Document:

Collateral Trust and Intercreditor Agreement

 Exhibit 4.2 

 
  
 COLLATERAL TRUST AND INTERCREDITOR AGREEMENT 
 dated as of December 1, 2010

 among 

NORTHERN TIER ENERGY LLC, 
 THE OTHER GRANTORS FROM TIME TO TIME PARTY HERETO, 
 DEUTSCHE BANK TRUST COMPANY
AMERICAS, 
 as Indenture Trustee under the Closing Date Indenture, 

J. ARON & COMPANY, 
 as Hedging Counterparty under the J. Aron Hedge Agreement 
 EACH SECURED
REPRESENTATIVE 
 from time to time a party hereto, 
 and 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Collateral Agent 
  

 

 Table of Contents 

 

									
	 	 	 	 	 	  	Page	 
		
	SECTION 1. Definitions; Principles of Construction	  	 	1	  
				
		 	1.1	 	 Defined Terms
	  	 	1	  
		 	1.2	 	 Rules of Interpretation
	  	 	9	  
		
	SECTION 2. The Liens	  	 	10	  
				
		 	2.1	 	 Collateral Shared Equally and Ratably within Class
	  	 	10	  
		 	2.2	 	 No New Liens
	  	 	10	  
		
	SECTION 3. Obligations and Powers of Collateral Agent	  	 	11	  
				
		 	3.1	 	 Undertaking of the Collateral Agent
	  	 	11	  
		 	3.2	 	 Release or Subordination of Liens
	  	 	12	  
		 	3.3	 	 Enforcement of Liens
	  	 	12	  
		 	3.4	 	 Application of Proceeds
	  	 	13	  
		 	3.5	 	 Powers of the Collateral Agent
	  	 	14	  
		 	3.6	 	 Documents and Communications
	  	 	14	  
		 	3.7	 	 For Sole and Exclusive Benefit of Holders of Secured Obligations
	  	 	14	  
		 	3.8	 	 Secured Debt
	  	 	15	  
		
	SECTION 4. Release of Liens, Agreements, Etc.	  	 	17	  
				
		 	4.1	 	 Release of Liens on Collateral
	  	 	17	  
		 	4.2	 	 Agreements of the Collateral Agent and Secured Representatives
	  	 	18	  
		 	4.3	 	 Security Agreement Amendments
	  	 	18	  
		
	SECTION 5. Separate Collateral	  	 	18	  
				
		 	5.1	 	 Separate Collateral
	  	 	18	  
		
	SECTION 6. Rights and Protections of the Collateral Agent	  	 	19	  
				
		 	6.1	 	 No Implied Duty
	  	 	19	  
		 	6.2	 	 Appointment of Agents and Advisors
	  	 	19	  
		 	6.3	 	 Other Agreements
	  	 	19	  
		 	6.4	 	 Solicitation of Instructions
	  	 	19	  
		 	6.5	 	 Limitation of Liability
	  	 	20	  
		 	6.6	 	 Documents in Satisfactory Form
	  	 	20	  
		 	6.7	 	 Entitled to Rely
	  	 	20	  
		 	6.8	 	 Triggering Event
	  	 	20	  
		 	6.9	 	 Actions by Collateral Agent
	  	 	20	  
		 	6.10	 	 Security or Indemnity in favor of the Collateral Agent
	  	 	20	  
		 	6.11	 	 Conflicts; Bona Fide Disputes
	  	 	21	  
		 	6.12	 	 Limitations on Duty of Collateral Agent in Respect of Collateral
	  	 	21	  

  
 (i)

 Table of Contents 

(continued) 
  

									
	 	 	 	 	 	  	Page	 
				
		 	6.13	 	 Assumption of Rights, Not Assumption of Duties
	  	 	22	  
		 	6.14	 	 No Liability for Clean Up of Hazardous Materials
	  	 	22	  
		
	SECTION 7. Removal or Resignation of the Collateral Agent	  	 	23	  
				
		 	7.1	 	 Removal or Resignation of Collateral Agent
	  	 	23	  
		 	7.2	 	 Appointment of Successor Collateral Agent
	  	 	23	  
		 	7.3	 	 Succession
	  	 	24	  
		 	7.4	 	 Merger, Conversion or Consolidation of Collateral Agent
	  	 	24	  
		
	SECTION 8. Miscellaneous Provisions	  	 	24	  
				
		 	8.1	 	 Amendment
	  	 	24	  
		 	8.2	 	 Voting
	  	 	26	  
		 	8.3	 	 Calculation of Obligations under Hedge Agreements
	  	 	26	  
		 	8.4	 	 Successors and Assigns
	  	 	26	  
		 	8.5	 	 Delay and Waiver
	  	 	27	  
		 	8.6	 	 Notices
	  	 	27	  
		 	8.7	 	 Notice Following Discharge of Secured Obligations
	  	 	28	  
		 	8.8	 	 Entire Agreement
	  	 	28	  
		 	8.9	 	 Payment of Expenses and Taxes; Indemnification
	  	 	28	  
		 	8.10	 	 Severability
	  	 	29	  
		 	8.11	 	 Headings
	  	 	29	  
		 	8.12	 	 Obligations Secured
	  	 	29	  
		 	8.13	 	 Governing Law
	  	 	29	  
		 	8.14	 	 Consent to Jurisdiction; Waivers
	  	 	29	  
		 	8.15	 	 Waiver of Jury Trial
	  	 	30	  
		 	8.16	 	 Counterparts
	  	 	30	  
		 	8.17	 	 Effectiveness
	  	 	30	  
		 	8.18	 	 Additional Grantors
	  	 	30	  
		 	8.19	 	 Continuing Nature of this Agreement
	  	 	30	  
		 	8.20	 	 Insolvency
	  	 	30	  
		 	8.21	 	 Rights and Immunities of Secured Representatives
	  	 	31	  
		 	8.22	 	 Rights of J. Aron
	  	 	31	  
		
		 	EXHIBIT	  
		
		 	Exhibit A — Form of Joinder	  

  
 (ii)

 This COLLATERAL TRUST AND INTERCREDITOR AGREEMENT (this “Agreement”), dated as of
December 1, 2010 and is by and among NORTHERN TIER ENERGY LLC, a Delaware corporation (the “Company”), the other Grantors from time to time party hereto, DEUTSCHE BANK TRUST COMPANY AMERICAS, as indenture trustee (the
“Indenture Trustee”), J. ARON & COMPANY, as counterparty under the J. Aron Hedge Agreement (as defined below) (“J. Aron”), each additional Secured Representative (as defined below) that executes and
delivers a Joinder (as defined below), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as collateral agent (in such capacity and together with its successors in such capacity, the “Collateral Agent”). 

RECITALS 

WHEREAS, the Company has entered into an Indenture, dated as of December 1, 2010 (as amended, amended and restated, supplemented or
otherwise modified from time to time, the “Closing Date Indenture”), with the noteholders from time to time party thereto (the “Indenture Noteholders”) and the Indenture Trustee pursuant to which the Company has
issued the notes thereunder; 
 WHEREAS, St. Paul Park Refining Co. LLC (“St. Paul”), a subsidiary of the
Company, entered into an ISDA Master Agreement, dated October 6, 2010, relating to transactions from time to time entered into thereunder, including by way of novation (the “J. Aron Hedges”) under such ISDA Master Agreement
(collectively, as each may be amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “J. Aron Hedge Agreement”) by and between J. Aron and St. Paul, with the obligations of St. Paul
under the J. Aron Hedge Agreement being guaranteed by the Company and the other Grantors; 
 WHEREAS, in connection with the
execution and delivery of the Closing Date Indenture, and in connection with and as a condition to the entering into of transactions under the J. Aron Hedge Agreement, the Company is entering into (i) that certain Pledge and Security Agreement,
dated as of the date hereof, among the Grantors named therein and the Collateral Agent (as amended, supplemented or otherwise modified from time to time, the “Security Agreement”) and (ii) certain Mortgages, which Security
Agreement and Mortgages provide for the Secured Obligations to be secured equally and ratably by the collateral described therein; 
 WHEREAS, the Collateral Agent has agreed to act as an agent on behalf of all Secured Parties with respect to the Collateral and is entering into this Agreement to, among other things, define the rights,
duties, authority and responsibilities of the Collateral Agent and the relationship among the Secured Parties regarding their interests in the Collateral. 
 NOW THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as
follows: 
 SECTION 1. 
 Definitions; Principles of Construction 
 1.1 Defined
Terms. Capitalized terms used but not defined in this Agreement will have the meanings assigned to them in the Security Agreement. The following terms will have the following meanings: 

 “Act of Required Secured Debtholders” means, as to any matter, a direction
in writing delivered to the Collateral Agent by the holders of Secured Debt representing the Required Secured Debtholders. 

For purposes of this definition, (a) Secured Debt actually known to be registered in the name of, or beneficially owned by, the
Company or any Affiliate of the Company will be deemed not to be outstanding and neither the Company nor any Affiliate of the Company will be entitled to vote to direct the relevant Secured Representative and (b) votes will be determined in
accordance with Section 8.2. Upon the request of the Collateral Agent, the Company shall promptly furnish to the Collateral Agent one or more Officer’s Certificate(s) listing and identifying all Notes, if any, known by such Persons
to be owned or held by or for the account of the Company or any Affiliate of the Company, and the Collateral Agent shall be entitled to accept such Officer’s Certificate(s) as conclusive evidence of the facts therein set forth and of the fact
that all Notes not listed therein are entitled to vote for the purpose of any such determination. 
 “Additional Secured
Debt” has the meaning set forth in the definition of “Secured Debt.” 
 “Affiliate” means,
as applied to any Person, any other Person directly or indirectly controlling or controlled by, or under direct or indirect common control with such specified Person. For the purposes of this definition, “control”, as used with respect to
any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of
this definition, the terms “controlling”, “controlled by” and “under common control with” shall have correlative meanings. 
 “Agreement” has the meaning set forth in the preamble. 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to close. 
 “Class” means all Series of Secured Debt, taken together.

 “Closing Date” means the “Issue Date” as defined in the Closing Date Indenture. 

“Closing Date Indenture” has the meaning set forth in the recitals. 

“Collateral” means, in the case of any Series of Secured Debt, all properties and assets of the Company and the other
Grantors, now owned or hereafter acquired in which Liens have been granted to the Collateral Agent to secure any Secured Obligations in respect of such Series of Secured Debt. 
 “Collateral Agent” has the meaning set forth in the preamble. 

“Collateral Agent Obligations” has the meaning set forth in the definition of “Secured Debt”. 

“Common Collateral” means all Collateral in which Liens have been granted to secure all of the Secured Debt. 

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

  
 -2-

 “Credit Parties” means, collectively, the “Issuers” and the
“Subsidiary Guarantors” (or any other defined term having a similar purpose) as defined in the Existing Indenture. 

“Discharge of Secured Obligations” means: 
 (1) payment in full in cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest would be
allowed in such Insolvency or Liquidation Proceeding), on all Indebtedness outstanding under the Existing Indenture Documents and constituting Secured Obligations; 
 (2) payment in full in cash of all Hedge Agreement Obligations (including interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest would be
allowed in such Insolvency or Liquidation Proceeding) constituting Secured Obligations or the cash collateralization of all such Hedging Obligations on terms satisfactory to each applicable counterparty; 

(3) payment in full in cash of all other Secured Obligations that are due and payable or otherwise accrued and owing at or prior to the
time such principal and interest are paid (other than any indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time); and 

(4) termination or expiration of all commitments, if any, to extend credit that would constitute Secured Obligations. 

“Equally and ratably” means, in reference to sharing of Liens granted to the Collateral Agent for the benefit of the
Secured Parties or proceeds thereof as between holders of Secured Obligations, that such Liens or proceeds will be allocated and distributed to the applicable Secured Representative for each outstanding Series of Secured Debt for the account of the
holders of such Series of Secured Debt ratably in proportion to the Secured Obligations under each outstanding Series of Secured Debt when the allocation or distribution is made. 

“Existing Credit Agreement” means the Credit Agreement, dated as of the date hereof, among St. Paul Park Refining Co.
LLC, Northern Tier Bakery LLC, Northern Tier Retail LLC and SuperAmerica Franchising LLC, as borrowers, the Company and Northern Tier Finance Corporation, as guarantors, and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent,
Bank of America, N.A., as syndication agent, and the lenders from time to time party thereto. 
 “Existing Hedge
Agreement Obligations” means, collectively, any and all amounts owing by the Company and/or any Guarantor in respect of any Hedge Agreement Obligations accruing from time to time. 

“Existing Indenture” means (a) the Closing Date Indenture and (b) any other credit agreement, loan agreement,
note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has been incurred to extend, increase, renew, refund, replace (whether upon or
after termination or otherwise) or refinance (including by means of sales of debt securities to institutional investors) in whole or in part from time to time the indebtedness and other obligations outstanding under the Existing Indenture or any
other agreement or instrument referred to in this clause (b) (such indebtedness or other financial accommodations, “Refinancing Indebtedness”), which, to the extent permitted under the Hedge Agreement Documents, may result in
an increase of the aggregate principal amount of Indebtedness outstanding thereunder; provided that (i) any such Refinancing Indebtedness shall not mature earlier than, 

  
 -3-

 
or have annual amortization payments in excess of 1.00% until the earlier of (x) six months after the latest settlement or payment date scheduled to occur under any J. Aron Hedges
outstanding at the time of incurrence of such Refinancing Indebtedness and (y) six months after the maturity of the indebtedness being refinanced, (ii) any such Refinancing Indebtedness or any agreement or instrument evidencing or
governing such Refinancing Indebtedness shall not affect any of J. Aron’s material rights as a Secured Party under this Agreement or any Secured Debt Document or otherwise contravene the terms of this Agreement and (iii) any agreement or
instrument evidencing or governing such Refinancing Indebtedness shall be an “Existing Indenture” only if the Indebtedness thereunder shall constitute Additional Secured Debt pursuant to this Agreement. 

“Existing Indenture Documents” means the “Notes Documents” as defined in the Closing Date Indenture (or, in
the case of any other Existing Indenture, similarly defined term in such Existing Indenture), and any amendments, supplements or replacements thereof, in each case, entered into in compliance with this Agreement. 

“Existing Indenture Obligations” means any principal, interest, penalties, fees, expenses, indemnifications,
reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities (including all interest, fees and expenses accruing after the commencement of
any Insolvency or Liquidation Proceeding at the rate provided for in the documentation with respect thereto, even if such interest, fees and expenses are not enforceable, allowable or allowed as a claim in such proceeding) and guarantees of payment
of such obligations under any Existing Indenture Documents. 
 “Existing Secured Debt” has the meaning set
forth in the definition of “Secured Debt.” 
 “Grantors” means the Company and each of the Guarantors
that have executed and delivered, or may from time to time hereafter execute and deliver, a Security Document as a “grantor” or “pledgor” (or the equivalent thereof). 

“Guarantors” means the Company and each Affiliate of the Company that has executed and delivered, or may from time to
time hereafter execute and deliver, a Security Document as a “guarantor” (or the equivalent thereof) of any Secured Obligations. 
 “Hedge Agreement Debt” means any and all indebtedness, debts, liabilities and other obligations, howsoever arising, of the Borrower and/or any Guarantor to J. Aron or any Specified Hedge
Counterparty, as applicable, of every kind and description (whether or not evidenced by any note or instrument and whether or not for the payment of money), direct or indirect, absolute or contingent, due or to become due, now existing or hereafter
arising, under the J. Aron Hedge Agreement or any Specified Secured Hedge Agreement. 
 “Hedge Agreement Documents”
means the J. Aron Hedge Agreement and any Specified Secured Hedge Agreements and, in each case, including schedules and confirmations thereunder. 
 “Hedge Agreement Due Amount” means with respect to each Hedge Agreement Document, the amount then due and payable by the Company and/or any Guarantor under such Hedge Agreement Document,
as determined in the reasonable good faith judgment of J. Aron and each Specified Hedge Counterparty, as applicable (it being understood that if the transactions under such Hedge Agreement Document were previously terminated, the Hedge Agreement Due
Amount shall be calculated in accordance with clause (b) of the definition of “Hedge Agreement Outstanding Amount”). 

  
 -4-

 “Hedge Agreement Obligations” means the Hedge Agreement Debt and all other
obligations in respect of Hedge Agreement Debt. 
 “Hedge Agreement Outstanding Amount” means (a) the
amount that would be payable, as determined in the reasonable good faith judgment of J. Aron and each Specified Hedge Counterparty, as applicable, consistent with prevailing market practice, under and in accordance with the terms of the applicable
Hedge Agreement Documents if the transactions under such Hedge Agreement Documents were terminated on the date two Business Days prior to the date of any vote requiring the Act of Required Secured Debtholders or (b) if the transactions under
such Hedge Agreement Documents were previously terminated, the termination amount determined in accordance with Section 6(d) of the J. Aron Hedge Agreement (and related provisions thereunder) as though an Event of Default had occurred under the
J. Aron Hedge Agreement with the Company as the Defaulting Party, or any comparable provision of any Specified Secured Hedge Agreement, in each case, which remains unpaid as of the Business Day preceding the date of any vote requiring the Act of
Required Secured Debtholders. 
 “Indebtedness” shall have the meaning assigned to such term in
the Existing Indenture and in any other Secured Debt Document, as applicable. 
 “Indenture Trustee” has the
meaning set forth in the preamble. 
 “Indenture Noteholders” has the meaning set forth in the recitals.

 “Insolvency or Liquidation Proceeding” means: 

(1) any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to any Credit Party; 

(2) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation,
reorganization or other similar case or proceeding with respect to any Credit Party or with respect to a material portion of any Credit Party’s assets; 
 (3) any liquidation, dissolution, reorganization or winding up of any Credit Party whether voluntary or involuntary and whether or not involving insolvency or bankruptcy; or 

(4) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Credit Party. 

“Intercreditor Agreement” means the Intercreditor Agreement, dated as of the date hereof, by and among the Company, the
Guarantors, the Collateral Agent and JPMorgan Chase Bank, N.A., as collateral agent under the Existing Credit Agreement, as amended, amended and restated, supplemented or otherwise modified from time to time. 

“J. Aron” has the meaning assigned to such term in the preamble. 

“J. Aron Hedge Agreement” has the meaning assigned to such term in the recitals. 

“J. Aron Hedge Agreement LOC” means a letter of credit issued for the benefit of J. Aron. 

“J. Aron Hedges” has the meaning assigned to such term in the recitals. 

  
 -5-

 “Joinder” means an agreement substantially in the form of Exhibit A.

 “Lien” means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation,
charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including (1) any conditional sale or other title retention agreement, (2) any lease
in the nature thereof, (3) any option or other agreement to sell or give a security interest and (4) any filing, authorized by or on behalf of the relevant grantor, of any financing statement under the UCC of any jurisdiction. 

“Lien Sharing and Priority Confirmation” means, as to any Series of Secured Debt, the written agreement of the holders
of such Series of Secured Debt, or their applicable Secured Representative, for the enforceable benefit of all holders of each existing and future Series of Secured Debt and each existing and future Secured Representative with respect thereto:

 (a) that such Secured Representative and all other holders of obligations in respect of such Series of Secured
Debt are bound by the provisions of this Agreement and the Intercreditor Agreement; 
 (b) consenting to and
directing the Collateral Agent to act as agent for such Series of Secured Debt or such Secured Representative, as applicable, and perform its obligations under this Agreement, the Security Documents and the Intercreditor Agreement; and 

(c) that all Secured Obligations will be and are secured Equally and ratably by all Liens at any time granted by the
Company or any other Grantor to secure any obligations in respect of such Series of Secured Debt, whether or not upon property otherwise constituting collateral for such Series of Secured Debt, and that all such Liens will be enforceable by the
Collateral Agent for the benefit of all holders of Secured Obligations Equally and ratably; provided that the foregoing shall not apply to Liens granted with respect to Separate Collateral that are permitted by this Agreement. 

“Majority Holders” means, with respect to any Series of Secured Debt, the holders of more than 50% of the
Secured Obligations (determined as provided in the first sentence of the definition of Required Secured Debtholders) in respect thereof. 
 “Mortgaged Property” has the meaning specified in Section 3.8(d)(1)(a). 
 “Non-controlling Secured Parties’ Standstill Period” has the meaning set forth in Section 3.3. 
 “Officer’s Certificate” means a certificate signed on behalf of the Company by a Responsible Officer of the Company. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or any agency or political subdivision thereof or other entity. 
 “Refinancing Indebtedness” has the meaning set forth in the definition of “Existing Indenture.” 
 “Required Secured Debtholders” means, at any time, the holders of more than 50% of the sum of: 

  
 -6-

 (1) in the case of Secured Debt that is not a Hedge Agreement Obligation, the aggregate
outstanding principal amount of such Secured Debt (including outstanding letters of credit (unless fully cash collateralized in accordance with the terms of the relevant Existing Indenture Documents, fully supported by one or more letters of credit
satisfactory to the respective issuers of the letters of credit supported thereby or otherwise supported in a manner satisfactory to the respective issuers thereof) whether or not then available or drawn); 

(2) in the case of Secured Debt that is a Hedge Agreement Obligation, the aggregate of the Hedge Agreement Outstanding Amounts of such
Hedge Agreement Obligation; provided that if at such time the transactions under the J. Aron Hedge Agreement have not been terminated, then the amount included for purposes of this clause with respect to the J. Aron Hedge Agreement shall be
the greater of (i) the Hedge Agreement Outstanding Amount with respect to such agreement less the amount of any Separate Collateral (including the face amount of any J. Aron Hedge Agreement LOC) granted to J. Aron and (ii) $30,000,000; and

 (3) other than in connection with the exercise of remedies, the aggregate unfunded commitments to extend credit which, when
funded, would constitute Secured Obligations. 
 For purposes of this definition, votes will be determined in accordance with the provisions of
Section 8.2. 
 “Responsible Officer” means an “Officer” as such term is defined in the
Existing Indenture. 
 “Secured Debt” means any Indebtedness (or other obligations) or Hedge Agreement
Obligation that (a) is permitted to be incurred or assumed under each Secured Debt Document and (b) that is, and is permitted by the terms of each Secured Debt Document to be, secured Equally and ratably with the Secured Obligations with
respect to the Common Collateral, and shall include (i) the Secured Debt as of the Closing Date (the “Existing Secured Debt”) consisting of (A) Indebtedness under the Existing Indenture in an amount not to exceed the
principal amount that yields net cash proceeds to the Company of $290,000,000 and (B) Hedge Agreement Obligations under the J. Aron Hedge Agreement and (ii) any Indebtedness (or other obligations) or Hedge Agreement Obligations of the
Company or any Guarantor incurred after the Closing Date that complies with the requirements set forth in Section 3.8 (“Additional Secured Debt”); provided that, for the avoidance of doubt, any ABL Obligations (as
defined in the Intercreditor Agreement) shall not be considered “Secured Debt” for purposes of this Agreement. 
 In addition to the
foregoing, all obligations owing to the Collateral Agent in its capacity as such, whether pursuant to this Agreement or one or more of the Secured Debt Documents, shall in each case be deemed to constitute Secured Debt (although there shall be no
separate Series of Secured Debt as a result thereof) and Secured Obligations (with the obligations described in this sentence being herein called “Collateral Agent Obligations”), which Collateral Agent Obligations shall be entitled
to the priority provided in clause FIRST of Sections 3.4(a). 
 “Secured Debt Default” means, with
respect to any Series of Secured Debt, any event or condition which, under the terms of any credit agreement, indenture, loan agreement, note agreement, promissory note, hedge agreement or other agreement or instrument governing such Series of
Secured Debt, causes, or permits holders of Secured Debt outstanding thereunder to cause, the Secured Debt outstanding thereunder to become immediately due and payable or, in the case of the J. Aron Hedge Agreement or any Specified Hedge Agreement,
causes, or permits the Secured Party thereunder to cause, such hedging agreement (and the transactions thereunder) to terminate and a termination amount to be determined and become due and payable as a result of such termination. For the avoidance
of doubt, an “Event of Default” (or any other defined term having a similar purpose) (as defined in the Existing 

  
 -7-

 
Indenture) shall constitute a Secured Debt Default with respect to the Series of Secured Debt evidenced by the Existing Indenture. 

“Secured Debt Documents” means, collectively, the Existing Indenture Documents, the J. Aron Hedge Agreement, any
Specified Secured Hedge Agreements entered into with a Specified Hedge Counterparty, and each of the other agreements, documents and instruments providing for or evidencing any other Secured Obligation, and any other document or instrument executed
or delivered at any time in connection therewith, including any intercreditor or joinder agreement, to the extent such are effective at the relevant time, as each may be amended, restated, supplemented, modified, renewed or extended from time to
time in accordance with the provisions of this Agreement. 
 “Secured Debt Termination Date” means the date on
which the Discharge of Secured Obligations occurs. 
 “Secured Obligations” means any principal, termination
payments, interest (including all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including any applicable post-default rate, specified in the Secured Debt Documents, even if such interest is
not enforceable, allowable or allowed as a claim in such proceeding), premium (if any), fees, indemnifications, reimbursements, expenses, damages and other liabilities payable or that may become payable under the Secured Debt Documents, including,
without limitation, all outstanding Existing Indenture Obligations, Existing Hedge Agreement Obligations, guaranty obligations with respect to Existing Indenture Obligations and Existing Hedge Agreement Obligations, and such obligations in respect
of any other Series of Secured Debt issued or outstanding after the date of this Agreement. As provided in the last sentence of the definition of “Secured Debt”, all Collateral Agent Obligations shall constitute Secured Obligations.

 “Secured Parties” means the “Secured Parties”, as such term is defined in the Security Agreement
and will include each holder of Secured Obligations (and their applicable Secured Representative) and, for the avoidance of doubt, will include the Collateral Agent. 
 “Secured Representative” means: 
 (1) in the case of the Existing
Indenture, the Indenture Trustee; 
 (2) in the case of the J. Aron Hedge Agreement, J. Aron; or 

(3) in the case of any other Series of Secured Debt, the respective creditor or any trustee, agent or representative thereof designated
as such in the respective Series of Secured Debt; 
 provided that neither the Collateral Agent nor any Secured Representative shall be deemed
to have knowledge of any other Secured Representative unless it receives written notice thereof in accordance with the terms of this Agreement. 
 “Security Agreement” has the meaning set forth in the recitals. 

“Security Documents” means this Agreement, the Intercreditor Agreement, each Lien Sharing and Priority Confirmation, and
all security agreements, pledge agreements, collateral assignments, mortgages, collateral agency agreements, control agreements, deeds of trust or other grants or transfers for security executed and delivered by the Company or any other Grantor
creating (or purporting to create) a Lien upon Collateral in favor of the Collateral Agent, for the benefit of any Secured Parties, in each case, as amended, modified, renewed, restated or replaced, in whole or in part,

  
 -8-

 
from time to time, in accordance with its terms and Section 8.1 including, without limitation, the “security documents” (or any other defined term having a similar purpose)
(as such term is defined in the Existing Indenture). 
 “Series of Secured Debt” means, severally,
(i) Indebtedness under the Existing Indenture, (ii) obligations under the J. Aron Hedge Agreement, (iii) all obligations under any Specified Secured Hedge Agreement (with each such separate item constituting a separate Series of
Secured Debt, except that agreements between one or more of the same Credit Parties, on the one hand, and one or more of the same counterparties, on the other hand, shall constitute a single Series of Secured Debt, so long as such agreements
represent confirmations or transactions under a single common agreement among such parties) and (iv) each separate issue of Indebtedness which constitutes Secured Debt in accordance with clause (2) of the definition thereof contained
herein (with agreements between one or more of the same Credit Parties, on the one hand, and one or more of the same counterparties, on the other hand, constituting a single issue and a single Series of Secured Debt, so long as such agreements
represent confirmations or transactions under a single common agreement among such parties). 
 “Separate
Collateral” means all Collateral consisting of cash, cash equivalents or letters of credit in which Liens have been granted to secure only one Series of Secured Debt. 
 “Specified Hedge Agreement LOC” means a letter of credit issued for the benefit of a Specified Hedge Counterparty under a Specified Secured Hedge Agreement. 

“Specified Hedge Counterparty” means the counterparty under a Specified Secured Hedge Agreement. 

“Specified Secured Hedge Agreement” means any of the “Pari Passu Lien Hedge Agreements” as such term is
defined in the Existing Indenture, other than the J. Aron Hedge Agreement. 
 “Specified Secured Hedge
Indebtedness” means any Indebtedness under the Specified Secured Hedge Agreements. 
 “St. Paul” has
the meaning assigned to such term in the recitals. 
 “Title Datedown Product” has the meaning specified in
Section 3.8(d)(1)(c). 
 “Triggering Event” means a Secured Debt Default under the Existing
Indenture, any other Existing Indenture Documents or any then effective Secured Debt Document; provided that a Triggering Event shall not be deemed to have occurred unless the principal amount or termination amount of any such Indebtedness with
respect to which a Secured Debt Default has occurred, together with the principal amount of any other Indebtedness under which there has been a Secured Debt Default, aggregates $25,000,000 or more. 

“UCC” means the Uniform Commercial Code as in effect in the State of New York or any other applicable jurisdiction.

 1.2 Rules of Interpretation. (a) All terms used in this Agreement that are defined in Article 9 of the UCC and
not otherwise defined herein have the meanings assigned to them in Article 9 of the UCC. 
 (b) Unless otherwise
indicated, any reference to any agreement or instrument will be deemed to include a reference to that agreement or instrument as assigned, amended, supplemented, 

  
 -9-

 
amended and restated, or otherwise modified and in effect from time to time or replaced in accordance with the terms of this Agreement. 

(c) The use in this Agreement or any of the other Security Documents of the word “include” or
“including,” when following any general statement, term or matter, will not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters,
whether or not nonlimiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but will be deemed to refer to all other items or matters that fall within the
broadest possible scope of such general statement, term or matter. The word “will” shall be construed to have the same meaning and effect as the word “shall.” 

(d) References to “Sections,” “clauses,” “recitals” and the “preamble” will be to
Sections, clauses, recitals and the preamble, respectively, of this Agreement unless otherwise specifically provided. References to “Articles” will be to Articles of this Agreement unless otherwise specifically provided. References to
“Exhibits” and “Schedules” will be to Exhibits and Schedules, respectively, to this Agreement unless otherwise specifically provided. 
 (e) This Agreement and the other Security Documents will be construed without regard to the identity of the party who drafted it and as though the parties participated equally in drafting it.
Consequently, each of the parties acknowledges and agrees that any rule of construction that a document is to be construed against the drafting party will not be applicable either to this Agreement or the other Security Documents. 

(f) Notwithstanding anything to the contrary in this Agreement, (i) “Secured Debt” and “Secured
Obligations” shall include obligations incurred by Guarantors that are Additional Secured Debt, so long as the requirements that would need to be satisfied for such obligations (if such obligations were instead incurred by Company and not a
Guarantor) to constitute Secured Debt are satisfied; (ii) “Secured Party” (and their respective plural forms) shall include any such Persons that hold Secured Debt or Secured Obligations incurred by Guarantors that are described in
preceding clause (i) (it being understood that preceding clauses (i) and (ii) do not cause the Collateral of any Grantor to directly secure Secured Obligations incurred by a Guarantor that is not a Grantor, but clarify that
(x) each Guarantor’s Guaranteed Obligations include such Secured Obligations and (y) each Grantor’s Obligations secured by its Collateral include such Grantor’s guaranty of the Guaranteed Obligations described in
clause (x)); and (iii) each reference to “Grantors” on the cover page, in the preamble and in Section 8.1(d) also shall be a reference to “Guarantors”. 

SECTION 2. 

The Liens 
 2.1 Collateral Shared Equally and Ratably within Class. The parties to this Agreement agree that except as expressly set forth in Section 3.4, the payment and satisfaction of all
of the Secured Obligations within each Class will be secured Equally and ratably by the Liens established in favor of the Collateral Agent for the benefit of the Secured Parties belonging to such Class. 

2.2 No New Liens. (a) Other than as provided in Section 5.1, so long as the Discharge of Secured
Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Company or any other Grantor, the parties hereto agree that the Company shall not, and shall not permit any other Grantor to
grant or permit any additional 

  
 -10-

 
Liens on any asset or property to secure any Secured Obligations unless it has granted or concurrently grants a Lien on such asset or property to secure all Secured Obligations. 

(b) If, notwithstanding the provisions of Section 2.2(a) above, any Secured Party acquires any Liens over any asset or
property of the Company or any other Grantor that is not part of the Common Collateral (other than as provided in Section 5.1), such Secured Party will forthwith deliver such Liens to the Collateral Agent, or be deemed to hold such
Liens, for the account of all of the Secured Parties. 
 (c) Nothing in this Section 2.2 shall limit the ability of the
Company or any Grantor to incur new Secured Debt. 
 SECTION 3. 

Obligations and Powers of Collateral Agent 
 3.1 Undertaking of the Collateral Agent. (a) Subject to, and in accordance with, this Agreement and the other Security Documents, Deutsche Bank Trust Company Americas is authorized, as
collateral agent, for the benefit solely and exclusively of the present and future Secured Parties to: 
 (1)
accept, enter into, hold, maintain, administer and enforce all Security Documents, including all Collateral subject thereto, and all Liens created thereunder, perform its obligations under the Security Documents and protect, exercise and enforce the
interests, rights, powers and remedies granted or available to it under, pursuant to or in connection with the Security Documents; 
 (2) take all lawful and commercially reasonable actions permitted under the Security Documents to protect or preserve its interest in the Collateral subject thereto and such interests, rights, powers and
remedies; 
 (3) deliver and receive notices pursuant to the Security Documents; 

(4) sell, assign, collect, assemble, foreclose on, institute legal proceedings with respect to, or otherwise exercise or
enforce the rights and remedies of a secured party (including a mortgagee, trust deed beneficiary and insurance beneficiary or loss payee) with respect to the Collateral under the Security Documents and its other interests, rights, powers and
remedies; 
 (5) remit as provided in Section 3.4 all cash proceeds received by the Collateral Agent
from the collection, foreclosure or enforcement of its interest in the Collateral under the Security Documents or any of its other interests, rights, powers or remedies; 

(6) execute and deliver amendments to the Security Documents as from time to time authorized pursuant to
Section 8.1; and 
 (7) release any Lien granted to it by any Security Document upon any Collateral
if and as required by Section 4.1. 
 (b) Each party to this Agreement acknowledges and consents to
the authorization of the Collateral Agent set forth in Section 3.1(a) and agrees to each of the other provisions of this Agreement applicable to the Collateral Agent. 

  
 -11-

 (c) Notwithstanding anything to the contrary contained in this Agreement,
the Collateral Agent will not commence any exercise of remedies or any foreclosure actions or otherwise take any action or proceeding against any of the Collateral (other than actions as necessary to prove, protect or preserve the Liens securing the
Secured Obligations) unless (i) the exercise of such remedy or action shall then be permitted under the underlying Security Document and (ii) it shall have been directed by in accordance with Section 3.3 below and any other applicable
provisions of this Agreement and the other Security Documents. 
 3.2 Release or Subordination of Liens. Subject
to compliance with Article 4 below and any other applicable terms of this Agreement, the Collateral Agent will not release or subordinate any Lien of the Collateral Agent or consent to the release or subordination of any Lien of the
Collateral Agent, except: 
 (a) as directed by an Act of Required Secured Debtholders accompanied by an
Officer’s Certificate to the effect that the release or subordination was permitted by each applicable Secured Debt Document; 
 (b) as ordered pursuant to applicable law under a final and nonappealable order or judgment of a court of competent jurisdiction; 

(c) in connection with any foreclosure or exercise of rights and remedies pursuant to Section 3.3; or

 (d) as provided by the Intercreditor Agreement. 

3.3 Enforcement of Liens. If the Collateral Agent at any time receives written notice that any Triggering Event has
occurred entitling the Collateral Agent to foreclose upon, collect or otherwise enforce its Liens hereunder or under any Security Document, the Collateral Agent will promptly deliver written notice thereof to each Secured Representative. Thereafter,
the Collateral Agent may await direction by an Act of Required Secured Debtholders and, subject to its receipt of indemnity or security reasonably satisfactory to it, will act, or decline to act, as directed by an Act of Required Secured
Debtholders, in the exercise and enforcement of the Collateral Agent’s interests, rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following the initiation of such exercise of
remedies, the Collateral Agent, subject to its receipt of indemnity or security reasonably satisfactory to it, will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Secured
Debtholders. Notwithstanding anything to the contrary contained in this Agreement and without limiting the rights of the Required Secured Debtholders to act as provided above, at any time while a payment default has occurred and is continuing with
respect to any Series of Secured Debt following the final maturity thereof, the acceleration by the holders of such Series of Secured Debt of the maturity of all then outstanding Secured Obligations in respect thereof or the termination by J. Aron
or any Specified Hedge Counterparty of any hedging transactions under any Hedge Agreement Documents, and in either case after the passage of a period of 210 days (the “Non-controlling Secured Parties’ Standstill Period”) from
the date of delivery of a notice of same in writing (and requesting that enforcement action be taken with respect to the Common Collateral) to the Collateral Agent and each other Secured Representative and so long as the respective payment default
shall not have been cured or waived (or the respective acceleration rescinded), the Collateral Agent shall, as directed by the Majority Holders in respect of such Series of Secured Debt, take enforcement action with respect to the Common Collateral
and exercise their rights and remedies in respect of Common Collateral under the respective Security Documents; provided further, however, that, notwithstanding the foregoing, in no event shall any holder of such Series of
Secured Debt be permitted to direct the Collateral Agent to exercise or continue to exercise any such rights or remedies if, 

  
 -12-

 
notwithstanding the expiration of the Non-controlling Secured Parties’ Standstill Period, (i) the Collateral Agent (whether or not directed by the Act of Required Secured Debtholders or
Majority Holders in respect of a Series of Secured Debt) or the Required Secured Debtholders shall have commenced and be diligently pursuing the exercise of rights and remedies with respect to any of the Common Collateral (prompt notice of such
exercise to be given to the Secured Representative of the holders of the relevant Series of Secured Debt) or (ii) an Insolvency Proceeding in respect of the respective Grantor shall have been commenced and be continuing. Each of the Secured
Parties hereby authorizes the Collateral Agent to take action pursuant to the Intercreditor Agreement as directed by an Act of Required Secured Debtholders. 
 3.4 Application of Proceeds. 
 (a) With respect to Common
Collateral, the Collateral Agent will apply the proceeds of any collection, sale, foreclosure or other realization upon such Common Collateral, including proceeds of any title insurance policy required under any Secured Debt Document, in the
following order of application: 
 FIRST, to the payment of all reasonable and documented fees, costs and
expenses incurred by the Collateral Agent and the Indenture Trustee in connection with such sale, collection or realization or otherwise in connection with this Agreement or any of the Secured Obligations, and to any other Collateral Agent
Obligations, including all court costs and the reasonable fees and expenses of its co-trustees, agents and legal counsel, and any other reasonable and documented costs or expenses incurred in connection with the exercise of any right or remedy
hereunder; 
 SECOND, to each Secured Representative for each Series of Secured Debt for application to the
payment of all outstanding Secured Debt and any other Secured Obligations that are then due and payable in such order as may be provided in the applicable Secured Debt Documents in an amount sufficient to pay in full and discharge all outstanding
Secured Obligations that are then due and payable, ratably in accordance with (i) the aggregate outstanding principal amount of Secured Obligations held by holders of such Series of Secured Debt (excluding obligations under Hedge Agreement
Documents) and (ii) with respect to the Hedge Agreement Obligations held by holders of such Series of Secured Debt, the Hedge Agreement Due Amount for such Series of Secured Debt; and 

THIRD, any surplus then remaining shall be paid to the Grantors or their successors or assigns or to whomsoever may be
lawfully entitled to receive the same or as a court of competent jurisdiction may direct. 
 provided that, to the extent
that the holders of any Series of Secured Debt receive and are able to apply any proceeds from any Separate Collateral securing such Series of Secured Debt, (i) the Secured Representative in respect of such Series of Secured Debt shall within
one Business Day of the receipt of such proceeds provide the Collateral Agent with a certificate certifying as to the amount of such received and applied proceeds and (ii) the amount of Secured Obligations included under clause
“SECOND” above with respect to such Series shall be reduced by the amount of such proceeds; provided further that (i) at any time, the Collateral Agent may request a certificate from any Secured Representative in respect
of any Series of Secured Debt as to the amount of any received and applied proceeds with respect to such Series of Secured Debt from any Separate Collateral and such Secured Representative shall within one Business Day provide such certificate and
(ii) the application of the proceeds of any Separate Collateral and any proceeds under the foregoing clauses shall not permit the holders of any such Series of Secured 

  
 -13-

 
Debt to recover more than the full amount of Secured Obligations relating to such Series of Secured Debt. 
 For purposes of this Section 3.4(a), “proceeds” of Collateral includes any and all cash, securities and other property realized from collection, foreclosure or enforcement of the
Collateral Agent’s Liens upon the Collateral (including distributions of Collateral in satisfaction of any Secured Obligations). 
 (b) If the Collateral Agent or any Secured Party other than J. Aron collects or receives any proceeds from the foreclosure, collection or other enforcement of any Separate Collateral that should have been
applied to the payment of the Obligations in accordance with Section 5.1 hereof, whether after the commencement of an Insolvency or Liquidation Proceeding or otherwise, the Collateral Agent or such Secured Party will forthwith deliver
the same to J. Aron to be applied in accordance with Section 5.1. Until so delivered, such proceeds will be held by the Collateral Agent or such Secured Party, for the benefit of J. Aron. 

(c) This Section 3.4 is intended for the benefit of, and will be enforceable as a third party beneficiary by,
each present and future holder of Secured Obligations, each present and future Secured Representative and the Collateral Agent. The Secured Representative of each future Series of Secured Debt will, to the extent provided in this Agreement, be
required to deliver a Lien Sharing and Priority Confirmation to the Collateral Agent at the time of incurrence of such Series of Secured Debt. 
 (d) In connection with the application of proceeds pursuant to this Section 3.4, except as otherwise directed by an Act of Required Secured Debtholders, the Collateral Agent may sell any
non-cash proceeds for cash prior to the application of the proceeds thereof. 
 3.5 Powers of the Collateral
Agent. (a) The Collateral Agent is irrevocably authorized and empowered to enter into and perform its obligations and protect, perfect, exercise and enforce its interest, rights, powers and remedies under the Security Documents and applicable
law and in equity and to act as expressly set forth in this Article 3 or as requested in any lawful directions given to it from time to time in respect of any matter by an Act of Required Secured Debtholders. 

(b) No Secured Representative or holder of Secured Obligations will have any liability whatsoever for any act or omission
of the Collateral Agent. 
 3.6 Documents and Communications. The Collateral Agent will permit each Secured
Representative and each holder of Secured Obligations upon reasonable written notice from time to time to inspect and copy, at the cost and expense of the party requesting such copies, any and all Security Documents and other documents, notices,
certificates, instructions or communications received by the Collateral Agent in its capacity as such. 
 3.7 For Sole
and Exclusive Benefit of Holders of Secured Obligations. The Collateral Agent will accept, hold and enforce all Liens on the Collateral at any time transferred or delivered to it and all other interests, rights, powers and remedies at any time
granted to or enforceable by the Collateral Agent and all other property constituting Collateral solely and exclusively for the benefit of the present and future holders of present and future Secured Obligations, and will distribute all proceeds
received by it in realization thereon or from enforcement thereof solely and exclusively pursuant to the provisions of Section 3.4. 

  
 -14-

 3.8 Secured Debt. (a) The Collateral Agent will, as collateral agent
hereunder, perform its obligations hereunder with respect to each holder of Secured Obligations of a Series of Secured Debt that: 
 (1) holds Existing Secured Debt or Additional Secured Debt identified as such in accordance with the procedures set forth in Section 3.8(b); 

(2) signs, through its designated Secured Representative identified pursuant to Section 3.8(b), a Joinder; and

 (3) is evidenced or governed by an indenture, credit agreement, loan agreement, note agreement, hedge
agreement, promissory note or other agreement or instrument that includes a Lien Sharing and Priority Confirmation, and its designated Secured Representative identified pursuant to Section 3.8(b) delivers a true and correct copy of such
agreement or instrument; 
 provided that the actions required by preceding clauses (2) and (3), and the following
Section 3.8(b), shall not be required to be taken with respect to Existing Secured Debt. 
 (b) The
Company will be permitted to designate as an additional holder of Secured Debt hereunder each Person who is, or who becomes, the holder of Additional Secured Debt. The Company may effect such designation by delivering to the Collateral Agent each of
the following: 
 (1) an Officer’s Certificate describing in reasonable detail the respective Additional
Secured Debt and (A) stating that the Company or such other Grantor has incurred or intends to incur such obligations as “Additional Secured Debt” which is or will be permitted by this Agreement and each other applicable Secured Debt
Document to be incurred and secured by a Lien Equally and ratably with all previously existing and future Secured Debt and (B) to the extent such Additional Secured Debt is Refinancing Indebtedness, certifying that such Refinancing Indebtedness
satisfies the criteria therefor set forth in the definition of “Existing Indenture”; and 
 (2) a
written notice specifying the name and address of the Secured Representative for such series of Additional Secured Debt for purposes of Section 8.6. 
 Notwithstanding the foregoing, nothing in this Agreement will be construed to allow the Company or any other Grantor to incur additional Indebtedness or grant additional Liens unless, in each case,
permitted by the terms of all applicable Secured Debt Documents. 
 (c) With respect to any Additional Secured
Debt, the Company and each of the Grantors agrees to take such actions (if any) as may from time to time be necessary or reasonably requested by the Collateral Agent, any Secured Representative or any Act of Required Secured Debt Holders, and enter
into such technical amendments, modifications and/or supplements to the then existing guarantees and Security Documents (or execute and deliver such additional Security Documents) as may from time to time be necessary or reasonably requested by the
Collateral Agent (including as contemplated by clause (d) below), to ensure that the relevant Additional Secured Debt is secured by, and entitled to the benefits of, the relevant Security Documents, and each Secured Party (by its
acceptance of the benefits hereof) hereby agrees to, and authorizes the Collateral Agent to enter into, any such technical amendments, modifications and/or supplements (and additional Security Documents). The Company and each Grantor hereby further
agree that, if there are any recording, filing or other similar fees payable in connection with any of the actions to be taken pursuant to this Section 3.8(c) or  

  
 -15-

 
(d), all such amounts shall be paid by, and shall be for the account of, the Company and the respective Grantors, on a joint and several basis. 

(d) Without limitation of the foregoing, the Company and each of the Grantors agrees to take the following actions with respect to all
Additional Secured Debt. 
 (1) with respect to any real property Collateral: 

(A) The Company and the Guarantors shall enter into, and deliver to the Collateral Agent, a mortgage modification or new
Mortgage with regard to each Material Real Property (as such term is defined in the Existing Indenture) subject to a Mortgage (each a “Mortgaged Property”) that is not otherwise an Excluded Asset (as such term is defined in the
Existing Indenture) and is at the time of such incurrence, in proper form for recording in all applicable jurisdictions, in a form reasonably satisfactory to the Collateral Agent, and the Required Secured Debtholders; 

(B) The Company or the applicable Guarantor will cause to be delivered a local counsel opinion with respect to each such
Mortgaged Property entered into pursuant to clause (a) above in form and substance, and issued by law firms, in each case, reasonably satisfactory to the Collateral Agent; 

(C) The Company or the applicable Guarantor will cause a title company to have delivered to the Collateral Agent an
endorsement to each title insurance policy then in effect for the benefit of the Secured Parties or date down(s) (which may include a new title insurance policy) (each such delivery, a “Title Datedown Product”), in each case
insuring that (i) the priority of the Lien of the applicable Mortgage(s) as security for the Secured Obligations has not changed and if a new Mortgage is entered into, that the Lien of such new Mortgage securing the Secured Debt then being
incurred shall have the same priority as any existing Mortgage securing then existing Secured Obligations, (ii) since the later of the original date of such title insurance product and the date of the Title Datedown Product delivered most
recently prior to (and not in connection with) such additional Indebtedness, there has been no change in the condition of title and (iii) there are no intervening liens or encumbrances which may then or thereafter take priority over the Lien of
the applicable Mortgage(s), in each case other than with respect to Liens permitted by each Secured Debt Document; and 
 (D) The Company or the applicable Guarantor will deliver to the approved title company, the Collateral Agent and/or all other relevant third parties all other items reasonably necessary or requested by
the Collateral Agent to maintain the continuing priority of (i) the Lien of the Mortgages as security for the Secured Obligations and (ii) any other Mortgages which secure Secured Debt. 

(2) with respect to any personal property Collateral: 

(A) The Company and the Guarantors shall enter into, and deliver to the Collateral Agent either (x) amendments to
this Agreement and the Security Documents that permit the obligations with respect to such Secured Debt to be secured pari passu with the then existing Secured Obligations or (y) additional security and collateral documents which are
substantially similar to the Security Documents, in each case, in a form reasonably satisfactory to the Collateral Agent and the Required Secured Debtholders; 

  
 -16-

 (B) The Company or the applicable Guarantor will cause to be delivered
opinions of local and other counsel with respect to such personal property Collateral in form and substance, and issued by law firms, in each case, reasonably satisfactory to the Collateral Agent; and 

(C) The Company or the applicable Guarantor will take all actions reasonably necessary or requested by the Collateral
Agent to maintain the continuing priority of the Liens securing the Secured Obligations such that all Liens securing Secured Debt shall have the same priority as any existing Liens securing the Secured Obligations prior to the incurrence of such
Additional Secured Debt and the priority of the Liens security the Secured Obligations shall not be affected by the incurrence of the Additional Secured Debt. 
 SECTION 4. 
 Release of Liens, Agreements, Etc. 

4.1 Release of Liens on Collateral. The Collateral Agent’s Liens upon the Collateral will be released and terminate:

 (a) in whole, automatically, upon the occurrence of the Secured Debt Termination Date; 

(b) upon the written request of the Company and the respective Grantor to the Collateral Agent, as to any Collateral of a
Grantor (other than the Company) that (x) is released as a Guarantor under each Secured Debt Document and (y) is not obligated (as primary obligor or guarantor) with respect to any other Secured Obligations at such time and so long as the
respective release does not violate the terms of any Secured Debt Document which then remains in effect or the Intercreditor Agreement; 
 (c) as to any Collateral that is released, sold, transferred or otherwise disposed of by the Company or any other Grantor to a Person that is not (either before or after such release, sale, transfer or
disposition) the Company or a Subsidiary thereof in a transaction or other circumstance that complies with the terms of the Existing Indenture (for so long as the Existing Indenture is in effect) and is not prohibited by any of the other Secured
Debt Documents, at the time of such release, sale, transfer or other disposition and to the extent of the interest released, sold, transferred or otherwise disposed of; 

(d) as to a release of less than all or substantially all of the Collateral (other than pursuant to clause (a),
(b) or (c) above) at any time prior to the Discharge of Secured Obligations if written consent to the release of all Liens on such Collateral has been given by an Act of Required Secured Debtholders; and 

(e) as to a release of all or substantially all of the Collateral, if (A) consent to release of that Collateral has
been given by the requisite percentage or number of holders of each Series of Secured Debt at the time outstanding as provided for in the applicable Secured Debt Documents and (B) the Company has delivered an Officer’s Certificate to the
Collateral Agent certifying that any such necessary consents have been obtained. 
 (f) At any time that any
Grantor desires that the Collateral Agent take any action to acknowledge or give effect to any release of Collateral pursuant to the foregoing provisions of this Section 4.1, the Company shall, on behalf of itself or the respective
Grantor, deliver to the Collateral Agent an Officer’s Certificate, and with respect to clause (e) above an Opinion of Counsel, each stating 

  
 -17-

 
that the release of the respective Collateral is permitted pursuant to Section 4.1(a), (b), (c), (d) or (e), as the case may be. In determining
whether any release of Collateral is permitted, the Collateral Agent shall be entitled to conclusively rely on any Officer’s Certificate (and if applicable, any Opinion of Counsel) furnished to it pursuant to the immediately preceding sentence.
All actions taken pursuant to this Section 4.1 shall be at the sole cost and expense of the Company and the respective Grantor. 
 4.2 Agreements of the Collateral Agent and Secured Representatives. (a) In connection with any release of the Collateral Agent’s Lien on the Collateral pursuant to
Section 4.1, the Collateral Agent shall (subject to compliance with Section 4.1(f)) execute and deliver, prepare and provide to any Grantor, at such Grantor’s expense, all documents that such Grantor shall reasonably
request, prepare and provide to evidence such release. Any execution and delivery of documents pursuant to this Section 4.2 shall be without recourse to or warranty by the Collateral Agent. 

(b) The Collateral Agent hereby agrees that: 

(1) in the case of any release pursuant to Section 4.1(c), if the terms of any such release, sale, transfer or
other disposition require the payment of the purchase price to be contemporaneous with the delivery of the applicable release, then, at the written request of and at the expense of the Company or other applicable Grantor, the Collateral Agent will
deliver the release under customary escrow arrangements that permit such contemporaneous payment and delivery of the release; and 
 (2) within two Business Days of the receipt by it of any Act of Required Secured Debtholders pursuant to Section 4.1(d), the Collateral Agent will deliver a copy of such Act of Required
Secured Debtholders to each Secured Representative. 
 (c) Each Secured Representative hereby agrees that within
one Business Day after the receipt by it of any notice from the Collateral Agent pursuant to Section 4.2(b)(2), such Secured Representative will deliver a copy of such notice to each registered holder of the Series of Secured Debt for
which it acts as Secured Representative. 
 4.3 Closing Date Indenture Amendments. Each of the Collateral Agent
and the Company hereby agrees that they will not consent to any amendment of the Closing Date Indenture or Security Agreement that modifies any of the following definitions therein without the prior written consent of J. Aron: “Crack Spread
Hedge”, “Hedge Agreements”, “Hedging Obligations”, “J. Aron Hedge”, “Pari Passu Indebtedness”, “Pari Passu Lien Priority”, “Pari Passu Notes Lien Indebtedness”, “Secured
Debt”, “Secured Obligations” and “Series of Secured Debt”. 
 SECTION 5. 

Separate Collateral 
 5.1 Separate Collateral. The parties hereto hereby acknowledge that Hedge Agreement Obligations may be secured by Separate Collateral, which Separate Collateral shall be held and maintained
by J. Aron or the Specified Hedge Counterparty, as applicable. Notwithstanding any provision of this Agreement or any other Security Document to the contrary, (i) in no event shall any Secured Party, other than J. Aron or any successor as
counterparty under the J. Aron Hedge Agreement, have any claim on, or right title or interest in and to any Separate Collateral (including any J. Aron Hedge Agreement LOC or any proceeds thereof) granted to J. Aron and (ii) in no event shall
any Secured Party, other than the applicable Specifed Hedge Counterparty have any claim on, or right title or interest in and to any Separate Collateral (including any Specified Hedge Agreement LOC or any proceeds thereof)

  
 -18-

 
granted solely to such counterparty, as applicable. Each Secured Party (x) acknowledges and agrees that any Separate Collateral (including any J. Aron Hedge Agreement LOC) granted to J. Aron
is solely for the benefit of J. Aron and any successor thereto and J. Aron or any such successor shall not be required to share such Separate Collateral with any Secured Party and (ii) any Separate Collateral (including any Specified Hedge
Agreement LOC) granted to a Specified Hedge Counterparty is solely for the benefit of such counterparty and any successor thereto and such counterparty or any such successor shall not be required to share such Separate Collateral with any Secured
Party. 
 SECTION 6. 
 Rights and Protections of the Collateral Agent 
 6.1 No
Implied Duty. Notwithstanding anything to the contrary contained herein, the Collateral Agent will not have any fiduciary duties nor will it have any implied responsibilities, covenants or obligations and shall only be required to perform such
obligations as are expressly stated in this Agreement and the other Security Documents to which it is a party. The Collateral Agent will not be required to take any action that is contrary to applicable law or any provision of this Agreement or the
other Security Documents. 
 6.2 Appointment of Agents and Advisors. The Collateral Agent may execute any of its
rights or powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys, accountants, appraisers, attorneys-in-fact or other experts or advisors selected by it with due care and in good faith and shall not be
liable for the negligence or misconduct of such agents. 
 6.3 Other Agreements. The Collateral Agent has accepted
and is bound by the Security Documents executed by the Collateral Agent as of the date of this Agreement and, as directed by an Act of Required Secured Debtholders, the Collateral Agent shall execute additional Security Documents delivered to it
after the date of this Agreement; provided, however, that such additional Security Documents do not adversely affect the rights, privileges, benefits and immunities of the Collateral Agent. The Collateral Agent will not otherwise be
bound by, or be held obligated by, the provisions of any credit agreement, indenture, hedge agreement or other agreement governing Secured Debt (other than this Agreement and the other Security Documents to which it is a party). 

6.4 Solicitation of Instructions. (a) The Collateral Agent may at any time solicit written confirmatory instructions, in
the form of an Act of Required Secured Debtholders, an Officer’s Certificate or an order of a court of competent jurisdiction, as to any action that it may be requested or required to take, or that it may propose to take, in the performance of
any of its obligations under this Agreement or the other Security Documents, and the Collateral Agent may await receipt of the respective confirmatory instructions before taking the respective such action and shall incur no liability for any
inaction while awaiting receipt of such confirmatory instructions. It is expressly understood and acknowledged that the Collateral Agent shall have no duty to act, consent or request any action of the Company, the Grantors or any other Person in
connection with this Agreement unless the Collateral Agent shall have received written direction from an Act of Required Secured Debtholders. 
 (b) No written direction given to the Collateral Agent by an Act of Required Secured Debtholders that in the sole judgment of the Collateral Agent imposes, purports to impose or might reasonably be
expected to impose upon the Collateral Agent any obligation or liability not set forth in or arising under this Agreement and the other Security Documents will be binding upon the Collateral Agent unless the Collateral Agent elects, at its sole
option, to accept such direction. 

  
 -19-

 6.5 Limitation of Liability. The Collateral Agent will not be responsible or
liable for any action taken or omitted to be taken by it hereunder or under any other Security Document, except for its own gross negligence, bad faith or willful misconduct, in each case as determined by a final, non-appealable order by a court of
competent jurisdiction. In no event shall the Collateral Agent or any officer, director, employee, representative or agent of the Collateral Agent be liable under or in connection with this Agreement or any of the Security Documents for indirect,
special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits or loss of opportunity, whether or not foreseeable, even if the Collateral Agent has been advised of the possibility
thereof and regardless of the form of action in which such damages are sought. 
 6.6 Documents in Satisfactory
Form. The Collateral Agent will be entitled to require that all agreements, certificates, opinions, instruments and other documents at any time submitted to it, including those expressly provided for in this Agreement, be delivered to it in a
form and with substantive provisions reasonably satisfactory to it. 
 6.7 Entitled to Rely. The Collateral Agent
may seek and rely upon, and shall be fully protected in relying upon, any judicial order or judgment, upon any advice, opinion or statement of legal counsel, independent consultants and other experts selected by it in good faith and upon any
certification, instruction, notice or other writing delivered to it by the Company or any other Grantor in compliance with the provisions of this Agreement or delivered to it by any Secured Representative as to the holders of Secured Obligations for
whom it acts, without being required to determine the authenticity thereof or the correctness of any fact stated therein or the propriety or validity of service thereof. The Collateral Agent may act in reliance upon any instrument comporting with
the provisions of this Agreement or any signature reasonably believed by it to be genuine and may assume that any Person purporting to give notice or receipt or advice or make any statement or execute any document in connection with the provisions
hereof or the other Security Documents has been duly authorized to do so. To the extent an Officer’s Certificate or opinion of counsel is required or permitted under this Agreement to be delivered to the Collateral Agent in respect of any
matter, the Collateral Agent may rely conclusively on an Officer’s Certificate or opinion of counsel as to such matter and such Officer’s Certificate or opinion of counsel shall be full warranty and protection to the Collateral Agent for
any action taken, suffered or omitted by it under the provisions of this Agreement and the other Security Documents. 
 6.8
Triggering Event. The Collateral Agent will not be required to inquire as to the occurrence or absence of any Triggering Event and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any
Triggering Event unless and until it is directed by an Act of Required Secured Debtholders pursuant to the requirements of this Agreement. The Collateral Agent shall not be deemed to have actual, constructive, direct or indirect knowledge or notice
of the occurrence of any default, event of default or Triggering Event unless and until the Collateral Agent has received written notice from the Company, any Series Representative or any Secured Party stating that a default, event of default or
Triggering Event has occurred with respect to the Secured Obligations. 
 6.9 Actions by Collateral Agent. As to
any matter not expressly provided for by this Agreement or the other Security Documents, the Collateral Agent will act or refrain from acting as directed by an Act of Required Secured Debtholders and will be fully protected if it does so, and any
action taken, suffered or omitted pursuant to hereto or thereto shall be binding on all holders of Secured Obligations. 

6.10 Security or Indemnity in favor of the Collateral Agent. The Collateral Agent will not be required to advance, expend
or risk any funds or otherwise incur any financial liability in the performance of its duties or the exercise of its powers or rights if it shall have reasonable grounds to believe that repayment of such funds or security or indemnity satisfactory
to it against any and all liability 

  
 -20-

 
or expense which may be incurred by it by reason of taking or continuing to take such action is not reasonably assured to it. 

6.11 Conflicts; Bona Fide Disputes. In the event of any conflict between any terms and provisions set forth in this
Agreement and those set forth in any other Security Document, the terms and provisions of this Agreement shall supersede and control the terms and provisions of such other Security Document. In the event there is any bona fide, good
faith disagreement between the other parties to this Agreement or any of the other Security Documents resulting in adverse claims being made in connection with Collateral held by the Collateral Agent and the terms of this Agreement or any of the
other Security Documents do not unambiguously mandate the action the Collateral Agent is to take or not to take in connection therewith under the circumstances then existing, or the Collateral Agent is in doubt as to what action it is required to
take or not to take hereunder or under the other Security Documents, it will be entitled to refrain from taking any action (and will incur no liability for doing so) until directed otherwise in writing by a request signed jointly by the parties
hereto entitled to give such direction or by order of a court of competent jurisdiction, provided that the parties hereto acknowledge that the terms of this Agreement are not intended to negate any specific rights of the Company or the other
Grantors in any Secured Debt Document. 
 6.12 Limitations on Duty of Collateral Agent in Respect of Collateral.
(a) The Collateral Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the
Collateral Agent deals with similar property for the account of third parties. The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded
treatment substantially equal to that which the Collateral Agent accords similar property held for the benefit of third parties. Neither the Collateral Agent, any other Secured Party nor any of their respective officers, directors, employees or
agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other
Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Collateral Agent and the other Secured Parties hereunder are solely to protect the Collateral Agent’s and the other
Secured Parties’ interests in the Collateral and shall not impose any duty upon the Collateral Agent or any other Secured Party to exercise any such powers. The Collateral Agent and the other Secured Parties shall be accountable only for
amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their
own bad faith, gross negligence or willful misconduct (in each case as determined by a final, non-appealable order by a court of competent jurisdiction). 
 (b) The Collateral Agent will not be responsible (i) for the existence, genuineness or value of any of the Collateral, (ii) except as set forth in Section 6.12(a), for the validity,
perfection, priority or enforceability of the Liens in any of the Collateral, (iii) for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, (iv) for the validity of the title of any Grantor to
the Collateral, (v) for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or (vi) except as set forth in Section 6.12(a), otherwise as to the maintenance of the Collateral. The
Collateral Agent hereby disclaims any representation or warranty to the present and future holders of the Secured Obligations concerning the perfection of the Liens granted hereunder or in the value of any of the Collateral. The Collateral Agent
will not be responsible for determining whether any given Secured Obligations are in fact secured pursuant to the various Security Documents, it being understood that each Secured Party shall be responsible for ascertaining whether its obligations
are in fact secured pursuant to the Security Documents. 

  
 -21-

 6.13 Assumption of Rights, Not Assumption of Duties. Notwithstanding anything
to the contrary contained herein: 
 (1) each of the parties thereto will remain liable under each of the
Security Documents (other than this Agreement) to the extent set forth therein to perform all of their respective duties and obligations thereunder to the same extent as if this Agreement had not be executed; 

(2) the exercise by the Collateral Agent of any of its rights, remedies or powers hereunder will not release any parties
from any of their respective duties or obligations under the other Security Documents; and 
 (3) the Collateral
Agent will not be obligated to perform any of the obligations or duties of any of the parties to the Security Documents other than the Collateral Agent. 
 6.14 No Liability for Clean Up of Hazardous Materials. In the event that the Collateral Agent is required to acquire title to an asset for any reason, or take any managerial action of any
kind in regard thereto, which in the Collateral Agent’s sole discretion may cause the Collateral Agent to be considered an “owner or operator” under any environmental laws or otherwise cause the Collateral Agent to incur, or be
exposed to, any environmental liability or any liability under any other federal, state or local law, the Collateral Agent reserves the right, instead of taking such action, either to resign as Collateral Agent or to arrange for the transfer of the
title or control of the asset to a court appointed receiver or such other entity as directed by an Act of Required Secured Debtholders. The Collateral Agent will not be liable to any Person for any environmental liability or any environmental claims
or contribution actions under any federal, state or local law, rule or regulation by reason of the Collateral Agent’s actions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge or release or
threatened discharge or release of any hazardous materials into the environment. 
 6.15 Request For Accounting.
Each Secured Representative agrees to render to the Collateral Agent, at any time upon request of the Collateral Agent, an accounting of the amounts of the Secured Obligations owing to it with respect to such Series of Secured Debt, and such other
related information as the Collateral Agent may reasonably request in order to give effect to the terms and conditions of this Agreement. In the event that any Secured Representative fails to provide any information required to be provided by it to
the Collateral Agent, then the Collateral Agent may (but shall not be obligated to) (i) take such actions as are required to be taken by it based on the most recent information available to it, or (ii) in the case of any distributions to
be made pursuant to the Security Documents, hold the applicable Secured Parties share or purported share in escrow (without obligation to pay interest thereon) until such Secured Representative provides the required information. 

6.16 Limitation on Obligations. The Collateral Agent shall have no obligation to ascertain or inquire as to (i) the
observance or performance of any of the agreements contained in, or conditions of, this Agreement or any of the Security Documents or to inspect the properties, books or records of the Grantors, (ii) whether or not any representation or
warranty made by any Person in connection with this Agreement or any Security Document is true, (iii) the performance by any Person of its obligations under this Agreement or any of the Security Documents or (iv) the breach of or default
by any Person of its obligations under this Agreement or any of the Security Documents. 
 6.17 Perfection of
Collateral. The Collateral Agent shall have no duty to (A) record or file this Agreement or any other agreement referred to herein or any financing statement or continuation statement evidencing a security interest, or to monitor or
maintain any such recording or filing, (B) obtain, maintain or pay for any insurance, or (C) pay or discharge any tax, assessment, or other 

  
 -22-

 
governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Collateral. It is expressly agreed, to the maximum extent permitted
by applicable law, that the Collateral Agent shall have no responsibility or obligation for (i) taking any necessary steps to preserve rights against any Person with respect to any Collateral or (ii) taking any action to protect against
any diminution in value of the Collateral. 
 6.18 Entitled to Protections. The Collateral Agent shall be afforded
all of the rights, powers, immunities and indemnities set forth in this Agreement in all of the Security Documents to which it is a signatory as if such rights, powers, immunities and indemnities were specifically set out in each such Security
Document. 
 6.19 Obligation to Act. The Collateral Agent shall be fully justified in failing or refusing to take
any action under this Agreement or any of the Security Documents (i) if such action would, in the reasonable opinion of the Collateral Agent (which may be based on the advice or opinion of legal counsel), be contrary to applicable law or any of
the Security Documents, (ii) if such action is not specifically provided for in this Agreement or any of the Security Documents to which it is a party, (iii) if, in connection with the taking of any such action hereunder or under any of
the Security Documents that would constitute an exercise of remedies hereunder or under any of the Security Documents it shall not first be indemnified to its satisfaction by the relevant Secured Parties against any and all risk of nonpayment,
liability and expense that may be incurred by it, its agents or its counsel by reason of taking or continuing to take any such action, (iv) if, notwithstanding anything to the contrary contained in this Agreement, in connection with the taking
of any such action that would constitute a payment due under any agreement or document, it shall not first have received from the applicable the Secured Parties or the Grantors funds equal to the amount payable, (v) if such action would subject
the Collateral Agent to a tax in any jurisdiction where it is not then subject to a tax or (ii) if such action would require the Collateral Agent to qualify to do business in any jurisdiction where it is not then so qualified. 

SECTION 7. 

Removal or Resignation of the Collateral Agent 
 7.1 Removal or Resignation of Collateral Agent. Subject to the appointment of a successor Collateral Agent as provided in Section 7.2 and the acceptance of such appointment by
the successor Collateral Agent: 
 (a) the Collateral Agent may resign at any time by giving not less than 30 days’ notice
of resignation to each Secured Representative and the Company; and 
 (b) the Collateral Agent may be removed at any time, with
or without cause, by an Act of Required Secured Debtholders by giving not less than 10 days’ notice of removal to each Secured Representative, the Company and the Collateral Agent. 

7.2 Appointment of Successor Collateral Agent. Upon any such resignation or removal, a successor Collateral Agent may be
appointed by an Act of Required Secured Debtholders; provided that, so long as no Secured Debt Default has occurred and is continuing, such successor Collateral Agent shall be reasonably acceptable to the Company. If no successor Collateral Agent
has been so appointed and accepted such appointment within 10 days after the predecessor Collateral Agent gave notice of resignation or was removed, the retiring Collateral Agent may (at the expense of the Company), at its option, appoint a
successor Collateral Agent reasonably acceptable to the Company (but only if no Secured Debt Default has occurred and is continuing), or petition a court of competent 

  
 -23-

 
jurisdiction for appointment of any such successor Collateral Agent, which must be a bank or trust company: 

(1) authorized to exercise corporate agency powers; 

(2) having a combined capital and surplus of at least $500,000,000; and 

(3) maintaining an office in New York, New York. 
 The Collateral Agent will fulfill its obligations hereunder until a successor Collateral Agent meeting the requirements of this Section 7.2 has accepted its appointment as Collateral Agent and
the provisions of Section 7.3 have been satisfied. 
 7.3 Succession. When the Person so appointed as
successor Collateral Agent accepts such appointment: 
 (1) such Person will succeed to and become vested with
all the rights, powers, privileges and duties of the predecessor Collateral Agent, and the predecessor Collateral Agent will be discharged from its duties and obligations hereunder; and 

(2) the predecessor Collateral Agent will (at the expense of the Company) promptly transfer all Liens and collateral
security and other property constituting Collateral within its possession or control to the possession or control of the successor Collateral Agent and will execute instruments and assignments as may be reasonably requested by the successor
Collateral Agent to transfer to the successor Collateral Agent all Liens, interests, rights, powers and remedies of the predecessor Collateral Agent in respect of the Security Documents or the Collateral. 

Thereafter the predecessor Collateral Agent will remain entitled to enforce the immunities granted to it in Article 6 and the
provisions of Section 8.9. 
 7.4 Merger, Conversion or Consolidation of Collateral Agent. Any Person
into which the Collateral Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Collateral Agent shall be a party, or any Person succeeding to the
business of the Collateral Agent shall be the successor of the Collateral Agent pursuant to Section 7.3, provided that (i) without the execution or filing of any paper with any party hereto or any further act on the part of
any of the parties hereto, except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding, such Person satisfies the eligibility requirements specified in clauses
(1) through (3) of Section 7.2 and (ii) the Collateral Agent shall have promptly notified the Company and each Secured Representative of such merger, conversion or consolidation. 

SECTION 8. 

Miscellaneous Provisions 
 8.1 Amendment. (a) No amendment or supplement to the provisions of this Agreement or any other Secured Debt Document will be effective without the approval of the Collateral Agent acting as
directed by an Act of Required Secured Debtholders, except that: 

  
 -24-

 (1) any amendment or supplement that has the effect solely of adding or
maintaining Collateral, securing additional Indebtedness that was otherwise permitted by the terms of the Secured Debt Documents to be secured by the Collateral or preserving, perfecting or establishing the Liens thereon or the rights of the
Collateral Agent therein will become effective when executed and delivered by the Company or any other applicable Grantor party thereto and the Collateral Agent; 

(2) no amendment or supplement that reduces, impairs or adversely affects the right of any holder of Secured Obligations:

 (A) to vote its Secured Debt as to any matter described as subject to an Act of Required Secured Debtholders,
a vote of the Required Secured Debtholders or an act or vote of each or any separate series of Secured Debtholders (or amends the provisions of this clause (2) or the definition of “Act of Required Secured Debtholders”), 

(B) to share in the Common Collateral on a pari passu basis, including sharing the proceeds of enforcement or realization
on any Common Collateral in the order of application described in Section 3.4(a) or to receive the exclusive benefit of any Separate Collateral provided to such holder, 

(C) to require that Liens securing Secured Obligations of such holder be released only as set forth in the provisions
described in Section 4.1, 
 (D) that would change the pari passu status of the Liens in favor of
the holders of any Series of Secured Debt; or 
 (E) disproportionately when compared to the effect on holders
of another series of Secured Obligations; 
 will become effective without the consent of the requisite percentage or number of holders of each
Series of Secured Debt so affected under the applicable Secured Debt Documents; 
 (3) no amendment, supplement
or waiver to the defined terms “Existing Indenture”, “Secured Parties”, “Hedge Agreement Secured Parties”, “J. Aron Hedge Agreement”, “Pari Passu Hedge Agreements” or “Secured Senior Notes
Collateral Documents” or the terms of Section 3.8(b) or Section 4.3 will become effective without the consent of J. Aron; and 
 (4) no amendment or supplement that imposes any obligation upon the Collateral Agent or any Secured Representative or adversely affects the rights of the Collateral Agent or any Secured Representative,
respectively, in its capacity as such will become effective without the consent of the Collateral Agent or such Secured Representative, respectively. 
 (b) Subject to Sections 8.1(a)(1), 8.2(a)(2) and 8.1(a)(4), any mortgage or other Security Document that secures Secured Obligations may be amended or supplemented with the approval
of the Collateral Agent acting as directed by an Act of Required Secured Debtholders. 
 (c) The Collateral Agent
will deliver a copy of each amendment or supplement to the Security Documents to each Secured Representative upon written request. In executing any amendments or supplements to this Agreement or any other Secured Debt Instrument, the Collateral
Agent shall be entitled to receive, and shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel each stating that the execution of such amendment or supplement is

  
 -25-

 
authorized or permitted by the terms of this Agreement and such Secured Debt Instrument; it being expressly agreed and acknowledged that no further inquiry shall be required of the Collateral
Agent as to whether such amendment or supplement is authorized or permitted by the terms of this Agreement or such other Secured Debt Instrument. The Collateral Agent may, but shall not be obligated to, enter into any such amendment or supplement
that affects its own rights, duties, liabilities or immunities under this Agreement, the other Secured Debt Instruments or otherwise. 
 (d) Notwithstanding Section 8.1(a) and (b), (i) the addition of a party hereto as a Grantor, or any Secured Representative pursuant to Section 8.18 or 3.8 shall
not require further approval under Section 8.1(a), and (ii) the written consent of the Company and each Grantor shall be required for any amendment or modification of this Agreement that directly affects the rights, duties or
interests of the Company or such Grantor. 
 8.2 Voting. (a) In connection with any matter under this Agreement
requiring a vote of holders of Secured Debt, each Series of Secured Debt will cast its votes in accordance with the Secured Debt Documents governing such Series of Secured Debt. The amount of Secured Debt to be voted by a Series of Secured Debt will
equal (1) in the case of Secured Debt that is not a Hedge Agreement Obligation, the aggregate principal amount of Secured Obligations held by holders of such Series of Secured Debt, plus (2) in the case of Secured Debt that is a
Hedge Agreement Obligation, the aggregate Hedge Agreement Outstanding Amount (calculated in accordance with Section 8.3) of such Hedge Agreement Obligation. Following and in accordance with the outcome of the applicable vote under its
Secured Debt Documents, the Secured Representative of each Series of Secured Debt will cast all of its votes as a block in respect of any vote under this Agreement. In making all determinations of votes hereunder, the Collateral Agent shall be
entitled to rely upon the votes, and relative outstanding amounts, as determined and reported to it by the various Secured Representatives, and shall have no duty to independently ascertain such a votes or amounts. 

(b) Reserved 

(c) Each of the Secured Representatives in respect of any Series of Secured Debt shall be entitled after the occurrence and during the
continuance of an Event of Default to request a re-vote with respect to any Act of Required Secured Debtholders concerning the taking or refraining from taking of any remedies if requested to do so in writing by holders of at least a majority
in aggregate principal amount of the applicable Series of Secured Debt; provided that if the Secured Parties have, following any vote or other determination by such Secured Parties pursuant to an Act of Required Secured Debtholders, entered
into any amendment, consent, waiver, standstill, forbearance, modification or similar agreement with the Company, or otherwise agreed with the Company (other than through a pattern or course of conduct) to take or not to take a
specified action (collectively, an “Action”), the Secured Representatives shall not be entitled to request a revote with respect to the matters covered by such Action during the period in which such Action remains in effect.

 8.3 Calculation of Obligations under Hedge Agreements. Any calculation of obligations outstanding under a Hedge
Agreement Document for purposes of this Agreement or any other Security Document shall be made based on the Hedge Agreement Outstanding Amount thereunder, subject to clause (2) of the definition of “Required Secured Debtholders” with
respect to the J. Aron Hedge Agreement for purposes of determining “Required Secured Debtholders”. 
 8.4
Successors and Assigns. (a) Except as provided in Section 6.2, and subject to Section 7.2, the Collateral Agent may not, in its capacity as such, delegate any of its duties or assign any of its rights hereunder,
and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Collateral Agent hereunder will inure to the sole and exclusive 

  
 -26-

 
benefit of, and be enforceable by, each Secured Representative and each present and future holder of Secured Obligations, each of whom will be entitled to enforce this Agreement as a third-party
beneficiary hereof, and all of their respective successors and assigns. 
 (b) Neither the Company nor any other
Grantor may assign its rights or obligations hereunder or under any other Security Document other than in accordance with the terms hereof and thereof. All obligations of the Company and the other Grantors hereunder will inure to the sole and
exclusive benefit of, and be enforceable by, the Collateral Agent, each Secured Representative and each present and future holder of Secured Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof,
and all of their respective successors and assigns. 
 8.5 Delay and Waiver. No failure to exercise, no course of
dealing with respect to the exercise of, and no delay in exercising, any right, power or remedy arising under this Agreement or any of the other Security Documents will impair any such right, power or remedy or operate as a waiver thereof. No single
or partial exercise of any such right, power or remedy will preclude any other or future exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law.

 8.6 Notices. Any communications, including notices and instructions, between the parties hereto or notices
provided herein to be given may be given to the following addresses: 
  

			
	If to the Collateral Agent or the Indenture Trustee:	  	 DEUTSCHE BANK TRUST COMPANY AMERICAS
 60 Wall Street
 Mail Stop NYC60-2710
 New York, New York 10005
 Attention: Corporate Team – Deal Manager

Tel: (201) 593-2507
 Fax: (732)
578-4635
  
 with a copy to:

 
 100 Plaza One
 Mail Stop JCY03-0699
 Jersey City, New Jersey 07311-3901

Attention: Corporate Team – Deal Manager

Tel: (201) 593-2507
 Fax: (732)
578-4635

		
	If to J. Aron	  	 J. ARON & COMPANY
 200 West
Street
 New York, New York 10282

Attention: Simon Collier, Christine Benson

Email: Simon.Collier@gs.com, Christine.Benson@gs.com
 Tel: 212-902-0776

  
 -27-

			
		  	 With a copy to:
 J. ARON &
COMPANY
 200 West Street
 New York, New
York 10282
 Attention: Steven M. Bunkin, John Thomas
 Legal Department
 Email/Tel: Steven.Bunkin@gs.com,

212-902-0952
 Email: Tel:
John.Thomas@gs.com,
 212-902-1806

		
	If to the Company or any other Grantor:	  	 NORTHERN TIER ENERGY LLC
 37
Danbury Road, Suite 204
 Ridgefield, Connecticut 06877
 Attention: Hank Kuchta
 Tel: (203) 244-6550
 Fax: (203) 894-8073

 and if to any other Secured Representative, to such address as it may specify by written notice to the parties named
above, or in the case of any Person after the foregoing notice address for such Person changes, to such other address as may be hereafter designated by such Person in a written notice delivered to the other parties hereto. 

All notices and communications will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next day delivery, to the relevant address set forth above or, as to holders of Secured Debt, its address shown on the register kept pursuant to the applicable Secured Debt Documents or as otherwise set forth in the applicable
Secured Debt Documents. Failure to mail a notice or communication to a holder of Secured Debt or any defect in it will not affect its sufficiency with respect to other holders of Secured Debt. 

If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the
addressee receives it. 
 8.7 Notice Following Discharge of Secured Obligations. Promptly following the Discharge
of Secured Obligations with respect to one or more Series of Secured Debt, each Secured Representative with respect to each applicable Series of Secured Debt that is so discharged will provide written notice of such discharge to the Collateral
Agent. 
 8.8 Entire Agreement. This Agreement states the complete agreement of the parties relating to the
undertaking of the Collateral Agent set forth herein and supersedes all oral negotiations and prior writings in respect of such undertaking. 
 8.9 Payment of Expenses and Taxes; Indemnification. The Grantors shall pay such compensation to the Collateral Agent as the Company and Collateral Agent may agree in writing from time to
time. Notwithstanding that the Collateral Agent is appointed by and acting for and at the direction of the Secured Parties, the Grantors jointly and severally agree (a) to pay or reimburse the Collateral Agent for all its documented fees and
reasonable costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Security Documents and any other documents prepared in connection
herewith 

  
 -28-

 
or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements of counsel and agents appointed pursuant
to Section 6.2 to the Collateral Agent, any amounts due and owing pursuant to any mortgage, including, without limitation, any amounts incurred pursuant to Minn. Stat § 287.05, Subd. 5, and the preservation of the Liens or any rights of
the Collateral Agent (b) after the occurrence of a Triggering Event, to pay or reimburse the Collateral Agent and the other Secured Parties for all their costs and expenses incurred in connection with the enforcement or preservation of any
rights under this Agreement, the other Security Documents and any such other documents, including the fees and disbursements of counsel to the Collateral Agent and the other Secured Parties, (c) to pay, indemnify, defend and hold harmless the
Collateral Agent and the other Secured Parties from any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other similar taxes, if any, that may be payable or
determined to be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect
of, this Agreement, the other Security Documents and any such other documents, and (d) to pay, indemnify, defend and hold harmless the Collateral Agent and the other Secured Parties and their respective directors, officers, employees, trustees
and agents from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever, including reasonable and documented fees, disbursements
and other charges of counsel and agents appointed pursuant to Section 6.2, with respect to the execution, delivery, enforcement, performance and administration of this Agreement, the other Security Documents and any such other documents,
including any of the foregoing relating to the violation of, noncompliance with or liability under, any Environmental Law (all the foregoing in this clause (d), collectively, the “indemnified liabilities”); provided that the
Grantors shall have no obligation hereunder to the Collateral Agent or any other Secured Party nor any of their respective directors, officers, employees and agents with respect to indemnified liabilities arising from the bad faith, gross negligence
or willful misconduct of the party to be indemnified (in each case as determined by a final non-appealable order by a court of competent jurisdiction). The agreements in this Section 8.9 shall survive repayment of the Secured Obligations
and all other amounts payable hereunder and under the other Secured Debt Documents and the termination of this Agreement or the removal or resignation of the Collateral Agent. 
 8.10 Severability. If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in any jurisdiction, the validity, legality and enforceability of such provision
in all other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired thereby. 
 8.11 Headings. Section headings herein have been inserted for convenience of reference only, are not to be considered a part of this Agreement and will in no way modify or restrict any of
the terms or provisions hereof. 
 8.12 Obligations Secured. All obligations of the Grantors set forth in or
arising under this Agreement will be Secured Obligations and are secured by all Liens granted by the Security Documents. 

8.13 Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 8.14 Consent to Jurisdiction;
Waivers. Each party hereto hereby irrevocably and unconditionally: 

  
 -29-

 (i) submits for itself and its property in any legal action or proceeding
relating to this Agreement and the other Security Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, sitting in
New York County, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 
 (ii) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or
that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(iii) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Grantor at its address set forth in Section 8.6 or at such other address of which the Collateral Agent shall have been notified pursuant
thereto; 
 (iv) agrees that nothing herein shall affect the right to effect service of process in any other
manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (v) waives, to the
maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 8.14 any special, exemplary, punitive or consequential damages. 

8.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER SECURED DEBT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 8.16
Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile or other electronic means), each of which when so executed and delivered will be deemed an original, but all such counterparts together
will constitute but one and the same instrument. 
 8.17 Effectiveness. This Agreement will become effective upon
the execution of a counterpart hereof by each of the parties hereto and receipt by each party of written notification of such execution and written or telephonic authorization of delivery thereof. 

8.18 Additional Grantors. The Company will cause each Person that becomes a Grantor or is required by any Secured Debt
Document to become a party to this Agreement to become a party to this Agreement, for all purposes of this Agreement, by causing such Person to execute and deliver to the parties hereto a Joinder, whereupon such Person will be bound by the terms
hereof to the same extent as if it had executed and delivered this Agreement as of the date hereof. The Company shall promptly provide each Secured Representative with a copy of each Joinder executed and delivered pursuant to this
Section 8.18. 
 8.19 Continuing Nature of this Agreement. This Agreement will be reinstated if at any
time any payment or distribution in respect of any of the Secured Obligations is rescinded or must otherwise be returned in an Insolvency or Liquidation Proceeding or otherwise by any holder of Secured Obligations (whether by demand, settlement,
litigation or otherwise). 
 8.20 Insolvency. This Agreement will be applicable both before and after the
commencement of any Insolvency or Liquidation Proceeding by or against any Grantor. The relative 

  
 -30-

 
rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency or Liquidation Proceeding on the same basis as prior to the date of the commencement of any
such case, as provided in this Agreement. 
 8.21 Rights and Immunities of Secured Representatives. The Indenture
Trustee will be entitled to all of the rights, protections, immunities and indemnities set forth in the Existing Indenture and any future Secured Representative will be entitled to all of the rights, protections, immunities and indemnities set forth
in the credit agreement, indenture, hedge agreement or other agreement governing the applicable Secured Debt with respect to which such Person will act as representative, in each case as if specifically set forth herein. In no event will any Secured
Representative be liable for any act or omission on the part of the Grantors or the Collateral Agent hereunder. 
 8.22
Rights of J. Aron. (a) This Agreement, including Section 3.3 hereof, shall not limit any rights of J. Aron under the J. Aron Hedge Agreement with respect to termination of any or all J. Aron Hedges and/or the exercise of any
recoupment, netting of payments or setoff rights under or in connection with the J. Aron Hedge Agreement. J. Aron shall not be obligated to, and nothing in this Agreement (or any other Secured Debt Document) shall be deemed to require J. Aron to,
share with any other Secured Party any amounts received or deemed received as a result of its exercise of any recoupment, netting or setoff rights. No amendment, modification, addition or unwinding of J. Aron Hedges will compromise J. Aron’s
security interest in the Collateral (including the pari passu status thereof) or any other rights, including any recoupment, netting or setoff rights, of J. Aron under the J. Aron Hedge Agreement. No failure of the Company or any of the Guarantors
to comply with any representation, warranty or covenant in the Existing Indenture or any of the Security Documents shall compromise J. Aron’s security interest in the Collateral (including the pari passu status thereof) or any other rights,
including any recoupment, netting or setoff rights, of J. Aron under the J. Aron Hedge Agreement. 
 (b) Notwithstanding
anything to the contrary in this Agreement, if the J. Aron Hedge Agreement is no longer in existence and no Hedge Agreement Debt is owed to J. Aron, J. Aron shall not have any rights under this Agreement. 

remainder of page intentionally left blank 

  
 -31-

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers or representatives as of the day and year first above written. 
  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Indenture Trustee

	
	By: DEUTSCHE BANK NATIONAL TRUST COMPANY
		
	By:	 	 /s/ Cynthia J. Powell

	Name:	 	Cynthia J. Powell
	Title:	 	Vice President
		
	By:	 	 /s/ Kenneth R. Ring

	Name:	 	Kenneth R. Ring
	Title:	 	Vice President
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Collateral Agent

	
	By: DEUTSCHE BANK NATIONAL TRUST COMPANY
		
	By:	 	 /s/ Cynthia J. Powell

	Name:	 	Cynthia J. Powell
	Title:	 	Vice President
		
	By:	 	 /s/ Kenneth R. Ring

	Name:	 	Kenneth R. Ring
	Title:	 	Vice President
	
	J. ARON & COMPANY
		
	By:	 	 /s/ Donna Mansfield

		 	Name: Donna Mansfield
		 	Title: Attorney-in-fact

 
			
	NORTHERN TIER ENERGY LLC
		
	By:	 	 /s/ Mario E. Rodriguez

		 	Name: Mario E. Rodriguez
		 	Title: Vice President, Finance
	
	NORTHERN TIER FINANCE CORPORATION
		
	By:	 	 /s/ Mario E. Rodriguez

		 	Name: Mario E. Rodriguez
		 	Title: Vice President, Finance
	
	THE GUARANTORS SET FORTH ON ANNEX I TO THIS SIGNATURE PAGE:
		
	By:	 	 /s/ Mario E. Rodriguez

		 	Name: Mario E. Rodriguez
		 	Title: Vice President, Finance

 EXHIBIT A 
 to Collateral Trust Agreement 
 FORM OF 

JOINDER 

The undersigned,
                    , a                     ,
hereby agrees to become party as a Grantor a Secured Representative under the Collateral Trust and Intercreditor Agreement, dated as of December 1, 2010, among Northern Tier Energy LLC, Northern Tier Finance Corporation, the Grantors from time
to time party thereto, Deutsche Bank Trust Company Americas, as Indenture Trustee (as defined therein), J. Aron & Company, as hedge counterparty, each additional Secured Representative (as defined therein) a party thereto, and Deutsche Bank
Trust Company Americas, as Collateral Agent (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”) for all purposes thereof on the terms set forth
therein, and to be bound by the terms of the Collateral Trust Agreement as fully as if the undersigned had executed and delivered the Collateral Trust Agreement as of the date thereof. 

The provisions of Article 8 of the Collateral Trust Agreement will apply with like effect to this Joinder. 

IN WITNESS WHEREOF, the parties hereto have caused this Joinder to be executed by their respective officers or representatives as of
            , 20    . 
  

			
	
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1Registration Rights Agreement

 Exhibit 4.3 
 Execution Version 
 Northern Tier Energy LLC

 Northern Tier Finance Corporation 
 10.50% Senior Secured Notes due 2017 
 unconditionally guaranteed as to
the 
 payment of principal, premium, 
 if any, and interest by 
 St. Paul Park Refining Co. LLC 

Northern Tier Bakery LLC 
 Northern Tier Retail LLC 
 SuperAmerica Franchising LLC 

 
  

Exchange and Registration Rights Agreement 
 December 1, 2010 
 Goldman, Sachs & Co., 

  As representative of the several Purchasers 
   named in Schedule I to the Purchase Agreement 
 c/o Goldman, Sachs & Co.

 200 West Street 
 New York, New York
10282-2198 
 Ladies and Gentlemen: 
 Northern Tier Energy LLC, a Delaware limited liability company (the “Issuer”), and Northern Tier Finance Corporation, a Delaware corporation and a wholly-owned subsidiary of the Issuer
(“Finance Co” and, together with the Issuer, the “Issuers”), propose to issue and sell to the Purchasers (as defined herein) upon the terms set forth in the Purchase Agreement (as defined herein) $290,000,000 aggregate principal
amount of 10.50% Senior Secured Notes due 2017, which will be unconditionally guaranteed on a senior secured basis by the Guarantors (as defined below). 
 As an inducement to the Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the obligations of the Purchasers thereunder, the Issuers and the Guarantors agree with the
Purchasers for the benefit of holders (as defined herein) from time to time of the Registrable Securities (as defined herein) as follows: 
 1. Certain Definitions. For purposes of this Exchange and Registration Rights Agreement (this “Agreement”), the following terms shall have the following respective meanings:

  
 1 

 “Base Interest” shall mean the interest that would
otherwise accrue on the Securities under the terms thereof and the Indenture, without giving effect to the provisions of this Agreement. 
 The term “broker-dealer” shall mean any broker or dealer registered with the Commission under the Exchange Act. 

“Business Day” shall have the meaning set forth in Rule 13e-4(a)(3) promulgated by the Commission
under the Exchange Act, as the same may be amended or succeeded from time to time. 
 “Closing
Date” shall mean the date on which the Securities are initially issued. 
 “Commission”
shall mean the United States Securities and Exchange Commission, or any other federal agency at the time administering the Exchange Act or the Securities Act, whichever is the relevant statute for the particular purpose. 

“EDGAR System” means the EDGAR filing system of the Commission and the rules and regulations pertaining
thereto promulgated by the Commission in Regulation S-T under the Securities Act and the Exchange Act, in each case as the same may be amended or succeeded from time to time (and without regard to format). 

“Effective Time,” in the case of (i) an Exchange Registration, shall mean the time and date as of
which the Commission declares the Exchange Registration Statement effective or as of which the Exchange Registration Statement otherwise becomes effective and (ii) a Shelf Registration, shall mean the time and date as of which the Commission
declares the Shelf Registration Statement effective or as of which the Shelf Registration Statement otherwise becomes effective. 
 “Electing Holder” shall mean any holder of Registrable Securities that has returned a completed and signed Notice and Questionnaire to the Issuers in accordance with Section 3(d)(ii)
or Section 3(d)(iii) and the instructions set forth in the Notice and Questionnaire. 
 “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission thereunder, as the same may be amended or succeeded from time to time. 

“Exchange Offer” shall have the meaning assigned thereto in Section 2(a). 

“Exchange Registration” shall have the meaning assigned thereto in Section 3(c). 

“Exchange Registration Statement” shall have the meaning assigned thereto in Section 2(a).

 “Exchange Securities” shall have the meaning assigned thereto in Section 2(a).

 “Guarantors” shall mean St. Paul Park Refining Co. LLC, Northern Tier Bakery LLC, Northern
Tier Retail LLC and SuperAmerica Franchising LLC (each separately, a “Guarantor”) and any subsidiary of the Issuers that becomes a guarantor under the Indenture after the date of this Agreement. 

  
 2 

 The term “holder” shall mean each of the Purchasers and
other persons who acquire Securities from time to time (including any successors or assigns), in each case for so long as such person owns any Securities. 
 “Indenture” shall mean the indenture, dated as of December 1, 2010, among the Issuers, the Trustee, as indenture trustee and as collateral agent, as the same may be amended from time
to time. 
 “Notice and Questionnaire” means a Notice of Registration Statement and Selling
Securityholder Questionnaire substantially in the form of Exhibit A hereto. 
 The term “person”
shall mean a corporation, limited liability company, association, partnership, organization, business, individual, government or political subdivision thereof or governmental agency. 

“Purchase Agreement” shall mean the Purchase Agreement, dated as of November 22, 2010, between the
Purchasers, the Issuers and the Guarantors relating to the Securities. 
 “Purchasers” shall
mean the Purchasers named in Schedule I to the Purchase Agreement. 
 “Registrable Securities”
shall mean the Securities; provided, however, that a Security shall cease to be a Registrable Security upon the earliest to occur of the following: (i) in the circumstances contemplated by Section 2(a), the Security has been
exchanged for an Exchange Security in an Exchange Offer as contemplated in Section 2(a) (provided that any Exchange Security that, pursuant to the seventh and eighth sentences of Section 2(a), is included in a prospectus for use in
connection with resales by broker-dealers shall be deemed to be a Registrable Security with respect to Sections 5, 6 and 9 until resale of such Registrable Security has been effected within the Resale Period); (ii) in the circumstances
contemplated by Section 2(b), a Shelf Registration Statement registering such Security under the Securities Act has been declared or becomes effective and such Security has been sold or otherwise transferred by the holder thereof pursuant to
and in a manner contemplated by such effective Shelf Registration Statement; (iii) subject to Section 8(b), such Security is actually sold by the holder thereof pursuant to Rule 144 under circumstances in which any legend borne by
such Security relating to restrictions on transferability thereof, under the Securities Act or otherwise, is removed by the Issuers or pursuant to the Indenture; or (iv) such Security shall cease to be outstanding. 

“Registration Default” shall have the meaning assigned thereto in Section 2(c). 

“Registration Default Period” shall have the meaning assigned thereto in Section 2(c). 

“Registration Expenses” shall have the meaning assigned thereto in Section 4. 

“Resale Period” shall have the meaning assigned thereto in Section 2(a). 

“Restricted Holder” shall mean (i) a holder that is an affiliate of the Issuer or Finance Co within
the meaning of Rule 405, (ii) a holder who acquires Exchange Securities outside the ordinary course of such holder’s business, (iii) a holder who has arrangements or understandings with any person to participate in the Exchange
Offer for the purpose of distributing Exchange Securities and (iv) a holder that is a broker-dealer, but only with respect to Exchange Securities received by such broker-dealer pursuant to an Exchange

  
 3 

 
Offer in exchange for Registrable Securities acquired by the broker-dealer directly from the Issuers. 
 “Rule 144,” “Rule 405”, “Rule 415”, “Rule 424”, “Rule 430B” and “Rule 433” shall mean, in each case,
such rule promulgated by the Commission under the Securities Act (or any successor provision), as the same may be amended or succeeded from time to time. 
 “Securities” shall mean, collectively, the Issuers’ $290,000,000 aggregate principal amount of 10.50% Senior Secured Notes due 2017 to be issued and sold to the Purchasers and
securities issued in exchange therefor or in lieu thereof pursuant to the Indenture. Each Security is entitled to the benefit of the guarantees provided by the Guarantors in the Indenture (the “Guarantees”) and, unless the context
otherwise requires, any reference herein to a “Security,” an “Exchange Security” or a “Registrable Security” shall include a reference to the related Guarantees. 

“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations
promulgated by the Commission thereunder, as the same may be amended or succeeded from time to time. 

“Shelf Registration” shall have the meaning assigned thereto in Section 2(b). 

“Shelf Registration Statement” shall have the meaning assigned thereto in Section 2(b). 

“Special Interest” shall have the meaning assigned thereto in Section 2(c). 

“Suspension Period” shall have the meaning assigned thereto in Section 2(b). 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and the rules and
regulations promulgated by the Commission thereunder, as the same may be amended or succeeded from time to time. 

“Trustee” shall mean Deutsche Bank Trust Company Americas, as trustee under the Indenture, together with
any successors thereto in such capacity. 
 Unless the context otherwise requires, any reference herein to a “Section”
or “clause” refers to a Section or clause, as the case may be, of this Agreement, and the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not
to any particular Section or other subdivision. 
 2. Registration Under the Securities Act. 

(a) Except as set forth in Section 2(b) below, the Issuers and the Guarantors agree to file under the Securities Act
a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement”, and such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate
principal amount of debt securities issued by the Issuers and guaranteed by the Guarantors, which debt securities and Guarantees are substantially identical to the Securities and the related Guarantees, respectively (and are entitled to the benefits
of the Indenture), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for Special Interest contemplated in Section 2(c) below (such new debt securities
hereinafter called “Exchange Securities”). The Issuers and the Guarantors agree to use all commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities Act. The Exchange Offer
will be registered under the 

  
 4 

 
Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. Unless the Exchange Offer would not be permitted by
applicable law or Commission policy, the Issuers further agree to use all commercially reasonable efforts to (i) commence the Exchange Offer promptly following the Effective Time of such Exchange Registration Statement, (ii) hold the
Exchange Offer open for at least 20 Business Days in accordance with the applicable tender offer rules and regulations promulgated by the Commission under the Exchange Act and (iii) exchange Exchange Securities for all Registrable Securities
that have been properly tendered and not withdrawn promptly following the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (i) if the Exchange Securities received by holders other than
Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or
securities laws of a substantial majority of the States of the United States of America and (ii) upon the Issuers having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly
tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 20 and not more than 35 Business Days following the commencement of the Exchange Offer. The Issuers and Guarantors shall use
commercially reasonable efforts to complete the Exchange Offer not later than 480 days following the Closing Date (or if such 480th day is not a Business Day, the next succeeding Business Day). The Issuers and the Guarantors agree (x) to include
in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (y) to use all commercially reasonable efforts to keep such Exchange Registration Statement effective
for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable
Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Subsections 6(a), (c), (d) and (e). Upon the completion of the Exchange Offer
in accordance with this Section 2(a), the Issuers shall have no further obligation to register Registrable Securities (other than those as to which clause (iii) of Section 2(b) hereof applies). For each Security surrendered to the
Issuers pursuant to the Exchange Offer, the holder who surrendered such Security will receive an Exchange Security having a principal amount equal to that of the surrendered Security. Interest on each Exchange Security will accrue (a) from the
later of (i) the last interest payment date on which interest was paid on the Security surrendered in exchange therefor or (ii) if the Security is surrendered for exchange on a date in a period that includes the record date for an interest
payment date to occur on or after the date of such exchange and as to which interest will be paid, the date of such interest payment date or (b) if no interest has been paid on such note, from the Closing Date. 

(b) If (i) on or prior to the time the Exchange Offer is completed existing law or Commission
interpretations are changed such that the debt securities or the related guarantees received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt, transferable by each such
holder without restriction under the Securities Act, (ii) the Exchange Offer has not been completed on or prior to the 480th day after the Closing Date (or if such 480th day is not a Business Day, the next succeeding Business Day) or (iii) any holder of Registrable Securities
notifies the Issuers prior to the 20th Business Day
following the completion of the Exchange Offer that: (A) it is prohibited by law or Commission policy from participating in the Exchange Offer, (B) it may not resell the Exchange Securities to the public without delivering a prospectus and
the prospectus contained in the Exchange Registration Statement is not 

  
 5 

 
appropriate or available for such resales or (C) it is a broker-dealer and owns Securities acquired directly from the Issuers or an affiliate of the Issuers, then the Issuers and the
Guarantors shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file as promptly as practicable under the Securities Act after the time such obligation to file arises, a
“shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the
Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Issuers and the Guarantors agree to use all commercially reasonable efforts to cause the
Shelf Registration Statement to become or be declared effective no later than (1) in the case of any Shelf Registration Statement required by clause (i) of this Section 2(b), on or prior to the 480th day after the Closing Date (or if such 480th day is not a Business Day, the next succeeding Business Day), and
(2) in the case of any Shelf Registration Statement required by clauses (ii) or (iii) of this Section 2(b), no later than 90 days after such Shelf Registration Statement filing obligation arises; provided, that if at any
time each of the Issuer and Finance Co is or becomes a “well-known seasoned issuer” (as defined in Rule 405) and is eligible to file an “automatic shelf registration statement” (as defined in Rule 405), then the Issuers
and the Guarantors shall file the Shelf Registration Statement in the form of an automatic shelf registration statement as provided in Rule 405. The Issuers and the Guarantors agree to use all commercially reasonable efforts to keep such Shelf
Registration Statement continuously effective for a period ending on the earlier of the first anniversary of the Effective Time or such time as there are no longer any Registrable Securities outstanding. No holder shall be entitled to be named as a
selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Issuers and the Guarantors agree, after the Effective Time
of the Shelf Registration Statement and promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to use all commercially reasonable efforts to enable such holder to use the prospectus forming a part
thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement (whether by post-effective amendment thereto or by filing a
prospectus pursuant to Rules 430B and 424(b) under the Securities Act identifying such holder), provided, however, that nothing in this sentence shall relieve any such holder of the obligation to return a completed and signed Notice and
Questionnaire to the Issuers in accordance with Section 3(d)(iii). Notwithstanding anything to the contrary in this Section 2(b), upon notice to the Electing Holders, the Issuers may suspend the use or the effectiveness of such Shelf
Registration Statement, or extend the time period in which it is required to file the Shelf Registration Statement, for up to 60 consecutive days and up to 120 days in the aggregate, in each case in any 12-month period (a “Suspension
Period”) if the Board of Directors of the Issuers determine that there is a valid business purpose for suspension of the Shelf Registration Statement; provided that the Issuers shall promptly notify the Electing Holders when the
Shelf Registration Statement may once again be used or is effective. 
 (c) In the event that
(i) the Shelf Registration Statement required to be filed pursuant to Section 2(b) has not become effective or been declared effective by the Commission on or before the date on which such registration statement is required to become or be
declared effective pursuant to Section 2(b), (ii) the Exchange Offer has not been completed on or prior to the
480th day after the Closing Date (or if such 480th day is not a Business Day, the next succeeding Business Day) or
(iii) (A) at any time during the Resale Period, the Exchange Registration Statement shall either be withdrawn by the Issuers or shall become subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act

  
 6 

 
suspending the effectiveness of such registration statement or (B) any Shelf Registration Statement required by Section 2(b) is filed and declared effective but shall thereafter either
be withdrawn by the Issuers or shall become subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such registration statement (except as specifically permitted herein,
including, with respect to any Shelf Registration Statement, during any applicable Suspension Period in accordance with the last sentence of Section 2(b)) without being succeeded immediately by an additional registration statement filed and
declared effective (each such event referred to in clauses (i) through (iii), a “Registration Default” and each period during which a Registration Default has occurred and is continuing, a “Registration Default
Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on all Registrable
Securities then outstanding at a per annum rate of 0.25% for the first 90 days of the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90
days of the Registration Default Period and at a per annum rate of 1.0% thereafter for the remaining portion of the Registration Default Period. Special Interest shall accrue and be payable only with respect to a single Registration Default at any
given time, notwithstanding the fact that multiple Registration Defaults may exist at such time. Following the cure of all Registration Defaults, Special Interest will cease to accrue and the interest rate on the Registrable Securities will revert
to the Base Rate; provided, however, that, if after the date such Special Interest ceases to accrue, a different Registration Default occurs, Special Interest may again commence accruing pursuant to the foregoing provisions. All accrued
Special Interest shall be payable by the Issuers and the Guarantors on the next scheduled interest payment date to The Depository Trust Company or its nominee by wire transfer of immediately available funds or by federal funds check and to holders
of Securities by wire transfer to the accounts specified by them or by mailing checks to their registered addresses if no such accounts have been specified. 
 All obligations of the Issuers and the Guarantors set forth in this section that are outstanding with respect to any Registrable Security at the time such security ceases to be a Registrable Security
shall survive until such time as all such obligations with respect to such security shall have been satisfied in full; provided, however that it is understood that no additional obligations pursuant to the preceding paragraph will be incurred
by the Issuers and the Guarantors with respect to any security after the time such security ceases to be a Registrable Security. Anything herein to the contrary notwithstanding, no holder who (x) was eligible to exchange such holder’s
outstanding Registrable Securities at the time that the Exchange Offer was pending and consummated and (y) failed to validly tender such securities for exchange pursuant to the Exchange Offer shall be entitled to receive any Special Interest
that would otherwise accrue subsequent to the date the Exchange Offer is consummated pursuant to this Section 2(c). 
 (d) The Issuers shall take, and shall cause the Guarantors to take, all actions necessary or advisable to be taken by it to ensure that the transactions contemplated herein are effected as so
contemplated, including all actions necessary or desirable to register the Guarantees under any Exchange Registration Statement or Shelf Registration Statement, as applicable. 

(e) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document
incorporated, or deemed to be incorporated, therein by reference as of such time; and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to

  
 7 

 
include any document incorporated, or deemed to be incorporated, therein by reference as of such time. 
 3. Registration Procedures. 
 If the Issuers and the Guarantors file a
registration statement pursuant to Section 2(a) or Section 2(b), the following provisions shall apply: 

(a) At or before the Effective Time of the Exchange Registration or any Shelf Registration, whichever may occur first, the
Issuers shall qualify the Indenture under the Trust Indenture Act. 
 (b) In the event that such qualification
would require the appointment of a new trustee under the Indenture, the Issuers shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 

(c) In connection with the Issuers’ and the Guarantors’ obligations with respect to the registration of Exchange
Securities as contemplated by Section 2(a) (the “Exchange Registration”), if applicable, the Issuers and the Guarantors shall: 

(i) prepare and file with the Commission an Exchange Registration Statement on any form which may be
utilized by the Issuers and the Guarantors and which shall permit the Exchange Offer and resales of Exchange Securities by broker-dealers during the Resale Period to be effected as contemplated by Section 2(a), and use all commercially
reasonable efforts to cause such Exchange Registration Statement to become effective and to consummate the Exchange Offer on or prior to the 480th day after the Closing Date (or if such 480th day is not a Business Day, the next succeeding Business Day); 

(ii) as soon as practicable prepare and file with the Commission such amendments and supplements to such Exchange
Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Exchange Registration Statement for the periods and purposes contemplated in Section 2(a) and as may be required by
the applicable rules and regulations of the Commission and the instructions applicable to the form of such Exchange Registration Statement, and promptly provide each broker-dealer holding Exchange Securities with such number of copies of the
prospectus included therein (as then amended or supplemented), in conformity in all material respects with the requirements of the Securities Act and the Trust Indenture Act, as such broker-dealer reasonably may request prior to the expiration of
the Resale Period, for use in connection with resales of Exchange Securities; 
 (iii) promptly notify each
broker-dealer that has requested or received copies of the prospectus included in such Exchange Registration Statement, and confirm such advice in writing, (A) when such Exchange Registration Statement or the prospectus included therein or any
prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Exchange Registration Statement or any post-effective amendment, when the same has become effective, (B) of any comments by the Commission
and by the blue sky or securities commissioner or regulator of any state with respect thereto or any request by the Commission for amendments or supplements to such Exchange Registration Statement or prospectus or for additional information,
(C) of the issuance by the Commission of any stop order suspending the effectiveness of such Exchange 

  
 8 

 
Registration Statement or the initiation or threatening of any proceedings for that purpose, (D) if at any time the Issuers’ representations and warranties contemplated by
Section 5 cease to be true and correct in all material respects, (E) of the receipt by the Issuers of any notification with respect to the suspension of the qualification of the Exchange Securities for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose, (F) the occurrence of any event that causes the Issuers to become an “ineligible issuer” as defined in Rule 405, or (G) if at any time during the Resale Period
when a prospectus is required to be delivered under the Securities Act, that such Exchange Registration Statement, prospectus, prospectus amendment or supplement or post-effective amendment does not conform in all material respects to the applicable
requirements of the Securities Act and the Trust Indenture Act or contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing; 
 (iv) in the event that the Issuers and the Guarantors would be required,
pursuant to Section 3(c)(iii)(G), to notify any broker-dealers holding Exchange Securities (except as otherwise permitted during any Suspension Period), promptly prepare and furnish to each such holder a reasonable number of copies of a
prospectus supplemented or amended so that, as thereafter delivered to purchasers of such Exchange Securities during the Resale Period, such prospectus shall conform in all material respects to the applicable requirements of the Securities Act and
the Trust Indenture Act and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then
existing; 
 (v) use all commercially reasonable efforts to obtain the withdrawal of any order suspending the
effectiveness of such Exchange Registration Statement or any post-effective amendment thereto at the earliest practicable date; 
 (vi) use all commercially reasonable efforts to (A) register or qualify the Exchange Securities under the securities laws or blue sky laws of such jurisdictions as are contemplated by
Section 2(a) no later than the commencement of the Exchange Offer, to the extent required by such laws, (B) keep such registrations or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and
dealings therein in such jurisdictions until the expiration of the Resale Period, (C) take any and all other actions as may be reasonably necessary or advisable to enable each broker-dealer holding Exchange Securities to consummate the
disposition thereof in such jurisdictions and (D) obtain the consent or approval of each governmental agency or authority, whether federal, state or local, which may be required to effect the Exchange Registration, the Exchange Offer and the
offering and sale of Exchange Securities by broker-dealers during the Resale Period; provided, however, that neither the Issuers nor the Guarantors shall be required for any such purpose to (1) qualify as a foreign corporation in any
jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(c)(vi), (2) consent to general service of process in any such jurisdiction or become subject to taxation in any such jurisdiction
or (3) make any changes to its certificate of incorporation or by-laws or other governing documents or any agreement between it and its stockholders; 

  
 9 

 (vii) obtain a CUSIP number for all Exchange Securities, not later than the
applicable Effective Time; and 
 (viii) comply with all applicable rules and regulations of the Commission, and
make generally available to its securityholders no later than eighteen months after the Effective Time of such Exchange Registration Statement, an “earning statement” of the Issuer, Finance Co and their subsidiaries complying with
Section 11(a) of the Securities Act (including, at the Issuers’ option, Rule 158 thereunder). 

(d) In connection with the Issuers’ and the Guarantors’ obligations with respect to the Shelf Registration, if
applicable, the Issuers and the Guarantors shall: 
 (i) prepare and file with the Commission, within the time
periods specified in Section 2(b), a Shelf Registration Statement on any form which may be utilized by the Issuers and which shall register all of the Registrable Securities for resale by the holders thereof in accordance with such method or
methods of disposition as may be specified by the holders of Registrable Securities as, from time to time, may be Electing Holders and use all commercially reasonable efforts to cause such Shelf Registration Statement to become effective within the
time periods specified in Section 2(b); 
 (ii) mail the Notice and Questionnaire to the holders of
Registrable Securities not less than 30 days prior to the anticipated Effective Time of the Shelf Registration Statement, and no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement, and no holder
shall be entitled to use the prospectus forming a part thereof for resales of Registrable Securities at any time, unless and until such holder has returned a completed and signed Notice and Questionnaire to the Issuers; 

(iii) after the Effective Time of the Shelf Registration Statement, upon the request of any holder of Registrable
Securities that is not then an Electing Holder, promptly send a Notice and Questionnaire to such holder; provided that the Issuers shall not be required to take any action to name such holder as a selling securityholder in the Shelf
Registration Statement or to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities until such holder has returned a completed and signed Notice and Questionnaire to the Issuers; 

(iv) as soon as practicable prepare and file with the Commission such amendments and supplements to such Shelf
Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Shelf Registration Statement for the period specified in Section 2(b) and as may be required by the applicable rules
and regulations of the Commission and the instructions applicable to the form of such Shelf Registration Statement, and furnish to the Electing Holders copies of any such supplement or amendment simultaneously with or prior to its being used or
filed with the Commission to the extent such documents are not publicly available on the Commission’s EDGAR System; 
 (v) comply with the provisions of the Securities Act with respect to the disposition of all of the Registrable Securities covered by such Shelf Registration

  
 10 

 
Statement in accordance with the intended methods of disposition by the Electing Holders provided for in such Shelf Registration Statement; 

(vi) provide the Electing Holders and not more than one counsel for all the Electing Holders the opportunity to
participate in the preparation of such Shelf Registration Statement, each prospectus included therein or filed with the Commission and each amendment or supplement thereto; 

(vii) for a reasonable period prior to the filing of such Shelf Registration Statement, and throughout the period
specified in Section 2(b), make available at reasonable times at the Issuers’ principal place of business or such other reasonable place for inspection by the persons referred to in Section 3(d)(vi) who shall certify to the Issuers
that they have a current intention to sell the Registrable Securities pursuant to the Shelf Registration such financial and other information and the Issuers’ books and records, and cause the Issuers’ officers, employees, counsel and
independent certified public accountants to respond to such inquiries, as shall be reasonably necessary (and in the case of counsel, not violate an attorney-client privilege, in such counsel’s reasonable belief), in the judgment of the
respective counsel referred to in Section 3(d)(vi), to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that the foregoing inspection and information gathering on behalf
of the Electing Holders shall be conducted by one counsel designated by the holders of at least a majority in aggregate principal amount of the Registrable Securities held by the Electing Holders at the time outstanding and provided further
that each such party shall be required to maintain in confidence and not to disclose to any other person any information or records reasonably designated by the Issuers as being confidential, until such time as (A) such information becomes a
matter of public record (whether by virtue of its inclusion in such Shelf Registration Statement or otherwise), or (B) such person shall be required so to disclose such information pursuant to a subpoena or order of any court or other
governmental agency or body having jurisdiction over the matter (subject to the requirements of such order, and only after such person shall have given the Issuers prompt prior written notice of such requirement), or (C) such information is
required to be set forth in such Shelf Registration Statement or the prospectus included therein or in an amendment to such Shelf Registration Statement or an amendment or supplement to such prospectus in order that such Shelf Registration
Statement, prospectus, amendment or supplement, as the case may be, complies with applicable requirements of the federal securities laws and the rules and regulations of the Commission and does not contain an untrue statement of a material fact or
omit to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 

(viii) promptly notify each of the Electing Holders and confirm such advice in writing, (A) when such Shelf
Registration Statement or the prospectus included therein or any prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Shelf Registration Statement or any post-effective amendment, when the same has
become effective, (B) of any comments by the Commission and by the blue sky or securities commissioner or regulator of any state with respect thereto or any request by the Commission for amendments or supplements to such Shelf Registration
Statement or prospectus or for additional information, (C) of the issuance by the Commission of any stop order suspending the effectiveness of such Shelf Registration Statement or the initiation or

  
 11 

 
threatening of any proceedings for that purpose, (D) if at any time the Issuers’ representations and warranties set forth in Section 5 cease to be true and correct in all material
respects, (E) of the receipt by the Issuers of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose,
(F) the occurrence of any event that causes the Issuers to become an “ineligible issuer” as defined in Rule 405, or (G) if at any time when a prospectus is required to be delivered under the Securities Act, that such Shelf
Registration Statement, prospectus, prospectus amendment or supplement or post-effective amendment does not conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act or contains an untrue
statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 

(ix) use all commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of such
Shelf Registration Statement or any post-effective amendment thereto at the earliest practicable date; 
 (x) if
requested by any Electing Holder, promptly incorporate in a prospectus supplement or post-effective amendment such information as is required by the applicable rules and regulations of the Commission and as such Electing Holder specifies should be
included therein relating to the terms of the sale of such Registrable Securities, including information with respect to the principal amount of Registrable Securities being sold by such Electing Holder, the name and description of such Electing
Holder, the offering price of such Registrable Securities and any discount, commission or other compensation payable in respect thereof and with respect to any other terms of the offering of the Registrable Securities to be sold by such Electing
Holder; and make all required filings of such prospectus supplement or post-effective amendment promptly after notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; 

(xi) furnish to each Electing Holder and the counsel referred to in Section 3(d)(vi) an executed copy (or a conformed
copy) of such Shelf Registration Statement, each such amendment and supplement thereto (in each case including all exhibits thereto (in the case of an Electing Holder of Registrable Securities, upon request) and documents incorporated by reference
therein) and such number of copies of such Shelf Registration Statement (excluding exhibits thereto and documents incorporated by reference therein unless specifically so requested by such Electing Holder) and of the prospectus included in such
Shelf Registration Statement (including each preliminary prospectus and any summary prospectus), in conformity in all material respects with the applicable requirements of the Securities Act and the Trust Indenture Act to the extent such documents
are not available through the Commission’s EDGAR System, and such other documents, as such Electing Holder may reasonably request in order to facilitate the offering and disposition of the Registrable Securities owned by such Electing Holder
and to permit such Electing Holder to satisfy the prospectus delivery requirements of the Securities Act; and subject to Section 3(e), the Issuers hereby consent to the use of such prospectus (including such preliminary and summary prospectus)
and any amendment or supplement thereto by each such Electing Holder (subject to any applicable Suspension Period), in each case in the form most recently provided to such person by the Issuers, in connection with the offering and sale of the

  
 12 

 
Registrable Securities covered by the prospectus (including such preliminary and summary prospectus) or any supplement or amendment thereto; 

(xii) use all commercially reasonable efforts to (A) register or qualify the Registrable Securities to be included in
such Shelf Registration Statement under such securities laws or blue sky laws of such jurisdictions as any Electing Holder shall reasonably request, (B) keep such registrations or qualifications in effect and comply with such laws so as to
permit the continuance of offers, sales and dealings therein in such jurisdictions during the period the Shelf Registration Statement is required to remain effective under Section 2(b) and for so long as may be necessary to enable any such
Electing Holder to complete its distribution of Registrable Securities pursuant to such Shelf Registration Statement, (C) take any and all other actions as may be reasonably necessary or advisable to enable each such Electing Holder to
consummate the disposition in such jurisdictions of such Registrable Securities and (D) obtain the consent or approval of each governmental agency or authority, whether federal, state or local, which may be required to effect the Shelf
Registration or the offering or sale in connection therewith or to enable the selling holder or holders to offer, or to consummate the disposition of, their Registrable Securities; provided, however, that neither the Issuers nor the
Guarantors shall be required for any such purpose to (1) qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(d)(xii), (2) consent to
general service of process in any such jurisdiction or become subject to taxation in any such jurisdiction or (3) make any changes to its certificate of incorporation or by-laws or other governing documents or any agreement between it and its
stockholders; 
 (xiii) unless any Registrable Securities shall be in book-entry only
form,(10) cooperate with the Electing Holders to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates, if so required by any securities exchange upon which any Registrable Securities are listed, shall be printed, penned,
lithographed, engraved or otherwise produced by any combination of such methods, on steel engraved borders, and which certificates shall not bear any restrictive legends; 

(xiv) obtain a CUSIP number for all Securities that have been registered under the Securities Act, not later than the
applicable Effective Time; 
 (xv) notify in writing each holder of Registrable Securities of any proposal by the
Issuers to amend or waive any provision of this Agreement pursuant to Section 9(h) and of any amendment or waiver effected pursuant thereto, each of which notices shall contain the text of the amendment or waiver proposed or effected, as the
case may be; and 
 (xvi) comply with all applicable rules and regulations of the Commission, and make generally
available to its securityholders no later than eighteen months after the Effective Time of such Shelf Registration Statement an “earning statement” of the Issuer, Finance Co and their subsidiaries complying with Section 11(a) of the
Securities Act (including, at the Issuers’ option, Rule 158 thereunder). 
 (e) In the event that the
Issuers would be required, pursuant to Section 3(d)(viii)(G), to notify the Electing Holders, the Issuers shall promptly prepare and furnish to each of the Electing Holders a reasonable number of copies of a prospectus supplemented or amended

  
 13 

 
so that, as thereafter delivered to purchasers of Registrable Securities, such prospectus shall conform in all material respects to the applicable requirements of the Securities Act and the Trust
Indenture Act and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. Each
Electing Holder agrees that upon receipt of any notice from the Issuers pursuant to Section 3(d)(viii)(G), such Electing Holder shall forthwith discontinue the disposition of Registrable Securities pursuant to the Shelf Registration Statement
applicable to such Registrable Securities until such Electing Holder shall have received copies of such amended or supplemented prospectus, and if so directed by the Issuers, such Electing Holder shall deliver to the Issuers (at the Issuers’
expense) all copies, other than permanent file copies, of the prospectus covering such Registrable Securities in such Electing Holder’s possession at the time of receipt of such notice. 

(f) In the event of a Shelf Registration, in addition to the information required to be provided by each Electing Holder
in its Notice and Questionnaire, the Issuers may require such Electing Holder to furnish to the Issuers such additional information regarding such Electing Holder and such Electing Holder’s intended method of distribution of Registrable
Securities as may be required in order to comply with the Securities Act. Each such Electing Holder agrees to notify the Issuers as promptly as practicable of any inaccuracy or change in information previously furnished by such Electing Holder to
the Issuers or of the occurrence of any event in either case as a result of which any prospectus relating to such Shelf Registration contains or would contain an untrue statement of a material fact regarding such Electing Holder or such Electing
Holder’s intended method of disposition of such Registrable Securities or omits to state any material fact regarding such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Securities required to
be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, and promptly to furnish to the Issuers any additional information required to correct and update any previously furnished
information or required so that such prospectus shall not contain, with respect to such Electing Holder or the disposition of such Registrable Securities, an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in light of the circumstances then existing. 

(g) Until the expiration of two years after the Closing Date, the Issuers will not, and will not permit any of their
“affiliates” (as defined in Rule 144) to, resell any of the Securities that have been reacquired by any of them except pursuant to an effective registration statement, or a valid exemption from the registration requirements, under the
Securities Act. 
 (h) As a condition to its participation in the Exchange Offer, each holder of Registrable
Securities shall furnish, upon the Issuers’ request, a written representation to the Issuers (which may be contained in the letter of transmittal or “agent’s message” transmitted via The Depository Trust Company’s Automated
Tender Offer Procedures, in either case contemplated by the Exchange Registration Statement) to the effect that (A) it is not an “affiliate” of the Issuer, as defined in Rule 405 of the Securities Act, or if it is such an
“affiliate”, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (B) it is not engaged in and does not intend to engage in, and has no arrangement or understanding
with any person to participate in, a distribution of the Exchange Securities to be issued in the Exchange Offer, (C) it is acquiring the Exchange Securities in its ordinary course of business, (D) if it is a broker-dealer that holds
Securities that were acquired for its own account as a result of market-making activities or other trading activities (other than Securities acquired directly from the Issuers 

  
 14 

 
or any of their affiliates), it will deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Securities received by it in the Exchange
Offer, (E) if it is a broker-dealer, that it did not purchase the Securities to be exchanged in the Exchange Offer from the Issuers’ or any of their affiliates, and (F) it is not acting on behalf of any person who could not truthfully
and completely make the representations contained in the foregoing subclauses (A) through (E). 
 4. Registration
Expenses. 
 The Issuers agree to bear and to pay or cause to be paid promptly all expenses incident to the Issuers’
performance of or compliance with this Agreement, including (a) all Commission and any FINRA registration, filing and review fees and expenses including reasonable fees and disbursements of counsel for the Eligible Holders in connection with
such registration, filing and review, (b) all fees and expenses in connection with the qualification of the Registrable Securities, the Securities, and the Exchange Securities, as applicable, for offering and sale under the State securities and
blue sky laws referred to in Section 3(d)(xii) and determination of their eligibility for investment under the laws of such jurisdictions as the Electing Holders may designate, including any reasonable and documented fees and disbursements of
counsel for the Electing Holders in connection with such qualification and determination, (c) all expenses relating to the preparation, printing, production, distribution and reproduction of each registration statement required to be filed
hereunder, each prospectus included therein or prepared for distribution pursuant hereto, each amendment or supplement to the foregoing, the expenses of preparing the Securities or Exchange Securities, as applicable, for delivery and the expenses of
printing or producing any selling agreements and blue sky or legal investment memoranda and all other documents in connection with the offering, sale or delivery of Securities or Exchange Securities, as applicable, to be disposed of (including
certificates representing the Securities or Exchange Securities, as applicable), (d) messenger, telephone and delivery expenses relating to the offering, sale or delivery of Securities or Exchange Securities, as applicable, and the preparation
of documents referred in clause (c) above, (e) fees and expenses of the Trustee under the Indenture, any agent of the Trustee and any counsel for the Trustee and of any collateral agent or custodian, (f) internal expenses (including
all salaries and expenses of the Issuers’ officers and employees performing legal or accounting duties), (g) reasonable fees, disbursements and expenses of the Issuers’ counsel and independent certified public accountants,
(h) reasonable and documented fees, disbursements and expenses of one counsel for the Electing Holders retained in connection with a Shelf Registration, as selected by the Electing Holders of at least a majority in aggregate principal amount of
the Registrable Securities held by Electing Holders (which counsel shall be reasonably satisfactory to the Issuers), (i) any fees charged by securities rating services for rating the Registrable Securities, the Securities or the Exchange
Securities, as applicable, and (j) fees, expenses and disbursements of any other persons, including special experts, retained by the Issuers in connection with such registration (collectively, the “Registration Expenses”). To
the extent that any Registration Expenses are incurred, assumed or paid by any holder of Registrable Securities, Securities or Exchange Securities, as applicable, the Issuers shall reimburse such person for the full amount of the Registration
Expenses so incurred, assumed or paid promptly after receipt of a request therefor. Notwithstanding the foregoing, the holders of the Registrable Securities being registered shall pay all agency fees and commissions and underwriting discounts and
commissions, if any, and transfer taxes, if any, attributable to the sale of such Registrable Securities, Securities and Exchange Securities, as applicable, and the fees and disbursements of any counsel or other advisors or experts retained by such
holders (severally or jointly), other than the counsel and experts specifically referred to above. 

  
 15 

 5. Representations and Warranties. 

Each of the Issuer, Finance Co and the Guarantors, jointly and severally, represents and warrants to, and agrees with, each Purchaser and
each of the holders from time to time of Registrable Securities that: 
 (a) Each registration statement covering
Registrable Securities, Securities or Exchange Securities, as applicable, and each prospectus (including any preliminary or summary prospectus) contained therein or furnished pursuant to Section 3(c) or Section 3(d) and any further
amendments or supplements to any such registration statement or prospectus, when it becomes effective or is filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Securities Act and the Trust
Indenture Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and at all times subsequent to the Effective Time
when a prospectus would be required to be delivered under the Securities Act, other than (A) from (i) such time as a notice has been given to holders of Registrable Securities pursuant to Section 3(c)(iii)(G) or
Section 3(d)(viii)(G) until (ii) such time as the Issuers furnish an amended or supplemented prospectus pursuant to Section 3(c)(iv) or Section 3(e) or (B) during any applicable Suspension Period, each such registration
statement, and each prospectus (including any summary prospectus) contained therein or furnished pursuant to Section 3(c) or Section 3(d), as then amended or supplemented, will conform in all material respects to the requirements of the
Securities Act and the Trust Indenture Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Issuers by a holder of
Registrable Securities expressly for use therein. 
 (b) Any documents incorporated by reference in any
prospectus referred to in Section 5(a), when they become or became effective or are or were filed with the Commission, as the case may be, will conform or conformed in all material respects to the requirements of the Securities Act or the
Exchange Act, as applicable, and none of such documents will contain or contained an untrue statement of a material fact or will omit or omitted to state a material fact required to be stated therein or necessary to make the statements therein in
light of the circumstances in which they were made not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in
writing to the Issuers by a holder of Registrable Securities expressly for use therein. 
 (c) The compliance by
the Issuers with all of the provisions of this Agreement and the consummation of the transactions herein contemplated will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default
under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Issuer, Finance Co or any of their subsidiaries is a party or by which the Issuer, Finance Co or any of their subsidiaries is bound or to
which any of the Issuers’ or any of their subsidiaries’ property or assets is subject, (ii) result in any violation of the provisions of the certificate of incorporation, as amended, or the by-laws or other governing documents, as
applicable, of the Issuer, Finance Co or any of the Guarantors or (iii) result in any violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Issuers or any of their
subsidiaries or any of their respective properties, except, in the case of clauses (i) and (iii), for such conflicts, breaches 

  
 16 

 
or defaults as would not, individually or in the aggregate, reasonably be expected to result in a material adverse effect on the business, properties, assets, financial position, equity, results
of operations or prospects of the Issuer and its subsidiaries, taken as a whole; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the consummation
by the Issuers and the Guarantors of the transactions contemplated by this Agreement, except (x) the registration under the Securities Act of the Registrable Securities, the Securities and the Exchange Securities, as applicable, and
qualification of the Indenture under the Trust Indenture Act, (y) such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or blue sky laws in connection with the offering and
distribution of the Registrable Securities, and the Exchange Securities, as applicable, and (z) such consents, approvals, authorizations, registrations or qualifications that have been obtained and are in full force and effect as of the date
hereof. 
 (d) This Agreement has been duly authorized, executed and delivered by the Issuers and by the
Guarantors. 
 6. Indemnification and Contribution. 

(a) Indemnification by the Issuers and the Guarantors. Each of the Issuer, Finance Co and the Guarantors, jointly
and severally, will indemnify and hold harmless each of the holders of Registrable Securities included in an Exchange Registration Statement and each of the Electing Holders as holders of Registrable Securities included in a Shelf Registration
Statement against any losses, claims, damages or liabilities, joint or several, to which such holder or such Electing Holder may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any Exchange Registration Statement or any Shelf Registration Statement, as the case may be, under which such
Registrable Securities or Exchange Securities were registered under the Securities Act, or any preliminary, final or summary prospectus (including, without limitation, any “issuer free writing prospectus” as defined in Rule 433)
contained therein or furnished by the Issuers to any such holder or any such Electing Holder, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, and will reimburse each such holder and each such Electing Holder for any and all legal or other expenses reasonably incurred by them in connection with investigating or
defending any such action or claim as such expenses are incurred; provided, however, that neither the Issuers nor the Guarantors shall be liable to any such person in any such case to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, or preliminary, final or summary prospectus (including, without limitation, any “issuer free
writing prospectus” as defined in Rule 433), or amendment or supplement thereto, in reliance upon and in conformity with written information furnished to the Issuers by such person expressly for use therein. 

(b) Indemnification by the Electing Holders. The Issuers may require, as a condition to including any Registrable
Securities in any Shelf Registration Statement filed pursuant to Section 2(b), that the Issuers shall have received an undertaking reasonably satisfactory to it from each Electing Holder of Registrable Securities included in such Shelf
Registration Statement, severally and not jointly, to (i) indemnify and hold harmless the Issuers, the Guarantors and all other Electing Holders of Registrable Securities included in such Shelf Registration Statement, against any losses,
claims, damages or liabilities to which the 

  
 17 

 
Issuers, the Guarantors or such other Electing Holders may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in such registration statement, or any preliminary, final or summary prospectus (including, without limitation, any “issuer
free writing prospectus” as defined in Rule 433) contained therein or furnished by the Issuers to any Electing Holder, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged
omission was made in reliance upon and in conformity with written information furnished to the Issuers by such Electing Holder expressly for use therein, and (ii) reimburse the Issuers and the Guarantors for any legal or other expenses
reasonably incurred by the Issuers and the Guarantors in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that no such Electing Holder shall be required to undertake
liability to any person under this Section 6(b) for any amounts in excess of the dollar amount of the proceeds to be received by such Electing Holder from the sale of such Electing Holder’s Registrable Securities pursuant to such
registration. 
 (c) Notices of Claims, Etc. Promptly after receipt by an indemnified party under
subsection (a) or (b) above of written notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the indemnification provisions of or
contemplated by this Section 6, notify such indemnifying party in writing of the commencement of such action; but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified
party otherwise than under the indemnification provisions of or contemplated by Section 6(a) or Section 6(b). In case any such action shall be brought against any indemnified party and it shall notify an indemnifying party of the
commencement thereof, such indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the
defense thereof, such indemnifying party shall not be liable to such indemnified party for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense
thereof other than reasonable costs of investigation. No indemnifying party shall, without the prior written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any
pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or
judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on
behalf of any indemnified party. 
 (d) Contribution. If for any reason the indemnification provisions
contemplated by Section 6(a) or Section 6(b) are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each
indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to

  
 18 

 
reflect the relative fault of the indemnifying party and the indemnified party in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or
actions in respect thereof), as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this Section 6(d) were determined by pro rata allocation (even if the holders were
treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 6(d). The amount paid or payable by an indemnified party as a result of the
losses, claims, damages, or liabilities (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or defending any
such action or claim. Notwithstanding the provisions of this Section 6(d), no Electing Holder shall be required to contribute any amount in excess of the amount by which the dollar amount of the proceeds received by such holder from the sale of
any Registrable Securities (after deducting any fees, discounts and commissions applicable thereto) exceeds the amount of any damages which such holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The holders’ obligations in this Section 6(d) to contribute shall be several in proportion to the principal amount of Registrable Securities registered by them and not joint. 

(e) The Issuers’ and the Guarantors’ obligations of under this Section 6 shall be in addition to any
liability which the Issuers or the Guarantors may otherwise have and shall extend, upon the same terms and conditions, to each officer, director and partner of each holder, each Electing Holder, and each person, if any, who controls any of the
foregoing within the meaning of the Securities Act; and the obligations of the holders and the Electing Holders contemplated by this Section 6 shall be in addition to any liability which the respective holder or Electing Holder may otherwise
have and shall extend, upon the same terms and conditions, to the Issuers’ or the Guarantors’ officers and directors (including any person who, with his consent, is named in any registration statement as about to become a director of the
Issuer, Finance Co or any of the Guarantors) and to each person, if any, who controls the Issuers within the meaning of the Securities Act, as well as to each officer and director of the other holders and to each person, if any, who controls such
other holders within the meaning of the Securities Act. 
 7. Underwritten Offerings. 

Each holder of Registrable Securities hereby agrees with the Issuers and each other such holder that no holder of Registrable Securities
may participate in any underwritten offering hereunder unless (a) the Issuers give their prior written consent to such underwritten offering, (b) the managing underwriter or underwriters thereof shall be designated by Electing Holders
holding at least a majority in aggregate principal amount of the Registrable Securities to be included in such offering, provided that such designated managing underwriter or underwriters is or are reasonably acceptable to the Issuers, (c) each
holder of Registrable Securities participating in such underwritten offering agrees to sell such holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the persons entitled selecting

  
 19 

 
the managing underwriter or underwriters hereunder and (d) each holder of Registrable Securities participating in such underwritten offering completes and executes all questionnaires, powers
of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. The Issuers hereby agree with each holder of Registrable Securities that, to the extent it consents to an
underwritten offering hereunder, it will negotiate in good faith and execute all indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, including using all commercially
reasonable efforts to procure customary legal opinions and auditor “comfort” letters. 
 8. Rule 144.

 (a) Facilitation of Sales Pursuant to Rule 144. The Issuers covenant to the holders of Registrable
Securities that to the extent either shall be required to do so under the Exchange Act, such Issuer shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Sections 13
and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144), and shall take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder
to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144. Upon the request of any holder of Registrable Securities in connection with that holder’s sale
pursuant to Rule 144, the Issuers shall deliver to such holder a written statement as to whether it has complied with such requirements. 
 (b) Availability of Rule 144 Not Excuse for Obligations under Section 2. The fact that holders of Registrable Securities may become eligible to sell such Registrable Securities pursuant to
Rule 144 shall not (1) cause such Securities to cease to be Registrable Securities or (2) excuse the Issuers’ and the Guarantors’ obligations set forth in Section 2 of this Agreement, including without limitation the
obligations in respect of an Exchange Offer, Shelf Registration and Special Interest. 
 9. Miscellaneous. 

(a) No Inconsistent Agreements. The Issuers represent, warrant, covenant and agree that it has not granted, and
shall not grant, registration rights with respect to Registrable Securities, Exchange Securities or Securities, as applicable, or any other securities which would be inconsistent with the terms contained in this Agreement. 

(b) Specific Performance. The parties hereto acknowledge that there would be no adequate remedy at law if the
Issuers fail to perform any of its obligations hereunder and that the Purchasers and the holders from time to time of the Registrable Securities may be irreparably harmed by any such failure, and accordingly agree that the Purchasers and such
holders, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to compel specific performance of the Issuers’ obligations under this Agreement in accordance with the terms and conditions of this
Agreement, in any court of the United States or any State thereof having jurisdiction. Time shall be of the essence in this Agreement. 
 (c) Notices. All notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered by hand, if delivered
personally, by facsimile or by courier, or three days after being deposited in the mail (registered or certified mail, postage prepaid, return receipt requested) 

  
 20 

 
as follows: If to the Issuers, to them at c/o NTR Partners LLC, 37 Danbury Road, Suite 204, Ridgefield, CT 06877, Attention: Hank Kuchta, Facsimile No: (203) 894-8073, and if to a holder, to
the address of such holder set forth in the security register or the Issuers’ other records, or to such other address as the Issuers or any such holder may have furnished to the other in writing in accordance herewith, except that notices of
change of address shall be effective only upon receipt. 
 (d) Parties in Interest. All the terms and
provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto, the holders from time to time of the Registrable Securities and the respective successors and assigns of the foregoing.
In the event that any transferee of any holder of Registrable Securities shall acquire Registrable Securities, in any manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee shall, without any further writing or
action of any kind, be deemed a beneficiary hereof for all purposes and such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities such transferee shall be entitled
to receive the benefits of, and be conclusively deemed to have agreed to be bound by all of the applicable terms and provisions of this Agreement. If the Issuers shall so request, any such successor, assign or transferee shall agree in writing to
acquire and hold the Registrable Securities subject to all of the applicable terms hereof. 
 (e)
Survival. The respective indemnities, agreements, representations, warranties and each other provision set forth in this Agreement or made pursuant hereto shall remain in full force and effect regardless of any investigation (or statement as
to the results thereof) made by or on behalf of any holder of Registrable Securities, any director, officer or partner of such holder, or any controlling person of any of the foregoing, and shall survive delivery of and payment for the Registrable
Securities pursuant to the Purchase Agreement, the transfer and registration of Registrable Securities by such holder and the consummation of an Exchange Offer. 
 (f) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 

(g) Headings. The descriptive headings of the several Sections and paragraphs of this Agreement are inserted for
convenience only, do not constitute a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement. 
 (h) Entire Agreement; Amendments. This Agreement and the other writings referred to herein (including the Indenture and the form of Securities) or delivered pursuant hereto which form a part hereof
contain the entire understanding of the parties with respect to its subject matter. This Agreement supersedes all prior agreements and understandings between the parties with respect to its subject matter. This Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument duly executed by the Issuers and the holders of at least a majority in
aggregate principal amount of the Registrable Securities at the time outstanding. Each holder of any Registrable Securities at the time or thereafter outstanding shall be bound by any amendment or waiver effected pursuant to this Section 9(h),
whether or not any notice, writing or marking indicating such amendment or waiver appears on such Registrable Securities or is delivered to such holder. 

  
 21 

 (i) Inspection. For so long as this Agreement shall be in effect,
this Agreement and a complete list of the names and addresses of all the record holders of Registrable Securities shall be made available for inspection and copying on any Business Day by any holder of Registrable Securities for proper purposes only
(which shall include any purpose related to the rights of the holders of Registrable Securities under the Securities, the Indenture and this Agreement) at the Issuers’ offices at the address thereof set forth in Section 9(c) and at the
office of the Trustee under the Indenture. 
 (j) Counterparts. This Agreement may be executed by the
parties in counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument. 

(k) Severability. If any provision of this Agreement, or the application thereof in any circumstance, is held to be
invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of such provision in every other respect and of the remaining provisions contained in this Agreement shall not be affected or impaired
thereby. 

  
 22 

 If the foregoing is in accordance with your understanding, please sign and return to us one
for the Issuers, each of the Guarantors and the Representative plus one for each counsel counterparts hereof, and upon the acceptance hereof by you, on behalf of each of the Purchasers, this letter and such acceptance hereof shall constitute a
binding agreement between each of the Purchasers, the Guarantors and the Issuers. It is understood that your acceptance of this letter on behalf of each of the Purchasers is pursuant to the authority set forth in a form of Agreement among
Purchasers, the form of which shall be submitted to the Issuers for examination upon request, but without warranty on your part as to the authority of the signers thereof. 

 

			
	Very truly yours,
	
	Northern Tier Energy LLC
		
	By:	 	 /s/ Mario E. Rodriguez

		 	Name: Mario E. Rodriguez
		 	Title: Vice President, Finance
	
	Northern Tier Finance Corporation
		
	By:	 	 /s/ Mario E. Rodriguez

		 	Name: Mario E. Rodriguez
		 	Title: Vice President, Finance
	
	St. Paul Park Refining Co. LLC
		
	By:	 	 /s/ Mario E. Rodriguez

		 	Name: Mario E. Rodriguez
		 	Title: Vice President, Finance
	
	Northern Tier Bakery LLC
		
	By:	 	 /s/ Mario E. Rodriguez

		 	Name: Mario E. Rodriguez
		 	Title: Vice President, Finance
	
	Northern Tier Retail LLC
		
	By:	 	 /s/ Mario E. Rodriguez

		 	Name: Mario E. Rodriguez
		 	Title: Vice President, Finance
	
	SuperAmerica Franchising LLC
		
	By:	 	 /s/ Mario E. Rodriguez

		 	Name: Mario E. Rodriguez
		 	Title: Vice President, Finance

  
 23 

			
	Accepted as of the date hereof:
	
	Goldman, Sachs & Co.
		
	By:	 	 /s/ Goldman, Sachs & Co.

		 	(Goldman, Sachs & Co.)

  
 24 

 Schedule I 
 Goldman, Sachs & Co. 
 Macquarie Capital (USA) Inc. 

RBC Capital Markets, LLC 
 SunTrust Robinson
Humphrey, Inc. 

  
 Schedule I-1

 Exhibit A 
 Northern Tier Energy LLC 
 Northern Tier Finance Corporation

 INSTRUCTION TO DTC PARTICIPANTS 
 (Date of Mailing) 
 URGENT - IMMEDIATE ATTENTION REQUESTED

 DEADLINE FOR RESPONSE: DATE * 
 The Depository Trust Company (“DTC”) has identified you as a DTC Participant through which beneficial interests in the Northern Tier Energy LLC’s (the “Issuer”) and
Northern Tier Finance Corporation (“Finance Co” and together with the Issuer, the “Issuers”), $290,000,000 aggregate principal amount of 10.50% Senior Secured Notes due 2017 (the “Securities”) are
held. 
 The Issuers are in the process of registering the Securities under the Securities Act of 1933 for resale by the beneficial owners
thereof. In order to have their Securities included in the registration statement, beneficial owners must complete and return the enclosed Notice of Registration Statement and Selling Securityholder Questionnaire. 

It is important that beneficial owners of the Securities receive a copy of the enclosed materials as soon as possible as their rights to have the
Securities included in the registration statement depend upon their returning the Notice and Questionnaire by Deadline For Response. Please forward a copy of the enclosed documents to each beneficial owner that holds interests in the Securities
through you. If you require more copies of the enclosed materials or have any questions pertaining to this matter, please contact Northern Tier Energy LLC and Northern Tier Finance Corporation: c/o NTR Partners LLC, 37 Danbury Road, Suite 204,
Ridgefield, CT 06877, Facsimile No: (203) 894-8073, Telephone No.: (203) 244-6550, Attention: Hank Kuchta. 
  

	*	Not less than 28 calendar days from date of mailing. 

  
 A-1

 Northern Tier Energy LLC 

Northern Tier Finance Corporation 
 Notice of Registration Statement 
 and 

Selling Securityholder Questionnaire 
 (Date) 
 Reference is hereby made to the Exchange and Registration Rights Agreement (the
“Exchange and Registration Rights Agreement”) between Northern Tier Energy LLC (the “Issuer”), Northern Tier Finance Corporation (“Finance Co” and, together with the Issuer, the “Issuers”) and
the Purchasers named therein. Pursuant to the Exchange and Registration Rights Agreement, the Issuers has filed or will file with the United States Securities and Exchange Commission (the “Commission”) a registration statement on
Form      (the “Shelf Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Issuers’
$290,000,000 aggregate principal amount of 10.50% Senior Secured Notes due 2017 (the “Securities”). A copy of the Exchange and Registration Rights Agreement has been filed as an exhibit to the Shelf Registration Statement and can be
obtained from the Commission’s website at www.sec.gov. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Exchange and Registration Rights Agreement. 

Each beneficial owner of Registrable Securities (as defined below) is entitled to have the Registrable Securities beneficially owned by it included in
the Shelf Registration Statement. In order to have Registrable Securities included in the Shelf Registration Statement, this Notice of Registration Statement and Selling Securityholder Questionnaire (“Notice and Questionnaire”) must
be completed, executed and delivered to the Issuers’ counsel at the address set forth herein for receipt ON OR BEFORE Deadline for Response. Beneficial owners of Registrable Securities who do not properly complete, execute and return this
Notice and Questionnaire by such date (i) will not be named as selling securityholders in the Shelf Registration Statement and (ii) may not use the Prospectus forming a part thereof for resales of Registrable Securities. 

Certain legal consequences arise from being named as a selling securityholder in the Shelf Registration Statement and related Prospectus. Accordingly,
holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling securityholder in the Shelf Registration Statement and related
Prospectus. 
 The term “Registrable Securities” is defined in the Exchange and Registration Rights Agreement. 

  
 A-2

 ELECTION 
 The undersigned holder (the “Selling Securityholder”) of Registrable Securities hereby elects to include in the Shelf Registration Statement the Registrable Securities beneficially owned
by it and listed below in Item (3). The undersigned, by signing and returning this Notice and Questionnaire, agrees to be bound with respect to such Registrable Securities by the terms and conditions of this Notice and Questionnaire and the
Exchange and Registration Rights Agreement, including, without limitation, Section 6 of the Exchange and Registration Rights Agreement, as if the undersigned Selling Securityholder were an original party thereto. 

Pursuant to the Exchange and Registration Rights Agreement, the undersigned has agreed to indemnify and hold harmless the Issuers, the Guarantors, their
officers who sign any Shelf Registration Statement, and each person, if any, who controls the Issuers or the Guarantors within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act of 1934, as amended
(the “Exchange Act”), against certain loses arising out of an untrue statement, or the alleged untrue statement, of a material fact in the Shelf Registration Statement or the related prospectus or the omission, or alleged omission,
to state a material fact required to be stated in such Shelf Registration Statement or the related prospectus, but only to the extent such untrue statement or omission, or alleged untrue statement or omission, was made in reliance on and in
conformity with the information provided in this Notice and Questionnaire. 
 Upon any sale of Registrable Securities pursuant to the Shelf
Registration Statement, the Selling Securityholder will be required to deliver to the Issuers and Trustee the Notice of Transfer set forth in Appendix A to the Prospectus and as Exhibit B to the Exchange and Registration Rights Agreement.

 The Selling Securityholder hereby provides the following information to the Issuers and represents and warrants that such information is
accurate and complete: 

  
 A-3

 QUESTIONNAIRE 

 

									
	(1)	  	(a)	  	Full legal name of Selling Securityholder:
		  		  	  

			
		  	(b)	  	Full legal name of registered Holder (if not the same as in (a) above) of Registrable Securities listed in Item (3) below:
		  		  	  

			
		  	(c)	  	Full legal name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable Securities listed in Item (3) below are
held:
		  		  	  

		
	(2)	  	Address for notices to Selling Securityholder:

 

							
		 	  
	  	
		 	  
	  	
		 	  
	  	
		 	Telephone:	  	  
	  	
		 	Fax:	  	  
	  	
		 	Contact Person:	  	  
	  	
		 	E-mail for Contact Person:	  	  
	  	

  

									
	(3)	  	Beneficial Ownership of Securities:
			
		  		  	Except as set forth below in this Item (3), the undersigned does not beneficially own any Securities.
				
		  	(a)	  	Principal amount of Registrable Securities beneficially owned:	 	  

		  		  	CUSIP No(s). of such Registrable Securities:	 	  

			
		  	(b)	  	Principal amount of Securities other than Registrable Securities beneficially owned: 
		  		  	  

		  		  	CUSIP No(s). of such other Securities:	 	  

			
		  	(c)	  	Principal amount of Registrable Securities that the undersigned wishes to be included in the Shelf Registration Statement:
		  		  	  

		  		  	CUSIP No(s). of such Registrable Securities to be included in the Shelf Registration Statement:
                                         
       
		
	(4)	  	Beneficial Ownership of Issuers’ Other Securities:
			
		  		  	Except as set forth below in this Item (4), the undersigned Selling Securityholder is not the beneficial or registered owner of any Issuers’ other
securities, other than the Securities listed above in Item (3).
					
		  		  	State any exceptions here:	 		 	
		  		  	  

		  		  	  

		  		  	  

  
 A-4

					
	(5)	 	Individuals who exercise dispositive powers with respect to the Securities:
			
		 		 	If the Selling Securityholder is not an entity that is required to file reports with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (a “Reporting
Company”), then the Selling Securityholder must disclose the name of the natural person(s) who exercise sole or shared dispositive powers with respect to the Securities. Selling Securityholders should disclose the beneficial holders, not
nominee holders or other such others of record. In addition, the Commission has provided guidance that Rule 13d-3 of the Securities Exchange Act of 1934 should be used by analogy when determining the person or persons sharing voting and/or
dispositive powers with respect to the Securities.
			
		 	(a)	 	Is the holder a Reporting Company?
			
		 		 	Yes   ̈                   
                             
No   ̈
		 		 	  
 If “No”, please answer Item
(5)(b).

			
		 	(b)	 	List below the individual or individuals who exercise dispositive powers with respect to the Securities:
		 		 	  

		 		 	  

		 		 	  

			
		 		 	Please note that the names of the persons listed in (b) above will be included in the Shelf Registration Statement and related Prospectus.
		
	(6)	 	Relationships with the Issuers:
			
		 		 	Except as set forth below, neither the Selling Securityholder nor any of its affiliates, officers, directors or principal equity holders (5% or more) has held any position or
office or has had any other material relationship with either the Issuer or Finance Co (or their predecessors or affiliates) during the past three years.
			
		 		 	State any exceptions here:
		 		 	  

		 		 	  

		 		 	  

		
	(7)	 	Plan of Distribution:
			
		 		 	Except as set forth below, the undersigned Selling Securityholder intends to distribute the Registrable Securities listed above in Item (3) only as follows (if at all): Such
Registrable Securities may be sold from time to time directly by the undersigned Selling Securityholder. Such Registrable Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying
prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block transactions) (i) on any national securities exchange or quotation service on which the Registered
Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such exchanges or services or in the
over-the-counter

  
 A-5

					
		 		 	market, or (iv) through the writing of options. In connection with sales of the Registrable Securities or otherwise, the Selling Securityholder may enter into hedging
transactions with broker-dealers, which may in turn engage in short sales of the Registrable Securities in the course of hedging the positions they assume. The Selling Securityholder may also sell Registrable Securities short and deliver Registrable
Securities to close out such short positions, or loan or pledge Registrable Securities to broker-dealers that in turn may sell such securities.
			
		 		 	State any exceptions here:
		 		 	  

		 		 	  

		 		 	  

			
		 		 	Note: In no event may such method(s) of distribution take the form of an underwritten offering of Registrable Securities without the prior written agreement of the
Issuers.
		
	(8)	 	Broker-Dealers:
			
		 		 	The Commission requires that all Selling Securityholders that are registered broker-dealers or affiliates of registered broker-dealers be so identified in the Shelf Registration
Statement. In addition, the Commission requires that all Selling Securityholders that are registered broker-dealers be named as underwriters in the Shelf Registration Statement and related Prospectus, even if they did not receive the Registrable
Securities as compensation for underwriting activities.
			
		 	(a)	 	State whether the undersigned Selling Securityholder is a registered broker-dealer:
			
		 		 	Yes   ̈                   
                             
No   ̈
			
		 	(b)	 	If the answer to (a) is “Yes”, you must answer (i) and (ii) below, and (iii) below if applicable. Your answers to (i) and (ii) below,
and (iii) below if applicable, will be included in the Shelf Registration Statement and related Prospectus.
			
		 		 	 (i)     Were the Securities acquired as compensation for underwriting activities?

			
		 		 	Yes   ̈                   
                             
No   ̈
			
		 		 	If you answered “Yes”, please provide a brief description of the transaction(s) in which the Securities were acquired as compensation:
		 		 	  

		 		 	  

		 		 	  

			
		 		 	 (ii)    Were the Securities acquired for investment purposes?

			
		 		 	Yes   ̈                   
                             
No   ̈
			
		 		 	 (iii)  If you answered “No” to both (i) and (ii), please explain the Selling Securityholder’s
reason for acquiring the Securities:

		 		 	  

		 		 	  

		 		 	  

  
 A-6

					
			
		 	(c)	 	State whether the undersigned Selling Securityholder is an affiliate of a registered broker-dealer and, if so, list the name(s) of the broker-dealer affiliate(s):
			
		 		 	Yes   ̈                   
                             
No   ̈
		 		 	  

		 		 	  

		 		 	  

			
		 	(d)	 	If you answered “Yes” to question (c) above:
			
		 		 	 (i)     Did the undersigned Selling Securityholder purchase Registrable Securities in the ordinary
course of business?

			
		 		 	Yes   ̈                   
                             
No   ̈
			
		 		 	If the answer is “No” to question (d)(i), provide a brief explanation of the circumstances in which the Selling Securityholder acquired the Registrable
Securities:
		 		 	  

		 		 	  

		 		 	  

			
		 		 	 (ii)    At the time of the purchase of the Registrable Securities, did the undersigned Selling Securityholder
have any agreements, understandings or arrangements, directly or indirectly, with any person to dispose of or distribute the Registrable Securities?

			
		 		 	Yes   ̈                   
                             
No   ̈
			
		 		 	If the answer is “Yes” to question (d)(ii), provide a brief explanation of such agreements, understandings or arrangements:
		 		 	  

		 		 	  

		 		 	  

			
		 		 	If the answer is “No” to Item (8)(d)(i) or “Yes” to Item (8)(d)(ii), you will be named as an underwriter in the Shelf Registration Statement and the
related Prospectus.
		
	(9)	 	Hedging and short sales:
			
		 	(a)	 	State whether the undersigned Selling Securityholder has or will enter into “hedging transactions” with respect to the Registrable Securities:
			
		 		 	Yes   ̈                   
                             
No   ̈
			
		 		 	If “Yes”, provide below a complete description of the hedging transactions into which the undersigned Selling Securityholder has entered or will enter and the purpose of
such hedging transactions, including the extent to which such hedging transactions remain in place:
		 		 	  

		 		 	  

		 		 	  

  
 A-7

	 	(b)	Set forth below is Interpretation A.65 of the Commission’s July 1997 Manual of Publicly Available Interpretations regarding short selling:

 “An issuer filed a Form S-3 registration statement for a secondary offering of common stock which is not
yet effective. One of the selling shareholders wanted to do a short sale of common stock “against the box” and cover the short sale with registered shares after the effective date. The issuer was advised that the short sale could not be
made before the registration statement becomes effective, because the shares underlying the short sale are deemed to be sold at the time such sale is made. There would, therefore, be a violation of Section 5 if the shares were effectively sold
prior to the effective date.” 
 By returning this Notice and Questionnaire, the undersigned Selling Securityholder will
be deemed to be aware of the foregoing interpretation. 

*        *        *      
  *        * 
 By signing below, the Selling Securityholder acknowledges that it understands
its obligation to comply, and agrees that it will comply, with the provisions of the Exchange Act, particularly Regulation M (or any successor rule or regulation). 
 The Selling Securityholder hereby acknowledges its obligations under the Exchange and Registration Rights Agreement to indemnify and hold harmless the Issuers and certain other persons as set forth in the
Exchange and Registration Rights Agreement. 
 In the event that the Selling Securityholder transfers all or any portion of the Registrable
Securities listed in Item (3) above after the date on which such information is provided to the Issuers, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights and obligations under this Notice
and Questionnaire and the Exchange and Registration Rights Agreement. 
 By signing below, the Selling Securityholder consents to the disclosure
of the information contained herein in its answers to Items (1) through (9) above and the inclusion of such information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder understands that such
information will be relied upon by the Issuers in connection with the preparation of the Shelf Registration Statement and related Prospectus. 

In accordance with the Selling Securityholder’s obligation under Section 3(d) of the Exchange and Registration Rights Agreement to provide such
information as may be required by law for inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the Issuers of any inaccuracies or changes in the information provided herein which may occur subsequent to
the date hereof at any time while the Shelf Registration Statement remains in effect and to provide such additional information that the Issuers may reasonably request regarding such Selling Securityholder and the intended method of distribution of
Registrable Securities in order to comply with the Securities Act. Except as otherwise provided in the Exchange and Registration Rights Agreement, all notices hereunder and pursuant to the Exchange and Registration Rights Agreement shall be made in
writing, by hand-delivery, first-class mail, or air courier guaranteeing overnight delivery as follows: 
  

			
	(i) To the Issuers:	  	Northern Tier Energy LLC
		  	Northern Tier Finance Corporation

  
 A-8

			
		  	c/o NTR Partners LLC
		  	37 Danbury Road, Suite 204
		  	Ridgefield, CT 06877
		  	Attention: Hank Kuchta
		  	Fax: (203) 894-8073
		
	(ii) With a copy to:	  	Cleary Gottlieb Steen & Hamilton LLP
		  	One Liberty Plaza
		  	New York, NY 10006
		  	Attention: Michael J. Volkovitsch, Esq.
		  	Fax: (212) 225-3999

 Once this Notice and Questionnaire is executed by the Selling Securityholder and received by the Issuers’ counsel,
the terms of this Notice and Questionnaire, and the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the Issuers’ and the Selling Securityholder’s respective
successors, heirs, personal representatives, and assigns with respect to the Registrable Securities beneficially owned by such Selling Securityholder and listed in Item (3) above. This Notice and Questionnaire shall be governed in all respects
by the laws of the State of New York. 

  
 A-9

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and Questionnaire to be
executed and delivered either in person or by its duly authorized agent. 

Dated:                     

 

			
	  

	Selling Securityholder
	(Print/type full legal name of beneficial owner of Registrable Securities)
	
	
	By:	 	  

	Name:	 	
	Title:	 	

 PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE DEADLINE FOR RESPONSE TO
THE ISSUERS’ COUNSEL AT: 
  

					
		 	                             
           	  	
		 	                             
           	  	
		 	                             
           	  	
		 	                             
           	  	
		 	                             
           	  	

  
 A-10

 Exhibit B 
 NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT 
 Deutsche Bank Trust Company Americas

 Northern Tier Energy LLC 
 Northern
Tier Finance Corporation 
 c/o Deutsche Bank Trust Company Americas 
 Deutsche Bank Trust Company Americas 
 Trust & Securities Services 

60 Wall Street, MS NYC60-2710 
 New York, New
York 10005 
 Attn: Corporate Team Deal Manager - Northern Tier 
 With a copy to: 
 Deutsche Bank Trust Company Americas 

c/o Deutsche Bank National Trust Company 

Trust & Securities Services 
 100 Plaza
One, Mailstop JCY03-0699 
 Jersey City, New Jersey 07311 
 Attn: Corporate Team Deal Manager - Northern Tier 
 Attention: Trust Officer 

 

			
	Re:	  	Northern Tier Energy LLC and Northern Tier Finance Corporation (each the “Issuer” and together the “Issuers”)
		  	$290,000,000 aggregate principal amount of 10.50% Senior Secured Notes due 2017

 Dear Sirs: 

Please be advised that
                                         has
transferred $              aggregate principal amount of the above-referenced Notes pursuant to an effective Registration Statement on Form      (File
No. 333-        ) filed by the Issuers. 
 We hereby certify that the prospectus delivery
requirements, if any, of the Securities Act of 1933, as amended, have been satisfied and that the above-named beneficial owner of the Notes is named as a “Selling Holder” in the Prospectus dated
             or in supplements thereto, and that the aggregate principal amount of the Notes transferred are the Notes listed in such Prospectus opposite such owner’s name. 

Dated: 
  

			
	Very truly yours,
		 	  

		 	(Name)

			
		
	By:	 	  

		 	(Authorized Signature)*
	
	DTC Participant Number:             

 SIGNATURE GUARANTEE:
                     
  

	*	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}]]