Document:

Exhibit 10.16

 

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

 

EXECUTION VERSION

	
 
    

 

INTER-REFINERY PIPELINE LEASE

 

BETWEEN

 

SUNOCO PIPELINE L.P.

 

AND

 

PHILADELPHIA ENERGY SOLUTIONS REFINING

AND MARKETING LLC

	
 
    

 

 

TABLE OF CONTENTS

 

	
1.
    	
DESCRIPTION
    	
1
    
	
2.
    	
TERM
    	
1
    
	
3.
    	
RENT/VARIABLE   POWER COSTS
    	
1
    
	
4.
    	
OPERATION   AND MAINTENANCE
    	
2
    
	
5.
    	
INSURANCE
    	
5
    
	
6.
    	
[intentionally   omitted]
    	
7
    
	
7.
    	
OPERATING   COMMITTEE
    	
7
    
	
8.
    	
NO   WARRANTY; LIMITATION OF LIABILITY
    	
7
    
	
9.
    	
INDEMNIFICATION
    	
7
    
	
10.
    	
LIENS;   CONSENT AGREEMENT
    	
8
    
	
11.
    	
CONDEMNATION
    	
9
    
	
12.
    	
DEFAULT;   TERMINATION; REMEDIES
    	
9
    
	
13.
    	
NOTICES
    	
10
    
	
14.
    	
MISCELLANEOUS   PROVISIONS
    	
11
    

 

	
Exhibit A
    	
Identification   of Leased Assets
    
	
Exhibit B
    	
Rent   Payments and Rates for Power
    
	
Exhibit C
    	
Form of   Consent Agreement
    

 

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

 

i

 

INTER-REFINERY PIPELINE LEASE

 

This Inter-Refinery Pipeline Lease (this “Lease”) is made this 30th day of November 2012 by and between Sunoco Pipeline L.P. whose address is 1818 Market Street, Philadelphia, PA 19103 (“LESSOR”) and Philadelphia Energy Solutions Refining and Marketing LLC, whose address is 1735 Market Street, Philadelphia, PA 19103 (“LESSEE”).

 

WHEREAS, LESSOR owns three (3) pipelines between LESSEE’s Philadelphia, Pennsylvania refinery (the “Philadelphia Refinery”) and Sunoco, Inc. (R&M)’s idled Marcus Hook, Pennsylvania refinery (the “Marcus Hook Refinery”), and

 

WHEREAS, LESSEE desires to lease all of the aforementioned pipelines, and

 

WHEREAS, LESSOR is willing to lease such pipelines to LESSEE under the terms and conditions of this Lease.

 

NOW, THEREFORE in consideration of the mutual promises and covenants contained herein, LESSOR and LESSEE agree, with the intent to be legally bound, to the following terms and conditions.

 

1.                                      DESCRIPTION

 

LESSOR hereby leases, lets and demises unto LESSEE designated portions of three (3) bi-directional eighteen (18) mile pipelines between the Philadelphia Refinery and the Marcus Hook Refinery, including the pipeline connections into and out of Sunoco Partners Marketing & Terminals L.P.’s Paulsboro, New Jersey refined products terminal (the “Paulsboro Terminal”), all of which leased assets are more specifically identified in Exhibit A, which is attached hereto and made a part hereof, and are hereinafter referred to collectively as the “Leased Assets”.

 

2.                                      TERM

 

The term of this Lease shall commence on the 1st day of January 2013 and shall expire on January 31, 2022.

 

3.                                      RENT/VARIABLE POWER COSTS

 

LESSEE agrees to pay annual rent in monthly installments, in the amounts shown on Exhibit B, which is attached hereto and made a part hereof. Rent for partial months shall be pro-rated.

 

In consideration of LESSOR providing power to the pumps at the Marcus Hook Refinery, LESSEE also agrees to pay the rates set forth on Exhibit B attached hereto for product pumped from the Marcus Hook Refinery pursuant to this Lease. LESSOR shall endeavor to provide an invoice to LESSEE regarding such charges, each of which shall include reasonable background and supporting documentation and information mutually agreed upon from time to time in good faith, not later than the 5th business day of each month. Payment shall be made by electronic transfer to an account designated by LESSOR

 

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

 

1

 

within ten (10) days after delivery of the invoice, provided LESSEE may withhold payment of any such amount disputed in good faith until such time as the dispute is resolved.

 

To the extent that LESSEE changes the products pumped through the Leased Assets from those at the commencement of this Agreement, adds or modifies connections to the Leased Assets, changes equipment such that the rate of flow through the Leased Assets would materially change or adds equipment for which LESSOR has operational responsibility hereunder, the parties shall negotiate in good faith appropriate adjustements, if any, to pricing set forth on Exhibit B.

 

Should a party to this Lease fail to pay any amounts due under this Agreement or any amounts are owed upon resolution of a Dispute (as defined below), or be entitled to a refund of amounts paid but determined not to have been owed, such party shall owe the other party interest on such amounts at the rate of [**] per annum over the prime lending rate publicly announced from time to time by Citibank N.A. of New York, NY on ninety day loans to substantial and responsible commercial borrowers, but not to exceed any applicable interest criteria imposed by law on the unpaid principal balance, from the date payment was due until it is received (or, in the case of amounts paid and determined not to have been owed, from the date paid until refunded). A party shall reimburse the other party for all actual costs (including reasonable attorneys’ fees and court costs) incurred by such other party to collect overdue and unpaid amounts, including late payment charges, whether or not suit is brought.

 

4.                                      OPERATION AND MAINTENANCE

 

4.1                               Restricted Use

 

The Leased Assets may only be used as a private pipeline system for the transportation of jet fuel, liquefied petroleum gases, gasoline, distillates, blending components, and intermediate feed stocks. LESSEE is prohibited from making any new connections of the Leased Assets to any third-party facilities, provided LESSEE may modify existing connections owned by LESSEE and/or add new connections owned by LESSEE to the pig traps that are a part of the Leased Assets at the Philadelphia Refinery. Any other use of the Leased Assets is strictly prohibited without the prior express written permission of LESSOR.

 

4.2                               Operations

 

LESSOR shall, at its sole cost and expense, operate (i) the Leased Assets and (ii) any pumps and equipment interconnected to the Leased Assets at the Marcus Hook Refinery or the Paulsboro Terminal and used to operate the Leased Assets (such pumps and equipment, collectively with the Leased Assets, the “Lessor System”), except that LESSEE shall, at its sole cost and expense, provide power to the pumps located at the Philadelphia Refinery. LESSOR shall operate the Lessor System in accordance with LESSEE’s directions.

 

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

 

2

 

During the term of this Lease, LESSOR agrees to operate the Lessor System in a good and workmanlike manner, in accordance with usual and customary industry practices and all applicable engineering and safety requirements, and in compliance with all applicable laws, rules and regulations, including, without limitation, the U.S. Department of Transportation Pipeline Safety Regulations. LESSEE shall not assume any obligation whatsoever in connection with LESSOR’s operation of the Lessor System; or be required to furnish workers, equipment, or materials in connection with LESSOR’s operation of the Lessor System.

 

4.3                               Maintenance

 

LESSOR shall, at its sole cost and expense, perform all routine maintenance on the Lessor System in accordance with usual and customary industry practices and all applicable engineering and safety requirements and in compliance with all applicable laws, rules and regulations, including, without limitation, the U.S. Department of Transportation (“DOT”) Pipeline Safety Regulations. Such routine maintenance shall include only line marking, DOT valve and river crossing inspections, main line valve maintenance, right of way surveillance and patrols, painting above-ground facilities, one calls and cathodic protection.

 

LESSOR shall also perform all other maintenance (“Non-Routine Maintenance”) on the Lessor System in accordance with usual and customary industry practices to include, without limitation, smart pigging, hydrostatic testing, pipeline repairs, right-of-way clearing and mowing, leak response and environmental cleanup.

 

LESSOR shall afford LESSEE the right to monitor any of LESSOR’s activities under this Paragraph 4.3 and to audit LESSOR’s records pertaining to its costs and performance related to this Lease during regular business hours. LESSOR and LESSEE agree to negotiate in good faith required actions, if any, to address input provided by LESSEE as a result of such monitoring or audit.

 

LESSEE shall reimburse LESSOR for all of its reasonably incurred and documented costs incurred to perform Non-Routine Maintenance activities within ten (10) days from the date of LESSEE’s receipt of written invoice, including reasonable background and supporting documentation and information mutually agreed upon from time to time in good faith, provided LESSEE may withhold payment of any such amounts disputed in good faith until such time as the dispute is resolved.

 

4.4                               Rights of Way; Cooperation

 

LESSOR expressly reserves unto itself, its successors, and assigns the rights-of-way, easements, licenses, and permits through the lands where the Leased Assets are located.

 

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

 

3

 

LESSOR and LESSEE shall cooperate and coordinate with each other, and each party shall grant reasonable access over its real property to the other party, in connection with the operation, maintenance, repair and testing of the Lessor System and the facilities at the Philadelphia Refinery that interconnect with the Lessor System.

 

4.5                               Taxes

 

LESSOR shall be responsible for, and pay when due, all real property taxes levied against the Leased Assets or directly as a result of owning the Leased Assets, as well as all personal property taxes related thereto except as otherwise provided herein.

 

LESSEE shall pay when due any present or future government taxes, fees, duties, or assessments related to the operation of the Leased Assets. In the event any such taxes, fees, duties, or assessments referenced herein are levied against LESSOR, LESSEE will promptly reimburse LESSOR therefore within ten (10) days of receipt of documentation evidencing payment thereof by LESSOR.

 

4.6                               Relocations

 

In the event that LESSOR is required to relocate the Leased Assets, LESSOR will provide LESSEE reasonable notice of such requirement, and LESSEE shall reimburse LESSOR for all costs associated with such relocation.

 

4.7                               Non-Routine Maintenance Expense and Capital Budgets

 

In order to inform LESSEE as to LESSOR’s projected expenditures for Non-Routine Maintenance activities and capital expenditures contemplated for a forthcoming calendar year, the parties agree as follows:

 

Not later than October 1, LESSOR shall prepare in reasonably concise form and mail to LESSEE a Non-Routine Maintenance Budget and a Capital Budget for the Leased Assets for the next calendar year. The Non-Routine Maintenance Budget shall identify planned expenditures by major expense classifications and shall itemize all major Non-Routine Maintenance projects which are estimated to cost more than fifty thousand dollars ($50,000) each. The Capital Budget shall itemize all capital projects which are estimated to cost more than fifty thousand dollars ($50,000) each. LESSOR shall provide budget updates to LESSEE on a periodic basis throughout the year upon request.

 

4.8                               Expansion and Capital Projects

 

At LESSEE’s request, LESSOR shall perform expansion and capital projects on the Leased Assets, provided the parties agree in advance to a surcharge or rent adjustment that LESSOR reasonably determines is adequate to provide it with an acceptable return on LESSOR’S invested capital.

 

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

 

4

 

4.9                               Regulatory Compliance

 

LESSOR shall perform all activities reasonably necessary to maintain compliance with Pipeline and Hazardous Materials Safety Administration audits and any new regulations applicable to the Lessor System based on usual and customary industry practice. Such services shall be provided at cost. LESSOR will invoice LESSEE monthly, on or before the fifth business day of each month, for amounts payable by LESSEE to LESSOR for service during the previous month. The invoices shall specify in reasonable detail the services rendered during the relevant invoicing period and the costs incurred in providing such services and shall include reasonable background and supporting documentation and information mutually agreed upon from time to time in good faith. Such amounts shall be payable within ten (10) days after delivery of the invoice, provided LESSEE may withhold payment of any such amounts disputed in good faith until such time as the dispute is resolved.

 

5.                                      INSURANCE

 

5.1                               LESSEE shall procure and maintain with reputable insurers with AM Best Company’s rating of not less than “A VII” policies of insurance written on an occurrence basis or on claims made basis (in which event insurance shall be maintained during the term of this Lease and for a period of two years following expiration or earlier termination of this Lease), or self-insurance acceptable to LESSOR, with limits not less than those indicated for the respective items as follows:

 

(a)                                 Statutory Workers’ Compensation and Occupational Disease Insurance, including Employer’s Liability Insurance and, if applicable, coverage under the Longshoremen and Harbor Workers’ Compensation Act, the Jones Act or other Maritime Employer’s Liability, complying with laws of each jurisdiction. Employer’s Liability Insurance (and Maritime Employer’s Liability, if applicable) shall be provided with a limit not less than: $2,000,000 each occurrence;

 

(b)                                 Commercial Liability Insurance with limits not less than: $10,000,000 Bodily Injury, Personal Injury & Property Damage combined each occurrence and aggregate;

 

(c)                                  Commercial Automobile Liability Insurance, including Contractual Liability, covering all motor vehicles licensed for highway use with limits not less than: $5,000,000 Bodily Injury, Personal Injury & Property Damage combined each occurrence and aggregate.

 

5.2                               LESSEE shall provide certificates of insurance acceptable to LESSOR. All insurance shall (i) provide that coverage shall not be suspended, voided, canceled, non-renewed, reduced in scope or limits except after thirty (30) days’ prior written notice has been given to LESSOR; and (ii) apply separately to each insured and

 

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

 

5

 

additional insured against whom a claim is made or suit is brought, except with respect to the limits of the insurer’s liability and provide a waiver of subrogation in waiver of LESSOR. The Commercial General Liability and Automobile Liability policies shall be endorsed to add, or shall have an existing blanket endorsement so as to add, LESSOR as an additional insured; provided, however, that LESSOR shall be named as an additional insured only with respect to any claims arising out of or related to this Lease and/or LESSEE’s obligations hereunder; and shall provide that the coverage afforded to LESSOR as an additional insured will be primary to any other coverage available to it, and that no act or omission of LESSOR shall invalidate the coverage. Any deductible or retention of insurable risks shall be for LESSEE’s account. The insurance requirement set forth herein shall not in any way limit LESSEE’s liability arising out of this Lease, or otherwise, and shall survive the termination/cancellation of this Lease.

 

5.3                               LESSOR shall procure and maintain with reputable insurers with AM Best Company’s rating of not less than “A VII” policies of insurance written on an occurrence basis or on claims made basis (in which event insurance shall be maintained during the term of this Lease and for a period of two years following expiration or earlier termination of this Lease), or self-insurance acceptable to LESSEE, with limits not less than those indicated for the respective items as follows:

 

(a)                                 Statutory Workers’ Compensation and Occupational Disease Insurance, including Employer’s Liability Insurance and, if applicable, coverage under the Longshoremen and Harbor Workers’ Compensation Act, the Jones Act or other Maritime Employer’s Liability, complying with laws of each jurisdiction. Employer’s Liability Insurance (and Maritime Employer’s Liability, if applicable) shall be provided with a limit not less than: $2,000,000 each occurrence;

 

(b)                                 Commercial Liability Insurance with limits not less than: $10,000,000 Bodily Injury, Personal Injury & Property Damage combined each occurrence and aggregate;

 

(c)                                  Commercial Automobile Liability Insurance, including Contractual Liability, covering all motor vehicles licensed for highway use with limits not less than: $5,000,000 Bodily Injury, Personal Injury & Property Damage combined each occurrence and aggregate.

 

5.4                               LESSOR shall provide certificates of insurance acceptable to LESSEE. All insurance shall (i) provide that coverage shall not be suspended, voided, canceled, non-renewed, reduced in scope or limits except after thirty (30) days’ prior written notice has been given to LESSEE; and (ii) apply separately to each insured and additional insured against whom a claim is made or suit is brought, except with respect to the limits of the insurer’s liability and provide a waiver of subrogation in waiver of LESSEE. The Commercial General Liability and Automobile

 

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

 

6

 

Liability policies shall be endorsed to add, or shall have an existing blanket endorsement so as to add, LESSEE as an additional insured; provided, however, that LESSEE shall be named as an additional insured only with respect to any claims arising out of or related to this Lease and/or LESSOR’s obligations hereunder; and shall provide that the coverage afforded to LESSEE as an additional insured will be primary to any other coverage available to it, and that no act or omission of LESSEE shall invalidate the coverage. Any deductible or retention of insurable risks shall be for LESSOR’s account. The insurance requirement set forth herein shall not in any way limit LESSOR’s liability arising out of this Lease, or otherwise, and shall survive the termination/cancellation of this Lease.

 

6.                                      [INTENTIONALLY OMITTED]

 

7.                                      OPERATING COMMITTEE

 

LESSOR and LESSEE shall at all times cooperate with each other and coordinate their respective activities in such manner as to effect the most efficient operation and utilization of the Leased Assets in accordance with accepted pipe line industry practices. To effect this cooperation, the parties agree to establish a Coordinating Committee composed of one representative from the LESSOR and one representative from the LESSEE. The primary functions of this Committee shall be to review any problems which arise as a result of this Lease and to recommend any alterations of or additions to this Lease or operating practices which to them may seem desirable.

 

8.                                      NO WARRANTY; LIMITATION OF LIABILITY

 

LESSOR MAKES NO REPRESENTATION OR WARRANTIES WITH RESPECT TO THE LEASED ASSETS. LESSEE ACKNOWLEDGES THAT IT HAS INSPECTED THE LEASED ASSETS AND ACCEPTS THE LEASED ASSETS IN THEIR PRESENT CONDITION, “AS IS WHERE IS”, WITHOUT WARRANTY, EXPRESS OR IMPLIED, AS TO CONDITION OR SUITABILITY FOR LESSEE’S PURPOSES.

 

9.                                      INDEMNIFICATION

 

LESSEE’S OBLIGATION OF INDEMNITY - LESSEE AGREES TO DEFEND, INDEMNIFY, AND HOLD HARMLESS LESSOR, ITS AFFILIATES AND THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, SUBCONTRACTORS AND AGENTS (HEREINAFTER COLLECTIVELY REFERRED TO AS “LESSOR INDEMNITEES”), FROM AND AGAINST ANY AND ALL CLAIMS, LIABILITIES, EXPENSES (INCLUDING REASONABLE ATTORNEY’S FEES AND EXPERT FEES), LOSSES, DAMAGES, DEMANDS, FINES, PENALTIES, AND CAUSES OF ACTION FOR INJURIES TO OR DEATH OF PERSONS (INCLUDING LESSOR’S AND LESSEE’S EMPLOYEES, AGENTS, CONTRACTORS OR SERVANTS) OR DAMAGES TO PROPERTY OR PENALTIES FOR VIOLATIONS OF LAWS, REGULATIONS, OR ORDERS, ANY OF WHICH ARE CAUSED BY, RELATE TO, OR ARISE FROM THE LESSEE’S USE OF THE LEASED ASSETS AND

 

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

 

7

 

MAINTENANCE OF THE LEASED ASSETS EXCEPT TO THE EXTENT CAUSED BY OR RESULTING FROM THE GROSS NEGLIGENT ACTS OR OMISSIONS OR WILLFUL MISCONDUCT OF LESSOR OR ITS EMPLOYEES, AGENTS OR CONTRACTORS, IN CONNECTION WITH LESSOR’S PERFORMANCE OF THIS LEASE. SUCH INDEMNITY SHALL APPLY REGARDLESS OF WHETHER LIABILITY WITHOUT FAULT IS IMPOSED OR SOUGHT TO BE IMPOSED ON ONE OR MORE OF THE LESSOR INDEMNITEES. THIS INDEMNITY SHALL NOT APPLY TO THE EXTENT THAT IT IS VOID OR OTHERWISE UNENFORCEABLE UNDER APPLICABLE LAW IN EFFECT ON OR VALIDLY RETROACTIVE TO THE DATE OF THIS LEASE. TO THE EXTENT THAT STATE AND/OR FEDERAL LAWS LIMIT THE TERMS OR CONDITIONS OF THIS PARAGRAPH, IT SHALL BE DEEMED SO LIMITED TO COMPLY WITH SUCH STATE AND FEDERAL LAWS. IF ANY TERM, PROVISION, COVENANT OR CONDITION OF THIS PARAGRAPH IS HELD BY A COURT OF COMPETENT JURISDICTION TO BE INVALID, VOID, OR UNENFORCEABLE, THE REMAINDER OF THE PROVISIONS SHALL REMAIN IN FULL FORCE AND EFFECT AND SHALL IN NO WAY BE AFFECTED, IMPAIRED, OR INVALIDATED. THIS PARAGRAPH SHALL SURVIVE THE TERMINATION OF THIS LEASE.

 

10.                               LIENS; CONSENT AGREEMENT

 

10.1                        Liens.

 

In no event shall LESSOR have a lien or security interest on LESSEE’s products transported by the Leased Assets unless LESSEE has failed to pay LESSOR any payments under Paragraph 3 of this Lease (and not any other payments which may become due) described in this Lease, which are not disputed in good faith and such failure to pay has continued without being remedied for a period of thirty (30) days following receipt by LESSEE of a written notice of such non-payment issued by LESSOR. LESSEE shall not suffer or permit any liens or lien claims to be filed against the Leased Assets by reason of any act or omission of LESSEE or by reason of any work, labor, services, or materials supplied or claimed to have been supplied in connection with the Leased Assets during the term of this Lease. If any such lien or lien claim shall be filed against the Leased Assets during the term of this Lease, LESSEE shall cause the same to be removed at its sole cost and expense.

 

10.2                        Consent Agreement

 

In consideration of LESSEE’s execution of this Lease with LESSOR, LESSOR hereby agrees that at the request of LESSEE, it shall execute and deliver to an intermediator that may own product to be transported by the Leased Assets, a Consent Agreement in the form of Exhibit C, which is attached hereto and made a part hereof. Such persons other than LESSEE that hold title to product to be transported by the Leased Assets and such third parties who have entered into

 

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

 

8

 

intermediation agreements with LESSEE, together, shall be referred to herein as “Other Parties.”

 

LESSOR shall enjoy all of the rights and remedies under this Lease against LESSEE as if LESSEE were the owner of such product to be transported by the Leased Assets. As provided in the Consent Agreement, LESSOR will comply with lawful directions or instructions of Other Parties. LESSEE acknowledges that in the event that LESSOR receives conflicting directions or instructions from LESSEE and Other Parties, LESSEE acknowledges that LESSOR will follow the directions or instructions of the Other Parties in accordance with the Consent Agreement.

 

11.                               CONDEMNATION

 

If, due to any condemnation, or taking by any public or quasi-public authority or other party having the right of eminent domain, any part of the Leased Assets are taken, or access to any material part of the Leased Assets is denied, and as a result of such taking there is a material interference or interruption in LESSEE’s use and operation of the Leased Assets which LESSOR cannot cure within a reasonable period of time, not to exceed 270 days, then and in any of the aforesaid events, the term of this Lease shall, at the option of LESSOR or LESSEE, terminate as to the portion of the Leased Assets so affected, and become null and void from the date when the party exercising the power of eminent domain actually takes or interferes with the material use of such portion of the Leased Asset or denies material access thereto. Annual rent shall be proportionally adjusted to reflect the taking or material interference as of the date of such taking or material interference. In no event shall LESSEE have or make any claim against LESSOR for damages or awards with respect to any condemnation or taking and the entire award in condemnation (other than any portion of such award in respect of the leasehold interest created pursuant to this Lease, to which LESSEE shall be solely entitled) shall be the absolute property of, and is hereby assigned and shall be paid to LESSOR.

 

12.                               DEFAULT; TERMINATION; REMEDIES

 

If one or more of the following events occurs, LESSOR or LESSEE, as the case may be, will be deemed for all purposes to be in default hereof, and the other party thereupon shall have the right to terminate this Lease and will be afforded the remedies provided under this Lease and under applicable law:

 

(a)                                 LESSOR or LESSEE violates or otherwise fails to comply substantially with any requirement imposed upon or promise made by it in this Lease, and within ten (10) days after written notice is given by the other party of such violation of or failure to comply substantially with, fails to correct such violation or failure to comply, unless such violation or failure to comply cannot reasonably be corrected within said ten (10) day period, or fails to initiate and diligently pursue such correction to completion;

 

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

 

9

 

(b)                                 LESSOR or LESSEE: (i) becomes insolvent (which term is defined for purposes hereof as failure generally to meet its obligations as the same become due); (ii) files a voluntary petition in bankruptcy, reorganization, receivership, or arrangement; (iii) files an answer admitting any material allegation of any insolvency petition filed pursuant to any insolvency act, federal, or state; (iv) makes an assignment for the benefit of creditors; or (v) applies for, consents to, or suffers the appointment of a receiver or trustee for any part of its property or assets.

 

13.                               NOTICES

 

All notices or requests or consents provided for by, or permitted to be given pursuant to, this Lease must be in writing and must be given by depositing same in the United States mail, addressed to the person to be notified, postpaid, and registered or certified with return receipt requested or by delivering such notice in person or via overnight courier, charges prepaid, or by facsimile to such party. Notice given by personal delivery, overnight courier or mail shall be effective upon actual receipt. Notice given by facsimile shall be effective upon actual receipt if received during the recipient’s normal business hours or at the beginning of the recipient’s next business day after receipt in not received during the recipient’s normal business hours. All notices to be sent to a party pursuant to this Lease shall be sent to or made at the addresses set forth below or at such other addresses as such party may stipulate to the other parties in the manner provided in this Paragraph 13:

 

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

 

10

 

To LESSEE:

 

Philadelphia Energy Solutions LLC

Philadelphia Energy Solutions Refining and Marketing LLC

3144 W. Passyunk Avenue

Philadelphia, PA 19145

Attention: Philip Rinaldi

Fax: (866) 456-1587

 

with a copy (which shall not constitute notice) to:

 

Vinson & Elkins LLP

666 Fifth Avenue, 26th Floor

New York, NY 10103

Attention: Michael Swidler and Steven Abramowitz

Fax: (212) 237-0100

 

To LESSOR:

 

Sunoco Pipeline L.P.

1818 Market Street

Philadelphia, PA 19103

Attn: Vice President - Business Development

Fax: 866-547-7490

 

with a copy to:

 

General Counsel and Secretary

Sunoco Partners LLC

1818 Market Street

Philadelphia, PA 19103

Fax: 215-246-8813

 

14.                               MISCELLANEOUS PROVISIONS

 

14.1                        Governing Law

 

This Lease is deemed a Pennsylvania contract and shall be construed, governed by, and administered in accordance with the laws of the Commonwealth of Pennsylvania.

 

14.2                        Assignment

 

Neither this Lease nor any of the rights or obligations hereunder shall be assigned without the prior written consent of LESSEE (in the case of any assignment by LESSOR) or LESSOR (in the case of any assignment by LESSEE); provided, however, that: (i) either LESSEE or LESSOR may make such an assignment to

 

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

 

11

 

any of its Affiliates so long as the assignor remains liable hereunder; (ii) either LESSEE or LESSOR may make a collateral assignment of this Lease in connection with any financing by such party; (iii) LESSEE may make such an assignment to any Person to which LESSEE has sold the Philadelphia Refinery if such Person (A) is reasonably capable of performing LESSEE’s obligations under this Lease, which determination shall be made by LESSEE in its reasonable judgment, and (B) has agreed in writing with LESSOR to assume the obligations of LESSEE hereunder; and (iv) LESSEE may make such an assignment (in whole or in part or through a mechanism other than an assignment) to any Person acting as an intermediator of all or any portion of the product transported by the Leased Assets. Any attempt to make an assignment otherwise than as permitted by the foregoing shall be null and void. The parties hereto agree to require their respective successors, if any, to expressly assume, in a form of agreement reasonably acceptable to the other parties, their obligations under this Lease.

 

In the event LESSOR sells the Leased Assets (including to an Affiliate), it shall be obligated to assign this Lease, and to have the purchaser assume LESSOR’s obligations hereunder, pursuant to an assignment and assumption agreement in form and substance reasonably acceptable to LESSEE. For purposes of this Lease: (i) “Affiliate” means, as to the Person specified, any Person Controlling, Controlled by, or under common Control with such specified Person; provided, however, that no Person shall be deemed an Affiliate of any Person solely by reason of the exercise or existence of rights, interests or remedies under this Lease; (ii) “Control” (including correlative terms such as “controlled by” and “controlling”) means, as used with respect to any Person, the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise; and (iii) “Person” means an individual, corporation, limited liability company, partnership, joint venture, business trust, unincorporated organization, association, government agency or political subdivision thereof or other entity.

 

14.3                        Entirety of Agreement/Modification

 

This instrument contains the entire agreement between the parties hereto regarding the subject matter hereof, and no prior promises, agreements, or warranties written or verbal shall be of any force or effect unless embodied herein. No modification of this Lease shall be of any force or effect unless reduced to writing and signed by both parties.

 

14.4                        Enforceability

 

Each covenant contained in this Lease is intended to be, and shall be construed to be a separate and independent covenant. If any term or provision of this Lease or any application thereof shall be invalid or unenforceable, the remainder of this Lease or any other application of such term or provision shall not be affected thereby unless continued operation of this Lease is commercially unreasonable. If

 

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

 

12

 

this Lease is determined to be unlawful, invalid, or unenforceable as to any pipeline facilities comprising the Leased Assets, this Lease shall forthwith automatically terminate as to such pipeline facilities and any other portion of the Leased Asset affected thereby, and neither party shall be liable to the other as a result thereof except as provided in Paragraphs 8 and 9 of this Lease.

 

14.5                        Captions

 

The captions used in this Lease are for reference purposes only and will not affect the interpretation or meaning of this Lease.

 

14.6                        Counterparts

 

This Lease may be executed simultaneously in one or more counterparts, each of which will be deemed an original, but all of which will constitute one and the same instrument. Photocopies, facsimiles and other reproductions of the originally signed Lease shall be deemed to be original counterparts to this Lease.

 

14.7                        Waiver

 

If either party waives any power, right, or remedy arising hereunder or under any applicable law, such waiver will not be deemed to be a waiver upon the later occurrence or recurrence of any of said events. No reasonable delay by either party in the exercise of any power, right, or remedy will constitute, under any circumstances, a waiver of the party’s power, rights, or remedies.

 

14.8                        Quiet Enjoyment

 

If and so long as LESSEE shall pay the rent payable hereunder and shall perform and observe all of the terms, covenants, and conditions on the part of LESSEE to be performed and observed, LESSOR covenants that LESSOR shall not interfere with LESSEE’s use, operation, and enjoyment of the Leased Assets.

 

14.9                        Dispute Resolution

 

LESSOR and LESSEE shall endeavor to resolve any dispute, controversy or claim (a “Dispute”) arising from or in connection with this Lease in a fair and equitable manner. Prior to initiating legal proceedings with respect to any such Dispute, the parties will seek resolution of disputes through discussions between senior executives of the respective parties. In addition, LESSOR and LESSEE may agree to engage in mediation of a Dispute, in which case the cost of the mediator shall be shared equally.

 

14.10                 Successors and Assigns: No Third Party Beneficiaries.

 

This Lease shall inure to the benefit of and be binding upon the parties and their respective successors and permitted assigns. Except as otherwise permitted herein, nothing in this Lease shall be construed as conferring upon any Person

 

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

 

13

 

other than the parties and their respective successors and permitted assigns any right, remedy or claim under or by reason of this Lease.

 

[Rest of page intentionally left blank]

 

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

 

14

 

Executed by their duly authorized representatives and witnessed on this 30th day of November, 2012.

 

	
Witness:
    	
SUNOCO PIPELINE L.P.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
BY: SUNOCO LOGISTICS PARTNERS
    
	
 
    	
OPERATIONS GP LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Charles E. Maser
    	
 
    	
By:
    	
/s/ Michael J Hennigan 
    
	
Name:
    	
Charles E. Maser
    	
 
    	
Name:
    	
Michael J Hennigan 
    
	
Title:
    	
Sr. Director
    	
 
    	
Title
    	
President & CEO
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Witness:
    	
PHILADELPHIA ENERGY SOLUTIONS
    
	
 
    	
 
    	
REFINING AND MARKETING LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ V. Steve Herzog
    	
 
    	
By:
    	
/s/ James T Rens
    
	
Name:
    	
V. Steve Herzog
    	
 
    	
Name:
    	
James T Rens
    
	
Title:
    	
SVP Strategic Planning
    	
 
    	
Title
    	
CFO
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
SIGNATURE PAGES
    

 

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

 

 

COMMONWEALTH OF PENNSYLVANIA

 

COUNTY OF PHILADELPHIA

 

Before me the undersigned, a Notary Public within and for the above named County and State, on this 17th day of December, 2012, personally appeared Michael Hennigan to me known to be the identical person who subscribed the name of the maker thereof to the within and foregoing instrument as its President and acknowledged to me that he executed the same as his free and voluntary act and deed of such corporation, for the uses and purposes therein set forth.

 

Witness my hand and official seal the day and year last above written.

 

	
 
    	
 
    	
/s/ Dawn A. Womack
    
	
 
    	
 
    	
Notary Public
    

 

	
My Commission Expires:
    	
 
    	
COMMONWEALTH OF   PENNSYLVANIA
    
	
08-17-14
    	
 
    	
NOTARIAL SEAL
    
	
 
    	
 
    	
DAWN A. WOMACK, Notary   Public
    
	
 
    	
 
    	
City of Philadelphia,   Phila. County
    
	
 
    	
 
    	
My Commission Expires   August 17, 2014
    

 

COMMONWEALTH OF PENNSYLVANIA

 

COUNTY OF PHILADELPHIA

 

Before me the undersigned, a Notary Public within and for the above named County and State, on this 12 day of December, 2012, personally appeared James Rens to me known to be the identical person who subscribed the name of the maker thereof to the within and foregoing instrument as its CFO and acknowledged to me that he executed the same as his free and voluntary act and deed of such corporation, for the uses and purposes therein set forth.

 

Witness my hand and official seal the day and year last above written.

 

	
 
    	
 
    	
/s/ Sherry W. Robey
    
	
 
    	
 
    	
Notary Public
    
	
 
    	
 
    	
 
    
	
My Commission Expires:
    	
 
    	
 
    
	
12-7-15
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
COMMONWEALTH OF   PENNSYLVANIA
    	
 
    	
 
    
	
NOTARIAL SEAL
    	
 
    	
 
    
	
SHERRY W. ROBEY, Notary   Public
    	
 
    	
 
    
	
City of Philadelphia,   Phila. County
    	
 
    	
 
    
	
MY Commission Expires   December 7, 2015
    	
 
    	
 
    
	
 
    
	
SIGNATURE   PAGES
    

 

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

 

 

Exhibit A

Identification of Leased Assets

 

1.   Pipeline of approximately 18.2 miles with appurtenant valves, corrosion control and protective equipment commonly identified as the 3N Line, originating at the Philadelphia Refinery and terminating at the Marcus Hook Refinery at the first flange as the 3N Line comes above ground and at the Paulsboro Terminal.

 

2.   Pipeline of approximately 18.2 miles with appurtenant valves, corrosion control and protective equipment commonly identified as the 4N Line, originating at the Philadelphia Refinery and terminating at the Marcus Hook Refinery at the first flange as the 4N Line comes above ground.

 

3.   Pipeline of approximately 18.2 miles with appurtenant valves, corrosion control and protective equipment commonly identified as the 5N Line, originating at the Philadelphia Refinery and terminating at the Marcus Hook Refinery at the first flange as the 5N Line comes above ground and at the Paulsboro Terminal.

 

Portions of Lessor System at

Philadelphia Refinery and Paulsboro Terminal

 

The attached maps and legal description provide additional detail regarding the locations of the Leased Assets located at the Philadelphia Refinery and Paulsboro Terminal.

 

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

 

A-1

 

 

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

 

A-2

 

 

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

 

A-3

 

Exhibit B

Rent Payments and Rates for Power

 

	
Calendar Year
    	
 
    	
Yearly Rate
    	
 
    	
Monthly Rate
    	
 
    
	
2013
    	
 
    	
$
    	
[**]
    	
 
    	
$
    	
[**]
    	
 
    
	
2014
    	
 
    	
$
    	
[**]
    	
 
    	
$
    	
[**]
    	
 
    
	
2015
    	
 
    	
$
    	
[**]
    	
 
    	
$
    	
[**]
    	
 
    
	
2016
    	
 
    	
$
    	
[**]
    	
 
    	
$
    	
[**]
    	
 
    
	
2017
    	
 
    	
$
    	
[**]
    	
 
    	
$
    	
[**]
    	
 
    
	
2018
    	
 
    	
$
    	
[**]
    	
 
    	
$
    	
[**]
    	
 
    
	
2019
    	
 
    	
$
    	
[**]
    	
 
    	
$
    	
[**]
    	
 
    
	
2020
    	
 
    	
$
    	
[**]
    	
 
    	
$
    	
[**]
    	
 
    
	
2021
    	
 
    	
$
    	
[**]
    	
 
    	
$
    	
[**]
    	
 
    
	
2022
    	
 
    	
$
    	
[**]
    	
 
    	
$
    	
[**]
    	
 
    

 

Rates for Power to Operate Pumps at Marcus Hook Refinery

(to be billed monthly in addition to the Rent Payments)

 

	
Name of Pipeline
    	
 
    	
Price Per Barrel
    	
 
    
	
3N Pipeline
    	
 
    	
$
    	
[**]
    	
 
    
	
4N Pipeline
    	
 
    	
$
    	
[**]
    	
 
    
	
5N Pipeline
    	
 
    	
$
    	
[**]
    	
 
    

 

The rates above apply to quantities of product pumped from the Marcus Hook Refinery. Such rates are for 2012 and 2013 and will be escalated based on any changes (on an equivalent percentage basis) after the date of this Lease in the energy rate charged by PECO for energy delivered to the Marcus Hook Refinery.

 

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

 

B-1

 

Exhibit C

Form of Consent Agreement

 

[SEE ATTACHED]

 

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

 

C-1Exhibit 10.17

 

EXECUTION VERSION

 

INSTALLMENT SALE AND PURCHASE AGREEMENT

 

This INSTALLMENT SALE AND PURCHASE AGREEMENT (this “Agreement”) is made and entered into this 7th day of May, 2014 (the “Effective Date”), by and among NGL Energy Partners LP, a Delaware master limited partnership (“NGL”), and Philadelphia Energy Solutions Refining and Marketing LLC, a Delaware limited liability company (“PESRM”). NGL and PESRM may be referred to individually as a “Party” and collectively as the “Parties.”

 

WHEREAS, PESRM owns and operates an oil refining facility commonly referred to as the “Philadelphia Refining Complex”, located in Philadelphia, Pennsylvania (the “Refinery”);

 

WHEREAS, PESRM has entered into that certain Engineering, Design, Procurement and Construction Management Agreement, by and between PESRM and Jacobs Field Services North America, Inc., dated as of April 7, 2014 (the “EPCM”) to construct a butane rack loading and unloading facility at the Girard Point South Yard, as more particularly described on Exhibit A (the “Facility”);

 

WHEREAS, PESRM and NGL have entered into or, simultaneously with this Agreement, intend to enter into that certain Management Services Agreement, dated as of May 7, 2014 (the “MSA”), pursuant to which the Parties intend for NGL, among other services, to make all payments that may be required under the EPCM and under any other contracts in order to design, engineer, procure equipment, construct and bring the Facility into commercial operation;

 

WHEREAS, the Parties intend for NGL to receive title to the Facility in accordance with Section 21.1 of the EPCM and PESRM desires to use and operate the Facility in connection with its operation of the Refinery as soon as Substantial Completion or Beneficial Occupancy (each as defined in the EPCM) occurs; and

 

WHEREAS, NGL agrees to sell to PESRM and PESRM agrees to purchase from NGL the Facility in accordance with the terms and conditions provided herein; and

 

WHEREAS, NGL shall have received a Non-Disturbance Agreement from JP Morgan Chase Bank, N.A. recognizing NGL’s interest in the Facility and agreeing not to disturb such interest.

 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

DEFINITIONS

 

1.1                               Definitions. For all purposes of this Agreement (including the preceding recitals) unless otherwise required by the context in which any defined term appears, capitalized terms have the meanings specified in this Section 1.1.

 

 

“Affiliate” shall mean, when used with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

 

“Aggregate Project Costs” has the meaning set forth in the MSA.

 

“Aggregate Purchase Price” has the meaning set forth in the MSA.

 

“Agreement” has the meaning set forth in the preamble.

 

“Applicable Law” means all treaties, constitutions, charters, acts, statutes, laws, regulations, rules, codes. ordinances, judgments, directives, Permits, decrees, mandates, approvals, interpretations, injunctions, writs, orders or other similar legal requirements of any Governmental Authority or other authority or other body having jurisdiction over PESRM, NGL, the Facility or the operation of the Facility, as may be in effect from time to time.

 

“Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled” shall have meanings correlative thereto.

 

“Development Fee” has the meaning set forth in Section 3.4(c).

 

“Disclosing Party” has the meaning set forth in Section 7.2.

 

“Effective Date” has the meaning set forth in the preamble.

 

“EPCM” has the meaning set forth in the recitals.

 

“Event of Default” has the meaning set forth in Section 6.1.

 

“Facility” has the meaning set forth in the recitals.

 

“Governmental Authority” means any national, federal, state, regional, county, parish, municipal, local or other governmental, regulatory or administrative agency, commission, department, board or other government subdivision, court, tribunal, arbitral body or any other government or any Person exercising any governmental authority.

 

“Initial Purchase Price” has the meaning set forth in the MSA.

 

“MSA” has the meaning set forth in the recitals.

 

“NGL” has the meaning set forth in the preamble.

 

“Party” has the meaning set forth in the preamble.

 

2

 

“Person” means any Party, individual, partnership, corporation, association, limited liability company, business trust, government or political subdivision thereof, governmental agency or other entity.

 

“PESRM” has the meaning set forth in the preamble.

 

“Prepayment Option” has the meaning set forth in Section 3.4(d).

 

“Receiving Party” has the meaning set forth in Section 7.2.

 

“Refinery” has the meaning set forth in the recitals.

 

“Substantial Completion” has the meaning set forth in the EPCM.

 

“Substantial Completion Project Costs” has the meaning set forth in the MSA.

 

“Term” means the period of time commencing on the Effective Date and ending on the Transfer Date.

 

“Transfer Date” has the meaning set forth in the MSA.

 

1.2                               Rules of Interpretation.

 

(a)                                 Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto.

 

(b)                                 As used herein, and in any certificate or other document made or delivered pursuant hereto, (i) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (ii) the word “incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have correlative meanings), (iii) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, capital stock, securities, revenues, accounts, leasehold interests and contract rights, and (iv) references to agreements or other contracts shall, unless otherwise specified, be deemed to refer to such agreements or contracts as amended, supplemented, restated or otherwise modified from time to time.

 

(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 and Exhibit references are to this Agreement unless otherwise specified.

 

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

 

3

 

AGREEMENT

 

2.1                               Agreement. This Agreement consists of the terms and conditions set forth herein, as well as the exhibits and appendices that are incorporated by reference herein and made part hereof, including the following Exhibits:

 

(a)                                 Exhibit A                                             Facility Description

(b)                                 Exhibit B-1                                  Initial Amortization Schedule

(c)                                  Exhibit B-2                                  Amended Amortization Schedule

 

2.2                               Order of Precedence. In the event of a conflict, variation or inconsistency among the Exhibits and the terms and conditions of the body of this Agreement, the terms and conditions of the body of this Agreement shall control and be given priority.

 

SALE OF FACILITY; PURCHASE PROVISIONS

 

3.1                               Sale of Facility. NGL hereby agrees to sell the Facility, including, without limitation, all personal property of any kind comprising the Facility as more particularly described on Exhibit A, to PESRM, and PESRM hereby agrees to purchase the Facility, including, without limitation, all personal property of any kind comprising the Facility from NGL, upon the terms and conditions set forth herein.

 

3.2                               Title; Right to Use; Quiet Enjoyment.

 

(a)                                                                 From NGL’s receipt of title to the Facility pursuant to Section 21.1 of the EPCM until the Transfer Date, NGL shall retain title to the Facility in accordance with Section 5.5 of the MSA and PESRM shall have the exclusive right to use and operate the Facility in accordance with Section 5.6 of the MSA. NGL shall transfer title to the Facility to PESRM free and clear of all liens and encumbrances except for (i) liens for taxes that are incurred in the ordinary course of business that are not yet due and payable and (ii) materialman’s, mechanic’s, repairman’s, employee’s, contractor’s and other similar liens, charges or assessments arising by operation of Applicable Law in the ordinary course of business for obligations which are not yet due or that are not yet due in the normal course of business or, if delinquent, that are being contested in good faith by appropriate action (subparagraphs (i) and (ii) collectively referred to as the “Permitted Liens”). At such time, NGL shall, at the sole expense of PESRM, execute and deliver a bill of sale, to effect the sale and conveyance of NGL’s right, title and interest in and to the Facility, and shall take such other action as may be deemed necessary or appropriate by PESRM to evidence or confirm such conveyance and to transfer ownership and title free and clear of all liens and encumbrances other than Permitted Liens.

 

(b)                                                                 Payments for the Facility shall be made by PESRM to NGL in installments as provided in Section 3.34 and Exhibits B-l and B-2 unless PESRM exercises its Prepayment Option as provided in Section 3.4(d).

 

4

 

(c)                                                                  PESRM shall quietly enjoy the Facility without hindrance or molestation by NGL or by any other person lawfully claiming by or through NGL. NGL shall neither take nor suffer or permit any action by NGL, its affiliates or third parties to prevent PESRM from having quiet and peaceable possession and enjoyment of the Facility and will, upon PESRM’s written request, cooperate with PESRM in order that PESRM may have quiet and peaceable possession and enjoyment of the Facility as hereinabove provided.

 

3.3                               Tax Treatment.

 

(a)                                 NGL agrees that it will not take depreciation deductions under U.S. federal, state and local tax laws with respect to the Facility.

 

(b)                                 NGL covenants and agrees not to take any position in any tax return, refund claim, audit, examination, contest, litigation or otherwise that is inconsistent with this Section 3.3, and to cooperate in good faith in responding to any challenge to any position taken by PESRM that is consistent with this Section 3.3.

 

3.4                               Installment Payments.

 

(a)                         Once the Substantial Completion Project Costs are known, the initial amortization schedule on Exhibit B-1 shall be completed. Starting on the first Business Day of the month following the month in which the Substantial Completion Date occurs and until the Parties agree on the Aggregate Purchase Price and the amendment to the initial amortization schedule in accordance with Section 5.1(c) of the MSA, PESRM shall pay to NGL the Substantial Completion Project Costs in equal monthly installments as set forth on the initial amortization schedule on Exhibit B-1 on or prior to the dates set forth therein.

 

(b)                         After the amendment of the initial amortization schedule to allocate the Aggregate Project Costs in accordance with Section 5.1(c) of the MSA, PESRM shall pay to NGL as basic installments of the Aggregate Project Costs the amounts set forth in the amended amortization schedule on Exhibit B-2 on or prior to the dates set forth therein.

 

(c)                          PESRM shall pay to NGL a development fee equal to 12.0% per annum of the then outstanding balance of the Aggregate Project Costs (the “Development Fee”). The Development Fee shall accrue daily on the then outstanding balance of the Aggregate Project Costs and shall be calculated on the basis of a year of 365 or 366 days, as applicable, and the actual number of days elapsed. PESRM shall make monthly installments of the Development Fee in conjunction with the installments of the Substantial Completion Project Costs or the Aggregate Project Costs (as the case may be) in accordance with the attached amortization schedules.

 

(d)                         At any time and from time to time, PESRM may, in its sole discretion, prepay the Aggregate Project Costs in whole or in part, in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount (the “Prepayment Option”). Such prepayment shall be made, together with any Development Fee that is accrued and outstanding pursuant to Section 3.4(c) at the time of such prepayment, at par without any premium or penalty. All such prepayments shall be made upon not less than three (3) Business Days’ prior written notice to NGL. Upon the giving of any such notice, the amount of the

 

5

 

Aggregate Project Costs specified in such notice shall become due and payable on the prepayment date specified therein. If such prepayment is made in part, the remaining installment payments shall be reduced pro rata by the amount of such prepayment.

 

(e)                          In the event that PESRM effects an early termination of the Natural Gas Liquids Sale and Purchase Agreement, NGL shall have the option to declare all unpaid amounts due to it under the terms of this Agreement and the MSA immediately due and payable.

 

(f)                           All payments of installments of Aggregate Project Costs and the Development Fee shall be made at NGL’s offices at 3773 Cherry Creek North Dr., Suite 1000, Denver, Colorado 80209 (or at such other place as NGL shall have designated to PESRM in writing) on the date due in Immediately available funds and without set-off or counterclaim or deduction of any kind. All payments received hereunder shall be applied first to accrued Development Fee as of the date of payment and second to the outstanding Aggregate Project Costs.

 

3.5                               Obligations Unconditional. PESRM agrees it will not (i) suspend, discontinue or abate any payment required hereunder, (ii) fail to observe an of its other covenants or obligations in this Agreement, or (iii) terminate this Agreement for any cause whatsoever unless and until the Aggregate Purchase Price is paid in full.

 

Subject to the foregoing, nothing contained in this Section 3.5 shall be construed to release NGL from the performance of any of its obligations in this Agreement or to affect the right of PESRM to seek remedies against NGL in the event NGL should fail to perform any such obligation. NGL covenants that it will not take suffer or permit any action which will adversely affect, or create any defect in its title to the Facility or which will otherwise adversely affect the rights or estate of PESRM hereunder, except upon prior written consent of PESRM.

 

3.6                               Security Interest. PESRM acknowledges that this Agreement is intended as security for payment of the Aggregate Purchase Price. To secure payment of all sums owing by PESRM hereunder, PESRM hereby pledges, transfers, assigns and grants to NGL, as secured party, a lien upon, security interest in and right of set-off against, all of PESRM’s right, title and interest, to any personal property that comprises the Facility. PESRM shall promptly authorize and deliver all financing statements, including any precautionary financing statements and continuation statements, as applicable, in order to protect any lien granted to NGL, which financing statements shall be filed in the appropriate filing offices as directed by NGL. Upon the occurrence of the Transfer Date, the Facility shall automatically be released from the lien of this Agreement and all rights to the Facility shall revert to PESRM. Upon such release, NGL shall, upon the request and at the sole cost and expense of PESRM, assign, transfer and deliver to PESRM, such Facility, and proper documents and instruments (including any UCC-3 termination statements or releases) acknowledging the termination hereof or the release of such lien, as the case may be. The Parties agree that the security interest granted herein shall constitute a purchase money security interest. The Parties agree that for purposes of the security interest granted herby, the entire Facility is personal property.

 

6

 

3.7                               Discharge of Liens and Encumbrances.

 

(a)                         PESRM, throughout the Term, shall not permit or create or suffer to be permitted or created any lien, except for encumbrances permitted by NGL or liens for taxes not yet due and payable, upon the Facility or any part thereof by reason of any labor, services or materials rendered or supplied or claimed to be rendered or supplied with respect to the Facility or any part thereof.

 

(b)                         Notwithstanding the provisions of Section 3.7(a), PESRM may in good faith contest any such lien. In such event, PESRM may permit the items so contested to remain undischarged and unsatisfied during the period of such contest and any appeal therefrom, unless NGL shall notify PESRM that by nonpayment of any such item or items, the security interest granted pursuant to Section 3.6 or the Facility or any part thereof may be subject to loss or forfeiture, in which event PESRM shall promptly secure payment of all such unpaid items by filing a bond, in form and substance satisfactory to NGL, thereby causing such lien to be removed or by taking such other actions as may be reasonably satisfactory to NGL to protect its interest. Mechanics’ liens shall be discharged or bonded within thirty (30) days of the filing or perfection thereof for which PESRM has notice.

 

MODIFICATIONS TO THE FACILITY; TAXES; INSURANCE

 

4.1                               Maintenance and Modifications of the Facility by PESRM.

 

(a)                                                                 PESRM shall not abandon the Facility during the Term. Throughout the Term, PESRM shall (i) make all necessary repairs and replacements to the Facility (whether ordinary or extraordinary, foreseen or unforeseen), and (ii) operate the Facility in a careful and proper manner and in accordance with all Applicable Laws.

 

(b)                                                                 Throughout the Term, with the written consent of NGL, which shall not be unreasonably withheld or delayed, PESRM, from time to time, may make any additions, modifications or improvements to the Facility or any part thereof, provided that such actions do not materially impair the use of the Facility or materially decrease its value. All such additions, modifications or improvements made by PESRM shall become a part of the Facility and shall be demised by NGL to PESRM pursuant to the terms of this Agreement.

 

4.2                               Installation of Additional Equipment. Throughout the Term, PESRM may, from time to time, install additional machinery, equipment or other personal property in the Facility (which may be attached or affixed to the Facility), and such machinery, equipment or other personal property shall not become, or be deemed to become, a part of the Facility. PESRM may, from time to time, create or permit to be created liens on such machinery, equipment or other personal property. PESRM may, from time to time, remove or permit the removal of such machinery, equipment or other personal property from the Facility, provided that any such removal will not materially adversely affect the structural integrity of the Facility or impair the overall operating efficiency of the Facility. If any damage is occasioned to the Facility by such removal, PESRM agrees to promptly repair such damage at its own expense.

 

7

 

4.3                               Taxes, Assessments and Utility Charges.

 

(a)                                 Throughout the Term, PESRM agrees to pay, as the same become due and before any fine, penalty, interest or other cost may be added thereto, (i) all taxes, payments in lieu of taxes or governmental charges of any kind whatsoever which may at any time be lawfully assessed or levied against or with respect to the Facility and any machinery, equipment or other personal property installed or purchased by PESRM therein or thereon, including, without limiting the generality of the foregoing, any sales or use taxes imposed with respect to the Facility or any part or component thereof and any taxes levied upon or with respect to the income or revenues of PESRM from the Facility, and (ii) all utility and other charges, including service charges, incurred or imposed for or with respect to the maintenance, use, occupancy, and upkeep of the Facility. PESRM shall indemnify and hold NGL harmless from and against any liability for any such taxes, assessments, utility and other charges which may be assessed against NGL with respect to the Facility.

 

(b)                                 Each Party shall cooperate with the other Party and take any reasonably requested action which does not cause such Party to incur any material cost or inconvenience in order to minimize any taxes, payments in lieu of taxes, or governmental or other charges described in Section 4.5(a), including providing sales and use tax exemption certificates or other documentation necessary to support tax exemptions. Each Party agrees to provide the other Party such information and data as reasonably requested from time to time, and to fully cooperate with the other Party, in connection with (i) the reporting and payment of any such taxes, payments or charges, (ii) any audit relating to any such taxes, payments or charges, or (iii) any assessment, refund, claim or proceeding relating to any such taxes, payments or charges. PESRM shall have the exclusive right to control any audit, examination, contest, litigation or other proceeding relating to taxes, payments in lieu of taxes, or governmental or other changes described in Section 4.5(a).

 

4.4                               Insurance.

 

(a)                                                                                 At all times throughout the Term, PESRM shall, at its sole cost and expense, maintain or cause to be maintained the following insurance coverages, and shall pay, as the same become due and payable, all premiums with respect thereto:

 

(i)                  All Risk Property Insurance. PESRM shall procure and maintain All Risk Property insurance as follows: PESRM shall place into effect all risk property insurance covering against physical loss or damage to all or any part of the Facility, on a full replacement cost basis, including fire and lightning, extended coverage, collapse, flood, and boiler and machinery coverage, malicious mischief and, to the extent available, certified and non-certified acts of terrorism. Such insurance coverage shall cover the full replacement cost of the Facility including real and personal property and shall not include any exclusion for ensuing loss caused by faulty workmanship, design or materials.

 

(ii)               Automobile Liability. PESRM shall provide and maintain business auto liability insurance covering owned, non-owned, leased and hired automobiles used by PESRM in the amount of Two Million Dollars ($2,000,000) per occurrence and Two Million Dollars ($2,000,000) in the aggregate for bodily injury and property damage for each accident; and

 

8

 

(iii)            (a)            Workers compensation insurance covering PESRM employees as required by Applicable Law and (b) employer’s liability insurance with a limit of $2,000,000 per occurrence/annual aggregate; and

 

(iv)           Commercial general liability insurance covering bodily injury (including death) and property damage to third parties, personal injury and products/completed operations property damage. The policy will have a reasonable deductible and a limit of $5,000,000 per occurrence/annual aggregate. The Parties acknowledge and agree that a self-insured retention is acceptable to NGL to meet the obligations of this Section 4.4(a)(iv) and is deemed to be insurance for purposes of this Section 4.4(a)(iv); and

 

(v)              The required limits of insurance expressed in this Section 4.4 may be satisfied through a combination of primary and excess policies.

 

(b)                                                                                 All insurance policies procured by PESRM pursuant to this Section 4.4 (other than workers’ compensation) will require the insurer to waive subrogation against NGL and its Affiliates together with their respective officers, directors, Affiliates and employees and each such Person will be an additional insured with respect to all liability policies procured by PESRM pursuant to this Section 4.4 (other than workers’ compensation policies).

 

(c)                                                                                  All insurance policies with respect to insurance maintained pursuant to this Section 4.4 will comply with the following requirements:

 

(i)              Insurer Rating. Be placed with insurance companies that have a Best’s rating of at least A- or with companies that are otherwise reasonably acceptable to PESRM and NGL;

 

(ii)              Occurrence-Based. All insurance coverages shall be on an “Occurrence Basis” and not on a “Claims Made Basis.”

 

(iii)               Primary Coverage. State that such policy is primary with respect to any other insurance coverage available to PESRM or NGL, and that all provisions, except the policy limits, will operate in the same manner as if there were a separate policy covering such insured under each such policy;

 

(iv)              Cancellation Notice. Provide that the insurer endeavor to give thirty (30) days’ prior written notice of cancellation of such policies.

 

(d)                                                                                 PESRM shall furnish NGL with certificates evidencing that the insurance required to be obtained by PESRM is in effect within thirty (30) days after such insurance is required by this Agreement to be in effect.

 

9

 

RISK OF LOSS; DAMAGE, DESTRUCTION AND CONDEMNATION

 

5.1                               Risk of Loss. PESRM shall have care, custody and control of the Facility and shall bear the risk of loss, damage or destruction to the Facility at all times during the Term.

 

5.2                               Damage or Destruction of the Facility.

 

(a)                         If any portion of the Facility is damaged or destroyed (in whole or in part) at any time during the Term: (i) NGL shall not have an obligation to replace, repair, rebuild, restore or relocate the Facility or any portion thereof; (ii) there shall be no abatement or reduction in the amounts payable by PESRM under this Agreement (whether or not the Facility is replaced, repaired, rebuilt, restored or relocated); and (iii) PESRM shall, at its option, either (A) repair, replace, rebuild, restore or relocate the Facility, or (B) continue to pay the outstanding amounts due to NGL under this Agreement in accordance with the terms hereof.

 

(b)                         Any such repairs, replacements, rebuilding, restorations or relocations shall be subject to the following conditions:

 

(i)                                  all such repairs, replacements, rebuilding, restorations or relocations shall be effected with due diligence in a good and workmanlike manner and in compliance will all Applicable Law and be promptly and fully paid for by PESRM in accordance with the terms of the applicable contracts; and

 

(ii)                               the Facility shall be in substantially the same condition and value as an operating entity as existed prior to the damage or destruction.

 

(c)                          If PESRM elects to repair, replace, rebuild, restore or relocate the Facility, in the event insurance proceeds are not sufficient to pay in full the costs of such replacement, repair, rebuilding, restoration or relocation, PESRM shall nonetheless complete the work and pay from its own moneys that portion of the costs thereof in excess of such insurance proceeds. All such replacements, repairs, rebuilding, restoration or relocation made pursuant to this Section 5.2 shall automatically become a part of the Facility.

 

5.3                               Condemnation.

 

(a)                         If title to or use of the Facility shall be taken by condemnation (in whole or in part) at any time during the Term: (i) NGL shall not have an obligation to replace, repair, rebuild, restore or relocate the Facility or acquire, by construction or otherwise, facilities of substantially the same nature as the Facility (“Substitute Facilities”); (ii) there shall be no abatement or reduction in the amounts payable by PESRM under this Agreement (whether or not the Facility is replaced, repaired, rebuilt, restored or relocated or Substitute Facilities are acquired); and (iii) PESRM shall, at its option, either (A) repair, replace, rebuild, restore or relocate the Facility or acquire Substitute Facilities, or (B) continue to pay the outstanding amounts due to NGL under this Agreement in accordance with the terms hereof.

 

10

 

(b)                         Any such repairs, replacements, rebuilding, restorations, relocations or acquisitions of Substitute Facilities shall be subject to the following conditions:

 

(i)  all such repairs, replacements, rebuilding, restorations or relocations or such acquisition of Substitute Facilities shall be effected with due diligence in a good and workmanlike manner and in compliance will all Applicable Law and be promptly and fully paid for by PESRM in accordance with the terms of the applicable contracts; and

 

(ii)  the Facility or Substitute Facility shall be in substantially the same condition and value as an operating entity as existed prior to condemnation.

 

(c)                          If PESRM elects to repair, replace, rebuild, restore or relocate the Facility or acquire Substitute Facilities, in the event insurance proceeds are not sufficient to pay in full the costs of such replacement, repair, rebuilding, restoration or relocation or acquisition of Substitute Facilities, PESRM shall nonetheless complete the work or acquisition and pay from its own moneys that portion of the costs thereof in excess of such insurance proceeds. All such replacements, repairs, rebuilding, restoration or relocation or such acquisition of Substitute Facilities made pursuant to this Section 5.3 shall automatically become a part of the Facility.

 

TERMINATION

 

6.1                               Events of Default.

 

(a)                                                                 The following shall be “Events of Default” under this Agreement:

 

(i)                  PESRM fails to (i) pay or cause to be paid on the date due the amounts specified to be paid pursuant to Section 3.4(a) or 3.4(b), or (ii) pay or cause to be paid within five (5) Business Days of the date due the amounts specified to be paid pursuant to Section 3.4(c);

 

(ii)               PESRM fails to perform or observe any material covenant or obligation arising under this Agreement, where such failure shall continue for thirty (30) days after knowledge thereof by PESRM;

 

(iii)            PESRM files a petition commencing a voluntary case under the U.S. Bankruptcy Code, or for liquidation, reorganization, or for an arrangement pursuant to any other Applicable Laws related to bankruptcy or insolvency, or shall be adjudicated a debtor or be declared bankrupt or insolvent under the U.S. Bankruptcy Code, or any other Applicable Laws now or hereafter in effect relating to bankruptcy, insolvency, winding-up or adjustment of debts, or shall make, an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or if a petition commencing an involuntary case under the U.S. Bankruptcy Code or an answer proposing the adjudication of PESRM as a debtor or a bankrupt or proposing its liquidation or reorganization pursuant to the U.S. Bankruptcy Code any other Applicable Laws related to bankruptcy or insolvency shall be filed in any court and PESRM shall consent to or acquiesce in that filing or petition or answer shall not be discharged or denied within thirty (30) days after filing, unless a financially responsible Person

 

11

 

reasonably acceptable to NGL assumes the obligations of PESRM under this Agreement in a timely fashion; and

 

(iv)           a custodian, receiver, trustee or liquidator of PESRM or of all or substantially all of the assets of PESRM shall be appointed in any proceeding brought by (a) PESRM or (b) against PESRM and is not discharged within sixty (60) days after that appointment or PESRM consents to or acquiesce in the appointment, unless a financially responsible Person reasonably acceptable to NGL assumes the obligations of PESRM under this Agreement in a timely fashion.

 

6.2                               Remedies on Default. Whenever an Event of Default shall have occurred, NGL may, to the extent permitted by law, including without limitation the provisions of the Uniform Commercial Code:

 

(a)                                 declare by written notice to PESRM, to be immediately due and payable, whereupon the same shall become immediately due and payable, all unpaid installment payments of the Substantial Completion Project Costs or Aggregate Project Costs, as applicable, payable pursuant to Sections 3.4(a) or 3.4(b), and any portion of the Development Fee that is accrued and outstanding payable pursuant to Sections 3.4(c) hereof; or

 

(b)                                 re-enter and, at NGL’s election, on thirty (30) days’ written notice to PESRM shut down and cease operation of the Facility, and, at its option, remove the Facility from the Property and either retain ownership of the Facility or sell all or any part of the Facility to a third party.

 

MISCELLANEOUS

 

7.1                               Notices. All notices required or permitted by this Agreement shall be in writing and shall be given by personal delivery or sent to the address of the Party as set forth below by registered or certified mail, postage prepaid, return receipt requested, reputable overnight courier, prepaid, receipt acknowledged, facsimile or mutually acceptable electronic means. Notices shall be deemed received on the earlier of the date of actual receipt or, in the case of notice by mail or overnight courier, the date of receipt marked on the acknowledgment of receipt, in the case of notice by facsimile, the date the sending Party’s facsimile machine indicates successful transmission, and in the case of notice by electronic means, upon acknowledged receipt by the receiving Party. Rejection or refusal to accept or the inability to deliver because of change of address of which no notice was given shall be deemed to be received as of the date such notice was deposited in the mail or delivered to the courier. Any Party may change its address to which notices should be sent to it by giving the other Party written notice of the new address in the manner set forth in this paragraph.

 

	
If to NGL:
    	
If to PESRM:
    
	
 
    	
 
    
	
NGL Energy Partners LP
    	
Philadelphia Energy Solutions LLC
    
	
3773 Cherry Creek North Dr., Suite 1000
    	
1735 Market Street
    
	
Denver, Colorado 80209
    	
Philadelphia, PA 19103
    

 

12

 

	
Attn: Greg Blais
    	
Attn: Thomas Scargle, SVP Supply
    
	
Phone: (303) 815-1010 x3124
    	
Phone: (267) 238-4388
    
	
Facsimile: (303) 815-1011
    	
Facsimile: (866) 456-1587
    
	
e-mail: gblais@highsierraenergy.com
    	
e-mail:   Thomas.Scargle@PES-Companies.com
    

 

7.2                               Confidentiality. To the full extent allowed by Applicable Law, each Party (the “Receiving Party”) shall maintain, for the benefit of the other Party (the “Disclosing Party”), in the strictest confidence all information pertaining to the financial terms of or payments under this Agreement, the Disclosing Party’s methods of operation, methods of the Facility, and the like, whether disclosed by the Disclosing Party or discovered by the Receiving Party, unless such information either (i) is in the public domain through no act or omission of the Receiving Party or its employees or agents, (ii) was already known to the Receiving Party, at the time of disclosure and which the Receiving Party is free to use or disclose without breach of any obligation to any person or entity or (iii) is required to be disclosed by Applicable Law. To the full extent permitted by law, neither Party shall use such information for its own benefit, publish or otherwise disclose it to others, or permit its use by others for their benefit or to the detriment of the other Party. Notwithstanding the foregoing, the Receiving Party may disclose such information to any auditor or to the Receiving Party’s lenders, attorneys, accountants and other personal advisors; any prospective purchaser of the Facility; or pursuant to lawful process, subpoena or court order; provided the Receiving Party, in making such disclosure, advises the party receiving the information of the confidentiality of the information and obtains the agreement of said party not to disclose the information.

 

7.3                               No Waiver. A Party’s failure in any one or more instances to insist upon strict performance of any of the provisions of this Agreement or to exercise any right herein conferred shall not be construed as a waiver or relinquishment of that right or of such Party’s right to assert or rely upon the terms of this Agreement. Any express waiver of a provision of this Agreement shall not be binding and effective unless made in writing and properly executed by the waiving Party.

 

7.4                               Assignment. Neither Party shall assign this Agreement in whole or in part without the prior written consent of the other Party, which consent shall not be unreasonably withheld or delayed, and any purported assignment without such consent shall be null and void; except that this Agreement may be assigned by PESRM without consent (i) by sale, merger, sale of stock or otherwise or (ii) to any of its Affiliates. In addition, without prejudice to the foregoing, PESRM may assign or otherwise transfer any of its rights, title, interests, benefit or obligations under this Agreement to any other Person with the written consent of NGL, and NGL agrees it shall not unreasonably withhold or delay its consent if PESRM demonstrates to the reasonable satisfaction of NGL that the Person to whom the right, title interest or benefit in or under this Agreement is assigned or otherwise transferred to is reasonably capable of performing all of PESRM’s obligations in accordance with this Agreement. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of the Parties.

 

7.5                               Modification. No modification or amendment to this Agreement shall be effective unless such modification or amendment shall be in writing and signed by the Parties.

 

13

 

7.6                               Governing Law; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY IRREVOCABLY WAIVES ITS RIGHT TO ANY JURY TRIAL WITH RESPECT TO ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE AMONG ANY OF THEM ARISING UNDER, IN CONNECTION WITH, RELATING TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT.

 

7.7                               Execution in Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile or other electronic transmission) with the same effect as if all Parties had signed the same document. All counterparts shall be construed together and shall constitute one agreement.

 

7.8                               Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is held invalid or unenforceable to any extent, (i) the remainder of this Agreement, or the application of that provision to Persons or circumstances other than those as to which it is held invalid, will remain in full force and effect, and (ii) the Parties shall negotiate in good faith to replace that provision with a new provision that is valid and enforceable and that puts the Parties in substantially the same economic, business and legal position as they would have been in if the original provision had been valid and enforceable.

 

7.9                               Entire Agreement. This Agreement embodies the entire understanding and agreement among the Parties relative to the matters contained herein, and supersedes all prior negotiations, understandings or agreements in regard thereto, whether written or oral.

 

7.10                        Headings. The subject headings used in this Agreement are included for purposes of reference only, and shall not affect the construction or interpretation of any of its provisions.

 

7.11                        Further Acts. Upon reasonable request from a Party hereto, from time to time, each Party shall execute and deliver such additional documents and instruments and take such other actions as may be reasonably necessary to give effect to the intents and purposes of this Agreement.

 

7.12                        Authority. Each Party represents and warrants to the other Party that it has the requisite power and authority to execute and deliver this Agreement, to consummate the transactions contemplated hereby and to perform its obligations hereunder.

 

7.13                        Costs, Fees, and Expenses. Except as otherwise expressly provided for in this Agreement and any other related agreements, each Party shall bear its own costs and expenses (including legal and tax advisory fees) incurred in connection with the negotiation, preparation and execution of this Agreement, and any other related agreements (or any amendment or supplement to any of the foregoing), and the performance of obligations and the completion of the transactions contemplated hereby and thereby.

 

7.14                        No Beneficiaries. This Agreement and each and every provision hereof are for the exclusive benefit of the Parties and no third parties (including but not limited to creditors of

 

14

 

any Party) are intended to benefit by the covenants, agreements, representations, warranties or any other terms or conditions of this Agreement.

 

7.15                        Remedies. All rights and remedies set forth in this Agreement are exclusive of any other rights or remedies that may be available to the Parties, whether provided by law, equity, statute, in any other agreement between the Parties or otherwise.

 

[Remainder of page intentionally left blank]

 

15

 

IN WITNESS WHEREOF, this Agreement is executed effective as of the day and year first above written.

 

 

	
 
    	
NGL   ENERGYPARTNERS LP
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James J. Burke
    
	
 
    	
 
    	
Name:
    	
James J. Burke
    
	
 
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PHILADELPHIA   ENERGY
    
	
 
    	
SOLUTIONS   REFINING AND
    
	
 
    	
MARKETING   LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Philip L. Rinaldi
    
	
 
    	
 
    	
Name:
    	
Philip L. Rinaldi
    
	
 
    	
 
    	
Title:
    	
Chief Executive Officer
    

 

Signature Page to Installment Sale And Purchase Agreement

 

 

EXHIBIT A

 

Facility Description

 

Facility includes but is not limited to the following:

 

·                  Two (2) unloading platforms:

 

·                  Platform 1 (Blending Butane Platform), located between Tracks 1 & 2, with 12 rolling gantries on each side, as well associated unloading stations.

·                  Platform 2 (Isobutane Platform), located between Tracks 3 & 4, with 12 rolling gantries on Track 3 side only, as well associated unloading stations.

·                  Unloading stations consist of a liquid hose, a vapor hose, control air line, and associated connections and valves, and automation.

·                  Eight (8) Utility stations consisting of air, nitrogen, and steam valves

·                  Two (2) operator weather shelters

 

·                  One (1) 45,000-gallon Pressurized Bullet for Storage of Butane

·                  One (1) Steam-Heated Butane Vaporizer and associated Condensate Pump

·                  Two (2) Butane Transfer Pumps

·                  Facility Track work consisting of:

 

·                  Approximately 15,340 linear feet of steel and/or wood tie track

·                  Approximately 14 Turnouts

·                  Approximately two (2) Crossovers

·                  Approximately three (3) Derails

·                  Approximately 16 Bumper Posts

·                  Associated miscellaneous equipment

·                  New ten (10) car storage on existing benzene rack

 

·                  One (1) Electrical Transformer

·                  One (1) Motor Control Center Building

·                  One (1) Blast Resistant Module serving as an Operator Shelter

·                  One (1) Control System (either PLC or DCS style) with Six (6) Control Panels

·                  Associated Fire Monitors and Deluge Systems

·                  Pipelines tying unloading platforms to Schuylkill River crossing header

·                  Vent line to existing flare

 

 

EXHIBIT B1

INITIAL AMORTIZATION SCHEDULE

 

Capital Expenditure During Construction

12.00% annual interest rate

1.00% monthly interest rate

 

	
 
    	
 
    	
month
    	
 
    	
Capex
    	
 
    	
Initial Interest
    	
 
    	
#
    	
 
    	
monthly interest
    	
 
    	
 
    	
 
    
	
5/15/2014
    	
 
    	
1
    	
 
    	
$
    	
5,000,000
    	
 
    	
$
    	
300,000
    	
 
    	
6
    	
 
    	
$
    	
50,000
    	
 
    	
 
    	
 
    
	
6/14/2014
    	
 
    	
2
    	
 
    	
$
    	
5,000,000
    	
 
    	
$
    	
250,000
    	
 
    	
5
    	
 
    	
$
    	
50,000
    	
 
    	
 
    	
 
    
	
7/15/2014
    	
 
    	
3
    	
 
    	
$
    	
10,000,000
    	
 
    	
$
    	
400,000
    	
 
    	
4
    	
 
    	
$
    	
100,000
    	
 
    	
 
    	
 
    
	
8/14/2014
    	
 
    	
4
    	
 
    	
$
    	
10,000,000
    	
 
    	
$
    	
300,000
    	
 
    	
3
    	
 
    	
$
    	
100,000
    	
 
    	
 
    	
 
    
	
9/14/2014
    	
 
    	
5
    	
 
    	
$
    	
5,000,000
    	
 
    	
$
    	
100,000
    	
 
    	
2
    	
 
    	
$
    	
50,000
    	
 
    	
 
    	
 
    
	
10/14/2014
    	
 
    	
6
    	
 
    	
$
    	
5,000,000
    	
 
    	
$
    	
50,000
    	
 
    	
1
    	
 
    	
$
    	
50,000
    	
 
    	
 
    	
 
    
	
11/14/2014
    	
 
    	
7
    	
 
    	
$
    	
5,000,000
    	
 
    	
$
    	
—
    	
 
    	
0
    	
 
    	
$
    	
50,000
    	
 
    	
 
    	
 
    
	
Substantial Completion Cost
    	
 
    	
$
    	
45,000,000
    	
 
    	
$
    	
1,400,000
    	
 
    	
 
    	
 
    	
Assumes interest paid off at Substantial   Completion
    	
 
    

 

Loan Information

 

	
Loan Amount
    	
 
    	
$
    	
45,000,000
    
	
Annual Interest Rate
    	
 
    	
12.00%
    
	
Compound Period
    	
 
    	
Daily(365)
    
	
Term of Loan in Years
    	
 
    	
6.5
    
	
First Payment Date
    	
 
    	
12/1/2014
    
	
Payment Frequency
    	
 
    	
Monthly
    
	
Payment Type
    	
 
    	
End of Period
    

 

Summary

 

	
Rate (per period)
    	
 
    	
1.005
    	
%
    
	
Number of Payments
    	
 
    	
78
    	
 
    
	
Total Payments
    	
 
    	
$
    	
66,530,130.89
    	
 
    
	
Total Interest
    	
 
    	
$
    	
21,530,130.89
    	
 
    

 

	
Monthly   Payment
    
	
$835,001.68
    

 

	
Amortization Schedule
    	
x Rounding On
    

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Additional
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
No.
    	
 
    	
Due Date
    	
 
    	
Payment
    	
 
    	
Payment
    	
 
    	
Interest
    	
 
    	
Principal
    	
 
    	
Balance
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
$
    	
45,000,000.00
    	
 
    
	
1
    	
 
    	
12/1/14
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
452,182.82
    	
 
    	
382,818.86
    	
 
    	
44,617,181.14
    	
 
    
	
2
    	
 
    	
1/1/15
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
448,336.06
    	
 
    	
386,665.62
    	
 
    	
44,230,515.52
    	
 
    
	
3
    	
 
    	
2/1/15
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
444,450.65
    	
 
    	
390,551.03
    	
 
    	
43,839,964.49
    	
 
    
	
4
    	
 
    	
3/1/15
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
440,526.19
    	
 
    	
394,475.49
    	
 
    	
43,445,489.00
    	
 
    
	
5
    	
 
    	
4/1/15
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
436,562.30
    	
 
    	
398,439.38
    	
 
    	
43,047,049.62
    	
 
    
	
6
    	
 
    	
5/1/15
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
432,558.58
    	
 
    	
402,443.10
    	
 
    	
42,644,606.52
    	
 
    
	
7
    	
 
    	
6/1/15
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
428,514.63
    	
 
    	
406,487.05
    	
 
    	
42,238,119.47
    	
 
    
	
8
    	
 
    	
7/1/15
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
424,430.04
    	
 
    	
410,571.64
    	
 
    	
41,827,547.83
    	
 
    
															

 

1

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Additional
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
No.
    	
 
    	
Due Date
    	
 
    	
Payment
    	
 
    	
Payment
    	
 
    	
Interest
    	
 
    	
Principal
    	
 
    	
Balance
    	
 
    
	
9
    	
 
    	
8/1/15
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
420,304.41
    	
 
    	
414,697.27
    	
 
    	
41,412,850.56
    	
 
    
	
10
    	
 
    	
9/1/15
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
416,137.32
    	
 
    	
418,864.36
    	
 
    	
40,993,986.20
    	
 
    
	
11
    	
 
    	
10/1/15
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
411,928.36
    	
 
    	
423,073.32
    	
 
    	
40,570,912.88
    	
 
    
	
12
    	
 
    	
11/1/15
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
407,677.11
    	
 
    	
427,324.57
    	
 
    	
40,143,588.31
    	
 
    
	
13
    	
 
    	
12/1/15
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
403,383.13
    	
 
    	
431,618.55
    	
 
    	
39,711,969.76
    	
 
    
	
14
    	
 
    	
1/1/16
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
399,046.01
    	
 
    	
435,955.67
    	
 
    	
39,276,014.09
    	
 
    
	
15
    	
 
    	
2/1/16
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
394,665.31
    	
 
    	
440,336.37
    	
 
    	
38,835,677.72
    	
 
    
	
16
    	
 
    	
3/1/16
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
390,240.58
    	
 
    	
444,761.10
    	
 
    	
38,390,916.62
    	
 
    
	
17
    	
 
    	
4/1/16
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
385,771.40
    	
 
    	
449,230.28
    	
 
    	
37,941,686.34
    	
 
    
	
18
    	
 
    	
5/1/16
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
381,257.30
    	
 
    	
453,744.38
    	
 
    	
37,487,941.96
    	
 
    
	
19
    	
 
    	
6/1/16
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
376,697.85
    	
 
    	
458,303.83
    	
 
    	
37,029,638.13
    	
 
    
	
20
    	
 
    	
7/1/16
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
372,092.58
    	
 
    	
462,909.10
    	
 
    	
36,566,729.03
    	
 
    
	
21
    	
 
    	
8/1/16
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
367,441.04
    	
 
    	
467,560.64
    	
 
    	
36,099,168.39
    	
 
    
	
22
    	
 
    	
9/1/16
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
362,742.75
    	
 
    	
472,258.93
    	
 
    	
35,626,909.46
    	
 
    
	
23
    	
 
    	
10/1/16
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
357,997.25
    	
 
    	
477,004.43
    	
 
    	
35,149,905.03
    	
 
    
	
24
    	
 
    	
11/1/16
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
353,204.07
    	
 
    	
481,797.61
    	
 
    	
34,668,107.42
    	
 
    
	
25
    	
 
    	
12/1/16
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
348,362.72
    	
 
    	
486,638.96
    	
 
    	
34,181,468.46
    	
 
    
	
26
    	
 
    	
1/1/17
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
343,472.73
    	
 
    	
491,528.95
    	
 
    	
33,689,939.51
    	
 
    
	
27
    	
 
    	
2/1/17
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
338,533.60
    	
 
    	
496,468.08
    	
 
    	
33,193,471.43
    	
 
    
	
28
    	
 
    	
3/1/17
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
333,544.83
    	
 
    	
501,456.85
    	
 
    	
32,692,014.58
    	
 
    
	
29
    	
 
    	
4/1/17
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
328,505.94
    	
 
    	
506,495.74
    	
 
    	
32,185,518.84
    	
 
    
	
30
    	
 
    	
5/1/17
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
323,416.41
    	
 
    	
511,585.27
    	
 
    	
31,673,933.57
    	
 
    
	
31
    	
 
    	
6/1/17
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
318,275.75
    	
 
    	
516,725.93
    	
 
    	
31,157,207.64
    	
 
    
	
32
    	
 
    	
7/1/17
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
313,083.42
    	
 
    	
521,918.26
    	
 
    	
30,635,289.38
    	
 
    
	
33
    	
 
    	
8/1/17
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
307,838.92
    	
 
    	
527,162.76
    	
 
    	
30,108,126.62
    	
 
    
	
34
    	
 
    	
9/1/17
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
302,541.72
    	
 
    	
532,459.96
    	
 
    	
29,575,666.66
    	
 
    
	
35
    	
 
    	
10/1/17
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
297,191.30
    	
 
    	
537,810.38
    	
 
    	
29,037,856.28
    	
 
    
	
36
    	
 
    	
11/1/17
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
291,787.10
    	
 
    	
543,214.58
    	
 
    	
28,494,641.70
    	
 
    
	
37
    	
 
    	
12/1/17
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
286,328.61
    	
 
    	
548,673.07
    	
 
    	
27,945,968.63
    	
 
    
	
38
    	
 
    	
1/1/18
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
280,815.26
    	
 
    	
554,186.42
    	
 
    	
27,391,782.21
    	
 
    
	
39
    	
 
    	
2/1/18
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
275,246.52
    	
 
    	
559,755.16
    	
 
    	
26,832,027.05
    	
 
    
	
40
    	
 
    	
3/1/18
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
269,621.81
    	
 
    	
565,379.87
    	
 
    	
26,266,647.18
    	
 
    
	
41
    	
 
    	
4/1/18
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
263,940.59
    	
 
    	
571,061.09
    	
 
    	
25,695,586.09
    	
 
    
	
42
    	
 
    	
5/1/18
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
258,202.28
    	
 
    	
576,799.40
    	
 
    	
25,118,786.69
    	
 
    
	
43
    	
 
    	
6/1/18
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
252,406.31
    	
 
    	
582,595.37
    	
 
    	
24,536,191.32
    	
 
    
	
44
    	
 
    	
7/1/18
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
246,552.09
    	
 
    	
588,449.59
    	
 
    	
23,947,741.73
    	
 
    
	
45
    	
 
    	
8/1/18
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
240,639.05
    	
 
    	
594,362.63
    	
 
    	
23,353,379.10
    	
 
    
	
46
    	
 
    	
9/1/18
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
234,666.60
    	
 
    	
600,335.08
    	
 
    	
22,753,044.02
    	
 
    
	
47
    	
 
    	
10/1/18
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
228,634.12
    	
 
    	
606,367.56
    	
 
    	
22,146,676.46
    	
 
    
	
48
    	
 
    	
11/1/18
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
222,541.04
    	
 
    	
612,460.64
    	
 
    	
21,534,215.82
    	
 
    
	
49
    	
 
    	
12/1/18
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
216,386.72
    	
 
    	
618,614.96
    	
 
    	
20,915,600.86
    	
 
    

 

2

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Additional
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
No.
    	
 
    	
Due Date
    	
 
    	
Payment
    	
 
    	
Payment
    	
 
    	
Interest
    	
 
    	
Principal
    	
 
    	
Balance
    	
 
    
	
50
    	
 
    	
1/1/19
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
210,170.56
    	
 
    	
624,831.12
    	
 
    	
20,290,769.74
    	
 
    
	
51
    	
 
    	
2/1/19
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
203,891.94
    	
 
    	
631,109.74
    	
 
    	
19,659,660.00
    	
 
    
	
52
    	
 
    	
3/1/19
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
197,550.23
    	
 
    	
637,451.45
    	
 
    	
19,022,208.55
    	
 
    
	
53
    	
 
    	
4/1/19
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
191,144.80
    	
 
    	
643,856.88
    	
 
    	
18,378,351.67
    	
 
    
	
54
    	
 
    	
5/1/19
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
184,675.00
    	
 
    	
650,326.68
    	
 
    	
17,728,024.99
    	
 
    
	
55
    	
 
    	
6/1/19
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
178,140.18
    	
 
    	
656,861.50
    	
 
    	
17,071,163.49
    	
 
    
	
56
    	
 
    	
7/1/19
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
171,539.71
    	
 
    	
663,461.97
    	
 
    	
16,407,701.52
    	
 
    
	
57
    	
 
    	
8/1/19
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
164,872.91
    	
 
    	
670,128.77
    	
 
    	
15,737,572.75
    	
 
    
	
58
    	
 
    	
9/1/19
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
158,139.11
    	
 
    	
676,862.57
    	
 
    	
15,060,710.18
    	
 
    
	
59
    	
 
    	
10/1/19
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
151,337.65
    	
 
    	
683,664.03
    	
 
    	
14,377,046.15
    	
 
    
	
60
    	
 
    	
11/1/19
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
144,467.85
    	
 
    	
690,533.83
    	
 
    	
13,686,512.32
    	
 
    
	
61
    	
 
    	
12/1/19
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
137,529.02
    	
 
    	
697,472.66
    	
 
    	
12,989,039.66
    	
 
    
	
62
    	
 
    	
1/1/20
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
130,520.46
    	
 
    	
704,481.22
    	
 
    	
12,284,558.44
    	
 
    
	
63
    	
 
    	
2/1/20
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
123,441.47
    	
 
    	
711,560.21
    	
 
    	
11,572,998.23
    	
 
    
	
64
    	
 
    	
3/1/20
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
116,291.35
    	
 
    	
718,710.33
    	
 
    	
10,854,287.90
    	
 
    
	
65
    	
 
    	
4/1/20
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
109,069.39
    	
 
    	
725,932.29
    	
 
    	
10,128,355.61
    	
 
    
	
66
    	
 
    	
5/1/20
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
101,774.85
    	
 
    	
733,226.83
    	
 
    	
9,395,128.78
    	
 
    
	
67
    	
 
    	
6/1/20
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
94,407.02
    	
 
    	
740,594.66
    	
 
    	
8,654,534.12
    	
 
    
	
68
    	
 
    	
7/1/20
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
86,965.15
    	
 
    	
748,036.53
    	
 
    	
7,906,497.59
    	
 
    
	
69
    	
 
    	
8/1/20
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
79,448.50
    	
 
    	
755,553.18
    	
 
    	
7,150,944.41
    	
 
    
	
70
    	
 
    	
9/1/20
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
71,856.32
    	
 
    	
763,145.36
    	
 
    	
6,387,799.05
    	
 
    
	
71
    	
 
    	
10/1/20
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
64,187.84
    	
 
    	
770,813.84
    	
 
    	
5,616,985.21
    	
 
    
	
72
    	
 
    	
11/1/20
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
56,442.32
    	
 
    	
778,559.36
    	
 
    	
4,838,425.85
    	
 
    
	
73
    	
 
    	
12/1/20
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
48,618.96
    	
 
    	
786,382.72
    	
 
    	
4,052,043.13
    	
 
    
	
74
    	
 
    	
1/1/21
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
40,716.98
    	
 
    	
794,284.70
    	
 
    	
3,257,758.43
    	
 
    
	
75
    	
 
    	
2/1/21
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
32,735.61
    	
 
    	
802,266.07
    	
 
    	
2,455,492.36
    	
 
    
	
76
    	
 
    	
3/1/21
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
24,674.03
    	
 
    	
810,327.65
    	
 
    	
1,645,164.71
    	
 
    
	
77
    	
 
    	
4/1/21
    	
 
    	
835,001.68
    	
 
    	
 
    	
 
    	
16,531.45
    	
 
    	
818,470.23
    	
 
    	
826,694.48
    	
 
    
	
78
    	
 
    	
5/1/21
    	
 
    	
835,001.53
    	
 
    	
 
    	
 
    	
8,307.05
    	
 
    	
826,694.48
    	
 
    	
0.00
    	
 
    

 

3

 

EXHIBIT B2

AMENDED AMORTIZATION SCHEDULE

 

Capital Expenditure During Construction

 

12.00% annual interest rate

1.00% monthly interest rate

 

	
 
    	
 
    	
month
    	
 
    	
Capex
    	
 
    	
Initial Interest
    	
 
    	
#
    	
 
    	
monthly interest
    	
 
    	
 
    
	
5/15/2014
    	
 
    	
1
    	
 
    	
$
    	
5,000,000
    	
 
    	
$
    	
300,000
    	
 
    	
6
    	
 
    	
$
    	
50,000
    	
 
    	
 
    
	
6/14/2014
    	
 
    	
2
    	
 
    	
$
    	
5,000,000
    	
 
    	
$
    	
250,000
    	
 
    	
5
    	
 
    	
$
    	
50,000
    	
 
    	
 
    
	
7/15/2014
    	
 
    	
3
    	
 
    	
$
    	
10,000,000
    	
 
    	
$
    	
400,000
    	
 
    	
4
    	
 
    	
$
    	
100,000
    	
 
    	
 
    
	
8/14/2014
    	
 
    	
4
    	
 
    	
$
    	
10,000,000
    	
 
    	
$
    	
300,000
    	
 
    	
3
    	
 
    	
$
    	
100,000
    	
 
    	
 
    
	
9/14/2014
    	
 
    	
5
    	
 
    	
$
    	
5,000,000
    	
 
    	
$
    	
100,000
    	
 
    	
2
    	
 
    	
$
    	
50,000
    	
 
    	
 
    
	
10/14/2014
    	
 
    	
6
    	
 
    	
$
    	
5,000,000
    	
 
    	
$
    	
50,000
    	
 
    	
1
    	
 
    	
$
    	
50,000
    	
 
    	
 
    
	
11/14/2014
    	
 
    	
7
    	
 
    	
$
    	
5,000,000
    	
 
    	
$
    	
—
    	
 
    	
0
    	
 
    	
$
    	
50,000
    	
 
    	
 
    
	
Substantial Completion Cost
    	
 
    	
$
    	
45,000,000
    	
 
    	
$
    	
1,400,000
    	
 
    	
 
    	
 
    	
Assumes interest paid off at Substantial   Completion
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Principal
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Repayment
    	
 
    	
 
    	
 
    	
Interest on Additional
    	
 
    	
 
    
	
Additional Borrowings
    	
 
    	
Capex
    	
 
    	
Through FC
    	
 
    	
#
    	
 
    	
borrowings
    	
 
    	
 
    
	
12/1/2014
    	
 
    	
$
    	
1,000,000
    	
 
    	
$
    	
382,818.86
    	
 
    	
5
    	
 
    	
$
    	
50,000
    	
 
    	
 
    
	
1/1/2015
    	
 
    	
$
    	
1,000,000
    	
 
    	
$
    	
386,665.62
    	
 
    	
4
    	
 
    	
$
    	
40,000
    	
 
    	
 
    
	
2/1/2015
    	
 
    	
$
    	
1,000,000
    	
 
    	
$
    	
390,551.03
    	
 
    	
3
    	
 
    	
$
    	
30,000
    	
 
    	
 
    
	
3/1/2015
    	
 
    	
$
    	
1,000,000
    	
 
    	
$
    	
394,475.49
    	
 
    	
2
    	
 
    	
$
    	
20,000
    	
 
    	
 
    
	
4/1/2015
    	
 
    	
$
    	
1,000,000
    	
 
    	
$
    	
398,439.38
    	
 
    	
1
    	
 
    	
$
    	
10,000
    	
 
    	
 
    
	
Balance at Final Completion
    	
 
    	
$
    	
48,047,049.62
    	
 
    	
$
    	
1,952,950.38
    	
 
    	
 
    	
 
    	
$
    	
150,000
    	
 
    	
Assumes interest paid off at Final Completion
    

 

Loan Information

 

	
Loan Amount
    	
 
    	
$
    	
48,047,050
    
	
Annual Interest Rate
    	
 
    	
12.00%
    
	
Compound Period
    	
 
    	
Daily(365)
    
	
Term of Loan in Years
    	
 
    	
6.08
    
	
First Payment Date
    	
 
    	
5/1/2015
    
	
Payment Frequency
    	
 
    	
Monthly
    
	
Payment Type
    	
 
    	
End of Period
    

 

Summary

 

	
Rate (per period)
    	
 
    	
1.005
    	
%
    
	
Number of Payments
    	
 
    	
73
    	
 
    
	
Total Payments
    	
 
    	
$
    	
73,760,188.84
    	
 
    
	
Total Interest
    	
 
    	
$
    	
23,760,188.84
    	
 
    

 

	
Monthly Payment
    	
 
    
	
$931,988.78
    	
 
    

 

	
Amortization Schedule
    	
x Rounding On
    

 

1

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Additional
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Payment /
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
No.
    	
 
    	
Due Date
    	
 
    	
Payment
    	
 
    	
(Borrowing)
    	
 
    	
Interest
    	
 
    	
Principal
    	
 
    	
Balance
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
$
    	
48,047,049.62
    	
 
    
	
1
    	
 
    	
5/1/15
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
482,801.12
    	
 
    	
449,187.66
    	
 
    	
47,597,861.96
    	
 
    
	
2
    	
 
    	
6/1/15
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
478,287.45
    	
 
    	
453,701.33
    	
 
    	
47,144,160.63
    	
 
    
	
3
    	
 
    	
7/1/15
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
473,728.43
    	
 
    	
458,260.35
    	
 
    	
46,685,900.28
    	
 
    
	
4
    	
 
    	
8/1/15
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
469,123.60
    	
 
    	
462,865.18
    	
 
    	
46,223,035.10
    	
 
    
	
5
    	
 
    	
9/1/15
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
464,472.50
    	
 
    	
467,516.28
    	
 
    	
45,755,518.82
    	
 
    
	
6
    	
 
    	
10/1/15
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
459,774.66
    	
 
    	
472,214.12
    	
 
    	
45,283,304.70
    	
 
    
	
7
    	
 
    	
11/1/15
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
455,029.61
    	
 
    	
476,959.17
    	
 
    	
44,806,345.53
    	
 
    
	
8
    	
 
    	
12/1/15
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
450,236.88
    	
 
    	
481,751.90
    	
 
    	
44,324,593.63
    	
 
    
	
9
    	
 
    	
1/1/16
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
445,395.99
    	
 
    	
486,592.79
    	
 
    	
43,838,000.84
    	
 
    
	
10
    	
 
    	
2/1/16
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
440,506.46
    	
 
    	
491,482.32
    	
 
    	
43,346,518.52
    	
 
    
	
11
    	
 
    	
3/1/16
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
435,567.80
    	
 
    	
496,420.98
    	
 
    	
42,850,097.54
    	
 
    
	
12
    	
 
    	
4/1/16
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
430,579.51
    	
 
    	
501,409.27
    	
 
    	
42,348,688.27
    	
 
    
	
13
    	
 
    	
5/1/16
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
425,541.09
    	
 
    	
506,447.69
    	
 
    	
41,842,240.58
    	
 
    
	
14
    	
 
    	
6/1/16
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
420,452.05
    	
 
    	
511,536.73
    	
 
    	
41,330,703.85
    	
 
    
	
15
    	
 
    	
7/1/16
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
415,311.87
    	
 
    	
516,676.91
    	
 
    	
40,814,026.94
    	
 
    
	
16
    	
 
    	
8/1/16
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
410,120.04
    	
 
    	
521,868.74
    	
 
    	
40,292,158.20
    	
 
    
	
17
    	
 
    	
9/1/16
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
404,876.04
    	
 
    	
527,112.74
    	
 
    	
39,765,045.46
    	
 
    
	
18
    	
 
    	
10/1/16
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
399,579.34
    	
 
    	
532,409.44
    	
 
    	
39,232,636.02
    	
 
    
	
19
    	
 
    	
11/1/16
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
394,229.42
    	
 
    	
537,759.36
    	
 
    	
38,694,876.66
    	
 
    
	
20
    	
 
    	
12/1/16
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
388,825.74
    	
 
    	
543,163.04
    	
 
    	
38,151,713.62
    	
 
    
	
21
    	
 
    	
1/1/17
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
383,367.76
    	
 
    	
548,621.02
    	
 
    	
37,603,092.60
    	
 
    
	
22
    	
 
    	
2/1/17
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
377,854.94
    	
 
    	
554,133.84
    	
 
    	
37,048,958.76
    	
 
    
	
23
    	
 
    	
3/1/17
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
372,286.72
    	
 
    	
559,702.06
    	
 
    	
36,489,256.70
    	
 
    
	
24
    	
 
    	
4/1/17
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
366,662.55
    	
 
    	
565,326.23
    	
 
    	
35,923,930.47
    	
 
    
	
25
    	
 
    	
5/1/17
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
360,981.87
    	
 
    	
571,006.91
    	
 
    	
35,352,923.56
    	
 
    
	
26
    	
 
    	
6/1/17
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
355,244.10
    	
 
    	
576,744.68
    	
 
    	
34,776,178.88
    	
 
    
	
27
    	
 
    	
7/1/17
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
349,448.68
    	
 
    	
582,540.10
    	
 
    	
34,193,638.78
    	
 
    
	
28
    	
 
    	
8/1/17
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
343,595.02
    	
 
    	
588,393.76
    	
 
    	
33,605,245.02
    	
 
    
	
29
    	
 
    	
9/1/17
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
337,682.54
    	
 
    	
594,306.24
    	
 
    	
33,010,938.78
    	
 
    
	
30
    	
 
    	
10/1/17
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
331,710.65
    	
 
    	
600,278.13
    	
 
    	
32,410,660.65
    	
 
    
	
31
    	
 
    	
11/1/17
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
325,678.75
    	
 
    	
606,310.03
    	
 
    	
31,804,350.62
    	
 
    
	
32
    	
 
    	
12/1/17
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
319,586.24
    	
 
    	
612,402.54
    	
 
    	
31,191,948.08
    	
 
    
	
33
    	
 
    	
1/1/18
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
313,432.51
    	
 
    	
618,556.27
    	
 
    	
30,573,391.81
    	
 
    
	
34
    	
 
    	
2/1/18
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
307,216.94
    	
 
    	
624,771.84
    	
 
    	
29,948,619.97
    	
 
    
	
35
    	
 
    	
3/1/18
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
300,938.92
    	
 
    	
631,049.86
    	
 
    	
29,317,570.11
    	
 
    
	
36
    	
 
    	
4/1/18
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
294,597.81
    	
 
    	
637,390.97
    	
 
    	
28,680,179.14
    	
 
    
	
37
    	
 
    	
5/1/18
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
288,192.98
    	
 
    	
643,795.80
    	
 
    	
28,036,383.34
    	
 
    
	
38
    	
 
    	
6/1/18
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
281,723.80
    	
 
    	
650,264.98
    	
 
    	
27,386,118.36
    	
 
    
	
39
    	
 
    	
7/1/18
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
275,189.60
    	
 
    	
656,799.18
    	
 
    	
26,729,319.18
    	
 
    
															

 

2

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Additional
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Payment /
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
No.
    	
 
    	
Due Date
    	
 
    	
Payment
    	
 
    	
(Borrowing)
    	
 
    	
Interest
    	
 
    	
Principal
    	
 
    	
Balance
    	
 
    
	
40
    	
 
    	
8/1/18
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
268,589.75
    	
 
    	
663,399.03
    	
 
    	
26,065,920.15
    	
 
    
	
41
    	
 
    	
9/1/18
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
261,923.58
    	
 
    	
670,065.20
    	
 
    	
25,395,854.95
    	
 
    
	
42
    	
 
    	
10/1/18
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
255,190.43
    	
 
    	
676,798.35
    	
 
    	
24,719,056.60
    	
 
    
	
43
    	
 
    	
11/1/18
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
248,389.62
    	
 
    	
683,599.16
    	
 
    	
24,035,457.44
    	
 
    
	
44
    	
 
    	
12/1/18
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
241,520.46
    	
 
    	
690,468.32
    	
 
    	
23,344,989.12
    	
 
    
	
45
    	
 
    	
1/1/19
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
234,582.29
    	
 
    	
697,406.49
    	
 
    	
22,647,582.63
    	
 
    
	
46
    	
 
    	
2/1/19
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
227,574.39
    	
 
    	
704,414.39
    	
 
    	
21,943,168.24
    	
 
    
	
47
    	
 
    	
3/1/19
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
220,496.08
    	
 
    	
711,492.70
    	
 
    	
21,231,675.54
    	
 
    
	
48
    	
 
    	
4/1/19
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
213,346.64
    	
 
    	
718,642.14
    	
 
    	
20,513,033.40
    	
 
    
	
49
    	
 
    	
5/1/19
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
206,125.36
    	
 
    	
725,863.42
    	
 
    	
19,787,169.98
    	
 
    
	
50
    	
 
    	
6/1/19
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
198,831.52
    	
 
    	
733,157.26
    	
 
    	
19,054,012.72
    	
 
    
	
51
    	
 
    	
7/1/19
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
191,464.38
    	
 
    	
740,524.40
    	
 
    	
18,313,488.32
    	
 
    
	
52
    	
 
    	
8/1/19
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
184,023.22
    	
 
    	
747,965.56
    	
 
    	
17,565,522.76
    	
 
    
	
53
    	
 
    	
9/1/19
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
176,507.28
    	
 
    	
755,481.50
    	
 
    	
16,810,041.26
    	
 
    
	
54
    	
 
    	
10/1/19
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
168,915.82
    	
 
    	
763,072.96
    	
 
    	
16,046,968.30
    	
 
    
	
55
    	
 
    	
11/1/19
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
161,248.07
    	
 
    	
770,740.71
    	
 
    	
15,276,227.59
    	
 
    
	
56
    	
 
    	
12/1/19
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
153,503.28
    	
 
    	
778,485.50
    	
 
    	
14,497,742.09
    	
 
    
	
57
    	
 
    	
1/1/20
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
145,680.66
    	
 
    	
786,308.12
    	
 
    	
13,711,433.97
    	
 
    
	
58
    	
 
    	
2/1/20
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
137,779.44
    	
 
    	
794,209.34
    	
 
    	
12,917,224.63
    	
 
    
	
59
    	
 
    	
3/1/20
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
129,798.82
    	
 
    	
802,189.96
    	
 
    	
12,115,034.67
    	
 
    
	
60
    	
 
    	
4/1/20
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
121,738.01
    	
 
    	
810,250.77
    	
 
    	
11,304,783.90
    	
 
    
	
61
    	
 
    	
5/1/20
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
113,596.20
    	
 
    	
818,392.58
    	
 
    	
10,486,391.32
    	
 
    
	
62
    	
 
    	
6/1/20
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
105,372.58
    	
 
    	
826,616.20
    	
 
    	
9,659,775.12
    	
 
    
	
63
    	
 
    	
7/1/20
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
97,066.32
    	
 
    	
834,922.46
    	
 
    	
8,824,852.66
    	
 
    
	
64
    	
 
    	
8/1/20
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
88,676.59
    	
 
    	
843,312.19
    	
 
    	
7,981,540.47
    	
 
    
	
65
    	
 
    	
9/1/20
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
80,202.57
    	
 
    	
851,786.21
    	
 
    	
7,129,754.26
    	
 
    
	
66
    	
 
    	
10/1/20
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
71,643.39
    	
 
    	
860,345.39
    	
 
    	
6,269,408.87
    	
 
    
	
67
    	
 
    	
11/1/20
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
62,998.20
    	
 
    	
868,990.58
    	
 
    	
5,400,418.29
    	
 
    
	
68
    	
 
    	
12/1/20
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
54,266.14
    	
 
    	
877,722.64
    	
 
    	
4,522,695.65
    	
 
    
	
69
    	
 
    	
1/1/21
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
45,446.34
    	
 
    	
886,542.44
    	
 
    	
3,636,153.21
    	
 
    
	
70
    	
 
    	
2/1/21
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
36,537.91
    	
 
    	
895,450.87
    	
 
    	
2,740,702.34
    	
 
    
	
71
    	
 
    	
3/1/21
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
27,539.97
    	
 
    	
904,448.81
    	
 
    	
1,836,253.53
    	
 
    
	
72
    	
 
    	
4/1/21
    	
 
    	
931,988.78
    	
 
    	
 
    	
 
    	
18,451.61
    	
 
    	
913,537.17
    	
 
    	
922,716.36
    	
 
    
	
73
    	
 
    	
5/1/21
    	
 
    	
931,988.28
    	
 
    	
 
    	
 
    	
9,271.92
    	
 
    	
922,716.36
    	
 
    	
0.00
    	
 
    

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}]]