Document:

Term Loan Credit Agreement (the Term Loan Facility)

 Exhibit 10.3 

EXECUTION VERSION 
  

 
  

Published CUSIP Number: 81663CAD3 

NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, THIS TERM LOAN AGREEMENT, INCLUDING THE PAYMENT OF THE OBLIGATIONS (AS DEFINED HEREIN), THE PRIORITY
OF THE LIENS AND SECURITY INTERESTS SECURING THE OBLIGATIONS, AND THE EXERCISE OF ANY RIGHT OR REMEDY BY THE COLLATERAL AGENT HEREUNDER, ARE SUBJECT TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT (AS DEFINED HEREIN). IF THERE IS A CONFLICT BETWEEN
THE TERMS OF THE INTERCREDITOR AGREEMENT AND THIS TERM LOAN CREDIT AGREEMENT, THE TERMS OF THE INTERCREDITOR AGREEMENT WILL CONTROL. 

TERM LOAN CREDIT AGREEMENT 

among 

SEMGROUP CORPORATION, 

as Borrowers’ Agent and a Borrower, 

and 

SEMCRUDE, L.P., 

SEMSTREAM, L.P., 

SEMCAMS ULC, 

SEMCANADA CRUDE COMPANY, and 

SEMGAS, L.P., 

as Borrowers, 

and 

The Several Lenders 

from time to time Parties Hereto, 

and 

BANK OF AMERICA, N.A., 

as Administrative Agent and as Collateral Agent 

Dated as of November 30, 2009 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	 SECTION 1.
	  	 DEFINITIONS
	  	
			
	 1.1  
	  	 Defined Terms
	  	2
	 1.2  
	  	 Other Definitional Provisions
	  	24
	 1.3  
	  	 Rounding
	  	24
			
	 SECTION 2.
	  	 AMOUNT AND TERMS OF THE LOANS
	  	
			
	 2.1  
	  	 Term Loans
	  	24
			
	 SECTION 3.
	  	 [INTENTIONALLY OMITTED]
	  	
			
	 SECTION 4.
	  	 GENERAL PROVISIONS APPLICABLE TO LOANS
	  	
			
	 4.1  
	  	 [Intentionally Omitted]
	  	25
	 4.2  
	  	 Interest Rates and Payment Dates
	  	25
	 4.3  
	  	 [Intentionally Omitted]
	  	26
	 4.4  
	  	 [Intentionally Omitted]
	  	26
	 4.5  
	  	 Repayment of Loans; Evidence of Debt
	  	26
	 4.6  
	  	 Optional Prepayments
	  	27
	 4.7  
	  	 Mandatory Prepayments
	  	27
	 4.8  
	  	 Computation of Interest and Fees
	  	28
	 4.9  
	  	 Pro Rata Treatment and Payments
	  	28
	 4.10
	  	 Requirements of Law
	  	29
	 4.11
	  	 Taxes
	  	30
	 4.12
	  	 Lending Offices
	  	33
	 4.13
	  	 [Intentionally Omitted]
	  	33
	 4.14
	  	 Indemnity
	  	33
	 4.15
	  	 [Intentionally Omitted]
	  	33
	 4.16
	  	 [Intentionally Omitted]
	  	33
	 4.17
	  	 Replacement of Lenders
	  	33
	 4.18
	  	 Defaulting Lender
	  	33
			
	 SECTION 5.
	  	 REPRESENTATIONS AND WARRANTIES
	  	
			
	 5.1  
	  	 Financial Condition
	  	34
	 5.2  
	  	 No Change
	  	34
	 5.3  
	  	 Existence; Compliance with Law
	  	34
	 5.4  
	  	 Power; Authorization; Enforceable Obligations
	  	35
	 5.5  
	  	 No Legal Bar
	  	35
	 5.6  
	  	 No Material Litigation
	  	35

  

 -i- 

					
	 5.7  
	  	 No Default
	  	36
	 5.8  
	  	 Material Contracts
	  	36
	 5.9  
	  	 Ownership of Property; Liens
	  	36
	 5.10
	  	 Intellectual Property
	  	36
	 5.11
	  	 No Burdensome Restrictions
	  	36
	 5.12
	  	 Taxes
	  	36
	 5.13
	  	 [Intentionally Omitted]
	  	37
	 5.14
	  	 ERISA
	  	37
	 5.15
	  	 No Plan Assets
	  	37
	 5.16
	  	 Employee Benefit and Foreign Pension Matters
	  	37
	 5.17
	  	 Investment Company Act; Other Regulations
	  	38
	 5.18
	  	 Subsidiaries
	  	38
	 5.19
	  	 Security Documents
	  	38
	 5.20
	  	 Accuracy and Completeness of Information
	  	39
	 5.21
	  	 Labor Relations
	  	39
	 5.22
	  	 Insurance
	  	39
	 5.23
	  	 Solvency
	  	40
	 5.24
	  	 [Intentionally Omitted]
	  	40
	 5.25
	  	 Environmental Matters
	  	40
	 5.26
	  	 Regulation H
	  	41
	 5.27
	  	 Risk Management Policy
	  	41
	 5.28
	  	 AML Laws
	  	41
			
	 SECTION 6.
	  	 CONDITIONS PRECEDENT
	  	
			
	 6.1  
	  	 Conditions Precedent
	  	42
			
	 SECTION 7.
	  	 AFFIRMATIVE COVENANTS
	  	
			
	 7.1  
	  	 Financial Statements
	  	48
	 7.2  
	  	 Certificates; Other Information
	  	50
	 7.3  
	  	 Payment of Obligations
	  	51
	 7.4  
	  	 Conduct of Business and Maintenance of Existence
	  	51
	 7.5  
	  	 Maintenance of Property; Insurance
	  	51
	 7.6  
	  	 Inspection of Property; Books and Records; Discussions
	  	51
	 7.7  
	  	 Notices
	  	52
	 7.8  
	  	 Environmental Laws
	  	53
	 7.9  
	  	 [Intentionally Omitted]
	  	53
	 7.10
	  	 Risk Managemen
	  	53
	 7.11
	  	 Collections of Accounts Receivable
	  	53
	 7.12
	  	 Taxes
	  	53
	 7.13
	  	 Additional Collateral; Further Actions
	  	53
	 7.14
	  	 [Intentionally Omitted]
	  	55
	 7.15
	  	 Cash Management
	  	55
	 7.16
	  	 Employment of Chief Financial Officer
	  	56
	 7.17
	  	 Plan Compliance
	  	56
			
	 SECTION 8.
	  	 NEGATIVE COVENANTS
	  	
			
	 8.1  
	  	 Financial Condition Covenants
	  	56

  

 -ii- 

					
	 8.2  
	  	 Limitation on Indebtedness
	  	58
	 8.3  
	  	 Limitation on Liens
	  	58
	 8.4  
	  	 Limitation on Fundamental Changes
	  	60
	 8.5  
	  	 Restricted Payments
	  	60
	 8.6  
	  	 Limitation on Sale of Assets
	  	60
	 8.7  
	  	 Limitation on Use of Proceeds from Asset Sales of Unrestricted Subsidiaries
	  	61
	 8.8  
	  	 Limitation on Capital Expenditures
	  	61
	 8.9  
	  	 Limitation on Investments, Loans and Advances
	  	61
	 8.10
	  	 Limitation on Payments and Modifications of Debt Instruments
	  	62
	 8.11
	  	 Limitation on Transactions with Affiliates
	  	62
	 8.12
	  	 Accounting Changes
	  	62
	 8.13
	  	 Limitation on Negative Pledge Clauses
	  	62
	 8.14
	  	 Limitation on Lines of Business
	  	63
	 8.15
	  	 Governing Documents
	  	63
	 8.16
	  	 Limitation on Modification of Risk Management Policy
	  	63
	 8.17
	  	 Limitation on Sales and Leasebacks
	  	63
	 8.18
	  	 Employee Benefit Plans and Canadian Pension Plans
	  	63
			
	 SECTION 9.
	  	 EVENTS OF DEFAULT
	  	
			
	 9.1  
	  	 Events of Default
	  	64
			
	 SECTION 10.
	  	 THE AGENTS
	  	
			
	 10.1  
	  	 Appointment
	  	66
	 10.2  
	  	 Delegation of Duties
	  	67
	 10.3  
	  	 Exculpatory Provisions
	  	67
	 10.4  
	  	 Reliance by Agents
	  	67
	 10.5  
	  	 Notice of Default
	  	67
	 10.6  
	  	 Non-Reliance on Agents and Other Lenders
	  	68
	 10.7  
	  	 Indemnification
	  	68
	 10.8  
	  	 Agent in Its Individual Capacity
	  	68
	 10.9  
	  	 Successor Agents
	  	69
	 10.10
	  	 Collateral Matters
	  	70
			
	 SECTION 11.
	  	 MISCELLANEOUS
	  	
			
	 11.1  
	  	 The Borrowers’ Agent
	  	71
	 11.2  
	  	 Amendments and Waivers
	  	71
	 11.3  
	  	 Notices
	  	72
	 11.4  
	  	 No Waiver; Cumulative Remedies
	  	73
	 11.5  
	  	 Survival of Representations and Warranties
	  	73
	 11.6  
	  	 Release of Collateral and Guarantee Obligations
	  	73
	 11.7  
	  	 Payment of Expenses and Taxes
	  	74
	 11.8  
	  	 Successors and Assigns; Participations and Assignments
	  	75
	 11.9  
	  	 Adjustments; Set-off
	  	77
	 11.10
	  	 Counterparts
	  	78
	 11.11
	  	 Severability
	  	78
	 11.12
	  	 ENTIRE AGREEMENT
	  	78
	 11.13
	  	 GOVERNING LAW
	  	78

  

 -iii- 

					
	 11.14
	  	 Submission to Jurisdiction
	  	78
	 11.15
	  	 Acknowledgements
	  	79
	 11.16
	  	 WAIVERS OF JURY TRIAL
	  	79
	 11.17
	  	 Confidentiality
	  	79
	 11.18
	  	 Specified Laws
	  	80
	 11.19
	  	 Certain Matters relating to the Plan of Reorganization and the Canadian Plans of Reorganization
	  	81
	 11.20
	  	 Intercreditor Agreement
	  	81
	 11.21
	  	 Execution of Lender Signature Pages; Lender Contact Information
	  	81

  

 -iv- 

			
	 SCHEDULES
	  	
		
	 Schedule 1.0
	  	Lenders, Term Loans, and Applicable Lending Offices
	 Schedule 1.1(A)
	  	[RESERVED]
	 Schedule 1.1(B)
	  	[RESERVED]
	 Schedule 1.1(C)
	  	[RESERVED]
	 Schedule 1.1(D)
	  	Mortgaged Properties
	 Schedule 1.1(E)
	  	[RESERVED]
	 Schedule 1.1(F)
	  	[RESERVED]
	 Schedule 1.1(G)
	  	Initial Loan Parties (other than Borrowers)
	 Schedule 5.1(c)
	  	Liabilities
	 Schedule 5.4
	  	Consents and Authorizations
	 Schedule 5.6
	  	Material Litigation
	 Schedule 5.8
	  	Material Contracts
	 Schedule 5.10
	  	Intellectual Property Claims
	 Schedule 5.18
	  	Subsidiaries
	 Schedule 5.19
	  	Filing Jurisdictions
	 Schedule 5.22
	  	Insurance
	 Schedule 5.25
	  	Environmental Matters
	 Schedule 6.1(gg)
	  	Existing Indebtedness to be Repaid
	 Schedule 8.2
	  	Existing Indebtedness
	 Schedule 8.3
	  	Existing Liens
	 Schedule 8.9
	  	Investments
		
	 EXHIBITS
	  	
		
	 Exhibit A-1
	  	Form of Term Note
	 Exhibit B-1
	  	Form of New York Security Agreement
	 Exhibit B-2
	  	Form of Canadian Security Agreement
	 Exhibit C-1
	  	Form of New York Pledge Agreement
	 Exhibit C-2
	  	Form of Canadian Pledge Agreement
	 Exhibit D
	  	Form of Section 4.11 Certificate
	 Exhibit E
	  	Form of Secretary’s Certificate
	 Exhibit F
	  	Form of Assignment and Acceptance
	 Exhibit G
	  	[RESERVED]
	 Exhibit H
	  	Form of Intercompany Subordination Agreement
	 Exhibit I
	  	[RESERVED]
	 Exhibit J-1
	  	Form of Opinion of New York Counsel
	 Exhibit J-2
	  	Form of Opinion of Oklahoma Counsel
	 Exhibit J-3
	  	Form of Opinion of Nova Scotia Counsel
	 Exhibit J-4
	  	Form of Opinion of British Columbia Counsel
	 Exhibit J-5
	  	Form of Opinion of Alberta Counsel
	 Exhibit J-6
	  	Form of Opinion of Saskatchewan Counsel
	 Exhibit J-7
	  	Form of Opinion of Manitoba Counsel
	 Exhibit J-8
	  	Form of Opinion of Ontario Counsel
	 Exhibit K
	  	Form of Cash Collateral Documentation for Reinvestment Proceeds
	 Exhibit L-1
	  	Form of U.S. Mortgage and Security Agreement
	 Exhibit L-2
	  	Form of Canadian Debenture
	 Exhibit M
	  	Terms of Subordinated Indebtedness
	 Exhibit N
	  	[RESERVED]
	 Exhibit O
	  	Form of Guarantee

  

 -v- 

			
	 Exhibit P
	  	Form of Compliance Certificate
	 Exhibit Q
	  	[RESERVED]
	 Exhibit R
	  	Form of Perfection Certificate
	 Exhibit S
	  	[RESERVED]
	 Exhibit T
	  	Form of Borrower’s Certificate
	 Exhibit U
	  	Form of Intercreditor Agreement
		
	 ANNEXES
	  	
		
	 Annex I
	  	[RESERVED]
	 Annex II
	  	[RESERVED]
	 Annex III
	  	Form of Notice of Prepayment

  

 -vi- 

 TERM LOAN CREDIT AGREEMENT 

TERM LOAN CREDIT AGREEMENT (this “Agreement”), dated as of November 30, 2009, among SEMGROUP CORPORATION
(“Parent”), a corporation organized under the Laws of Delaware, SEMCRUDE, L.P. (“SemCrude”), a limited partnership organized under the Laws of Delaware, SEMSTREAM, L.P. (“SemStream”), a limited
partnership organized under the Laws of Delaware, SEMCAMS ULC (“SemCAMS”), an unlimited company organized under the Laws of Nova Scotia, SEMCANADA CRUDE COMPANY (“SemCanada Company”), an unlimited company organized
under the Laws of Nova Scotia, SEMGAS, L.P. (“SemGas” and, together with SemCrude, SemStream, SemCAMS and SemCanada Company, the “Subsidiary Borrowers”; the Subsidiary Borrowers, together with Parent, the
“Borrowers”, and each a “Borrower”), a limited partnership organized under the Laws of Oklahoma, the Lenders (as hereinafter defined) and BANK OF AMERICA, N.A. (“Bank of America”), as administrative
agent (together with any successor Administrative Agent appointed pursuant to Section 10.9, in such capacity the “Administrative Agent”) and as collateral agent (together with any successor Collateral Agent appointed
pursuant to Section 10.9, in such capacity the “Collateral Agent”). 
 RECITALS 

WHEREAS, on July 22, 2008, SemGroup L.P., SemGas, SemCrude and SemStream and certain of the other Loan Parties filed voluntary
petitions in the Bankruptcy Court (as defined below) for relief, and commenced the Chapter 11 Cases (as defined below) under the Bankruptcy Code (as defined below); 

WHEREAS, on July 22, 2008, the Canadian Subsidiary Borrowers were granted creditor protection under the CCAA (as defined below) by
the Alberta Court (as defined below), which proceedings were consolidated, along with the CCAA proceedings of other affiliated companies, on July 30, 2008; 

WHEREAS, SemGas, SemCrude and SemStream and the other Loan Parties that are debtors under the Chapter 11 Cases shall emerge from
bankruptcy on the date hereof when the Plan of Reorganization (as defined below), which was confirmed by the Bankruptcy Court on October 28, 2009, is consummated; 

WHEREAS, the Canadian Subsidiary Borrowers shall emerge from creditor protection on the date hereof when the Canadian Plans of
Reorganization (as defined below), which were sanctioned by the Alberta Court on October 26, 2009, are implemented; 

WHEREAS, SemCrude and the Subsidiary Borrowers were parties to that certain Amended and Restated Credit Agreement, dated as of
October 18, 2005, among SemCrude, as the US Borrower, SemCAMS, as the Canadian Borrower, certain affiliates thereof, the lenders party thereto from time to time, Bank of America, as administrative agent (the “Prepetition
Agent”), and the other parties thereto, and certain other documents executed and delivered in connection therewith, in each case, as amended, modified or supplemented prior to the commencement of the Chapter 11 Cases; 

WHEREAS, pursuant to the terms of the Plan of Reorganization, the Prepetition Lenders (as defined below) are receiving, among other
things, interests in a term loan facility in the aggregate principal amount of $300,000,000, on the terms and conditions of this Agreement; 

 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants
contained herein, the parties agree as follows: 
 SECTION 1. DEFINITIONS 

1.1 Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 

“Account”: as defined in Section 9-102 of the UCC. 

“Account Control Agreements”: with respect to any Deposit Account, Commodity Account or Securities Account, an account
control agreement in form and substance reasonably acceptable to the Borrowers’ Agent and the Collateral Agent. 

“Account Debtor”: a Person who is obligated to a Borrower under an Account Receivable or Exchange Receivable of such
Borrower. 
 “Account Receivable”: any Account or Payment Intangible. 

“Acquisition”: as to any Person, the acquisition by such Person of (a) Capital Stock of any other Person if, after
giving effect to the acquisition of such Capital Stock, such other Person would be a Subsidiary, (b) all or substantially all of the assets of any other Person or (c) assets constituting one or more business units of any other Person.

 “Adjusted EBITDA”: for any period, Consolidated EBITDA (provided that, in determining Consolidated
EBITDA for purposes of this definition, Consolidated Net Income and the other components of Consolidated EBITDA shall be calculated in accordance with GAAP and shall not be adjusted on an Economic Basis) minus non-cash amounts resulting from
either SFAS Statement 133 or 145. 
 “Administrative Agent”: as defined in the introductory paragraph of this
Agreement. 
 “Affiliate”: as to any Person, any other Person (other than a Subsidiary) which, directly or
indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a Person (including, with its correlative meanings, “controlled by” and “under
common control with”) means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of directors (or if such Person is not a corporation, similar governing Persons)
of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

“Agent-Related Person”: as defined in Section 10.3. 

“Agents”: the Administrative Agent and the Collateral Agent, and “Agent” means either or both of them,
as the context requires. 
 “Agreement”: as defined in the preamble hereto. 

“Alberta Court”: the Alberta Court of Queens Bench. 

“AML Laws”: as defined in Section 5.28(a). 

 

 -2- 

 “Applicable Lending Office”: for each Lender, the lending office of such
Lender designated on Schedule 1.0 (or, as the case may be, in the Assignment and Acceptance pursuant to which such Lender became a party hereto) (or any other lending office from time to time notified to the Administrative Agent by such
Lender) as the office at which its Loans are to be maintained. 
 “Applicable Measurement Period”: with respect
to any date prior to the first anniversary of the Closing Date, the period commencing on the Closing Date and ending on such date, and with respect to any date on or after the first anniversary of the Closing Date, the period of twelve
(12) consecutive months ended on such date. 
 “Applicable Risk Management Policy”: (a) until the
Comprehensive Risk Management Policy is adopted and approved, the Trading Protocol and (b) thereafter, the Comprehensive Risk Management Policy. 

“Approved Capex”: for each Fiscal Year, until the occurrence of the First Lien Trigger Event , the aggregate amount of
“Approved Capex” as defined in the Senior Loan Facility from time to time (without regard to allocation among the Loan Parties) and, thereafter, the aggregate amount of “Approved Capex” that was applicable to the Fiscal Year
during which the First Lien Trigger Event occurs; provided that the amount of Approved Capex for each Fiscal Year following the occurrence of the First Lien Trigger Event shall be increased by the Approved Capex Rollover Amount for such
Fiscal Year. 
 “Approved Capex Capacity”: with respect to any Fiscal Year, the amount of Approved Capex for
such Fiscal Year as determined in the definition of “Approved Capex” minus the amount actually spent by the Loan Parties on Approved Capex during such Fiscal Year, but in no event shall the amount of Approved Capex Capacity be less
than zero. 
 “Approved Capex Rollover Amount”: with respect to any Fiscal Year, the Approved Capex Capacity as
of the last day of the immediately preceding Fiscal Year multiplied by fifty (50) percent. 
 “Approved
Fund”: (a) with respect to any Lender, any Bank CLO of such Lender, and (b) with respect to any Lender that is a fund that invests in commercial loans and similar extensions of credit, any other fund that invests in commercial
loans and similar extensions of credit and is managed by the same investment advisor as such Lender or by an Affiliate or Subsidiary of such investment advisor. 

“Asset Sale”: any conveyance, sale, lease, sub-lease, assignment, transfer or other disposition of property or series of
related sales, leases or other dispositions of property (excluding any such sale, lease or other disposition permitted by clauses (a), (b), (c), (d) (other than sales or other dispositions of Investments permitted under
Section 8.9(f)), (e) and (f) of Section 8.6 or any other sale, lease, or other disposition, the proceeds of which are specifically earmarked in the Plan of Reorganization or any of the Canadian Plans of
Reorganization for distribution to specified creditors) which yields gross proceeds to the Borrowers or any of their Subsidiaries (valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or other debt
securities and valued at fair market value in the case of other non-cash proceeds) in excess of $100,000. 

“Assignee”: as defined in Section 11.8(c). 

“Assignment and Acceptance”: as defined in Section 11.8(c). 

 

 -3- 

 “Assignment of Claims Act”: the Federal Assignment of Claims Act of 1940
(31 U.S.C. § 3727 et seq.), any similar state or local Laws and any similar Canadian federal, provincial or territorial laws, together with all rules, regulations or interpretations related thereto. 

“ASTM”: as defined in Section 7.13(f). 

“Bank CLO”: as to any Lender, any entity (whether a corporation, partnership, trust or otherwise) that is engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business and is administered or managed by such Lender or an Affiliate or Subsidiary of such Lender. 

“Bank of America”: as defined in the introductory paragraph of this Agreement. 

“Bankruptcy Code”: means the United States Bankruptcy Code (11 U.S.C. § 101 et seq.), and any successor
statute. 
 “Bankruptcy Court”: means the United States Bankruptcy Court for the District of Delaware.

 “Benefited Lender”: as defined in Section 11.9(a). 

“Board”: the U.S. Board of Governors of the Federal Reserve System of the United States (or any successor). 

“Borrowers”: as defined in the introductory paragraph of this Agreement. 

“Borrowers’ Agent”: as defined in Section 11.1(a). 

“Borrower’s Certificate”: as defined in Section 6.1(m). 

“Business”: as defined in Section 5.25(b). 

“Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New York City or
Charlotte, North Carolina are authorized or required by Law to close. 
 “Canadian Debenture”: each debenture,
substantially in the form of Exhibit L-2, with respect to each Mortgaged Property located in Canada. 

“Canadian Plans of Reorganization”: collectively, (i) the plan of arrangement and reorganization for SemCAMS, dated
July 24, 2009, as amended, (ii) the plan of arrangement and reorganization for SemCanada Company dated July 24, 2009, as amended, and (iii) the consolidated plan of distribution for SemCanada Energy Company, A.E. Sharp Ltd. and
CEG Energy Options, Inc., dated July 24, 2009, as amended, in each case under the CCAA. 
 “Canadian
Plan”: a Canadian Pension Plan or Canadian Benefit Plan. 
 “Canadian Pension Plan”: any plan, program
or arrangement which is considered to be a pension plan for the purposes of any applicable pension benefits standards, or tax, statute and/or regulation in Canada or any province or territory thereof, established, maintained or contributed to by, or
to which there is or may be an obligation to contribute by, any Loan Party in respect of any of its employees who are employed in Canada or former employees, in each case whether written or oral, funded or unfunded, insured or self-insured, reported
or unreported, and includes a “registered pension plan” as that term is defined in the Income Tax Act (Canada). 
  

 -4- 

 “Canadian Benefit Plan”: any employee benefit plan maintained or
contributed to by any Loan Party, including any profit sharing, savings, supplemental retirement, retiring allowance, severance, pension, deferred compensation, welfare, bonus, incentive compensation, phantom stock, supplementary unemployment
benefit plan or arrangement and any life, health, dental and disability plan or arrangements in which employees who are employed in Canada or former employees of any Loan Party participate or are eligible to participate, in each case whether written
or oral, funded or unfunded, insured or self-insured, reported or unreported, but excluding all stock option or stock purchase plans. For greater certainty, the term Canadian Benefit Plan does not include Canadian Pension Plans. 

“Canadian Pledge Agreement”: the Alberta Law governed Pledge Agreement to be executed and delivered by each Loan
Party, substantially in the form of Exhibit C-2. 
 “Canadian Security Agreement”: the Alberta Law
governed Security Agreement to be executed and delivered by each Loan Party, substantially in the form of Exhibit B-2. 

“Canadian Subsidiary Borrowers”: SemCAMS and SemCanada Company. 

“Capital Expenditures”: for any period with respect to any Person, all expenditures made by such Person during such
period that, in accordance with GAAP, should be classified as a capital expenditure. 
 “Capital Stock”: any
and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, all membership interests in a limited liability company, all partnership interests in a limited partnership, or any and all
similar ownership interests in a Person (other than a corporation, limited liability company or limited partnership) and any and all warrants, rights or options to purchase any of the foregoing. 

“Cash Equivalents”: (a) securities with maturities of twelve (12) months or less from the date of acquisition
or acceptance which are issued or fully guaranteed or insured by the United States (or in the case of Loan Parties organized under the Laws of any province of Canada, by Canada), or any agency or instrumentality thereof, (b) bankers’
acceptances, certificates of deposit and eurodollar time deposits with maturities of twelve (12) months or less from the date of acquisition and overnight bank deposits, in each case, of any Lender or of any international or national commercial
bank with commercial paper rated, on the day of such purchase, at least A-1 or the equivalent thereof by S&P or P-1 or the equivalent thereof by Moody’s, (c) commercial paper, variable rate or auction rate securities, or any other
short-term, liquid investment having ratings, on the date of purchase, of at least A-1 or the equivalent thereof by S&P or at least P-1 or the equivalent thereof by Moody’s and that matures or resets not more than twelve (12) months
after the date of acquisition and (d) obligations of any U.S. state or a division, public instrumentality or taxing authority thereof, having on the date of purchase a rating of at least AAA or the equivalent thereof by S&P or at least Aaa
or the equivalent thereof by Moody’s. 
 “Cash Interest”: as defined in Section 4.2(a).

 “Cash Interest Coverage Ratio”: for any period, the ratio of Consolidated EBITDA to Cash Interest Expense
for such period. 
  

 -5- 

 “Cash Interest Expense”: for any period with respect to the Parent and the
other Loan Parties, the sum (without duplication) of (i) the amount of Consolidated Interest Expense used in determining Consolidated Net Income for such period that has been paid in cash, and (ii) letter of credit fees to the extent paid
in cash. 
 “Cash Management Account”: a Deposit Account or Securities Account with a Cash Management Bank.

 “Cash Management Bank”: (a) Bank of America and, until the cash management system has been implemented
and approved by the Administrative Agent pursuant to Section 7.15(b), Bank of Oklahoma and Bank of Montreal to the extent that any such financial institution is a Lender and maintains a Deposit Account that is subject to an Account
Control Agreement, and (b) thereafter, Bank of America. 
 “Cash Management Services”: cash management,
automated cash clearinghouse, treasury management, foreign exchange spot transactions that are not Financial Hedging Agreements, zero balance arrangements, and other similar services. 

“Cash Management Services Obligations”: any and all obligations and liabilities of any Loan Party now or at any time
hereafter owing to Bank of America with respect to any Cash Management Services. 
 “CCAA”: the Companies’
Creditors Arrangement Act (Canada), R.S.C. 1985, c. C-36. 
 “Change of Control”: the occurrence of any of the
following events: (a) any “person” or “group” (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”)) shall become, or obtain rights (whether by means
of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of a percentage of the total voting power of all classes of Capital Stock of Parent
entitled to vote generally in the election of directors of 35% or more; (b) the board of directors of Parent shall not consist of a majority of Continuing Directors; or (c) Parent shall cease to own and control, of record and beneficially,
directly or indirectly, (i) 100% of each class of outstanding Capital Stock of each of its Wholly Owned Subsidiaries free and clear of all Liens, other than Liens permitted pursuant to Section 8.3 and Liens on the Capital Stock of
any Unrestricted Subsidiary that is not owned by a Loan Party, (ii) with respect to each of its Subsidiaries which is not a Wholly Owned Subsidiary, the percentage of each class of Capital Stock of such Subsidiary owned by the Parent, directly
or indirectly, on the Closing Date or, if acquired later, the date such Subsidiary was acquired by the Parent except for, in each case, (A) any reduction in the ownership percentage of a non-Wholly Owned Subsidiary that occurs pursuant to the
terms of its Governing Documents as in effect on the Closing Date (or, if such non-Wholly Owned Subsidiary is acquired later, on the date of its acquisition), (B) the voluntary transfer of the equity interests of Wyckoff in connection with the
settlement of a claim, and (C) the foreclosure on the equity interests of Wyckoff. 
 “Chapter 11 Cases”:
means the cases commenced under chapter 11 of the Bankruptcy Code by SemCrude, L.P. and its Subsidiaries in the Bankruptcy Court, which are jointly administered under Case No. 08 11525 (BLS). 

“Closing Date”: the date on which the conditions precedent set forth in Section 6.1 shall be satisfied or
waived. 
 “Code”: the Internal Revenue Code of 1986. 

“Collateral”: all property and interests in property of the Loan Parties, now owned or hereafter acquired, upon which a
Lien is purported to be created by any Security Document. 
  

 -6- 

 “Collateral Agent”: as defined in the introductory paragraph of this
Agreement. 
 “Commodities”: natural gas, natural gas liquids, crude oil, refined petroleum products (including
heating oil, diesel, gasoline, kerosene, jet fuel and propane), and any other product or by-product of any of the foregoing, rights to transmit, transport, store or process any of the foregoing, or any other energy commodities that are of the type
which are purchased, sold or otherwise traded in physical, futures, forward or over-the-counter markets and, prior to the First Lien Trigger Event, including (or excluding) any commodities which may be, from time to time, included (or excluded) from
the definition of “Eligible Commodities” under and pursuant to the Senior Loan Facility. 
 “Commodity
Account”: as defined in Section 9-102 of the UCC. 
 “Commodity Contract”: (a) a Physical
Commodity Contract, (b) a Futures Contract, (c) any Commodity OTC Agreement or (d) a contract for the storage or transportation of any physical Commodity. 

“Commonly Controlled Entity”: an entity, whether or not incorporated, which is under common control with the Borrowers
within the meaning of Section 4001 of ERISA or is part of a group which includes the Borrowers and which is treated as a single employer under Section 414(b) or (c) of the Code or, for purposes of the Code, Section 414(m) or
(o) of the Code. 
 “Commodity OTC Agreement”: (i) any forward commodity contracts (excluding any
Forward Contract which is a Physical Commodity Contract), swaps, options, collars, caps, or floor transactions, in each case based on Commodities and (ii) any other similar transaction (including any option to enter into any of the foregoing)
or any combination of the foregoing. 
 “Compliance Certificate”: as defined in Section 7.2(b).

 “Comprehensive Risk Management Policy”: the permanent written credit and risk management policy and
practices adopted by the Parent and its Subsidiaries and approved in accordance with the terms of the Exit Facility (as may be modified from time to time in accordance with the terms of the Senior Loan Facility). 

“Confidential Information”: as defined in Section 11.17(a). 

“Consolidated Current Assets”: as of any date of determination, all assets of the Parent and the other Loan Parties
that, in accordance with GAAP adjusted on an Economic Basis, would be classified as current assets on a consolidated balance sheet of Parent and the other Loan Parties; provided, that line fill or tank bottoms in transportation or storage
facilities owned by any Borrower shall not be classified as current assets. 
 “Consolidated Current
Liabilities”: as of any date of determination, all liabilities of Parent and the other Loan Parties that, in accordance with GAAP adjusted on an Economic Basis, would be classified as current liabilities on a consolidated balance sheet of
Parent and the other Loan Parties; provided that all loans outstanding under the Senior Loan Facility from time-to-time shall be deemed to be Consolidated Current Liabilities. 

“Consolidated Debt Service”: for any period with respect to the Parent and the other Loan Parties, the sum (without
duplication) of (i) the amounts deducted for the cash portion of Consolidated Interest Expense in determining Consolidated Net Income for such period, (ii) letter of credit fees to the extent paid in cash during such period, and
(iii) the amount of scheduled payments of principal of Indebtedness of the Parent and the other Loan Parties paid in cash during such period. 
  

 -7- 

 “Consolidated EBITDA”: for any period, Consolidated Net Income of Parent
and the other Loan Parties for such period plus to the extent not included in Consolidated Net Income for such period, cash dividends received by the Loan Parties from the Unrestricted Subsidiaries, plus, without duplication and to the
extent used in determining such Consolidated Net Income, the sum of: 
 (a) provisions for income taxes, interest expense, and
depreciation and amortization expense; 
 (b) amounts deducted in respect of other non-cash expenses; 

(c) the amount of any aggregate net loss (or minus the amount of any gain) arising from the Disposition of capital assets by such Person
and its Subsidiaries; and 
 (d) extraordinary, unusual or non-recurring losses and charges; 

provided that, each of the foregoing shall be calculated in accordance with GAAP adjusted on an Economic Basis; provided, further,
that, solely for purposes of calculating the financial covenant set forth in Section 8.1(e) on any measurement date during the first twelve calendar months after the Closing Date, Consolidated EBITDA shall be calculated by multiplying
the amount determined pursuant to this definition (excluding this proviso) for the Applicable Measurement Period ended on such measurement date by a fraction, the numerator of which is twelve and the denominator of which is the number of complete
calendar months which have elapsed during such Applicable Measurement Period. 
 “Consolidated Interest
Expense”: for any period with respect to the Parent and the other Loan Parties, the amount which, in conformity with GAAP adjusted on an Economic Basis, would be set forth opposite the caption “interest expense” or any like
caption (including without limitation, imputed interest included in payments under Financing Leases) on a consolidated income statement of the Parent and the other Loan Parties for such period excluding the amortization of any original issue
discount. 
 “Consolidated Leverage Ratio”: as of any date of determination, the ratio of (a) Consolidated
Total Liabilities as of such date minus any Subordinated Indebtedness permitted under Section 8.2 to (b) Consolidated Tangible Capital Base of the Loan Parties as of such date. 

“Consolidated Net Income”: for any period, the consolidated net income (or deficit) of the Parent and the other Loan
Parties for such period (taken as a cumulative whole) determined in accordance with GAAP adjusted on an Economic Basis; provided that, there shall be excluded (a) the income (or deficit) of any Loan Party accrued prior to the date it
becomes a Subsidiary of Parent or is merged into or consolidated with Parent or any of its Subsidiaries, (b) any write-up of any fixed asset (other than write-ups as the result of the application of purchase accounting), (c) any net gain
from the collection of the proceeds of life insurance policies, and (d) any gain arising from the acquisition of any securities, or the extinguishment, under GAAP, of any Indebtedness, of Parent or any other Loan Party. 

“Consolidated Net Working Capital”: as of any date of determination, (a) Consolidated Current Assets as of such
date minus (b) Consolidated Current Liabilities as of such date; provided that, no amount that is included in Consolidated Current Assets due from Subsidiaries or Affiliates (who are not Loan Parties) shall be included in the
calculation of Consolidated Net Working Capital, other than amounts due for reimbursement of overhead and taxes in an aggregate amount not to exceed $8,000,000 and which are not prohibited from being paid due to contractual restrictions or
otherwise. 
  

 -8- 

 “Consolidated Tangible Capital Base”: with respect to any Person and any of
its Subsidiaries, as of any date of determination, (a) the shareholders’, members’ or partners’ equity as shown on the consolidated balance sheet of such Person and such Subsidiaries (including investments in joint ventures)
plus (b) the aggregate outstanding principal amount of Subordinated Indebtedness as of such date permitted under Section 8.2, minus all goodwill and intangible assets of such Person and such Subsidiaries, determined as
of such date, in each of the clauses (a) and (b) above, on a consolidated basis in accordance with GAAP adjusted on an Economic Basis. 

“Consolidated Total Liabilities”: as of any date of determination, all liabilities of Parent and the other Loan Parties
that, in accordance with GAAP adjusted on an Economic Basis, would be included in determining total liabilities on a consolidated balance sheet of Parent and the other Loan Parties as of such date. 

“Continuing Directors”: the directors of the Parent on the Closing Date and each other director of the Parent, if such
other director’s nomination for election to the board of directors of the Parent is recommended by a majority of the then Continuing Directors. 

“Contractual Obligation”: as to any Person, any provision of any security issued by such Person or of any agreement,
instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Default”: any of the events specified in Section 9, whether or not any requirement for the giving of
notice, the lapse of time, or both, or any other condition, has been satisfied. 
 “Defaulting Lender”: at any
time, any Lender that (a) failed to pay over to the Administrative Agent or any other Lender any amount required to be paid by it hereunder within one (1) Business Day of the date when due, unless the subject of a good faith dispute; or
(b) (i) has become or is insolvent or has a parent company that has become or is insolvent or (ii) has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for
it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a
receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment. 

“Deposit Account”: as defined in Section 9-102 of the UCC. 

“Disclosing Party”: as defined in Section 11.17(a). 

“Disposition”: with respect to any Property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or
other disposition thereof; and the terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disregarded Items”: (a) (i) the residual liabilities associated with the consummation and implementation of
the Plan of Reorganization and the Canadian Plans of Reorganization, and (ii) the related assets to be used to satisfy such liabilities, and (b) the liability under the Warrants (as defined in the Plan of Reorganization). 

“Domestic”: with respect to a Person, that such Person is incorporated or otherwise organized or existing under the Laws
of the United States or any political subdivision thereof. 
  

 -9- 

 “Economic Basis”: means GAAP adjusted to include, as applicable and to the
extent not already included in the calculation of GAAP at such time, (a) the positive Market Value of inventory in respect of transactions that do not qualify for hedging treatment under GAAP and other forward type contracts such as storage and
transportation contracts, and (b) the positive or negative Marked-to-Market Value of Forward Contracts, including, but not limited to, forward physical purchase and sales contracts, that do not qualify as derivatives under GAAP, such as storage
and transportation; provided that, the preceding clauses (a) and (b) shall be limited to the intrinsic value of the underlying contracts, net of any demand charges, and shall be calculated in a manner consistent with the
Reconciliation Summary delivered pursuant to Section 7.1(f) of the Exit Facility for the month of November 2009. 

“Employee Benefit Plans”: any benefit plan or arrangements in respect of any employees or past employees operated by any
Loan Party or in which any Loan Party participates and which provides benefits on retirement, ill-health or injury, death or voluntary withdrawal from or involuntary termination of employment, including, without limitation, termination indemnity
payments, life insurance arrangements and post retirement medical benefit. 
 “Environmental Laws”: any and all
international, European Union, national, federal, state, provincial or local statutes, orders, regulations or other Law or subordinate legislation or common law or guidance notes or regulatory codes of practice, guidelines, circulars and equivalent
controls (whether or not having the force of law, but if not, then in respect of which compliance is customary) including judicial interpretation of any of the foregoing concerning the environment or health and safety (including regulating, relating
to or imposing liability on standards of conduct concerning Materials of Environmental Concern) which are in existence now or in the future and are binding at any time on any Loan Party in the relevant jurisdiction in which such Loan Party has been
or is operating (including by the export of its products or its waste to that jurisdiction). 
 “Environmental
Permits”: any permit, license, registration, consent, approval and other authorization and the filing of any notification, report or assessment required under any Environmental Law for the operation of the business of any Loan Party
conducted on or from the properties owned or used by any Loan Party. 
 “ERISA”: the Employee Retirement Income
Security Act of 1974. 
 “ESA”: as defined in Section 7.13(f). 

“Event of Default”: any of the events specified in Section 9 for which any requirement for the giving of
notice, the lapse of time, or both, or any other condition, has been satisfied. 
 “Excess Cash Flow”: as to
the Parent and the other Loan Parties for each Fiscal Year: 
 (a) the lesser of Consolidated EBITDA and Adjusted EBITDA for
such Fiscal Year; minus 
 (b) Consolidated Debt Service for such Fiscal Year; minus 

(c) the amount of prepayments made with respect to the Senior Loan Facility during such Fiscal Year resulting in a permanent reduction of
the commitments thereunder; minus 
 (d) the amount of Approved Capex actually made and paid in cash during such Fiscal
Year by the Loan Parties; minus 
  

 -10- 

 (e) cash income taxes paid by the Loan Parties during such Fiscal Year. 

“Exchange Receivable”: any right to receive consideration that would be an Account Receivable but for the fact that the
consideration to be received by the relevant Borrower consists in whole or in part of the delivery of Commodities. 

“Excluded Taxes”: as defined in Section 4.11(e). 

“Executive Order”: as defined in Section 5.28(a). 

“Exempt CFC”: SemMexico Materials HC S. de R.L. de C.V. and any other “controlled foreign corporation” (as
defined in Section 957 of the Code) of which Parent or a Subsidiary of Parent is a “United States shareholder” (within the meaning of Section 951 of the Code) that, if Parent or a Subsidiary of Parent were to pledge 66 2/3
percent or more of its voting stock to the Lenders or the controlled foreign corporation were to guarantee the Obligations hereunder, as the case may be, a deemed dividend would arise under Section 956 of the Code to Parent or a Subsidiary of
Parent the effect of which as reasonably demonstrated by Parent to the Administrative Agent would result in a material actual tax payment by the Parent, it being understood that an additional tax payment by Parent of less than $500,000 in any year
is not a material tax payment. A controlled foreign corporation shall not be an Exempt CFC for any year unless Parent has reasonably demonstrated its status prior to the Closing Date (for 2009) and before January 1 of each subsequent year.

 “Exit Facility”: the Credit Agreement, dated as of the date hereof, among the Borrowers, the several banks
and other financial institutions or entities from time to time parties thereto as revolving lenders or as credit-linked lenders, BNP Paribas, a bank organized under the Laws of the Republic of France, as administrative agent and collateral agent,
BNP Paribas Securities Corp., Banc of America Securities LLC and Calyon New York Branch, as joint lead arrangers, Bank of America, as syndication agent, and Calyon New York Branch, as documentation agent, as amended, modified or supplemented from
time to time in a manner not prohibited under the Intercreditor Agreement. 
 “Extraordinary Receipt”: any cash
received by or paid to or at the direction of any Person other than in the ordinary course of business in respect of tax refunds, pension plan reversions, proceeds of insurance (other than proceeds of Recovery Events, proceeds of business
interruption insurance to the extent such proceeds constitute compensation for lost earnings and proceeds from reinsurance received in the ordinary course of business), indemnity payments, purchase price adjustments received in connection with any
purchase agreement (or other similar agreement) and payments in respect of judgments or settlements of claims, litigation or proceedings; provided that, Extraordinary Receipts shall not include (i) cash receipts received from proceeds of
indemnity payments or payments in respect of judgments or settlements of claims, litigation or proceedings to the extent that such proceeds, awards or payments are received by any Person in respect of any third party claim against or loss by such
Person and promptly applied to pay (or to reimburse such Person for its prior payment of) such claim or loss and the costs and expenses of such Person with respect thereto so long as such application is commenced within 90 days after the receipt of
such proceeds, awards or payments and that any such third party being so reimbursed shall not be a Loan Party or a Subsidiary or Affiliate of a Loan Party and (ii) Plan Currency. 

“FERC”: the U.S. Federal Energy Regulatory Commission. 

“FERC Contract Collateral”: as defined in the New York Security Agreement. 

 

 -11- 

 “Financial Hedging Agreement”: any currency swap, cross-currency rate swap,
currency option, interest rate option, interest rate swap, cap or collar agreement or similar arrangement or any other similar transaction (including any option to enter into any of the foregoing) or any combination of the foregoing including,
without limitation, any derivative relating to interest rate or currency rate risk, in each case which is not a Commodity OTC Agreement. 

“Financing Lease”: any lease of property, real or personal, the obligations of the lessee in respect of which are
required in accordance with GAAP to be capitalized on a balance sheet of the lessee. 
 “First Lien Trigger
Event”: all Indebtedness and all other obligations under the Senior Loan Facility shall have been Paid in Full (as defined in the Intercreditor Agreement). 

“First Purchaser Lien”: a so-called “first purchaser” Lien, as defined in Texas Bus. & Com. Code
Section 9.343, comparable Laws of the states of Oklahoma, Kansas, Mississippi, Wyoming or New Mexico, or any other comparable Law of any such jurisdiction or any other applicable jurisdiction. 

“Fiscal Year”: the fiscal year of any Borrower, which consists of a twelve (12) month period beginning on each
January 1 and ending on each December 31. 
 “Forward Contract”: as of any date of determination, a
Commodity Contract with a delivery date one day or later after such date of determination. 
 “Fresh Start Accounting
Adjustment”: for purposes of each of the financial covenants set forth in Section 8.1, an adjustment made to each component of the calculation of such financial covenants to eliminate the effects of fresh start accounting
thereon; provided, that such adjustments shall be without duplication of the adjustments in the definition of “Economic Basis”. 

“Fresh Start Accounting Commencement Date”: the date on which Parent and its Subsidiaries begin to report their
financial results utilizing the “fresh start” accounting rules under GAAP. 
 “Futures Contracts”:
contracts for making or taking delivery of Commodities that are traded on a market-recognized commodity exchange, which such contracts meet the specification and delivery requirements of futures contracts on such commodity exchange. 

“GAAP”: generally accepted accounting principles in the United States of America in effect from time to time.

 “Governing Documents”: with respect to (a) a corporation, its articles or certificate of incorporation,
continuance or amalgamation and by-laws, (b) a partnership, its certificate of limited partnership or partnership declaration, as applicable, and partnership agreement, (c) a limited liability company, its certificate of formation and
operating agreement and (d) any other Person, the other organizational or governing documents of such Person. 

“Governmental Authority”: any nation or government, any state, provincial or other political subdivision thereof and any
entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Guarantee”: the Guarantee to be executed and delivered by the Loan Parties, substantially in the form of Exhibit
O. 
 “Guarantee Obligation”: as to any Person (the “guaranteeing person”), any obligation
of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of an obligation for which the guaranteeing person has issued a reimbursement,
counterindemnity or similar obligation, in either case guaranteeing or in effect 
  

 -12- 

 
guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of a third Person (the “primary obligor”) in any manner,
whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor,
(ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the
primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or
(iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or
collection in the ordinary course of business. The terms “Guarantee” and “Guaranteed” used as a verb shall have a correlative meaning. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the
lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the
terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation
shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by Parent in good faith. Guaranteed Obligation shall not include any performance bonds, surety bonds, appeal bonds or customs bonds
required in the ordinary course of business or in connection with the enforcement of rights or claims of any Loan Party or in connection with judgments that do not result in a Default or an Event of Default. 

“Guarantors”: any Person executing and delivering the Guarantee, or becoming party to the Guarantee (by supplement or
otherwise), pursuant to this Agreement. 
 “Indebtedness”: of any Person at any date, without duplication,
(a) all indebtedness of such Person for borrowed money (whether by loan or the issuance and sale of debt securities) or for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary
course of business and payable in accordance with customary practices), (b) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (c) all obligations of such Person under Financing
Leases or Synthetic Leases, (d) all obligations of such Person in respect of letters of credit, acceptances or similar instruments issued or created for the account of such Person, (e) all liabilities of a third party secured by (or for
which the holder of such obligations has an existing right, contingent or otherwise, to be secured by) any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof,
(f) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (e) above, and (g) for the purposes of Section 9.1(e) only, all obligations of such Person in
respect of Commodity OTC Agreements and Financial Hedging Agreements. The amount of any Indebtedness under (x) clause (e) shall be equal to the lesser of (A) the stated amount of the relevant obligations and (B) the fair market
value of the property subject to the relevant Lien and (y) clause (g) shall be the net amount, including any net termination payments, required to be paid to a counterparty rather than the notional amount of the applicable Commodity OTC
Agreement or Financial Hedging Agreement. 
 “Indemnified Liabilities”: as defined in Section 11.7.

 “Indemnitee”: as defined in Section 11.7. 

 

 -13- 

 “Initial Loan Parties”: means each of the Borrowers and the other Persons
set forth on Schedule 1.1(G). 
 “Insolvency”: with respect to any Multiemployer Plan, the condition
that such plan is insolvent within the meaning of Section 4245 of ERISA. 
 “Insolvent”: pertaining to a
condition of Insolvency. 
 “Intellectual Property”: as defined in Section 5.10. 

“Intercompany Subordinated Indebtedness”: with respect to any Loan Party, Indebtedness owed by such Loan Party to
another Loan Party that is subject to a subordination agreement substantially in the form of Exhibit H. 

“Intercreditor Agreement”: the Intercreditor and Subordination Agreement, dated as of the date hereof, among the
Collateral Agent, the collateral agent under the Exit Facility, and the Loan Parties, substantially in the form attached hereto as Exhibit U. 

“Interest Coverage Ratio”: for any period, the ratio of (a) Consolidated EBITDA divided by (b)(i) cash interest
expense of Parent and the other Loan Parties, plus (ii) fees payable in connection with letters of credit issued or outstanding pursuant to the Senior Loan Facility for such period. 

“Interest Payment Date”: (i) the last Business Day of each fiscal quarter, commencing with the fiscal quarter
ending June 30, 2010, (ii) the Maturity Date, and (iii) the date of any repayment or prepayment of principal made in respect of the Term Loans. 

“Investment”: any advance, loan, extension of credit or capital contribution to, investment in, or purchase or
acquisition of any stock, bonds, notes, debentures or other securities of or any assets constituting a business unit of, any Person. 

“Laws”: collectively, all international, foreign, Federal, state, provincial, territorial and local statutes, treaties,
rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or
administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“Lenders”: (i) each Person listed on Schedule 1.0, (ii) each Assignee which becomes a Lender
pursuant to Section 11.8(c) and (iii) their respective successors. 
 “Lien”: any mortgage,
pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever
(including, without limitation, any conditional sale or other title retention agreement and any Financing Lease having substantially the same economic effect as any of the foregoing), and the filing of any financing statement under the Uniform
Commercial Code or comparable Law of any jurisdiction in order to perfect any of the foregoing. 
 “Loan”: as
defined in Section 2.1(a). 
  

 -14- 

 “Loan Documents”: this Agreement, the Notes, the Perfection Certificate,
the Guarantee, the Security Documents, the Intercreditor Agreement, any post-closing letter entered into pursuant to Section 7.13(g), any fee letter or letters entered into among the Borrowers and the Agents in connection with the
transactions hereunder, and any other document or instrument executed or delivered at any time in connection with the transactions hereunder, including any other intercreditor or joinder agreement to which any Agent or Secured Party is a party.

 “Loan Parties”: the Initial Loan Parties and any other Person that becomes a party to any Loan Document
pursuant to Section 7.13. 
 “Marked-to-Market Value”: with respect to any Commodity Contract on
any date: 
 (a) in the case of a Commodity Contract for the purchase, sale, transfer or exchange of any physical
Commodities, the unrealized gain or loss on such Commodity Contract, determined by comparing (i) the amount to be paid or received under such Commodity Contract for such Commodities pursuant to the terms thereof to (ii) the Market Value of
such Commodities on such date, and 
 (b) in the case of any other Commodity Contract, the unrealized gain or
loss on such Commodity Contract determined by calculating the amount to be paid or received under such other Commodity Contract pursuant to the terms thereof as if the cash settlement of such other Commodity Contract were to be calculated on such
date of determination by reference to the Market Value of the Commodities that are the subject of such other Commodity Contract; 

provided, that (i) in the case of any Commodity Contract that is, in whole or in part, an option by its terms, the amount so calculated shall
reflect industry standard valuation models approved by the Administrative Agent, (ii) in the case of amounts due under any Forward Contract with a delivery date more than one year from the date of determination, each such amount shall be
discounted to present value in a commercially reasonable manner unless otherwise discounted as part of the calculation referred to above and (iii) the Marked-to-Market Value of any Commodities Contract for the storage or transportation of any
Physical Commodity shall be limited to its intrinsic value and shall take into account any demand charges associated with such Commodities Contract. 

“Market Value”: with respect to a Commodity on any date, the price at which such Commodity could be purchased or sold
for delivery on that date or during the applicable period adjusted to reflect the specifications thereof and the location and transportation differential, determined by using prices (a) on the New York Mercantile Exchange, the COMEX, the London
Metal Exchange, the New York Board of Trade, the International Petroleum Exchange, the Intercontinental Commodities Exchange, the Chicago Board of Trade, the Chicago Mercantile Exchange or, if a price for any such Commodity (or delivery period or
location) is not available on such exchanges, such other markets or exchanges recognized as such in the commodities trading industry, including over-the-counter markets and private quotations, or as published in an independent industry recognized
source, in each case reasonably selected by the Borrowers’ Agent, (b) if such a price for any such Commodity is not available in any market or exchange described in clause (a) above, any other exchange or market reasonably selected by
the Borrowers’ Agent and reasonably satisfactory to the Administrative Agent on such date or (c) if such a price for any such Commodity is not available in any market or exchange described in clauses (a) or (b) above, such other
value determined pursuant to methodology reasonably selected by the Borrowers’ Agent and reasonably satisfactory to the Administrative Agent. 
  

 -15- 

 “Material Adverse Effect”: (a) a material adverse change in, or a
material adverse effect on, the operations, business, assets, properties, liabilities (actual or contingent), condition (financial or otherwise) or prospects of the Loan Parties and/or Parent and its Subsidiaries, respectively, each taken as a
whole; (b) a material impairment of the rights and remedies of the Administrative Agent, Collateral Agent or any Lender under any Loan Document, or of the ability of any Loan Party to perform its obligations under any Loan Document to which it
is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of this Agreement or any other Loan Document to which it is a party. 

“Material Environmental Amount”: $15,000,000. 

“Materials of Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or
petroleum products or any pollutant, contaminant, dangerous good, hazardous or toxic substances, materials or wastes, defined or regulated as such in or under, or which form the basis of liability under, any Environmental Law or Environmental
Permit, including, without limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation, medical waste, radioactive materials and electromagnetic fields. 

“Maturity Date”: the earlier to occur of (a) the date on which the Term Loans become due and payable pursuant to
Section 9 and (b) the Termination Date. 
 “Minimum Consolidated Tangible Capital Base”:
(a) from the Closing Date until the Fresh Start Accounting Commencement Date, $700,000,000, and (b) thereafter, a number equal to the greater of (i) $425,000,000 and (ii) 85% of the Consolidated Tangible Capital Base on the Fresh
Start Accounting Commencement Date rounded up to the nearest $5,000,000 increment. 

“Moody’s”: Moody’s Investors Service, Inc., or any successor to its rating agency business.

 “Mortgaged Properties”: each property listed on Schedule 1.1(D) and any other properties as to
which the Collateral Agent, for the ratable benefit of the Secured Parties, has been granted a Lien pursuant to one or more U.S. Mortgage and Security Agreements and Canadian Debentures. 

“Multiemployer Plan”: a Plan which is a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA
and which is subject to Title IV of ERISA. 
 “Net Cash Proceeds”: with respect to any Disposition of any
Property or assets, or the incurrence or issuance of any Indebtedness, or the sale or issuance of any Capital Stock in any Person, or the receipt of any capital contributions, any Extraordinary Receipt or any proceeds from any Recovery Event
received by or paid to or for the account of any Person, the aggregate amount of cash received from time to time by or on behalf of such Person for its own account in connection with any such transaction, after deducting therefrom (a) brokerage
commissions, underwriting fees and discounts, legal fees, finder’s fees and other similar fees, costs and commissions that, in each case, are incurred in connection with such event and are actually paid to or earned by a Person that is not a
Subsidiary or Affiliate of any of the Loan Parties or any of their Subsidiaries or Affiliates and (b) the amount of taxes payable by such Person (or, in the case of a Person that is a disregarded entity for U.S. federal income tax purposes, by
the owner of such Person, in the case of a Person that is a partnership for U.S. federal income tax purposes, by the owners of such Person, or in the case of a Person that is a member of a consolidated or unitary tax group, by such group, in each
case, only to the extent the payor of such taxes is the Parent or a direct or indirect Subsidiary of Parent) in connection with or as a result of such transaction that, in each case, are actually paid at the time of receipt of such cash to the
applicable taxation authority or other Governmental Authority or, so long as such Person is not otherwise indemnified therefor, are reserved for in accordance with GAAP, as in effect at the time of receipt of such cash, based upon such Person’s
reasonable estimate of such taxes, and paid to the applicable taxation authority or other 
  

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Governmental Authority on or prior to the filing date of the Parent’s tax return for the tax year during which such Person received such cash; provided that, if, at the time any of
the taxes referred to in clause (b) are actually paid or otherwise satisfied, the reserve therefor exceeds the amount paid or otherwise satisfied, then the amount of such excess reserve shall constitute “Net Cash Proceeds” on and as
of the date of such payment or other satisfaction for all purposes of this Agreement. 
 “New York Pledge
Agreement”: the New York Law governed Pledge Agreement to be executed and delivered by each Loan Party, substantially in the form of Exhibit C-1. 

“New York Security Agreement”: the New York Law governed Security Agreement to be executed and delivered by the Loan
Parties, substantially in the form of Exhibit B-1. 
 “Non-Excluded Taxes”: as defined in
Section 4.11(a). 
 “Non-Exempt Lender”: as defined in Section 4.11(e). 

“Note” and “Notes”: as defined in Section 4.5(e). 

“Notice of Prepayment”: as defined in Section 4.6. 

“Obligations”: the unpaid principal amount of, and interest (including, without limitation, interest accruing after the
maturity of the Loans and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to any of the Borrowers, whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding) on the Loans, and all other obligations and liabilities of the Loan Parties to the Secured Parties, whether direct or indirect, absolute or contingent, due or to become due, or now existing or
hereafter incurred, which may arise under, or out of or in connection with this Agreement, the Notes, the Security Documents, any other Loan Documents or any other document made, delivered or given in connection therewith or herewith, whether on
account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees and disbursements of counsel to the Agents or to the Lenders that are required to be paid by a Loan Party pursuant
to the terms of the Loan Documents) or otherwise, and all Cash Management Services Obligations. For the avoidance of doubt, “Obligations” shall not include any obligations to a Lender under a Financial Hedging Agreement. 

“OFAC”: as defined in Section 5.28(b)(ii). 

“Other Taxes”: as defined in Section 4.11(b). 

“Parent”: as defined in the Preamble hereto. 

“Participant” and “Participants”: as defined in Section 11.8(b). 

“Participation”: as defined in Section 11.8(b). 

“Payment Intangible”: as defined in Section 9-102 of the UCC. 

“PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA.

  

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 “Perfection Certificate”: the Perfection Certificate to be executed and
delivered by the Loan Parties, substantially in the form of Exhibit R. 
 “Permitted Cash Management
Liens”: (a) Liens with respect to (i) all amounts due to a Cash Management Bank, in respect of customary fees and expenses for the routine maintenance and operation of any Cash Management Account maintained with such Cash
Management Bank, (ii) the face amount of any checks which have been credited to any Cash Management Account, but are subsequently returned unpaid because of uncollected or insufficient funds, or (iii) other returned items or mistakes made
in crediting such Cash Management Account, and (b) any other Liens permitted under the Account Control Agreement for a Cash Management Account. 

“Permitted Commodities Liens”: Liens of carriers, warehousemen, operators, mechanics, materialmen and builders,
possessory Liens, and any similar Lien arising by operation of law securing obligations to pay or provide consideration for goods or services with respect to Commodities, which obligations are not past due. 

“Permitted Dispositions”: as defined in Section 8.6. 

“Permitted Refinancing Indebtedness”: as defined in Section 8.2(d). 

“Permitted Senior Facility Lien”: any perfected Lien or security interest (or its substantial equivalent under
applicable Laws) granted by a Loan Party pursuant to the Senior Loan Facility which is subject to and was created and maintained in compliance with the Intercreditor Agreement. 

“Person”: an individual, partnership, corporation, limited liability company, business trust, joint stock company,
trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

“Physical Commodity Contract”: a contract for the purchase, sale, transfer or exchange of any physical Commodity.

 “PIK Interest”: as defined in Section 4.2(d). 

“Plan”: at a particular time, any employee benefit plan which is covered by ERISA and in respect of which any of the
Loan Parties or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Plan Currency”: as defined in the Plan of Reorganization 

“Plan of Reorganization”: the Fourth Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the Bankruptcy
Code for SemCrude, L.P., and its Affiliated Debtors dated October 27, 2009. 
 “Pledge Agreement”: the New
York Pledge Agreement and/or the Canadian Pledge Agreement, as the context requires. 
 “Pledged Accounts”: all
Commodity Accounts, Deposit Accounts and Securities Accounts of any Loan Party. 
  

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 “Pledged Collateral”: as defined in the New York Pledge Agreement and/or
the Canadian Pledge Agreement, as applicable. 
 “Prepetition Agent”: as defined in the Recitals. 

“Prepetition Lenders”: as defined in the Plan of Reorganization. 

“Projections”: (a) the annual budget and projections of the cash flow statement, income statement, and the balance
sheet of the Parent and its consolidated Subsidiaries in form and substance satisfactory to the Administrative Agent, as updated from time to time pursuant to Section 7.1(h) and (b) the annual budget and projections of the cash
flow, profits and losses, and balance sheet of the Loan Parties in form and substance satisfactory to the Administrative Agent, as updated from time to time pursuant to Section 7.1(h). 

“Properties”: as defined in Section 5.25(a). 

“Reconciliation Summary”: as defined in the Exit Facility. 

“Recovery Event”: any settlement of or payment in respect of or casualty insurance claim or any condemnation proceeding
relating to any asset of any Loan Party, with a value in excess of $750,000. 
 “Register”: as defined in
Section 11.8(d). 
 “Regulation U”: Regulation U of the Board. 

“Reinvestment Deferred Amount”: with respect to any Reinvestment Event, the aggregate Net Cash Proceeds received by a
Borrower or any of its Subsidiaries in connection therewith which are not applied to prepay outstanding Loans pursuant to Section 4.7(c) as a result of the delivery of a Reinvestment Notice. 

“Reinvestment Event”: any Asset Sale or Recovery Event in respect of which the Borrowers’ Agent has delivered a
Reinvestment Notice. 
 “Reinvestment Notice”: a written notice executed by a Responsible Person of the
Borrowers’ Agent stating that no Event of Default has occurred and is continuing and that a Borrower, another Loan Party or any of their Subsidiaries either (i) intends and expects to use all or a specified portion of the Net Cash Proceeds
of an Asset Sale or Recovery Event to acquire assets (directly or through the purchase of the Capital Stock of a Person pursuant to an Acquisition) to replace, repair or upgrade the assets subject to such Asset Sale or Recovery Event, or
(ii) in the case of a Recovery Event, has replaced, repaired or upgraded the asset subject to such Recovery Event prior to such Person’s receipt of the Net Cash Proceeds thereof and the amount expended therefor. 

“Reinvestment Prepayment Amount”: with respect to any Reinvestment Event, the Reinvestment Deferred Amount relating
thereto less any amount expended prior to the relevant Reinvestment Prepayment Date to acquire assets (directly or through the purchase of the Capital Stock of a Person pursuant to an Acquisition) to replace, repair or upgrade the assets subject to
such Reinvestment Event (including, in the case of a Recovery Event, amounts expended to replace, repair or upgrade the asset subject to such Recovery Event prior to the receipt by the applicable Borrower, other Loan Party or other Subsidiary of the
Net Cash Proceeds thereof). 
  

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 “Reinvestment Prepayment Date”: with respect to any Reinvestment Event, the
earlier of (a) the date occurring ninety (90) days after such Reinvestment Event and (b) the date on which the relevant Borrower or Subsidiary shall have determined not to, or shall have otherwise ceased to, acquire assets (directly
or through the purchase of the Capital Stock of a Person pursuant to an Acquisition) to replace, repair or upgrade the assets subject to such Reinvestment Event with all or any portion of the relevant Reinvestment Deferred Amount. 

“Reorganization”: with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the
meaning of Section 4241 of ERISA. 
 “Reportable Event”: any of the events set forth in
Section 4043(c) of ERISA, other than those events as to which the thirty (30) day notice period is waived under PBGC Reg. § 4043. 

“Representatives”: as defined in Section 11.17(a). 

“Required Lenders”: at any time, Lenders, the Term Loan Percentages of which aggregate more than 50%; provided,
that the Loans of any Defaulting Lender and of any Unsigned Lender shall be excluded from the calculation of the Term Loan Percentages in determining the Required Lenders. 

“Requirement of Law”: as to any Person, any Law or determination of an arbitrator or a court or other Governmental
Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Responsible Person”: with respect to any Loan Party, the chief executive officer, chief financial officer, president,
chairman, senior vice-president, executive vice-president, vice-president of finance or treasurer of such Loan Party. 

“Restricted Payments”: as defined in Section 8.5. 

“Restricted Subsidiaries”: all of the direct or indirect Subsidiaries of Parent, other than the Unrestricted
Subsidiaries. 
 “S&P”: Standard and Poor’s Ratings Group, or any successor to its rating agency
business. 
 “Section 4.11 Certificate”: as defined in Section 4.11(e). 

“Secured Parties”: the Lenders, any Cash Management Bank that is a Lender, the Agents and their respective successors,
endorsees, transferees and assigns. 
 “Securities Account”: as defined in Section 8-501 of the UCC.

 “Security Documents”: the collective reference to the Account Control Agreements, the New York Pledge
Agreement, the Canadian Pledge Agreement, the New York Security Agreement, the Canadian Security Agreement, the U.S. Mortgage and Security Agreements, the Canadian Debentures, the Intercreditor Agreement and all other security documents hereafter
delivered to the Collateral Agent granting a Lien on any asset or assets of any Person to secure any of the Obligations or to secure any guarantee of any such Obligations. 

“SemCAMS”: as defined in the preamble hereto. 

 

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 “SemCanada Company”: as defined in the preamble hereto. 

“SemCrude”: as defined in the preamble hereto. 

“SemCrude Pipeline”: means SemCrude Pipeline, LLC, a Delaware limited liability company. 

“SemEuro”: SemEuro Limited, a United Kingdom limited company. 

“SemEuro Financing”: that certain £25,000,000 Senior Term Facility Agreement, dated 30 November 2009, between
SemLogistics, BNP Paribas in its capacity as Facility Agent and Mandated Lead Arranger, and the Original Lenders (as defined therein). 

“SemGas”: as defined in the preamble hereto. 

“SemGroup Europe”: SemGroup Europe Holding, L.L.C. 

“SemLogistics”: means SemLogistics Milford Haven Limited, a United Kingdom limited company. 

“SemMexico”: SemMexico, LLC, an Oklahoma limited liability company. 

“SemStream”: as defined in the preamble hereto. 

“SemStream AZ”: SemStream Arizona Propane, L.P. 

“Senior Loan Facility”: the Exit Facility, and any replacement financing, to the extent permitted under the
Intercreditor Agreement, in each case, as amended, modified, supplemented, refinanced or replaced from time to time in a manner not prohibited by the Intercreditor Agreement. 

“SFAS”: a formal statement of financial accounting standards issued by the Financial Accounting Standards Board.

 “Single Employer Plan”: any Plan which is covered by Title IV of ERISA, but which is not a
Multiemployer Plan. 
 “Solvent”: with respect to any Person organized under the Laws of Canada or any province
or other political subdivision thereof, that (i) such Person is not for any reason unable to meet its obligations as they generally become due, (ii) such Person has not ceased paying its current obligations in the ordinary course of
business as they generally become due and (iii) the aggregate property of such Person is, at a fair valuation, sufficient, or, if disposed of at a fairly conducted sale under legal process, would be sufficient, to enable payment of all its
obligations, due and accruing due. 
 “Specified Laws”: (i) Trading with the Enemy Act, and each of the
foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V) and any other enabling legislation or executive order relating thereto, and (ii) the USA PATRIOT Act. 

“Subordinated Indebtedness”: any unsecured Indebtedness of any Loan Party (other than Intercompany Subordinated
Indebtedness): (i) the payment of the principal of and interest on which and other obligations of such Loan Party in respect thereof are subordinated to the prior payment in full of the principal of and interest (including by its terms post
petition interest) on the Loans and all other obligations and liabilities of the Borrowers to the Agents and the Lenders under the Loan Documents substantially as 

 

 -21- 

 
provided in a Subordination Agreement or otherwise on terms and conditions approved in writing by the Administrative Agent; (ii) any portion which is guaranteed by any Loan Party and all
Guarantee Obligations in respect of such guarantee of such subordinated Indebtedness are subordinated to the Guarantee and all other obligations and liabilities of such Person to the Agents and the Lenders under the Loan Documents in the manner and
to the extent such subordinated Indebtedness is subordinated to the Loans and all other obligations and liabilities of the Borrowers to the Agents and the Lenders under the Loan Documents under subclause (i) of this definition; (iii) such
Indebtedness shall not have a maturity date earlier than six (6) months after the Termination Date; (iv) mandatory prepayments of such Indebtedness shall not be permitted earlier than six (6) months after the Termination Date (except
for customary covenants relating to changes of control or the sale of assets); and (v) the terms of such Indebtedness, including without limitation, the representations and warranties, covenants and events of default, shall not be more
restrictive than the terms of this Agreement and the other Loan Documents and shall in no event include any financial covenants. 

“Subordination Agreement”: with respect to any Subordinated Indebtedness, an agreement having subordination or related
provisions substantially similar to those terms set forth in Exhibit M. 
 “Subsidiary”: as to any
Person, a corporation, partnership or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a
contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more
intermediaries, or both, by such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of Parent. 

“Subsidiary Borrowers”: as defined in the preamble hereto. 

“Synthetic Lease”: any lease of property, real or personal, the obligations of the lessee in respect of which are
treated as an operating lease for financial accounting purposes and a financing lease for tax purposes, in accordance with GAAP. 

“Taxes”: as defined in Section 4.11(a). 

“Term Loans”: as defined in Section 2.1(a). 

“Term Loan Percentage”: as to any Lender at any time, the percentage which such Lender’s Term Loan then constitutes
of the aggregate principal amount of Term Loans of all Lenders. 
 “Termination Date”: November 30, 2016,
or, if such date is not a Business Day, the next preceding Business Day. 
 “Title Insurance Company”: as
defined in Section 6.1(cc). 
 “Total Net Funded Debt”: at any time, the aggregate outstanding
Indebtedness of the Loan Parties (excluding any Subordinated Indebtedness permitted under Section 8.2) less the aggregate amount of cash in excess of $15,000,000 held in any Deposit Accounts and/or Securities Accounts that are subject to
Account Control Agreements. 
 “Trading Business”: with respect to each Lender, the day-to-day activities of
such Lender or a division, Subsidiary or Affiliate of such Lender relating to the proprietary purchase, sale, hedging and/or trading of commodities, including, without limitation, Commodities, and any related derivative transactions. 

 

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 “Trading Protocol”: the trading protocol of the Parent and its Subsidiaries
approved in accordance with the Exit Facility establishing, among other things, stop loss, net position limits, basis risk limits and counterparty credit processes for the Parent and its Subsidiaries both as a whole and individually (including, for
the avoidance of doubt, both Restricted Subsidiaries and Unrestricted Subsidiaries, to the extent applicable), as in effect as of the date hereof (and as may be modified from time to time in accordance with the terms of the Senior Loan Facility).

 “Transfer Restrictions”: rights of first refusal in favor of third parties, restrictions on transfer imposed
by Requirements of Law, contractual restrictions on transfer by third parties, and restrictions on transfer by Governmental Authority under Requirements of Law. 

“Transferee”: as defined in Section 11.8(f). 

“UCC”: the Uniform Commercial Code of the State of New York as in effect from time to time. 

“United States Dollars” and “$”: dollars in lawful currency of the United States of America.

 “Unrestricted Subsidiaries”: collectively, SemEuro, SemLogistics, SemMexico, Wyckoff, White Cliffs, SemCrude
Pipeline, Woodford, SemStream AZ, any Exempt CFC, any of their respective Subsidiaries and each other Subsidiary that is an “Unrestricted Subsidiary” under the Senior Loan Facility; provided that each of SemEuro, White Cliffs and
SemCrude Pipeline shall cease to be an Unrestricted Subsidiary at such time when its respective Unrestricted Subsidiary Facility, and any refinancing thereof, has been terminated and all amounts owed thereunder have been repaid in full. 

“Unrestricted Subsidiary Facilities”: (a) the White Cliffs Facility and (b) the SemEuro Financing. 

“Unsigned Lender”: a Person who is a Lender as of the Closing Date but has not delivered to the Administrative Agent a
signature page to this Agreement duly executed by an authorized officer of such Lender. 
 “USA PATRIOT
Act”: as defined in Section 5.28(a). 
 “U.S. Mortgage and Security Agreements”:
each U.S. Mortgage and Security Agreement and deed of trust, substantially in the form of Exhibit L-1, with respect to each of the Mortgaged Properties located in the United States. 

“White Cliffs”: means White Cliffs Pipeline, L.L.C., a Delaware limited liability company. 

“White Cliffs Facility”: means that certain Credit Agreement, dated as of November 30, 2009, among SemCrude
Pipeline, the lenders parties thereto and General Electric Capital Corporation as administrative agent. 
  

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 “Wholly Owned Subsidiary”: as to any Person, any other Person all of the
Capital Stock of which (other than directors’ qualifying shares required by Law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 

“Woodford”: Woodford Midstream LLC, a Delaware limited liability company. 

“Wyckoff”: Wyckoff Gas Storage Company, LLC, a Delaware limited liability company. 

1.2 Other Definitional Provisions. 

(a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in any Notes or any
other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 
 (b) As used herein
and in any Notes, any other Loan Documents and any certificate or other document made or delivered pursuant hereto or thereto, accounting terms relating to the Borrowers and their Subsidiaries not defined in Section 1.1 and accounting
terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP. 

(c) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule, Exhibit and Annex references are to this Agreement unless otherwise specified. 

(d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 (e) Unless otherwise expressly provided herein, (i) references to Governing Documents, agreements (including the Loan
Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, waivers, supplements and other modifications thereto, and (ii) references to any Law shall include all statutory and
regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law. 
 1.3 Rounding. Any
financial ratios required to be maintained by Parent and its Subsidiaries and/or the Loan Parties pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than
the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 

SECTION 2. AMOUNT AND TERMS OF THE LOANS 

2.1 Term Loans. 

(a) Subject to the terms and conditions hereof and in accordance with the Plan of Reorganization, on the Closing Date each Lender is
deemed to have made a term loan (the “Term Loans” or “Loans”) to the Borrowers in the amount set forth opposite such Lender’s name on Schedule 1.0 under the caption “Term Loans”. As of the
Closing Date, the aggregate principal amount of the Term Loans is $300,000,000. Any principal amount of the Term Loans repaid or prepaid may not be reborrowed. All PIK Interest shall be deemed added to the outstanding principal amount of the Term
Loan of each Lender in accordance with Section 4.2(d). 
  

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 (b) Loans are denominated in United States Dollars. 

SECTION 3. [INTENTIONALLY OMITTED] 

SECTION 4. GENERAL PROVISIONS APPLICABLE TO LOANS 

4.1 [Intentionally Omitted]. 

4.2 Interest Rates and Payment Dates. 

(a) Interest for the period commencing on the Closing Date and ending on December 31, 2011, shall be payable, at the Borrowers’
option, (i) in cash at a rate per annum equal to nine percent (9%) (“Cash Interest”) or (ii) in PIK Interest (as defined below) at a rate per annum equal to eleven percent (11%), and, commencing
January 1, 2012, shall be payable as Cash Interest. Notwithstanding the foregoing, on any Interest Payment Date, to the extent the Borrowers are prohibited by the Intercreditor Agreement from paying all or any portion of the interest on the
Loans as Cash Interest, such interest shall be payable as PIK Interest. The Borrowers’ Agent shall deliver written notice to the Administrative Agent at least five (5) Business Days prior to each Interest Payment Date setting forth a
calculation of the amount of interest that will be paid as Cash Interest and the amount of interest that will be paid as PIK Interest on such Interest Payment Date and shall include a calculation showing what portion of the interest payment is
permitted to be made as Cash Interest under the terms of the Intercreditor Agreement. The Administrative Agent shall have the right to review and adjust any such calculations. 

(b) Notwithstanding anything in this Section 4.2 to the contrary, on each Interest Payment Date following the fifth
anniversary of the Closing Date, there shall be payable as Cash Interest an amount of previously accumulated PIK Interest sufficient to ensure that the Term Loans are not classified as “applicable high yield discount obligations” under
Section 163(i) of the Code. 
 (c) If all or a portion of the principal amount of any Loan shall not be paid when due
(whether at the stated maturity, by acceleration or otherwise), all outstanding Obligations (whether or not overdue) (to the extent legally permitted) shall bear interest at a rate per annum that is equal to (x) in the case of the Loans,
the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 4.2 plus 2.00%, and (y) in the case of any interest payable on any Loan or any fee or other amount payable hereunder,
such amount shall bear interest at a rate per annum equal to the Cash Interest plus 2.00%, in each case, from the date of such nonpayment until such amount is paid in full (after as well as before judgment). 

(d) Interest shall be payable in arrears on each Interest Payment Date or with respect to interest payable pursuant to
Section 4.2(c), on demand. On any Interest Payment Date on which the Borrowers have elected or are required to pay PIK Interest, interest on that portion of the Loans that is not being paid as Cash Interest will be paid by adding an
amount equal to such unpaid interest to the principal amount of the Term Loans (interest so paid, “PIK Interest”). All PIK Interest shall be deemed added to the outstanding principal amount of the Term Loans as of the applicable
Interest Payment Date, and the Term Loans shall bear interest on such increased principal amount from and after such Interest Payment Date. Unless the context otherwise requires, the principal amount of the Loans at any time will include all
interest that has heretofore been added to the principal thereon. 
  

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 (e) Notwithstanding the foregoing, if any provision of this Agreement or any agreement
related hereto could obligate any Loan Party to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate which could be prohibited by Law or could result in a receipt by such Lender of interest at a
criminal rate (as such terms are construed under the Criminal Code (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the
case may be, as could not be so prohibited by Law or so result in a receipt by such Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of
interest required to be paid to such Lender, and (2) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to such Lender which could constitute “interest” for purposes of Section 347 of
the Criminal Code (Canada). Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if a Lender shall have received an amount in excess of the maximum permitted by that section of the Criminal Code (Canada),
the Loan Party shall be entitled, by notice in writing to such Lender, to obtain reimbursement from such Lender in an amount equal to such excess and, pending such reimbursement, such amount shall be deemed to be an amount payable by such Lender to
the Loan Party. Any amount or rate of interest referred to in this Section 4.2(e) shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that the
applicable Loan or other Obligation remains outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period
of time, be pro-rated over that period of time and otherwise be pro-rated over the period from the date such interest first began to accrue and ending on the Maturity Date and, in the event of a dispute, a certificate of a Fellow of the Canadian
Institute of Actuaries appointed by the Administrative Agent shall be conclusive for the purposes of such determination. If any court of competent jurisdiction determines that adjustments contemplated by this Section are required to comply with the
Criminal Code (Canada), the Lender has the option of requiring the Loan Party to prepay the Loans on such dates as such Lender may require or to extend the Termination Date and revise the repayment amounts so that repayment of the Loans, together
with interest, takes place over a longer period of time in compliance with the Criminal Code (Canada). 
 4.3 [Intentionally
Omitted]. 
 4.4 [Intentionally Omitted]. 

4.5 Repayment of Loans; Evidence of Debt. 

(a) Each Borrower, jointly and severally, hereby unconditionally promises to pay to the Administrative Agent for the account of the
Lenders the then-unpaid principal amount of the Term Loans on the Maturity Date. Each Borrower, jointly and severally, hereby further agrees to pay interest on the unpaid principal amount of the Term Loans from time to time outstanding from the date
hereof until payment in full thereof at the rates per annum, and on the dates, set forth in Section 4.2. 

(b) Each Lender shall maintain in accordance with its usual practice a record or records setting forth all of the indebtedness of the
Borrowers to such Lender with respect to the Term Loans of such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 

(c) The Administrative Agent on behalf of the Borrowers, shall maintain the Register required by Section 11.8(d), and shall
include a subaccount therein for each Lender, in which it shall record, (i) the amount of each Term Loan and a copy of the Note, if any, evidencing such Term Loan, (ii) the amount of any principal or interest or fee, if any, due and
payable or to become due and payable from the Borrowers to each Lender hereunder, and (iii) both the amount of any sum received by the Administrative Agent hereunder from the Borrowers and each Lender’s share thereof. 

 

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 (d) The entries made in the Register and the records of each Lender maintained pursuant to
Section 4.5(b) shall, to the extent permitted by applicable Law, be prima facie evidence of the existence and amounts of the obligations of the Borrowers therein recorded (absent manifest error); provided, however,
that the failure of any Lender or the Administrative Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrowers to repay (with applicable interest) the Term Loans of such
Lender in accordance with the terms of this Agreement. 
 (e) Each of the Borrowers agrees that, upon the request to the
Administrative Agent by any Lender, each of the Borrowers will execute and deliver to such Lender a promissory note evidencing the Term Loan of such Lender, substantially in the form of Exhibit A, with appropriate insertions as to date and
principal amount (individually a “Note” and, collectively, the “Notes”). 
 4.6 Optional
Prepayments. The Borrowers may at any time and from time to time prepay the Loans, in whole or in part, without premium or penalty, upon notice by the Borrowers’ Agent in the form attached hereto as Annex III (the “Notice of
Prepayment”) delivered to the Administrative Agent no later than 12:00 p.m. (New York City time) one (1) Business Day prior to the proposed prepayment date, which notice shall specify the date and amount of prepayment; provided
that, if the Borrowers’ Agent on behalf of the Borrowers revokes any notice of prepayment previously delivered pursuant to this Section 4.6, the Borrowers shall also pay any amounts owing pursuant to Section 4.14. Upon
receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with any amounts payable
pursuant to Section 4.14. Partial prepayments pursuant to this Section 4.6 shall be in an aggregate principal amount of $2,500,000 or a whole multiple thereof. 

4.7 Mandatory Prepayments. 

(a) To the extent permitted by the Intercreditor Agreement, on the third anniversary of the Closing Date, and on each anniversary of the
Closing Date thereafter, the Borrowers shall prepay outstanding Term Loans in an amount equal to 50% of the Excess Cash Flow for the immediately preceding Fiscal Year. 

(b) [Intentionally Omitted]. 

(c) To the extent permitted by the Intercreditor Agreement, if on any date the Parent or any of its Subsidiaries shall receive Net Cash
Proceeds from any Asset Sale or Recovery Event then, unless a Reinvestment Notice shall be delivered in respect thereof, 100% of such Net Cash Proceeds shall be immediately applied to prepay outstanding Term Loans; provided that (i) the
aggregate Net Cash Proceeds of Asset Sales that may be excluded from the foregoing requirement pursuant to a Reinvestment Notice shall not exceed $5,000,000 in any Fiscal Year of the Parent, (ii) any Net Cash Proceeds that are excluded from the
foregoing requirement pursuant to a Reinvestment Notice shall be pledged and deposited, prior to the occurrence of a First Lien Trigger Event, in accordance with the terms of the Senior Loan Facility, and thereafter with the Collateral Agent as
collateral pursuant to documentation substantially in the form of Exhibit K until such Net Cash Proceeds are applied in accordance with the Reinvestment Notice or pursuant to clause (iii) below, and (iii) on each Reinvestment
Prepayment Date, an amount equal to the Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event shall be applied to prepay outstanding Term Loans; provided further, that the Borrowers shall not be required to
make any prepayment from the Net Cash Proceeds of any Asset Sale of an Unrestricted Subsidiary if the terms of any Indebtedness of such Unrestricted Subsidiary would require such Net Cash Proceeds to be applied to the repayment of such Indebtedness
or contains covenant restrictions that would prevent such prepayment. 
  

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 (d) To the extent permitted by the Intercreditor Agreement, if on any date any Loan Party
shall receive Net Cash Proceeds from (i) any incurrence of Indebtedness by any Loan Party, other than Indebtedness permitted pursuant to Section 8.2, (ii) any sale or issuance of Capital Stock or receipt of any capital
contribution by any Loan Party (other than from another Loan Party), or (iii) Extraordinary Receipts, then the Borrowers shall immediately prepay outstanding Term Loans, in the amount of 100% of such Net Cash Proceeds. 

(e) [Intentionally omitted]. 

(f) [Intentionally omitted]. 

(g) The Borrowers’ Agent shall notify the Administrative Agent by written notice of any prepayment hereunder not later than 12:00
p.m. (New York City time) one (1) Business Day before the date of the prepayment. Each such notice shall specify the prepayment date, the principal amount of each Loan or portion thereof to be prepaid and, in the case of a mandatory prepayment,
a reasonably detailed calculation of the required amount of such prepayment. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each prepayment shall be applied ratably to the
Loans and otherwise in accordance with this Section 4.7(g). Prepayments shall be accompanied by accrued interest to the extent required by Section 4.2 and permitted by the Intercreditor Agreement. 

(h) Any prepayment of Loans pursuant to this Section 4.7, and the rights of the Lenders in respect thereof, are subject to
the provisions of Section 4.9. 
 4.8 Computation of Interest and Fees. 

(a) All fees and interest shall be calculated on the basis of a 365/366-day year, as the case may be, for the actual days elapsed.

 (b) Each determination by the Administrative Agent of the amount of interest payable pursuant to Section 4.2
shall be conclusive and binding on the Borrowers and the Lenders in the absence of manifest error. 
 (c) For the purposes of
the Interest Act (Canada), any rate of interest made payable under the terms of this Agreement or any other Loan Document at a rate or percentage (the “Contract Rate”) for any period that is less than a consecutive 12 month period,
such as a 360 or 365 day basis (the “Contract Rate Basis”), is equivalent to the yearly rate or percentage of interest determined by multiplying the Contract Rate by a fraction, the numerator of which is the number of days in the
consecutive 12 month period commencing on the date such equivalent rate or percentage is being determined and the denominator of which is the number of days in the Contract Rate Basis. 

4.9 Pro Rata Treatment and Payments. 

(a) Other than as expressly set forth herein, each payment (including each prepayment) by the Borrowers on account of principal of and
interest and fees on the Loans shall be made pro rata according to the respective outstanding principal amounts of the Loans then held by the Lenders. 
  

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 (b) Other than as expressly set forth herein, all payments (including prepayments) to be
made by the Borrowers hereunder on account of principal of Loans shall be accompanied by a payment in an amount equal to all accrued and unpaid interest on such Loans. All payments (including prepayments) to be made by the Borrowers hereunder,
whether on account of principal, interest, fees or otherwise, shall be made without set-off or counterclaim and shall be made prior to 1:00 p.m. (New York City time) on the due date thereof to the Administrative Agent, for the account of the
Lenders, in each case at the Administrative Agent’s office specified in Section 11.3 in United States Dollars and in immediately available funds. Subject to Section 11.21, the Administrative Agent shall distribute such
payments to the Lenders, in each case promptly upon receipt in like funds as received. If any payment hereunder becomes due and payable on a day other than a Business Day, such payment obligation shall be extended to the next succeeding Business
Day, and, with respect to payments of principal, interest thereon shall be payable at the then-applicable rate during such extension. 

(c) [Intentionally Omitted]. 

(d) Subject to Section 4.18, the application of any payment of Loans (including optional and mandatory prepayments), along
with the application of any proceeds obtained upon the exercise of remedies by the Agents hereunder or under any Loan Document, shall be made to each Lender based upon its Term Loan Percentage. To the extent permitted by the Intercreditor Agreement,
each payment of the Loans shall be accompanied by accrued interest to the date of such payment on the amount paid. 
 4.10
Requirements of Law. 
 (a) If the adoption of or any change in any Requirement of Law or in the interpretation or
application thereof or compliance by any Lender or Agent with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof does or shall subject any Lender
or Agent to any Tax or increased Tax of any kind whatsoever with respect to this Agreement or any other Loan Document or any Note, or change the basis of taxation of payments to such Lender or Agent in respect thereof (except for Non-Excluded Taxes
covered by Section 4.11 and changes in the rate of tax on the overall net income of such Lender or Agent); then, in any such case, the Borrowers shall promptly, after the Borrowers’ Agent receives notice as specified in clause
(c) of this Section 4.10, pay such Lender or Agent such additional amount or amounts as will compensate such Lender or Agent for such increased cost or reduced amount receivable plus any Taxes thereon. 

(b) If any Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or in the
interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made
subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of its obligations hereunder to a level below that which such Lender or such corporation
could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to
time, the Borrowers shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction plus any Taxes thereon. 

(c) If any Lender becomes entitled to claim any additional amounts pursuant to this Section 4.10, it shall promptly notify
the Borrowers’ Agent (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this Section 4.10 submitted by such Lender to
the Borrowers’ Agent (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this Section 4.10 shall survive the termination of this Agreement and the payment of the Loans
and all other amounts payable hereunder. 
  

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 4.11 Taxes. 

(a) Any and all payments by each Loan Party under or in respect of this Agreement or any other Loan Documents to which such Loan Party is
a party shall be made free and clear of, and without deduction or withholding for or on account of, any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities (including penalties, interest and
additions to tax) with respect thereto, whether now or hereafter imposed, levied, collected, withheld or assessed by any taxation authority or other Governmental Authority (collectively, “Taxes”), unless required under any
Requirement of Law. If any Loan Party or Agent shall be required under any Requirement of Law to deduct or withhold any Taxes from or in respect of any sum payable under or in respect of this Agreement or any of the other Loan Documents to any Agent
or Lender (including for purposes of this Section 4.11 and Section 4.10 any assignee, successor or participant or any beneficial owner of any Lender (including any indirect beneficial owner)), (i) such Loan Party or
Agent shall make all such deductions and withholdings in respect of Taxes, (ii) such Loan Party or Agent shall pay the full amount deducted or withheld in respect of Taxes to the relevant taxation authority or other Governmental Authority in
accordance with any Requirement of Law, and (iii) each Loan Party with respect to whose payments were the subject of Taxes or, otherwise, all Loan Parties (without duplication) shall pay an additional amount to the applicable Lender or Agent,
as the case may be, as may be necessary so that after such Loan Party or Agent has or have made all required deductions and withholdings (including deductions and withholdings applicable to additional amounts payable under this
Section 4.11), such Lender or Agent receives an amount equal to the sum it would have received had no such deductions or withholdings been made in respect of Non-Excluded Taxes. For purposes of this Agreement the term
“Non-Excluded Taxes” are Taxes other than, in the case of a Lender, Taxes that are imposed on its income (including branch profit taxes, franchise taxes and similar taxes imposed in lieu thereof) by the jurisdiction under the Laws
of which such Lender is organized or of its applicable lending office, or any political subdivision thereof, unless such Taxes are imposed as a result of such Lender having executed, delivered or performed its obligations or received payments under,
or enforced, this Agreement, the Notes or any of the other Loan Documents (in which case such Taxes will be treated as Non-Excluded Taxes). Any Taxes imposed by any jurisdiction on an Agent shall be treated as Non-Excluded Taxes. For the avoidance
of doubt, if a Lender is subject to a Tax imposed on its income (including branch profit taxes, franchise taxes and similar taxes imposed in lieu thereof) by the jurisdiction under the laws of which such Lender is organized or of its applicable
lending office, or any political subdivision thereof, immediately prior to entering into this Agreement, such Tax is not a “Non-Excluded Tax” pursuant to the “unless” clause of the second preceding sentence with respect to such
Lender. 
 (b) In addition, each Loan Party hereby agrees to pay any present or future stamp, recording, documentary, excise,
property or value-added taxes, or similar taxes, charges or levies that arise from any payment made under or in respect of this Agreement or any other Loan Document or from the execution, delivery or registration of, any performance under, or
otherwise with respect to, this Agreement or any other Loan Document (collectively, “Other Taxes”). 
 (c) Each
Loan Party hereby agrees to indemnify each Lender and Agent for, and to hold each harmless against, the full amount of Non-Excluded Taxes and Other Taxes, and the full amount of Taxes of any kind imposed by any jurisdiction on amounts payable under
this Section 4.11 imposed on or paid by such Lender or Agent, and any liability (including penalties, additions to tax, interest and expenses) arising therefrom or with respect thereto. The indemnity by the Loan Parties provided for in
this 
  

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Section 4.11(c) shall apply and be made whether or not the Non-Excluded Taxes or Other Taxes for which indemnification hereunder is sought have been correctly or legally asserted.
Amounts payable by any Loan Party under the indemnity set forth in this Section 4.11(c) shall be paid promptly on demand. 

(d) Within thirty (30) days after the date of any payment of Taxes, the applicable Loan Party (or any Person making such payment on
behalf of the Loan Parties) shall furnish to the applicable Lender and/or Agent for its own account a certified copy of the original official receipt evidencing payment thereof or, if such a receipt is not provided upon request by the applicable tax
authority, other evidence of payment reasonably satisfactory to the applicable Person. 
 (e) For purposes of this
Section 4.11(e), the terms “United States” and “United States person” shall have the meanings specified in Section 7701 of the Code. Each Lender (including for avoidance of doubt any assignee, successor or
participant) that either (i) is not incorporated under the Laws of the United States, any State thereof, or the District of Columbia or (ii) whose name does not include “Incorporated,” “Inc.,” “Corporation,”
“Corp.,” “P.C.,” “N.A.,” “National Association,” “insurance company,” or “assurance company” (a “Non-Exempt Lender”) shall deliver or cause to be delivered to the
Borrowers’ Agent the following properly completed and duly executed documents: 
 (i) in the case of a
Non-Exempt Lender that is not a United States person or is a foreign disregarded entity for U.S. federal income tax purposes that is entitled to provide such form, a complete and executed (x) U.S. Internal Revenue Service Form W-8BEN with Part
II completed in which Lender claims the benefits of a tax treaty with the United States providing for a zero or reduced rate of withholding (or any successor forms thereto), including all appropriate attachments or (y) a U.S. Internal Revenue
Service Form W-8ECI (or any successor forms thereto); or 
 (ii) in the case of a Non-Exempt Lender that is an
individual, (x) a complete and executed U.S. Internal Revenue Service Form W-8BEN (or any successor forms thereto) and a certificate substantially in the form of Exhibit D (a “Section 4.11 Certificate”) or
(y) a complete and executed U.S. Internal Revenue Service Form W-9 (or any successor forms thereto); or 

(iii) in the case of a Non-Exempt Lender that is organized under the Laws of the United States, any State thereof, or the
District of Columbia, a complete and executed U.S. Internal Revenue Service Form W-9 (or any successor forms thereto); or 

(iv) in the case of a Non-Exempt Lender that (x) is not organized under the Laws of the United States, any State
thereof, or the District of Columbia and (y) is treated as a corporation for U.S. federal income tax purposes, a complete and executed U.S. Internal Revenue Service Form W-8BEN (or any successor forms thereto) and a Section 4.11
Certificate; or 
 (v) in the case of a Non-Exempt Lender that (A) is treated as a partnership or other
non-corporate entity, and (B) is not organized under the Laws of the United States, any State thereof, or the District of Columbia, (x)(i) a complete and executed U.S. Internal Revenue Service Form W-8IMY (or any successor forms thereto)
(including all required documents and attachments) and (ii) a Section 4.11 Certificate, and (y) without duplication, with respect to each of its beneficial owners and the beneficial owners of such beneficial owners looking through
chains of owners to individuals or entities that are treated as corporations for U.S. federal income tax purposes (all such owners, “beneficial owners”), the documents that would be provided by each such beneficial owner pursuant to this
Section 4.11(e) if each such beneficial owner were a Lender; provided, however, that no such documents will be required with respect to a beneficial owner to the extent that the actual Lender is determined to be in
compliance with the requirements for certification on behalf of its beneficial owner as may be provided in applicable U.S. 
  

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Treasury regulations, or the requirements of this clause (v) are otherwise determined to be unnecessary, as determined by the Borrowers’ Agent in its sole discretion, provided,
however, that Lender shall be provided an opportunity to establish such compliance as reasonable; or 

(vi) in the case of a Non-Exempt Lender that is disregarded for U.S. federal income tax purposes, the document that would
be provided by its beneficial owner pursuant to this Section 4.11(e) if such beneficial owner were the Lender; or 

(vii) in the case of a Non-Exempt Lender that (A) is not a United States person and (B) is acting in the
capacity as an “intermediary” (as defined in U.S. Treasury Regulations), (x)(i) a U.S. Internal Revenue Service Form W-8IMY (or any successor form thereto) (including all required documents and attachments) and (ii) a
Section 4.11 Certificate, and (y) if the intermediary is a “non-qualified intermediary” (as defined in U.S. Treasury Regulations), from each person upon whose behalf the “non-qualified intermediary” is acting the
documents that would be provided by such person pursuant to this Section 4.11(e) if each such person were a Lender. 
 If the Lender
provides a form pursuant to clause (i)(x) and the form provided by the Lender at the time such Lender first becomes a party to this Agreement or, with respect to a grant of a participation, the effective date thereof indicate a United States
interest withholding tax rate in excess of zero, withholding tax at such rate shall be treated as Taxes other than “Non-Excluded Taxes” (“Excluded Taxes”) and shall not qualify as Non-Excluded Taxes unless and until such
Lender provides the appropriate form certifying that a lesser rate applies, whereupon withholding tax at such lesser rate shall be considered Excluded Taxes solely for the periods governed by such form. If, however, on the date a Person becomes an
assignee, successor or participant to this Agreement, the Lender transferor was entitled to indemnification or additional amounts under this Section 4.11, then the Lender assignee, successor or participant shall be entitled to
indemnification or additional amounts to the extent (and only to the extent), that the Lender transferor was entitled to such indemnification or additional amounts for Non-Excluded Taxes, and, without duplication of amounts, the Lender assignee,
successor or participant shall be entitled to additional indemnification or additional amounts for any other or additional Non-Excluded Taxes. 

(f) For any period with respect to which Lender has failed to provide Borrowers’ Agent with the appropriate form, certificate or
other document described in Section 4.11(e), if required, (other than (i) if such failure is due to a change in any Requirement of Law, or in the interpretation or application thereof, occurring after the date on which a form,
certificate or other document originally was required to be provided by such Lender or (ii) if it is legally inadvisable or otherwise commercially disadvantageous for such Lender to deliver such form, certificate or other document), such Lender
shall not be entitled to indemnification or additional amounts under Section 4.11(a) or (c) with respect to Non-Excluded Taxes imposed by the United States by reason of such failure; provided, however, that
should a Lender become subject to Non-Excluded Taxes because of its failure to deliver a form, certificate or other document required hereunder, Borrower shall take such steps as such Lender shall reasonably request, to assist such Lender in
recovering such Non-Excluded Taxes. It shall not be considered legally inadvisable or otherwise commercially disadvantageous for a Lender to provide any information on a form, certificate or other document to the extent that such information is
required to be included on any U.S. Internal Revenue Service Form W-8 or W-9 referenced in Section 4.11(e) as of the date hereof. 

(g) Without prejudice to the survival of any other agreement of the Loan Parties hereunder, the agreements and obligations of the Loan
Parties contained in this Section 4.11 shall survive the termination of this Agreement and the other Loan Documents. Nothing contained in Section 4.10 or this Section 4.11 shall require any Agent or Lender to make
available any of its tax returns or any other information that it deems to be confidential or proprietary. 
  

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 4.12 Lending Offices. Loans held by any Lender shall be held and maintained at such
Lender’s Applicable Lending Office. 
 4.13 [Intentionally Omitted]. 

4.14 Indemnity. The Borrowers agree to indemnify each Lender and to hold each Lender harmless from any actual loss or expense
which such Lender may sustain or incur as a consequence of default by the Borrowers in making any prepayment after the Borrowers’ Agent has given a notice thereof in accordance with the provisions of this Agreement. This covenant shall survive
the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
 4.15 [Intentionally
Omitted]. 
 4.16 [Intentionally Omitted]. 

4.17 Replacement of Lenders. If (a) any Borrower is required to pay any additional amount to or indemnify any Lender pursuant
to Section 4.11 and such Lender has declined to designate a different Applicable Lending Office, (b) any Lender becomes a Defaulting Lender, or (c) any Lender has failed to consent to a proposed amendment, waiver or other
modification that, pursuant to the terms of Section 11.2, requires the consent of all the Lenders, or all affected Lenders, and with respect to which the Required Lenders shall have granted their consent, then, in each case, so long as
no Default or Event of Default shall have occurred and be continuing, the Borrowers’ Agent may, at its sole cost and expense, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse
(in accordance with and subject to the restrictions and obligations contained in Section 11.8), all of its interests, rights (other than its existing rights to payments pursuant to Sections 4.10 and 4.11) and
obligations under this Agreement and the other Loan Documents (or all of its interests, rights and obligations in respect of the Loans that are the subject of the related amendment, waiver or other modification) to an assignee that shall assume such
obligations and become a Lender pursuant to the terms of this Agreement and the other Loan Documents; provided that, the transferring Lender shall have received payment of an amount equal to (i) the outstanding principal of its Loans,
accrued interest thereon, and accrued fees payable to it hereunder, from the Assignee and (ii) any additional amounts (including indemnity payments) payable to it hereunder from the Borrowers; provided further that, if, upon such
demand by the Borrowers’ Agent, such Lender elects to waive its request for additional compensation pursuant to Section 4.10 or 4.11 with respect to the events that gave rise to Borrowers’ Agent’s demand for such
Lender’s replacement, or consents to the proposed amendment, waiver or other modification, the demand by the Borrowers’ Agent for such Lender to so assign all of its rights and obligations under this Agreement shall thereupon be deemed
withdrawn. Nothing in this Section 4.17 shall affect or postpone any of the rights of any Lender or any of the Obligations of the Borrowers under any of the foregoing provisions of Section 4.10 or 4.11 in any manner.
Each Lender hereby grants to the Administrative Agent an irrevocable power of attorney (which power is coupled with an interest) to execute and deliver, on behalf of such Lender as assignor, any Assignment and Acceptance necessary to effectuate any
assignment of such Lender’s interest hereunder in the circumstances contemplated by this Section 4.17. 
 4.18
Defaulting Lender. Notwithstanding any other provision in this Agreement to the contrary, if at any time a Lender becomes a Defaulting Lender, the following provisions shall apply so long as any Lender is a Defaulting Lender: 

(a) [Intentionally Omitted]. 
  

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 (b) If a Defaulting Lender (or a Lender who would be a Defaulting Lender but for the
expiration of the relevant grace period) as a result of the exercise of a set-off shall have received a payment in respect of its Term Loan which results in its Term Loan being less than its Term Loan Percentage of the aggregate principal amount of
all Term Loans prior to the receipt of such payment, then payments (including principal, interest and fees) to such Defaulting Lender will be suspended until such time as all amounts due and owing to the Lenders has been equalized in accordance with
each of the Lenders’ respective Term Loan Percentages of the aggregate principal amount of all Term Loans. 
 (c)
[Intentionally Omitted]. 
 (d) After acceleration or maturity of the Obligations, all principal will be paid ratably as
provided in Section 4.9(d). 
 SECTION 5. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the Lenders to enter into this Agreement, the Borrowers and the Borrowers’ Agent hereby
jointly and severally represent and warrant to the Administrative Agent and each Lender that: 
 5.1 Financial Condition.

 (a) Each of the financial statements delivered pursuant to Section 7.1 (other than the Projections) are complete
and correct and present fairly in all material respects the financial condition of the Persons covered by such financial statements as at such date, and have been prepared in accordance with GAAP, in each case applied consistently throughout the
periods involved (except as approved by such accountants and as disclosed therein). 
 (a) The Projections have been prepared in
good faith under the direction of a Responsible Person of the Borrowers’ Agent. The Projections were based upon good faith estimates and assumptions believed by the Loan Parties to be reasonable at the time made, it being recognized by the
Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may differ from the projected results set forth therein by
a material amount. 
 (b) Except as set forth on Schedule 5.1(c) hereto, none of the Borrowers nor any of their
respective consolidated Subsidiaries had, at the date of the most recent balance sheet referred to in Section 5.1(a), any material Guarantee Obligation, contingent liability or liability for taxes, or any material long-term lease or
unusual forward or long-term commitment, including, without limitation, any material interest rate or foreign currency swap or exchange transaction or other financial derivative, which is not reflected in the foregoing statements or in the notes
thereto. 
 5.2 No Change. Since September 25, 2009, there has been no development or event which has had or could
reasonably be expected to have a Material Adverse Effect. 
 5.3 Existence; Compliance with Law. Each of the Loan Parties
(a) is duly formed or organized, validly existing and in good standing under the Laws of the jurisdiction of its organization, (b) has the corporate (or analogous) power and authority, and the legal right, to own and operate its property,
to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified and in good standing under the Laws of each jurisdiction where such qualification is required,

  

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except where the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect and (d) is in compliance with all Requirements of Law except to the extent that
the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 5.4
Power; Authorization; Enforceable Obligations. Each of the Loan Parties has the corporate (or analogous) power and authority, and the legal right, to execute, deliver and perform the Loan Documents to which it is a party and to borrow
hereunder and has taken all necessary corporate (or analogous) action to authorize the borrowings on the terms and conditions of this Agreement and any Notes and to authorize the execution, delivery and performance of the Loan Documents to which it
is a party. Except for (a) the filing of Form UCC financing statements and equivalent filings for foreign jurisdictions, (b) the filings or other actions listed on Schedule 5.4 (and including, without limitation, such other
authorizations, approvals, registrations, actions, notices, or filings as have already been obtained, made or taken and are in full force and effect), and (c) Transfer Restrictions usual and customary to the oil and gas industry, no consent or
authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person, including without limitation the FERC, to which a Borrower or other Loan Party is subject, is required in connection with the
Loans or with the execution, delivery, performance, validity or enforceability of the Loan Documents to which each Loan Party is a party or the validity, effect or perfection of any Lien created thereby; provided that, approval by the FERC
may be required for the transfer of direct or indirect ownership or control of FERC Contract Collateral and approval by one or more Governmental Authorities in Canada may be required for the transfer of direct or indirect ownership or control of
Collateral located in, or governed by the Laws of, Canada or any political subdivision thereof; provided further, that, no approval of the FERC is required for the granting of the security interest in the FERC Contract Collateral to
the Collateral Agent pursuant to the Security Documents. As of the Closing Date, the only contracts comprising FERC Contract Collateral of the Borrowers and their Subsidiaries as to which further consent of the FERC may be required in connection
with the exercise of remedies by the Collateral Agent under the Loan Documents are contracts for the transportation of certain Commodities. This Agreement has been, and each other Loan Document to which a Loan Party is a party will be, duly executed
and delivered on behalf of the Loan Parties party thereto. This Agreement constitutes, and each other Loan Document to which it is a party when executed and delivered will constitute, a legal, valid and binding obligation of each Loan Party party
thereto enforceable against such Loan Party in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar Laws relating to or affecting creditors’ rights
generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 

5.5 No Legal Bar. The execution, delivery and performance of the Loan Documents to which any of the Loan Parties is a party
(i) will not violate any Requirement of Law, including any rules or regulations promulgated by the FERC, in each case to the extent applicable to or binding upon such Loan Party or its Properties, (ii) will not violate a material
Contractual Obligation of any of the Loan Parties, except where such violation could not reasonably be expected to have a Material Adverse Effect and (iii) will not result in, or require, the creation or imposition of any Lien on any of their
respective properties or revenues pursuant to any such Requirement of Law or Contractual Obligation (other than Liens created by the Security Documents in favor of the Collateral Agent and Liens permitted by Section 8.3). 

5.6 No Material Litigation. Except as set forth on Schedule 5.6, no litigation, investigation or proceeding of or before
any arbitrator or Governmental Authority is pending or, to the knowledge of any Loan Party, threatened by or against any Loan Party or against any of their respective properties or revenues (a) with respect to any of the Loan Documents,
(b) with respect to any of the transactions contemplated by or occurring simultaneously with the entering into of any of the Loan Documents in which the litigation, investigation or proceeding is material and has a reasonable basis in fact, or
(c) which could reasonably be expected to have a Material Adverse Effect. 
  

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 5.7 No Default. No Loan Party is in default under or with respect to any Contractual
Obligation in any respect which could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 

5.8 Material Contracts. Set forth on Schedule 5.8 is a list of each contract of a Loan Party that is material to the
business, operations or assets of such Loan Party, and neither such Loan Party nor the counterparty thereof is in default thereunder in any respect which could reasonably be expected to have a Material Adverse Effect. 

5.9 Ownership of Property; Liens. Except for minor defects in title that do not interfere with its ability to conduct its business
as currently conducted or to utilize such properties and assets for their intended purposes, except for Transfer Restrictions and except where the failure to have such title could not reasonably be expected to have a Material Adverse Effect, each
Loan Party has good and defensible title in fee simple to, or a valid leasehold interest in, all its real property, and title to, or a leasehold interest in, all its other property, whether held jointly with others, or otherwise, and none of such
property is subject to any Lien except as permitted by Section 8.3. 
 5.10 Intellectual Property. Each Loan
Party owns, is licensed to use or otherwise has the right to access and use, all material trademarks, tradenames, copyrights, patents, technology, know-how and processes (the “Intellectual Property”) necessary for the conduct of its
business as currently conducted (collectively, the “Loan Party Intellectual Property”) except for those the failure to own or license which could not reasonably be expected to have a Material Adverse Effect. Except as set forth on
Schedule 5.10, no claim has been asserted nor is pending by any Person challenging or questioning the use by any Loan Party of the Loan Party Intellectual Property or the validity or effectiveness of any Loan Party Intellectual Property,
nor does any Loan Party know of any valid basis for any such claim, except any claim that could not reasonably be expected to have a Material Adverse Effect. The use of such Loan Party Intellectual Property by the Loan Parties does not infringe on
the rights of any Person, except for such claims and infringements that, in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

5.11 No Burdensome Restrictions. No Requirement of Law or Contractual Obligation of any Loan Party has or could reasonably be
expected to have a Material Adverse Effect. 
 5.12 Taxes. 

(a) Each Loan Party and each of its Subsidiaries has timely filed or caused to be filed all income, franchise and other material Tax
returns required to be filed by it and has timely paid all income, franchise and other material Taxes due and payable by it or imposed with respect to any of its property and all other material fees or other charges imposed on it or any of its
property by any Governmental Authority (other than any Taxes the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on
the books of such Loan Party or Subsidiary). 
 (a) There are no Liens for Taxes and no claim is being asserted with respect to
Taxes, except for statutory liens for Taxes not yet due and payable or for Taxes the amount or validity of which are currently being contested in good faith by appropriate proceedings and, in each case, with respect to which reserves in conformity
with GAAP have been provided on the books of any Loan Party. 
  

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 5.13 [Intentionally Omitted]. 

5.14 ERISA. Neither a Reportable Event nor an “accumulated funding deficiency” (within the meaning of Section 412
of the Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Single Employer Plan which could reasonably be expected to have a Material
Adverse Effect. Each Plan (other than a Multiemployer Plan or a multiemployer welfare plan maintained pursuant to a collective bargaining agreement) has complied in all respects with the applicable provisions of ERISA and the Code except for
non-compliance which could not reasonably be expected to have a Material Adverse Effect. No termination of a Single Employer Plan has occurred (other than a termination described in Section 4041(b) of ERISA with respect to which no Loan Party
has incurred any liability (i) to the PBGC or (ii) in excess of $5,000,000), and no Lien in favor of the PBGC or a Plan has arisen, during such five-year period. Except to the extent that any such excess could not have a Material Adverse
Effect, the present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed
made, exceed the value of the assets of such Plan allocable to such accrued benefits by more than $5,000,000. Neither a Loan Party nor any Commonly Controlled Entity has had a complete or partial withdrawal from any Multiemployer Plan, and, to the
knowledge of the Loan Parties, none of the Loan Parties would become subject to any material liability under ERISA if any Loan Party or any Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date
most closely preceding the date on which this representation is made or deemed made. To the knowledge of the Loan Parties, no such Multiemployer Plan is in Reorganization or Insolvent. Except to the extent that any such excess could not have a
Material Adverse Effect, the present value (determined using actuarial and other assumptions which are reasonable in respect of the benefits provided and the employees participating) of the liability of each Loan Party and each Commonly Controlled
Entity for post retirement benefits to be provided to their current and former employees under Plans which are welfare benefit plans (as defined in Section 3(1) of ERISA) other than such liability disclosed in the financial statements of the
Loan Parties does not, in the aggregate, exceed the assets under all such Plans allocable to such benefits by an annual amount in excess of $5,000,000. 

5.15 No Plan Assets. None of the assets of any Loan Party constitutes “plan assets” for purposes of Section 406 of
ERISA and/or Section 4975 of the Code, or for purposes of any other applicable statute, regulation or other rule which is materially similar to Section 406 of ERISA or Section 4975 of the Code, and the Borrowers’ Agent shall
provide notice to the Administrative Agent in the event that the Borrowers’ Agent is aware that any Loan Party is in breach of this representation and warranty or is aware that with the passing of time, giving of notice or expiration of any
applicable grace period it will be in breach of this representation and warranty. 
 5.16 Employee Benefit and Foreign
Pension Matters. 
 (a) Each Canadian Plan is in compliance in all material respects with all Laws applicable to such
Canadian Plan, and each Loan Party has complied with and performed all of its obligations in all material respects in respect of each Canadian Plan under the terms thereof, any funding agreements and, in the case of a Canadian Pension Plan, all
applicable pension benefits standards Laws, (including any funding investment and administration obligations), except to the extent that any such non-compliance could not reasonably be expected to have a Material Adverse Effect. 

(b) There has been no withdrawal or transfer of assets from the funding arrangements of a Canadian Plan (other than payments of benefits
to eligible beneficiaries, payments on termination or transfer of employment of an individual employee and payment of reasonable expenses, all to the extent permitted by such Canadian Plan and the associated Requirements of Law applicable to such
Canadian Plan), and no application for approval of such a withdrawal or transfer of assets has been made to any 
  

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Governmental Authority in Canada (including any province or political subdivision thereof), except to the extent such withdrawal, transfer or application could not reasonably be expected to have
a Material Adverse Effect. As of the Closing Date, each Canadian Pension Plan that is a registered pension plan as defined in the Income Tax Act (Canada) and all amendments thereto) is duly registered under the Income Tax Act (Canada) as amended and
all applicable pension benefits standards Laws which require registration, except to the extent the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

(c) No termination, windup, withdrawal, reorganization, insolvency or other similar event has occurred as to a Canadian Pension Plan that
is a registered pension plan as defined in the Income Tax Act (Canada) with respect to which any Loan Party has incurred a liability in excess of $5,000,000. 

(d) With respect to any Canadian Benefit Plan, reasonable reserves have been established in accordance with prudent business practice or
where required by best accounting practices in the jurisdiction in which such plan is maintained having regard to tax legislation, except where failure to maintain such reserves could not reasonably be expected to have a Material Adverse Effect. Any
contributions that are due but unpaid to all Canadian Benefit Plans, after taking into account any reserves or assets held in trust for such liabilities, could not reasonably be expected to have a Material Adverse Effect. There is no proceeding or
claim (other than routine claims for benefits) pending or, to the knowledge of any Loan Party, threatened against any Loan Party with respect to any Canadian Plan that could reasonably be expected to have a Material Adverse Effect. 

5.17 Investment Company Act; Other Regulations. None of the Loan Parties is an “investment company”, or a company
“controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940. As of the Closing Date, none of the Loan Parties or any Person controlling the Loan Parties is subject to the jurisdiction of the
FERC or any rules and regulations promulgated thereby. The Loan Parties are not subject to regulation under any Federal, State or Provincial statute or regulation (other than Regulation X of the Board) which limits their ability to incur
Indebtedness. 
 5.18 Subsidiaries. Schedule 5.18 sets forth as of the Closing Date the name of each direct
or indirect Subsidiary of each of the Borrowers, its respective form of organization, its respective jurisdiction of organization, the total number of issued and outstanding shares or other interests of Capital Stock thereof, the classes and number
of issued and outstanding shares or other interests of Capital Stock of each such class, and with respect to the Borrowers, the name of each holder of Capital Stock thereof and the number of shares or other interests of such Capital Stock held by
each such holder and the percentage of all outstanding shares or other interests of such class of Capital Stock held by such holders. 

5.19 Security Documents. 

(a) The provisions of each of the Security Documents are effective to create in favor of the Collateral Agent for the ratable benefit of
the Secured Parties a legal, valid and enforceable Lien in all right, title and interest of each Loan Party party thereto in the “Collateral” described therein. 

(b) When any stock certificates representing Pledged Collateral are delivered to the Collateral Agent (or the collateral agent under the
Senior Loan Facility as bailee for the Collateral Agent), and proper financing statements or other applicable filings listed in Schedule 5.19 have been filed in the offices in the jurisdictions listed in Schedule 5.19, the
security interest created by each of the New York Pledge Agreement and the Canadian Pledge Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Borrowers and those Subsidiaries party
thereto in the “Pledged Collateral” described in the New York Pledge Agreement and the Canadian Pledge Agreement, subject only to any Liens permitted by Section 8.3(a). 

 

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 (c) When proper financing statements or other applicable filings listed in
Schedule 5.19 have been filed in the offices in the jurisdictions listed in Schedule 5.19, each of the New York Security Agreement and the Canadian Security Agreement shall constitute a fully perfected Lien on, and security
interest in, all right, title and interest of the Loan Parties in the portion of the “Collateral” described therein that can be perfected by such filing, subject to any Permitted Senior Facility Liens and Permitted Commodities Liens.

 (d) When an Account Control Agreement has been entered into with respect to any Pledged Account, the security interest
created by the New York Security Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Party party thereto in the portion of the “Collateral” described therein that
consists of Pledged Accounts, prior and superior in right to any other Person subject to any Permitted Cash Management Liens and Permitted Senior Facility Liens. 

5.20 Accuracy and Completeness of Information. All factual information, reports and other papers and data with respect to the Loan
Parties furnished, and all factual statements and representations made in writing, to any of the Agents or the Lenders by any Loan Party or on behalf of any Loan Party at its direction, were, at the time the same were so furnished or made, when
taken together with all such other factual information, reports and other papers and data previously so furnished and all such other factual statements and representations previously so made in writing, complete and correct in all material respects,
and did not, as of the date so furnished or made, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements contained therein not misleading in light of the circumstances in which
the same were made. The projections and pro forma information contained in the materials referenced above, were based upon good faith estimates and assumptions believed by the Loan Parties to be reasonable at the time made, it being
recognized by the Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may differ from the projected results set
forth therein by a material amount. 
 5.21 Labor Relations. No Loan Party is engaged in any unfair labor practice which
could reasonably be expected to have a Material Adverse Effect. There is (a) no unfair labor practice complaint pending or, to the best knowledge of each Loan Party and each of the Subsidiaries, threatened against a Loan Party before the
National Labor Relations Board which could reasonably be expected to have a Material Adverse Effect and no grievance or arbitration proceeding arising out of or under a collective bargaining agreement is so pending or threatened that could
reasonably be expected to have a Material Adverse Effect; (b) no strike, labor dispute, slowdown or stoppage pending or, to the best knowledge of each Loan Party, threatened against a Loan Party that could reasonably be expected to have a
Material Adverse Effect; and (c) no union representation question existing with respect to the employees of a Loan Party and no union organizing activities are taking place with respect to any thereof that could reasonably be expected to have a
Material Adverse Effect. 
 5.22 Insurance. As of the Closing Date, each Loan Party has, with respect to its properties
and business, insurance covering the risks, in the amounts, with the deductible or other retention amounts, and with the carriers, listed on Schedule 5.22, which insurance meets the requirements of Section 7.5 hereof,
Section 5(o) of the New York Security Agreement and Section 6(n) of the Canadian Security Agreement as of the Closing Date. 
  

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 5.23 Solvency. As of the Closing Date, immediately after giving effect to the Loans
and the other transactions being consummated on the Closing Date, including the incurrence of Indebtedness under the Exit Facility, (i) the amount of the “present fair saleable value” of the assets of each Loan Party and of such Loan
Party and its Subsidiaries, taken as a whole, will exceed the amount of all “liabilities of each Loan Party and of such Loan Party and its Subsidiaries, taken as a whole, contingent or otherwise”, such quoted terms are determined in
accordance with applicable federal and state Laws governing determinations of the insolvency of debtors, (ii) the present fair saleable value of the assets of each Loan Party and of such Loan Party and its Subsidiaries, taken as a whole, will,
be greater than the amount that will be required to pay the liabilities of such Loan Party and of such Loan Party and its Subsidiaries, taken as a whole, on their respective debts as such debts become absolute and matured, (iii) neither any
Loan Party nor such Loan Party and its Subsidiaries, taken as a whole, will have an unreasonably small amount of capital with which to conduct its respective businesses, (iv) each Loan Party and such Loan Party and its Subsidiaries, taken as a
whole, will be able to pay its respective debts as they mature, and (v) each Loan Party organized under the Laws of Canada or any province or other political subdivision thereof is Solvent. For purposes of this Section 5.23,
“debt” means “liability on a claim”, “claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed,
undisputed, legal, equitable, secured or unsecured, and (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed,
contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 
 5.24 [Intentionally Omitted]. 

5.25 Environmental Matters. Except as set forth on Schedule 5.25: 

(a) To the knowledge of the Borrowers, the facilities and properties owned, leased or operated by each Borrower or any of its
Subsidiaries (the “Properties”) do not contain, and have not previously contained, any Materials of Environmental Concern in amounts or concentrations which (i) constitute or constituted a violation of, or (ii) could
reasonably be expected to give rise to liability under, any Environmental Law except in either case insofar as such violation or liability, or any aggregation thereof, is not reasonably likely to result in the payment of a Material Environmental
Amount. 
 (b) To the knowledge of the Borrowers, the Properties and all operations at the Properties are in compliance, and
have in the last five years been in compliance, in all material respects with all applicable Environmental Laws, and there is no contamination at, under or about the Properties or violation of any Environmental Law with respect to the Properties or
the business operated by any Borrower or any of its Subsidiaries (the “Business”) which could (i) materially interfere with the continued operation of the Properties or (ii) materially impair the fair saleable value
thereof. 
 (c) No Loan Party has received any notice of violation, alleged violation, non compliance, liability or potential
liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or any Business, nor does any Borrower have knowledge or reason to believe that any such notice will be received or is being
threatened except insofar as such notice or threatened notice, or any aggregation thereof, does not involve a matter or matters that is or are reasonably likely to result in the payment of a Material Environmental Amount. 

(d) To the knowledge of the Borrowers, Materials of Environmental Concern have not been transported or disposed of from the Properties in
violation of, or in a manner or to a location which could reasonably be expected to give rise to liability under, any Environmental Law, nor have any Materials of Environmental Concern been generated, treated, stored or disposed of at, on or under
any of the Properties in violation of, or in a manner that could reasonably be expected to give rise to liability under, any applicable Environmental Law except insofar as any such violation or liability referred to in this paragraph, or any
aggregation thereof, is not reasonably likely to result in the payment of a Material Environmental Amount. 
  

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 (e) To the knowledge of each Borrower, no judicial proceeding or governmental or
administrative action is pending or, to the knowledge of each Borrower, threatened, under any Environmental Law to which any Loan Party or any Subsidiary is or will be named as a party with respect to any of the Properties or any Business, nor are
there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to any of the Properties or any Business except
insofar as such proceeding, action, decree, order or other requirement, or any aggregation thereof, is not reasonably likely to result in the payment of a Material Environmental Amount. 

(f) To the knowledge of each Borrower, there has been no release or threat of release of Materials of Environmental Concern at or from
any of the Properties, or arising from or related to the operations of any Borrower or any Subsidiary in connection with any of the Properties or otherwise in connection with any Business, in violation of or in amounts or in a manner that could
reasonably give rise to liability under Environmental Laws except insofar as any such violation or liability referred to in this paragraph, or any aggregation thereof, is not reasonably likely to result in the payment of a Material Environmental
Amount. 
 5.26 Regulation H. None of the improvements on any of the Mortgaged Properties is located in an area
identified by the Federal Emergency Management Agency or the Federal Insurance Administration as a “100 year flood plain” or as having special flood hazards (including Zones A, B, C, V and X and Shaded X areas), or, to the extent that any
portion of such Mortgaged Property is located in such an area, it is covered by (A) flood insurance coverage under insurance policies issued pursuant to the National Flood Insurance Act of 1968, as amended and the Flood Disaster Protection Act
of 1973, as amended and/or (B) coverage under supplemental private policies in an amount, which when added to the coverage provided under (A) above, if any, is not greater than the property value for such Mortgaged Property and is no less
than the replacement cost value of the improvements and personal property deemed to be in the 100 year flood zone. 
 5.27
Risk Management Policy. The Applicable Risk Management Policy has been duly adopted by the Parent and each of its Subsidiaries, is in full force and effect with respect to all the Parent and each of its Subsidiaries, and has been previously
delivered to the Administrative Agent (for distribution to the Lenders) and certified by a Responsible Person of the Borrowers’ Agent as being a true and correct copy and in full force and effect. 

5.28 AML Laws. 

(a) None of the Loan Parties are and to their knowledge none of their respective Subsidiaries or Affiliates are in violation of any
Requirement of Law relating to terrorism or money laundering (collectively, “AML Laws”), including, but not limited to, Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the “Executive
Order”), and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (“USA PATRIOT Act”). 

 

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 (b) No Loan Party is and to its knowledge no Subsidiary or Affiliate or broker or other
agent of any Loan Party is acting or benefiting in any capacity in connection with the Loans is any of the following: 

(i) a Person that is listed in the annex to, or is otherwise subject to the provisions of the Executive Order or any other
applicable OFAC regulation; 
 (ii) a Person owned or controlled by, or acting on behalf of, any Person that is
listed in the annex to, or is otherwise subject to the provisions of, the Executive Order or any other applicable regulation of the U.S. Treasury Department Office of Foreign Assets Control (“OFAC”); 

(iii) a Person with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any applicable
AML Law; 
 (iv) a Person that commits, threatens or conspires to commit or supports “terrorism” as
defined in the Executive Order or other applicable OFAC regulations; or 
 (v) a Person that is named as a
“specially designated national” or “blocked person” on the most current list published by OFAC at its official website, currently available at http://www.treas.gov/offices/enforcement/ofac/ or any replacement website or other
replacement official publication of such list. 
 (c) None of the Loan Parties are and to their knowledge no broker or other
agent of any Loan Party acting in any capacity in connection with the Loans (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any person described in paragraph
(b) above, (ii) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order or other applicable OFAC regulations, 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 applicable AML Law. 

If a Borrower acquires or forms any Subsidiary, each of the foregoing representations and warranties shall be thereafter deemed modified to cover such
Borrower and its Subsidiaries, mutatis mutandis. 
 SECTION 6. CONDITIONS PRECEDENT 

6.1 Conditions Precedent. This Agreement shall become effective as of the Closing Date, upon the satisfaction of each of the
following conditions precedent: 
 (a) Plan Effectiveness. The final orders confirming both the Plan of Reorganization
and the Canadian Plans of Reorganization shall have been entered, all conditions precedent to the effectiveness, implementation or consummation thereof shall have been satisfied, and the Plan of Reorganization and the Canadian Plans of
Reorganization shall have been consummated and implemented. 
 (b) Loan Documents. The Administrative Agent shall have
received: 
 (i) this Agreement, executed and delivered by a duly authorized officer of each of the Borrowers;

 (ii) the Canadian Pledge Agreement, executed and delivered by a duly authorized officer of each Initial Loan
Party; 
  

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 (iii) the Canadian Security Agreement, executed and delivered by a duly
authorized officer of each Initial Loan Party; 
 (iv) the New York Pledge Agreement, executed and delivered by a
duly authorized officer of each Initial Loan Party; 
 (v) the New York Security Agreement, executed and
delivered by a duly authorized officer of each Initial Loan Party; 
 (vi) the Guarantee, executed and delivered
by a duly authorized officer of each Initial Loan Party; 
 (vii) the Intercreditor Agreement, executed and
delivered by a duly authorized officer of each party thereto; 
 (viii) a U.S. Mortgage and Security Agreement
for each Mortgaged Property located in the United States, executed and delivered by a duly authorized officer of the applicable Loan Party; 

(ix) a Canadian Debenture for each Mortgaged Property located in Canada, executed and delivered by a duly authorized
officer of the applicable Loan Party; 
 (x) the Perfection Certificate, executed and delivered by a duly
authorized officer of each Initial Loan Party; 
 (xi) [RESERVED]; 

(xii) [RESERVED]; 

(xiii) an Account Control Agreement for each Deposit Account, Commodity Account, Securities Account and Futures Account
(as defined in the Canadian Security Agreement) of any of the Loan Parties, executed and delivered by a duly authorized officer of each party thereto. 

(c) Secretary’s Certificates. The Administrative Agent shall have received a certificate of each Loan Party, dated the
Closing Date, substantially in the form of Exhibit E, with appropriate insertions and attachments, reasonably satisfactory in form and substance to the Administrative Agent, executed by (i) the President or any Vice President and
the Secretary or any Assistant Secretary of such Loan Party, (ii) in the case of a Canadian Subsidiary Borrower or a Subsidiary thereof, any two of the President and/or Vice Presidents of such Canadian Subsidiary Borrower or Subsidiary, or
(iii) in the case of any Loan Party that is a limited liability company or a limited partnership that does not have any such officers, the general partner, in the case of a limited partnership, or the managing member or members, in the case of
a limited liability company, of such Loan Party, on behalf of such Loan Party. 
 (d) [RESERVED]. 

(e) Proceedings of the Loan Parties. The Administrative Agent shall have received a copy of the resolutions, in form and substance
reasonably satisfactory to the Administrative Agent, of the Board of Directors (or analogous body) of each Loan Party authorizing (i) the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party,
and (ii) the granting by it of the Liens created pursuant to the Security Documents, certified on behalf of such Loan Party by the Secretary 

 

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or an Assistant Secretary of such Loan Party, or, if applicable, of the general partner or managing member or members of such Loan Party, as of the Closing Date, which certification shall be
included in the certificate delivered in respect of such Loan Party pursuant to Section 6.1(c), shall be in form and substance reasonably satisfactory to the Administrative Agent and shall state that the resolutions thereby certified
have not been amended, modified, revoked or rescinded. 
 (f) [RESERVED]. 

(g) [RESERVED]. 

(h) [RESERVED]. 

(i) Incumbency Certificates. The Administrative Agent shall have received a certificate of each Loan Party, dated the Closing
Date, as to the incumbency and signature of the officers of such Loan Party or, if applicable, of the general partner or managing member or members of such Loan Party, executing any Loan Document, or having authorization to execute any certificate,
notice or other submission required to be delivered to the Administrative Agent or a Lender pursuant to this Agreement, which certificate shall be included in the certificate delivered in respect of such Loan Party pursuant to
Section 6.1(c), shall be reasonably satisfactory in form and substance to the Administrative Agent, and shall be executed by the President or any Vice President and the Secretary or any Assistant Secretary of such Loan Party, or, if
applicable, of the general partner or managing member or members of such Loan Party, on behalf of such Loan Party. 
 (j)
Organizational Documents. The Administrative Agent shall have received true and complete copies of the Governing Documents of each Loan Party, certified as of the Closing Date as complete copies thereof by the Secretary or an Assistant
Secretary of such Loan Party, or, if applicable, of the general partner or managing member or members of such Loan Party, on behalf of such Loan Party, which certification shall be included in the certificate delivered in respect of such Loan Party
pursuant to Section 6.1(c) and shall be in form and substance reasonably satisfactory to the Administrative Agent. 

(k) Good Standing Certificates. The Administrative Agent shall have received certificates (long form, if available) dated as of a
recent date from the Secretary of State or other appropriate authority, evidencing the good standing of each Loan Party (i) in the jurisdiction of its organization and (ii) in each other jurisdiction where its ownership, lease or operation
of property or the conduct of its business requires it to qualify as a foreign Person except, as to this subclause (ii), where the failure to so qualify could not reasonably be expected to have a Material Adverse Effect. 

(l) Consents, Licenses and Approvals. The Administrative Agent shall have received a certificate of a Responsible Person of the
Borrowers either (i) attaching copies of all consents, authorizations and filings referred to in Section 5.4, and stating that such consents, licenses and filings are in full force and effect or (ii) stating that no such
consents, licenses or approvals are so required. 
 (m) Borrower’s Certificate. The Administrative Agent shall have
received a certificate substantially in the form of Exhibit T signed by a Responsible Person of each of the Borrowers (a “Borrower’s Certificate”), stating on behalf of such Borrower that: 

(i) The representations and warranties contained in Section 5 and in each other Loan Document are true and
correct in all material respects on and as of such date, as though made on and as of such date; and 
 (ii) No
Default or Event of Default exists. 
  

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 (n) Fees. The Administrative Agent shall have received from the Borrowers all fees
(including reasonable fees, disbursements and other charges of counsel to the Agents) agreed in writing to be received on the Closing Date. 

(o) Legal Opinions. The Administrative Agent shall have received the following executed legal opinions: 

(i) the executed legal opinion of Weil, Gotshal & Manges LLP, New York counsel to the Loan Parties, substantially
in the form of Exhibit J-1; 
 (ii) the executed legal opinion of Conner & Winters LLP, Oklahoma
counsel to the Loan Parties, substantially in the form of Exhibit J-2; 
 (iii) the executed legal opinion
of Stewart McKelvey LLP, Nova Scotia counsel to the Canadian Subsidiary Borrowers, substantially in the form of Exhibit J-3; 

(iv) the executed legal opinion of Crease Harmon and Company, British Columbia special agent counsel to the Loan Parties,
substantially in the form of Exhibit J-4; 
 (v) the executed legal opinion of Osler, Hoskin &
Harcourt, LLP , Alberta counsel to the Canadian Subsidiary Borrowers, substantially in the form of Exhibit J-5; 

(vi) the executed legal opinion of MacPherson Leslie & Tyerman LLP, Saskatchewan special agent counsel to the
Loan Parties, substantially in the form of Exhibit J-6; 
 (vii) the executed legal opinion of Osler,
Hoskin & Harcourt, LLP , Ontario counsel to the Canadian Subsidiary Borrowers, substantially in the form of Exhibit J-7; and 

(viii) the executed legal opinion of Thomson Dorfman Sweatman LLP, Manitoba special agent counsel to the Loan Parties,
substantially in the form of Exhibit J-8. 
 Each such legal opinion shall cover such other matters incident to the transactions
contemplated by this Agreement as the Administrative Agent may reasonably require. 
 (p) Corporate Structure. The
corporate records, corporate structure, capital structure, other debt instruments, material contracts, governing documents of the Parent and its Subsidiaries shall be consistent with the Plan of Reorganization or otherwise satisfactory to the
Lenders. 
 (q) [RESERVED]. 

(r) [RESERVED]. 

(s) [RESERVED]. 

(t) [RESERVED]. 

(u) [RESERVED]. 

(v) Lien Searches. The Administrative Agent shall have received the results of a recent search by a Person reasonably satisfactory
to the Administrative Agent, under the UCC and equivalent legislation in all relevant jurisdictions, and all customary judgment and tax Lien searches for financing transactions of this nature in all applicable jurisdictions, which may have been
filed with respect to personal property of the Loan Parties, and the results of such search shall be reasonably satisfactory to the Administrative Agent. 
  

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 (w) Actions to Perfect Liens. All filings, recordings, registrations and other
actions, including, without limitation, the filing of financing statements on Form UCC-1, necessary or, in the opinion of the Administrative Agent, desirable to perfect the Liens created by the Security Documents shall have been filed, registered or
recorded or shall have been delivered to the Administrative Agent in proper form for filing, registration or recordation. 
 (x)
Pledged Collateral; Stock Powers; Pledged Interests; Pledged Notes; Pledged Chattel Paper. The collateral agent under the Exit Facility shall have received the following to be held in accordance with the Intercreditor Agreement: 

(i) the certificates representing the shares or other equity interests pledged pursuant to each of the New York Pledge
Agreement and the Canadian Pledge Agreement, together with an undated stock power for each such certificate, executed in blank by a duly authorized officer of the pledgor thereof; 

(ii) all promissory notes, if any, and other instruments pledged pursuant to each of the New York Pledge Agreement and the
Canadian Pledge Agreement, each endorsed in blank by a duly authorized officer of the pledgor thereof; and 

(iii) the original counterpart of all chattel paper, if any, pledged pursuant to each of the New York Security Agreement
and the Canadian Security Agreement, and containing a legend, if required by the Collateral Agent, that it is the original counterpart of such chattel paper. 

(y) Pledge Consent. Each Issuer (as defined in either Pledge Agreement) referred to in the New York Pledge Agreement and the
Canadian Pledge Agreement, other than an ULC Issuer (as defined in the Canadian Security Agreement), shall have delivered an acknowledgement of and consent to such Pledge Agreement, executed by a duly authorized officer of such Issuer, in
substantially the form appended to such Pledge Agreement. 
 (z) [RESERVED]. 

(aa) Insurance. The Administrative Agent shall have received evidence in form and substance reasonably satisfactory to it that all
of the requirements of Section 7.5 hereof, Section 5(o) of the New York Security Agreement and Section 6(n) of the Canadian Security Agreement shall have been satisfied. 

(bb) [RESERVED]. 

(cc) Surveys. Except to the extent that the Borrowers’ Agent shall have notified the Administrative Agent that the Loan
Parties intend to provide such materials with respect to specified properties pursuant to Sections 7.13(e) and (g), and the Administrative Agent shall have approved in its sole discretion such delivery pursuant to Sections
7.13(e) and (g), the Administrative Agent shall have received, and the title insurance company issuing the policy referred to in Section 6.1(dd) (the “Title Insurance Company”) shall have received, maps or
plats of an as-built survey of the sites of each Mortgaged Property identified by the Administrative Agent (in its reasonable discretion), certified to the Administrative Agent on behalf of the Lenders and the Title Insurance Company in a manner
reasonably satisfactory to them, dated a date reasonably satisfactory to the Administrative Agent and the Title Insurance Company by an independent professional licensed land surveyor satisfactory to the Administrative Agent and the

  

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Title Insurance Company, and, which maps or plats and the surveys on which they are based shall, if required by the Administrative Agent (in its reasonable discretion), be made in accordance with
the Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys jointly established and adopted by ALTA and NSPS in 2005, and includes items 2, 3, 4, 6, 7(a), 7(b)(1), 8, 9, 10, 11(a) (as to utilities surface matters only) and 13 of
Table A thereof, and, without limiting the generality of the foregoing, to the extent required by the Administrative Agent in its reasonable discretion, there shall be surveyed and shown on such maps, plats or surveys the following:
(i) the locations on such sites of all the buildings, structures and other improvements and the established building setback lines; (ii) the lines of streets abutting the sites and widths thereof; (iii) all access and other easements
appurtenant to the sites or necessary or desirable to use the sites; (iv) all roadways, paths, driveways, easements, encroachments and overhanging projections and similar encumbrances affecting the site, whether recorded, apparent from a
physical inspection of the sites or otherwise known to the surveyor; (v) any encroachments on any adjoining property by the building structures and improvements on the sites; (vi) if the site is described as being on a filed map, a legend
relating the survey to said map; and (vii) the flood zone designations, if any, in which the Mortgaged Properties are located (or, in the case of any Mortgaged Property that is a lease, a flood search certificate from a search provider
reasonably satisfactory to the Collateral Agent). 
 (dd) Title Insurance Policy. Except to the extent that the
Borrowers’ Agent shall have notified the Administrative Agent that the Loan Parties intend to provide such materials with respect to specified properties pursuant to Sections 7.13(e) and (g), and the Administrative Agent shall
have approved in its sole discretion such delivery pursuant to Sections 7.13(e) and (g), the Administrative Agent shall have received in respect of each Mortgaged Property identified by the Administrative Agent (in its reasonable
discretion) a mortgagee’s title policy (or policies) or marked up unconditional binder for such insurance dated the Closing Date. Each such policy shall (i) be in an amount reasonably satisfactory to the Administrative Agent; (ii) be
issued at ordinary rates; (iii) insure that the U.S. Mortgage and Security Agreement insured thereby creates a valid second Lien on such parcel free and clear of all defects and encumbrances, except such defects and encumbrances which are
permitted hereunder; (iv) name Bank of America, individually and as Collateral Agent, as the insured thereunder; (v) to the extent available, be in the form of ALTA Loan Policy 1970 (Amended 10/17/70 and 10/17/84) (or equivalent policies),
together with endorsements providing deletion of creditor’s rights and arbitration coverage; (vi) contain such endorsements and affirmative coverage as the Administrative Agent may reasonably request and (vii) be issued by title
companies satisfactory to the Administrative Agent (including any such title companies acting as co insurers or reinsurers, at the option of the Administrative Agent). The Administrative Agent shall have received evidence reasonably satisfactory to
it that all premiums in respect of each such policy, and all charges for mortgage recording tax, if any, have been paid. 
 (ee)
Copies of Recorded Documents. Except to the extent that the Borrowers’ Agent shall have notified the Administrative Agent that the Loan Parties intend to provide such materials with respect to specified properties pursuant to Sections
7.13(e) and (g), and the Administrative Agent shall have approved in its sole discretion such delivery pursuant to Sections 7.13(e) and (g), the Administrative Agent shall have received a copy of all recorded documents
referred to, or listed as exceptions to title in, the title policy or policies referred to in Section 6.1(dd). 

(ff) PATRIOT Act. The Administrative Agent and the Lenders shall have received, sufficiently in advance of the Closing Date, all
documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act. 

 

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 (gg) Indebtedness to be Repaid. All Indebtedness and any other amounts owing by a
Borrower or a Subsidiary listed on Schedule 6.1(gg) shall have been, or shall be on or prior to the Closing Date, repaid in full, and any Liens created pursuant to any existing financing documents shall have been or shall be,
concurrently with the making of the initial Loans, released, and such existing financing documents shall terminate and be of no further force and effect upon such repayment; in each case pursuant to such payout letters, Lien releases, termination
statements, mortgage satisfactions and other documents as the Collateral Agent may require, each of which shall be in form and substance satisfactory to the Collateral Agent. 

(hh) Other Financings. The Exit Facility and the White Cliffs Facility shall have been consummated, and all conditions precedent
to the closing of the SemEuro Financing shall have been satisfied (other than the effectiveness of this Agreement and the Exit Facility) and all closing deliverables shall have been delivered in escrow, concurrently with or before the Closing Date.

 (ii) Documentation for Other Financings. The Administrative Agent shall have received copies of the principal
financing documents for the Exit Facility and each of the Unrestricted Subsidiary Facilities. 
 (jj) Additional Matters.
All corporate and other proceedings, and all documents, instruments and other legal matters in connection with the transactions contemplated by this Agreement and the other Loan Documents shall be reasonably satisfactory in form and substance to the
Administrative Agent, and the Administrative Agent shall have received such other documents and legal opinions in respect of any aspect or consequence of the transactions contemplated hereby or thereby as it shall reasonably request. 

SECTION 7. AFFIRMATIVE COVENANTS 

The Borrowers hereby jointly and severally agree that, so long as any amount is owing to any Lender or any Agent hereunder or under any
other Loan Document (except contingent indemnification and expense reimbursement obligations for which no claim has been made), each Borrower shall and (except with respect to Section 7.1) shall cause each other Restricted Subsidiary to:

 7.1 Financial Statements. Furnish to the Administrative Agent (for distribution to each Lender): 

(a) as soon as available, but in any event within 120 days after the end of Fiscal Year 2009 of Parent and within 90 days after the end
of each Fiscal Year thereafter of Parent, (i) a copy of the audited consolidated balance sheet of Parent and its consolidated Subsidiaries as at the end of such year and the related consolidated statements of income, owners’ equity and
cash flows for such year, prepared in accordance with GAAP and setting forth in each case in comparative form the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification
arising out of the scope of the audit, by BDO Seidman, LLP or other independent certified public accountants of nationally recognized standing and (ii) a copy of the unaudited consolidating balance sheets for the Parent and each of its
consolidated Subsidiaries as at the end of such year and the related consolidating statements of income for such year prepared in accordance with GAAP and setting forth in each case in comparative form the figures for the previous year; 

(b) as soon as available, but in any event within 120 days after the end of Fiscal Year 2009 of Parent and 90 days after the end of
each Fiscal Year thereafter of Parent, (i) a copy of the unaudited consolidated balance sheet of the Loan Parties as at the end of such year and the related consolidated statements of income, owners’ equity and cash flows for such year,
and (ii) a copy of the 
  

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unaudited consolidated balance sheet of the Unrestricted Subsidiaries as at the end of such year and the related consolidated statements of income, owners’ equity and cash flows for such
year, in each case, (A) prepared in accordance with GAAP (subject to normal year end adjustments and the absence of footnotes), (B) commencing with the 2010 Fiscal Year, setting forth in comparative form the figures for the previous year
and (C) certified by a Responsible Person of Parent as being fairly presented in all material respects; 
 (c) as soon as
available, but in any event not later than 30 days after the end of each month, the unaudited consolidated and consolidating balance sheet of Parent and its consolidated Subsidiaries as at the end of such month and the related unaudited consolidated
statements of income, owners’ equity and cash flows for such month and the portion of the Fiscal Year through the end of such month, prepared in accordance with GAAP (subject to normal year end audit adjustments and the absence of footnotes) in
each case, (A) commencing with the first month ending after the first anniversary of the Closing Date, in comparative form the figures for the previous year and (B) certified by a Responsible Person of Parent as being fairly presented in
all material respects; provided that the delivery of the foregoing financial statements for the months of October 2009, November 2009 and December 2009 shall not be due until December 15, 2009, January 31, 2010 and
February 15, 2010, respectively, and the foregoing financial statements for the months of October 2009 and November 2009 shall not include the Canadian Subsidiary Borrowers and their respective Subsidiaries; 

(d) as soon as available, but in any event not later than 30 days after the end of each month, (i) a copy of the unaudited
consolidated balance sheet of Loan Parties as at the end of such month and the related unaudited consolidated statements of income, owners’ equity and cash flows for such month and (ii) a copy of the unaudited consolidated balance sheet of
the Unrestricted Subsidiaries as at the end of such month and the related consolidated statements of income, owners’ equity and cash flows for such month, in each case, (A) prepared in accordance with GAAP (subject to normal year end audit
adjustments and the absence of footnotes), (B) commencing with the first month ending after the first anniversary of the Closing Date, in comparative form the figures for the previous year and (C) certified by a Responsible Person of
Parent, as being fairly presented in all material respects; provided that the delivery of the foregoing financial statements for the months of October 2009, November 2009 and December 2009 shall not be due until December 15,
2009, January 31, 2010 and February 15, 2010, respectively, and the foregoing financial statements for the months of October 2009 and November 2009 shall not include the Canadian Subsidiary Borrowers; 

(e) [RESERVED]; 

(f) [RESERVED]; 

(g) [RESERVED]; 

(h) as soon as available, but in any event not later than 60 days after the commencement of each Fiscal Year of Parent, the Projections
covering the period commencing on the first day of such Fiscal Year and ending on the Termination Date; provided that, until the occurrence of a First Lien Trigger Event, delivery to the Administrative Agent of a copy of the Projections
required to be delivered under the Senior Loan Facility shall satisfy the requirements of this Section 7.1(h); 

(i) as soon as available, but in any event not later than 45 days after the end of each fiscal quarter of Parent, a management discussion
analyzing the actual results for such period and factors affecting the performance of each business unit of the Loan Parties and providing a comparison of actual performance against the Projections for such fiscal quarter; and 

 

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 (j) as soon as available, a copy of the audited consolidated balance sheets of Parent (with
SemGroup, L.P. as predecessor entity) as of December 31, 2009 and 2008 and the related consolidated statements of operations, owners’ equity, and cash flows for the years ended December 31, 2009, 2008, and 2007, prepared in accordance
with GAAP and reported on by BDO Seidman, LLP or other independent certified public accountants of nationally recognized standing. 
 All such
financial statements shall be complete and correct in all material respects and shall be prepared in reasonable detail and, except as noted herein, in accordance with GAAP applied consistently throughout the periods reflected therein and with prior
periods (except as approved by such accountants or officer, as the case may be, and disclosed therein). 
 7.2 Certificates;
Other Information. Furnish to the Administrative Agent (for the Administrative Agent to distribute to the Lenders): 
 (a)
concurrently with the delivery of the financial statements referred to in Section 7.1(a), (i) a certificate of the independent certified public accountants reporting on such financial statements stating in substance that in making
the examination necessary therefor no knowledge was obtained of any Default or Event of Default arising out of the financial covenants in Section 8.1, except as specified in such certificate, and (ii) a report of a reputable
insurance broker with respect to the insurance required under Section 5(o) of the New York Security Agreement and Section 6(n) of the Canadian Security Agreement; 

(b) prior to the occurrence of a First Lien Trigger Event, at such time as is required under the Senior Loan Facility, and following the
occurrence of a First Lien Trigger Event, as soon as available, but in any event not later than 45 days after the last day of each calendar month and concurrently with the delivery of the annual audited financial statements referred to in
Section 7.1(a), a certificate of a Responsible Person of the Borrowers’ Agent substantially in the form of Exhibit P (such a certificate, a “Compliance Certificate”) (A) stating that to the best of such
Person’s knowledge, each Loan Party during the relevant financial statement period has observed or performed all of its covenants and other agreements and satisfied every condition contained in this Agreement and the other Loan Documents to be
observed, performed or satisfied by it, and that such Responsible Person has obtained no knowledge of any Default or Event of Default, in each case except as specified in such certificate and (B) showing in detail the calculations (together
with reconciliations to the financial statements delivered pursuant to Section 7.1) supporting such Person’s certification of the Borrowers’ compliance with the requirements of Section 8.1 (it being understood and
agreed that if such certificate is delivered with respect to a fiscal period for which the requirements of Section 8.1 are not being tested due to no First Lien Trigger Event having occurred, a copy of the calculations provided in
connection with the “Compliance Certificate” being delivered under the Senior Loan Facility may be delivered in lieu thereof, but the certificate shall not be required to indicate whether or not the Borrowers were in compliance with such
covenants); 
 (c) concurrently with the delivery of the annual audited financial statements referred to in
Section 7.1(a), a certificate of a Responsible Person of the Borrowers’ Agent showing in detail the calculations of Excess Cash Flow for such Fiscal Year; 

(d) [RESERVED]; 

(e) if any such report described in clause (b) above is not reasonably satisfactory in form and substance to the Administrative
Agent, the Borrowers’ Agent shall promptly deliver such supplemental information as the Administrative Agent may reasonably request; 
  

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 (f) within five days after the same are sent, copies of any detailed audit reports,
management letters or recommendations submitted to the Loan Parties in connection with their accounts or books by BDO Seidman, LLP or such other independent certified public accountants of nationally recognized standing that audits the financial
statements of the Parent; 
 (g) within five days after the same are sent, copies of all financial statements and reports which
Parent sends to its stockholders and copies of all financial statements and reports which Parent or any of its Subsidiaries may make to, or file with, the Securities and Exchange Commission or any successor or analogous governmental authority;

 (h) upon request by the Administrative Agent, copies of any Employee Benefit Plan or Canadian Benefit Plan and related
documents, reports and correspondence; and 
 (i) promptly, such additional financial and other information regarding the Loan
Parties as the Administrative Agent may from time to time reasonably request. 
 7.3 Payment of Obligations. Pay,
discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by
appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on its books. 
 7.4
Conduct of Business and Maintenance of Existence. (i) Continue to engage in business of the same general type as now conducted by it or as described in Section 8.14 and preserve, renew and keep in full force and effect its legal
existence and take all reasonable action to maintain all material rights, privileges and franchises necessary or desirable in the normal conduct of its business except as otherwise permitted pursuant to Section 8.4 or where the failure
to do so could not reasonably be expected to have a Material Adverse Effect; and (ii) comply with all Contractual Obligations and Requirements of Law, except to the extent that failure to comply therewith could not, in the aggregate, be
reasonably expected to have a Material Adverse Effect. 
 7.5 Maintenance of Property; Insurance. (i) Keep all property
useful and necessary in its business in good working order and condition (ordinary wear and tear excepted); (ii) maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and
against at least such risks (but including in any event general liability, and business interruption) as are usually insured against in the same general area by companies engaged in the same or a similar business, which insurance shall name the
Collateral Agent for the ratable benefit of the Secured Parties as lender loss payee, in the case of property or casualty insurance, and as an additional insured, in the case of liability insurance, as its interests may appear; (iii) furnish to
the Collateral Agent (for its distribution to the Lenders), upon request, full information as to the insurance carried, a copy of the underlying policy, the related cover note and all addendums thereto; and (iv) promptly pay all insurance
premiums. The Borrowers’ Agent shall inform the Administrative Agent at least ten (10) days in advance of any material change to the foregoing insurance. 

7.6 Inspection of Property; Books and Records; Discussions. At the sole expense of the Loan Parties: (i) keep proper books of
records and accounts in which complete and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities and (ii) permit representatives of the
Administrative Agent (x) to visit and inspect any of its properties, examine and make abstracts from any of its books and records and inspect and review its credit and risk management practices and trading book upon reasonable notice during
normal business hours, not more than twice in any calendar year; provided that, during the continuance of an Event of Default, such visits and inspections may occur at any time, and (y) to discuss the business, operations, properties and
financial and other condition of the Loan Parties with officers and 
  

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employees of the Loan Parties and with its independent certified public accountants to the extent consistent with the national policies of such independent certified public accountants, upon
reasonable notice during normal business hours. Information obtained by the Administrative Agent pursuant to this Section 7.6 shall be shared with a Lender upon the request of such Lender. 

7.7 Notices. Promptly give notice to the Administrative Agent (for its distribution to the Lenders) of: 

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

(b) any (i) default or event of default under any Contractual Obligation of any Loan Party or (ii) litigation, investigation or
proceeding which may exist at any time between any Loan Party and any Governmental Authority, which in either case could reasonably be expected to have a Material Adverse Effect; 

(c) any default, waiver or amendment to any Unrestricted Subsidiary Facility, together with copies thereof; 

(d) any litigation or proceeding affecting any Loan Party in which the amount involved is $5,000,000 or more and not covered by insurance
or in which injunctive or similar relief is sought; 
 (e) the following events, as soon as possible and in any event within 30
days after the Loan Parties know or should have reason to know thereof: (i) the occurrence or expected occurrence of any Reportable Event with respect to any Single Employer Plan, a failure to make any required contribution to a Plan when such
contributions have become due, the creation of any Lien in favor of the PBGC or a Plan or any withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan in which a Loan Party is reasonably expected to have a
liability in excess of $5,000,000 or (ii) the institution of proceedings or the taking of any other action by the PBGC to terminate any Single Employer Plan; 

(f) as soon as possible and in any event within 10 days after any Loan Party fails to make a required installment or other payment in
accordance with a schedule of contributions according to the terms of any Canadian Pension Plan or as otherwise required by a Governmental Authority, a notification of such failure; 

(g) the occurrence of any other event which could reasonably be expected to have a material adverse effect on the aggregate value of the
Collateral or on the Liens created by the Security Documents; 
 (h) any claim asserted against any of the Collateral that could
reasonably be expected to have a Material Adverse Effect, or any Lien on any of the Collateral (other than Liens created hereby or Liens permitted on Collateral under Section 8.3); 

(i) the dismissal, resignation or appointment of the chief executive officer, chief financial officer or the risk management credit
officer of the Parent; and 
 (j) any development or event which could reasonably be expected to have a Material Adverse Effect.

  

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 Each notice pursuant to this Section 7.7 shall be accompanied by a statement of a Responsible
Person of Parent setting forth details of the occurrence referred to therein and stating what action the Loan Parties propose to take with respect thereto. 

7.8 Environmental Laws. 

(a) Comply with, and direct compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws and obtain and
comply with and maintain, and direct all tenants and subtenants to obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws, except to the extent that
failure to do so could not be reasonably expected to have a Material Adverse Effect. 
 (b) Conduct and complete all
investigations, studies, sampling and testing, and all remedial, removal and other actions, required under Environmental Laws, except to the extent the failure to do so could not reasonably be expected to have a Material Adverse Effect, and promptly
comply with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws, except to the extent that the same are being contested in good faith by appropriate proceedings and the pendency of such proceedings could not
be reasonably expected to have a Material Adverse Effect. 
 7.9 [Intentionally Omitted]. 

7.10 Risk Management. At all times, keep the Applicable Risk Management Policy in full force and effect, and conduct its business
in compliance with the Applicable Risk Management Policy. 
 7.11 Collections of Accounts Receivable. Pursuant to and in
accordance with Section 3(d) of the New York Security Agreement and Section 4(d) of the Canadian Security Agreement, (i) instruct each Account Debtor of an Account Receivable to make all payments to the Borrowers in respect of such
Account Receivable to a Cash Management Account, (ii) with respect to any items sent directly to a Loan Party by an Account Debtor, hold such items in trust for the Secured Parties and promptly deposit such items into a Cash Management Account
and (iii) otherwise comply with Section 3 of the New York Security Agreement and Section 4 of the Canadian Security Agreement. 

7.12 Taxes. Each Loan Party and each of its Subsidiaries shall timely file or cause to be filed all income, franchise and other
material Tax returns required to be filed by it and shall timely pay all income, franchise and other material Taxes due and payable by it or imposed with respect to any of its property and all other material fees or other charges imposed on it or
any of its property by any Governmental Authority (other than any Taxes the amount or validity of which are being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the
books of such Loan Party). 
 7.13 Additional Collateral; Further Actions. 

(a) In the event that (x) any Loan Party acquires or forms any additional Subsidiary or (y) any formerly Unrestricted
Subsidiary no longer meets the definition of “Unrestricted Subsidiary”, the Parent or Loan Party, as applicable, shall (i) cause such Subsidiary to become a party to the applicable Security Documents and Guarantee; (ii) if the
Parent or the Loan Party holds any Capital Stock of such Subsidiary, execute such pledge agreements or addenda to the applicable Pledge Agreement, each in form and substance satisfactory to the Collateral Agent, and take such other action as shall
be necessary or advisable (including, without limitation, the filing of financing statements on Form UCC-1 and the delivery of pledge agreements) in order to perfect the pledge of all of the Capital Stock of such Subsidiary in favor of the
Collateral Agent for the benefit of the Secured Parties; (iii) cause such 
  

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Subsidiary to deliver to the Collateral Agent and the Lenders all documentation and other information required by bank regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations; including the USA Patriot Act; (iv) cause an Account Control Agreement for each Deposit Account, Securities Account and Commodity Account of such Subsidiary to be executed and delivered by such
Subsidiary and the bank, broker or other Person maintaining such Deposit Account, Securities Account or Commodity Account to the extent required by the New York Security Agreement or the Canadian Security Agreement; (v)(A) cause any Subsidiary that
owns a fee simple or material leasehold estate in real property located in the United States to prepare, execute and deliver a mortgage or deed of trust, as applicable, in substantially the same form as the U.S. Mortgage and Security Agreements
together with any Form UCC-1 financing statements required by the Collateral Agent, and (B) cause any Subsidiary that owns a fee simple or material leasehold estate in real property located in Canada to prepare, execute and deliver a debenture
in substantially the same form as the Canadian Debenture, and to take such other actions as the Collateral Agent shall request in order to create and/or perfect a Lien in favor of the Collateral Agent on such real property of such Subsidiary and
cause such Subsidiary to deliver a mortgage title insurance policy and survey of the real property, in each case in form and substance satisfactory to the Collateral Agent; and (vi) take any other action as shall be necessary or advisable
(including, without limitation, the filing of financing statements on Form UCC-1 and any other filing necessary to maintain the perfection of the security interest in the applicable jurisdiction) to cause such Lien described in this
Section 7.13(a) to be a perfected Lien on all right, title and interest of such Collateral, subject only to Permitted Senior Facility Liens. Notwithstanding the foregoing, until the occurrence of the First Lien Trigger Event, unless
otherwise required by the Administrative Agent to comply with a Requirement of Law, the Administrative Agent will not request any of the foregoing if not also requested by the administrative agent under the Senior Loan Facility. 

(b) The Administrative Agent shall be entitled to receive legal opinions of one or more counsel to the Borrowers and such Subsidiary
addressing such matters as the Administrative Agent or its counsel may reasonably request, including, without limitation, the enforceability of each Security Document to which such Subsidiary becomes a party and the pledge of the Capital Stock of
such Subsidiary, and the creation, validity and perfection of the Liens so granted by such Subsidiary and the Borrowers and/or other Subsidiaries to the Administrative Agent for the benefit of the Lenders. 

(c) With respect to the U.S. Mortgage and Security Agreements and Canadian Debentures that were executed and delivered on the Closing
Date, upon the request of the Administrative Agent, the applicable Loan Parties shall enter into such amendments to the same as are necessary to obtain legal opinions and mortgage title insurance policies in form and substance satisfactory to the
Administrative Agent. 
 (d) With respect to the U.S. Mortgage and Security Agreements and Canadian Debentures that were
executed and delivered on the Closing Date, upon the request of the Borrowers’ Agent, and upon delivery to the Collateral Agent of satisfactory evidence regarding the ownership of the relevant Mortgaged Property(ies), the Collateral Agent shall
execute releases of the same, or any portion of the same, as are necessary to ensure that said U.S. Mortgage and Security Agreements and Canadian Debentures do not encumber any real property interests in which no Loan Party has an interest.

 (e) (i) With respect to any fee simple or material leasehold estate in real property of any of the Loan Parties located in
the United States which were not mortgaged on the Closing Date, including pipelines, identified by the Administrative Agent or with respect to any such property acquired by any Loan Party after the Closing Date, the applicable Loan Party shall, upon
the request of the Administrative Agent, prepare, execute and deliver a mortgage or deed of trust, as applicable, in substantially the same form as the U.S. Mortgage and Security Agreements together with any Form UCC-1 financing statements required
by the Collateral Agent, 
  

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and with respect to any fee simple or leasehold estate in real property located in Canada, the applicable Loan Party shall prepare, execute and deliver a debenture in substantially the same form
as the Canadian Debenture, and take such other actions as the Collateral Agent shall request in order to create and/or perfect a Lien in favor of the Collateral Agent on any Mortgaged Property of such Loan Party, and (ii) with respect to any
Mortgaged Property of any Loan Party (whether or not mortgaged on the Closing Date or thereafter), the applicable Loan Party shall, upon the request of the Administrative Agent, cause such Loan Party to deliver a mortgagee’s title insurance
policy and survey of such Mortgaged Property, in each case in form and substance satisfactory to the Collateral Agent, and (iii) upon the request of the Administrative Agent, the Borrowers’ Agent shall deliver legal opinions of one or more
counsel to the applicable Loan Party with respect to each U.S. Mortgage and Security Agreement and Canadian Debenture, addressing such matters as the Administrative Agent or its counsel may reasonably request, including, without limitation, the
enforceability of such Security Documents, and the creation, validity and perfection of the Liens so granted by the applicable Loan Party. 

(f) Upon request of the Administrative Agent, the Loan Parties shall promptly order and, upon completion, provide the Administrative
Agent, an American Society for Testing & Materials (“ASTM”) E1527-05 compliant Phase I Environmental Site Assessment (“ESA”), inclusive of 40 CFR 312 Representations for each Mortgaged Property identified by the
Administrative Agent (in its reasonable discretion), prepared by an environmental consultant reasonably acceptable to the Administrative Agent, in form, scope, and substance reasonably satisfactory to the Administrative Agent, together with a letter
from the environmental consultant permitting the Agents and the Lenders to rely on the environmental assessment as if addressed to and prepared for each of them; provided that, until the occurrence of the First Lien Trigger Event, unless
otherwise required by the Administrative Agent to comply with a Requirement of Law, (i) the Administrative Agent will not request any such items if not also requested by the administrative agent under the Senior Loan Facility and
(ii) delivery to the Administrative Agent of a copy of any such items delivered to the administrative agent under the Senior Loan Facility shall satisfy the requirements of this Section 7.13(f) (so long as a letter from the
environmental consultant described above is obtained). 
 (g) The requirements of the Loan Parties to deliver any of the items
referred to in Section 7.13(e) or (f) may, if so required by the Administrative Agent, be included in a post-closing letter agreement, which, prior to the First Lien Trigger Event, shall be in form and substance substantially
the same as the post-closing letter agreement, if any, delivered pursuant to the terms of the Senior Loan Facility, and thereafter in form and substance satisfactory to the Administrative Agent, including with respect to the designation of the time
periods and properties for the delivery of such items and such letter shall provide that the failure to deliver any such item within the time frame specified for such item shall constitute an Event of Default. Each Loan Party agrees to enter into
such a post-closing letter agreement in form and substance substantially the same as the post-closing letter agreement delivered pursuant to the terms of the Exit Facility on or prior to the Closing Date. Each Lender hereby expressly authorizes the
Administrative Agent to enter into such a post-closing letter agreement providing for the delivery of such items after the Closing Date as provided in this Section 7.13, and authorizes the Administrative Agent to agree to any amendments
thereto acceptable to the Administrative Agent. 
 7.14 [Intentionally Omitted]. 

7.15 Cash Management. 

(a) Maintain all of the Pledged Accounts of the Loan Parties at a Cash Management Bank or the Collateral Agent; and 

 

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 (b) Within 90 days after the Closing Date, implement a cash management system of the Parent
and its Subsidiaries that is reasonably acceptable to the Administrative Agent, and make no alterations thereto without the prior written consent of the Administrative Agent. 

7.16 Employment of Chief Financial Officer. With respect to the Parent, on or before the 90th day after the Closing Date, employ a
chief financial officer. 
 7.17 Plan Compliance. Establish, maintain and operate all Employee Benefit Plans, Canadian
Benefit Plans and Canadian Pension Plans so as to comply in all respects with all applicable Laws and the respective requirements of the governing documents for such plans, except for non-compliance that could not reasonably be expected to have a
Material Adverse Effect. 
 SECTION 8. NEGATIVE COVENANTS 

The Borrowers hereby jointly and severally agree that, so long as any amount is owing to any Lender or any Agent hereunder or under any
other Loan Document (except contingent indemnification and expense reimbursement obligations for which no claim has been made), no Borrower shall nor will any Borrower permit any Restricted Subsidiary to, directly or indirectly: 

8.1 Financial Condition Covenants. In each case, solely following the occurrence of a First Lien Trigger Event: 

(a) Minimum Consolidated Net Working Capital. Permit as of the last day of any calendar month, the Consolidated Net Working
Capital to be less than $150,000,000. 
 (b) Minimum Cash Interest Coverage Ratio. Permit as of any measurement date
specified below, the Cash Interest Coverage Ratio for the Applicable Measurement Period ended on such date to be less than the amount specified below for such date: 
  

			
	 Measurement Date
	  	Minimum Cash Interest
Coverage Ratio
	 March 31, 2010, and the last day of each calendar month thereafter through June 30, 2010
	  	1.15
		
	 July 31, 2010, and the last day of each calendar month thereafter through December 31, 2010
	  	1.30
		
	 January 31, 2011, and the last day of each calendar month thereafter through June 30, 2011
	  	1.50
		
	 July 31, 2011, and the last day of each calendar month thereafter through December 31, 2011
	  	1.70
		
	 January 31, 2012, and the last day of each calendar month through March 31, 2012
	  	1.85
		
	 April 30, 2012, and the last day of each calendar month thereafter
	  	1.90

  

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 (c) Minimum Tangible Capital Base. Permit at any time the Consolidated Tangible
Capital Base of the Parent and its Subsidiaries to be less than the Minimum Consolidated Tangible Capital Base applicable on such date. 

(d) Maximum Consolidated Leverage Ratio. Permit at any time the Consolidated Leverage Ratio to exceed 2.00:1. 

(e) Maximum Total Net Funded Debt to EBITDA. Permit as of any measurement date specified below, the ratio of Total Net Funded Debt
as of such date to Consolidated EBITDA for the Applicable Measurement Period ended on such date to be greater than the amount specified below for such date: 
  

			
	 Measurement Date
	  	Maximum Ratio of Total
Net Funded Debt to
EBITDA
	 July 31, 2010, and the last day of each calendar month thereafter through October 31, 2010
	  	4.70
		
	 November 30, 2010, and the last day of each calendar month thereafter through December 31, 2010
	  	4.20
		
	 January 31, 2011, and the last day of each calendar month through October 31, 2011
	  	3.50
		
	 November 30, 2011, and the last day of each calendar month thereafter
	  	3.05

 (f) Minimum
Cumulative EBITDA. Permit as of the last day of each month, the Consolidated EBITDA for the Applicable Measurement Period ended on the last day of such month to be less than the amount specified below for such month: 

 

				
	 Month
	  	Minimum Cumulative
EBITDA
	 December 2009
	  	$	4,500,000
	 January 2010
	  	$	11,500,000
	 February 2010
	  	$	19,000,000
	 March 2010
	  	$	23,000,000
	 April 2010
	  	$	30,000,000
	 May 2010
	  	$	37,000,000
	 June 2010
	  	$	43,000,000

 ; provided that each of
the financial covenants set forth in this Section 8.1 will be calculated applying the Fresh Start Accounting Adjustment and eliminating the effects of all Disregarded Items. 

 

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 8.2 Limitation on Indebtedness. Create, incur, assume or suffer to exist any
Indebtedness, or permit any preferred stock to be issued or outstanding, except: 
 (a) Indebtedness of the Borrowers and the
other Loan Parties under this Agreement and the other Loan Documents; 
 (b) (i) any Intercompany Subordinated Indebtedness, and
(ii) any Subordinated Indebtedness in an amount outstanding at any time not to exceed $5,000,000; 
 (c) Indebtedness of
the Loan Parties under the Senior Loan Facility in an aggregate principal amount not to exceed at any time the amount permitted under the Intercreditor Agreement; 

(d) Indebtedness outstanding on the date hereof and listed on Schedule 8.2, or any refinancings, refundings, renewals or
extensions thereof (such refinanced, refunded, renewed or extended Indebtedness, “Permitted Refinancing Indebtedness”); provided that, (i) the amount of such Indebtedness is not increased at the time of such refinancing,
refunding, renewal or extension (except any increases due to (A) the refinancing, refunding, renewal or extension of any accrued and unpaid interest or the capitalization of any accrued interest during the term of such Indebtedness being
refinanced, refunded, renewed or extended, and (B) the payment of any premium or other reasonable amount paid, and fees and expenses incurred, in connection with such refinancing, refunding, renewal or extension), (ii) such refinancing,
refunding, renewal or extended Indebtedness shall (A) not have a final maturity prior to the final maturity date of the Indebtedness being refinanced, refunded, renewed or extended and (B) have an average life to maturity equal to or
greater than such Indebtedness, (iii) the terms of such refinancing, refunding, renewal or extension shall not be materially more restrictive taken as a whole than the terms of such Indebtedness, (iv) no guarantee may be entered into in
connection with such refinancing, refunding, renewal or extension unless it is a refinancing of an existing guarantee of such Indebtedness and (v) if the Indebtedness being refinanced, refunded, renewed or extended is subordinated, such
Permitted Refinancing Indebtedness shall be subordinated to at least the same extent, and on terms at least as favorable to the Lenders, as the Indebtedness being refinanced, refunded, renewed or extended; 

(e) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against
insufficient funds in the ordinary course of business; provided, that such Indebtedness (other than credit or purchase cards) is extinguished within one (1) Business Day after notification to the applicable Borrower of its incurrence;
and 
 (f) Indebtedness incurred to finance the acquisition of fixed or capital assets (whether pursuant to a loan, a Financing
Lease or otherwise) in an aggregate principal amount not exceeding, as to the Loan Parties taken as a whole, $15,000,000 at any time outstanding. 

8.3 Limitation on Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether
now owned or hereafter acquired, except for: 
 (a) Liens for taxes, assessments or governmental charges or levies not yet due
and payable or which are being contested in good faith by appropriate proceedings, provided that adequate reserves with respect thereto are maintained on the books of such Loan Party, in conformity with GAAP; 

(b) carriers’, warehousemen’s, mechanics’, builders’, operators’, materialmen’s, repairmen’s,
possessory, joint venturers’ or landlord’s Liens, or other similar Liens arising in the ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good faith by appropriate
proceedings or which have been bonded over or otherwise adequately secured against; 
  

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 (c) pledges or deposits in connection with workers’ compensation, unemployment
insurance and other social security legislation; 
 (d) deposits or bonds to secure the performance of bids, trade contracts
(other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(e) Permitted Commodities Liens; 

(f) Permitted Cash Management Liens; 

(g) Permitted Senior Facility Liens; 

(h) (i) easements, rights-of-way, restrictions and other similar title exceptions and encumbrances incurred in the ordinary course of
business which, in the aggregate, are not substantial in amount, secure obligations that do not constitute Indebtedness, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the
ordinary conduct of the business of the Loan Parties, and (ii) the reservation in original grants from any Governmental Authority of any land or interest therein and statutory exceptions and reservations from title which do not in any case
materially interfere with the ordinary conduct of the business of the Loan Parties; 
 (i) Liens arising from precautionary Form
UCC financing statements; 
 (j) Liens created pursuant to the Security Documents; 

(k) First Purchaser Liens; 

(l) netting and other offset rights granted by any Loan Party to counterparties under Commodity Contracts and Financial Hedging
Agreements on or with respect to payment and other obligations owed by such Loan Party to such counterparties; 
 (m) Liens in
existence on the Closing Date that are listed, and the property subject thereto described, on Schedule 8.3; 
 (n)
Liens on cash and short-term investments deposited as collateral by a Loan Party under any Commodity Contract or Financial Hedging Agreement with the counterparty (or counterparties) thereto; 

(o) Liens securing judgments for the payment of money not constituting an Event of Default under Section 9.1(i) or securing
appeal or other surety bonds related to such judgments; 
 (p) Liens on a Loan Party’s interest in a Deposit Account,
Commodity Account or a Securities Account that is subject to an Account Control Agreement; provided that, such Liens are specifically permitted by such Account Control Agreement or arise by operation of law; and 

(q) Liens securing Indebtedness of the Loan Parties permitted by Section 8.2(f) incurred to finance the acquisition of fixed
or capital assets, provided that (i) such Liens shall be created substantially simultaneously with the acquisition of such fixed or capital assets, and (ii) such Liens do not at any time encumber any property other than the property
financed by such Indebtedness. 
  

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 8.4 Limitation on Fundamental Changes. Enter into any merger, consolidation or
amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all of its property, business or assets of such Loan Party,
except for the following, in each case so long as, at the time thereof and immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing: 

(a) the merger, consolidation, amalgamation or liquidation of any Subsidiary into a Borrower in a transaction in which such Borrower is
the surviving or resulting entity; 
 (b) the merger, consolidation, amalgamation or liquidation of any Subsidiary (other than a
Borrower) into or with a Restricted Subsidiary or the merger, consolidation, amalgamation or liquidation of any Person into a Restricted Subsidiary or pursuant to which such Person will become a Restricted Subsidiary in a transaction in which the
resulting or surviving entity is a Restricted Subsidiary; and 
 (c) the conveyance, sale, lease, assignment, transfer or
disposal of all, or substantially all, of the property, business or assets of a Loan Party to another Loan Party. 
 8.5
Restricted Payments. Declare or pay any dividend (other than dividends payable solely in common stock of Parent) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption,
defeasance, retirement or other acquisition of, any shares of any class of Capital Stock of the Parent or any Restricted Subsidiary or any warrants or options to purchase any such Capital Stock, whether now or hereafter outstanding, or make any
other distribution in respect thereof, either directly or indirectly, whether in cash or Property or in obligations of Parent or any Subsidiary (such declarations, payments, setting apart, purchases, redemptions, defeasances, retirements,
acquisitions and distributions, being herein called “Restricted Payments”), except any Loan Party may make Restricted Payments to another Loan Party. 

8.6 Limitation on Sale of Assets. Convey, sell, lease, assign, transfer or otherwise dispose of any of its property, business or
assets (including Accounts Receivable and leasehold interests), whether now owned or hereafter acquired, or, in the case of any Restricted Subsidiary, issue or sell or permit the issuance or sale of any shares of such Restricted Subsidiary’s
Capital Stock to any Person other than a Borrower or any wholly owned Subsidiary, except the following (collectively, “Permitted Dispositions”): 

(a) the sale or other disposition of obsolete or worn out property in the ordinary course of business; 

(b) the sale or other disposition of any property in the ordinary course of business, provided that (other than inventory) the aggregate
book value of all assets so sold or disposed of in any period of twelve consecutive months shall not exceed $1,000,000; 
 (c)
the sale of Commodities in the ordinary course of business; 
 (d) sales or other dispositions of Investments permitted under
Section 8.9 in the ordinary course of business; 
 (e) the sale or discount without recourse of accounts receivable
arising in the ordinary course of business in connection with the compromise or collection thereof; 
  

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 (f) leases or subleases of real property not material to the business of any Loan Party
entered into in the ordinary course of business; 
 (g) the disposition or forfeiture of the applicable Loan Party’s equity
interest in Wyckoff pursuant to (i) a settlement of a claim with a counterparty of Wyckoff or (ii) foreclosure by such counterparty; and 

(h) Dispositions permitted by Section 8.4(c). 

8.7 Limitation on Use of Proceeds from Asset Sales of Unrestricted Subsidiaries. Permit any Unrestricted Subsidiary to convey,
sell, lease, assign, transfer or otherwise dispose of any of its property, business or assets (including receivables and leasehold interests), whether now owned or hereafter acquired, or issue or sell, or permit the issuance or sale of, any shares
of such Unrestricted Subsidiary’s Capital Stock to any Person other than a Borrower or any wholly owned Subsidiary thereof, other than a Permitted Disposition, with a value in excess of $5,000,000 unless the Net Cash Proceeds are applied to
repay Indebtedness of such Unrestricted Subsidiary, Indebtedness under the Senior Loan Facility or the Obligations. 
 8.8
Limitation on Capital Expenditures. Make or commit to make (by way of the acquisition of securities of a Person or otherwise) at any time Capital Expenditures, except: 

(a) Approved Capex; and 

(b) upon ten (10) Business Days’ written notice to the Administrative Agent, so long as no Default or Event of Default has
occurred and is continuing or would result therefrom, the Loan Parties may make Capital Expenditures in an aggregate amount not to exceed 50% of Excess Cash Flow of the prior Fiscal Year; provided that the making of any such Capital
Expenditures does not reduce any prepayment required under Section 4.7(a); provided further that prior to such Capital Expenditure, the Administrative Agent shall have received from the Borrowers’ Agent a calculation
of the financial covenants in Section 8.1 demonstrating pro forma compliance with such covenants after giving effect to such Capital Expenditure. 

8.9 Limitation on Investments, Loans and Advances. Make any Investment in any Person, except: 

(a) extensions of trade credit in the ordinary course of business (including, for the avoidance of doubt, ordinary course extensions of
credit under Commodity Contracts and, if addressed by the Applicable Risk Management Policy, Financial Hedging Agreements, in each case in accordance with the Applicable Risk Management Policy); 

(b) Investments in Cash Equivalents; 

(c) Investments by any Loan Party in any other Loan Party; 

(d) Investments consisting of cash and Cash Equivalents posted as collateral to satisfy margin requirements with counterparties of
Commodity Contracts or Financial Hedging Agreements of the Borrowers or the Subsidiaries; 
  

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 (e) Investments (including debt obligations and equity securities) received in connection
with the bankruptcy, insolvency, arrangement or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customer and suppliers arising in the ordinary course of business; and 

(f) Investments in existence on the Closing Date and listed on Schedule 8.9, together with any renewals and extensions
thereof so long as the principal amount of such renewal or extension does not exceed the original principal amount of such Investment. 

8.10 Limitation on Payments and Modifications of Debt Instruments. (i) Make any payment or prepayment on or redemption or
purchase of any Subordinated Indebtedness, other than with the proceeds of Permitted Refinancing Indebtedness, (ii) amend, modify or change in any material respect, or consent or agree to any material amendment, modification or change to any of
the terms of (x) any such Subordinated Indebtedness (other than any such amendment, modification or change which would extend the maturity or reduce the amount of any payment of principal thereof or which would reduce the rate, increase the
non-cash portion of the rate or extend the date for payment of interest thereon or that would relax or waive any covenant therein) that could reasonably be expected to be adverse to the interests of the Lenders or (y) the Senior Loan Facility
(other than in accordance with the Intercreditor Agreement), in each case, without the consent of the Required Lenders, such consent not to be unreasonably withheld or delayed, or (iii) amend the subordination or related provisions of any
Subordinated Indebtedness. 
 8.11 Limitation on Transactions with Affiliates. Engage in any transaction with any
Affiliate or Subsidiary (other than a Loan Party) unless such transaction is (a) otherwise permitted under this Agreement and (b) on terms no less favorable in all material respects to such Loan Party than it would obtain in a comparable
arm’s length transaction with a Person which is not an Affiliate or Subsidiary. 
 8.12 Accounting Changes. Make any
material change in its accounting treatment or reporting practices, except as required by GAAP, or change its Fiscal Year. At the end of any calendar year during which any such change has occurred, the affected Loan Party shall prepare and deliver
to the Administrative Agent (for its distribution to the Lenders) an explanatory statement, in form and substance reasonably satisfactory to the Administrative Agent, reconciling the previous treatment or practice with the new treatment or practice.

 8.13 Limitation on Negative Pledge Clauses. Enter into, or permit to exist, with any Person any agreement which
effectively prohibits or limits the ability of a Loan Party to create, incur, assume or suffer to exist any Lien upon or otherwise transfer any interest in any of its property, assets or revenues as Collateral, whether now owned or hereafter
acquired, other than: 
 (a) this Agreement and the other Loan Documents; 

(b) the Senior Loan Facility and the other “Loan Documents” (as defined therein); 

(c) any industrial revenue bonds, purchase money mortgages or Financing Leases permitted by this Agreement (in which cases, any
prohibition or limitation shall only be effective against the assets financed thereby); 
 (d) leases or other documents
containing restrictions on assignment entered into in the ordinary course of business; 
 (e) licensing agreements or management
agreements with customary provisions restricting assignment, entered into in the ordinary course of business; 
  

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 (f) joint venture agreements containing customary and standard provisions regarding
ownership and distribution of the assets or equity interests of such joint venture; 
 (g) agreements that neither restrict the
Collateral Agent’s or Lenders’ ability to obtain liens on Collateral nor restrict the Collateral Agent’s and Lenders’ ability to exercise the remedies available to them under applicable Law and the Security Documents, subject to
liens permitted hereunder; provided that, in no event shall such agreements restrict the payment of the Loans and other Obligations; 

(h) agreements entered into by a Loan Party with a third party customer or supplier of such Loan Party in the ordinary course of business
with respect to a transaction that places restrictions on a portion of the cash of such Loan Party in an amount reasonably related to the amount of such transaction on terms consistent with the past practice of such Loan Party; 

(i) agreements entered into in the ordinary course of business with commodity storage, transportation and/or processing facilities that
prohibit Liens on the commodities that are the subject thereof; 
 (j) Commodity Contracts; 

(k) agreements purporting to prohibit the existence of any Liens upon, or transferring of any interest in, any Excluded Asset (as such
term is defined in the New York Security Agreement and/or the Canadian Security Agreement, as applicable); and 
 (l) agreements
with respect to assets, the aggregate value of which assets at any one time outstanding does not exceed $2,500,000. 
 8.14
Limitation on Lines of Business. Enter into any business except for those lines of business in which the Loan Parties are engaged on the date of this Agreement. 

8.15 Governing Documents. Amend its Governing Documents, in any manner that could reasonably be expected to be materially adverse
to the interests of the Lenders and the Agents, without the prior written consent of the Required Lenders, which shall not be unreasonably withheld or delayed. 

8.16 Limitation on Modification of Risk Management Policy. Modify or fail to adhere with the terms of the Applicable Risk
Management Policy. 
 8.17 Limitation on Sales and Leasebacks. Enter into any arrangement with any Person providing for
the leasing by any Loan Party of real or personal property which has been or is to be sold or transferred by any Loan Party to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such
property or rental obligations of such Loan Party. 
 8.18 Employee Benefit Plans and Canadian Pension Plans. 

(a) Permit an amendment to any Canadian Plan that would increase the liabilities of such plan or which would result in a material
increase in contributions to fund any such liabilities to the extent such increase could reasonably be expected to have a Material Adverse Effect. 

(b) Fail to perform any obligation in respect of any Canadian Plan in a timely fashion and in accordance with the terms of such plan, any
funding agreements and all applicable Requirements of Law applicable to such Canadian Plan (including any funding, investment and administration obligations), to the extent such failure could reasonably be expected to have a Material Adverse Effect.

  

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 SECTION 9. EVENTS OF DEFAULT 

9.1 Events of Default. If any of the following events shall occur and be continuing: 

(a) (i) Any Borrower shall fail to pay any principal of any Loan when due in accordance with the terms thereof or hereof; or
(ii) any Loan Party shall fail to pay any interest on any Loan, or any other amount payable hereunder or under any of the other Loan Documents, within two (2) Business Days after such interest or other amount becomes due in accordance with
the terms thereof or hereof; or 
 (b) Any representation or warranty made or deemed made by any Loan Party herein or in any
other Loan Document or which is contained in any certificate, document or financial or other statement furnished by it (or by the Borrowers’ Agent on its behalf) at any time under or in connection with this Agreement or any such other Loan
Document shall prove to have been incorrect in any material respect on or as of the date made or deemed made; or 
 (c) (i) Any
Loan Party shall default in the observance or performance of any covenant contained in any of Sections 7.1 (other than Section 7.1(j)), 7.2 (other than Sections 7.2(e), (g), (h) and (i)), 7.4,
7.5, 7.7(a) or (b), or 8, Section 5 of the New York Security Agreement or Section 6 of the Canadian Security Agreement, or (ii) any Loan Party shall default in the observance or performance of any covenant
contained in Section 7.10 or with respect to any position limit in the Applicable Risk Management Policy for a period of four (4) Business Days; or 

(d) Any Loan Party shall default in the observance or performance of any other obligation contained in this Agreement or any other Loan
Document (other than as provided in paragraphs (a), (b) and (c) of this Section 9), and such default shall continue unremedied for a period of 30 days; or 

(e) Any Loan Party shall (A) default in any payment of principal of or interest on any Indebtedness (other than the Loans or under
the Senior Loan Facility) or in the payment of any Guarantee Obligation, beyond the period of grace (not to exceed thirty (30) days), if any, provided in the instrument or agreement under which such Indebtedness or Guarantee Obligation was
created, if the aggregate amount of the Indebtedness and/or Guarantee Obligations of any Loan Party in respect of which such default or defaults shall have occurred is at least $5,000,000; (B) default in the observance or performance of any
other agreement or condition relating to any such Indebtedness or such Guarantee Obligation (in each case involving the amounts specified in clause (A) above) or contained in any instrument or agreement evidencing, securing or relating thereto,
or any other event shall occur or condition exist, the effect of which default or other event or condition is to (1) in the case of any Financial Hedging Agreement or a Commodity OTC Agreement, cause such Financial Hedging Agreement or
Commodity OTC Agreement to be in default or terminated and (2) in the case of any other Indebtedness, to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Guarantee Obligation (or a trustee
or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or such Guarantee Obligation to become payable; or

 (f) (i) the acceleration of the maturity of any Indebtedness under the Senior Loan Facility; or (ii) Parent or any of
its Subsidiaries shall (A) default in any payment of principal of or interest on any Indebtedness under any Unrestricted Subsidiary Facility beyond the period of grace (not to exceed thirty (30) days), if any, provided in the instrument or
agreement under which such 
  

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Indebtedness was created, or (B) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement
evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness to cause, with the giving of
notice if required, such Indebtedness to become due prior to its stated maturity or (iii) the SemEuro Financing shall not have been consummated on the Business Day following the Closing Date; or 

(g) (i) Any Loan Party shall commence any case, proceeding or other action (A) under any existing or future Law of any jurisdiction,
domestic or foreign, relating to bankruptcy, insolvency, reorganization, arrangement, liquidation, winding-up or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent,
or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar
official for it or for all or any substantial part of its assets, or any Loan Party shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against any Loan Party any case, proceeding or other action
of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of thirty (30) days;
or (iii) there shall be filed against any Loan Party organized under the Laws of Canada or any political subdivision thereof (A) any proposal to creditors (under Canadian bankruptcy or insolvency Law), or (B) any notice of intent to
file such a proposal, or (iv) there shall be commenced against any Loan Party any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its
assets which results in the entry of an order for any such relief with regard to all or any substantial part of its assets, which shall not have been vacated, discharged, or stayed or bonded pending appeal within 30 days from the entry thereof; or
(v) any Loan Party shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), (iii) or (iv) above; or (vi) any Loan Party shall
generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or 
 (h)
(i) Any Person shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated funding deficiency” (as defined in
Section 302 of ERISA), whether or not waived, shall exist with respect to any Plan or any Lien in favor of the PBGC or a Single Employer Plan or Multiemployer Plan shall arise on the assets of any Loan Party or any Commonly Controlled Entity,
(iii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of
proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes
of Title IV of ERISA, (v) the Loan Parties or any Commonly Controlled Entity incur, or in the reasonable opinion of the Required Lenders are likely to incur, any liability in connection with a complete or partial withdrawal from, or the
Insolvency, Reorganization or termination of, a Multiemployer Plan or (vi) any other event or condition shall occur or exist with respect to a Single Employer Plan or Multiemployer Plan; and in each case in clauses (i) through
(vi) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to have a Material Adverse Effect; or 

(i) One or more judgments or decrees shall be entered against any Loan Party involving in the aggregate a liability (not paid or
fully covered by insurance) of $5,000,000 or more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within thirty (30) days from the entry thereof; or 

 

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 (j) (i) Any of the Security Documents shall cease, for any reason, to be in full force
and effect, or any Loan Party shall so assert or (ii) the Lien created by any of the Security Documents shall cease to be enforceable and of the same effect and priority purported to be created thereby; or 

(k) the Guarantee shall cease, for any reason (other than by reason of the express release thereof pursuant to Section 11.6),
to be in full force and effect or the Parent or any Subsidiary of the Parent shall so assert; or 
 (l) (i) Any agreement or
provision pertaining to the subordination of any Subordinated Indebtedness (or any related provision) under a subordination agreement shall cease, for any reason, to be effective or in full force and effect, or (ii) any other material provision
of the Intercreditor Agreement shall cease to be in full force and effect, or any Senior Claimholder or Excluded Senior Claimholder (each as defined in the Intercreditor Agreement) or Loan Party shall so assert; or 

(m) Any Change of Control shall occur; or 

(n) Any event shall occur which has had or is reasonably likely to have a Material Adverse Effect; or 

(o) A direction of compliance, temporary or otherwise, is issued pursuant to applicable pension benefits standards Law by the pension
standards regulator having jurisdiction over a Canadian Pension Plan, or equivalent or analogous order or directive under any applicable pension benefits standards Laws, in respect of a Canadian Pension Plan or a change is made to applicable pension
benefits standards Laws that directly or indirectly requires the payment of, or directly or indirectly results in the obligation to pay, any monetary amount in respect of such Canadian Pension Plan, where such payment(s) or obligation(s) to pay
(individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect; 
 then, and in any such event, (A) if
such event is an Event of Default specified in clause (i) or (ii) of paragraph (g) of this Section 9 with respect to any Borrower, the Loans hereunder (with accrued interest thereon) and all other amounts owing under this
Agreement shall immediately become due and payable, and (B) if such event is any other Event of Default, then, subject to the Intercreditor Agreement, with the consent of the Required Lenders, the Administrative Agent may, or upon the
request of the Required Lenders, the Administrative Agent shall, by notice to the Borrowers’ Agent, declare the Loans and all other amounts owing under this Agreement to be due and payable forthwith, whereupon the same shall immediately become
due and payable. 
 SECTION 10. THE AGENTS 

10.1 Appointment. Each Lender hereby irrevocably designates and appoints the Agents as the agents of such Lender under this
Agreement and the other Loan Documents, and each such Lender irrevocably authorizes each Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and
perform such duties as are expressly delegated to such Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere
in this Agreement, no Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Agreement or any other Loan Document or otherwise exist against any Agent. 
  

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 10.2 Delegation of Duties. Each Agent may execute any of its duties under this
Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the negligence or misconduct of any
agents or attorneys-in-fact selected by it with reasonable care. 
 10.3 Exculpatory Provisions. Neither any Agent nor
any of its officers, directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates (each an “Agent-Related Person”) shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person
under or in connection with this Agreement or any other Loan Document (except for its or such Person’s own gross negligence or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements,
representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the
Administrative Agent under or in connection with, this Agreement or any other Loan Document (including in any audit prepared by the Administrative Agent’s internal auditor) or for the value, validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party to perform its obligations hereunder or thereunder. The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. 

10.4 Reliance by Agents. Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any Note, writing,
resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made
by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Loan Parties or any Unrestricted Subsidiary), independent accountants and other experts selected by such Agent with
reasonable care. The Agents may deem and treat the payee of any Note as the owner thereof for all purposes unless a notice of assignment, negotiation or transfer thereof shall have been filed with such Agent. Each Agent shall be fully justified in
failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or such greater percentage of Lenders as shall be required therefor under
Section 11.2) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.
Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or such greater percentage of Lenders as shall be
required therefor under Section 11.2) and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Lenders and all future holders of the Loans and all other Obligations. 

10.5 Notice of Default. No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default
hereunder unless such Agent has received notice from a Lender, or a Loan Party referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the
Administrative Agent receives such a notice, the Administrative Agent shall promptly give notice thereof to the Lenders. The Agents shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the
Required Lenders; provided that unless and until an Agent shall have received such directions, such Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of
Default as it shall deem advisable in the best interests of the Lenders. 
  

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 10.6 Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges
that none of the Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates has made any representations or warranties to it and that no act by any Agent hereinafter taken, including any
review of the affairs of any Borrower or other Loan Party or any audit performed by the Administrative Agent’s internal auditor, shall be deemed to constitute any representation or warranty by any Agent to any Lender. Each Lender represents to
the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations,
property, financial and other condition and creditworthiness of the Borrowers and the other Loan Parties and made its own decision to extend credit to the Borrowers hereunder and enter into this Agreement. Each Lender also represents that it will,
independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking
action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Borrowers and other
Loan Parties. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent or Collateral Agent hereunder or under any of the other Loan Documents, no Agent shall have any duty or
responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of the Borrowers and other Loan Parties which may come into
the possession of such Agent or any of its respective officers, directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates. Without limiting the generality of the foregoing, no Agent shall have any duty to monitor the Collateral or
the reporting requirements or the contents of reports delivered by the Borrowers. Each Lender assumes the responsibility of keeping itself informed at all times. 

10.7 Indemnification. The Lenders agree to indemnify each Agent and each other Agent-Related Person in its capacity as such (to
the extent not reimbursed by the Borrowers and without limiting the obligation of the Borrowers to do so), ratably according to their respective Term Loan Percentages in effect on the date on which indemnification is sought, from and against any and
all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including, without limitation, at any time following the payment of the Loans) be
imposed on, incurred by or asserted against such Agent or other Agent-Related Person in any way relating to or arising out of this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the
transactions contemplated hereby or thereby or any action taken or omitted by such Agent or other Agent-Related Person under or in connection with any of the foregoing; provided that, no Lender shall be liable for the payment of any portion
of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting solely from such Agent’s or other Agent-Related Person’s gross negligence or willful misconduct. The
agreements in this Section 10.7 shall survive the payment of the Loans and all amounts payable hereunder. 
 10.8
Agent in Its Individual Capacity. Each Agent and its Subsidiaries and Affiliates may make loans and other extensions of credit to, accept deposits from and generally engage in any kind of business with the Borrowers and the other Loan Parties
and their Subsidiaries as though such Agent were not an Agent hereunder and under the other Loan Documents. With respect to the Loans made by it, each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as
any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity. Without limiting the foregoing, (i) the Lenders hereby
acknowledge that Bank of America is the “Documentation Agent”, a “Lender”, an “Issuing Lender” and a member of the Instructing Group (each as defined in the Exit Facility) under the Exit Facility and that, in such
capacities, Bank of America has or may have interests, or take actions, that may conflict with the interests of the Lenders and (ii) the Lenders hereby waive any such conflict of interests and agree that Bank of America shall have no duty to
disclose to the Lenders or use on behalf of the Lenders any information whatsoever derived from its role or activities in any such capacity. 
  

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 10.9 Successor Agents. 

(a) The Administrative Agent and the Collateral Agent may resign as the Administrative Agent or the Collateral Agent, as applicable, upon
30 days’ notice to the Lenders. If the Administrative Agent or the Collateral Agent shall resign as the Administrative Agent or the Collateral Agent, as applicable, under this Agreement and the other Loan Documents, then the Required Lenders
shall appoint from among the Lenders (unless no Lender is willing to act as such Agent, in which case, such Agent may be any Person approved by the Required Lenders)a successor Administrative Agent or Collateral Agent, as applicable, for the
Lenders, which successor Administrative Agent or Collateral Agent shall be approved by the Borrowers’ Agent (which approval shall not be unreasonably withheld and shall not be required during the continuance of an Event of Default), whereupon
such successor Administrative Agent or Collateral Agent shall succeed to the rights, powers and duties of the Administrative Agent or the Collateral Agent, as applicable, and the term “Administrative Agent” or “Collateral Agent”,
as applicable, shall mean such successor Administrative Agent or the Collateral Agent effective upon such appointment and approval, and the former Administrative Agent’s or Collateral Agent’s rights, powers and duties as Administrative
Agent or Collateral Agent, as applicable, shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or Collateral Agent, as applicable, or any of the parties to this Agreement or any holders of the
Loans or other Obligations. After any retiring Administrative Agent’s or Collateral Agent’s resignation as Administrative Agent or Collateral Agent, the provisions of this Section 10 shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was Administrative Agent or Collateral Agent, as applicable, under this Agreement and the other Loan Documents, including any actions taken in connection with the transfer of any rights, powers, duties,
information or collateral to the successor Administrative Agent or Collateral Agent. If no successor Administrative Agent or Collateral Agent has accepted appointment as Administrative Agent or Collateral Agent by the date which is 30 days following
a retiring Administrative Agent’s or Collateral Agent’s, as applicable, notice of resignation, the retiring Administrative Agent’s or Collateral Agent’s resignation shall nevertheless thereupon become effective and the Lenders
shall perform all of the duties of the Administrative Agent or the Collateral Agent, as applicable, hereunder and under the other Loan Documents until such time, if any, as the Required Lenders appoint a successor agent as provided for above.

 (b) In the event the retiring Collateral Agent’s resignation becomes effective and a successor agent has not been
appointed, the retiring Collateral Agent shall continue to act, as the Collateral Agent (in such capacity, the “Retiring Collateral Agent”), for the purpose of perfecting Liens granted by the Loan Parties under the Security
Documents, with respect to (i) all Collateral in which the Lien therein can be perfected by the possession or control thereof or of any account in which such Collateral is held, to the extent any such Collateral or account is in the possession
or under the control of the Retiring Collateral Agent, or of agents or bailees of the Retiring Collateral Agent, (ii) all Collateral which from time to time, or at any time, are evidenced by a (or have a related) certificate of title, document
or instrument which reflects the Collateral (in its individual capacity or in its capacity as collateral agent) as the secured party thereon, (iii) all real property Collateral in which the related mortgage or similar filings made with the
applicable Governmental Authorities reflect the Retiring Collateral Agent (in its individual capacity or in its capacity as collateral agent) as the secured party thereon, and (iv) all other Collateral in which the Lien therein can be perfected
by making a filing with a Governmental Authority or other Person (including, without limitation, intellectual property Collateral and Collateral in which the Lien therein can be perfected by filing a UCC financing or similar statement) to the extent
such filing reflects the Retiring Collateral Agent (in its individual capacity or in its capacity as collateral agent) as the secured party thereon. Each of the Lenders hereby agrees to the appointment of the Retiring Collateral Agent as provided in
this Section 10.9(b). All parties hereto agree that the Retiring 
  

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Collateral Agent shall continue to have a perfected security interest in the Collateral, which security interest shall be created pursuant to the applicable Security Documents and held for the
benefit of the Secured Parties in accordance with the terms thereof and that the provisions of this Section 10 shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it as the Retiring
Collateral Agent under this Agreement and the other Loan Documents, including the authorization on behalf of all of the Lenders provided in accordance with Section 10.10. Each of the parties hereto hereby agrees that neither the Retired
Collateral Agent nor any of its officers, directors, employees or agents shall be responsible for any act or failure to act under or as a result of this Section 10.9(b), and that all provisions set forth in Section 10.7 and
Section 11.7 of this Agreement shall continue in effect for the Retired Collateral Agent and its officers, directors, employees and agents while it is acting as the Retired Collateral Agent. Notwithstanding the foregoing, nothing herein
contained shall be construed as requiring or obligating the Retired Collateral Agent to take or perform any action which the Collateral Agent is required to perform under this Agreement. 

10.10 Collateral Matters. 

(a) The Collateral Agent is authorized on behalf of all of the Lenders, without the necessity of any notice to or further consent from
the Lenders, from time to time to take any action with respect to any Collateral or the Loan Documents which may be necessary to perfect and maintain the security interest in and Liens upon the Collateral granted pursuant to the Loan Documents.

 (b) The Lenders irrevocably authorize the Collateral Agent, at its option and in its discretion, to release any Lien granted
to or held by the Collateral Agent upon any Collateral (i) upon payment in full of all Loans and all other Obligations known to the Collateral Agent and payable under this Agreement or any other Loan Document (except indemnification obligations
for which no claim has been made and of which no Responsible Person of any Loan Party has knowledge); (ii) constituting property sold or to be sold or disposed of as part of or in connection with any disposition permitted hereunder (other than
a disposition to another Loan Party); (iii) constituting property in which the Loan Parties owned no interest at the time the Lien was granted or at any time thereafter; (iv) constituting property leased to a Loan Party under a lease which
has expired or been terminated in a transaction permitted under this Agreement or is about to expire and which has not been, and is not intended by the Loan Parties to be, renewed or extended; (v) consisting of an instrument evidencing
Indebtedness or other debt instrument, if the indebtedness evidenced thereby has been paid in full; (vi) if approved, authorized or ratified in writing by the portion of the Lenders required by Section 11.2; or (vii) in
accordance with the terms of the Intercreditor Agreement. Upon request by the Collateral Agent at any time, the Lenders will confirm in writing the Collateral Agent’s authority to release particular types or items of Collateral pursuant to this
Section 10.10; provided that, the absence of any such confirmation for whatever reason shall not affect the Collateral Agent’s rights under this Section 10.10. 

(c) The Collateral Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or
attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Collateral Agent shall not be responsible for the negligence or misconduct of any agents or attorneys in fact selected by it with
reasonable care. 
  

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 SECTION 11. MISCELLANEOUS 

11.1 The Borrowers’ Agent. 

(a) Each Borrower hereby appoints Parent to act on its behalf as the agent for the Borrowers (in such capacity, the
“Borrowers’ Agent”) hereunder and under the other Loan Documents and has authorized the Borrowers’ Agent to take such actions on its behalf and to exercise such powers as are delegated to the Borrowers’ Agent by the
terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto, and that the Borrowers’ Agent hereby accepts such appointment. Such appointment shall not be terminated or revoked without the consent of the
Administrative Agent. 
 (b) The Borrowers’ Agent shall not have any duties or obligations except those expressly set forth
herein and in the other Loan Documents. In addition, the Borrowers’ Agent shall not be liable to the Lenders, the Agents or any Borrower for any action taken or not taken by it (i) with the consent or at the request of such Person or
(ii) in the absence of its own gross negligence or willful misconduct. 
 11.2 Amendments and Waivers. Neither this
Agreement nor any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 11.2. Amendments, supplements and modifications to the Loan
Documents that expressly require the consent of the Administrative Agent and do not require the consent of the Lenders or any subset of the Lenders may be entered into by the Administrative Agent and the Loan Parties party thereto without the
consent of the Lenders. Otherwise, the Required Lenders may, or, with the written consent of the Required Lenders, the Administrative Agent may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to
the other Loan Documents with the Loan Parties party thereto for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights and obligations of the Lenders or of the Loan Parties party
thereto hereunder or thereunder or (b) waive or consent to any departure from, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this
Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver or consent and no such amendment, supplement or modification shall: 

(i) reduce the amount or extend the scheduled date of maturity of any Loan or payment Obligation hereunder or any
installment thereof, or reduce the stated rate of any interest or fee payable hereunder or extend the scheduled date of any payment thereof, in each case without the additional written consent of each Lender affected thereby, or 

(ii) increase the aggregate principal amount of the Term Loans, other than in accordance with Section 4.2(d),
without the written consent of all of the Lenders; or 
 (iii) (A) amend, modify or waive (1) any provision
of Section 4.9(a) or (b) (in a manner that would alter the pro rata sharing of payments), this Section 11.2 or Section 11.9 (in a manner that would alter the pro rata sharing of payments), or
(2) the application of payments in Section 8(b) of the New York Security Agreement, Section 9(b) of the Canadian Security Agreement, Section 9 of the New York Pledge Agreement, Section 10(a) of the Canadian Pledge Agreement
or in any other Loan Document, or (B) change the percentage specified in the definition of Required Lenders, or (C) consent to the assignment or transfer by any of the Borrowers of any of their rights and obligations under this Agreement
and the other Loan Documents, in each case without the written consent of all of the Lenders, or 
 (iv) change
the percentage specified in the definition of Required Lenders without the written consent of all of the Lenders, or 
  

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 (v) consent to the release by the Collateral Agent of all or substantially
all of the Collateral or release any Guarantor from its Guarantee Obligations under the Guarantee or provide for the Collateral or the Guarantee to no longer secure or guarantee all Obligations ratably, without the written consent of all of the
Lenders, except to the extent such release is required under this Agreement or the Intercreditor Agreement, or 

(vi) amend, modify or waive any provision of Section 10, or any other provision affecting the rights, duties
or obligations of any Agent, without the additional written consent of any Agent directly affected thereby. 
 Any such waiver and any such
amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Agents and all future holders of the Loans and other Obligations. In the case of any waiver, the Loan
Parties, the Lenders and the Agents shall be restored to their former positions and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver
shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 
 11.3
Notices. 
 (a) General. All notices, requests and demands to or upon the respective parties hereto to be
effective shall be in writing (including by facsimile transmission) and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made (a) in the case of delivery by overnight courier or delivery by hand, when
received, (b) in the case of delivery by mail, three (3) Business Days after being deposited in the mails, postage prepaid, or (c) in the case of delivery by facsimile transmission, when sent and receipt has been electronically
confirmed, addressed as follows in the case of the Borrowers and the Administrative Agent, and as set forth in Schedule 1.0 in the case of the other parties hereto, or to such other address as may be hereafter notified by the respective
parties hereto: 
  

			
	The Borrowers:	  	 SemGroup Corporation
 6120
South Yale, Suite 700
 Tulsa, OK 74136

Attention: Chief Executive Officer
 Fax:
918-524-8230

		
	with a copy to:	  	 Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300
 Dallas, Texas
75201
 Attention: Martin Sosland
 Fax:
+1 214-746-7777

		
	The Administrative Agent:	  	 Bank of America, N.A.
 Bank
of America Plaza
 901 Main Street

Dallas, Texas 75202-3714
 Attention: Jack Woodiel

 Phone: 214-209-0955
 Fax:
1-214-209-3533
 Email: jack.woodiel@bankofamerica.com

		
	with a copy to:	  	 Bank of America, N.A.
 1455
Market Street
 San Francisco, California 94103-1399

 

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		  	 Attention: Angela Lau

Phone: 415-436-4000
 Fax: 415-503-5008

Email: angela.lau@bankofamerica.com

		
	with a copy to:	  	 Kaye Scholer LLP
 425 Park
Avenue
 New York, New York 10022

Attention: Margot Schonholtz, Esq.
 Fax:
212-836-6465

 provided that any notice, request or demand to or upon the Administrative Agent or the Lenders pursuant
to Sections 4.3, 4.6, 4.7, and 4.17 shall not be effective until received. 
 (b) Limited
Use of Electronic Mail. Electronic mail and internet and intranet websites may be used only to distribute routine communications, such as financial statements and other information, to distribute Loan Documents for execution by the parties
thereto, and may not be used to deliver any notice hereunder; provided, that if requested by a Lender, the Administrative Agent may also use the foregoing forms of communication to forward to such Lender notices of accounting changes pursuant
to Section 8.12 and notices received by the Administrative Agent pursuant to Section 7.7. 
 (c)
Reliance by Agents and Lenders. The Agents and the Lenders shall be entitled to rely and act upon any notices (including telephonic notices) purportedly given by or on behalf of the Borrowers or the Borrowers’ Agent even if (i) such
notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.
The Borrowers jointly and severally shall indemnify each Agent and each Lender from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrowers and/or the
Borrowers’ Agent. All telephonic notices to and other communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 

11.4 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent,
the Collateral Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or
under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein and in the other Loan Documents provided are cumulative
and not exclusive of any rights, remedies, powers and privileges provided by Law. 
 11.5 Survival of Representations and
Warranties. All representations and warranties made herein, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement.

 11.6 Release of Collateral and Guarantee Obligations. 

(a) Upon any sale or other transfer of any Collateral that is permitted under the Loan Documents by any Loan Party or a sale of all of
the assets of, or all of the Capital Stock of, a Subsidiary in a transaction that is permitted under the Loan Documents (other than a sale, transfer or other disposition to another Loan Party), or upon the effectiveness of any written consent to the
release of the security interest granted hereby in any Collateral pursuant to Section 10.10 hereof, the security interest in such Collateral shall automatically terminate. 

 

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 (b) Upon any sale or other transfer of all of the Capital Stock of any Loan Party that is
permitted or consented to under the Loan Documents (other than a sale or transfer to another Loan Party), the Guarantee of such Loan Party shall automatically be released and terminated. 

(c) Upon payment in full of the Loans and all other Obligations payable under this Agreement or any other Loan Document (except
indemnification obligations for which no claim has been made and of which no Responsible Person of any Loan Party has knowledge), the pledge and security interest granted pursuant to the Loan Documents shall automatically terminate and all rights to
the Collateral shall revert to the applicable Loan Party. Upon any such termination or pursuant to any termination or release as described in Section 11.6(a), the Collateral Agent will, at the applicable Loan Party’s expense,
execute and deliver to such Loan Party such documents as such Loan Party shall reasonably request to evidence such termination. 

11.7 Payment of Expenses and Taxes. The Borrowers agree (a) to pay or reimburse each Agent for all its reasonable and
documented out-of-pocket costs and expenses incurred in connection with the development, preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents and any other documents prepared in connection herewith or
therewith, and the consummation of the transactions contemplated hereby and thereby, including, without limitation, the reasonable and documented fees and disbursements of counsel to each of the Agents (including the fees and expenses of Kaye
Scholer LLP and Fasken Martineau DuMoulin LLP), (b) to pay or reimburse each Agent for all its reasonable and documented out-of-pocket costs and expenses incurred in connection with the administration of, and any amendment, supplement or
modification to, this Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, including, without limitation, the reasonable and documented fees and disbursements of counsel to the Agents
(including the fees and expenses of Kaye Scholer LLP), (c) to pay or reimburse each Lender and each Agent for all its documented costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement,
the other Loan Documents and any such other documents, including, without limitation, the documented fees and disbursements of counsel (excluding the allocated fees and expenses of in-house counsel) to each Agent and each Lender, (d) to pay or
reimburse the Administrative Agent for its documented costs and expenses incurred in connection with any due diligence performed in connection with this Agreement and the other Loan Documents, including the documented fees and disbursements of
counsel to the Administrative Agent (including the fees and expenses of Kaye Scholer LLP), (e) to pay, indemnify, and hold each Lender and each Agent harmless from, any and all recording and filing fees and any and all liabilities with respect
to, or resulting from any delay in paying, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions
contemplated by, or any amendment, supplement or modification of, or any waiver or consent (including the determination of whether or not any such waiver or consent is required) under or in respect of, this Agreement, the other Loan Documents and
any such other documents, and (f) to pay, indemnify, and hold each Lender and the Agents, and each of their respective officers, employees, directors, trustees, agents, advisors, affiliates and controlling persons (each, an
“Indemnitee”), harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the
execution, delivery, enforcement, performance and administration of this Agreement, the other Loan Documents, and any such other documents, including, without limitation, any of the foregoing relating to the violation of, noncompliance with or
liability under, any Environmental Law applicable to the operations of any of the Borrowers, any of their Subsidiaries, or any of the Properties (all the foregoing in this clause (f), collectively, the “Indemnified
Liabilities”), IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, 
  

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OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that, the Borrowers shall have no obligation hereunder to any Indemnitee with respect to
Indemnified Liabilities to the extent such Indemnified Liabilities are found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. The agreements
in this Section 11.7 shall survive repayment of the Loans and all other amounts payable hereunder. 
 11.8
Successors and Assigns; Participations and Assignments. 
 (a) This Agreement shall be binding upon and inure to the
benefit of the Borrowers, the Lenders, the Agents and their respective successors and assigns, except that no Borrower may assign or transfer any of its rights or obligations under this Agreement without the prior written consent of each Lender (and
any purported such assignment or transfer by a Borrower without such consent of each Lender shall be null and void). 
 (b) Any
Lender other, than an Unsigned Lender, may, in accordance with applicable Law, at any time sell to one or more banks, financial institutions or other entities (individually a “Participant” and, collectively, the
“Participants”) participating interests in any Loan owing to such Lender or any other interest of such Lender hereunder or under the other Loan Documents (a “Participation”). In the event of any such sale by a
Lender of a participating interest to a Participant, such Lender’s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such
Lender shall remain the holder of any such Loan or other interest for all purposes under this Agreement and the other Loan Documents, and the Borrowers and the Administrative Agent shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents. In no event shall any Participant under any such participation have any right to approve any amendment to or waiver of any provision of any
Loan Document, or any consent to any departure by any Loan Party therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or the stated rate of interest on, the Loans or any fees payable hereunder, or
postpone the date of the final maturity of the Loans, in each case, to the extent subject to such participation. The Borrowers agree that if amounts outstanding under this Agreement are due or unpaid during an Event of Default, or shall have been
declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall, to the maximum extent permitted by applicable Law, be deemed to have the right of setoff in respect of its participating interest in
amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement; provided that, in purchasing such participating interest, such Participant shall
be deemed to have agreed to share with the Lenders the proceeds thereof as provided in Section 11.9(a) as fully as if it were a Lender hereunder. The Borrowers also agree that each Participant shall be entitled to the benefits of, and
bound by the obligations imposed on the Lenders in, Sections 4.10, 4.11, and 4.14 with respect to its participation in the Loans outstanding from time to time as if it were a Lender. 

(c) Any Lender, other than an Unsigned Lender, may, in accordance with applicable Law, at any time and from time to time assign to any
Lender or any Subsidiary, Affiliate or Approved Fund thereof, or, with the consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed), and, so long as no Default or Event of Default has occurred and is
continuing, the Borrowers’ Agent (which consent shall not be unreasonably withheld or delayed), to any other Person (the “Assignee”), all or any part of its rights and obligations under this Agreement and the other Loan
Documents pursuant to an Assignment and Acceptance, substantially in the form of Exhibit F, appropriately completed (an “Assignment and Acceptance”), executed by such Assignee, such assigning Lender (and, in the case of
an Assignee that is not then a Lender or any Subsidiary, Affiliate or Approved Fund thereof, by the Administrative Agent, and, so long as no Default or Event of Default has occurred 

 

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and is continuing, the Borrowers’ Agent) and attaching the Assignee’s relevant tax forms, administrative details and wiring instructions, and delivered to the Administrative Agent for
its acceptance and recording in the Register; provided that (i) each such assignment to an Assignee (other than any Lender) shall be in an aggregate principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof
(other than in the case of (A) an assignment of all of a Lender’s interests under this Agreement or (B) an assignment to another Lender or to a Subsidiary, an Affiliate or an Approved Fund of such assigning Lender), unless otherwise
agreed by the Administrative Agent and, so long as no Default or Event of Default has occurred and is continuing, Borrowers’ Agent (such amount to be aggregated in respect of assignments to any Lender and the affiliates or Approved Funds
thereof), (ii) in the case of an assignment by a Lender to a Bank CLO managed by such Lender or an affiliate of such Lender, unless such assignment to such Bank CLO has been consented to by the Administrative Agent and Borrowers’ Agent
(such consent not to be unreasonably withheld or delayed), the assigning Lender shall retain the sole right to approve any amendment, waiver or other modification of this Agreement or any other Loan Document; provided that, the Assignment and
Acceptance between such Lender and such Bank CLO may provide that such Lender will not, without the consent of such Bank CLO, agree to any amendment, modification or waiver that requires the consent of each Lender directly affected thereby pursuant
to Section 11.2, and (iii) each Assignee shall comply with the provisions of Section 4.11(e). Upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such
Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder, and (y) the assigning Lender thereunder
shall, to the extent provided in such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and
obligations under this Agreement, such assigning Lender shall cease to be a party hereto). Notwithstanding any provision of this paragraph (c) and paragraph (e) of this Section 11.8, (x) the consent of Borrowers’
Agent shall not be required, and, unless requested by the Assignee and/or the assigning Lender, new Notes shall not be required to be executed and delivered by the Borrowers, for any assignment which occurs at any time when any of the events
described in Section 9.1(g) shall have occurred and be continuing and (y) the Borrowers shall be deemed to have consented to any assignment that requires such consent pursuant to the terms thereof unless it shall object thereto by
written notice to the Administrative Agent within five (5) Business Days after having received notice thereof. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this
Section 11.8 shall be treated for purposes of this Agreement as a sale by such Lender of a Participation in such rights and obligations in accordance with Section 11.8(b). 

(d) The Administrative Agent, on behalf of the Borrowers, shall maintain at the address of the Administrative Agent referred to in
Section 11.3 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders (including all Assignees and successors) and principal
amounts of the Loans and other Obligations owing to each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrowers, the Administrative Agent and the Lenders may (and, in the case
of any Loan or other obligation hereunder not evidenced by a Note, shall) treat each Person whose name is recorded in the Register as the owner of a Loan or other Obligation hereunder as the owner thereof for all purposes of this Agreement and the
other Loan Documents, notwithstanding any notice to the contrary. Any assignment of any Loan or other obligation hereunder, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the
Register. The Register shall be available for inspection by the Borrowers or any Lender at any reasonable time and from time to time upon reasonable prior notice. If any Lender sells a Participation as described in Section 11.8(b), it
shall maintain as agent of the Borrowers, the information described in this paragraph and permit the Administrative Agent and the Borrowers to review such information as reasonably needed for the Administrative Agent and the Borrowers to comply with
their obligations under this Agreement or under any applicable Law or governmental regulation or procedure. 
  

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 (e) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an
Assignee (and, in the case of an Assignee that is not then a Lender (or any Subsidiary, Affiliate or Approved Fund thereof), by the Administrative Agent and, so long as no Default or Event of Default has occurred and is continuing, the
Borrowers’ Agent), together with payment to the Administrative Agent by the assigning Lender of a registration and processing fee of $3,500 (unless waived by the Administrative Agent in its sole discretion), the Administrative Agent shall
(i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto record the information contained therein in the applicable Register and give notice of such acceptance and recordation to the
Lenders and the Borrowers. 
 (f) The Borrowers authorize each Lender to disclose to any Participant or Assignee (each, a
“Transferee”) and any prospective Transferee in each case, any and all financial information in such Lender’s possession concerning the Borrowers, the other Loan Parties, and their Subsidiaries and Affiliates which has been
delivered to such Lender by or on behalf of the Borrowers pursuant to this Agreement or which has been delivered to such Lender by or on behalf of the Borrowers in connection with such Lender’s credit evaluation of the Borrowers, the other Loan
Parties and their Subsidiaries and Affiliates prior to becoming a party to this Agreement; provided that such Transferee shall have agreed to be bound by the provisions of Section 11.17 hereof. 

(g) For avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this Section 11.8 concerning
assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including, without limitation, (i) any pledge or assignment by a Lender of any Loan or Note to
any Federal Reserve Bank in accordance with applicable Law and (ii) any pledge or assignment by a Lender which is a fund to its trustee for the benefit of such trustee and/or its investors to secure its obligations under any indenture or
Governing Documents to which it is a party; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party
hereto. 
 (h) [Intentionally Omitted]. 

11.9 Adjustments; Set-off. 

(a) If any Lender (a “Benefited Lender”) shall at any time receive any payment of all or part of its Loans, or interest
thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 9.1(g), or otherwise), in a greater proportion than any such
payment to or collateral received by any other Lender, if any, in respect of such other Lender’s Loans, or interest thereon, except to the extent specifically provided hereunder, such Benefited Lender shall purchase for cash from the other
Lenders a participating interest in such portion of each such other Lender’s Loan, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to
share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender,
such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. The Borrowers agree that each Lender so purchasing a portion of another Lender’s Loan may exercise all rights
of payment (including, without limitation, rights of set-off) with respect to such portion as fully as if such Lender were the direct holder of such portion. 
  

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 (b) In addition to any rights and remedies of the Lenders provided by Law, each Lender shall
have the right, without prior notice to the Borrowers or the Borrowers’ Agent, any such notice being expressly waived by the Borrowers to the extent permitted by applicable Law, during the existence of an Event of Default, upon any amount
becoming due and payable by a Borrower hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final),
in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or
for the credit or the account of a Borrower. Each Lender agrees promptly to notify the Borrowers and the Administrative Agent after any such set-off and application made by such Lender; provided that, the failure to give such notice shall not
affect the validity of such set-off and application. 
 11.10 Counterparts. This Agreement may be executed by one or more
of the parties to this Agreement on any number of separate counterparts (including by facsimile transmission or electronic mail transmission in portable document format of signature pages hereto), and all of said counterparts taken together shall be
deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile transmission or by electronic mail in portable document format shall be effective as delivery of a manually executed counterpart
hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrowers’ Agent and the Administrative Agent. 

11.11 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 11.12 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

11.13 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK. 
 11.14 Submission to Jurisdiction. Each
Borrower and the Borrowers’ Agent hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any
legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of
New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 

(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have
to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

 

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 (c) agrees that service of process in any such action or proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Borrowers’ Agent at its address set forth in Section 11.3 or at such other address of which the
Administrative Agent shall have been notified pursuant thereto; 
 (d) agrees that nothing herein shall affect the right to
effect service of process in any other manner permitted by Law or shall limit the right to sue in any other jurisdiction; and 

(e) waives, to the maximum extent not prohibited by Law, any right it may have to claim or recover in any legal action or proceeding
referred to in this Section 11.14 any special, exemplary, punitive or consequential damages. 
 11.15
Acknowledgements. Each Borrower hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation,
execution and delivery of this Agreement and the other Loan Documents; 
 (b) none of the Agents nor any Lender has any
fiduciary relationship with or duty to the Loan Parties arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Borrowers and the other Loan Parties, on one hand, and Agents and
Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 
 (c) no joint
venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Loan Parties and the Lenders. 

11.16 WAIVERS OF JURY TRIAL. THE BORROWERS, THE AGENTS AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY
IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

11.17 Confidentiality. 

(a) Each Agent and Lender shall (i) keep confidential (and shall cause its directors, officers, employees, representatives, agents
or auditors (collectively, “Representatives”) to keep confidential) all information that such Lender receives from or on behalf of the Loan Parties other than information that is identified by any of the Loan Parties or the
Borrowers’ Agent as being non-confidential information (all such information that is not so identified being “Confidential Information”); provided that, nothing in this Section 11.17 shall prevent any
Agent or any Lender from (A) disclosing, subject to the terms and requirements of this Section 11.17, such information to a Subsidiary or an Affiliate or its Representatives, (B) disclosing Confidential Information in
connection with the exercise of any remedy hereunder, or (C) using Confidential Information solely for purposes of evaluating and administering the Loans and the Loan Documents, and (ii) subject to Section 11.17(d), not
disclose Confidential Information to Representatives of its Trading Business. 
 (b) Notwithstanding anything in this
Section 11.17 to the contrary, any Confidential Information may be disclosed by any Lender (the affected Lender being, the “Disclosing Party”) if the Disclosing Party is compelled by judicial process or is required by Law or
regulation or is requested to do so by any examiner or any other regulatory authority or recognized self regulatory organization including, without limitation, the New York Stock Exchange, the Federal Reserve Board, the New York State Banking
Department and the Securities & Exchange Commission, in each case having or asserting jurisdiction over the Disclosing Party. 
  

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 (c) The obligations of each Agent and Lender and its Representatives under this
Section 11.17 with respect to Confidential Information shall not apply to any Confidential Information which, as of the date of disclosure by such Agent or Lender or its Representatives is in the public domain or subsequently comes into
the public domain other than as a result of a breach of the obligations of any Agent or Lender or its Representatives hereunder, or any information that was or becomes available to such Agent or Lender or its Representatives from a person or source
that is not, to the knowledge of such Agent or Lender or its Representatives, bound by a confidentiality agreement with the Loan Parties or otherwise prohibited from transferring such information to such Agent or Lender or its Representatives, or
any information which was or becomes available to such Agent or Lender or its Representatives without any obligation of confidentiality prior to its disclosure by or on behalf of the Loan Parties. 

(d) Notwithstanding anything herein to the contrary, each Lender may disclose Confidential Information to those Representatives of its
Trading Business, solely to the extent (i) such disclosure is (A) advisable, in the good faith discretion of such Lender, to assist such Lender in protecting and enforcing its rights under the Loan Documents and other credit facilities
with which such Lender or any of its Subsidiaries or Affiliates has with the Borrowers (or their Subsidiaries or Affiliates) and (B) relevant to such assistance, (ii) such Representatives have been advised of, and agree to, the
confidential nature, and restrictions on use, of such Confidential Information and need to know same in connection with providing such assistance, and (iii) such Confidential Information is not used for any purpose other than that set forth in
this Section 11.17. 
 (e) Each of the Borrowers hereby acknowledges that (a) the Administrative Agent will
make available to the Lenders materials and/or information provided by or on behalf of the Borrowers hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system
(the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Borrowers or their Affiliates, or the
respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. Each of the Borrowers hereby agrees that (w) all Borrower Materials that are
to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower
Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to any of the Borrower or
their securities for purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Confidential Information, they shall be treated as set forth in this
Section 11.17); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent shall be
entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform that is not designated “Public Side Information.” 

11.18 Specified Laws. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the
Borrowers that pursuant to the requirements of the Specified Laws, it is required to obtain, verify and record information that identifies the Borrowers, which information includes the names and addresses of the Borrowers and other information that
will allow such Lender or Administrative Agent, as applicable, to identify the Borrowers in accordance with the Specified Laws. 
  

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 11.19 Certain Matters relating to the Plan of Reorganization and the Canadian Plans of
Reorganization. Notwithstanding anything to the contrary contained herein or in any other Loan Document, (a) any and all payments, distributions, the existence or creation of any Liens or Indebtedness, the creation and/or maintenance of any
Liens, the conversion of all or a portion of Indebtedness into equity and the issuance of securities by any Loan Party, and other transfers of money and other property and creation of contractual and monetary obligations (including, without
limitation, any of the foregoing by Parent or any of its Subsidiaries to any other of Parent or any of its Subsidiaries or by the Parent or any of its Subsidiaries to any specified creditor) made or created or permitted to exist pursuant to the
express provisions of the Plan of Reorganization or any of the Canadian Plans of Reorganization (whether prior to, on or after the Closing Date), (b) any transfer of property pursuant to an order of the Bankruptcy Court or the Alberta Court
approving a motion filed on or before the Closing Date, whether such order is entered before or after the Closing Date, and (c) any transfer of property after the Closing Date that generates proceeds to be distributed to creditors pursuant to
the Plan of Reorganization or any of the Canadian Plans of Reorganization are, in each case, expressly permitted without restriction of any kind, and any such sales or other transfers of money, and other property that are earmarked in the Plan of
Reorganization or any of the Canadian Plans of Reorganization for distribution, directly or indirectly, to specified creditors shall not constitute an Asset Sale or an Extraordinary Receipt and shall not otherwise result in a mandatory prepayment
pursuant to Sections 4.7(c) and (d), and upon any transfer or sale to any such specified creditor, such property shall be free and clear of any Liens created under any of the Security Documents. 

11.20 Intercreditor Agreement. Agent and each of the Lenders agree that the Intercreditor Agreement, and all actions taken under
or pursuant to the Intercreditor Agreement, shall be binding upon each Lender as if it were a direct signatory to the Intercreditor Agreement. Notwithstanding anything to the contrary in this Agreement or in any other Loan Document: 

(a) the payment of the Obligations, including principal, interest and repayment and prepayment premium (if any), now or hereafter due
pursuant to this Agreement and the other Loan Documents, and certain of the other terms and provisions of this Agreement and the other Loan Documents, shall be subject, in each case, to the terms of the Intercreditor Agreement; 

(b) the priority of the Liens and security interests granted to the Agent for the benefit of the Lenders pursuant to this Agreement and
the other Loan Documents and the exercise of any right or remedy related to any Collateral shall be subject, in each case, to the terms of the Intercreditor Agreement; and 

(c) in the event of a conflict between the express terms of this Agreement or any other Loan Document, on the one hand, and of the
Intercreditor Agreement, on the other hand, the terms and provisions of the Intercreditor Agreement shall control. 
 11.21
Execution of Lender Signature Pages; Lender Contact Information. Upon satisfaction of the conditions precedent set forth in Section 6.1, this Agreement shall constitute a legal, valid and binding obligation of each Lender
enforceable against such Lender in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally,
general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. Notwithstanding the prior sentence or any provision in this Agreement to the contrary, the Administrative
Agent shall not make any payments to any Lender under this Agreement, whether of principal, interest or otherwise, and shall hold all such funds on behalf of each Lender until such time as 

 

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the Lender has delivered to the Administrative Agent a signature page to this Agreement duly executed by an authorized officer of such Lender. In addition, the Administrative Agent shall be
entitled to rely on any address and contact information provided to the Prepetition Agent with respect to any Lender for all purposes hereunder and under the other Loan Documents until the Administrative Agent actually receives notice from such
Lender in accordance with Section 11.3(a) of another address or other contact information. 
 [Signature Pages
Follow] 
  

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

			
	
	 SEMGROUP CORPORATION, as Borrowers’ Agent and a Borrower

		
	By:	 	/s/ Norman J. Szydlowski
	Name:	 	Norman J. Szydlowski
	Title:	 	President and Chief Executive Officer
	
	SEMCRUDE, L.P., as a Borrower
		
	By:	 	 SemOperating G.P., L.L.C.
 its
General Partner

		
	By:	 	/s/ Norman J. Szydlowski
	Name:	 	Norman J. Szydlowski
	Title:	 	Chief Executive Officer
	
	SEMSTREAM, L.P., as a Borrower
		
	By:	 	 SemOperating G.P., L.L.C.
 its
General Partner

		
	By:	 	/s/ Norman J. Szydlowski
	Name:	 	Norman J. Szydlowski
	Title:	 	Chief Executive Officer
	
	SEMCAMS ULC, as a Borrower
		
	By:	 	/s/ Darren Marine
	Name:	 	Darren Marine
	Title:	 	President

  

 Signature Page to Term Loan Credit Agreement 

			
	 SEMCANADA CRUDE COMPANY, as a Borrower

		
	By:	 	/s/ Brent Brown
	Name:	 	Brent Brown
	Title:	 	President
	
	SEMGAS, L.P., as a Borrower
		
	By:	 	 SemOperating G.P., L.L.C.
 its
General Partner

		
	By:	 	/s/ Norman J. Szydlowski
	Name:	 	Norman J. Szydlowski
	Title:	 	Chief Executive Officer

  

 Signature Page to Term Loan Credit Agreement 

			
	 AGENTS:
  

BANK OF AMERICA, N.A.,
as Administrative Agent and Collateral Agent

		
	By:	 	/s/ John W. Woodiel III
	Name:	 	John W. Woodiel III
	Title:	 	Senior Vice President

  

 Signature Page to Term Loan Credit Agreement 

 SCHEDULE 1.0 to 

CREDIT AGREEMENT 

Lenders, Term Loans, and Applicable Lending Offices 

On file with Administrative Agent. 

 SCHEDULE 1.1(A) to 

CREDIT AGREEMENT 

[Reserved] 

 SCHEDULE 1.1(B) to 

CREDIT AGREEMENT 

[Reserved] 

 SCHEDULE 1.1(C) to 

CREDIT AGREEMENT 

[Reserved] 

 SCHEDULE 1.1(D) to 

CREDIT AGREEMENT 

Mortgaged Properties 

[Distributed Separately] 

 SCHEDULE 1.1(E) to 

CREDIT AGREEMENT 

[Reserved] 

 SCHEDULE 1.1(F) to 

CREDIT AGREEMENT 

[Reserved] 

 SCHEDULE 1.1(G) to 

CREDIT AGREEMENT 

Initial Loan Parties (other than Borrowers) 
  

	1.	SemGroup Subsidiary Holding, L.L.C., a Delaware limited liability company 

  

	2.	SemManagement, L.L.C., a Delaware limited liability company 

  

	3.	Eaglwing, L.P., an Oklahoma limited partnership 

  

	4.	SemDevelopment, L.L.C., a Delaware limited liability company 

  

	5.	SemFuel, L.P., a Texas limited partnership 

  

	6.	SemFuel Transport LLC, a Wisconsin limited liability company 

  

	7.	SemProducts, L.L.C., an Oklahoma limited liability company 

  

	8.	SemOperating G.P., L.L.C., an Oklahoma limited liability company 

  

	9.	SemCap, L.L.C., an Oklahoma limited liability company 

  

	10.	SemGroup Asia, L.L.C., a Delaware limited liability company 

  

	11.	SemGroup Europe Holding, L.L.C., a Delaware limited liability company 

  

	12.	SemCanada, L.P., an Oklahoma limited partnership 

  

	13.	SemCanada II, L.P., an Oklahoma limited partnership 

  

	14.	SemCAMS Redwillow ULC, a Nova Scotia unlimited company 

  

	15.	SemKan, L.L.C., an Oklahoma limited liability company 

  

	16.	SemGas Gathering, L.L.C., an Oklahoma limited liability company 

  

	17.	SemGas Storage, L.L.C., an Oklahoma limited liability company 

  

	18.	Greyhawk Gas Storage Company, L.L.C., a Delaware limited liability company 

 

	19.	Steuben Development Company, LLC, a Delaware limited liability company 

  

	20.	Grayson Pipeline, L.L.C., an Oklahoma limited liability company 

  

	21.	SemGreen, L.P., a Delaware limited partnership 

  

	22.	SemBio, L.L.C., a Delaware limited liability company 

  

	23.	SemMaterials, L.P., an Oklahoma limited partnership 

  

	24.	New Century Transportation LLC, a Delaware limited liability company 

  

	25.	K.C. Asphalt, L.L.C., a Colorado limited liability company 

  

	26.	SemTrucking, L.P., an Oklahoma limited partnership 

  

	27.	SemMaterials Vietnam, L.L.C., an Oklahoma limited liability company 

  

	28.	Chemical Petroleum Exchange, Incorporated, an Illinois corporation 

 SCHEDULE 5.1(c) to 

CREDIT AGREEMENT 

Liabilities 
  

	1.	Various leases accounted for as operating leases and not reflected on the Loan Parties’ financial statements as of September 30, 2009, the aggregate minimum
payments under which (including leases subject to rejection in the bankruptcy proceedings) as of September 30, 2009, is $30,877,000 for SemMaterials, L.P. 

 

	2.	Reimbursement obligations for each letter of credit listed on Schedule 1.1(H) to the Exit Facility. 

 SCHEDULE 5.4 to 

CREDIT AGREEMENT 

Consents and Authorizations 

None. 

 SCHEDULE 5.6 to 

CREDIT AGREEMENT 

Material Litigation 
 None.

 SCHEDULE 5.8 to 

CREDIT AGREEMENT 

Material Contracts 
  

	1.	Greyhawk Gas Storage Company, L.L.C. is a party to the Amended and Restated Operating Agreement of Wyckoff Gas Storage Company, LLC, a Delaware limited liability
company, and holds a 51% membership interest therein. 

  

	2.	SemGas, L.P. is a party to the First Amended and Restated Regulations of Woodford Midstream, LLC, a Texas limited liability company, and holds a 51% membership interest
therein. 

  

	3.	 Each of the Borrowers is a party to the Credit
Agreement,1 dated as of November 30, 2009, among
SemGroup Corporation, a Delaware corporation, SemCrude, L.P., a Delaware limited partnership, SemStream, L.P., a Delaware limited partnership, SemCAMS ULC, a Nova Scotia unlimited company, SemCanada Crude Company, a Nova Scotia unlimited company,
and SemGas, L.P., an Oklahoma limited partnership, as borrowers, the several banks and other financial institutions or entities from time to time parties thereto as lenders, and BNP Paribas, as Administrative Agent and as Collateral Agent, BNP
Paribas Securities Corp., Banc of America Securities LLC and Calyon New York Branch, as Joint Lead Arrangers, Bank of America, N.A., as the Syndication Agent, and Calyon New York Branch, as the Documentation Agent. Each of the Loan Parties has
entered into a guarantee and certain security documents pursuant to the foregoing Credit Agreement. 

  

	1
	 More commonly known as the “First Lien Credit Agreement”. 

 SCHEDULE 5.10 to 

CREDIT AGREEMENT 

Intellectual Property Claims 

None. 

 SCHEDULE 5.18 to 

CREDIT AGREEMENT 

Subsidiaries 
  

													
	 Equity Holder
	  	 Subsidiary
	  	 Subsidiary’s
Form
of
Organization
	  	
Subsidiary’s
Jurisdiction of
Organization
	  	 Total Number of
Issued and
Outstanding
Shares or
Other
Interests of
Capital Stock
	  	 Classes and
Number of
Issued
and
Outstanding
Shares or Other
Interests of
Capital Stock of
each such class
	  	
Name of each holder
of Capital Stock and
the number of shares
or other interests
of
such Capital Stock
held by each such
holder and the
percentage of all
outstanding shares or
other interests of such
class of Capital Stock
held by such holders

(Borrowers Only)

	SemCanada, L.P.	  	SemCanada Crude Company	  	Unlimited Company	  	Nova Scotia	  	50,001 shares issued and outstanding, 100% interest	  	N/A	  	SemCanada, L.P. holds 50,001 shares and 100% of all issued and outstanding shares.
							
	SemCanada II, L.P.	  	SemCAMS ULC	  	Unlimited Company	  	Nova Scotia	  	1,000 shares issued and outstanding, 100% interest	  	N/A	  	SemCanada II, L.P. holds 1,000 shares and 100% of all issued and outstanding shares.
							
	SemCAMS ULC	  	SemCAMS Redwillow ULC	  	Unlimited Company	  	Nova Scotia	  	1 share issued and outstanding, 100% interest	  	N/A	  	N/A

													
	 Equity Holder
	  	 Subsidiary
	  	 Subsidiary’s
Form
of
Organization
	  	
Subsidiary’s
Jurisdiction of
Organization
	  	 Total Number of
Issued and
Outstanding
Shares or
Other
Interests of
Capital Stock
	  	 Classes and
Number of
Issued
and
Outstanding
Shares or Other
Interests of
Capital Stock of
each such class
	  	
Name of each holder
of Capital Stock and
the number of shares
or other interests
of
such Capital Stock
held by each such
holder and the
percentage of all
outstanding shares or
other interests of such
class of Capital Stock
held by such holders

(Borrowers Only)

	SemMaterials, L.P.	  	Chemical Petroleum Exchange, Incorporated	  	Corporation	  	Illinois	  	12,000 shares issued and outstanding, 100% interest	  	N/A	  	N/A
							
	SemMaterials, L.P.	  	SemMexico Materials HC S. de R.L. de C.V.	  	S. de R.L. de C.V.	  	Mexico	  	 1 Series “A”, $2,999

1 Series “B”, $372,633,422, a 99.99% interest
	  	 1 Series “A”, $2,999

1 Series “B”, $372,633,422
	  	N/A
							
	SemMexico, LLC	  	SemMexico Materials HC S. de R.L. de C.V.	  	S. de R.L. de C.V.	  	Mexico	  	 1 Series “A”, $2,999

1 Series “B”, $372,633,422, a 0.01% interest
	  	 1 Series “A”, $2,999

1 Series “B”, $372,633,422
	  	N/A

													
	 Equity Holder
	  	 Subsidiary
	  	 Subsidiary’s
Form
of
Organization
	  	
Subsidiary’s
Jurisdiction of
Organization
	  	 Total Number of
Issued and
Outstanding
Shares or
Other
Interests of
Capital Stock
	  	 Classes and
Number of
Issued
and
Outstanding
Shares or Other
Interests of
Capital Stock of
each such class
	  	
Name of each holder
of Capital Stock and
the number of shares
or other interests
of
such Capital Stock
held by each such
holder and the
percentage of all
outstanding shares or
other interests of such
class of Capital Stock
held by such holders

(Borrowers Only)

	SemMexico Materials HC S. de R.L. de C.V.	  	SemMaterials HC México, S. de R.L. de C.V.	  	S. de R.L. de C.V.	  	Mexico	  	2 shares (partes sociales) issued and outstanding, $108,253,550 capital variable, 99.99% membership interest	  	N/A	  	N/A
							
	SemMexico, L.L.C.	  	SemMaterials HC México, S. de R.L. de C.V.	  	S. de R.L. de C.V.	  	Mexico	  	2 shares (partes sociales) issued and outstanding, $108,253,550 capital variable, 0.01% membership interest	  	N/A	  	N/A

													
	 Equity Holder
	  	 Subsidiary
	  	 Subsidiary’s
Form
of
Organization
	  	
Subsidiary’s
Jurisdiction of
Organization
	  	 Total Number of
Issued and
Outstanding
Shares or
Other
Interests of
Capital Stock
	  	 Classes and
Number of
Issued
and
Outstanding
Shares or Other
Interests of
Capital Stock of
each such class
	  	
Name of each holder
of Capital Stock and
the number of shares
or other interests
of
such Capital Stock
held by each such
holder and the
percentage of all
outstanding shares or
other interests of such
class of Capital Stock
held by such holders

(Borrowers Only)

	SemMaterials HC México, S. de R.L. de C.V.	  	SemMaterials México, S. de R.L. de C.V.	  	S. de R.L. de C.V.	  	Mexico	  	2 shares (partes sociales) issued and outstanding, $108,497,171 capital variable, 99.99% membership interest	  	N/A	  	N/A
							
	SemMexico, LLC	  	SemMaterials México, S. de R.L. de C.V.	  	S. de R.L. de C.V.	  	Mexico	  	2 shares (partes sociales) issued and outstanding, $108,497,171 capital variable, 0.01% membership interest	  	N/A	  	N/A
							
	SemMaterials HC México S. de R.L. de C.V.	  	SemMaterials SC México S. de R.L. de C.V.	  	S. de R.L. de C.V.	  	Mexico	  	2 shares (partes sociales) issued and outstanding, capital fijo $2,999, 99.99% membership interest	  	N/A	  	N/A

													
	 Equity Holder
	  	 Subsidiary
	  	 Subsidiary’s
Form
of
Organization
	  	
Subsidiary’s
Jurisdiction of
Organization
	  	 Total Number of
Issued and
Outstanding
Shares or
Other
Interests of
Capital Stock
	  	 Classes and
Number of
Issued
and
Outstanding
Shares or Other
Interests of
Capital Stock of
each such class
	  	
Name of each holder
of Capital Stock and
the number of shares
or other interests
of
such Capital Stock
held by each such
holder and the
percentage of all
outstanding shares or
other interests of such
class of Capital Stock
held by such holders

(Borrowers Only)

	SemMexico, LLC	  	SemMaterials SC México S. de R.L. de C.V.	  	S. de R.L. de C.V.	  	Mexico	  	2 shares (partes sociales) issued and outstanding, $1.00 capital fijo, 0.01% membership interest	  	N/A	  	N/A
							
	SemGroup Corporation	  	SemCrude, L.P.	  	Limited Partnership	  	Delaware	  	99.5% limited partnership interest	  	N/A	  	SemGroup Corporation holds a 99.5% limited partnership interest, and SemOperating G.P., L.L.C. holds a 0.5% general partnership interest
							
	SemGroup Corporation	  	Eaglwing, L.P.	  	Limited Partnership	  	Oklahoma	  	99.5% limited partnership interest	  	N/A	  	N/A

													
	 Equity Holder
	  	 Subsidiary
	  	 Subsidiary’s
Form
of
Organization
	  	
Subsidiary’s
Jurisdiction of
Organization
	  	 Total Number of
Issued and
Outstanding
Shares or
Other
Interests of
Capital Stock
	  	 Classes and
Number of
Issued
and
Outstanding
Shares or Other
Interests of
Capital Stock of
each such class
	  	
Name of each holder
of Capital Stock and
the number of shares
or other interests
of
such Capital Stock
held by each such
holder and the
percentage of all
outstanding shares or
other interests of such
class of Capital Stock
held by such holders

(Borrowers Only)

	SemGroup Corporation	  	SemStream, L.P.	  	Limited Partnership	  	Delaware	  	99.5% limited partnership interest	  	N/A	  	SemGroup Corporation holds a 99.5% limited partnership interest, and SemOperating G.P., L.L.C. holds a 0.5% general partnership interest
							
	SemGroup Corporation	  	SemFuel, L.P.	  	Limited Partnership	  	Texas	  	99.5% limited partnership interest	  	N/A	  	N/A
							
	SemGroup Corporation	  	SemGas, L.P.	  	Limited Partnership	  	Oklahoma	  	99.5% limited partnership interest	  	N/A	  	SemGroup Corporation holds a 99.5% limited partnership interest, and SemOperating G.P., L.L.C. holds a 0.5% general partnership interest
							
	SemGroup Corporation	  	SemCanada, L.P.	  	Limited Partnership	  	Oklahoma	  	99.5% limited partnership interest	  	N/A	  	N/A

													
	 Equity Holder
	  	 Subsidiary
	  	 Subsidiary’s
Form
of
Organization
	  	
Subsidiary’s
Jurisdiction of
Organization
	  	 Total Number of
Issued and
Outstanding
Shares or
Other
Interests of
Capital Stock
	  	 Classes and
Number of
Issued
and
Outstanding
Shares or Other
Interests of
Capital Stock of
each such class
	  	
Name of each holder
of Capital Stock and
the number of shares
or other interests
of
such Capital Stock
held by each such
holder and the
percentage of all
outstanding shares or
other interests of such
class of Capital Stock
held by such holders

(Borrowers Only)

	SemGroup Corporation	  	SemCanada II, L.P.	  	Limited Partnership	  	Oklahoma	  	99.5% limited partnership interest	  	N/A	  	N/A
							
	SemGroup Corporation	  	SemGreen, L.P.	  	Limited Partnership	  	Delaware	  	99.5% limited partnership interest	  	N/A	  	N/A
							
	SemGroup Corporation	  	SemMaterials, L.P.	  	Limited Partnership	  	Oklahoma	  	99.5% limited partnership interest	  	N/A	  	N/A
							
	SemOperating G.P., L.L.C.	  	SemCrude, L.P.	  	Limited Partnership	  	Delaware	  	0.5% general partnership interest	  	N/A	  	SemGroup Corporation holds a 99.5% limited partnership interest, and SemOperating G.P., L.L.C. holds a 0.5% general partnership interest
							
	SemOperating G.P., L.L.C.	  	Eaglwing, L.P.	  	Limited Partnership	  	Oklahoma	  	0.5% general partnership interest	  	N/A	  	N/A

													
	 Equity Holder
	  	 Subsidiary
	  	 Subsidiary’s
Form
of
Organization
	  	
Subsidiary’s
Jurisdiction of
Organization
	  	 Total Number of
Issued and
Outstanding
Shares or
Other
Interests of
Capital Stock
	  	 Classes and
Number of
Issued
and
Outstanding
Shares or Other
Interests of
Capital Stock of
each such class
	  	
Name of each holder
of Capital Stock and
the number of shares
or other interests
of
such Capital Stock
held by each such
holder and the
percentage of all
outstanding shares or
other interests of such
class of Capital Stock
held by such holders

(Borrowers Only)

	SemOperating G.P., L.L.C.	  	SemStream, L.P.	  	Limited Partnership	  	Delaware	  	0.5% general partner interest	  	N/A	  	SemGroup Corporation holds a 99.5% limited partnership interest, and SemOperating G.P., L.L.C. holds a 0.5% general partnership interest
							
	SemOperating G.P., L.L.C.	  	SemFuel, L.P.	  	Limited Partnership	  	Texas	  	0.5% general partner interest	  	N/A	  	N/A
							
	SemOperating G.P., L.L.C.	  	SemGas, L.P.	  	Limited Partnership	  	Oklahoma	  	0.5% general partner interest	  	N/A	  	SemGroup Corporation holds a 99.5% limited partnership interest, and SemOperating G.P., L.L.C. holds a 0.5% general partnership interest
							
	SemOperating G.P., L.L.C.	  	SemCanada, L.P.	  	Limited Partnership	  	Oklahoma	  	0.5% general partner interest	  	N/A	  	N/A

													
	 Equity Holder
	  	 Subsidiary
	  	 Subsidiary’s
Form
of
Organization
	  	
Subsidiary’s
Jurisdiction of
Organization
	  	 Total Number of
Issued and
Outstanding
Shares or
Other
Interests of
Capital Stock
	  	 Classes and
Number of
Issued
and
Outstanding
Shares or Other
Interests of
Capital Stock of
each such class
	  	
Name of each holder
of Capital Stock and
the number of shares
or other interests
of
such Capital Stock
held by each such
holder and the
percentage of all
outstanding shares or
other interests of such
class of Capital Stock
held by such holders

(Borrowers Only)

	SemOperating G.P., L.L.C.	  	SemCanada II, L.P.	  	Limited Partnership	  	Oklahoma	  	0.5% general partner interest	  	N/A	  	N/A
							
	SemOperating G.P., L.L.C.	  	SemGreen, L.P.	  	Limited Partnership	  	Delaware	  	0.5% general partner interest	  	N/A	  	N/A
							
	SemOperating G.P., L.L.C.	  	SemMaterials, L.P.	  	Limited Partnership	  	Oklahoma	  	0.5% general partner interest	  	N/A	  	N/A
							
	SemOperating G.P., L.L.C.	  	SemTrucking, L.P.	  	Limited Partnership	  	Oklahoma	  	0.5% general partner interest	  	N/A	  	N/A
							
	SemMaterials, L.P.	  	SemTrucking, L.P.	  	Limited Partnership	  	Oklahoma	  	99.5% limited partnership interest	  	N/A	  	N/A
							
	SemGroup Corporation	  	SemGroup Subsidiary Holding, L.L.C.	  	Limited Liability Company	  	Delaware	  	100% membership interest	  	N/A	  	N/A
							
	SemGroup Corporation	  	SemOperating G.P., L.L.C.	  	Limited Liability Company	  	Oklahoma	  	100% membership interest	  	N/A	  	N/A

													
	 Equity Holder
	  	 Subsidiary
	  	 Subsidiary’s
Form
of
Organization
	  	
Subsidiary’s
Jurisdiction of
Organization
	  	 Total Number of
Issued and
Outstanding
Shares or
Other
Interests of
Capital Stock
	  	 Classes and
Number of
Issued
and
Outstanding
Shares or Other
Interests of
Capital Stock of
each such class
	  	
Name of each holder
of Capital Stock and
the number of shares
or other interests
of
such Capital Stock
held by each such
holder and the
percentage of all
outstanding shares or
other interests of such
class of Capital Stock
held by such holders

(Borrowers Only)

	SemGroup Corporation	  	SemManagement, L.L.C.	  	Limited Liability Company	  	Delaware	  	100% membership interest	  	N/A	  	N/A
							
	SemGroup Corporation	  	SemDevelopment, L.L.C.	  	Limited Liability Company	  	Delaware	  	100% membership interest	  	N/A	  	N/A
							
	SemGroup Corporation	  	SemGroup Europe Holding, L.L.C.	  	Limited Liability Company	  	Delaware	  	100% membership interest	  	N/A	  	N/A
							
	SemGroup Europe Holding, L.L.C.	  	SemEuro Limited	  	Limited Company	  	United Kingdom	  	38,700,000 shares issued and outstanding, 100% interest	  	N/A	  	N/A
							
	SemEuro Limited	  	SemLogistics Milford Haven Limited	  	Limited Company	  	United Kingdom	  	2 shares issued and outstanding, 100% interest	  	N/A	  	N/A
							
	SemEuro Limited	  	SemEuro Supply Limited	  	Limited Company	  	United Kingdom	  	1 share issued and outstanding, 100% interest	  	N/A	  	N/A
							
	SemGas, L.P.	  	SemKan, L.L.C.	  	Limited Liability Company	  	Oklahoma	  	100% membership interest	  	N/A	  	N/A

													
	 Equity Holder
	  	 Subsidiary
	  	 Subsidiary’s
Form
of
Organization
	  	
Subsidiary’s
Jurisdiction of
Organization
	  	 Total Number of
Issued and
Outstanding
Shares or
Other
Interests of
Capital Stock
	  	 Classes and
Number of
Issued
and
Outstanding
Shares or Other
Interests of
Capital Stock of
each such class
	  	
Name of each holder
of Capital Stock and
the number of shares
or other interests
of
such Capital Stock
held by each such
holder and the
percentage of all
outstanding shares or
other interests of such
class of Capital Stock
held by such holders

(Borrowers Only)

	SemGas, L.P.	  	SemGas Gathering, L.L.C.	  	Limited Liability Company	  	Oklahoma	  	100% membership interest	  	N/A	  	N/A
							
	SemGas, L.P.	  	SemGas Storage, L.L.C.	  	Limited Liability Company	  	Oklahoma	  	100% membership interest	  	N/A	  	N/A
							
	SemGas, L.P.	  	Greyhawk Gas Storage Company, L.L.C.	  	Limited Liability Company	  	Delaware	  	100% membership interest	  	N/A	  	N/A
							
	SemGas, L.P.	  	Woodford Midstream, LLC	  	Limited Liability Company	  	Texas	  	51% membership interest	  	N/A	  	N/A
							
	SemGas, L.P.	  	Grayson Pipeline, L.L.C.	  	Limited Liability Company	  	Oklahoma	  	100% membership interest	  	N/A	  	N/A
							
	Greyhawk Gas Storage Company, L.L.C.	  	Steuben Development Company, LLC	  	Limited Liability Company	  	Delaware	  	100% membership interest	  	N/A	  	N/A

													
	 Equity Holder
	  	 Subsidiary
	  	 Subsidiary’s
Form
of
Organization
	  	
Subsidiary’s
Jurisdiction of
Organization
	  	 Total Number of
Issued and
Outstanding
Shares or
Other
Interests of
Capital Stock
	  	 Classes and
Number of
Issued
and
Outstanding
Shares or Other
Interests of
Capital Stock of
each such class
	  	
Name of each holder
of Capital Stock and
the number of shares
or other interests
of
such Capital Stock
held by each such
holder and the
percentage of all
outstanding shares or
other interests of such
class of Capital Stock
held by such holders

(Borrowers Only)

	Greyhawk Gas Storage Company, L.L.C.	  	Wyckoff Gas Storage Company, LLC	  	Limited Liability Company	  	Delaware	  	51% membership interest	  	N/A	  	N/A
							
	SemMaterials, L.P.	  	New Century Transportation LLC	  	Limited Liability Company	  	Delaware	  	100% membership interest	  	N/A	  	N/A
							
	SemMaterials, L.P.	  	K.C. Asphalt, L.L.C	  	Limited Liability Company	  	Colorado	  	100% membership interest	  	N/A	  	N/A
							
	SemMaterials, L.P.	  	SemMaterials Vietnam, L.L.C.	  	Limited Liability Company	  	Oklahoma	  	100% membership interest	  	N/A	  	N/A
							
	SemMaterials, L.P.	  	SemMexico, LLC	  	Limited Liability Company	  	Oklahoma	  	100% membership interest	  	N/A	  	N/A
							
	SemGreen, L.P.	  	SemBio, L.L.C.	  	Limited Liability Company	  	Delaware	  	100% membership interest	  	N/A	  	N/A
							
	SemStream, L.P.	  	SemStream Arizona Propane, L.L.C.	  	Limited Liability Company	  	Delaware	  	100% membership interest	  	N/A	  	N/A

													
	 Equity Holder
	  	 Subsidiary
	  	 Subsidiary’s
Form
of
Organization
	  	
Subsidiary’s
Jurisdiction of
Organization
	  	 Total Number of
Issued and
Outstanding
Shares or
Other
Interests of
Capital Stock
	  	 Classes and
Number of
Issued
and
Outstanding
Shares or Other
Interests of
Capital Stock of
each such class
	  	
Name of each holder
of Capital Stock and
the number of shares
or other interests
of
such Capital Stock
held by each such
holder and the
percentage of all
outstanding shares or
other interests of such
class of Capital Stock
held by such holders

(Borrowers Only)

	SemFuel, L.P.	  	SemFuel Transport LLC	  	Limited Liability Company	  	Wisconsin	  	100% membership interest	  	N/A	  	N/A
							
	SemFuel, L.P.	  	SemProducts, L.L.C.	  	Limited Liability Company	  	Oklahoma	  	100% membership interest	  	N/A	  	N/A
							
	SemCrude, L.P.	  	SemCrude Pipeline, L.L.C.	  	Limited Liability Company	  	Delaware	  	100% membership interest	  	N/A	  	N/A
							
	SemOperating G.P., L.L.C.	  	SemCap, L.L.C.	  	Limited Liability Company	  	Oklahoma	  	100% membership interest	  	N/A	  	N/A
							
	SemOperating G.P., L.L.C.	  	SemGroup Asia, LLC	  	Limited Liability Company	  	Delaware	  	100% membership interest	  	N/A	  	N/A
							
	SemCrude Pipeline, L.L.C.	  	White Cliffs Pipeline, L.L.C	  	Limited Liability Company	  	Delaware	  	99.17% membership interest	  	N/A	  	N/A
							
	SemCrude Pipeline, L.L.C.	  	Rocky Cliffs Pipeline, L.L.C.	  	Limited Liability Company	  	Delaware	  	100% membership interest	  	N/A	  	N/A

 SCHEDULE 5.19 to 

CREDIT AGREEMENT 

Filing Jurisdictions 
  

									
	 Name
	  	 UCC Filing Office(s)
	  	 UCC Filing
	  	 Transmitting
Utilities
Filing
Office(s)
	  	
Transmitting
Utilities Filing

	SemGroup Corporation	  	Delaware Department of State, Division of Corporations	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemGroup Subsidiary Holding, L.L.C.	  	Delaware Department of State, Division of Corporations	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemManagement, L.L.C.	  	Delaware Department of State, Division of Corporations	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemCrude, L.P.	  	Delaware Department of State, Division of Corporations	  	UCC-1 Financing Statement	  	 Oklahoma Secretary of State; Texas Secretary of State, Uniform Commercial Code Section;

Kansas Secretary of State, UCC Division; Colorado Secretary of State, Business Division; Delaware Department of State, Division of
Corporations
	  	UCC-1 Financing Statement
					
	Eaglwing, L.P.	  	Oklahoma County Clerk, UCC Division	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemDevelopment, L.L.C.	  	Delaware Department of State, Division of Corporations	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemStream, L.P.	  	Delaware Department of State, Division of Corporations	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemFuel, L.P.	  	Texas Secretary of State, Uniform Commercial Code Section	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemFuel Transport LLC	  	State of Wisconsin, Department of Financial Institutions	  	UCC-1 Financing Statement	  	None.	  	None.

									
	 Name
	  	 UCC Filing Office(s)
	  	 UCC Filing
	  	 Transmitting
Utilities
Filing
Office(s)
	  	
Transmitting
Utilities Filing

	SemProducts, L.L.C.	  	Oklahoma County Clerk, UCC Division	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemOperating G.P., L.L.C.	  	Oklahoma County Clerk, UCC Division	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemCap, L.L.C.	  	Oklahoma County Clerk, UCC Division	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemGroup Asia, L.L.C.	  	Delaware Department of State, Division of Corporations	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemGroup Europe Holding, L.L.C.	  	Delaware Department of State, Division of Corporations	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemCanada, L.P.	  	Oklahoma County Clerk, UCC Division	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemCanada Crude Company	  	Washington D.C. Recorder of Deeds; Nova Scotia Personal Property Registry	  	UCC-1 Financing Statement with Washington D.C. Recorder of Deeds, Registration of a financing statement under the Personal Property Security Act (Nova Scotia) in the Nova Scotia
Personal Property Registry	  	None.	  	None.
					
	SemCanada II, L.P.	  	Oklahoma County Clerk, UCC Division	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemCAMS ULC	  	Washington D.C. Recorder of Deeds; Nova Scotia Personal Property Registry	  	UCC-1 Financing Statement with Washington D.C. Recorder of Deeds, Registration of a financing statement under the Personal Property Security Act (Nova Scotia) in the Nova Scotia
Personal Property Registry	  	None.	  	None.
					
	SemCAMS Redwillow ULC	  	Washington D.C. Recorder of Deeds; Nova Scotia Personal Property Registry	  	UCC-1 Financing Statement with Washington D.C. Recorder of Deeds, Registration of a financing statement under the Personal Property Security Act (Nova Scotia) in the Nova Scotia
Personal Property Registry	  	None.	  	None.

									
	 Name
	  	 UCC Filing Office(s)
	  	 UCC Filing
	  	 Transmitting
Utilities
Filing
Office(s)
	  	
Transmitting
Utilities Filing

	SemGas, L.P.	  	Oklahoma County Clerk, UCC Division	  	UCC-1 Financing Statement	  	 Oklahoma Secretary of State; Texas Secretary of State, Uniform Commercial Code Section;

Kansas Secretary of State, UCC Division; Colorado Secretary of State, Business Division
	  	UCC-1 Financing Statement
					
	SemKan, L.L.C	  	Oklahoma County Clerk, UCC Division	  	UCC-1 Financing Statement	  	 Oklahoma Secretary of State; Texas Secretary of State, Uniform Commercial Code Section;

Kansas Secretary of State, UCC Division; Colorado Secretary of State, Business Division
	  	UCC-1 Financing Statement
					
	SemGas Gathering, L.L.C.	  	Oklahoma County Clerk, UCC Division	  	UCC-1 Financing Statement	  	 Oklahoma Secretary of State; Texas Secretary of State, Uniform Commercial Code Section;

Kansas Secretary of State, UCC Division; Colorado Secretary of State, Business Division
	  	UCC-1 Financing Statement
					
	SemGas Storage, L.L.C.	  	Oklahoma County Clerk, UCC Division	  	UCC-1 Financing Statement	  	None.	  	None.
					
	Greyhawk Gas Storage Company, L.L.C.	  	Delaware Department of State, Division of Corporations	  	UCC-1 Financing Statement	  	None.	  	None.

									
	 Name
	  	 UCC Filing Office(s)
	  	 UCC Filing
	  	 Transmitting
Utilities
Filing
Office(s)
	  	
Transmitting
Utilities Filing

	Steuben Development Company, LLC	  	Delaware Department of State, Division of Corporations	  	UCC-1 Financing Statement	  	None.	  	None.
					
	Grayson Pipeline, L.L.C.	  	Oklahoma County Clerk, UCC Division	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemGreen, L.P.	  	Delaware Department of State, Division of Corporations	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemBio, L.L.C.	  	Delaware Department of State, Division of Corporations	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemMaterials, L.P.	  	Oklahoma County Clerk, UCC Division	  	UCC-1 Financing Statement	  	None.	  	None.
					
	New Century Transportation LLC	  	Delaware Department of State, Division of Corporations	  	UCC-1 Financing Statement	  	None.	  	None.
					
	K.C. Asphalt, L.L.C.	  	Colorado Secretary of State, Business Division	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemTrucking, L.P.	  	Oklahoma County Clerk, UCC Division	  	UCC-1 Financing Statement	  	None.	  	None.
					
	SemMaterials Vietnam, L.L.C.	  	Oklahoma County Clerk, UCC Division	  	UCC-1 Financing Statement	  	None.	  	None.
					
	Chemical Petroleum Exchange, Incorporated	  	Illinois Secretary of State, Business Services	  	UCC-1 Financing Statement	  	None.	  	None.

 SCHEDULE 5.22 to 

CREDIT AGREEMENT 

Insurance 
  

															
	 Policy Type
	  	Effective Dates	  	 Insurance
Company
	  	Policy Number	  	Limits	  	Amount	  	 Named Insured
Endorsement
	  	 Additional
Insured and Loss
Payee
Endorsement

	 Worldwide Property
	  	3/16/2009-
3/16/2010	  	ACE American Insurance Co. (30%)	  	PGLN05067078	  	$300,000,000
Per
Occurrence;
$250,000
Deductible
Per
Occurrence	  	$483,229.00
 $76,395.00

$18,300.00
 $239,927.00
	  	 Endt 55

App. p.3
	  	 Endt 56 (BNP)

App. p.4
  

Endt 57 (BOA)
 App.
p.5

		  		  	Arch Insurance Co. (7.5%)	  	HHP0032352	  		  	$42,835.00
 $18,389.00
	  	 Arch 2

App. p7
	  	 Arch 1 (BNP)

App. p8
  

Arch 3 (BOA)
 App.
p 9-Additional correction requested to BOA Endt. inserting periods.

		  		  	Zurich Insurance Company (25%)	  	PCA9383073-00	  		  	$417,107.00
 $15,000.00

$199,939.00
	  	 Endt 55 (Signed by Angela Slattery)

App. p11
	  	 Endt 56 & 57

Requested but not received.

															
	 Policy Type
	  	Effective Dates	  	 Insurance
Company
	  	Policy Number	  	Limits	  	Amount	  	 Named Insured
Endorsement
	  	 Additional Insured
and Loss
Payee
Endorsement

		  		  	National Union Fire Insurance Co. of Pittsburgh, PA (30%)	  	26465433	  		  	$559,263.23
 $18,000.00

$1,843.23
 $281,520.00
	  	 Endt 55 (Signed by Susan Bishop)

App. p14
	  	 Endt 56

App. p15
  

57
 App. p
16
 (Signed by Susan Bishop)

		  		  	Lloyds-Talbot Underwriters (7.5%)	  	AJF086026A09	  		  	$103,225.00
 $20,042.00

$1,002.10
 $59,982.00

$3,412.48
 $170.50
	  	 Endt 55

App. p18 (Signed by Kudret Oztap)
	  	 Endt 56

App. p19
  

57
 App. p20
(Signed by Kudret Oztap)

	Note: The percentages shown next to each insurance company under “Worldwide Property” above represent the pro rata share that each such insurance company
holds. Each such company is entitled to its pro rata share of the deductible and is also responsible for paying any claims also in such proportion.
								
	General Liability/Terminal Operators; Legal Liability / Charters Legal Liability	  	4/27/2009-
4/27/2010	  	Aspen Insurance UK Ltd.	  	MO031209	  	$1,000,000
Per
Occurrence,
$2,000,000
Aggregate;
$250,000
Each
Occurrence
Retention	  	$315,000.00
 $8,599.25
	  	 Endt Ref J2C/3

App. p22
	  	 Endt Ref J2C/4 (BNP)

App. p23-24
  

Endt Ref J2C/5 (BOA)

App. p25-26

															
	 Policy Type
	  	Effective Dates	  	 Insurance
Company
	  	Policy Number	  	Limits	  	Amount	  	 Named Insured
Endorsement
	  	 Additional
Insured and Loss
Payee
Endorsement

	General Liability	  	4/27/2009-
4/27/2010	  	Aspen Insurance UK Ltd.	  	MO031109	  	$4,000,000
Each
Occurrence;
Excess of
$1,000,000	  	$4,950.00
 $675,000.00

$18,393.37
	  	 Endt Ref J2C/4

App. p28
	  	 Endt Ref J2C/5 (BNP)

App. p29-30
  

Endt Ref J2C/6 (BOA)

App. p31-32

	Umbrella Liability	  	4/27/2009-
4/27/2010	  	American International Specialty Lines	  	3323719	  	$25,000,000
Each
Occurrence
&
Aggregate	  	$880,000.00
 $23,846.66
	  	 Endt 27

App. p34-38
	  	 Endt 28 (BNP)

App. p39
 29 (BOA)

 App. p40-44

	Excess Umbrella Liability	  	4/27/2009-
4/27/2010	  	Aspen Insurance UK Ltd.	  	MO030309	  	$100,000,000
Each
Occurrence
&
Aggregate	  	$620,000.00
 $17,060.19
	  	 Endt Ref J2C/4

App. p46
	  	 Endt Ref J2C/5 (BNP)

App. p47-48
 Endt
Ref J2C/6 (BOA)
 App. p49-50

	Excess Umbrella Liability	  	4/27/2009-
4/27/2010	  	XL Insurance	  	BM00024193LI09A	  	$70,000,000	  	$290,000.00	  	 See email confirmation from Nigel Williams stating follows Endt 27 issued by American International
Specialty Lines
 App. p52
	  	 See email confirmation from Nigel Williams stating follows Endt 28 & 29 issued by American
International Specialty Lines
 App. p52

															
	 Policy Type
	  	Effective Dates	  	 Insurance
Company
	  	Policy Number	  	Limits	  	Amount	  	 Named Insured
Endorsement
	  	 Additional
Insured and Loss
Payee
Endorsement

	Excess Umbrella Liability	  	4/27/2009-
4/27/2010	  	Ace Bermuda	  	SMG-1415/CM01	  	$50,000,000	  	$150,000.00	  	 Endt 13

App. p54
	  	Follows form for American International Speciality Umbrella Endt 28 & 29; No separate endt issued.
	Automobile Liability - All States (Private Company)	  	4/27/2009-
4/27/2010	  	Zurich American Insurance Company	  	BAP938156-00	  	$1,000,000
Each
Accident	  	$134,827.00
 $2,463.00
	  	 Endt 002

6 Page Endt received;

App. p57-62 Pages p.58 & 61 need corrections.
	  	 Endt 002

6 Page Endt received;

App. p 57-62
 Pages
p.58 & 61 need corrections.

	Workers’ Compensation, Employer’s Liability	  	4/26/2009-
4/27/2010	  	Zurich American Insurance Company	  	WC9385157-00	  	$1,000,000
Each
Accident;
$1,000,000
Policy
Limit;
$1,000,000
Each
Employee	  	$234,668.00
 $3,138.00
	  	 Endt 001 (Policy 5157)

App. p64-65
  

Endt 003
 (Policy
5168)
 App. p66-67
	  	N/A
	Watercraft Liability (owned boats)	  	4/27/2009-
4/27/2010	  	Markel American	  	CB2007878	  	$1,000,000
Each
Occurrence	  	$1,114.00	  	 Declarations Page Naming SemGroup Corporation

App. p69
	  	Requested but not received.

															
	 Policy Type
	  	Effective Dates	  	 Insurance
Company
	  	Policy Number	  	 Limits
	  	Amount	  	 Named Insured
Endorsement
	  	 Additional
Insured and Loss
Payee
Endorsement

	Foreign Liability/DIC (Mexico)	  	5/31/2009-
5/31/2010	  	Insurance Company of the State of Pennsylvania	  	WR10003226	  	$1,000,000 Per Occurrence General Liability (DIC); $1,000,000 CSL Automobile Liability (DIC); $1,000,000 Each Accident Workers Compensation and Employers Liability	  	$14,093.00	  	 Endt 23

App. p71-74
	  	 Endt 33 & 34

App. p75-79 (adds both BNP and BOA)

															
	 Policy Type
	  	Effective Dates	  	 Insurance
Company
	  	Policy Number	  	 Limits
	  	Amount	  	 Named Insured
Endorsement
	  	 Additional
Insured and
Loss Payee
Endorsement

	Control of Well	  	4/6/2009-
4/6/2010	  	St. Paul Surplus Lines	  	MU05510982	  	$2,000,000 Any One Accident or Occurrence, $250,000 Any One Accident Care Custody or Control; $100,000 Deductible Any One Accident; $25,000 Deductible Care, Custody & Control
	  	$8,500.00
 $250.00

$315.00
 $17.50

	  	Requested but not received.	  	Requested but not received.
	Storage Tank Pollution Liability	  	4/12/2009-
4/12/2010	  	Illinois Union Ins. Co.	  	USTG24881738001	  	$1,000,000 Each Claim, $2,000,000 Aggregate, $25,000,000 Per Storage Tank Incident	  	$11,111.00
 $350.01
	  	 Endt 009 Recd.;

App. p 84

Corrections requested with SemGroup Corporation as named insured.
	  	 Endt 009

Recd.;
 App. p 84

 Corrections requested noting BNP and BOA as Collateral Agents.

															
	 Policy Type
	  	Effective Dates	  	 Insurance
Company
	  	Policy Number	  	Limits	  	Amount	  	 Named Insured
Endorsement
	  	 Additional
Insured and Loss
Payee
Endorsement

	Storage Tank Pollution Liability	  	8/27/2009-
8/27/2010	  	American International Specialty Lines Insurance Company	  	PLS11742331	  	$5,000,000
Each
Incident;
$10,000,000
Aggregate;
$250,000
Deductible
Each
Incident	  	$274,804.00
 $11,179.69
	  	 Endt 22

App. p 86
	  	 Endt 25

App. p 87

	Primary Director’s & Officer’s Liability	  	12/6/2008-
6/6/2010	  	National Union Fire Ins. Co. of Pittsburgh, PA	  	13813009	  	$10,000,000	  	$515,652.00	  	N/A	  	N/A
	XS D&O $10MM xs $10MM	  	12/6/2008-
6/6/2010	  	Zurich American Ins. Co.	  	DOC594515500	  	$10,000,000
xs
$10,000,000	  	$345,000.00	  	N/A	  	N/A
	XS D&O $10MM xs $20MM	  	12/6/2008-
6/6/2010	  	ACE American Ins. Co.	  	DOXG2365437001	  	$10,000,000
xs
$20,000,000	  	$310,000.00	  	N/A	  	N/A
	EPL, Fiduciary, Crime, Special Crime, Identity
Fraud2	  	11/21/2008-
11/30/2009	  	Travelers Casualty & Surety Co. of America	  	104845137	  	$5MM /
$10MM /
$5MM /
$10MM /
$25,000	  	$211,592.00	  	N/A	  	N/A

  

	2
	 Effective December 1, 2009, this policy will be replaced by a new, yet-to-be determined policy covering substantially the same risks.

 SCHEDULE 5.25 to 

CREDIT AGREEMENT 

Environmental Matters 

SemCAMS: 
 Disclosures
relevant to Sections 5.25(a), (b)(ii), (d) and (f): 
  

	 	1.	Kaybob Amalgamated Plant 

Fox Creek, Alberta, Canada 

Implementation of remedial measures including removal of old equipment, underground storage tanks, and spent lime, lime pond reclamation,
and asbestos abatement. 
  

	 	2.	Kaybob South Gas Plant #3  

Fox Creek, Alberta, Canada 

Implementation of remedial measures including the reclamation of former process pond, disposal of materials excavated from sulfur pile,
soil and spent lime, delineation sampling and possible remediation of on-site landfill, investigation of underground lines and drains, and asbestos removal. 
  

	 	3.	West Whitecourt Plant 

Whitecourt, Alberta, Canada 

Implementation of remedial measures including the removal of underground flare knockout operation and underground storage tank, and
asbestos removal. 
  

	 	4.	Pipelines 

 Edison,
Alberta, Canada 
 Implementation of remedial measures including the removal of underground storage tanks. 

SemCrude: 

Disclosures relevant to Sections 5.25(a), (b)(ii), (c), (d), (e), and (f): 

 

	 	1.	KDHE Investigation 

 The
Kansas Department of Health and Environment (“KDHE”) is investigating SemGroup facilities in Kansas to determine whether environment assessments are required. This process was triggered under a KDHE program (funded by a federal grant) to
conduct environmental assessments at properties operated by companies in bankruptcy. The purpose of these assessments would be to determine whether there had been releases of hydrocarbons which may require remediation. KDHE has identified seven
properties owned by SemCrude as potential candidates for environmental assessment. The seven properties currently listed are: 
  

	 	a.	Hudson Station 

	 	b.	Lyons Station 

  

	 	c.	Cunningham Station 

  

	 	d.	Fleming Station 

  

	 	e.	Burrton Station 

  

	 	f.	Stafford Office 

  

	 	g.	El Dorado Truck Station (a/k/a Boyer Truck Station) 

However, SemCrude and KDHE are currently discussing whether some of these properties may be dropped from the list of sites to be investigated. At those
sites which remain on the list after consultation with KDHE, assessments would be conducted, which would involve groundwater investigation. If contamination in excess of Kansas standards were found in the groundwater at any of these sites,
remediation may be undertaken. 
 KDHE has reserved the right to file claims in the SemGroup bankruptcy proceeding with respect to other
properties. 
  

	 	2.	Other Sites 

  

	 	a.	Mt. Pleasant Station, Mt. Pleasant, Texas 

Releases of petroleum hydrocarbons to soil and groundwater from a site at which there was an above ground storage tanks and an unloading
area. Petroleum hydrocarbons and metals in the soil and groundwater. SemCrude has prepared an assessment report. The site is scheduled to undergo remediation pursuant to a Response Action Plan approved by the Texas Commission on Environmental
Quality as part of its voluntary cleanup program. 
  

	 	b.	Conroe Release, Conroe, Texas 

Release from a SemCrude pipeline on property not owned by SemCrude. SemCrude has been implementing interim response actions,
constructing a recovery trench and removing both dissolved and phase-separated hydrocarbons. A Remedial Action Plan is being prepared for the Texas Commission on Environmental Quality. 

 

	 	c.	Tronox Refinery Site, Cushing, Oklahoma 

SemCrude’s North and Central terminals are located on the site of a former Kerr-McGee refinery. Tronox (formerly Kerr-McGee) has
been working with both the U.S. Nuclear Regulatory Commission and the Oklahoma Department of Environmental Quality to remediate the site. The radiological decommissioning of the site occurred in 2007. Tronox is addressing groundwater contamination.
Tronox has indemnified SemCrude for environmental liabilities. 

 SemGas: 

Disclosures relevant to Sections 5.25(a), (b)(ii), (c), (d), (e), and (f): 

 

	 	1.	KDHE Investigation 

 The
KDHE is investigating SemGroup facilities in Kansas to determine whether environment assessments are required. This process was triggered under a KDHE program (funded by a federal grant) to conduct environmental assessments at properties operated by
companies in bankruptcy. KDHE has identified three properties owned by SemGas as potential candidates for environmental assessment. The three properties currently on the list are: 

 

	 	a.	Pawnee Rock Compressor Station, 

Great Bend, Kansas 
  

	 	b.	Pawnee Compressor Station # 1 

Macksville, Kansas 
  

	 	c.	Offerlee Plant 

 However, SemGas and KDHE
are currently discussing dropping some of these properties from the list of sites to be investigated. At those sites which remain on the list after further consultation with KDHE, assessments would be conducted, which would involve groundwater
investigation. If contamination in excess of Kansas standards were found in the groundwater at any of these sites, remediation may be undertaken. 

KDHE has reserved the right to file claims in the SemGroup bankruptcy proceeding with respect to other properties. 

 

	 	2.	Edwards Compressor Station #1 and Edwards Compressor Station #2 

	 	 	Belpre, Kansas 

 Groundwater
contamination is present at both Edwards #1 and Edwards #2 based on operations pre-dating SemGas’s ownership. Both sites are enrolled in Kansas’ voluntary cleanup program, and cleanup is being conducted by the prior owner, Northern Natural
Gas, not by SemGas. 
  

	 	3.	Air Permit Violations 

Three SemGas properties in Kansas have operated for short periods of time without an air emissions permit required because of their
potential to emit quantities of pollutants in excess of regulatory threshold requirements. SemGas has disclosed these permit violations to KDHE under a self-reporting program. The three properties are: 

 

	 	a.	Edwards Compressor Station #1 

  

	 	b.	Edwards Compressor Station #2 

  

	 	c.	Offerlee Plant 

 SCHEDULE 6.1(gg) to 

CREDIT AGREEMENT 

Existing Indebtedness to be Repaid 
  

	1.	That certain Debtor-in-Possession Credit Agreement, dated as of August 8, 2008, among SemCrude, L.P., a Delaware limited partnership, as borrower, SemGroup, L.P.,
an Oklahoma limited partnership, as a guarantor, SemOperating G.P., L.L.C., an Oklahoma limited liability company, as a guarantor, Bank of America, N.A., as administrative agent and letter of credit issuer, and each lender from time to time party
thereto. As of November 4, 2009, each Loan Party that is borrower or guarantor thereto is jointly and severally liable for approximately $39,000,000. 

  

	2.	Allowed Claims, as such term is defined in the schedules to the Fourth Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the Bankruptcy Code, dated
October 27, 2009, filed of record in Case No. 08-11525, United States Bankruptcy Court for the District of Delaware, and attached hereto. 

 SCHEDULE 8.2 to 

CREDIT AGREEMENT 

Existing Indebtedness 
  

	1.	SemCAMS ULC has a balance of approximately $90,000 under a MasterCard credit card issued by Bank of Montreal. 

 

	2.	Indebtedness under the promissory notes dated July 23, 2007, as amended and restated on or about November 27, 2009, made by SemCAMS ULC in favor of SemCrude,
L.P. in the approximate amount of US$171,062,500, as assigned in whole or in part by SemCrude, L.P. to SemCanada Crude Company pursuant to that Assignment Agreement dated November 30, 2009, between SemCrude, L.P., SemCanada Crude Company,
SemCAMS ULC and Bank of America, N.A. 

  

	3.	Indebtedness under the promissory note dated on or about November 27, 2009, made by SemCAMS ULC in favor of SemGroup, L.P. in the approximate amount of
US$33,090,660, as assigned in whole or part by SemGroup, L.P. in favor of SemCanada Crude Company pursuant to that Assignment Agreement dated November 27, 2009, between SemGroup, L.P., SemCanada Crude Company and SemCAMS ULC.

  

	4.	Indebtedness under the promissory note dated on or about November 27, 2009, made by SemCAMS ULC in favor of SemCanada II, L.P. in the approximate amount of
US$43,639,036. 

 SCHEDULE 8.3 to 

CREDIT AGREEMENT 

Existing Liens 
  

	1.	UCC-1 financing statements reported in a lien search conducted against the domestic Loan Parties in existence on the Closing Date in the jurisdictions for such Loan
Parties referenced on Schedule 5.19 which provide notice of liens that are discharged pursuant to the Plan of Reorganization upon the exit of such Loan Parties from bankruptcy on the Closing Date. 

 

	2.	SemStream, L.P. (“SemStream”) has entered into that certain Natural Gas Liquids Marketing Agreement, dated as of April 1, 2006 (the “Marketing
Agreement”), with Hiland Partners, L.P. (“Hiland”). Pursuant to the Marketing Agreement, SemStream will construct and operate a rail loading facility (the “SemStream Terminal”) in and around a natural gas processing
plant owned by Hiland located in and around Sidney, MT (the “Bakken Plant”), as well as a pipeline to connect the SemStream Terminal to the Bakken Plant (the “SemStream Pipeline”). Eight years after the Effective Date (as
defined therein) of the Marketing Agreement (or upon early termination by Hiland as a result of breach by SemStream), SemStream shall assign, transfer and convey to Hiland all of SemStream’s right, title and interest in the real property,
tangible property and contracts (other than contracts pertaining to the sale of Products (as defined therein)) pertaining to the SemStream Terminal and the SemStream Pipeline. 

 

	3.	Personal property security act registrations and land titles registrations reported in lien searches in Alberta, British Columbia, Saskatchewan, Manitoba, Ontario and
Nova Scotia conducted against SemCAMS ULC, SemCanada Crude Company and SemCAMS Redwillow ULC, as applicable, in existence on the Closing Date which provide notice of liens that are discharged pursuant to the Canadian Plans of Reorganization upon the
fulfillment of conditions precedent of such plans. 

 SCHEDULE 8.9 to 

CREDIT AGREEMENT 

Investments3
 
  

	1.	SemCrude, L.P. holds a 100% membership interest in SemCrude Pipeline, L.L.C., a Delaware limited liability company. 

 

	2.	SemStream, L.P. holds a 100% membership interest in SemStream Arizona Propane, L.L.C., a Delaware limited liability company. 

 

	3.	SemMaterials, L.P. holds a 99.99% ownership interest in SemMexico Materials HC, S. de R.L. de C.V., a Mexico limited liability corporation (Sociedad de Responsabilidad
Limitada de Capital Variable). 

  

	4.	SemMaterials, L.P. owns a 100% membership interest in SemMexico, L.L.C., an Oklahoma limited liability company. 

 

	5.	SemGroup Europe Holding, L.L.C. holds a 100% ownership interest in SemEuro Limited, a United Kingdom private company limited by shares. 

 

	6.	SemGas, L.P. owns a 51% membership interest in Woodford Midstream, LLC, a Texas limited liability company. 

 

	7.	Greyhawk Gas Storage Company, L.L.C. holds a 51% membership interest in Wyckoff Gas Storage Company, LLC, a Delaware limited liability company.

  

	8.	Indebtedness under the promissory notes dated July 23, 2007, as amended and restated on or about November 27, 2009, made by SemCAMS ULC in favor of SemCrude,
L.P. in the approximate amount of US$171,062,500, as assigned in whole or in part by SemCrude, L.P. to SemCanada Crude Company pursuant to that Assignment Agreement dated November 30, 2009, between SemCrude, L.P., SemCanada Crude Company,
SemCAMS ULC and Bank of America, N.A. 

  

	9.	Indebtedness under the promissory note dated on or about November 27, 2009, made by SemCAMS ULC in favor of SemGroup, L.P. in the approximate amount of
US$33,090,660, as assigned in whole or part by SemGroup, L.P. in favor of SemCanada Crude Company pursuant to that Assignment Agreement dated November 27, 2009, between SemGroup, L.P., SemCanada Crude Company and SemCAMS ULC.

  

	10.	Indebtedness under the promissory note dated on or about November 27, 2009, made by SemCAMS ULC in favor of SemCanada II, L.P. in the approximate amount of
US$43,639,036. 

  

	3
	 Indirectly-held subsidiaries are not included in this schedule. 

 Exhibit A-1 

to Credit Agreement 

FORM OF TERM NOTE 
 THIS
NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS AND PROVISIONS OF THE CREDIT AGREEMENT REFERRED TO BELOW. TRANSFERS OF THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MUST BE RECORDED IN THE
REGISTER MAINTAINED BY THE ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF SUCH CREDIT AGREEMENT. 
  

			
	
$                  
	  	 New York, New York

                
    , 20__

 FOR VALUE RECEIVED, SEMGROUP CORPORATION (“Parent”),
a corporation organized under the Laws of Delaware, SEMCRUDE, L.P. (“SemCrude”), a limited partnership organized under the Laws of Delaware, SEMSTREAM, L.P. (“SemStream”), a limited partnership organized under the
Laws of Delaware, SEMCAMS ULC (“SemCAMS”), an unlimited company organized under the Laws of Nova Scotia, SEMCANADA CRUDE COMPANY (“SemCanada Company”), an unlimited company organized under the laws of Nova Scotia,
and SEMGAS, L.P. (“SemGas”, and together with Parent, SemCrude, SemStream, SemCAMS and SemCanada Company, each a “Borrower” and collectively, the “Borrowers”), a limited partnership organized under
the Laws of Oklahoma, hereby, jointly and severally, unconditionally promise to pay to the order of              (the “Lender”), at the times specified in the Credit
Agreement (referred to below), in lawful money of the United States of America, in immediately available funds, the principal amount of $             (plus any capitalized interest
which is paid in kind and added to principal in accordance with the terms of the Credit Agreement). 
 The undersigned further,
jointly and severally, agree to pay interest in like money (or PIK Interest to the extent permitted or required under the Credit Agreement) on the unpaid principal amount hereof from time to time commencing from the Closing Date at the rates
per annum and on the dates as provided in the Credit Agreement until paid in full (both before and after judgment). 

For the purposes of the Interest Act (Canada), any rate of interest made payable under the terms of this Note at a rate or percentage
(the “Contract Rate”) for any period that is less than a consecutive 12 month period, such as a 360 or 365 day basis, (the “Contract Rate Basis”), is equivalent to the yearly rate or percentage of interest
determined by multiplying the Contract Rate by a fraction, the numerator of which is the number of days in the consecutive 12 month period commencing on the date such equivalent rate or percentage is being determined and the denominator of which is
the number of days in the Contract Rate Basis. 
 Notwithstanding the foregoing, if any provision of this Note could obligate
the undersigned to make any payment of interest or other amount payable to the Lender in an amount or calculated at a rate which could be prohibited by law or could result in a receipt by the Lender of interest at a criminal rate (as such terms are
construed under the Criminal Code (Canada)) then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as could not be so
prohibited by law or so result in a receipt by the Lender of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of

 
interest required to be paid to the Lender, and (2) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to the Lender which could constitute
“interest” for purposes of Section 347 of the Criminal Code (Canada). Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if the Lender shall have received an amount in excess of the maximum
permitted by that section of the Criminal Code (Canada), the undersigned shall be entitled, by notice in writing to the Lender, to obtain reimbursement from the Lender in an amount equal to such excess and, pending such reimbursement, such amount
shall be deemed to be an amount payable by the Lender to the undersigned. Any amount or rate of interest referred to in this Note shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual
rate of interest over the term that the applicable Term Loan or other Obligation remains outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada))
shall, if they relate to a specific period of time, be pro-rated over that period of time and otherwise be pro-rated over the period from the date such interest first began to accrue and ending on the Maturity Date and, in the event of a dispute, a
certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Administrative Agent shall be conclusive for the purposes of such determination. If any court of competent jurisdiction determines that adjustments contemplated by this
paragraph are required to comply with the Criminal Code (Canada), the Lender has the option of requiring the undersigned to prepay the Term Loans owing to it on such dates as the Lender may require or to extend the Termination Date and revise the
repayment amounts so that repayment of the Term Loans owing to it, together with interest, takes place over a longer period of time in compliance with the Criminal Code (Canada). 

The holder of this Note is authorized to record on the schedule attached hereto and made a part hereof the amount of the Term Loan owing
to the Lender, the date and amount of each payment or prepayment of principal thereof and the date and amount of any PIK Interest added to the principal thereof. Each such recordation shall constitute prima facie evidence of the accuracy of the
information so recorded; provided that, failure of the Lender to make any such recordation (or any error in such recordation) shall not affect the obligations of the Borrowers under this Note or under the Credit Agreement. 

This Note is one of the Notes evidencing Term Loans referred to in the Term Loan Credit Agreement, dated as of November 30, 2009 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrowers, the Lender and the other Lenders from time to time parties thereto and Bank of America, N.A., as Administrative
Agent and as Collateral Agent, and the Lender is entitled to the benefits thereof, is secured as provided for therein, and is subject to optional and mandatory prepayment in whole or in part as provided therein. Capitalized terms used herein but not
defined herein shall have the meanings provided in the Credit Agreement. 
 Upon the occurrence of any one or more of the Events
of Default, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable, all as provided in the Credit Agreement. The payment of this Note is subject to the terms of the Intercreditor Agreement.

 Each Borrower expressly waives diligence, presentment, protest, demand and other notices of any kind, except as required by
the Credit Agreement. 
 NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN THE CREDIT AGREEMENT, THIS NOTE MAY NOT
BE TRANSFERRED EXCEPT PURSUANT TO AND IN ACCORDANCE WITH THE REGISTRATION AND OTHER PROVISIONS OF SECTION 11.8 OF THE CREDIT AGREEMENT. 

 [SIGNATURE PAGE FOLLOWS] 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF
THE STATE OF NEW YORK. 

			
	
	SEMGROUP CORPORATION
		
	By:	 	 
		 	 Name:

Title:

	
	SEMCRUDE, L.P.
		
	By:	 	SemOperating G.P., L.L.C., its General Partner
		
	By:	 	 
		 	 Name:

Title:

	
	SEMSTREAM, L.P.
		
	By:	 	SemOperating G.P., L.L.C., its General Partner
		
	By:	 	 
		 	 Name:

Title:

	
	SEMCANADA CRUDE COMPANY
		
	By:	 	 
		 	 Name:

Title:

			
	SEMGAS, L.P.
		
	By:	 	SemOperating G.P., L.L.C., its General Partner
		
	By:	 	 
		 	 Name:

Title:

	
	SEMCAMS ULC
		
	By:	 	 
		 	 Name:

Title:

 Schedule A 

to Term Note 

BALANCE, PIK INTEREST AND REPAYMENTS OF TERM LOAN 
  

											
	 Date
	  	Original Amount
of
Term Loan	  	PIK Interest
Added to Principal	  	Amount of
Principal of
Term Loan
Repaid	  	Unpaid Principal
Balance
of Term Loan
	  	Notation
Made By
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

 Exhibit B-1 

to Credit Agreement 

FORM OF NEW YORK SECURITY AGREEMENT 

[Distributed Separately] 

 Exhibit B-2 

to Credit Agreement 

FORM OF CANADIAN SECURITY AGREEMENT 

[Distributed Separately] 

 Exhibit C-1 

to Credit Agreement 

FORM OF NEW YORK PLEDGE AGREEMENT 

[Distributed Separately] 

 Exhibit C-2 

to Credit Agreement 

FORM OF CANADIAN PLEDGE AGREEMENT 

[Distributed Separately] 

 Exhibit D 

to Credit Agreement 

FORM OF SECTION 4.11 CERTIFICATE 

Reference is hereby made to the Term Loan Credit Agreement dated as of November 30, 2009 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among SemGroup Corporation, SemCrude, L.P., SemStream, L.P., SemCAMS ULC, SemCanada Crude Company and SemGas, L.P., as the Borrowers, the Lenders from time to time
parties thereto and Bank of America, N.A., as Administrative Agent and as Collateral Agent. All capitalized terms used but not defined herein have the meanings ascribed to them in the Credit Agreement. Pursuant to the provisions of
Section 4.11(e) of the Credit Agreement, the Non-Exempt Lender signatory hereto hereby certifies that: 

(1) It is a              natural individual person,
             treated as a corporation for U.S. federal income tax purposes,              disregarded for federal
income tax purposes (in which case a copy of this Certificate is attached in respect of its sole beneficial owner), or              treated as a partnership for U.S. federal income
tax purposes. [One must be checked] 
 (2) It is the beneficial owner of the Note issued to the Non-Exempt Lender
signatory hereto. 
 (3) It is not a bank, as such term is used in section 881(c)(3)(A) of the Internal
Revenue Code of 1986, as amended (the “Code”), or the Credit Agreement is not, with respect to the undersigned, a loan agreement entered into in the ordinary course of its trade or business, within the meaning of such section.

 (4) It is not a 10-percent shareholder of any Borrower within the meaning of section 871(h)(3) or
881(c)(3)(B) of the Code. 
 (5) It is not a controlled foreign corporation that is related to any Borrower
within the meaning of section 881(c)(3)(C) of the Code. 
 (6) Amounts received by it pursuant to the Credit
Agreement, under the Note and under any Loan Document are not effectively connected with its conduct of a trade or business in the United States. 
  

			
	[NAME OF NON-EXEMPT LENDER]
		
	By:	 	 
		 	 Name:

Title:

 Date:
                                 , 20__ 

 Exhibit E 

to Credit Agreement 

FORM OF SECRETARY’S CERTIFICATE 

The undersigned, the Secretary of [INSERT LOAN PARTY] (the “Company”), does hereby certify in such capacity, and not
individually, as follows pursuant to the Term Loan Credit Agreement , dated as of November 30, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among SemGroup
Corporation, SemCrude, L.P., SemStream, L.P., SemCAMS ULC, SemCanada Crude Company and SemGas, L.P., as the Borrowers, the Lenders from time to time parties thereto and Bank of America, N.A., as Administrative Agent and as Collateral Agent, that as
of the date hereof: 
 (1) Certificate of Incorporation/Formation. Attached hereto as
“Exhibit A” is a true, correct and complete copy of the [Certificate of Incorporation] of the Company, together with any and all amendments thereto, as on file with the [Secretary of State of the State of [insert
jurisdiction]][Registrar of Joint Stock Companies Nova Scotia], and no action has been taken to amend, modify or repeal such [Certificate of Incorporation], the same being in full force and effect in the attached form as of the date hereof.

 (2) Bylaws/Governing Agreements. Attached hereto as “Exhibit B” is a true,
correct and complete copy of the [By-laws] of the Company, together with any and all amendments thereto, and no action has been taken to amend, modify or repeal such [By-laws], the same being in full force and effect in the attached form as of the
date hereof. 
 (3) Resolutions/Authority. Attached hereto as “Exhibit C” is a true
and correct copy of the resolutions that have been duly adopted by the unanimous written consent of the [Board of Directors] of the Company dated
[                            ], and such resolutions have not been amended, modified, revoked or
rescinded in any respect since their adoption and remain in full force and effect on the date hereof. 
 (4)
Incumbency. “Exhibit D” attached hereto sets forth the names, titles, and specimen signatures of individuals who are duly elected, qualified and acting officers of the Company as of the date hereof, each of whom is authorized
to execute and deliver on behalf of the Company the Credit Agreement and the other Credit Documents as more particularly described and defined in the resolutions attached hereto as “Exhibit C”, and any other agreements, documents,
certificates or writings in connection therewith which are required of the Company to effect or evidence the Credit Agreement. 

(5) Good Standing/Existence. Attached hereto as “Exhibit E” are copies of recently dated
certificates issued by the [Secretary of State][Registrar of Joint Stock Companies] or other appropriate authority of each jurisdiction in which the Company was formed or is qualified to do business, such certificates evidencing the good standing
and existence of the Company in such jurisdictions. 

 IN WITNESS WHEREOF, the undersigned has hereunto executed this Secretary’s Certificate
as of this              day of             , 20__. 

	
	
	  
	 Name:
 Title:
Secretary

 The undersigned,
                                         
               , does hereby certify that [he][she] is the duly elected and presently incumbent
                                        
of the Company referred to above, and in such capacity does hereby certify to the Administrative Agent that
                                         
    is the duly elected and presently incumbent Secretary of the Company. 

	
	
	  
	 Name:

Title:

 Exhibit A 

[Certificate of Incorporation] 

and all amendments thereto 

 Exhibit B 

[By-laws] 

 Exhibit C 

[Resolutions] 

 Exhibit D 

Incumbency 
  

							
	 Name
	  	 Office
	  	 Date
	  	 Signature

 Exhibit E 

Good Standing Certificates 

 Exhibit F 

to Credit Agreement 

FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT 

This Assignment and Acceptance Agreement (the “Assignment”) is dated as of the Effective Date set forth below and is
entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the
Credit Agreement identified below (as amended, restated, supplemented or otherwise modified from time to time, “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions
set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the
Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of
such outstanding rights and obligations of the Assignor under the facility identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its
capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based
on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to
clause (i) above (the rights and obligations sold and assigned by the Assignor to the Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Each such sale
and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment, without representation or warranty by the Assignor. 

	1.	Assignor: __________________________________ 

  

	2.	 Assignee: __________________________________ [indicate [Affiliate] [Approved Fund] of [identify
Lender]]1 

 

	3.	Borrower(s): SemGroup Corporation, SemCrude, L.P., SemStream, L.P., SemCAMS ULC, SemCanada Crude Company and SemGas, L.P. 

 

	4.	Administrative Agent: Bank of America, N.A., as administrative agent under the Credit Agreement. 

 

	5.	Credit Agreement: The Term Loan Credit Agreement, dated as of November 30, 2009, among SemGroup Corporation, SemCrude, L.P., SemStream, L.P., SemCAMS ULC,
SemCanada Crude Company and SemGas, L.P., as the Borrowers, the Lenders from time to time parties thereto and Bank of America, N.A., as Administrative Agent and as Collateral Agent. 

 

	6.	Assigned Interest: 

  

												
	 Facility Assigned
	  	Aggregate
Amount
of
Term Loans for all
Lenders	  	Amount of
Term
Loans
Assigned	  	Percentage
Assigned of
Term Loans2
	 	 	CUSIP Number
	 Term Loan
	  	$	_____________	  	$	_____________	  	__________	% 	 	

 Effective Date:
                     , 20         [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH
SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
  

	1
	 Select as applicable. 

	2
	 Set forth, to at least 9 decimals, as a percentage of the Term Loans of all Lenders thereunder. 

 The terms set forth in this Assignment are hereby agreed to: 

			
	
	 ASSIGNOR

[NAME OF ASSIGNOR]

		
	By:	 	 
		 	 Name:

Title:

	
	 ASSIGNEE

[NAME OF ASSIGNEE]

		
	By:	 	 
		 	 Name:

Title:

	
	 Consented to and Accepted:
  

BANK OF AMERICA, N.A.,
as Administrative Agent

		
	By:	 	 
		 	 Name:

Title:

	
	 [Consented to:

SEMGROUP CORPORATION [IF APPLICABLE],
as Borrowers’ Agent

		
	By:	 	 
		 	 Name:

Title:]

 ANNEX 1 

STANDARD TERMS AND CONDITIONS FOR ASSIGNMENT 

AND ACCEPTANCE AGREEMENT 

1. Representations and Warranties. 

(a) Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned
Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and to consummate
the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with any Loan Document, (ii) the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Credit Agreement or any other instrument or document delivered pursuant thereto (herein collectively, the “Loan Documents”), other than this Assignment or any collateral
thereunder, (iii) the financial condition of any of the Borrowers, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by any Borrower, any of its
Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 
 (b)
Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby and to
become a Lender under the Credit Agreement, (ii) it meets all requirements to be an assignee under the Credit Agreement, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement and, to the
extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 7.1
thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and to purchase the Assigned Interest on the basis of which it has made such
analysis and decision, independently and without reliance upon the Administrative Agent or any other Lender and (v) if it is a not a United States person, attached to the Assignment is any documentation required to be delivered by it pursuant
to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the
obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 
 2. Payments. From and after the
Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued prior to or on or after the
Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.

 3. General Provisions. This Assignment shall be binding upon, and inure to the benefit of, the
parties hereto and their respective successors and assigns. This Assignment may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment by
telecopy or electronic transmission (in pdf. format) shall be effective as delivery of a manually executed counterpart of this Assignment. THIS ASSIGNMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. 

 Exhibit G 

to Credit Agreement 

[RESERVED] 

 Exhibit H 

to Credit Agreement 

FORM OF INTERCOMPANY SUBORDINATION AGREEMENT 

INTERCOMPANY SUBORDINATION AGREEMENT, dated as of
                     (as amended, supplemented or otherwise modified from time to time, this “Subordination Agreement”), by
and among SEMGROUP CORPORATION, a Delaware corporation (the “Company” and, together with each other Loan Party (as defined in the Credit Agreement referred to below) listed on the signature pages hereof or which becomes a party
hereto, each an “Obligor” and, collectively, the “Obligors”) and BANK OF AMERICA, N.A., as administrative agent (together with its successors and assigns in such capacity, the “Administrative
Agent”) under the Credit Agreement (as hereinafter defined). 
 RECITALS 

WHEREAS, in connection with the Plan of Reorganization (as defined in the Credit Agreement referred to below) and pursuant to the Term
Loan Credit Agreement, dated as of November 30, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among SemGroup Corporation, SemCrude, L.P., SemStream, L.P., SemCAMS
ULC, SemCanada Crude Company and SemGas, L.P., as borrowers (the “Borrowers”), the lenders from time to time parties thereto (the “Lenders”) and Bank of America, N.A., as the Administrative Agent and as the
Collateral Agent, each Lender shall receive a share of secured term loans deemed to have been made to the Borrowers on the Closing Date in the original aggregate principal amount of $300,000,000 having the terms set forth in the Credit Agreement;

 WHEREAS, each Obligor has made or may make from time to time certain loans, advances or other extensions of credit to one or
more of the other Obligors; and 
 WHEREAS, it is a covenant under Section 8.2(b)(i) of the Credit Agreement that each
Obligor enters into this Subordination Agreement with the Administrative Agent in respect of all amounts from time to time owing to such Obligor (including any interest thereon) from any other Obligor. 

NOW, THEREFORE, the parties hereto hereby agree as follows: 

1. Defined Terms. Unless otherwise defined herein, the capitalized terms used herein which are defined in, or by reference in, the
Credit Agreement shall have the meanings specified therein. In addition, as used in this Subordination Agreement, the following terms have the following meanings: 

“Payment in Full of the Senior Obligations”: the indefeasible payment in full in cash of all amounts due or to become
due (whether or not all or any of the Senior Obligations have been declared due and payable prior to the date on which such Senior Obligations would otherwise have become due and payable) on or in respect of all Senior Obligations. 

“Senior Obligations”: the collective reference to the unpaid principal of and interest on the Loans and interest thereon
and all other Obligations (for the avoidance of doubt, including, without limitation, interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to any of the
Borrowers, whether or not a claim for post filing or post petition interest is allowed in such proceeding) of the Obligors to the Lenders, the Cash Management Banks and the Agents (collectively, the “Lender Parties”). 

 “Subordinated Obligations”: with respect to any Obligor, any and all
amounts from time to time owing to such Obligor (including any interest thereon) from any other Obligor other than any and all amounts owing from SemCAMS ULC pursuant to each of the promissory notes evidencing obligations constituting Excluded
Canadian Plan Assets (as defined in the Canadian Security Agreement) attached hereto as Exhibit A as in effect on the date hereof (as amended through the date hereof, and as may be further amended in accordance with Section 5(f) hereof, the
“SemCAMS Notes”). 
 “Subordination Event”: the Senior Obligations becoming due and payable in
full, whether upon maturity, acceleration or otherwise. 
 2. Subordination. (a) Each Obligor agrees that the
Subordinated Obligations shall be Subordinate and Junior in Right of Payment to all Senior Obligations. 
 (b) As used in this
Subordination Agreement the term “Subordinate and Junior in Right of Payment” shall mean that: 

(i) no part of the Subordinated Obligations shall have any claim to the assets of any Obligor on a parity with or prior to
the claim of the Senior Obligations, and payment of all of the Subordinated Obligations is and shall be subject, subordinate and deemed junior in right of payment to the prior Payment in Full of the Senior Obligations; 

(ii) upon the occurrence and during the continuance of an Event of Default, and following receipt by the Borrowers’
Agent of a written notice from the Administrative Agent prohibiting the following, 
 (A) no Obligor will take,
demand or receive from any other Obligor and no Obligor will make, give or permit, directly or indirectly, by set off, redemption, purchase or in any other manner, any payment of or security for the whole or any part of the Subordinated Obligations
unless otherwise permitted by the Credit Agreement or consented to in writing by the Administrative Agent, and 

(B) no Obligor will accelerate for any reason the scheduled maturities of any Subordinated Obligations unless permitted in
writing by the Administrative Agent; 
 provided, however, that, upon the occurrence and during the continuance of
an Event of Default, no payments permitted pursuant to clause (A) above shall be made into any Deposit Account, Securities Account or Commodity Account of any Loan Party that is not a Controlled Account (in each case as defined in the New York
Security Agreement); provided further that, so long as no Event of Default has occurred and is continuing, each Obligor may make any payments of interest on and principal of the Subordinated Obligations, including, without limitation, any
payments on Subordinated Obligations consisting of customary revolving intercompany payables consistent with past practice; and 

(iii) in the event of any Subordination Event, any payment or distribution of any kind or character, whether in cash,
property or securities which, but for the subordination provisions of this Subordination Agreement, and subject to the proviso in the preceding subsection (ii) would otherwise be payable or deliverable upon or in respect of the Subordinated
Obligations, shall instead be paid over or delivered to the Administrative Agent for application on account of the Senior Obligations, and no Obligor shall receive any such payment or distribution or any benefit therefrom. 

 (c) Upon the occurrence of a Subordination Event arising pursuant to Section 9.1(g) of
the Credit Agreement, (i) if any Obligor shall have failed to file claims or proofs of claim with respect to the Subordinated Obligations earlier than thirty (30) days prior to the deadline for any such filing, such Obligor shall execute
and deliver to the Administrative Agent such powers of attorney, assignments or other instruments as the Administrative Agent may reasonably request to file such claims or proofs of claim and (ii) unless each Lender shall otherwise agree in
writing, until the Payment in Full of the Senior Obligations, no Obligor shall be entitled to receive any payment on account of principal of (or premium, if any) or interest on or other amounts payable in respect of the Subordinated Obligations, and
to that end, any payment or distribution of any kind or character, whether in cash, property or securities, which may be payable or deliverable in respect of Subordinated Obligations in any such case, proceeding, receivership, dissolution,
liquidation or other winding up proceeding (such proceedings, collectively, “Insolvency Proceedings”) shall instead be paid or delivered to the Administrative Agent for application to the Senior Obligations that are due and payable
until the Payment in Full of the Senior Obligations shall have first occurred. 
 (d) If any Insolvency Proceeding is commenced
by or against any Obligor: 
 (i) the Administrative Agent and each other Lender Party is hereby irrevocably
authorized and empowered (in its own name or in the name of the applicable Obligor or otherwise), but shall have no obligation, to demand, sue for, collect and receive every payment or distribution in respect of the Subordinated Obligations above
and give acquittance therefor and to file claims and proofs of claim and take such other action (including voting the Subordinated Obligations or enforcing any security interest or other lien securing payment of the Subordinated Obligations) as such
Lender Party may deem necessary or advisable for the exercise or enforcement of any of the such Lender Party’s rights or interests hereunder; and 

(ii) each Obligor shall duly and promptly take such action as the Administrative Agent or any other Lender Party may
request in its good faith business judgment (A) to collect the Subordinated Obligations for the account of the Lender Parties and to file appropriate claims or proofs of claim in respect of the Subordinated Obligations, (B) to execute and
deliver to the Lender Parties such powers of attorney, assignments, or other instruments as such Lender Parties may request in order to enable them to enforce any and all claims with respect to, and any security interests and other liens securing
payment of, the Subordinated Obligations and (C) to collect and receive any and all payments or distributions which may be payable or deliverable upon or with respect to the Subordinated Obligations. 

(e) Should any payment or distribution or security, or the proceeds of any thereof, be collected or received by any Obligor in respect of
Subordinated Obligations, and such collection or receipt is not expressly permitted hereunder prior to the payment in full of the Senior Obligations, such Obligor will, forthwith deliver the same to the Administrative Agent, to the extent
practicable in precisely the form received (except for the endorsement or the assignment of the holder thereof where necessary) and, until so delivered, the same shall be held in trust by such Obligor as the property of the Lender Parties.

 (f) Each Obligor waives any right that it may have to be subrogated to the rights of the Lender Parties to receive payments
or distributions of assets of any other Obligor made on the Senior Obligations or to otherwise seek reimbursement, indemnity or contribution or payment of any kind from any other Obligor in respect of amounts paid to the Lender Parties in lieu of
such Obligor by operation of this Subordination Agreement, until such time as the Senior Obligations have been indefeasibly paid in full in cash. 

 (g) Each Obligor hereby waives any and all notices of renewal, extension or accrual or
increase of any of the Senior Obligations, present or future, and agrees and consents that without notice to or assent by such Obligor: 

(i) the obligations and liabilities of any other Obligor or any other party or parties for or upon the Senior Obligations
(and/or any promissory note(s), security document or guaranty evidencing or securing any of the same) may, from time to time, in whole or in part, be renewed, extended, modified, amended, accelerated, compromised, supplemented, terminated, sold,
exchanged, waived or released or increased; 
 (ii) the Administrative Agent and each other Lender Party may
exercise or refrain from exercising any right, remedy or power granted by the Credit Agreement, any other Loan Document or any other document creating, evidencing or otherwise related to any of the Senior Obligations or at law, in equity, or
otherwise, with respect to any of the Senior Obligations or any collateral security or lien (legal or equitable) held, given or intended to be given therefor (including, without limitation, the right to perfect any lien or security interest created
in connection therewith); and 
 (iii) any and all Collateral or other collateral security and/or Liens (legal or
equitable) at any time, present or future, held, given or intended to be given for any of the Senior Obligations, and any rights or remedies of any Lender Party in respect thereof may, from time to time, in whole or in part, be exchanged, sold,
surrendered, released, modified, waived or extended by such Lender Party; 
 in each case, as the Administrative Agent or any other Lender Party
may deem advisable and all without impairing, abridging, diminishing, releasing or affecting the subordination to the Senior Obligations provided for herein. 

(h) Each Obligor acknowledges and agrees that the Administrative Agent and each other Lender Party has relied upon and will continue to
rely upon the subordination provided for herein in entering into the Credit Agreement. 
 3. Representations and
Warranties. Each Obligor hereby represents and warrants that, as of the date hereof, such Obligor has no material claims against any other Obligor arising out of breach of contract or tort or otherwise. 

4. Transfers of Subordinated Obligations. Each Obligor agrees that it will not assign, transfer, sell or otherwise dispose of its
right, title and interest in any Subordinated Obligation to any other Person, other than an Affiliate or a Subsidiary, which transferee shall agree to the terms of this Subordination Agreement. 

5. Miscellaneous. (a) No failure to exercise, and no delay in exercising, on the part of the holders, assignees and
beneficiaries from time to time of the Senior Obligations, any right, power or privilege under this Subordination Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege under this
Subordination Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The Administrative Agent shall not be prejudiced in its right to enforce the subordination contained herein in accordance
with the terms hereof by any act or failure to act on the part of any Obligor. The rights and remedies provided in this Subordination Agreement and in the other Loan Documents and in all other agreements, instruments and documents referred to in any
of the foregoing are cumulative and shall not be exclusive of any rights or remedies provided by law. 

 (b) Each Obligor agrees to execute and deliver such further documents and to do such other
acts and things as the Administrative Agent may reasonably request in order to fully effect the purposes of this Subordination Agreement. 

(c) All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by
facsimile transmission) and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made (i) in the case of delivery by hand, when received, (ii) in the case of delivery by mail, when received, or
(iii) in the case of delivery by facsimile transmission, when sent, and receipt has been electronically confirmed, (1) to any Obligor, as set forth below its name on the signature pages hereof, and (2) to the Administrative Agent, at
its address specified in Section 11.3 of the Credit Agreement. 
 (d) Each Obligor agrees to give the Administrative Agent
prompt notice of any default by any other Obligor in respect of the Subordinated Obligations. 
 (e) Each Obligor will cause
each note and instrument (if any) evidencing the Subordinated Obligations to be endorsed with the following legend: 

“The indebtedness evidenced by this instrument is subordinated to the prior indefeasible payment in full in cash of
the Senior Obligations (as defined in the Intercompany Subordination Agreement dated as of              by and among the [Payor][Borrower], the [Payee][Lender], certain of their
affiliates and Bank of America, N.A., as Administrative Agent, regarding subordination) pursuant to, and to the extent provided in, such Intercompany Subordination Agreement.” 

(f) Each Obligor agrees that neither the SemCAMS Notes nor any of the obligations under the SemCAMS Notes shall be amended or otherwise
modified (other than any amendments or other modifications expressly permitted by the terms of the SemCAMS Notes or the applicable Canadian Plan of Reorganization (in each case, other than the amendment provisions thereof)) without the prior written
consent of the Required Lenders, and any such amendment or modification thereof shall not be effective without the prior written consent of the Required Lenders. 

(g) Each Obligor hereby agrees to mark its books of account in such a manner as shall be effective to give proper notice of the effect of
this Subordination Agreement and will, in the case of any Subordinated Obligations not evidenced by any note or instrument, following the occurrence and continuation of an Event of Default, upon the Administrative Agent’s request, cause such
Subordinated Obligations to be evidenced by an appropriate note or instrument or instruments endorsed with the above legend. Each Obligor will at its expense and at any time and from time to time promptly execute and deliver all further instruments
and documents and take all further action that may be necessary or that the Administrative Agent may request in its good faith business judgment to protect any right or interest granted or purported to be granted hereunder or to enable the Lender to
exercise and enforce their rights and remedies hereunder. 
 (h) THIS SUBORDINATION AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF
THE LENDER PARTIES AND EACH OBLIGOR UNDER THIS SUBORDINATION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK. This 

 
Subordination Agreement shall be binding upon the Administrative Agent, each Obligor and their respective successors, transferees and assigns and shall inure to the benefit of the Administrative
Agent, the other Lender Parties, each Obligor and their respective successors, transferees and assigns; provided, that no Obligor may assign its rights or obligations hereunder without the prior written consent of the Administrative Agent.

 (i) The subordination provisions contained herein are for the benefit of the Administrative Agent, the other Lender Parties
and their respective successors and assigns as holders from time to time of Senior Obligations and may not be rescinded or canceled or modified in any way, nor, unless otherwise expressly provided for herein, may any provision of this Subordination
Agreement be waived or changed without the express prior written consent thereto of the Required Lenders. Subject to the preceding sentence, this Subordination Agreement may be amended or modified only by an instrument in writing signed by the
parties hereto. 
 (j) This Subordination Agreement may be executed by one or more of the parties to this Subordination
Agreement on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

 IN WITNESS WHEREOF, the parties hereto have caused this Subordination Agreement to be duly executed and
delivered as of the day and year first above written. 
  

			
	[INSERT NAME OF OBLIGOR]
		
	By:	 	 
		 	 Name:

Title:

  

			
	[INSERT NAME OF OBLIGOR]
		
	By:	 	 
		 	 Name:

Title:

	
	 Address for Notices:

c/o SemGroup Corporation
 6120 South Yale, Suite
700
 Tulsa, OK 74146
 Telephone:
                    
 Fax:
                                

 

			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	 
		 	 Name:

Title:

 Exhibit A 

to Exhibit H to Credit Agreement 

SEMCAMS NOTES 

 Exhibit I 

to Credit Agreement 

[RESERVED] 

 Exhibit J-1 

to Credit Agreement 

FORM OF OPINION OF NEW YORK COUNSEL 

[Distributed Separately] 

 Exhibit J-2 

to Credit Agreement 

FORM OF OPINION OF OKLAHOMA COUNSEL 

[Distributed Separately] 

 Exhibit J-3 

to Credit Agreement 

FORM OF OPINION OF NOVA SCOTIA COUNSEL 

[Distributed Separately] 

 Exhibit J-4 

to Credit Agreement 

FORM OF OPINION OF BRITISH COLUMBIA COUNSEL 

[Distributed Separately] 

 Exhibit J-5 

to Credit Agreement 

FORM OF OPINION OF ALBERTA COUNSEL 

[Distributed Separately] 

 Exhibit J-6 

to Credit Agreement 

FORM OF OPINION OF SASKATCHEWAN COUNSEL 

[Distributed Separately] 

 Exhibit J-7 

to Credit Agreement 

FORM OF OPINION OF ONTARIO COUNSEL 

[Distributed Separately] 

 Exhibit J-8 

to Credit Agreement 

FORM OF OPINION OF MANITOBA COUNSEL 

[Distributed Separately] 

 Exhibit K 

to Credit Agreement 

FORM OF CASH COLLATERAL 

DOCUMENTATION FOR REINVESTMENT PROCEEDS 

FOR VALUE RECEIVED, the undersigned, [SEMGROUP CORPORATION][SEMCRUDE, L.P.][SEMSTREAM, L.P.][SEMCANADA CRUDE COMPANY][SEMGAS, L.P.][SEMCAMS ULC] (the
“Company”) hereby assigns, transfers and pledges to BANK OF AMERICA, N.A., as collateral agent for the benefit of the Secured Parties (the “Collateral Agent”) under the Term Loan Credit Agreement dated as of
November 30, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein and not defined herein shall have the meanings given to them in the Credit
Agreement), among SemGroup Corporation, SemCrude, L.P., SemStream, L.P., SemCAMS ULC, SemCanada Crude Company and SemGas, L.P., as borrowers (the “Borrowers”), the Lenders from time to time parties thereto and Bank of America, N.A.,
as Administrative Agent and as Collateral Agent, and grants to the Collateral Agent for the ratable benefit of the Secured Parties a security interest in, all of the Company’s right, title and interest in and to the following accounts
maintained by the Collateral Agent (the “Accounts”): 
  

					
	[____________________]	  	[____________________]	  	[____________________]
	[____________________]	  	[____________________]	  	[____________________]

 or such other
number as may be subsequently assigned or maintained by the undersigned with the Collateral Agent, together with any subaccounts relating thereto and together with all monies or proceeds due or to become due thereunder or deposited therein, any and
all additional or renewed deposit of said monies or proceeds, any and all property of whatever kind and nature in the account or in which such monies or proceeds may be invested, and all sums due or to become due on, or with respect to, such account
by way of interest, dividend, bonus, redemption or otherwise and the proceeds of all of the foregoing (all hereinafter collectively known as the “Collateral”). 

This assignment, pledge, transfer and security interest is given and made to the Collateral Agent by the Company as collateral security
for the Obligations. 
 The Company represents, warrants and covenants that: (i) the Collateral is not subject to any other
security interest, except in favor of the Collateral Agent and as permitted under the Credit Agreement; and (ii) the Company shall not, at any time during which any Obligations are outstanding, assign, pledge or grant a security interest in any
of the Collateral, except as permitted under the Credit Agreement. 
 The Company further represents and warrants that
(a) it is the legal owner of the Collateral, subject to this agreement and Liens permitted under the Credit Agreement; (b) it has full power, authority and legal right to pledge and grant the security interests in and liens upon the
Collateral; (c) this agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation enforceable in accordance with its terms; (d) no consent of any other person (including, without
limitation, its stockholders or creditors) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority, domestic or foreign, is required to
be obtained by it in connection with the execution, delivery and performance of this agreement, other than as set forth in Section 5.4 of the Credit 

 
Agreement; and (e) the execution, delivery or performance of this agreement (i) will not violate any Requirement of Law, including any rules or regulations promulgated by the FERC, in
each case to the extent applicable to or binding upon the Company, except where such violation could not reasonably be expected to have a Material Adverse Effect and except as set forth in Section 5.4 of the Credit Agreement and (ii) will
not result in, or require, the creation or imposition of any Lien on any of its respective properties or revenues pursuant to any such Requirement of Law or Contractual Obligation (other than as created hereunder and Liens permitted by the Credit
Agreement). 
 The Company hereby irrevocably authorizes and empowers the Collateral Agent at any time, and from time to time,
after the occurrence and during the continuance of any Event of Default and subject to the Intercreditor Agreement, either in its own name or in the name of the undersigned: (i) to apply, demand, set-off, collect and receive payment of any and
all monies, property or proceeds due or to become due in respect of the Collateral; (ii) to execute any and all instruments required for the application, withdrawal or repayment of the same, or any part thereof; (iii) to insert in any
instrument for the application or withdrawal of funds signed by the undersigned, the date and amount due under the Collateral or any part thereof and to complete such instrument in any respect; and (iv) to have dominion and control over the
Collateral in all respects and to deal with the Collateral as the sole holder thereof, and the undersigned hereby irrevocably constitutes and appoints the Collateral Agent as its attorney-in-fact to do any and all of the aforesaid. The rights of the
Collateral Agent hereunder are in addition to the rights of the Collateral Agent under any other security or similar agreement. 

The Company will, at its own expense, promptly execute and deliver all further instruments and documents, and take all further action,
including, without limitation, the execution and filing of financing statements and amendments to financing statements under the Uniform Commercial Code that the Collateral Agent may from time to time reasonably deem necessary or desirable in order
to create, perfect and protect any security interest granted or purported to be granted hereby or to enable the Collateral Agent to enforce its rights and remedies hereunder with respect to any Collateral. The Collateral Agent may, at its discretion
and without the undersigned’s signature where permitted by applicable law, file one or more financing statements and amendments to financing statements under the Uniform Commercial Code naming the undersigned as debtor and the Collateral Agent
as secured party and indicating therein the types or describing the items of Collateral herein specified; provided, however that, the Collateral Agent shall, if practical under the circumstances, provide to the Company three
(3) Business Days prior written notice of the right to review any such filings and the Collateral Agent shall provide the Company with copies of such filings. 

So long as no Default or Event of Default shall have occurred and be continuing, and upon its receipt of an Officer’s Certificate in
the form of Exhibit A hereto, the Collateral Agent shall release to the Company any cash from time to time held in the Accounts as requested by the Borrowers’ Agent pursuant to a Reinvestment Notice, and upon the indefeasible payment in
full in cash of all Obligations, the Collateral Agent shall release all cash held in the Accounts and delivery of such cash shall discharge in full the Collateral Agent’s obligations to the Company with respect to release and return of such
Collateral. 
 The Company agrees to indemnify the Collateral Agent for any costs and expenses, including, without limitation,
reasonable counsel’s fees and disbursements, which the Collateral Agent may incur in connection with any enforcement of its security interest, liens and other rights hereunder. 

No delay on the Collateral Agent’s part in exercising any power or right hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise of any power or right hereunder preclude other or further exercise thereof or the exercise of any other power or right. The rights, remedies and benefits herein expressly specified are cumulative and not exclusive of any
rights, remedies or benefits that the Collateral Agent may otherwise have. This agreement shall be binding upon the assigns and successors 

 
of the Company (except that the Company may not assign this agreement without the Collateral Agent’s prior written consent) and shall constitute a continuing agreement, applying to all
future as well as existing transactions in connection with the Credit Agreement or any Obligations, whether or not of the character contemplated as of the date of this agreement. 

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. BY ITS EXECUTION HEREOF,
THE COMPANY HEREBY SUBMITS TO THE JURISDICTION OF THE FEDERAL AND STATE COURTS LOCATED IN THE COUNTY OF NEW YORK, NEW YORK AND CONSENTS TO THE SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING BROUGHT AGAINST IT BY THE COLLATERAL AGENT BY MEANS OF
REGISTERED MAIL TO THE ADDRESS OF THE UNDERSIGNED SET FORTH IN SECTION 11.3 OF THE CREDIT AGREEMENT. NOTHING HEREIN, HOWEVER, SHALL PREVENT SERVICE OF PROCESS BY ANY OTHER MEANS RECOGNIZED AS VALID BY LAW. NONE OF THE TERMS HEREOF MAY BE WAIVED,
ALTERED OR AMENDED EXCEPT BY A WRITING DULY SIGNED BY THE COMPANY. IF ANY TERMS HEREOF SHALL BE HELD TO BE INVALID, ILLEGAL OR UNENFORCEABLE, THE VALIDITY OF ALL OTHER TERMS SHALL IN NO WAY BE AFFECTED THEREBY. 

THE COMPANY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING UNDER OR RELATING TO THIS
AGREEMENT. 
 Notwithstanding anything herein to the contrary, the Lien and security interest granted to the Collateral Agent
pursuant to this Agreement securing the Obligations, and the exercise of any right or remedy by the Collateral Agent hereunder, are subject to the provisions of the Intercreditor and Subordination Agreement, dated as of November 30, 2009 (as
amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor and Subordination Agreement”), among BNP Paribas, as Senior Agent, Bank of America, N.A., as Junior Agent, and the Grantors (as defined
therein) from time to time party thereto and other persons party or that may become party thereto from time to time. If there is a conflict between the terms of the Intercreditor and Subordination Agreement and this Agreement, the terms of the
Intercreditor and Subordination Agreement will control. 

 IN WITNESS WHEREOF, the Company has caused this agreement to be executed this
             day of                     ,
            . 
  

			
	[                    ]
		
	By:	 	 
		 	 Name:

Title:

 ACKNOWLEDGED AND
AGREED: 
  

			
	BANK OF AMERICA, N.A., as Collateral Agent
		
	By:	 	 
		 	 Name:

Title:

 Exhibit A 

to Exhibit K to Credit Agreement 

FORM OF OFFICER’S CERTIFICATE 

The undersigned, solely in his/her capacity as a Responsible Person of the Borrowers’ Agent and not in his/her individual capacity,
hereby certifies that he is a Responsible Person of [SEMGROUP CORPORATION][SEMCRUDE, L.P.][SEMSTREAM, L.P.][SEMCANADA CRUDE COMPANY][SEMGAS, L.P.][SEMCAMS ULC] (the “Company”), and this Officer’s Certificate is being delivered
on behalf of the Company pursuant to that certain Cash Collateral Documentation for Reinvestment Proceeds, dated as of                 
    , 20     (the “Cash Collateral Documentation”), delivered by the Company to BANK OF AMERICA, N.A., as collateral agent (the “Collateral Agent”). Capitalized
terms used herein but not otherwise defined herein shall have the meaning ascribed to such terms in the Cash Collateral Documentation. The undersigned further certifies as follows: 

 

	 	(i)	the representations and warranties contained in Section 5 of the Credit Agreement and in each of the other Loan Documents are true and correct in all material
respects on and as of the date hereof, as though made on and as of such date; 

  

	 	(ii)	no Default or Event of Default exists as of the date hereof; and 

  

	 	(iii)	the Collateral will be applied by the Company (A) as described on Schedule I hereto and (B) to replace, repair or upgrade the assets giving rise to the Asset
Sale or Recovery Event pursuant to which the Company received the Collateral. 

 [SIGNATURE PAGE FOLLOWS]

 IN WITNESS WHEREOF, the undersigned have executed this Officer’s Certificate as of the date and year
first above written. 
  

			
	[                    ]
		
	By:	 	 
		 	 Name:

Title:

 Schedule I 

APPLICATION OF COLLATERAL 

 Exhibit L-1 

to Credit Agreement 

FORM OF U.S. MORTGAGE AND SECURITY AGREEMENT 

[Distributed Separately] 

 Exhibit L-2 

to Credit Agreement 

FORM OF CANADIAN DEBENTURE 

[Distributed Separately] 

 Exhibit M 

to Credit Agreement  

TERMS OF SUBORDINATED INDEBTEDNESS 

Unless otherwise agreed by the Administrative Agent, any agreement governing Subordinated Indebtedness issued to any Person other than a Loan Party shall
comply with the following terms: 
  

	 	•	 	 All Subordinated Indebtedness to be issued from and after the Closing Date shall be subordinate to the Obligations, and to any extension, modification,
renewal, refinancing, substitution, or increase of the Obligations (“Refinancing Obligations”; collectively, the Obligations and Refinancing Obligations, the “Senior Obligations”), and shall have a stated maturity
date not earlier than one year following the Termination Date. 

  

	 	•	 	 Upon and during the continuance of any Event of Default under Section 9.1(a) of the Credit Agreement, or in any similar provision of any documents
for any Refinancing Obligations (a “Payment Default”): 

  

	 	(a)	no Loan Party or Restricted Subsidiary (a “Payor”) shall make any payments in respect of the Subordinated Indebtedness, and 

 

	 	(b)	holders of such Subordinated Indebtedness may not receive or demand any such payments or any distributions of assets of the Payor. 

 

	 	•	 	 From the date the holders of the Subordinated Indebtedness receive a Stop Payment Notice regarding an Event of Default under Section 9 of the
Credit Agreement (other than Section 9.1(a)) (or similar provision of any documents for any Refinancing Obligations) (a “Non-Payment Default” and, together with any Payment Default, an “Event of Default”):

  

	 	(a)	no Payor will make payments on any Subordinated Indebtedness, and 

  

	 	(b)	the holders of such Subordinated Indebtedness may not receive payments on such Subordinated Indebtedness or any distributions of assets of the Payor;

 unless the Non-Payment Default is remedied. 

 

	 	•	 	 “Stop Payment Notice” is a notice to suspend Subordinated Indebtedness payments because of an Event of Default. 

 

	 	•	 	 In any bankruptcy or similar proceeding (“Insolvency Proceeding”), the Senior Obligations must be paid in full before the holders of
the Subordinated Indebtedness may receive any payment or any distributions of assets. 

  

	 	•	 	 The holders of the Subordinated Indebtedness must send to the Administrative Agent, within one Business Day of sending to the Payor, any notice of
default under the Subordinated Indebtedness. 

  

	 	•	 	 During the continuance of a Payment Default, the holders of the Subordinated Indebtedness: 

	 	(a)	may not exercise any rights in connection with a default or toward collection of the Subordinated Indebtedness under the Subordinated Indebtedness documents or
applicable law, and 

  

	 	(b)	are prohibited from participating in any Insolvency Proceeding with respect to the Payor (other than an Insolvency Proceeding commenced by the Administrative Agent);
provided, that the holders of the Subordinated Indebtedness may accelerate the Subordinated Indebtedness upon the acceleration of the Senior Obligations. 

 

	 	•	 	 The holders of the Subordinated Indebtedness must give the Administrative Agent ten Business Days notice before exercising any rights.

  

	 	•	 	 Until the Senior Obligations are paid in full, if any Insolvency Proceeding is commenced by or against the Payor: 

 

	 	(a)	the Administrative Agent will be authorized to collect payments owed and take any enforcement action under the documents governing the Subordinated Indebtedness or
applicable law; and 

  

	 	(b)	the holders of the Subordinated Indebtedness will take reasonable action requested by the Administrative Agent in connection with actions set forth in paragraph
(a) above. 

  

	 	•	 	 The holders of the Subordinated Indebtedness must agree to hold in trust and turn over to the Administrative Agent any payment or distribution received
by them contrary to the subordination terms of the Subordinated Indebtedness. 

  

	 	•	 	 Payments to the holders of the Senior Obligations which are subsequently invalidated shall be deemed reinstated for purposes of the subordination terms
of the Subordinated Indebtedness as if such payments had not been made. 

  

	 	•	 	 The Administrative Agent may seek specific performance of the subordination provisions of the Subordinated Indebtedness. 

 

	 	•	 	 The holders of the Subordinated Indebtedness must waive any defense to a demand for specific performance based on the adequacy of a remedy at law.

  

	 	•	 	 The holders of the Subordinated Indebtedness will not modify the terms of the Subordinated Indebtedness in a manner that could adversely affect the
rights of the Administrative Agent, any Lender or any other Secured Party under the Loan Documents or any other documents evidencing any Senior Obligations. The terms of the Senior Obligations may be amended and modified without the consent of the
holders of the Subordinated Indebtedness. 

  

	 	•	 	 The holders of the Subordinated Indebtedness must be prohibited from exercising any right of subrogation with respect to any payment or distribution
made to any of the Secured Parties. 

  

	 	•	 	 Until the Senior Obligations are paid in full, the holders of such Subordinated Indebtedness shall not accelerate the Subordinated Indebtedness, make
any set-off in respect of the Subordinated Indebtedness, sue or participate in any suit, action or proceeding to enforce payment or collection of the Subordinated Indebtedness or to enforce any redemption or mandatory prepayment obligation, or to
commence any judicial enforcement of rights and remedies under any credit agreement, promissory note, security document, guaranty or any other similar document related to the Subordinated

	 	 
Indebtedness, or to take any action under the UCC or other law to enforce, foreclose upon or take possession of any property or assets of any of the Grantors (as defined in the Security
Agreement); except that the Subordinated Indebtedness may be accelerated upon: 

  

	 	(a)	the acceleration of the Senior Obligations; 

  

	 	(b)	upon the occurrence of an Insolvency Proceeding; and 

  

	 	(c)	the passage of 180 days after the date of a notice by the holders of such Subordinated Indebtedness to the Administrative Agent that an event of default under any
credit agreement, promissory note, security document, guaranty or any other similar document related to the Subordinated Indebtedness has occurred and has not been cured or waived, and that the holders of such Subordinated Indebtedness intend to
accelerate. 

 Exhibit N 

to Credit Agreement  

[RESERVED] 

 Exhibit O 

to Credit Agreement  

FORM OF GUARANTEE 

[Distributed Separately] 

 Exhibit P 

to Credit Agreement  

FORM OF COMPLIANCE CERTIFICATE 

                     ,
20     
 This Compliance Certificate is delivered pursuant to Section 7.2(b) of the Term Loan Credit Agreement,
dated as of November 30, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among SEMGROUP CORPORATION (the “Borrowers’ Agent”), a corporation organized
under the Laws of Delaware, SEMCRUDE, L.P. (“SemCrude”), a limited partnership organized under the Laws of Delaware, SEMSTREAM, L.P. (“SemStream”), a limited partnership organized under the Laws of Delaware, SEMCAMS
ULC (“SemCAMS”), an unlimited company organized under the Laws of Nova Scotia, SEMCANADA CRUDE COMPANY (“SemCanada Company”), an unlimited company organized under the laws of Nova Scotia, SEMGAS, L.P.
(“SemGas” and, together with SemCrude, SemStream, SemCAMS, SemCanada Company and the Borrowers’ Agent, each a “Borrower” and, collectively, the “Borrowers”), a limited partnership organized
under the laws of Oklahoma, the Lenders from time to time parties thereto and BANK OF AMERICA, N.A., as the Administrative Agent and as the Collateral Agent. Terms defined in the Credit Agreement are used herein as therein defined. 

The undersigned, solely in his/her capacity as a Responsible Person of the Borrowers’ Agent and not in his/her individual capacity, hereby certifies
to the Administrative Agent and the Lenders as follows: 
 1. I am the Chief Financial Officer of the Borrowers’ Agent. 

2. To the best of my knowledge during the accounting period covered by the financial statements attached hereto as Attachment 1, each Loan Party has
observed or performed all of its covenants and other agreements and satisfied every condition contained in the Credit Agreement and the other Loan Documents to be observed, performed or satisfied by it, and I have obtained no knowledge of any
Default or Event of Default, in each case except as disclosed on Schedule 1 hereto. 
 3. Attached hereto as Attachment 2 are the computations
showing compliance with the financial covenants set forth in Section 8.1 of the Credit Agreement. 
 4. The representations and warranties
contained in Section 5 of the Credit Agreement and in each other Loan Document are true and correct in all material respects on and as of the date hereof, as though made on and as of such date. 

5. No Default or Event of Default exists as of the date hereof. 

6. The following information is true and correct in all material respects as of the date hereof. 

 IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of the date set forth above.

  

			
	By:	 	 
		 	 Name:

Title:

 Attachment 1 

Financial Statements 

 Exhibit Q 

to Credit Agreement  

[RESERVED] 

 Exhibit R 

to Credit Agreement 

FORM OF PERFECTION CERTIFICATE 

[Distributed Separately] 

 Exhibit S 

to Credit Agreement 

[RESERVED] 

 Exhibit T  

to Credit Agreement 

FORM OF BORROWER’S CERTIFICATE 

                     ,
20     
 Each of the undersigned hereby, solely in his/her capacity as a Responsible Person and not
in his/her individual capacity, certifies that he/she is a Responsible Person of the Borrower indicated under his signature, and this Borrower’s Certificate is being delivered on behalf of each Borrower pursuant to Section 6.1(m) of that
certain Term Loan Credit Agreement, dated as of November 30, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrowers, the Lenders from time to time parties
thereto and Bank of America, N.A., as the Administrative Agent and as the Collateral Agent. Capitalized terms used herein but not otherwise defined herein shall have the meaning ascribed to such terms in the Credit Agreement. Each of the undersigned
further certifies as follows: 
  

	 	(i)	The representations and warranties contained in Section 5 of the Credit Agreement and in each of the other Loan Documents are true and correct in all material
respects on and as of the date hereof, as though made on and as of such date; 

  

	 	(ii)	No Default or Event of Default exists as of the date hereof; and 

  

	 	(iii)	Attached as Exhibit A hereto is a list of all consents, authorizations and filings required under Section 5.4 of the Credit Agreement, all of which are in full
force and effect as of the date hereof. 

 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the undersigned have executed this Borrower’s Certificate as of the date and year
first above written. 
  

			
		
	By:	 	 
		 	 Name:
 Title:

Borrower: SemCrude, L.P.

		
	By:	 	 
		 	 Name:
 Title:

Borrower: SemStream, L.P.

		
	By:	 	 
		 	 Name:
 Title:

Borrower: SemCAMS ULC

		
	By:	 	 
		 	 Name:
 Title:

Borrower: SemCanada Crude Company

		
	By:	 	 
		 	 Name:
 Title:

Borrower: SemGas, L.P

		
	By:	 	 
		 	 Name:
 Title:

Borrower: SemGroup Corporation

 Exhibit A 

to Exhibit T 

CONSENTS, AUTHORIZATIONS AND FILINGS 

 Exhibit U  

to Credit Agreement 

FORM OF INTERCREDITOR AGREEMENT 

[Distributed Separately] 

 Annex I 

to Credit Agreement 

[RESERVED] 

 Annex II 

to Credit Agreement 

[RESERVED] 

 Annex III to 

Credit Agreement 

FORM OF NOTICE OF PREPAYMENT 

[Date] 
 Bank of America, N.A.,
as Administrative Agent 
 901 Main Street 

Dallas, Texas 75202-3714 
 Attention: Jack
Woodiel 
  

	 	Re:	Prepayment of Loans 

 Ladies and Gentlemen:

 This Notice of Prepayment is delivered to you pursuant to Section 4.6 of the Term Loan Credit Agreement, dated as
of November 30, 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among SemGroup Corporation (“Parent”), SemCrude, L.P. (“SemCrude”),
SemStream, L.P. (“SemStream”), SemCAMS ULC (“SemCAMS”), SemCanada Crude Company (“SemCanada Company”), SemGas, L.P. (“SemGas” and, together with SemCrude, SemStream, SemCAMS,
SemCanada Company and Parent, the “Borrowers”, and each a “Borrower”), the lenders from time to time parties thereto and Bank of America, N.A., as the Administrative Agent and as the Collateral Agent. Unless
otherwise defined herein or the context otherwise requires, capitalized terms used herein have the meanings provided in the Credit Agreement. 

The Borrowers’ Agent on behalf of the Borrowers hereby notifies the Administrative Agent that the Borrowers shall prepay the Loans,
on                     , 20    , in the aggregate principal amount of
$[                    ]. 

[Signature page follows] 

 The Borrowers’ Agent has caused this Notice of Prepayment to be executed and delivered
by its duly authorized officer this      day of                     , 20    .

  

			
	 SEMGROUP CORPORATION,

As Borrowers’ Agent

		
	By:	 	 
		 	 Name:

Title:Credit Agreement (the SCPL Term Loan Facility)

 Exhibit 10.4 

Execution Version 

$125,000,000 

CREDIT AGREEMENT 

Dated as of November 30, 2009 

among 
 SEMCRUDE
PIPELINE, L.L.C., AS BORROWER 
 THE LENDERS PARTY HERETO 

and 
 GENERAL
ELECTRIC CAPITAL CORPORATION, 
 AS ADMINISTRATIVE AGENT 

¿ ¿
¿ 
 GE CAPITAL MARKETS, INC., 

AS SOLE LEAD ARRANGER AND BOOKRUNNER 

 TABLE OF CONTENTS 

 

							
	 	  	Page
	ARTICLE 1	 	DEFINITIONS, INTERPRETATION AND ACCOUNTING TERMS	  	1
			
	 Section 1.1
	 	            Defined Terms	  	1
			
	 Section 1.2
	 	            UCC Terms	  	24
			
	 Section 1.3
	 	            Accounting Terms and Principles; GAAP	  	24
			
	 Section 1.4
	 	            Payments	  	25
			
	 Section 1.5
	 	            Interpretation	  	25
			
	ARTICLE 2	 	THE FACILITY	  	26
			
	 Section 2.1
	 	            The Commitments	  	26
			
	 Section 2.2
	 	            Borrowing Procedures	  	26
			
	 Section 2.3
	 	            Single Obligation	  	27
			
	 Section 2.4
	 	            [Reserved.]	  	27
			
	 Section 2.5
	 	            Reduction and Termination of the Commitments	  	27
			
	 Section 2.6
	 	            Repayment of Loans	  	27
			
	 Section 2.7
	 	            Optional Prepayments	  	27
			
	 Section 2.8
	 	            Mandatory Prepayments	  	27
			
	 Section 2.9
	 	            Interest	  	28
			
	 Section 2.10
	 	            Conversion and Continuation Options	  	29
			
	 Section 2.11
	 	            Fees	  	29
			
	 Section 2.12
	 	            Application of Payments	  	29
			
	 Section 2.13
	 	            Payments and Computations	  	30
			
	 Section 2.14
	 	            Evidence of Debt	  	31
			
	 Section 2.15
	 	            Suspension of Eurodollar Rate Option	  	33
			
	 Section 2.16
	 	            Breakage Costs; Increased Costs; Capital Requirements	  	33
			
	 Section 2.17
	 	            Taxes	  	34
			
	 Section 2.18
	 	            Substitution of Lenders	  	37
			
	ARTICLE 3	 	CONDITIONS TO LOANS	  	38
			
	 Section 3.1
	 	            Conditions Precedent to Term Loans	  	38
			
	 Section 3.2
	 	            Determinations of Initial Borrowing Conditions	  	42
			
	ARTICLE 4	 	REPRESENTATIONS AND WARRANTIES	  	42
			
	 Section 4.1
	 	            Corporate Existence; Compliance with Law	  	42

  

 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	Page
	 Section 4.2
	 	            Loan and Related Documents	  	42
			
	 Section 4.3
	 	            Ownership of Group Members	  	43
			
	 Section 4.4
	 	            Initial Projections	  	43
			
	 Section 4.5
	 	            Material Adverse Effect	  	43
			
	 Section 4.6
	 	            Solvency	  	44
			
	 Section 4.7
	 	            Litigation	  	44
			
	 Section 4.8
	 	            Taxes	  	44
			
	 Section 4.9
	 	            Margin Regulations	  	44
			
	 Section 4.10
	 	            No Burdensome Obligations; No Defaults	  	44
			
	 Section 4.11
	 	            Investment Company Act	  	45
			
	 Section 4.12
	 	            Labor Matters	  	45
			
	 Section 4.13
	 	            ERISA	  	45
			
	 Section 4.14
	 	            Environmental Matters	  	45
			
	 Section 4.15
	 	            Intellectual Property	  	46
			
	 Section 4.16
	 	            Title; Real Property, Necessary Land Rights	  	46
			
	 Section 4.17
	 	            Full Disclosure	  	47
			
	 Section 4.18
	 	            Purpose; Business	  	47
			
	 Section 4.19
	 	            Patriot Act	  	47
			
	 Section 4.20
	 	            Perfected Liens	  	47
			
	 Section 4.21
	 	            Maintenance and Operation of Assets	  	47
			
	 Section 4.22
	 	            Material Project Documents	  	48
			
	 Section 4.23
	 	            Indebtedness	  	48
			
	 Section 4.24
	 	            Bank and Securities Accounts	  	48
			
	 Section 4.25
	 	            Engineering, Procurement and Construction Contracts; Pipeline Completion; FERC
Tariffs	  	48
			
	 Section 4.26
	 	            Non-Affiliated Persons	  	48
			
	 Section 4.27
	 	            Division of Manifold	  	48
			
	ARTICLE 5	 	FINANCIAL COVENANTS	  	49
			
	 Section 5.1
	 	            Total Leverage Ratio	  	49
			
	 Section 5.2
	 	            Debt Service Coverage Ratio	  	49

  

 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	Page
	 ARTICLE 6
	 	REPORTING COVENANTS	  	50
			
	 Section 6.1
	 	            Financial Statements	  	50
			
	 Section 6.2
	 	            Other Events	  	52
			
	 Section 6.3
	 	            Copies of Notices and Reports	  	53
			
	 Section 6.4
	 	            Taxes	  	53
			
	 Section 6.5
	 	            Labor Matters	  	53
			
	 Section 6.6
	 	            ERISA Matters	  	53
			
	 Section 6.7
	 	            Environmental Matters	  	53
			
	 Section 6.8
	 	            Throughput Reports	  	54
			
	 Section 6.9
	 	            Other Information	  	54
			
	 ARTICLE 7
	 	AFFIRMATIVE COVENANTS	  	54
			
	 Section 7.1
	 	            Maintenance of Corporate Existence	  	54
			
	 Section 7.2
	 	            Compliance with Laws, Etc	  	55
			
	 Section 7.3
	 	            Payment of Obligations	  	55
			
	 Section 7.4
	 	            Maintenance of Property	  	55
			
	 Section 7.5
	 	            Maintenance of Insurance	  	55
			
	 Section 7.6
	 	            Keeping of Books	  	55
			
	 Section 7.7
	 	            Access to Books and Property	  	55
			
	 Section 7.8
	 	            Environmental	  	56
			
	 Section 7.9
	 	            Use of Proceeds	  	56
			
	 Section 7.10
	 	            Additional Collateral	  	57
			
	 Section 7.11
	 	            Restricted Payment Account	  	57
			
	 Section 7.12
	 	            White Cliffs Distributions	  	58
			
	 Section 7.13
	 	            Performance and Enforcement of Material Project Documents	  	58
			
	 Section 7.14
	 	            Maintenance of Corporate Separateness	  	58
			
	 Section 7.15
	 	            Annual Operating Budgets	  	59
			
	 Section 7.16
	 	            Restricted Payments by White Cliffs	  	60
			
	 Section 7.17
	 	            Manager	  	60
			
	 Section 7.18
	 	            Phase I Environmental Site Assessment; EHS Compliance Audit	  	60

  

 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page
	 Section 7.19
	 	            Easement Agreement Consents	  	60
			
	 Section 7.20
	 	            SemCrude Energy Partners Cushing Consent	  	60
			
	 ARTICLE 8
	 	NEGATIVE COVENANTS	  	60
			
	 Section 8.1
	 	            Indebtedness	  	61
			
	 Section 8.2
	 	            Liens	  	61
			
	 Section 8.3
	 	            Investments	  	61
			
	 Section 8.4
	 	            Asset Sales	  	61
			
	 Section 8.5
	 	            Restricted Payments	  	62
			
	 Section 8.6
	 	            Prepayment of Indebtedness	  	63
			
	 Section 8.7
	 	            Fundamental Changes	  	63
			
	 Section 8.8
	 	            Change in Nature of Business	  	63
			
	 Section 8.9
	 	            Transactions with Affiliates	  	63
			
	 Section 8.10
	 	            Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted
Payments	  	63
			
	 Section 8.11
	 	            Certain Documents; Capital Structure	  	64
			
	 Section 8.12
	 	            Accounting Changes; Fiscal Year	  	64
			
	 Section 8.13
	 	            Margin Regulations	  	64
			
	 Section 8.14
	 	            Compliance with ERISA	  	64
			
	 Section 8.15
	 	            Hazardous Materials	  	64
			
	 Section 8.16
	 	            Additional Project Documents	  	65
			
	 Section 8.17
	 	            [Reserved]	  	65
			
	 Section 8.18
	 	            No Subsidiaries	  	65
			
	 Section 8.19
	 	            No Additional Bank or Securities Accounts	  	65
			
	 Section 8.20
	 	            No Hedging Agreements	  	65
			
	 Section 8.21
	 	            Unrestricted Subsidiary	  	66
			
	 ARTICLE 9
	 	EVENTS OF DEFAULT	  	66
			
	 Section 9.1
	 	            Definition	  	66
			
	 Section 9.2
	 	            Remedies	  	69
			
	 ARTICLE 10
	 	THE ADMINISTRATIVE AGENT	  	69
			
	 Section 10.1
	 	            Appointment and Duties	  	69

  

 iv 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page
	 Section 10.2
	 	            Binding Effect	  	70
			
	 Section 10.3
	 	            Use of Discretion	  	71
			
	 Section 10.4
	 	            Delegation of Rights and Duties	  	71
			
	 Section 10.5
	 	            Reliance and Liability	  	71
			
	 Section 10.6
	 	            Administrative Agent Individually	  	72
			
	 Section 10.7
	 	            Lender Credit Decision	  	72
			
	 Section 10.8
	 	            Expenses: Indemnities	  	73
			
	 Section 10.9
	 	            Resignation of Administrative Agent	  	73
			
	 Section 10.10
	 	            Release of Collateral	  	74
			
	 Section 10.11
	 	            Additional Secured Parties	  	74
			
	 ARTICLE 11
	 	MISCELLANEOUS	  	75
			
	 Section 11.1
	 	            Amendments, Waivers, Etc	  	75
			
	 Section 11.2
	 	            Assignments and Participations; Binding Effect	  	76
			
	 Section 11.3
	 	            Costs and Expenses	  	79
			
	 Section 11.4
	 	            Indemnities	  	79
			
	 Section 11.5
	 	            Survival	  	80
			
	 Section 11.6
	 	            Limitation of Liability for Certain Damages	  	80
			
	 Section 11.7
	 	            Lender-Creditor Relationship	  	81
			
	 Section 11.8
	 	            Right of Setoff	  	81
			
	 Section 11.9
	 	            Sharing of Payments, Etc	  	81
			
	 Section 11.10
	 	            Marshaling; Payments Set Aside	  	81
			
	 Section 11.11
	 	            Notices	  	82
			
	 Section 11.12
	 	            Electronic Transmissions	  	83
			
	 Section 11.13
	 	            Governing Law	  	84
			
	 Section 11.14
	 	            Jurisdiction	  	84
			
	 Section 11.15
	 	            Waiver of Jury Trial	  	84
			
	 Section 11.16
	 	            Severability	  	84
			
	 Section 11.17
	 	            Execution in Counterparts	  	85
			
	 Section 11.18
	 	            Entire Agreement	  	85
			
	 Section 11.19
	 	            Use of Name	  	85

  

 v 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	 	 	  	Page
	 Section 11.20
	 	            Non-Public Information; Confidentiality	  	85
			
	 Section 11.21
	 	            Patriot Act Notice	  	86

  

 vi 

			
	 Schedules
	  	 Exhibits

	 I Lenders
	  	A Assignment
		
	 PS Pipeline System
	  	B Form of Consent
		
	 4.1 Compliance with Laws
	  	C Form of Note
		
	 4.2(a) Power and Authority
	  	D Borrowing Notice
		
	 4.2(b) Necessary Governmental Approvals
	  	E Notice of Conversion or Continuation
		
	 4.7 Litigation
	  	F Project Partner Consent
		
	 4.12 Labor
	  	G Compliance Certificate
		
	 4.13 ERISA
	  	H Security Agreement
		
	 4.14 Environmental
	  	I-1 Form of Annual Operating Budget for White Cliffs
		
	 4.16 Title
	  	I-2 Form of Annual Operating Budget for the Borrower
		
	 4.24 Bank and Securities Accounts
	  	
		
	 4.25 EPC Contracts
	  	
		
	 6.8 Form of Monthly Throughput Report
	  	
		
	 7.5 Insurance Schedule
	  	
		
	 8.2 Permitted Liens
	  	

 This Credit Agreement, dated as of November 30, 2009, is entered into among SemCrude
Pipeline, L.L.C., a Delaware limited liability company (the “Borrower”), the Lenders (as defined below), and General Electric Capital Corporation (“GE Capital”), as administrative agent for the Lenders (in such
capacity, and together with its successors and permitted assigns, the “Administrative Agent”). 
 The parties
hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS, INTERPRETATION AND ACCOUNTING TERMS 

Section 1.1 Defined Terms. As used in this Agreement, the following terms have the following meanings: 

“Additional Project Document” shall mean each contract, agreement, letter agreement or other instrument to which any
Group Member becomes a party after the Closing Date hereof that exceeds $250,000 per annum in value individually (“value” being defined as the greater of (i) amounts payable by such Group Member thereunder in any calendar year or
(ii) the value of the goods and services (including, without limitation, any cash) received by such Group Member thereunder in any calendar year (as reasonably determined by such Group Member)), other than any document included in the
definition of Material Project Documents (other than “Additional Project Document”) and any Loan Documents. 

“Affected Lender” has the meaning specified in Section 2.18. 

“Affiliate” means, with respect to any Person, each officer, director, general partner or joint-venturer of such Person
and any other Person that directly or indirectly controls, is controlled by, or is under common control with, such Person; provided, however, that no Secured Party shall be an Affiliate of the Borrower. For purpose of this definition,
“control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person; whether through the ability to exercise voting power, by contract or otherwise; and
“controlling” and “controlled” have meanings correlative thereto. 

“Agreement” means this Credit Agreement. 

“Applicable Margin” means, for each Term Loan, a percentage equal to (a) with respect to Eurodollar Rate Loans,
6.00%, and (b) with respect to Base Rate Loans, 5.00%. 
 “Approved Fund” means, with respect to any
Lender, any Person (other than a natural Person) that (a) is or will be engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business and (b) is
advised or managed by (i) such Lender, (ii) any Affiliate of such Lender or (iii) any Person (other than an individual) or any Affiliate of any Person (other than an individual) that administers or manages such Lender. 

“Annual Operating Budgets” means (a) an operating plan and budget for White Cliffs, substantially in the form of
Exhibit I-1 attached hereto (the “Annual Operating Budget for White Cliffs”), for the applicable year with respect to the operation and maintenance of the Pipeline 

 
System, detailed by month, of anticipated revenues and expenses, such budget to include debt service, maintenance, repair and operation expenses under any O&M Agreement or other operating and
maintenance contract (including reasonable allowance for contingencies), reimbursable management expenses and fees, payments for Taxes (other than those based upon the Borrower’s income), insurance, consumables, spare parts, equipment,
materials, payments under any lease, payments under any parts services agreement, fees paid in connection with obtaining, transferring, maintaining or amending any Permits and reasonable general and administrative expenses, reserves and all other
anticipated costs for the Pipeline System for such year and (b) an operating plan and budget for the Borrower, substantially in the form of Exhibit I-2 attached hereto (the “Annual Operating Budget for the Borrower”),
for the applicable year with respect to the business of the Borrower, detailed by month, of anticipated revenues and expenses for such year. 

“Asset Sale Proceeds” shall mean proceeds from the sale, lease, transfer or other disposition of any of the assets of
any Group Member in the form of cash and Cash Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but only as
and when received), net of attorneys’ fees, accountants’ fees, investment banking fees, and other customary fees and expenses actually incurred in connection therewith. 

“Assignment” means an assignment agreement entered into by a Lender, as assignor, and any Person, as assignee, pursuant
to the terms and provisions of Section 11.2 (with the consent of any party whose consent is required by Section 11.2), accepted by the Administrative Agent, in substantially the form of Exhibit A, or any other form
approved by the Administrative Agent. 
 “Base Rate” means, at any time, a rate per annum equal to the highest
of (a) the rate last quoted by The Wall Street Journal as the “base rate on corporate loans posted by at least 75% of the nation’s largest banks” in the United States or, if The Wall Street Journal ceases to quote such rate, the
highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar
rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent), (b) the sum of 0.5% per annum and the Federal Funds Rate, and
(c) 2.50% per annum. 
 “Base Rate Loan” means any Term Loan that bears interest based on the Base
Rate. 
 “Base Throughput Agreements” means each of the Throughput and Deficiency Agreements between White
Cliffs and the Project Partners, respectively, each dated January 29, 2007, each as amended by the First Amendment to Throughput and Deficiency Agreement effective as of December 1, 2008. 

“Benefit Plan” means any employee benefit plan as defined in Section 3(3) of ERISA (whether governed by the laws of
the United States or otherwise) to which any Group Member incurs or otherwise has any obligation or liability, contingent or otherwise. 
  

 2 

 “Borrowing” means a borrowing consisting of Term Loans made on the same day
by the Lenders according to their respective Commitments under the Term Facility. 
 “Business Day” means any
day of the year that is not a Saturday, Sunday or a day on which banks are required or authorized to close in New York City and, when determined in connection with notices and determinations in respect of any Eurodollar Rate or Eurodollar Rate Loan
or any funding, conversion, continuation, Interest Period or payment of any Eurodollar Rate Loan, that is also a day on which dealings in Dollar deposits are carried on in the London interbank market. 

“CapEx Reserve” means the amount, initially $300,000, deposited in the Restricted Payment Account to make CapEx Reserve
Payments when due, as such amount is reduced by the amount of any CapEx Reserve Payments made in accordance with Section 8.5. 

“CapEx Reserve Payment” means the payment from the CapEx Reserve of any invoices for capital expenditures which are
received by Borrower after the Closing Date and which are for the construction of the Pipeline System. 
 “Capital
Lease” means, with respect to any Person, any lease of, or other arrangement conveying the right to use, any property (whether real, personal or mixed) by such Person as lessee that has been or should be accounted for as a capital lease on
a balance sheet of such Person prepared in accordance with GAAP. 
 “Capitalized Lease Obligations” means, at
any time, with respect to any Capital Lease, any lease entered into as part of any Sale and Leaseback Transaction of any Person or any synthetic lease, the amount of all obligations of such Person that is (or that would be, if such synthetic lease
or other lease were accounted for as a Capital Lease) capitalized on a balance sheet of such Person prepared in accordance with GAAP. 

“Cash Equivalents” means (a) any readily-marketable securities (i) issued by, or directly, unconditionally and
fully guaranteed or insured by the United States federal government or (ii) issued by any agency of the United States federal government the obligations of which are fully backed by the full faith and credit of the United States federal
government, (b) any readily-marketable direct obligations issued by any other agency of the United States federal government, any state of the United States or any political subdivision of any such state or any public instrumentality thereof,
in each case having a rating of at least “A-1” from S&P or at least “P-1” from Moody’s, (c) any commercial paper rated at least “A-1” by S&P or “P-1” by
Moody’s and issued by any Person organized under the laws of any state of the United States, (d) any Dollar-denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers’ acceptance issued or accepted by
(i) any Lender or (ii) any commercial bank that is (A) organized under the laws of the United States, any state thereof or the District of Columbia, (B) “adequately capitalized” (as defined in the regulations of its
primary federal banking regulators) and (C) has Tier 1 capital (as defined in such regulations) in excess of $250,000,000 and (e) shares of any United States money market fund that (i) has substantially all of its assets invested
continuously in the types of investments referred to in clause (a), (b), (c) or (d) above with maturities as set forth in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has
obtained from either S&P or Moody’s the highest rating obtainable for money market funds in the United States; provided, however, that the maturities of all obligations specified in any of clauses (a), (b),
(c) and (d) above shall not exceed 365 days. 
  

 3 

 “Cash Flow Available for Debt Service” shall mean, for any period,
(a) White Cliffs Distributions, minus (b) Permitted Tax Distributions minus (c) Permitted Borrower Administrative Expenses for such period. 

“Casualty Event” shall mean an event which causes any material part of the Collateral or the Pipeline System to be
damaged, destroyed or rendered unfit for normal use for any reason whatsoever, other than an Event of Eminent Domain. 

“CERCLA” means the United States Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C.
§§ 9601 et seq.). 
 “Change of Control” means the occurrence of any of the following:
(i) the Borrower shall cease to be the Manager (as defined in the White Cliffs LLC Agreement) of White Cliffs, or (ii) SemGroup Corporation shall cease to directly or indirectly own and control, of record and beneficially, 100% of the
Securities (other than the Obligations) of the Borrower, or (iii) the Borrower shall cease to own and control, of record and beneficially, 51% of the Securities of White Cliffs. 

“Closing Date” means the first date on which the Term Loan is made. 

“Code” means the U.S. Internal Revenue Code of 1986. 

“Collateral” means all property and interests in property and proceeds thereof now owned or hereafter acquired by the
Borrower in or upon which a Lien is granted or purported to be granted pursuant to any Loan Document. 

“Commitment” means, with respect to any Lender, such Lender’s Term Loan Commitment. 

“Commodity Hedging Agreement” means any hedging or similar agreement to hedge the price of oil or any Pipeline System
inputs or purchases or sales of oil or any other commodities. 
 “Competitor” means any competitor of SemGroup
Corporation or its Subsidiaries which is principally engaged in the transportation, storage, processing or trading of crude oil, natural gas, natural gas liquids, or refined products. 

“Compliance Certificate” means a certificate substantially in the form of Exhibit G. 

“Computation Period” means (i) for the first computation, the three Fiscal Quarters ending on March 31, 2010,
and (ii) for each computation thereafter, each period of four consecutive Fiscal Quarters ending on the last day of a Fiscal Quarter. 

“Consent” shall mean a consent and agreement substantially in the form of Exhibit B or otherwise in form and
substance reasonably acceptable to the Administrative Agent. 
  

 4 

 “Consolidated” means, with respect to any Person, the accounts of such
Person and its Restricted Subsidiaries consolidated in accordance with GAAP. 
 “Consolidated EBITDA” means,
for any period, without duplication, (a) Consolidated Net Income for such period plus (b) to the extent deducted in determining Consolidated Net Income, Consolidated Interest Expense, taxes, depreciation, amortization, depletion, and other
non-cash charges for such period for such period minus (c) all non-cash items of income which were included in determining such Consolidated Net Income. 

“Consolidated Interest Expense” means, for the Borrower and White Cliffs for any period, (a) Consolidated total
interest expense of the Borrower and White Cliffs for such period and including, in any event, interest capitalized during such period and net costs under Interest Rate Contracts for such period minus (b) the sum of (i) Consolidated
net gains of the Borrower and White Cliffs under Interest Rate Contracts for such period and (ii) Consolidated interest income of the Borrower and White Cliffs for such period. 

“Consolidated Net Income” means, with respect to the Borrower and White Cliffs, for any period, the net income for such
period after taxes, as determined in accordance with GAAP, excluding, however, (a) extraordinary items, including (i) any net non-cash gain or loss during such period arising from the sale, exchange, retirement or other disposition of
capital assets (such term to include all fixed assets and all securities) other than in the ordinary course of business, and (ii) any write up or write down of assets and (b) the cumulative effect of any change in GAAP. 

“Constituent Documents” means, with respect to any Person, collectively and, in each case, together with any
modification of any term thereof, (a) the articles of incorporation, certificate of incorporation, constitution or certificate of formation of such Person, (b) the bylaws, operating agreement or joint venture agreement of such Person,
(c) any other constitutive, organizational or governing document of such Person, whether or not equivalent, and (d) any other document setting forth the manner of election or duties of the directors, officers or managing members of such
Person or the designation, amount or relative rights, limitations and preferences of any Stock of such Person. 

“Construction Loan Agreement” means that certain Credit Agreement, dated June 17, 2008, among Borrower, the
Administrative Agent and the lenders party thereto. 
 “Contractual Obligation” means, with respect to any
Person, any provision of any Security issued by such Person or of any document or undertaking (other than a Loan Document) to which such Person is a party or by which it or any of its property is bound or to which any of its property is subject.

 “Control Agreement” means, with respect to any deposit account, an agreement, in form and substance
reasonably satisfactory to the Administrative Agent, among the Administrative Agent, the financial institution or other Person at which such account is maintained and the Borrower maintaining such account, effective to grant “control” (as
defined under the applicable UCC) over such account to the Administrative Agent. 
  

 5 

 “Controlled Deposit Account” means each deposit account (including all
funds on deposit therein) that is the subject of an effective Control Agreement and that is maintained by the Borrower with a financial institution reasonably acceptable by the Administrative Agent. 

“Copyrights” means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement
of Law in or relating to copyrights and all mask work, database and design rights, whether or not registered or published, all registrations and recordations thereof and all applications in connection therewith. 

“Corporate Chart” means a document in form reasonably acceptable to the Administrative Agent and setting forth, as of a
date set forth therein, for each Person that is subject to Section 7.10 or that is a Subsidiary or joint venture of any of them, (a) the full legal name of such Person, (b) the jurisdiction of organization and any
organizational number and tax identification number of such Person, and (c) each direct and indirect parent company of such Person. 

“Cushing Agreement” has the meaning specified in Section 3.1(a)(xi). 

“Cushing Station” means the oil storage facilities located at Cushing Terminal, 908 East Deep Rock Road in Cushing,
Oklahoma and owned by SemCrude, L.P. 
 “Customary Permitted Liens” means, with respect to any Person, any of
the following: 
 (a) Liens (i) with respect to the payment of taxes, assessments or other governmental charges or
(ii) of suppliers, carriers, materialmen, warehousemen, workmen or mechanics and other similar Liens, in each case imposed by law or arising in the ordinary course of business, and, for each of the Liens in clauses (i) and
(ii) above for amounts that are not yet due or that are being contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves or other appropriate provisions are maintained on the books
of such Person in accordance with GAAP; 
 (b) Liens of a collection bank on items in the course of collection arising under
Section 4-208 of the UCC as in effect in the State of New York or any similar section under any applicable UCC or any similar Requirement of Law of any foreign jurisdiction; 

(c) pledges or cash deposits made in the ordinary course of business (i) in connection with workers’ compensation, unemployment
insurance or other types of social security benefits (other than any Lien imposed by ERISA), (ii) to secure the performance of bids, tenders, leases (other than Capital Leases) sales or other trade contracts (other than for the repayment of
borrowed money) or (iii) made in lieu of, or to secure the performance of, surety, customs, reclamation or performance bonds (in each case not related to judgments or litigation); 

(d) judgment liens (other than for the payment of taxes, assessments or other governmental charges) securing judgments and other
proceedings not constituting an Event of Default under Section 9.1(f) and pledges or cash deposits made in lieu of, or to secure the performance of, judgment or appeal bonds in respect of such judgments and proceedings; 

 

 6 

 (e) Liens arising by reason of zoning restrictions, easements, licenses, reservations,
restrictions, covenants, rights-of-way, encroachments, minor defects or irregularities in title (including leasehold title) and other similar encumbrances on the use of real property that do not secure or relate to Indebtedness and that do not, in
the aggregate, materially (x) impair the value or marketability of such real property or (y) interfere with the ordinary conduct of the business conducted and proposed to be conducted at such real property; 

(f) the title and interest of a lessor or sublessor in and to personal property leased or subleased (other than through a Capital Lease),
in each case extending only to such personal property; 
 (g) deposits to secure the performance of trade contracts and leases
(other than Indebtedness), statutory obligations, surety bonds (other than bonds relates to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(h) rights reserved to or vested in any Governmental Authority (i) by the terms of any right, power, franchise, grant, license or
permit, or by any provision of law, to revoke or terminate any such right, power, franchise, grant, license or permit or (ii) by Requirements of Law to in any manner, control or regulate any of the properties of a such Person or the use thereof
or the rights and interests of such Person therein; and 
 (i) rights reserved to the grantors of any properties of such Person,
and the restrictions, conditions, restrictive covenants and limitations, in respect thereto, pursuant to the terms, conditions and provisions of any rights-of-way agreements, contracts or other agreements associated therewith. 

“Debt Rating” means, as of any date of determination and with respect to any Person, the rating as determined by each of
S&P or Moody’s of this of such Person’s unsecured, unenhanced debt obligations. 
 “Debt Service”
shall mean, for any period, the sum of (a) all fees payable during such period to the Administrative Agent or the Lenders, (b) interest on the Term Loans, and (c) scheduled principal payments on the Term Loans payable during such
period. 
 “Debt Service Coverage Ratio” shall mean, on any date, the ratio of (a) Cash Flow Available for
Debt Service for the Computation Period most recently ended on or prior to such date, taken as one accounting period, to (b) Debt Service for such Computation Period. 

“Default” means any Event of Default and any event that, with the passing of time or the giving of notice or both, would
become an Event of Default. 
 “Disclosure Documents” means, collectively, (a) all confidential
information memoranda and related materials prepared in connection with the syndication of the Facility and (b) all other documents filed by any Group Member with the United States Securities and Exchange Commission. 

“Dollars” and the sign “$” each mean the lawful money of the United States of America. 

 

 7 

 “Domestic Person” means any “United States person” under
and as defined in Section 770I(a)(30) of the Code. 
 “Easement Agreements” means (i) that certain
Right of Way and Easement dated as of September 11, 2008, by and between White Cliffs and SemCrude, L.P., and (ii) that certain Pipeline Easement Agreement dated as of March 31, 2009, by and among SemGroup Energy Partners, SemGroup
Crude Storage and White Cliffs. 
 “Easement Agreement Consents” means the consents from the counterparties to
each of the Easement Agreements, in form and substance satisfactory to the Administrative Agent. 
 “EHS Compliance
Audit” means an audit of the environmental, health and safety policies, practices and procedures of the Group Members and SemCrude, L.P., or any successor thereto in its capacity as operator pursuant to the O&M Agreement regarding all
aspects of the operation and maintenance of the Pipeline System for purposes of assuring compliance with all Requirements of Law and Permit requirements. 

“Electronic Transmission” means each document, instruction, authorization, file, information and any other communication
transmitted, posted or otherwise made or communicated by e-mail or E-Fax, or otherwise to or from an E-System or other equivalent service. 

“Eminent Domain Proceeds” shall mean all amounts and proceeds received by or on behalf of the Borrower or the
Administrative Agent in respect of an Event of Eminent Domain. 
 “Engineering, Procurement and Construction
Contracts” means the agreements listed in Schedule 4.25. 
 “EnGlobal Agreement” means that
certain Engineering and Consulting Services Agreement dated as of February 26, 2007 between SemCrude, L.P. and EnGlobal Engineering, Inc. 

“Environmental Laws” means all Requirements of Law and Permits imposing liability or standards of conduct for or
relating to the regulation and protection of human health, safety, the environment and natural resources, including CERCLA, the SWDA, the Hazardous Materials Transportation Act (49 U.S.C. §§ 5101 et seq.), the Oil Pollution Act of 1990 (33
U.S.C. §§ 2701 et seq.), the Toxic Substances Control Act (15 U.S.C. §§ 2601 et seq.), the Clean Air Act (42 U.S.C. §§ 7401 et seq.), the Federal Water Pollution Control Act (33 U.S.C. §§ 1251 et seq.), the
Occupational Safety and Health Act (29 U.S.C. §§ 651 et seq.), the Safe Drinking Water Act (42 U.S.C. §§ 300(f) et seq.), all regulations promulgated under any of the foregoing and all analogous Requirements of Law and Permits.

 “Environmental Liabilities” means all Liabilities (including costs of Remedial Actions, natural resource
damages and costs and expenses of investigation and feasibility studies) that may be imposed on, incurred by or asserted against any Group Member as a result of, or related to, any claim, suit, action, investigation, proceeding or demand by any
Person, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law or otherwise, arising under any Environmental Law or in connection with any environmental,

  

 8 

 
health or safety condition or with any Release and resulting from the ownership, lease, sublease or other operation or occupation of property, including without limitation the Pipeline System, by
any Group Member, whether on, prior or after the date hereof. 
 “ERISA” means the United States Employee
Retirement Income Security Act of 1974. 
 “ERISA Affiliate” means, collectively, any Group Member, and any
Person under common control, or treated as a single employer, with any Group Member, within the meaning of Section 414(b), (c), (m) or (o) of the Code. 

“ERISA Event” means any of the following: (a) a reportable event described in Section 4043(b) of ERISA (or,
unless the 30-day notice requirement has been duly waived under the applicable regulations, Section 4043(c) of ERISA) with respect to a Title IV Plan, (b) the withdrawal of any ERISA Affiliate from a Title IV Plan subject to
Section 4063 of ERISA during a plan year in which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA, (c) the complete or partial withdrawal of any ERISA Affiliate from any Multiemployer Plan, (d) with
respect to any Multiemployer Plan, the filing of a notice of reorganization, insolvency or termination (or treatment of a plan amendment as termination) under Section 4041A of ERISA, (e) the filing of a notice of intent to terminate a
Title IV Plan (or treatment of a plan amendment as termination) under Section 4041 of ERISA, (f) the institution of proceedings to terminate a Title IV Plan or Multiemployer Plan by the PBGC, (g) the failure to make any required
contribution to any Title IV Plan or Multiemployer Plan when due, (h) the imposition of a lien under Section 412 of the Code or Section 302 or 4068 of ERISA on any property (or rights to property, whether real or personal) of any
ERISA Affiliate, (i) the failure of a Benefit Plan or any trust thereunder intended to qualify for tax exempt status under Section 401 or 501 of the Code or other Requirements of Law to qualify thereunder and (j) any other event or
condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan or for the imposition of any liability
upon any ERISA Affiliate under Title IV of ERISA other than for PBGC premiums due but not delinquent. 

“E-Fax” means any system used to receive or transmit faxes electronically. 

“E-Signature” means the process of attaching to or logically associating with an Electronic Transmission an electronic
symbol, encryption, digital signature or process (including the name or an abbreviation of the name of the party transmitting the Electronic Transmission) with the intent to sign, authenticate or accept such Electronic Transmission. 

“E-System” means any electronic system, including
Intralinks® and
ClearPar® and any other Internet or extranet-based site, whether such electronic system is owned, operated or
hosted by the Administrative Agent, any of its Related Persons or any other Person, providing for access to data protected by passcodes or other security system. 

“Eurodollar Base Rate” means, with respect to each day during any Interest Period for any Eurodollar Rate Loan, the
greater of (a) 1.50% per annum and (b) the rate determined by the Administrative Agent to be the offered rate for deposits in Dollars for the applicable Interest Period appearing on the Reuters Screen LIBOR01 page as of 11:00 a.m. (London time) on
the 
  

 9 

 
second full Business Day next preceding the first day of each Interest Period. In the event that such rate does not appear on the Reuters Screen LIBOR01 page at such time, the “Eurodollar
Base Rate” shall be determined by reference to such other comparable publicly available service for displaying the offered rate for deposit in Dollars in the London interbank market as may be selected by the Administrative Agent and, in the
absence of availability, such other method to determine such offered rate as may be selected by the Administrative Agent in its sole discretion. 

“Eurodollar Rate” means, with respect to any Interest Period and for any Eurodollar Rate Loan, an interest rate per
annum determined as the ratio of (a) the Eurodollar Base Rate with respect to such Interest Period for such Eurodollar Rate Loan to (b) the difference between the number one and the Eurodollar Reserve Requirements with respect to such
Interest Period and for such Eurodollar Rate Loan. 
 “Eurodollar Rate Loan” means any Term Loan that bears
interest based on the Eurodollar Rate. 
 “Eurodollar Reserve Requirements” means, with respect to any Interest
Period and for any Eurodollar Rate Loan, a rate per annum equal to the aggregate, without duplication, of the maximum rates (expressed as a decimal number) of reserve requirements in effect 2 Business Days prior to the first day of such Interest
Period (including basic, supplemental, marginal and emergency reserves) under any regulations of the Federal Reserve Board or other Governmental Authority having jurisdiction with respect thereto dealing with reserve requirements prescribed for
eurocurrency funding (currently referred to as “eurocurrency liabilities” in Regulation D of the Federal Reserve Board) maintained by a member bank of the United States Federal Reserve System. 

“Event of Default” has the meaning specified in Section 9.1. 

“Event of Eminent Domain” shall mean any compulsory transfer or taking or transfer under threat of compulsory transfer
or taking of any material part of the Collateral or the Pipeline System by any Governmental Authority that is reasonably anticipated to last (or has lasted) for more than one year, unless such transfer or taking is being contested by the Borrower in
good faith by appropriate proceedings. 
 “Excess Cash Flow” means, for any Fiscal Quarter, (x) White
Cliff Distributions received during such Fiscal Quarter less (y) the sum of (i) Permitted Tax Distributions, (ii) interest payments made under this Agreement, (iii) Quarterly Fixed Principal Amortization and (iv) Permitted
Borrower Administrative Expenses, in the case of Permitted Tax Distributions for the Fiscal Quarter ending on March 31, which are paid in such Fiscal Quarter or are estimated in good faith to be attributable to such Fiscal Quarter and payable
within 15 days following the conclusion of such Fiscal Quarter (as evidenced by an officer’s certificate delivered to the Administrative Agent) and in each other case paid in such Fiscal Quarter. 

“Facility” means the Term Facility. 

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period
to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as determined by the Administrative Agent in its sole discretion. 

 

 10 

 “Federal Reserve Board” means the Board of Governors of the United States
Federal Reserve System and any successor thereto. 
 “FERC” means the Federal Energy Regulatory Commission.

 “Financial Statement” means each financial statement delivered pursuant to Section 6.1.

 “Fiscal Quarter” means each 3 fiscal month period ending on
March 31, June 30, September 30 or December 31. 
 “Fiscal Year” means the
twelve-month period ending on December 31. 
 “GAAP” means generally accepted accounting principles in the
United States of America, as in effect from time to time, set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants, in the statements and pronouncements of the
Financial Accounting Standards Board and in such other statements by such other entity as may be in general use by significant segments of the accounting profession that are applicable to the circumstances as of the date of determination.

 “Governmental Authority” means any nation, sovereign or government, any state or other political subdivision
thereof, any agency, authority or instrumentality thereof and any entity or authority exercising executive, legislative, taxing, judicial, regulatory or administrative functions of or pertaining to government, including any central bank, stock
exchange, regulatory body, arbitrator, public sector entity, supra-national entity (including the European Union and the European Central Bank) and any self-regulatory organization (including the National Association of Insurance Commissioners).

 “Group Members” means, collectively, the Borrower and White Cliffs. 

“Group Members’ Accountants” means nationally-recognized independent registered certified public accountants
selected by SemGroup Corporation and reasonably acceptable to the Administrative Agent. 
 “Guaranty
Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of such Person for any Indebtedness, lease, dividend or other obligation (the “primary obligation”) of another Person
(the “primary obligor”), if the purpose or intent of such Person in incurring such liability, or the economic effect thereof, is to guarantee such primary obligation or provide support, assurance or comfort to the holder of such
primary obligation or to protect or indemnify such holder against loss with respect to such primary obligation, including (a) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business),
co-making, discounting with recourse or sale with recourse by such Person of any primary obligation, (b) the incurrence of reimbursement obligations with respect to any letter of credit or bank guarantee in support of any primary obligation, (c) the
existence of any Lien, or any right, contingent or otherwise, to receive a Lien, on the property of such Person securing any part of any primary obligation and (d) any liability 

 

 11 

 
of such Person for a primary obligation through any Contractual Obligation (contingent or otherwise) or other arrangement (i) to purchase, repurchase or otherwise acquire such primary
obligation or any security therefor or to provide funds for the payment or discharge of such primary obligation (whether in the form of a loan, advance, stock purchase, capital contribution or otherwise), (ii) to maintain the solvency, working
capital, equity capital or any balance sheet item, level of income or cash flow, liquidity or financial condition of any primary obligor, (iii) to make take-or-pay or similar payments, if required, regardless of non-performance by any other
party to any Contractual Obligation, (iv) to purchase, sell or lease (as lessor or lessee) any property, or to purchase or sell services, primarily for the purpose of enabling the primary obligor to satisfy such primary obligation or to protect
the holder of such primary obligation against loss or (v) to supply funds to or in any other manner invest in, such primary obligor (including to pay for property or services irrespective of whether such property is received or such services
are rendered); provided, however, that “Guaranty Obligations” shall not include (x) endorsements for collection or deposit in the ordinary course of business and (y) product warranties given in the ordinary
course of business. The outstanding amount of any Guaranty Obligation shall equal the outstanding amount of the primary obligation so guaranteed or otherwise supported or, if lower, the stated maximum amount for which such Person may be liable under
such Guaranty Obligation. 
 “Hazardous Material” means any substance, material or waste that is classified,
regulated or otherwise characterized under any Environmental Law as hazardous, toxic, a contaminant or a pollutant or by other words of similar meaning or regulatory effect, including petroleum or any fraction thereof, asbestos, asbestos containing
materials, polychlorinated biphenyls, any equipment containing polychlorinated biphenyls and radioactive substances. 

“Hedging Agreement” means any Interest Rate Contract, foreign exchange, swap, option or forward contract, spot, cap,
floor or collar transaction, any other derivative instrument and any other similar transaction and any other similar agreement or arrangement designed to alter the risks of any Person arising from fluctuations in any underlying variable. 

“Indebtedness” of any Person means, without duplication, any of the following, whether or not matured: (a) all
indebtedness for borrowed money, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all reimbursement and all obligations with respect to (i) letters of credit, bank guarantees or bankers’ acceptances or (ii)
surety, customs, reclamation or performance bonds (in each case not related to judgments or litigation) other than those entered into in the ordinary course of business, (d) all obligations to pay the deferred purchase price of property or services,
other than trade payables incurred in the ordinary course of business, (e) all obligations created or arising under any conditional sale or other title retention agreement, regardless of whether the rights and remedies of the seller or lender under
such agreement in the event of default are limited to repossession or sale of such property, (f) all Capitalized Lease Obligations, (g) all obligations, whether or not contingent, to purchase, redeem, retire, defease or otherwise acquire for value
any of its own Stock or Stock Equivalents (or any Stock or Stock Equivalent of a direct or indirect parent entity thereof) prior to the date that is 180 days after the Maturity Date, valued at, in the case of redeemable preferred Stock, the greater
of the voluntary liquidation preference and the involuntary liquidation preference of such Stock plus accrued and unpaid dividends, (h) all payments that would be required to be made in respect of any Hedging Agreement in the event of a termination
(including an early termination) 
  

 12 

 
on the date of determination and (i) all Guaranty Obligations for obligations of any other Person constituting Indebtedness of such other Person; provided, however, that the
items in each of clauses (a) through (i) above shall constitute “Indebtedness” of such Person solely to the extent, directly or indirectly, (x) such Person is liable for any part of any such item,
(y) any such item is secured by a Lien on such Person’s property or (z) any other Person has a right, contingent or otherwise, to cause such Person to become liable for any part of any such item or to grant such a Lien. 

“Indemnified Matter” has the meaning specified in Section 11.4. 

“Indemnitee” has the meaning specified in Section 11.4. 

“Independent Engineer” shall mean PE-Pipeline, LLC or another nationally recognized engineering consultant selected by
the Administrative Agent and reasonably acceptable to the Borrower. 
 “Initial Projections” means those
financial projections with respect to the Pipeline System, dated September 16, 2009, covering projected operations through 2013, delivered to the Administrative Agent by the Borrower prior to the date hereof. 

“Insurance Proceeds” shall mean all casualty insurance proceeds (other than business interruption insurance proceeds)
received by or on behalf of the Borrower or the Administrative Agent in respect of a Casualty Event. 
 “Intellectual
Property” means all rights, title and interests in or relating to intellectual property and industrial property arising under any Requirement of Law and all IP Ancillary Rights relating thereto, including all Copyrights, Patents,
Trademarks, Internet Domain Names, Trade Secrets and IP Licenses. 
 “Interest Period” means, with respect to
any Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is made or converted to a Eurodollar Rate Loan or, if such loan is continued, on the last day of the immediately preceding Interest Period therefor and, in each
case, ending 1 or 3 months thereafter, as selected by the Borrower pursuant hereto; provided, however, that (a) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended
to the next succeeding Business Day, unless the result of such extension would be to extend such Interest Period into another such Business Day falls in the next calendar month, in which case such Interest Period shall end on the immediately
preceding Business Day, (b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the
last Business Day of a calendar month, (c) the Borrower may not select any Interest Period ending after the Maturity Date or that would require a scheduled payment during an Interest Period, (d) the Borrower may not select any Interest
Period in respect of Term Loans having an aggregate principal amount of less than $1,000,000 and (e) there shall be outstanding at any one time no more than 5 Interest Periods. 

“Interest Rate Contracts” means all interest rate swap agreements, interest rate cap agreements, interest rate collar
agreements and interest rate insurance. 
  

 13 

 “Internet Domain Names” means all rights, title and interests (and all
related IP Ancillary Rights) arising under any Requirement of Law in or relating to Internet domain names. 

“Investment” means, with respect to any Person, directly or indirectly, (a) to own, purchase or otherwise acquire,
in each case whether beneficially or otherwise, any investment in, including any interest in, any Security of any other Person (other than any evidence of any Obligation), (b) to purchase or otherwise acquire, whether in one transaction or in a
series of transactions, all or a significant part of the property of any other Person or a business conducted by any other Person or all or substantially all of the assets constituting the business of a division, branch, brand or other unit
operation of any other Person, (c) to incur, or to remain liable under, any Guaranty Obligation for Indebtedness of any other Person, to assume the Indebtedness of any other Person or to make, hold, purchase or otherwise acquire, in each case
directly or indirectly, any deposit, loan, advance, commitment to lend or advance, or other extension of credit (including by deferring or extending the date of, in each case outside the ordinary course of business, the payment of the purchase price
for Sales of property or services to any other Person, to the extent such payment obligation constitutes Indebtedness of such other Person), excluding deposits with financial institutions available for withdrawal on demand, prepaid expenses,
accounts receivable and similar items created in the ordinary course of business, (d) to make, directly or indirectly, any contribution to the capital of any other Person or (e) to Sell any property for less than fair market value
(including a disposition of cash or Cash Equivalents in exchange for consideration of lesser value); provided, however, that such Investment shall be valued at the difference between the value of the consideration for such Sale and the
fair market value of the property Sold. 
 “IP Ancillary Rights” means, with respect to any other Intellectual
Property, as applicable, all foreign counterparts to, and all divisionals, reversions, continuations, continuations-in-part, reissues, reexaminations, renewals and extensions of, such Intellectual Property and all income, royalties, proceeds and
Liabilities at any time due or payable or asserted under or with respect to any of the foregoing or otherwise with respect to such Intellectual Property, including all rights to sue or recover at law or in equity for any past, present or future
infringement, misappropriation, dilution, violation or other impairment thereof, and, in each case, all rights to obtain any other IP Ancillary Right. 

“IP License” means all Contractual Obligations (and all related IP Ancillary Rights), whether written or oral, granting
any right title and interest in or relating to any Intellectual Property. 
 “IRS” means the Internal Revenue
Service of the United States and any successor thereto. 
 “Lender” means, collectively, any financial
institution or other Person that (a) is listed on the signature pages hereof as a “Lender” or (b) from time to time becomes a party hereto by execution of an Assignment, in each case together with its successors.

 “Liabilities” means all claims, actions, suits, judgments, damages, losses, liability, obligations,
responsibilities, fines, penalties, sanctions, costs, fees, taxes, commissions, charges, disbursements and expenses, in each case of any kind or nature (including interest accrued thereon or as a result thereto and fees, charges and disbursements of
financial, legal and other advisors and consultants), whether joint or several, whether or not indirect, contingent, consequential, actual, punitive, treble or otherwise. 
  

 14 

 “Lien” means any mortgage, deed of trust, pledge, hypothecation,
assignment, charge, deposit arrangement, encumbrance, easement, lien (statutory or other), security interest or other security arrangement and any other preference, priority or preferential arrangement of any kind or nature whatsoever, including any
conditional sale contract or other title retention agreement, the interest of a lessor under a Capital Lease and any synthetic or other financing lease having substantially the same economic effect as any of the foregoing. 

“Litigation Reserve” means the amount, initially $2,000,000, deposited in the Restricted Payment Account to make
Litigation Reserve Payments when due, as such amount is reduced by the amount of any Litigation Reserve Payments made in accordance with Section 8.5. 

“Litigation Reserve Payment” means, payment of the liabilities associated with defending the claims described in
Schedules 4.7 and 8.2, including settlement payments, court-ordered payments and reasonable and documented legal fees. 

“Loan” means any loan made or deemed made by any Lender hereunder. 

“Loan Documents” means, collectively, this Agreement, any Notes, the Security Agreement, the Control Agreements, the
Project Contract Consents, and, when executed, each document executed by the Borrower and delivered to the Administrative Agent or any Lender in connection with or pursuant to any of the foregoing or the Obligations, together with any modification
of any term, or any waiver with respect to, any of the foregoing. 
 “Loss Proceeds” means any Insurance
Proceeds and Eminent Domain Proceeds. 
 “Material Adverse Effect” means an effect that results in or causes,
or could reasonably be expected to result in or cause, a material adverse change in any of (i) the condition (financial or otherwise), business, performance, prospects, operations or property of the Group Members, taken as a whole,
(ii) the ability of the Borrower to perform its obligations under any Loan Document and (iii) the validity or enforceability of any Loan Document or the rights and remedies of the Administrative Agent, the Lenders and the other Secured
Parties under any Loan Document. 
 “Material Environmental Liabilities” means Environmental Liabilities
exceeding $250,000 in the aggregate. 
 “Material Project Document” means (i) each of the Related
Documents, (ii) each Additional Project Document, if any, (iii) each of the Easement Consents, and (iii) each of the Project Contract Consents, and any replacement of any of the foregoing permitted hereunder. 

“Maturity Date” means June 2, 2014. 

“Moody’s” means Moody’s Investors Service, Inc. 

 

 15 

 “Multiemployer Plan” means any multiemployer plan, as defined in
Section 4001(a)(3) of ERISA, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise. 

“Necessary Governmental Approvals” means all Permits which under applicable Requirements of Law are required to be
obtained by any Group Member for or in connection with (i) the due execution, delivery and performance by the Borrower of the Loan Documents, (ii) the due execution, delivery and performance by any Group Member of the Related Documents,
(iii) the development, engineering, construction, testing, start-up, ownership, use, maintenance and operation of the Pipeline System, (iv) the Borrowing of the Term Loans by the Borrower and the use of the proceeds thereof in the manner
and on the terms set forth herein and (v) the grant by the Borrower of the Liens granted under the Security Documents or the validity, perfection and enforceability thereof or for the exercise by the Administrative Agent of its rights and
remedies thereunder. 
 “Necessary Land Rights” means all fee or leasehold ownership of land, all easements,
rights of way, crossing rights or Permits, concessions and other rights in real property required for or in connection with the development, construction, use, maintenance and operation of the Pipeline System, including providing for the continuous
alignment route for the construction, use, maintenance and operation of the Pipeline System. 
 “Net Cash
Proceeds” means proceeds received in cash from the Permitted Option Transfers, net of the customary, commercially reasonable out-of-pocket cash costs, fees and expenses paid or required to be paid in connection therewith. 

“Nominations” means a written designation by a “Shipper” to White Cliffs as a “Carrier” of a stated
quantity of crude petroleum for transportation on the Pipeline System from a specified origin point or points to a specified destination point or points of Carrier over a period of one operating month in accordance with the Rules and Regulations
Governing the Interstate Transportation of Crude Petroleum By Pipeline for White Cliffs issued April 30, 2009. 

“Non-Funding Lender” has the meaning specified in Section 2.2(c). 

“Non-U.S. Lender Party” means each of the Administrative Agent, each Lender, each SPV and each participant, in each case
that is not a Domestic Person. 
 “Note” means a promissory note of the Borrower, in substantially the form of
Exhibit C, payable to the order of a Lender in the Term Facility in a principal amount equal to the aggregate initial principal amount of the Term Loans. 

“Notice of Borrowing” has the meaning specified in Section 2.2. 

“Notice of Conversion or Continuation” has the meaning specified in Section 2.10. 

“Obligations” means, with respect to the Borrower, all amounts, obligations, liabilities, covenants and duties of every
type and description owing by the Borrower to the Administrative Agent, any Lender, any other Indemnitee, any participant, any SPV arising out of, under, or in connection with, any Loan Document, whether direct or indirect (regardless of whether
acquired 
  

 16 

 
by assignment), absolute or contingent, due or to become due, whether liquidated or not, now existing or hereafter arising and however acquired, and whether or not evidenced by any instrument or
for the payment of money, including, without duplication, (a) all Term Loans, (b) all interest, whether or not accruing after the filing of any petition in bankruptcy or after the commencement of any insolvency, reorganization or similar
proceeding, and whether or not a claim for post-filing or post-petition interest is allowed in any such proceeding, and (c) all other fees, expenses (including fees, charges and disbursement of counsel), interest, commissions, charges, costs,
disbursements, indemnities and reimbursement of amounts paid and other sums chargeable to the Borrower under any Loan Document. 

“O&M Agreement” means the Operation, Maintenance and Management Agreement, dated as of November 30, 2009,
between SemCrude, L.P. and White Cliffs, as supplemented by the applicable Consent. 
 “Other Taxes” has the
meaning specified in Section 2.17(c). 
 “Patents” means all rights, title and interests (and all
related IP Ancillary Rights) arising under any Requirement of Law in or relating to letters patent and applications therefor. 

“Payment Date” means the last Business Day of each Fiscal Quarter. 

“PBGC” means the United States Pension Benefit Guaranty Corporation and any successor thereto. 

“Permit” means, with respect to any Person, any permit, approval, authorization, license, registration, certificate,
concession, grant, franchise, variance or permission from, and any other Contractual Obligations with, any Governmental Authority, in each case whether or not having the force of law and applicable to or binding upon such Person or any of its
property or to which such Person or any of its property is subject. 
 “Permitted Affiliate Project Contracts”
means the O&M Agreement. 
 “Permitted Borrower Administrative Expenses” means, for any period, the amount
of administrative expenses of the Borrower incurred and payable in accordance with an approved Annual Operating Budget for the Borrower or otherwise approved by the Administrative Agent plus, to the extent not included in the approved Annual
Operating Budget of the Borrower, the amount of reasonable, out-of-pocket legal fees and expenses incurred by the Borrower or otherwise payable by the Borrower in connection with the administration, performance or enforcement of, and any
modification, amendment or supplement to, the Loan Agreements in an amount not to exceed $50,000 per year. 
 “Permitted
Expense Payments” means, with respect to any calendar month, an amount sufficient to reimburse SemGroup Corporation, SemManagement, L.L.C. and SemCrude L.P. for amounts expended thereby in monthly distributions representing direct
third-party commercially-reasonable and documented out-of-pocket expenses (including, without limitation, salaries of employees of SemGroup Corporation, SemManagement, L.L.C. and/or SemCrude L.P. and insurance premiums paid by SemGroup L.P. pursuant
to the O&M Agreement) but without duplication of any amounts deemed Permitted Overhead Payments. 
  

 17 

 “Permitted Lien” means any Lien on or with respect to the property of any
Group Member that is not prohibited by Section 8.2 or any other provision of any Loan Document. 

“Permitted Options” means the option of each of the Project Partners under the White Cliffs LLC Agreement to acquire
from the Borrower an aggregate of 24.5% (49.0% in the aggregate for both Project Partners) of the Stock of White Cliffs, in each case taking into account all Stock already owned by such Project Partner. 

“Permitted Option Transfer” means the transfer of Stock of White Cliffs upon the exercise of any Permitted Option.

 “Permitted Overhead Payments” means, with respect to any calendar month, an amount sufficient to
reimburse SemGroup Corporation for amounts incurred thereby for overhead expenses in relation to and allocated by SemGroup Corporation to White Cliffs, but without duplication of any amounts deemed Permitted Expense Payments, but in any event not to
exceed initially $6,000,000 for any Fiscal Year; provided that for each Fiscal Quarter that White Cliffs has entered into and maintains Throughput Agreements or Nominations sufficient to provide for delivered volumes equal to or greater than
28,000 barrels per day on average for such Fiscal Quarter, the $6,000,000 per Fiscal Year cap will be increased by $375,000 for each such Fiscal Quarter, subject to a maximum of $7,500,000 for such Fiscal Year. 

“Permitted Tariffs” means those charges under Throughput Agreements that are properly chargeable under applicable FERC
regulations. 
 “Permitted Tax Distributions” means, with respect to any Fiscal Quarter, an amount sufficient
to reimburse SemGroup Corporation for taxes that are paid by SemGroup Corporation for the portion of the Fiscal Year in which such Fiscal Quarter occurs (or, in the case of the Fiscal Quarter ending on March 31 of each Fiscal Year, attributable
to such Fiscal Quarter even though paid on or about April 15 of such Fiscal Year) assuming that the SemGroup Corporation is a taxpayer and has no items of income, gain, loss, deduction, credit or other tax items other than those attributable to
its activities and its portion of income, gain, loss, deduction, credit or other tax items of the Borrower. The Permitted Tax Distribution shall be calculated by SemGroup Corporation using reasonable estimates of taxable income or loss for SemGroup
Corporation for the Fiscal Year in which such Fiscal Quarter occurs and shall take into account changes due to actual numbers or audits, as the case may be. An officer’s certificate as to such calculations shall be provided to the
Administrative Agent. 
 “Person” means any individual, partnership, corporation (including a business trust
and a public benefit corporation), joint stock company, estate, association, firm, enterprise, trust, limited liability company, unincorporated association, joint venture and any other entity or Governmental Authority. 

“Phase I Environmental Site Assessment” means a Phase I environmental site assessment report for the Pipeline System
which complies with ASTM standard 1527-00. 
 “Pipeline Agreement” means that certain Pipeline System Project
Agreement dated January 29, 2007 by and among White Cliffs LLC (formerly known as Front Range Pipeline, L.L.C.), Noble Energy, Inc. and Kerr-McGee Oil & Gas Onshore LP. 

 

 18 

 “Pipeline System” means an approximately 526 mile, nominal 12”
diameter, crude oil pipeline owned by and operated on behalf of White Cliffs from a station near Platteville in southern Weld County, Colorado to an interconnect with facilities near Cushing, Oklahoma, as described in the Pipeline Agreement, and
designed to transport not less than 30,000 barrels per day of 52° API gravity crude oil, four pump stations, and a 100,000 barrel crude oil storage tank at such Platteville Station, all as more particularly described in Schedule PS.

 “Platteville Agreement” has the meaning specified in Section 3.1(a)(xii). 

“Platteville Station” means the truck unloading station located at 23814 Weld County Road in Hudson, Colorado and owned
by SemCrude, L.P. 
 “Principal Balance” means, at any time, the aggregate initial principal amount of the Term
Loans less any payments thereof. 
 “Project Contract Consents” means the consents from the counterparties to
each of the Material Project Documents (other than the Project Contract Consents and the Easement Consents), in form and substance satisfactory to the Administrative Agent. 

“Project Partners” means each of Samedan Pipe Line Corporation and Anadarko Wattenberg Company, LLC. 

“Pro Rata Outstandings”, of any Lender at any time, means the outstanding Principal Balance of the Term Loans owing to
such Lender. 
 “Pro Rata Share” means, with respect to any Lender and the Term Facility at any time, the
percentage obtained by dividing (a) the sum of the Commitments (or, if such Commitments in the Term Facility are terminated, the Pro Rata Outstandings therein) of such Lender then in effect under the Term Facility by (b) the sum of the
Commitments (or, if such Commitments in any the Term Facility are terminated, the Pro Rata Outstandings therein) of all Lenders then in effect under the Term Facility; provided, however, that, if there are no Commitments and no Pro
Rata Outstandings in the Term Facility, such Lender’s Pro Rata Share in the Term Facility shall be determined based on the Pro Rata Share in the Term Facility most recently in effect, after giving effect to any subsequent assignment and any
subsequent non-pro rata payments of any Lender pursuant to Section 2.18. 
 “Quarterly Fixed Principal
Amortization” has the meaning specified in Section 2.6. 
 “Register” has the meaning
specified in Section 2.14(b). 
 “Related Documents” means (i) the Pipeline Agreement,
(ii) the Throughput Agreements, (iii) the White Cliffs LLC Agreement, (iv) the O&M Agreement, (v) the Cushing Agreement, (vi) the Platteville Agreement, (vii) the Easement Agreements, and (viii) the Pipeline
Construction Management Agreement. 
 “Related Person” means, with respect to any Person, each Affiliate
of such Person and each director, officer, employee, agent, trustee, representative, attorney, accountant and each insurance, environmental, legal, financial and other advisor (including those retained in

  

 19 

 
connection with the satisfaction or attempted satisfaction of any condition set forth in Article III) and other consultants and agents of or to such Person or any of its Affiliates,
together with, if such Person is the Administrative Agent, each other Person or individual designated, nominated or otherwise mandated by or helping the Administrative Agent pursuant to and in accordance with Section 10.4 or any
comparable provision of any Loan Document. 
 “Release” means any release, threatened release, spill, emission,
leaking, pumping, pouring, emitting, emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Material into or through the environment. 

“Remedial Action” means all actions required or voluntarily taken to (a) clean up, remove, treat or in any other
way address any Hazardous Material in the indoor or outdoor environment, (b) prevent or minimize any Release so that a Hazardous Material does not migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor
environment or (c) perform pre-remedial studies and investigations and post-remedial monitoring and care with respect to any Hazardous Material. 

“Reorganization Plan” has the meaning specified in Section 3.1(h). 

“Required Lenders” means, at any time, Lenders having at such time in excess of 50% of the aggregate Term Loan
Commitments (or, if such Commitments are terminated, the Pro Rata Outstandings in the Term Facility) then in effect, ignoring, in such calculation, the Commitments and Pro Rata Outstandings of any Non-Funding Lender. 

“Requirements of Law” means, with respect to any Person, collectively, the common law and all federal, state, local,
foreign, multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees (including administrative or judicial precedents or authorities) and
the interpretation or administration thereof by, and other determinations, directives, requirements or requests of, any Governmental Authority, in each case whether or not having the force of law and that are applicable to or binding upon such
Person or any of its property or to which such Person or any of its property is subject. 
 “Responsible
Officer” means, with respect to any Person, any of the president, chief executive officer, chief financial officer, treasurer, assistant treasurer, controller, managing member or general partner of such Person but, in any event, with
respect to financial matters, any such officer that is responsible for preparing the Financial Statements delivered hereunder and, with respect to the Corporate Chart and other documents delivered pursuant to Section 6.1(e), documents
delivered on the Closing Date and documents delivered pursuant to Section 7.10, the secretary or assistant secretary of such Person or any other officer responsible for maintaining the corporate and similar records of such Person.

 “Restricted Payment” means (a) any dividend, return of capital, distribution or any other payment or
Sale of property for less than fair market value, whether direct or indirect (including through the use of Hedging Agreements, the making, repayment, cancellation or forgiveness of Indebtedness and similar Contractual Obligations) and whether in
cash, Securities or other property, on account of any Stock or Stock Equivalent of the Borrower or any of its Subsidiaries, 
  

 20 

 
in each case now or hereafter outstanding, including with respect to a claim for rescission of a Sale of such Stock or Stock Equivalent and (b) any redemption, retirement, termination,
defeasance, cancellation, purchase or other acquisition for value, whether direct or indirect (including through the use of Hedging Agreements, the making, repayment, cancellation or forgiveness of Indebtedness and similar Contractual Obligations),
of any Stock or Stock Equivalent of any Group Member or of any direct or indirect parent entity of the Borrower, now or hereafter outstanding, and any payment or other transfer setting aside funds for any such redemption, retirement, termination,
cancellation, purchase or other acquisition, whether directly or indirectly and whether to a sinking fund, a similar fund or otherwise. 

“Restricted Payment Account” means that certain lockbox account of the Borrower that is a Controlled Deposit Account
established for the purposes of holding all distributions from White Cliffs to the Borrower, all proceeds of any Permitted Option Transfer and the CapEx Reserve and the Litigation Reserve. 

“Restricted Subsidiary” means each Subsidiary of the Borrower other than any Unrestricted Subsidiary. 

“S&P” means Standard & Poor’s Rating Services. 

“Sale and Leaseback Transaction” means, with respect to any Person (the “obligor”), any Contractual
Obligation or other arrangement with any other Person (the “counterparty”) consisting of a lease by such obligor of any property that, directly or indirectly, has been or is to be Sold by the obligor to such counterparty or to any
other Person to whom funds have been advanced by such counterparty based on a Lien on, or an assignment of, such property or any obligations of such obligor under such lease. 

“Secured Parties” means the Lenders, the Administrative Agent, each other Indemnitee and any other holder of any
Obligation of the Borrower. 
 “Security Agreement” means a security agreement, in substantially the form of
Exhibit H, between the Administrative Agent and the Borrower. 
 “Security” means all Stock, Stock
Equivalents, voting trust certificates, bonds, debentures, instruments and other evidence of Indebtedness, whether or not secured, convertible or subordinated, all certificates of interest, share or participation in, all certificates for the
acquisition of, and all warrants, options and other rights to acquire, any Security. 
 “Sell” means, with
respect to any property, to sell, convey, transfer, assign, license, lease or otherwise dispose of, any interest therein or to permit any Person to acquire any such interest, including, in each case, through a Sale and Leaseback Transaction or
through a sale, factoring at maturity, collection of or other disposal, with or without recourse, of any notes or accounts receivable. Conjugated forms thereof and the noun “Sale” have correlative meanings. 

“SemCrude, L.P.” means SemCrude, L.P., a Delaware limited partnership. 

 

 21 

 “SemGroup Credit Agreement” means that certain Credit Agreement dated as of
November 30, 2009 among SemGroup Corporation, certain other SemGroup Entities, the lenders party thereto and BNP Paribas, as administrative agent. 

“SemGroup Crude Storage” means SemGroup Crude Storage, L.L.C., a Delaware limited liability company. 

“SemGroup Energy Partners” means SemGroup Energy Partners, L.L.C., a Delaware limited liability company. 

“SemCrude Energy Partners Cushing Consent” has the meaning specified in Section 7.20. 

“SemGroup Entities” means SemGroup Corporation and each of its Subsidiaries, other than the Group Members. 

“Solvent” means, with respect to any Person as of any date of determination, that, as of such date, (a) the value
of the assets of such Person (both at fair value and present fair saleable value) is greater than the total amount of liabilities (including contingent and unliquidated liabilities) of such Person, (b) such Person is able to pay all liabilities
of such Person as such liabilities mature and (c) such Person does not have unreasonably small capital. In computing the amount of contingent or unliquidated liabilities at any time, such liabilities shall be computed at the amount that, in
light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“SPV” means any special purpose funding vehicle identified as such in a writing by any Lender to the Administrative
Agent. 
 “Stock” means all shares of capital stock (whether denominated as common stock or preferred stock),
equity interests, beneficial, partnership or membership interests, joint venture interests, participations or other ownership or profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether
voting or non-voting. 
 “Stock Equivalents” means all securities convertible into or exchangeable for Stock or
any other Stock Equivalent and all warrants, options or other rights to purchase, subscribe for or otherwise acquire any Stock or any other Stock Equivalent, whether or not presently convertible, exchangeable or exercisable. 

“Subsidiary” means, with respect to any Person, any corporation, partnership, joint venture, limited liability company,
association or other entity, the management of which is, directly or indirectly, controlled by, or of which an aggregate of more than 50% of the outstanding Voting Stock is, at the time, owned or controlled directly or indirectly by, such Person or
one or more Subsidiaries of such Person. 
 “Substitute Lender” has the meaning specified in
Section 2.18(a). 
 “SWDA” means the Solid Waste Disposal Act (42 U.S.C. §§ 6901 et
seq.). 
  

 22 

 “Tax Affiliate” means, (a) the Borrower and its Subsidiaries and
(b) any Affiliate of the Borrower with which the Borrower files or is eligible to file consolidated, combined or unitary tax returns. 

“Tax Return” has the meaning specified in Section 4.8. 

“Taxes” has the meaning specified in Section 2.17(a). 

“Term Facility” means the Term Loan Commitments and the provisions herein related to the Term Loans. 

“Term Loan” has the meaning specified in Section 2.1. 

“Term Loan Commitment” means, with respect to each Lender, the commitment of such Lender to make Term Loans to the
Borrower, which commitment is in the amount set forth opposite such Lender’s name on Schedule I under the caption “Term Loan Commitment”, as amended to reflect Assignments and as such amount may be reduced pursuant to
this Agreement. The aggregate amount of the Term Loan Commitments on the date hereof equals $125,000,000. 
 “Throughput
Agreements” means the Base Throughput Agreements, and each other additional throughput agreement entered into between White Cliffs and a shipper pursuant to an open season offering and which provide for a Permitted Tariff, and otherwise
comply with the applicable FERC regulations. 
 “Title IV Plan” means a pension plan subject to Title IV of
ERISA, other than a Multiemployer Plan, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise. 

“Total Leverage Ratio” means, at any time, the ratio of (A) the principal balance of all outstanding Term Loans and
other Indebtedness of the Group Members as of such date to (B) the Consolidated EBITDA for the Computation Period then ended; provided that for the Fiscal Quarter ended March 31, 2010 the Consolidated EBITDA shall be equal to the
Consolidated EBITDA for such Computation Period multiplied by 4/3. 
 “Trademarks” means all rights, title and
interests (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos and other
source or business identifiers and, in each case, all goodwill associated therewith, all registrations and recordations thereof and all applications in connection therewith. 

“Trade Secrets” means all right, title and interest (and all related IP Ancillary Rights) arising under any Requirement
of Law in or relating to trade secrets. 
 “UCC” means the Uniform Commercial Code of any applicable
jurisdiction and, if the applicable jurisdiction shall not have any Uniform Commercial Code, the Uniform Commercial Code as in effect in the State of New York. 

“United States” means the United States of America. 

 

 23 

 “Unrestricted Subsidiary” means Rocky Cliffs, L.L.C., a Delaware limited
liability company, and any Subsidiary thereof. 
 “U.S. Lender Party” means each of the Administrative Agent,
each Lender, each SPV and each participant, in each case that is a Domestic Person. 
 “Voting Stock” means
Stock of any Person having ordinary power to vote in the election of members of the board of directors, managers, trustees or other controlling Persons, of such Person (irrespective of whether, at the time, Stock of any other class or classes of
such entity shall have or might have voting power by reason of the occurrence of any contingency). 
 “White
Cliffs” means White Cliffs Pipeline, L.L.C., a Delaware limited liability company. 
 “White Cliffs
Distributions” means all distributions and dividends paid by White Cliffs to the Borrower in respect of its Stock in White Cliffs made pursuant to the White Cliffs LLC Agreement. 

“White Cliffs LLC Agreement” means the Limited Liability Company Agreement of Front Range Pipeline L.L.C., now known as
White Cliffs Pipeline, L.L.C., a Delaware limited liability company dated January 29, 2007, as amended by the First Amendment to the Limited Liability Agreement of White Cliffs, dated as of July 18, 2008, as further amended by the
Amendment to the Limited Liability Agreement of White Cliffs, dated as of as of June 2, 2009, and as further amended by the Third Amendment to the Limited Liability Company Agreement of White Cliffs, dated as of November 30, 2009.

 “Withdrawal Liability” means, at any time, any liability incurred (whether or not assessed) by any ERISA
Affiliate and not yet satisfied or paid in full at such time with respect to any Multiemployer Plan pursuant to Section 4201 of ERISA. 

Section 1.2 UCC Terms. The following terms have the meanings given to them in the applicable UCC: “commodity
account”, “commodity contract”, “commodity intermediary”, “deposit account”, “entitlement holder”, “entitlement order”, “equipment”, “financial asset”, “general
intangible”, “goods”, “instruments”, “inventory”, “securities account”, “securities intermediary” and “security entitlement”. 

Section 1.3 Accounting Terms and Principles; GAAP. All accounting determinations required to be made pursuant hereto
shall, unless expressly otherwise provided herein, be made in accordance with GAAP. No change in the accounting principles used in the preparation of any Financial Statement hereafter adopted by the Borrower shall be given effect if such change
would affect a calculation that measures compliance with any provision of Article V or VIII unless the Borrower, the Administrative Agent and the Required Lenders agree to modify such provisions to reflect such changes in GAAP and,
unless such provisions are modified, all Financial Statements, Compliance Certificates and similar documents provided hereunder shall be provided together with a reconciliation between the calculations and amounts set forth therein before and after
giving effect to such change in GAAP. 
  

 24 

 Section 1.4 Payments. The Administrative Agent may set up standards and
procedures to determine or redetermine the equivalent in Dollars of any amount expressed in any currency other than Dollars and otherwise may, but shall not be obligated to, rely on any determination made by the Borrower. Any such determination or
redetermination by the Administrative Agent shall be conclusive and binding for all purposes, absent manifest error. No determination or redetermination by any Secured Party or the Borrower and no other currency conversion shall change or release
any obligation of the Borrower or of any Secured Party (other than the Administrative Agent and its Related Persons) under any Loan Document, each of which agrees to pay separately for any shortfall remaining after any conversion and payment of the
amount as converted. The Administrative Agent may round up or down, and may set up appropriate mechanisms to round up or down, any amount hereunder to nearest higher or lower amounts and may determine reasonable de minimis payment thresholds.

 Section 1.5 Interpretation. (a) Certain Terms. Except as set forth in any Loan Document, all
accounting terms not specifically defined herein shall be construed in accordance with GAAP (except for the term “property”, which shall be interpreted as broadly as possible, including, in any case, cash, Securities, other assets,
rights under Contractual Obligations and Permits and any right or interest in any property). The terms “herein”, “hereof” and similar terms refer to this Agreement as a whole. In the computation of periods of time
from a specified date to a later specified date in any Loan Document, the terms “from” means “from and including” and the words “to” and “until” each mean “to but excluding” and
the word “through” means “to and including.” In any other case, the term “including” when used in any Loan Document means “including without limitation.” The term “documents”
means all writings, however evidenced and whether in physical or electronic form, including all documents, instruments, agreements, notices, demands, certificates, forms, financial statements, opinions and reports. The term “incur means incur,
create, make, issue, assume or otherwise become directly or indirectly liable in respect of or responsible for, in each case whether directly or indirectly, and the terms “incurrence” and “incurred” and similar derivatives shall
have correlative meanings. 
 (b) Certain References. Unless otherwise expressly indicated, references (i) in this
Agreement to an Exhibit, Schedule, Article, Section or clause refer to the appropriate Exhibit or Schedule to, or Article, Section or clause in, this Agreement and (ii) in any Loan Document, to (A) any agreement shall include, without
limitation, all exhibits, schedules, appendixes and annexes to such agreement and, unless the prior consent of any Secured Party required therefor is not obtained, any modification to any term of such agreement, (B) any statute shall be to such
statute as modified from time to time and to any successor legislation thereto, in each case as in effect at the time any such reference is operative and (C) any time of day shall be a reference to New York time. Titles of articles, sections,
clauses, exhibits, schedules and annexes contained in any Loan Document are without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto. Unless otherwise expressly indicated, the
meaning of any term defined (including by reference) in any Loan Document shall be equally applicable to both the singular and plural forms of such term. 
  

 25 

 ARTICLE 2 

THE FACILITY 

Section 2.1 The Commitments. On the terms and subject to the conditions contained in this Agreement, each Lender
severally, but not jointly, agrees to make a loan in one borrowing (each a “Term Loan”) in Dollars to the Borrower on the Closing Date, in an amount not to exceed such Lender’s Term Loan Commitment. Amounts of Term Loans repaid
may not be reborrowed. The parties hereto agree that under the Construction Loan Agreement, the Lenders made (i) a certain term loan (the “Construction Term Loan”) in the original principal amount of $60,000,000, of which
$60,000,000 remains unpaid as of the date of this Agreement and prior to the funding of the Term Loan, and (ii) a certain revolving loan (the “Construction Revolving Loan”) in the original principal amount of $60,000,000, of
which $60,000,000 remains unpaid as of the date of this Agreement and prior to the funding of the Term Loan. Upon the funding of the Term Loan, the Borrower shall use the proceeds thereof to repay in full each of the Construction Term Loan and the
Construction Revolving Loan. The Term Loans shall be evidenced by, and be repayable in accordance with the terms of, the Note and this Agreement. 

Section 2.2 Borrowing Procedures. (a) Notice From the Borrower. Each Borrowing shall be made on notice
given by the Borrower to the Administrative Agent not later than noon on (i) the same Business Day as the date of the proposed Borrowing, in the case of a Borrowing of Base Rate Loans and (ii) the third Business Day prior to the date of
the proposed Borrowing, in the case of a Borrowing of Eurodollar Rate Loans. Each such notice may be made in a writing substantially in the form of Exhibit D (a “Notice of Borrowing”) duly completed or by telephone if
confirmed promptly, but in any event within one Business Day and prior to such Borrowing, with such a Notice of Borrowing. Term Loans shall be made as Base Rate Loans unless, outside of a suspension period pursuant to Section 2.15, the
Notice of Borrowing specifies that all or a portion thereof shall be Eurodollar Rate Loans. Each Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000. 

(b) Notice to Each Lender. The Administrative Agent shall give to each Lender prompt notice of the Administrative Agent’s
receipt of a Notice of Borrowing and, if Eurodollar Rate Loans are properly requested in such Notice of Borrowing, prompt notice of the applicable interest rate. Each Lender shall, before 1:00 p.m. on the date of the proposed Borrowing, make
available to the Administrative Agent at its address referred to in Section 11.11, such Lender’s Pro Rata Share of such proposed Borrowing. Upon fulfillment or due waiver on the Closing Date, of the applicable conditions set forth
in Section 3.1. 
 (c) Non-Funding Lenders. Unless the Administrative Agent shall have received notice from
any Lender prior to the date such Lender is required to make any payment hereunder with respect to any Term Loan that such Lender will not make such payment (or any portion thereof) available to the Administrative Agent, the Administrative Agent may
assume that such Lender has made such payment available to the Administrative Agent on the date such payment is required to be made in accordance with this Article II and the Administrative Agent may, in reliance upon such assumption, make
available to the Borrower on such date a corresponding amount. The Borrower agrees to repay to the Administrative Agent on demand such amount (until repaid by such Lender) with interest thereon for each day from the date such

  

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amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent, at the interest rate applicable to the Obligation that would have been created when the
Administrative Agent made available such amount to the Borrower had such Lender made a corresponding payment available; provided, however, that such payment shall not relieve such Lender of any obligation it may have to the Borrower.
In addition, any Lender that shall not have made available to the Administrative Agent any portion of any payment described above (any such Lender, a “Non-Funding Lender”) agrees to pay such amount to the Administrative Agent on
demand together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent, at the Federal Funds Rate for the first Business Day and thereafter
(i) in the case of a payment in respect of a Term Loan, at the interest rate applicable at the time to such Term Loan and (ii) otherwise, at the interest rate applicable to Base Rate Loans. Such repayment shall then constitute the funding
of the corresponding Term Loan (including any Term Loan deemed to have been made hereunder with such payment) or participation. The existence of any Non-Funding Lender shall not relieve any other Lender of its obligations under any Loan Document,
but no other Lender shall be responsible for the failure of any Non-Funding Lender to make any payment required under any Loan Document. 

Section 2.3 Single Obligation. The Term Loan and all of the other Obligations of Borrower to Lender shall constitute
one general obligation of Borrower secured by all of the Collateral. 
 Section 2.4 [Reserved.] 

Section 2.5 Reduction and Termination of the Commitments. All outstanding Term Loan Commitments shall terminate on
the Closing Date (after giving effect to any Term Loan Borrowing occurring on such date). 
 Section 2.6
Repayment of Loans. The Principal Balance shall be due and payable on each Payment Date in the amount of $3,500,000 (the “Quarterly Fixed Principal Amortization”); provided that any remaining Principal Balance is due
and payable in full on the Maturity Date. The Administrative Agent may apply amounts in the Restricted Payment Account to the payment of any amounts due and payable pursuant to this Section 2.6. 

Section 2.7 Optional Prepayments. The Borrower may prepay the outstanding Principal Balance of any Term Loan in whole
or in part at any time (together with any breakage costs that may be owing pursuant to Section 2.16(a) after giving effect to such prepayment); provided, however, that each partial prepayment that is not of the entire
outstanding Principal Balance shall be in an aggregate amount that is an integral multiple of $1,000,000. 

Section 2.8 Mandatory Prepayments. The Borrower shall make the following mandatory prepayments of the Term Loans:

 (a) Permitted Option Transfer. Upon each Permitted Option Transfer, the Borrower shall immediately pay to the
Administrative Agent the Net Cash Proceeds thereof received by the Borrower. 
  

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 (b) Excess Cash Flow. The Borrower shall pay the entire amount of Excess Cash Flow
for any Fiscal Quarter on the last Business Day of such Fiscal Quarter, beginning with the Fiscal Quarter ending on December 31, 2009; provided that the amount of Excess Cash Flow payable for the Fiscal Quarter ended December 31,
2009 shall be based on the two month period ending on December 31, 2009. 
 (c) Asset Sale, Eminent Domain and Loss
Proceeds. Upon the receipt by Borrower of any Loss Proceeds or Asset Sale Proceeds, the Borrower shall immediately pay to the Administrative Agent any such Loss Proceeds or Asset Sale Proceeds. If such proceeds received are insufficient to
prepay the entire outstanding Principal Balance of the Term Loans and the other Obligations, the mandatory prepayment under this Section 2.8(c) shall be to the extent of the proceeds received from such event. 

(d) CapEx Reserve. The Borrower shall apply any remaining unused portion of the CapEx Reserve to the prepayment of the Term Loans
on June 30, 2010. 
 (e) Litigation Reserve. The Borrower shall apply any remaining unused portion of the Litigation
Reserve to the prepayment of the Term Loans on the date that all claims described in Schedules 4.7 and 4.12 have been settled or otherwise resolved. 

(f) Application of Payments. Any payments made to the Administrative Agent pursuant to this Section 2.8 shall be
applied to the Obligations in accordance with Section 2.12(b) or (c), as applicable. The Administrative Agent may apply amounts in the Restricted Payment Account to the payment of any amounts due and payable pursuant to this
Section 2.8. 
 Section 2.9 Interest. (a) Rate. All Term Loans and the outstanding
amount of all other Obligations shall bear interest, in the case of Term Loans, on the unpaid Principal Balance thereof from the date such Term Loans are made and, in the case of such other Obligations, from the date such other Obligations are due
and payable until, in all cases, paid in full, except as otherwise provided in clause (c) below, as follows: (i) in the case of Base Rate Loans, at a rate per annum equal to the sum of the Base Rate and the Applicable Margin, each
as in effect from time to time, (ii) in the case of Eurodollar Rate Loans, at a rate per annum equal to the sum of the Eurodollar Rate and the Applicable Margin, each as in effect for the applicable Interest Period, and (iii) in the case
of other Obligations, at a rate per annum equal to the sum of the Base Rate and the Applicable Margin for Term Loans that are Base Rate Loans, each as in effect from time to time. 

(b) Payments. Interest accrued shall be payable in arrears (i) if accrued on the Principal Balance of any Term Loan,
(A) at maturity (whether by acceleration or otherwise), (B) upon the payment or prepayment of the Principal Balance on which such interest has accrued and (C) on the last Business Day of each calendar month commencing on the first
such day following the making of such Term Loan, and (ii) if accrued on any other Obligation, on demand from any after the time such Obligation is due and payable (whether by acceleration or otherwise). The Administrative Agent may apply
amounts in the Restricted Payment Account to the payment of any amounts due and payable pursuant to this Section 2.9. 
  

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 (c) Default Interest. Notwithstanding the rates of interest specified in clause
(a) above or elsewhere in any Loan Document, effective immediately upon (A) the occurrence of any Event of Default under Section 9.1(f)(ii) or (B) the delivery of a notice by the Administrative Agent or the Required
Lenders to the Borrower during the continuance of any other Event of Default and, in each case, for as long as such Event of Default shall be continuing, the principal balance of all Obligations (including any Obligation that bears interest by
reference to the rate applicable to any other Obligation) then due and payable shall bear interest at a rate that is 2% per annum in excess of the interest rate applicable to such Obligations from time to time, payable on demand or, in the
absence of demand, on the date that would otherwise be applicable. 
 Section 2.10 Conversion and Continuation
Options. (a) Option. The Borrower may elect (i) in the case of any Eurodollar Rate Loan, (A) to continue such Eurodollar Rate Loan or any portion thereof for an additional Interest Period on the last day of the Interest
Period applicable thereto and (B) to convert such Eurodollar Rate Loan or any portion thereof into a Base Rate Loan at any time on any Business Day, subject to the payment of any breakage costs required by Section 2.16(a), and
(ii) in the case of Base Rate Loans, to convert such Base Rate Loans or any portion thereof into Eurodollar Rate Loans at any time on any Business Day upon 3 Business Days’ prior notice; provided, however, that, (x) for
each Interest Period, the aggregate amount of Eurodollar Rate Loans having such Interest Period must be an integral multiple of $1,000,000 and (y) no conversion in whole or in part of Base Rate Loans to Eurodollar Rate Loans and no continuation
in whole or in part of Eurodollar Rate Loans shall be permitted at any time at which (1) an Event of Default shall be continuing and the Administrative Agent or the Required Lenders shall have determined in their sole discretion not to permit
such conversions or continuations or (2) such continuation or conversion would be made during a suspension imposed by Section 2.15. 

(b) Procedure. Each such election shall be made by giving the Administrative Agent at least 3 Business Days’ prior notice in
substantially the form of Exhibit E (a “Notice of Conversion or Continuation”) duly completed. The Administrative Agent shall promptly notify each Lender of its receipt of a Notice of Conversion or Continuation and of the
options selected therein. If the Administrative Agent does not receive a timely Notice of Conversion or Continuation from the Borrower containing a permitted election to continue or convert any Eurodollar Rate Loan, then, upon the expiration of the
applicable Interest Period, such Term Loan shall be automatically converted to a Base Rate Loan. Each partial conversion or continuation shall be allocated ratably among the Lenders in the Term Facility in accordance with their Pro Rata Share.

 Section 2.11 Fees. The Borrower shall pay to the Administrative Agent and its Related Persons its
reasonable and customary fees and expenses in connection with any payments made pursuant to Section 2.16(a). 

Section 2.12 Application of Payments. (a) Application of Voluntary Prepayments. Unless otherwise provided
in this Section 2.12 or elsewhere in any Loan Document, all payments and any other amounts received by the Administrative Agent from or for the benefit of the Borrower shall be applied to repay the Obligations. 

 

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 (b) Application of Mandatory Prepayments. Subject to the provisions of clause
(c) below with respect to the application of payments during the continuance of an Event of Default, any payment made by the Borrower to the Administrative Agent pursuant to Section 2.8(a) or any other prepayment of the
Obligations required to be applied in accordance with this clause (b) shall be applied to repay the outstanding Principal Balance of the Term Loans and any partial prepayment shall be applied to the remaining installments of the Term
Loans in the inverse order of their amortization. 
 (c) Application of Payments During an Event of Default. The Borrower
hereby irrevocably waives, and agrees to cause the other Group Member to waive, the right to direct the application during the continuance of an Event of Default of any and all payments in respect of any Obligation and any proceeds of Collateral and
agrees that, notwithstanding the provisions of clause (a) above, the Administrative Agent may, and, upon either (A) the direction of the Required Lenders or (B) the termination of any Commitment or the acceleration of any
Obligation pursuant to Section 9.2, shall, apply all payments in respect of any Obligation, all funds on deposit in the Restricted Payment Account and all other proceeds of Collateral (i) first, to pay Obligations in respect
of any cost or expense reimbursements, fees or indemnities then due to the Administrative Agent, (ii) second, to pay Obligations in respect of any cost or expense reimbursements, fees or indemnities then due to the Lenders,
(iii) third, to pay interest then due and payable in respect of the Term Loans, (iv) fourth, to repay the outstanding Principal Balance of the Term Loans, and (v) fifth, to the ratable payment of all other
Obligations. 
 (d) Application of Payments Generally. All repayments of any Term Loans shall be applied first, to
repay such Term Loans outstanding as Base Rate Loans and then, to repay such Term Loans outstanding as Eurodollar Rate Loans, with those Eurodollar Rate Loans having earlier expiring Interest Periods being repaid prior to those having later
expiring Interest Periods. If sufficient amounts are not available to repay all outstanding Obligations described in any priority level set forth in this Section 2.12, the available amounts shall be applied, unless otherwise expressly
specified herein, to such Obligations ratably based on the proportion of the Secured Parties’ interest in such Obligations. Any priority level set forth in this Section 2.12 that includes interest shall include all such interest,
whether or not accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or similar proceeding, and whether or not a claim for post-filing or post-petition interest is allowed in any such
proceeding. 
 Section 2.13 Payments and Computations. (a) Procedure. The Borrower shall make
each payment under any Loan Document not later than 11:00 a.m. on the day when due to the Administrative Agent by wire transfer to the following account (or at such other account or by such other means to such other address as the Administrative
Agent shall have notified the Borrower in writing within a reasonable time prior to such payment) in immediately available Dollars and without setoff or counterclaim: 

ABA No. 021-001-033 

Account Number 502-78-772 

Deutsche Bank Trust Company Americas, New York, New York 

Account Name: GECC/CAF Depository, 

Reference: EF22771-SemCrude Pipeline, L.L.C. 
  

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 The Administrative Agent shall promptly thereafter cause to be distributed immediately available funds
relating to the payment of principal, interest or fees to the Lenders, in accordance with the application of payments set forth in Section 2.12. The Lenders shall make any payment under any Loan Document in immediately available Dollars
and without setoff or counterclaim. Payments received by the Administrative Agent after 11:00 a.m. shall be deemed to be received on the next Business Day. 

(b) Computations of Interests and Fees. All computations of interest and of fees shall be made by the Administrative Agent on the
basis of a year of 360 days (or, in the case of Base Rate Loans whose interest rate is calculated based on the rate set forth in clause (a) of the definition of “Base Rate”, 365/366 days), in each case for the actual number of days
(including the first day but excluding the last day) occurring in the period for which such interest and fees are payable. Each determination of an interest rate or the amount of a fee hereunder shall be made by the Administrative Agent (including
determinations of a Eurodollar Rate or Base Rate in accordance with the definitions of “Eurodollar Rate” and “Base Rate”, respectively) and shall be conclusive, binding and final for all purposes, absent manifest error.

 (c) Payment Dates. Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, the
due date for such payment shall be extended to the next succeeding Business Day without any increase in such payment as a result of additional interest or fees; provided, however, that such interest and fees shall continue accruing as
a result of such extension of time. 
 (d) Advancing Payments. Unless the Administrative Agent shall have received notice
from the Borrower to the Lenders prior to the date on which any payment is due hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative
Agent on such date and the Administrative Agent may, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent that the Borrower shall not have
made such payment in full to the Administrative Agent, each Lender shall repay to the Administrative Agent on demand such amount distributed to such Lender together with interest thereon (at the Federal Funds Rate for the first Business Day and
thereafter, at the rate applicable to Base Rate Loans under the Term Facility) for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent. 

Section 2.14 Evidence of Debt. (a) Records of Lenders. Each Lender shall maintain in accordance with its
usual practice accounts evidencing Indebtedness of the Borrower to such Lender resulting from each Term Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under
this Agreement. In addition, each Lender having sold a participation in any of its Obligations or having identified an SPV as such to the Administrative Agent, acting as agent of the Borrower solely for this purpose and solely for tax purposes,
shall establish and maintain at its address referred to in Section 11.11 (or at such other address as such Lender shall notify the Borrower) a record of ownership, in which such Lender shall register by book entry (A) the name and
address of each such participant and SPV (and each change thereto, whether by assignment or otherwise) and (B) the rights, interest or obligation of each such participant and SPV in any Obligation, in any Commitment and in any right to receive
any payment hereunder. 
  

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 (b) Records of Administrative Agent. The Administrative Agent, acting as agent of the
Borrower solely for tax purposes and solely with respect to the actions described in this Section 2.14, shall establish and maintain at its address referred to in Section 11.11 (or at such other address as the Administrative
Agent may notify the Borrower) (A) a record of ownership (the “Register”) in which the Administrative Agent agrees to register by book entry the interests (including any rights to receive payment hereunder) of the
Administrative Agent and each Lender in the Term Loans Credit Outstandings, each of their obligations under this Agreement to participate in each Term Loan, and any assignment of any such interest, obligation or right and (B) accounts in the
Register in accordance with its usual practice in which it shall record (1) the names and addresses of the Lenders (and each change thereto pursuant to Section 2.18 (Substitution of Lenders) and Section 11.2
(Assignments and Participations; Binding Effect)), (2) the Commitments of each Lender, (3) the amount of each Term Loan and each funding of any participation described in clause (A) above, for Eurodollar Rate Loans, the
Interest Period applicable thereto, (4) the amount of any principal or interest due and payable or paid, and (5) any other payment received by the Administrative Agent from the Borrower and its application to the Obligations. 

(c) Registered Obligations. Notwithstanding anything to the contrary contained in this Agreement, the Term Loans (including any
Notes evidencing such Term Loans) are registered obligations, the right, title and interest of the Lenders and their assignees in and to such Term Loans shall be transferable only upon notation of such transfer in the Register and no assignment
thereof shall be effective until recorded therein. This Section 2.14 and Section 11.2 shall be construed so that the Term Loans are at all times maintained in “registered form” within the meaning of Sections
163(f), 871(h)(2) and 881(c)(2) of the Code and any related regulations (and any successor provisions). 
 (d) Prima Facie
Evidence. The entries made in the Register and in the accounts maintained pursuant to clauses (a) and (b) above shall, to the extent permitted by applicable Requirements of Law, be prima facie evidence of the existence
and amounts of the obligations recorded therein; provided, however, that no error in such account and no failure of any Lender or the Administrative Agent to maintain any such account shall affect the obligations of the Borrower to
repay the Term Loans in accordance with their terms. In addition, the Borrower, the Administrative Agent, and the Lenders shall treat each Person whose name is recorded in the Register as a Lender for all purposes of this Agreement. Information
contained in the Register with respect to any Lender shall be available for access by the Borrower, the Administrative Agent, or such Lender at any reasonable time and from time to time upon reasonable prior notice. No Lender shall, in such
capacity, have access to or be otherwise permitted to review any information in the Register other than information with respect to such Lender unless otherwise agreed by the Administrative Agent. 

(e) Notes. Upon any Lender’s request, the Borrower shall promptly execute and deliver Notes to such Lender evidencing the
Term Loans of such Lender substantially in the form of Exhibit C; provided, however, that only one Note shall be issued to each Lender, except (i) to an existing Lender exchanging existing Notes to reflect changes in the
Register relating to 
  

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such Lender, in which case the new Notes delivered to such Lender shall be dated the date of the original Notes, and (ii) in the case of loss, destruction or mutilation of existing Notes and
similar circumstances. Each Note, if issued, shall only be issued as means to evidence the right, title or interest of a Lender or a registered assignee in and to the related Term Loan, as set forth in the Register, and in no event shall any Note be
considered a bearer instrument or obligation. 
 Section 2.15 Suspension of Eurodollar Rate Option.
Notwithstanding any provision to the contrary in this Article II, the following shall apply: 
 (a) Interest Rate
Unascertainable, Inadequate or Unfair. In the event that (A) the Administrative Agent determines that adequate and fair means do not exist for ascertaining the applicable interest rates by reference to which the Eurodollar Rate is
determined or (B) the Required Lenders notify the Administrative Agent that the Eurodollar Rate for any Interest Period will not adequately reflect the cost to the Lenders of making or maintaining such Term Loans for such Interest Period, the
Administrative Agent shall promptly so notify the Borrower and the Lenders, whereupon the obligation of each Lender to make or to continue Eurodollar Rate Loans shall be suspended as provided in clause (c) below until the Administrative
Agent shall notify the Borrower that the Required Lenders have determined that the circumstances causing such suspension no longer exist. 

(b) Illegality. If any Lender determines that the introduction of, or any change in or in the interpretation of, any Requirement
of Law after the date of this Agreement shall make it unlawful, or any Governmental Authority shall assert that it is unlawful, for any Lender or its applicable lending office to make Eurodollar Rate Loans or to continue to fund or maintain
Eurodollar Rate Loans, then, on notice thereof and demand therefor by such Lender to the Borrower through the Administrative Agent, the obligation of such Lender to make or to continue Eurodollar Rate Loans shall be suspended as provided in
clause (c) below until such Lender shall, through the Administrative Agent, notify the Borrower that it has determined that it may lawfully make Eurodollar Rate Loans. 

(c) Effect of Suspension. If the obligation of any Lender to make or to continue Eurodollar Rate Loans is suspended, (A) the
obligation of such Lender to convert Base Rate Loans into Eurodollar Rate Loans shall be suspended, (B) such Lender shall make a Base Rate Loan at any time such Lender would otherwise be obligated to make a Eurodollar Rate Loan, (C) the
Borrower may revoke any pending Notice of Borrowing or Notice of Conversion or Continuation to make or continue any Eurodollar Rate Loan or to convert any Base Rate Loan into a Eurodollar Rate Loan and (D) each Eurodollar Rate Loan of such
Lender shall automatically and immediately (or, in the case of any suspension pursuant to clause (a) above, on the last day of the current Interest Period thereof) be converted into a Base Rate Loan. 

Section 2.16 Breakage Costs; Increased Costs; Capital Requirements. (a) Breakage Costs. The Borrower
shall compensate each Lender, upon demand from such Lender to such Borrower (with copy to the Administrative Agent), for all Liabilities (including, in each case, those incurred by reason of the liquidation or reemployment of deposits or other funds
acquired by such Lender to prepare to fund, to fund or to maintain the Eurodollar Rate Loans of such Lender to the Borrower but excluding any loss of the Applicable Margin on the relevant Term Loans) that such Lender may incur (A) to the
extent, for any reason other than solely by 
  

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reason of such Lender being a Non-Funding Lender, a proposed Borrowing, conversion into or continuation of Eurodollar Rate Loans does not occur on a date specified therefor in a Notice of
Borrowing or a Notice of Conversion or Continuation or in a similar request made by telephone by the Borrower, (B) to the extent any Eurodollar Rate Loan is paid (whether through a scheduled, optional or mandatory prepayment) or converted to a
Base Rate Loan (including because of Section 2.15) on a date that is not the last day of the applicable Interest Period or (C) as a consequence of any failure by the Borrower to repay Eurodollar Rate Loans when required by the terms
hereof. For purposes of this clause (a), each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it using a matching deposit or other borrowing in the London interbank market. 

(b) Increased Costs. If at any time any Lender determines that, after the date hereof, the adoption of, or any change in or in the
interpretation, application or administration of, or compliance with, any Requirement of Law (other than any imposition or increase of Eurodollar Reserve Requirements) from any Governmental Authority shall have the effect of (i) increasing the
cost to such Lender of making, funding or maintaining any Eurodollar Rate Loan or to agree to do so or of participating, or agreeing to participate, in extensions of credit or (ii) imposing any other cost to such Lender with respect to
compliance with its obligations under any Loan Document, then, upon demand by such Lender (with copy to the Administrative Agent), the Borrower shall pay to the Administrative Agent for the account of such Lender amounts sufficient to compensate
such Lender for such increased cost. 
 (c) Increased Capital Requirements. If at any time any Lender determines that,
after the date hereof, the adoption of, or any change in or in the interpretation, application or administration of, or compliance with, any Requirement of Law (other than any imposition or increase of Eurodollar Reserve Requirements) from any
Governmental Authority regarding capital adequacy, reserves, special deposits, compulsory loans, insurance charges against property of, deposits with or for the account of, Obligations owing to, or other credit extended or participated in by, any
Lender or any similar requirement (in each case other than any imposition or increase of Eurodollar Reserve Requirements) shall have the effect of reducing the rate of return on the capital of such Lender (or any corporation controlling such Lender)
as a consequence of its obligations under or with respect to any Loan Document to a level below that which, taking into account the capital adequacy policies of such Lender or corporation, such Lender or corporation could have achieved but for such
adoption or change, then, upon demand from time to time by such Lender (with a copy of such demand to the Administrative Agent), the Borrower shall pay to the Administrative Agent for the account of such Lender amounts sufficient to compensate such
Lender for such reduction. 
 (d) Compensation Certificate. Each demand for compensation under this
Section 2.16 shall be accompanied by a certificate of the Lender claiming such compensation, setting forth the amounts to be paid hereunder, which certificate shall be conclusive, binding and final for all purposes, absent manifest
error. In determining such amount, such Lender may use any reasonable averaging and attribution methods. 

Section 2.17 Taxes. (a) Payments Free and Clear of Taxes. Except as otherwise provided in this
Section 2.17, each payment by the Borrower under any Loan Document shall be made free and clear of all present or future taxes, levies, imposts, deductions, 

 

 34 

 
charges or withholdings and all liabilities with respect thereto (and without deduction for any of them) (collectively, but excluding the taxes set forth in clauses (i) and
(ii) below, the “Taxes”) other than for (i) taxes measured by net income (including branch profits taxes) and franchise taxes imposed in lieu of net income taxes, in each case imposed on any Secured Party as a
result of a present or former connection between such Secured Party and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than such connection arising solely
from any Secured Party having executed, delivered or performed its obligations or received a payment under, or enforced, any Loan Document) or (ii) taxes that are directly attributable to the failure (other than as a result of a change in any
Requirement of Law) by any Secured Party to deliver the documentation required to be delivered pursuant to clause (f) below. 

(b) Gross-Up. If any Taxes shall be required by law to be deducted from or in respect of any amount payable under any Loan
Document to any Secured Party (i) such amount shall be increased as necessary to ensure that, after all required deductions for Taxes are made (including deductions applicable to any increases to any amount under this Section 2.17),
such Secured Party receives the amount it would have received had no such deductions been made, (ii) the Borrower shall make such deductions, (iii) the Borrower shall timely pay the full amount deducted to the relevant taxing authority or
other authority in accordance with applicable Requirements of Law and (iv) within 30 days after such payment is made, the Borrower shall deliver to the Administrative Agent an original or certified copy of a receipt evidencing such payment;
provided, however, that no such increase shall be made with respect to, and the Borrower shall not be required to indemnify any such Secured Party pursuant to clause (d) below for, withholding taxes to the extent that the
obligation to withhold amounts existed on the date that such Secured Party became a “Secured Party” under this Agreement in the capacity under which such Secured Party makes a claim under this clause (b), except in each case to the
extent such Secured Party is a direct or indirect assignee (other than pursuant to Section 2.18 (Substitution of Lenders)) of any other Secured Party that was entitled, at the time the assignment of such other Secured Party became
effective, to receive additional amounts under this clause (b). 
 (c) Other Taxes. In addition, the Borrower
agrees to pay, and authorizes the Administrative Agent to pay in its name, any stamp, documentary, excise or property tax, charges or similar levies imposed by any applicable Requirement of Law or Governmental Authority and all Liabilities with
respect thereto (including by reason of any delay in payment thereof), in each case arising from the execution, delivery or registration of, or otherwise with respect to, any Loan Document or any transaction contemplated therein (collectively,
“Other Taxes”). Within 30 days after the date of any payment of Taxes or Other Taxes by the Borrower, the Borrower shall furnish to the Administrative Agent, at its address referred to in Section 11.11, the original or a
certified copy of a receipt evidencing payment thereof. 
 (d) Indemnification. The Borrower shall reimburse and
indemnify, within 30 days after receipt of demand therefor (with copy to the Administrative Agent), each Secured Party for all Taxes and Other Taxes (including any Taxes and Other Taxes imposed by any jurisdiction on amounts payable under this
Section 2.17) paid by such Secured Party and any Liabilities arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. A certificate of the Secured Party (or of the
Administrative 
  

 35 

 
Agent on behalf of such Secured Party) claiming any compensation under this clause (d), setting forth the amounts to be paid thereunder and delivered to the Borrower with copy to the
Administrative Agent, shall be conclusive, binding and final for all purposes, absent manifest error. In determining such amount, the Administrative Agent and such Secured Party may use any reasonable averaging and attribution methods. 

(e) Mitigation. Any Lender claiming any additional amounts payable pursuant to this Section 2.17 shall use its
reasonable efforts (consistent with its internal policies and Requirements of Law) to change the jurisdiction of its lending office if such a change would reduce any such additional amounts (or any similar amount that may thereafter accrue) and
would not, in the sole determination of such Lender, be otherwise disadvantageous to such Lender. 
 (f) Tax Forms.
(i) Each Non-U.S. Lender Party that, at any of the following times, is entitled to an exemption from United States withholding tax or, after a change in any Requirement of Law, is subject to such withholding tax at a reduced rate under an
applicable tax treaty, shall (w) on or prior to the date such Non-U.S. Lender Party becomes a “Non-U.S. Lender Party” hereunder, (x) on or prior to the date on which any such form or certification expires or becomes obsolete,
(y) after the occurrence of any event requiring a change in the most recent form or certification previously delivered by it pursuant to this clause (i) and (z) from time to time if requested by the Borrower or the
Administrative Agent (or, in the case of a participant or SPV, the relevant Lender), provide the Administrative Agent and the Borrower (or, in the case of a participant or SPV, the relevant Lender) with two completed originals of each of the
following, as applicable: (A) Forms W-8ECI (claiming exemption from U.S. withholding tax because the income is effectively connected with a U.S. trade or business), W-8BEN (claiming exemption from, or a reduction of, U.S. withholding tax under
an income tax treaty) or any successor forms, (B) in the case of a Non-U.S. Lender Party claiming exemption under Sections 871(h) or 881(c) of the Code, Form W-8BEN (claiming exemption from U.S. withholding tax under the portfolio interest
exemption) or any successor form and a certificate in form and substance acceptable to the Administrative Agent that such Non-U.S. Lender Party is not (1) a “bank” within the meaning of Section 881(c)(3)(A) of the Code,
(2) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code or (3) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code or (C) any
other applicable document prescribed by the IRS certifying as to the entitlement of such Non-U.S. Lender Party to such exemption from United States withholding tax or reduced rate with respect to all payments to be made to such Non-U.S. Lender Party
under the Loan Documents. Unless the Borrower and the Administrative Agent have received forms or other documents satisfactory to them indicating that payments under any Loan Document to or for a Non-U.S. Lender Party are not subject to United
States withholding tax or are subject to such tax at a rate reduced by an applicable tax treaty, the Borrower and the Administrative Agent shall withhold amounts required to be withheld by applicable Requirements of Law from such payments at the
applicable statutory rate. 
 (i) Each U.S. Lender Party shall (A) on or prior to the date such U.S. Lender
Party becomes a “U.S. Lender Party” hereunder, (B) on or prior to the date on which any such form or certification expires or becomes obsolete, (C) after the occurrence of any event requiring a change in the most recent form or
certification previously delivered by it pursuant to this clause (f) and (D) from time to time if 
  

 36 

 
requested by the Borrower or the Administrative Agent (or, in the case of a participant or SPV, the relevant Lender), provide the Administrative Agent and the Borrower (or, in the case of a
participant or SPV, the relevant Lender) with two completed originals of Form W-9 (certifying that such U.S. Lender Party is entitled to an exemption from U.S. backup withholding tax) or any successor form. 

(ii) Each Lender having sold a participation in any of its Obligations or identified an SPV as such to the Administrative
Agent shall collect from such participant or SPV the documents described in this clause (f) and provide them to the Administrative Agent. 

Section 2.18 Substitution of Lenders. (a) Substitution Right. In the event that any Lender that is not an
Affiliate of the Administrative Agent (an “Affected Lender”), (i) makes a claim under clause (b) (Increased Costs) or (c) (Increased Capital Requirements) of Section 2.16,
(ii) notifies the Borrower pursuant to Section 2.15(b) (Illegality) that it becomes illegal for such Lender to continue to fund or make any Eurodollar Rate Loan in the Term Facility, (iii) makes a claim for payment
pursuant to Section 2.17(b) (Gross-Up), (iv) becomes a Non-Funding Lender with respect to the Term Facility or (v) does not consent to any amendment, waiver or consent to any Loan Document for which the consent of the
Required Lenders is obtained but that requires the consent of other Lenders in the Term Facility, the Borrower may either pay in full such Affected Lender with respect to amounts due in the Term Facility with the consent of the Administrative Agent
or substitute for such Affected Lender in the Term Facility any Lender or any Affiliate or Approved Fund of any Lender or any other Person acceptable (which acceptance shall not be unreasonably withheld or delayed) to the Administrative Agent and,
if no Event of Default has occurred and is continuing and if the proposed substitute Person is a Competitor, the Borrower (in each case, a “Substitute Lender”). 

(b) Procedure. To substitute such Affected Lender or pay in full the Obligations owed to such Affected Lender under the Term
Facility, the Borrower shall deliver a notice to the Administrative Agent and such Affected Lender. The effectiveness of such payment or substitution shall be subject to the delivery to the Administrative Agent by the Borrower (or, as may be
applicable in the case of a substitution, by the Substitute Lender) of (i) payment for the account of such Affected Lender, of, to the extent accrued through, and outstanding on, the effective date for such payment or substitution, all
Obligations owing to such Affected Lender with respect to the Term Facility, and (ii) in the case of a substitution, (A) payment of the assignment fee set forth in Section 11.2(c) and (B) an assumption agreement in form
and substance satisfactory to the Administrative Agent whereby the Substitute Lender shall, among other things, agree to be bound by the terms of the Loan Documents and assume the Commitment of the Affected Lender under the Term Facility.

 (c) Effectiveness. Upon satisfaction of the conditions set forth in clause (b) above, the Administrative
Agent shall record such substitution or payment in the Register, whereupon (i) in the case of any payment in full in the Term Facility, such Affected Lender’s Commitments in the Term Facility shall be terminated and (ii) in the case
of any substitution in the Term Facility, (A) the Affected Lender shall sell and be relieved of, and the Substitute Lender shall purchase and assume, all rights and claims of such Affected Lender under the Loan Documents with respect to the
Term Facility, except that the Affected Lender shall retain such 
  

 37 

 
rights expressly providing that they survive the repayment of the Obligations and the termination of the Commitments, (B) the Substitute Lender shall become a “Lender”
hereunder having a Commitment in the Term Facility in the amount of such Affected Lender’s Commitment in the Term Facility and (C) the Affected Lender shall execute and deliver to the Administrative Agent an Assignment to evidence such
substitution and deliver any Note in its possession with respect to the Term Facility; provided, however, that the failure of any Affected Lender to execute any such Assignment or deliver any such Note shall not render such sale and
purchase (or the corresponding assignment) invalid. 
 ARTICLE 3 

CONDITIONS TO LOANS 

Section 3.1 Conditions Precedent to Term Loans. The obligation of each Lender to make any Term Loan on the Closing
Date is subject to the satisfaction or due waiver of each of the following conditions precedent on or before November 30, 2009. 

(a) Certain Documents. The Administrative Agent shall have received on or prior to the Closing Date each of the following, each
dated the Closing Date unless otherwise agreed by the Administrative Agent, in form and substance satisfactory to the Administrative Agent and each Lender: 

(i) this Agreement duly executed by the Borrower and, for the account of each Lender having requested the same by notice
to the Administrative Agent and the Borrower received by each at least 3 Business Days prior to the Closing Date (or such later date as may be agreed by the Borrower), Notes in the Term Facility conforming to the requirements set forth in
Section 2.14(e); 
 (ii) the Security Agreement, duly executed by the Borrower, together with
(A) copies of UCC, Intellectual Property and other appropriate search reports and of all effective prior filings listed therein, together with evidence of the termination of such prior filings and other documents with respect to the priority of
the security interest of the Administrative Agent in the Collateral, in each case as may be reasonably requested by the Administrative Agent, (B) all documents representing all Securities being pledged pursuant to the Security Agreement and
related undated powers or endorsements duly executed in blank, (C) all Control Agreements that, in the reasonable judgment of the Administrative Agent, are required for the Borrower to comply with the Loan Documents as of the Closing Date, each
duly executed by, in addition to the Borrower, the applicable financial institution and (D) the Project Contract Consents; 

(iii) duly executed favorable opinions of counsel to the Borrower, addressed to the Administrative Agent and the Lenders
and addressing such matters of New York, Delaware, Oklahoma and federal law as the Administrative Agent may reasonably request; 

(iv) a copy of each Constituent Document of each Group Member that is on file with any Governmental Authority in any
jurisdiction, certified as of a recent date by such Governmental Authority, together with, if applicable, certificates attesting to 

 

 38 

 
the good standing of such Group Member in such jurisdiction and each other jurisdiction where such Group Member is qualified to do business as a foreign entity or where such qualification is
necessary (and, if appropriate in any such jurisdiction, related tax certificates); 
 (v) a certificate of a
Responsible Officer of the Borrower in charge of maintaining books and records of the Borrower certifying as to (A) the names and signatures of each officer of the Borrower authorized to execute and deliver any Loan Document, (B) the
Constituent Documents of each Group Member attached to such certificate are complete and correct copies of such Constituent Documents as in effect on the date of such certification (or, for any such Constituent Document delivered pursuant to
clause (iv) above, that there have been no changes from such Constituent Document so delivered) and (C) the resolutions of the Borrower’s board of directors or other appropriate governing body approving and authorizing the
execution, delivery and performance of each Loan Document to which the Borrower is a party; 
 (vi) a certificate
of a Responsible Officer of the Borrower to the effect that (A) the Borrower, on a Consolidated basis with White Cliffs, is Solvent after giving effect to the Term Loans, the application of the proceeds thereof in accordance with
Section 7.9, and the payment of all estimated legal, accounting and other fees and expenses related hereto and thereto, (B) attached thereto are complete and correct copies of each Related Document; (C) all Necessary
Governmental Approvals have been obtained and are in full force and effect on and as of the Closing Date and (D) all Necessary Land Rights have been obtained and are in full force and effect and in the name of White Cliffs on and as of the
Closing Date; 
 (vii) insurance certificates in form and substance satisfactory to the Administrative Agent
demonstrating that the insurance policies required by Section 7.5 are in full force and effect and have all endorsements required by such Section 7.5; 

(viii) [Reserved;] 

(ix) the Initial Projections in form and substance satisfactory to the Administrative Agent; 

(x) a Consent executed by each of the Project Partners in substantially the form of Exhibit F and, except for the
SemCrude Energy Partners Cushing Consent which shall be delivered in accordance with Section 7.20, a Project Contract Consent executed by each of the counterparties to the Material Project Documents in substantially the form of
Exhibit B; 
 (xi) a connection agreement of SemCrude, L.P. and SemGroup Energy Partners, L.P. for the
handling of crude oil at its facilities in Cushing, Oklahoma sufficient for White Cliffs to comply with Section 4 of the Pipeline Agreement and any similar obligation of White Cliffs under any Throughput Agreement (the “Cushing
Agreement”); 
  

 39 

 (xii) an agreement of SemCrude, L.P. for the handling of crude oil at its
truck unloading facilities in Platteville Station sufficient for White Cliffs to comply with its obligations under any Throughput Agreement (the “Platteville Agreement”); 

(xiii) copies of all Related Documents, in form and substance satisfactory to the Administrative Agent, including the
O&M Agreement; and 
 (xiv) such other documents and information as any Lender through the Administrative
Agent may reasonably request. 
 (b) Fee and Expenses. There shall have been paid to the Administrative Agent, for the
account of the Administrative Agent, its Related Persons or any Lender, as the case may be, all fees and all reimbursements of costs or expenses, in each case due and payable under any Loan Document on or before the Closing Date. 

(c) Capital Structure. The Administrative Agent shall have received the Corporate Chart and the organizational structure and
capital structure of the Borrower and its Subsidiaries shall be as set forth on the Corporate Chart. 
 (d) No
Litigation. No litigation, arbitration or similar proceeding shall be pending or threatened against any Group Member or the Pipeline System other than the pending condemnations and other matters with respect to the Necessary Land Approvals
listed in Schedule 4.16, and pending and potential litigation relating to the items listed on Schedule 4.7 and Schedule 8.2; and, there shall be no litigation, governmental, administrative or judicial action that could
reasonably be expected to restrain, prevent or make illegal the making of the Term Loan on the terms set forth herein. 
 (e)
Due Diligence Matters. The Administrative Agent and Lenders shall have completed satisfactory due diligence review of the assets, liabilities, business, operations and condition (financial or otherwise) of the Borrower and its Subsidiaries,
including, a review of their properties and business operations and all legal, financial, accounting, governmental, environmental, tax and regulatory matters, and fiduciary aspects of the proposed financing. Without limiting the foregoing, the
Administrative Agent shall have received or reviewed copies of all Necessary Governmental Approvals and all Necessary Land Rights, except to the extent copies do not exist. 

(f) Insurance. The Administrative Agent shall have received certificates or binders evidencing that all the liability, casualty,
business interruption and other customary insurance required to be maintained by the Borrower and White Cliffs is in effect on the date hereof, naming the Administrative Agent as loss payee and additional insured with respect to the coverage
applicable to each of the Borrower and White Cliffs. 
 (g) Plan of Reorganization. The plan of reorganization of
SemCrude, L.P., its parent, SemGroup, L.P., and certain subsidiaries of SemGroup, L.P. (including the Borrower) (the “Reorganization Plan”), and the transactions contemplated thereby along with any documents executed in connection
therewith, shall have been confirmed by the U.S. Bankruptcy Court for the District of Delaware pursuant to an order of such Bankruptcy Court, and such order shall be in full force and effect in all respects, and there shall be no supplement,
modification or 
  

 40 

 
amendment to any of the foregoing without the prior written consent of the Administrative Agent. All conditions precedent to the effectiveness of the Reorganization Plan shall have been satisfied
(or waived in accordance with the Reorganization Plan with the consent of the Administrative Agent); and the Plan of Reorganization shall have been consummated and implemented. 

(h) White Cliffs Assets. The Administrative Agent shall have received satisfactory evidence of the following matters with respect
to the assets of White Cliffs on or prior to the Closing Date: 
 (i) SemCrude, L.P. shall have transferred and
contributed to White Cliffs all assets relating to the Pipeline System that were purchased by SemCrude, L.P., as contemplated by the Transfer and Contribution Agreement dated as of July 1, 2007; 

(ii) White Cliffs shall have completed construction of the oil storage facilities in Weld County, Colorado, as required by
Section 2 of the Pipeline Agreement; 
 (iii) White Cliffs shall have adequate rights pursuant to a written
agreement satisfactory to the Administrative Agent to use the Platteville Station; 
 (iv) White Cliffs shall
have adequate rights pursuant to a written agreement satisfactory to the Administrative Agent to connect to and use the Cushing Station; 

(v) White Cliffs shall have all Necessary Governmental Approvals required for the ownership, operation and maintenance of
the Pipeline System; and 
 (vi) All contracts for the construction of, and procurement of materials and services
for the Pipeline System shall have been fully performed, and SemCrude, L.P. shall have transferred and assigned all warranty rights thereunder to White Cliffs. 

(i) Construction Loan Agreement; Expenses. The Administrative Agent shall have received on or prior to the Closing Date evidence,
in form and substance satisfactory to the Administrative Agent and each Lender, that (a) all principal amounts, all accrued interest pursuant to Section 2.9 of the Construction Loan Agreement, and all other amounts outstanding under the
Construction Loan Agreement, and (b) all fees and expenses payable to or for the account of the Administrative Agent or any Lender under this Agreement, including the fees and expenses of the Lenders’ consultants and legal counsel, have
been paid in full. 
 (j) Base Throughput Agreements. Each of the Base Throughput Agreements shall be in full force and
effect. 
 (k) Restricted Payment Account. The Administrative Agent shall have received on or prior to the Closing Date
evidence, in form and substance satisfactory to the Administrative Agent and each Lender, that Restricted Payment Account has been established in accordance with the terms of this Agreement, and such Restricted Payment Account shall have been funded
with the CapEx Reserve and the Litigation Reserve on the Closing Date in the initial amounts set forth in the respective definitions thereof. 
  

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 (l) Representations and Warranties; No Defaults. The following statements shall be
true, both before and after giving effect to the Term Loan: (i) the representations and warranties set forth in any Loan Document shall be true and correct on and as of the Closing Date or, to the extent any such representations or warranties
expressly relate to an earlier date, on and as of such earlier date, and (ii) no Default shall be continuing or would result from the making of the Term Loan. 

Section 3.2 Determinations of Initial Borrowing Conditions. For purposes of determining compliance with the
conditions specified in Section 3.1, each Lender shall be deemed to be satisfied with each document and each other matter required to be satisfactory to such Lender unless, prior to the Closing Date, the Administrative Agent receives
notice from such Lender specifying such Lender’s objections and such Lender has not made available its Pro Rata Share of any Borrowing scheduled to be made on the Closing Date. 

ARTICLE 4 

REPRESENTATIONS AND WARRANTIES 

To induce the Lenders and the Administrative Agent to enter into the Loan Documents, the Borrower represents and warrants to each of them
each of the following: 
 Section 4.1 Corporate Existence; Compliance with Law. Each Group Member
(a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) is duly qualified to do business as a foreign entity and in good standing under the laws of each jurisdiction where
such qualification is necessary except where the failure to be so qualified shall would not, in the aggregate, have a Material Adverse Effect; (c) has all requisite power and authority and the legal right to own, pledge, mortgage and operate
its property, to lease or sublease any property it operates under lease or sublease and to conduct its business as now conducted, (d) is in compliance with its Constituent Documents, (e) is in compliance in all material respects with all
Necessary Governmental Approvals and other applicable Requirements of Law and (f) has all necessary Permits from or by, has made all necessary filings with, and has given all necessary notices to, each Governmental Authority having
jurisdiction, to the extent required for such ownership, lease, sublease, operation, occupation or conduct of business; provided that the foregoing clauses (e) and (f) shall not apply to compliance with or Permits, filings or notices under
or pursuant to Environmental Laws, which shall be governed by Section 4.14. 
 Section 4.2 Loan and
Related Documents. 
 (a) Power and Authority. The execution, delivery and performance by the Borrower of the Loan
Documents, the execution, delivery and performance by each Group Member of the Related Documents to which it is a party, and the consummation of transactions contemplated in the Loan Documents and the Related Documents (i) are within each Group
Member’s corporate or similar powers and, at the time of execution thereof, have been duly authorized by all necessary corporate and similar action (including, if applicable, consent of holders of its Securities), (ii) do not
(A) contravene any Constituent Documents of any Group Member, (B) violate any applicable Requirement of Law, (C) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration
of, any 
  

 42 

 
material Contractual Obligation of any Group Member (including other Related Documents or Loan Documents) or (D) result in the imposition of any Lien (other than a Permitted Lien) upon any
property of any Group Member and (iii) do not require any Permit of, or filing with, any Governmental Authority or any consent of, or notice to, any Person, other than with respect to the Loan Documents, (A) the filings required to perfect
the Liens created by the Loan Documents, and (B) those listed on Schedule 4.2(a) and that have been obtained or made, copies of which have been, or will be prior to the Closing Date, delivered to the Administrative Agent, and each of
which on the Closing Date will be in full force and effect. Schedule 4.2(b) sets forth a true and complete list of all Necessary Governmental Approvals and all such Necessary Governmental Approvals are in full force and effect. 

(b) Due Execution and Delivery. From and after its delivery to the Administrative Agent, each Loan Document and Related Document
has been duly executed and delivered to the other parties thereto by any Group Member thereto, is the legal, valid and binding obligation of such Group Member and is enforceable against such Group Member in accordance with its terms. 

(c) Related Documents. Each representation and warranty in each Related Document is true and correct in all material respects and
no default, or event that, with the giving of notice or lapse of time or both, would constitute a default, has occurred and is continuing thereunder. 

Section 4.3 Ownership of Group Members. The Borrower has no Subsidiaries and holds no investments in any other Person
and conducts no business other than its ownership of 99.17% of the limited liability membership interest in White Cliffs (as reduced by any Permitted Option Transfer after the Closing Date) and its ownership of 100% of the limited liability company
interests in the Unrestricted Subsidiary. Such ownership interest in White Cliffs is owned beneficially and of record by the Borrower free and clear of all Liens other than the security interests created by the Loan Documents, and is subject to no
Stock Equivalent or other right or encumbrance, other than the Permitted Options. There are no Contractual Obligations or other understandings to which any Group Member is a party with respect to (including any restriction on) the issuance, voting,
Sale or pledge of any Stock or Stock Equivalent of any Group Member, other than, with respect to White Cliffs, restrictions on the transfer and encumbrance of Stock or Stock Equivalents pursuant to the Constituent Documents of White Cliffs.

 Section 4.4 Initial Projections. As of the Closing Date, the Initial Projections are based upon estimates
and assumptions stated therein, all of which the Borrower believes to be reasonable and fair in light of conditions and facts known to the Borrower as of such time and reflect the good faith, reasonable and fair estimates by the Borrower of the
information projected therein for the period set forth therein. 
 Section 4.5 Material Adverse Effect.
There have been no events, circumstances, developments or other changes in facts that would, in the aggregate, have a Material Adverse Effect. 
  

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 Section 4.6 Solvency. Both before and after giving effect to
(a) the Term Loans made on or prior to the date this representation and warranty is made, (b) the disbursement of the proceeds of such Term Loans, (c) the consummation of the transaction contemplated by the Related Documents and
(d) the payment and accrual of all transaction costs in connection with the foregoing, the Borrower is Solvent. 

Section 4.7 Litigation. Except for pending and potential litigation relating to matters listed on Schedule
4.7, Schedule 4.16 and Schedule 8.2, there are no pending (or, to the knowledge of any Group Member, threatened) actions, investigations, suits, proceedings, audits, claims, demands, orders or disputes affecting any Group Member
with, by or before any Governmental Authority. 
 Section 4.8 Taxes. All federal, state, local and foreign
income and franchise and other material tax returns, reports and statements (collectively, the “Tax Returns”) required to be filed by any Tax Affiliate have been filed with the appropriate Governmental Authorities in all
jurisdictions in which such Tax Returns are required to be filed, all such Tax Returns are true and correct in all material respects, and all taxes, charges and other impositions reflected therein or otherwise due and payable have been paid prior to
the date on which any Liability may be added thereto for non-payment thereof except for those contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves are maintained on the books of the appropriate Tax
Affiliate in accordance with GAAP. No Tax Return is under audit or examination by any Governmental Authority and no notice of such an audit or examination or any assertion of any claim for Taxes has been given or made by any Governmental Authority.
Proper and accurate amounts have been withheld by each Tax Affiliate from their respective employees for all periods in full and complete compliance with the tax, social security and unemployment withholding provisions of applicable Requirements of
Law and such withholdings have been timely paid to the respective Governmental Authorities. No Tax Affiliate has participated in a “reportable transaction” within the meaning of Treasury Regulation Section 1.6011-4(b) or has been a
member of an affiliated, combined or unitary group other than the group of which a Tax Affiliate is the common parent. 

Section 4.9 Margin Regulations. The Borrower is not engaged in the business of extending credit for the purpose of,
and no proceeds of any Term Loan or other extensions of credit hereunder will be used for the purpose of, buying or carrying margin stock (within the meaning of Regulation U of the Federal Reserve Board) or extending credit to others for the purpose
of purchasing or carrying any such margin stock, in each case in contravention of Regulation T, U or X of the Federal Reserve Board. 

Section 4.10 No Burdensome Obligations; No Defaults. No Group Member is a party to any Contractual Obligation, no
Group Member has Constituent Documents containing obligations, and, to the knowledge of any Group Member, there are no applicable Requirements of Law, in each case the compliance with which would have, in the aggregate, a Material Adverse Effect. No
Group Member (and, to the knowledge of each Group Member, no other party thereto) is in default under or with respect to any Contractual Obligation of any Group Member. The Borrower is not party to any Contractual Obligations other than the White
Cliffs LLC Agreement and the O&M Agreement (under which the Borrower has certain limited obligations). 
  

 44 

 Section 4.11 Investment Company Act. No Group Member is an
“investment company” or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company”, as such terms are defined in the Investment Company Act of 1940. 

Section 4.12 Labor Matters. There are no strikes, work stoppages, slowdowns or lockouts existing, pending (or, to the
knowledge of any Group Member, threatened) against or involving any Group Member. Except as set forth on Schedule 4.12, as of the Closing Date, (a) there is no collective bargaining or similar agreement with any union, labor
organization, works council or similar representative covering any employee of any Group Member, (b) no petition for certification or election of any such representative is existing or pending with respect to any employee of any Group Member
and (c) no such representative has sought certification or recognition with respect to any employee of any Group Member. No Group Member has ever had or currently has any employees. 

Section 4.13 ERISA. Schedule 4.13 sets forth, as of the Closing Date, a complete and correct list of, and that
separately identifies, (a) all Title IV Plans, (b) all Multiemployer Plans and (c) all material Benefit Plans. Each Benefit Plan, and each trust thereunder, intended to qualify for tax exempt status under Section 401 or 501 of
the Code or other Requirements of Law so qualifies. Except as set forth on Schedule 4.13, (x) each Benefit Plan is in compliance with applicable provisions of ERISA, the Code and other Requirements of Law, (y) there are no existing
or pending (or to the knowledge of any Group Member, threatened) claims (other than routine claims for benefits in the normal course), sanctions, actions, lawsuits or other proceedings or investigation involving any Benefit Plan to which any Group
Member incurs or otherwise has or could have an obligation or any Liability and (z) no ERISA Event is reasonably expected to occur. On the Closing Date, no ERISA Event has occurred in connection with which obligations and liabilities
(contingent or otherwise) remain outstanding. No ERISA Affiliate would have any Withdrawal Liability as a result of a complete withdrawal from any Multiemployer Plan on the date this representation is made. 

Section 4.14 Environmental Matters. Except as set forth on Schedule 4.14, (a) the operations of each
Group Member are and have been in compliance in all material respects with all applicable Environmental Laws, including obtaining, maintaining and complying in all material respects with all Permits required by any applicable Environmental Law,
which Permits are final and non-appealable, and no such Permit is subject to any threat of revocation, suspension or requires amendment or modification, (b) no Group Member is party to, and no Group Member and no real property currently (or to
the knowledge of any Group Member previously) owned, leased, subleased, operated or otherwise occupied by or for any Group Member is subject to or the subject of, any Contractual Obligation or any pending (or, to the knowledge of any Group Member,
threatened) order, action, investigation, suit, proceeding, audit, claim, demand, dispute or notice of violation or of potential liability or similar notice under or pursuant to any Environmental Law other than those that, in the aggregate, are not
reasonably likely to result in Material Environmental Liabilities, (c) no Lien in favor of any Governmental Authority securing, in whole or in part, Environmental Liabilities has attached to any property of any Group Member and, to the
knowledge of any Group Member, no facts, circumstances or conditions exist that could reasonably be expected to result in any such Lien attaching to any such property, (d) no Group Member has caused or suffered to occur a Release of Hazardous
Materials at, to or from any real property of any Group Member and each such real 
  

 45 

 
property is free of contamination by any Hazardous Materials except for such Release or contamination that could not reasonably be expected to result, in the aggregate, in Material Environmental
Liabilities, (e) no Group Member (i) is or has been engaged in, or has permitted any current or former tenant to engage in, operations, or (ii) knows of any facts, circumstances or conditions, including receipt of any information
request or notice of potential responsibility under CERCLA or similar Environmental Laws, that, in the aggregate, would have a reasonable likelihood of resulting in Material Environmental Liabilities and (f) each Group Member has made available
to the Administrative Agent copies of all existing environmental reports, reviews and audits and all documents pertaining to actual or potential Environmental Liabilities, in each case to the extent such reports, reviews, audits and documents are in
their possession, custody or control. 
 Section 4.15 Intellectual Property. Each Group Member owns or
licenses all Intellectual Property that is necessary for the operations of its businesses. To the knowledge of each Group Member, (a) the conduct and operations of the businesses of each Group Member does not infringe, misappropriate, dilute,
violate or otherwise impair in any material respect any Intellectual Property owned by any other Person and (b) no other Person has contested any material right, title or interest of any Group Member in, or relating to, any Intellectual
Property. In addition, (x) there are no pending (or, to the knowledge of any Group Member, threatened) actions, investigations, suits, proceedings, audits, claims, demands, orders or disputes affecting any Group Member with respect to,
(y) no judgment or order regarding any such claim has been rendered by any competent Governmental Authority, no settlement agreement or similar Contractual Obligation has been entered into by any Group Member, with respect to and (z) no
Group Member knows or has any reason to know of any valid basis for any claim based on, any such infringement, misappropriation, dilution, violation or impairment or contest, other than, in each case, as cannot reasonably be expected to affect the
Loan Documents and the transactions contemplated therein and would not, in the aggregate, have a Material Adverse Effect. 

Section 4.16 Title; Real Property, Necessary Land Rights. Except for the rights of ways (and the status thereof)
described in Schedule 4.16, White Cliffs has (i) good and defensible title to all rights of way and easements (including any all such rights of way and easements that comprise part of the Necessary Land Rights), (ii) good and
marketable title to all owned real property (including any all such fee property that comprise part of the Necessary Land Rights), and (iii) valid leasehold interests in all leased real property (including any all such leasehold interests that
comprise part of the Necessary Land Rights), and owns all personal property, in each case that is purported to be owned or leased by it, including those reflected on the most recent Financial Statements delivered by the Borrower and that is
necessary for the operation of the Pipeline System as currently operated by White Cliffs and as contemplated by the Material Project Documents, and none of such property is subject to any Lien except Customary Permitted Liens. Except for the matters
listed in Schedule 4.16, White Cliffs has all Necessary Land Rights for the ownership and operation of the Pipeline System. The Borrower does not own or lease any real property. None of the documents relating to the Necessary Land Rights or
the Necessary Governmental Approvals requires the consent of any third party for any change in ownership or change in control of White Cliffs. All property and assets relating to the Pipeline System that were purchased by SemCrude, L.P., SemGroup,
L.P. or the Borrower were purchased on behalf of White Cliffs and have been transferred and contributed to White Cliffs prior to the Closing Date, other than the Platteville Station. 

 

 46 

 Section 4.17 Full Disclosure. The information prepared or furnished by
or on behalf of any Group Member in connection with any Loan Document or Related Document (including the information contained in any Financial Statement or Disclosure Document) or any other transaction contemplated therein, does not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein, in light of the circumstances when made, not misleading; provided, however, that projections contained therein are
not to be viewed as factual and that actual results during the periods covered thereby may differ from the results set forth in such projections by a material amount. All projections that are part of such information are based upon good faith
estimates and stated assumptions believed to be reasonable and fair as of the date made in light of conditions and facts then known and, as of such date, reflect good faith, reasonable and fair estimates of the information projected for the periods
set forth therein. All facts known to any Group Member and material to an understanding of the financial condition, business, property or prospects of the Group Member taken as one enterprise have been disclosed to the Lenders. 

Section 4.18 Purpose; Business. No Group Member has conducted or is conducting any business, activities or operations
other than relating or incidental to the development, ownership, engineering, construction, start-up, testing, financing, hedging, use operation and maintenance of the Pipeline System. 

Section 4.19 Patriot Act. No Group Member (and, to the knowledge of each Group Member, no joint venture or subsidiary
thereof) is in violation in any material respects of any United States Requirements of Law relating to terrorism, sanctions or money laundering (the “Anti-Terrorism Laws”), including the United States Executive Order No. 13224 on
Terrorist Financing (the “Anti-Terrorism Order”) and the Patriot Act. 
 Section 4.20 Perfected
Liens. The provisions of the Security Documents are effective to create in favor of the Administrative Agent for the benefit of the Lenders a legal, valid and enforceable first priority Lien on all right, title and interest of the Borrower in
its personal property, including its interest in the Related Documents and in the Stock of White Cliffs. Except for filings completed prior to the Closing Date and as contemplated hereby and by the Loan Documents from time to time, no filing or
other action will be necessary to perfect or protect such Liens. 
 Section 4.21 Maintenance and Operation of
Assets. All of the pipelines or facilities and other tangible assets owned, leased or used by any Group Member in the conduct of their respective businesses, to the extent acquired and of actual construction, are (a) insured to the extent
and in a manner required by Section 7.5, (b) structurally sound with no known material structural defects, (c) in good operating condition and repair, subject to ordinary wear and tear, (d) not in need of maintenance or
repair except for ordinary, routine maintenance and repair the cost of which is immaterial, (e) sufficient for the operation of the businesses of White Cliffs when taken together with all other assets to be acquired for the operation of the
Pipeline System, (f) in conformity in all material respects with all applicable laws, ordinances, orders, regulations and other requirements (including applicable zoning, environmental, motor vehicle safety, occupational safety and health laws
and regulations) relating thereto, and (g) except for the Platteville Station, held in the name of White Cliffs. 
  

 47 

 Section 4.22 Material Project Documents. A true and complete copy of
each Material Project Document (including all exhibits, schedules and disclosure letters referred to therein or delivered pursuant thereto, if any, and any and all amendments or modifications thereto) in each case as currently in effect, has been
delivered to the Administrative Agent by the Borrower. Except as has been previously disclosed in writing to the Administrative Agent, as of the Closing Date, none of the Material Project Documents have been amended, modified or terminated. Each of
the Material Project Documents is in full force and effect and no defaults have occurred and are continuing thereunder. The Material Project Documents constitute all of the agreements necessary for the ownership and operation of the Pipeline System
as currently operated by White Cliffs. 
 Section 4.23 Indebtedness. Except for the Material Project
Documents and the Loan Documents, no Group Member (and, to the knowledge of each Group Member, no joint venture or subsidiary thereof) is a party to any contract, indenture, mortgage, instrument or other agreement that evidences or secures
Indebtedness of any Group Member. 
 Section 4.24 Bank and Securities Accounts. Schedule 4.24 sets
forth all of the Borrower’s banks and securities intermediaries where funds are held or deposited, including their addresses and the relevant account numbers. 

Section 4.25 Engineering, Procurement and Construction Contracts; Pipeline Completion; FERC Tariffs. Each of the
Engineering, Procurement and Construction Contracts is listed on Schedule 4.25 and, except as set forth on Schedule 4.25, (a) all obligations thereunder have been fully performed and satisfied, and (b) are no longer in
effect. All tariffs and other charges provided for under each Throughput Agreement are properly chargeable under applicable FERC regulations, and are not subject to suspension, protest, or refund. No Group Member has received any notice, motion,
protest, claim, or assertion of any kind asserting that the tariff or the rates provided therein is unlawful, unjust, unreasonable, or unduly discriminatory or preferential, or is otherwise ineffective. White Cliffs has completed construction of the
oil storage facilities in Weld County, Colorado, as required by Section 2 of the Pipeline Agreement. SemCrude, L.P. has transferred and contributed to White Cliffs all assets relating to the Pipeline System that were purchased by SemCrude,
L.P., as contemplated by the Transfer and Contribution Agreement dated as of July 1, 2007. The Commencement Date under each of the Throughput Agreements occurred on June 1, 2009. 

Section 4.26 Non-Affiliated Persons. The Borrower is not an Affiliate of (i) SemGroup Energy Partners, or of
(ii) SemGroup Crude Storage. 
 Section 4.27 Division of Manifold. Once division of the manifold is
complete at the Cushing Station, White Cliffs will own all equipment up to the upstream flange of the 12-inch SemCrude, L.P. manifold valve. Division of the manifold shall be completed as soon as practicable. After division of the manifold is
complete, the Borrower will no longer require use of the portion of the manifold owned by SemGroup Energy Partners for crude oil to be shipped to the Cushing Station. 

 

 48 

 ARTICLE 5 

FINANCIAL COVENANTS 

The Borrower agrees with the Lenders and the Administrative Agent to the following, commencing on March 31, 2010 and continuing
thereafter for as long as any Obligation or any Commitment remains outstanding: 
 Section 5.1 Total Leverage
Ratio. The Borrower shall not permit, as of the last day of any Fiscal Quarter, commencing with the Fiscal Quarter ending March 31, 2010, the Total Leverage Ratio as of such date, to exceed the ratios set forth across from each correlative
period in the table below: 
  

					
	 Fiscal Quarter Ending:
	 	Ratio	 	
	 March 31, 2010
	 	5.00 to 1	 	
	 June 30, 2010
	 	4.75 to 1	 	
	 September 30, 2010
	 	4.75 to 1	 	
	 December 31, 2010
	 	4.50 to 1	 	
	 March 31, 2011 and fiscal-quarter end thereafter
	 	3.50 to 1	 	

 Section 5.2 Debt Service Coverage Ratio. The Borrower shall have, as of the
last day of any Computation Period, commencing with the Computation Period ending March 31, 2010, a Debt Service Coverage Ratio as of such date, that equals or exceeds the ratios set forth across from each correlative period in the table below:

  

					
	 Fiscal Quarter Ending:
	 	Ratio	 	
	 March 31, 2010
	 	1.05 to 1	 	
	 June 30, 2010
	 	1.05 to 1	 	
	 September 30, 2010
	 	1.05 to 1	 	
	 December 31, 2010
	 	1.05 to 1	 	
	 March 31, 2011
	 	1.10 to 1	 	
	 June 30, 2011
	 	1.10 to 1	 	
	 September 30, 2011
	 	1.10 to 1	 	
	 December 31, 2011
	 	1.10 to 1	 	
	 March 31, 2012
	 	1.15 to 1	 	
	 June 30, 2012
	 	1.15 to 1	 	
	 September 30, 2012
	 	1.15 to 1	 	
	 December 31, 2012
	 	1.15 to 1	 	
	 March 31, 2013 and each fiscal-quarter end thereafter
	 	1.20 to 1	 	

  

 49 

 ARTICLE 6 

REPORTING COVENANTS 

The Borrower agrees with the Lenders and the Administrative Agent to each of the following, as long as any Obligation or any Commitment
remains outstanding: 
 Section 6.1 Financial Statements. The Borrower shall deliver to the Administrative
Agent each of the following: 
 (a) Monthly Reports. Commencing with the fiscal month ended November 30, 2009, and
as soon as available, and in any event within 60 days after the end of the fiscal month ended November 30, 2009 and 45 days after the end of each of the first two fiscal months in each Fiscal Quarter thereafter, (i) the Consolidated
unaudited balance sheet of the Group Members as of the close of such fiscal month and related Consolidated statements of income and cash flow for such fiscal month and that portion of the Fiscal Year ending as of the close of such fiscal month, in
each case certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the Consolidated financial position, results of operations and cash flow of the Group Members as at the dates indicated and for the periods
indicated in accordance with GAAP (subject to the absence of footnote disclosure and normal year-end audit adjustments), and (ii) a schedule setting forth in comparative form the figures for the aforesaid fiscal monthly report, the figures for
the corresponding period in the prior Fiscal Year, if applicable, and the figures contained in the applicable Annual Operating Budgets, in each case certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the
comparative figures. 
 (b) Quarterly Reports. Commencing with the Fiscal Quarter ended March 31, 2010, and as soon
as available, and in any event within 45 days after the end of each of the first three Fiscal Quarters of each Fiscal Year, (i) the Consolidated unaudited balance sheet of the Group Members as of the close of such Fiscal Quarter and related
Consolidated statements of income and cash flow for such Fiscal Quarter and that portion of the Fiscal Year ending as of the close of such Fiscal Quarter, in each case certified by a Responsible Officer of the Borrower as fairly presenting in all
material respects the Consolidated financial position, results of operations and cash flow of the Group Members as at the dates indicated and for the periods indicated in accordance with GAAP (subject to the absence of footnote disclosure and normal
year-end audit adjustments), and (ii) a schedule setting forth in comparative form the figures for the aforesaid Fiscal Quarter report, the figures for the corresponding period in the prior Fiscal Year, if applicable, and the figures contained
in the applicable Annual Operating Budgets, in each case certified by a Responsible Officer of the Borrower as fairly presenting in all material respects the comparative figures. 

 

 50 

 (c) Annual Reports. Commencing with the Fiscal Year ended December 31, 2009, and
as soon as available, and in any event within 135 days after the end of Fiscal Year ended 2009 and 120 days after the end of each Fiscal Year thereafter, the Consolidated balance sheet of the Group Members as of the end of such year and related
Consolidated statements of income, stockholders’ equity and cash flow for such Fiscal Year, each prepared in accordance with GAAP, together with a certification by the Group Members’ Accountants that (i) such Consolidated Financial
Statements fairly present in all material respects the Consolidated financial position, results of operations and cash flow of the Group Members as at the dates indicated and for the periods indicated therein in accordance with GAAP without
qualification as to the scope of the audit or as to going concern and without any other similar qualification and (ii) in the course of the regular audit of the businesses of the Group Members, which audit was conducted in accordance with the
standards of the American Institute Certified Public Accountants (or any successor entity), such Group Members’ Accountants have obtained no knowledge that a Default in respect of any financial covenant contained in Article V is
continuing or, if in the opinion of the Group Members’ Accountants such a Default is continuing, a statement as to the nature thereof. 

(d) [Reserved.] 

(e) Compliance Certificate. Together with each delivery of any Financial Statement pursuant to clause (b) or
(c) above, a Compliance Certificate duly executed by a Responsible Officer of the Borrower that, among other things, (i) demonstrates compliance with the financial covenants contained in Article 5 (to the extent then
applicable) and (ii) states that no Default is continuing as of the date of delivery of such Compliance Certificate or, if a Default is continuing, states the nature thereof and the action that the Borrower proposes to take with respect
thereto. 
 (f) Collateral Updates. As part of the Compliance Certificate delivered pursuant to clause (e), each
in form and substance satisfactory to the Administrative Agent, a certificate by a Responsible Officer of the Borrower that (i) the Borrower has delivered all documents (including updated schedules as to locations of Collateral and acquisition
of Intellectual Property or real property) they are required to deliver pursuant to any Loan Document on or prior to the date of delivery of such Compliance Certificate and (ii) complete and correct copies of all documents modifying any term of
any Constituent Document of any Group Member on or prior to the date of delivery of such Compliance Certificate have been delivered to the Administrative Agent or are attached to such certificate. 

(g) [Reserved.] 

(h) Management Discussion and Analysis. Together with each delivery of any Financial Statement pursuant to clause
(c) above, a discussion and analysis of the financial condition and results of operations of the Group Members for the Fiscal Year then elapsed and discussing the reasons for any significant variations from the Annual Operating Budgets for
such Fiscal Year and the figures for the previous Fiscal Year. 
 (i) Audit Reports, Management Letters, Etc. Together
with each delivery of any Financial Statement for any Fiscal Year pursuant to clause (c) above, copies of each 
  

 51 

 
management letter, audit report or similar letter or report received by any Group Member from any independent registered certified public accountant (including the Group Members’
Accountants) in connection with such Financial Statements or any audit thereof, each certified to be complete and correct copies by a Responsible Officer of the Borrower as part of the Compliance Certificate delivered in connection with such
Financial Statements. 
 (j) Insurance. Together with each delivery of any Compliance Certificate, each in form and
substance satisfactory to the Administrative Agent and certified as complete and correct by a Responsible Officer of the Borrower, (i) certification that no change has occurred with respect to insurance coverage of any Group Member since the
date of the prior Compliance Certificate or (ii) a summary of any changes in insurance coverage maintained as of the date thereof by any Group Member, together with such other related documents and information as the Administrative Agent may
reasonably require. 
 (k) Related Documents. Promptly after delivery or receipt thereof, (i) copies of all material
notices or document given or received by a Group Member pursuant to any of the Related Documents, other than routine notices given or received in the ordinary course of business, or (ii) any change order under any Engineering, Procurement or
Construction Contract or any proposal or request for such a change order, or (iii) notification of (or promptly after any Group Member otherwise has actual knowledge of) any event of force majeure or similar event under any Related Contract, or
(iv) any new Related Document or any modification or replacement of any existing Related Document (but the foregoing is not intended to permit any Related Documents or any amendment or replacement of any existing Related Document otherwise
prohibited by this Agreement. 
 (l) Necessary Approvals and Land Documents. Promptly after receipt thereof copies of any
Necessary Governmental Approvals or Necessary Land Rights obtained by a Group Member after the Closing Date. 

Section 6.2 Other Events. The Borrower shall give the Administrative Agent notice of each of the following (which may
be made by telephone if promptly confirmed in writing) promptly after any Responsible Officer of any Group Member knows or has reason to know of it: (a)(i) any Default and (ii) any event that would have a Material Adverse Effect, specifying, in
each case, the nature and anticipated effect thereof and any action proposed to be taken in connection therewith, (b) any event (other than any event involving loss or damage to property) reasonably expected to result in a mandatory payment of
the Obligations pursuant to Section 2.8, stating the material terms and conditions of such transaction and estimating the Net Cash Proceeds thereof, (c) the commencement of, or any material developments in, any action,
investigation, suit, proceeding, audit, claim, demand, order or dispute with, by or before any Governmental Authority affecting any Group Member or any property of any Group Member that (i) seeks injunctive or similar relief, (ii) in the
reasonable judgment of the Borrower, exposes any Group Member to liability in an aggregate amount in excess of $250,000 or (iii) if adversely determined would have a Material Adverse Effect, (d) the acquisition of any material real
property or the entering into any material lease, and (e) any termination, revocation, suspension or material modification of any Necessary Governmental Approval. 
  

 52 

 Section 6.3 Copies of Notices and Reports. The Borrower shall promptly
deliver to the Administrative Agent copies of each of the following: (a) all reports that any Group Member transmits to its security holders generally, (b) all documents that any Group Member files with the Securities and Exchange
Commission, the National Association of Securities Dealers, Inc., any securities exchange or any Governmental Authority exercising similar functions, (c) all material notices that any Group Member sends to, or received from, any Governmental
Authority having jurisdiction over any aspect of the use, operation, maintenance or preservation of the Pipeline System, (d) all press releases not made available directly to the general public, (e) any material document transmitted or
received pursuant to, or in connection with, any Related Document, and (f) any material document transmitted or received pursuant to, or in connection with, any Contractual Obligation governing Indebtedness of any Group Member. 

Section 6.4 Taxes. The Borrower shall give the Administrative Agent notice of each of the following (which may be
made by telephone if promptly confirmed in writing) promptly after any Responsible Officer of any Group Member knows or has reason to know of it: (a) the creation, or filing with the IRS or any other Governmental Authority, of any Contractual
Obligation or other document extending, or having the effect of extending, the period for assessment or collection of any taxes with respect to any Tax Affiliate and (b) the creation of any material Contractual Obligation of any Tax Affiliate,
or the receipt of any request directed to any Tax Affiliate, to make any material adjustment under Section 481(a) of the Code, by reason of a change in accounting method or otherwise. 

Section 6.5 Labor Matters. The Borrower shall give the Administrative Agent notice of each of the following (which
may be made by telephone if promptly confirmed in writing), promptly after, and in any event within 30 days after any Responsible Officer of any Group Member knows or has reason to know of it: (a) the commencement of any material labor dispute
to which any Group Member is or may become a party, including any strikes, lockouts or other disputes relating to any of such Person’s plants and other facilities and (b) the incurrence by any Group Member of any Worker Adjustment and
Retraining Notification Act or related or similar liability incurred with respect to the closing of any plant or other facility of any such Person. 

Section 6.6 ERISA Matters. The Borrower shall give the Administrative Agent (a) on or prior to any filing by any
ERISA Affiliate of any notice of intent to terminate any Title IV Plan, a copy of such notice and (b) promptly, and in any event within 10 days, after any Responsible Officer of any ERISA Affiliate knows or has reason to know that a request for
a minimum funding waiver under Section 412 of the Code has been filed with respect to any Title IV Plan or Multiemployer Plan, a notice (which may be made by telephone if promptly confirmed in writing) describing such waiver request and any
action that any ERISA Affiliate proposes to take with respect thereto, together with a copy of any notice filed with the PBGC or the IRS pertaining thereto. 

Section 6.7 Environmental Matters. 

(a) The Borrower shall provide the Administrative Agent notice of each of the following (which may be made by telephone if promptly
confirmed by the Administrative Agent 
  

 53 

 
in writing) promptly after any Responsible Officer of any Group Member knows or has reason to know of it (and, upon reasonable request of the Administrative Agent, documents and information in
connection therewith): (i)(A) unpermitted Releases, (B) the receipt by any Group Member of any notice of violation of or potential liability or similar notice under, or the existence of any condition that could reasonably be expected to result
in violations of or liabilities under any Environmental Law (including the threat of revocation, suspension, or material modification of any Permit related to a Pipeline System), (C) the commencement of, or any material change to, any action,
investigation, suit, proceeding, audit, claim, demand, dispute alleging a violation of or liability under any Environmental Law, that, for each of clauses (A), (B) and (C) above (and, in the case of clause (C),
if adversely determined), in the aggregate for each such clause, could reasonably be expected to result in Environmental Liabilities in excess of $100,000 or (ii) the receipt by any Group Member of notification that any property of any Group
Member is subject to any Lien in favor of any Governmental Authority securing, in whole or in part, Environmental Liabilities. 

(b) Upon request of the Administrative Agent, the Borrower shall provide the Administrative Agent a report containing an update as to the
status of any environmental, health or safety compliance, hazard or liability issue identified in any document delivered to any Secured Party pursuant to any Loan Document or as to any condition reasonably believed by the Administrative Agent to
result in Environmental Liabilities in excess of $100,000. 
 Section 6.8 Throughput Reports. The Borrower
shall give the Administrative Agent (a) on the first Business Day of each month, copies of all monthly invoices sent the month prior in accordance with any Throughput Agreement, and (b) commencing with the month ended November 30,
2009, and as soon as available, and in any event within 45 days after the end of each month thereafter, a monthly report in the form of Schedule 6.8 summarizing oil receipts for delivery indicating the quantity of crude oil delivered during
the immediately preceding month and on a cumulative year-to-date basis to the Platteville Station and from the Cushing Station, respectively and a summary of information regarding any environmental, health and safety or permit/regulatory compliance
issues, any pipeline releases, any safety audits, the status of any maintenance projects, and quality of oil shipped. 

Section 6.9 Other Information. The Borrower shall provide the Administrative Agent with such other documents and
information with respect to the business, property, condition (financial or otherwise), legal, financial or corporate or similar affairs or operations of any Group Member as the Administrative Agent or such Lender through the Administrative Agent
may from time to time reasonably request. 
 ARTICLE 7 

AFFIRMATIVE COVENANTS 

The Borrower agrees with the Lenders and the Administrative Agent to each of the following, as long as any Obligation or any Commitment
remains outstanding: 
 Section 7.1 Maintenance of Corporate Existence. The Borrower shall, and shall cause
White Cliffs to, (a) preserve and maintain its legal existence, except in the consummation of transactions expressly permitted by Sections 8.4 and 8.7 and (b) preserve and maintain its rights (charter and statutory),
privileges, franchises and Permits necessary or desirable in the conduct of its business. 
  

 54 

 Section 7.2 Compliance with Laws, Etc. The Borrower shall, and shall
cause White Cliffs to, comply in all material respects with all applicable Requirements of Law, Contractual Obligations and Permits. 

Section 7.3 Payment of Obligations. The Borrower shall, and shall cause White Cliffs to, as applicable, pay or
discharge before they become delinquent (a) all material claims, taxes, assessments, charges and levies imposed by any Governmental Authority and (b) all other lawful claims that if unpaid would, by the operation of applicable Requirements
of Law, become a Lien upon any property of any Group Member, except, in each case, for those whose amount or validity is being contested in good faith by proper proceedings diligently conducted and for which adequate reserves are maintained on the
books of the appropriate Group Member in accordance with GAAP. 
 Section 7.4 Maintenance of Property. The
Borrower shall, and shall cause White Cliffs to, as applicable, use, operate, maintain and preserve the Pipeline System and all of its property necessary in the conduct of its business, including maintenance in good working order and condition and
all rights, permits, licenses, approvals and privileges (including all Necessary Governmental Approvals) necessary, used or useful, whether because of its use, operation, maintenance or preservation of the Pipeline System or its other property or
other conduct of its business in the manner of a reasonable prudent pipeline operator and in a manner consistent in all material respects with the Related Documents and generally in accordance the then-current applicable Annual Operating Budgets,
and shall make all necessary or appropriate filings with and give all required notices to, Government Authorities for the same. The Borrower shall, and shall cause White Cliffs to, maintain in full force and effect, in its own name, as applicable,
all Necessary Governmental Approvals and Necessary Land Rights. 
 Section 7.5 Maintenance of Insurance. The
Borrower shall, and shall cause White Cliffs to, as applicable, maintain or cause to be maintained in full force and effect all insurance specified in Schedule 7.5. 

Section 7.6 Keeping of Books. The Borrower shall, and shall cause White Cliffs to, as applicable, keep proper books
of record and account, in which full, true and correct entries shall be made in accordance with GAAP and all other applicable Requirements of Law of all financial transactions and the assets and business of each Group Member. 

Section 7.7 Access to Books and Property. The Borrower shall, and shall cause White Cliffs to, as applicable, permit
the Administrative Agent, the Lenders and any Related Person of any of them, as often as reasonably requested, at any reasonable time during normal business hours and with reasonable advance notice (except that, during the continuance of an Event of
Default, no such notice shall be required) to (a) visit and inspect the property of each Group Member and examine and make copies of and abstracts from, the corporate (and similar), financial, operating and other books and records of each Group
Member, provided that the Borrower shall bear the reasonable and documented costs and expenses of the Independent Engineer, in any event not to exceed $15,000 per site inspection, to conduct (i) no more than two

  

 55 

 
such site inspections in any single Fiscal Year during any period during which there is no Event of Default and (ii) unlimited site inspections during any period during which an Event of
Default has occurred and is continuing, (b) discuss the affairs, finances and accounts of each Group Member with any officer or director of any Group Member and (c) communicate directly with any registered certified public accountants
(including the Group Members’ Accountants) of any Group Member. The Borrower shall, and shall cause White Cliffs to, as applicable, authorize their respective registered certified public accountants (including the Group Members’
Accountants) to communicate directly with the Administrative Agent, the Lenders and their Related Persons and to disclose to the Administrative Agent, the Lenders and their Related Persons all financial statements and other documents and information
as they might have and the Administrative Agent or any Lender reasonably requests with respect to any Group Member. 

Section 7.8 Environmental. The Borrower shall, and shall cause White Cliffs to, as applicable, comply with, and
maintain the Pipeline System inclusive of any real property, whether owned, leased, subleased or otherwise operated or occupied, in compliance with, all applicable Environmental Laws (including by implementing any Remedial Action necessary to
achieve such compliance or that is required by orders and directives of any Governmental Authority) except for failures to comply that would not, in the aggregate, result in Material Environmental Liabilities. Without limiting the foregoing, if an
Event of Default is continuing or if the Administrative Agent at any time has a reasonable basis to believe that there exist violations of Environmental Laws by any Group Member or that there exist any Environmental Liabilities, in each case, that
would, in the aggregate, result in Material Environmental Liabilities or an Event of Default, then the Borrower shall, and shall cause White Cliffs to, as applicable, promptly upon receipt of request from the Administrative Agent, cause the
performance of, and allow the Administrative Agent and its Related Persons access to the Pipeline System inclusive of any real property for the purpose of conducting, such environmental audits and assessments, including subsurface sampling of soil
and groundwater, and cause the preparation of such reports, in each case as the Administrative Agent may from time to time reasonably request. Such audits, assessments and reports, to the extent not conducted by the Administrative Agent or any of
its Related Persons, shall be conducted and prepared by reputable environmental consulting firms reasonably acceptable to the Administrative Agent and shall be in form and substance reasonably acceptable to the Administrative Agent. Prior to any
proposed acquisition or lease of real property by a Group Member, the Borrower shall, and shall cause White Cliffs to, as applicable, cause the performance of an environmental audit and assessments with respect to such real property, which shall be
conducted by a reputable environmental consulting firm reasonably acceptable to the Administrative Agent and shall be in form and substance reasonably acceptable to the Administrative Agent. 

Section 7.9 Use of Proceeds. The proceeds of the Term Loans shall be used by the Borrower (a) to repay in full
all principal amounts, all accrued interest pursuant to Section 2.9 of the Construction Loan Agreement, and all other amounts outstanding under the Construction Loan Agreement; and, (b) to pay fees and expenses payable to or for the
account of the Administrative Agent or any Lender under this Agreement, including the fees and expenses of the Lenders’ consultants and legal counsel. The Borrower shall use the Net Cash Proceeds of any Permitted Option Transfer to prepay the
Term Loans to the extent required pursuant to Section 2.8(a). 
  

 56 

 Section 7.10 Additional Collateral. To the extent not delivered to the
Administrative Agent on or before the Closing Date (including in respect of after-acquired property), the Borrower shall, promptly, unless otherwise agreed by the Administrative Agent: 

(a) deliver to the Administrative Agent such modifications to the terms of the Loan Documents (or, to the extent applicable as determined
by the Administrative Agent, such other documents), in each case in form and substance reasonably satisfactory to the Administrative Agent and as the Administrative Agent deems necessary or advisable in order to ensure the Borrower shall effectively
grant to the Administrative Agent, for the benefit of the Secured Parties, a valid and enforceable security interest in all of its property, including all of its Stock and Stock Equivalents and other Securities, as security for the Obligations of
the Borrower; 
 (b) deliver to the Administrative Agent all documents, if any, representing all Stock, Stock Equivalents and
other Securities pledged pursuant to the documents delivered pursuant to clause (a) above, together with undated powers or endorsements duly executed in blank; 

(c) to take all other actions necessary or advisable to ensure the validity or continuing validity of any Lien securing any Obligation,
to perfect, maintain, evidence or enforce any Lien securing any Obligation or to ensure such Liens have the same priority as that of the Liens on similar Collateral set forth in the Loan Documents executed on the Closing Date, including the filing
of UCC financing statements in such jurisdictions as may be required by the Loan Documents or applicable Requirements of Law or as the Administrative Agent may otherwise reasonably request; and 

(d) deliver to the Administrative Agent legal opinions relating to the matters described in this Section 7.10, which opinions
shall be as reasonably required by, and in form and substance and from counsel reasonably satisfactory to, the Administrative Agent. 

Section 7.11 Restricted Payment Account. (a) For as long as any Obligations remain outstanding, (i) the
Borrower shall irrevocably instruct White Cliffs to make all distributions that are payable to the Borrower under the White Cliffs LLC Agreement directly to the Restricted Payment Account and when any such distributions from White Cliffs, or any Net
Cash Proceeds of a Permitted Option Transfer, are received by the Borrower, the Borrower shall hold such amounts in trust for the benefit of the Administrative Agent and immediately deposit such amounts into the Restricted Payment Account, and
(ii) the Borrower shall use amounts in the Restricted Payment Account solely to pay the Obligations hereunder, or, to the extent permitted by Section 8.5, to make Permitted Tax Distributions, CapEx Reserve Payments or Litigation
Reserve Payments. 
 (b) The Administrative Agent shall not have any responsibility for, or bear any risk of loss of, any
investment or income of any funds in the Restricted Payment Account. From time to time after funds are deposited in the Restricted Payment Account, the Administrative Agent may apply funds then held in such Restricted Payment Account to the payment
of Obligations in accordance with the terms of this Agreement. No Group Member and no Person claiming on behalf of or through any Group Member shall have any right to demand 

 

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payment of any funds held in the Restricted Payment Account at any time prior to the termination of all Commitments and the payment in full of all Obligations other than in accordance with the
terms of this Agreement. 
 Section 7.12 White Cliffs Distributions. The Borrower shall cause White Cliffs
to make distributions to its members in accordance with the White Cliffs LLC Agreement as in effect on the date hereof (and as amended with the consent of the Administrative Agent), including those provisions relating to the establishment of
reasonable reserves for White Cliffs, provided that the Borrower shall be permitted to assign its rights to receive from White Cliffs the Management Fee, as defined in the White Cliffs LLC Agreement, to SemCrude, L.P. as consideration for
SemCrude, L.P. to provide services and perform its obligations pursuant to the O&M Agreement. 
 Section 7.13
Performance and Enforcement of Material Project Documents. The Borrower shall, and shall cause White Cliffs to, as applicable, (i) perform and observe all of its covenants and agreements contained in any of the Material Project Documents
to which it is a party, other than any such covenants or agreements the failure of which to perform or observe would not give any other party thereto the ability or right to terminate such Material Project Document or otherwise exercise any remedies
thereunder, (ii) take all reasonable and necessary action to prevent the termination by the counterparty(ies) of any such Material Project Documents in accordance with the terms thereof or otherwise (other than the expiration of such agreements
in accordance with their terms), and (iii) enforce each material covenant or obligation of such Material Project Document in accordance with its terms and will take all such action to that end as from time to time may be reasonably requested by
the Administrative Agent. 
 Section 7.14 Maintenance of Corporate Separateness. 

(a) The Borrower shall, and shall cause White Cliffs to, as applicable, satisfy prudent corporate or limited liability company formalities
and other requirements necessary to preserve the separate existence of each Group Member from the SemGroup Entities. Without limiting the generality of the foregoing, the Borrower shall, and shall cause White Cliffs to, as applicable,
(a) maintain books and records separate from those of the SemGroup Entities, (b) maintain its assets in such a manner that it is not more costly or difficult to segregate, identify or ascertain such assets from those of the SemGroup
Entities, (c) observe all organizational formalities, (d) hold themselves out to creditors and the public as separate and distinct from the SemGroup Entities, (e) conduct their business in their respective names, and use stationary,
invoices and checks separate from those of the SemGroup Entities; and (f) not assume, guarantee or pay the obligations of or hold themselves out as being available to satisfy the obligations of any other SemGroup Entity. 

(b) The Borrower shall, and shall cause each of its Unrestricted Subsidiaries to, as applicable, satisfy prudent corporate or limited
liability company formalities and other requirements necessary to preserve the separate existence of each Group Member from the Unrestricted Subsidiaries. Without limiting the generality of the foregoing, the Borrower shall, and shall cause each of
its Unrestricted Subsidiaries to, as applicable, (a) maintain books and records separate from those of the Group Members, (b) maintain its assets in such a manner that 

 

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it is not more costly or difficult to segregate, identify or ascertain such assets from those of the Group Members, (c) observe all organizational formalities, (d) hold themselves out
to creditors and the public as separate and distinct from the Group Members, (e) conduct their business in their respective names, and use stationary, invoices and checks separate from those of the Group Members; and (f) not assume,
guarantee or pay the obligations of or hold themselves out as being available to satisfy the obligations of any other Group Members. 

Section 7.15 Annual Operating Budgets. (a) No later than December 21, 2009 for the Fiscal Year commencing
on January 1, 2010 and thereafter no later than the 15th Business Day in the month of December immediately preceding the commencement of each Fiscal Year of the Borrower thereafter, the Borrower shall adopt, and deliver a copy thereof to the
Administrative Agent, an Annual Operating Budget for the Borrower. Each such Annual Operating Budget shall be in form reasonably acceptable to the Administrative Agent and shall become effective if it shall have not been rejected by the
Administrative Agent (acting reasonably in consultation with the Independent Engineer) within 15 Business Days of receipt. If the Borrower shall not have adopted an Annual Operating Budget for the Borrower before the beginning of any calendar year
or any Operating Budget for the Borrower adopted by the Borrower shall have been rejected by the Administrative Agent (acting reasonably and in consultation with the Independent Engineer) before the beginning of any upcoming calendar year, the
Annual Operating Budget for the Borrower for the preceding calendar year shall, until the adoption of an Annual Operating Budget for the Borrower by the Borrower and acceptance of such Annual Operating Budget by the Administrative Agent (acting in
consultation with the Independent Engineer), as the case may be, be deemed to be in force and effective as the Annual Operating Budget for such upcoming calendar year; provided that if the initial Annual Operating Budget for the Borrower is
not accepted by the Administrative Agent (acting in consultation with the Independent Engineer), the Borrower may use a budget that is consistent with the Initial Projections until an initial Annual Operating Budget for the Borrower is approved, and
shall work diligently to prepare an initial Annual Operating Budget for the Borrower that is reasonably acceptable to the Administrative Agent (acting in consultation with the Independent Engineer). Each Annual Operating Budget delivered to the
Administrative Agent pursuant to this Section 7.15(a) shall be accompanied by a memorandum detailing all material assumptions used in the preparation of such Annual Operating Budget, shall contain a line item for each budget category
(which budget categories shall be acceptable to the Administrative Agent), and shall specify for each month and for each such budget category, the amount budgeted for such category for such month. The Borrower shall operate its business generally in
accordance with the applicable Annual Operating Budget for the Borrower as approved or deemed approved by the Administrative Agent. Any Annual Operating Budget for the Borrower may be amended with the Administrative Agent’s prior written
consent, and in such event the Borrower shall operate its business generally in accordance with such Annual Operating Budget as so amended. 

(b) No later than December 21, 2009 for the Fiscal Year commencing on January 1, 2010 and thereafter no later than the 15th
Business Day in the month of December immediately preceding the commencement of each Fiscal Year of White Cliffs thereafter, the Borrower shall deliver to the Administrative Agent an Annual Operating Budget for White Cliffs. Each Annual Operating
Budget for White Cliffs delivered to the Administrative Agent pursuant to this Section 7.15(b) shall be accompanied by a memorandum detailing all material assumptions used in the preparation of such Annual Operating Budget, shall contain
a line item 
  

 59 

 
for each budget category, and shall specify for each month and for each such budget category, the amount budgeted for such category for such month. The Borrower shall cause White Cliffs to
operate its business generally in accordance with the applicable Annual Operating Budget for White Cliffs so delivered to the Administrative Agent. If the Annual Operating Budget for White Cliffs is amended at any time, the Borrower shall promptly
and in any event within three (3) Business Days deliver a copy of the amended Annual Operating Budget for White Cliffs to the Administrative Agent. 

Section 7.16 Restricted Payments by White Cliffs. The Borrower shall cause White Cliffs to make Restricted Payments
to all holders of its Stock, including the Borrower, ratably and according to each holders’ ownership interests in such Stock, provided that each such Restricted Payment to the Borrower shall be deposited directly into the Restricted Payment
Account, provided that the Borrower shall be permitted to assign its rights to receive from White Cliffs the Management Fee, as defined in the White Cliffs LLC Agreement, to SemCrude, L.P. as consideration for SemCrude, L.P. to provide
services and perform its obligations pursuant to the O&M Agreement. 
 Section 7.17 Manager. The
Borrower shall, and shall cause White Cliffs to, as applicable, cause the Borrower to be the Manager, as defined in the White Cliffs LLC Agreement, of White Cliffs. 

Section 7.18 Phase I Environmental Site Assessment; EHS Compliance Audit. The Borrower shall, and shall cause White
Cliffs to, as applicable, cooperate with the Administrative Agent to have conducted and prepared (i) a Phase I Environmental Site Assessment and (ii) an EHS Compliance Audit, which shall each be (x) conducted and prepared by a
reputable environmental consulting firm reasonably acceptable to the Administrative Agent, (y) in form and substance reasonably acceptable to the Administrative Agent, and (z) completed as soon as practicable and in no event later than 90
calendar days after the Closing Date. The Group Member’s total obligation for expenses related to the preparation of the Phase I Environmental Site Assessment and the EHS Compliance Audit in satisfaction of the requirements of this
Section 7.18 shall not exceed $25,000 in the aggregate. 
 Section 7.19 Easement Agreement
Consents. The Borrower shall cause the counterparties to enter into each of the Easement Agreement Consents as soon as practicable and in no event later than 30 calendar days after the Closing Date. 

Section 7.20 SemCrude Energy Partners Cushing Consent. The Borrower shall cause SemCrude Energy Partners to sign a
Project Contract Consent (the “SemCrude Energy Partners Cushing Consent”) as soon as practicable and in no event later than 30 calendar days after the Closing Date. 

ARTICLE 8 

NEGATIVE COVENANTS 

The Borrower agrees with the Lenders and the Administrative Agent to each of the following, as long as any Obligation or any Commitment
remains outstanding: 
 Section 8.1 Indebtedness. The Borrower shall not, and shall cause White Cliffs not to, as
applicable, directly or indirectly, incur or otherwise remain liable with respect to or responsible for, any Indebtedness except for the Obligations. 
  

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 Section 8.2 Liens. The Borrower shall not, and shall cause White Cliffs
not to, as applicable, incur, maintain or otherwise suffer to exist any Lien upon or with respect to any of its property, whether now owned or hereafter acquired, or assign any right to receive income or profits, except for the following:

 (a) Liens created pursuant to any Loan Document; 

(b) Customary Permitted Liens, but only in respect of property of White Cliffs; and 

(c) Liens listed on Schedule 8.2, so long as White Cliffs has established and maintains the Litigation Reserve therefor in
accordance with the terms of this Agreement. 
 Section 8.3 Investments. The Borrower shall not, and shall
cause White Cliffs not to, as applicable, make or maintain, directly or indirectly, any Investment nor create or acquire any Subsidiary, except for the following: 

(a) Investments in cash and Cash Equivalents; 

(b)(i) endorsements for collection or deposit in the ordinary course of business consistent with past practice, (ii) extensions of
trade credit (other than to Affiliates of the Borrower) arising or acquired in the ordinary course of business and (iii) Investments received in settlements in the ordinary course of business of such extensions of trade credit; 

(c) Investments by the Borrower in White Cliffs; 

(d) Investments by the Borrower in the Unrestricted Subsidiary existing prior to the Closing Date consisting solely of the direct or
indirect ownership of the Securities in such Unrestricted Subsidiary; provided that for the avoidance of doubt and as set forth below in Section 8.21, neither the Borrower nor White Cliffs shall make any further Investments in the
Unrestricted Subsidiary. 
 Section 8.4 Asset Sales. The Borrower shall not, and shall cause White Cliffs
not to, as applicable, Sell any of its property (other than cash), grant any right or option to sell any of its property, or issue shares of its own Stock or grant any right or option to acquire shares of its own Stock, except for the following:

 (a) In each case to the extent entered into in the ordinary course of business and made to a Person that is not an Affiliate
of the Borrower, (i) Sales of Cash Equivalents and (ii) Sales of property that has become obsolete, damaged or worn out; 

(b) a Permitted Option; and 
  

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 (c) a Permitted Option Transfer, provided that the Net Cash Proceeds from such Permitted
Option Transfer are applied to the prepayment of the Obligations to the extent required by Section 2.8(a). 

Section 8.5 Restricted Payments. The Borrower shall not, and shall cause White Cliffs not to, as applicable, directly
or indirectly, declare, order, pay, make or set apart any sum for any Restricted Payment except for the following: 
 (a)
Restricted Payments by White Cliffs to the Borrower and to the other holders of its Stock; provided that that all such Restricted Payments shall be in accordance with the White Cliffs LLC Agreement as in effect on the Closing Date;

 (b) Permitted Tax Distributions by the Borrower from the Restricted Payment Account, provided that (i) the
Borrower shall deliver a written request for such Permitted Tax Distribution together with a certificate of a Responsible Officer of the Borrower setting for a computation of the amount of such Permitted Tax Distribution, (ii) such Permitted
Tax Distributions shall only be made once for each Fiscal Quarter as follows: (a) for the Fiscal Quarter ending March 31, on or about April 15, (b) for the Fiscal Quarter ending June 30, on or about
June 15, (c) for the Fiscal Quarter ending September 30, on or about September 15, and (d) for the Fiscal Quarter ending December 31 , on or about December 15, (iii) no Event of Default shall have
occurred and be continuing and no Event of Default would result therefrom, and (iv) after giving effect to any such Permitted Tax Distribution, there shall be sufficient funds available to the Borrower in the Restricted Payment Account
(excluding the CapEx Reserve and the Litigation Reserve) and from the expected collection of invoices in the normal course of business from which to make the next succeeding scheduled Quarterly Fixed Principal Amortization and interest payments
pursuant to Sections 2.6 and 2.9, respectively; 
 (c) the payment by White Cliffs of Permitted Overhead Payments
and Permitted Expense Payments; 
 (d) the payment by the Borrower of Permitted Borrower Administrative Expenses; 

(e) CapEx Reserve Payments by the Borrower solely from the CapEx Reserve within the Restricted Payment Account, provided that
(i) the Borrower shall deliver a written request for such CapEx Reserve Payment accompanied by a reasonably detailed description of the services provided with respect to the payment including applicable invoices in form and substance reasonably
satisfactory to the Administrative Agent and (ii) no Event of Default shall have occurred and be continuing and no Event of Default would result therefrom; and 

(f) Litigation Reserve Payments by the Borrower solely from the Litigation Reserve within the Restricted Payment Account, provided
that (i) the Borrower shall deliver a written request for such Litigation Reserve Payment accompanied by a copy of the settlement agreement or order of the applicable court requiring such payment, and invoices for legal fees or other expenses,
as applicable, in form and substance reasonably satisfactory to the Administrative Agent and (ii) no Event of Default shall have occurred and be continuing and no Event of Default would result therefrom. 

 

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 Section 8.6 Prepayment of Indebtedness. The Borrower shall not, and
shall cause White Cliffs not to, as applicable, (x) prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof any Indebtedness, (y) set apart any property for such purpose, whether directly or
indirectly and whether to a sinking fund, a similar fund or otherwise, or (z) make any payment in violation of any subordination terms of any Indebtedness; provided, however, that each Group Member may prepay the Obligations.

 Section 8.7 Fundamental Changes. The Borrower shall not, and shall cause White Cliffs not to, as applicable,
(a) merge, consolidate or amalgamate with any Person, (b) acquire any Stock or Stock Equivalents of any Person (other than any acquisition by the Borrower of any Stock or Stock Equivalent of White Cliffs) or (c) acquire all or any
substantial portion of the assets of any Person or all or any substantial portion of the assets constituting any line of business, division, branch, operating division or other unit operation of any Person, in each case except for the merger,
consolidation or amalgamation of any Group Member for the sole purpose, and with the sole material effect, of changing its State of organization within the United States; provided, however, that in the case of any merger, consolidation
or amalgamation involving the Borrower, the Borrower shall be the surviving Person. 
 Section 8.8 Change in
Nature of Business. The Borrower shall not, and shall cause White Cliffs not to, as applicable, carry on any business, operations or activities (whether directly, through a joint venture, or otherwise) other than (a) with respect to White
Cliffs, the ownership, operation and maintenance of the Pipeline System and activities related or incidental thereto, and (b) with respect to the Borrower, acting as an owner and as the manager of White Cliffs as contemplated by the White
Cliffs LLC Agreement, the financing contemplated by this Agreement, entering into and performing the Permitted Options and activities related or incidental thereto and owning limited liability company interests in the Unrestricted Subsidiary in
compliance with this Agreement. 
 Section 8.9 Transactions with Affiliates. The Borrower shall not, and
shall cause White Cliffs not to, as applicable, except as otherwise expressly permitted herein, enter into any other transaction or series of transactions directly or indirectly with, or for the benefit of, any Affiliate of the Borrower (including
Guaranty Obligations with respect to any obligation of any such Affiliate), except for (a) additional Throughput Agreements by White Cliffs entered into in accordance with Section 8.16, provided that such agreements are also
on fair and reasonable terms no less favorable to it as would be obtained in a comparable arm’s length transaction with a Person not an Affiliate of the Borrower, (b) an agreement acceptable to the Administrative Agent governing the
provision of general and administrative services to the Borrower (for itself and in its capacity as manager of White Cliffs), (c) Restricted Payments permitted by Section 8.5, and (d) the Permitted Affiliate Project Contracts.

 Section 8.10 Third-Party Restrictions on Indebtedness, Liens, Investments or Restricted Payments. The
Borrower shall not, and shall cause White Cliffs not to, as applicable, incur or otherwise suffer to exist or become effective or remain liable on or responsible for any Contractual Obligation limiting the ability of (a) any Restricted
Subsidiary of the Borrower to make Restricted Payments to, or Investments in, or repay Indebtedness or otherwise Sell property to, the Borrower or (b) any Group Member to incur or suffer to exist any Lien upon any property of any Group Member,
whether now owned or hereafter acquired, 
  

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securing any of its Obligations (including any “equal and ratable” clause and any similar Contractual Obligation requiring, when a Lien is granted on any property, another Lien to be
granted on such property or any other property), except, for each of clauses (a) and (b) above, (x) pursuant to the Loan Documents and the Related Documents. Each Group Member shall at all times be designated as an
“Unrestricted Subsidiary” (as such term is defined in the SemGroup Credit Agreement), or the equivalent status; under the SemGroup Credit Agreement and each credit agreement, indenture or similar Contractual Obligation governing
Indebtedness of any SemGroup Entities that restricts the incurrence of Indebtedness or the granting of Liens by SemGroup Entities. 

Section 8.11 Certain Documents; Capital Structure. The Borrower shall not, and shall cause White Cliffs not to, as
applicable, (a) amend, waive or otherwise modify any term of any Constituent Document of any Group Member or any Related Document, (b) terminate, cancel or consent to the termination or cancellation of (other than at the expiration of the
term thereof), or assign its rights under, any Related Document, (c) abandon or give any notice related to abandonment of any construction or operation of the Pipeline System or any part thereof, (d) change the capital structure of any
Group Member (including the terms of any of their outstanding Stock or Stock Equivalents) other than Permitted Option or Permitted Option Transfers; or (e) take or permit any other action which could or does result in the tariff or the rates
provided therein or any Throughput Agreement to cease to be effective and valid, or to become subject to any protest. 

Section 8.12 Accounting Changes; Fiscal Year. The Borrower shall not, and shall cause White Cliffs not to, as
applicable, change its (a) accounting treatment or reporting practices, except as required by GAAP or any Requirement of Law, or (b) its fiscal year or its method for determining fiscal quarters or fiscal months. 

Section 8.13 Margin Regulations. The Borrower shall not, and shall cause White Cliffs not to, as applicable, use all
or any portion of the proceeds of any credit extended hereunder to purchase or carry margin stock (within the meaning of Regulation U of the Federal Reserve Board) in contravention of Regulation U of the Federal Reserve Board. 

Section 8.14 Compliance with ERISA. No ERISA Affiliate shall cause or suffer to exist (a) any event that could
result in the imposition of a Lien with respect to any Title IV Plan or Multiemployer Plan or (b) any other ERISA Event, that would, in the aggregate, have a Material Adverse Effect. No Group Member shall cause or suffer to exist any event that
could result in the imposition of a Lien with respect to any Benefit Plan. 
 Section 8.15 Hazardous
Materials. The Borrower shall not, and shall cause White Cliffs not to, as applicable, cause or suffer to exist any Release of any Hazardous Material at, to or from the Pipeline System inclusive of any real property owned, leased, subleased or
otherwise operated or occupied by any Group Member that would violate any Environmental Law, form the basis for any Environmental Liabilities or otherwise adversely affect the value or marketability of any real property (whether or not owned by any
Group Member), other than such violations, Environmental Liabilities and effects that would not, in the aggregate, have a reasonable likelihood of resulting in Environmental Liabilities exceeding $500,000. 

 

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 Section 8.16 Additional Project Documents. The Borrower shall not, and
shall cause White Cliffs not to, as applicable, enter into, become a party to, or become liable under any Additional Project Document or any document, agreement or contract with the Unrestricted Subsidiary unless the Required Lenders have provided
prior written consent (such consent not to be unreasonably withheld or delayed) to such Group Member entering into such Additional Project Document (including any additional Throughput Agreement) or document, agreement or contract with the
Unrestricted Subsidiary; provided, however, that no such consent of the Required Lenders shall be required for (i) any Additional Project Document that is an additional Throughput Agreement (other than a Base Throughput Agreement)
if such additional Throughput Agreement (A) such additional Throughput Agreement is for a term of one (1) year or less (including all extension options), (B) such additional Throughput Agreement satisfies the requirements for a
Throughput Agreement as set forth in the definition thereof, (C) such additional Throughput Agreement is not being entered into in replacement of any Base Throughput Agreement, and (D) is on terms fair and reasonable to and in the best
interest of such Group Member and could not reasonably be expected to have a Material Adverse Effect, as certified by a Responsible Officer of the Borrower or (ii) any Additional Project Document of White Cliffs that is a contract, letter
agreement or other instrument for the performance of routine service or maintenance of the Pipeline System if (A) such additional contract or agreement is for a term of one (1) year or less (including all extension options), (B) the
costs to be incurred under such contract or agreement are included in the Annual Operating Budgets or are necessary to immediately address an emergency condition so as to comply with this Agreement, and (C) such contract or agreement is on
terms fair and reasonable to and in the best interest of White Cliffs and could not reasonably be expected to have a Material Adverse Effect. The Required Lenders shall use commercially reasonable efforts to respond to any request for consent under
this Section 8.16 within ten (10) days, but failure to respond within such ten (10) day period shall not be deemed as consent. 

Section 8.17 [Reserved]. 

Section 8.18 No Subsidiaries. The Borrower shall not, and shall cause White Cliffs not to, as applicable, have any
Subsidiaries or hold any investment in any other Person, other than the Borrower’s ownership of 99.17% of the limited liability membership interests in White Cliffs (as reduced by any Permitted Option Transfer after the Closing Date) and the
Borrower’s ownership of the limited liability company interests in the Unrestricted Subsidiary in compliance with this Agreement. 

Section 8.19 No Additional Bank or Securities Accounts. The Borrower shall not, and shall cause White Cliffs not to,
as applicable, establish any depository or other bank account of any kind with any financial institution other than those accounts listed on Schedule 8.19. 

Section 8.20 No Hedging Agreements. The Borrower shall not, and shall cause White Cliffs not to, as applicable, enter
into or become a party to any Hedging Agreement, including any Commodity Hedging Agreement, other than Interest Rate Contracts entered into with the prior written consent of the Administrative Agent. 

 

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 Section 8.21 Unrestricted Subsidiary. The Borrower shall not, and shall
cause White Cliffs not to, (a) make any Investments in the Unrestricted Subsidiary, other than the Investment expressly permitted by Section 8.3(d), (b) enter into, become a party to, or become liable under any document, agreement or
contract with the Unrestricted Subsidiary, or (c) or otherwise incur any Indebtedness, liability or obligation with respect to the Unrestricted Subsidiary or any project to be undertaken by the Unrestricted Subsidiary. 

ARTICLE 9 
 EVENTS
OF DEFAULT 
 Section 9.1 Definition. Each of the following shall be an Event of Default: 

(a) the Borrower shall fail to pay (i) any principal of any Term Loan when the same becomes due and payable or (ii) any interest
on any Term Loan, any fee under any Loan Document or any other Obligation (other than those set forth in clause (i) above) and, in the case of this clause (ii), such non-payment continues for a period of 3 Business Days after the
due date therefor; or 
 (b) any representation, warranty or certification made by or on behalf of the Borrower in any Loan
Document or by or on behalf of the Borrower (or any Responsible Officer thereof) in connection with any Loan Document (including in any document delivered in connection with any Loan Document) shall prove to have been incorrect in any material
respect when made; or 
 (c) the Borrower shall fail to comply with (i) any provision of Article V (Financial
Covenants), Section 6.1 (Financial Statements), 6.2 (Other Events), 7.1 (Maintenance of Corporate Existence), 7.9 (Use of Proceeds), 7.11 (Deposit Accounts) or Article VIII (Negative Covenants) or
(ii) any other provision of any Loan Document if, in the case of this clause (ii), such failure shall remain unremedied for 30 days after the earlier of (A) the date on which a Responsible Officer of the Borrower becomes aware of such
failure and (B) the date on which notice thereof shall have been given to the Borrower by the Administrative Agent or the Required Lenders; or 

(d)(i) any Group Member shall fail to make any payment when due (whether due because of scheduled maturity, required prepayment
provisions, acceleration, demand or otherwise) on any Indebtedness of any Group Member (other than the Obligations or any Hedging Agreement) and, in each case, such failure relates to Indebtedness having a principal amount of $250,000 or more,
(ii) any other event shall occur or condition shall exist under any Contractual Obligation relating to any such Indebtedness, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such
Indebtedness or (iii) any such Indebtedness shall become or be declared to be due and payable, or be required to be prepaid, redeemed, defeased or repurchased (other than by a regularly scheduled required prepayment), prior to the stated
maturity thereof; or 
  

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 (e)(i) SemGroup, L.P. or SemCrude, L.P. shall fail to make any payment when due (whether due
because of scheduled maturity, required prepayment provisions or otherwise) on any Indebtedness of SemGroup, L.P. or SemCrude, L.P. and, in each case, such failure relates to Indebtedness having a principal amount of $15,000,000 or more, or any
other event shall occur or condition shall exist under any Contractual Obligation relating to any such Indebtedness, in each case if the effect of such failure, event or condition is to cause the acceleration of the maturity of such Indebtedness,
and (ii) any such Indebtedness is accelerated, or shall become or be declared to be due and payable, or be required to be prepaid, redeemed, defeased or repurchased (other than by a regularly scheduled required prepayment), prior to the stated
maturity thereof; or 
 (i) any Group Member, SemGroup, L.P., SemCrude, L.P. or any counterparty to a Material Project Document
shall generally not pay its debts as such debts become due, shall admit in writing its inability to pay its debts generally or shall make a general assignment for the benefit of creditors, (ii) any proceeding shall be instituted by or against
any Group Member, SemGroup, L.P., SemCrude, L.P. or any counterparty to a Material Project Document seeking to adjudicate it a bankrupt or insolvent or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief,
composition of it or its debts or any similar order, in each case under any Requirement of Law relating to bankruptcy, insolvency or reorganization or relief of debtors or seeking the entry of an order for relief or the appointment of a custodian,
receiver, trustee, conservator, liquidating agent, liquidator, other similar official or other official with similar powers, in each case for it or for any substantial part of its property and, in the case of any such proceedings instituted against
(but not by or with the consent of) any Group Member, SemGroup, L.P., SemCrude, L.P. or any counterparty to a Material Project Document, either such proceedings shall remain undismissed or unstayed for a period of 60 days or more or any action
sought in such proceedings shall occur or (iii) any Group Member, SemGroup, LP., SemCrude, L.P. or any counterparty to a Material Project Document shall take any corporate or similar action or any other action to authorize any action described
in clause (i) or (ii) above; provided that the occurrence of any such event with respect to any counterparty to a Material Project Document shall not constitute an Event of Default if and so long as (a) the Group
Members obtain a replacement agreement for the Material Project Document to which such counterparty is a party in form and substance reasonably satisfactory to the Administrative Agent within 90 days of such occurrence and such occurrence and such
replacement has not had and would not have a Material Adverse Effect or (b) the affected counterparty (i) continues to make required payments and otherwise performs its remaining obligations under the Material Project Document to which it
is a party and (ii) affirms the Material Project Document to which it is a party to the reasonable satisfaction of the Administrative Agent within the time period prescribed by Requirements of Law; or 

(f) one or more judgments, orders or decrees (or other similar process) shall be rendered against any Group Member, SemGroup, L.P. or
SemCrude, L.P. (i)(A) in the case of money judgments, orders and decrees, involving an aggregate amount (excluding amounts adequately covered by insurance payable to the party against whom the judgment was entered, to the extent the relevant insurer
has not denied coverage therefor) in excess of $250,000 in the case of a Group Member, or $15,000,000 in the case of SemGroup, L.P. or SemCrude, L.P., or (B) otherwise, that would have, in the aggregate, a Material Adverse Effect and (ii)(A)
enforcement proceedings shall have been commenced by any creditor upon any such judgment, order or 
  

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decree or (B) such judgment, order or decree shall not have been vacated or discharged for a period of 30 consecutive days and there shall not be in effect (by reason of a pending appeal or
otherwise) any stay of enforcement thereof; or 
 (g) except pursuant to a valid, binding and enforceable termination or release
permitted under the Loan Documents and executed by the Administrative Agent, (i) any provision of any Loan Document shall, at any time after the delivery of such Loan Document, fail to be valid and binding on, or enforceable against, the Group
Member party thereto or (ii) any Loan Document purporting to grant a Lien to secure any Obligation shall, at any time after the delivery of such Loan Document, fail to create a valid and enforceable Lien on any Collateral purported to be
covered thereby or such Lien shall fail or cease to be a perfected Lien with the priority required in the relevant Loan Document, or any Group Member shall state in writing that any of the events described in clause (i), or
(ii) above shall have occurred; or 
 (h) there shall occur any Change of Control; or 

(i) the operation of the Pipeline System shall have been abandoned for a period of at least 30 consecutive days; or 

(j) any Necessary Governmental Approval or Necessary Land Right shall be revoked, canceled, terminated, withdrawn or otherwise cease to
be in full force and effect and such revocation, cancellation, termination, withdrawal, or cessation shall continue unremedied for a period of 30 days; or 

(k) a breach or default which permits the counterparty to terminate shall have occurred under any Material Project Document; or

 (l) any Material Project Document shall terminate or otherwise cease to be valid and binding on any party thereto (except
upon expiration in accordance with its terms or full performance by such party of its obligations thereunder) unless, in each case, the Borrower replaces such Material Project Document to the extent required in accordance with the provisions of
Section 8.16; or 
 (m) the occurrence of any Casualty Event or Event of Eminent Domain affecting a Group Member,
for which the Loss Proceeds received, if any, are insufficient to allow for the replacement of the affected property and/or prepayment of the Obligations, with the effect that the Borrower or a Group Member, as applicable, is unable to continue
satisfying its obligations hereunder and under any of the Material Project Documents, in each case after giving effect to any cash contributions to the common equity of the Borrower made to the Borrower after the Closing Date and applied to such
replacement and/or prepayment; or 
 (n) any order, judgment or decree shall be entered against a Group Member decreeing the
dissolution or split up of such Group Member and such order shall remain undischarged or unstayed for a period in excess of 30 days; 

(o) any ERISA Event that the Administrative Agent determines in good faith might constitute grounds for the termination of a Title IV
Plan or for the appointment of a trustee to administer any such Title IV Plan shall have occurred, or (ii) any such Title IV Plan shall be 

 

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terminated, or a trustee shall be appointed to administer any such Title IV Plan or the PBGC shall institute proceedings to terminate any such Title IV Plan or to appoint a trustee to administer
any such Title IV Plan, or (iii) a notice of intent to terminate a Title IV Plan shall be filed with the PBGC, or (iv) any ERISA Affiliate withdraws from any Multiemployer Plan or a fiduciary of any Multiemployer Plan shall obtain a
judgment against any ERISA Affiliate enforcing Section 515 of ERISA, or (v) any failure of any ERISA Affiliate to meet all requirements with respect to funding any Title IV Plan imposed by ERISA or the Code (without regard to the issuance
of any waiver of the minimum funding standards under Section 412(c) of the Code) or (vi) any other event has occurred or condition exists with respect to any Title IV Plan or Multiemployer Plan which the Administrative Agent determines in
good faith could result in a Liability to any ERISA Affiliate; provided, that any such event or events described in clauses (i) through (vi) above, either individually or together with any other such event or events, could
reasonably be expected to have a Material Adverse Effect. 
 Section 9.2 Remedies. During the continuance of
any Event of Default, the Administrative Agent may, and, at the request of the Required Lenders, shall, in each case by notice to the Borrower and in addition to any other right or remedy provided under any Loan Document or by any applicable
Requirement of Law, do each of the following: (a) declare all or any portion of the Commitments terminated, whereupon the Commitments shall immediately be reduced by such portion or, in the case of a termination in whole, shall terminate
together with any obligation any Lender may have hereunder to make any Term Loan or (b) declare immediately due and payable all or part of any Obligation (including any accrued but unpaid interest thereon), whereupon the same shall become
immediately due and payable, without presentment, demand, protest or further notice or other requirements of any kind, all of which are hereby expressly waived by the Borrower; provided, however, that, effective immediately upon the
occurrence of the Events of Default specified in Section 9.1(f)(ii), (x) the Commitments of each Lender to make Term Loans shall each automatically be terminated and (y) each Obligation (including in each case any accrued all
accrued but unpaid interest thereon) shall automatically become and be due and payable, without presentment, demand, protest or further notice or other requirement of any kind, all of which are hereby expressly waived by the Borrower. 

ARTICLE 10 
 THE
ADMINISTRATIVE AGENT 
 Section 10.1 Appointment and Duties. (a) Appointment of Administrative
Agent. Each Lender hereby appoints GE Capital (together with any successor Administrative Agent pursuant to Section 10.9) as the Administrative Agent hereunder and authorizes the Administrative Agent to (i) execute and deliver
the Loan Documents and accept delivery thereof on its behalf from any Group Member, (ii) take such action on its behalf and to exercise all rights, powers and remedies and perform the duties as are expressly delegated to the Administrative
Agent under such Loan Documents and (iii) exercise such powers as are reasonably incidental thereto. 
 (b) Duties as
Collateral and Disbursing Agent. Without limiting the generality of clause (a) above, the Administrative Agent shall have the sole and exclusive right and authority (to the exclusion of the Lenders), and is hereby authorized, to
(i) act as the disbursing and collecting agent for the Lenders with respect to all payments and collections arising in 
  

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connection with the Loan Documents (including in any proceeding described in Section 9.1(f)(ii) or any other bankruptcy, insolvency or similar proceeding), and each Person making any
payment in connection with any Loan Document to any Secured Party is hereby authorized to make such payment to the Administrative Agent, (ii) file and prove claims and file other documents necessary or desirable to allow the claims of the
Secured Parties with respect to any Obligation in any proceeding described in Section 9.1(f)(ii) or any other bankruptcy, insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of such Secured Party),
(iii) act as collateral agent for each Secured Party for purposes of the perfection of all Liens created by such agreements and all other purposes stated therein, (iv) manage, supervise and otherwise deal with the Collateral, (v) take
such other action as is necessary or desirable to maintain the perfection and priority of the Liens created or purported to be created by the Loan Documents, (vi) except as may be otherwise specified in any Loan Document, exercise all remedies
given to the Administrative Agent and the other Secured Parties with respect to the Collateral, whether under the Loan Documents, applicable Requirements of Law or otherwise and (vii) execute any amendment, consent or waiver under the Loan
Documents on behalf of any Lender that has consented in writing to such amendment, consent or waiver; provided, however. that the Administrative Agent hereby appoints, authorizes and directs each Lender to act as collateral sub-agent
for the Administrative Agent, the Lenders for purposes of the perfection of all Liens with respect to the Collateral, including any deposit account maintained by the Borrower with, and cash and Cash Equivalents held by, such Lender, and may further
authorize and direct the Lenders to take further actions as collateral sub-agents for purposes of enforcing such Liens or otherwise to transfer the Collateral subject thereto to the Administrative Agent, and each Lender hereby agrees to take such
further actions to the extent, and only to the extent, so authorized and directed. 
 (c) Limited Duties. Under the Loan
Documents, the Administrative Agent (i) is acting solely on behalf of the Lenders (except to the limited extent provided in Section 2.14(b) with respect to the Register and in Section 10.11), with duties that are
entirely administrative in nature, notwithstanding the use of the defined term “Administrative Agent”, the terms “agent”, “administrative agent” and “collateral agent” and similar terms in any Loan Document to
refer to the Administrative Agent, which terms are used for title purposes only, (ii) is not assuming any obligation under any Loan Document other than as expressly set forth therein or any role as agent, fiduciary or trustee of or for any
Lender, or any other Secured Party and (iii) shall have no implied functions, responsibilities, duties, obligations or other liabilities under any Loan Document, and each Lender hereby waives and agrees not to assert any claim against the
Administrative Agent based on the roles, duties and legal relationships expressly disclaimed in clauses (i) through (iii) above. 

Section 10.2 Binding Effect. Each Lender agrees that (i) any action taken by the Administrative Agent or the
Required Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with the provisions of the Loan Documents, (ii) any action taken by the Administrative Agent in reliance upon the instructions of Required
Lenders (or, where so required, such greater proportion) and (iii) the exercise by the Administrative Agent or the Required Lenders (or, where so required, such greater proportion) of the powers set forth herein or therein, together with such
other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Secured Parties. 
  

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 Section 10.3 Use of Discretion. (a) No Action without
Instructions. The Administrative Agent shall not be required to exercise any discretion or take, or to omit to take, any action, including with respect to enforcement or collection, except any action it is required to take or omit to take
(i) under any Loan Document or (ii) pursuant to instructions from the Required Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the Lenders). 

(b) Right Not to Follow Certain Instructions. Notwithstanding clause (a) above, the Administrative Agent shall not be
required to take, or to omit to take, any action (i) unless, upon demand, the Administrative Agent receives an indemnification satisfactory to it from the Lenders (or, to the extent applicable and acceptable to the Administrative Agent, any
other Secured Party) against all Liabilities that, by reason of such action or omission, may be imposed on, incurred by or asserted against the Administrative Agent or any Related Person thereof or (ii) that is, in the opinion of the
Administrative Agent or its counsel, contrary to any Loan Document or applicable Requirement of Law. 

Section 10.4 Delegation of Rights and Duties. The Administrative Agent may, upon any term or condition it specifies,
delegate or exercise any of its rights, powers and remedies under, and delegate or perform any of its duties or any other action with respect to, any Loan Document by or through any trustee, co-agent, employee, attorney-in-fact and any other Person
(including any Secured Party). Any such Person shall benefit from this Article X to the extent provided by the Administrative Agent. 

Section 10.5 Reliance and Liability. (a) The Administrative Agent may, without incurring any liability
hereunder, (i) treat the payee of any Note as its holder until such Note has been assigned in accordance with Section 11.2(e), (ii) rely on the Register to the extent set forth in Section 2.14, (iii) consult
with any of its Related Persons and, whether or not selected by it, any other advisors, accountants and other experts (including advisors to, and accountants and experts engaged by, the Borrower) and (iv) rely and act upon any document and
information (including those transmitted by Electronic Transmission) and any telephone message or conversation, in each case believed by it to be genuine and transmitted, signed or otherwise authenticated by the appropriate parties. 

(b) None of the Administrative Agent and its Related Persons shall be liable for any action taken or omitted to be taken by any of them
under or in connection with any Loan Document, and each Lender and the Borrower hereby waive and shall not assert any right, claim or cause of action based thereon, except to the extent of liabilities resulting primarily from the gross negligence or
willful misconduct of the Administrative Agent or, as the case may be, such Related Person (each as determined in a final, non-appealable judgment by a court of competent jurisdiction) in connection with the duties expressly set forth herein.
Without limiting the foregoing, the Administrative Agent: 
 (i) shall not be responsible or otherwise incur
liability for any action or omission taken in reliance upon the instructions of the Required Lenders or for the actions or omissions of any of its Related Persons selected with reasonable care (other than employees, officers and directors of the
Administrative Agent, when acting on behalf of the Administrative Agent); 
  

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 (ii) shall not be responsible to any Secured Party for the due execution,
legality, validity, enforceability, effectiveness, genuineness, sufficiency or value of, or the attachment, perfection or priority of any Lien created or purported to be created under or in connection with, any Loan Document; 

(iii) makes no warranty or representation, and shall not be responsible, to any Secured Party for any statement, document,
information, representation or warranty made or furnished by or on behalf of any Related Person or the Borrower in connection with any Loan Document or any transaction contemplated therein or any other document or information with respect to the
Borrower, whether or not transmitted or (except for documents expressly required under any Loan Document to be transmitted to the Lenders) omitted to be transmitted by the Administrative Agent, including as to completeness, accuracy, scope or
adequacy thereof, or for the scope, nature or results of any due diligence performed by the Administrative Agent in connection with the Loan Documents; and 

(iv) shall not have any duty to ascertain or to inquire as to the performance or observance of any provision of any Loan
Document, whether any condition set forth in any Loan Document is satisfied or waived, as to the financial condition of the Borrower or as to the existence or continuation or possible occurrence or continuation of any Default or Event of Default and
shall not be deemed to have notice or knowledge of such occurrence or continuation unless it has received a notice from the Borrower, any Lender describing such Default or Event of Default clearly labeled “notice of default” (in which case
the Administrative Agent shall promptly give notice of such receipt to all Lenders); 
 and, for each of the items set forth in clauses
(i) through (iv) above, each Lender and the Borrower hereby waives and agrees not to assert any right, claim or cause of action it might have against the Administrative Agent based thereon. 

Section 10.6 Administrative Agent Individually. The Administrative Agent and its Affiliates may make loans and other
extensions of credit to, acquire Stock and Stock Equivalents of, engage in any kind of business with, the Borrower or Affiliate thereof as though it were not acting as Administrative Agent and may receive separate fees and other payments therefor.
To the extent the Administrative Agent or any of its Affiliates makes any Term Loan or otherwise becomes a Lender hereunder, it shall have and may exercise the same rights and powers hereunder and shall be subject to the same obligations and
liabilities as any other Lender and the terms “Lender”, “Required Lender” and any similar terms shall, except where otherwise expressly provided in any Loan Document, include, without limitation, the Administrative Agent or such
Affiliate, as the case may be, in its individual capacity as Lender or as one of the Required Lenders respectively. 

Section 10.7 Lender Credit Decision. Each Lender acknowledges that it shall, independently and without reliance upon
the Administrative Agent, any Lender or any of their Related Persons or upon any document (including the Disclosure Documents) solely or in part because such document was transmitted by the Administrative Agent or any of its Related Persons, conduct
its own independent investigation of the financial condition and affairs of the 
  

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Borrower and make and continue to make its own credit decisions in connection with entering into, and taking or not taking any action under, any Loan Document or with respect to any transaction
contemplated in any Loan Document, in each case based on such documents and information as it shall deem appropriate. Except for documents expressly required by any Loan Document to be transmitted by the Administrative Agent to the Lenders, the
Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Borrower or
any Affiliate of the Borrower that may come in to the possession of the Administrative Agent or any of its Related Persons. 

Section 10.8 Expenses: Indemnities. (a) Each Lender agrees to reimburse the Administrative Agent and each of its
Related Persons (to the extent not reimbursed by the Borrower) promptly upon demand for such Lender’s Pro Rata Share with respect to the Term Facility of any costs and expenses (including fees, charges and disbursements of financial, legal and
other advisors and Other Taxes paid in the name of, or on behalf of, the Borrower) that may be incurred by the Administrative Agent or any of its Related Persons in connection with the preparation, syndication, execution, delivery, administration,
modification, consent, waiver or enforcement (whether through negotiations, through any work-out, bankruptcy, restructuring or other legal or other proceeding or otherwise) of, or legal advice in respect of its rights or responsibilities under, any
Loan Document. 
 (b) Each Lender further agrees to indemnify the Administrative Agent and each of its Related Persons (to the
extent not reimbursed by the Borrower), from and against such Lender’s aggregate Pro Rata Share with respect to the Term Facility of the Liabilities (including taxes, interests and penalties imposed for not properly withholding or backup
withholding on payments made to on or for the account of any Lender) that may be imposed on, incurred by or asserted against the Administrative Agent or any of its Related Persons in any matter relating to or arising out of, in connection with or as
a result of any Loan Document, any Related Document or any other act, event or transaction related, contemplated in or attendant to any such document, or, in each case, any action taken or omitted to be taken by the Administrative Agent or any of
its Related Persons under or with respect to any of the foregoing; provided, however, that no Lender shall be liable to the Administrative Agent or any of its Related Persons to the extent such liability has resulted primarily from the
gross negligence or willful misconduct of the Administrative Agent or, as the case may be, such Related Person, as determined by a court of competent jurisdiction in a final non-appealable judgment or order. 

Section 10.9 Resignation of Administrative Agent. (a) The Administrative Agent may resign at any time by
delivering notice of such resignation to the Lenders and the Borrower, effective on the date set forth in such notice or, if not such date is set forth therein, upon the date such notice shall be effective. If the Administrative Agent delivers any
such notice, the Required Lenders shall have the right to appoint a successor Administrative Agent. If, within 30 days after the retiring Administrative Agent having given notice of resignation, no successor Administrative Agent has been appointed
by the Required Lenders that has accepted such appointment, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent from among the Lenders. Each appointment under this clause
(a) shall be subject to the prior consent of the Borrower, which may not be unreasonably withheld but shall not be required during the continuance of a Default. 
  

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 (b) Effective immediately upon its resignation, (i) the retiring Administrative Agent
shall be discharged from its duties and obligations under the Loan Documents, (ii) the Lenders shall assume and perform all of the duties of the Administrative Agent until a successor Administrative Agent shall have accepted a valid appointment
hereunder, (iii) the retiring Administrative Agent and its Related Persons shall no longer have the benefit of any provision of any Loan Document other than with respect to any actions taken or omitted to be taken while such retiring
Administrative Agent was, or because such Administrative Agent had been, validly acting as Administrative Agent under the Loan Documents and (iv) subject to its rights under Section 10.3, the retiring Administrative Agent shall take
such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents. Effective immediately upon its acceptance of a valid appointment as Administrative Agent, a
successor Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Administrative Agent under the Loan Documents. 

Section 10.10 Release of Collateral. Each Lender hereby consents to the release and hereby directs the Administrative
Agent to release (or, in the case of clause (b)(ii) below, release or subordinate) any Lien held by the Administrative Agent for the benefit of the Secured Parties against (i) any Collateral that is Sold by the Borrower in a Sale
permitted by the Loan Documents (including pursuant to a valid waiver or consent), to the extent all Liens required to be granted in such Collateral pursuant to Section 7.10 after giving effect to such Sale have been granted,
(ii) any property subject to a Lien permitted hereunder in reliance upon Section 8.2 and (iii) all of the Collateral, upon (A) termination of the Commitments, (B) payment and satisfaction in full of all Term Loans and
all other Obligations that the Administrative Agent has been notified in writing are then due and payable by the holder of such Obligation, (C) deposit of cash collateral with respect to all contingent Obligations, in amounts and on terms and
conditions and with parties satisfactory to the Administrative Agent and each Indemnitee that is owed such Obligations and (D) to the extent requested by the Administrative Agent, receipt by the Secured Parties of liability releases from the
Borrower in form and substance acceptable to the Administrative Agent. 
 Each Lender hereby directs the Administrative Agent, and the
Administrative Agent hereby agrees, upon receipt of reasonable advance notice from the Borrower, to execute and deliver or file such documents and to perform other actions reasonably necessary to release the guaranties and Liens when and as directed
in this Section 10.10. 
 Section 10.11 Additional Secured Parties. The benefit of the
provisions of the Loan Documents directly relating to the Collateral or any Lien granted thereunder shall extend to and be available to any Secured Party that is not a Lender as long as, by accepting such benefits, such Secured Party agrees, as
among the Administrative Agent and all other Secured Parties, that such Secured Party is bound by (and, if requested by the Administrative Agent, shall confirm such agreement in a writing in form and substance acceptable to the Administrative Agent)
this Article X, Section 11.8 (Right of Setoff), Section 11.9 (Sharing of Payments, Etc.) and Section 11.20 (Non-Public Information; Confidentiality) and the decisions and actions
of the Administrative Agent and the Required Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the Lenders) to the same extent a Lender is bound; provided, however, that, notwithstanding the
foregoing, (a) such Secured Party shall be bound by 
  

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Section 10.8 only to the extent of Liabilities, costs and expenses with respect to or otherwise relating to the Collateral held for the benefit of such Secured Party, in which case
the obligations of such Secured Party thereunder shall not be limited by any concept of Pro Rata Share or similar concept, (b) except as set forth specifically herein, each of the Administrative Agent and the Lenders shall be entitled to act at
its sole discretion, without regard to the interest of such Secured Party, regardless of whether any Obligation to such Secured Party thereafter remains outstanding, is deprived of the benefit of the Collateral, becomes unsecured or is otherwise
affected or put in jeopardy thereby, and without any duty or liability to such Secured Party or any such Obligation and (c) except as set forth specifically herein, such Secured Party shall not have any right to be notified of, consent to,
direct, require or be heard with respect to, any action taken or omitted in respect of the Collateral or under any Loan Document. 

ARTICLE 11 

MISCELLANEOUS 

Section 11.1 Amendments, Waivers, Etc. (a) No amendment or waiver of any provision of any Loan Document (other
than the Control Agreements) and no consent to any departure by the Borrower therefrom shall be effective unless the same shall be in writing and signed (1) in the case of an amendment, consent or waiver to cure any ambiguity, omission, defect
or inconsistency or granting a new Lien for the benefit of the Secured Parties or extending an existing Lien over additional property, by the Administrative Agent and the Borrower, (2) in the case of any other waiver or consent, by the Required
Lenders (or by the Administrative Agent with the consent of the Required Lenders) and (3) in the case of any other amendment, by the Required Lenders (or by the Administrative Agent with the consent of the Required Lenders) and the Borrower;
provided, however, that no amendment, consent or waiver described in clause (2) or (3) above shall, unless in writing and signed by each Lender directly affected thereby (or by the Administrative Agent with the
consent of such Lender), in addition to any other Person the signature of which is otherwise required pursuant to any Loan Document, do any of the following: 

(i) waive any condition specified in Section 3.1, except any condition referring to any other provision of any
Loan Document; 
 (ii) increase the Commitment of such Lender or subject such Lender to any additional lending
obligation; 
 (iii) reduce (including through release, forgiveness, assignment or otherwise) (A) the
Principal Balance of, the interest rate on, or any obligation of the Borrower to repay (whether or not on a fixed date), any outstanding Term Loan owing to such Lender or (B) any fee or accrued interest payable to such Lender; provided,
however, that this clause (iii) does not apply to any change to any provision increasing any interest rate or fee during the continuance of an Event of Default or to any payment of any such increase; 

(iv) waive or postpone any scheduled maturity date or other scheduled date fixed for the payment, in whole or in part, of
principal of or interest on any Term Loan or fee owing to such Lender; provided, however, that this clause (iv) does not apply to any change to mandatory prepayments, including those required under Section 2.8,
or to the application of any payment, including as set forth in Section 2.12; 
  

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 (v) except as provided in Section 10.10, release all or
substantially all of the Collateral; 
 (vi) reduce or increase the proportion of Lenders required for the
Lenders (or any subset thereof) to take any action hereunder or change the definition of the terms “Required Lenders”, “Pro Rata Share” or “Pro Rata Outstandings”; or 

(vii) amend Section 10.10 (Release of Collateral), Section 11.9 (Sharing of Payments,
Etc.) or this Section 11.1; 
 and provided, further, that (x)(A) any waiver of any payment applied pursuant to
Section 2.12(b) (Application of Mandatory Prepayments) to, and any modification of the application of any such payment to the Term Loans shall require the consent of the Required Lenders, and (B) any change to the definition
of the term “Required Lender” shall require the consent of the Required Lenders, (y) no amendment, waiver or consent shall affect the rights or duties under any Loan Document of, or any payment to, the Administrative Agent (or
otherwise modify any provision of Article X or the application thereof) or any SPV that has been granted an option pursuant to Section 11.2(f) unless in writing and signed by the Administrative Agent, or, as the case may be, such
SPV in addition to any signature otherwise required and (z) the consent of the Borrower shall not be required to change any order of priority set forth in Section 2.12. 

(b) Each waiver or consent under any Loan Document shall be effective only in the specific instance and for the specific purpose for
which it was given. No notice to or demand on the Borrower shall entitle the Borrower to any notice or demand in the same, similar or other circumstances. No failure on the part of any Secured Party to exercise, and no delay in exercising, any right
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. 

Section 11.2 Assignments and Participations; Binding Effect. 

(a) Binding Effect. This Agreement shall become effective when it shall have been executed by the Borrower and the Administrative
Agent and when the Administrative Agent shall have been notified by each Lender that such Lender has executed it. Thereafter, it shall be binding upon and inure to the benefit of, but only to the benefit of, the Borrower (in each case except for

Article X), the Administrative Agent, each Lender and, to the extent provided in Section 10.11, each other Indemnitee and Secured Party and, in each case, their respective successors and permitted assigns. Except as expressly
provided in any Loan Document (including in Section 10.9), none of the Borrower or the Administrative Agent shall have the right to assign any rights or obligations hereunder or any interest herein. 

(b) Right to Assign. Each Lender may sell, transfer, negotiate or assign all or a portion of its rights and obligations hereunder
(including all or a portion of its Commitments and its rights and obligations with respect to Term Loans) to (i) any existing Lender, (ii) any Affiliate or Approved Fund of any existing Lender or (iii) any other Person acceptable
(which 
  

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acceptance shall not be unreasonably withheld or delayed) to the Administrative Agent and, if no Event of Default has occurred and is continuing and if the assignee of the proposed assignment is
a Competitor, the Borrower; provided, however, that (x) such Sales must be ratable among the obligations owing to and owed by such Lender with respect to the Term Facility and (y) for the Term Facility, the aggregate
outstanding Principal Balance (determined as of the effective date of the applicable Assignment) of the Term Loans and Commitments subject to any such Sale shall be in a minimum amount of $1,000,000, unless such Sale is made to an existing Lender or
an Affiliate or Approved Fund of any existing Lender, is of the assignor’s (together with its Affiliates and Approved Funds) entire interest in the Term Facility or is made with the prior consent of the Borrower and the Administrative Agent.

 (c) Procedure. The parties to each Sale made in reliance on clause (b) above (other than those described in
clause (e) or (f) below) shall execute and deliver to the Administrative Agent an Assignment via an electronic settlement system designated by the Administrative Agent (or if previously agreed with the Administrative Agent,
via a manual execution and delivery of the assignment) evidencing such Sale, together with any existing Note subject to such Sale (or any affidavit of loss therefor acceptable to the Administrative Agent), any tax forms required to be delivered
pursuant to Section 2.17(f) and payment of an assignment fee in the amount of $3,500, provided that (1) if a Sale by a Lender is made to an Affiliate or an Approved Fund of such assigning Lender, then no assignment fee shall be due
in connection with such Sale, and (2) if a Sale by a Lender is made to an assignee that is not an Affiliate or Approved Fund of such assignor Lender, and concurrently to one or more Affiliates or Approved Funds of such assignee, then only one
assignment fee of $3,500 shall be due in connection with such Sale. Upon receipt of all the foregoing, and conditioned upon such receipt and, if such assignment is made in accordance with Section 11.2(b)(iii), upon the Administrative
Agent (and the Borrower, if applicable) consenting to such Assignment, from and after the effective date specified in such Assignment, .the Administrative Agent shall record or cause to be recorded in the Register the information contained in such
Assignment. 
 (d) Effectiveness. Subject to the recording of an Assignment by the Administrative Agent in the Register
pursuant to Section 2.14(b), (i) the assignee thereunder shall become a party hereto and, to the extent that rights and obligations under the Loan Documents have been assigned to such assignee pursuant to such Assignment, shall have
the rights and obligations of a Lender, (ii) any applicable Note shall be transferred to such assignee through such entry and (iii) the assignor thereunder shall, to the extent that rights and obligations under this Agreement have been
assigned by it pursuant to such Assignment, relinquish its rights (except for those surviving the termination of the Commitments and the payment in full of the Obligations) and be released from its obligations under the Loan Documents, other than
those relating to events or circumstances occurring prior to such assignment (and, in the case of an Assignment covering all or the remaining portion of an assigning Lender’s rights and obligations under the Loan Documents, such Lender shall
cease to be a party hereto except that each Lender agrees to remain bound by Article X, Section 11.8 (Right of Setoff) and Section 11.9 (Sharing of Payments) to the extent provided in
Section 10.11 (Additional Secured Parties)). 
 (e) Grant of Security Interests. In addition to the
other rights provided in this Section 11.2, each Lender may grant a security interest in, or otherwise assign as collateral, any of its rights under this Agreement, whether now owned or hereafter acquired (including rights to

  

 77 

 
payments of principal or interest on the Term Loans), to (A) any federal reserve bank (pursuant to Regulation A of the Federal Reserve Board), without notice to the Administrative Agent or
(B) any holder of, or trustee for the benefit of the holders of, such Lender’s Securities by notice to the Administrative Agent; provided, however, that no such holder or trustee, whether because of such grant or assignment
or any foreclosure thereon (unless such foreclosure is made through an assignment in accordance with
 clause (b) above), shall be entitled to any rights of such Lender hereunder and no such Lender shall be relieved of any of its
obligations hereunder. 
 (f) Participants and SPVs. In addition to the other rights provided in this
Section 11.2, each Lender may, (x) with notice to the Administrative Agent, grant to an SPV the option to make all or any part of any Term Loan that such Lender would otherwise be required to make hereunder (and the exercise of such
option by such SPV and the making of Term Loans pursuant thereto shall satisfy the obligation of such Lender to make such Term Loans hereunder) and such SPV may assign to such Lender the right to receive payment with respect to any Obligation and
(y) without notice to or consent from the Administrative Agent or the Borrower, sell participations to one or more Persons in or to all or a portion of its rights and obligations under the Loan Documents (including all its rights and
obligations with respect to the Term Loans); provided, however, that, whether as a result of any term of any Loan Document or of such grant or participation, (i) no such SPV or participant shall have a commitment, or be deemed to
have made an offer to commit, to make Term Loans hereunder, and, except as provided in the applicable option agreement, none shall be liable for any obligation of such Lender hereunder, (ii) such Lender’s rights and obligations, and the
rights and obligations of the Borrower and the Secured Parties towards such Lender, under any Loan Document shall remain unchanged and each other party hereto shall continue to deal solely with such Lender, which shall remain the holder of the
Obligations in the Register, except that (A) each such participant and SPV shall be entitled to the benefit of Sections 2.16 (Breakage Costs; Increased Costs; Capital Requirements) and 2.17 (Taxes), but only to the
extent such participant or SPV delivers the tax forms such Lender is required to collect pursuant to Section 2.17(f) and then only to the extent of any amount to which such Lender would be entitled in the absence of any such grant or
participation and (B) each such SPV may receive other payments that would otherwise be made to such Lender with respect to Loans funded by such SPV to the extent provided in the applicable option agreement and set forth in a notice provided to
the Administrative Agent by such SPV and such Lender, provided, however, that in no case (including pursuant to clause (A) or (B) above) shall an SPV or participant have the right to enforce any of the terms of
any Loan Document; and (iii) the consent of such SPV or participant shall not be required (either directly, as a restraint on such Lender’s ability to consent hereunder or otherwise) for any amendments, waivers or consents with respect to
any Loan Document or to exercise or refrain from exercising any powers or rights such Lender may have under or in respect of the Loan Documents (including the right to enforce or direct enforcement of the Obligations), except for those described in
clauses (iii) and (iv) of Section 11.1(a) with respect to amounts, or dates fixed for payment of amounts, to which such participant or SPV would otherwise be entitled and, in the case of participants, except for
those described in
 Section 11.1(a)(v) (or amendments, consents and waivers with respect to Section 10.10 to release all or substantially all of the Collateral). No party hereto shall institute against any SPV grantee of
an option pursuant to this clause (f) any bankruptcy, reorganization, insolvency, liquidation or similar proceeding, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper of such
SPY; provided, however, that each Lender having designated an SPV as such agrees to indemnify each 
  

 78 

 
Indemnitee against any Liability that may be incurred by, or asserted against, such Indemnitee as a result of failing to institute such proceeding (including a failure to get reimbursed by such
SPV for any such Liability). The agreement in the preceding sentence shall survive the termination of the Commitments and the payment in full of the Obligations. 

Section 11.3 Costs and Expenses. Any action taken by the Borrower under or with respect to any
Loan Document, even if required under any Loan Document or at the request of any Secured Party, shall be at the expense of the Borrower, and no Secured Party shall be required under any Loan Document to reimburse the Borrower or Group Member
therefor except as expressly provided therein. In addition, the Borrower agrees to pay or reimburse upon demand (a) the Administrative Agent for all reasonable out-of-pocket costs and expenses incurred by it or any of its Related Persons in
connection with the investigation, development, preparation, negotiation, syndication, execution, interpretation or administration of, any modification of any term of or termination of, any Loan Document, any commitment or proposal letter therefor,
any other document prepared in connection therewith or the consummation and administration of any transaction contemplated therein (including periodic audits in connection therewith and environmental audits and assessments), in each case including
the reasonable fees, charges and disbursements of legal counsel to the Administrative Agent or such Related Persons, fees, costs and expenses incurred in connection with
Intralinks® or any other E-System and allocated to the Term Facility by the Administrative Agent in its sole
discretion and fees, charges and disbursements of the auditors, appraisers, printers and other of their Related Persons retained by or on behalf of any of them or any of their Related Persons, (b) the Administrative Agent for all reasonable
costs and expenses incurred by it or any of its Related Persons in connection with internal audit reviews, field examinations and Collateral examinations (which shall be reimbursed, in addition to the out-of-pocket costs and expenses of such
examiners, at the per diem rate per individual charged by the Administrative Agent for its examiners) and (c) each of the Administrative Agent, its Related Persons, and each Lender for all costs and expenses incurred in connection with
(i) any refinancing or restructuring of the credit arrangements provided hereunder in the nature of a “work-out”, (ii) the enforcement or preservation of any right or remedy under any Loan Document, any Obligation, with respect
to the Collateral or any other related right or remedy or (iii) the commencement, defense, conduct of, intervention in, or the taking of any other action with respect to, any proceeding (including any bankruptcy or insolvency proceeding)
related to any Group Member, Loan Document or Obligation (or the response to and preparation for any subpoena or request for document production relating thereto), including fees and disbursements of counsel (including allocated costs of internal
counsel). 
 Section 11.4 Indemnities. (a) The Borrower agrees to indemnify, hold harmless and defend
the Administrative Agent, each Lender, and each of their respective Related Persons (each such Person being an “Indemnitee”) from and against all Liabilities (including brokerage commissions, fees and other compensation) that may be
imposed on, incurred by or asserted against any such Indemnitee in any matter relating to or arising out of, in connection with or as a result of (i) any Loan Document, any Related Document, any Disclosure Document, any Obligation (or the
repayment thereof), the use or intended use of the proceeds of any Term Loan or any securities filing of, or with respect to, any Group Member, (ii) any commitment letter, proposal letter or term sheet with any Person or any Contractual
Obligation, arrangement or understanding with any broker, finder or consultant, in each case entered into by or on behalf 
  

 79 

 
of any Group Member or any Affiliate of any of them in connection with any of the foregoing and any Contractual Obligation entered into in connection with any E-Systems or other Electronic
Transmissions, (iii) any actual or prospective investigation, litigation or other proceeding, whether or not brought by any such Indemnitee or any of its Related Persons, any holders of Securities or creditors (and including attorneys’
fees in any case), whether or not any such Indemnitee, Related Person, holder or creditor is a party thereto, and whether or not based on any securities or commercial law or regulation or any other Requirement of Law or theory thereof, including
common law, equity, contract, tort or otherwise, or (iv) any other act, event or transaction related, contemplated in or attendant to any of the foregoing (collectively, the “Indemnified Matters”); provided,
however, that the Borrower shall not have any liability under this Section 11.4 to any Indemnitee with respect to any Indemnified Matter, and no Indemnitee shall have any liability with respect to any Indemnified Matter other than
(to the extent otherwise liable), to the extent such liability has resulted primarily from the gross negligence or willful misconduct of such Indemnitee, as determined by a court of competent jurisdiction in a final non-appealable judgment or order.
Furthermore, the Borrower waives and agrees not to assert against any Indemnitee, any right of contribution with respect to any Liabilities that may be imposed on, incurred by or asserted against any Related Person. 

(b) Without limiting the foregoing, “Indemnified Matters” includes all Environmental Liabilities, including those
arising from, or otherwise involving, any property of any Related Person or any actual, alleged or prospective damage to property or natural resources or harm or injury alleged to have resulted from any Release of Hazardous Materials on, upon or
into such property or natural resource or any property on or contiguous to any real property of any Related Person, whether or not, with respect to any such Environmental Liabilities, any Indemnitee is a mortgagee pursuant to any leasehold mortgage,
a mortgagee in possession, the successor-in-interest to any Related Person or the owner, lessee or operator of any property of any Related Person through any foreclosure action, in each case except to the extent such Environmental Liabilities
(i) are incurred solely following foreclosure by any Secured Party or following any Secured Party having become the successor-in-interest to the Borrower and (ii) are attributable primarily to the gross negligence of such Indemnitee.

 Section 11.5 Survival. Any indemnification or other protection provided to any Indemnitee pursuant to any
Loan Document (including pursuant to Section 2.17 (Taxes), Section 2.16 (Breakage Costs; Increased Costs; Capital Requirements), Article X (The Administrative Agent), Section 11.3
(Costs and Expenses), Section 11.4 (Indemnities) or this Section 11.5) and all representations and warranties made in any Loan Document shall (A) survive the termination of the Commitments and the payment
in full of other Obligations and (B) inure to the benefit of any Person that at any time held a right thereunder (as an Indemnitee or otherwise) and, thereafter, its successors and permitted assigns. 

Section 11.6 Limitation of Liability for Certain Damages. In no event shall any Indemnitee be liable on any theory of
liability for any special, indirect, consequential or punitive damages (including any loss of profits, business or anticipated savings). The Borrower hereby waives, releases and agrees not to sue upon any such claim for any special, indirect,
consequential or punitive damages, whether or not accrued and whether or not known or suspected to exist in its favor. 
  

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 Section 11.7 Lender-Creditor Relationship. The relationship between the
Lenders and the Administrative Agent, on the one hand, and the Borrower, on the other hand, is solely that of lender and creditor. No Secured Party has any fiduciary relationship or duty to the Borrower arising out of or in connection with, and
there is no agency, tenancy or joint venture relationship between the Secured Parties and the Borrower by virtue of, any Loan Document or any transaction contemplated therein. 

Section 11.8 Right of Setoff. Each of the Administrative Agent, each Lender, and each Affiliate (including each
branch office thereof) of any of them is hereby authorized, without notice or demand (each of which is hereby waived by the Borrower), at any time and from time to time during the continuance of any Event of Default and to the fullest extent
permitted by applicable Requirements of Law, to set off and apply any and all deposits (whether general or special, time or demand, provisional or final) at any time held and other Indebtedness, claims or other obligations at any time owing by the
Administrative Agent, such Lender, or any of their respective Affiliates to or for the credit or the account of the Borrower against any Obligation of the Borrower now or hereafter existing, whether or not any demand was made under any Loan Document
with respect to such Obligation and even though such Obligation may be unmatured. Each of the Administrative Agent and each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such
Lender or its Affiliates; provided, however, that the failure to give such notice shall not affect the validity of such setoff and application. The rights under this Section 11.8 are in addition to any other rights and
remedies (including other rights of setoff) that the Administrative Agent and the Lenders and their Affiliates and other Secured Parties may have. 

Section 11.9 Sharing of Payments, Etc. If any Lender, directly or through an Affiliate or branch office thereof,
obtains any payment of any Obligation of the Borrower (whether voluntary, involuntary or through the exercise of any right of setoff or the receipt of any Collateral or “proceeds” (as defined under the applicable UCC) of Collateral)
other than pursuant to
 Sections 2.16 (Breakage Costs; Increased Costs; Capital Requirements), 2.17 (Taxes) and 2.18 (Substitution of Lenders) and such payment exceeds the amount such Lender would have
been entitled to receive if all payments had gone to, and been distributed by, the Administrative Agent in accordance with the provisions of the Loan Documents, such Lender shall purchase for cash from other Secured Parties such participations in
their Obligations as necessary for such Lender to share such excess payment with such Secured Parties to ensure such payment is applied as though it had been received by the Administrative Agent and applied in accordance with this Agreement (or, if
such application would then be at the discretion of the Borrower, applied to repay the Obligations in accordance herewith); provided, however, that (a) if such payment is rescinded or otherwise recovered from such Lender in whole
or in part, such purchase shall be rescinded and the purchase price therefor shall be returned to such Lender without interest and (b) such Lender shall, to the fullest extent permitted by applicable Requirements of Law, be able to exercise all
its rights of payment (including the right of setoff) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation. 

Section 11.10 Marshaling; Payments Set Aside. No Secured Party shall be under any obligation to marshal any property
in favor of the Borrower or any other party or 
  

 81 

 
against or in payment of any Obligation. To the extent that any Secured Party receives a payment from the Borrower, from the proceeds of the Collateral, from the exercise of its rights of setoff,
any enforcement action or otherwise, and such payment is subsequently, in whole or in part, invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, then to the extent of
such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not occurred. 

Section 11.11 Notices. (a) Addresses. All notices, demands, requests, directions and
other communications required or expressly authorized to be made by this Agreement shall, whether or not specified to be in writing but unless otherwise expressly specified to be given by any other means, be given in writing and (i) addressed
to (A) if to the Borrower, to SemCrude Pipeline, L.L.C., c/o SemOperating G.P., L.L.C., 6120 South Yale Avenue, Suite 700, Tulsa, OK 74136, Attention: Alisa Perkins, Treasurer, Tel: (918) 524-8130, Fax: (918) 524-8280, with copy to
Conner & Winters, LLP, 4000 One Williams Center, Tulsa, OK 74172, Attention: Bob McCoy, Tel: (918) 524-8031, Fax: (918) 586-8627, (B) if to the Administrative Agent, to General Electric Capital Corporation, 800 Long Ridge
Road, Stamford, Connecticut 06927, Attn: Portfolio Manager – SemCrude Pipeline, Facsimile: (203) 357-3114; with a copy to General Electric Capital Corporation, 800 Long Ridge Road, Stamford, Connecticut 06927, Attn: General Counsel-GE
Energy Financial Services, Inc., Facsimile: (203) 357-3114 and (C) otherwise to the party to be notified at its address specified opposite its name on Schedule I or on the signature page of any applicable Assignment,
(ii) posted to Intralinks® (to the extent such system is available and set up by or at the direction of the
Administrative Agent prior to posting) in an appropriate location by uploading such notice, demand, request, direction or other communication to www.intralinks.com, faxing it to 866-545-6600 with an appropriate bar-coded fax coversheet or using such
other means of posting to Intralinks® as may be available and reasonably acceptable to the Administrative Agent
prior to such posting, (iii) posted to any other E-System set up by or at the direction of the Administrative Agent in an appropriate location or (iv) addressed to such other address as shall be notified in writing (A) in the case of
the Borrower and the Administrative Agent, to the other parties hereto and (B) in the case of all other parties, to the Borrower and the Administrative Agent. Transmission by electronic mail (including E-Fax, even if transmitted to the fax
numbers set forth in clause (i) above) shall not be sufficient or effective to transmit any such notice under this clause (a) unless such transmission is an available means to post to any E-System. 

(b) Effectiveness. All communications described in clause (a) above and all other notices, demands, requests and other
communications made in connection with this Agreement shall be effective and be deemed to have been received (i) if delivered by hand, upon personal delivery, (ii) if delivered by overnight courier service, one Business Day after delivery
to such courier service, (iii) if delivered by mail, when deposited in the mails, (iv) if delivered by facsimile (other than to post to an E-System pursuant to clause (a)(ii) or (a)(iii) above), upon sender’s receipt of
confirmation of proper transmission, and (v) if delivered by posting to any E-System, on the later of the date of such posting in an appropriate location and the date access to such posting is given to the recipient thereof in accordance with
the standard procedures applicable to such E-System; provided, however, that no communications to the Administrative Agent pursuant to Article II or Article X shall be effective until received by the Administrative Agent.

  

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 Section 11.12 Electronic Transmissions. (a) Authorization.
Subject to the provisions of Section 11.11(a), each of the Administrative Agent, the Borrower, the Lenders, and each of their Related Persons is authorized (but not required) to transmit, post or otherwise make or communicate, in its
sole discretion, Electronic Transmissions in connection with any Loan Document and the transactions contemplated therein. Each of the Borrower and each Secured Party hereby acknowledges and agrees, and each of the Borrower shall cause each other
Group Member to acknowledge and agree, that the use of Electronic Transmissions is not necessarily secure and that there are risks associated with such use, including risks of interception, disclosure and abuse and each indicates it assumes and
accepts such risks by hereby authorizing the transmission of Electronic Transmissions. 
 (b) Signatures. Subject to the
provisions of Section 11.11(a), (i)(A) no posting to any E-System shall be denied legal effect merely because it is made electronically, (B) each E-Signature on any such posting shall be deemed sufficient to satisfy any requirement
for a “signature” and (C) each such posting shall be deemed sufficient to satisfy any requirement for a “writing”, in each case including pursuant to any Loan Document, any applicable provision of any UCC, the federal
Uniform Electronic Transactions Act, the Electronic Signatures in Global and National Commerce Act and any substantive or procedural Requirement of Law governing such subject matter, (ii) each such posting that is not readily capable of bearing
either a signature or a reproduction of a signature may be signed, and shall be deemed signed, by attaching to, or logically associating with such posting, an E-Signature, upon which each Secured Party and the Borrower may rely and assume the
authenticity thereof, (iii) each such posting containing a signature, a reproduction of a signature or an E-Signature shall, for all intents and purposes, have the same effect and weight as a signed paper original and (iv) each party
hereto or beneficiary hereto agrees not to contest the validity or enforceability of any posting on any E-System or E-Signature on any such posting under the provisions of any applicable Requirement of Law requiring certain documents to be in
writing or signed; provided, however, that nothing herein shall limit such party’s or beneficiary’s right to contest whether any posting to any E-System or E-Signature has been altered after transmission. 

(c) Separate Agreements. All uses of an E-System shall be governed by and subject to, in addition to Section 11.11 and
this Section 11.12, separate terms and conditions posted or referenced in such E-System and related Contractual Obligations executed by Secured Parties and Group Members in connection with the use of such E-System. 

(d) Limitation of Liability. All E-Systems and Electronic Transmissions shall be provided “as is” and “as
available”. None of the Administrative Agent or any of its Related Persons warrants the accuracy, adequacy or completeness of any E-Systems or Electronic Transmission, and each disclaims all liability for errors or omissions therein. No
warranty of any kind is made by the Administrative Agent or any of its Related Persons in connection with any E-Systems or electronic communication, including any warranty of merchantability, fitness for a particular purpose, non-infringement of
third-party rights or freedom from viruses or other code defects. The Borrower and each Secured Party agrees that the Administrative Agent has no responsibility for maintaining or providing any equipment, software, services or any testing required
in connection with any Electronic Transmission or otherwise required for any E-System. 
  

 83 

 Section 11.13 Governing Law. This Agreement, each other Loan Document
that does not expressly set forth its applicable law, and the rights and obligations of the parties hereto and thereto shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 

Section 11.14 Jurisdiction. (a) Submission to Jurisdiction. Any legal action or proceeding with respect
to any Loan Document may be brought in the courts of the State of New York located in the City of New York, Borough of Manhattan, or of the United States of America for the Southern District of New York and, by execution and delivery of this
Agreement, each of the Borrower hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts. The parties hereto hereby irrevocably waive any objection, including any objection to
the laying of venue or based on the grounds of forum non conveniens, that any of them may now or hereafter have to the bringing of any such action or proceeding in such jurisdictions. 

(b) Service of Process. The Borrower hereby irrevocably waives personal service of any and all legal process, summons, notices and
other documents and other service of process of any kind and consents to such service in any suit, action or proceeding brought in the United States of America with respect to or otherwise arising out of or in connection with any Loan Document by
any means permitted by applicable Requirements of Law, including by the mailing thereof (by registered or certified mail, postage prepaid) to the address of Borrower specified in Section 11.11 (and shall be effective when such mailing
shall be effective, as provided therein). The Borrower agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 (c) Non-Exclusive Jurisdiction. Nothing contained in this Section 11.14 shall affect the right of the
Administrative Agent or any Lender to serve process in any other manner permitted by applicable Requirements of Law or commence legal proceedings or otherwise proceed against the Borrower in any other jurisdiction. 

Section 11.15 Waiver of Jury Trial. Each party hereto hereby irrevocably waives trial by jury in any suit, action or
proceeding with respect to, or directly or indirectly arising out of, under or in connection with, any Loan Document or the transactions contemplated therein or related thereto (whether founded in contract, tort or any other theory). Each party
hereto (A) certifies that no other party and no Related Person of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and
(B) acknowledges that it and the other parties hereto have been induced to enter into the Loan Documents, as applicable, by the mutual waivers and certifications in this Section 11.15. 

Section 11.16 Severability. Any provision of any Loan Document being held illegal, invalid or unenforceable in any
jurisdiction shall not affect any part of such provision not held illegal, invalid or unenforceable, any other provision of any Loan Document or any part of such provision in any other jurisdiction. 

 

 84 

 Section 11.17 Execution in Counterparts. This Agreement may be executed
in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be
detached from multiple separate counterparts and attached to a single counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission or Electronic Transmission shall be as effective as delivery of a manually executed
counterpart hereof. 
 Section 11.18 Entire Agreement. The Loan Documents embody the entire agreement of the
parties and supersede all prior agreements and understandings relating to the subject matter thereof and any prior letter of interest, commitment letter, fee letter, confidentiality and similar agreements involving the Borrower and any of the
Administrative Agent, or any Lender or any of their respective Affiliates relating to a financing of substantially similar form, purpose or effect. In the event of any conflict between the terms of this Agreement and any other Loan Document, the
terms of this Agreement shall govern (unless such terms of such other Loan Documents are necessary to comply with applicable Requirements of Law, in which case such terms shall govern to the extent necessary to comply therewith). 

Section 11.19 Use of Name. The Borrower agrees that it shall not, and none of its Affiliates shall, issue any press
release or other public disclosure (other than any document filed with any Governmental Authority relating to a public offering of the Securities of the Borrower) using the name, logo or otherwise referring to GE Capital or of any of its Affiliates,
the Loan Documents or any transaction contemplated therein to which the Secured Parties are party without at least 2 Business Days’ prior notice to GE Capital and without the prior consent of GE Capital except to the extent required to do so
under applicable Requirements of Law and then, only after consulting with GE Capital prior thereto. 

Section 11.20 Non-Public Information; Confidentiality. (a) Each Lender acknowledges and agrees that it may
receive material non-public information hereunder concerning the Borrower and its Affiliates and Securities and agrees to use such information in compliance with all relevant policies, procedures and Contractual Obligations and applicable
Requirements of Laws (including United States federal and state security laws and regulations). 
 (b) Each Lender and the
Administrative Agent agrees to use all reasonable efforts to maintain, in accordance with its customary practices, the confidentiality of information obtained by it pursuant to any Loan Document and designated in writing by the Borrower as
confidential, except that such information may be disclosed (i) with the Borrower’s consent, (ii) to Related Persons of such Lender, or the Administrative Agent, as the case may be, that are advised of the confidential nature of such
information and are instructed to keep such information confidential, (iii) to the extent such information presently is or hereafter becomes available to such Lender or the Administrative Agent, as the case may be, on a non-confidential basis
from a source other than the Borrower, (iv) to the extent disclosure is required by applicable Requirements of Law or other legal process or requested or demanded by any Governmental Authority, (v) to the extent necessary or customary for
inclusion in league table measurements or in any tombstone or other advertising materials (and the Borrower consents to the publication of such tombstone or other advertising materials by the Administrative Agent, any Lender, or any of their Related
Persons), (vi) to the National Association of Insurance 
  

 85 

 
Commissioners or any similar organization, any examiner or any nationally recognized rating agency or otherwise to the extent consisting of general portfolio information that does not identify
borrowers, (vii) to current or prospective assignees, SPVs grantees of any option described in Section 11.2(f) or participants, direct or contractual counterparties to any Hedging Agreement permitted hereunder and to their
respective Related Persons, in each case to the extent such assignees, participants, counterparties or Related Persons agree to be bound by provisions substantially similar to the provisions of this Section 11.20 and (viii) in
connection with the exercise of any remedy under any Loan Document. In the event of any conflict between the terms of this Section 11.20 and those of any other Contractual Obligation entered into with the Borrower (whether or not a Loan
Document), the terms of this Section 11.20 shall govern. 
 Section 11.21 Patriot Act Notice.
Each Lender subject to the USA Patriot Act of 2001 (31 U.S.C. 5318 et seq.) hereby notifies the Borrower that, pursuant to Section 326 thereof, it is required to obtain, verify and record information that identifies the Borrower, including the
name and address of the Borrower and other information allowing such Lender to identify the Borrower in accordance with such act. 

[SIGNATURE PAGE FOLLOWS] 
  

 86 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

							
	SEMCRUDE PIPELINE, L.L.C. AS BORROWER
	
	    By: SemCrude, L.P., its sole member
			
		 		 	By: SemOperating G.P., L.L.C., its general partner
				
		 		 	By:	 	 /s/ Norman J. Szydlowski

		 		 	Name:	 	Norman J. Szydlowski
		 		 	Title:	 	Chief Executive Officer
	
	 GENERAL ELECTRIC CAPITAL CORPORATION, AS ADMINISTRATIVE AGENT AND LENDER

				
		 		 	By:	 	 /s/ Randall F. Nornick

		 		 	Name:	 	Randall F. Nornick
		 		 	Title:	 	Authorized Signatory

  

 [Signature Page to Credit Agreement] 

 Schedule I 

 

			
	 Lender
	  	Term Loan
Commitment
	 General Electric Capital Corporation
	  	$125,000,000

 SCHEDULE PS 

PIPELINE SYSTEM DESCRIPTION 

The Pipeline System is a 526 mile 12-inch common carrier pipeline that originates near Platteville, Colorado and terminates at SemCrude
L.P.’s Cushing Terminal. Specifically, the system includes one 100,000 barrel tank at the origination station in Platteville, Colorado, four (4) pump stations, and two (2) manual scraper trap locations. The line was constructed
utilizing line pipe with a wall thickness of 0.25” and a minimum 0.281” wall thickness for all water and road crossings. 

Mainline construction initiated in March of 2008 and the line was put into commercial operation in 2009. The initial design capacity is
30,000 bbls per day utilizing only the Platteville Pump station. With activation of the intermediate pump stations, line capacity can increase up to 55,000 bbls per day, dependent upon crude type and quality. 

 SCHEDULE 4.1 

COMPLIANCE WITH LAWS 
  

	1.	On September 4, 2008, the U.S. Department of Transportation (“DOT”) notified SemCrude, L.P. of several issues regarding non-destructive testing of girth
welds on Spreads 3 and 4 in Kansas. The issue was resolved with DOT, but there is a possibility that DOT may impose a fine. 

 SCHEDULE 4.2(a) 

POWER AND AUTHORITY 

None. 

 SCHEDULE 4.2(b) 

NECESSARY GOVERNMENTAL APPROVALS 

See attached. 

 White Cliffs General Permits 

 

							
	 Type
	  	 Local, State,

Federal Permit
	  	 Permit Number
	  	 Current Status

	 Stormwater
	  	State of Colorado	  	COR03C261	  	Active
	 Conditional Use Permit
	  	Adams County, CO	  	RCU2008-00009	  	Inactive
	 DOT Permit
	  	Federal	  	32286	  	Active
	 Waste Water Discharge Permit
	  	State of Colorado	  	COG604045	  	Inactive

  

 Page 1 of 12 

 White Cliffs County Road Permits 

 

					
	 State
	  	 County
	  	 Permit Number

		  	Colorado	  	
	 Colorado
	  	Weld	  	RW07-00328
	 Colorado
	  	Morgan	  	PMT41, PMT 42
	 Colorado
	  	Adams	  	ROW2007-00277 through ROW2007-00290
	 Colorado
	  	Washington	  	113-2007
	 Colorado
	  	Kit Carson	  	Easement and ROW Agreement Instrument # 2000000548072 Pgs 1-57
		  	Kansas	  	
	 Kansas
	  	Sherman	  	No Permit Number
	 Kansas
	  	Wallace	  	2007-02 (10)
	 Kansas
	  	Logan	  	No Permit Number
	 Kansas
	  	Scott	  	Easement and ROW Agreements (8)
	 Kansas
	  	Lane	  	No Permit number, One Permit for all 22 county roads
	 Kansas
	  	Ness	  	2007-14 through 2007-22
	 Kansas
	  	Hodgeman	  	ROW Easements (20)
	 Kansas
	  	Pawnee	  	No permit number required(10)
	 Kansas
	  	Edwards	  	8132007 (For all 25 Permits)
	 Kansas
	  	Stafford	  	ROW Grant (9) No permit numbers required
	 Kansas
	  	Pratt	  	No permit number required (28)
	 Kansas
	  	Kingman	  	9/10/07-1 through 9/10/07- 28
	 Kansas
	  	Harper	  	No permit number required (37)
	 Kansas
	  	Sumner	  	No permit number required (6)

  

 Page 2 of 12 

 White Cliffs County Road Permits 

 

					
	 State
	  	 County
	  	 Permit Number

		  	Oklahoma	  	
	Oklahoma	  	Grant	  	No permit number required (37)
	Oklahoma	  	Kay	  	08-02 though 08-16
	Oklahoma	  	Noble	  	 Community Panel

Number 400132 0025A (25)

	Oklahoma	  	Payne	  	No permit number required (29)

  

 Page 3 of 12 

 White Cliffs KDHE Hydrotest Water Permits 

 

			
	 State
	  	 Permit Number

	Kansas	  	KSG670383
	Kansas	  	20080362 (Expired 11-3-2008)
	Kansas	  	20080363 (Expired 11-3-2008)
	Kansas	  	20089091

  

 Page 4 of 12 

 White Cliffs Flood Plain Permits 

 

							
	 State
	  	 County
	  	 Permit Number
	  	 
		  	Colorado	  		  	
	 Colorado
	  	Morgan	  	2007 FP 04	  	
				
		  	Kansas	  		  	
	 Kansas
	  	Sumner	  	07-0250	  	
				
		  	Oklahoma	  		  	
	 Oklahoma
	  	Kay	  	2007-02	  	
	 Oklahoma
	  	Noble	  	2007-3 through 2007-22	  	
	 Oklahoma
	  	Payne	  	2007-Payne-057	  	

 Environmental Permit 

 

							
	 Type
	  	 Local, Federal,

State
	  	 Permit Number
	  	 Active/Inactive

	 Adams County Flood Permit
	  	Local	  	WET2007-3012	  	Inactive

  

 Page 5 of 12 

 White Cliffs State of Colorado ROW Agreements 

 

							
	 Owner Information
	 	County	 	State	  	ROW Agreement
Numbers
	 State of Colorado
	 	Weld	 	Colorado	  	3387
	 State of Colorado
	 	Weld	 	Colorado	  	3387
	 State of Colorado
	 	Weld	 	Colorado	  	3387
	 State of Colorado
	 	Adams	 	Colorado	  	3387
	 State of Colorado
	 	Washington	 	Colorado	  	3387
	 State of Colorado
	 	Washington	 	Colorado	  	3387
	 State of Colorado
	 	Washington	 	Colorado	  	3387
	 State of Colorado
	 	Kit Carson	 	Colorado	  	3387
	 State of Colorado
	 	Kit Carson	 	Colorado	  	3387

  

 Page 6 of 12 

 White Cliffs Oklahoma Tribal-BIA 

 

							
	 Owner Information
	  	 County
	    	 State
	    	ROW Agreement
Number
	 RESTRICTED INDIAN LAND
 (Sarah
Kihega) Otoe 62
 c/o BIA - Pawnee Agency - P.O. Box 440

Pawnee, Oklahoma 74058
	  	Noble	    	Oklahoma	    	R/W 0000010559
				
	 RESTRICTED INDIAN (Felix Roubedeaux)

Otoe 185
 c/o BIA - Pawnee Agency - P.O. Box 440

 Pawnee, Oklahoma 74058
  

USA in Trust for Jacqueline Irene DeLano,
 a
member of the Ponca Tribe
 c/o BIA - Pawnee Agency - P.O. Box 440

Pawnee, Oklahoma 74058
	  	Noble	    	Oklahoma	    	R/W 0000010876
				
	 Charles Roy Cooper
 (SEE
VESTING NOTE)
 514 Liberty
 Stillwater,
Oklahoma 74075
 Phone1: (405) 372-6299
  

RESTRICTED INDIAN Otoe Allottee # 384
 Virgil
Harragarra
 c/o BIA - Pawnee Agency - P.O. Box 440

Pawnee, Oklahoma 74058
	  	Noble	    	Oklahoma	    	R/W 0000010562
				
	RESTRICTED INDIAN LAND	  	Noble	    	Oklahoma	    	R/W 0000010562
				
	RESTRICTED INDIAN LAND	  	Noble	    	Oklahoma	    	R/W 0000010563

  

 Page 7 of 12 

 White Cliffs Oklahoma Tribal-BIA 

 

							
	 Owner Information
	  	 County
	    	 State
	    	ROW Agreement
Number
	 RESTRICTED INDIAN LAND
	  	Noble	    	Oklahoma	    	R/W 0000010563
				
	 Madge P. Dent (Restricted Indian)

BIA - Pawnee Agency - P.O. Box 440

Pawnee, Oklahoma 74058

Phone1: (918) 762-2585
	  	Noble	    	Oklahoma	    	R/W 0000010565
				
	 Boatmen’s First National Bank of Oklahoma and

Owen D. Wilson, Co-Trustees of the

Mary Evans Greenshields Trust

%Bank of America/Harding and Carbone

3903 Bellaire Blvd

Houston, Texas 77025
  

RESTRICTED INDIAN - Anna Robedeaux -

Otoe - Allotment # 409

BIA - Pawnee Agency - P.O. Box 440

Pawnee, Oklahoma 74058
	  	Noble	    	Oklahoma	    	R/W 0000010566
				
	 RESTRICTED INDIAN LAND (TRIBAL)

c/o BIA - Pawnee Agency - P.O. Box 440

Pawnee, Oklahoma 74058
	  	Noble	    	Oklahoma	    	R/W 0000010570

  

 Page 8 of 12 

 White Cliffs Oklahoma Tribal-BIA 

 

							
	 Owner Information
	  	Country	  	State	  	ROW Agreement
Number
	 Fred G. Eberhart and Dorothy Eberhart,

Husband and Wife as joint tenants
 3803 S. Twin
Mounds
 Yale, Oklahoma 74085
 Phone1:
(918) 387-2923
  
 Restricted Indian - Pawnee Allottee Harriet R.

Hissum - Pawnee Allottee # 751
 %Pawnee Sub
Agency
 Pawnee, Oklahoma
	  	Payne	  	Oklahoma	  	R/W 0000010567
				
	 Restricted Indian Land Julia Mathews,

Deceased, Pawnee Allottee No. 735 BIA
	  	Payne	  	Oklahoma	  	R/W 0000010568
				
	 Restricted Indian Land none shown
	  	Payne	  	Oklahoma	  	R/W 0000010569

  

 Page 9 of 12 

 White Cliffs Oklahoma Tribal-BIA 

 

							
	 Owner Information
	  	 County
	  	 State
	  	 ROW Agreement Numbers And

Lease Numbers

	Commissioners of the Land Office	  	Grant	  	Oklahoma	  	Easement # 8609
				
	Commissioners of the Land Office	  	Grant	  	Oklahoma	  	Easement # 8608
				
	Commisioners of the Land Office	  	Kay	  	Oklahoma	  	Lease Number 817361
				
	Commissioners of the Land Office	  	Kay	  	Oklahoma	  	Easement # 8607
				
	Commissioners of the Land Office	  	Noble	  	Oklahoma	  	Easement # 8606
				
	Commissioners of the Land Office	  	Payne	  	Oklahoma	  	Easement # 8660

  

 Page 10 of 12 

 White Cliffs State Of Oklahoma ROW Agreements 

							
	 Owner Information
	  	 Country
	  	 State
	 	 ROW Agreement Numbers And

Lease Numbers

	Commissioners of the Land Office	  	Payne	  	Oklahoma	 	Easement # 8604

  

 Page 11 of 12 

 White Cliffs State Highway Permits 

 

			
	 State
	  	 Permit Number

	 Colorado
	  	
	Colorado	  	07-0187 through 07-0191
	Colorado	  	07-307 through 07-310
	 Kansas
	  	
	Kansas	  	3-07-157, 3-07-158 and 3-07-160
	Kansas	  	6-07-122 through 6-07-126
	Kansas	  	5-07-283 and 5-07-284
	Kansas	  	5-08-062 through 5-08-067
	Kansas	  	5-08-102 and 5-08-103
	Kansas	  	5-09-157
	Kansas	  	3-07-S-20
	 Oklahoma
	  	
	Oklahoma	  	27-576 and 27-577
	Oklahoma	  	36-1004 and 36-1005
	Oklahoma	  	52-1054
	Oklahoma	  	52-1056 and 52-1057
	Oklahoma	  	60-434 through 60-436
	Oklahoma Turnpike Authority	  	Utility License No. 64 and No. 65

  

 Page 12 of 12 

 SCHEDULE 4.7 

LITIGATION 
  

	1.	See Schedule 8.2 

  

	2.	V-CO Enterprises, Inc. v. White Cliffs Pipeline, LLC; District Court Weld County, Colorado. 

 SCHEDULE 4.12 

LABOR 
 None. 

 SCHEDULE 4.13 

ERISA 
 None. 

 SCHEDULE 4.14 

ENVIRONMENTAL 
 None.

 SCHEDULE 4.16 

TITLE 
 None. 

 SCHEDULE 4.24 

BANK AND SECURITIES ACCOUNTS 

Acct. #208373477 – The Bank of Oklahoma 

 SCHEDULE 4.25 

EPC CONTRACTS 
  

					
	 Service
	  	 Contractor
	  	Date
	Engineering and Consulting Agreement	  	Englobal Engineering, Inc.	  	2/26/2007
	Construction-Spread #1 (121.59 Miles)	  	Sterling Construction	  	1/23/2008
	Construction-Spread #2 (128.94 miles)	  	A & L Underground	  	11/30/2007
	Construction-Spread #3 (125.83 Miles	  	Jomax Construction	  	12/4/2007
	Construction-Spread #4 (149.45 Miles)	  	Jomax Construction	  	12/4/2007
	Environmental Permitting	  	KBA EnviroScience, Ltd.	  	3/1/2007
	Land Use Permitting	  	TetraTech, Inc.	  	2/23/2007
	Right of Way Acquisition	  	Regan Resources, Inc.	  	9/13/2006
	Construction Permitting	  	Regan Smith	  	3/7/2007
	ROW Reseeding and Reclamation	  	H-2 Enterprises, LLC	  	4/1/2008
	Pipeline Alignment and Survey	  	Lemke Land Surveying, Inc.	  	8/28/2007
	Platteville Station Civil Work	  	Accell Construction, Inc.	  	8/15/2007
	Platteville Tank Construction	  	Matrix Services, Inc.	  	4/1/2008
	Platteville Station Inspection	  	Campos EPC, LLC	  	9/11/2007
	Platteville Station Civil Work	  	Northern Colorado Constructors, Inc.	  	11/13/2007
	Platteville Civil Design	  	Cardinal Engineering, Inc.	  	8/28/2007
	Radiographic Weld Inspection	  	Midwest Inspection Services, Inc.	  	3/14/2008
	Radiographic Weld Inspection	  	Western X-Ray Co.	  	4/8/2008
	Radiographic Weld Inspection	  	IRIS NDT	  	4/15/2008
	Radiographic Weld Inspection	  	Tulsa Gamma Ray, Inc.	  	    /    /2008
	Coat and Paint of Tanks-Platteville	  	Prestige Coatings, Inc.	  	7/9/2008
	Pump Station Installation, Etc.	  	A & L Underground	  	9/18/2008
	Pipeline Inspection Field Oversight & Station Construction	  	EnGlobal Inspection Services, Inc.	  	1/29/2008
	Cushing Station Construction	  	CRB Construction & Welding LLC	  	8/28/2007

 EnGlobal Engineering &
Consulting Agreement dated 2/26/2007 has not been fully performed in that EnGlobal is still submitting invoices for its completion of project documents and drawings and other miscellaneous services. 

 SCHEDULE 6.8 

FORM OF MONTHLY THROUGHPUT REPORTS 

[See attached.] 

			
	

	  	 Interoffice

Correspondence

  

			
	Subject:	  	White Cliffs Pipeline Monthly Report
		
	 Date:
	  	
		
	 From:
	  	
		
	 To:
	  	

 EH&S & DOT Compliance 

 

			
	 	  	2009
YTD
	 Total Employee OSHA Recordable Rate
	  	
	 OSHA Lost Time Restricted Rate
	  	
	 Preventable Vehicle Accidents
	  	
	 Minor Spills ( <10 bbls)
	  	
	 Significant Spills (10 – 50 bbls)
	  	
	 Major Spills (> 50 bbls)
	  	

 Pipeline or Terminal Releases 

 

									
	 Date
	 	 Mainline

or

Station
	 	 Volume

Released

Barrels
	  	Volume
Recovered

Barrels	  	Cause

Audits 

 

 

 Measurement 
  

									
	 Month
	  	 Deliveries

(bbls)
	  	 O/(S)
	  	 % O/(S)
	  	 PLA

(bbls)

	 January
	  		  		  		  	
	 February
	  		  		  		  	
	 March
	  		  		  		  	
	 April
	  		  		  		  	
	 May
	  		  		  		  	
	 June
	  		  		  		  	
	 July
	  		  		  		  	
	 August
	  		  		  		  	
	 September
	  		  		  		  	
	 October
	  		  		  		  	
	 November
	  		  		  		  	
	 December
	  		  		  		  	
	 Total
	  		  		  		  	

 Project Status 
  

							
	 Category
	  	 Description
	  	 Status
	  	 Comments

 

 

 Misc. 

1. Crude Quality 
  

									
	 Month
	  	 Weighted Sulfur
	  	 Weighted Observed
Gravity

	  	 Received
	  	 Delivered
	  	 Received
	  	 Delivered

	 January
	  		  		  		  	
	 February
	  		  		  		  	
	 March
	  		  		  		  	
	 April
	  		  		  		  	
	 May
	  		  		  		  	
	 June
	  		  		  		  	
	 July
	  		  		  		  	
	 August
	  		  		  		  	
	 September
	  		  		  		  	
	 October
	  		  		  		  	
	 November
	  		  		  		  	
	 December
	  		  		  		  	

 Schedule 7.5 

Insurance Requirements 

Coverage, The Borrower shall procure and maintain in full force and effect the following minimum insurance coverages, at its sole expense, as set
forth below. All such insurance carried shall be placed with such insurers having a minimum A.M. Best rating ofA:X, and be in such form, with such other terms, conditions, limits and deductibles (subject to the minimum insurance coverages below) and
such other or additional insurance to cover increases or changes in risks, policy limits, policy coverages or otherwise are from time to time insured which Administrative Agent may reasonably require: 

 

	 	(A)	All Risk Property Insurance, All risk property insurance covering each and every component of the equipment against physical loss or damage including but not
limited to fire and lightning, extended coverage, collapse, flood, earth movement, windstorm and blanket comprehensive boiler and machinery coverage, malicious mischief, including electrical malfunction and mechanical breakdown coverage and against
certified and non-certified acts of terrorism. Such insurance coverage shall be written on a replacement cost basis with a limit of liability an amount equal to the greater of $20,000,000 or 150% of the Probable Maximum Loss amount (PML), conducted
by a qualified firm approved by the Administrative Agent. Such insurance policy shall include an agreed amount endorsement waiving any coinsurance penalty. Such insurance coverage may be subject to deductibles not to exceed $250,000 for each and
every occurrence. 

  

	 	(B)	Business Interruption. As an extension of the insurance required under coverages described in subsection (A) Borrower shall maintain business interruption
insurance in an amount equal to twelve (12) months projected net profits, , continuing expenses and debt servicing. Such insurance shall include coverage for contingent business interruption covering the major customers or suppliers. Such
insurance shall contain an agreed amount endorsement waiving any coinsurance penalty and also cover service interruption and extra expenses in an amount not less than $1,000,000. The deductibles on this policy shall not be greater than forty-five
(45) days. 

  

	 	(C)	Commercial or Comprehensive General Liability. Borrower shall maintain corporate third party liability coverage written on an occurrence basis per asset location
with a limit of liability of not less than $ 1,000,000. Such insurance shall include coverage for premises/operations, explosion, collapse, underground hazards, contractual liability, independent contractors, products/completed operations, property
damage and personal injury liability. Such insurance coverage shall not include exclusions for punitive or exemplary damages where insurable under law. Deductibles in excess of $250,000 are subject to approval by the Administrative Agent.

 Liability program shall include sudden and accidental pollution coverage. Coverage to include defense
costs. If on a time element basis, minimum terms shall be 14 days knowledge and 90 days reporting. If available at commercially feasible rates, borrower to amend knowledge period to 30 days which will become minimum knowledge period. 

	 	(D)	
Workers’
 Compensation/Employer’s Liability. Borrower shall maintain Workers’ Compensation insurance in accordance with statutory provisions covering accidental injury, illness or death
of any such employee while at work or in the scope of his or her employment with such entity, and Employer’s Liability insurance in an amount not less than $1,000,000. Such insurance coverage shall not include any occupational disease
exclusions. 

  

	 	(E)	Motor Vehicle Liability. Motor Vehicle Liability insurance covering owned, non-owned, leased, hired or borrowed vehicles of Borrower if any, against bodily
injury or property damage. Such insurance coverage shall have a limit of liability of not less than $1,000,000. 

  

	 	(F)	Excess/Umbrella Liability. Company shall maintain Excess/Umbrella Liability insurance written on an occurrence basis or AEGIS claims-first made form providing
coverage limits in excess of the primary limits applying under policies described in subsections (C), (D) (employers liability only) and (E). Such insurance coverage shall have a limit of liability of not less than $250,000,000. Such insurance
coverage shall include a drop down provision in the event of exhaustion of underlying limits or aggregates and apply on a following form basis to the primary coverage. Such insurance coverage shall not include exclusions for punitive or exemplary
damages. If the policy or policies provided under this paragraph (F) contains aggregate limits, and such limits are diminished by any incident, occurrence, claim, settlement or judgement against such insurance which has caused the carrier to
establish a reserve. Borrower shall take immediate steps to restore such aggregate limits or shall provide other equivalent or additional insurance protection for such aggregate limits that are or may be eroded. 

 

	 	(G)	Pollution Legal Liability. Company shall maintain Pollution Legal Liability insurance covering the operations of the pipeline. Such insurance shall have a limit
of no less than $20,000,000 per occurrence and $40,000,000 in the aggregate. This policy shall be primary to any valid and collectible insurance as respects incidents arising out of the operation of the White Cliffs pipeline. If available at
commercially feasible rates, borrower to amend coverage to include fines, penalties and treble damages including punitive damages as respects White Cliffs pipeline, 

 

	 	(H)	All deductibles or self-insured retentions shall be the sole responsibility of Borrower as the case may be. 

 

	II.	Endorsements: 

  

	 	(A)	the Borrower shall in form and substance acceptable to Administrative Agent and cause their insurance coverages to be endorsed as follows: 

 

	 	i.	Administrative Agent and Lenders shall be an additional insured with respect to the insurance coverages described in Schedule 7,5, except for Workers’
Compensation, Administrative Agent shall be Loss Payee in accordance with Lender’s Loss Payable Endorsement 438 BFU or equivalent for coverages described in subsections (A) and (B) and shall provide that any payment for any loss or
damage with respect to the property shall be made to Administrative Agent. It shall be understood that any obligation imposed upon the Borrower, including but not limited to the obligation to pay premiums, shall be the sole obligation of the
Borrower, and not that of Administrative Agent or Lenders. 

	 	ii.	The insurance companies will give Administrative Agent at least ten (10) days prior written notice, in the case of nonpayment of premiums, or thirty
(30) days’ prior written notice, in all other cases, before any such policy or policies of insurance shall be altered or canceled and that no act or default of the primary insured party or any other Person shall affect the right of
Administrative Agent and Lenders to recover under such policy or policies of insurance in case of loss or damage, 

  

	 	iii.	In as much as the liability policies are written to cover more than one insured, all terms, conditions, insuring agreements and endorsements of the liability policies,
with the exception of the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured, 

  

	 	iv.	The insurers thereunder shall waive all rights of subrogation against Administrative Agent and Lenders, any right of setoff or counterclaim and any other right to
deduction, whether by attachment of otherwise and, 

  

	 	v.	Such insurance shall be primary without right of contribution of any other insurance carried by or on behalf of Administrative Agent or Lenders with respect to its
interests. 

	III.	Certifications. On the Closing Date, and at each policy renewal, but no less than annually, the Borrower shall provide to Administrative Agent approved
Certificates of Insurance from each insurer or by an authorized representative of each insurer. Such certification shall identify the underwriters, the type of insurance, the limits, deductibles, and term thereof and shall specifically list the
special provisions delineated for such insurance required by Section III, above. Upon request, the Borrower shall furnish Administrative Agent with copies of all insurance policies, binders, cover notes or other evidence of such insurance.

  

	IV.	Insurance Report. Concurrently with the furnishing of all certificates referred to in this Schedule 7.5, the Borrower shall furnish the Administrative Agent with
an opinion from independent insurance broker(s), acceptable to the Administrative Agent, acting reasonably, stating that all premiums then due have been paid and that, in the Opinion of such broker(s), the insurance then maintained by the Borrower
is in accordance with this Schedule 7.5. Furthermore, upon its first knowledge, such broker(s) shall advise the Administrative Agent promptly in writing of any default in the payment of any premiums or any other act or omission, on the part of any
Person, which might invalidate or render unenforceable, in whole or in part, any insurance provided by the Borrower. 

 SCHEDULE 8.2 

PERMITTED LIENS 
  

	1.	Claim made by Piping & Equipment Company, Inc. for $317,109.94 plus interest at the statutory rate of 12%, with respect to unapproved change orders for station
construction. Claim relates to both SemCrude Truck Unloading Facility and White Cliffs station work. Statement of Lien pursuant to § 38-24-101 et seq. filed in Kansas. 

 

	2.	Claim made by A&L Underground in the amount of $2.7 million with respect to unapproved change orders with respect to Spread 4. No filing has been made.

 EXHIBIT A 

TO 
 CREDIT
AGREEMENT 
 FORM OF ASSIGNMENT 

This ASSIGNMENT, dated as of the Effective Date, is entered into between
[            ] (the “Assignor”) and [            ] (the “Assignee”). 

The parties hereto hereby agree as follows: 
  

			
	Borrower:	  	SEMCRUDE PIPELINE, L.L.C., a Delaware limited liability company (the “Borrower”)
		
	 Administrative Agent:
	  	General Electric Capital Corporation, as administrative agent for the Lenders (in such capacity and together with its successors and permitted assigns, the
“Administrative Agent”)
		
	 Credit Agreement:
	  	Credit Agreement, dated as of November [    ], 2009, among the Borrower, the Lenders party thereto and the Administrative Agent (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein without definition are used as defined in the Credit Agreement)

 

			
	[Trade Date:	 	                    ,
            
]1
	Effective Date:	 	                    ,
            
]2

 

	1
	 Insert for informational purposes only if needed to determine other arrangements between the assignor and the assignee. 

	2
	 To be filled out by Agent upon entry in the Register. 

					
	 Aggregate amount
of Commitments

or principal

amount of Term

Loan for all

Lenders4

	 	Aggregate amount
of Commitments 
or
principal amount of
Term
Loan
Assigned3	 	Percentage 
Assigned4
	$            	 	$            	 	     %
	$            	 	$            	 	     %
	$            	 	$            	 	     %

[THE REMAINDER OF THIS PAGE WAS INTENTIONALLY LEFT BLANK] 

 

	3
	 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. The
aggregate amounts are inserted for informational purposes only to help in calculating the percentages assigned which, themselves, are for informational purposes only. 

	4
	 Set forth, to at least 9 decimals, the Assigned Interest as a percentage of the aggregate Commitment or Loans in the Term Facility. This percentage is
set forth for informational purposes only and is not intended to be binding. The assignments are based on the amounts assigned not on the percentages listed in this column. 

 Section 1. Assignment. Assignor hereby sells and assigns to Assignee, and
Assignee hereby purchases and assumes from Assignor, Assignor’s rights and obligations in its capacity as Lender under the Credit Agreement (including Liabilities owing to or by Assignor thereunder) and the other Loan Documents, in each case to
the extent related to the amounts identified above (the “Assigned Interest”). 
 Section 2.
Representations, Warranties and Covenants of Assignors. Assignor (a) represents and warrants to Assignee and the Administrative Agent that (i) it has full power and authority, and has taken all actions necessary for it, to execute
and deliver this Assignment and to consummate the transactions contemplated hereby and (ii) it is the legal and beneficial owner of its Assigned Interest and that such Assigned Interest is free and clear of any Lien and other adverse claims,
(b) makes no other representation or warranty and assumes no responsibility, including with respect to the aggregate amount of the Loans and Commitments, the percentage of the Loans and Commitments represented by the amounts assigned, any
statements, representations and warranties made in or in connection with any Loan Document or any other document or information furnished pursuant thereto, the execution, legality, validity, enforceability or genuineness of any Loan Document or any
document or information provided in connection therewith and the existence, nature or value of any Collateral, (c) assumes no responsibility (and makes no representation or warranty) with respect to the financial condition of any Group Member
or the performance or nonperformance by any Group Member of any obligation under any Loan Document or any document provided in connection therewith and (d) attaches any Notes held by it evidencing at least in part the Assigned Interest of such
Assignor (or, if applicable, an affidavit of loss or similar affidavit therefor) and requests that the Administrative Agent exchange such Notes for new Notes in accordance with Section 11.2 of the Credit Agreement. 

Section 3. Representations, Warranties and Covenants of Assignees. Assignee. (a) represents and warrants to Assignor and
the Administrative Agent that (i) it has full power and authority, and has taken all actions necessary for Assignee, to execute and deliver this Assignment and to consummate the transactions contemplated hereby, (ii) it is [not] an Affiliate or an
Approved Fund of             , a Lender and (iii) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest assigned to it
hereunder and either Assignee or the Person exercising discretion in making the decision for such assignment is experienced in acquiring assets of such type, (b) appoints and authorizes the Administrative Agent to take such action as administrative
agent on its behalf and to exercise such powers under the Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto, (c) shall perform in accordance with their
terms all obligations that, by the terms of the Loan Documents, are required to be performed by it as a Lender, (d) confirms it has received such documents and information as it has deemed appropriate to make its own credit analysis and decision to
enter into this Assignment and shall continue to make its own credit decisions in taking or not taking any action under any Loan Document independently and without reliance upon the Administrative Agent, any L/C Issuer, any Lender or any other
Indemnitee and based on such documents and information as it shall deem appropriate at the time, (e) acknowledges and agrees that, as a Lender, it may receive material non-public information and confidential information concerning the Borrower and
its Affiliates and Securities and agrees to use such information in accordance with Section 11.20 of the Credit Agreement, (f) specifies as its applicable lending offices (and addresses for notices)

 
the offices at the addresses set forth beneath its name on the signature pages hereof, (g) shall pay to the Administrative Agent an assignment fee in the amount of $3,500 to the extent such
fee is required to be paid under Section 11.2(c) of the Credit Agreement and (h) to the extent required pursuant to Section 2.17(f) of the Credit Agreement, attaches two completed originals of Forms W-8ECI, W-8BEN,
W-8IMY or W-9 and, if applicable, a portfolio interest exemption certificate. 
 Section 4. Determination of
Effective Date; Register. Following the due execution and delivery of this Assignment by Assignor, Assignee and, to the extent required by Section 11.2 of the Credit Agreement, the Borrower, this Assignment (including its
attachments) will be delivered to the Administrative Agent for its acceptance and recording in the Register. The effective date of this Assignment (the “Effective Date”) shall be the later of (i) the acceptance of this
Assignment by the Administrative Agent and (ii) the recording of this Assignment in the Register. The Administrative Agent shall insert the Effective Date when known in the space provided therefor at the beginning of this Assignment.

 Section 5. Effect. As of the Effective Date, (a) Assignee shall be a party to the Credit Agreement
and, to the extent provided in this Assignment, have the rights and obligations of a Lender under the Credit Agreement and (b) Assignor shall, to the extent provided in this Assignment, relinquish its rights (except those surviving the
termination of the Commitments and payment in full of the Obligations) and be released from its obligations under the Loan Documents other than those obligations relating to events and circumstances occurring prior to the Effective Date. 

Section 6. Distribution of Payments. On and after the Effective Date, the Administrative Agent shall make all payments
under the Loan Documents in respect of each Assigned Interest (a) in the case of amounts accrued to but excluding the Effective Date, to Assignor and (b) otherwise, to Assignee. 

Section 7. Miscellaneous. (a) The parties hereto, to the extent permitted by law, waive all right to trial by
jury in any action, suit, or proceeding arising out of, in connection with or relating to, this Assignment and any other transaction contemplated hereby. This waiver applies to any action, suit or proceeding whether sounding in tort, contract or
otherwise. 
 (b) On and after the Effective Date, this Assignment shall be binding upon, and inure to the benefit of, the
Assignor, Assignee, the Administrative Agent and their Related Persons and their successors and assigns. 
 (c) This Assignment
shall be governed by, and be construed and interpreted in accordance with, the law of the State of New York. 
 (d) This
Assignment may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 (e) Signature pages may be detached from multiple separate counterparts and attached to a single counterpart. Delivery of an
executed signature page of this Assignment by facsimile transmission or Electronic Transmission shall be as effective as delivery of a manually executed counterpart of this Assignment. 

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	 [NAME OF ASSIGNOR]

as Assignor

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 [NAME OF ASSIGNEE]

as Assignee

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Lending Office for Eurodollar Rate Loans:
	
	[Insert Address (including contact name, fax number and e-mail address)]
	
	Lending Office (and address for notices) for any other purpose:
	
	[Insert Address (including contact name, fax number and e-mail address)]

 ACCEPTED and AGREED 

this             day of
            : 
  

			
	 GENERAL ELECTRIC CAPITAL CORPORATION

as Administrative Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  

							
	
	SEMCRUDE PIPELINE,
L.L.C.5
		
	By:	 	SemCrude, L.P., its solemember
			
		 	By:	 	SemOperating G.P., L.L.C., its general partner
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  

	5
	 Include only if required pursuant to Section 11.2 of the Credit Agreement. 

 EXHIBIT B 

FORM OF CONSENT 
 General
Electric Capital Corporation 
 800 Long Ridge Road 

Stamford, CT 06927 
 Re:
Acknowledgment Agreement 
 Dear Sir/Madam: 

This Acknowledgment Agreement (“Consent Agreement”) is entered into as of
             ,             , between
            , a              (the “Counterparty”), and GENERAL ELECTRIC CAPITAL
CORPORATION, as administrative agent on behalf of the Lenders (as defined below) (the “Agent”). 

Subject to the terms of the Credit Agreement, dated as of November 30, 2009, among SemCrude Pipeline, L.L.C. (the
“Borrower”), the Agent, and the lenders party thereto (the “Lenders”) (as the same may be amended, modified or supplemented from time to time, the “Credit Agreement”), the
Lenders have made certain loans to Borrower to enable White Cliffs Pipeline, L.L.C. (the “Company”) to finance the operation and maintenance of the Pipeline System (as defined in the Credit Agreement) owned by the Company;

 Pursuant to the             , dated as of
             ,             , between the Company and the Counterparty (as the same may be amended, modified
or supplemented from time to time, the “Project Agreement”), the Counterparty has agreed to                     ; and

 The parties hereto agree as follows: 

1. The Counterparty hereby acknowledges and agrees that (a) the Project Agreement is in full force and effect and there are no
amendments, modifications or supplements thereto, either oral or written, (b) the Counterparty has not assigned, transferred, pledged or hypothecated the Project Agreement or any interest therein, and (c) the Counterparty has no knowledge
of any default by the Company in any respect in the performance of any provision of the Project Agreement. 
 2. The
Counterparty agrees that upon the occurrence of a default or breach by the Company under the Project Agreement, the Counterparty will give a copy of any notice of default to the Agent and will give the Agent an opportunity to cure any such default,
within the cure period provided to the Company in the Project Agreement. Such notice shall be in writing and shall be sent to the Agent at the address below. 

 General Electric Capital Corporation 

             ,
             
 Page 2 

 

					
	 Notices to the Agent:

		  	 General Electric Capital Corporation

		  	 800 Long Ridge Road

		  	 Stamford, CT 06927

		  	Attention:	  	Portfolio Manager - SemCrude Pipeline
		  	Telecopy:	  	(203) 357-3114
		
		  	 With a copy to:

		
		  	 General Electric Capital Corporation

		  	 800 Long Ridge Road

		  	 Stamford, CT 06927

		  	Attention:	  	General Counsel-GE Energy Financial Services, Inc.
		  	Telecopy:	  	(203) 357-3114

 3. This Consent Agreement
may be executed in any number of counterparts each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

4. This Consent Agreement shall be governed by, and construed in accordance with, the laws of the State of Oklahoma. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, each of the Counterparty and the Agent has duly executed this Consent
Agreement as of the date first above written. 
  

			
	 [COUNTERPARTY]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	GENERAL ELECTRIC CAPITAL CORPORATION, as Agent
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 EXHIBIT C 

TO 
 CREDIT
AGREEMENT 
 FORM OF TERM NOTE 
  

			
	Lender: [NAME OF LENDER]	 	New York, New York
	Principal Amount: $             	 	                    ,
20    

 FOR VALUE RECEIVED, the undersigned, SEMCRUDE PIPELINE, L.L.C., a Delaware
limited liability company (the “Borrower”), hereby promises to pay to the order of the Lender set forth above (the “Lender”) the Principal Amount set forth above, or, if less, the aggregate unpaid principal amount
of Term Loans (as defined in the Credit Agreement referred to below) of the Lender to the Borrower, payable at such times and in such amounts as are specified in the Credit Agreement. 

The Borrower promises to pay interest on the unpaid principal amount of Term Loans from the date made until such principal amount is paid
in full, payable at such times and at such interest rates as are specified in the Credit Agreement. Demand, diligence, presentment, protest and notice of non-payment and protest are hereby waived by the Borrower. 

Both principal and interest are payable in Dollars to the account designated by the Administrative Agent, pursuant to
Section 2.13 of the Credit Agreement, in immediately available funds. 
 This Note is one of the Notes referred to
in, and is entitled to the benefits of, the Credit Agreement, dated as of November [    ], 2009 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among the Borrower the Lenders party thereto and General Electric Capital Corporation, as administrative agent for the Lenders. Capitalized terms used herein without definition are used as defined in the Credit Agreement.

 The Credit Agreement, among other things, (a) provides for the making of Term Loans by the Lender to the Borrower in an
aggregate amount not to exceed at any time outstanding the Principal Amount set forth above, the indebtedness of the Borrower resulting from such Term Loan being evidenced by this Note and (b) contains provisions for acceleration of the
maturity of the unpaid principal amount of this Note upon the happening of certain stated events and also for prepayments on account of the principal hereof prior to the maturity hereof upon the terms and conditions specified therein. 

This Note is a Loan Document, is entitled to the benefits of the Loan Documents and is subject to certain provisions of the Credit
Agreement, including Sections 11.14(a) (Submission to Jurisdiction), 11.15 (Waiver of Jury Trial) and 1.5 (Interpretation) thereof. 

This Note is a registered obligation, transferable only upon notation in the Register, and no assignment hereof shall be effective until
recorded therein. 
 This Note shall be governed by, and construed and interpreted in accordance with, the law of the State of
New York. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the Borrower has caused this Note to be executed and delivered by its
duly authorized officer as of the day and year and at the place set forth above. 
  

							
	 SEMCRUDE PIPELINE, L.L.C.

		
	By:	 	SemCrude, L.P., its sole member
			
		 	By:	 	SemOperating G.P., L.L.C., its general partner
				
		 		 	By:	 	                             
                                         
                             
		 		 	Name:	 	
		 		 	Title:	 	

 EXHIBIT D 

TO 
 CREDIT
AGREEMENT 
 FORM OF NOTICE OF BORROWING 

GENERAL ELECTRIC CAPITAL CORPORATION as Administrative Agent under the Credit Agreement referred to below 

November [    ], 2009 

Attention: 

Re:    SEMCRUDE PIPELINE, L.L.C. (the “Borrower”) 

Reference is made to the Credit Agreement, dated as of November [    ], 2009 (as the same may be amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders party thereto and General Electric Capital Corporation, as administrative agent for such Lenders. Capitalized
terms used herein without definition are used as defined in the Credit Agreement. 
 The Borrower hereby gives you irrevocable
notice, pursuant to Section 2.2 of the Credit Agreement of its request of a Borrowing (the “Proposed Borrowing”) under the Credit Agreement and, in that connection, sets forth the following information: 

A. The date of the Proposed Borrowing is
            ,     1
 (the “Funding Date”). 
 B. The
aggregate principal amount of Term Loans is $            , of which $             consists of Base Rate Loans and
$             consists of LIBOR Rate Loans having an initial Interest Period of              months. 

The undersigned hereby certifies that, except as set forth on Schedule A attached hereto, the following statements are true on the
date hereof and will be true on the Funding Date, both before and after giving effect to the Proposed Borrowing and any other Loan to be made on or before the Funding Date: 

the representations and warranties set forth in Article IV of the Credit Agreement and elsewhere in the Loan
Documents are true and correct in all material respects (without duplication of any materiality qualifier contained therein), except to the extent such representations and warranties expressly relate to an earlier date, in which case such
representations and warranties were true and correct as of such date; and 
 no Default or Event of Default has
occurred and is continuing. 
  

	1
	 Must be the Closing Date. 

							
	SEMCRUDE PIPELINE, L.L.C.
		
	By:	 	SemCrude, L.P., its sole member
			
		 	By:	 	SemOperating G.P., L.L.C., its general partner
				
		 		 	By:	 	                             
                                         
                             
		 		 	Name:	 	
		 		 	Title:	 	

 EXHIBIT E 

TO 
 CREDIT
AGREEMENT 
 FORM OF NOTICE OF CONVERSION OR CONTINUATION 

GENERAL ELECTRIC CAPITAL CORPORATION 
 as
Administrative Agent under the Credit Agreement referred to below 

            ,         

 Attention: 

Re:    SEMCRUDE PIPELINE, L.L.C. (the “Borrower”) 

Reference is made to the Credit Agreement, dated as of November [    ], 2009 (as the same may be amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders party thereto and General Electric Capital Corporation, as administrative agent for the Lenders. Capitalized
terms used herein and not otherwise defined herein are used herein as defined in the Credit Agreement. 
 The Borrower hereby
gives you irrevocable notice, pursuant to Section 2.10 of the Credit Agreement of its request for the following: 

(i) a continuation, on             ,
            , as LIBOR Rate Loans having an Interest Period of              months
[             Loans] in an aggregate outstanding principal amount of $             having an Interest Period ending
on the proposed date for such continuation; 
 (ii) a conversion, on
            ,             , to LIBOR Rate Loans having an Interest Period of
         months of [            Loans] in an aggregate outstanding principal amount of
$            ; and 
 (iii) a
conversion, on             ,             , to Base Rate Loans, of
[             Loans] in an aggregate outstanding principal amount of $            . 

 In connection herewith, the undersigned hereby certifies that, except as set forth on
Schedule A attached hereto, no Default or Event of Default has occurred and is continuing on the date hereof, both before and after giving effect to any Loan to be made on or before any date for any proposed conversion or continuation set forth
above. 
  

							
	SEMCRUDE PIPELINE, L.L.C.
		
	By:	 	SemCrude, L.P., its sole member
		
	By:	 	SemOperating G.P., L.L.C., its general partner
				
		 	By:	 		 	  

		 	Name:	 		 	
		 	Title:	 		 	

 EXHIBIT F 

FORM OF PROJECT PARTNER CONSENT 

General Electric Capital Corporation 
 800 Long
Ridge Road 
 Stamford, CT 06927 

Re:     Acknowledgment Agreement 

Dear Sir/Madam: 
 This
Acknowledgment Agreement (“Consent Agreement”) is entered into as of             ,
            , between              a
             (the “Counterparty”), and GENERAL ELECTRIC CAPITAL CORPORATION, as administrative agent on behalf of certain lenders (together with its
successors and assigns, the “Agent”). 
 Whereas, the Borrower, Samedan Pipe Line Corporation and
Anadarko Wattenberg Company, LLC are parties to that certain Limited Liability Company Agreement of White Cliffs Pipeline, L.L.C. (the “Company”), dated as of January 29, 2007, as amended by the First Amendment to
Limited Liability Company Agreement dated as of July 18, 2008, the Amendment to Limited Liability Company Agreement dated as of June 2, 2009, and the Third Amendment to Limited Liability Company Agreement dated as of November 30, 2009
(as so amended, the “LLC Agreement”; capitalized terms used herein but not otherwise defined shall have the meanings given them in the LLC Agreement) and hold all of the issued and outstanding Units in the Company;

 Whereas, subject to the terms of the Credit Agreement, dated as of November 30, 2009 among Company, SemCrude Pipeline,
L.L.C. (the “Borrower”) Agent, and various lenders party thereto (the “Lenders”) (as the same may be amended, amended and restated, modified or supplemented from time to time, the “Credit
Agreement”), such lenders have made certain loans (the “Loans”) to Borrower to enable the Company to finance the operation and maintenance of the Pipeline System owned by the Company; and 

Whereas, the Borrower desires to pledge and grant a collateral assignment and security interest (the “Pledge”) in
all Units owned by it and in its other rights and interests under the LLC Agreement (the “Pledged LLC Interests”) to the Agent for the creditors under the Credit Agreement in order to induce such lenders to make the Loans and
to secure the Loans and the other indebtedness under such Credit Agreement. 

 General Electric Capital Corporation 

                 ,
             
 Page 2 

The Counterparty and Agent hereto agree as follows: 

1. The Counterparty hereby acknowledges and agrees that (a) the LLC Agreement is in full force and effect and there are no
amendments, modifications or supplements thereto, either oral or written except as referenced herein, (b) the Counterparty has not assigned, transferred, pledged or hypothecated any of its rights in the LLC Agreement and (c) the
Counterparty has no knowledge of any default by Company in any respect in the performance of any provision of the LLC Agreement. 

2. The Counterparty agrees that upon the occurrence of a default or breach by the Company under the LLC Agreement, the Counterparty will
give a copy of any notice of default to the Agent and will give the Agent an opportunity to cure any such default, within the cure period provided to Company in the LLC Agreement. Such notice shall be in writing and shall be sent to the Agent at the
address below. 
 3. The Counterparty, subject to the terms contained herein, hereby consents to (a) the Pledge,
(b) Transfers of all or any part of the Pledged LLC Interests in connection with any foreclosure or other exercise of rights and remedies in respect of the Pledge to a Lender Affiliate or an Other Permitted Purchaser (including without
limitation the admission of such Person as a substituted Member) and (c) a subsequent Transfer by such a Lender Affiliate to an Other Permitted Purchaser (including without the admission of such Person as a substituted Member); provided,
however, the Pledge and Transfers that are the subject of this paragraph 3 shall otherwise be subject to the rights of the Counterparty under the LLC Agreement in all respects. Such consent shall not extend to any subsequent Transfer by an Other
Permitted Purchaser. 
 As used herein, “Lender Affiliate” means one or more of the following: (i) the Agent,
(ii) a Lender, and (iii) any Affiliate of the Agent or a Lender; “Lender” means a creditor to whom indebtedness is owed that is secured by the Pledge; and “Other Permitted Purchaser” means any Person who, or who is an
Affiliate of a Person who (i) is in the business (prior to giving effect to such Transfer) of hydrocarbon gathering, transportation, transmission, terminalling, storage, refining or marketing, (ii) maintains, at the time of such proposed
transfer, a debt rating for its non-credit-enhanced, senior unsecured long-term debt of Baa3 or better by Moody’s Investors Service, Inc. (the “Moody’s Rating”) and BBB- or better by Standard & Poor’s
Rating Services (the “S&P Rating”), if both such rating agencies are providing a rating, and if only one of such rating agencies is providing a rating, the Moody’s Rating or S&P Rating, as applicable, and
(iii) has, at the time of such proposed Transfer, consolidated assets, determined in accordance with GAAP, of at least $500,000,000 as reflected in such Person’s most recently prepared financial statements. 

 General Electric Capital Corporation 

                 ,
             
 Page 3 

4. The Agent acknowledges and agrees that (a) the Pledged LLC Interests are subject to, and the Pledge is subordinate to, the rights
of the Counterparty to purchase Units from the Borrower pursuant to Section 11.13 and Section 11.14 of the LLC Agreement (the “Option Rights”), (b) any Transfer of the Units to a Lender Affiliate or Other
Permitted Purchaser shall be subject and subordinate to the Option Rights, (c) nothing in this Consent shall be deemed to limit, impair or waive the Option Rights and (d) upon the exercise by the Counterparty of any of its respective
Option Rights with respect to any Units and payment by the Counterparty of the Option price, the Agent will promptly release the Pledge to the Counterparty with respect to such Units at the time of the Transfer of such Units pursuant to such
exercise. 
 5. The Counterparty acknowledges and agrees that, except to the extent and during any period in which the Agent or
such Lender has acquired actual ownership of all or a portion of the Pledged LLC Interests, the Agent and Lenders shall have no liability or obligation under the LLC Agreement as a result of this Consent, the Pledge or otherwise (other than in
respect of the Option Rights as specified in Section 2). 
 6. Notices under this Consent Agreement shall be provided as
follows: 
  

					
	 Notices to Agent:

		  	 General Electric Capital Corporation

		  	 800 Long Ridge Road

		  	 Stamford, CT 06927

		  	Attention:	  	Portfolio Manager - SemCrude Pipeline
		  	Telecopy:	  	(203) 357-3114
		
		  	 With a copy to:

		
		  	 General Electric Capital Corporation

		  	 800 Long Ridge Road

		  	 Stamford, CT 06927

		  	Attention:	  	General Counsel-GE Energy Financial Services, Inc.
		  	Telecopy:	  	(203) 357-3114

 7. The Agent shall have
the right to assign its interest in the Pledge and this Consent Agreement in connection with the assignment of the indebtedness secured by the Pledge or the appointment of a successor administrative agent for the Lenders in connection with the
Pledge either with the consent of the Counterparty (not to unreasonably withheld or delayed) or otherwise to an assignee or appointee who, if in the business (prior to such assignment or appointment) of hydrocarbon gathering,
transportation, transmission, terminalling, storage, refining or marketing, is an Other Permitted Purchaser or, if not, is a 

 General Electric Capital Corporation 

                 ,
             
 Page 4 

Person or an Affiliate of a Person who (i) maintains, at the time of such proposed assignment or appointment, a debt rating for its
non-credit-enhanced, senior unsecured long-term debt of Baa3 or better by Moody’s Investors Service, Inc. (the “Moody’s Rating”) and BBB- or better by Standard & Poor’s Rating Services (the
“S&P Rating”), if both such rating agencies are providing a rating, and if only one of such rating agencies is providing a rating, the Moody’s Rating or S&P Rating, as applicable (or equivalent ratings for
financial institutions), and (ii) has, at the time of such proposed assignment or appointment, consolidated assets, determined in accordance with GAAP, of at least $500,000,000 as reflected in such Person’s most recently prepared financial
statements. Upon such an assignment or appointment, references herein to the “Agent” shall be to such assignee or successor. 

8. This Consent Agreement and the rights and obligations of the parties hereunder shall be governed by and construed in accordance with
the laws of the State of Delaware, without giving effect to the conflict of law principles thereof. This Consent Agreement may be executed in any number of counterparts each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. 
 9. Except as otherwise set forth herein, this Consent Agreement does not
amend or modify the LLC Agreement or the rights of the Counterparty thereunder. 
 [Signature Page Follows] 

 General Electric Capital Corporation 

                 ,
             
 Page 5 

IN WITNESS WHEREOF, each of the Counterparty and Agent has duly executed this Consent Agreement as of the date first above written.

  

			
	 [COUNTERPARTY]

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	GENERAL ELECTRIC CAPITAL CORPORATION, as Agent
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT G 

TO 
 CREDIT
AGREEMENT 
 FORM OF COMPLIANCE CERTIFICATE 

Date:                 ,
             
 This Compliance Certificate (this
“Certificate”) is given by SemCrude Pipeline, L.L.C., a Delaware limited liability company (the “Borrower”), pursuant to Section 6.1(e) of that certain Credit Agreement dated as of November
[    ], 2009 among the Borrower, General Electric Capital Corporation, as administrative agent (in such capacity, “Administrative Agent”), and as a Lender, and the additional Lenders party thereto (as such
agreement may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein without definition shall have the meanings set forth in the Credit Agreement.

 The officer executing this Certificate is a Responsible Officer of SemOperating G.P., L.L.C., an Oklahoma limited liability
company and the general partner of SemCrude, L.P., a Delaware limited partnership and the sole member of the Borrower and as such is duly authorized to execute and deliver this Certificate on behalf of the Borrower. By executing this Certificate,
such officer hereby certifies to Agent and Lenders, on behalf of the Borrower, that: 
 (a) the financial statements delivered
with this Certificate in accordance with subsection 6.1(b) or 6.1(c) of the Credit Agreement are correct and complete and fairly present, in all material respects, in accordance with GAAP the financial position and the results of operations of the
Borrower and its Subsidiaries as of the dates of and for the periods covered by such financial statements (subject, in the case of interim financial statements, to normal year-end adjustments and the absence of footnote disclosure); 

(b) to the best of such officer’s knowledge, the Borrower and its Subsidiaries, during the period covered by such financial
statements, have observed and performed all of their respective covenants and other agreements in the Credit Agreement and the other Loan Documents to be observed, performed or satisfied by them, and such officer had not obtained knowledge of any
Default or Event of Default [except as specified on the written attachment hereto]; 
 (c) Exhibit A hereto is a correct
calculation of each of the financial covenants contained in Article 5 of the Credit Agreement; 
 (d) no Default or Event
of Default has occurred and is continuing on the date hereof[, except as set forth on Schedule I attached hereto (which Schedule includes both (i) the nature of such Default or Event of Default, and (ii) a proposed plan of action relating
to such Default or Event of Default)]; and 
 (e) since the Closing Date and except as disclosed in prior Compliance
Certificates delivered to Agent, neither the Borrower nor any Subsidiary of the Borrower has: 
 (i) changed its legal
name, identity, jurisdiction of incorporation, organization or formation or organizational structure or formed or acquired any Subsidiary except as follows:             ; 

 (ii) acquired the assets of, or merged or consolidated with or into, any Person,
except as follows:             ; or 
 (iii) changed
its address or otherwise relocated, acquired fee simple title to any real property or entered into any real property leases, except as follows:             . 

IN WITNESS WHEREOF, this Certificate is executed this              day
of             , 200    . 
  

							
	SEMCRUDE PIPELINE, L.L.C.
		
	By:	 	SemCrude, L.P., its sole member
			
		 	By:	 	SemOperating G.P., L.L.C., its general partner
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

 Note: Unless otherwise specified, all financial covenants are calculated for the Borrower and its Subsidiaries
on a consolidated basis in accordance with GAAP. 

 EXHIBIT A TO EXHIBIT G 

COMPLIANCE CERTIFICATE 

Total Leverage Ratio Covenant pursuant to Section 5.1 

The Total Leverage Ratio as of the Fiscal Quarter ended
[                    ] is set forth below: 
  

					
			
	Principle balance of all outstanding Term Loans and other Indebtedness of the Group Members (“Outstanding Term Loans”)	  	                           
             	  	
			
	Consolidated EBITDA of the Borrower for the most recently ended Computation Period (“Current Consolidated EBITDA”)	  	                           
             	  	
			
	Total Leverage Ratio (Outstanding Term Loans divided by Current Consolidated EBlTDA)	  	                           
             	  	
			
	In Compliance	  		  	Yes/No

  

 
 Debt Service Coverage Ratio
Covenant pursuant to Section 5.2 
 The Debt Service Coverage Ratio as of the Computation Period ended
[                    ] is set forth below: 
  

					
			
	Cash Flow Available for Debt Service for Computation Period ended [            ] (“Current Debt Service Cash
Flow”)	  	                           
             	  	
			
	Debt Service for Computation Period ended [            ] (“Current Debt Service”)	  	                           
             	  	
			
	Debt Service Coverage Ratio (Current Debt Service Cash Flow divided by Current Debt Service)	  	                           
             	  	
			
	In Compliance	  		  	Yes/No

 EXHIBIT H 

TO 
 CREDIT
AGREEMENT 
  

	 	•	 	 Security Agreement 

[Distributed Separately] 

 EXHIBIT I 

FORM OF ANNUAL OPERATING BUDGET 

 DRAFT 

SemGroup 2010 Budget 
 Budget Template
- SemGroup Pipeline 
  

																											
	 	  	31	  	28	  	31	  	30	  	31	  	30	  	31	  	31	  	30	  	31	  	30	  	31	  	 
	 	  	Budget	  	Total
	 	  	Jan-10	  	Feb-10	  	Mar-10	  	Apr-10	  	May-10	  	Jun-10	  	Jul-10	  	Aug-10	  	Sep-10	  	Oct-10	  	Nov-10	  	Dec-10	  	2010
	 White Cliffs Distributions
	  		  		  		  		  		  		  		  		  		  		  		  		  	
	 Less: Permitted Borrower Administrative Expenses
	  		  		  		  		  		  		  		  		  		  		  		  		  	
	 Less: Quarterly Fixed Amortization
	  		  		  		  		  		  		  		  		  		  		  		  		  	
	 Less: Interest Expense
	  		  		  		  		  		  		  		  		  		  		  		  		  	
	 Less: Permitted Tax Distributions
	  		  		  		  		  		  		  		  		  		  		  		  		  	
	 Excess Cash Flow
	  		  		  		  		  		  		  		  		  		  		  		  		  	
														
	 Beginning Debt
	  		  		  		  		  		  		  		  		  		  		  		  		  	
	 Mandatory Amortization
	  		  		  		  		  		  		  		  		  		  		  		  		  	
	 Excess Cash Sweep
	  		  		  		  		  		  		  		  		  		  		  		  		  	
	 Ending Debt
	  		  		  		  		  		  		  		  		  		  		  		  		  	
														
	 Beginning Cash
	  		  		  		  		  		  		  		  		  		  		  		  		  	
	 Plus: Monthly Cash Flow
	  		  		  		  		  		  		  		  		  		  		  		  		  	
	 Less: Excess Cash Sweep
	  		  		  		  		  		  		  		  		  		  		  		  		  	
	 Ending Cash

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}]]