both Method Pipeline Ref Prod Pipeline Cycle Ref Prod   Volume Type Tolerance Option Tolerance + / - Tolerance Pct Both Both Both   Customised Specs API Gravity Min/Max Sulfur Min/Max BSW Min/Max RVP Min/Max   Crude Crude Crude Crude 6 7 Attachment Path - The location the file will be   saved to. Send How - Send Immediately will send the email without displaying.   Display Before Sending will allow the user to review the email before sending   it. 
    

 

 

SCHEDULE 3.09(c)

 

FORM OF MLC CO TRADE CONFIRMATION

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

 

Merrill Lynch Commodities, Inc., 20 E. Greenway Plaza, 7th Floor, Houston, TX  77046

Phone: (832) 681-2120  Fax:  (713) 544-1507

 

<Counterparty>

XXXXX

Attn: Confirmations Department

Phone:

Email:

 

PHYSICAL CRUDE OIL TRADE CONFIRMATION

Transaction ID:  XXXXX

 

The purpose of this communication is to confirm the terms and conditions of the transaction entered into between Merrill Lynch Commodities, Inc. and <Counterparty>  on the Trade Date specified below (the “Transaction”).  This communication constitutes a “Confirmation” as referred to in the Agreement specified below.

 

The following Special Provisions and Conoco Inc.’s General Provisions for Domestic Crude Oil Agreements, effective January 1, 1993,  (“GTCs”) constitute the entire Agreement (the “Agreement”) between the Buyer and Seller.  All provisions contained in the Agreement govern this Transaction except as expressly modified below.

 

Please note that the terms of this Transaction shall be agreed solely between the parties and that any broker confirmation referencing the details of this transaction is for information purposes only.  Buyer agrees to buy and Seller agrees to sell crude oil and/or condensate (“Product”) under the terms and conditions as set forth below.

 

Special Provisions:

 

	
Trade Date:
    	
 
    	
MMDDYYYY
    
	
 
    	
 
    	
 
    
	
Buyer:
    	
 
    	
Merrill   Lynch Commodities, Inc.
    
	
 
    	
 
    	
 
    
	
Seller:
    	
 
    	
<Counterparty>
    
	
 
    	
 
    	
 
    
	
Product:
    	
 
    	
<Crude>
    
	
 
    	
 
    	
 
    
	
Quality:
    	
 
    	
<Crude>

Specifications:

Maximum   Sulfur X.XX% by weight

Maximum   API Gravity XX.X degrees

Minimum   API Gravity XX.X degrees

BS&W   Maximum X.XX% by weight
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	
Quantity:
    	
 
    	
Approximately   XXX  U.S. Barrels per XXX
    
	
 
    	
 
    	
 
    
	
Pricing   Dates:
    	
 
    	
XXX   through XXX, excluding weekends and holidays.
    
	
 
    	
 
    	
 
    
	
Price:
    	
 
    	
The   arithmetic average of the daily settlement prices for the First Nearby month   of the NYMEX Light Sweet Crude Oil futures Contract for each NYMEX-US Trading   Day Monthly Business Day Average - Contract Month plus  USD X.XX per Barrels market differential
    
	
 
    	
 
    	
 
    
	
Delivery   Terms:
    	
 
    	
Delivered   via Railcar within the facilities at Philadelphia Energy Solutions Refinery
    
	
 
    	
 
    	
 
    
	
Delivery   Method:
    	
 
    	
Railcar
    
	
 
    	
 
    	
 
    
	
Delivery   Month(s):
    	
 
    	
MMYYYY.   Ratable deliveries, delivery window will be narrowed upon mutual agreement.
    
	
 
    	
 
    	
 
    
	
Payment:
    	
 
    	
Payment   shall be made by wire transfer on the 20th day of the month following the   month of delivery, subject to net out of invoices for like Product amounts   which are due each party on the same date.
    
	
 
    	
 
    	
 
    
	
Quality/Quantity   Determination:
    	
 
    	
The   quantity shall be determined based on independently certified calibrated   custody transfer meters at the discharge terminal (if available), or if   meters are not available by weigh scales at the discharge terminal, or if   neither weigh scales nor proven meters are available, based on sellers bill   of lading net of bs&w. The quality of Product shall be based on inline   composite samples taken at discharge.
    
	
 
    	
 
    	
 
    
	
Demurrage   / Detention:
    	
 
    	
Following   constructive or actual placement at the destination, buyer shall pay   Demurrage and Detention charges to the Seller at the current railroad tariff   rate.
    
	
 
    	
 
    	
 
    
	
Title   and Risk of Loss
    	
 
    	
Title   and risk of loss shall pass from Seller to Buyer as the oil progressively   passes the last permanent flange of the Railcar at PES Rail Terminal
    
	
 
    	
 
    	
 
    
	
Credit:
    	
 
    	
Per MLCI   standard credit practice and procedures.
    
	
 
    	
 
    	
 
    
	
Limitation   of Liability:
    	
 
    	
In no event   shall Seller or Buyer be liable for any indirect, special, punitive or   consequential damages.
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

Taxes:

 

Unless otherwise specifically provided elsewhere in this agreement, or required by law, any federal, state or local tax, duty or fee, or the amount equivalent thereto, now and hereafter imposed, levied or assessed by any governmental agency, authority or subdivision, upon, measured by, incident to, or as a result of, the transactions herein provided for, shall, if collectable or payable by delivering party, be paid or reimbursed by receiving party on demand by delivering party from and against any such tax, duty, or fee including any interest and penalties thereon.  Notwithstanding the foregoing, it is understood and agreed that this provision shall not apply to income, franchise, or like taxes levied on, or measured by a party’s net income.  If a receiving party claims exemption from any of the aforesaid taxes, then receiving party must furnish delivering party with a properly completed and executed exemption certificate in the form and within time limits prescribed by, and acceptable to, the appropriate taxing authority in lieu of payment of such taxes or reimbursement of such taxes to delivering party.

 

Governing Law:

 

The validity of this Agreement, the construction and enforcement of its terms, and the interpretation of the rights and duties of the parties shall be governed by the laws of the State of New York, without regard to conflict of law principles.  Exclusive jurisdiction for any litigation arising out of this Agreement or its subject matter shall only be any federal or state court in the City of New York, State of New York, to whose jurisdiction the parties hereby subject themselves.  In any such proceeding the parties hereby waive any objection to forum including, without limitation, any objection based on lack of personal jurisdiction, improper venue, or inconvenient forum.  EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY CLAIM, ACTION OR PROCEEDING, DIRECTLY OR INDIRECTLY ARISING OUT OF, OR RELATING TO, THIS AGREEMENT.  FURTHERMORE, EACH PARTY WAIVES ANY RIGHT TO CONSOLIDATE ANY ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS AGREEMENT

 

Section P:

 

The following clause shall be deleted from Section P of the Conoco General Provisions, starting with “unless such assignment is made” to the end of the same sentence.

 

These Special Provisions and the GTCs, which are hereby incorporated by reference, represent the entire agreement between the parties.  In the event that the GTCs are inconsistent with the above Special Provisions, these Special Provisions shall control.

 

Please confirm by fax to 713-544-1507 that the above accurately records the terms and conditions of our Agreement.  If you have any questions, please call 832-681-2120.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	
Merrill Lynch Commodities, Inc. 
    	
 
    	
<COUNTERPARTY>   
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
By:
    	
 
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

 

Merrill Lynch Commodities, Inc., 20 E. Greenway Plaza, 7th Floor, Houston, TX  77046

Phone: (832) 681-2120  Fax:  (713) 544-1507

 

<Counterparty>

XXXXX

Attn: Confirmations Department

Phone:

Email:

 

PHYSICAL CRUDE OIL TRADE CONFIRMATION

Transaction ID:  XXXXX

 

The purpose of this communication is to confirm the terms and conditions of the transaction entered into between Merrill Lynch Commodities, Inc. and <Counterparty> on the Trade Date specified below (the “Transaction”).  This communication constitutes a “Confirmation” as referred to in the Agreement specified below.

 

The following Special Provisions and Conoco Inc.’s General Provisions for Domestic Crude Oil Agreements, effective January 1, 1993,  (“GTCs”) constitute the entire Agreement (the “Agreement”) between the Buyer and Seller.  All provisions contained in the Agreement govern this Transaction except as expressly modified below.

 

Please note that the terms of this Transaction shall be agreed solely between the parties and that any broker confirmation referencing the details of this transaction is for information purposes only.  Buyer agrees to buy and Seller agrees to sell crude oil and/or condensate (“Product”) under the terms and conditions as set forth below.

 

Special Provisions:

 

	
Trade Date:
    	
 
    	
MMDDYYYY
    
	
 
    	
 
    	
 
    
	
Buyer:
    	
 
    	
<Counterparty>   
    
	
 
    	
 
    	
 
    
	
Seller:
    	
 
    	
Merrill   Lynch Commodities, Inc
    
	
 
    	
 
    	
 
    
	
Product:
    	
 
    	
<Product>
    
	
 
    	
 
    	
 
    
	
Quality:
    	
 
    	
Typical   pipeline Product specs
    
	
 
    	
 
    	
 
    
	
Quantity:
    	
 
    	
Approximately   XX,XXX  U.S. Barrels total
    
	
 
    	
 
    	
 
    
	
Price:
    	
 
    	
<X.XX   >USD per Gallon
    
	
 
    	
 
    	
 
    
	
Delivery   Terms:
    	
 
    	
<FOB>  at <Location>
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	
Delivery   Method:
    	
 
    	
Pipeline
    
	
 
    	
 
    	
 
    
	
Carrier:
    	
 
    	
<Pipeline   Carrier> 
    
	
 
    	
 
    	
 
    
	
Delivery   Period:
    	
 
    	
<MMDDYYYY>   to <MMDDYYYY>
    
	
 
    	
 
    	
 
    
	
Payment:
    	
 
    	
Payment   shall be made by wire transfer two (2) New York Banking Business days after   receipt of Seller’s invoice and supporting documents.  If via book transfer, payment to be made on   effective date of transfer versus Seller’s invoice(s) and related book   transfer confirmation(s).  
    
	
 
    	
 
    	
 
    
	
Credit:
    	
 
    	
Per MLCI   standard credit practice and procedures.
    
	
 
    	
 
    	
 
    
	
Limitation   of Liability:
    	
 
    	
In no event   shall Seller or Buyer be liable for any indirect, special, punitive or   consequential damages.
    

 

Taxes:

 

Unless otherwise specifically provided elsewhere in this agreement, or required by law, any federal, state or local tax, duty or fee, or the amount equivalent thereto, now and hereafter imposed, levied or assessed by any governmental agency, authority or subdivision, upon, measured by, incident to, or as a result of, the transactions herein provided for, shall, if collectable or payable by delivering party, be paid or reimbursed by receiving party on demand by delivering party from and against any such tax, duty, or fee including any interest and penalties thereon.  Notwithstanding the foregoing, it is understood and agreed that this provision shall not apply to income, franchise, or like taxes levied on, or measured by a party’s net income.  If a receiving party claims exemption from any of the aforesaid taxes, then receiving party must furnish delivering party with a properly completed and executed exemption certificate in the form and within time limits prescribed by, and acceptable to, the appropriate taxing authority in lieu of payment of such taxes or reimbursement of such taxes to delivering party.

 

Governing Law:

 

The validity of this Agreement, the construction and enforcement of its terms, and the interpretation of the rights and duties of the parties shall be governed by the laws of the State of New York, without regard to conflict of law principles.  Exclusive jurisdiction for any litigation arising out of this Agreement or its subject matter shall only be any federal or state court in the City of New York, State of New York, to whose jurisdiction the parties hereby subject themselves.  In any such proceeding the parties hereby waive any objection to forum including, without limitation, any objection based on lack of personal jurisdiction, improper venue, or inconvenient forum.  EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY CLAIM, ACTION OR PROCEEDING, DIRECTLY OR INDIRECTLY ARISING OUT OF, OR RELATING TO, THIS AGREEMENT.  FURTHERMORE, EACH PARTY WAIVES ANY RIGHT TO CONSOLIDATE ANY

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS AGREEMENT

 

Section P:

 

The following clause shall be deleted from Section P of the Conoco General Provisions, starting with “unless such assignment is made” to the end of the same sentence.

 

These Special Provisions and the GTCs, which are hereby incorporated by reference, represent the entire agreement between the parties.  In the event that the GTCs are inconsistent with the above Special Provisions, these Special Provisions shall control.

 

Please confirm by fax to 713-544-1507 that the above accurately records the terms and conditions of our Agreement.  If you have any questions, please call 832-681-2120.

 

 

	
Merrill Lynch Commodities, Inc. 
    	
 
    	
<COUNTERPARTY>
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
By:
    	
 
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

 

SCHEDULE 3.19

 

FIRST PURCHASER JURISDICTIONS

 

North Dakota

 

Colorado

 

Louisiana

 

Oklahoma

 

Texas

 

Montana

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 4.01

 

RP DELIVERY POINTS

 

All RP Tanks at Girard Point, Point Breeze, and Schuylkill River

 

Downstream Rack Terminals

 

The metering point for Product at the rack located within the Downstream Rack Terminals, prior to the point at which such Product is blended or otherwise commingled with ethanol or any other additives

 

	
Eagle Point Tank Inventory
    	
 
    	
EP019
    
	
 
    	
 
    	
EP020
    
	
 
    	
 
    	
EP030
    
	
 
    	
 
    	
EP118
    
	
 
    	
 
    	
EP002
    
	
 
    	
 
    	
EP004
    
	
 
    	
 
    	
EP402
    
	
 
    	
 
    	
EP403
    
	
 
    	
 
    	
EP404
    
	
Kinder Morgan Tank
    	
 
    	
KMC1
    
	
 
    	
 
    	
KMC14
    
	
 
    	
 
    	
KMC2
    
	
Paulsboro Tank Inventory
    	
 
    	
PaulTank
    
	
Nustar Tank
    	
 
    	
NS 15020
    
	
Nustar Tank
    	
 
    	
NS 15022
    

 

Delivery Points for Barge Movements

 

New York

Massachusetts

Connecticut

New Jersey

Delaware

Pennsylvania

 

Injection/Delivery Points for Pipeline Movements

 

Buckeye Pipeline Injection and Receipt Points

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

PA, NY, NJ

 

Colonial Pipeline Injection and Receipt Points

TX, LA, MS, AL, SC, NC, VA, PA, NJ, GA, TN

Note: Excluding all locations in the state of Maryland

 

Sun Pipeline Injection and Delivery Points

PA, NY, NJ

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 4.04(a)(i)

 

FORM OF PPC DAILY RACK SALES REPORT

 

Attached.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	

    	
Date: 08/18/14   06:58 Inventory Recon for Philadelphia Energy Sol HIGHSPIRE 08/15/14 00:00 To   08/17/14 23:59 Page 1 of 1 Total BOL's: 85 First BOL: 1213111 Last BOL:   1213538 DIESEL Opening: 1,239,669 REG GAS Opening: 453,427 Purchases Net:   Loadouts Net: Adjustments Net: Closing: 1,121,167 Closing Barrels: 26,694 0   118,502 0 Purchases Net: Loadouts Net: Adjustments Net: Closing: 1,116,743   Closing Barrels: 26,589 1,049,681 386,365 0 PREM GAS Opening: 157,785 ETHANOL   Opening: 109,654 BIODIESEL Opening: 134,423 Purchases Net: Loadouts Net:   Adjustments Net: Closing: 130,915 Closing Barrels: 3,117 0 26,870 0 Purchases   Net: Loadouts Net: Adjustments Net: Closing: 158,306 Closing Barrels: 3,769 0   45,848 94500 Purchases Net: Loadouts Net: Adjustments Net: Closing: 132,343   Closing Barrels: 3,151 0 2,080 0 ** Certain information in this document has   been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. Batch: Net Barrels: Net Gallons: JPV-308-231L 4,970 208,736   JPV-308-231L 20,023 840,945 Totals:24,99 21,049,681 
    

 

 

SCHEDULE 4.04(a)(ii)

 

FORM OF SXL DAILY RACK SALES REPORT

 

Attached.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

	

    	
MA00 Date:   07/01/14 Time: 13:01 Activity for: 0047254 SXL FULLERTON - 47254 SXL   FULLERTON TMS6 MTD STOCK REPORT Page: 0001 For Month of Jun NET GALLONS at 60   F Stockholder: 0000000059 Philadelphia Energy Solut -----------------------------------------------------------------------------------------------------------------------------------Product:   15D Folio Close 15 PPM DIESEL - BASE Open Receipts Disposals Bulk Non-Bulk   Company Use Other Stock Adj Close Book Gauge Gain/ Percent Total Type Loss   Thruput Date Time Balance   -----------------------------------------------------------------------------------------------------------------------------------001   002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020   021 022 023 024 025 026 027 028 029 030 06/02 06/03 06/04 06/05 06/06 06/07   06/09 06/09 06/10 06/11 06/12 06/13 06/14 06/16 06/16 06/17 06/18 06/19 06/20   06/21 06/23 06/23 06/24 06/25 06/26 06/27 06/28 06/30 06/30 07/01 08:19 09:03   09:07 08:32 09:35 09:08 08:55 09:15 10:19 08:26 08:16 08:49 09:22 10:19 10:33   09:23 08:52 08:00 08:49 09:05 07:44 08:36 09:00 09:12 08:57 09:25 07:36 08:52   09:24 11:30 73924 73924 49999 12803 55097 55097 167564 160249 151480 113031   105610 296169 272715 242538 240290 238825 236830 213891 175746 154290 184857   348571 348571 344385 344385 329798 302958 291276 291276 276703 0 0 0 42294 0   121506 0 0 34398 0 205212 0 0 0 0 0 0 0 0 38640 167118 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -23925 -37196 0 0   -9039 -7315 -8769 -72847 -7421 -14653 -23454 -30177 -2248 -1465 -1995 -22939   -38145 -21456 -8073 -3404 0 -4186 0 -14587 -26840 -11682 0 -14573 -16527 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 69 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 73924 49999 12803 55097 55097 167564 160249 151480   113031 105610 296169 272715 242538 240290 238825 236830 213891 175746 154290   184857 348571 348571 344385 344385 329798 302958 291276 291276 276703 260245   73924 P 49999 P 12803 P 55097 P 55097 P 167564 P 160249 P 151480 P 113031 P   105610 P 296169 P 272715 P 242538 P 240290 P 238825 P 236830 P 213891 P   175746 P 154290 P 184857 P 348571 P 348571 P 344385 P 344385 P 329798 P   302958 P 291276 P 291276 P 276703 P 260245 P 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00   0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00   0.00 0.00 0.00 0.00 0.00   -------------------------------------------------------------------------------------------------------------------Total   73924 609168 0 -422916 0 69 0 260245 260245 0 0.00 ** Certain information in   this document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. 
    

 

	

    	
SXL FULLERTON   TMS6 MTD STOCK REPORT Page: 0002 Date: 07/01/14 Time: 13:01 Activity for:   0047254 SXL FULLERTON - 47254 For Month of Jun NET GALLONS at 60 F   Stockholder: 0000000059 Philadelphia Energy Solut   -----------------------------------------------------------------------------------------------------------------------------------Product:   ALUBC1 FolioClose LUBRICITY W/COND ADDITIV Open Receipts Disposals Bulk   Non-Bulk Company Use Other Stock Adj Close Book Gauge Gain/ Percent Total   Type Loss Thruput Date Time Balance   -----------------------------------------------------------------------------------------------------------------------------------   002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020   021 022 023 024 025 026 027 028 029 030 06/03 06/04 06/05 06/06 06/07 06/09   06/09 06/10 06/11 06/12 06/13 06/14 06/16 06/16 06/17 06/18 06/19 06/20 06/21   06/23 06/23 06/24 06/25 06/26 06/27 06/28 06/30 06/30 07/01 09:03 09:07 08:32   09:35 09:08 08:55 09:15 10:19 08:26 08:16 08:49 09:22 10:19 10:33 09:23 08:52   08:00 08:49 09:05 07:44 08:36 09:00 09:12 08:57 09:25 07:36 08:52 09:24 11:30   0 -3 -8 -8 -8 -9 -10 -11 -20 -21 -23 -26 -30 -30 -30 -30 -33 -38 -41 -42 -42   -42 -43 -43 -45 -48 -50 -50 -52 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 54 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -3 -5   0 0 -1 -1 -1 -9 -1 -2 -3 -4 0 0 0 -3 -5 -3 -1 0 0 -1 0 -2 -3 -2 0 -2 -2 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 -3 -8 -8 -8 -9 -10 -11 -20 -21 -23 -26 -30 -30 -30 -30 -33 -38   -41 -42 -42 -42 -43 -43 -45 -48 -50 -50 -52 0 -3 P -8 P -8 P -8 P -9 P -10 P   -11 P -20 P -21 P -23 P -26 P -30 P -30 P -30 P -30 P -33 P -38 P -41 P -42 P   -42 P -42 P -43 P -43 P -45 P -48 P -50 P -50 P -52 P 0 B 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00   0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00   0.00 0.00 0.00 0.00 0.00 0.00   -------------------------------------------------------------------------------------------------------------------Total   0 54 0 -54 0 0 0 0 0 0 0.00 ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. 
    

 

	

    	
SXL FULLERTON   TMS6 MTD STOCK REPORT Page: 0003 Date: 07/01/14 Time: 13:01 Activity for:   0047254 SXL FULLERTON - 47254 For Month of Jun NET GALLONS at 60 F   Stockholder: 0000000059 Philadelphia Energy Solut -----------------------------------------------------------------------------------------------------------------------------------   Product: BIO100 FolioClose BIODIESEL - B100 Open Receipts Disposals Bulk   Non-Bulk Company Use Other Stock Adj Close Book Gauge Gain/ Percent Total   Type Loss Thruput Date Time Balance   -----------------------------------------------------------------------------------------------------------------------------------001   002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020   021 022 023 024 025 026 027 028 029 030 06/02 06/03 06/04 06/05 06/06 06/07   06/09 06/09 06/10 06/11 06/12 06/13 06/14 06/16 06/16 06/17 06/18 06/19 06/20   06/21 06/23 06/23 06/24 06/25 06/26 06/27 06/28 06/30 06/30 07/01 08:19 09:03   09:07 08:32 09:35 09:08 08:55 09:15 10:19 08:26 08:16 08:49 09:22 10:19 10:33   09:23 08:52 08:00 08:49 09:05 07:44 08:36 09:00 09:12 08:57 09:25 07:36 08:52   09:24 11:30 7004 7004 6516 5754 5754 5754 12381 12231 12051 10629 10477 10177   9697 9079 9033 9003 9003 8533 7910 14509 14117 14047 14047 13961 13961 13662   13264 13026 13026 12729 0 0 0 0 0 7039 0 0 0 0 0 0 0 0 0 0 0 0 7038 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   -488 -762 0 0 -412 -150 -180 -1422 -152 -300 -480 -618 -46 -30 0 -470 -623   -439 -392 -70 0 -86 0 -299 -398 -238 0 -297 -336 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   7004 6516 5754 5754 5754 12381 12231 12051 10629 10477 10177 9697 9079 9033   9003 9003 8533 7910 14509 14117 14047 14047 13961 13961 13662 13264 13026   13026 12729 12393 7004 P 6516 P 5754 P 5754 P 5754 P 12381 P 12231 P 12051 P   10629 P 10477 P 10177 P 9697 P 9079 P 9033 P 9003 P 9003 P 8533 P 7910 P   14509 P 14117 P 14047 P 14047 P 13961 P 13961 P 13662 P 13264 P 13026 P 13026   P 12729 P 12393 P 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00   0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00   -------------------------------------------------------------------------------------------------------------------Total   7004 14077 0 -8688 0 0 0 12393 12393 0 0.00 ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. 
    

 

	

    	
SXL FULLERTON   TMS6 MTD STOCK REPORT Page: 0004 Date: 07/01/14 Time: 13:01 Activity for:   0047254 SXL FULLERTON - 47254 For Month of Jun NET GALLONS at 60 F   Stockholder: 0000000059 Philadelphia Energy Solut   -----------------------------------------------------------------------------------------------------------------------------------   Product: ETH Folio Close ETHANOL Open Receipts Balance Disposals Bulk   Non-Bulk Company Use Other Stock Adj Close Book GaugeGain/ Percent Total Type   Loss Thruput Date Time -----------------------------------------------------------------------------------------------------------------------------------001   002 06/02 06/03 08:19 09:03 25541 25541 0 0 0 -25541 0 0 0 0 0 0 0 0 25541 0   25541 P 0 B 0 0 0.00 0.00   -------------------------------------------------------------------------------------------------------------------Total   25541 0 -25541 0 0 0 0 0 0 0 0.00 ** Certain information in this document has   been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. 
    

 

	

    	
SXL FULLERTON   TMS6 MTD STOCK REPORT Page: 0005 Date: 07/01/14 Time: 13:01 Activity for:   0047254 SXL FULLERTON - 47254 For Month of Jun NET GALLONS at 60 F   Stockholder: 0000000059 Philadelphia Energy Solut   -----------------------------------------------------------------------------------------------------------------------------------Product:   HSCLR FolioClose HS CLEAR DIST - BASE Open Receipts Disposals Bulk Non-Bulk   Company Use Other Stock Adj Close Book Gauge Gain/ Percent Total Type Loss   Thruput Date Time Balance   -----------------------------------------------------------------------------------------------------------------------------------001   002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019 020   021 022 023 024 025 026 027 028 029 030 06/02 06/03 06/04 06/05 06/06 06/07   06/09 06/09 06/10 06/11 06/12 06/13 06/14 06/16 06/16 06/17 06/18 06/19 06/20   06/21 06/23 06/23 06/24 06/25 06/26 06/27 06/28 06/30 06/30 07/01 08:19 09:03   09:07 08:32 09:35 09:08 08:55 09:15 10:19 08:26 08:16 08:49 09:22 10:19 10:33   09:23 08:52 08:00 08:49 09:05 07:44 08:36 09:00 09:12 08:57 09:25 07:36 08:52   09:24 11:30 169202 146324 102778 77905 77905 77905 77905 77905 77905 77905   77905 77905 77905 77905 77905 77905 62928 47985 33068 18134 3167 3167 3167 26   26 26 26 26 26 26 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -22878 -43546   -24873 0 0 0 0 0 0 0 0 0 0 0 0 -14977 -14943 -14917 -14934 -14967 0 0 -3141 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 146324 102778 77905 77905 77905 77905 77905   77905 77905 77905 77905 77905 77905 77905 77905 62928 47985 33068 18134 3167   3167 3167 26 26 26 26 26 26 26 26 146324 P 102778 P 77905 P 77905 P 77905 P   77905 P 77905 P 77905 P 77905 P 77905 P 77905 P 77905 P 77905 P 77905 P 77905   P 62928 P 47985 P 33068 P 18134 P 3167 P 3167 P 3167 P 26 P 26 P 26 P 26 P 26   P 26 P 26 P 26 P 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00   0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00   -------------------------------------------------------------------------------------------------------------------   Total 169202 0 0 -169176 0 0 0 26 26 0 0.00 ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. 
    

 

	

    	
SXL FULLERTON   TMS6 MTD STOCK REPORT Page: 0006 Date: 07/01/14 Time: 13:01 Activity for:   0047254 SXL FULLERTON - 47254 For Month of Jun NET GALLONS at 60 F   Stockholder: 0000000059 Philadelphia Energy Solut   -----------------------------------------------------------------------------------------------------------------------------------Product:   REDDYE FolioClose RED DYE ADDITIVE Open Receipts Disposals Bulk Non-Bulk   Company Use Other Stock Adj Close Book Gauge Gain/ Percent Total Type Loss   Thruput Date Time Balance   -----------------------------------------------------------------------------------------------------------------------------------   001 002 003 004 005 006 007 008 009 010 011 012 013 014 015 016 017 018 019   020 021 022 023 024 025 026 027 028 029 030 06/02 06/03 06/04 06/05 06/06   06/07 06/09 06/09 06/10 06/11 06/12 06/13 06/14 06/16 06/16 06/17 06/18 06/19   06/20 06/21 06/23 06/23 06/24 06/25 06/26 06/27 06/28 06/30 06/30 07/01 08:19   09:03 09:07 08:32 09:35 09:08 08:55 09:15 10:19 08:26 08:16 08:49 09:22 10:19   10:33 09:23 08:52 08:00 08:49 09:05 07:44 08:36 09:00 09:12 08:57 09:25 07:36   08:52 09:24 11:30 0 -2 -5 -7 -7 -7 -7 -7 -7 -8 -8 -8 -8 -8 -8 -8 -9 -10 -12   -13 -14 -14 -14 -14 -14 -14 -15 -15 -15 -15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 -2 -3 -2 0 0 0 0 0 -1 0 0 0 0 0 0 -1 -1 -2 -1 -1 0 0 0 0 0 -1 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 -2 -5 -7 -7 -7 -7 -7 -7 -8 -8 -8 -8 -8 -8 -8 -9 -10   -12 -13 -14 -14 -14 -14 -14 -14 -15 -15 -15 -15 0 -2 P -5 P -7 P -7 P -7 P -7   P -7 P -7 P -8 P -8 P -8 P -8 P -8 P -8 P -8 P -9 P -10 P -12 P -13 P -14 P   -14 P -14 P -14 P -14 P -14 P -15 P -15 P -15 P -15 P 0 B 0 0 0 0 0 0 0 0 0 0   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00   0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00   0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00   -------------------------------------------------------------------------------------------------------------------   Total 0 15 0 -15 0 0 0 0 0 00.00 ** Certain information in this document has   been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. 
    

 

 

SCHEDULE 4.04(a)(iii)

 

FORM OF SXL REPORT

 

Attached.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

	

    	
SCHEDULE   4.04(a)(iii) FORM OF SXL REPORT SUNOCO LOGISTICS PES MIXED BUTANE Cavern   Inventory PES MIXED BUTANE Floating Storage Inventory PES MIXED BUTANE Total   Inventory NOTE: 200,000 barrels are owed to PES as part of the buy/sell   agreement. Inventory is not considered FINAL until the EOM invoice is   created. Thank you. 1 ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. Date Opening Inventory Receipts Shipped Ending Book Inventory   Opening Inventory Receipts Shipped Ending Book Inventory Opening Inventory   Receipts Transfers Ending Book Inventory 9/1/2014 527,098 471 - 527,569   589,094 - 589,094 1,116,192 471 - 1,116,663 9/2/2014 527,569 6,855 - 534,424   589,094 - 589,094 1,116,663 6,855 - 1,123,518 9/3/2014 534,424 2,863 -   537,287 589,094 - 589,094 1,123,518 2,863 - 1,126,381 9/4/2014 537,287 2,856 -   540,143 589,094 - 589,094 1,126,381 2,856 - 1,129,237 9/5/2014 540,143 2,891 -   543,034 589,094 - 589,094 1,129,237 2,891 - 1,132,128 9/6/2014 543,034 2,958 -   545,992 589,094 - 589,094 1,132,128 2,958 - 1,135,086 9/7/2014 545,992 5,062 -   551,054 589,094 - 589,094 1,135,086 5,062 - 1,140,148 9/8/2014 551,054 1,746   5,344 547,456 589,094 - 589,094 1,140,148 1,746 5,344 1,136,550 9/9/2014   547,456 259 25,425 522,290 589,094 - 589,094 1,136,550 259 25,425 1,111,384   9/10/2014 522,290 - 6,316 515,974 589,094 - 589,094 1,111,384 - 6,316   1,105,068 9/11/2014 515,974 - - 515,974 589,094 - 589,094 1,105,068 - -   1,105,068 9/12/2014 515,974 1,190 - 517,164 589,094 - 589,094 1,105,068 1,190   - 1,106,258 9/13/2014 517,164 1,123 18,182 500,105 589,094 - 589,094   1,106,258 1,123 18,182 1,089,199 9/14/2014 500,105 - 24,799 475,306 589,094 -   589,094 1,089,199 - 24,799 1,064,400 28,274 80,066 28,274 80,066 
    

 

 

SCHEDULE 4.09

 

PRODUCT PURCHASER DELIVERY POINTS

 

	
Infrastructure   Description
    	
 
    	
Transfer Point
    
	
 
    	
 
    	
 
    
	
Colonial Pipeline In Transit
    	
 
    	
Pipeline Meter at origin and destination
    
	
 
    	
 
    	
 
    
	
Buckeye Pipeline In Transit
    	
 
    	
Pipeline Meter at origin and destination
    
	
 
    	
 
    	
 
    
	
Sunoco Pipeline In Transit
    	
 
    	
Pipeline Meter at origin and destination
    
	
 
    	
 
    	
 
    
	
Eagle Point Tanks
    	
 
    	
Pipeline Meter for Sun Pipeline and Colonial; Dock   flange, Tank to Tank Transfer
    
	
 
    	
 
    	
 
    
	
Kinder Morgan Tanks
    	
 
    	
Pipeline Meter; Dock flange
    
	
 
    	
 
    	
 
    
	
Paulsboro Tank Inventory
    	
 
    	
Pipeline Meter for 3N/Inter-refinery Pipeline   [IRPL], inlet flange on pump-over from tank farms with access to the   Paulsboro Tanks
    
	
 
    	
 
    	
 
    
	
Refinery (Girard Point [GP], Point Breeze [PB],   Schuylkill River [SR]) Tanks
    	
 
    	
Dock flanges (GP and PB docks), Processing Unit   Battery Limits, Propane/Propylene & Propane Rack Flange, Pipeline Meters   for Atlantic Pipeline [APL4 and APL5 lines], Pipeline Meter for Harbor   Pipeline, Pipeline Meter for Colonial Pipeline, Pipeline Meter for Laurel   Pipeline
    
	
 
    	
 
    	
 
    
	
Downstream Rack Terminals
    	
 
    	
The metering point for Product at the rack located   within the Downstream Rack Terminals, prior to the point at which such   Product is blended or otherwise commingled with ethanol or any other   additives
    
	
 
    	
 
    	
 
    
	
NuStar Tanks
    	
 
    	
Pipeline Meter for Sun Pipeline and Colonial; Dock   flange, Tank to Tank Transfer
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

2

 

SCHEDULE 4.09(a)

 

FORM OF OIL FLOW REPORT

 

Attached.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	

    	
SCHEDULE   4.09(a) FORM OF OIL FLOW REPORT 1 ** Certain information in this document has   been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. Actual Actual Actual Actual Actual Actual Actual Actual Actual   Actual Fri Sat Sun Mon Tue Wed Thu Fri Sat Product Code8/1/14 8/2/14 8/3/14 8/4/14   8/5/14 8/6/14 8/7/14 8/8/14 8/9/14 Sun 8/10/14 Abo 415700 0.0 -0.6 -0.6 -0.6   0.1 -0.0 -0.2 - - -0.0 Agbami 499600 - - - - - - - - - - Akpo 499100 - - - -   - - - - - - Alba Condensate 414000 - - - - - - - - - - Amenam 456500 - - - -   - - - - - - Amna 440900 - - - - - - - - - - Antan 451200 - - - - - - - - - -   Asgard 417500 - - - - - - - - - - Azeri Ceyhan 415100 -49.1 -62.6 -44.0 -44.9   -28.4 -34.0 -37.3 -17.1 -8.8 -9.0 Azeri Light, SUPSA 415800 - - - - - - - - -   - Bakken Waterborne 301700 -7.4 -15.4 -29.6 -65.1 -59.7 -41.3 -49.8 -45.1   -71.7 -70.8 Bakken Rail 302700 -144.3 -141.6 -142.6 -135.1 -108.6 -133.9   -100.5 -98.0 -118.7 -138.6 Baobab 412500 - - - - - - - - - - Bintulu Heavy   Condensate 493300 Bintulu Light Condensate 493200 - - - - - - - - - - Bonga   413400 - - - - - - - - - - Bonny Light 443000 - - - - - - - - - - Brass River   447800 - - - - - - - - - - Brega Condensate 493800 - - - - - - - - - - Brent   Blend 440200 - - - - - - - - - - Cabinda 445000 - - - - - - - - - - Coco   456800 Cusiana 452500 - - - - - - - - - - Dalia 418100 - - - - - - - - - -   Doba 492600 -47.0 -39.4 -46.9 -50.5 -41.4 -39.9 -39.5 -41.1 -37.8 -39.3 Draugen   452300 - - - - - - - - - - EA 426500 - - - - - - - - - - Eagleford Shale   304000 -2.2 -1.4 -1.4 -0.3 -8.1 -7.0 -4.4 -4.7 -3.6 -13.6 
    

 

	

    	
Ebome Ekofisk   El Sharana Erha Escalante Escravos Espoir Etame Foinaven Forcados Foreign   Crude(UnCoded) Forties Girassol Gullfaks "A/B" Hibernia IMA Jubilee   Kikeh Kumkol Lt Louisiana Swt Lucina Mixed Crude N'Kossa MSW Niobrara Norne   OFFTEST DIST TO CRUDE OFFTEST GAS TO CRUDE OKONO OKWORI OSTRA Oseberg   Oklahoma Sweet Palanca Pennington Purovsky Condensate 417700 442900 414200   415200 426700 447700 300800 489900 456600 447600 449400 441600 492400 451100   454400 489100 499500 426600 417400 425500 442300 443580 453700 422800 309000   455900 300500 300600 400000 494400 499300 449100 450900 451300 449300 418500   - - - - - - - - - - - - - - - - - - - - - - - -2.8 - - 0.0 - - - - - - - - -   - - - - - - - - - - - - - - - - - - - - - - - -4.2 - - 0.1 - - - - - - - - -   - - - - - - - - - - - - - - - - - - - - - - - -1.4 0.0 - 0.0 - - - - - - - -   - - - - - - - - - - - - - - - - - - - - - - - - - -1.1 - -0.0 - - - - - - - -   - - - - - - - - - - - - - - - - - - - - - - - - - -27.3 - - - - - - - - - - -   - - - - - - - - - - - - - - - - - - - - - - - -0.2 -5.5 - 0.0 - - - - - - - -   - - - - - - - - - - - - - - - - - - - - - - - - -7.7 -34.3 - -0.0 - - - - - -   - - - - - - - - - - - - - - - - - - - - - - - - - - -6.0 -39.1 - -0.0 - - - -   - - - - - - - - - - - - - - - - - - - - - - - - - - - - -4.9 -17.1 - - - - -   - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -2.2 -0.0 - - - - -   - - - - - - 2 ** Certain information in this document has been omitted and   filed separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. 
    

 

	

    	
3 ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. Qarun 419000 - - - - - - - - - - Qua   Iboe 448700 - - - - - - - - - - Rabi 453000 - - - - - - - - - -   Rabi/Tchatamba 489800 -1.4 5.2 0.0 34.6 -56.3 -45.2 -17.5 -48.9 -47.9 -38.4   Reclaimed Crude 492500 0.4 1.5 -1.2 1.5 4.6 -0.4 -0.4 -0.8 -0.7 0.2 Remboue   418900 - - - - - - - - - - Sable Island Condensate 493600 - - - - - - - - - -   Saharan Blend 444701 - - - - - - - - - - Sarir 441000 - - - - - - - - - -   Saxi Blend 493500 - - - - - - - - - - Schiehallion 480000 - - - - - - - - - -   Offtest VGO 303100 0.0 0.0 0.0 -0.0 - 0.0 -0.0 - - - Sleipner Condensate   426800 - - - - - - - - - - Tampa 302800 - - - - - - - - - - TerraNova Crude   417300 - - - - - - - - - - Troll 456400 - - - - - - - - - - Usan 303300 -0.0   0.0 0.0 0.0 -0.0 0.0 -0.0 -0.0 0.0 -0.0 West Hackberry Sweet 301000 - - - - -   - - - - - White Rose 414100 -0.7 -1.8 -0.3 -0.1 -4.0 -0.1 -0.1 -0.2 -0.1 0.0   WTI 425400 -57.5 -44.2 -39.0 -38.4 36.7 0.1 -18.4 -14.1 -0.8 0.1 Yoho 489700   0.0 0.0 0.0 0.0 -0.5 - - - - - Zafiro 418000 - - - - - - - - - - Zarzatine   447100 - - - - - - - - - - Zuata Sweet 489600 - - - - - - - - - - **** Total   CHARGES-312.2-304.3-307.0-300.0-292.8-307.3-310.2-315.1-312.1-311.5 Other   Crudes----------*Total Other CrudesOther_Crude----------**** Total   CHARGES-312.2-304.3-307.0-300.0-292.8-307.3-310.2-315.1-312.1-311.5 83CB Hi   RVP023800-2.16.697.3-19.4-0.651.344.322.863.358.8 83CB Mid   RVP0238207.643.1-17.664.045.21.60.0-0.93.015.7 83CB Low   RVP023830----------83RB13340079.653.8101.981.972.483.477.399.046.173.7 91CB   Hi RVP225000-0.4-10.022.120.90.0-0.120.0-91CB Mid   RVP225020-0.0-1.01.10.0-0.0-7.90.0-0.352.1-0.6 91RB Exports132200---------- 
    

 

	

    	
4 ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions.   91RB13210028.097.89.04.8-0.752.332.044.3-19.50.0 Untreated Cat   Gasoline492900-0.70.3-1.01.70.50.30.31.118.2-0.7 Gasoline Components Gascom50.1-28.8-9.828.7-1.5-41.1-2.8-22.9-39.92.7   *Total GasolineTotal_Gas162.3172.3181.0171.7137.4160.6151.1143.1143.2149.7   #2HHO0018000.1-0.10.00.10.10.40.3-2.62.70.1 Dist Stocks   (ABL)0027004.8-3.3-7.6-1.0-1.12.7-2.4-10.6-6.1-4.5 Dist Stocks   (Intermediated)042500------0.00.0 -0.0--Jet/Jet   StocksJet7.92.23.242.732.8-0.70.316.243.415.3   Kero/ULSD12244005.716.312.8-26.4-18.512.912.9-0.8-25.13.4   LCO0053006.53.1-6.85.20.2-4.0-10.9-12.7-13.0-3.7 LCO - TREATED   ULSD2224600106.5106.9113.252.7106.663.567.7127.4100.3118.3 ULSD2 Export/15ppm   2FO224630/2279006.4--56.0-50.549.6-17.5-*Total Distillate 137.8125.1114.9129.2120.1125.3117.3116.9119.7129.0   0.3% #6 Fuel42960012.813.111.912.316.314.315.213.9-29.98.8 0.5% #6 Fuel 1.0%   #6 Fuel FCC Bottoms42890011.511.519.712.811.412.711.211.053.711.2 *Total   Residual Fuel 24.424.631.625.027.727.126.424.923.820.0 Ethanol Ethanol----------*Total   Ethanol----------Propane 0033006.24.63.19.78.76.97.16.77.05.3 *Total   Propane6.24.63.19.78.76.97.16.77.05.3   Benzene0067000.51.6-1.0-1.4-1.5-1.4-1.2-1.5-1.0-1.3   Cumene038300-0.00.22.53.33.32.94.12.63.34.0 PP   Mix0095005.27.73.64.44.02.73.63.73.32.8 Toluene *Total Chemicals 5.69.55.06.35.84.36.54.85.65.5   BB000800-1.4-1.2-0.4-1.6-0.5-0.1-1.1-1.4-0.10.0 Butane,   ISO001000-6.4-9.7-3.0-6.8-5.8-5.4-6.5-7.5-6.8-7.7 Butane, Blending PES439000   Butane, Blending Purchase/Sale Butane, Blending   JPMVEC22330015.417.13.310.17.09.810.413.10.16.3 *Total   C4's7.76.3-0.11.60.84.32.94.2-6.8-1.4 Naphtha Draw   (Purchase)442500----------Naphtha Build   (Sales)017400-16.66.8-20.6-17.115.8-2.03.05.916.7-1.3 
    

 

	

    	
UNIT RATES   (MB/D) Alky Production 433 Alky Production 869 Cats 1232 Cats 868 Crude 137   Crude 210A Crude 210B Cumene 1733 HDS 231 HDS 859 HDS 865 HDS 866 ISO 331 AKG   AKP FCP PCP R137 R21A R21B CUM GFFD 59FD 65FD 66FD N4.3 17.6 6.5 87.1 49.7   199.0 44.9 66.6 0.9 15.5 33.1 43.6 19.4 8.9 18.0 7.0 88.2 49.7 198.9 45.4   65.2 1.0 17.8 40.7 43.6 18.9 9.5 18.2 7.1 88.0 49.7 200.0 43.8 63.6 2.8 23.1   44.8 42.7 18.8 9.3 18.0 7.0 88.3 49.7 200.5 40.3 60.0 3.6 19.0 45.1 39.6 18.7   9.4 18.2 7.0 88.0 49.6 198.3 40.3 60.1 3.5 15.2 48.0 38.0 18.7 9.5 18.1 7.3   86.4 49.1 199.0 46.0 60.1 3.6 15.1 51.9 34.4 18.9 9.5 18.3 7.3 84.4 49.7   196.1 49.6 63.2 3.6 15.9 53.6 38.7 19.9 9.5 18.1 7.3 84.3 48.8 196.0 49.6   65.2 3.6 18.0 56.9 44.1 19.9 9.5 18.2 6.3 84.0 41.2 196.2 49.6 65.2 3.6 20.1   54.5 40.4 19.9 9.5 18.1 5.0 83.9 44.1 195.8 49.6 65.2 3.6 19.2 55.6 38.9 20.0   9.6 5 ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. *Total   Naphtha-16.66.8-20.6-17.115.8-2.03.05.916.7-1.3 Cat Feed Draw   (Purchase)016000-15.0-16.3-20.4-29.9-21.6-27.5-5.52.4-1.0-9.1 Cat Feed Build   (Sales)446500----------*Total FCC   Feed-15.0-16.3-20.4-29.9-21.6-27.5-5.52.4-1.0-9.1 Produced Fuels -   Coke0428006.76.76.76.76.76.66.66.66.46.5 Produced Fuels - Gas &   Oil0427009.69.99.99.28.99.29.29.08.88.7 *Total Produced   Fuels16.316.716.615.915.515.815.815.615.215.3 Benzene Rich   Reformate4966001.5-7.8-2.20.40.6-0.20.2-0.20.0-0.1 Misc Fuels Misc_Fuels0.30.51.7-1.3-3.70.90.70.50.21.2   *Total Misc Fuels1.8-7.3-0.5-0.9-3.10.70.90.30.21.1   SulfurSulfur---0.10.10.20.20.20.2-*Total Sulfur---0.10.10.20.20.20.2-Other   YieldsOther_Yields----------*Total Other Yields----------**** Total   YIELDS330.6342.2310.6311.6307.2315.6325.7324.9323.8314.0 GAIN18.437.93.611.614.48.215.59.811.72.5   Net Gain2.121.2-13.0-4.3-1.1-7.5-0.3-5.7-3.5-12.8 
    

 

	

    	
LSG 870   Reformer 1332 Reformer 860 Udex/Sulf 1732 GPH GY3 60F HLUF 52.2 27.0 31.0 4.4   52.9 26.9 31.0 16.5 53.5 26.9 31.1 17.1 52.8 25.4 31.2 16.0 53.4 24.0 31.2 15.0   53.4 24.0 31.1 14.8 52.5 24.0 31.2 14.9 50.9 23.7 31.2 15.0 36.1 22.3 31.3   14.5 48.8 22.0 31.2 14.1 6 ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. 
    

 

 

SCHEDULE 4.09(c)

 

FORM OF MLC RP TRADE CONFIRMATION

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

 

Merrill Lynch Commodities, Inc., 20 E. Greenway Plaza, 7th Floor, Houston, TX  77046

Phone: (832) 681-2120  Fax:  (713) 544-1507

 

<Counterparty>

Attn: Confirmations Department

Phone:  XXX-XXX-XXXX

Fax:  XXX-XXX-XXXX

 

PHYSICAL REFINED PRODUCTS TRADE CONFIRMATION

Transaction ID:  XXXXXXX

 

The purpose of this communication is to confirm the terms and conditions of the transaction entered into between Merrill Lynch Commodities, Inc. and <Counterparty>  on the Trade Date specified below (the “Transaction”).  This communication constitutes a “Confirmation” as referred to in the Agreement specified below.

 

The following Special Provisions and the referenced general terms (“General Terms”) constitute the entire Agreement (the “Agreement”) between the Buyer and Seller.  All provisions contained in the Agreement govern this Transaction except as expressly modified below.

 

Please note that the terms of this Transaction shall be agreed solely between the parties and that any broker confirmation referencing the details of this transaction is for information purposes only.  Buyer agrees to buy and Seller agrees to sell crude oil and/or condensate (“Product”) under the terms and conditions as set forth below.

 

Special Provisions:

 

	
Trade Date:
    	
 
    	
<MM/DD/YYYY>
    
	
 
    	
 
    	
 
    
	
Buyer:
    	
 
    	
<Counterparty>
    
	
 
    	
 
    	
 
    
	
Seller:
    	
 
    	
Merrill Lynch Commodities, Inc.
    
	
 
    	
 
    	
 
    
	
Product:
    	
 
    	
<Product>
    
	
 
    	
 
    	
 
    
	
Quality:
    	
 
    	
Typical Product specs.
    
	
 
    	
 
    	
 
    
	
Quantity:
    	
 
    	
Approximately XX,XXX Barrels Per <>
    
	
 
    	
 
    	
 
    
	
Price:
    	
 
    	
Arithmetic average of the daily settlement prices   for the First Nearby month of the <Product> Futures Contract for each 
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	
 
    	
 
    	
<Exchange> Trading Day Monthly Business Day   Average - Contract Month less $XX.XX USD per Barrel
    
	
 
    	
 
    	
 
    
	
Delivery Terms:
    	
 
    	
<Delivery> at <Location>
    
	
 
    	
 
    	
 
    
	
Delivery Method:
    	
 
    	
<Delivery Method>
    
	
 
    	
 
    	
 
    
	
Delivery Period:
    	
 
    	
<MM/DD/YYYY> to <MM/DD/YYYY>
    
	
 
    	
 
    	
 
    
	
Payment:
    	
 
    	
Wire net <> days after receipt of invoice
    
	
 
    	
 
    	
 
    
	
Credit:
    	
 
    	
Per MLCI standard credit practice and procedures
    
	
 
    	
 
    	
 
    
	
Limitation of Liability:
    	
 
    	
In no event shall Seller or Buyer be liable for any   indirect, special, punitive or consequential damages.
    
	
 
    	
 
    	
 
    
	
Additional Terms:
    	
 
    	
 
    

 

Taxes:

 

Unless otherwise specifically provided elsewhere in this agreement, or required by law, any federal, state or local tax, duty or fee, or the amount equivalent thereto, now and hereafter imposed, levied or assessed by any governmental agency, authority or subdivision, upon, measured by, incident to, or as a result of, the transactions herein provided for, shall, if collectable or payable by delivering party, be paid or reimbursed by receiving party on demand by delivering party from and against any such tax, duty, or fee including any interest and penalties thereon.  Notwithstanding the foregoing, it is understood and agreed that this provision shall not apply to income, franchise, or like taxes levied on, or measured by a party’s net income.  If a receiving party claims exemption from any of the aforesaid taxes, then receiving party must furnish delivering party with a properly completed and executed exemption certificate in the form and within time limits prescribed by, and acceptable to, the appropriate taxing authority in lieu of payment of such taxes or reimbursement of such taxes to delivering party.

 

Governing Law:

 

The validity of this Agreement, the construction and enforcement of its terms, and the interpretation of the rights and duties of the parties shall be governed by the laws of the State of New York, without regard to conflict of law principles.  Exclusive jurisdiction for any litigation arising out of this Agreement or its subject matter shall only be any federal or state court in the City of New York, State of New York, to whose jurisdiction the parties hereby subject themselves.  In any such proceeding the parties hereby waive any objection to forum including, without limitation, any objection based on lack of personal jurisdiction, improper venue, or inconvenient forum.   EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY CLAIM, ACTION OR PROCEEDING, DIRECTLY OR INDIRECTLY ARISING OUT OF, OR RELATING TO, THIS AGREEMENT.  FURTHERMORE, EACH PARTY WAIVES ANY RIGHT TO CONSOLIDATE ANY

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS AGREEMENT.

 

Neither party may assign this Agreement without the prior written consent of the other party.

 

PTD Message:

 

For RBOB: Base gasoline not for sale to ultimate consumer. This RBOB may not be combined with any other RBOB except other RBOB having the same requirements for oxygenate type(s) and amount(s), or, prior to blending, with reformulated gasoline.

 

For conventional gasoline: This product does not meet the requirements for reformulated gasoline, and may not be used in any reformulated gasoline covered area.

 

For undyed 15 ppm sulfur diesel fuel:  15 ppm sulfur (maximum) Undyed Ultra-Low Sulfur Diesel Fuel. For use in all diesel engines.

 

For heating oil: Heating Oil. Not for use in highway vehicles or engines or nonroad, locomotive, or marine engines.

 

For dyed locomotive and marine diesel fuel:  500 ppm sulfur (maximum) Dyed Low Sulfur Locomotive and Marine diesel fuel. Not for use in highway or other nonroad vehicles and engines.

 

For ECA marine fuel: 1,000 ppm sulfur (maximum) ECA marine fuel. For use in Category 3 marine vessels only. Not for use in engines not installed on C3 marine vessels.

 

Please confirm that the foregoing correctly sets forth the terms and conditions of our agreement by returning via facsimile an executed copy of this Confirmation within three (3) Business Days of your receipt of this Confirmation (or other time period if expressly set forth in the Agreement).  Failure to respond within such period will not affect the validity or the enforceability of this Transaction, and shall be deemed to be an affirmation of the terms and conditions contained herein, absent manifest error.

 

These Special Provisions and the General Terms, which are hereby incorporated by reference, represent the entire agreement between the parties.  In the event that the General Terms are inconsistent with the above Special Provisions, these Special Provisions shall control.

 

Please confirm by fax to 713-544-1467 that the above accurately records the terms and conditions of our Agreement.  If you do not respond within three (3) business days, all terms and conditions of this Agreement shall be binding.  If you have any questions, please call 832-681-5521.

 

	
Merrill Lynch Commodities, Inc.   
    	
 
    	
<Counterparty>
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
By:
    	
 
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

MERRILL LYNCH COMMODITIES, INC.(1)

TRADE ID:                             

 

[PURCHASER NAME]

TRADE ID:                                 

 

TRADE DATE:                                          

 

PLEASE NOTE THAT CONTRACT AND INVOICE RELATED CORRESPONDENCE REGARDING THIS TRANSACTION SHOULD BE DIRECTED TO FAX NUMBER [                    ].

 

SPECIAL PROVISIONS:

 

1. BUYER:

 

[PURCHASER]

[ADDRESS]

 

2. SELLER:

 

MERRILL LYNCH COMMODITIES, INC. (“MLC”)

20 E. GREENWAY PLAZA

STE 700

HOUSTON, TX  77046

UNITED STATES

 

3.  PRODUCT:

 

[NOTE: PRODUCTS TO BE AGREED WITH PURCHASER.]

 

4.  QUANTITY (BY PRODUCT):

 

[NOTE: QUANTITY AND ANY RELATED QUANTITY ADJUSTMENTS TO BE AGREED WITH PURCHASER.]

 

5.  QUALITY (BY PRODUCT):

 

[NOTE: QUALITY PROVISIONS TO BE AGREED WITH PURCHASER.]

 

6.  DELIVERY PERIOD AND DELIVERY POINT:

 

[NOTE: DELIVERY PERIOD AND DELIVERY POINT TO BE AGREED WITH PURCHASER.]

 

7.  PRICE: (BY PRODUCT):

 

[NOTE: PRICE PROVISIONS TO BE AGREED WITH PURCHASER.]

 

ROUNDING: IN ALL CASES, THE SETTLEMENT PRICE WILL BE ROUNDED TO 4 DECIMAL PLACES.

 

(1)  This form of confirmation to be used solely in connection with the use of Sunoco, Inc.’s General Terms and Conditions for Sales and Purchases of Refined Products, Intermediates, Ethanol, Biodiesel and Renewable Identification Numbers (RINs) in Sunoco Marketing-Supply, Wholesale Bulk and SIL, dated August 14, 2012.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

8.  PAYMENT:

 

[PAYMENT TO BE MADE VIA WIRE TRANSFER OF FEDERAL FUNDS TO SELLER’S DESIGNATED BANK (2) BUSINESS DAYS AFTER RECEIPT OF SELLER’S TELEX OR TELECOPY INVOICE AND PIPELINE METER TICKET EVIDENCING NET QUANTITY AND QUALITY. IF BY BOOK TRANSFER, PAYMENT TO BE MADE BY WIRE TRANSFER OF FEDERAL FUNDS ON BOOK TRANSFER EFFECTIVE DATE.] [NOTE: THIS PARAGRAPH TO BE USED FOR PIPELINE TRANSACTIONS.]

 

[PAYMENT TO BE MADE VIA WIRE TRANSFER IN IMMEDIATELY AVAILABLE FUNDS INTO SELLER’S ACCOUNT AT ITS DESIGNATED BANK ON THE SECOND (2ND) BUSINESS DAY AFTER RECEIPT OF INVOICE AND INSPECTION REPORT.][NOTE: THIS PARAGRAPH TO BE USED FOR NON-PIPELINE TRANSACTIONS]

 

NOTWITHSTANDING ANYTHING CONTAINED IN ANY OTHER AGREEMENT TO THE CONTRARY, ALL PAYMENTS TO BE MADE BY THE BUYER WILL BE MADE WITHOUT DISCOUNT, DEDUCTION OR SET-OFF AND BUYER MAY NOT DEDUCT IN RESPECT OF ANY CLAIM IT MAY HAVE AGAINST SELLER OR IN RESPECT OF AMOUNTS OWED BY OR TO ANY THIRD PARTY (INCLUDING WITHOUT LIMITATION, AMOUNTS OWED BY OR TO ANY AFFILIATE OF EITHER PARTY).

 

BUYER SHALL PAY AN INTEREST CHARGE ON LATE PAYMENTS FROM THE PAYMENT DATE UNTIL THE SELLER RECEIVES PAYMENT AT A RATE EQUAL TO TWO PERCENT (2%) OVER THE BANK OF AMERICA PRIME RATE IN EFFECT AT THE CLOSE OF THE BUSINESS DAY ON WHICH PAYMENT WAS DUE.   AS USED IN THIS CONFIRMATION, THE TERM “BUSINESS DAY” MEANS A DAY ON WHICH COMMERCIAL BANKS ARE OPEN FOR GENERAL BUSINESS IN NEW YORK CITY.

 

9.  CERTAIN EXPENSES:

 

BUYER SHALL BE RESPONSIBLE FOR ANY AND ALL FEES, COSTS AND EXPENSES INCURRED OR ACCRUED WITH RESPECT TO PRODUCT AT AND AFTER TITLE IS TRANSFERRED AT THE DELIVERY POINT.

 

10. MATERIAL SAFETY DATA SHEETS:

 

SELLER HAS MADE AVAILABLE MATERIAL SAFETY DATA SHEETS, WHICH PROVIDE WARNINGS AND SAFETY AND HEALTH INFORMATION CONCERNING THE PRODUCT(S). BUYER AGREES TO DISSEMINATE THE INFORMATION SO AS TO WARN OF POSSIBLE HAZARDS TO ALL PERSONS WHOM BUYER CAN REASONABLY FORESEE MAY BE EXPOSED TO THE HAZARDS INCLUDING, WITHOUT LIMITATION, BUYER’S EMPLOYEES, AGENTS, CONTRACTORS, AND CUSTOMERS. BUYER AGREES TO DEFEND, INDEMNIFY, AND HOLD HARMLESS SELLER AGAINST ALL LIABILITY ARISING OUT OF OR IN ANY WAY CONNECTED WITH ITS FAILURE TO PROPERLY DISSEMINATE THE WARNINGS AND INFORMATION INCLUDING, WITHOUT LIMITATION, LIABILITY FOR INJURY, SICKNESS, DEATH, AND PROPERTY DAMAGE.

 

11.          ENTIRE AGREEMENT:

 

THIS CONTRACT, TOGETHER WITH THE GTCS (AS DEFINED IN SECTION 12 OF THIS CONTRACT), EVIDENCES OUR UNDERSTANDING OF THE ENTIRE AGREEMENT AND SHALL CONSTITUTE THE FORMAL CONTRACT BETWEEN THE PARTIES. PLEASE ACKNOWLEDGE YOUR ACCEPTANCE OF AND AGREEMENT TO THE TERMS STATED HEREIN BY RETURNING TO MLC A SIGNED COUNTERPART TO THIS CONTRACT.

 

12. GENERAL TERMS & CONDITIONS:

 

WHERE NOT IN CONFLICT WITH THE FOREGOING TERMS OF THIS CONTRACT, PART 1 OF SUNOCO, INC.’S GENERAL TERMS AND CONDITIONS FOR SALES AND PURCHASES OF REFINED PRODUCTS, INTERMEDIATES, ETHANOL, BIODIESEL AND RENEWABLE IDENTIFICATION NUMBERS (RINS) IN SUNOCO MARKETING-SUPPLY, WHOLESALE BULK AND SIL, DATED AUGUST 14, 2012, (the “GTCS”) WITH THE FOLLOWING AMENDMENTS SHALL GOVERN THIS CONTRACT AND ARE HEREBY

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

INCORPORATED BY REFERENCE:

 

AMENDMENTS TO GTCS

 

A.                                    ALL REFERENCES TO “SUNOCO” IN THE BODY OF THE GTCS ARE HEREBY DELETED IN THEIR ENTIRETY AND REPLACED WITH “SELLER”; PROVIDED, HOWEVER, THAT THE REFERENCE TO “SUNOCO” IN SECTION 25 SHALL BE REPLACED WITH “MLC”.

 

B.                                    SECTION 2 IS HEREBY AMENDED BY: INSERTING AFTER THE DEFINITION OF “RENEWABLE IDENTIFICATION NUMBER (RIN, RINS, RIN(s))” AND BEFORE THE DEFINITION OF “SPECIAL PROVISIONS,” “REQUIRED INFRASTRUCTURE - ANY VESSELS, DOCKS, RACKS, RAILROADS, TERMINALS, PIPELINES, STORAGE TANKS AND OTHER STRUCTURES AND EQUIPMENT THAT ARE UTILIZED TO FULFILL TO THE PERFORMANCE BY SELLER OF ITS OBLIGATIONS UNDER THIS AGREEMENT.”

 

C.                                    SECTION 6.2 IS HEREBY AMENDED BY INSERTING AT THE END OF THE FIRST SENTENCE “AND IN THE SOLE DISCRETION OF THE TERMINAL WHERE LOADING AND/OR UNLOADING WILL OCCUR”.

 

D.                                    SECTION 9 IS HEREBY AMENDED BY DELETING “, ELECTRONIC FUNDS TRANSFER” WHERE IT APPEARS IN THE 2ND LINE OF SUCH SECTION.

 

E.                                     SECTION 9.2 IS HEREBY AMENDED BY (I) DELETING THE PHRASE “OR, AT THE DISCRETION OF THE BUYER,” AT THE END OF SECTION 9.2b., AND (II) DELETING SECTION 9.2c. IN ITS ENTIRETY.

 

F.                                      SECTION 9.7 IS HEREBY AMENDED BY INSERTING IN THE 5TH LINE OF SUCH SECTION IMMEDIATELY AFTER THE PHRASE “BUYER MUST”, THE PHRASE “, AT SUCH TIME AS SELLER MAY REQUEST,”.

 

G.                                    SECTION 10 IS HEREBY AMENDED BY (I) DELETING THE TERM “RESPONSIBILITY” WHERE IT APPEARS IN THE 1ST LINE OF SUCH SECTION AND REPLACING SUCH TERM WITH “STATUS”, AND (II) BY DELETING, IN THE 2ND SENTENCE OF SUCH SECTION, THE PHRASE “TO CANCEL OR SUSPEND ITS DELIVERY OBLIGATIONS AND TO OFFSET ANY PAYMENTS OR DELIVERIES DUE TO SELLER UNDER THIS AGREEMENT OR OTHER AGREEMENTS BETWEEN THE PARTIES” AND REPLACING IT WITH THE FOLLOWING PHRASE “TO EXERCISE ANY RIGHTS OR REMEDIES UNDER SECTION 16”.

 

H.                                   SECTION 11 IS HEREBY AMENDED BY DELETING THE LAST SENTENCE OF SUCH SECTION AND REPLACING IT WITH THE FOLLOWING NEW SENTENCE:

 

“IF THE PARTIES ARE UNABLE TO AGREE ON AN ALTERNATIVE INDEX OR OTHERWISE AGREE ON A PRICE WITHIN TEN (10) DAYS OF NEGOTIATION, THEN THE ISSUE SHALL BE RESOLVED BY AN EXPERT REASONABLY AGREED UPON BY THE PARTIES.  THE EXPERT SHALL BE QUALIFIED BY EDUCATION, EXPERIENCE OR TRAINING TO DETERMINE AN ALTERNATIVE INDEX OR METHOD OF PRICING AND SHALL NOT BE A CURRENT OR FORMER EMPLOYEE OF EITHER PARTY OR HAVE A STAKE IN THE OUTCOME OF THE ISSUE. THE COST OF THE EXPERT SHALL BE SHARED EQUALLY BY THE PARTIES.”

 

I.                                        SECTION 12 IS HEREBY AMENDED BY (I) DELETING THE PHRASE “, OR THE RECEIPT OF PAYMENT THEREFORE,” WHERE IT APPEARS IN THE 3rd LINE OF SUCH SECTION, (II) INSERTING, IMMEDIATELY AFTER THE PHRASE “IMPOSED BY LAW ON THE SELLER” IN THE  7TH LINE OF SUCH SECTION, THE PHRASE “AND ANY PENALTIES AND INTEREST THEREON”, AND (III) INSERTING, AT END OF THE 2ND PARAGRAPH OF SUCH SECTION, THE FOLLOWING:

 

“IF THE BUYER DOES NOT FURNISH SUCH CERTIFICATES OR THE TRANSACTION IS SUBJECT TO TAX UNDER APPLICABLE LAW, THE BUYER SHALL REIMBURSE AND INDEMNIFY THE SELLER FOR ALL TAXES PAID OR INCURRED BY THE SELLER,

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

TOGETHER WITH ALL PENALTIES AND INTEREST THEREON. “TAXES” INCLUDES, WITHOUT LIMITATION, ANY AND ALL FEDERAL, STATE AND LOCAL TAXES, DUTIES, FEES AND CHARGES, INCLUDING ALL ENVIRONMENTAL, OIL SPILL, TRANSACTIONAL GROSS RECEIPTS AND SALES AND USE TAXES, HOWEVER DESIGNATED, PAID OR INCURRED WITH RESPECT TO THE PURCHASE, EXCHANGE, USE, RESALE, IMPORTATION OR HANDLING OF THE PRODUCT. EACH PARTY AGREES TO PROMPTLY DELIVER TO THE OTHER PARTY ANY OTHER TAX FORM OR CERTIFICATE REASONABLY REQUESTED BY SUCH OTHER PARTY INCLUDING WITHOUT LIMITATION EXECUTED IRS FORM W-9, W-8BEN OR W-8ECI (OR SUCCESSOR FORM), AS APPROPRIATE.”

 

J.                                        SECTION 13 IS HEREBY AMENDED BY (I) DELETING THE PHRASE “BE DELIVERED” IN CLAUSE C OF SUCH SECTION AND REPLACING IT WITH THE FOLLOWING PHRASE “ON DELIVERY BE TRANSFERRED”, AND (II) DELETING THE SECOND PARAGRAPH IN ITS ENTIRETY AND REPLACING IT WITH THE FOLLOWING NEW PARAGRAPH:

 

“THE SELLER MAKES NO OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND DISCLAIMS ALL SUCH WARRANTIES TO THE FULLEST EXTENT ALLOWED BY LAW. IN NO EVENT, REGARDLESS OF NEGLIGENCE, SHALL EITHER PARTY BE LIABLE FOR PUNITIVE DAMAGES. UNDER NO CONDITIONS SHALL ANY CLAIM BE MADE UNDER THIS AGREEMENT FOR PROSPECTIVE PROFIT OR SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES.”

 

K.                                    SECTION 16 IS HEREBY DELETED IN ITS ENTIRETY AND REPLACED WITH THE FOLLOWING NEW SECTION 16:

 

“16.  LIQUIDATION AND CLOSE-OUT

 

THE PARTIES SPECIFICALLY AGREE THAT THIS AGREEMENT AND ALL TRANSACTIONS PURSUANT THERETO ARE “FORWARD CONTRACTS,” SWAP AGREEMENTS” AND “MASTER NETTING AGREEMENTS” AS SUCH TERMS ARE DEFINED IN THE UNITED STATES BANKRUPTCY CODE, 11 U.S.C. SECTION 101 (AS AMENDED) (“BANKRUPTCY CODE”). IN ADDITION, THE PARTIES SPECIFICALLY AGREE THAT THEY ARE “FORWARD CONTRACT MERCHANTS,” “SWAP PARTICIPANTS” AND “MASTER NETTING AGREEMENT PARTICIPANTS” AS SUCH TERMS ARE DEFINED IN SECTION 101 OF THE BANKRUPTCY CODE.  IF EITHER PARTY BECOMES SUBJECT TO BANKRUPTCY CODE PROCEEDINGS, IT IS UNDERSTOOD AND AGREED THAT SECTIONS 556,  560 AND 561 OF THE BANKRUPTCY CODE APPLY, THAT THE OTHER PARTY SHALL BE ENTITLED TO EXERCISE ITS RIGHTS TO LIQUIDATE, TERMINATE AND/OR ACCELERATE THIS AGREEMENT AND ALL TRANSACTIONS PURSUANT THERETO AS A “FORWARD CONTRACT MERCHANT,”  “SWAP PARTICIPANT” AND “MASTER NETTING AGREEMENT PARTICIPANT” AND THAT ANY SUCH TERMINATION, LIQUIDATION AND/OR ACCELERATION, THE EXERCISE OF ANY RIGHTS UNDER ANY SECURITY AGREEMENT OR ARRANGEMENT OR OTHER CREDIT ENHANCEMENT, AND THE NETTING OR SETOFF OF ANY TERMINATION VALUES, PAYMENT AMOUNTS OR OTHER TRANSFER OBLIGATIONS IN CONNECTION THEREWITH, SHALL NOT BE STAYED PURSUANT TO SECTION 362 OF THE BANKRUPTCY CODE OR OTHERWISE. IF A PARTY (THE “DEFAULTING PARTY”) (A) SHALL  FILE A PETITION OR OTHERWISE COMMENCE A PROCEEDING UNDER ANY BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW OR HAVE ANY SUCH PETITION FILED OR PROCEEDING COMMENCED AGAINST IT, (B) SHALL BECOME INSOLVENT, (C) SHALL FAIL TO PAY ITS DEBTS AS THEY BECOME DUE, (D) SHALL FAIL TO PERFORM ANY OBLIGATION DESCRIBED IN SECTION 10 OR SECTION 21(a), (b) OR (c), OR (E), SOLELY WITH RESPECT TO THE BUYER AS DEFAULTING PARTY, SHALL FAIL TO PROVIDE ADEQUATE ASSURANCE OR SECURITY OF ITS ABILITY TO

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

PERFORM ITS OBLIGATIONS HEREUNDER WITHIN 48 HOURS AFTER RECEIPT OF A REQUEST THEREFOR FROM SELLER (WHEN THE SELLER HAS REASONABLE GROUNDS FOR INSECURITY), THE OTHER PARTY (THE “LIQUIDATING PARTY”) SHALL HAVE THE RIGHT TO (I) IMMEDIATELY CANCEL OR SUSPEND ITS DELIVERY OBLIGATIONS UNDER THIS AGREEMENT AND/OR OTHER AGREEMENTS BETWEEN THE PARTIES, (II) IMMEDIATELY OFFSET ANY PAYMENTS OR DELIVERIES DUE TO THE LIQUIDATING PARTY UNDER THIS AGREEMENT AND/OR OTHER AGREEMENTS BETWEEN THE PARTIES, AND/OR (III) ON NOTICE TO THE DEFAULTING PARTY TO TERMINATE AND LIQUIDATE THIS AGREEMENT, ANY OR ALL TRANSACTIONS HEREUNDER AND ANY OR ALL OTHER FORWARD CONTRACTS, SWAP AGREEMENTS AND MASTER NETTING AGREEMENTS BETWEEN THE PARTIES THEN OUTSTANDING AT ANY TIME OR FROM TIME TO TIME THEREAFTER (EACH A “TRANSACTION” AND, COLLECTIVELY, THE “TRANSACTIONS”) BY DESIGNATING A DATE (NOT EARLIER THAN THE DATE OF SUCH NOTICE AND NOT LATER THAN TWENTY (20) DAYS AFTER THE DATE OF SUCH NOTICE (AN “EARLY TERMINATION DATE”)) ON WHICH TO TERMINATE, LIQUIDATE AND ACCELERATE ALL SUCH OUTSTANDING TRANSACTIONS AND CALCULATE A TERMINATION PAYMENT (AS DEFINED BELOW) IN THE MANNER SET FORTH BELOW. NOTWITHSTANDING THE FOREGOING, IF THE DEFAULTING PARTY IS GOVERNED BY A SYSTEM OF LAW THAT DOES NOT PERMIT TERMINATION TO TAKE PLACE AFTER THE OCCURRENCE OF A DEFAULT SPECIFIED IN CLAUSE (A), (B) or (C) OF THIS SECTION 16, THEN NO  NOTICE SHALL BE REQUIRED UPON THE OCCURRENCE OF SUCH EVENT OF DEFAULT, IN WHICH CASE THE EARLY TERMINATION DATE SHALL BE DEEMED DESIGNATED IMMEDIATELY PRECEDING THE OCCURRENCE OF SUCH EVENT.

 

THE LIQUIDATING PARTY SHALL TERMINATE AND LIQUIDATE ANY OR ALL OUTSTANDING TRANSACTIONS BY:

 

(A) CALCULATING A SETTLEMENT PAYMENT FOR EACH SUCH TRANSACTION IN AN AMOUNT EQUAL TO THE LOSSES AND COSTS (OR GAINS) WHICH THE LIQUIDATING PARTY INCURS AS A RESULT OF THE CLOSING OUT OF SUCH TRANSACTION AS OF THE EARLY TERMINATION DATE (OR, IF THAT IS NOT REASONABLY PRACTICABLE, THE EARLIEST DATE THEREAFTER THAT IS REASONABLY PRACTICABLE), INCLUDING (AT THE ELECTION OF THE LIQUIDATING PARTY) ANY DAMAGES, COSTS AND EXPENSES WHICH IT INCURS AS A RESULT OF ITS MAINTAINING, TERMINATING AND/OR RE-ESTABLISHING ANY HEDGE OR RELATED TRADING POSITIONS (ALL AS DETERMINED BY THE LIQUIDATING PARTY IN A COMMERCIALLY REASONABLE MANNER) WHICH SETTLEMENT PAYMENT SHALL BE IMMEDIATELY DUE IN U.S. DOLLARS; AND

 

(B) DISCOUNTING EACH SETTLEMENT PAYMENT TO PRESENT VALUE AS OF THE EARLY TERMINATION DATE TO TAKE ACCOUNT OF THE PERIOD BETWEEN THE EARLY TERMINATION DATE AND THE DATE ON WHICH SUCH AMOUNT WOULD HAVE OTHERWISE BEEN DUE PURSUANT TO THE RELEVANT TRANSACTION (SUCH DISCOUNTING, INCLUDING THE INTEREST RATE THEREFOR, AS DETERMINED BY THE LIQUIDATING PARTY IN A COMMERCIALLY REASONABLE MANNER); AND

 

(C) SETTING OFF OR AGGREGATING, AS APPROPRIATE, ANY OR ALL SETTLEMENT PAYMENTS AND (AT THE ELECTION OF THE LIQUIDATING PARTY) ANY OR ALL OTHER AMOUNTS OWING BETWEEN THE PARTIES UNDER ANY TRANSACTIONS, SO THAT ALL SUCH AMOUNTS ARE AGGREGATED AND/OR NETTED TO A SINGLE LIQUIDATED AMOUNT PAYABLE BY ONE PARTY TO THE OTHER PARTY (SUCH AMOUNT, THE “TERMINATION PAYMENT”).

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

THE PARTY OWING THE TERMINATION PAYMENT SHALL PAY THE SAME, IN FULL, TO THE OTHER PARTY IN U.S. DOLLARS BY WIRE TRANSFER IN IMMEDIATELY AVAILABLE FUNDS WITHIN TWO BUSINESS DAYS AFTER RECEIVING THE RESULTS OF THE CALCULATION.  THE LIQUIDATION AND CLOSE-OUT OF ANY OR ALL TRANSACTIONS BETWEEN THE PARTIES IS IN ADDITION TO ANY OTHER RIGHTS AND REMEDIES WHICH THE LIQUIDATING PARTY MAY HAVE.”

 

L.                                     SECTION 17 IS HEREBY AMENDED BY ADDING, AT END OF 1ST SENTENCE OF SUCH SECTION, THE WORDS “OR FAILURE TO PERFORM ITS OBLIGATIONS UNDER THIS AGREEMENT”

 

M.                                 SECTION 18 IS HEREBY AMENDED BY (I) INSERTING “THE UNAVAILABILITY OR REDUCED WORKING CAPACITY OF ANY REQUIRED INFRASTRUCTURE,” IMMEDIATELY AFTER THE TERM “BREAKDOWNS,” IN THE 6TH LINE OF THE FIRST PARAGRAPH OF SUCH SECTION, (II) DELETING THE PHRASE “IN A MANNER SELLER DETERMINES TO BE EQUITABLE” AT THE END OF THE SECOND PARAGRAPH OF SUCH SECTION AND REPLACING IT WITH THE PHRASE “IN ANY MANNER SELLER DETERMINES IN ITS SOLE DISCRETION, INCLUDING, WITHOUT LIMITATION, BY REDUCING OR ELIMINATING SALES AND DELIVERIES TO BUYER TO SUCH EXTENT AS SELLER DETERMINES IN ITS SOLE DISCRETION”, (III) DELETING THE PHRASE “UNDER THIS AGREEMENT OR” IN THE SECOND LINE OF THE THIRD PARAGRAPH OF SUCH SECTION AND REPLACING IT WITH THE PHRASE “UNDER THIS AGREEMENT, TO SELL TO BUYER ANY ADDITIONAL PRODUCT(S) WHICH SELLER MAY ACQUIRE, OR TO”, (IV) DELETING THE PHRASE “3 CONSECUTIVE MONTHS” IN THE 1ST LINE OF THE 4TH PARAGRAPH OF SUCH SECTION AND REPLACING SUCH PHRASE WITH “30 CONSECUTIVE DAYS”, (V) IN THE 2ND LINE OF THE 4TH PARAGRAPH OF SUCH SECTION, INSERTING THE PHRASE “THE AFFECTED DELIVERIES UNDER” IMMEDIATELY AFTER THE PHRASE “MAY CANCEL” AND DELETING THE PHRASE “30 DAYS” AND REPLACING IT WITH “FIVE BUSINESS DAYS”, (VI) DELETING THE PHRASE “AND FULFILL ITS OBLIGATIONS UNDER THE AGREEMENT” AT THE END OF THE 5TH PARAGRAPH OF SUCH SECTION.

 

N.                                    SECTION 19 IS HEREBY DELETED IN ITS ENTIRETY AND REPLACED WITH THE FOLLOWING NEW SECTION 19:

 

19. SHORTAGE OF PRODUCT

 

“IF, IN THE EVENT OF ANY CURTAILMENT, SHORTAGE OR CESSATION IN SELLER’S EXISTING OR CONTEMPLATED SUPPLY OF PRODUCT TO BE SOLD HEREUNDER (INCLUDING AS THE RESULT OF A FAILURE BY ANY REFINERY TO DELIVER PRODUCT), OR IN THE RAW MATERIALS USED TO MANUFACTURE SUCH PRODUCT, IRRESPECTIVE OF THE CAUSE OR FORESEEABILITY OF SUCH CURTAILMENT, SHORTAGE OR CESSATION (EACH SUCH CURTAILMENT, SHORTAGE OR CESSATION, A “SHORTAGE OF PRODUCT”), SELLER EXPECTS THAT IT WILL NOT MEET ITS REQUIREMENTS FOR SALES TO CUSTOMERS, SELLER MAY REDUCE OR ELIMINATE SALES AND DELIVERIES TO BUYER TO SUCH EXTENT AS SELLER DETERMINES IN ITS SOLE DISCRETION DURING ANY SHORTAGE OF PRODUCT.  SELLER SHALL NOT BE OBLIGATED TO ACQUIRE ADDITIONAL PRODUCT(S) OR TO SELL TO BUYER ANY ADDITIONAL PRODUCT(S) WHICH SELLER MAY ACQUIRE.  THE PROVISIONS OF THIS SECTION 19 ARE IN ADDITION TO, AND NOT IN LIMITATION OF, THE FORCE MAJEURE PROVISIONS SET FORTH IN SECTION 18.  BUYER AGREES THAT THE ALLOCATION PROVISIONS OF SECTIONS 18 AND 19 ARE NOT MANIFESTLY UNREASONABLE AND THAT THE AGREEMENT IS ENTERED INTO IN RELIANCE ON SUCH SECTIONS, WHICH SECTIONS MAY RESULT IN BUYER RECEIVING NO PRODUCT IN THE EVENT OF A SHORTAGE OF PRODUCT OR AN EVENT OF FORCE MAJEURE.”

 

O.                                    (I) SECTION 21. a), b) AND c) ARE EACH HEREBY AMENDED BY DELETING THE PHRASE “TERMINATE THIS AGREEMENT” WHERE SUCH PHRASE APPEARS IN EACH SUCH SECTION AND REPLACING IT IN EACH INSTANCE WITH THE FOLLOWING PHRASE “EXERCISE ANY OF ITS RIGHTS AND REMEDIES UNDER SECTION 16”; AND (II) SECTION 21. c) IS HEREBY AMENDED BY INSERTING AFTER THE TERM “OBLIGATION” IN THE 1ST LINE OF SUCH SECTION, THE PHRASE “(OTHER THAN ANY OBLIGATION COVERED BY SECTION 21. d) OR 21. e))”.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

P.                                      SECTION 21. d) IS HEREBY AMENDED BY CAPITALIZING THE LETTER “S” AT THE BEGINNING OF THE TERM “SHORTAGE” IN THE THIRD LINE OF SUCH SECTION.

 

Q.                                    SECTION 21. e) IS HEREBY AMENDED BY DELETING THE PHRASE  “ON THE DATE THAT PAYMENT WOULD OTHERWISE BE DUE IN RESPECT OF THE MONTH WHEN THE FAILURE OCCURRED” AND REPLACING SUCH PHRASE WITH THE FOLLOWING: “WITHIN TWO BUSINESS DAYS OF RECEIPT OF SELLER’S INVOICE”.

 

R.                                    SECTION 23 IS HEREBY AMENDED BY DELETING THE SECOND PARAGRAPH IN SECTION 23 IN ITS ENTIRETY.

 

S.                                      SECTION 30 IS HEREBY DELETED IN ITS ENTIRETY AND REPLACED WITH THE FOLLOWING NEW SECTION 30:

 

30.   GOVERNING LAW

 

THE VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION AND ENFORCEMENT OF ITS TERMS, AND THE INTERPRETATION OF THE RIGHTS AND DUTIES OF THE PARTIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.  EXCLUSIVE JURISDICTION FOR ANY LITIGATION ARISING OUT OF THIS AGREEMENT OR ITS SUBJECT MATTER SHALL ONLY BE ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, STATE OF NEW YORK, TO WHOSE JURISDICTION THE PARTIES HEREBY SUBJECT THEMSELVES.  IN ANY SUCH PROCEEDING THE PARTIES HEREBY WAIVE ANY OBJECTION TO FORUM INCLUDING, WITHOUT LIMITATION, ANY OBJECTION BASED ON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE, OR INCONVENIENT FORUM.  EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY CLAIM, ACTION OR PROCEEDING, DIRECTLY OR INDIRECTLY ARISING OUT OF, OR RELATING TO, THIS AGREEMENT.  FURTHERMORE, EACH PARTY WAIVES ANY RIGHT TO CONSOLIDATE ANY ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS AGREEMENT.

 

T.                                     SECTION 31 IS HEREBY AMENDED BY DELETING (I) THE PROVISO IN THE FIRST SENTENCE, AND (II) THE LAST TWO FULL SENTENCES IN SUCH SECTION 31.

 

U.                                    SECTION 32 IS HEREBY AMENDED BY DELETING CLAUSES b.)  AND c.) OF SUCH SECTION IN THEIR ENTIRETY AND REPLACING THEM WITH “b.) RESERVED” AND “c.) RESERVED” RESPECTIVELY.

 

V.                                    SECTION 39 IS HEREBY DELETED IN ITS ENTIRETY.

 

W.           SECTION 43 IS HEREBY DELETED IN ITS ENTIRETY.

 

X.            PART 2 OF THE GTCS IS HEREBY DELETED IN ITS ENTIRETY.

 

13.  CONTACTS

 

A)  SELLER:

 

	
Notices:
    	
 
    	
 
    
	
Address:
    	
 
    	
Merrill Lynch Commodities, Inc.
    
	
 
    	
 
    	
20 E. Greenway Plaza, Suite 700
    
	
 
    	
 
    	
Houston, Texas 77046
    
	
Attention:
    	
 
    	
Chief Operating Officer
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

	
With a copy to (which   shall not constitute notice):
    	
 
    	
 

Merrill Lynch Commodities, Inc.
    
	
 
    	
 
    	
20 E. Greenway Plaza, Suite 900
    
	
 
    	
 
    	
Houston, Texas 77046
    
	
Attention:
    	
 
    	
Legal Department
    
	
Facsimile No.:
    	
 
    	
832-681-7217
    
	
 
    	
 
    	
 
    
	
Credit:
    	
 
    	
 
    
	
Email:
    	
 
    	
sergio.monge@baml.com
    
	
 
    	
 
    	
 
    
	
Attention:
    	
 
    	
Sergio Monge
    
	
Phone:
    	
 
    	
646-855-2788
    
	
 
    	
 
    	
 
    
	
Confirmations:
    	
 
    	
 
    
	
Email:
    	
 
    	
dg.mlci_confirmations@baml.com
    
	
 
    	
 
    	
 
    
	
Attention:
    	
 
    	
Vinod Mathew
    
	
Phone:
    	
 
    	
832-681-5521
    
	
Facsimile No.:
    	
 
    	
713-544-1507
    
	
 
    	
 
    	
 
    
	
Scheduling:
    	
 
    	
 
    
	
Attention:
    	
 
    	
Elvis Dragovcic
    
	
Phone:
    	
 
    	
646-855-8643
    
	
 
    	
 
    	
 
    
	
Email:
    	
 
    	
elvis.dragovcic@baml.com
    
	
 
    	
 
    	
 
    
	
Invoices and Payments:
    	
 
    	
 
    
	
Email:
    	
 
    	
dg.mlci_settlements@baml.com
    
	
 
    	
 
    	
 
    
	
Attention:
    	
 
    	
Suzette Guerrero
    
	
Phone:
    	
 
    	
832-681-5699
    
	
Facsimile No.:
    	
 
    	
832-681-7219
    

 

B)  BUYER:

 

CREDIT:

 

OPERATIONS:

 

SCHEDULING:

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, IN THE EVENT THAT A PARTY ISSUES INSTRUCTIONS TO CHANGE ITS ACCOUNT OR ACCOUNT INFORMATION FOR RECEIVING PAYMENTS, THE OTHER PARTY SHALL HAVE THE RIGHT, EXERCISABLE WITHIN 48 HOURS BUT AT LEAST ONE BUSINESS DAY FROM RECEIPT OF SUCH INSTRUCTIONS, TO REQUIRE INDEPENDENT CONFIRMATION OF THE AUTHENTICITY OF SUCH CHANGE PRIOR TO MAKING ANY PAYMENT TO SUCH FIRST PARTY.

 

PLEASE CONFIRM BY FAX TO 713-544-1467 THAT THE ABOVE ACCURATELY RECORDS THE TERMS AND CONDITIONS OF OUR AGREEMENT.  IF YOU DO NOT RESPOND WITHIN THREE (3) BUSINESS DAYS, ALL TERMS AND CONDITIONS OF THIS AGREEMENT SHALL BE BINDING.  IF YOU HAVE ANY QUESTIONS, PLEASE CALL 713-544-5600.

 

AGREED AS OF                          , 20  :

 

 

	
MERRILL LYNCH COMMODITIES, INC.
    	
 
    	
[PURCHASER]
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
 
    
	
Title:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Title:
    	
 
    
	
Date:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Date:
    	
]
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 5(a)

 

CALCULATION OF CRUDE OIL PRICE AMOUNT

 

“Applicable Crude Oil Differential” means, in respect of any delivery of Crude Oil made at the CO Delivery Point on any Day and sold by MLC to PESRM, the Crude Oil Differential that is applicable to such delivery of Crude Oil, as determined by MLC utilizing Crude Oil FIFO Pricing.

 

“Applicable Crude Oil Index Price” means, an amount (expressed in US Dollars per Barrel) equal to [**].

 

“Applicable Prepayment Amount” means, in respect of any delivery of Crude Oil made at the CO Delivery Point on any Day and sold by MLC to PESRM, an amount (expressed in US Dollars per Barrel) equal to the portion (if any) of any Prepayment Amount paid by PESRM to MLC that is attributable to such delivery of Crude Oil.

 

“Crude Oil Conversion Differential” means, the differential (which can be negative or positive) in respect of a CO Supply Contract that MLC has agreed to with the Counterparty to such contract, pursuant to the PESRM Buy Request for such contract. On the Day MLC enters into such contract, [**], provided MLC receives PESRM Buy Request prior to 1 P.M. EST.  In the event such request is not provided prior to 1 P.M. EST, MLC will (i) [**], and (ii) if MLC does not [**] (i), MLC will [**].  For [**].

 

“Crude Oil Differential” means, in respect of each CO Supply Contract that MLC has agreed to with the Counterparty to such contract, the contracted differential (which can be positive or negative) will be adjusted to incorporate the Crude Oil Conversion Differential for such contract for Crude Oil FIFO Pricing purposes.

 

“Crude Oil Index” means [**].

 

“Crude Oil Price” means an amount (expressed in US Dollars per Barrel) equal to (i) the Crude Oil Index Price plus (ii) the Applicable Crude Oil Differential.

 

“Calendar Month Crude Oil Differential” means, for a calendar month, the weighted average Crude Oil Differential for all CO Supply Contracts (i) with respect to waterborne foreign-origin Crude Oil for which the final Pricing Day with respect to such CO Supply Contract occurs in the calendar month prior to such calendar month and (ii) with respect to US-origin Crude Oil and non-waterborne Canadian-origin Crude Oil for the calendar month in which title transfer of such Crude Oil to MLC from the Counterparty is contracted to occur (Note: Any initial Crude Oil inventory purchased by MLC on the Closing Date will be a CO Supply Contract and will form part of the weighted average Crude Oil Differential for the calendar month in which the Closing Date occurs).

 

The Calendar Month Crude Oil Differential will be calculated two business Days prior to the start of the calendar month. If MLC enters into CO Supply Contract where title transfers to MLC in such calendar month the Calendar Month Crude Oil Differential will be recalculated to include

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

such contracts. The new Calendar Month Crude Oil Differential will be in effect from the calendar Day upon such recalculation.

 

“Carryover FIFO Crude Oil Inventory” means, the beginning Crude Oil inventory (expressed in Barrels) at 00:01AM on the 1st Day of a calendar month. MLC shall, in its reasonable discretion, determine the Crude Oil inventory on such Day (a) by reference to the data contained in the Daily Actual Production Book in respect of such Day. If the Daily Actual Production Book has not been timely delivered, MLC shall use the prior Day’s Daily Actual Production Book in respect of the missing data of such Day.

 

“Crude Oil FIFO Pricing” means, for a calendar month, the Carryover FIFO Crude Oil Inventory will be delivered at the CO/ Delivery Point first and will be sold by MLC to PESRM at the Calendar Month Crude Oil Differential from the prior calendar month until the Carryover FIFO Crude Oil Inventory is fully depleted. After the Carryover FIFO Crude Oil Inventory is consumed the balance of such calendar month will be sold to PESRM at theCalendar Month Crude Oil Differential for such calendar month.

 

“Crude Oil Price Amount” means, in respect of any delivery of Crude Oil made at the CO  Delivery Point on any Day and sold by MLC to PESRM, a US Dollar amount equal to (i) the product of the aggregate volume of such delivery (expressed in Barrels) and the applicable Crude Oil Price minus (ii) the Applicable Prepayment Amount (if any).  MLC shall, in its reasonable discretion, determine the aggregate volume sold by MLC to PESRM on any Day by reference to the data contained in the Daily Actual Production Book. If the Daily Actual Production Book has not been timely delivered, MLC shall use the prior Day’s Daily Actual Production Book in respect of the missing data of such Day.

 

“Deemed In Transit Inventory” means, the sum of the total barrels of crude produced in a calendar month as determined by the Daily Actual Production Book plus MLC Receipts plus the prior calendar month’s True Up Carryover FIFO Crude Oil Inventory minus the ending inventory in the last Day of the calendar month as determined by the Daily Actual Production Book.

 

“MLC Receipts” means, for a calendar month, the sum of the total barrels title transferred to MLC from a Counterparty associated with a CO Supply Contract (i) within such calendar month for US-origin Crude Oil and non-waterborne Canadian-origin Crude Oil, (ii) with respect to waterborne foreign-origin Crude Oil for which the final Pricing Day with respect to such CO  Supply Contract occurs in the calendar month prior to such calendar month, and (iii) any Volumetric Gains and Losses associated with such barrels in (i) and (ii).

 

“Pricing Day” means, in respect of any CO Supply Contract, the Day or Days (as specified in such contract) on which the price for some or all of the volume of Crude Oil to be delivered under such contract will be determined by reference to the settlement price for [**].

 

“True Up Calendar Month Crude Oil Differential” means, for a calendar month, the weighted average Crude Oil Differential for all CO  Supply Contracts (i) with respect to waterborne foreign-origin Crude Oil for which the final Pricing Day with respect to such CO Supply Contract occurs in the calendar month prior to such calendar month and (ii) with respect to US-

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

origin Crude Oil and non-waterborne Canadian-origin Crude Oil for the calendar month in which title transfer of such Crude Oil to MLC from the Counterparty has occurred.

 

“True Up Carryover FIFO Crude Oil Inventory” means, the sum of (i) the ending Crude Oil inventory (expressed in Barrels) on the last Day of a calendar month in the finalized Daily Actual Production Book and (ii) the sum of Deemed In Transit Inventory.

 

“True Up Crude Oil FIFO Pricing” means, for a calendar month, the True Up Carryover FIFO Crude Oil Inventory will be sold by MLC to PESRM at the True Up Calendar Month Crude Oil Differential from the prior calendar month until the True Up Carryover FIFO Crude Oil Inventory is fully depleted. After the True Up Carryover FIFO Crude Oil Inventory is consumed the balance of total barrels produced for such calendar month will be sold to PESRM at the True Up Calendar Month Crude Oil Differential for such calendar month as determined by the finalized Daily Actual Production Book.

 

“True Up Crude Oil Price Amount” means, for each calendar month, the difference between what PESRM provisionally paid MLC and what MLC should have received from PESRM, a US Dollar amount equal to (i) the weighted average Calendar Month Crude Oil Differential times the total crude oil production for the calendar month as determined by the Daily Actual Production Book, minus (ii) the prior month’s True Up Crude Oil FIFO Pricing times the True Up Carryover FIFO Crude Oil Inventory, minus (iii) the difference between the total crude oil production for the calendar month as determined by the Daily Actual Production Book and the True Up Carryover FIFO Crude Oil Inventory times such calendar month’s True Up Crude Oil FIFO Pricing. PESRM shall pay MLC the amount if such amount is negative, if such amount is positive MLC shall pay PESRM.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 5(b)

 

CALCULATION OF REFINED PRODUCT PRICE AMOUNT

 

Part I

 

Applicable Initial Refined Product Price” means a US Dollar amount equal to (i) the Applicable Refined Product Index Price, plus (ii) the Applicable Refined Product Locational Adjustment.

 

“Applicable Refined Product Index” means, in respect of any Refined Product, the “Index” specified for such Refined Product in the Refined Product Pricing Table in Part II of this Schedule 5(b).

 

“Applicable Refined Product Index Price” means, in respect of any delivery of any Refined Product made at the RP Delivery Point on any Day pursuant to a RP Transaction, an amount (expressed in US Dollars per Barrel or other applicable unit of measure) equal to [**].

 

“Applicable Refined Product Locational Adjustment” means, in respect of any Refined Product, the “Locational Adjustment” (which may be positive or negative) specified for such Refined Product in the Refined Product Pricing Table in Part II of this Schedule 5(b); provided, that the “Locational Adjustment” for any Refined Product shall be subject to adjustment (each an “ARPLA Revision”) based on material changes in the locational differential for such Refined Product from time to time by MLC in its commercially reasonable discretion.  MLC shall provide PESRM with prompt notice of any such adjustment. On the Day that any ARPLA Revision is made to the Applicable Refined Product Locational Adjustment for any Refined Product, the so revised Applicable Refined Product Locational Adjustment also shall be applied to all Refined Product inventory of the same type and Grade that was delivered to MLC at the RP Delivery Point on and before such Day, but that has not yet been delivered to any Product Purchaser at the Product Purchaser Delivery Point as of such Day (the “Relevant Refined Product Inventory”).  If the related ARPLA Revision Amount is negative, an amount equal to the absolute value of such ARPLA Revision Amount shall be payable by PESRM.  If the ARPLA Revision Amount is positive, it shall be payable by MLC.

 

“Applicable Third Party Refined Product Price Amount” means, in respect of any actual or deemed delivery of any Refined Product made at the Product Purchaser Delivery Point on any Day pursuant to a RP Sales Contract, an amount (expressed in US Dollars) equal to the product of the aggregate volume (expressed in the applicable unit of measure) of such delivery and the Applicable Third Party Refined Product Price.

 

“Applicable Third Party Refined Product Price” means, in respect of [**] on any Day pursuant to a RP Sales Contract, the price (expressed in US Dollars per Barrel or other applicable unit of measure) [**].

 

“Applicable True-Up Refined Product Price Amount” means, in respect of any delivery of any Refined Product made at the Product Purchaser Delivery Point on any Day, an amount (expressed in US Dollars) equal to the product of the aggregate volume (expressed in the applicable unit of measure) of such delivery and the Applicable True-Up Refined Product Price.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

“Applicable True-Up Refined Product Price” means an amount (expressed in US Dollars per Barrel or other applicable unit of measure) equal to (i) [**], plus (ii) [**].

 

“Applicable True-Up Refined Product Index Price” means, in respect of any delivery of any Refined Product made at the Product Purchaser Delivery Point on any Day, an amount (expressed in US Dollars) equal to [**] (x) [**] and (y) [**].

 

“ARPLA Revision Amount” means, in respect of any Refined Product, an amount (expressed in US Dollars) equal to the product of (x) the amount (expressed in US Dollars per applicable unit of measure) of [**] and (y) the volume (expressed in the applicable unit of measure) of the Relevant Refined Product Inventory.

 

“Initial Refined Product Price Amount” means, in respect of any delivery of any Refined Product made at the RP Delivery Point on any Day and sold by PESRM to MLC, an amount (expressed in US Dollars) equal to the product of (x) (i) the aggregate volume (expressed in Barrels or other applicable unit of measure) of such delivery and (y) [**].  MLC shall, in its reasonable discretion, determine the Initial Refined Product Price Amount in respect of any RP Transaction on any Day (i) by reference to the data and information contained in the Daily Actual Production Book in respect of such Day, or (ii) if no Daily Actual Production Book is timely delivered in respect of such Day, by reference to the last available Daily Actual Production Book.

 

“Refined Product Price Amount” means (i) in respect of any delivery of any Refined Product made at the RP Delivery Point on any Day pursuant to a RP Transaction, [**] and (ii) in respect of any delivery of any Refined Product made at the Product Purchaser Delivery Point on any Day, [**].

 

“True-Up Refined Product Price Amount” means, in respect of any actual or deemed delivery of any Refined Product made at the Product Purchaser Delivery Point on any Day pursuant to a RP Sales Contract, an amount (expressed in US Dollars) equal to the [**] minus [**].  Any True-Up Refined Product Price Amount that is a positive amount shall be payable by MLC.  If any True-Up Refined Product Price Amount is a negative amount, an amount equal to the absolute value thereof shall be payable by PESRM.  MLC shall, in its reasonable discretion, determine the True-Up Refined Product Price Amount in respect of any RP Transaction on any Day (i) by reference to the data and information contained in any timely delivered Daily Off-Premise Inventory Report in respect of such Day, or (ii) if no Daily Off-Premise Inventory Report is timely delivered in respect of such Day, by reference to any timely delivered Daily Estimated Off-Premise Summary in respect of such Day, or (iii) if no Daily Off-Premise Inventory Report or Daily Estimated Off-Premise Summary is timely delivered in respect of such Day (or if any such report or estimate is incomplete), by reference to a MLC OPI Estimate in respect of the missing data or information and such Day.

 

As used in this Schedule 5(b), the term “deemed” delivery means, in any case where a delivery of a Refined Product under a RP Sales Contract is priced on more than one Day, the related True-Up Refined Product Price Amount shall be calculated as if the aggregate volume of the relevant delivery had been made on a pro rata basis over the number of Days on which such delivery was priced.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

2

 

Part II

 

Refined Product Pricing Table

 

	
Refined Product
    	
 
    	
Index
    	
 
    	
Locational Adjustment
    
	
Distillate
    	
 
    	
[**]
    	
 
    	
$[**]/gallon
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Gasoline
    	
 
    	
[**]
    	
 
    	
$[**]/gallon
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Fuel Oil
    	
 
    	
[**]
    	
 
    	
+$[**]barrel
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
VGO
    	
 
    	
[**]
    	
 
    	
$[**]/gallon
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Butane
    	
 
    	
[**]
    	
 
    	
$[**]/gallon
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

3

 

SCHEDULE 5(c)

 

MARKET STRUCTURE

 

Part 1. Certain Defined Terms

 

	
Hydrocarbon Physical Inventory
    	
 
    	
“Hydrocarbon Physical Inventory” means, as of   any Day, (i) the physical volume of all in transit and in storage   hydrocarbons pledged to MLC in connection with the Secured Prepay   Transactions.
    
	
 
    	
 
    	
 
    
	
Priced Hydrocarbon Inventory
    	
 
    	
“Priced Hydrocarbon Inventory” means, as of   the end of any Day, (i) any volume of Hydrocarbon Physical Inventory for   which the price [**] and, without duplication, the CO Transactions, the RP   Transactions, the CO Supply Contracts, the RP Sales Contracts and the Cover   Transactions on or before [**], and (ii) any volume of Hydrocarbon Physical   Inventory [**]. The volume of Priced Hydrocarbon Inventory can be   substantially greater than, or substantially less than, the volume of the   Hydrocarbon Physical Inventory.

 

MLC shall, in its reasonable discretion determine   the Priced Hydrocarbon Inventory for which the price has been fixed on any   Day by reference to [**].
    
	
 
    	
 
    	
 
    
	
Auto Bin
    	
 
    	
[**], PESRM shall determine, and deliver, in respect   of all Priced Hydrocarbon Inventory for [**].

 

The categories of Priced Hydrocarbon Inventory are   (i) [**], (ii) [**] (iii) [**],(iv) [**], (v) [**] and (vi) [**].
    
	
 
    	
 
    	
 
    
	
Auto Bin Deemed Hedge Roll Period
    	
 
    	
For all Priced Hydrocarbon Inventory where the   Hydrocarbon Deemed Hedge Contract is [**] and for all Priced Hydrocarbon   Inventory where the Hydrocarbon Deemed Hedge Contract is not [**].

 

For each category of Priced Hydrocarbon Inventory   where the Hydrocarbon Deemed Hedge Contract is [**], MLC will [**], the   Estimated Auto Bin Deemed Hedge Roll Volume for such category from [**].

 

For each category of Priced Hydrocarbon Inventory   where the Hydrocarbon Deemed Hedge Contract is not [**], MLC will [**].
    
	
 
    	
 
    	
 
    
	
Auto Bin Deemed Hedge Roll
    	
 
    	
On any Day, an increase in [**] offset by a matching   reduction in [**].
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

	
Estimated Auto Bin Deemed Hedge Roll Volume
    	
 
    	
PES will project the volume of Priced Hydrocarbon   Inventory for the last Day of the relevant Auto Bin Deemed Hedge Roll Period   for each category of Priced Hydrocarbon Inventory.
    
	
 
    	
 
    	
 
    
	
Ending Auto Bin Deemed Hedge Roll Volume
    	
 
    	
Either (i) any volume of a category of Priced   Hydrocarbon Inventory not [**], or (ii) a [**].

 

For each category of Priced Hydrocarbon Inventory,   MLC will [**], in MLC’s commercially reasonable discretion.
    
	
 
    	
 
    	
 
    
	
PESRM Acknowledgement
    	
 
    	
PESRM Acknowledgement - For the avoidance of doubt,   PESRM acknowledges and agrees that MLC shall not be required to enter into   any futures contracts corresponding to any Hydrocarbon Deemed Hedge Contract   or deliver evidence of any such futures contract to PESRM.
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

2

 

Part 2. Hydrocarbon, Index and Hydrocarbon Deemed Hedge Contract Table

 

Table 1

 

	
Hydrocarbon
    	
 
    	
Index
    	
 
    	
Hydrocarbon Deemed Hedge
   Contract
    
	
Crude Oil
    	
 
    	
[**]
    	
 
    	
[**]
    
	
Gasoline
    	
 
    	
[**]
    	
 
    	
[**]
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Distillates
    	
 
    	
[**]
    	
 
    	
[**]
    
	
FUEL OIL
    	
 
    	
[**]
    	
 
    	
[**]
    
	
VGO
    	
 
    	
[**]
    	
 
    	
[**]
    
	
Butane
    	
 
    	
[**]
    	
 
    	
[**]
    

 

Part 3.   Hydrocarbon Deemed Hedge Contract and Position Limit Period Table

 

Table 2

 

	
Hydrocarbon Deemed
   Hedge Contract
    	
 
    	
Position Limit Period
    
	
[**]
    	
 
    	
[**]
    
	
[**]
    	
 
    	
[**]
    
	
[**]
    	
 
    	
[**]
    
	
[**]
    	
 
    	
[**]
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

3

 

SCHEDULE 6.17

 

FORM OF MLC GUARANTY

 

GUARANTY OF BANK OF AMERICA CORPORATION

 

For value received, the receipt of which is hereby acknowledged, Bank of America Corporation, a corporation duly organized and existing under the laws of the State of Delaware (“Bank of America”), hereby unconditionally guarantees to Philadelphia Energy Solutions Refining and Marketing LLC (the “Company”) the prompt payment of any and all obligations and liabilities of Merrill Lynch Commodities, Inc., a corporation organized under the laws of the State of Delaware (the “Affiliate”), any successors and permitted assigns, to the extent such successors or permitted assigns are direct or indirect wholly-owned subsidiaries of Bank of America, under the terms of (i) that certain Amended and Restated Supply and Offtake Agreement between the Company and the Affiliate, dated as of October 7, 2014 (as amended, supplemented or otherwise modified from time to time, the “SOA”), (ii) that certain ISDA 2002 Master Agreement, together with the Schedule, Exhibits and Annexes thereto, between the Company and the Affiliate, dated as of October 7, 2014 (as amended, supplemented or otherwise modified from time to time, the “Secured Prepay ISDA”), and (iii) that certain ISDA 2002 Master Agreement, together with the Schedule, Exhibits and Annexes thereto, between the Company and the Affiliate, dated as of October 7, 2014 (as amended, supplemented or otherwise modified from time to time, the “Derivatives ISDA”, each of the SOA, the Secured Prepay ISDA and the Derivatives ISDA, an “Agreement” and, collectively, the “Agreements”), including, in case of default, interest on any amount due, when and as the same shall become due and payable, whether on the scheduled payment dates, at maturity, upon declaration of termination or otherwise, after giving effect to any applicable notice requirement or grace period and, at all times, in accordance with the terms of the applicable Agreement.  In the event that the Affiliate fails to make any payment under any Agreement when due after giving effect to any applicable notice requirement and grace period, Bank of America hereby agrees to make such payment, or cause any such payment to be made, promptly upon receipt of written demand from the Company to Bank of America; provided, however, that delay by the Company in giving such demand shall in no event affect Bank of America’s obligations under this Guaranty.  This Guaranty shall remain in full force and effect or shall be reinstated (as the case may be) if at any time any payment guaranteed hereunder, in whole or in part, is rescinded or must otherwise be returned by the Company upon the insolvency, bankruptcy or reorganization of the Affiliate or otherwise, all as though such payment had not been made.

 

This Guaranty shall be one of payment and not of collection and shall be irrevocable in respect of any payment obligations incurred by the Affiliate under any Agreement prior to the termination of this Guaranty as further provided below.  Bank of America hereby agrees that its obligations hereunder shall be unconditional, irrespective of (i) the validity, regularity or enforceability (except as may result from any applicable statute of limitations) of any Agreement, (ii) the absence of any action to enforce the same, (iii) any waiver or consent by the Company concerning any provisions thereof, (iv) the rendering of any judgment against the Affiliate or any action to enforce the same or (v) any other circumstances that might otherwise constitute a legal or equitable discharge of a guarantor or a defense of a guarantor, other than defense of payment.  Bank of America covenants that this Guaranty shall not be discharged in

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

relation to any Agreement except by complete payment of the amounts payable under such Agreement.  This Guaranty shall continue to be effective if the Affiliate merges or consolidates with or into another entity, loses its separate legal identity or ceases to exist.

 

Bank of America hereby waives diligence, presentment, protest, notice of protest, acceleration, and dishonor, filing of claims with any court in the event of insolvency or bankruptcy of the Affiliate, all demands whatsoever, except as noted in the first paragraph hereof, and any right to require a proceeding first against the Affiliate.

 

Neither Bank of America nor the Company may assign its rights, interests or obligations hereunder to any other person (except by operation of law) without the prior written consent of the other party.

 

Bank of America shall not exercise any right that it may acquire by way of subrogation under this Guaranty, by payment made hereunder or otherwise, until all amounts then due and payable by the Affiliate under each Agreement shall have been paid in full. Subject to the foregoing, upon payment of all such obligations of the Affiliate, Bank of America shall be subrogated to the rights of the Company against the Affiliate, and the Company agrees to take at Bank of America’s expense such steps as Bank of America may reasonably request to implement such subrogation.

 

Bank of America shall reimburse the Company for any reasonable fees and expenses incurred by the Company in the enforcement of the Company’s rights under this Guaranty (including the reasonable fees and expenses of outside counsel) if Bank of America shall be found liable for any non-payment hereunder in a final, non-appealable judicial determination of a court of competent jurisdiction.  Bank of America shall not be required to pay, or otherwise be liable to, the Company for any consequential, indirect or punitive damages (including, but not limited to, opportunity costs or lost profits). The liability of Bank of America under this Guaranty and Company’s right of recovery under this Guaranty is limited to an aggregate amount of US $100,000,000 (One Hundred Million).

 

Bank of America hereby represents and warrants that this Guaranty constitutes the valid and binding obligation of Bank of America and does not violate or conflict with any applicable law.

 

This Guaranty may be terminated at any time by written notice to the Company by Bank of America, effective ninety (90) calendar days following receipt of such written notice by the Company or at such later date as may be specified in such written notice; provided, however, that this Guaranty shall continue in full force and effect with respect to any obligation of the Affiliate under any Agreement entered into prior to the effectiveness of such written notice of termination.

 

This Guarantee becomes effective in relation to each Agreement concurrent with the effectiveness of such Agreement, according to its terms.

 

This Guaranty shall be governed by and construed in accordance with the internal laws of the State of New York as applicable to contracts or instruments made and to be performed therein.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

2

 

[The remainder of this page is left intentionally blank.]

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

3

 

IN WITNESS WHEREOF, BANK OF AMERICA has caused this Guaranty to be executed in its corporate name by its duly authorized representative.

 

	
 
    	
BANK OF AMERICA CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
Date:
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

4

 

SCHEDULE 8.03(a)

 

NO CONFLICTS

 

None.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

SCHEDULE 8.03(b)

 

MATERIAL CONTRACTS

 

None.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 8.07

 

SUBSIDIARIES

 

PES Administrative Services, LLC

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 8.08(a)

 

LITIGATION

 

None.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 8.08(c)

 

MATERIAL PERMITS

 

None.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 8.18

 

ENVIRONMENTAL MATTERS

 

None.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 8.19

 

EFFECTIVE DATE INSURANCE

 

*Subject to the terms and conditions as more fully outlined in the policies referenced in this summary*

 

Worker’s Compensation (WC)/Employer’s Liability (EL):

 

Statutory WC/ $ 2 million EL/ $ 2 million Maritime Employer’s Liability (MEL); WC policy to be endorsed to include MEL and USL&H (Longshore Harbor Worker’s Compensation).

 

Automobile Liability (ex Physical Damage)

 

$2 million each accident; including heavy units/trucking operations, with MCS-90 endorsement.

 

Commercial General Liability

 

$5 million per occurrence Self Insured Retention.

 

Umbrella/Excess Liability

 

$525 million each occurrence/ annual aggregate; First $190 million is placed on occurrence form with additional excess layers placed on occurrence as reported and/or claims made basis.

 

The umbrella policy has same or broader coverage terms as primary policies (Employers Liability, Auto, and MTOL policies) and does cover pollution and clean-up costs of up to $525 million limit each occurrence/annual aggregate.

 

Premises Pollution Liability

 

$50 million per “Pollution Condition”/ $50 million aggregate limit “Pollution Conditions” excess of a $1,000,000 “Per Pollution Condition” Retention.

 

Marine Terminal Operators Liability (MTOL)

 

$50 million combined Warfingers/Stevedores Limits; With Wharfingers/ Stevedores scheduled into the Umbrella/Excess Liability above the $50 million layer; Policy includes pollution/environmental clean-up costs.

 

Charterers Legal Liability Coverage

 

Coverage includes $500 million primary coverage for liability insurance for practically all maritime legal liability risks associated with the chartering of a vessel.  Which includes, but not limited to: Charterers Legal Liability, Damage to Hull, and Cargo Owners Legal Liability.  The cover also includes a number of extensions, including Freight Demurrage & Defense (FDD), which is subject to sublimits.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

Business Interruption

 

Business Interruption coverage is included in the $1 billion combined Property Damage and Business Interruption limit.  Business Interruption amount with an Indemnity Period of 24 months. Business Interruption is covered in excess of 60 working days up to a combined single limit of USD 1bn per occurrence Property Damage and Business Interruption combined.

 

Property Damage (PD)

 

Property Damage is covered on the basis of All Risk coverage with a number of exclusions excess of USD 10 million deductible per occurrence up to a combined single limit Property Damage and Business Interruption combined of USD 1bn per occurrence. Within this loss limit several sublimits apply. There is an aggregated USD 479 million in coverage for flood, USD 398 million for high hazard flood (Zones A&V), and USD 467 million in coverage for Windstorm.

 

Terrorism Primary

 

USD 250mm Property Damage and Business Interruption excess of $250,000 PD and 45 days BI deductible

 

Terrorism Excess

 

USD 250mm excess of the primary limit of 250MM

 

All Risk Cargo Insurance Includes the below 2 Policies:

 

Ocean Marine Cargo Insurance

 

Attaching for 100% percent interest, but not exceeding $25,000,000 Dollars for the primary coverage level and $95,000,000 for the excess coverage level (for a total of $120,000,000), by any one vessel

 

Cargo Storage Coverage (Marine Cargo)

 

USD 40mm any one loss any one location/tank in excess of the USD 1mm deductible

 

Other requirements

 

Reputable Insurance companies rated not less than A-, VIII by A.M. Best or otherwise reasonably satisfactory to MLC

MLC named as additional insured on all liability policies other than Worker’s Compensation and Employers Liability

Cancellation provision (30 days notice to MLC prior to cancellation)

Waiver of subrogation against MLC

All insurance maintained on a primary, non-contributory basis

Insurance certificates provided to MLC

MLC named as loss payee on all property policies:

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

2

 

Lenders Loss Payable Clause

 

a)             Loss or damage, if any, under this Policy, shall be paid to any lender designated by the Insured and in possession of a written contract, hereinafter referred to as “the Lender”, as their interests may appear, its successors and assigns in whatever form or capacity its interests may appear and whether said interest be vested in said Lender in its individual or in its disclosed or undisclosed fiduciary or representative capacity, or otherwise, or vested in a nominee or trustee of said Lender.

 

b)             The insurance under this Policy, or any rider or endorsement attached thereto, as to the interest only of the Lender, its successors and assigns, shall not be invalidated nor suspended: (a) by any error, omission, or chance respecting the ownership, description, possession, or location of the subject of the insurance or the interest therein, or the title thereto; (b) by the commencement of foreclosure proceedings or the giving of notice of sale of any of the property covered by this Policy by virtue of any mortgage or trust deed; (c) by any breach of warranty, act, omission, neglect or non-compliance with any of the provisions of this Policy, including any and all riders now or hereafter attached thereto, by the Named Insured, the borrower, mortgagor, trustor, vendee, owner, tenant, warehouseman, custodian, occupant, or by the agents of either or any of them or by the happening of any event permitted by them or either of them, or their agents, or which they failed to prevent, whether occurring before or after the attachment of this clause, or whether before or after a loss, which under the provisions of this Policy of insurance or of any rider or endorsement attached thereto would invalidate or suspend the insurance as to the Named Insured, excluding herefrom, however, any acts or omissions of the Lender while exercising active control and management of the property.

 

c)              In the event of failure of the Insured to pay any premium or additional premium which shall be or become due under the terms of this Policy or on account of any change in occupancy or increase in hazard not permitted by this Policy, this Insurer agrees to give written notice to the Lender of such non-payment of premium after thirty (30) days from and within one hundred twenty (120) days after due date of such premium and it is a condition of the continuance of the rights of the Lender hereunder that the Lender when so notified in writing by this Insurer of the failure of the Insured to pay such premium shall pay or cause to be paid the premium due within ten (10) days following receipt of the Insurer’s demand in writing therefor.  If the Lender shall decline to pay said premium or additional premium, the rights of the Lender under this Lender’s Loss Payable Clause shall not be terminated before ten (10) days after receipt of said written notice by the Lender.

 

d)             Whenever this Insurer shall pay to the Lender any sum for loss or damage under this Policy and shall claim that as to the Insured no liability therefor exists, this Insurer, at its option, may pay the Lender the whole principle sum and interest and other indebtedness due or to become due from the Insured, whether secured or unsecured, (with refund of all interest not accrued), and this Insurer, to the extent of such payment, shall thereupon receive a full assignment and transfer, without recourse, of the debt and all rights and securities held as collateral thereto.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

3

 

e)              If there be any other insurance upon the within described property, this Insurer shall be liable under this Policy as to the Lender for the proportion of such loss or damage that the sum hereby insured bears to the entire insurance of similar character on said property under policies held by, payable to and expressly consented to the Lender.  Any Contribution Clause included in any Fallen Building Clause Waiver or any Extended Coverage Endorsement attached to this contract of insurance is hereby nullified, and also any Contribution Clause in any other endorsement or rider attached to this contract of insurance is hereby nullified except Contribution Clauses for the compliance with which the Insured has received reduction in the rate charged or has received extension of the coverage to include hazards other than fire and compliance with such Contribution Clause is made a part of the consideration for insuring such other hazards.  The Lender upon the payment to it of the full amount of its claim, will subrogate this Insurer (pro rata with all other insurers contributing to said payment) to all of the Lender’s rights of contribution under said other insurance.

 

f)               This Insurer reserves the right to cancel this Policy at any time, as provided by its terms, but in such case this Policy shall continue in force for the benefit of the Lender for ninety (90) days after a written notice of such cancellation is received by the Lender and shall then cease.

 

g)              This Policy shall remain in full force and effect as to the interest of the Lender for a period of ten (10) days after its expiration unless an acceptable Policy in renewal thereof with loss thereunder payable to the Lender in accordance with the terms of this Lender’s Loss Payable Clause shall have been issued by some insurance Insurer and accepted by the Lender.

 

h)             Should legal title to and beneficial ownership of any of the property covered under this Policy become vested in the Lender or its agents, insurance under this Policy shall continue for the term thereof for the benefit of the Lender but, in such event, any privileges granted by this Lender’s Loss Payable Clause which are not also granted the Insured under the terms and conditions of this Policy and/or under other riders or endorsements attached thereto shall not apply to the insurance hereunder as respects such property.

 

All notices herein provided to be given by the Insurer to the Lender in connection with this Policy and this Lender’s Loss Payable Clause shall be mailed to or delivered to the Lender at its office or branch described on the first page of the Policy.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

4

 

SCHEDULE 8.22

 

LOCATION OF MATERIAL COLLATERAL

 

** Not refinery

** Not SXL crude

 

	
SPMT, Belmont
    	
 
    	
2700 W. Passyunk Ave.
    	
 
    	
Philadelphia
    	
 
    	
PA
    	
 
    	
19145-5205
    
	
SPMT, Westville
    	
 
    	
1000 Crown Point Rd.
    	
 
    	
Westville
    	
 
    	
NJ
    	
 
    	
08093-1317
    
	
PPC Sinking Spring
    	
 
    	
901 Mountain Home Rd.
    	
 
    	
Sinking Spring
    	
 
    	
PA
    	
 
    	
19608
    
	
PPC Highspire
    	
 
    	
900 S. Eisenhower Blvd.
    	
 
    	
Middletown
    	
 
    	
PA
    	
 
    	
17057-5503
    
	
PPC Mechanicsburg
    	
 
    	
127 Texaco Rd.
    	
 
    	
Mechanicsburg
    	
 
    	
PA
    	
 
    	
17050-2626
    
	
PPC Altoona
    	
 
    	
1100 Burns Ave.
    	
 
    	
Altoona
    	
 
    	
PA
    	
 
    	
16602
    
	
PPC Northumberland
    	
 
    	
PO Box 300
    	
 
    	
Northumberland
    	
 
    	
PA
    	
 
    	
17857-0300
    
	
PPC Kingston
    	
 
    	
60 S. Wyoming Ave.
    	
 
    	
Edwardsville
    	
 
    	
PA
    	
 
    	
18704-3102
    
	
PPC Allentown
    	
 
    	
1134 N. Quebec St.
    	
 
    	
Allentown
    	
 
    	
PA
    	
 
    	
18109-1609
    
	
SPMT Fullerton
    	
 
    	
2480 Main Street
    	
 
    	
Whitehall
    	
 
    	
PA
    	
 
    	
18052-4607
    
	
SPMT Tonawanda
    	
 
    	
3733 River Road
    	
 
    	
Tonawanda
    	
 
    	
NY
    	
 
    	
14150
    
	
SPMT Rochester
    	
 
    	
1840 Lyell Avenue
    	
 
    	
Rochester
    	
 
    	
NY
    	
 
    	
14606
    
	
PPC Coraopolis South (PPC)
    	
 
    	
9 Thorn Street
    	
 
    	
Coraopolis
    	
 
    	
PA
    	
 
    	
15108
    
	
PPC Dupont
    	
 
    	
675 Suscon Road
    	
 
    	
Pittston
    	
 
    	
PA
    	
 
    	
18640
    
	
SPMT Van Buren
    	
 
    	
2951 Energy Drive
    	
 
    	
Warners
    	
 
    	
NY
    	
 
    	
13164
    
	
SPMT, Eagle Point
    	
 
    	
1000 Crown Point Rd.
    	
 
    	
Westville
    	
 
    	
NJ
    	
 
    	
08093-1317
    
	
KMI, Carteret, NJ
    	
 
    	
78 Lafayette Street
    	
 
    	
Carteret
    	
 
    	
NJ
    	
 
    	
07008
    
	
NuStar, Linden NJ
    	
 
    	
3700 South Wood Ave
    	
 
    	
Linden
    	
 
    	
NJ
    	
 
    	
07036
    
	
SPMT Paulsboro NJ
    	
 
    	
825 Clonmell Rd.
    	
 
    	
Paulsboro
    	
 
    	
NJ
    	
 
    	
08066
    
	
Transflo
    	
 
    	
3600 Moore Street
    	
 
    	
Philadelphia
    	
 
    	
PA
    	
 
    	
19145
    
	
SPMT Marcus Hook
    	
 
    	
100 Green Street
    	
 
    	
Marcus Hook
    	
 
    	
PA
    	
 
    	
19103
    
	
SPMT, Exton
    	
 
    	
601 East Lincoln Highway
    	
 
    	
Exton
    	
 
    	
PA
    	
 
    	
19341
    
	
SPMT, Fort Mifflin
    	
 
    	
#4 Hog Island Road
    	
 
    	
Philadelphia
    	
 
    	
PA
    	
 
    	
19153
    
	
SPMT, Darby Creek Tank Farm
    	
 
    	
1201 Calcon-Hook Road
    	
 
    	
Sharon Hill
    	
 
    	
PA
    	
 
    	
19079
    
	
Sunoco Pipeline L.P.
    	
 
    	
525 Fritztown Road
    	
 
    	
Sinking Spring
    	
 
    	
PA
    	
 
    	
19608
    
	
Buckeye Partners
    	
 
    	
One Greenway Plaza, Suite 600
    	
 
    	
Houston
    	
 
    	
TX
    	
 
    	
77046
    
	
Colonial Pipeline Company
    	
 
    	
P.O. Box 101789
    	
 
    	
Atlanta
    	
 
    	
GA
    	
 
    	
30392
    
	
Schuylkill River Tank Farm
    	
 
    	
3270 South 70th Street
    	
 
    	
Philadelphia
    	
 
    	
PA
    	
 
    	
19153
    
	
Girard Point Refinery
    	
 
    	
3001 Penrose Ave.
    	
 
    	
Philadelphia
    	
 
    	
PA
    	
 
    	
19145
    
	
Point Breeze Refinery
    	
 
    	
3144 W. Passyunk Ave.
    	
 
    	
Philadelphia
    	
 
    	
PA
    	
 
    	
19145
    

 

Material in transit or stored on vessels from time to time.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

SCHEDULE 9.03

 

NO CONFLICTS

 

None.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

SCHEDULE 9.04

 

LITIGATION

 

None.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

SCHEDULE 10.04

 

INSURANCE REQUIREMENTS

 

Worker’s Compensation (WC)/Employer’s Liability (EL):

 

Statutory WC/ $1 million EL/ $1 million Maritime Employer’s Liability (MEL); WC policy to be endorsed to include MEL and USL&H (Longshore Harbor Worker’s Compensation)

 

Automobile Liability (ex Physical Damage)

 

$1 million each accident; higher limits for heavy units/trucking operations, as appropriate, with MCS-90 endorsement

 

Commercial General Liability

 

$5,000,000 per occurrence Self Insured Retention

 

Umbrella/Excess Liability

 

$400 million each occurrence/ annual aggregate; First $100 million must be placed on occurrence form with additional excess layers placed on occurrence as reported and/or claims made basis

 

The umbrella policy must have same or broader coverage terms as primary policies (CGL, Auto, and MTOL policies) and must cover known  Sudden and Accidental clean-up costs of up to $400,000,000 limit each occurrence/annual aggregate

 

Premises Pollution Liability

 

$25 million per “Pollution Condition”/ $50 million aggregate limit “Pollution Conditions” excess of a $1,000,000 “Per Pollution Condition” Retention.

 

Marine Terminal Operators Liability (MTOL)

 

$25 million combined MTOL; With MTOL scheduled into the Umbrella/Excess Liability above $25 million; Must include pollution/environmental clean-up costs, if applicable.

 

Charterers Legal Liability

 

Coverage includes $500 million primary coverage for liability insurance for practically all maritime legal liability risks associated with the chartering of a vessel.  Which includes, but not limited to: Charterers Legal Liability, Damage to Hull, and Cargo Owners Legal Liability.  The cover also includes a number of extensions, including Freight Demurrage & Defense (FDD), which is subject to sublimits.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

Business Interruption

 

In an amount reasonably satisfactory to  MLC

 

Property Damage (PD)

 

$750 million* combined single limit each occurrence, subject to annual (lower) aggregate limits for certain perils (e.g., floods, earth movement, etc.), of $200 million to $300 million*.  Must provide all risk protection for direct physical loss or damage to the assets as result from fire, flood, earth movement, etc.   Also must include direct coverage for machinery and equipment.

 

Terrorism

 

$500 million* each occurrence / annual aggregate, covering all assets on a replacement cost basis

 

All risk Cargo Insurance includes the below 2 Policies:

 

Ocean Marine Cargo Insurance

 

Coverage should include full market value for product in transit and in storage.

 

Cargo Storage Coverage (Marine Cargo)

 

Coverage should include full market value for product in transit and in storage.

 

*Please note that these limits are based upon estimates from MLC’s experience with other refineries; MLC reserves the right to require higher limits for these coverages in the event that the EML (estimated maximum loss) analysis shows higher exposures. 

 

Other requirements

 

Reputable Insurance companies rated not less than A-, VIII by A.M. Best or otherwise reasonably satisfactory to MLC

 

MLC named as additional insured on all liability policies other than Worker’s Compensation and Employers Liability

 

MLC named as loss payee on all property policies

 

Cancellation provision (30 days notice to MLC prior to cancellation)

 

Waiver of subrogation against MLC

 

All insurance maintained on a primary, non-contributory basis

 

Insurance certificates provided to MLC

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

2

 

SCHEDULE 10.18

 

FORM OF THIRD PARTY CONSENT AGREEMENT

 

THIS THIRD PARTY CONSENT AND ACCESS AGREEMENT (this “Agreement”) is made and entered into as of [·], [·] by and among [                         ] (“Owner”), [Merrill Lynch Commodities, Inc.] (“MLC”), in its capacity as collateral agent for the benefit of the SOA Secured Parties (as defined herein) (in such capacity, the “SOA Collateral Agent”), and Philadelphia Energy Solutions Refining and Marketing LLC (“PESRM”).

 

RECITALS

 

WHEREAS, Owner is the owner and operator of certain [·] facilities and equipment appurtenant thereto described in Schedule A attached hereto or otherwise used under or in connection with any amendment, restatement, supplement to, or modification of, the Infrastructure Agreement (as defined below) to which the SOA Collateral Agent shall have consented (the “Infrastructure”);

 

WHEREAS, PESRM has the right to use the Infrastructure pursuant to that certain [                         ] Agreement, dated as of [·], [·], by and between Owner and PESRM, an executed copy of which, together with all amendments thereto in effect as of the date hereof, are attached hereto as Exhibit A (as amended, restated, supplemented or otherwise modified from time to time, the “Infrastructure Agreement”);

 

WHEREAS, PESRM desires that all hydrocarbons that it owns and which are stored in the Infrastructure shall be considered Collateral Liquids (as defined below);

 

WHEREAS, PESRM has entered into that certain Amended and Restated Supply and Offtake Agreement, dated as of October 7, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Supply and Offtake Agreement”), by and among PESRM, the guarantors party thereto from time to time, and MLC;

 

WHEREAS, in connection with the Supply and Offtake Agreement, pursuant to that certain Second Amended and Restated Pledge and Security Agreement dated as of October 7, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “SOA Security Agreement”) by and among PESRM, the grantors party thereto from time to time and the SOA Collateral Agent, as collateral agent for, among others, certain secured parties (such secured parties, the “SOA Secured Parties”), in order to secure PESRM’s obligations under the Supply and Offtake Agreement and certain other agreements, PESRM granted in favor of the SOA Collateral Agent, for the benefit of itself and the SOA Secured Parties, a lien on and security interest in PESRM’s right, title and interest in, the collateral described therein, including, without limitation, all hydrocarbons (including, without limitation, all crude oil, refined products and butane) accepted by Owner at the Infrastructure for the account of PESRM (the “Collateral Liquids”); and

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

WHEREAS, in connection with the Supply and Offtake Agreement and the SOA Security Agreement, PESRM is required to execute and deliver, and to cause Owner to execute and deliver, this Agreement.

 

AGREEMENT

 

NOW, THEREFORE, for and in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

Acknowledgments, Waivers, Disclaimers and Representations.

 

1.             Acknowledgment of SOA Security Agreement: Owner hereby acknowledges the SOA Security Agreement by and between, inter alia, PESRM and the SOA Collateral Agent, and the liens and security interests in favor of the SOA Collateral Agent, for the benefit of itself and the SOA Secured Parties, created thereunder in the Collateral Liquids (collectively, the “Security Interests”).

 

2.             Supply and Offtake Secured Party as Third Party Beneficiary: Owner acknowledges and agrees that, notwithstanding anything in the Infrastructure Agreement to the contrary, the SOA Collateral Agent shall be a permitted third party beneficiary of the Infrastructure Agreement to the extent required to enforce its rights hereunder.

 

3.             PESRM as Responsible Party Under the Infrastructure Agreement: PESRM agrees and acknowledges that notwithstanding the rights granted to the SOA Collateral Agent, PESRM will continue to be liable to Owner for all obligations under the Infrastructure Agreement.  This Agreement does not limit any rights Owner may have under the Infrastructure Agreement as it relates to the Collateral Liquids; provided that, neither the SOA Collateral Agent nor the SOA Secured Parties shall be liable to Owner for any costs, fees or monetary obligations arising under the Infrastructure Agreement other than (i) any Cure Payment and (ii)  any Removal Period Fees as set forth in Section B.2.c.; and provided further that, any and all liens on the Collateral Liquids, whether now existing or hereafter held by or on behalf of, or created for the benefit of, Owner or any agent or trustee therefor regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all liens and security interests of the SOA Collateral Agent in and on the Collateral Liquids pursuant to the SOA Security Agreement, and that any and all liens on the Collateral Liquids in favor of Owner shall be automatically, unconditionally and simultaneously released upon any disposition of Collateral Liquids by the SOA Collateral Agent, without any action on the part of Owner or any agent or trustee therefor; provided that, in the event that all obligations of PESRM to the SOA Collateral Agent and the SOA Secured Parties are paid in full in cash (in accordance with the terms of the Supply and Offtake Agreement and the SOA Security Agreement) by the proceeds of any such disposition of Collateral Liquids, and if and to the extent that there are thereafter any remaining proceeds of such disposition, then and only then shall Owner (or any agent or trustee therefor, if applicable) be entitled to such liens in respect of such remaining proceeds as may arise under the Infrastructure Agreement.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

4

 

4.             Limitation on Damages: NO PARTY TO THIS AGREEMENT SHALL BE LIABLE, RESPONSIBLE OR ACCOUNTABLE IN DAMAGES OR OTHERWISE FOR ANY INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY OR INDIRECT DAMAGES IN TORT, CONTRACT OR OTHERWISE, UNDER OR ON ACCOUNT OF THIS AGREEMENT.

 

Covenants of Owner as to Access.

 

1.             Directions from SOA Collateral Agent: PESRM hereby directs, and Owner hereby covenants and agrees that, throughout the term of the Infrastructure Agreement and for the Removal Period (as defined below), Owner shall take and comply with lawful directions or instructions from the SOA Collateral Agent (in each case, given in accordance with the terms of the Infrastructure Agreement) related to the Collateral Liquids but from (and only from) persons named on a written list provided to it by, and from time to time revised by, the SOA Collateral Agent.  PESRM acknowledges that in the event that Owner receives conflicting directions or instructions from PESRM and the SOA Collateral Agent, Owner shall be under no duty to follow the directions or instructions of PESRM.

 

2.             Removal of Collateral Liquids: The term “Removal Period” means a period of 30 days after the expiration or termination of the Infrastructure Agreement, during which the SOA Collateral Agent may remove the Collateral Liquids from the Infrastructure; provided that, such 30 day period will be tolled during any period of force majeure under the Infrastructure Agreement during which the SOA Collateral Agent is restricted from removing the Collateral Liquids and during any period in which the SOA Collateral Agent has been stayed from taking action to remove the Collateral Liquids by any court of competent jurisdiction or other governmental authority.

 

a.             Owner irrevocably grants the SOA Collateral Agent the right (without any obligation to do so) to remove the Collateral Liquids from the Infrastructure at any time or from time to time during the Removal Period, subject to the terms and conditions hereof.

 

b.             During the Removal Period, Owner covenants and agrees that it will perform such [storage, terminaling and other services] as are required under the Infrastructure Agreement (as if the Infrastructure Agreement had not expired or been terminated) and as the SOA Collateral Agent may reasonably request and as may be reasonably required to remove the Collateral Liquids from the relevant Infrastructure, at the costs or rates established in the Infrastructure Agreement (as the same may be escalated from time to time in accordance with the terms of the Infrastructure Agreement, but excluding penalties and interest) (collectively, the “Removal Period Fees”).  The SOA Collateral Agent shall also be obligated to cure any default of PESRM for ordinary course storage and terminaling fees, at such costs or rates as are then applicable (excluding penalties and interest), accrued and unpaid through the day prior to the first day of the Removal Period and not, for the avoidance of doubt, for any other amounts owed by PESRM, whether by reason of termination, acceleration, as damages or otherwise, and Owner shall have no liens (statutory or otherwise) on Collateral Liquids in respect of any such amounts (the fees referred to in this sentence being collectively referred to as the “Cure Payment”).

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

5

 

3.             Applicability of Infrastructure Agreement Provisions: Owner’s obligations to provide services to the SOA Collateral Agent hereunder are limited by the terms and conditions under the Infrastructure Agreement.  At all times during the Term, the SOA Collateral Agent shall be subject to the operational provisions and procedures of the Infrastructure Agreement.  During the Removal Period, the SOA Collateral Agent shall also be subject to all other provisions of the Infrastructure Agreement as they relate to the Collateral Liquids, including provisions dealing with the payment of taxes and fees, making customs arrangements and insurance, in each case, solely to the extent such obligations correspond to the Removal Period.

 

4.             Notice of PESRM Failure to Pay or Perform: Owner hereby covenants and agrees that it will promptly deliver notice to the SOA Collateral Agent and PESRM (a “Default Notice”) of any failure by PESRM to perform any of its obligations (including payment obligations) under the Infrastructure Agreement and, in the event it delivers a termination notice to PESRM, will simultaneously provide the SOA Collateral Agent with a copy of such termination notice.

 

5.             Amendments to the Infrastructure Agreement: PESRM hereby agrees (and acknowledges to Owner) that it shall not agree to any material amendment of the Infrastructure Agreement without prior written notice to, and the prior written consent of, the SOA Collateral Agent.

 

Covenants of Owner Regarding Operational Matters Related to Collateral Liquids.

 

Owner hereby covenants and agrees as follows:

 

1.             Transfers of Collateral Liquids: Except as expressly provided in the Infrastructure Agreement or pursuant to Section B, Owner will not move any Collateral Liquids to facilities or infrastructure other than the Infrastructure, except in the event of an emergency, and then subject to, as soon as practicable following such emergency condition being remedied, the prompt return of the transferred Collateral Liquids to the Infrastructure.

 

2.             Reports; Invoices: Owner shall, simultaneously with the delivery thereof to PESRM, deliver to the SOA Collateral Agent (a) such reports as Owner is required to provide to PESRM under the Infrastructure Agreement, and (b) each invoice or statement under the Infrastructure Agreement.

 

3.             Measurement; Metering:  Owner shall calibrate any tanks that make up a portion of the Infrastructure and verify the accuracy of the sampling and measurement equipment at the Infrastructure, as applicable, pursuant to the latest established API/ASTM standards.  Owner shall provide and maintain meters at the Infrastructure, as applicable.  The SOA Collateral Agent, at its sole cost and expense, may appoint an independent inspector, on a commercially reasonable basis and at reasonable times and upon reasonable notice, to:  (a) test the quality and measure the quantity of Collateral Liquids received into and delivered from the Infrastructure, (b) test the quality and measure the quantity of the Collateral Liquids in the Infrastructure at any given time, (c) gauge any tanks that make up a portion of the Infrastructure, and/or (d) witness tank gauging performed by PESRM or Owner.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

6

 

Miscellaneous Provisions.

 

1.             Successors and Assigns; Refinancing: The terms and provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors and assigns of Owner, the SOA Collateral Agent (and its designee(s) and assignee(s), the SOA Secured Parties, and their respective successors and assigns (including, without limitation, any lender, lessor, agent and/or other entity that purchases, refinances, replaces or supplements all or any portion of any existing credit arrangements, indebtedness or other obligations of PESRM).  Owner hereby acknowledges that PESRM (or an affiliate of PESRM) may, from time to time during the term of the Infrastructure Agreement, refinance the indebtedness and other obligations incurred in connection with the transactions contemplated by the Supply and Offtake Agreement pursuant to a bank financing, an institutional financing, a capital markets financing, a lease financing or any other combination thereof or other form of financing or otherwise enter into substitute arrangements relating to the transactions contemplated by the Supply and Offtake Agreement.  Owner hereby consents to the provisions of this Agreement continuing to apply to the Infrastructure Agreement in connection with any such refinancing; provided that, the assignee agrees that the terms and provisions of this Agreement shall apply with respect to such assignment.  In furtherance of the foregoing, in connection with any such refinancing or substitute arrangements, Owner agrees that (a) (i) references herein to “SOA Collateral Agent” shall be deemed to be references to the applicable successor, transferor or assignee of the SOA Collateral Agent providing such refinancing or substitute arrangements and (ii) references herein to the “Supply and Offtake Agreement” shall be deemed to be references to the corresponding agreements entered into in connection with such refinancing or substitute arrangements, and (b) if requested by PESRM (or its applicable affiliate), it shall enter into a new consent, substantially in the form of this Agreement, in favor of the parties providing such refinancing or substitute arrangements.  Owner shall disclose the terms and conditions of this Agreement to any purchaser, transferee or successor to Owner’s interest in the Infrastructure.

 

2.             Notices: All notices, requests, statements or payments required to be made under this Agreement shall be made as specified below. All notices are required to be in writing and shall be delivered by letter, facsimile, electronic mail or other documentary form. Notice by facsimile, electronic mail or hand delivery shall be deemed to have been received on the business day on which it was transmitted or delivered (unless transmitted or delivered after 5:00PM Eastern Time or on a day other than a business day, in which case it shall be deemed received on the next business day).  A Party may change its addresses by providing notice of same in accordance herewith.  Notices shall be sent as follows:

 

If to Owner, addressed to:

 

[Name of Owner]
 [Address]
 Attn: [                             ]
 Email: [                             ]

 

If to the SOA Collateral Agent, addressed to:

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

7

 

[Merrill Lynch Commodities, Inc.]
 [Address]
 Attn: [                             ]
 Email: [                             ]

 

With a copy to:

 

Skadden, Arps, Slate, Meagher & Flom LLP
 Four Times Square
 New York, NY 10036-652
 Attention: Tatiana Monastyrskaya, Esq.
 Fax Number: [                       ]
 Email: tatiana.monastyrskaya@skadden.com

 

3.             Governing Law, Submission to Jurisdiction, and Waiver of Jury Trial: THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  EACH PARTY HEREBY SUBMITS ITSELF TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT OF COMPETENT JURISDICTION SITUATED IN THE BOROUGH OF MANHATTAN, STATE OF NEW YORK OR, IF ANY FEDERAL COURT DECLINES TO EXERCISE OR DOES NOT HAVE JURISDICTION, IN ANY NEW YORK STATE COURT IN THE BOROUGH OF MANHATTAN, STATE OF NEW YORK, AND TO SERVICE OF PROCESS BY CERTIFIED MAIL, DELIVERED TO THE PARTY AT ITS LAST DESIGNATED ADDRESS. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION TO THE JURISDICTION OF ANY SUCH COURT OR TO THE VENUE THEREIN OR ANY CLAIM OF INCONVENIENT FORUM OF SUCH COURT. EACH PARTY FURTHER WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING RELATING TO THIS AGREEMENT.

 

4.             Term: This Agreement expires on the first to occur of the following: (i) the date on which the Supply and Offtake Agreement shall have terminated and all obligations of PESRM to the SOA Collateral Agent and the SOA Secured Parties shall have been satisfied; and (ii) the later of the date of expiration of (A) the term of the Infrastructure Agreement and (B) the Removal Period (the “Term”).  The SOA Collateral Agent shall provide prompt written notice to Owner of the date the Supply and Offtake Agreement shall have terminated and all obligations of PESRM to the SOA Collateral Agent and the SOA Secured Parties shall have been satisfied.

 

5.             Severability: If at any time any court of competent jurisdiction declares that any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any applicable law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the applicable law of any other jurisdiction will, in any way, be affected or impaired. The parties will negotiate in good faith with a view to reform this Agreement in order to give effect to the original intention of the parties and produce as nearly as is practicable in all the circumstances

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

8

 

the appropriate balance of the commercial interests of the parties. The failure to agree upon such provisions for any reason or no reason shall not be considered a breach of this Agreement.

 

6.             Waiver: No failure to exercise, nor any delay in exercising, any right, power or remedy under this Agreement or provided by applicable law shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies (provided by applicable law or otherwise). Any waiver of any breach of this Agreement shall not be deemed to be a waiver of any subsequent breach.

 

7.             Entire Agreement: This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no oral agreements among the parties.  In the event of any conflict between the terms of this Agreement and the terms of the Infrastructure Agreement, the terms of this Agreement shall prevail.

 

8.             Amendment: No amendment or waiver of any provision of this Agreement, and no consent to any departure by any party therefrom, shall in any event be effective unless the same  shall be in writing and signed by the parties, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

9.             Survival: Except where otherwise specified herein, the covenants, representations and warranties contained in this Agreement and any document, certificate or other instrument delivered by or on behalf of a party pursuant to this Agreement shall survive expiration or termination of this Agreement and shall continue in full force and effect for the benefit of the party to whom they are given. No expiration or termination of this Agreement, however effected, shall affect or extinguish any rights or obligations of the parties which accrued prior to the date of termination or affect or extinguish any remedies available to any party by contract, at law, in equity or otherwise.

 

10.          Further Assurances: Each party shall in good faith take all such further commercially reasonable actions requested by any other party and shall execute, acknowledge and deliver all such further documents as are reasonably requested by such other party to carry out the purposes of this Agreement.

 

11.          Counterparts: 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. Delivery of an electronic counterpart shall be effective as manual delivery thereof.

 

[SIGNATURE PAGE FOLLOWS]

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

9

 

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed and delivered by their respective duly authorized officers as of the date first above written.

 

	
[OWNER]
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
PHILADELPHIA   ENERGY SOLUTIONS REFINING AND MARKETING LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
[MERRILL   LYNCH COMMODITIES, INC.],
    	
 
    
	
as SOA Collateral Agent
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

 

SCHEDULE 11.01(z)

 

EXISTING INDEBTEDNESS

 

None.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 11.02(c)

 

EXISTING LIENS

 

None.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 11.04(b)

 

EXISTING INVESTMENTS

 

None.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 11.08

 

EXISTING TRANSACTIONS

 

None.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

SCHEDULE 12

 

COVER TRANSACTION PRICING AND FEES

 

Part I.  Calculation of Throughput Service Fees

 

“CO Cover Throughput Service Fee” means, with respect to any CO Cover  Transaction, $[**]/Barrel for each Barrel of Crude Oil delivered by MLC to a third party pursuant to such CO Cover Transaction”

 

“RP Cover Throughput Service Fee” means, with respect to any RP Cover Transaction, $[**]/Barrel for each Barrel of Refined Product delivered by a third party to MLC pursuant to such RP Cover Transaction.

 

Part II.  Calculation of Cover Transaction Price Amount

 

“Cover Transaction Price Amount” means any CO Cover Transaction Price Amount and/or any RP Cover Transaction Price Amount, as applicable.

 

“CO Cover Transaction Price Amount” means, for any CO Cover Delivery Day in respect of any Crude Oil delivered to any Cover Counterparty pursuant to a CO Cover Transaction and purchased from a Counterparty under the corresponding CO Supply Contract, an amount equal to the sum of (i) [**], and (ii) [**].  If the CO Cover Transaction Price Amount is a negative number, the absolute value of such amount will be payable by PESRM to MLC, and, if the CO Cover Transaction Price Amount is a positive number, such amount will be payable by MLC to PESRM.  Notwithstanding the foregoing, the CO Cover Transaction Price Amount for the sale of any Crude Oil held in storage at the Refinery or the Required Infrastructure pursuant to any CO Cover Transaction shall be an amount that is mutually agreed by MLC and PESRM with respect to such transaction.

 

“CO Cover Delivery Day” means any Day on which Crude is delivered to a Cover Counterparty pursuant to a CO Cover Transaction at the delivery point for such transaction.

 

“CO Cover True-Up Amount” means, for any CO Cover Delivery  Day in respect of any Crude Oil delivered to a Cover Counterparty pursuant to a CO Cover Transaction and purchased from a Counterparty under the corresponding CO Supply Contract, an amount equal to the product of (i) [**] and (ii) the quantity of Crude Oil delivered to such Cover Counterparty on such Day pursuant to such CO Cover Transaction.

 

“CO Cover Purchase Conversion Differential” means, in respect of any CO Supply Contract that is priced by reference to any CO index (each, a “CO Index A”) that [**], an amount (expressed in US Dollars per Barrel) equal to [**]; provided, that, in respect of any CO Supply Contract that is priced by reference to the same CO index used by MLC with respect to the applicable Hydrocarbon Deemed Hedge Contract for such CO Supply Contract, the CO Cover Purchase Conversion Differential shall be [**].

 

“CO Cover Pricing Day” means, in respect of any CO Cover Transaction or its  corresponding CO Supply Contract, the Day or Days (as specified in such CO Cover Transaction or CO Supply

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

Contract) on which the price for some or all of the volume of the Crude Oil, as applicable, to be delivered under such transaction will be determined.

 

“CO index” means, with respect to any CO Cover Transaction, any CO Supply Contract and any related hedging transaction, [**].

 

“CO Cover Sale Conversion Differential” means, in respect of any Crude Oil sold pursuant to a CO Cover Transaction, an amount (expressed in US Dollars per Barrel) equal to [**] minus the settlement price [**] for such CO Cover Transaction.

 

“CO Index C” means, with respect to any CO Cover Contract, the CO index used to price such CO Cover Contract.

 

“CO Adjustment True-Up Amount” means, for any CO Cover Pricing Day with respect to any CO Cover Transaction, an amount equal to (i) [**] minus (ii) [**].  If a CO Adjustment True-Up Amount is negative, the absolute value of such amount will be payable by PESRM to MLC, and, if the CO Adjustment True-Up Amount is positive, such amount shall be payable by MLC to PESRM.

 

“CO Cover Transaction Adjustment Amount” means, for any CO Cover Delivery  Day with respect to any CO Cover Transaction, an amount equal to the product of (i) the quantity of the Crude Oil delivered by MLC under such transaction on such Day and (ii) the CO Grade Differential applicable to such CO Cover Transaction.

 

“CO Grade Differential” means, in respect of any CO Supply Contract and any CO Cover Transaction, an amount (expressed in US Dollars per Barrel) equal to the grade differential (which may be positive or negative) that MLC agreed to with the Counterparty to such CO Supply Contract on the trade date of such contract.

 

“CO Supply Contract Adjustment Amount” means, for any CO Cover Delivery Day with respect to any CO Supply Contract, an amount equal to the product of (i) the quantity of the Crude Oil delivered to MLC on such Day under such transaction and (ii) the CO Grade Differential applicable to such CO Supply Contract.

 

“RP Cover Transaction Price Amount” means, for any Day in respect of any Refined Product purchased pursuant to an RP Cover Transaction and sold and delivered to a Product Purchaser pursuant to an RP Sales Contract, an amount equal to the sum of (i) [**], and (ii) [**].  If the RP Cover Transaction Price Amount is a negative number, the absolute value of such amount will be payable by MLC to PESRM, and, if the RP Cover Transaction Price Amount is a positive number, such amount will be payable by PESRM to MLC.

 

“RP Cover True-Up Amount” means, for any RP Cover Pricing Day in respect of any Refined Product purchased pursuant to an RP Cover Transaction and sold and delivered to a Product Purchaser under an RP Sales Contract, an amount equal to the product of (i) [**], and (ii) the quantity of Refined Product delivered to such Product Purchaser on such Day that corresponds to the applicable RP Cover Transaction.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

2

 

“RP Cover Pricing Day” means, in respect of any RP Cover Transaction or its  corresponding RP Sales Contract, the Day or Days (as specified in such RP Cover Transaction or RP Sales Contract) on which the price for some or all of the volume of the Refined Product, as applicable, to be delivered under such transaction will be determined.

 

“RP Cover Purchase Conversion Differential” means, for any RP Cover Pricing Day in respect of any RP Cover Transaction that is priced by reference to a Refined Product index (each, a “RP Index A”) that [**] an amount (which may be positive or negative), expressed in US Dollars per Barrel or other applicable unit of measure, equal to [**]; provided, that, in respect of any RP Cover Transaction that is priced by reference to the same Refined Product index used by MLC with respect to the applicable Hydrocarbon Deemed Hedge Contract for such RP Cover Transaction, the RP Cover Purchase Conversion Differential shall be [**].

 

“RP Cover Sale Conversion Differential” means, for any RP Cover Pricing Day in respect of any Refined Product purchased pursuant to an RP Cover Transaction and sold to a Product Purchaser to satisfy [**], an amount (which may be positive or negative), expressed in US Dollars per Barrel or other applicable unit of measure, equal [**] minus [**].

 

“RP Index C” means, with respect to any RP Sales Contract, the Refined Product index used to price such RP Sales Contract.

 

“RP Adjustment True-Up Amount” means, for any RP Cover Pricing Day with respect to any RP Cover Transaction, an amount equal to (i) [**] minus (ii) [**].  If an RP Adjustment True-Up Amount is positive, such amount will be payable by PESRM to MLC, and, if an RP Adjustment True-Up Amount is negative, the absolute value of such amount shall be payable by MLC to PESRM.

 

“RP Cover Transaction Adjustment Amount” means, for any RP Cover Pricing Day with respect to any RP Cover Transaction, an amount equal to the product of (i) the quantity of the Refined Product delivered to MLC under such transaction on such Day and (ii) the applicable RP Cover Transaction Fixed Amount.

 

“RP Cover Transaction Fixed Amount” means, with respect to any RP Cover Transaction, [**].

 

“RP Sales Contract Adjustment Amount” means, for any RP Cover Pricing Day with respect to any RP Sales Contract, an amount equal to the product of (i) the quantity of the Refined Product delivered by MLC on such Day under such transaction and (ii) the applicable RP Sales Contract Adjustment.

 

“RP Sales Contract Adjustment” means, with respect to any RP Sales Contract, [**].

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

3

 

ANNEX II

 

REFINERY MAP AND LEGEND

 

I. Maps — See next page.

 

II. Legend

 

	
 
    	
 
    	
Location
    	
 
    	
Identifier on Infrastructure
   ID
    
	
Refinery (SR) Tank
    	
 
    	
Schuylkill River Tank Farm
    	
 
    	
SR
    
	
Refinery (GP) Tank
    	
 
    	
Girard Point North and South Yards
    	
 
    	
GP
    
	
Refinery (PB) Tank
    	
 
    	
Point Breeze North and South Yards; Fort Mifflin
    	
 
    	
PB
    
	
Refinery (DC) Tank
    	
 
    	
Darby Creek Tank Farm
    	
 
    	
DC
    

 

Note: On the maps, dotted line tanks are demolished; some other tanks may be permanently or temporarily out of service.

 

** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

1

 

 

	

    	
Creek Tank Farm   Darby L2 uPrERir.lil LWRF.111FELD 00 I/ OUBA TANKS DARBY CREEK TANK FARM Pb   7Th I\ .HL F9ELrJ LJH IEJ .0 -fl MI 4Li.iILIIMI I.J \.KT rut.l-lO -ivF.E-J IE   PC-$4HP 925799.1 lB-New York Server 3A MSW ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. 
    

 

	

    	
Crude Terminal   Fort Mifflin SOLIH s-lIP LANE OBBL9LL Eli PLANE JP ..5i EF TCcLLy 20 60   BSOUTHYARD TANK FARM V4 LINE 1C 7U7 Hfl iSLANI3 ..4 rJ1Jt 1-ift.iO vt3r 21m_r   pL-r 1b-i aIII ._p 34.3E ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. Server 3A MSW lB-New York 925799.1 
    

 

	

    	
Breeze North   Yard Terminal Point Propane BB SUBSTATION Ml PB PROPANE TERM INAL fl -nfl MSW   lB-New York Server 3A ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. 925799.1 
    

 

	

    	
Point Breeze   North Yard Tankage UTll"ll n T T T"\ n 'T"' A 'T'T "11. T   ** Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. 925799.11B-New York Server 3A   • MSW 
    

 

	

    	
Point Breeze   North Yard: High Pressure Butane Spheres 1i ::u·:·a :t:::· r r) III L/_J / (   \ 634 "'-----... ../' I 925799.11B-New York Server 3A • MSW ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. nco wos :r.1: ; :.· l;G r: 
    

 

	

    	
storage Butane   pressure Low Noah yard Breeze point 1929 ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. york Sen CI 
    

 

	

    	
Point Breeze   South Yard: North Half near Belmont Rack ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. 925799.11B-New York Server 3A • MSW 
    

 

 

	

    	
Point Breeze   South Yard: Middle Section <:> "BE" SUBSTATION -   -+-----1--"BL" ) ) 925799.11B-New York Server 3A • MSW ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. 
    

 

	

    	
Point Breeze   South Yard Southern Section 26th Street along JJf J--NO.OOO CAT UNIT frC L c/   flIT_No8A6LK9YTJNH 7//7/ htirno /4\\\ j Ti Et /1 CUE SL-\flGJ_M I/I Li._   itnrit cTTTnm HI mTrcxT Server 3A MSW 925799.1 lB-New York ** Certain   information in this document has been omitted and filed separately with the   Securities and Exchange Commission. Confidential treatment has been requested   with respect to the omitted portions. 
    

 

	

    	
Point Breeze   South Yard: Northern Half of Crude Storage Area 925799.11B-New York Server 3A   • MSW ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. 
    

 

	

    	
Point Breeze   South Yard: Southern Half of Crude Storage Area, and Distillate Storage   "\' I I 0 ! I ji 925799.11B-New York Server 3A • MSW **Certain information   in this document has been omitted and filed separately with the Securities   and Exchange Commission. Confidential treatment has been requested with   respect to the omitted portions. 
    

 

	

    	
Point Breeze   South Yard: Southern Tip / .... y· \ \ \ \ · \ ** Certain information in this   document has been omitted and filed separately with the Securities and   Exchange Commission. Confidential treatment has been requested with respect   to the omitted portions. 925799.11B-New York Server 3A • MSW 
    

 

	

    	
Girard Point   North Yard: Northern Storage Area t' _,--" ,-I \ \ I \ I -.. / / CA   925799.11B-New York Server 3A • MSW ** Certain information in this document   has been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. 
    

 

 

	

    	
Girard Point   North Tank Field j I ( OLD BOILER OUSE 925799.11B-New York Server 3A • MSW **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions. 
    

 

	

    	
Girard Point   South Yard, including Benzene Rack ** Certain information in this document   has been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. 925799.11B-New York Server 3A • MSW 
    

 

	

    	
Tank Farm   Northwest River Quadrant Schuykill -a4 18 L1ft6L CREST GOOD QU WOz ATLr.rIC   4fl r40 X% citusn 925799.1 lB-New York Server 3A MSW ** Certain information   in this document has been omitted and filed separately with the Securities   and Exchange Commission. Confidential treatment has been requested with   respect to the omitted portions. 
    

 

	

    	
River Tank Farm   Schuykill Southwest Quadrant P-\2 I-PL HPL E.G PcCactCt ccL it GO .O./ccj   fO./ccs Cort t40 til Nt p.O VoDtcttc c.c rfl tSast$%S pw To %O6 CcwiI CoflE   FMtA .o./C F.o/CCS q1 1i Lj Lt Ce GO tt PRD\4C or C6LeN% ncruNC Fc.Dts rrct   MSW 925799.1 lB-New York Server 3A ** Certain information in this document   has been omitted and filed separately with the Securities and Exchange   Commission. Confidential treatment has been requested with respect to the   omitted portions. 
    

 

	

    	
Schuykill River   Tank Farm : Northeast Quadrant · , \. -.:...... ·'1.11.YI. , . C. l......   1•'""1> I ,... 'M • Y 'a/>.I·Joi!U'I 1·f,w.'l> C&\ l •   llHf ll y L lllo" ** Certain information in this document has been   omitted and filed separately with the Securities and Exchange Commission.   Confidential treatment has been requested with respect to the omitted   portions. 925799.1 1B-New York Server 3A-MSW 
    

 

	

    	
River Tank Farm   Southeast Quadrant Schuykill brtp.NL -ttn flfo% MSW 925799.1 lB-New York   Server 3A ** Certain information in this document has been omitted and filed   separately with the Securities and Exchange Commission. Confidential   treatment has been requested with respect to the omitted portions. 
    

 

	

    	
Tank Farm   Butane River and Propane Schuykill in 925799.1 lB-New York Server 3A MSW **   Certain information in this document has been omitted and filed separately   with the Securities and Exchange Commission. Confidential treatment has been   requested with respect to the omitted portions.Exhibit 10.18

 

Execution Copy

 

 

 

REFINING CONTRIBUTION AGREEMENT

 

BY AND AMONG

 

PHILADELPHIA ENERGY SOLUTIONS LLC,

 

SUNOCO, INC.

 

AND

 

CARLYLE PES, L.L.C.

 

DATED AS OF JULY 2, 2012

 

 

 

 

	
TABLE OF   CONTENTS
    
	
 
    
	
ARTICLE I
    
	
 
    
	
DEFINED   TERMS
    
	
 
    
	
Section 1.1
    	
Defined   Terms
    	
2
    
	
Section 1.2
    	
Headings;   References; Interpretation
    	
20
    
	
 
    	
 
    	
 
    
	
ARTICLE II
    
	
 
    
	
CONTRIBUTIONS, ISSUANCES,   TRANSFER OF ASSETS
    
	
AND   ASSUMPTION OF LIABILITIES
    
	
 
    	
 
    	
 
    
	
Section 2.1
    	
TCG   Contribution
    	
21
    
	
Section 2.2
    	
Sunoco   Contribution
    	
22
    
	
Section 2.3
    	
NewCo   Issuances
    	
23
    
	
Section 2.4
    	
Excluded   Assets
    	
24
    
	
Section 2.5
    	
Assumed   Liabilities
    	
25
    
	
Section 2.6
    	
Excluded   Liabilities
    	
26
    
	
Section 2.7
    	
Inadvertent   Transfers
    	
27
    
	
Section 2.8
    	
Effect   of Consents to Transfer Not Obtained
    	
28
    
	
Section 2.9
    	
Inventory   Adjustments
    	
29
    
	
Section 2.10
    	
Intermediary   Closing
    	
31
    
	
 
    	
 
    	
 
    
	
ARTICLE III
    
	
 
    
	
CLOSING
    
	
 
    	
 
    	
 
    
	
Section 3.1
    	
Closing
    	
31
    
	
Section 3.2
    	
Deliveries
    	
32
    
	
 
    	
 
    	
 
    
	
ARTICLE IV
    
	
 
    
	
REPRESENTATIONS   AND WARRANTIES OF SUNOCO
    
	
 
    	
 
    	
 
    
	
Section 4.1
    	
Organization;   Qualification
    	
34
    
	
Section 4.2
    	
Authority;   Enforceability
    	
35
    
	
Section 4.3
    	
No   Violation; Consents and Approvals
    	
35
    
	
Section 4.4
    	
Financial   Statements
    	
36
    
	
Section 4.5
    	
Material   Contracts
    	
36
    
	
Section 4.6
    	
Authorizations
    	
37
    
	
Section 4.7
    	
Compliance   with Law
    	
38
    
	
Section 4.8
    	
Proceedings
    	
38
    
	
Section 4.9
    	
Taxes
    	
38
    
	
Section 4.10
    	
Environmental
    	
39
    

 

i

 

	
Section 4.11
    	
Benefit   Plan Matters
    	
40
    
	
Section 4.12
    	
Labor   Matters
    	
41
    
	
Section 4.13
    	
Intellectual   Property
    	
42
    
	
Section 4.14
    	
Refinery   Assets
    	
43
    
	
Section 4.15
    	
Title   to Assets
    	
44
    
	
Section 4.16
    	
Affiliate   Transactions
    	
44
    
	
Section 4.17
    	
Finder’s   Fees
    	
44
    
	
 
    	
 
    	
 
    
	
ARTICLE V
    
	
 
    
	
REPRESENTATIONS   OF TCG
    
	
 
    	
 
    	
 
    
	
Section 5.1
    	
Organization;   Qualification
    	
45
    
	
Section 5.2
    	
Authority;   Enforceability
    	
45
    
	
Section 5.3
    	
No   Violation; Consents and Approvals
    	
45
    
	
Section 5.4
    	
Financing
    	
46
    
	
Section 5.5
    	
Finder’s   Fees
    	
47
    
	
 
    	
 
    	
 
    
	
ARTICLE VI
    
	
 
    
	
INDEMNIFICATION
    
	
 
    	
 
    	
 
    
	
Section 6.1
    	
Survival
    	
47
    
	
Section 6.2
    	
Indemnification   by Sunoco
    	
47
    
	
Section 6.3
    	
Indemnification   by NewCo
    	
48
    
	
Section 6.4
    	
Contingent   First Recourse against Sunoco Captive Insurer
    	
48
    
	
Section 6.5
    	
Indemnification   Procedures
    	
48
    
	
Section 6.6
    	
Limitations   on Indemnification
    	
50
    
	
Section 6.7
    	
Remediation
    	
51
    
	
Section 6.8
    	
Exclusive   Remedy
    	
53
    
	
 
    	
 
    	
 
    
	
ARTICLE VII
    
	
 
    
	
EMPLOYEE   MATTERS
    
	
 
    	
 
    	
 
    
	
Section 7.1
    	
Employment   Offers
    	
53
    
	
Section 7.2
    	
Benefits   Plans, Employment Practices and Pay Practices
    	
54
    
	
Section 7.3
    	
WARN   Act
    	
56
    
	
Section 7.4
    	
Workers’   Compensation
    	
56
    
	
Section 7.5
    	
Non-Solicitation
    	
57
    
	
Section 7.6
    	
No   Third Party Beneficiary
    	
57
    

 

ii

 

	
ARTICLE VIII
    
	
 
    
	
PRE-CLOSING   COVENANTS
    
	
 
    	
 
    	
 
    
	
Section 8.1
    	
Operation   of the Business
    	
57
    
	
Section 8.2
    	
Appropriate   Action; Consents: Filings
    	
59
    
	
Section 8.3
    	
Access   to Information
    	
63
    
	
Section 8.4
    	
Title   and Surveys/Pennsylvania Clearance Certificates
    	
64
    
	
Section 8.5
    	
Exclusivity
    	
65
    
	
Section 8.6
    	
Interim   Services
    	
65
    
	
Section 8.7
    	
Financial   Statements
    	
65
    
	
Section 8.8
    	
RCRA   Permits
    	
65
    
	
Section 8.9
    	
Actions   by NewCo and Contributing Subsidiaries
    	
66
    
	
Section 8.10
    	
Acknowledgments;   Bulk Transfer Laws
    	
66
    
	
Section 8.11
    	
Foreign   Trade Zone
    	
67
    
	
Section 8.12
    	
Sunoco   Names and Marks; Removal of Signs and Logos
    	
67
    
	
Section 8.13
    	
Release   and Replacement of Bonds, Guaranties, etc.
    	
68
    
	
Section 8.14
    	
Public   Announcements
    	
68
    
	
Section 8.15
    	
Structure   Cooperation
    	
68
    
	
 
    	
 
    	
 
    
	
ARTICLE IX
    
	
 
    
	
CLOSING   CONDITIONS
    
	
 
    	
 
    	
 
    
	
Section 9.1
    	
Conditions   to Obligations of Each Party Under this Agreement
    	
69
    
	
Section 9.2
    	
Additional   Conditions to the Obligations of Sunoco
    	
69
    
	
Section 9.3
    	
Additional   Conditions to the Obligations of TCG
    	
70
    
	
 
    	
 
    	
 
    
	
ARTICLE X
    
	
 
    
	
TERMINATION
    
	
 
    	
 
    	
 
    
	
Section 10.1
    	
Termination
    	
71
    
	
Section 10.2
    	
Effect   of Termination
    	
72
    
	
Section 10.3
    	
Maximum   Liability
    	
72
    
	
 
    	
 
    	
 
    
	
ARTICLE XI
    
	
 
    
	
POST-CLOSING   COVENANTS
    
	
 
    	
 
    	
 
    
	
Section 11.1
    	
Further   Assurances
    	
73
    
	
Section 11.2
    	
Collection   of Amounts Owed to a Party
    	
73
    
	
Section 11.3
    	
Access:   Records
    	
74
    
	
Section 11.4
    	
Property   Taxes
    	
74
    
	
Section 11.5
    	
Transfer   Taxes
    	
75
    
	
Section 11.6
    	
Tax   Cooperation
    	
75
    

 

iii

 

	
Section 11.7
    	
Tax   Treatment; Reporting
    	
75
    
	
Section 11.8
    	
Confidentiality
    	
76
    
	
Section 11.9
    	
Existing   Confidentiality Agreements
    	
76
    
	
Section 11.10
    	
North   and West Yards
    	
77
    
	
Section 11.11
    	
Marcus   Hook
    	
77
    
	
 
    	
 
    	
 
    
	
ARTICLE XII
    
	
 
    
	
MISCELLANEOUS
    
	
 
    	
 
    	
 
    
	
Section 12.1
    	
Entire   Agreement; Amendment; Waivers
    	
78
    
	
Section 12.2
    	
Parties   in Interest
    	
78
    
	
Section 12.3
    	
Assignment
    	
78
    
	
Section 12.4
    	
Expenses
    	
79
    
	
Section 12.5
    	
Notices
    	
79
    
	
Section 12.6
    	
Severability
    	
80
    
	
Section 12.7
    	
Governing   Law
    	
80
    
	
Section 12.8
    	
Jurisdiction;   WAIVER OF TRIAL BY JURY
    	
81
    
	
Section 12.9
    	
Remedies;   Specific Performance
    	
81
    
	
Section 12.10
    	
Time   of the Essence
    	
82
    
	
Section 12.11
    	
Counterparts;   Effectiveness
    	
82
    
	
Section 12.12
    	
No   Presumption Against Drafting Party
    	
83
    

 

iv

 

Exhibits

 

	
Exhibit A
    	
 
    	
Advisory   Agreement Term Sheet
    
	
Exhibit B
    	
 
    	
Amended &   Restated NewCo LLC Agreement
    
	
Exhibit C
    	
 
    	
Line-Fill   Promissory Note Term Sheet
    
	
Exhibit D
    	
 
    	
Registration   Rights Agreement Term Sheet
    
	
Exhibit E
    	
 
    	
Retail   Agreement Term Sheet
    
	
Exhibit F
    	
 
    	
SXL   Agreements Term Sheet
    
	
Exhibit G
    	
 
    	
TSA   Term Sheet
    
	
Exhibit H
    	
 
    	
In-Process   Promissory Note Term Sheet
    
	
Exhibit I
    	
 
    	
Cross   License Agreement
    
	
Exhibit J
    	
 
    	
Omitted
    
	
Exhibit K
    	
 
    	
Bill   of Sale
    
	
Exhibit L
    	
 
    	
Assumption   Agreement
    
	
Exhibit M
    	
 
    	
Service   Mark Coordination Agreement
    
	
Exhibit N
    	
 
    	
Plan   of Refinery Owned Real Property
    

 

v

 

REFINING CONTRIBUTION AGREEMENT

 

This Refining Contribution Agreement (this “Agreement”) dated as of July 2, 2012 is made by and among Philadelphia Energy Solutions LLC, a Delaware limited liability company (“NewCo”), Sunoco, Inc., a Pennsylvania corporation (“Sunoco”), and Carlyle PES, L.L.C., a Delaware limited liability company (“TCG”, and collectively, the “Parties”).

 

RECITALS

 

WHEREAS, Sunoco and the Contributing Subsidiaries are, among other things, engaged in the Refinery Business;

 

WHEREAS, the Refinery Business is comprised of certain assets and liabilities that are currently part of Sunoco and the Contributing Subsidiaries;

 

WHEREAS, on June 12, 2012, Sunoco, TCG US and TCG Co-Invest formed NewCo, with Sunoco owning 49% of the equity interests in NewCo and TCG US and TCG Co-Invest collectively owning 51% of the equity interests in NewCo;

 

WHEREAS, the Parties desire for TCG to own two-thirds of the equity interests in NewCo and Sunoco to own one-thirds of the equity interests in NewCo immediately following the Closing, as more fully described in and subject to the terms and conditions of this Agreement and the Related Agreements;

 

WHEREAS, Sunoco desires to, and to cause the Contributing Subsidiaries to, contribute, convey, transfer, assign and deliver to NewCo, and NewCo desires to accept and assume from Sunoco and the Contributing Subsidiaries, the Refinery and certain assets, liabilities and employees relating thereto, in each case as more fully described in and subject to the terms and conditions of this Agreement;

 

WHEREAS, TCG desires to contribute to NewCo, and NewCo desires to accept from TCG, $175,000,000 in cash as more fully described and subject to the terms and conditions of this Agreement;

 

WHEREAS, concurrently with the execution of this Agreement, and as a condition and inducement to Sunoco’s willingness to enter into this Agreement, TCG US and Carlyle Energy Mezzanine Opportunities Fund, L.P. (collectively, the “Guarantor”) is entering into a limited guaranty in favor of Sunoco (the “Guaranty”) pursuant to which the Guarantor has guaranteed certain obligations of TCG as more fully described in and subject to the terms and conditions of the Guaranty; and

 

WHEREAS, in connection with the transactions set forth in the foregoing recitals, the Parties desire to enter into certain other agreements.

 

NOW, THEREFORE, in consideration of the premises and the representations, warranties and mutual covenants of the Parties, and upon the terms and subject to the conditions set forth herein, the Parties intending to be legally bound, agree as follows:

 

1

 

ARTICLE I

 

DEFINED TERMS

 

Section 1.1            Defined Terms. Capitalized terms used in this Agreement have the meanings ascribed to them below.

 

“2012 Unused Vacation” has the meaning set forth in Section 7.2(f).

 

“2012 Vacation Entitlement” has the meaning set forth in Section 7.2(f).

 

“Accessor” means reputable third-party inspection company to be identified prior to the Closing as mutually and reasonably agreed by Sunoco and TCG.

 

“Acquired Employees” has the meaning set forth in Section 7.1(a).

 

“Actual In-Process Amount” has the meaning set forth in Section 2.9(b).

 

“Actual Line-Fill Amount” has the meaning set forth in Section 2.9(b).

 

“Advisory Agreement” means an advisory agreement by and among NewCo, TCG and Sunoco that is based upon and reflects the terms set forth as Exhibit A.

 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly through one or more intermediaries or otherwise, controls, is controlled by or is under common control with the specified Person. For purposes of this definition, “control” of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether by contract or otherwise. Notwithstanding the foregoing, for purposes of this Agreement, unless otherwise expressly stated, (i) SXL shall not be deemed to be an Affiliate of Sunoco and (ii) NewCo shall not be deemed to be an Affiliate of either Sunoco or TCG.

 

“Agreement” has the meaning set forth in the preamble.

 

“Amended & Restated NewCo LLC Agreement” means the amended and restated limited liability company agreement of NewCo substantially in the form attached hereto as Exhibit B.

 

“Antitrust Law” means the Sherman Act, the Clayton Act, the HSR Act, the Federal Trade Commission Act, and all other laws and orders that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening of competition through merger or acquisition, whether in the United States or elsewhere.

 

“Assumed Liabilities” has the meaning set forth in Section 2.5.

 

“Authorization” means any franchise, permit, including any Refinery Permit, license, authorization, order, certificate, registration, exemption, approval, expiration or termination of any waiting period (including the waiting period under the HSR Act) right or other consent or approval granted or issued by any Governmental Authority pursuant to any Law.

 

2

 

“Banked Vacation” has the meaning set forth in Section 7.2(f).

 

“Baseline Amount” means a value in Dollars equal to the value of a normal operating volume amount of In-Process Inventory at the market prices therefor at the Closing, in each case as determined by the Parties prior to the Closing in connection with the determination of the procedures contemplated by Section 2.9(a)(ii) no later than three (3) Business Days prior to the Closing.

 

“Basket” means an amount equal to $100,000.

 

“Benefit Plan” means the following, whether written or oral: (i) any nonqualified deferred compensation or retirement plan or arrangement that is an Employee Pension Benefit Plan; (ii) any qualified defined contribution retirement plan or arrangement that is an Employee Pension Benefit Plan; (iii) any qualified defined benefit retirement plan or arrangement that is an Employee Pension Benefit Plan; (iv) any Employee Welfare Benefit Plan or fringe benefit plan or program; (v) any profit sharing, bonus, phantom stock, stock appreciation right, stock option, stock purchase, stock grant, indemnification, consulting, retention, employment, change in control, collective bargaining, severance or incentive plan, agreement or arrangement; or (vi) any plan, agreement or arrangement providing benefits related to clubs, vacation, childcare, parenting, sabbatical or sick leave.

 

“Business Day” means any day other than Saturday, Sunday or a day on which banks located in New York, New York and Philadelphia, Pennsylvania are authorized or obligated to close.

 

“Buyer/Seller Agreement” means the agreement by and among the Pennsylvania Department of Environmental Protection, NewCo, and any other applicable Governmental Authority that provides that NewCo will not incur, as a result of acquiring the Refinery, Environmental Liability for Remediation under CERCLA or RCRA or analogous state laws that are attributable to refining, refining-related or other activities conducted at the Refinery any time prior to the Closing.

 

“CBAs” means, collectively, all collective bargaining agreements or other Contracts between Sunoco or any of the Contributing Subsidiaries, on the one hand, and the Union or any other labor union, on the other hand, and all existing contract extension agreements, memoranda of agreement, letters of understanding and similar agreements and instruments with the Union, including for the avoidance of doubt, the NewCo USW Agreement.

 

“CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980.

 

“Claim” means (i) any demand, claim, complaint or notice of grievance, (ii) the threatening or commencement of any Proceeding for any Loss, specific performance, injunctive relief, remediation or other equitable relief or (iii) any charge or notice of violation or similar action issued by a Governmental Authority, in each of cases (i), (ii) or (iii), whether or not ultimately determined to be valid.

 

“Clearance Certificate” has the meaning set forth in Section 8.4(c).

 

“Closing” has the meaning set forth in Section 3.1.

 

3

 

“Closing Date” has the meaning set forth in Section 3.1.

 

“Closing Payment Amount” means the Estimated In-Process Amount, provided, however, that the Closing Payment Amount shall not exceed the Baseline Amount.

 

“Code” means the Internal Revenue Code of 1986, as amended.

 

“Common Units” shall have the meaning set forth in the Amended & Restated NewCo LLC Agreement.

 

“Company Benefit Plans” has the meaning set forth in Section 4.11(a).

 

“Confidential Information” has the meaning set forth in Section 11.8.

 

“Consent Decree” means any Order, consent decree, administrative consent order or any other legally binding agreement or order currently in effect and issued by, or entered into with, any applicable Governmental Authority prior to the Closing with respect to Liabilities arising pursuant to any Environmental Law relating to the ownership or use of any of the Refinery Assets or the Refinery Business, or the operation of any part of the Refinery Business prior to the Closing Date.

 

“Construction or Development” means all of those actions or projects consisting of, related to or associated with (i) constructing and developing improvements to the Refinery and (ii) installing new operations, businesses or processes at the Refinery that are related to the Refinery Business, the energy industry generally and the chemical industry.

 

“Contemplated Transactions” means the transactions contemplated by this Agreement and the Related Agreements.

 

“Contract” means any agreement, contract, instrument, lease, arrangement, or undertaking, including any purchase order or work order.

 

“Contributing Subsidiaries” means each of Atlantic Refining and Marketing Corp., a Delaware corporation, Sun International Limited, a Bermuda limited corporation (“SIL”), Sunoco Power Marketing LLC, a Pennsylvania limited liability company, Sunoco Inc. (R&M), a Pennsylvania corporation, Sunmarks, LLC, a Delaware limited liability company, and Sun Services Corporation, a Pennsylvania corporation.

 

“Credit Support Arrangements” has the meaning set forth in Section 8.13.

 

“Cross License Agreement” means the cross license agreement that is based upon and reflects the terms set forth as Exhibit I.

 

“Crude Purchase Obligations” means any Refinery Contracts pursuant to which Sunoco or any of the Contributing Subsidiaries is obligated to purchase Upstream Inventory but for which it has not acquired such Upstream Inventory as of the Closing.

 

“Customs” has the meaning set forth in Section 8.11.

 

4

 

“Debt Financing” has the meaning set forth in Section 5.4.

 

“Debt Financing Sources” means the lenders party to the JPM Commitment Letter, or any arranger or agent in connection therewith, in each case together with their Affiliates, officers, directors, employees and Representatives involved in any Debt Financing and their respective successors and assigns.

 

“Debt Term Sheet” has the meaning set forth in Section 5.4.

 

“Deeds” means one or more properly executed and acknowledged special warranty deeds each reasonably satisfactory to each of the Parties.

 

“Developed” means having incurred any substantial costs or expenses, or having taken material actions to plan, design, develop, construct upon or improve the Refinery or the Refinery Real Property it being understood for the avoidance of doubt that any of (i) undertaking the studies and analyses needed to apply for, or applying for one or more required Governmental Authorizations, (ii) negotiating or signing agreements for the acquisition of services or equipment needed to implement or undertake some or all of a Construction or Development project or (iii) the commencement of actual Construction or Development activities, in each case shall constitute “Developed”.

 

“Disclosure Schedules” has the meaning set forth in the preamble to Article IV.

 

“Disguised Sale” has the meaning set forth in Section 11.7(a).

 

“Dispute Notice” has the meaning set forth in Section 2.9(c)(ii).

 

“Dollars” and the symbol “$” mean the lawful currency of the United States of America.

 

“Downstream In-Transit Inventory” means all finished products held for sale by Sunoco or any of the Contributing Subsidiaries in connection with the Refinery Business outside the Refinery; but only if it (x) is not located at the Refinery, (y) is subject to sale pursuant to a purchase order or other Contract for the sale of such products entered into by Sunoco or any of the Contributing Subsidiaries and (z) is in transit to the transferee of such inventory as of the Closing.

 

“Downstream In-Transit Sale Obligations” mean any Refinery Contract, pursuant to which Sunoco or any of the Contributing Subsidiaries are obligated to sell any Downstream In-Transit Inventory as of the Closing.

 

“Downstream Inventory” means all finished products held for sale by Sunoco or any of the Contributing Subsidiaries as of the Closing in connection with the Refinery Business at the Refinery, at SXL’s terminal at the Eagle Point refinery in Westville, NJ; at SXL’s storage facility in Paulsboro, NJ; jet fuel inventory stored at Sunoco’s Marcus Hook, PA refinery; at the Citgo storage facility in Linden, NJ; at the Kinder Morgan storage facility in Carteret, NJ; and at customer locations in connection with the Sequent sales contract plus any ethanol of such Persons that is in transit to the Refinery; provided, however, that, for the avoidance of doubt, Downstream Inventory shall not include any Downstream In-Transit Inventory.

 

5

 

“Draft Allocation” has the meaning set forth in Section 11.7(b).

 

“Emergency Response Actions” means any action of any Person taken in response to an unforeseen event for which the failure to take such action could reasonably be expected to result in imminent harm to people or material and imminent harm to property.

 

“Employee Books and Records” has the respective meanings given to such term in Section 2.2(b)(x).

 

“Employee Pension Benefit Plan” has the meaning set forth in Section 3(2) of ERISA and includes any such plan, such as foreign plans and plans for directors, that is not subject to ERISA.

 

“Employee Welfare Benefit Plan” has meaning set forth in Section 3(1) of ERISA and includes any such plan, such as foreign plans and plans for directors, that is not subject to ERISA.

 

“Environmental Authorization” means any Authorization granted or issued by any Governmental Authority under any applicable Environmental Law.

 

“Environmental Claim” means any Claim asserting an Environmental Liability or asserting a Lien under any Environmental Law, or any written or oral notice of noncompliance or violation by or from any Person alleging an Environmental Liability.

 

“Environmental Condition” means any condition that now requires or may in the future require Remediation Activities with respect to the presence or Release of any Hazardous Substance in soil groundwater, surface water, sediments, or other media at, from, on or under any of the Refinery Assets or that could otherwise reasonably be expected to result in an Environmental Liability or Environmental Noncompliance.

 

“Environmental Law” means any former, current, or future applicable Law relating to (i) the protection of the environment or the public welfare from actual or potential exposure (or the effects of exposure) to any actual or threatened Release (whether past or present) of any Hazardous Substance or (ii) pollution, natural resource damages, conservation of resources, waste management or the manufacture, generation, production, processing, distribution, use, treatment, labeling, storage, release, emission, discharge, remediation, removal, disposal, transport or handling of any toxic or hazardous substance or material (including asbestos, polychlorinated biphenyls, crude petroleum and its fractions or derivatives thereof) or occupational health and safety, such as the Clean Air Act, 42 U.S.C. Section 7401 et seq.; the Clean Water Act, 33 U.S.C. Section 1251 et seq. and the Water Quality Act of 1987; the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. Section 136 et seq.; the Marine Protection, Research and Sanctuaries Act, 33 U.S.C. Section 1401 et seq.; the National Environmental Policy Act, 42 U.S.C. Section 4321 et seq.; the Noise Control Act, 42 U.S.C. Section 4901 et seq.; the Occupational Safety and Health Act, 29 U.S.C. Section 651 et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq., as amended by the Hazardous and Solid Waste Amendments of 1984; the Safe Drinking Water Act, 42 U.S.C. Section 300f et seq.; CERCLA, 42 U.S.C. Section 9601 et seq., as amended by the Superfund Amendments and Reauthorization Act, the Emergency Planning and Community Right-to-Know Act, and Radon Gas and Indoor Air Quality Research Act; the Toxic Substances Control Act,15 U.S.C. Section 2601

 

6

 

et seq.; the Atomic Energy Act, 42 U.S.C. Section 2011 et seq., and the Nuclear Waste Policy Act of 1982, 42 U.S.C. Section 10101 et seq., and any state and local Laws implementing or comparable to any of the foregoing federal Laws, and any regulations promulgated by any Governmental Authority pursuant to any of the foregoing.

 

“Environmental Liability” means any Liability (including required costs and expenditures for Remediation Activities): (i) pursuant to any Environmental Law, Order, notice or responsibility, directive (including directives embodied in Environmental Laws) or similar documents (including settlements) arising out of any Environmental Laws; or (ii) pursuant to any Claim by a Governmental Authority or other Person for personal injury, property damage, damage to natural resources, performance of or payment or reimbursement of costs or expenses for Remediation Activities, in each case arising as a result of an Environmental Condition or Environmental Noncompliance and made pursuant to any applicable Environmental Law or applicable common law.

 

“Environmental Noncompliance” means any condition or circumstance that constitutes noncompliance with, or lack of an Environmental Authorization required under, any Environmental Law in connection with the ownership or operation of any of the Refinery Assets.

 

“EPA Letter” means that letter, dated June 15, 2012, from Bob Perciasepe, the Deputy Administrator of the United States Environmental Protection Agency to Philip L. Rinaldi, Chief Executive Officer of Philadelphia Energy Solutions, with copy to the Honorable Michael A. Nutter, the Honorable Cynthia Giles, Shawn Garvin, Janet Woodka and Michael Krancer.

 

“Equity Commitment Letter” has the mean set forth in Section 5.4.

 

“Equity Financing” has the meaning set forth in Section 5.4.

 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA Affiliate” means any Person under common control with either Company or a subsidiary within the meaning of Section 414(b), (c), (m), or (o) of the Code or Section 4001 of ERISA.

 

“Estimated In-Process Amount” has the meaning set forth in Section 2.9(a).

 

“Estimated In-Process Note Amount” means an amount equal to the excess, if any, of the Estimated In-Process Amount over the Closing Payment Amount.

 

“Estimated Line-Fill Amount” has the meaning set forth in Section 2.9(a).

 

“Evergreen Captive Insurance Structure” means the contemplated possible future transactions pursuant to which Sunoco or one or more of the Contributing Subsidiaries may, among other things, following the Closing, form a regulated captive insurance entity (the “Sunoco Captive Insurer”), for the purpose of providing insurance coverage for the payment of certain Claims, Liabilities and Losses arising from Environmental Conditions at the Refinery.

 

“Excluded Assets” has the meaning set forth in Section 2.4.

 

7

 

“Excluded Contracts” has the meaning set forth in Section 2.4(e).

 

“Excluded Liabilities” has the meaning set forth in Section 2.6.

 

“Existing Refinery Consent Decree” means that Consent Decree to which Sunoco, Inc., the United States of America, the Commonwealth of Pennsylvania, the City of Philadelphia and other states were parties, including all amendments thereto, that was entered by the United States District Court on March 21, 2006 in the United States District Court for the Eastern District of Pennsylvania, C.A. no. 05-02866.

 

“FCPA” means the U.S. Foreign Corrupt Practices Act of 1977, as amended, and all other anti-corruption and anti-bribery Laws, regulations, and requirements of any jurisdiction applicable to Sunoco or any of its Affiliates in connection with the Refinery Business or any of the Refinery Assets.

 

“FCPA Liability” means any Liability arising out of violations or alleged violations of the FCPA, including costs and expenses related to any internal investigation, legal counsel, and penalties, fines, or disgorgement of profits.

 

“Final Allocation” has the meaning set forth in Section 11.7(b).

 

“Final Line-Fill Amount” has the meaning set forth in Section 2.9(c)(i).

 

“Final In-Process Amount” has the meaning set forth in Section 2.9(c)(i).

 

“Financing” has the meaning set forth in Section 5.4.

 

“Financing Agreements” has the meaning set forth in Section 8.2(d).

 

“Fundamental Representations and Warranties” means those representations and warranties set forth in Section 4.1 (Organization; Qualification), Section 4.2 (Authority; Enforceability), Section 4.3(a)(i) (No Violation), Section 4.3(a)(iii) (No Violation), Section 4.3(a)(iv) (No Violation), Section 4.15 (Title to Assets), Section 4.17 (Finders Fees), Section 5.1 (Organization; Qualification), Section 5.2 (Authority; Enforceability), Section 5.3(a)(i) (No Violation), Section 5.3(a)(iii) (No Violation) and Section 5.5 (Finders Fees).

 

“GAAP” means accounting principles generally accepted in the United States of America.

 

“Governing Documents” means the articles of incorporation, certificate of incorporation, charter, bylaws, articles or certificate of formation, regulations, limited liability company agreement, certificate of limited partnership, partnership agreement, and all other similar documents, instruments or certificates executed, adopted or filed in connection with the formation or organization of a Person, as applicable, including any amendments thereto.

 

“Governmental Authority” means any federal, state, local, foreign, multi-national, supranational, national, regional or other governmental agency, authority, administrative agency, regulatory body, commission, board, bureau, agency, officer, official, instrumentality, court or

 

8

 

arbitral tribunal having governmental powers or any other instrumentality or political subdivision thereof.

 

“Guarantor” has the meaning set forth in the recitals.

 

“Guaranty” has the meaning set forth in the recitals.

 

“Hazardous Substance” means, collectively, any substance that is identified as hazardous and regulated (or the cleanup of which can be required) under any applicable Environmental Law, and, in addition, any substance which requires special handling, storage or disposal procedures to avoid a Release or whose use, handling, storage or disposal is in any way regulated, or as may give rise to Liability under any applicable Environmental Law. Without limiting the generality of the foregoing, Hazardous Substances shall include (i) “hazardous wastes,” “solid wastes” (excluding office, household or similar solid wastes), “hazardous substances,” “toxic substances,” “pollutants,” or “contaminants” or other similar identified designations in any Environmental Law; and (ii) petroleum, crude oil, refined petroleum products and fractions or by-products thereof, in each case whether in their virgin, used or waste state.

 

“Holding Company Structure” has the meaning set forth in Section 8.15.

 

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the rules and regulations promulgated thereunder.

 

“Inbound Refinery License Agreements” has the meaning as set forth in Section 4.13(e).

 

“Indemnified Party” has the meaning set forth in Section 6.5(a).

 

“Indemnifying Party” has the meaning set forth in Section 6.5(a).

 

“In-Process Inventory” means all hydrocarbon materials located at the Refinery and subject to further processing at the Refinery, including blendstocks, and including all butane products located at Sunoco’s Marcus Hook refinery or other third party storage facilities, but not but including Line-Fill Inventory or any Upstream Inventory.

 

“In-Process Promissory Note” means the promissory note made by NewCo to the Contributing Subsidiaries as allocated among the Contributing Subsidiaries as shown on Schedule 2.3(b) that is based upon and reflects the terms set forth as Exhibit H, with a principal in the amount of the Estimated In-Process Note Amount (as automatically adjusted in accordance with Section 2.9(d) and the terms of such promissory note).

 

“Intellectual Property” means all of the following legal rights, title, or interest in or arising under the laws of any state, country, or international treaty regime, whether or not filed, perfected, registered, or recorded: (a) patents, patent applications, invention disclosures, and statutory invention registrations, together with all reissuances, continuations, continuations-in-part, divisions, supplementary protection certificates, extensions, renewals, and re-examinations thereof (collectively “Patents”); (b) trademarks, service marks, trade names, and trade dress, domain names and other similar indicia of origin, together with the goodwill associated therewith, and registrations of an

 

9

 

applications to register the foregoing (collectively, “Marks”); (c) copyrights and moral rights and all registrations of and applications to register the foregoing; and (e) know-how, trade secrets, and confidential information (including manufacturing and production processes, models, simulations, research and development, formulas, compositions, technical and engineering data/reports, process/procedures and operation manuals, drawings, designs, specifications, customer and supply data, pricing and cost information, business and marketing studies, concepts, methods, techniques, and inventions (whether or not patentable)).

 

“Intellectual Property Assignment” has the meaning set forth in Section 3.2(a)(v).

 

“Interim Period” means the period of time from the date hereof until the earlier of the Closing Date or the termination of this Agreement in accordance with Article X.

 

“Intermediary” means the Person (or Persons) party to the Intermediation Commitment Letter or any replacement provider or any alternative provider of the Intermediary Financing and, in each case, its successors and assigns.

 

“Intermediary Financing” has the meaning set forth in Section 5.4.

 

“Intermediary Closing” has the meaning set forth in Section 2.10.

 

“Intermediation Term Sheet” has the meaning set forth in Section 5.4.

 

“Intermediation Transaction” means the intermediation of the Downstream Inventory and the Upstream Inventory as contemplated by the Intermediation Commitment Letter.

 

“IRS” means the United States Internal Revenue Service.

 

“JPM Commitment Letter” has the meaning set forth in Section 5.4.

 

“Key Employees” has the meaning set forth in Section 7.1(b).

 

“Knowledge of Sunoco,” “Sunoco’s knowledge,” or any other similar knowledge qualification in this Agreement with respect to Sunoco or the Contributing Subsidiaries means to the actual knowledge of Brian MacDonald, Stacy Fox, Thomas Scargle, John Pickering, Steven Herzog, Michael Colavita, James Keeler and Jianhong Zhou and Elizabeth Bilotta, and, with respect to environmental matters only, Charles Barksdale, and Terry Soule and with respect to environmental matters and legal compliance (including FCPA), Arnold Dodderer.

 

“Labor Laws” means all Laws relating to labor, employment and employment practices, including, those Laws relating to wages, equal employment opportunity (including Laws prohibiting discrimination and/or harassment on the basis of race, national origin, religion, gender, disability, age, workers’ compensation, or any other protected classification), affirmative action, hiring practices, immigration, labor relations, workers’ compensation, unemployment compensation, employment standards, employment of minors, health and safety, payment of wages and overtime of any kind, pay equity, employee classification, military leave and family / medical leave.

 

10

 

“Law” means any and all foreign, federal, state, and local laws, statutes, ordinances, codes (including the Code), regulations, policies, protocols, proclamations or executive orders, rules, resolutions, Orders, Permits, licenses, determinations, writs, injunctions, awards (including awards of any arbitrator), judgments and decrees and other legally enforceable requirements of any Governmental Authority.

 

“Liability” means any liability, indebtedness (including any guaranty), demand, Claim, Loss or obligation whether absolute or contingent, conditional or unconditional, primary or secondary, direct or indirect, choate or inchoate, known or unknown, asserted or unasserted, accrued or unaccrued, and whether due or to become due.

 

“Lien” means any mortgage, pledge, security interest, lien, preference right, encumbrance, transfer restriction, oil, gas, or mineral interest restriction, deed of trust, easement, servitude, encumbrance, option to purchase or lease or otherwise acquire any interest, charge or other “adverse claim” (as Section 8-102(a) of each applicable Uniform Commercial Code defines that term), any conditional or installment sale or other title retention agreement, or the filing of or agreement to give any security interest, charge or financing statement under the Laws of any jurisdiction, or any similar encumbrance. “Liens” shall not include non-exclusive licenses or other non-exclusive rights granted with respect to Intellectual Property.

 

“Line-Fill Inventory” means the hydrocarbons located in processing units and interconnecting pipes (including pipelines in SXL’s Darby Creek, Fort Mifflin, Hog Island crude supply systems and in SXL’s inter-refinery pipeline (IRPL)), and their equivalents, with such hydrocarbons owned by any of Sunoco or any of the Contributing Subsidiaries and located at, or specifically allocated to, the Refinery as of the Closing.

 

“Line-Fill Promissory Note” means the promissory note made by NewCo to the Contributing Subsidiaries as allocated among the Contributing Subsidiaries as shown on Schedule 2.3(b) that is based upon and reflects the terms set forth as Exhibit C, with an initial principal in the amount of the Estimated Line-Fill Amount (as automatically adjusted in accordance with Section 2.9(d) and the terms of such promissory note).

 

“Loss” means any and all actual damages, penalties, fines, assessments, charges, costs (including settlement costs), liabilities, obligations, Taxes, losses, expenses and fees, including reasonable costs of investigation, court costs, costs of defense and reasonable fees of attorneys, accountants and other professional advisors and expert witnesses related thereto.

 

“Marks” has the meaning set forth in the definition of “Intellectual Property.”

 

“Material Adverse Effect” means any change, event or occurrence that, individually or in the aggregate with all other changes, events and occurrences, is or would reasonably be expected to have a material adverse effect on the long-term operational or financial viability of the Refinery, excluding any change, event or occurrence resulting from or arising out of any of the following: (i) the announcement or pendency of this Agreement or any of the transactions or other agreements contemplated hereby, (ii) any action taken or omitted to be taken by Sunoco or any of the Contributing Subsidiaries at TCG’s or any of their respective Affiliates’ direction or request

 

11

 

(including any action not taken as a result of the failure of TCG to consent to any action requiring TCG’s consent) or otherwise required or permitted to be taken or omitted to be taken by this Agreement, (iii) the identity of, or any facts or circumstances relating to, TCG or any of its Affiliates, (iv) any economic, credit, capital, securities or financial markets or any social, regulatory or political conditions in the United States or elsewhere in the world, including with respect to interest rates or currency exchange rates, (v) any outbreak or any development, change, worsening or escalation of hostilities (whether or not armed), acts of war (whether or not declared), sabotage or terrorism, (vi) any act of God, hurricane, tornado, flood, volcano, earthquake or other natural or man-made disaster, (vii) any proposal, enactment or change in interpretation of, or other change in, applicable Law, GAAP or governmental policy or any development or effect of any investigation, audit or review of the Refinery or the Refinery Business by any Governmental Authority commencing from and after the date hereof, (viii) general conditions in the industries in which the Refinery Business operates, (ix) the price or availability of any products, equipment or supply used or sold by the Refinery, or (x) the failure, in and of itself, of the Refinery or the Refinery Business to meet any projections, forecasts, estimates or predictions in respect of revenue, earnings or other financial or operating metrics before, on or after the date of this Agreement; provided, however, that in the case of each of clauses (iv), (v), (vi), (vii), (viii) and (ix), the change, event or occurrence subject to the exclusion in such clause shall be excluded to the extent it does not have a materially disproportionate adverse impact on the Refinery or Refinery Business, as applicable, as compared to similar refineries or businesses in the same industry as the Refinery Business, respectively; provided, further, that notwithstanding the foregoing proviso in the case of each of clauses (vi) and (vii), the change, event or occurrence subject to the exclusion in such clause shall be deemed to be included in determining an adverse effect to the extent it has a materially disproportionate adverse impact on the business of the group of refineries constituting the Refinery and the refineries at Delaware City, Paulsboro and Trainer (the “Northeast Refineries”), as compared to similar refineries or businesses in the same industry as the Refinery Business (other than the Northeast Refineries).

 

“Material Contracts” has the meaning set forth in Section 4.5(a).

 

“Multiemployer Plan” has the meaning set forth in Section 3(37) or Section 4001(a)(3) of ERISA.

 

“Multi-Site Contract” has the meaning set forth in Section 8.6.

 

“NewCo” has the meaning set forth in the preamble.

 

“NewCo Debt” has the meaning set forth in Section 2.3.

 

“NewCo Indemnitees” has the meaning set forth in Section 6.2.

 

“NewCo USW Agreement” means that certain Memorandum of Understanding and Agreement Between Philadelphia Energy Solutions Refining and Marketing LLC and the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, AFL-CIO, CLC, and its Local 10 executed on June 27, 2012.

 

“Non-Assignable Assets” has the meaning set forth in Section 2.8(a).

 

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“Non-Disclosure Agreement” means the Non-Disclosure Agreement by and between Sunoco and Carlyle Investment Management L.L.C. dated January 19, 2011.

 

“Non-Hired Employees” means Refinery Employees who are not Acquired Employees.

 

“North Yard” means the real property commonly referred to as the “north yard” located north of Passyunk Avenue and adjacent to Philadelphia Gas Works property and identified as such on the plan attached to this Agreement as Exhibit N.

 

“Northeast Refineries” has the meaning set forth in the definition of “Material Adverse Effect.”

 

“Order” means any order, including any consent order, writ, ruling, charge, decision, verdict, decree, assessment, award (including arbitration awards), judgment, stipulation, injunction, or other determination, decision or finding by, before, or under the supervision of any Governmental Authority of competent jurisdiction.

 

“Parties” has the meaning set forth in the preamble.

 

“Patents” has the meaning set forth in the definition of “Intellectual Property.”

 

“Permitted Liens” means statutory liens for Taxes or assessments applicable to the Refinery Assets which are not yet delinquent or the amount or validity of which is being contested in good faith and for which adequate reserves have been established by Sunoco or the applicable Contributing Subsidiary and excluding Permitted Refinery Owned Real Property Liens.

 

“Permitted Refinery Owned Real Property Liens” means statutory liens for (A) real estate taxes, assessments and other governmental levies, fees or charges imposed with respect to Refinery Owned Real Property which are not yet due and payable or the amount or validity of which is being contested in good faith and for which adequate reserves have been established by Sunoco or the applicable Contributing Subsidiary); (B) liens, judgments, mortgages and encumbrances in fixed and ascertainable monetary sums which encumber any part or portion of the Refinery Owned Real Property and which are less than, individually and in the aggregate, the sum of $100,000; (C) zoning, building codes and other land use Laws regulating the use or occupancy of the Refinery Owned Real Property or the activities conducted thereon which are imposed by any governmental authority having jurisdiction over the Refinery Owned Real Property which are not violated by the current use or occupancy of the Refinery Owned Real Property or the operation of the business as currently conducted, or any violation which would not have a material adverse effect on the business as currently conducted; (D) easements, covenants, conditions, restrictions and other similar matters affecting title to the Refinery Owned Real Property set forth in Schedule BII of that certain Commitment for Title Insurance, issued by First American Title Insurance Company, through its agent, Land Services USA, Inc. No. PAFA11-4393 GD, effective date 9/30/2011, last revised 5/29,2012 and other title defects which do not or would not materially impair the use or occupancy of she Refinery Owned Real Property or the operation of the Business; (E) matters disclosed by that certain ALTA/ASCM Land Title Survey made by Ludgate Engineering Corporation dated May, 1,

 

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2012 and (F) easements, rights of way and licenses to be granted to SXL during the Interim Period as disclosed on Schedule 8.1(b).

 

“Person” means a natural person, corporation, partnership, limited liability company, joint stock company, trust, estate, joint venture, union, association or unincorporated organization, Governmental Authority or any other form of business or professional entity.

 

“Pipeline Assets” means all the currently installed pipes, pumps, valves, meters and other equipment related thereto located on the Refinery Real Property and owned by any of Sunoco or the Contributing Subsidiaries.

 

“Pipeline Easements” means all easements, licenses (written or oral) and rights-of-way used (or held for use) in the operation of the Pipeline Assets located on or adjacent to the Refinery Real Property, and owned by any of Sunoco or the Contributing Subsidiaries.

 

“Proceeding” means any action, case, suit, investigation, hearing, audit, examination or other proceeding (including regulatory or administrative proceedings) at law or in equity, commenced, brought, conducted or heard by or before, any Governmental Authority, or any mediator, arbitrator or board of arbitration.

 

“Property Taxes” has the meaning set forth in Section 11.4.

 

“Prospective Purchaser Agreement” means the agreement by and among the United States Environmental Protection Agency, NewCo, and any other applicable Governmental Authority that provides that NewCo will not incur, as a result of acquiring the Refinery, Environmental Liability for Remediation under CERCLA or RCRA or analogous state laws that are attributable to refining, refining-related or other activities conducted at the Refinery any time prior to the Closing.

 

“RCRA” shall mean the Federal Resource Conservation and Recovery Act of 1976, 42 U.S.C. Section 6901 et seq., as amended by the Hazardous and Solid Waste Amendments of 1984.

 

“RCRA Corrective Action Permits” means the Environmental Protection Agency’s Corrective Action Permits (Permit No. PAD 049791098 and 002289700).

 

“RCRA Permit Obligations” has the meaning set forth in Section 8.8(a).

 

“Refinery” means the refinery located in Philadelphia, Pennsylvania (consisting of two formerly separate refining operations commonly known as “Point Breeze” and “Girard Point”), as further described on Schedule 1.1A including the North Yard and the West Yard.

 

“Refinery Assets” has the meaning set forth in Section 2.2.

 

“Refinery Books and Records” means the historical books and records relating primarily to any of Sunoco’s or the Contributing Subsidiaries’ ownership of the Refinery Assets and operation of the Refinery Business that are within the possession and control of Sunoco or any of the Contributing Subsidiaries, including all plans, specifications and drawings relating to the operation of, and improvements, modifications or upgrades to, the Refinery, any such records that are stored or

 

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maintained in electronic storage format, such as computer disks or tapes, the documents, tangible and intangible copies of all drawings, data (including current and historical data), operating logs, databases and related data, documentation and other related materials to the extent applicable.

 

“Refinery Business” means the business conducted by any of Sunoco and its Subsidiaries at the Refinery, including the ownership and operation of each of the Refinery Assets and the related commercial operations conducted by any of Sunoco and its Affiliates in connection with the Refinery including the purchasing of Upstream Inventory and selling of Downstream Inventory, excluding (x) Sunoco’s retail and branded marketing business and wholesale rack gasoline and distillate business (even to the extent previously conducted in connection with the Refinery) and (y) any business of Sunoco or any of its Affiliates other than the ownership or operation of the Refinery, including SXL’s business.

 

“Refinery Contracts” has the meaning set forth in Section 2.2(b)(i).

 

“Refinery Employees” has the meaning set forth in Section 7.1(a).

 

“Refinery Improvements” means the improvements located on the Refinery Real Property and owned by Sunoco or the Contributing Subsidiaries, including buildings, docks, facilities, fixtures, aboveground and underground piping and storage tanks and appurtenances.

 

“Refinery Leased Real Property” has the meaning set forth in Section 4.14(a).

 

“Refinery Owned Real Property” has the meaning set forth in Section 4.14(a).

 

“Refinery Permits” means any and all Authorizations, including if applicable pending applications or filings therefor and renewals thereof, of every kind under which Sunoco has acquired any benefits or rights related to the Refinery Assets or the Refinery Business, or by which any of the Refinery Assets may be subject or bound, in each case that primarily relate to or are used (or held for use) primarily in the ownership of the Refinery Assets or operation of the Refinery Business, including if applicable the Authorizations and pending applications, filings or renewals identified in Schedule 2.2(b)(v).

 

“Refinery Personal Property” means any and all tangible assets located at the Refinery or used (or held for use) primarily in the Refinery Business by Sunoco or any of the Contributing Subsidiaries, including as applicable: (i) all processing units, tanks, pipes, loading racks, meters, pumps, and valves and (ii) all supplies, tools, equipment, manuals, and furniture.

 

“Refinery Real Property” means the real property interests at the site of the Refinery as described in Schedule 1.1B, together with all of Sunoco’s and each of the Contributing Subsidiaries’ right, title and interest in and to all easements, servitudes, rights-of-way, privileges, licenses (written or oral) and appurtenances related thereto.

 

“Refinery Real Property Leases” means such leases and subleases that relate to the leasing or subleasing of the Refinery Leased Real Property.

 

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“Refinery Reports” has the meaning set forth in Section 4.4.

 

“Refinery Rolling Stock” means any automobiles, cranes, vans, trucks, tractors, trailers, bobtails, railcars, forklifts and similar motorized vehicles owned, used or leased by Sunoco or any of the Contributing Subsidiaries and used primarily in the ownership or operation of the Refinery Business and regularly located at the Refinery.

 

“Refinery Senior Manager” has the meaning set forth in Section 7.1(a).

 

“Registered Intellectual Property” means any Intellectual Property that is or has been issued by, registered or filed with, renewed by or the subject of a pending application before any Governmental Authority, including patents, trademark registrations, copyright registrations and applications for any of the foregoing.

 

“Registration Rights Agreement” means the registration rights agreement, by and among Sunoco, TCG and NewCo that is based upon and reflects the terms set forth on Exhibit D.

 

“Related Agreements” means (i) the Deeds, (ii) the Advisory Agreement, (iii) the Registration Rights Agreement, (iv) the Retail Agreement, (v) the TSA, (vi) the SXL Agreements, (vii) the Bill of Sale; (viii) the Assumption Agreement; (ix) the Guaranty; (x) the Service Mark Coordination Agreement; (xi) the Cross License Agreement; and (xii) any other instruments of sale, assignment, transfer and conveyance (including the Deeds), instruments of assumption, certificates and any other agreements or documents executed and delivered by any of the Parties at or in connection with the Contemplated Transactions as contemplated by this Agreement.

 

“Release” means any depositing, spilling, leaking, pumping, pouring, placing, emitting, discarding, abandoning, emptying, discharging, migrating, injecting, escaping, leaching, dumping or disposing of any Hazardous Substance into the environment.

 

“Remediate,” “Remediation” or “Remediation Activities” means any testing, investigation, assessment, study, design, monitoring, cleanup, treatment, removal, response, remediation, corrective action or other similar activities undertaken pursuant to Environmental Laws to address any Environmental Condition, Environmental Noncompliance or Release, including such activities associated with or consisting of containment, removal, disposal, closure, passive remediation, natural attenuation or bioremediation, measures undertaken to address or respond to natural resource damages including payments to appropriate trustees, or the installation and operation of remediation, treatment, or monitoring systems.

 

“Representative” means, with respect to any Person, any officer, director, principal, partner, manager, member, attorney, accountant, agent, employee, consultant, financial advisor or other authorized representative of such Person.

 

“Retail Agreement” means a refined-product supply agreement by and between Sunoco and NewCo that is based upon and reflects the terms set forth as Exhibit E.

 

“Retained Litigation Matters” has the meaning set forth in Section 4.8.

 

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“Service Period” has the meaning set forth in Section 7.2.

 

“Software” means software (in whatever form, including source code, binary code and executable code), and to the extent related thereto, data, databases and documentation.

 

“Stock Exchange” means the New York Stock Exchange or any domestic stock or securities exchange on which any equity or debt securities of Sunoco are listed.

 

“Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, joint venture or other organization (and any successor to any such organization), whether incorporated or unincorporated, that directly, or indirectly through one or more intermediaries, is controlled by, such Person. For purposes of this definition, “control” of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether by contract or otherwise. Notwithstanding the foregoing, for purposes of this Agreement, NewCo and SXL shall not be deemed to be Subsidiaries of any other Person.

 

“Subzone” has the meaning set forth in Section 8.11.

 

“Subzone Application” has the meaning set forth in Section 8.11.

 

“Sunoco” has the meaning set forth in the preamble.

 

“Sunoco Captive Insurer” has the meaning set forth in the definition of “Evergreen Captive Insurance Structure.”

 

“Sunoco Contribution” has the meaning set forth in Section 2.2.

 

“Sunoco Liability Cap” has the meaning set forth in Section 10.3(a).

 

“Sunoco Names and Marks” has the meaning set forth in Section 8.12.

 

“Sunoco Parties” has the meaning set forth in Section 10.3(a).

 

“Sunoco Indemnitees” has the meaning set forth in Section 6.3.

 

“Sunoco Termination Date” has the meaning set forth in Section 7.1(b).

 

“Survey” has the meaning set forth in Section 8.4(a).

 

“Support Services Senior Manager” has the meaning set forth in Section 7.1(a).

 

“SXL” means Sunoco Logistics Partners L.P. and any or all of its Subsidiaries.

 

“SXL Agreements” means agreements by and between SXL and NewCo that are based upon and reflect the terms set forth on Exhibit F.

 

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“Tax” or “Taxes” means (i) all taxes, assessments, fees, unclaimed property and escheat obligations, and other charges of any kind whatsoever imposed by any Governmental Authority, including any federal, state, local or foreign income tax, franchise tax, surtax, remittance tax, presumptive tax, net worth tax, special contribution tax, production tax, value added tax, withholding tax, gross receipts tax, windfall profits tax, profits tax, ad valorem tax, personal property tax, real property tax, sales tax, goods and services tax, service tax, transfer tax, use tax, excise tax, premium tax, stamp tax, motor vehicle tax, entertainment tax, insurance tax, capital stock tax, franchise tax, occupation tax, payroll tax, employment tax, unemployment tax, disability tax, alternative or add-on minimum tax and estimated tax, and (ii) any interest, fine, penalty or additions to tax imposed by a Governmental Authority in connection with any item described in clause (i).

 

“Tax Returns” shall mean any report, return, form, information statement, payee statement or other information required to be provided to any Governmental Authority with respect to Taxes or any amendment thereof, including any return of an affiliated, combined or unitary group.

 

“TCG” has the meaning set forth in the preamble.

 

“TCG Co-Invest” means CEOF Coinvestment, L.P.

 

“TCG Contribution” has the meaning set forth in Section 2.1.

 

“TCG Liability Cap” has the meaning set forth in Section 10.3(b).

 

“TCG Parties” has the meaning set forth in Section 10.3(b).

 

“TCG US” means Carlyle U.S. Equity Opportunity Fund, L.P.

 

“Termination Date” has the meaning set forth in Section 10.1(b).

 

“Third Person” means any Person other than any of the Parties or their respective Affiliates.

 

“Third-Person Consent” means any approval, consent, amendment or waiver of a Third Person that is required under any Governing Document of any Party or under any Contract to which any Party is a party or by which it or its assets is bound in connection with the Contemplated Transactions or any part thereof, including waivers and consents by lenders and waivers of transfer restrictions.

 

“Title Company” has the meaning set forth in Section 8.4(a).

 

“Title Policy” has the meaning set forth in Section 8.4(a).

 

“Transferred Owned Refinery IP” means all of the following Intellectual Property that is owned by Sunoco or any Contributing Subsidiary: (a) patents and patent applications that relate to the operation of the Refinery Business but only as such business is currently conducted as of the date hereof at the Refinery, including the Patents set forth in Schedule 4.13(a), (b) Marks set forth in Schedule 4.13(a), (c) except for Patents, Marks, and Software, Intellectual Property that is primarily used (or primarily held for use) in the operation of the Refinery Business that comprises operating

 

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procedures, processes, engineering procedures, technical memoranda, actual operating process data and conditions, information regarding equipment, maintenance information, customer information, business information, or other know-how at the Refinery, recorded or embodied in the Refinery Books and Records which, with respect to each of the foregoing, are maintained at the Refinery or are otherwise within the possession and control of Sunoco or its Contributing Subsidiaries, and (d) copyrights and trade secrets that solely relate to the Transferred Refinery Software; provided, however, that the “Transferred Owned Refinery IP” shall not include any other Intellectual Property, including, for clarity, any copyrights, Internet domain names, Software or any of the Sunoco Names and Marks. “Transferred Owned Refinery IP” also includes all Claims for past, present and future infringement or misappropriation of the Intellectual Property included in the Transferred Owned Refinery IP (including the right to collect and retain damages therefor).

 

“Transferred Refinery Computer Systems” means computers and related equipment, including central processing units and other processors (e.g., microprocessors and embedded processors), controllers, modems, communications and telecommunications equipment (e.g., voice, data and video), cables, storage devices, printers, terminals, other peripherals and input and output devices and other tangible mechanical and electronic equipment intended for the input, output, storage, communication and retrieval of information and data, in each case, only if owned by any of Sunoco or the Contributing Subsidiaries and located at the Refinery, or, if not located at the Refinery, then only if solely used to operate the Transferred Refinery Software set forth in Schedule 1.1D in the current operation of the Refinery Business, including those items set forth in Schedule 1.1D. For the avoidance of doubt, “Transferred Refinery Computer Systems” does not include any Software except to the extent that Software was installed in, and was acquired as part of, the computer and related equipment as sold or delivered by the seller of the computer or related equipment (e.g., firmware, operating system software, instrumentation and control system software) and is not subject to any license or other restrictions on its use and disposition.

 

“Transferred Refinery Software” means the Software owned by Sunoco or any Contributing Subsidiary solely used in the Refinery, including the Software identified as “Transferred Refinery Software” on Schedule 1.1D. For the avoidance of doubt, “Transferred Refinery Software” excludes all of the Software identified on Schedule 2.4(f).

 

“Transfer Taxes” has the meaning set forth in Section 11.5.

 

“TSA” means the transition services agreement that is based upon and reflects the terms set forth as Exhibit G.

 

“Undisclosed Major Contracts” means any Material Contract (x) required to be set forth on Schedule 4.5(a)(vii) and not disclosed on Schedule 4.5(a)(vii) or any other Disclosure Schedule, or (y) not provided or made available to TCG or any of its Representatives (whether in the “Philadelphia” or “Common Documents” Project Luke data room or formally submitted to TCG) prior to the date hereof in connection with the evaluation of this Agreement.

 

“Undisclosed Major Contracts Representation” means the representation and warranty of Sunoco set forth in Section 4.5(a)(vii) solely to the extent related to the absence of an Undisclosed Major Contract.

 

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“Union” means the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union, AFL-CIO, CLC, and its Local 10-1.

 

“Upstream Inventory” means all of the crude oil, naphtha, vacuum gas oil and other feedstocks acquired for processing at the Refinery that is owned (or held) by any of Sunoco or the Contributing Subsidiaries and located at, specifically allocated to, or in transit to the Refinery as of the Closing, excluding, for the avoidance of doubt, the Line-Fill Inventory, the In-Process Inventory and the Downstream Inventory.

 

“VEBA Trust” has the meaning set forth in Section 7.2(c).

 

“WARN Act” means the United States Federal Worker Adjustment, Retraining and Notification Act of 1988 or any similar state or local Law, as applicable.

 

“West Yard” means the real property commonly referred to as the “west yard “located west of the Schuylkill River and across from the Point Breeze location and identified on Exhibit N and described by metes and bounds on Schedule 1.1B as Premises E.

 

“Workers’ Compensation Matters” means any Claim against a Person’s employer related to or arising out of an injury to such Person as a result of an accident, injury or occupational disease while on the job with such employer that is covered by state, federal or other workers’ compensation Laws.

 

Section 1.2                                    Headings; References; Interpretation. In this Agreement, unless a clear contrary intention appears (a) the singular includes the plural and vice versa; (b) reference to a Person includes such Person’s successors and assigns but, in the case of a Party, only if such successors and assigns are permitted by this Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity; (c) reference to any gender includes each other gender; (d) reference to any agreement (including this Agreement), document or instrument means such agreement, document, or instrument, as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of this Agreement; (e) reference to any Exhibit, Section or Article means such Exhibit, Section or Article of this Agreement, and references in any Exhibit, Section or Article or definition to any clause means such clause of such Exhibit, Section, Article or definition; (f) “hereunder,” “hereof,” “hereto” and words of similar import are references to this Agreement as a whole and not to any particular provision hereof; (g) the word “or” is not exclusive, and the word “including” (in its various forms) means “including without limitation”; and (h) all references to money refer to the lawful currency of the United States. Section titles and headings in this Agreement are inserted for convenience of reference only and are not intended to be a part of, or to affect the meaning or interpretation of, this Agreement. All capitalized terms not defined in the Disclosure Schedules shall have the meanings assigned to them in this Agreement. None of the statements in the Disclosure Schedules are intended to constitute, or shall be construed as constituting, covenants or agreements of any Party. Each representation and warranty of Sunoco in this Agreement is made and given subject to the disclosures and exceptions set forth on the Disclosure Schedules. The covenants in Section 8.1(b) are agreed to subject to Schedule 8.1(b). The disclosure of any matter in any section of the Disclosure Schedules shall be deemed to be a disclosure by Sunoco for all purposes of this Agreement and all other sections of the

 

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Disclosure Schedules to which such disclosure reasonably would be inferred. The listing of any matter on the Disclosure Schedules shall expressly not be deemed to constitute an admission by Sunoco or any Contributing Subsidiary, or to otherwise imply, that any such matter is material, is required to be disclosed by Sunoco under this Agreement or falls within relevant minimum thresholds or materiality standards set forth in this Agreement. No disclosure in the Disclosure Schedules relating to any possible breach or violation by Sunoco or any other Person of any Contract or Law shall be construed as an admission or indication that any such breach or violation exists or has actually occurred. In no event shall the listing of any matter in the Disclosure Schedules be deemed or interpreted to expand the scope of Sunoco’s representations, warranties or covenants set forth in this Agreement. Any reference herein to Law or to a legal requirement (or, with respect to any statute, ordinance, code, rule or regulation, any provision thereof) shall be deemed to include reference to all Laws and or to such legal requirement and any legal requirement promulgated thereunder (or provision thereof, as applicable), including any successor thereto, respectively, in each case, as may be amended. If (i) TCG provides notice to Sunoco by July 10, 2012 that it believes in good faith that (x) any item or disclosure that was not included in the draft Disclosure Schedules circulated to TCG prior to Friday, June 29, 2012 at 6:00 PM Eastern time but is included in the Disclosure Schedules and is material to, and inconsistent with the information provided to TCG prior to such time and related to the Refinery, the Refinery Assets, the Refinery Business, the Assumed Liabilities or the Contemplated Transactions or (y) any document loaded to the “Philadelphia” or “Common Documents” Project Luke data room after June 29, 2012 at 6:00 PM Eastern time that is material to, and inconsistent with the information provided to TCG prior to such time and related to the Refinery, the Refinery Assets, the Refinery Business, the Assumed Liabilities or the Contemplated Transactions, or (ii) Sunoco provides notice to TCG by July 10, 2012 that it believes in good faith that there were any errors or omissions in the Disclosure Schedules arising from any items or disclosures therein (or omitted to be included therein) for which the correction of which would not be inconsistent with the information provided to TCG prior to such time related to the Refinery, the Refinery Assets, the Refinery Business, the Assumed Liabilities or the Contemplated Transactions, in either case with the notice identifying such item, disclosure or document, promptly after delivery of either such notice, if any, the Parties agree to discuss in good faith whether revisions to the Disclosure Schedules with respect to such items, disclosures or documents should be made, and any changes contemplated by this sentence shall be contained in a written instrument executed by the Parties in accordance with Section 12.1, it being further understood that Sunoco shall use reasonable best efforts to provide complete and correct copies of all Contracts listed on the Disclosure Schedules but not previously made available to TCG in the “Philadelphia” or “Common Documents” Project Luke data room (other than Multi-Site Contracts) by the close of business on the third (3rd) Business Day following the date hereof.

 

ARTICLE II

 

CONTRIBUTIONS, ISSUANCES, TRANSFER OF ASSETS

AND ASSUMPTION OF LIABILITIES

 

Section 2.1                                    TCG Contribution. Effective as of the Closing, upon the terms and subject to the conditions set forth herein, TCG agrees to contribute to NewCo (the “TCG Contribution”), and NewCo agrees to accept from TCG, $175,000,000 in immediately available funds to an account designated by NewCo.

 

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Section 2.2                                    Sunoco Contribution. Effective as of the Closing, upon the terms and subject to the conditions set forth herein, Sunoco agrees to, and to cause the Contributing Subsidiaries to, contribute, convey, transfer, assign and deliver to NewCo (the “Sunoco Contribution”), and NewCo agrees to accept from Sunoco and the Contributing Subsidiaries, all of the right, title and interest of each of Sunoco and the Contributing Subsidiaries in and to the following assets as existing as of the Closing, but in any case excluding the Excluded Assets (collectively, the “Refinery Assets”):

 

(a)                                 the following assets in each case solely to the extent located at the Refinery:

 

(i)                                     the Refinery Real Property;

 

(ii)                                  the Refinery Improvements;

 

(iii)                               the Refinery Personal Property, except for the Upstream Inventory and the Downstream Inventory;

 

(iv)                              the Line-Fill Inventory and the In-Process Inventory;

 

(v)                                 the Refinery Books and Records;

 

(vi)                              the Refinery Rolling Stock;

 

(vii)                           the Pipeline Assets;

 

(viii)                        the Pipeline Easements that are for the benefit of Sunoco or any Contributing Subsidiary;

 

(ix)                              the Transferred Refinery Software;

 

(x)                                 the Transferred Refinery Computer Systems;

 

(xi)                              all other assets, properties and rights of Sunoco or any of the Contributing Subsidiaries (other than Intellectual Property) that are used (or held for use) solely in the ownership of the Refinery Assets or the operation of the Refinery Business, other than the Excluded Assets; and

 

(xii)                           the ethanol tank.

 

(b)                                 the following, regardless of location:

 

(i)                                     the Contracts used (or held for use) by any of Sunoco or any Contributing Subsidiary that primarily relate to the ownership of the Refinery Assets or the operation of the Refinery Business (collectively, the “Refinery Contracts”) but not including the Excluded Contracts, the Inbound Refinery License Agreements, any other license agreement of Intellectual Property, the Crude Purchase Obligations or the Downstream In-Transit Sale Obligations;

 

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(ii)                                  all Claims that Sunoco or any Contributing Subsidiary may have, including indemnities, against any other Person with respect to any of the Refinery Assets or the Refinery Business to the extent Liability for such Claims is an Assumed Liability hereunder for events occurring from and after the Closing;

 

(iii)                               express or implied warranties from vendors and suppliers to Sunoco or any Contributing Subsidiary with respect to any of the Refinery Assets other than relating to claims which are Retained Liabilities;

 

(iv)                              all catalysts, chemicals, spare parts, supplies and equipment owned by Sunoco or any Contributing Subsidiary in connection with the Refinery Business;

 

(v)                                 the transferable Refinery Permits;

 

(vi)                              the Transferred Owned Refinery IP;

 

(vii)                           the Inbound Refinery License Agreements;

 

(viii)                        five (5) DVD copies of the electronic data room for “Project Luke” and the contractual rights to control such dataroom;

 

(ix)                              all nettable or otherwise cognizable emission reduction credits under applicable Environmental Laws whether generated prior to or after Closing, arising out of or associated with the Refinery Assets or retirement of the Environmental Authorizations held by Sunoco for crude oil refining operations at the Marcus Hook Refinery in Marcus Hook, Pennsylvania (as set forth in Section 11.11), and the undertaking of projects at the Philadelphia Refinery as outlined in the EPA Letter; and

 

(x)                                 all of the employment, personnel and medical records (provided that TCG shall first obtain a signed release from each Acquired Employee, in form and substance satisfactory to Sunoco, authorizing Sunoco and its Contributing Subsidiaries to transfer medical records to NewCo and its Affiliates and releasing Sunoco and its Contributing Subsidiaries from any liability for such transfer) relating to any of the Acquired Employees (collectively, the “Employee Books and Records”).

 

Section 2.3                                    NewCo Issuances. Effective as of the Closing, upon the terms and subject to the conditions set forth herein, (a) all existing equity interests of NewCo (whether issued, outstanding or otherwise) are hereby replaced as contemplated hereby, (b) in exchange for the Sunoco Contribution, NewCo agrees to issue to the Contributing Subsidiaries 33,000 Common Units, representing one-third of the equity interests of NewCo as of the Closing Date, and, if the Parties so agree pursuant to Section 8.15, debt or other securities (including a non-participating PIK preferred equity or a PIK loan on customary terms for such a security, including a market rate of dividend or interest) of NewCo with the terms thereof to be agreed between Sunoco and TCG in an amount determined pursuant to Section 8.15 (the “NewCo Debt”), in each case, as allocated among the Contributing Subsidiaries in accordance with the principles shown on Schedule 2.3(b) on a schedule to be provided by Sunoco to NewCo and TCG at least two (2) days prior to Closing, and (c) in exchange for the TCG Contribution, NewCo agrees to issue to TCG 66,000 Common Units,

 

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representing two-thirds of the equity interests of NewCo as of the Closing Date, and NewCo Debt in an aggregate principal amount determined pursuant to Section 8.15.

 

Section 2.4                                    Excluded Assets. Notwithstanding anything to the contrary in this Agreement, the following assets (collectively, the “Excluded Assets”) are excluded from the Refinery Assets and shall be retained by Sunoco and the Contributing Subsidiaries after the Closing:

 

(a)                                 the Upstream Inventory and the Downstream Inventory, in each case subject to the terms and conditions of the Intermediation Transaction pursuant to which such assets shall be sold to the Intermediary, and the Downstream In-Transit Inventory;

 

(b)                                 all rights and Claims to any assets under any Benefit Plans or any related trusts;

 

(c)                                  all rights and Claims of Sunoco and any of the Contributing Subsidiaries under or pursuant to this Agreement and the Related Agreements;

 

(d)                                 all rights and Claims that Sunoco or any of its Affiliates may have, including indemnities, against any other Person with respect to any of the Refinery Assets or the Refinery Business to the extent Liability for such Claims is an Excluded Liability hereunder;

 

(e)                                  all Contracts set forth on Schedule 2.4(e) (collectively, and any other Contracts not to be assigned hereunder (other than by virtue of Section 2.8), “Excluded Contracts”), the Crude Purchase Obligations, the Downstream In-Transit Sale Obligations, and any rights or claims with respect to an Excluded Contract, which Excluded Contracts shall not be transferred to the Intermediary;

 

(f)                                   those assets listed in Schedule 2.4(f);

 

(g)                                  all assets owned by SXL;

 

(h)                                 except with respect to the Transferred Owned Refinery IP and Refinery Contracts all assets (other than those items identified in Section 2.2(b) and the Excluded Contracts) (i) located anywhere other than the Refinery, or (ii) used or held for use in any business other than the Refinery Business, including any asset used or held for use in Sunoco’s retail and branded marketing business and its wholesale rack gasoline and distillate business, including (A) certificates of incorporation or organizational documents, qualifications to conduct business as a foreign corporation, arrangements with registered agents relating to foreign qualifications, taxpayer and other identification numbers, seals, minute books, stock transfer books, stock certificates and other documents relating to the organization, maintenance and existence of such any Person as a corporation or any other entity; (B) Books and Records related to Taxes paid or payable by Sunoco or any other Contributing Subsidiary; (C) capital stock of any of Person; and (D) all insurance policies and binders and all Claims from insurance policies or binders due or to become due with respect to such policies or binders for events arising prior to the Closing;

 

(i)                                     any refund of Taxes imposed on or with respect to the Refinery Assets or the Refinery Business for any taxable period (or portion thereof) ending before the Closing;

 

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(j)                                    all cash and accounts receivables and other current assets (other than inventory);

 

(k)                                 the Sunoco Name and Mark, subject to the Service Mark Coordination Agreement, and other than the Marks included in Transferred Owned Refinery IP and assigned in the Intellectual Property Assignment;

 

(l)                                     all Intellectual Property (other than the Transferred Owned Refinery IP);

 

(m)                             all computers and related equipment (other than the Transferred Refinery Computer Systems);

 

(n)                                 all Software (other than the Transferred Refinery Software);

 

(o)                                 all Credit Support Arrangements; and

 

(p)                                 all of the employment, personnel and medical records relating to any of the Non-Hired Employees.

 

Section 2.5                                    Assumed Liabilities. Effective as of the Closing, subject to the terms and conditions herein, NewCo shall accept and assume from Sunoco and the Contributing Subsidiaries, and shall pay, perform, and discharge when due, the following Liabilities (regardless of whether asserted before or after the Closing), but only to the extent not constituting Excluded Liabilities (collectively, the “Assumed Liabilities”):

 

(a)                                 except as otherwise expressly provided in this Agreement, all Liabilities to the extent arising out of or relating to the ownership, operation or use of the Refinery Business or the Refinery Assets, excluding the Excluded Liabilities;

 

(b)                                 all Liabilities associated with the Refinery Contracts, other than Liabilities for payment of accounts payable for goods or services delivered or provided prior to the Closing;

 

(c)                                  without derogation from Sunoco’s obligations pursuant to Sections 2.6(i),  6.2 and 8.8, all Liabilities associated with compliance with the Refinery Permits;

 

(d)                                 all Environmental Liabilities arising out of (i) any Environmental Condition or Environmental Noncompliance, in either case, to the extent caused or occurring after the Closing; (ii) fines or penalties assessed by any Governmental Authority for any Environmental Noncompliance, including any assessed under the Existing Refinery Consent Decree, in any case to the extent arising from ownership or operation of the Refinery Assets after the Closing; (iii) the shipment, transfer, treatment, recycling, storage or Release of Hazardous Substances generated as a result of or in connection with any operations conducted at the Refinery Real Property or related to or associated with the Refinery Business after the Closing; and (iv) Remediation of Environmental Conditions caused, occurring or exacerbated after the Closing at, on, in, under, adjacent to or migrating from any of the Refinery Real Property; and

 

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(e)                                  subject to the obligations in Article VII, all Liabilities regarding the Acquired Employees to the extent arising on or after his or her Employment Date and all Liabilities arising out of any selection or pre-employment process applied by NewCo and TCG to the Refinery Employees.

 

Section 2.6                                    Excluded Liabilities. Except as otherwise expressly provided in this Agreement, Sunoco and the Contributing Subsidiaries shall retain sole responsibility for and shall pay, perform and discharge when due all Liabilities of Sunoco and any of the Contributing Subsidiaries, respectively, (regardless of whether asserted before or after the Closing) other than the Assumed Liabilities (collectively, the “Excluded Liabilities”), including, the following Liabilities:

 

(a)                                 all FCPA Liabilities arising out of or relating to the ownership, operation or use of the Refinery Business or the Refinery Assets at any time prior to the Closing;

 

(b)                                 all Liabilities associated with the Excluded Contracts listed in Schedule 2.4(f);

 

(c)                                  (i) any and all income Taxes imposed on Sunoco or any of its Affiliates, (ii) the Property Taxes allocable to Sunoco pursuant to Section 11.4, (iii) the Transfer Taxes allocable to Sunoco pursuant to Section 11.5, (iv) for the avoidance of doubt, any Taxes imposed on or with respect to the Excluded Assets, (v) without duplication of any Taxes described in clauses (i)-(iv), any Taxes of any Contributing Subsidiary imposed on NewCo as a transferee or successor of such Contributing Subsidiary and that are not imposed on or with respect to the Refinery Assets or the Refinery Business (other than any Property Taxes or Transfer Taxes allocable to NewCo pursuant to Section 11.4 or Section 11.5) and (vi) without duplication of any Taxes described in clauses (i)-(v), any and all other Taxes imposed on or with respect to the Refinery Assets or the Refinery Business for any taxable period (or portion thereof) ending before the Closing (other than any Property Taxes or Transfer Taxes allocable to NewCo pursuant to Section 11.4 or Section 11.5);

 

(d)                                 all Liabilities associated with any Refinery Contract for payment of the current accounts payable for goods and services as delivered or provided prior to the Closing;

 

(e)                                  all Liabilities associated with any Downstream In-Transit Sale Obligation for delivery or provision of goods and services following the Closing;

 

(f)                                   all intra-group Liabilities owing to Sunoco or any of its Affiliates, unless otherwise explicitly set forth in, and in accordance with, the Retail Agreement, the TSA, or the SXL Agreements;

 

(g)                                  all Environmental Liabilities arising out of or relating to the Refinery Business or Refinery Assets, including (i) any Environmental Condition or Environmental Noncompliance, in either case to the extent occurring or in existence prior to the Closing; (ii) fines or penalties assessed by any Governmental Authority for any Environmental Noncompliance, including any assessed under the Existing Refinery Consent Decree, in any case to the extent arising from ownership or operation of the Refinery Assets, or their condition, prior to the Closing; (iii) those relating to the shipment, transfer, treatment, recycling, storage or Release of Hazardous Substances generated as a result of or in connection with any operations conducted at the Refinery Real Property or related to or associated with the Refinery Business prior to the Closing; and (iv) those relating to Remediation

 

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activities that are required under Environmental Laws because of Environmental Conditions or Environmental Noncompliance occurring or in existence prior to Closing;

 

(h)                                 all Liabilities relating to the Excluded Assets, including any Environmental Liabilities arising out of the ownership, operation, use or maintenance thereof;

 

(i)                                     all Liabilities arising pursuant to or relating to any Benefit Plans (including for the avoidance of doubt, all defined benefit plans) sponsored, maintained or contributed to by Sunoco or any of its ERISA Affiliates, including any pension withdrawal liabilities related to any Benefit Plan to which Sunoco or any other Person (whether or not incorporated) that, within the six-year period ending on the Closing, is or was treated as an ERISA Affiliate, currently contributes, has contributed or had an “obligation to contribute” (as defined in ERISA Section 4212) or any other Benefit Plan, including any Multiemployer Plan, that previously may have been established by Sunoco or any ERISA Affiliate to which Sunoco or any ERISA Affiliate has or had an “obligation to contribute” for current or former employees of Sunoco or such Person, including those listed in Schedule 2.6(i);

 

(j)                                    subject to the obligations in Article VII, all Liabilities arising from Sunoco or its Contributing Subsidiaries’ (i) employment or termination of any Non-Hired Employees or (ii) employment or termination of any Acquired Employee before his or her Employment Date, including any benefits or compensatory claims;

 

(k)                                 all Liabilities related to any of the Retained Litigation Matters (and the underlying facts thereof); and

 

(l)                                     all accounts payable and other current liabilities for goods and services arising in the ordinary course of business for periods prior to the Closing.

 

Section 2.7                                    Inadvertent Transfers. In the event that any Excluded Assets or Excluded Liabilities are inadvertently transferred to NewCo, Sunoco and the Contributing Subsidiaries and NewCo shall execute and deliver, and record (when appropriate), any and all instruments or other documents of transfer, conveyance and assignment, and take such other action as Sunoco or NewCo may reasonably request, as may be necessary or advisable to effect or evidence the transfer of the Excluded Assets to Sunoco or the Contributing Subsidiaries, as and to the extent contemplated hereby, and NewCo and Sunoco will execute and deliver, and record (when appropriate), any and all instruments or other documents of assumption and acceptance, and take such other action as Sunoco or NewCo may reasonably request, as may be necessary or advisable to effect the assumption of the Excluded Liabilities by Sunoco or the Contributing Subsidiaries as and to the extent contemplated hereby. In addition, in the event that any Refinery Assets or Assumed Liabilities inadvertently remain with Sunoco and the Contributing Subsidiaries, NewCo shall execute and deliver, and record (when appropriate), any and all instruments or other documents of transfer, conveyance and assignment, and take such other action as Sunoco or NewCo may reasonably request, as may be necessary or advisable to effect or evidence the transfer of the Refinery Assets to NewCo, as and to the extent contemplated hereby, and NewCo and Sunoco will execute and deliver, and record (when appropriate), any and all instruments or other documents of assumption and acceptance, and take such other action as Sunoco or NewCo may reasonably request, as may be necessary or advisable to

 

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effect the assumption of the Assumed Liabilities by NewCo, as and to the extent contemplated hereby.

 

Section 2.8                                    Effect of Consents to Transfer Not Obtained.

 

(a)                                 Notwithstanding anything in this Agreement to the contrary, this Agreement shall not constitute an agreement to assign any Refinery Asset which by its terms (after giving effect to Law) or by Law may not be assigned without a required Third-Person Consent or Authorization unless such Third-Party Consent or Authorization shall have been given, or as to which the remedies for the enforcement thereof enjoyed by Sunoco or one of the Contributing Subsidiaries, as applicable, would not, as a matter of Law or contract, pass to NewCo as an incident of the assignments provided for by this Agreement (the “Non-Assignable Assets”).

 

(b)                                 If any Third-Person Consent or Authorization is not obtained prior to or as of the Closing Date with respect to a Non-Assignable Asset, Sunoco shall, or shall cause the applicable Contributing Subsidiary to, use reasonable efforts to obtain such Third-Person Consent or Authorization with respect to the assignment of the relevant Refinery Asset, and upon the receipt of any such Third-Person Consent or Authorization, such Non-Assignable Asset shall be assigned to NewCo. From and after the Closing Date and until such time as such Non-Assignable Asset may be properly assigned to NewCo, such Non-Assignable Asset, together with any proceeds therefrom, shall be held in trust for NewCo (and Sunoco or the applicable Contributing Subsidiary, as applicable, will promptly pay to NewCo when received all monies received in respect of such Refinery Asset or any Claim, right or benefit arising thereunder). During such period, Sunoco shall, or shall cause such Contributing Subsidiary to, at NewCo’s sole cost and expense provide NewCo with the benefit in all material respects of each such Non-Assignable Asset. Sunoco or any Contributing Subsidiary shall be entitled to retain from or set-off against amounts due to, or otherwise charge and collect from, NewCo for all reasonable incremental costs associated with the retention, maintenance and enforcement of rights of any such Non-Assignable Asset and all Liabilities arising thereunder to the extent related to the ownership, use or operation thereof from and after the Closing Date contemplated by this Section 2.8, and NewCo will indemnify each Sunoco Indemnitee for any Damages resulting from or arising out of any such activities. Notwithstanding anything to the contrary set forth in this Section 2.8, neither Sunoco nor any Contributing Subsidiary shall have any obligation to directly or indirectly retain any portion of its assets or businesses other than any specific individual Contract or other Refinery Asset contemplated by this Section 2.8 as a result of this Section 2.8 in order to perform or maintain such Contract or other Refinery Asset.

 

(c)                                  To the extent that such Third-Party Consents and Authorizations are not obtained by Sunoco or one of its Affiliates, as applicable, this Agreement, to the extent permitted by Law, shall constitute an equitable assignment by Sunoco or the applicable Contributing Subsidiary, as applicable, to NewCo, of all of Sunoco’s or such Contributing Subsidiary’s, as applicable, rights, benefits title and interest in and to such Non-Assignable Assets, and NewCo shall be deemed to be Sunoco’s or such Contributing Subsidiary’s, as applicable, agent for the purpose of completing, fulfilling and discharging all of Sunoco’s or such Contributing Subsidiary’s, as applicable, rights and liabilities arising after the Closing Date under or with respect to such Non-Assignable Assets.

 

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Section 2.9                                    Inventory Adjustments.

 

(a)                                 Determination of Estimated Amounts. No later than three (3) Business Days prior to the Closing Date and no earlier than five (5) Business Days prior to the Closing Date, the Accessor shall provide each of TCG and Sunoco with a written statement setting forth its good faith estimate of (i) the value of Line-Fill Inventory as of the close of business on the last Business Day immediately preceding the Closing Date (“Estimated Line-Fill Amount”) calculated in accordance with the procedures to be reasonably agreed to by the Parties prior to three (3) Business Days prior to the Closing and (ii) the value of the In-Process Inventory as of the close of business on the last Business Day immediately preceding the Closing Date (“Estimated In-Process Amount”) calculated in accordance with procedures to be reasonably agreed to by the Parties prior to three (3) Business Days prior to the Closing, and together with such information as TCG or Sunoco may reasonably request to verify the amounts reflected in the Estimated Line-Fill Amount and the Estimated In-Process Amount.

 

(b)                                 Determination of Post-Closing Principal Amounts. No later than twenty (20) Business Days following the Closing, the Accessor shall deliver to each of Sunoco and NewCo the calculation of (i) the amount of Line-Fill Inventory as of the close of business on the last Business Day immediately preceding the Closing Date (“Actual Line-Fill Amount”) calculated in accordance with procedures to be reasonably agreed to by the Parties prior to three (3) Business Days prior to the Closing and (ii) the amount of In-Process Inventory as of the close of business on the last Business Day immediately preceding the Closing Date (“Actual In-Process Amount”) calculated in accordance with procedures to be reasonably agreed to by the Parties prior to three (3) Business Days prior to the Closing, together with any information that Sunoco or NewCo may reasonably request to verify the amounts reflected in the Actual Line-Fill Amount and the Actual In-Process Amount.

 

(c)                                  Disputed Final Adjustment.

 

(i)                                     No later than five (5) Business Days following the delivery of the calculation of Actual Line-Fill Amount and the Actual In-Process Amount, each of Sunoco and NewCo shall notify the other in writing whether such Party accepts or disputes the accuracy of the calculation of the Actual Line-Fill Amount or the Actual In-Process Amount (or both). If Sunoco and NewCo each accept the calculation of the Actual Line-Fill Amount and/or the Actual In-Process Amount determined pursuant to Section 2.9(b), or if Sunoco and NewCo both fail within such five (5) Business Day period to notify the other of any dispute with respect thereto, then the calculation of Line-Fill Amount and/or the Actual In-Process Amount determined pursuant to Section 2.9(b), shall be the “Final Line-Fill Amount” and/or the “Final In-Process Amount,” respectively, which, shall be deemed final and conclusive and binding upon all Parties in all respects.

 

(ii)                                  If Sunoco or NewCo disputes the accuracy of the calculation of Actual Line-Fill Amount or the Actual In-Process Amount pursuant to Section 2.9(c)(i), such Party shall provide written notice to the other Parties hereto no later than five (5) Business Days following the delivery by the Accessor to NewCo and Sunoco of the calculation of the Actual Line-Fill Amount and/or the Actual In-Process Amount (the “Dispute Notice”), setting forth in reasonable detail those items that such Party disputes. In the event there is a Dispute

 

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Notice, NewCo and Sunoco shall forthwith promptly jointly request that the Accessor make a binding determination as to the disputed items in accordance with this Agreement.

 

(iii)                               The Accessor will under the terms of its engagement have no more than ten (10) Business Days from the date of referral within which to render its written decision with respect to the disputed items (and only with respect to any unresolved disputed items set forth in the Dispute Notice) and the calculation of Final Line-Fill Amount and the Final In-Process Amount shall be based solely on the resolution of such disputed items by the Accessor. The Accessor shall review such submissions and base its determination solely on such submissions. In resolving any disputed item, the Accessor may not assign a value to any item greater than the greatest value for such item claimed by either Party or less than the least value for such item claimed by either Party. The decision of the Accessor shall be deemed final and binding upon the parties and enforceable by any court of competent jurisdiction and the Accessor’s calculation of Final Line-Fill Amount and the Final In-Process Amount shall be deemed the “Final Line-Fill Amount” and/or “Final In-Process Amount.” The fees and expenses of the Accessor shall be allocated to be paid by NewCo.

 

(d)                                 Adjustment following Calculation of Final Line-Fill Amount and Final In-Process Amount. Following the determination of the Final Line-Fill Amount and the Final In-Process Amount, (x) the principal amount of the Line-Fill Promissory Note shall be automatically adjusted to be the Final Line-Fill Amount, effective as of the Closing and (y):

 

(i)                                     if (A) the In-Process Promissory Note has been executed (i.e., the Estimated In-Process Amount was more than the Baseline Amount) and (B) the Final In-Process Amount is greater than the Estimated In-Process Amount, then the principal amount of the In-Process Promissory Note shall be automatically adjusted to be the Final In-Process Amount minus the Closing Payment effective as of the Closing;

 

(ii)                                  if (A) the In-Process Promissory Note has been executed (i.e., the Estimated In-Process Amount was more than the Baseline Amount) and (B) the Final In-Process Amount is more than the Baseline Amount but less than the Estimated In-Process Amount, then the principal amount of the In-Process Promissory Note shall be automatically adjusted to be the amount by which the Final In-Process Amount exceeds the Baseline Amount effective as of the Closing;

 

(iii)                               if (A) the In-Process Promissory Note has been executed (i.e., the Estimated In-Process Amount was more than the Baseline Amount) and (B) the Final In-Process Amount is exactly equal to the Baseline Amount, then the In-Process Promissory Note shall be cancelled and of no further force and effect and no Person shall owe any other Person with respect to the In-Process Promissory Note;

 

(iv)                              if (A) the In-Process Promissory Note has been executed (i.e., the Estimated In-Process Amount was more than the Baseline Amount) and (B) the Final In-Process Amount is less than the Baseline Amount, then (I) the In-Process Promissory Note shall be cancelled and of no further force and effect and no Person shall owe any other Person with respect to the In-Process Promissory Note and (II) Sunoco shall pay or cause to be paid to

 

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NewCo the difference between the Baseline Amount and the Final In-Process Amount within five (5) Business Days after such determination by wire transfer of immediately available funds at an account designated by NewCo;

 

(v)                                 if (A) the Estimated In-Process Amount was less than the Baseline Amount and (B) the Final In-Process Amount is greater than the Estimated In-Process Amount, then NewCo shall pay or cause to be paid to Sunoco the difference between the Estimated In-Process Amount and Final In-Process Amount within five (5) Business Days following the latter of the date that is sixty days after the Closing Date and the date of such determination by wire transfer of immediately available funds at an account designated by Sunoco; and

 

(vi)                              if (A) the Estimated In-Process Amount was less than the Baseline Amount and (B) the Estimated In-Process Amount is greater than the Final In-Process Amount, then Sunoco shall pay or cause to be paid to NewCo the difference between the Estimated In-Process Amount and Final In-Process Amount within five (5) Business Days after such determination by wire transfer of immediately available funds at an account designated by NewCo.

 

Section 2.10                             Intermediary Closing. Effective as of the Closing, subject to the terms and conditions herein, the following actions shall occur as part of the Intermediation Transaction and shall constitute the “Intermediary Closing”:

 

(a)                                 the Intermediary shall pay to Sunoco the consideration for the Upstream Inventory and the Downstream Inventory in immediately available funds as contemplated by the Intermediation Term Sheet;

 

(b)                                 Sunoco or the Contributing Subsidiaries shall deliver to the Intermediary the Upstream Inventory and Downstream Inventory, and assign all rights and Claims associated therewith; and

 

(c)                                  the Intermediary shall assume the Crude Purchase Obligations and all rights, Claims, counterclaims, and obligations thereunder.

 

ARTICLE III

 

CLOSING

 

Section 3.1                                    Closing. Subject to the terms and conditions of this Agreement, the closing of the transactions contemplated by this Agreement (the “Closing”) shall take place at the offices of Vinson & Elkins, 666 5th Avenue, 26th Floor, New York, New York 10103, at 10:00 A.M. on the second Business Day after all of the conditions precedent set forth in Article IX have been satisfied (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or due waiver of those conditions), or if permissible, waived or at such other place, time and date as is agreed to in writing by the Parties (the “Closing Date”). The Intermediary Closing shall take place simultaneously with, and will be a condition to the consummation of the

 

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Contemplated Transactions at, the Closing. The Closing shall be deemed to have occurred at 12:01 A.M. on the Closing Date.

 

Section 3.2                                    Deliveries.

 

(a)                                 Sunoco’s Closing Deliveries. In connection with the Sunoco Contribution, at the Closing Sunoco shall deliver, or cause to be delivered, to NewCo, the following:

 

(i)                                     the Deeds conveying title to the Refinery Owned Real Property, including the Refinery Improvements related thereto, and all of the right, title, appurtenances and interest of each of Sunoco and the Contributing Subsidiaries relating to such property, subject only to Permitted Refinery Owned Property Liens; each such Deed; and in recordable form for recording the Deed in the county in which the Refinery Real Property is located;

 

(ii)                                  duly executed UCC 3 termination statements and other terminations, pay-offs or releases, or other documents and instruments necessary to terminate and release all Liens (other than Permitted Liens or liens with respect to less than $100,000) on or in respect of any Refinery Assets;

 

(iii)                               one or more properly executed and acknowledged assignment and assumption of leases conveying all right, title and interest of each of Sunoco and the Contributing Subsidiaries to all Refinery Real Property Leases, each assignment to be reasonably to the satisfaction of each of the Parties hereto;

 

(iv)                              a copy of each applicable Third-Party Consent and Authorization set forth in Schedule 3.2(a)(iv);

 

(v)                                 a bill of sale to transfer all of the Refinery Assets in accordance with this Agreement to NewCo, in the form attached as Exhibit K, duly executed by Sunoco and each Contributing Subsidiary;

 

(vi)                              an intellectual property assignment agreement to transfer all of the Transferred Owned Refinery IP to NewCo, in the form attached as Exhibit M, duly executed by Sunoco and each Contributing Subsidiary;

 

(vii)                           an assignment and assumption agreement to transfer the Assumed Liabilities, in the form attached as Exhibit L, duly executed by Sunoco and each Contributing Subsidiary (“Intellectual Property Assignment”);

 

(viii)                        the Retail Agreement duly executed by Sunoco;

 

(ix)                              the Registration Rights Agreement duly executed by Sunoco;

 

(x)                                 the TSA duly executed by Sunoco;

 

(xi)                              the Advisory Agreement duly executed by Sunoco;

 

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(xii)                           the Cross License Agreement duly executed by Sunoco;

 

(xiii)                        the applicable SXL Agreements duly executed by Sunoco;

 

(xiv)                       the Line-Fill Promissory Note duly acknowledged by Sunoco as obligee;

 

(xv)                          the Service Mark Coordination Agreements duly executed by Sunoco;

 

(xvi)                       except if the Estimated In-Process Note Amount is equal to $0, the In-Process Promissory Note duly acknowledged by Sunoco as obligee;

 

(xvii)                    any other documents, instruments or agreements contemplated hereby or reasonably necessary to consummate the Contemplated Transactions;

 

(xviii)                 a certificate of Sunoco, signed by an executive officer of Sunoco, to the effect that the conditions set forth in Sections 9.3(a) and 9.3(b) with respect to Sunoco have been satisfied or waived; and

 

(xix)                       a certificate of non-foreign status of Sunoco and each Contributing Subsidiary (other than SIL) meeting the requirements of Treasury Regulation Section 1.1445-2(b)(2) and a certificate of SIL certifying that none of the Refinery Assets contributed by it to NewCo constitute United States real property interests and meeting the requirements of Treasury Regulation Section 1.1445-2(c).

 

(b)                                 TCG Closing Date Deliveries. In connection with the TCG Contribution, at the Closing TCG shall deliver, or cause to be delivered, to Sunoco, or, in the case of clause (i) below, to NewCo, the following:

 

(i)                                     the amount of the TCG Contribution in immediately available funds;

 

(ii)                                  a certificate of TCG, signed by an executive officer of TCG, to the effect that the conditions set forth in Sections 9.2(a) and 9.2(b) with respect to TCG have been satisfied or waived;

 

(iii)                               any other documents, instruments or agreements contemplated hereby or reasonably necessary to consummate the Contemplated Transactions; and

 

(iv)                              the Registration Rights Agreement duly executed by TCG.

 

(c)                                  NewCo Closing Date Deliveries. In connection with the TCG Contribution and the Sunoco Contribution, at the Closing, NewCo shall deliver, or cause to be delivered, to Sunoco, the following:

 

(i)                                     one or more properly executed and acknowledged assignment and assumption of leases conveying all right, title and interest of Sunoco and each of its Affiliates to all Refinery Real Property Leases, each assignment to be reasonably to the satisfaction of each of the Parties hereto;

 

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(ii)                                  an assignment and assumption agreement to transfer the Assumed Liabilities, in the form attached as Exhibit L, duly executed by NewCo;

 

(iii)                               an intellectual property assignment agreement to transfer all of the Transferred Owned Refinery IP to NewCo, in the form attached as Exhibit M, duly executed by NewCo;

 

(iv)                              the Retail Agreement duly executed by NewCo;

 

(v)                                 the Registration Rights Agreement duly executed by each of NewCo;

 

(vi)                              the TSA duly executed by NewCo;

 

(vii)                           the Advisory Agreement duly executed by NewCo;

 

(viii)                        the applicable SXL Agreements duly executed by NewCo;

 

(ix)                              the Line-Fill Promissory Note duly executed by NewCo;

 

(x)                                 the Service Mark Coordination Agreement duly executed by NewCo;

 

(xi)                              the Cross License Agreement duly executed by NewCo;

 

(xii)                           except if the Estimated In-Process Note Amount is equal to $0, the In-Process Promissory Note duly executed by NewCo;

 

(xiii)                        any other documents, instruments or agreements contemplated hereby or reasonably necessary to consummate the Contemplated Transactions; and

 

(xiv)                       an amount to be paid to the Contributing Subsidiaries as shown on Schedule 2.3(b) equal in the aggregate to the Closing Payment Amount, in immediately available funds to an account designated by Sunoco.

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES OF SUNOCO

 

Except as expressly set forth in the disclosure schedules delivered by Sunoco in connection with the execution and delivery of this Agreement (the “Disclosure Schedules”), Sunoco hereby represents and warrants to each of TCG and NewCo that the statements contained in this Article IV are correct and complete as of the date of this Agreement:

 

Section 4.1                                    Organization; Qualification. Each of Sunoco and each of the Contributing Subsidiaries is a corporation, limited partnership or limited liability company, as the case may be, duly incorporated or organized, as applicable, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation. Each Contributing Subsidiary has (i) all requisite power and authority necessary to own, lease or operate the Refinery Business as such business is currently conducted, and (ii) is qualified to do business as a foreign corporation, partnership, limited partnership or limited liability company, as the case may be, in each jurisdiction in which any

 

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Refinery Assets or property of the Refinery Business is currently owned, leased or operated by such entity or the nature of the Refinery Business currently conducted by such entity makes such qualification necessary. Schedule 4.1 sets forth for each of Sunoco and the Contributing Subsidiaries correctly and completely such entity’s jurisdiction of incorporation or formation.

 

Section 4.2                                    Authority; Enforceability.

 

(a)                                 Sunoco has, and as of the Closing, each of the Contributing Subsidiaries shall have, the requisite corporate, general partnership, limited partnership or limited liability company power and authority, as applicable, to execute and deliver this Agreement (solely in the case of Sunoco) and the Related Agreements to which it is, or will be as of the Closing, a party, and to consummate the Contemplated Transactions. The execution and delivery by each of Sunoco and the Contributing Subsidiaries of this Agreement (solely in the case of Sunoco) and the Related Agreements to which it is, or will be as of the Closing, a party, and the consummation of the Contemplated Transactions by Sunoco has been, and by each of the Contributing Subsidiaries will be, as of the Closing duly and validly authorized by each of Sunoco and the Contributing Subsidiaries and no other corporate, general partnership, limited partnership or limited liability company proceedings, as the case may be, on the part of such of Sunoco and the Contributing Subsidiaries will be necessary to authorize this Agreement and the Related Agreements or to consummate the Contemplated Transactions as of the Closing.

 

(b)                                 Each of this Agreement (in the case of Sunoco) and the Related Agreements constitutes (or will constitute, in the case of the Related Agreements to be delivered at the Closing) the valid and binding agreement of each of Sunoco and the Contributing Subsidiaries, and is (or will be, in the case of the Related Agreements to be delivered at the Closing) enforceable against each of Sunoco and the Contributing Subsidiaries in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Laws relating to or affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

Section 4.3                                    No Violation; Consents and Approvals.

 

(a)                                 The execution, delivery and performance of the Agreement and the Related Agreements by any of Sunoco and the Contributing Subsidiaries and the consummation by such of Sunoco and the Contributing Subsidiaries of the Contemplated Transactions do not and will not as of the Closing (i) conflict with or violate any of its Governing Documents; (ii) breach any Material Contract to which such entity is a party or subject; (iii) violate or breach any Law applicable to such entity; or (iv) result in the creation or imposition of any lien, charge or encumbrance upon any of the Refinery Assets, except for Permitted Liens, except in the case of (ii), (iii) or (iv) such violations, breaches, creations or impositions that would not, individually or in the aggregate, have a Material Adverse Effect.

 

(b)                                 No material declaration, filing or registration with, or notice to, or authorization, consent or approval of, any Governmental Authority or other Third Party under a Material Contract is necessary for the consummation by any of Sunoco and the Contributing Subsidiaries of the Contemplated Transactions except for (i) any notice required to be filed under the HSR Act, (ii) any

 

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consent, approval or notice required to be obtained from or given to any state public utility commission, (iii) any transfer application or other filing to be filed with, or any approval of any Governmental Authority, (iv) any other filing contemplated by this Agreement or any other Related Agreement or (v) any declaration, filing, registration, notice, authorization, consent or approval, the failure of which to have received when made would not have a Material Adverse Effect.

 

Section 4.4                                    Financial Statements. Sunoco has delivered to TCG correct and complete copies of the FAMIS reports and the operating cost reports for each calendar month since January 1, 2010 through May 31, 2012 (collectively, the “Refinery Reports”). Each of the Refinery Reports (i) has been prepared on a consistent basis throughout the periods covered, (ii) has been prepared in the ordinary course of business consistent with past custom and practice, and (iii) to the Knowledge of Sunoco, is the same report prepared for Sunoco’s own internal use in connection with the operation of the Refinery.

 

Section 4.5                                    Material Contracts.

 

(a)                                 Schedule 4.5(a) sets forth a correct and compete list of all the Refinery Contracts described below to which Sunoco or any of the Contributing Subsidiaries is a party as of the date hereof, including all amendments and modifications thereto, and which primarily relate to the Refinery Business or any of the Refinery Assets (for the avoidance of doubt, other than the Excluded Contracts) (collectively, the “Material Contracts”):

 

(i)                                     any Contract relating to indebtedness (or any guaranty thereof) or the granting of any lien with respect to more than $100,000 (excluding any Credit Support Obligations);

 

(ii)                                  any CBA;

 

(iii)                               any Contract providing for the future disposition of any Refinery Asset (i) with a fair market value of more than $500,000, other than dispositions in the ordinary course of business consistent with past custom and practice (including for the avoidance of doubt with respect to quantity, price and frequency) or (ii) with a fair market value of more than $5,000,000;

 

(iv)                              any lease of real or personal property that provides for an annual base rental payable by Sunoco or any of the Contributing Subsidiaries of more than $500,000;

 

(v)                                 any Contract expressly prohibiting a Person from engaging in any business relating to the Refinery;

 

(vi)                              partnership, joint venture or other similar Contracts providing for a sharing of profits of the Refinery Business or any subsection thereof;

 

(vii)                           any Contract (other than Contracts for the purchase or sale of inventory or Contracts that are otherwise expressly required to be disclosed pursuant to any other subclause of this Section 4.5(a)) that provides for the payment or the Loss by, or the Liability of, the Refinery Business (and will require the payment or Loss by, or the Liability of,

 

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NewCo or any of its Subsidiaries) from and after the Closing of amounts in excess of $5,000,000; and

 

(viii)                        any Contract to enter into any agreement with respect to any of the matters described in any of the foregoing clauses of above.

 

(b)                                 Sunoco has delivered or made available to TCG accurate and complete copies of all Material Contracts, together with all amendments thereto. There are no oral Material Contracts and no oral terms or conditions to any Material Contracts.

 

(c)                                  To the Knowledge of Sunoco, (i) each Material Contract is in full force and effect and is a legal, valid and binding obligation of Sunoco or one of the Contributing Subsidiaries, enforceable against Sunoco or one of the Contributing Subsidiaries in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other Laws affecting the enforcement of creditors’ rights generally and except that the availability of equitable remedies, including specific performance, is subject to the discretion of the court before which any proceeding therefor may be brought, (ii) none of Sunoco or any of the Contributing Subsidiaries is, or during the one (1) year prior to the date hereof has been, in material breach of any Material Contract nor has, to Sunoco’s Knowledge, any other party thereto and (iii) to Sunoco’s Knowledge, none of Sunoco or any of the Contributing Subsidiaries has received from any other party to any Material Contract written notification within the one (1) year prior to the date hereof that remains unresolved that such Material Contract is not in full force and effect, that Sunoco or any of the Contributing Subsidiaries has failed to perform its obligations thereunder to date, or that any other party thereto has not performed its obligations thereunder to date.

 

(d)                                 To the Knowledge of Sunoco, there are no bankruptcy, insolvency, reorganization, receivership or arrangement procedures pending with respect to any party to a Material Contract that would reasonably be expected to result in material modification or breach of such Material Contract.

 

Section 4.6                                    Authorizations. Schedule 4.6 contains a list of the material Refinery Permits and all other material Authorizations of any of Sunoco and the Contributing Subsidiaries used (or held for use) in connection with the Refinery Assets or the Refinery Business. No event has occurred within the one (1) year prior to the date hereof that remains unresolved, and no circumstance or condition exists, that (with or without notice or lapse of time or both) would reasonably be expected to constitute or result in a material violation by Sunoco or any of the Contributing Subsidiaries of, or a failure on the part of Sunoco or the Contributing Subsidiaries to comply with the terms of, any such Authorization, the result of such event could reasonably be expected to result in a Material Adverse Effect. None of Sunoco or any of the Contributing Subsidiaries has received any written notification that any such Authorization (i) is not in full force and effect, (ii) has been violated in any material respect, or (iii) is subject to any suspension, revocation, modification or cancellation; and there is no Proceeding pending or threatened in writing regarding suspension, revocation, modification or cancellation of any such Authorization, the result of such event could reasonably be expected to result in a Material Adverse Effect.

 

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Section 4.7                                    Compliance with Law.

 

(a)                                 Sunoco and each of the Contributing Subsidiaries is, and since June 30, 2010 has been, in compliance in all material respects with all material applicable Laws (other than Environmental Laws) with respect to Refinery Assets and the Refinery Business. Since June 30, 2010, to the Knowledge of Sunoco, none of Sunoco or any of the Contributing Subsidiaries has received any written notification from any applicable Governmental Authority that it is not in compliance in all material respects with any material applicable Laws with respect to Refinery Assets and the Refinery Business. Since June 30, 2009, no event has occurred, and no circumstance or condition exists, that (with or without notice or lapse of time or both) would reasonably be expected to constitute or result in a failure of Sunoco or any of the Contributing Subsidiaries to comply with the terms of any applicable Law with respect to Refinery Assets or the Refinery Business, the result of such event could reasonably be expected to result in a Material Adverse Effect.

 

(b)                                 In connection with any of the Refinery Assets or the Refinery Business, each of Sunoco and the Contributing Subsidiaries (including each of their respective directors, managers, officers, employees, distributors, suppliers, traders, agents and representatives) has not since June 30, 2007 directly or indirectly (i) taken any action that would violate the FCPA, (ii) used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (iii) made, offered or authorized any unlawful payment or given, offered, or authorized the giving or offering of a gift or anything of value to any foreign or domestic governmental official or employee (including an official or employee of a state owned, operated, or controlled entity), or (iv) made, offered, authorized, accepted or received any unlawful bribe, rebate, payoff, influence payment, kickback or other similar unlawful payment.

 

(c)                                  Notwithstanding anything to the contrary in this Section 4.7, this Section 4.7 shall not relate to matters related to Environmental Laws, labor and employment Laws or Tax Laws.

 

Section 4.8                                    Proceedings. As of the date hereof, (i) there is no Proceeding pending, or threatened in writing within the three (3) months prior to the date hereof, against Sunoco or any of the Contributing Subsidiaries with respect to the Refining Business (any such Proceeding, other than any routine Proceedings of any Governmental Authority, the “Retained Litigation Matters”); and (ii) there are no Orders or other decisions of any Governmental Authority outstanding against Sunoco or any of the Contributing Subsidiaries pertaining to any portion of the Refinery Assets or the Refinery Business.

 

Section 4.9                                    Taxes. All material Tax Returns required to be filed with respect to any of the Refinery Assets or the Refinery Business have been duly and timely filed. All material Taxes owed with respect to any of the Refinery Assets or the Refinery Business that are or have become due have been paid in full. All material withholding tax requirements imposed on or with respect to the Refinery Business and the Refinery Assets have been satisfied. There is not in force any extension of time with respect to the due date for the filing of any material Tax Return or any waiver or agreement for any extension of time for the assessment or payment of any material Tax; in each case with respect to any of the Refinery Business or the Refinery Assets. Except with respect to Taxes not yet due and payable, (i) there are no Liens for material unpaid Taxes and (ii) no unresolved claim for material unpaid Taxes has been made in writing by any Governmental Authority that could give rise to any such Lien; in each case, with respect to the Refinery Business or the Refinery Assets. There are no active audits or legal proceedings involving Tax matters or, to the Knowledge of Sunoco,

 

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threatened audits or proposed deficiencies or other claims for material unpaid Taxes, in each case related to the Refinery Business or the Refinery Assets.

 

Section 4.10                             Environmental.

 

(a)                                 Environmental Authorizations. Schedule 4.6 sets forth all material Environmental Authorizations required by any Environmental Law for operation of the Refinery Business and Sunoco and the Contributing Subsidiaries hold all such Environmental Authorizations, which are in full force and effect and, where subject to renewal, Sunoco has timely submitted complete renewal applications where failure to do so could reasonably be expected to have a Material Adverse Effect. There are no Proceedings pending or, to the Knowledge of Sunoco, threatened which could reasonably be expected to affect (i) the validity of any Environmental Authorization held by any of Sunoco and the Contributing Subsidiaries and listed on Schedule 4.6, (ii) the ability of Sunoco or NewCo to obtain prior to the Closing any Environmental Authorization listed on Schedule 4.6 that has not been obtained at the date of this Agreement, (iii) the ability of Sunoco or NewCo to obtain within the time specified by applicable Environmental Law any Environmental Authorization listed on Schedule 4.6, or (iv) the ability of Sunoco or NewCo to renew any Environmental Authorization in each of the foregoing cases which Proceeding, if adversely resolved, could reasonably be expected to have a Material Adverse Effect.

 

(b)                                 Environmental Liens. None of the Refinery Assets or other property used in the Refinery Business is subject to any Lien imposed by or arising under any Environmental Law, and there are no proceedings pending or, to the Knowledge of Sunoco, threatened that could reasonably be expected to result in the imposition of any such Lien, nor is there any basis for any such Lien or proceeding.

 

(c)                                  Environmental Compliance. Each of the Refinery Business and the Refinery Assets is currently, and for the past three years, has been, operated so as not to be in Environmental Noncompliance where such Environmental Noncompliance could reasonably be expected to have a Material Adverse Effect. Neither Sunoco nor any of the Contributing Subsidiaries has received any currently unresolved written communication from any Person alleging any of Sunoco and the Contributing Subsidiaries is in Environmental Noncompliance, which Environmental Noncompliance could reasonably be expected to have a Material Adverse Effect. To Sunoco’s Knowledge, there are no conditions or circumstances relating to the Refinery Business that may prevent or interfere with their or NewCo’s compliance, in all material respects, with all Environmental Laws at the Closing.

 

(d)                                 Environmental Proceedings. There are no Proceedings pending or, to Sunoco’s knowledge, threatened against any of Sunoco and the Contributing Subsidiaries, against the Refinery Business itself or any of the Refinery Assets (or, with respect to any Predecessor, any property constituting a part of the Refinery Assets) used therein or operations performed thereon, in which any violation of any Environmental Law is alleged or any Environmental Liability is asserted which, if adversely resolved, could reasonably be expected to have a Material Adverse Effect.

 

(e)                                  Environmental Reports. Sunoco and the Contributing Subsidiaries have made available to TCG for review material environmental audits, assessments, reports, studies, documents

 

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and correspondence on environmental matters, Hazardous Materials (including any Release or threatened Release of, or exposure to Hazardous Materials) and compliance with Environmental Laws and Environmental Authorizations relating to the operation of the Business or use of the Refinery Real Property or any of the Refinery Assets sufficient to reasonably apprise TCG of the existence, nature and extent of material Environmental Conditions, Environmental Noncompliance and Environmental Claims of which Sunoco has Knowledge.

 

(f)                                   This Section 4.10 sets forth the sole representations and warranties of Sunoco with respect to environmental, health and safety matters, including all matters arising under Environmental Laws or with respect to Environmental Liabilities, Environmental Noncompliance, Environmental Conditions, Environmental Claims or Releases.

 

Section 4.11                             Benefit Plan Matters.

 

(a)                                 Schedule 4.11(a) lists each Benefit Plan that Sunoco or any of its ERISA Affiliates maintain or to which Sunoco or any of its ERISA Affiliates contribute or is a participating employer or under which Sunoco or any of its ERISA Affiliates may have any liability which applies to any employees of Sunoco or its Affiliates who are currently providing services related to or in connection with the operation of the Refinery Business (collectively, the “Company Benefit Plans”). With respect to each Company Benefit Plan, Sunoco has delivered true and complete copies of all plan documents and summary plan descriptions (to the extent applicable).

 

(b)                                 Except as would not have a Material Adverse Effect, (i) each Company Benefit Plan (and each related trust, insurance contract or fund) has been administered and operated in accordance with the terms of the applicable controlling documents and with the applicable provisions of ERISA, the Code and all other applicable Laws (ii)each Company Benefit Plan that is an Employee Pension Benefit Plan and that is intended to meet the requirements of a “qualified plan” under Section 401(a) of the Code meets such requirements and has either received or applied for (or has time remaining to apply for) a favorable determination letter from the IRS within the applicable remedial amendment periods, and (iii) to the Knowledge of Sunoco, no amendments have been made to any such Company Benefit Plan following the receipt of a determination letter that would jeopardize such plan’s qualified status.

 

(c)                                  Each Employee Pension Benefit Plan maintained, sponsored or contributed to by Sunoco or any of its ERISA Affiliates in the six year period preceding the Closing Date subject to the minimum funding requirements of Section 412 of the Code or subject to Title IV of ERISA has been set forth on Schedule 4.11(c) and the latest actuarial reports related to any such plan currently maintained, sponsored or contributed to by Sunoco have been delivered by Sunoco. Neither Sunoco nor its Affiliates has incurred any unsatisfied Liability to the Pension Benefit Guaranty Corporation nor could Sunoco or any of its ERISA Affiliates be reasonably expected to incur any Liability to the Pension Benefit Guaranty Corporation under Title IV of ERISA that could result in the imposition of any Liability on TCG or NewCo.

 

(d)                                 Neither Sunoco nor any of its ERISA Affiliates maintain or contribute to, nor has Sunoco or any of its ERISA Affiliates ever maintained or contributed to, any Company Benefit Plan providing medical, health or life insurance or other welfare type benefits for current or future retired

 

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or terminated employees, their spouses or their dependents (other than in accordance with Section 4980B of the Code).

 

(e)                                  Except as would not have a Material Adverse Effect, there are no unresolved claims or disputes under the terms of, or in connection with, any Company Benefit Plan (other than routine undisputed claims for benefits). To the Knowledge of Sunoco, no action, legal or otherwise, has been commenced with respect to any such claim or dispute.

 

(f)                                   Except as set forth on Schedule 4.11(f), with respect to each Company Benefit Plan, no Proceeding, hearing or investigation with respect to the administration or the investment of the assets of any Company Benefit Plan (other than routine claims for benefits) is pending or, to the Knowledge of Sunoco, threatened, and to the Knowledge of Sunoco, there is no basis for any such Proceeding, hearing or investigation.

 

(g)                                  Except as set forth on Schedule 4.11(g), neither Sunoco nor any of its ERISA Affiliates contribute to or has ever contributed to any Multiemployer Plan or has any liability (including withdrawal liability) under any Multiemployer Plan in which any Acquired Employee participates.

 

Section 4.12                             Labor Matters.

 

(a)                                 Except as set forth in Schedule 4.12(a), neither Sunoco nor any of its Affiliates is a party to any CBA or other labor union Contract in connection with the operation of the Refinery Business.

 

(b)                                 Except as would not have, individually or in the aggregate, a Material Adverse Effect, Sunoco and the Contributing Subsidiaries are, in all respects, in compliance with all applicable Labor Law and have been in compliance, in all respects, during the three years prior to the date of this Agreement. Except as set forth on Schedule 4.12(b), in connection with the operation of the Refinery Business, there are no pending or, to the Knowledge of Sunoco, threatened, Claims, class actions or other similar suits or Proceedings relating to matters of compliance with the Labor Laws.

 

(c)                                  Except as set forth on Schedule 4.12(c), in connection with the operation of the Refinery Business: (1) there are no pending or, to the Knowledge of Sunoco, threatened (i) strikes, work stoppages, slowdowns or lockouts against Sunoco or any of its Affiliates by any employees, or (ii) labor disputes currently subject to any grievance procedure, arbitration or litigation, including any unfair labor practice charge or complaint (as defined in the National Labor Relations Act) against Sunoco or any of its Affiliates; (2) neither Sunoco nor any of its Affiliates has experienced or been threatened with any labor strike, slowdown, picketing or material work stoppage involving its employees within the past three years; and (3) there are no pending or, to the Knowledge of Sunoco, threatened, union organizing campaigns, demands for recognition or union election petitions with respect to any employees.

 

(d)                                 Sunoco and each of its Affiliates has complied in all respects with the WARN Act and there are no pending nor, to the Knowledge of Sunoco, threatened or pending claims under the WARN Act in connection with the operation of the Refinery Business. Except as set forth on

 

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Schedule 4.12(d), during the three years prior to the date of this Agreement, neither Sunoco nor any of its Affiliates implemented a mass layoff, plant closing or other similar action in connection with the operation of the Refinery Business that required the issuance of notice (or provision of payment in lieu of notice) under the WARN Act.

 

(e)                                  Except as set forth on Schedule 4.12(e), there are no employment, retention or severance contracts, arrangements or agreements with any of the Acquired Employees.

 

Section 4.13               Intellectual Property.

 

(a)                                 Schedule 4.13(a) sets forth a complete and accurate list of all Registered Intellectual Property owned by Sunoco or any of its Affiliates and solely used (or solely held for use) in the operation of the Refinery Business. All currently due maintenance fees for issued patents or renewal fees for such Registered Intellectual Property have been paid as of the date hereof. No re-examination, reissue, interference, opposition, or cancellation proceedings are pending with respect to any of the Registered Intellectual Property.

 

(b)                                 To the Knowledge of Sunoco, the operation of the Refinery Business as currently conducted does not infringe, misappropriate or otherwise violate any Intellectual Property rights of any Person in any material respect. In the past two years, none of Sunoco or its Affiliates has received any written charge, complaint, claim, demand, or notice alleging any such infringement, misappropriation or other violation of any Intellectual Property rights of any Person with respect to such operation of the Refinery Business (including any demand that any of Sunoco or its Affiliates must license or refrain from using any Intellectual Property rights of any Third Party). To the Knowledge of Sunoco, no other Person is infringing or misappropriating any item of the Transferred Owned Refinery IP, or any Intellectual Property licensed to Sunoco or any of its Affiliates on an exclusive basis that is used primarily in the Refinery Business for which Sunoco or any of its Affiliates has the right to enforce against other Persons, except as would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect. None of the issued patents included in the Transferred Owned Refinery IP has been adjudged invalid or unenforceable.

 

(c)                                  Sunoco and the Contributing Subsidiaries own, and have the right to assign, all right, title and interest in and to the Transferred Owned Refinery IP, free and clear of all Liens (other than Permitted Liens). Immediately subsequent to Closing, the Transferred Owned Refinery IP (except for tangible embodiments not maintained at the Refinery) shall be owned and available for use by NewCo in substantially the same manner in which Sunoco or its Affiliates owned and used the Transferred Owned Refinery IP immediately prior to the Closing. None of the material Transferred Owned Refinery IP is subject to any outstanding Order, and no legal proceeding is pending which challenges the validity, enforceability or ownership of any material Transferred Owned Refinery IP, except as would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect. Neither Sunoco nor its Affiliates have granted to any Third Party, any exclusive rights or licenses with respect to the Transferred Owned Refinery IP.

 

(d)                                 Sunoco and each of its Affiliates has taken commercially reasonable steps to maintain the confidentiality of any material trade secrets and other material confidential information included in the Transferred Owned Refinery IP.

 

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(e)                                  Set forth on Schedule 4.13(e) is a list of all material agreements under which Sunoco or any of its Affiliates licenses Intellectual Property from a Third Party that is solely used in connection with the Refinery Business (collectively, all such material agreements being referred to as “Inbound Refinery License Agreements”). To the Knowledge of Sunoco, (i) each of the Inbound Refinery License Agreements is valid, binding and in full force and effect; and (ii) none of Sunoco or any of its Affiliates is in default of any material terms of any such Inbound Refinery License Agreements, and no event has occurred that with notice or lapse of time would constitute a default of any material terms of any such Inbound Refinery License Agreements, that, with respect to each of the foregoing, would permit termination thereunder.

 

(f)                                   Except as set forth on Schedule 4.13(f) and the Intellectual Property licensed under the Cross License Agreement and the services provided under the TSA, the Transferred Owned Refinery IP and the Intellectual Property licensed by any of Sunoco or its Affiliates from Third Parties pursuant to the Inbound Refinery License Agreements is all of the Intellectual Property that is used by Sunoco or any of its Affiliates in the operation of the Refinery Business as currently conducted and as conducted during the 24-month period preceding the Closing, except as would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect.

 

(g)                                  Sunoco and its Affiliates own or lease all Transferred Refinery Computer Systems that are necessary for the operation of the Refinery Business. In the past 12-month period, there has been no material failure or other material substandard performance of any Transferred Refinery Computer Systems that resulted in any material disruptions to the Refinery Business. Sunoco and each of its Affiliates has taken commercially reasonable steps to provide for the back-up and recovery of data and information and commercially reasonable disaster recovery plans, procedures, and facilities, and as applicable, have taken reasonable actions to protect the integrity and security of the Transferred Refinery Software and Transferred Refinery Computer Systems, and Software information stored thereon, from unauthorized use, access, or modification by Third Parties. Sunoco has pursuant to Software licenses, the number of users or seats used in the Refinery Business as currently conducted.

 

(h)                                 The execution, delivery and performance by Sunoco of this Agreement and the consummation of the Contemplated Transactions, do not and will not encumber or adversely affect the right to use any material Transferred Owned Refinery IP currently owned or used by Sunoco in the conduct of the Refinery Business, as conducted as of the date hereof, except as would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect.

 

Section 4.14                             Refinery Assets.

 

(a)                                 Schedule 4.14(a) sets forth (i) a legal description of all material Refinery Real Property that is land owned in fee (the “Refinery Owned Real Property”) and (ii) a listing of all the material Refinery Real Property Leases, together with the address of all Refinery Real Property (the “Refinery Leased Real Property”). Exhibit N further identifies each of the parcels of land described in Schedule 4.14(a) as Refinery Owned Real Property, being identified on Exhibit N and Schedule 4.14(a) as Premises A, Premises B, Premises C (SRTF Street Side), Premises D (SRTF River Side), Premises E, Premises G and Premises H.

 

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(b)                                 Except as set forth in Schedule 4.14(a) and as would not be reasonably expected to result in a Material Adverse Effect, as of the date hereof: (i) all water, sewer, gas, electric, telephone and drainage facilities and all other utilities on and to the Refinery Real Property necessary for the operations of the Refinery Assets are sufficient to service the Refinery Assets as currently used by each of Sunoco and the Contributing Subsidiaries; (ii) there are no pending or, to the Knowledge of Sunoco, threatened condemnation or eminent domain Proceedings involving a partial or total taking of any of the Refinery Real Property.

 

(c)                                  The Refinery Assets (together with the SXL Agreement, the Retail Agreement, the Cross License Agreement and the services to be provided to NewCo under the TSA) are and immediately following the Closing will be sufficient for (i) an independent operator to operate the Refinery Business commercially and (y) except as set forth on Schedule 4.14(c), to operate the Refinery Business as currently conducted.

 

(d)                                 Each item of Refinery Personal Property and Refinery Improvements has been maintained in the ordinary course of business consistent with past custom and practice and in accordance with Sunoco’s policies in all material respects, and is in good and workman like condition (subject to normal wear and tear).

 

Section 4.15                             Title to Assets.

 

(a)                                 Sunoco or one of the Contributing Subsidiaries (i) has good and marketable, indefeasible fee title to the Refinery Owned Real Property and (ii) has sole possession or right of use, pursuant to valid and enforceable leases, of the material Refinery Leased Real Property, in each case, subject only to Permitted Refinery Owned Real Property Liens.

 

(b)                                 Sunoco or one of the Contributing Subsidiaries (i) has good and marketable title to each item of owned material Refinery Personal Property and (ii) has possession or right of use, pursuant to a valid and enforceable lease, of each item of leased material Refinery Personal Property, in each case, subject only to Permitted Liens.

 

Section 4.16                             Affiliate Transactions. Schedule 4.16 sets forth a list of all Contracts entered into with any Affiliate of Sunoco and is or has been material to the operation of the Refinery Business during the one (1) year prior to the date hereof, other than customary unwritten contracts (none of which will survive the Closing) for subsidiaries of a parent company for the provision of customary services, cash management and other accounting and general administrative functions. Except as set forth in Schedule 4.16, no such Affiliate (other than the Contributing Subsidiaries) owns, directly or indirectly, any property that Sunoco or any of its Affiliates uses (or holds for use) or otherwise has exclusive rights in respect of or in connection with the Refinery Business other than for such use as is contemplated to be provided from and after the Closing pursuant to this Agreement or any Related Agreement.

 

Section 4.17                             Finder’s Fees. There is no investment banker, broker, finder or other intermediary that has been retained by or is authorized to act on behalf of Sunoco or any Contributing Subsidiary that might be entitled to any finder’s fee or brokerage commission in connection with any of the Contemplated Transactions where such fee or commission would be

 

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payable by NewCo, TCG or any of their respective Affiliates. For the avoidance of doubt, the fees of Credit Suisse (if any) for financial advisory services related to the Contemplated Transaction will be paid by Sunoco pursuant to a separate agreement.

 

ARTICLE V

 

REPRESENTATIONS OF TCG

 

TCG hereby represents and warrants to Sunoco and the Contributing Subsidiaries that the statements contained in this Article V are correct and complete as of the date of this Agreement:

 

Section 5.1                                    Organization; Qualification. TCG is a limited liability company duly organized, validly existing and in good standing under the laws of Delaware.

 

Section 5.2                                    Authority; Enforceability.

 

(a)                                 TCG has, and, as of the Closing, shall have, the requisite limited liability company power and authority, as applicable, to execute and deliver this Agreement and the Related Agreements to which it is, or will be as of the Closing, a party, and to consummate the Contemplated Transactions. The execution and delivery by TCG of this Agreement and the Related Agreements to which it is, or will be as of the Closing, a party, and the consummation of the Contemplated Transactions by TCG has been, and will be, as of the Closing, duly and validly authorized by TCG and no other limited liability company proceedings on the part of TCG will be necessary to authorize this Agreement and the Related Agreements or to consummate the Contemplated Transactions as of the Closing.

 

(b)                                 Each of this Agreement and the Related Agreements constitutes (or will constitute, in the case of the Related Agreements to be delivered at the Closing) the valid and binding agreement of TCG, and is (or will be, in the case of the Related Agreements to be delivered at the Closing) enforceable against TCG in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Laws relating to or affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

Section 5.3                                    No Violation; Consents and Approvals. Except as set forth in Schedule 5.3:

 

(a)                                 The execution, delivery and performance of the Agreement and the Related Agreements by TCG and the consummation by TCG of the Contemplated Transactions do not and will not as of the Closing (i) conflict with or violate any of its Governing Documents; (ii) breach any Material Contract to which such entity is a party or subject; or (iii) violate or breach any Law applicable to such entity.

 

(b)                                 No material declaration, filing or registration with, or notice to, or authorization, consent or approval of, any Governmental Authority or other Third Party is necessary for the consummation by TCG of the Contemplated Transactions except for (i) any notice required to be filed under the HSR Act, (ii) any consent, approval or notice required to be obtained from or given to any state public utility commission, (iii) any transfer application or other filing to be filed with, or

 

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any approval of any Governmental Authority, (iv) any other filing contemplated by this Agreement or any other Related Agreement or (v) any declaration, filing, registration, notice, authorization, consent or approval, the failure of which to have received when made would not have a Material Adverse Effect.

 

Section 5.4                                    Financing.

 

(a)                                 TCG has delivered to Sunoco a true and complete copy, as of the date hereof, the executed commitment letter from J.P. Morgan Ventures Energy Corporation and JPMorgan Chase Bank, N.A. (the “JPM Commitment Letter”) attaching term sheets for (i) a senior secured credit facility (the “Debt Term Sheet”) pursuant to which, and subject to the terms and conditions thereof and the JPM Commitment Letter, the lender parties thereto have committed to lend the amounts set forth therein to TCG and NewCo for the purpose of providing NewCo with working capital financing (the foregoing arrangement, the “Debt Financing”), and (ii) a crude oil and refined products intermediation facility (the “Intermediation Term Sheet”) pursuant to which, and subject to the terms and conditions thereof and the JPM Commitment Letter, the Intermediary has agreed to purchase the inventory and contracts related thereto, and to consummate the Intermediation Transactions (the foregoing arrangement, the “Intermediary Financing”). TCG and NewCo have delivered to Sunoco a true and complete copy of the executed commitment letter (the “Equity Commitment Letter” and, together with the JPM Commitment Letter, the “Financing Commitments”) from the Guarantor pursuant to which, and subject to the terms and conditions thereof, the Guarantor has committed to invest the amounts set forth therein (as may be amended, modified or replaced in accordance with this Agreement, the “Equity Financing” and, together with the Debt Financing and the Intermediary Financing, the “Financing”).

 

(b)                                 As of the date of this Agreement: (i) the JPM Commitment Letter, and Equity Commitment Letter are in full force and effect and have not been withdrawn or terminated or, except as disclosed to Sunoco, otherwise amended, supplemented or modified in any respect; (ii) each of the JPM Commitment Letter, and Equity Commitment Letter, in the form so delivered, is a legal, valid and binding obligation of TCG and, to the knowledge of TCG, the Debt Financing Sources and the Intermediary, respectively, and the other parties thereto; (iii) other than customary letters with respect to fees or indemnities or as disclosed to Sunoco, there are no other agreements, side letters or arrangements relating to the JPM Commitment Letter or the Equity Commitment Letter; (iv) no event has occurred which, with or without notice, lapse of time or both, would constitute a default or breach on the part of TCG under any term or condition of the Financing; and (v) TCG has no reason to believe that it could be unable to satisfy on a timely basis any term or condition of closing to be satisfied by it contained in the Financing. TCG has fully paid or caused to be paid any and all commitment fees or other fees required by the Financing to be paid on or before the date of this Agreement. The Equity Commitment Letter and the JPM Commitment Letter contain all of the material conditions precedent to the obligations of the parties thereunder to make the Financing available to TCG on the terms therein. Subject to the terms and conditions of the Equity Commitment Letter and the JPM Commitment Letter, and assuming the satisfaction of the conditions to TCG’s obligations to consummate the Contemplated Transactions as set forth herein, the proceeds from the Financing are sufficient to fund all of the amounts required to be provided by TCG for the consummation of the Contemplated Transactions, and are sufficient for the satisfaction of all of

 

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TCG’s obligations under this Agreement, including the payment of the TCG Contribution, all amounts required to be paid under this Agreement.

 

Section 5.5                                    Finder’s Fees. There is no investment banker, broker, finder or other intermediary that has been retained by or is authorized to act on behalf of TCG or any of its Affiliates that might be entitled to any fee or commission in connection with the Contemplated Transactions where such fee or commission would be payable by Sunoco or any of its Affiliates.

 

ARTICLE VI

 

INDEMNIFICATION

 

Section 6.1                                    Survival. None of the representations and warranties of any Party set forth in, or deemed made pursuant to, this Agreement or any Related Agreement (other than the Transition Services Agreement or the Amended and Restated NewCo LLC Agreement) will survive the Closing, and from and after the Closing, such representations and warranties shall be of no further force or effect and no claim for indemnification or otherwise may be made with respect to breaches thereof. Each Party acknowledges that it expressly intends to shorten the statute of limitations for claims or causes of action based upon, directly or indirectly, any of such representations and warranties as provided in this Section 6.1; provided, however, that (x) the Fundamental Representations and Warranties shall survive the Closing Date until the sixth (6th) anniversary of the Closing (or such shorter period as is contemplated by the statute of limitations with respect thereto) and (y) the Undisclosed Major Contracts Representation shall survive the Closing Date until the first (1st) anniversary of the Closing. Notwithstanding the preceding sentences, any representation, warranty, covenant or agreement in respect of which indemnity may be sought under this Agreement shall survive the time at which it would otherwise terminate pursuant to the preceding sentences, if notice of the inaccuracy or breach thereof giving rise to a right of indemnity shall have properly been given to the Party against whom such indemnity may be sought prior to the time at which it would otherwise terminate pursuant to the preceding sentences. The covenants and agreements of the Parties contained in this Agreement shall survive the Closing in accordance with their terms.

 

Section 6.2                                    Indemnification by Sunoco. Subject to the limitations set forth in this Article VI, from and after the Closing Date, Sunoco agrees to indemnify, defend and hold harmless each of NewCo, TCG and their respective successors, Representatives and permitted assigns (without duplication of indemnification provided to NewCo and NewCo’s Subsidiaries and their respective successors, Representatives and permitted assigns (collectively, the “NewCo Indemnitees”), from and against any and all Claims and Losses incurred, arising out of, resulting from or relating to:

 

(a)                                 the breach of (x) any Fundamental Representation and Warranty of Sunoco contained in this Agreement or (y) the Undisclosed Major Contracts Representation;

 

(b)                                 the breach of any covenant or agreement of Sunoco contained in this Agreement; or

 

(c)                                  any Excluded Liability.

 

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provided, however, that with respect to indemnification of TCG, Sunoco shall only indemnify, defend and hold harmless TCG to the extent of TCG’s direct costs.

 

Section 6.3                                    Indemnification by NewCo. Subject to the limitations set forth in this Article VI, from and after the Closing Date, NewCo agrees to indemnify, defend and hold harmless each of Sunoco, Sunoco’s Subsidiaries, their Subsidiaries and their respective successors, Representatives and permitted assigns (collectively, the “Sunoco Indemnitees”), from and against any and all Claims and Losses incurred, arising out of, resulting from or relating to:

 

(a)                                 the breach of any Fundamental Representation and Warranty of TCG contained in this Agreement; or

 

(b)                                 the breach of any covenant or agreement of TCG or NewCo contained in this Agreement.

 

(c)                                  any Assumed Liability.

 

Section 6.4                                    Contingent First Recourse against Sunoco Captive Insurer. In the event that following the Closing, Sunoco implements the Evergreen Captive Insurance Structure and any NewCo Indemnitee is or becomes entitled to indemnification under Section 6.2 in connection with an Environmental Liability, such NewCo Indemnitee and Sunoco agree that Sunoco and the Sunoco Captive Insurer, the latter solely with respect to coverage designated for Liabilities arising from the Refinery Assets or Refinery Business, will be jointly and severally liable for the satisfaction of such indemnification obligation to such NewCo Indemnitee. In that event, such NewCo Indemnitee agrees that it shall make commercially reasonable efforts to first seek payment or indemnification from the Sunoco Captive Insurer for satisfaction of such indemnification obligations; provided, however, that if Sunoco Captive Insurer does not promptly (an in any event, within thirty (30) Business Days) agree (including agreement with a reasonable reservation of rights) to indemnify, defend and hold harmless such NewCo Indemnitee under this Section 6.4 and provide reasonable assurance of its ability to continually satisfy such indemnification obligation, such NewCo Indemnitee shall be entitled to demand and require that Sunoco immediately indemnify, defend and hold harmless such NewCo Indemnitee. Nothing in this Section 6.4 shall be construed to limit the ability of any NewCo Indemnitee to file any pleading, make any demand or take any other action that it determines in good faith is necessary to preserve and protect its rights to indemnification against Sunoco in its capacity as a joint and several obligor, including in cases where Sunoco Captive Insurer’s agreement to indemnify, defend and hold harmless such NewCo Indemnitee includes a reasonable reservation of rights.

 

Section 6.5                                    Indemnification Procedures.

 

(a)                                 A Sunoco Indemnitee or NewCo Indemnitee, as the case maybe (for purposes of this Article VI, the “Indemnified Party”), shall give the indemnifying party under Section 6.2 and Section 6.3, as applicable (for purposes of this Article VI, the “Indemnifying Party”), prompt written notice of any matter which it has determined has given or would reasonably be expected to give rise to a right of indemnification under this Agreement, containing a reference to the provisions of this Agreement in respect of which such right of indemnification is claimed or arises; provided, however, that the

 

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failure to provide such notice shall not release the Indemnifying Party from its obligations under this Article VI except to the extent the Indemnifying Party is actually prejudiced by such failure.

 

(b)                                 If any Third Person shall notify an Indemnified Party with respect to a Third-Party Claim under this Article VI for which the Indemnified Party may seek indemnification hereunder, then the Indemnified Party shall promptly (and in any event within ten (10) Business Days after receiving notice of the Third-Party Claim or the commencement of Litigation with respect thereto) notify the Indemnifying Party thereof in writing and specifying the facts constituting the basis for such claim and the amount, to the extent known, of the claim asserted; provided, however, that the failure to provide such notice shall not release the Indemnifying Party from its obligations under this Article VI except to the extent the Indemnifying Party is actually prejudiced by such failure.

 

(c)                                  The Indemnified Party may defend against any Third-Party Claim in any manner it may reasonably deem appropriate and in connection therewith, the Indemnifying Party shall be liable for the reasonable fees and expenses of counsel employed by the Indemnified Party; provided, however, the Indemnifying Party shall be entitled to participate in the defense of any Third-Party Claim and, if it so chooses, to assume the defense thereof with counsel selected by the Indemnifying Party reasonably satisfactory to the Indemnified Party so long as (i) the Indemnifying Party notifies the Indemnified Party in writing within thirty (30) days after the Indemnified Party has given notice of such claim that the Indemnifying Party will indemnify the Indemnified Party from and against the Losses relating to such Third-Party Claim; (ii) such Third Party Claim does not seek injunctive or other equitable relief that if determined adversely to the Indemnified Party would reasonably be expected to have material adverse effects on the Indemnified Party; and (iii) the Indemnifying Party conducts the defense of such claim diligently.

 

(d)                                 If the Indemnifying Party is entitled pursuant to this Section 6.5 and elects to assume the defense of any such Third-Party Claim, (i) it shall keep the Indemnified Parties advised of the status of such Third-Party Claim and the defense thereof on a reasonably current basis and shall consider in good faith the recommendations made by the Indemnified Parties with respect thereto and (ii) the Indemnified Party shall be entitled to participate in the defense of any such Third-Party Claim and to employ, at its expense, separate counsel of its choice for such purpose at its sole cost and expense, it being understood, however, that the Indemnifying Party shall continue to control such defense; provided, however, that notwithstanding the foregoing, the Indemnifying Party shall pay the reasonable costs and expenses of such defense (including reasonable attorneys’ fees and expenses) of the Indemnified Party if (x) the Indemnified Party’s outside counsel shall have reasonably concluded and advised in writing (with a copy to the Indemnifying Party) that there are defenses available to such Indemnified Party that are different from those available to the Indemnifying Party that are reasonably likely to be asserted, or (y) the Indemnified Party’s outside counsel shall have advised in writing (with a copy to the Indemnifying Party) the Indemnified Party that there is a conflict of interest that would make it inappropriate under applicable standards of professional conduct to have common counsel for the Indemnifying Party and the Indemnified Party. Notwithstanding anything to the contrary in this Agreement, the Indemnifying Party will not be permitted to settle, compromise, take any corrective or remedial action or enter into an agreed judgment or consent decree, in each case, that subjects the Indemnified Party to any criminal liability, requires an admission of guilt or wrongdoing on the part of the Indemnified Party or imposes any unreasonable continuing obligation on or requires any payment from the Indemnified Party without the Indemnified Party’s prior written

 

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consent, which shall not be unreasonably withheld. Notwithstanding anything to the contrary in this Section 6.5, the Parties agree that from and after Closing, Sunoco shall assume and control the defense of the Retained Litigation Matters without the need for any written notice to NewCo or any other Person of such Third-Party Claims.

 

Section 6.6                                    Limitations on Indemnification.

 

(a)                                 An Indemnified Party shall not be entitled to indemnification under Section 6.2(a) or Section 6.3(a) for breach of any representation or warranty (other than a breach of a Fundamental Representation or Warranty) unless the aggregate of the Indemnifying Party’s indemnification obligations to the Indemnified Party pursuant to this Section 6.6(a) (but for this Section 6.6(a)) in respect of such breach of representation or warranty exceeds $1,000,000, and in such event, the Indemnified Party shall be entitled to indemnification and recovery for all amounts. For the avoidance of doubt, there shall be no limitations on indemnification pursuant to this Section 6.6(a) in connection with Sections 6.2(b), 6.2(c), 6.3(b) or 6.3(c).

 

(b)                                 The Indemnified Parties shall not be entitled to recover from Sunoco or NewCo, damages that are punitive damages, damages for lost profits or diminution in value or consequential, exemplary or special damages, other than consequential damages in connection with any Third-Party Claim or any amount payable to any other Person as an Assumed Liability or Retained Liability.

 

(c)                                  No Indemnified Party shall be entitled to recover from the Indemnifying Party, or include for purposes of determining if Claims or Losses have met or exceeded the threshold amount set forth in Section 6.6(a), any claim for indemnity in respect of any individual Claim or Loss (other than pursuant to Sections 6.2(c) or 6.3(c)) unless and until the indemnity claim against Indemnifying Party in respect of such Claim or Loss or any series of related Claims or Losses exceeds the Basket.

 

(d)                                 The amount of any Claims or Losses for which indemnification is provided under this Article VI shall be computed net of any (x) net Tax benefit realized by the Indemnified Party and (y) third party insurance (after costs of collection and deductibles) proceeds and recoveries in respect of third party indemnification obligations actually received by the Indemnified Party in connection with such Claims or Losses. Each Indemnified Party agrees to use its commercially reasonable efforts to obtain recovery in respect of any Claims or Losses from any third party insurance or third party indemnity which is available in respect of such Claims or Losses. If an Indemnified Party receives such insurance proceeds or indemnification recoveries in connection with Claims or Losses for which it has been indemnified hereunder, the Indemnified Party shall notify the Indemnifying Party, and refund to the Indemnifying Party the amount of such insurance proceeds or indemnification recoveries when received, up to the amount for which indemnification was paid hereunder.

 

(e)                                  Each Indemnified Party shall take all reasonable steps to mitigate any Losses in respect of which a Claim could be made under this Article VI. The amount of any Losses pursuant to which an Indemnified Party shall be entitled to seek indemnification hereunder shall be deemed reduced by the amount of the Claims or Losses resulting from any failure to mitigate such Claims or Losses.

 

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(f)                                   A NewCo Indemnitee’s right to indemnification under this Article VI shall be limited to the extent any claim for which indemnification is sought hereunder arises out of any environmental sampling or testing conducted by NewCo Indemnitees after the Closing Date unless such sampling or testing is undertaken (i) to respond to, investigate, or otherwise respond to material facts indicating the potential existence of Environmental Conditions that, in the reasonable judgment of NewCo, may pose a significant risk to human health or the environment provided that, absent exigent circumstances requiring immediate action, NewCo shall reasonably consult with Sunoco and reasonably consider such input as Sunoco may provide prior to conducting such sampling or testing; (ii) to comply with the requirements of any Environmental Law; (iii) in response to an inquiry, request, claim or demand by a Governmental Authority; (iv) as reasonably necessary in connection with Construction and Development of the Refinery Real Property; or (v) as reasonably necessary to defend or resolve a Third Party Claim.

 

(g)                                  Solely for the purpose of determining the amount of any Claims and Losses (and not for determining whether any breach exists under this Agreement) for which the Indemnified Party may be entitled to indemnification pursuant to this Article VI, any representation or warranty contained in this Agreement that is qualified by a term or terms such as “material”, “materially” or “Material Adverse Effect” shall be deemed made or given without such qualification and without giving effect to such words.

 

(h)                                 The representations, warranties and agreements made in this Agreement, together with the indemnification provisions hereof, are intended among other things to allocate the economic cost and risks inherent in the Contemplated Transactions and, accordingly, except with respect to any claim for breach of the Undisclosed Major Contracts Representation (which shall be subject to the limitations set forth in the definition of Undisclosed Major Contracts), a Party shall be entitled to the indemnification or other remedies provided in this Agreement by reason of any breach of any such representation, warrant or agreement by another Party notwithstanding whether any employee, officer, manager, director, representative or agent of the Party seeking to enforce a remedy knew or had reason to know of such breach and regardless of any investigation by such Party.

 

(i)                                     From and after the date that is one (1) year following the Closing Date, no Indemnified Party shall be entitled to make a claim for indemnification for Claims or Losses pursuant to Sections 6.2(b) or 6.3(b) for breach of any covenant contained in Article VIII and to be performed prior to Closing.

 

Section 6.7                                    Remediation. Any Remediation Activities conducted by Sunoco relative to Excluded Liabilities related to Environmental Conditions on, under, or emanating from the Refinery Assets, Refinery Real Property, or the Refinery Personal Property that arise out of or relate to the Excluded Liabilities shall be conducted as follows:

 

(a)                                 Sunoco agrees to perform all Remediation Activities relative to Environmental Conditions that arise out of or relate to the Excluded Liabilities in material compliance with applicable Environmental Laws employing where applicable risk-based remedial standards including, without limitation, standards based on pathway elimination and Special Industrial Area standards pursuant to applicable Environmental Laws, deed restrictions and institutional controls, except to the extent such risk-based remedial standards, deed restrictions and institutional controls

 

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would unreasonably interfere with either (i) NewCo’s operations or (ii) its plans for the Construction and Development of the Refinery Real Property subject in all cases to Sunoco’s obligation to comply with Environmental Laws in connection with such Remediation Activities. Sunoco shall provide NewCo with reasonable advance consultation and notice of the design and implementation of Remedial Activities and, to the extent, in the reasonable judgment of NewCo, such Remediation Activities could reasonably be expected to unreasonably interfere with NewCo’s current operations or any Construction and Development of the Refinery Real Property, Sunoco shall obtain the consent of NewCo, not to be unreasonably withheld or delayed, of its plan for Remediation Activity, prior to commencement of Remediation Activities. NewCo agrees to provide Sunoco with reasonable access to the Refinery Assets (and relevant NewCo personnel, books and records) for purposes of the completion of such Remediation Activities and to execute those documents as are reasonably necessary to facilitate application of such standards and effectuate such restrictions and controls.

 

(b)                                 Sunoco shall, subject to the limitations herein, have the responsibility and authority to conduct, control and conclude the defense or resolution of any such Remediation Activities and authority to conduct all governmental interactions with regard thereto, including sole responsibility to pay any fees, costs or expenses of counsel or any other advisors, consultants or third parties engaged in connection therewith to the extent such fees, costs or expenses constitute or relate to or arise out of Excluded Liabilities hereunder;

 

(c)                                  the NewCo Indemnitees shall have the right, but not the obligation, to reasonably participate in any such Remediation Activities including making comments to documents to be submitted to any Governmental Authority, participating in material meetings, and providing advice to Sunoco regarding procedural, substantive and strategic decisions, which Sunoco shall consider in good faith, taking into consideration the respective interests of the parties and their mutual interests in maintaining and preserving good relationships and their good standing and reputation with federal and state regulators.

 

(d)                                 NewCo shall permit Sunoco to utilize utilities, including wastewater treatment services and other resources on the Refinery Real Property in connection with such Remediation Activities and Sunoco agrees to reimburse NewCo for reasonable out-of-pocket costs actually incurred by NewCo of any resources utilized, provided that such reimbursement obligation shall not extend to internal person-power costs of NewCo or any out-of-pocket costs reasonably related to the ongoing conduct of the Refinery Business that would be incurred in the ordinary course without regard to conduct of Remediation Work hereunder.

 

(e)                                  Sunoco shall undertake diligent efforts to conduct Remediation Activities in a manner that does not unreasonably interfere with any of the current operations of NewCo or any Construction and Development.

 

(f)                                   Sunoco shall have no obligation to undertake any Remediation Activities, or provide indemnification with respect to any Liabilities for such Remediation Activities, unless, and then only to the extent that, Remedial Work is required by Environmental Laws or reasonably necessary in defense of, or for resolution of, a Third Party Claim.

 

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Section 6.8                                    Exclusive Remedy. After the Closing, this Article VI will provide the exclusive remedy for each of the Parties hereto for any and all claims in connection with this Agreement (other than (i) as set forth in Section 2.9, (ii) equitable remedies as they relate to breaches of covenants or other agreements contained herein to the extent such covenants or agreements are to be performed after the Closing or (iii) claims under any other agreement in respect of any breach thereof). Notwithstanding the foregoing, nothing herein shall preclude any party from asserting a claim of fraud.

 

ARTICLE VII

 

EMPLOYEE MATTERS

 

Section 7.1                                    Employment Offers.

 

(a)                                 Schedule 7.1(a)(i) lists each individual who is actively employed by Sunoco or its Affiliates at the Refinery, including (i) in accordance with the NewCo USW Agreement all hourly represented mobile workforce maintenance employees temporarily assigned to the Refinery from Sunoco’s Marcus Hook Refinery and (ii) the Refinery Manager, his direct reports, and the Refinery human resources manager, each referenced herein as a “Refinery Senior Manager”. Schedule 7.1(a)(ii) lists each individual who is employed by Sunoco or its Affiliates and is not physically located at the Refinery, but has been designated by Sunoco as primarily serving the Refinery or as having skills which could reasonably support the operation of the Refinery Assets by NewCo or its Affiliates, including certain support services senior managers designated by TCG within twenty days of the execution of this Agreement, each referenced herein as a “Support Services Senior Manager”. Schedules 7.1(a)(i) and 7.1(a)(ii) include each employee’s (A) name, (B) current job title or position, (C) service dates recognized by Sunoco or its Affiliates, (D) current base salary or the base hourly rate, (E) accrued but unused vacation benefits (excluding any unused vacation benefits banked from previous years), (F) status (e.g., full-time, part-time, on leave) and if on leave, the type of leave (e.g., vacation, short-term disability or Family and Medical Leave Act leave), (G) whether the employee is represented by the Union and (H) is a Refinery Senior Manager or Support Services Senior Manager. Employees listed on Schedules 7.1(a)(i) and 7.1(a)(ii) shall be referred to as “Refinery Employees.” Sunoco shall update Schedules 7.1(a)(i) and 7.1(a)(ii) periodically prior to Closing.

 

(b)                                 At least ten days prior to the Closing Date, based on the then existing Schedules 7.1(a)(i) and 7.1(a)(ii) TCG shall make offers of employment, effective as of the Closing Date and contingent upon the occurrence of the Closing, at a base salary or base wage which is at least equal to that provided by Sunoco or its Contributing Subsidiaries immediately prior to the Closing Date (unless otherwise mutually agreed as to specific Refinery Employees) to (i) all Union represented Refinery Employees on Schedule 7.1(a)(i) in accordance with the NewCo USW Agreement, (ii) all non represented hourly and salaried Refinery Employees on Schedule 7.1(a)(i) who are not Refinary Senior Managers, (iii) all non-represented hourly and salaried Refinery Employees on Schedule 7.1(a)(ii) who are not Support Services Senior Managers, and (iv) any Refinery Senior Managers and Support Services Senior Managers that TCG selects in its sole discretion, these selected managers will be referred to herein as a “Key Employees”. TCG will give each Refinery Employee no less than five (5) days in which to accept or reject their employment offer. TCG will provide Sunoco

 

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with Schedule 7.1(b) at least three (3) Business Days prior to the Closing Date, which shall contain as of that date the names of the Refinery Employees TCG made offers of employment to, the rate of pay TCG offered, and whether the Refinery Employee accepted the offer. Any Refinery Employee who accepts the offer of employment by TCG and on the Closing Date is (a) actively at work or (b) on a holiday, scheduled day off pursuant to his or her regular schedule, or a vacation authorized prior to the Closing Date by Sunoco or its Affiliates and returns to work as scheduled shall become or be deemed employed by NewCo or its Affiliates as of the Closing Date (the “Employment Date”). Any Refinery Employee who accepts the offer of employment by TCG and on the Closing Date is on a leave of absence or short-term disability leave consistent with Sunoco or its Affiliates’ established policies and practices which was authorized by Sunoco or its Affiliates prior to the Closing Date, including any FMLA leave or military leave, and is qualified to return to work and does return to work at the end of such authorized leave, which shall not be longer than 180 days after the Closing Date, unless applicable Law or the NewCo USW Agreement gives the Refinery Employee a longer period for returning to work, shall become employed by NewCo or its Affiliates as of the day of his or her return to work with such date being deemed the Employment Date for such employee. All Refinery Employees who become employed by NewCo or its Affiliates shall be referred to herein as an “Acquired Employee.” Sunoco or its Contributing Subsidiary will terminate its employment of each Acquired Employee effective as of the date preceding each such Acquired Employee’s Employment Date (“Sunoco Termination Date”).

 

(c)                                  Sunoco or its Affiliates will not employ or provide severance payments to any Refinery Employee to whom NewCo or its Affiliates, in accordance with Section 7.1(b), makes an offer of employment who does not accept the offer.

 

Section 7.2                                    Benefits Plans, Employment Practices and Pay Practices.

 

(a)                                 Sunoco shall be solely responsible for payment of any bonuses owed and accrued under any Benefit Plan of Sunoco or its ERISA Affiliates during the time period in which any Acquired Employee performed services for Sunoco or its Affiliates prior to the Closing Date, in accordance with Section 2.6(i) of this Agreement. Effective as of the Closing Date, NewCo shall be responsible for paying any bonuses accrued by any Acquired Employee under any Benefit Plan of NewCo or its Affiliates for service performed for NewCo or its Affiliates.

 

(b)                                 From the Closing Date through December 31, 2012 (the “Service Period”), Acquired Employees will continue to participate in certain Employee Welfare Benefit Plans, including those listed on Annex 1 to the TSA, maintained by Sunoco as designated in the TSA and in accordance with the terms of the TSA. During the Service Period, Sunoco agrees to provide other transition services, including payroll services, to NewCo or its Affiliates as designated in the TSA and in accordance with the terms of the TSA for the Service Period.

 

(c)                                  Sunoco shall retain, assume or cause to be assumed by an Affiliate or a voluntary employee beneficiary association (“VEBA Trust”), all responsibility and Liability for post-retirement health and other post-retirement welfare benefits (other than benefits arising under COBRA except as required by regulations) for Acquired Employees who have satisfied the age and service requirements prior to or as of their Sunoco Termination Date to receive such benefits under the Company Benefit Plans, subject to the terms and conditions of such plans as they may from time to

 

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time be amended. Neither Sunoco nor any VEBA Trust established by Sunoco or its Affiliates shall have any responsibility or Liability for post-retirement health and other post-retirement benefits for any Acquired Employee who was not eligible for such benefits as of his or her Sunoco Termination Date.

 

(d)                                 Sunoco and its Contributing Subsidiaries shall retain responsibility and Liability for, and sponsorship of, all Company Benefit Plans sponsored at any time by Sunoco and its Affiliates, together with responsibility and Liability for payment of all benefits thereunder or with respect thereto. Except as otherwise provided in this Section 7.2(b), effective on his or her Sunoco Termination Date, each Acquired Employee shall cease active participation in all Company Benefit Plans sponsored by Sunoco or its Affiliate and any other programs or arrangements relating to compensation or employee benefits sponsored by Sunoco or its Affiliates.

 

(e)                                  With respect to any Benefit Plan NewCo or its Affiliates sponsor or maintain or to which NewCo or its Affiliates contribute or is a participating employer (the “NewCo Benefit Plans”) that any Acquired Employee becomes eligible to participate in on or after his or her Employment Date, NewCo shall or shall cause such Affiliate to (i) recognize service prior to and on the Sunoco Termination Date with Sunoco and its Affiliates (including any predecessor company) for all purposes, including eligibility to participate, vesting credit, entitlement to benefits and benefit accrual; provided, that with respect to NewCo Benefit Plans that are defined benefit or defined contribution retirement plans, Acquired Employees shall receive credit under such plans for purposes of eligibility and vesting, but not for accrual of benefits; provided, further, that the foregoing shall not apply to the extent it would result in any duplication of benefits for the same period of service; and (ii) use its commercially reasonable efforts to have any applicable insurance provider waive any pre-existing condition exclusions and waiting periods with respect to participation and coverage requirements applicable to Acquired Employees under any such NewCo Benefit Plans providing medical, dental or vision benefits to the same extent such limitation would have been waived or satisfied under the analogous benefit plan sponsored by Sunoco or its Affiliate in which such Acquired Employee participated immediately prior to his or her Sunoco Termination Date. Sunoco and its Affiliates shall have no Liability or responsibility with respect to any NewCo Benefit Plans.

 

(f)                                   NewCo shall assume Liability and be responsible for each Acquired Employee’s accrued and unused vacation benefits as of his or her Sunoco Termination Date under Sunoco or its Affiliates’ vacation policies or 2009-2012 CBA with the Union excluding any unused vacation benefits banked from previous years (“2012 Unused Vacation”). Sunoco or its Affiliates shall pay any unused vacation benefits banked from previous years (“Banked Vacation”) directly to the Acquired Employee upon or shortly after his or her Sunoco Termination Date. During the remainder of 2012, NewCo or its Affiliates shall provide Acquired Employees with paid vacation benefit equal to their 2012 Unused Vacation. Within thirty days of an Acquired Employee’s Employment Date, Sunoco will reimburse NewCo for the difference between (i) the Acquired Employee’s entire vacation entitlement for the year 2012 excluding any vacation banked from previous years (“2012 Vacation Entitlement”), multiplied by a fraction the numerator of which is the number of days in 2012 which the Acquired Employee was employed by Sunoco or its Affiliate and the denominator of which is three hundred and sixty five and (ii) any vacation days from his or her 2012 Vacation Entitlement that such Acquired Employee used on or prior to his Sunoco Termination Date. In the event that the vacation days in category (ii) in the preceding sentence shall exceed the vacation days

 

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in category (i) in the preceding sentence, NewCo will reimburse Sunoco the difference within thirty days of an Acquired Employee’s Employment Date. After the calendar year 2012, Acquired Employees will be entitled to vacation under the vacation policies of NewCo or its Affiliates or any applicable CBAs between NewCo or its Affiliates and the Union, which will recognize service with Sunoco and its Affiliates (including any predecessor company) for purposes of determining eligibility to participate, eligibility for the forms and levels of vacation and vacation accrual. Notwithstanding the foregoing, the terms of this Section 7.2(f) shall be superseded by any contrary or conflicting provisions in any agreement between Sunoco or its Affiliates and the Union on the effects of the Parties’ joint venture and in the event the Union does not agree to the payment of Banked Vacation by Sunoco to the Union represented Acquired Employees, NewCo shall assume Liability and be responsible for the Banked Vacation but will be reimbursed by Sunoco for such Banked Vacation within thirty days of the Closing Date.

 

(g)                                  In the event that the employment of any salaried, non-represented Acquired Employee is terminated by NewCo or its Affiliates within six months after the Closing Date (other than for circumstances reasonably constituting cause), then NewCo or its Affiliates shall provide such terminated Acquired Employee a cash severance benefit of wage or salary continuation that shall be in no event less than the wage or salary continuation severance benefit provided under the Sunoco, Inc. Involuntary Termination Plan or the Sunoco, Inc. Executive Involuntary Severance Plan immediately prior to Closing to its participants with the same completed years of service as recognized by the Sunoco for such Acquired Employee at Closing. For purposes of computing the amount of the severance benefit under this Section 7.2(g), service by an Acquired Employee with Sunoco and its Affiliates (including any predecessor company) and NewCo and its Affiliates shall be recognized. NewCo or its Affiliates shall condition the receipt of any severance benefits described in this Section 7.2(g) on the Acquired Employee’s execution of a general release of claims, which shall specifically apply to Sunoco and its Affiliates.

 

Section 7.3                                    WARN Act. Sunoco shall, and shall cause each of the Contributing Subsidiaries to, provide any required notice under the WARN Act with respect to any plant closing or mass layoff in connection with the Refinery Business that relate to the Non-Hired Employees. NewCo agrees and shall cause each of its Affiliates to provide any required notice under the WARN Act with respect to any plant closing or mass layoff in connection with the Refinery Business occurring on or after the Closing Date.

 

Section 7.4                                    Workers’ Compensation. Sunoco shall maintain coverage for and be responsible for all liabilities arising out of Workers’ Compensation Matters involving the Acquired Employees to the extent the incident or alleged incident giving rise to the Worker’s Compensation Matter occurred prior to the Closing and shall indemnify the NewCo Indemnities for any liabilities associated with such incidents. NewCo or its Affiliates shall be responsible for any workers’ compensation claims with respect to any Acquiring Employee or his or her beneficiary if the incident or alleged incident giving rise to the claim occurred on or after his or her Employment Date. In the event of doubt as to the date of the occurrence of the incident or alleged incident, NewCo or its Affiliates shall process the claim; provided, however, that NewCo or its Affiliates shall be required to inform Sunoco of the existence and nature of any such claim promptly and Sunoco or its Contributing Subsidiary shall have the right to assist the NewCo or its Affiliates in the processing of any such claim. Unless NewCo or its Affiliates is found to be liable for the incident in whole, the

 

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Sunoco shall reimburse NewCo or its Affiliates for the payment of the claim and reasonable expenses of processing such claim in direct proportion to the percentage of the Liability of Sunoco or its Contributing Subsidiary to the total amount of the Liability paid under the claim.

 

Section 7.5                                    Non-Solicitation. In consideration of the Contemplated Transactions, Sunoco hereby covenants and agrees that during the period beginning on the date of this Agreement (or the Closing in the case of clause (ii) below) and ending on the third (3rd) anniversary of the Closing Date, neither Sunoco nor its Subsidiaries shall directly or indirectly: (i) solicit or induce, or attempt to solicit or induce, any Key Employee to leave the employ of NewCo for any reason whatsoever or (ii) hire or employ any Key Employee (unless such Key Employee has been terminated by NewCo).

 

Section 7.6                                    No Third Party Beneficiary. The provisions of this Article VII are solely for the benefit of the Parties to this Agreement, and no employee or former employee, director or independent contractor of Sunoco or any of its Affiliates, or any other individual associated therewith, shall be regarded for any purpose as a third-party beneficiary of the Agreement, and nothing herein shall be construed as an amendment to any Benefit Plan for any purpose.

 

ARTICLE VIII

 

PRE-CLOSING COVENANTS

 

Section 8.1                                    Operation of the Business.

 

(a)                                 Except (i) as otherwise expressly contemplated by this Agreement or any of the Related Agreements, or (ii) during the Interim Period, Sunoco shall (and shall cause its Contributing Subsidiaries to):

 

(i)                                     use their reasonable efforts to conduct and operate the Refinery Business in the ordinary course of business consistent with past custom and practice, including the incurrence of capital expenditures and completion of maintenance in the ordinary course;

 

(ii)                                  use their reasonable efforts to operate the Refinery Business and maintain the Refinery Assets in accordance with all applicable Laws currently in effect in all material respects; and

 

(iii)                               use their reasonable efforts to (A) preserve, protect and keep intact beneficial relationships including those with agents, lessors, suppliers and customers and (B) preserve, protect and keep intact the present business operations, organization and goodwill of the Refinery Business.

 

Notwithstanding anything to the contrary in this Section 8.1 or in any other provision of this Agreement, if on or following September 1, 2012, Sunoco determines in good faith that its failure to cease ordering Upstream Inventory or other goods or services for the Refinery and/or take other actions to prepare for a possible closure of the Refinery would be reasonably likely to have material adverse economic effect on it or the Contributing Subsidiaries, Sunoco may or may cause any of the Contributing Subsidiaries to cease such orders or take such other actions from and after two (2) Business Days after Sunoco has provided notice to TCG of its intent to rely on this sentence, it being

 

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understood and agreed that Sunoco and each of the Contributing Subsidiaries shall continue to use their reasonable efforts to conduct and operate the Refinery Business in the ordinary course of business consistent with past custom and practice, subject to the foregoing provisions of this sentence.

 

(b)                                 Without limiting the generality of the foregoing, during the Interim Period, except (i) as otherwise expressly contemplated by this Agreement or set forth on Schedule 8.1(b) or (ii) as otherwise consented to by TCG in writing (which consent shall not be unreasonably withheld), or (iii) as is otherwise required by Law or as is taken as any Emergency Response Situation, during the Interim Period, Sunoco shall not (and shall cause each its Contributing Subsidiaries not to), with respect to the Refinery Business:

 

(i)                                     (A) except in the ordinary course of business, incur or assume any letters of credit, performance bonds, cash collateral or escrow requirements or similar credit support that would be binding on any of NewCo, the Refinery Assets or the Refinery Business after the Closing, or (B) except in the ordinary course of business, grant any Lien (other than Permitted Liens) on any asset relating to or used (or held for use) in connection with the Refinery Business;

 

(ii)                                  except in the ordinary course of business, destroy or remove any Refinery Books and Records;

 

(iii)                               except in the ordinary course of business enter into any Contract that would have been a Material Contract if it would have been in effect on the date hereof and would be binding on any of NewCo, the Refinery Assets or the Refinery Business after the Closing other than any replacement of any Material Contract on then current market terms;

 

(iv)                              except in the ordinary course of business, amend, modify, renew or terminate any Material Contract, or otherwise waive, release or assign any material rights, Claims or benefits of Sunoco or any of the Contributing Subsidiaries under any Material Contract outside the ordinary course of business, other than any extension of any Material Contract on then current market terms, that would be binding on any of NewCo, the Refinery Assets or the Refinery Business after the Closing;

 

(v)                                 enter into any other collective bargaining agreements, memorandums of understanding or any other labor agreements relating to the Refinery Employees;

 

(vi)                              except in the ordinary course of business, authorize, make or commit to make any material capital expenditures related to the Refinery Business, the cost of which would be payable by any of NewCo or the Refinery Business following the Closing;

 

(vii)                           except in the ordinary course of business (including with respect to the sale of inventory), sell, assign, license, transfer, convey, lease, rent or otherwise dispose of or encumber any of the Refinery Assets or any material properties or assets of the Refinery Business;

 

(viii)                        except in the ordinary course of business, increase in any manner the base compensation or other fringe, incentive, equity incentive, pension, retirement allowance,

 

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welfare or other employee benefits payable or to become payable to, or enter into any new employee benefits agreement or arrangement with, any Refinery Employee;

 

(ix)                              except in the ordinary course of business, take any action to cause or which could reasonably be expected to cause, any Refinery Employee who would otherwise be an Acquired Employee not to be a Refinery Employee (other than termination for cause);

 

(x)                                 enter into any new Consent Decree with the United States Environmental Protection Agency or the United States Department of Justice that pertains to the Refinery and that will affect or limit operations of the Refinery so as to cause a Material Adverse Effect; or

 

(xi)                              agree, resolve or commit to do any of the actions prohibited in this Section 8.1(b).

 

Section 8.2                                    Appropriate Action; Consents: Filings. During the Interim Period:

 

(a)                                 Sunoco, NewCo and TCG shall use reasonable best efforts to (and each of Sunoco and TCG shall use reasonable best efforts to cause NewCo to) (i) take, or cause to be taken, all actions, and do, or cause to be done, and to assist and cooperate with the other Parties in doing, all things that, in either case, are necessary, proper or advisable under applicable Law or otherwise to consummate and make effective the Contemplated Transactions as promptly as practicable, (ii) promptly obtain from the relevant Governmental Authorities all Authorizations required to be obtained at or prior to the Closing by Sunoco, the Contributing Subsidiaries, NewCo and TCG in connection with the authorization, execution, delivery and performance of this Agreement and the consummation of the Contemplated Transactions, (iii) make all necessary filings, including filings under the HSR Act, and thereafter make any other required submissions, with respect to this Agreement and the Contemplated Transactions required under any applicable Law at or prior to the Closing, and if any of Sunoco, TCG and/or NewCo is required pursuant to the HSR Act to submit an HSR Act Notification and Report Form, it shall take reasonable effort to submit such HSR Act Notification and Report Form to the Department of Justice and Federal Trade Commission within ten (10) days from the date hereof; (iv) cooperate with each other in connection with any filing or submission and in connection with any investigation or other inquiry, including any Proceeding initiated by a private party; (v) keep the other Parties informed in all material respects of any material communication received by such Party from, or given by such Party to, any Governmental Authority and of any material communication received or given in connection with any Proceeding by a private party, in each case, regarding any of the transactions contemplated hereby. TCG shall each bear the costs and expenses of the HSR Act Notification and Report Form. Sunoco, NewCo and TCG shall each cooperate in connection with the making of all such filings and obtaining all Authorizations, including by providing copies of all such documents to the non-filing party and its advisors prior to filing. Additionally, Sunoco, NewCo and TCG shall consult with the other prior to any substantive meetings, by telephone or in person, with the staff of the applicable Governmental Authorities, and (when customary in such circumstances and to the extent permitted by the applicable Governmental Authority) each Party shall have the right to have a representative present at any such meeting. Sunoco, NewCo and TCG shall each use reasonable efforts to promptly furnish or cause to be furnished all information required for any application or other filing to be made pursuant to any

 

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applicable Law in connection with the Contemplated Transactions. Without limiting the generality of Section 8.2(a), if any objections are asserted with respect to the transactions contemplated hereby under any Antitrust Law or if any Proceeding is instituted by any Governmental Authority or any private party challenging any of the transactions contemplated hereby as violative of any Antitrust Law or if a filing pursuant to Section 8.2(a) is reasonably likely to be rejected or conditioned by a Governmental Authority, each of the Parties shall use reasonable best efforts to resolve such objections or challenges as such Governmental Authority or private party may have to such transactions, including to vacate, lift, reverse or overturn any order, whether temporary, preliminary or permanent, so as to permit consummation of the transactions contemplated by this Agreement as soon as practicable.

 

(b)                                 TCG and NewCo shall use their respective reasonable best efforts to (i) arrange and obtain the proceeds of the Financing on substantially the terms and conditions described in the Equity Commitment Letter and the JPM Commitment Letter, as applicable, (ii) enter into definitive agreements with respect thereto on substantially the terms and conditions contained in the Equity Commitment Letter or the JPM Commitment Letter or on other terms and conditions not in violation of this Section 8.2(b) and (iii) satisfy on a timely basis all conditions applicable to TCG and NewCo in such definitive agreements. Anything in this Agreement to the contrary notwithstanding, TCG and NewCo shall be permitted to amend, modify or supplement the Financing or replace any portion of the Financing with commitments, including through co-investment or by financing from one or more additional parties, provided, however, that TCG and NewCo shall not permit any amendment, supplement or modification to be made to, or any waiver of any provision or remedy under, or replacement of, the Financing, if such replacement (including through co-investment by or financing by one or more additional parties), amendment, supplement, modification or waiver would reasonably be expected to prevent, delay or impede in any material respect the ability of TCG and NewCo to consummate the Contemplated Transactions; and in any event, TCG and NewCo shall disclose to Sunoco and the Contributing Subsidiaries promptly their intention to amend, modify, supplement or replace any portion of the Financing and shall keep Sunoco and the Contributing Subsidiaries reasonably promptly informed of the terms thereof, including providing the most recent drafts of commitment letters containing any material new or modified terms.

 

(c)                                  TCG and NewCo shall use their reasonable best efforts to cause the lenders that are party to the Financing and any other persons providing Financing to fund at or immediately after the Closing the Financing required to consummate the Contemplated Transactions, if all conditions to the Financing are satisfied or waived (or will be satisfied or waived upon funding), including enforcing all rights thereunder by judicial action.

 

(d)                                 In the event that any portion of the Financing becomes unavailable in the manner or from the sources contemplated in the Equity Commitment Letter or JPM Commitment Letter (whether or not permitted hereunder), (A) TCG shall promptly so notify Sunoco and (B) TCG shall use its reasonable best efforts to arrange to obtain any such portion from alternative sources on terms and conditions not materially less beneficial to TCG than the terms and conditions in the JPM Commitment Letter or Equity Commitment Letter, and with such other terms and conditions as would be in compliance with the last sentence of Section 8.2(b), as promptly as practicable following the occurrence of such event, including by entering into definitive agreements with respect thereto (such definitive agreements entered into pursuant to the first sentence of this Section 8.2(d) or

 

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Section 8.2(b)(ii) being referred to as the “Financing Agreements”). TCG shall cause NewCo and its Affiliates to, and shall use its reasonable best efforts to cause their Representatives to, comply with their obligations, and satisfy on a timely basis the conditions to consummating the Contemplated Transactions, under the Financing Agreements and any related fee and engagement letters.

 

(e)                                  TCG shall (x) furnish Sunoco complete, correct and executed copies of the Financing Agreements promptly upon their execution, (y) give Sunoco prompt notice of any material breach by any party of any of the Financing, any alternative financing commitment or the Financing Agreements of which TCG becomes aware or any termination or threatened termination thereof and (z) otherwise keep Sunoco reasonably informed of the status of its efforts to arrange the Financing.

 

(f)                                   Neither TCG nor NewCo shall, without the prior written consent of Sunoco, consent to or enter into (i) any amendment, modification or waiver of any material provision or remedy under, the JPM Commitment Letter if such amendment, modification or waiver (x) reduces the cash amount of the funding commitments under the Debt Term Sheet or Intermediation Term Sheet, (y) would significantly delay the consummation of the transactions contemplated hereby, or (z) amends, supplements or otherwise modifies the conditions precedent set forth in the JPM Commitment Letter in any that materially adversely affects the ability of TCG or NewCo to consummate the Contemplated Transactions, (ii) any amendment, modification or waiver of any term of the Equity Commitment Letter (except any amendment that solely increases the amount of the Equity Financing thereunder without amending or modifying any other term of the Equity Commitment), or (iii) a termination of the JPM Commitment Letter; provided, however, that for the avoidance of doubt, TCG and NewCo may amend the JPM Commitment Letter to add lenders, collateral agents, syndication agents or similar to (or remove such existing entities from) the JPM Commitment Letter as of the date hereof so long as such amendment does not reduce the aggregate committed amounts of the Debt Term Sheet or Intermediation Term Sheet as of the date hereof.

 

(g)                                  Sunoco shall, and shall cause the Contributing Subsidiaries to reasonably cooperate in connection with the arrangement of the Financing as may be reasonably requested by TCG or NewCo (provided that such requested cooperation does not unreasonably interfere with the ongoing operations of Sunoco or the Contributing Subsidiaries and TCG shall pay any out-of-pocket expenses in connection with such cooperation up to $20,000, and NewCo shall pay any out-of-pocket expenses in connection with such cooperation in excess of $20,000), including, at the reasonable request of TCG, entering into such agreements to be effective as of the Closing, and to use reasonable best efforts to deliver officer’s certificates as of the Closing, in each case as are customary in financings of such type and as are, in the good faith determination of the Persons executing such officer’s certificates, accurate. Notwithstanding anything to the contrary set forth in this Agreement, neither Sunoco nor any of the Contributing Subsidiaries shall be required to pay any commitment or other similar fee or incur any other Liability in connection with the Financing.

 

(h)                                 Notwithstanding the requirements of Section 8.2(g), (i) solely TCG shall be responsible for provision of any post-Closing pro forma financial information, including cost savings, synergies, capitalization, ownership or other pro forma adjustments (provided, that for the avoidance of doubt, Sunoco shall provide TCG with financial and other information relating to the Sunoco and the Contributing Subsidiaries reasonably requested by TCG to allow TCG to prepare such pro forma financial information) and any financial projections of Sunoco or the Refinery

 

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Business for and after the Closing Date, (ii) neither Sunoco nor the Contributing Subsidiaries or Representatives shall be required to enter into any agreement, certificate, document or instrument (other than confidentiality agreements) contemplated thereby prior to the Closing Date, (iii) neither Sunoco nor any of the Contributing Subsidiaries shall be required to pay any commitment fee or other fee or payment to obtain consent or to incur any liability with respect to the Financing prior to the Closing Date, and (iv) nothing herein shall require cooperation or assistance from a Sunoco director, officer or employee to the extent such Sunoco director, officer or employee is reasonably likely to incur any personal financial liability by providing such cooperation or assistance that will not be repaid or reimbursed in full by the TCG or NewCo.

 

(i)                                     Sunoco shall, or shall cause the Contributing Subsidiaries to timely give or cause to be given notices to Third Parties, and each of the Parties will use its reasonable efforts to obtain the Third Party Consents with respect to any Refinery Asset as are necessary and appropriate to consummate the transactions contemplated hereby and that either TCG or Sunoco has identified and notified the other Party of the necessity and appropriateness thereof; provided, however, that: (i) Sunoco and the Contributing Subsidiaries shall, in consultation with TCG and NewCo, control all correspondence and negotiations with Third Parties regarding any such matters; and (ii) NewCo shall bear any reasonable effects as a result of amendments or modifications to any Refinery Contracts (including granting reasonable security interests in related property or rights) and shall work with such Third Parties to establish and meet such Third Party’s credit requirements as is necessary to obtain such consent or sublicense and shall promptly execute any agreements or instruments, and shall pay or reimburse any of the other Parties or their Subsidiaries for any costs or expenses incurred in, obtaining such Third Party Consents. Each Party, at the request of any other Party, shall, and shall cause any Subsidiary thereof to, use reasonable best efforts to obtain, or to cause to be obtained, any consent, substitution, or amendment required for any Third Party to novate any Refinery Contract or to obtain in writing the unconditional release of such Third Party to such arrangements, so that, in any case, as between NewCo (or the Intermediary in the case of the Crude Purchase Obligations) and such Third Party, NewCo (or the Intermediary in the case of the Crude Purchase Obligations) will be solely responsible for performance under such Contracts. The obligations set forth in this Section 8.2(i) shall continue to remain in effect from and after the Closing, including as contemplated by Section 2.8.

 

(j)                                    Sunoco, NewCo and TCG shall each give prompt notice to the other of the receipt of any written notice or other written communication from (i) any Person alleging that the consent of such Person is or maybe required in connection with the Contemplated Transactions, (ii) any Governmental Authority or Stock Exchange in connection with the Contemplated Transactions, (iii) any Governmental Authority, Stock Exchange or other Person regarding the initiation or threat of initiation of any Claims against, relating to, or involving or otherwise affecting Sunoco, NewCo or TCG that relate to the consummation of the Contemplated Transactions, or (iv) any Person regarding the occurrence or nonoccurrence of any event the occurrence or nonoccurrence of which would be reasonably likely to (A) cause any condition to the obligations of the other party hereto to consummate the Contemplated Transactions not to be satisfied, (B) cause a breach of the representations, warranties or covenants of such party under this Agreement, or (C) delay or impede the ability of either Party, respectively, to consummate the Contemplated Transactions or to fulfill their respective obligations set forth herein.

 

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(k)                                 Sunoco, NewCo and TCG each agree to cooperate and to use reasonable best efforts to vigorously contest and to resist any action, including legislative, administrative or judicial action, and to have vacated, lifted, reversed or overturned any order (whether temporary, preliminary or permanent) of any court or other Governmental Authority or Stock Exchange that is in effect and that restricts, prevents or prohibits the consummation of the Contemplated Transactions, including the vigorous pursuit of all available avenues of administrative and judicial appeal and all available legislative action.

 

(l)                                     Sunoco, NewCo and TCG each agree to negotiate in good faith the terms and conditions of the Related Agreements and agree to the forms thereof as promptly as possible following the date hereof and in any event on or prior to July 31, 2012. The Parties furthermore agree to subsequently agree on definitive agreements that shall not, in any material respect, deviate from the term sheets set forth as Annexes to this Agreement or propose material terms inconsistent with such term sheets.

 

(m)                             Sunoco, NewCo and TCG each agree to cooperate and undertake reasonable efforts to reach agreement with relevant Governmental Authorities with respect the following, provided that, for avoidance of doubt, achieving any of the following shall not constitute a condition to any Party’s obligation to consummate the Contemplated Transactions (other than as contemplated by Section 9.3(e), Section 9.3(g) or Section 9.3(i)) or a basis for any Party to terminate this Agreement or abandon the Contemplated Transactions: (1) authorization for NewCo to net emissions reductions associated with the cessation of crude oil refining operations at Marcus Hook, (2) the elimination of the unit feed and product rate limits applicable to 868 FCCU, 1733 Cumene Unit, 869 Alkylation unit and 867 Sulfur Plant, (3) the adjustment of the mm/BTU per hour limits for the following units that are subject to RACT NOx: 137 F-1, 210 H101, 210 H201, 868H101, 868 12H1, 231 H-101, 859 1H1, 86511H1, 86511H2, 1332 H-401, 860 2H4, 860 2H5, 860 2H8, 864 PH7, AND 864 PH12, (4) the issuance of a determination by EPA that NewCo can use an alternative monitoring plan when it makes de minimis connections from existing processes to existing flare systems as a means to comply with NSPS Subpart Ja, (5) the reactivation of the 38 Boiler, (6) the signing of a Prospective Purchaser Agreement, and (7) the signing of a Buyer/Seller Agreement.

 

Section 8.3                                    Access to Information. During the Interim Period, and subject to the terms of the Non-Disclosure Agreement, TCG and its Representatives (including its legal advisors and accountants) shall be entitled to make such reasonable investigation and examination of each of the Contributing Subsidiaries’ business, operations and properties as TCG reasonably requests in connection with the Contemplated Transactions and as it relates to any of the Refinery Assets or the Refinery Business. The investigation shall include reasonable access to the properties, personnel, documents and books and records related to the Refinery Business. The Contributing Subsidiaries shall furnish such information about the Contributing Subsidiaries and its Affiliates as TCG and its Representatives shall reasonably request, including financial, operating, employee (including books, records, files and other documentation with respect to the Employees), and other data and information and copies of documents with respect to the Refinery Business or the Refinery Assets or any of the Contemplated Transactions as TCG and its Representatives shall from time to time reasonably request; provided, however, that the foregoing shall not require any Person to take any such action if it (i) may result in a waiver or breach of any attorney/client privilege or other similar privilege or (ii) could reasonably be expected to result in violation of applicable Law. Each of TCG, NewCo, the Debt Financing Sources, the Intermediary and their respective Representatives shall

 

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cooperate with the Contributing Subsidiaries and their Subsidiaries and shall use their reasonable efforts to minimize any disruption to the Refinery Business. All information included pursuant to this Section 8.3 shall be subject to the Non-Disclosure Agreement.

 

Section 8.4                                    Title and Surveys/Pennsylvania Clearance Certificates.

 

(a)                                 At Closing, Sunoco or its Affiliates, as the case may be, shall convey the Refinery Owned Real Property to NewCo by special warranty deed in recordable form. Title to the Refinery Owned Real Property shall be free and clear of all defects, liens, encumbrances, security interests, covenants, restrictions, easements, and title company objections or exceptions from coverage excepting only Permitted Refinery Owned Real Property Liens and title to the Refinery Owned Real Property shall be good and marketable fee simple and insurable as aforesaid at not more than regular rates by First American Title Insurance Company, through its agent, Land Services USA Inc. (the “Title Company”), pursuant to a standard ALTA Owner’s Policy of Title Insurance available in the Commonwealth of Pennsylvania (the “Title Policy”). Sunoco covenants and agrees that at Closing, Sunoco shall pay and satisfy of record all liens, judgments, mortgages and encumbrances in fixed and ascertainable monetary sums which encumber any part or portion of the Refinery Owned Real Property and which equal or exceed, individually or in the aggregate, the sum of $100,000.

 

(b)                                 In the event that TCG elects to obtain a survey of the Refinery Owned Real Property (the “Survey”), then such Survey shall not disclose any encroachment from or onto any of the Refinery Owned Real Property or any portion thereof or any other survey defect which has not been cured or, provided the Title Company will issue a further assurance endorsement with respect to such defect, insured over to TCG’s reasonable satisfaction. TCG shall pay all fees, costs and expenses with respect to the Surveys.

 

(c)                                  Each of the Parties acknowledge that the laws of the Commonwealth of Pennsylvania may require that certain governmental agencies or authorities be notified in advance of the date of Closing, of the proposed assignment and transfer of the Refinery Assets by Sunoco or its Affiliates to NewCo, and in certain cases that Sunoco or its Affiliates obtain and deliver to NewCo a clearance certificate (a “Clearance Certificate”) evidencing the payment by Sunoco or its Affiliates of certain taxes, assessments and contributions to the Commonwealth of Pennsylvania. The Parties further acknowledge that, as a result of procedures for the administration of applications for such Clearance Certificates, and anticipated delays therein, it may not be reasonably possible for Sunoco and its Affiliates to obtain and deliver such Clearance Certificates as of the date of Closing, or for some period of time thereafter. Sunoco shall be responsible for providing all notices to governmental agencies required under such laws and for providing, at Closing, evidence reasonably acceptable to TCG that such notices have been delivered. Sunoco agrees to act in good faith and with reasonable diligence to apply for, obtain and deliver to TCG (with copies to the Title Company) all required Clearance Certificates at or as soon after the date of Closing as is reasonably possible. If any such required Clearance Certificates are not available at the Closing, then Sunoco acknowledges and agrees that, without limitation, the terms of Section 6.2 and the agreement of indemnification, defense and hold harmless shall apply with respect to any and all Claims and Losses resulting from, related to, on account of or in any way pertaining to Sunoco’s or any Affiliate’s failure to deliver any or all Clearance Certificates at the Closing. Notwithstanding anything to the contrary in Section 6.1

 

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or elsewhere in this Agreement, the terms of this Section 8.4(c) shall not terminate unless or until Sunoco delivers all such required Clearance Certificates to TCG.

 

Section 8.5                                    Exclusivity. From the date of this Agreement until the earlier of the Closing or termination of this Agreement in accordance with its terms: (a) none of Sunoco or any of its Subsidiaries shall take, nor shall any of them direct any of their respective Representatives to take, directly or indirectly, any action to knowingly solicit, initiate, respond to, facilitate or engage in discussions or negotiations with, or provide any non-public information related to the following to, or enter into any Contract with any Person (other than TCG, NewCo or any of their Affiliates) that prohibits the consummation of the Contemplated Transactions (each, an “Acquisition Transaction”); take any other efforts or attempts that constitute or may reasonable be expected to lead to, an Acquisition Transaction; or enter into any agreement or agreement in principle requiring Sunoco or any of its Subsidiaries to abandon, terminate or fail to consummate the any of the Contemplated Transactions or breach its obligations hereunder or propose to do any of the foregoing and (b) Sunoco shall, and shall use reasonable efforts to cause each of its Subsidiaries and Representatives to, immediately cease and cause to be terminated all existing discussions, negotiations and other communications with any Person (other than TCG or any of its Affiliates) with respect to any such Acquisition Transaction.

 

Section 8.6                                    Interim Services. Prior to the Closing, Sunoco shall and shall cause the Contributing Subsidiaries to reasonably cooperate with TCG to prepare for the support of the continued operation by NewCo of the Refinery Business after the Closing. During the Interim Period, Sunoco shall reasonably cooperate with TCG to assist TCG and NewCo in providing for the receipt of services for the Refinery from and after the Closing that at or prior to the Closing were received from any vendor or supplier of Sunoco or any of its Subsidiaries at the Refinery pursuant to a Contract relating to the Refinery and other sites of Sunoco or any of its Subsidiaries (each, a “Multi-Site Contract”), which may include assisting in making arrangement with the vendor or supplier for shared use of the Multi-Site Contract or entry into one or more separate or amended Contract(s) with the vendor or supplier or other arrangements.

 

Section 8.7                                    Financial Statements. Prior to the Closing, Sunoco shall use reasonable efforts to deliver to each of TCG and the Intermediary, with respect to the Refinery Assets and the Refinery Business, correct and complete copies of the FAMIS reports and the operating cost reports for each calendar month after the date hereof (including the calendar month including the date hereof), promptly following the end of each calendar month.

 

Section 8.8                                    RCRA Permits.

 

(a)                                 Sunoco or its Affiliate, as appropriate, shall remain the permittee on each RCRA Corrective Action Permit or take such other action or make such other arrangements with Governmental Authorities as is reasonably necessary to retain all of the obligations under each of the RCRA Corrective Action Permits as such permits relate to Excluded Liabilities, including, as required, compliance with, the renewal and maintenance of the permit (the “RCRA Corrective Action Permit Obligations”). Sunoco or its Affiliate shall continue to post all financial assurance as may be required in connection with such RCRA Corrective Action Permits, except as set forth below.

 

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(b)                                 NewCo shall become the permittee or a co-permittee on each RCRA Corrective Action Permit or take such other action or make such other arrangements with Governmental Authorities as is reasonably necessary to assume those certain obligations under each RCRA Corrective Action Permit that relate to the on-going operation of the Refinery Business by NewCo, including, to the extent required, the renewal and maintenance of the permit. NewCo shall post all financial assurance as may be required in connection with such RCRA Corrective Action Permits to the extent relating to on-going operation of the Refinery Business by NewCo.

 

(c)                                  NewCo shall provide to Sunoco or its Affiliate such full access as necessary for purposes of conducting Remediation Work associated with the RCRA Permit Obligations. NewCo shall cooperate with Sunoco or its affiliate in all reasonable respects in the performance of, and shall not interfere with the performance of, the RCRA Permit Obligations, and provide to Sunoco or its affiliate utilities, electric power, wastewater treatment and similar services, subject to reimbursement of out of pocket expenditures as provided in this Agreement with respect to the conduct of Remediation Work. Sunoco and its Affiliate agree to cooperate with NewCo in all reasonable respects to schedule and carry out all RCRA Permit Obligations so as to avoid unreasonable interference with the Refinery Business including any construction and Development.

 

Section 8.9                                    Actions by NewCo and Contributing Subsidiaries. From the date hereof until the Closing, TCG and Sunoco shall each and shall jointly take all actions necessary to cause NewCo, and Sunoco shall take all actions to cause the Contributing Subsidiaries, to comply with observance and performance of each and every obligation of NewCo or the Contributing Subsidiaries, as applicable, as contemplated by this Agreement or any Related Agreement to be performed at or prior to the Closing.

 

Section 8.10                             Acknowledgments; Bulk Transfer Laws.

 

(a)                                 Each of the Parties acknowledges that, except for the representations and warranties contained in this Agreement or expressly contained in any Related Agreement, no Party nor any other Person shall be deemed to have made any representation or warranty, express or implied, including as to the accuracy or completeness of any information regarding any Party, any of the Contributing Subsidiaries, the Refinery, the Refinery Business, the Assumed Liabilities or any other matter.

 

(b)                                 Each of TCG and NewCo acknowledges that it has received or may receive from Sunoco and/or one or more of the Contributing Subsidiaries certain projections, forecasts and prospective or third party information relating to the Refinery, the Refinery Business, the Assumed Liabilities and/or other related topics. Without limiting the generality of Section 8.10(a), each of TCG and NewCo acknowledges that none of Sunoco, any of the Contributing Subsidiaries or any other Person is making or shall be deemed to have made any representations or warranties with respect to such projections, forecasts or information.

 

(c)                                  Without limiting any representation, warranty or covenant of any Party expressly set forth herein, each Party acknowledges that it has waived and hereby waives as a condition to the Closing any further due diligence reviews, inspections or examinations with respect to any Party, any of the Contributing Subsidiaries, the Refinery, the Refinery Business, the Assumed Liabilities or any

 

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other matter, including with respect to engineering, environmental, title, survey, financial, operational, regulatory and legal compliance matters.

 

(d)                                 Sunoco, TCG and NewCo acknowledge that none of Sunoco, the Contributing Subsidiaries, TCG or NewCo will comply with the provisions of any bulk transfer laws or similar laws of any jurisdiction in connection with the transactions contemplated by this Agreement, including the United Nations Convention on the Sale of Goods, and Sunoco, TCG and NewCo each hereby waive all claims related to the non-compliance therewith.

 

Section 8.11                             Foreign Trade Zone. The Refinery complex is operating in Foreign Trade Zone 35C (the “Subzone”) under a valid grant of authority from the Foreign Trade Zones Board and has been activated with the U.S. Customs Service. Sunoco’s Marcus Hook Refinery complex is also operating in the Subzone pursuant to the same grant of authority. Promptly after the Closing, Sunoco shall cause Sunoco, Inc. (R&M) to take all necessary actions, with the assistance and cooperation of TCG and NewCo, to prepare and file with U.S. Customs and Border Protection (“Customs”), the applicable port authority (the “Port Authority”) and any other Governmental Authority the documents required to request formal approval to remove the Marcus Hook Refinery complex from the granted and activated Subzone. Thereafter, Sunoco shall cause Sunoco, Inc. (R&M) to take, and NewCo shall take, all necessary actions to prepare and file with Customs, the Port Authority and any other Governmental Authority the documents required to request formal approval for the change in operator of the Philadelphia Refinery complex Subzone from Sunoco, Inc. (R&M) to NewCo (the “Subzone Application”). In connection with the Subzone Application, NewCo shall promptly submit to Customs, the Port Authority and other Governmental Authority such supplemental information and take such additional actions as Customs, the Port Authority and any other Governmental Authority may request or require in connection therewith. NewCo shall use commercially reasonable efforts to cause the Subzone Application to be granted, including executing all such additional agreements and orders with Customs, the Port Authority and any other Governmental Authority and providing all financial assurance (including the posting of bonds) required by Customs, the Port Authority and any other Governmental Authority.

 

Section 8.12                             Sunoco Names and Marks; Removal of Signs and Logos. Except solely with respect to the Marks included in Transferred Owned Refinery IP and assigned in the Intellectual Property Assignment and as permitted pursuant to the Service Mark Cooperation Agreement, (a) following the Closing, NewCo will not be entitled to, and will not, use for any purpose the name “Sunoco,” or any variations or derivations thereof (including any logo, trademark, design or other Mark containing “Sunoco” or associated therewith) or any other logo, service mark, trade name, trademark or other Mark which constitutes an Excluded Asset or that is otherwise owned or controlled by Sunoco or any of its Affiliates or any other Mark that is similar to or derived from any of the foregoing Marks (collectively, the “Sunoco Names and Marks”); and (b) promptly following the Closing, and in any event no later than one year after the Closing Date, NewCo shall remove, strike over, or otherwise obliterate all Sunoco Names and Marks from all of the Refinery Assets, including any equipment, machinery, vehicles, business cards, schedules, stationery, packaging materials, displays, signs (including signs displaying Sunoco’s or any of its Affiliate’s emergency contact telephone numbers), promotional materials, manuals, forms, websites, email, computer software, and other materials and systems, and cease all other uses of any Sunoco Names and Marks; provided, however, that NewCo shall not be obligated to remove, strike over, or otherwise obliterate

 

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the Sunoco Names and Marks (i) with respect to displays of the Sunoco Names and Marks on equipment (but not buildings, vehicles, signs and storage tanks) that is not reasonably likely to be seen by the public or that cannot be seen by the public without unlawful entry on the applicable location of such equipment, and (ii) from Refinery Books and Records.

 

Section 8.13                             Release and Replacement of Bonds, Guaranties, etc. NewCo recognizes that certain credit support arrangements, examples of which are set forth on Schedule 8.13, have been established by Sunoco and its Subsidiaries in connection with the Refinery Assets and the Refinery Business (the “Credit Support Arrangements”). During the Interim Period, prior to the date that is 10 days prior to the Closing, Sunoco shall provide to NewCo a list such Credit Support Arrangements to be outstanding at the Closing Date, and thereafter, Sunoco shall provide NewCo with updates with 24 hours of entering into any new Credit Support Arrangement. NewCo shall use commercially reasonable efforts to obtain, prior to or on the Closing Date with respect to Credit Support Arrangements in respect of Refinery Assets and Refinery Business to be transferred to NewCo as of the Closing Date, and prior to or on the date of transfer with respect to Credit Support Arrangements in respect of Refinery Assets to be transferred to Buyer following the Closing Date (including any Refinery Permit to be transferred to Buyer following the Closing Date), the termination of the applicable Credit Support Arrangements, release of Sunoco and/or its Affiliates, as applicable, therefrom as of the Closing Date or post-Closing Date, as applicable, and return of the originals thereof to the Sunoco, in each case on terms and conditions reasonably satisfactory to Sunoco. If all of the Credit Support Arrangements have not been terminated as of the date provided for in the preceding sentence, or Sunoco and/or its Affiliates, as applicable, have not been released therefrom as of such date, then NewCo hereby agrees to promptly pay upon written demand by Sunoco any amounts due from Sunoco or any of its Affiliates after the date provided for in the preceding sentence to any Person under any applicable Credit Support Arrangements remaining outstanding after such date and to indemnify, defend and hold harmless Sunoco (and its Affiliates), and their respective directors, officers, employees, agents and representatives, from and against any and all adverse consequences incurred by them relating to, resulting from, or arising out of, any Credit Support Arrangements that remaining outstanding on or after such date. The Parties acknowledge and agree that any Affiliate of Sunoco providing any Credit Support Arrangement shall be a third-party beneficiary of this Section 8.13.

 

Section 8.14                             Public Announcements. The Parties shall consult with each other before issuing, and give each other the opportunity to review and comment upon, any press release or other public statements with respect to the Contemplated Transactions and the other transactions contemplated by this Agreement shall not, nor shall any of the Parties permit any of its Subsidiaries to, issue any such press release or make any such public statement prior to such consultation, except as may be required by applicable Law, court process or the rules and regulations of any Securities Exchange. The Parties agree that the initial press release to be issued with respect to the Contemplated Transactions shall be in the form mutually agreed to by the Parties.

 

Section 8.15                             Structure Cooperation. During the Interim Period, the Parties shall consider and negotiate in good faith (a) changes to this Agreement and the Related Agreements necessary or appropriate so that NewCo shall be a wholly-owned, disregarded subsidiary of the entity in which Sunoco and TCG hold the securities that are contemplated to be issued in connection with the Contemplated Transactions (the “Holding Company Structure”), (b) the terms and amount of any

 

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NewCo Debt (including for the avoidance of doubt any securities that are not debt) to be issued in connection with the Contemplated Transactions; provided, however, that Sunoco consents to the issuance to TCG of a principal amount of up to $25,000,000 of NewCo Debt to TCG at the Closing, and (c) such other changes to the mechanics of this Agreement as may be proposed in good faith by any of the Parties and that are necessary or appropriate to effect any agreement regarding such changes or that the Parties agree are otherwise appropriate given the final terms of the Intermediary Financing and/or the Debt Financing. Any changes contemplated by this Section 8.15 shall be contained in a written instrument executed by the Parties in accordance with Section 12.1. Each Party agrees to consult with nationally-recognized financial advisors to determine customary terms for the NewCo Debt; provided, however, that no Party may unreasonably withhold consent to putting in place the Holding Company Structure. Notwithstanding the foregoing (other than the proviso to clause (b) above regarding the issuance of up to $25,000,000 of NewCo Debt to TCG at the Closing), no Party shall be required to agree to any changes to this Agreement pursuant to this Section 8.15 if such changes would adversely affect any Tax or financial accounting position of such Party.

 

ARTICLE IX

 

CLOSING CONDITIONS

 

Section 9.1                                    Conditions to Obligations of Each Party Under this Agreement. The respective obligations of TCG and Sunoco to consummate the Contemplated Transactions shall be subject to the satisfaction at or prior to the Closing of each of the following conditions, any or all of which may be waived, in whole or in part, by Sunoco and TCG acting jointly to the extent permitted by applicable Law:

 

(a)                                 Any applicable waiting period under the HSR Act and any extensions thereof shall have terminated or expired.

 

(b)                                 No Law or Order issued by a Governmental Authority that prohibits or makes illegal the consummation of the Contemplated Transactions shall be in effect.

 

Section 9.2                                    Additional Conditions to the Obligations of Sunoco. The obligations of Sunoco to effect the Contemplated Transactions shall be subject to the satisfaction at or prior to the Closing of each of the following conditions, any or all of which may be waived by Sunoco, in whole or in part, to the extent permitted by applicable Law:

 

(a)                                 Each of the representations and warranties of TCG set forth in this Agreement shall be true and correct in all respects (it being understood that, for purposes of determining the accuracy of such representations and warranties pursuant to this sentence, all materiality qualifications contained in such representations and warranties shall be disregarded) as of the date hereof and as of the Closing Date as though made on and as of the Closing Date (except that, in each case, representations and warranties that speak as of a specified date shall have been true and correct only on such date), except for failures to be so true and correct that would not have, individually or in the aggregate, a materially adverse effect on TCG’s ability to consummate the Contemplated Transactions.

 

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(b)                                 TCG shall have performed or complied in all material respects with all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date.

 

(c)                                  TCG and NewCo shall be willing and able to enter into (where applicable), and shall have delivered or caused to be delivered, each item required to be delivered by TCG or NewCo at the Closing pursuant to Section 3.2(b) or Section 3.2(c).

 

(d)                                 The Intermediary Closing shall have occurred or shall occur simultaneously with the Closing.

 

Section 9.3                                    Additional Conditions to the Obligations of TCG. The obligations of TCG to effect the Contemplated Transactions shall be subject to the satisfaction at or prior to the Closing of each of the following conditions, any or all of which may be waived by TCG, in whole or in part, to the extent permitted by applicable Law:

 

(a)                                 Each of the representations and warranties of Sunoco set forth in this Agreement shall be true and correct in all respects (it being understood that, for purposes of determining the accuracy of such representations and warranties pursuant to this sentence, all materiality qualifications contained in such representations and warranties shall be disregarded) as of the date hereof and as of the Closing Date as though made on and as of the Closing Date (except that, in each case, representations and warranties that speak as of a specified date shall have been true and correct only on such date), except for failures to be so true and correct that would not have, individually or in the aggregate, a Material Adverse Effect.

 

(b)                                 Sunoco shall have performed or complied in all material respects with all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date.

 

(c)                                  Sunoco and NewCo shall be willing and able to enter into (where applicable), and shall have delivered or caused to be delivered, each item required to be delivered by Sunoco and NewCo at the Closing pursuant to Section 3.2(a) or Section 3.2(c).

 

(d)                                 The EPA Letter shall remain effective, an amendment to the Existing Refinery Consent Decree embodying the elements set forth on page 1 of the EPA Letter shall have been filed in the U.S. District Court for the Eastern District of Pennsylvania, and no Party nor any of its Affiliates shall have received notification that (i) the EPA Letter shall not be in full force and effect after the Closing or (ii) any other requirement of the EPA Letter shall not be fulfilled by the relevant Governmental Authority, except for such failure of the EPA Letter to remain effective, such failure to have filed such amendment, or such notification which could reasonably be expected to have a Material Adverse Effect.

 

(e)                                  The United States Environmental Protection Agency shall have executed a Prospective Purchaser Agreement with NewCo.

 

(f)                                   TCG (either directly or through NewCo) shall have received the proceeds of the Debt Financing contemplated by the Debt Term Sheet on substantially the terms set forth therein.

 

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(g)                                  The Pennsylvania Department of Environmental Protection shall have executed a Buyer/Seller Agreement with NewCo.

 

(h)                                 The Intermediary Closing shall have occurred or shall occur simultaneously with the Closing.

 

(i)                                     The Pennsylvania Department of Environmental Protection and the City of Philadelphia shall have provided a letter to NewCo (i) committing themselves to a mechanism to treat the Refinery and the Marcus Hook Refinery as a single source under the federal Clean Air Act, 42 U.S.C. 7401et seq., and applicable state analogues and (ii) allowing the Refinery to utilize emissions reductions from the shutdown of crude oil refining operations at Marcus Hook in connection with the permitting of future actions or projects at the Refinery.

 

(j)                                    Each of the SXL Agreements shall have been executed by SXL.

 

(k)                                 There shall not have been any Material Adverse Effect.

 

ARTICLE X

 

TERMINATION

 

Section 10.1                             Termination. This Agreement may be terminated, and the Contemplated Transactions hereby abandoned, at any time prior to the Closing:

 

(a)                                 by mutual written consent of Sunoco and TCG;

 

(b)                                 by either Sunoco or TCG in the event the Closing shall not have occurred on or before October 1, 2012 (the “Termination Date”); provided, however, that the right to terminate this Agreement under this Section 10.1(b) shall not be available to (i) TCG if TCG’s breach of any provision of this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing to occur on prior to such date or (ii) Sunoco if Sunoco’s breach of any provision of this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing to occur on prior to such date;

 

(c)                                  by Sunoco if it is not in material default of any of its obligations hereunder and TCG is in breach of any of its representations, warranties or obligations hereunder that renders the conditions set forth in Sections 9.2(a) or 9.2(b) incapable of being satisfied by the Termination Date, and in each case, such breach is not cured (if able to be cured) within thirty (30) Business Days after the giving of written notice by Sunoco to TCG;

 

(d)                                 by TCG if it is not in material default of any of its obligations hereunder and Sunoco is in breach of any of its respective representations, warranties or obligations that renders the conditions set forth in Sections 9.3(a) or 9.3(b) incapable of being satisfied by the Termination Date, and in each case, such breach is not cured (if able to be cured) within thirty (30) Business Days after the giving of written notice by TCG to Sunoco;

 

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(e)                                  by TCG or Sunoco if there shall be in effect a final nonappealable Order or Law prohibiting the consummation of the Contemplated Transactions; provided, however, that the right to terminate this Agreement under this Section 10.1(e) shall not be available to (i) TCG if TCG’s breach of any provision of this Agreement shall have been the cause of, or shall have resulted in, such Order or Law to be in effect, or (ii) Sunoco if Sunoco’s breach of any provision of this Agreement shall have been the cause of, or shall have resulted in, such Order or Law to be in effect;

 

(f)                                   by Sunoco, if all of the conditions set forth in Sections 9.1 or 9.3 have been satisfied (other than those conditions that by their nature cannot be satisfied other than at the Closing) and TCG fails to consummate the Contemplated Transactions on the date the Closing should have occurred pursuant to Section 3.1, and Sunoco and each of the Contributing Subsidiaries stood ready and willing to consummate on that date; or

 

(g)                                  by TCG, if all of the conditions set forth in Sections 9.1 or 9.2 have been satisfied (other than those conditions that by their nature cannot be satisfied other than at the Closing) and Sunoco fails to consummate the Contemplated Transactions on the date the Closing should have occurred pursuant to Section 3.1, and TCG stood ready and willing to consummate on that date.

 

Section 10.2                             Effect of Termination. Except for this Article X, Article I, Article XII, the last sentence of Section 8.3, Section 8.2(h) and Section 8.10 (and the definitions related to any of the foregoing), this Agreement shall, upon termination hereof pursuant to Section 10.1, forthwith become of no further force or effect and (i) there shall be no liability on the part of any Party or any of their respective officers or directors or Affiliates to any other Party hereto and (ii) all rights and Liabilities of any Party shall cease; provided, however, that any such termination shall not relieve any Party from liability damages for any material breach of any covenant or agreement in this Agreement occurring prior to or as a result of such termination or for any material and willful breach of any representation or warranty in this Agreement or for any liability for fraud; provided, however, that immediately following any termination hereof pursuant to Section 10.1 Sunoco shall reimburse TCG an amount equal to $250,000 in immediately available funds for its out-of-pocket expenses in connection with the consummation of the Contemplated Transaction.

 

Section 10.3                             Maximum Liability.

 

(a)                                 Sunoco Parties Maximum Liability. Notwithstanding anything in this Agreement to the contrary and other than for fraud, in the event the Contemplated Transactions are not consummated and this Agreement is terminated, the maximum aggregate liability of Sunoco, the Contributing Subsidiaries or any of their respective Affiliates and any of the former, current and future holders of any equity, partnership or limited liability company interest, controlling persons, directors, officers, employees, agents, attorneys, Affiliates, members, managers, general or limited partners, stockholders or assignees of any of the foregoing (collectively, the “Sunoco Parties”) for monetary damages in connection with this Agreement, any agreement entered into in connection herewith or any of the transactions contemplated hereby and thereby shall be limited to $5,000,000 (collectively, the “Sunoco Liability Cap”), and in no event shall Guarantor, TCG or NewCo seek or obtain, nor shall they permit any other TCG Party, their respective representatives or any other Person on its or their behalf to seek or obtain, nor shall any Person be entitled to seek or obtain, any monetary recovery or award in excess of the Sunoco Liability Cap against the Sunoco Parties, and in

 

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no event shall any of the TCG Parties be entitled to seek or obtain any monetary damages of any kind (including direct, consequential, special, indirect or punitive damages) in excess of the Sunoco Liability Cap against the Sunoco Parties, in each case, with respect to this Agreement, any agreement entered into in connection herewith or the transactions contemplated hereby and thereby (including any breach by Sunoco), the termination of this Agreement, the failure to consummate the transactions contemplated by this Agreement or any claims or actions under applicable Law arising out of any such breach, termination or failure; provided, however, that nothing in this Section 10.3(a) shall be construed to limit in any way the remedies available to Sunoco pursuant to the Non-Disclosure Agreement.

 

(b)                                 TCG Parties Maximum Liability. Notwithstanding anything in this Agreement to the contrary and other than for fraud, in the event the Contemplated Transactions are not consummated and this Agreement is terminated, the maximum aggregate liability of TCG or any of its Affiliates and any of the former, current and future holders of any equity, partnership or limited liability company interest, controlling persons, directors, officers, employees, agents, attorneys, Affiliates, members, managers, general or limited partners, stockholders or assignees of any of the foregoing (collectively, the “TCG Parties”) for monetary damages in connection with this Agreement, any agreement entered into in connection herewith or any of the transactions contemplated hereby and thereby shall be limited to $5,000,000 (collectively, the “TCG Liability Cap”), and in no event shall Sunoco or NewCo seek or obtain, nor shall they permit any other Sunoco Party, their respective representatives or any other Person on its or their behalf to seek or obtain, nor shall any Person be entitled to seek or obtain, any monetary recovery or award in excess of the TCG Liability Cap against the TCG Parties, and in no event shall any of the Sunoco Parties be entitled to seek or obtain any monetary damages of any kind (including direct, consequential, special, indirect or punitive damages) in excess of the TCG Liability Cap against the TCG Parties, in each case, with respect to this Agreement, any agreement entered into in connection herewith or the transactions contemplated hereby and thereby (including any breach by TCG), the termination of this Agreement, the failure to consummate the transactions contemplated by this Agreement or any claims or actions under applicable Law arising out of any such breach, termination or failure; provided, however, that nothing in this Section 10.3(b) shall be construed to limit in any way the remedies available to Sunoco pursuant to the Non-Disclosure Agreement.

 

ARTICLE XI

 

POST-CLOSING COVENANTS

 

Section 11.1                             Further Assurances. Sunoco, TCG and NewCo each agree that, from time to time after the Closing, they will execute and deliver, and will cause their respective Subsidiaries to execute and deliver, such further instruments at NewCo’s sole cost and expense as may be reasonably necessary to carry out the purposes and intents of this Agreement and the Related Agreements; provided, however, that nothing in this Section 11.1 will by implication require Sunoco or TCG to make any loans, investments or capital contributions to NewCo. The obligations set forth in this Section 11.1 shall expire and be of no further force or effect on the tenth anniversary of the Closing Date

 

Section 11.2                             Collection of Amounts Owed to a Party. Except as otherwise provided in the Related Agreements it is the intention of the Parties that, as between the Parties, Sunoco shall be

 

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entitled to all income attributable to the Refinery Business conducted prior to the Closing and NewCo shall be entitled to all income attributable to the Refinery Business conducted from and after the Closing. TCG and NewCo shall, and shall cause their Subsidiaries to, pay to Sunoco, promptly after receipt thereof by any such Person, any amount received by such Party or the Contributing Subsidiaries from any Third Person with respect to the Refinery Business to the extent attributable to the ownership or operation of the Refinery Business on or prior to the Closing Date, net of any out-of-pocket expenses incurred in collecting such amounts. Sunoco shall, and shall cause the Contributing Subsidiaries to, pay to NewCo, promptly after receipt thereof by any such Person, any amount received by such Party or the Contributing Subsidiaries from any Third Person with respect to the Refinery Business to the extent attributable to the ownership or operation of the Refinery Business from and after the Closing Date, net of any out-of-pocket expenses incurred in collecting such amounts. Upon the request of Sunoco, NewCo shall cooperate with Sunoco and any of the Contributing Subsidiaries and provide reasonable assistance in the collection of accounts receivable to the extent attributable to the ownership or operation of the Refinery Business on or prior to the Closing Date.

 

Section 11.3                             Access: Records. From and after the Closing, NewCo, on the one hand, and Sunoco, on the other hand, will afford, and will cause their Subsidiaries to afford, to the applicable other Party and its authorized representatives reasonable access during normal business hours to, and permission to take copies of, any books, records or accounts related to the ownership, use and operation of the Refinery Assets and the Refinery Business in the possession of such Party, and, if requested, will furnish to such other Party such additional information and reasonably cooperate with such other Party in such other respects, including the making of employees available to such other Party at such other Party’s expense as witnesses or deponents, as such other Party may reasonably request for (i) financial reporting, (ii) Tax or similar purposes, (iii) purposes of investigating Claims or conducting Proceedings or (iv) such other purposes as arising pursuant to this Agreement or any Related Agreement; provided, however, that the foregoing shall not require any Person to take any such action if it (x) may result in a waiver or breach of any attorney/client privilege or other similar privilege, (y) could reasonably be expected to result in violation of applicable Law, or (z) providing such access or information would be reasonably expected to be unreasonably disruptive to its operations. Except in the ordinary course of business consistent with past custom and practice, no Party shall, nor shall it direct or knowingly permit the Contributing Subsidiaries, destroy or dispose of material books, records and accounts related to the ownership, use and operation of the Assets for a period of three years, or such longer period as may be required by applicable Law, after the Closing Date.

 

Section 11.4                             Property Taxes. All ad valorem, property and similar taxes (“Property Taxes”) levied with respect to the Refinery Assets for the Tax period (for purposes of Property Taxes, the term “Tax period” means the period beginning on the first day of the tax year or period of time for which such Property Taxes are assessed through the last day of such tax year or period of time for which such Property Taxes are assessed) that contains the Closing Date shall be prorated between Sunoco and NewCo based on their relative number of days of ownership of the Refinery Assets during the Tax period. Upon receipt of any bill for such Property Taxes, (i) Sunoco or NewCo, as applicable, shall present, whether before or after payment of such bill, a statement to the other Party setting forth the amount of reimbursement to which the presenting Party is entitled under this Section 11.4 together with such supporting evidence as is reasonably necessary to calculate the proration amount and (ii) the proration amount shall be paid promptly but in no event later than ten

 

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(10) days after receipt of such statement. The Parties acknowledge that real estate taxes for the Refinery Owned Real Property are assessed and due and payable based on a calendar year period.

 

Section 11.5                             Transfer Taxes. To the extent that any sales, purchase, transfer, real property transfer, stamp, documentary stamp, registration, use or similar taxes (“Transfer Taxes”) are payable by reason of any of the Contemplated Transactions, such Transfer Taxes shall be borne and timely paid 100% by NewCo. Sunoco, TCG and its Affiliates and NewCo shall reasonably cooperate in good faith to minimize, to the extent permissible under applicable Laws, the amount of any such Transfer Taxes.

 

Section 11.6                             Tax Cooperation. Each Party shall cooperate fully, as and to the extent reasonably requested by any other Party, in connection with the filing of Tax Returns and any audit, litigation, or other proceeding with respect to Taxes, in each case, relating to the Refinery Business or the Refinery Assets. Such cooperation shall include the retention and (upon another Party’s request) the provision of records and information that are relevant to any such Tax Return or audit, litigation or other proceeding and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided under this Agreement. Sunoco and its Affiliates and NewCo and its Affiliates agree to retain all books and records with respect to Tax matters pertinent to the Refinery Business or the Refinery Assets relating to any taxable period beginning before the Closing Date until the expiration of the statute of limitations of the respective taxable periods and to abide by all record retention agreements entered into with any Governmental Authority.

 

Section 11.7                             Tax Treatment; Reporting.

 

(a)                                 Sunoco, TCG and NewCo intend that the Sunoco Contribution made by each Contributing Subsidiary in exchange for the consideration delivered pursuant to Section 2.3 and the other consideration deliverable by NewCo to the Contributing Subsidiaries under this Agreement shall be treated for U.S. federal, and applicable state and local, income tax purposes (i) in the case of any Contributing Subsidiary that receives only (A) Common Units, (B) money or other consideration as a reimbursement for, and does not exceed the amount of, capital expenditures described in Treasury Regulation Section 1.707-4(d) or (C) the assumption by the Company of qualified liabilities as described in Treasury Regulation Section 1.707-5 (collectively the “721 Consideration”) as an exchange described in Section 721(a) of the Code and (b) in the case of any Contributing Subsidiary that receives money or other consideration other than 721 Consideration, (x) in part as an exchange described in Section 721(a) of the Code and (y) in part, as applicable, as a disguised sale transaction described in Section 707(a)(2)(B) of the Code (a “Disguised Sale”).

 

(b)                                 After the Closing, Sunoco, TCG and NewCo agree to cooperate in good faith to allocate, for any such Disguised Sale, the consideration that is properly considered to have been received by the applicable Contributing Subsidiary in such Disguised Sale among the portion of the Refinery Assets contributed to NewCo by such Contributing Subsidiary that are treated as sold in such Disguised Sale, all in accordance with the allocation schedule delivered by Sunoco pursuant to Section 2.3 hereof and the principles of Sections 707 and 1060 of the Code and the Treasury Regulations promulgated thereunder. Within sixty (60) days of the Closing, Sunoco shall deliver to TCG and NewCo a draft allocation prepared in a manner consistent with the previous sentence (the

 

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“Draft Allocation”). NewCo shall have twenty (20) days to review the Draft Allocation. If NewCo does not object to the Draft Allocation by the end of such period, the Draft Allocation shall become the “Final Allocation”. If NewCo does object to any portion of the Draft Allocation, NewCo shall deliver a written notice to Sunoco prior to the close of business on the last day of such period, setting forth in reasonable detail the portion(s) of the Draft Allocation to which NewCo objects. To the extent that NewCo and Sunoco are not able to resolve any such objection within fifteen (15) days of delivery of the notice with respect thereto, Sunoco and NewCo shall forthwith promptly jointly request that the arbitrator, as mutually agreed upon by Sunoco and TCG, make a binding determination as to the disputed items in accordance with the first sentence of this Section 11.7(b). The allocation, as finally determined by the arbitrator, shall become the Final Allocation.

 

(c)                                  Each of Sunoco and its Affiliates, TCG and its Affiliates, and NewCo shall file all Tax Returns in a manner consistent with this Section 11.7, and no party shall take a position in any forum that is inconsistent with this Section 11.7 before any Governmental Entity charged with the collection or administration of any Tax, or in any proceeding relating to any Tax, unless otherwise required by a final, non-appealable determination.

 

Section 11.8                             Confidentiality. From and after the Closing Date, Sunoco shall, and it shall cause the Contributing Subsidiaries to, maintain the confidentiality of any proprietary or confidential information that constitutes the Refinery Assets (all of the foregoing, “Confidential Information”). In the event that Sunoco or any of the Contributing Subsidiaries is requested or required pursuant to Law, including pursuant to written or oral question or request for information or documents in any Proceeding, by interrogatory, subpoena or similar process, to disclose any Confidential Information, to the extent permissible by Law and practicable, Sunoco shall, or shall cause such Subsidiary, as applicable, to notify NewCo promptly of the request or requirement so that NewCo may seek an appropriate protective order or waive compliance with the provisions of this Section 11.8. If, in the absence of a protective order or the receipt of a waiver hereunder Sunoco or its Subsidiary determines in good faith that it is required to disclose any Confidential Information by Law, Sunoco or its Subsidiary, as applicable, may disclose the Confidential Information to the extent required to comply with Law; provided, however, that Sunoco or such Subsidiary, as applicable, shall use, if the requested by NewCo and at NewCo’s sole cost and expense, request an order or other assurance that confidential treatment will be accorded to such portion of the Confidential Information required to be disclosed. The foregoing provisions shall not apply to any information that (i) is or becomes generally available to the public immediately prior to the time of disclosure unless such Confidential Information is so available due to the actions of Sunoco or the Contributing Subsidiaries in violation of this Section 11.8, (ii) is or becomes available to Sunoco or any of the Contributing Subsidiaries from a source other than NewCo from and after the Closing or (iii) is or was independently developed by employees, representatives or advisors of Sunoco or any of the Contributing Subsidiaries from and after the Closing without use of or reference to any other Confidential Information, and no information contemplated by this sentence shall be deemed Confidential Information. The obligations set forth in this Section 11.8 shall expire and be of no further force or effect on the first anniversary of the Closing Date.

 

Section 11.9                             Existing Confidentiality Agreements. After the date hereof, Sunoco shall not knowingly waive, release or assign any rights under any confidentiality or similar Contract executed within the one (1) year prior to the date hereof in connection with or related in any way to the

 

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Contemplated Transactions or any alternative transaction in lieu thereof with any alternative acquirer of the Refinery Assets.

 

Section 11.10            North and West Yards.

 

(a)                                 At any time from and after the ten-year anniversary of the Closing Date, if (i) the North Yard has not been Developed and Sunoco delivers written notice to NewCo, NewCo agrees to promptly convey, transfer and assign to Sunoco or any of its designees the North Yard free and clear of any Liens (other than Permitted Liens) for no additional consideration or (ii) the West Yard has not been Developed and Sunoco delivers written notice to NewCo, NewCo agrees to promptly convey, transfer and assign to Sunoco or any of its designees the West Yard free and clear of any Liens (other than Permitted Liens) for no additional consideration. In either case, NewCo and Sunoco shall execute and deliver, and will cause their respective Subsidiaries to execute and deliver, such further instruments as may be reasonably necessary to carry out the purposes and intents of this Section 11.10 containing customary terms and agreements for a transaction of this kind.

 

(b)                                 If prior to the ten-year anniversary of the Closing Date NewCo or any of the Contributing Subsidiaries transfers or sells, or agrees or transfer or sell, either the North Yard or West Yard, NewCo shall convey such consideration to Sunoco; provided, however, that in the event substantially all of the Refinery Assets are transferred or sold, NewCo shall not be required to convey the relevant consideration to Sunoco provided that the buyer agrees to assume the obligations of NewCo in this Section 11.10(b).

 

(c)                                  In the event that NewCo or its successors or assigns (i) consolidates with or merges into any other Person or (ii) transfers or sells all or substantially all of its properties and assets to any Person (in addition to any transfer or sale contemplated by the proviso to Section 11.10(b)), then, and in each case, proper provision will be made so that the successor and assign of NewCo or its transferee, as the case may be, honors the obligations set forth in this Section 11.10.

 

Section 11.11           Marcus Hook. From and after the date hereof, Sunoco shall, and shall cause the Contributing Subsidiaries to, cease all crude-oil refining at the Marcus Hook refinery, and shall surrender each Environmental Authorization, or applicable portion thereof, that relate to the following crude-oil refining operations at Marcus Hook:

 

(a)                                 15-1 CRUDE HTR;

 

(b)                                 17-2A H-01, H-02, H-03 HTR;

 

(c)                                  17-2A H-04 HTR;

 

(d)                                 12-3 CRUDE HTR H-3006;

 

(e)                                  10-4 FCC UNIT;

 

(f)                                   10-4 FEED HTR;

 

(g)                                  LSG HDS HTR;

 

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(h)                                 LSG STABILIZR HTR; and

 

(i)                                     any other such Environmental Authorizations reasonably necessary to effectuate the intent of the EPA Letter, the surrender of which would not materially impair non-crude-oil refining operations at the Marcus Hook Refinery. Sunoco, on behalf of itself and each of the Contributing Subsidiaries, acknowledges and agrees that the foregoing restriction is reasonable in all respects and is necessary to protect NewCo’s interest in the EPA Letter.

 

ARTICLE XII

 

MISCELLANEOUS

 

Section 12.1                             Entire Agreement; Amendment; Waivers. This Agreement, the Non-Disclosure Agreement and the Related Agreements constitute the entire agreement and understanding of the Parties, and supersede all prior agreements and undertakings, both written and oral, among the Parties, with respect to the subject matter hereof and thereof. Without limiting the generality of the foregoing, this Agreement shall amend and supersede any the letter agreement, dated as of March 29, 2012, and any amendments or modifications thereto, by and between Sunoco and Carlyle Investment Management L.L.C. This Agreement may not be amended except by an instrument in writing signed by Sunoco, TCG and NewCo. At any time prior to the Closing, either Sunoco or TCG (on behalf of itself and NewCo) may (i) extend the time for the performance of any of the obligations or other acts of the other, (ii) waive any inaccuracies in the representations and warranties of the other contained herein or in any document delivered pursuant hereto, and (iii) waive compliance by the other with any of the agreements, covenants or conditions contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the Party to be bound thereby. No failure or delay on the part of any Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty, covenant or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right.

 

Section 12.2                             Parties in Interest. Except as set forth in Section 8.13, this Agreement shall be binding upon and inure solely to the benefit of each Party and its successors and permitted assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. Without limiting the generality of the foregoing, except as set forth in Section 8.13, notwithstanding anything herein to the contrary, (i) nothing expressed or implied in this Agreement is intended to confer upon any employee of the Refinery Business any rights or remedies, including any rights of employment for any specified period of time and (ii) nothing express or implied in this Agreement amends, or is intended to amend, any Benefit Plan.

 

Section 12.3                             Assignment. This Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns; provided, however, that this Agreement and the rights and obligations hereunder shall not be assignable or transferable by any Party without the prior written consent of the other Parties.

 

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Section 12.4                             Expenses. Except as otherwise expressly provided herein (including in Section 2.9 and Section 8.2(a)), all costs and expenses (including fees and disbursements of counsel, accountants and other experts) incurred by a Party or any of its Affiliates in connection with the negotiation, execution and delivery of this Agreement and the Related Agreements and performance of the obligations hereunder or thereunder shall be paid by the party incurring such costs and expenses (including fees and disbursements of counsel, accountants and other experts); provided, however, that immediately following the Closing, (x) Sunoco shall reimburse TCG an amount equal to $250,000 in immediately available funds and (y) NewCo shall reimburse each of Sunoco and TCG for its out-of-pocket expenses incurred in connection with the Contemplated Transactions.

 

Section 12.5                             Notices. All notices and other communications that are required to be or may be given pursuant to this Agreement shall be in writing and shall be deemed to have been duly given if delivered in person or by courier or by a national overnight courier service to the relevant Party at the following addresses or sent by facsimile (with transmission confirmation) to the following numbers:

 

If to Sunoco, to:

 

Sunoco, Inc.

1818 Market Street, Suite 1500

Philadelphia, PA 19103

Attention: Stacy L. Fox

Facsimile: (215) 977-3131

 

with copies (which shall not constitute notice) to:

 

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Attention: William Sorabella

Facsimile: (212) 446-6460

 

If to TCG, to:

 

Carlyle PES, L.L.C.

520 Madison Avenue, 39th Floor

New York, NY 10022

Attention: Rodney Cohen, David Stonehill and David Albert

Facsimile: (202) 347-1818

 

with copies (which shall not constitute notice) to:

 

Vinson & Elkins LLP

666 Fifth Avenue, 26th Floor

New York, NY 10103

Attention: Michael Swidler and Steven Abramowitz

Facsimile: (212) 237-0100

 

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If to NewCo, to:

 

Philadelphia Energy Solutions LLC

c/o The Carlyle Group

1001 Pennsylvania Ave. N.W.

Washington, D.C. 20004

Attention: Philip Rinaldi

Facsimile: (202) 347-1818

 

and, to:

 

Carlyle PES, L.L.C.

520 Madison Avenue, 39th Floor

New York, NY 10022

Attention: Rodney Cohen, David Stonehill and David Albert

Facsimile: (202) 347-1818

 

with copies (which shall not constitute notice) to:

 

Vinson & Elkins LLP

666 Fifth Avenue, 26th Floor

New York, NY 10103

Attention: Michael Swidler and Steven Abramowitz

Facsimile: (212) 237-0100

 

or to such other address or facsimile number as the addressee may, from time to time, designate in a written notice given in accordance with this Section 12.5. Any such notice or communication shall be effective (i) if delivered in person or by courier, upon actual receipt by the intended recipient or (ii) if sent by facsimile transmission, on the day sent provided that such day is a Business Day and the sender has received confirmation of transmission as of or prior to 5:30 p.m. local time of the recipient on such day, or at the beginning of the recipient’s next Business Day after confirmation of transmission if not received prior to 5:30 p.m. local time of the recipient on the day sent.

 

Section 12.6                             Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the Contemplated Transactions is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that Contemplated Transactions are fulfilled to the extent possible.

 

Section 12.7                             Governing Law. This Agreement shall be construed (both as to validity and performance), interpreted and enforced in accordance with, and governed by, the Laws of the State of

 

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New York, without regard to any conflicts of law provisions thereof that would result in the application of the laws of any other jurisdiction.

 

Section 12.8                             Jurisdiction; WAIVER OF TRIAL BY JURY. Unless otherwise and to the extent explicitly set forth in a Related Agreement, the Parties hereby irrevocably submit to the exclusive jurisdiction of the United States District Court for the Southern District of New York (or, if subject matter jurisdiction in that court is not available, in the state courts of New York located in the borough of Manhattan) over any dispute arising out of or relating to this Agreement, any Related Agreement or any agreement or instrument contemplated hereby or thereby or entered into in connection herewith or therewith or any of the Contemplated Transactions. Each Party hereby irrevocably agrees that all claims in respect of such dispute or proceeding will be heard and determined in such courts (and the courts hearing appeals from such courts). The Parties hereby irrevocably waive, to the fullest extent permitted by applicable Law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum in connection therewith. Each of the Parties agrees that service of process upon it may be effectuated in connection with the any dispute arising out of or relating to this Agreement, any Related Agreement or any agreement or instrument contemplated hereby or thereby at its address specified in Section 12.5. Unless otherwise, and to the extent, explicitly set forth in a Related Agreement, EACH OF THE PARTIES WAIVES THE RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING SEEKING ENFORCEMENT OF SUCH PARTY’S RIGHTS UNDER THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY OR THEREBY OR ENTERED INTO IN CONNECTION HEREWITH OR THEREWITH OR ANY OF THE CONTEMPLATED TRANSACTIONS.

 

Section 12.9                             Remedies; Specific Performance.

 

(a)                                 The Parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy, would occur in the event that the Parties hereto do not perform the provisions of this Agreement (including failing to take such actions as are required of it hereunder in order to consummate this Agreement) in accordance with its specified terms or otherwise breach such provisions. Accordingly, the Parties acknowledge and agree that, prior to the valid termination of this Agreement pursuant to Article X, the Parties shall be entitled, in addition to any other remedy to which they are entitled under the terms of this Agreement at law or in equity, to an injunction, specific performance and other equitable relief to prevent or restrain breaches, or threatened or imminent breaches, of this Agreement and to enforce specifically the terms and provisions hereof, except as provided in Section 12.9(b) or Section 12.9(c).

 

(b)                                 Notwithstanding anything to the contrary in Section 12.9(a), it is expressly agreed that Sunoco or NewCo shall be entitled to an injunction, specific performance or other equitable relief, in each case to enforce, or to cause TCG or NewCo to enforce, the terms of the Equity Financing, if, and only if, (i) all of the conditions set forth in Section 9.1 and Section 9.3 have been satisfied or waived (other than those conditions that by their terms are to be satisfied by actions taken at the Closing, each of which is capable of being satisfied at the Closing), (ii) the Debt Financing and Intermediary Financing has been funded or will be funded at the Closing if the Equity Financing is funded at the Closing, (iii) TCG or NewCo fail to complete the Closing in accordance with Section

 

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3.1 and (iv) Sunoco has confirmed in a written notice to TCG and NewCo that if specific performance is granted and the Equity Financing, Debt Financing and Intermediary Financing are funded it intends to consummate the Contemplated Transactions on the terms contemplated by this Agreement.

 

(c)                                  Notwithstanding anything to the contrary in Section 12.9(a), it is expressly agreed that Sunoco or NewCo shall be entitled to an injunction, specific performance or other equitable relief, in each case to cause TCG or NewCo to enforce the terms of the Debt Financing under the JPM Commitment Letter (or any amendment, modification or replacement thereof), if, and only if, (i) all of the conditions set forth in Section 9.1 and Section 9.3 have been satisfied or waived (other than those conditions that by their terms are to be satisfied by actions taken at the Closing, each of which is capable of being satisfied at the Closing), (ii) TCG or NewCo fail to complete the Closing in accordance with Section 3.1 and (ii) all of the conditions to the consummation of the Debt Financing or the Intermediary Financing have been satisfied (other than those conditions that by their terms are to be satisfied by actions taken at the Closing, each of which is capable of being satisfied at the Closing).

 

(d)                                 Each Party agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief when expressly available pursuant to this Section 12.9 on the basis that (i) there is adequate remedy at law or (ii) an award of specific performance is not an appropriate remedy for any reason at law or equity. Any Party seeking an injunction or injunctions to prevent breaches of this Agreement when available pursuant to the terms of this Agreement and to enforce specifically the terms and provisions of this Agreement when available pursuant to this Agreement shall not be required to provide any bond or other security in connection with any such order or injunction.

 

(e)                                  The Parties hereto agree that the commencement of any Proceeding pursuant to this Section 12.9 shall not restrict or limit any Party’s right to terminate this Agreement in accordance with the terms of this Agreement or pursue any other remedies under this Agreement that may be available then or thereafter.

 

Section 12.10           Time of the Essence. Time is of the essence in the performance of this Agreement in all respects. If the date specified in this Agreement for giving any notice or taking any action is not a Business Day (or if the period during which any notice is required to be given or any action taken expires on a date which is not a Business Day), then the date for giving such notice or taking such action (and the expiration date of such period during which notice is required to be given or action taken) shall be the next day which is a Business Day.

 

Section 12.11           Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts (including facsimile and electronic transmission counterparts), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each Party shall have received a counterpart hereof signed by the other Parties. Until and unless each Party has received a counterpart hereof signed by the other parties hereto, this Agreement shall have no effect and no Party shall have

 

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any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

 

Section 12.12           No Presumption Against Drafting Party. Each Party has fully participated in the negotiation and drafting of this Agreement. If an ambiguity, question or intent or question of interpretation arises, this Agreement must be construed as if drafted jointly, and there must not be any presumption, inference or conclusion drawn against any Party by virtue of the fact that its representative has authored this Agreement or any portion hereof.

 

*              *              *              *              *

 

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IN WITNESS WHEREOF, the undersigned Parties have duly executed this Agreement effective as of the date first written above.

 

	
 
    	
SUNOCO, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Colavita
    
	
 
    	
Name:
    	
Michael J. Colavita
    
	
 
    	
Title:
    	
Vice President and Interim Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CARLYLE PES, L.L.C.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: CARLYLE US EQUITY OPPORTUNITY FUND, L.P.
    
	
 
    	
 
    	
Its: Managing Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: Carlyle Equity Opportunity GP, L.P., its general partner
    
	
 
    	
 
    	
By: Carlyle Equity Opportunity GP, L.L.C., its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Rodney Cohen
    
	
 
    	
 
    	
Name: 
    	
Rodney Cohen
    
	
 
    	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: CARLYLE ENERGY MEZZANINE OPPORTUNITIES FUND, L.P.
    
	
 
    	
 
    	
Its: Managing Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: CEMOF General Partner, L.P., its general partner
    
	
 
    	
 
    	
By: TC Group CEMOF, L.L.C., its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Rahul Culas
    
	
 
    	
 
    	
Name: 
    	
Rahul Culas
    
	
 
    	
 
    	
Title:
    	
Managing Director
    

 

Signature Page to Refining Contribution Agreement

 

 

	
 
    	
PHILADELPHIA ENERGY SOLUTIONS LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
BY: SUNOCO, INC.
    
	
 
    	
 
    	
Its: Managing Member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Michael J. Colavita
    
	
 
    	
 
    	
Name:
    	
Michael J. Colavita
    
	
 
    	
 
    	
Title:
    	
Vice President and Interim Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    	
CARLYLE U.S. EQUITY OPPORTUNITY FUND, L.P.
    
	
 
    	
 
    	
Its: Managing Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: Carlyle Equity Opportunity GP, L.P., its general partner
    
	
 
    	
 
    	
By: Carlyle Equity Opportunity GP, L.L.C., its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Rodney Cohen
    
	
 
    	
 
    	
Name:
    	
Rodney Cohen
    
	
 
    	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
CEOF COINVESTMENT, L.P.
    
	
 
    	
 
    	
Its: Managing Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By: Carlyle Equity Opportunity GP, L.P., its general partner
    
	
 
    	
 
    	
By: Carlyle Equity Opportunity GP, L.L.C., its general partner
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Rodney Cohen
    
	
 
    	
 
    	
Name:
    	
Rodney Cohen
    
	
 
    	
 
    	
Title:
    	
Managing Director
    

 

Signature Page to Refining Contribution Agreement

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