Document:

EX-10.12

 Exhibit 10.12 
  

			
	 	  	
	 	  	
	 	  	
	 	  	
	 	  	
	 	  	
	 	  	
	 	  	
	 	  	
	 	  	
	 	  	
	 	  	
	 	  	
	LAND COURT	  	REGULAR SYSTEM
	Return By Mail  x  Pick-Up   ̈  To:
		
	 Cadwalader, Wickersham & Taft LLP

1111 Bagby Street, Suite 4700

Houston, Texas 77002
  

Attention:            Christine McMillan, Esq.

Telephone:           713.343.7566

 
	  	 

 TITLE OF DOCUMENT: 

FEE SECOND MORTGAGE AND 

FIXTURE FILING 
  

			
	PARTIES TO DOCUMENT:
		
	MORTGAGOR:	  	TESORO HAWAII, LLC, a Hawaii limited liability company
		
	MORTGAGEE:	  	 DEUTSCHE BANK AG NEW YORK BRANCH, a branch, duly licensed by the New York State Department of
Financial Services, of Deutsche Bank AG, a German banking corporation, as collateral agent
 for and on behalf of the Loan Parties

60 Wall Street
 New York, New York 10005

 

 Tax Map Key:  Oahu 9-1-031-003; 9-1-032-084, 099            
(This document consists of      pages.) 
         Certificate of Title
No. 776,063; 327,773; 307,865 

 FEE SECOND MORTGAGE AND FIXTURE FILING 

THIS FEE SECOND MORTGAGE AND FIXTURE FILING (this “Mortgage”) is made as of this 25th day of September, 2013, by TESORO HAWAII, LLC, a Hawaii limited liability company, having its principal place of business at 800 Gessner Road, Suite 875, Houston, TX 77024 (“Tesoro
Hawaii”; also referred to herein as “Mortgagor”), for the benefit of DEUTSCHE BANK AG NEW YORK BRANCH, a branch, duly licensed by the New York State Department of Financial Services, of Deutsche Bank AG, a
German banking corporation, as collateral agent for and on behalf of the Loan Parties (“Mortgagee”), having its principal place of business at 60 Wall Street, New York, New York 10005. 

W I T N E S S E T H: 

WHEREAS, Tesoro Hawaii and Barclays Bank PLC are entering into the Inventory Documents, pursuant to which they will enter into
Inventory transactions and transactions related to the Inventory and the Inventory Documents; 
 WHEREAS, Mortgagee, Hawaii Pacific
Energy, LLC and the other Borrowers referred to the Credit Agreement dated as of September 25, 2013, and the Lenders referred to therein are parties thereto; 

WHEREAS, Mortgagor, the other Grantors, the Second Lien Secured Parties and the Mortgagee, among others, have entered into the
Intercreditor Agreement dated on or about the date hereof (the “Intercreditor Agreement”) to, among other things, define the rights, duties, authority and responsibilities of the Mortgagee and the priority of payments
and security between the Loan Parties and the Inventory Party; 
 WHEREAS, Mortgagor is entering into this Mortgage for purposes of
establishing a second-priority Lien over the collateral described herein in favor of the Mortgagee for and on behalf of the Second Lien Secured Parties to secure the Second Lien Obligations; 

WHEREAS, it is a condition precedent to the Loan Parties performing their respective obligations under the Credit Agreement that
Mortgagor enters into this Mortgage; and 
 WHEREAS, Mortgagor desires to secure the Loan Obligations of Mortgagor to Mortgagee under
the Second Lien Documents; 
 NOW, THEREFORE, in consideration of the covenants, agreements, representations and warranties set forth
in this Mortgage: 
 ARTICLE 1 - GRANTS OF SECURITY 

Section 1.1 Property Mortgaged. Mortgagor does hereby irrevocably mortgage, grant, bargain, sell, pledge, assign,
warrant, transfer and convey to Mortgagee, and its successors and assigns, all of Mortgagor’s right, title and interest in and to the following property, rights, interests and estates now owned, or hereafter acquired by Mortgagor, to the extent
assignable or transferable under applicable law (collectively, the “Property”): 
 (a) Land. The real property
described in Exhibit A-1 attached hereto and made a part hereof (the “Land”); 

 (b) Additional Land. All additional lands, estates and development rights hereafter
acquired by Mortgagor for use in connection with the Land and the development of the Land and all additional lands and estates therein which may, from time to time, by supplemental mortgage or otherwise be expressly made subject to the lien of this
Mortgage; 
 (c) Improvements. The buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs,
replacements and improvements now or hereafter erected or located on the Land (collectively, the “Improvements”); 
 (d)
Easements. All easements, rights-of-way or use, rights, strips and gores of land, streets, ways, alleys, passages, sewer rights, water, water courses, water rights and powers, air rights and development rights, and all estates, rights,
titles, interests, privileges, liberties, servitudes, tenements, hereditaments and appurtenances of any nature whatsoever, in any way now or hereafter belonging, relating or pertaining to the Land and the Improvements and the reversions and
remainders, and all land lying in the bed of any street, road or avenue, opened or proposed, in front of or adjoining the Land, to the center line thereof and all the estates, rights, titles, interests, rights of dower, rights of curtesy, property,
possession, claim and demand whatsoever, both at law and in equity, of Mortgagor of, in and to the Land and the Improvements and every part and parcel thereof, with the appurtenances thereto; 

(e) Fixtures. All “fixtures,” as such term is defined in Article 9 of the Uniform Commercial Code (as hereinafter defined),
now owned or hereafter acquired by Mortgagor, which is used at or in connection with the Improvements or the Land or is located thereon or therein (including, but not limited to, all machinery, equipment, furnishings, and electronic data-processing
and other office equipment now owned or hereafter acquired by Mortgagor and any and all additions, substitutions and replacements of any of the foregoing), together with all attachments, components, parts, equipment and accessories installed thereon
or affixed thereto, that is now owned, or the ownership of which is hereafter acquired, by Mortgagor which is so related to the Land and Improvements forming part of the Property that it is deemed fixtures or real property under the law of the
particular state in which the Equipment is located, including, without limitation, all building or construction materials intended for construction, reconstruction, alteration or repair of or installation on the Property, construction equipment,
appliances, machinery, plant equipment, fittings, apparatuses, fixtures and other items now or hereafter attached to, installed in or used in connection with (temporarily or permanently) any of the Improvements or the Land, including, but not
limited to, engines, devices for the operation of pumps, pipes, plumbing, call and sprinkler systems, fire extinguishing apparatuses and equipment, heating, ventilating, incinerating, electrical, air conditioning and air cooling equipment and
systems, gas and electric machinery, appurtenances and equipment, pollution control equipment, security systems, disposals, dishwashers, refrigerators and ranges, recreational equipment and facilities of all kinds, and water, gas, electrical, storm
and sanitary sewer facilities, utility lines and equipment (whether owned individually or jointly with others, and, if owned jointly, to the extent of Mortgagor’s interest therein) and all other utilities whether or not situated in easements,
all water tanks, water supply, 

  
 2. 

 
water power sites, fuel stations, fuel tanks, fuel supply, and all other structures, together with all accessions, appurtenances, additions, replacements, betterments and substitutions for any of
the foregoing and the proceeds thereof (collectively, the “Fixtures”). The Fixtures include, without limitation, any fixtures relating to, comprising part of or used in the System and specifically those fixtures listed in Exhibit
A-2, attached to and made a part hereof. Notwithstanding the foregoing, “Fixtures” shall not include any property which tenants are entitled to remove pursuant to leases except to the extent that
Mortgagor shall have any right or interest therein; 
 (f) After-Acquired Interests. All interests or estate which Mortgagor may
hereafter acquire in the Property and all additions and accretions thereto; and 
 (g) Products and Proceeds. All products and
proceeds of any of the foregoing. 
 (h) Other Rights. Any and all other rights of Mortgagor in and to the items set forth in
Subsections (a) through (h) above. 
 AND without limiting any of the other provisions of this Mortgage, to the
extent permitted by applicable law, Mortgagor expressly grants to Mortgagee, as secured party, a security interest in the portion of the Property which is or may be subject to the provisions of the Uniform Commercial Code, as adopted and enacted by
the state or states where any of the Property is located (as amended, the “Uniform Commercial Code”), which are applicable to secured transactions; it being understood and agreed that the Improvements and Fixtures are part and
parcel of the Land (the Land, the Improvements and the Fixtures collectively referred to as the “Real Property”) appropriated to the use thereof and, whether affixed or annexed to the Real Property or not, shall for the purposes of
this Mortgage be deemed conclusively to be real estate and mortgaged hereby. 
 Section 1.2 Fixture Filing. Certain of
the Property is or will become “fixtures” (as that term is defined in the Uniform Commercial Code) on the Land, and this Mortgage, upon being filed for record in the real estate records of the city or county wherein such fixtures are
situated, shall operate also as a financing statement filed as a fixture filing in accordance with the applicable provisions of said Uniform Commercial Code upon such of the Property that is or may become fixtures. 

CONDITIONS TO GRANT 

TO HAVE AND TO HOLD the above granted and described Property unto and to the use and benefit of Mortgagee and its successors and
assigns, forever; 
 PROVIDED, HOWEVER, these presents are upon the express condition that, if Mortgagor shall perform the Second
Lien Obligations as set forth in this Mortgage and shall abide by and comply with each and every covenant and condition set forth herein, the other Second Lien Documents, these presents and the estate hereby granted shall cease, terminate and be
void; provided, however, that Mortgagor’s obligation to indemnify, defend, and hold harmless Mortgagee pursuant to the provisions hereof shall survive any such payment, performance, or release except as set forth in the last sentence of
Section 11.5; provided, further, that if Mortgagor shall perform the Second Lien Obligations and pay the cost of release hereof, Mortgagee shall promptly and properly execute and deliver such release to Mortgagor. 

  
 3. 

 ARTICLE 2 - OBLIGATIONS SECURED 

Section 2.1 Obligations Secured. This Mortgage and the grants, assignments and transfers made in Article 1 are given
for the purpose of securing the ABL Loan Obligations and any other obligations owed to Mortgagee in connection with the ABL Loan Obligations (collectively, the “Second Lien Obligations”) under the Second Lien Documents
(“Second Lien Documents” means the ABL Loan Documents, the Intercreditor Agreement and this Mortgage.) 

Section 2.2 Second Lien Obligations. With respect to the Property the obligations secured by this Mortgage shall include
all amounts payable under the Second Lien Documents including, without limitation, the repayment of ONE HUNDRED TWENTY-FIVE MILLION AND NO/100 DOLLARS ($125,000,000.00), or such larger amount as mutually agreed, not to exceed ONE HUNDRED
SEVENTY-FIVE MILLION AND NO/100 DOLLARS ($175,000,000.00) (the “Loan”). 
 Section 2.3 Obligations. The
term “obligations” is used herein in its broadest and most comprehensive sense and shall be deemed to include, without limitation, all interest and charges, prepayment charges (if any) late charges and fees at any time accruing or assessed
on any of the Second Lien Obligations. 
 Section 2.4 Incorporation. All terms of the Second Lien Obligations and the
documents evidencing such obligations are incorporated herein by this reference. All persons who may have or acquire an interest in the Property shall be deemed to have notice of the terms of the Second Lien Obligations. 

ARTICLE 3 - MORTGAGOR COVENANTS 

Mortgagor covenants and agrees that: 

Section 3.1 Performance of Second Lien Obligations. Mortgagor will perform all Second Lien Obligations at the time and in
the manner provided in the Second Lien Documents, including, without limitation, the payment of the Loan at the time and in the manner provided in the Second Lien Documents. 

Section 3.2 Incorporation by Reference. All the covenants, conditions and agreements contained in all and any of
the other Second Lien Documents and the Intercreditor Agreement are hereby made a part of this Mortgage to the same extent and with the same force as if fully set forth herein. 

Section 3.3 Insurance. Mortgagor shall obtain and maintain, or cause to be maintained, in full force and effect at all
times insurance with respect to Mortgagor and the Property as required pursuant to the Second Lien Documents. 
 Section 3.4
Maintenance of Property. Mortgagor shall cause the Property to be maintained in a good and safe condition and repair in all material respects, normal wear and tear 

  
 4. 

 
excepted. Except as otherwise provided in the Second Lien Documents, the Improvements and the Fixtures shall not be removed, demolished or materially altered (except for normal replacement of the
Fixtures, tenant finish and refurbishment of the Improvements) without the consent of Mortgagee. Subject to and in accordance with the terms and conditions of the Second Lien Documents, Mortgagor shall promptly repair, replace or rebuild, if
applicable, any part of the Property which may be destroyed by any casualty or become damaged, worn or dilapidated or which may be affected by any condemnation. 

Section 3.5 Waste. Mortgagor shall not commit or suffer any material waste of the Property or make any change in the use of
the Property which reasonably might be expected to materially increase the risk of fire or other hazard arising out of the operation of the Property, or take any action that reasonably might be expected to invalidate or allow the cancellation of any
Policy, or do or permit to be done thereon anything that reasonably might be expected to in any way materially impair the value of the security of this Mortgage. Except as required by the laws of the State of Hawaii, Mortgagor will not, without the
prior written consent of Mortgagee, permit any drilling or exploration for or extraction, removal, or production of any minerals from the surface or the subsurface of the Land, regardless of the depth thereof or the method of mining or extraction
thereof. 
 Section 3.6 Payment for Labor and Materials. 

(a) Except as permitted below, Mortgagor will promptly pay when due all bills and costs for labor, materials, and specifically fabricated
materials (“Labor and Material Costs”) incurred in connection with the Property and, except as otherwise provided in the First Mortgage, never permit to exist beyond the due date thereof in respect of the Property or any part
thereof any lien or security interest, even though inferior to the liens and the security interests hereof, and, except as otherwise provided in the First Mortgage, never permit to be created or exist in respect of the Property or any part thereof
any other or additional lien or security interest other than the liens or security interests hereof. 
 (b) After prior written notice to
Mortgagee, Mortgagor, at its own expense, may contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any of the Labor and Material
Costs, provided that (i) no Trigger Event has occurred and is continuing, (ii) Mortgagor is permitted to do so under the provisions of any other mortgage, deed of trust or deed to secure debt affecting the Property, (iii) such
proceeding shall suspend the collection of the Labor and Material Costs from Mortgagor and from the Property or Mortgagor shall have paid all of the Labor and Material Costs under protest or posted the bond or cash security in the full amount of the
Labor and Material Costs in accordance with applicable law, (iv) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which Mortgagor is subject and shall not constitute a
default thereunder, (v) neither the Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost, and (vi) Mortgagor shall have furnished the security as may be required in the
proceeding, or as may be reasonably requested by Mortgagee to insure the payment of any contested Labor and Material Costs, together with all interest and penalties thereon. 

  
 5. 

 Section 3.7 Performance of Other Agreements. Mortgagor shall
observe and perform each and every term, covenant and provision to be observed or performed by Mortgagor pursuant to any Second Lien Document and any other agreement or recorded instrument affecting or pertaining to the Property and any amendments,
modifications or changes thereto. 
 Section 3.8 Title. Mortgagor has good, marketable and insurable fee simple title to
the Property and has good title to the balance of such Property, free and clear of all liens whatsoever except the liens created by the Second Lien Documents or noted in the Bureau of Conveyances of the State of Hawaii and/or the Office of the
Assistant Registrar of the State of Hawaii as of the date hereof and reflected in Mortgagee’s title insurance policy. Except as otherwise disclosed in the title insurance policies, there are no claims for payment for work, labor or materials
affecting the Property, which are past due and are or, to the best of Mortgagor’s knowledge, may become a lien prior to, or of equal priority with, the liens created by the Second Lien Documents unless such claims for payments are being
contested in accordance with the terms and conditions of this Mortgage. 
 Section 3.9 Partial Release. Mortgagee
reserves the right, at any time, to release portions of the Property in accordance with the Intercreditor Agreement, with or without consideration, at Mortgagee’s election, without waiving or affecting any of its rights hereunder or under the
Second Lien Documents and any such release shall not affect Mortgagee’s rights in connection with the portion of the Property not so released. 

Section 3.10 Title Insurance. Mortgagor agrees, at its sole cost and expense, including without limitation Mortgagee’s
reasonable attorneys’ fees, to (a) execute any and all documents or instruments necessary to subject its fee title to the Property to the lien of this Mortgage; and (b) provide a title insurance policy which shall insure that the lien
of the Mortgage is a first lien on Mortgagor’s fee title to the Property. 
 ARTICLE 4 - OBLIGATIONS AND RELIANCES 

Section 4.1 Relationship of Mortgagor and Mortgagee. The relationship between Mortgagor and Mortgagee
is solely that of obligor and obligee, and Mortgagee has no fiduciary or other special relationship with Mortgagor, and no term or condition of any of the Second Lien Documents shall be construed so as to deem the relationship between Mortgagor and
Mortgagee to be other than that of obligor and obligee. 
 Section 4.2 No Mortgagee Obligations. Mortgagee is
not undertaking the performance of any obligations with respect to any agreements, contracts, certificates, instruments, franchises, permits, trademarks, licenses and other documents. 

ARTICLE 5 - INTERCREDITOR AGREEMENT 

Section 5.1 Intercreditor Agreement. Notwithstanding anything in this Mortgage to the contrary, the mortgage lien granted
to Mortgagee pursuant to this Mortgage with respect to the Property shall be second in priority to the mortgage lien granted to the First Lien Agent on behalf of the First Lien Secured Parties. The exercise of any right or remedy by Mortgagee or any
other Second Lien Secured Party hereunder is subject to the provisions of the Intercreditor 

  
 6. 

 
Agreement. In the event of any conflict or inconsistency between the terms of the Intercreditor Agreement and this Mortgage, the terms of the Intercreditor Agreement shall govern and control. In
addition, to the extent any obligation of Mortgagor hereunder, including any obligation to grant sole possession or control of or deliver or assign property or funds to Mortgagee or any other Person (or register any property in the name of Mortgagee
or any other Person) conflicts or is inconsistent with (or any representation or warranty hereunder would, if required to be true, conflict or be inconsistent with) the obligations or requirements under a substantially similar provision of the
Inventory First Lien Security Agreement or the Mortgage First Lien Agreement, such obligations or requirements under the Inventory First Lien Security Agreement or the Mortgage First Lien Agreement, as the case may be, shall control, and Mortgagor
shall not be required to fulfill such obligations (or make such representations and warranties) hereunder, and shall be deemed not to be in violation of this Mortgage as a result of its performance of the obligations or requirements of the First
Lien Security Agreement or the Mortgage First Lien Agreement, as the case may be. For the avoidance of doubt, the absence of any specific reference to Section 5.1 in any other provision of this Mortgage shall not be deemed to limit the
generality of this Section 5.1. 
 ARTICLE 6 - FURTHER ASSURANCES 

Section 6.1 Recording of Mortgage, etc. Mortgagor forthwith upon the execution and delivery of this Mortgage
and thereafter, from time to time, will cause the Second Lien Documents creating a lien or security interest or evidencing the lien hereof upon the Property and each instrument of further assurance to be filed, registered or recorded in such manner
and in such places as may be required by any present or future law in order to publish notice of and fully to protect and perfect the second lien or security interest hereof upon, and the interest of Mortgagee in, the Property. Mortgagor will pay
all taxes, filing, registration or recording fees, and all expenses incident to the preparation, execution, acknowledgment and/or recording of the Second Lien Documents, any note, deed of trust or mortgage supplemental hereto, any mortgage with
respect to the Property and any instrument of further assurance, and any modification or amendment of the foregoing documents, and all federal, state, county and municipal taxes, duties, imposts, assessments and charges arising out of or in
connection with the execution and delivery of this Mortgage, any deed of trust or mortgage supplemental hereto, any mortgage with respect to the Property or any instrument of further assurance, and any modification or amendment of the foregoing
documents, except where prohibited by law so to do. 
 Section 6.2 Further Acts, etc. Subject to the
provisions of the Intercreditor Agreement, Mortgagor will, at the cost of Mortgagor, and without expense to Mortgagee, do, execute, acknowledge and deliver all and every further acts, deeds, conveyances, deeds of trust, mortgages, assignments,
notices of assignments, transfers and assurances as Mortgagee shall, from time to time, reasonably require, for the better assuring, conveying, assigning, transferring, and confirming unto Mortgagee the property and rights hereby mortgaged, deeded,
granted, bargained, sold, conveyed, confirmed, pledged, assigned, warranted and transferred or intended now or hereafter so to be, or which Mortgagor may be or may hereafter become bound to convey or assign to Mortgagee, or for carrying out the
intention or facilitating the performance of the terms of this Mortgage or for filing, registering or recording this Mortgage, or for complying with all legal requirements. Mortgagor hereby authorizes Mortgagee to file one or more

  
 7. 

 
financing statements to evidence more effectively the second-priority security interest of Mortgagee in the Property. Mortgagor grants to Mortgagee an irrevocable power of attorney coupled with
an interest for the purpose of exercising and perfecting any and all rights and remedies available to Mortgagee at law and in equity, including without limitation, such rights and remedies available to Mortgagee pursuant to this
Section 6.2. 
 Section 6.3 Changes in Tax, Debt, Credit and Documentary Stamp Laws. 

(a) If any law is enacted or adopted or amended after the date of this Mortgage which deducts all or any portion of the Loan from the value of
the Property for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Loan or Mortgagee’s interest in the Property, Mortgagor will pay the tax, with interest and penalties thereon, if any (provided that nothing
hereunder shall require Mortgagor to pay any income tax imposed on Mortgagee by reason of its interest in the Property). If Mortgagee is advised in writing by counsel chosen by it that the payment of tax by Mortgagor would be unlawful or taxable to
Mortgagee or unenforceable or provide the basis for a defense of usury then, subject to the Intercreditor Agreement, Mortgagee shall have the option, by written notice of not less than one hundred eighty (180) days (but not more than two
hundred forty (240) days) after providing Mortgagor with a copy of such written advice of counsel, to declare the Loan immediately due and payable. 

(b) Mortgagor will not claim or demand or be entitled to any credit or credits on account of the Loan for any taxes or other charges assessed
against the Property, or any part thereof, and no deduction shall otherwise be made or claimed from the assessed value of the Property, or any part thereof, for real estate tax purposes by reason of this Mortgage or the Loan. If such claim, credit
or deduction shall be required by law, Mortgagee shall have the option, by written notice of not less than one hundred eighty (180) days, to declare the Loan immediately due and payable. 

(c) If at any time the United States of America, any State thereof or any subdivision of any such State shall require revenue or other stamps
to be affixed to the Second Lien Documents or impose any other tax or charge on the same, Mortgagor will pay for the same, with interest and penalties thereon, if any. 

Section 6.4 Severing of Mortgage. This Mortgage may, at any time until the same shall be fully paid and
satisfied, at the sole election of Mortgagee, be severed into two or more mortgages in such denominations as Mortgagee shall determine in its sole discretion, each of which shall cover all or a portion of the Property to be more particularly
described therein. To that end, Mortgagor, upon written request of Mortgagee, shall execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered by the then owner of the Property, to Mortgagee and/or its designee or
designees substitute notes and mortgages in such principal amounts, aggregating not more than the then unpaid principal amount of this Mortgage, and containing terms, provisions and clauses similar to those contained herein and in such other
documents and instruments as may be required by Mortgagee. 
 Section 6.5 Replacement Documents. Upon receipt of an
affidavit of an officer of Mortgagee as to the loss, theft, destruction or mutilation of any Second Lien Document which is 

  
 8. 

 
not of public record, and, in the case of any such mutilation, upon surrender and cancellation of such Second Lien Document, Mortgagor will issue, in lieu thereof, a replacement Second Lien
Document, dated the date of such lost, stolen, destroyed or mutilated Second Lien Document in the same principal amount thereof and otherwise of like tenor. 

ARTICLE 7 - DUE ON SALE/ENCUMBRANCE 

Section 7.1 Mortgagee Reliance. Mortgagor acknowledges that Mortgagee has examined and relied on the experience of
Mortgagor and its respective general partners, members, principals and (if Mortgagor is a trust) beneficial owners in owning and operating properties such as the Property in agreeing to enter into the transactions, and will continue to rely on
Mortgagor’s ownership of the Property as a means of maintaining the value of the Property as security for the performance of the Second Lien Obligations. Mortgagor acknowledges that Mortgagee has a valid interest in maintaining the value of the
Property so as to ensure that, should Mortgagor default in the performance of the Second Lien Obligations, Mortgagee can recover on the Second Lien Obligations by a sale of the Property. 

Section 7.2 No Sale/Encumbrance. Mortgagor shall not transfer the Property or any part thereof or any interest therein or
permit or suffer the Property or any part thereof or any interest therein to be transferred, except as expressly permitted under the Framework Agreement and the Credit Agreement, which consent may be withheld in Mortgagee’s sole and absolute
discretion. Any purported transfer in violation of this provision will be void and of no effect. 
 ARTICLE 8 - RIGHTS AND REMEDIES

 Section 8.1 When Mortgage Becomes Enforceable. Subject to Section 3 of the Intercreditor Agreement, this Mortgage
may be enforced by Mortgagee at any time after a Trigger Event has occurred and is continuing. 
 Section 8.2 Remedies.
Upon the occurrence and during the continuance of any Trigger Event, Mortgagor agrees that Mortgagee may take such action, without notice or demand, as it deems advisable to protect and enforce its rights against Mortgagor and in and to the
Property, including, but not limited to, the following actions, each of which may be pursued concurrently or otherwise, at such time and in such order as Mortgagee may determine, in its sole discretion, without impairing or otherwise affecting the
other rights and remedies of Mortgagee: 
 (a) declare the entire unpaid Loan to be immediately due and payable; 

(b) institute proceedings, judicial or otherwise, for the complete foreclosure of this Mortgage under any applicable provision of law, in
which case the Property or any interest therein may be sold for cash or upon credit in one or more parcels or in several interests or portions and in any order or manner; 

(c) with or without entry, to the extent permitted and pursuant to the procedures provided by applicable law, institute proceedings for the
partial foreclosure of this Mortgage for the portion of the Loan then due and payable, subject to the continuing lien and security interest of this Mortgage for the balance of the Loan not then due, unimpaired and without loss of priority; 

  
 9. 

 (d) sell for cash or upon credit the Property or any part thereof and all estate, claim, demand,
right, title and interest of Mortgagor therein and rights of redemption thereof, pursuant to power of sale or otherwise, at one or more sales, as an entirety or in parcels, at such time and place, upon such terms and after such notice thereof as may
be required or permitted by law; 
 (e) institute an action, suit or proceeding in equity for the specific performance of any covenant,
condition or agreement contained herein, in the Second Lien Documents; 
 (f) recover judgment on the Second Lien Documents either before,
during or after any proceedings for the enforcement of this Mortgage or the other Second Lien Documents; 
 (g) apply for the appointment of
a receiver, trustee, liquidator or conservator of the Property, without notice and without regard for the adequacy of the security for the Second Lien Obligations and without regard for the solvency of Mortgagor, any guarantor, or of any Person
liable for the performance of the Second Lien Obligations; 
 (h) enter into or upon the Property, either personally or by its agents,
nominees or attorneys and dispossess Mortgagor and its agents and servants therefrom, without liability for trespass, damages or otherwise and exclude Mortgagor and its agents or servants wholly therefrom, and take possession of all books and
records relating thereto and Mortgagor agrees to surrender possession of the Property and of such books and records to Mortgagee upon demand, and thereupon Mortgagee may (i) use, operate, manage, control, insure, maintain, repair, restore and
otherwise deal with all and every part of the Property and conduct the business thereat; (ii) complete any construction on the Property in such manner and form as Mortgagee deems advisable; (iii) make alterations, additions, renewals,
replacements and improvements to or on the Property; (iv) exercise all rights and powers of Mortgagor with respect to the Property, whether in the name of Mortgagor or otherwise, including, without limitation, the right to make, cancel, enforce
or modify leases, obtain and evict tenants, and demand, sue for, collect and receive all rents of the Property and every part thereof; (v) require Mortgagor to pay monthly in advance to Mortgagee, or any receiver appointed to collect any rents,
the fair and reasonable rental value for the use and occupation of such part of the Property as may be occupied by Mortgagor; (vi) require Mortgagor to vacate and surrender possession of the Property to Mortgagee or to such receiver and, in
default thereof, Mortgagor may be evicted by summary proceedings or otherwise; and (vii) apply the receipts from the Property to the payment of the Second Lien Obligations, in such order, priority and proportions as provided under
Section 4 of the Intercreditor Agreement; 
 (i) exercise any and all rights and remedies granted to a secured party upon default under
the Uniform Commercial Code, including, without limiting the generality of the foregoing: (i) the right to take possession of the Fixtures or any part thereof, and to take such other measures as Mortgagee may deem necessary for the care,
protection and preservation of the Fixtures, and (ii) request Mortgagor at its expense to assemble the Fixtures and make it 

  
 10. 

 
available to Mortgagee at a convenient place acceptable to Mortgagee. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Fixtures sent to Mortgagor in
accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute commercially reasonable notice to Mortgagor; 

(j) apply any sums then deposited or held in escrow or otherwise by or on behalf of Mortgagee in accordance with Section 4 of the
Intercreditor Agreement; or 
 (k) pursue such other remedies as Mortgagee may have under applicable law and as provided under the
Intercreditor Agreement. 
 In the event of a sale, by foreclosure, power of sale or otherwise, of less than all of the Property, this Mortgage shall
continue as a lien and security interest on the remaining portion of the Property. 
 Section 8.3
Application of Proceeds. The purchase money, proceeds and avails of any disposition of the Property, and/or any part thereof, or any other sums collected by Mortgagee pursuant to the Second Lien Documents, may be applied by
Mortgagee in accordance with Section 4 of the Intercreditor Agreement. 
 Section 8.4
Right to Cure. Upon the occurrence and during the continuance of any Trigger Event, and in accordance with the Intercreditor Agreement, Mortgagee may, but without any obligation to do so and without notice to or demand on
Mortgagor and without releasing Mortgagor from any obligation hereunder, make any payment or do any act required of Mortgagor hereunder in such manner and to such extent as Mortgagee may deem reasonably necessary to protect the security hereof.
Mortgagee is authorized to enter upon the Property for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in the Property or to foreclose this Mortgage or collect the Loan, and the cost and expense thereof
(including reasonable attorneys’ fees to the extent permitted by law), with interest as provided in this Section 8.4, shall constitute a portion of the Loan and shall be due and payable to Mortgagee upon demand. All such costs and
expenses incurred by Mortgagee in remedying such Trigger Event or such failed payment or act or in appearing in, defending, or bringing any such action or proceeding shall bear interest at the rate of interest set forth in Section 2.08(c) of
the Credit Agreement. 
 Section 8.5 Actions and Proceedings. Only upon the occurrence and during the
continuance of a Trigger Event, Mortgagee has the right to appear in and defend any action or proceeding brought with respect to the Property and to bring any action or proceeding, in the name and on behalf of Mortgagor, which Mortgagee, in its
discretion, decides should be brought to protect its interest in the Property. 
 Section 8.6
Recovery of Sums Required to Be Paid. Mortgagee shall have the right from time to time to take action to recover any sum or sums which constitute a part of the Loan, without regard to whether or not the
balance of the Loan shall be due, and without prejudice to the right of Mortgagee thereafter to bring an action of foreclosure, or any other action, for a default or defaults by Mortgagor existing at the time such earlier action was commenced.

  
 11. 

 Section 8.7 Examination of Books and Records. Subject to the terms
and conditions of the Credit Agreement, Mortgagee, its agents, accountants and attorneys shall have the right to examine the records, books, management and other papers of Mortgagor which reflect upon its financial condition, at the Property or at
any office regularly maintained by Mortgagor where the books and records are located. Mortgagee and its agents shall have the right to make copies and extracts from the foregoing records and other papers. In addition, at reasonable times and upon
reasonable notice, Mortgagee, its agents, accountants and attorneys shall have the right to examine and audit the books and records of Mortgagor pertaining to the income, expenses and operation of the Property during reasonable business hours at any
office of Mortgagor where the books and records are located. This Section 8.7 shall apply as long as any portion of the Second Lien Obligations is outstanding and without regard to whether a Trigger Event has occurred or is continuing.

 Section 8.8 Other Rights, etc. 

(a) The failure of Mortgagee to insist upon strict performance of any term hereof shall not be deemed to be a waiver of any term of this
Mortgage. Mortgagor shall not be relieved of Mortgagor’s obligations hereunder by reason of (i) the failure of Mortgagee to comply with any request of Mortgagor or any guarantor or indemnitor with respect to the Second Lien Obligations to
take any action to foreclose this Mortgage or otherwise enforce any of the provisions hereof or of the other Second Lien Documents, (ii) the release, regardless of consideration, of the whole or any part of the Property, or of any person liable
for any portion thereof or the Second Lien Obligations or any portion thereof, or (iii) any agreement or stipulation by Mortgagee extending the time of payment or otherwise modifying or supplementing the terms of the Second Lien Documents. 

(b) It is agreed that the risk of loss or damage to the Property is on Mortgagor, and Mortgagee shall have no liability whatsoever for decline
in value of the Property, for failure to maintain the title insurance policies, or for failure to determine whether insurance in force is adequate as to the amount of risks insured. Possession by Mortgagee shall not be deemed an election of judicial
relief if any such possession is requested or obtained with respect to any Property or collateral not in Mortgagee’s possession. 
 (c)
Mortgagee may resort for the payment of the Loan to any other security held by Mortgagee in such order and manner as Mortgagee, in its discretion, may elect. Mortgagee may take action to recover the Loan, or any portion thereof, or to enforce any
covenant hereof without prejudice to the right of Mortgagee thereafter to foreclose this Mortgage. The rights of Mortgagee under this Mortgage shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the others.
No act of Mortgagee shall be construed as an election to proceed under any one provision herein to the exclusion of any other provision. Mortgagee shall not be limited exclusively to the rights and remedies herein stated but shall be entitled to
every right and remedy now or hereafter afforded at law or in equity. 
 Section 8.9
Right to Release Any Portion of the Property. Subject to the terms of the Intercreditor Agreement, Mortgagee may release any portion of the Property for such consideration as Mortgagee may require
without, as to the remainder of the Property, in any way 

  
 12. 

 
impairing or affecting the lien or priority of this Mortgage, or improving the position of any subordinate lienholder with respect thereto, except to the extent that the obligations hereunder
shall have been reduced by the actual monetary consideration, if any, received by Mortgagee for such release, and may accept by assignment, pledge or otherwise any other property in place thereof as Mortgagee may require without being accountable
for so doing to any other lienholder. This Mortgage shall continue as a lien and security interest in the remaining portion of the Property. 

Section 8.10 Recourse and Choice of Remedies. Notwithstanding any other provision of the Second Lien
Documents, and subject to Section 3 of the Intercreditor Agreement, Mortgagee and the other Indemnified Parties (as hereinafter defined) are entitled to enforce the obligations of Mortgagor contained in Sections 10.2 and 10.3
herein without first resorting to or exhausting any security or collateral and without first having recourse to any of the Property, through foreclosure or acceptance of a deed in lieu of foreclosure or otherwise, and in the event Mortgagee
commences a foreclosure action against the Property, Mortgagee is entitled to pursue a deficiency judgment with respect to such obligations against Mortgagor with respect to the Second Lien Obligations. Nothing herein shall inhibit or prevent
Mortgagee from foreclosing or exercising any other rights and remedies pursuant to the Second Lien Documents, whether simultaneously with foreclosure proceedings or in any other sequence. A separate action or actions may be brought and prosecuted
against a Person pursuant to Sections 10.2 and 10.3 herein whether or not action is brought against any other Person or whether or not any other Person is joined in the action or actions. In addition, Mortgagee shall have the right but
not the obligation to join and participate in, as a party if it so elects, any administrative or judicial proceedings or actions initiated in connection with any matter addressed in Article 10 herein. 

Section 8.11 Right of Entry. Subject to the terms and conditions of the Framework Agreement, upon reasonable
notice to Mortgagor and compliance with all reasonable safety and security protocols of Mortgagor, Mortgagee and its agents shall have the right to enter and inspect the Property at all reasonable times, provided that there is no material disruption
of Mortgagor’s operations at the Property unless a Trigger Event has occurred and is continuing. 
 ARTICLE 9 - ENVIRONMENTAL HAZARDS

 Section 9.1 Environmental Representations, Warranties and Covenants; Mortgagee’s Rights; Environmental
Indemnification. Mortgagor has concurrently herewith delivered to Mortgagee that certain Framework Agreement in connection with the transactions, the terms and provisions of which that are contained in Section 15 are hereby fully
incorporated herein by reference. 
 ARTICLE 10 - INDEMNIFICATION 

Section 10.1 General Indemnification. Mortgagor shall, at its sole cost and expense, protect, defend, indemnify,
release and hold harmless the Indemnified Parties from and against any and all claims, suits, liabilities (including, without limitation, strict liabilities), actions, proceedings, obligations, debts, damages, losses, costs, expenses, diminutions in
value, fines, penalties, charges, fees, expenses, judgments, awards, amounts paid in settlement, punitive damages, foreseeable and unforeseeable consequential damages, of whatever kind or nature 

  
 13. 

 
(including but not limited to reasonable attorneys’ fees and other costs of defense) (collectively, the “Losses”) imposed upon or incurred by or asserted against any
Indemnified Parties and directly or indirectly arising out of or in any way relating to any one or more of the following: (a) ownership of this Mortgage, the Property or any interest therein or receipt of any rents; (b) any amendment to,
or restructuring of, any Second Lien Obligation, or any Second Lien Document, each to the extent required by Mortgagee; (c) any and all lawful action that may be taken by Mortgagee in connection with the enforcement of the provisions of the
Second Lien Documents, each to the extent required by Mortgagor, whether or not suit is filed in connection with same, or in connection with Mortgagor, any guarantor or indemnitor and/or any partner, joint venturer or shareholder thereof becoming a
party to a voluntary or involuntary federal or state bankruptcy, insolvency or similar proceeding; (d) any accident, injury to or death of persons or loss of or damage to property occurring in, on or about the Property or any part thereof or on
the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (e) any use, nonuse or condition in, on or about the Property or any part thereof or on the adjoining sidewalks, curbs, adjacent property or adjacent
parking areas, streets or ways; (f) any failure on the part of Mortgagor to perform or be in compliance with any of the terms of the Second Lien Documents; (g) performance of any labor or services or the furnishing of any materials or
other property in respect of the Property or any part thereof; (h) the failure of any person to file timely with the Internal Revenue Service an accurate Form 1099-B, Statement for Recipients of Proceeds from Real Estate, Broker and Barter
Exchange Transactions, which may be required in connection with this Mortgage, or to supply a copy thereof in a timely fashion to the recipient of the proceeds of the transaction in connection with which this Mortgage is made; (i) any failure
of the Property to be in compliance with any legal requirements; (j) the enforcement by any Indemnified Party of the provisions of this Article 10; (k) any and all claims and demands whatsoever which may be asserted against
Mortgagee by reason of any alleged obligations or undertakings on its part to perform or discharge any of the terms, covenants, or agreements contained in the Second Lien Documents; (l) the payment of any commission, charge or brokerage fee to
anyone claiming through Mortgagor which may be payable in connection with any Second Lien Obligation; or (m) any misrepresentation made by Mortgagor in any Second Lien Document, except to the extent such Losses were caused solely as a result of
the gross negligence or willful misconduct of any Indemnified Party. Any amounts payable to Mortgagee by reason of the application of this Section 10.1 shall become immediately due and payable and shall bear interest at the rate of
interest set forth in Section 2.08(c) of the Credit Agreement from the date loss or damage is sustained by Mortgagee until paid. For purposes of this Article 10, the term “Indemnified Parties” means Mortgagee and any
Person who is or will have been involved in the origination of the Second Lien Obligations, any Person in whose name the encumbrance created by this Mortgage is or will have been recorded, persons and entities who may hold or acquire or will have
held a full or partial interest in the Second Lien Obligations secured hereby (including, but not limited to, custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Second Lien Obligations secured hereby
for the benefit of third parties) as well as the respective directors, officers, shareholders, partners, employees, agents, servants, representatives, contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns of any
and all of the foregoing (including, but not limited to, any other Person who holds or acquires or will have held a participation or other full or partial interest in the Second Lien Obligations, whether during the term of the Mortgage or as a part
of or following a foreclosure of the Mortgage and any successors by merger, consolidation or acquisition of all or a substantial portion of Mortgagee’s assets and business). 

  
 14. 

 Section 10.2 Mortgage and/or Intangible Tax. Mortgagor shall,
at its sole cost and expense, protect, defend, indemnify, release and hold harmless the Indemnified Parties from and against any and all Losses imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly
arising out of or in any way relating to any tax on the making and/or recording of any Second Lien Document, but excluding any income, franchise or other similar taxes. 

Section 10.3 ERISA Indemnification. Mortgagor shall, at its sole cost and expense, protect, defend, indemnify, release
and hold harmless the Indemnified Parties from and against any and all Losses (including, without limitation, reasonable attorneys’ fees and costs incurred in the investigation, defense, and settlement of Losses) incurred in correcting any
prohibited transaction or in the sale of a prohibited loan, and in obtaining any individual prohibited transaction exemption under ERISA that may be required, in Mortgagee’s sole discretion, that Mortgagee may incur, directly or indirectly.

 Section 10.4 Duty to Defend; Attorneys’ Fees and Other Fees and Expenses. In connection with any indemnification
obligations of Mortgagor hereunder, upon written request by any Indemnified Party, Mortgagor shall defend such Indemnified Party (if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals
reasonably approved by the Indemnified Parties. Notwithstanding the foregoing, if the defendants in any such claim or proceeding include Mortgagor and any Indemnified Party and Mortgagor and such Indemnified Party shall have reasonably concluded
that there are any legal defenses available to it and/or other Indemnified Parties that are different from or additional to those available to Mortgagor, such Indemnified Party shall have the right to select separate counsel to assert such legal
defenses and to otherwise participate in the defense of such action on behalf of such Indemnified Party, provided that no compromise or settlement shall be entered without Mortgagor’s consent, which consent shall not be unreasonably withheld.
Upon demand, Mortgagor shall pay or, in the sole and absolute discretion of the Indemnified Parties, reimburse, the Indemnified Parties for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants,
laboratories and other professionals in connection therewith. 
 ARTICLE 11 - WAIVERS 

Section 11.1 Waiver of Counterclaim. To the extent permitted by applicable law, Mortgagor hereby waives the right
to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against it by Mortgagee arising out of or in any way connected with any of the Second Lien Documents, or the Second Lien Obligations.

 Section 11.2 Marshalling and Other Matters. To the extent permitted by applicable law, Mortgagor
hereby waives the benefit of all appraisement, valuation, stay, extension, reinstatement and redemption laws now or hereafter in force and all rights of marshalling in the event of any sale hereunder of the Property or any part thereof or any
interest therein. Further, 

  
 15. 

 
Mortgagor hereby expressly waives any and all rights of redemption from sale under any order or decree of foreclosure of this Mortgage on behalf of Mortgagor, and on behalf of each and every
person acquiring any interest in or title to the Property subsequent to the date of this Mortgage and on behalf of all persons to the extent permitted by applicable law. 

Section 11.3 Waiver of Notice. To the extent permitted by applicable law, Mortgagor shall not be entitled to any
notices of any nature whatsoever from Mortgagee except with respect to matters for which any Second Lien Documents or the Intercreditor Agreement specifically and expressly provides for the giving of notice by Mortgagee to Mortgagor and except with
respect to matters for which Mortgagee is required by applicable law to give notice, and Mortgagor hereby expressly waives the right to receive any notice from Mortgagee with respect to any matter for which this Mortgage does not specifically and
expressly provide for the giving of notice by Mortgagee to Mortgagor. 
 Section 11.4 Waiver of Statute of Limitations.
To the extent permitted by applicable law, Mortgagor hereby expressly waives and releases to the fullest extent permitted by law, the pleading of any statute of limitations as a defense to performance of its Second Lien Obligations. 

Section 11.5 Bankruptcy Matters. In any case commenced by or against Mortgagor (in such capacity, the “Reorganized
Party”) under Chapter 11 of the Bankruptcy Code or any similar provision thereof or any similar federal or state statute (a “Reorganization Proceeding”), Mortgagee shall have the exclusive right to exercise any voting
rights in respect of this Mortgage and the Second Lien Obligations and Mortgagor shall not have the right to, and may not, vote affirmatively in favor of any plan of reorganization unless Mortgagee grants its permission thereto or Mortgagee votes to
accept such plan. 
 Section 11.6 Survival. The indemnifications made pursuant to Sections 10.1, 10.3 and
10.4 herein and the representations and warranties, covenants, and other obligations arising under Article 10, shall continue indefinitely in full force and effect and shall survive and shall in no way be impaired by any of the
following: any satisfaction or other termination of this Mortgage, any assignment or other transfer of all or any portion of this Mortgage or Mortgagee’s interest in the Property (but, in such case, shall benefit both Indemnified Parties and
any assignee or transferee), any exercise of Mortgagee’s rights and remedies pursuant hereto including, but not limited to, foreclosure or acceptance of a deed in lieu of foreclosure, any exercise of any rights and remedies pursuant to any of
the Second Lien Documents or the Intercreditor Agreement, any transfer of all or any portion of the Property (whether by Mortgagor or by Mortgagee following foreclosure or acceptance of a deed in lieu of foreclosure or at any other time), any
amendment to the Second Lien Documents or the Intercreditor Agreement, and any act or omission that might otherwise be construed as a release or discharge of Mortgagor from the obligations pursuant hereto. Notwithstanding the provisions of this
Mortgage to the contrary, the liabilities and obligations of Mortgagor shall not apply to the extent such liabilities and obligations arise on or after the date any Indemnified Party or its nominee acquired title to the Property, whether by
foreclosure, exercise of power of sale or otherwise. 

  
 16. 

 ARTICLE 12 - FIRST MORTGAGE 

Section 12.1 First Mortgage. It is hereby acknowledged and agreed that the Property is subject to the following mortgage
(the “Mortgage First Lien Agreement”): 
 Fee First Mortgage and Fixture Filing dated September 25, 2013, in favor of
WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as collateral agent for and on behalf of the Inventory Party, as mortgagee (“First Mortgagee”), recorded in the Office of the Assistant Registrar of the
Land Court of the State of Hawaii as Document No.                     , and noted on Certificate of Title No(s). 776,063; 327,773; and 307,865. 

Section 12.2 Payments. Subject to the terms and provisions of the Intercreditor Agreement, Mortgagor hereby expressly
grants to Mortgagee the irrevocable right to ascertain from time to time from First Mortgagee whether all payments required to be paid under the terms of the Mortgage First Lien Agreement and any obligations thereby secured are being paid and
whether all other obligations under the Mortgage First Lien Agreement secured thereby are being fully performed. If and whenever any such payment or other obligation is not timely paid, observed or performed, Mortgagee is hereby irrevocably
authorized by Mortgagor to cure any such default and all payments of money made by Mortgagee to First Mortgagee hereunder shall be added to Mortgagor’s obligations hereunder. Mortgagor shall make no other or further mortgage, or hypothecation
of the mortgaged property, or increase of the Mortgage First Lien Agreement without the prior written consent of Mortgagee hereunder, and any such other or further mortgage or hypothecation without such consent shall be void. 

ARTICLE 13 - MORTGAGEE AND NOTICES 

Section 13.1 No Waiver; Remedies Cumulative. The rights of Mortgagee under this Mortgage (a) may be exercised as often
as necessary; (b) are cumulative and not exclusive of its rights under law or in equity; and (c) may be waived only in writing and specifically. Delay in exercising or non-exercise of any right is not a waiver of that right. Any waiver,
consent or amendment shall be effective only in the specific instance and for the specific purpose for which it was given and shall not entitle any Mortgagor to any further or subsequent waiver, consent or amendment. 

Section 13.2 Notices. Notices to Mortgagee hereunder and under Second Lien Documents shall be sent as follows: 

 

			
	Address:	  	Deutsche Bank AG, New York Branch
		  	60 Wall Street
		  	New York, New York 10005
	Attention:	  	Mike Getz
	Phone:	  	+1 212 250 2640
	Fax number:	  	+1 212 797 5692

  
 17. 

 All notices or other written communications hereunder shall be delivered in accordance with Section 15.2 of
the Intercreditor Agreement. 
 ARTICLE 14 - APPLICABLE LAW 

Section 14.1 Governing Law. 

(a) THIS MORTGAGE SHALL BE DEEMED TO BE A CONTRACT ENTERED INTO PURSUANT TO THE LAWS OF THE STATE OF NEW YORK AND SHALL IN ALL
RESPECTS BE GOVERNED, CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT WITH RESPECT TO THE CREATION, VALIDITY, ATTACHMENT PERFECTION, PRIORITY, AND ENFORCEMENT OF THE LIEN OF
THIS MORTGAGE, AND THE DETERMINATION OF DEFICIENCY JUDGMENTS, THE LAWS OF THE STATE OF HAWAII SHALL APPLY. TO THE FULLEST EXTENT PERMITTED BY LAW, MORTGAGOR HEREBY UNCONDITIONALLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION
GOVERNS THIS MORTGAGE. 
 (b) MORTGAGOR, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY,
WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, (i) SUBMITS TO PERSONAL JURISDICTION IN THE STATE OF HAWAII AND THE STATE OF NEW YORK, AS APPLICABLE, OVER ANY SUIT, ACTION OR PROCEEDING BY ANY PERSON ARISING FROM OR RELATING TO THIS MORTGAGE,
(ii) AGREES THAT ANY SUCH ACTION, SUIT OR PROCEEDING MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION PRESIDING OVER THE CITY AND COUNTY OF HONOLULU, HAWAII OR THE CITY AND COUNTY OF NEW YORK, NEW YORK, AS APPLICABLE,
(iii) SUBMITS TO THE JURISDICTION OF SUCH COURTS, AND (iv) AGREES THAT IT WILL NOT BRING ANY ACTION, SUIT OR PROCEEDING IN ANY OTHER FORUM (BUT NOTHING HEREIN SHALL AFFECT THE RIGHT OF MORTGAGEE TO BRING ANY ACTION, SUIT OR PROCEEDING IN
ANY OTHER FORUM). TO THE FULL EXTENT PERMITTED BY LAW, MORTGAGOR FURTHER CONSENTS AND AGREES TO SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER LEGAL PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY REGISTERED OR CERTIFIED U.S. MAIL, POSTAGE PREPAID, TO
MORTGAGOR AT THE ADDRESS FOR NOTICES DESCRIBED IN SECTION 13.2 HEREOF, AND CONSENTS AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE IN EVERY RESPECT VALID AND EFFECTIVE SERVICE (BUT NOTHING HEREIN SHALL AFFECT THE VALIDITY OR EFFECTIVENESS
OF PROCESS SERVED IN ANY OTHER MANNER PERMITTED BY LAW). 
 (c) MORTGAGOR, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY
KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND 

  
 18. 

 
UPON THE ADVICE OF COMPETENT COUNSEL, WAIVES, RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THE
SECOND LIEN OBLIGATIONS SECURED HEREBY OR ANY CONDUCT, ACT OR OMISSION OF MORTGAGEE OR MORTGAGOR, OR ANY OF THEIR DIRECTORS, OFFICERS, PARTNERS, MANAGERS, MEMBERS, EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH MORTGAGEE OR
MORTGAGOR, IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. 
 Section 14.2
Usury Laws. Notwithstanding anything to the contrary, (a) all agreements and communications between Mortgagor and Mortgagee are hereby and shall automatically be limited so that, after taking into account all amounts deemed
interest, the interest contracted for, charged or received by Mortgagee shall never exceed the maximum lawful rate or amount, (b) in calculating whether any interest exceeds the lawful maximum, all such interest shall be amortized, prorated,
allocated and spread over the full amount and term of all principal indebtedness of Mortgagor to Mortgagee, and (c) if through any contingency or event, Mortgagee receives or is deemed to receive interest in excess of the lawful maximum, any
such excess shall be deemed to have been applied toward payment of the principal of any and all then outstanding indebtedness of Mortgagor to Mortgagee, or if there is no such indebtedness, shall immediately be returned to Mortgagor. 

Section 14.3 Provisions Subject to Applicable Law. All rights, powers and remedies provided in this
Mortgage may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of law and are intended to be limited to the extent necessary so that they will not render this Mortgage invalid, unenforceable or not
entitled to be recorded, registered or filed under the provisions of any applicable law. If any term of this Mortgage or any application thereof shall be invalid or unenforceable, the remainder of this Mortgage and any other application of the term
shall not be affected thereby. 
 ARTICLE 15 - DEFINITIONS 

All capitalized terms not defined herein shall have the respective meanings set forth in the Intercreditor Agreement. Unless the context
clearly indicates a contrary intent or unless otherwise specifically provided herein, words used in this Mortgage may be used interchangeably in singular or plural form and the word “Mortgagor” shall mean “each Mortgagor and
any subsequent owner or owners of the Property or any part thereof or any interest therein”, the word “Mortgagee” shall mean “Mortgagee and any subsequent successor to or holder of the Second Lien Obligations and any other
evidence of indebtedness secured by this Mortgage”, the word “Property” shall include any portion of the Property and any interest therein, and the phrases “attorneys’ fees”, “legal
fees” and “counsel fees” shall include any and all reasonable attorneys’, paralegal and law clerk fees and disbursements, including, but not limited to, fees and disbursements at the pre-trial, trial and appellate
levels incurred or paid by Mortgagee in protecting its interest in the Property, the leases and the rents and enforcing its rights hereunder. 

  
 19. 

 ARTICLE 16 - MISCELLANEOUS PROVISIONS 

Section 16.1 No Oral Change. This Mortgage, and any provisions hereof, may not be modified, amended, waived,
extended, changed, discharged or terminated orally or by any act or failure to act on the part of Mortgagor or Mortgagee, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver,
extension, change, discharge or termination is sought. 
 Section 16.2 Successors and Assigns. This Mortgage shall
be binding upon and inure to the benefit of Mortgagor and Mortgagee and their respective successors and assigns forever. 

Section 16.3 Inapplicable Provisions. If any term, covenant or condition of this Mortgage is held to be invalid,
illegal or unenforceable in any respect, this Mortgage shall be construed without such provision. 
 Section 16.4
Headings, etc. The headings and captions of various Sections of this Mortgage are for convenience of reference only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof. 

Section 16.5 Number and Gender. Whenever the context may require, any pronouns used herein shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa. 

Section 16.6 Subrogation. If any or all of the proceeds of the Loan have been used to extinguish, extend or renew any
indebtedness heretofore existing against the Property, then, to the extent of the funds so used, Mortgagee shall be subrogated to all of the rights, claims, liens, titles, and interests existing against the Property heretofore held by, or in favor
of, the holder of such indebtedness and such former rights, claims, liens, titles, and interests, if any, are not waived but rather are continued in full force and effect in favor of Mortgagee and are merged with the lien and security interest
created herein as cumulative security for the repayment of the Loan, the performance and discharge of Mortgagor’s obligations hereunder, under the Second Lien Documents and the performance and discharge of the Second Lien Obligations. 

Section 16.7 Entire Agreement. This Mortgage contains the complete agreement between Mortgagor and Mortgagee on the
matters to which it relates and supersedes all prior commitments, agreements and understandings, whether written or oral, on those matters. 

Section 16.8 Limitation on Mortgagee’s Responsibility. No provision of this Mortgage shall operate to place any
obligation or liability for the control, care, management or repair of the Property upon Mortgagee, nor shall it operate to make Mortgagee responsible or liable for any waste committed on the Property by the tenants or any other Person, or for any
dangerous or defective condition of the Property, or for any negligence in the management, upkeep, repair or control of the Property resulting in loss or injury or death to any tenant, licensee, employee or stranger. Nothing herein contained shall
be construed as constituting Mortgagee a “Mortgagee in possession”. 

  
 20. 

 Section 16.9 Conflict of Terms. In case of any conflict between the
terms of this Mortgage and the terms of the Intercreditor Agreement, the terms of the Intercreditor Agreement shall prevail. 

Section 16.10 Disclaimers. 

(a) The relationship of Mortgagor and Mortgagee under the Second Lien Documents is, and shall at all times remain, solely that of obligor and
obligee; and Mortgagee neither undertakes nor assumes any responsibility or duty to Mortgagor or to any third party with respect to the Property. Notwithstanding any other provisions of the Second Lien Documents: (i) Mortgagee is not, and shall
not be construed to be, a partner, joint venturer, member, alter ego, manager, controlling person or other business associate or participant of any kind of Mortgagor, and Mortgagee does not intend to ever assume such status; (ii) Mortgagee does
not intend to ever assume any responsibility to any person for the quality, suitability, safety or condition of the Property; and (iii) Mortgagee shall not be deemed responsible for or a participant in any acts, omissions or decisions of
Mortgagor. 
 (b) During the effectiveness of this Mortgage, Mortgagee shall not be directly or indirectly liable or responsible for any
loss, claim, cause of action, liability, indebtedness, damage or injury of any kind or character to any person or property arising from any construction on, or occupancy or use of, the Property, whether caused by or arising from: (i) any defect
in any building, structure, grading, fill, landscaping or other improvements thereon or in any on-site or off-site improvement or other facility therein or thereon; (ii) any act or omission of Mortgagor or any of Mortgagor’s agents,
employees, independent contractors, licensees or invitees; (iii) any accident in or on the Property or any fire, flood or other casualty or hazard thereon; (iv) the failure of Mortgagor or any of Mortgagor’s licensees, employees,
invitees, agents, independent contractors or other representatives to maintain the Property in a safe condition; or (v) any nuisance made or suffered on any part of the Property. 

Section 16.11 Last Dollars Secured. The parties hereto agree that any payments or repayments of the Loan by Mortgagor shall
be deemed to apply first to the portion of the Loan that is not secured by this Mortgage, it being the parties’ intent that the portion of the Loan last remaining unpaid shall be deemed secured hereto. 

ARTICLE 17 - STATE-SPECIFIC PROVISIONS 

Section 17.1 Debtor and Secured Party. Mortgagor is, for the purpose of this Mortgage, deemed to be the “debtor”,
and Mortgagee is deemed to be the “secured party”, as those terms are used in the Uniform Commercial Code. The addresses of the secured party and the debtor are set forth in the initial paragraph of this Mortgage.  

Section 17.2 Procurement of Insurance. Pursuant to Hawaii Revised Statutes Section 431:13-104, Mortgagee may not make
its entering into the contemplated transactions contingent upon the procuring of any insurance required by this Mortgage with an insurance company designated by Mortgagee or through a designated agent or procurer. 

  
 21. 

 Section 17.3 Principles of Construction. In the event of any inconsistencies
between the terms and conditions of this Article 17 and the other terms and conditions of this Mortgage, the terms and conditions of this Article 17 shall control and be binding. 

Section 17.4 Second Lien Obligations. With respect to the Property the obligations secured by this Mortgage shall include
all amounts payable under the Second Lien Documents including, without limitation, the repayment of all future advances or costs in an amount not to exceed ONE HUNDRED SEVENTY-FIVE MILLION and NO/100 DOLLARS ($175,000,000.00) (which future advances
shall include, without limitation, advances to pay for such items as real property taxes, insurance premiums, attorneys’ fees, or any other sums) which Mortgagee may, but is not obligated to, make or incur in accordance with the terms of any of
the Second Lien Documents. 
 Section 17.5 Remedies. Without limiting any other remedies available under any of the
Second Lien Documents or under applicable law, upon the occurrence and during the continuance of any Trigger Event, Mortgagee shall be entitled to exercise any remedies available under Hawaii Revised Statutes Chapter 667, as amended, including,
without limitation, a power of sale foreclosure pursuant to such Chapter 667. 
 Section 17.6 Mortgage Recording Fee.
Without limiting the generality of the fees and expenses described herein, Mortgagor will pay the special mortgage recording fee, if any, required by Hawaii Revised Statutes Section 431P-16. 

[NO FURTHER TEXT ON THIS PAGE] 

  
 22. 

 IN WITNESS WHEREOF, this Mortgage has been executed by Mortgagor as of the day and year
first above written. 
  

					
	MORTGAGOR:
	
	TESORO HAWAII, LLC
		
	By:	 	 /s/ William Monteleone

		 	Name:	 	William Monteleone
		 	Title:	 	Vice President

			
	STATE OF TEXAS	  	)
		  	) SS
	COUNTY OF HARRIS	  	)

 On this 25th day of September, 2013, before me, the undersigned notary public, personally appeared William
Monteleone, to me personally known, who, being by me duly sworn, did say that such person is the Vice President of TESORO HAWAII, LLC, a Hawaii limited liability company, and that the instrument was signed on behalf of the limited liability company
by authority of its board of directors and William Monteleone acknowledged the instrument to be the free act and deed of the limited liability company. 
  

			
	 /s/ Maria Hadjialexiou

	Name:	 	Maria Hadjialexiou
	
	Notary Public, State of Texas

 
			
		
	My commission expires:	 	12/27/14

 (Notary Stamp or Seal) 
  

							
	 	 	 	  	 	  	 
	NOTARY CERTIFICATION STATEMENT
	 	 
	Document Identification or Description:    	 	Fee Second Mortgage & Fixture Filing
	 
	 

							
	 		 
	Document Date:	 	 September 25th, 2013
	  	 
	 		 
	No. of Pages:	 	 50
	  	 
	 	 
	Jurisdiction (in which notarial act is performed): Harris County, Texas	  	 

							
	 			 
	/s/ Maria Hadjialexiou	 	 	  	    September 25, 2013    	  	 
	Signature of Notary	 		  	 Date of Notarization and
 Certification
Statement
	  	 
	 	 
	Maria Hadjialexiou	  	(Notary Stamp or Seal)
	Printed Name of NotaryEX-10.13

 Exhibit 10.13 

EXECUTION VERSION 

MEMBERSHIP INTERESTS SECOND LIEN PLEDGE AGREEMENT 

DATED AS OF SEPTEMBER 25, 2013 

Between 
 HAWAII PACIFIC
ENERGY, LLC, 
 as Pledgor, 

and 
 DEUTSCHE BANK AG
NEW YORK BRANCH 
 as ABL Loan Collateral Agent 

  
 PLEDGE AGREEMENT

 Table of Contents 
  

							
	SECTION 1.	 	 INTERPRETATION
	  	 	1	  
			
	 1.1
	 	 Definitions
	  	 	1	  
	 1.2
	 	 Construction
	  	 	5	  
	 1.3
	 	 Recitals
	  	 	6	  
			
	SECTION 2.	 	 CREATION OF SECURITY
	  	 	6	  
			
	 2.1
	 	 Security Interest
	  	 	6	  
	 2.2
	 	 Permitted Security
	  	 	7	  
	 2.3
	 	 General
	  	 	7	  
	 2.4
	 	 Consideration and enforceability
	  	 	7	  
			
	SECTION 3.	 	 PERFECTION AND FURTHER ASSURANCES
	  	 	7	  
			
	 3.1
	 	 General Perfection
	  	 	7	  
	 3.2
	 	 Filing of Financing Statements
	  	 	8	  
	 3.3
	 	 Delivery of Possessory Collateral
	  	 	8	  
	 3.4
	 	 Further Assurances
	  	 	9	  
			
	SECTION 4.	 	 [RESERVED]
	  	 	10	  
			
	SECTION 5.	 	 REPRESENTATIONS AND WARRANTIES
	  	 	10	  
			
	 5.1
	 	 Representations and Warranties
	  	 	10	  
	 5.2
	 	 No Liability
	  	 	11	  
	 5.3
	 	 Necessary Filings
	  	 	11	  
			
	SECTION 6.	 	 UNDERTAKINGS
	  	 	12	  
			
	 6.1
	 	 Undertakings
	  	 	12	  
	 6.2
	 	 Certification of Limited Liability Company and Limited Partnership Interests
	  	 	14	  
	 6.3
	 	 Indemnity
	  	 	14	  
	 6.4
	 	 Indemnity Obligations Secured by Collateral; Survival
	  	 	15	  
			
	SECTION 7.	 	 WHEN SECURITY MAY BE ENFORCED
	  	 	16	  
			
	SECTION 8.	 	 ENFORCEMENT OF SECURITY
	  	 	16	  
			
	 8.1
	 	 General
	  	 	16	  
	 8.2
	 	 Distributions and Voting Rights
	  	 	17	  
	 8.3
	 	 Collections after a Trigger Event
	  	 	18	  
	 8.4
	 	 ABL Loan Collateral Agent’s Rights upon Trigger Event
	  	 	18	  
	 8.5
	 	 No Marshaling
	  	 	20	  
	 8.6
	 	 Securities Act
	  	 	20	  
	 8.7
	 	 Registration
	  	 	21	  
	 8.8
	 	 Intercreditor Agreement
	  	 	22	  
	 8.9
	 	 Waiver of Claims
	  	 	22	  
			
	SECTION 9.	 	 APPLICATION OF PROCEEDS
	  	 	23	  
			
	SECTION 10.	 	 MISCELLANEOUS
	  	 	23	  
			
	 10.1
	 	 Amendments
	  	 	23	  

  

					
		  	i	  	PLEDGE AGREEMENT

							
	 10.2
	 	 No Waiver; Remedies Cumulative
	  	 	23	  
	 10.3
	 	 No Third Party Beneficiaries
	  	 	23	  
	 10.4
	 	 Successors and Assigns; Benefit of Agreement
	  	 	23	  
	 10.5
	 	 Counterparts
	  	 	24	  
	 10.6
	 	 Severability
	  	 	24	  
	 10.7
	 	 Notices
	  	 	24	  
	 10.8
	 	 Choice of Law
	  	 	24	  
	 10.9
	 	 Jurisdiction
	  	 	24	  
	 10.10
	 	 Waiver of Immunity
	  	 	24	  
	 10.11
	 	 WAIVER OF TRIAL BY JURY
	  	 	24	  
	 10.12
	 	 Survival
	  	 	25	  
	 10.13
	 	 Complete Agreement
	  	 	25	  
	 10.14
	 	 Release
	  	 	25	  

 Schedules 
  

			
	Schedule 1:	  	Pledged Securities
		
	Schedule 2:	  	Executive Offices
		
	Schedule 3:	  	Form of Security Supplement

  

					
		  	ii	  	PLEDGE AGREEMENT

 THIS MEMBERSHIP INTERESTS SECOND LIEN PLEDGE AGREEMENT (this Agreement) is dated as of
September 25, 2013, between HAWAII PACIFIC ENERGY, LLC (the Pledgor) and Deutsche Bank AG New York Branch (the ABL Loan Collateral Agent), as ABL Loan Collateral Agent for and on behalf of the Second Lien Secured Parties. 

Recitals: 
 WHEREAS, the
Lenders (as defined in the ABL Loan Credit Agreement), the Administrative Agent, the ABL Loan Collateral Agent and the Borrowers are parties to the ABL Loan Credit Agreement, pursuant to which the Lenders have agreed to extend a credit amount to the
Borrowers of $125,000,000 or such larger amount as mutually agreed between the Lenders and the Borrowers and is otherwise permitted under the Basic Documents; 

WHEREAS, the Inventory Facility Counterparty, the Inventory Collateral Agent and the Inventory Party are entering into the Inventory
Documents, pursuant to which they will enter into Inventory transactions and transactions related to the Inventory and the Inventory Documents; 

WHEREAS, the Pledgor, the Second Lien Secured Parties and the ABL Loan Collateral Agent, among others, have entered into the Intercreditor
Agreement to, among other things, define the rights, duties, authority and responsibilities of the Inventory Collateral Agent and the priority of payments and security between the Loan Parties and the Inventory Party; 

WHEREAS, the Pledgor are entering into this Agreement for purposes of establishing a second-priority Lien over the collateral described herein
in favor of the ABL Loan Collateral Agent for and on behalf of the Second Lien Secured Parties to secure the Second Lien Obligations; 

WHEREAS, it is a condition precedent to (a) the Inventory Party performing its obligations under the Inventory Documents and (b) the
Loan Parties performing their respective obligations under the Credit Agreement that the Pledgor enter into this Agreement; 
 WHEREAS,
Pledgor is the legal and beneficial owner of 100% of the membership interests in the Company. 
 NOW, THEREFORE, for and in consideration of
the premises and the mutual covenants herein contained, the Parties hereto covenant and agree as follows: 
  

	 	SECTION 1.	Interpretation. 

 1.1 Definitions. Except as otherwise expressly provided
herein, each capitalized term used herein and not otherwise defined will have the meaning assigned to such term in Section 1.1 (Definitions) of the Intercreditor Agreement. In this Agreement and its Schedules the following terms will
have the following meanings: 
 ABL Loan Collateral Agent has the meaning given to it in the introductory paragraph hereof. 

Authorized Officer means (a) with respect to any Person that is a corporation or a limited liability company, the chairman,
president, the chief executive officer, the chief operating officer, the treasurer, the chief financial officer, any vice president or the secretary (or assistant secretary) of such 

  

					
		  	1	  	PLEDGE AGREEMENT

 
Person and (b) with respect to any Person that is a partnership, the president, any vice president or the secretary (or assistant secretary) of a general partner or managing partner of such
Person, in each case, who has authority to act for or bind such Person under such Person’s charter documents and applicable law. 

Collateral means the following, wherever located, in which the Pledgor now has or later acquires any right, title or interest,
including: 
 (a) all Pledged Securities; 

(b) all securities, moneys or property representing dividends in respect of any of the Pledged Securities, or representing a distribution in
respect of the Pledged Securities (in each case, including new Equity Interests of the Company), whether arising under the terms of any of the following documents, as applicable (each, an Organizational Document and collectively, the
Organizational Documents): articles of incorporation, certificate of formation, certificate of organization, articles of organization, by laws, limited liability company agreement, certificates of limited liability company membership
interests, and all amendments or modifications of any of the foregoing, and all other agreements, instruments and/or other organizational or governing documents of or relating to the Company (such dividends and distributions, to the extent paid in
cash, will be referred to herein as Distributions); 
 (c) all securities, moneys or property resulting from a split up, revision,
reclassification or other like change of the Pledged Securities or otherwise received in exchange therefor, and any subscription warrants, rights or options issued to the holders of, or otherwise in respect of, the Pledged Securities; 

(d) all rights, privileges, authority and power arising from Pledgor’s Equity Interests in the Company and ownership of the Collateral;

 (e) all other payments, if any, due or to become due to the Pledgor in respect of the Collateral, under or arising out of any
Organizational Document of the Company, or otherwise, whether as contractual obligations, damages, insurance proceeds, condemnation awards or otherwise; 

(f) all of the Pledgor’s rights pursuant to any Organizational Document of the Company or at law or in equity, to exercise and enforce
every right, power, remedy, authority, option and privilege of the Pledgor relating to the Pledged Securities, including the right to execute any instruments and to take any and all other action on behalf of and in the name of the Pledgor in respect
of the Pledged Securities and/or the Company to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with
full power and authority to demand, receive, enforce or execute any checks, or other instruments or orders and to file any claims and to take any action in connection with any of the foregoing; 

(g) all investment property issued by, or relating to the Company; 

(h) all equity interests or other property now owned or hereafter acquired by the Pledgor as a result of exchange offers, recapitalizations of
any type, contributions to capital, options or other rights relating to the Pledged Securities; and 

  

					
		  	2	  	PLEDGE AGREEMENT

 (i) to the extent not listed above as original Collateral, all proceeds and products of, and
accessions to, each of the above assets. 
 Discharge of First Lien Obligations means: 

(a) payment in full in cash of the principal of and interest (including interest accruing on or after the commencement of an Insolvency
Proceeding, whether or not such interest would be allowed in the proceeding) on all outstanding Indebtedness included in the First Lien Obligations; 

(b) payment in full of other amounts (including termination and closing out payments) included in the First Lien Obligations; 

(c) payment in full in cash of all other First Lien Obligations that are due and payable or otherwise accrued and owing at or before the time
such principal and interest and other amounts are paid (other than (i) contingent indemnification First Lien Obligations that expressly survive such payment for which no claim or demand for payment, whether oral or written, has been made at
such time, and (ii) First Lien Obligations in respect of Derivative Transactions (as defined in the Framework Agreement) as to which alternative security arrangements satisfactory to the applicable First Lien Secured Party have been agreed in
writing and are in effect); and 
 (d) termination or expiration of any commitments to extend credit or transactions under Basic Documents
constituting First Lien Documents that would be First Lien Obligations. 
 Discharge of Second Lien Obligations means: 

(a) payment in full in cash of the principal of and interest (including interest accruing on or after the commencement of an Insolvency
Proceeding, whether or not such interest would be allowed in the proceeding) on all outstanding Indebtedness included in the Second Lien Obligations; 

(b) payment in full of other amounts (including termination and closing out payments) included in the Second Lien Obligations; 

(c) payment in full in cash of all other Second Lien Obligations that are due and payable or otherwise accrued and owing at or before the time
such principal and interest and other amounts are paid (other than (i) contingent indemnification Second Lien Obligations that expressly survive such payment and for which no claim or demand for payment, whether oral or written, has been made
at such time, and (ii) Secured Cash Management Obligations, Secured Hedging Obligations, and obligations in respect of Letters of Credit (in each case, as defined in the Credit Agreement) as to which arrangements satisfactory to the applicable
Second Lien Secured Parties have been made); and 
 (d) termination or expiration of any commitments to extend credit or transactions under
Basic Documents constituting Second Lien Document that would be Second Lien Obligations. 
 Distributions has the meaning given to
such term in paragraph (b) of the definition of Collateral. 
 Equity Interest has the meaning given to such term in paragraph
(a) of the definition of Pledged Securities. 

  

					
		  	3	  	PLEDGE AGREEMENT

 First Lien Agent means the Inventory Collateral Agent acting on behalf of itself and the
Inventory Party under the Membership Interests First Lien Pledge Agreement. 
 First Lien Documents means the Inventory Documents and
the Intercreditor Agreement. 
 First Lien Obligations means the Inventory Obligations. 

First Lien Secured Parties means the Inventory Collateral Agent and the Inventory Party. 

Governmental Authority means any federal, regional, provincial, state, local or municipal government, governmental body, agency,
instrumentality, authority or other entity established or controlled by any of the foregoing or subdivision thereof, including any legislative, administrative, regulatory or judicial body. 

Intercreditor Agreement means the Intercreditor Agreement dated as of September 25, 2013 by and among, among others, Barclays Bank
PLC, Deutsche Bank AG New York Branch, ABL Loan Collateral Agent, the Inventory Collateral Agent and the Pledgor. 
 Inventory Party
means Barclays Bank PLC. 
 Lien means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including
any conditional sale or other title retention agreement or lease in the nature thereof). 
 Membership Interests First Lien Pledge
Agreement means the Membership Interests First Lien Pledge Agreement dated as of September 25, 2013 between the Pledgor and the Inventory Collateral Agent on behalf of itself and the Inventory Party, pursuant to which the Pledgor grants a
first-priority Lien on the Collateral. 
 Organizational Documents has the meaning given to such term in paragraph (b) of the
definition of Collateral. 
 Party means a party to this Agreement. 

Pledged Securities means any and all of the following: 

(a) the membership interests, interests, rights to purchase, warrants, options, participations or other equivalents of the Pledgor’s
interests in the Company but excluding any debt securities convertible into such equity (collectively, the Equity Interests and each an Equity Interest), in each case as set out in Schedule 1 (Pledged Securities); and 

(b) all additional Equity Interests in the Company in which the Pledgor at any time has or obtains any interest. 

Possessory Collateral means all Collateral consisting of certificated securities. 

Relevant State means the state of the Pledgor’s incorporation or organization. 

Second Lien Agent means the ABL Loan Collateral Agent acting on behalf of the Loan Parties under the Membership Interests Second Lien
Pledge Agreement. 

  

					
		  	4	  	PLEDGE AGREEMENT

 Second Lien Documents means the ABL Loan Documents and the Intercreditor Agreement. 

Second Lien Obligations means the ABL Loan Obligations. 

Second Lien Secured Parties means the ABL Loan Collateral Agent and the Loan Parties. 

Second Lien Security Document means the Inventory Second Lien Security Agreement, the Mortgage Second Lien Agreement, the Membership
Interests Second Lien Pledge Agreement and the Inventory Account Control Agreement. 
 Security means any Lien created by this
Agreement. 
 Security Supplement means any supplement to this Agreement in substantially the form of Schedule 3 (Form of Security
Supplement), executed by an Authorized Officer of the Pledgor. 
 UCC means the Uniform Commercial Code as in effect from time to
time in the State of New York; provided that, if by reason of mandatory provisions of applicable law, the perfection or priority of the security interest granted hereunder in any Collateral is governed by the Uniform Commercial Code in effect
in a jurisdiction other than the State of New York, the term UCC will mean the Uniform Commercial Code as in effect in such other jurisdiction solely for the purposes of the provisions hereof relating to such perfection or priority. 

1.2 Construction. 
 (a)
Any term defined in the UCC and not defined in this Agreement has the meaning given to that term in the UCC. 
 (b) Any term defined in the
Intercreditor Agreement and not defined in this Agreement or the UCC has the meaning given to that term in the Intercreditor Agreement. 

(c) In addition, in this Agreement, unless the contrary intention appears, a reference to: 

(i) an amendment includes a supplement, novation, extension (whether of maturity or otherwise), restatement or
re-enactment or replacement (however fundamental and whether or not more onerous) and amended will be construed accordingly; 

(ii) assets includes present and future properties, revenues and rights of every description; 

(iii) unless the contrary intention appears, a reference to fraudulent transfer law means any applicable
bankruptcy law or state fraudulent transfer or conveyance statute, and the related case law; 
 (iv) the terms
include, includes and including are deemed to be followed by the phrase “without limitation”; 

  

					
		  	5	  	PLEDGE AGREEMENT

 (v) indebtedness includes any obligation (whether incurred as principal or
as surety and whether present or future, actual or contingent) for the payment or repayment of money; 
 (vi) control
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through the ability to exercise voting power, by contract or otherwise; 

(vii) the term law includes any applicable law, statute, regulation, regulatory requirement, rule, ordinance, ruling,
decision, treaty, directive, order, guideline, policy, writ, judgment, injunction or request (whether or not having the force of law but, if not having the force of law, being of a type with which any person to which it applies is accustomed to
comply) of any court or other governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organization, officer or official, fiscal or monetary authority, or other ministry or
public entity (and their interpretation, administration and application), whether or not having the force of law; 
 (viii) a
provision of law is a reference to that provision as extended, applied, amended or re-enacted and includes any successor law; 

(ix) a Trigger Event being outstanding or continuing means that it has not been remedied or waived; 

(x) a Section or an Annex is a reference to a section of, or an annex to, this Agreement; 

(xi) a Party or any other Person includes its successors in title, permitted assigns and permitted transferees, and a
reference to a Party will not include that Party if it has ceased to be a Party under this Agreement; 
 (xii) no reference
to proceeds in this Agreement authorized any sale, transfer or other disposition of Collateral by the Pledgor; 

(xiii) a reference to a document or security includes (without prejudice to any prohibition on amendments) any amendment or
supplement to or renewal or restatement thereof; 
 (xiv) the singular includes the plural and vice versa and each gender
includes the other gender; 
 (xv) a time of day is a reference to New York City time; and 

(xvi) The headings in this Agreement do not affect its interpretation. 

1.3 Recitals. The whereas clauses contained in the “Recitals” section (as detailed on page 1 of this Agreement) are hereby
incorporated into this Agreement in full. 
  

	 	SECTION 2.	Creation of Security. 

 2.1 Security Interest. As security for the prompt
and complete payment and performance of the Second Lien Obligations in full when due (whether due because of stated maturity, 

  

					
		  	6	  	PLEDGE AGREEMENT

 
acceleration, mandatory prepayment, or otherwise) and to induce the Second Lien Secured Parties to enter into the Second Lien Documents, the Pledgor hereby pledges to the ABL Loan Collateral
Agent for the benefit of the Second Lien Secured Parties, and hereby grants to the ABL Loan Collateral Agent for the benefit of the Second Lien Secured Parties a continuing second-priority security interest in the Collateral. 

2.2 Permitted Security. For the avoidance of doubt, nothing in this Agreement will prevent the Pledgor from permitting to subsist or
granting any other security interest in the Collateral under the Membership Interests First Lien Pledge Agreement. 
 2.3 General.
All the Security created under this Agreement 
 (a) is continuing security for the irrevocable and indefeasible payment in full of the
ultimate balance of the Second Lien Obligations, regardless of any intermediate payment or discharge in whole or in part; 
 (b) is in
addition to, and not in any way prejudiced by, any other security now or subsequently held by any Second Lien Secured Party. 
 (c) This
Agreement will remain in full force and effect and continue to be effective should any petition be filed by or against the Pledgor for liquidation or reorganization, should the Pledgor become insolvent or make an assignment for the benefit of any
creditor or creditors or should a receiver or trustee be appointed for all or any significant part of the Pledgor’s assets, and will continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the
obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the obligations, whether as a “voidable preference,” “fraudulent
conveyance,” or otherwise, all as though such payment or performance had not been made. To the extent that any Second Lien Secured Party receives any payment by or on behalf of the Pledgor, which payment or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to the Pledgor or to its estate, trustee, receiver, custodian or any other Person under any Bankruptcy Law or otherwise, then to the extent of the amount so
required to be repaid, the obligation or part thereof which has been paid, reduced or satisfied by the amount so repaid will be reinstated by the amount so repaid and will be included within the obligations as of the date such initial payment,
reduction or satisfaction occurred. 
 2.4 Consideration and enforceability. (a) The Pledgor acknowledges and agrees that each
of the Second Lien Secured Parties has acted in good faith in connection with this Agreement and the transactions contemplated by the Basic Documents. 

(b) This Agreement is enforceable against the Pledgor to the maximum extent permitted by the fraudulent transfer laws. 

 

	 	SECTION 3.	Perfection and Further Assurances. 

 3.1 General Perfection. 

(a) The Pledgor must take, at its own expense, promptly, and in any event within any applicable time limit whatever action is necessary or
reasonably requested by the ABL Loan Collateral Agent or any other Second Lien Secured Party to ensure that this Security is as of the date hereof, and will continue to be until the Discharge of Second Lien Obligations, a validly created, attached,
enforceable and perfected second-priority continuing security interest in the Collateral in favor of the 

  

					
		  	7	  	PLEDGE AGREEMENT

 
Second Lien Secured Parties, in all relevant jurisdictions, securing payment and performance of the Second Lien Obligations and in each case, to protect this Security, to enable the ABL Loan
Collateral Agent to exercise and enforce its rights, powers and remedies under this Agreement with respect to any of the Collateral and to facilitate the assignment or transfer of any rights and/or obligations of the ABL Loan Collateral Agent or the
applicable Second Lien Secured Parties under this Agreement. The Pledgor will pay any applicable filing fees, recordation taxes and related expenses relating to the Collateral. 

(b) Without limiting the generality of the foregoing, this includes the giving of any notice, order or direction, the making of any filing or
registration, the passing of any resolution and the execution and delivery of any documents or agreements which are necessary or the ABL Loan Collateral Agent reasonably deems desirable and the taking of any of the actions described in the following
provisions of this Section 3 (Perfection and Further Assurances). 
 3.2 Filing of Financing Statements. 

(a) The Pledgor authorizes the ABL Loan Collateral Agent to prepare and file, at the Pledgor’s expense and without the signature of the
Pledgor: 
 (i) financing statements describing the Collateral; 

(ii) continuation statements; and 

(iii) any amendment in respect of those statements. 

(b) The Pledgor expressly authorizes the ABL Loan Collateral Agent, if it so elects, to file financing statements which describe the
Collateral. 
 (c) Promptly after filing a financing statement, the Pledgor must provide the ABL Loan Collateral Agent with a search report,
from a reputable search company reasonably satisfactory to the ABL Loan Collateral Agent, of the UCC records of the Secretary of State (or other relevant government office) of each Relevant State indicating that the ABL Loan Collateral Agent’s
security interest is before all other security interests or other interests reflected in the report other than the First Lien Agent’s first priority Lien over the Collateral for the benefit of the First Lien Secured Parties. 

3.3 Delivery of Possessory Collateral. 

(a) The Pledgor has delivered to (i) before the Discharge of First Lien Obligations, the First Lien Agent and (ii) thereafter, the
ABL Loan Collateral Agent (or as directed by such agent) the originals of all Possessory Collateral (including all original certificates and instruments evidencing or representing the Pledged Securities) existing on the date of this Agreement. 

(b) The Pledgor must deliver to (i) before the Discharge of First Lien Obligations, the First Lien Agent and (ii) thereafter, the
ABL Loan Collateral Agent (or as directed by such agent), promptly upon but in any case within two (2) Business Days after receipt, originals of any other Possessory Collateral (including Pledged Securities) arising or acquired by the Pledgor
after the date of this Agreement. 

  

					
		  	8	  	PLEDGE AGREEMENT

 (c) All Possessory Collateral (including the Pledged Securities) delivered under this Agreement
will be either: 
 (i) duly endorsed and in suitable form for transfer by delivery; or 

(ii) accompanied by undated instruments of transfer endorsed in blank, and 

in form and substance satisfactory to (i) before the Discharge of First Lien Obligations, the First Lien Agent and (ii) thereafter, the ABL Loan
Collateral Agent. 
 (d) Until the Discharge of First Lien Obligations, the First Lien Agent and thereafter until the Discharge of Second
Lien Obligations, the ABL Loan Collateral Agent will hold (directly or through an agent) the Pledged Securities, all other Possessory Collateral and related instruments of transfer delivered to it. At any time and from time to time, such agent will
have the right to exchange certificates or instruments evidencing or representing the Possessory Collateral for certificates or instruments of smaller or larger denominations. 

(e) The Pledgor authorizes the ABL Loan Collateral Agent at any time and from time to time to communicate with the Company with regard to any
matter relating to the Pledged Securities or any other Collateral. 
 (f) Notwithstanding anything to the contrary set forth herein, before
the Discharge of First Lien Obligations, to the extent the Pledgor is required under this Agreement to deliver any Possessory Collateral, including the Pledged Securities, to the ABL Loan Collateral Agent and is required to deliver such Possessory
Collateral to the First Lien Agent in accordance with the terms of the First Lien Documents, the Pledgor’s obligations under this Agreement with respect to such delivery will be deemed satisfied by the delivery to the First Lien Agent, acting
as a gratuitous bailee for the Second Lien Secured Parties, pursuant to the terms of the Intercreditor Agreement. 
 3.4 Further
Assurances. 
 (a) The Pledgor must take, at its own expense, promptly, and in any event within any applicable time limit, whatever
action the ABL Loan Collateral Agent may reasonably require for: 
 (i) creating, attaching, perfecting and protecting, and
maintaining the applicable priority of, any security interest intended to be created by this Agreement; 
 (ii) facilitating
the enforcement of this Security or the exercise of any right, power or discretion exercisable by the ABL Loan Collateral Agent or any of its delegates or sub-delegates in respect of any Collateral; 

(iii) obtaining possession of any Possessory Collateral, including the Pledged Securities; and 

(iv) facilitating the assignment or transfer of any rights and/or obligations of the ABL Loan Collateral Agent or any other
Second Lien Secured Party under this Agreement. 
 This includes the execution and delivery of any transfer, assignment or other agreement
or document, whether to the ABL Loan Collateral Agent or its nominee, which is necessary or the ABL Loan Collateral Agent reasonably deems advisable. 

  

					
		  	9	  	PLEDGE AGREEMENT

	 	SECTION 4.	[Reserved]. 

  

	 	SECTION 5.	Representations and Warranties. 

 5.1 Representations and Warranties. The
Pledgor makes the following representations and warranties set out in this Section 5 (Representations and Warranties) to each Second Lien Secured Party. 

(a) As of the date of this Agreement, the Pledgor’s name as it appears in official filings in its jurisdiction of organization,
organization type, organization number, if any, issued by its jurisdiction of organization, and the current location of the Pledgor’s chief executive office, places of business and warehouses and premises at which any Collateral or books and
records are located are set forth in Schedule 2 (Executive Offices), none of such locations has changed within the five (5) years preceding the date of this Agreement and the Pledgor has not operated in any jurisdiction under any other
trade name or fictitious or other name within the five (5) years preceding the date of this Agreement, except as set forth in Schedule 2 (Executive Offices), and the Pledgor has only one jurisdiction of organization. 

(b) The Pledgor has exclusive possession and control of the Collateral pledged by it hereunder, except for Possessory Collateral delivered to
(A) before the Discharge of First Lien Obligations, the First Lien Agent, and (B) thereafter, the ABL Loan Collateral Agent in compliance with Section 3.3 (Delivery of Possessory Collateral). All Equity Interests have been duly
authorized and are validly issued, fully-paid and non-assessable. 
 (c) The Equity Interests constitute all of the issued and outstanding
equity or ownership interests in the Company, and there are no other equity or ownership interests in the issuer, options or rights to acquire or subscribe for any such interests, or securities or instruments convertible into or exchangeable or
exercisable for any such interests. 
 (d) except as permitted under both the Credit Agreement and the Framework Agreement: 

(i) the Pledgor is the sole legal and beneficial owner of, and has the power to transfer and grant a Lien in the Collateral
then in existence; 
 (ii) none of the Collateral is subject to any Lien other than the ABL Loan Collateral Agent’s Lien
and the First Lien Agent’s Lien, and the Pledgor shall defend the Collateral against all claims and demands of all Persons at any time claiming the same or any interest therein adverse to the ABL Loan Collateral Agent; 

(iii) except as provided in this Agreement and in the Membership Interests First Lien Pledge Agreement, the Pledgor has not
agreed or committed to sell, assign, pledge, transfer, license, lease or encumber any of the Collateral, or granted any option, warrant, or right with respect to any of the Collateral; and 

(iv) no effective mortgage, deed of trust, financing statement, security agreement or other instrument similar in effect is on
file or of record with respect to any Collateral, except for those that create, perfect or evidence the ABL Loan Collateral Agent’s Lien or the First Lien Agent’s Lien. 

  

					
		  	10	  	PLEDGE AGREEMENT

 (e) [Reserved]. 

(f) None of the Pledged Securities constitutes “margin stock” within the meaning of Regulation U or X issued by the Board of
Governors of the United States Federal Reserve System. 
 (g) As of the date hereof and each date on which the Pledgor is required to
deliver a Security Supplement under Section 6.1(j) (Undertakings): 
 (i) Schedule 1 (Pledged Securities)
sets forth a true and complete list of all Pledged Securities; 
 (ii) the Company keeps at its address listed in Schedule 1
(Pledged Securities) its company records, stock ledger and all records, documents and instruments relating to or evidencing such Equity Interests; 

(h) The Pledgor has the power and authority to pledge the Collateral pledged by it hereunder in the manner hereby done or contemplated. 

(i) No consent or approval of any Governmental Authority, any securities exchange or any other Person was or is necessary to the validity of
the security interest effected hereby (other than such as have been obtained and are in full force and effect). 
 (j) By virtue of the
execution and delivery by the Pledgor of this Agreement, when any Possessory Collateral, including the Pledged Securities, is delivered to the ABL Loan Collateral Agent in accordance with this Agreement (or before the Discharge of First Lien
Obligations, to the First Lien Agent, acting as gratuitous bailee for the Second Lien Secured Parties, pursuant to the terms of the Intercreditor Agreement) the ABL Loan Collateral Agent will obtain a legal, valid and perfected and (i) before
the Discharge of First Lien Obligations, second and (ii) thereafter, first-priority lien upon and security interest in such Possessory Collateral as security for the payment and performance of the Second Lien Obligations. 

5.2 No Liability. 
 (a)
Except as otherwise provided herein, none of the Pledgor’s rights, interests, liabilities and obligations under contractual obligations that constitute part of the Collateral are affected by this Agreement or the exercise by the ABL Loan
Collateral Agent of its rights under this Agreement; 
 (b) Neither the ABL Loan Collateral Agent nor any other Second Lien Secured Party,
unless it expressly agrees in writing, will have any liabilities or obligations under any contractual obligation that constitutes part of the Collateral as a result of this Agreement, the exercise by the ABL Loan Collateral Agent of its rights under
this Agreement or otherwise; and 
 (c) Neither the ABL Loan Collateral Agent nor any other Second Lien Secured Party has or will have any
obligation to collect upon or enforce any contractual obligation or claim that constitutes part of the Collateral, or to take any other action with respect to the Collateral. 

5.3 Necessary Filings. All filings, registrations, recordings and other actions necessary or appropriate to create, preserve and
perfect the security interest granted by the Pledgor to the ABL Loan Collateral Agent hereby in respect of the Collateral have been accomplished, in each case within the time frames required by this Agreement and the ABL Loan Credit Agreement, and
the security 

  

					
		  	11	  	PLEDGE AGREEMENT

 
interest granted to the ABL Loan Collateral Agent pursuant to this Agreement in and to the Collateral creates a valid and, together with all such filings, registrations, recordings and other
actions, a perfected security interest therein prior to the rights of all other Persons therein and subject to no other Liens and is entitled to all the rights, priorities and benefits afforded by the UCC or other relevant law as enacted in any
relevant jurisdiction to perfected security interests, in each case to the extent that the Collateral consists of the type of property in which a security interest may be perfected by possession or control (within the meaning of the UCC as in effect
on the date hereof in the State of New York), by filing a financing statement under the UCC as enacted in any relevant jurisdiction. 
  

	 	SECTION 6.	Undertakings. 

 6.1 Undertakings. The Pledgor agrees to be bound by the
covenants set out in this Section 6 (Undertakings) until the Discharge of Second Lien Obligations. 
 (a) (e) Except as
otherwise permitted under the Second Lien Documents, no Pledgor will: 
 (i) change its or any the Company’s name as it
appears in official filings in the jurisdiction of its incorporation or organization; 
 (ii) do business under any name
other than a name authorized under sub-paragraph (i) above; 
 (iii) change its or the Company’s chief executive
office, principal place of business or locations at which Collateral is held, or the location of its records concerning the Collateral, in each case, from that set forth in the relevant schedules to this Agreement; 

(iv) change the type of entity that it or the Company is 

(v) change its or the Company’s organization identification number, if any, issued by its jurisdiction of incorporation or
organization; 
 (vi) change its or the Company’s jurisdiction of incorporation or organization or incorporate or
organize in any additional jurisdictions or allow the Company to incorporate or organize in any additional jurisdictions; 

(vii) otherwise amend its or the Company’s charter documents or the rights attaching to its or the Company’s Equity
Interests or grant any waiver thereunder in any way that is materially adverse to the interests of the Second Lien Secured Parties; 

(viii) directly or indirectly liquidate, wind up, terminate, reorganize or dissolve itself or the Company (or suffer any
liquidation, winding up, termination, reorganization or dissolution) or otherwise wind up itself or the Company; or 
 (ix)
cancel, terminate or permit the cancellation or termination of any of its or the Company’s charter documents, 
 unless, in the case of
each of sub-paragraphs (i) through (vi) any such new location is in Hawaii and the Pledgor or the Company will have given the ABL Loan Collateral Agent at least thirty (30) days’ prior written notice of such change and all action
necessary or reasonably requested by the Inventory Collateral Agent to preserve and perfect any Lien with respect to the Collateral will have been completed or taken. 

  

					
		  	12	  	PLEDGE AGREEMENT

 (b) The Pledgor permits the Inventory Collateral Agent and its agents and representatives, during
normal business hours and upon reasonable notice, to inspect Collateral, to examine and make copies of and abstracts from the records of the Collateral, and to discuss matters relating to the Collateral directly with the Pledgor’s officers and
employees. 
 (c) The Pledgor will cause the Company to keep and maintain, at its address indicated in Schedule 1 (Pledged
Securities) its company records and all records, documents and instruments constituting, relating to, or evidencing such Pledged Securities. The Pledgor agrees to cause the Company to permit the ABL Loan Collateral Agent and its agents and
representatives during normal business hours and upon reasonable notice, to examine and make copies of and abstracts from the records and stock ledgers and to discuss matters relating to the Pledged Securities of the Company and its records directly
with its officers and employees. 
 (d) At the ABL Loan Collateral Agent’s request, the Pledgor must provide it with any information
concerning the Collateral that it may reasonably request. 
 (e) Except as otherwise permitted by the Second Lien Documents, the Pledgor:

 (i) must maintain sole legal and beneficial ownership of the Collateral; 

(ii) must not permit any Collateral to be subject to any Lien other than the ABL Loan Collateral Agent’s Lien or the First
Lien Agent’s Lien and must at all times warrant and defend the ABL Loan Collateral Agent’s Lien in the Collateral against all other Liens and claimants (other than the Liens created under the Membership Interests First Lien Pledge
Agreement); 
 (iii) must not sell, assign, transfer, pledge, license, lease or encumber, or grant any option, warrant, or
right with respect to, any of the Collateral, or agree or contract to do any of the foregoing; 
 (iv) must not waive, amend
or terminate, in whole or in part, any accessory or ancillary right or other right in respect of any Collateral; and 
 (v)
must not take any action which would result in a reduction in the value of any Collateral. 
 (f) Except as otherwise permitted by the
Second Lien Documents, the Pledgor must pay when due (and in any case before any penalties are assessed or any Lien is imposed on any Collateral) all taxes, assessments and charges imposed on or in respect of the Collateral and all claims against
the Collateral, except to the extent being contested in good faith and by appropriate proceedings being diligently conducted and with respect to which reserves are being maintained in accordance with generally accepted accounting principles in the
United States of America. 
 (g) Except as otherwise permitted by the Second Lien Documents, in any suit, legal action, arbitration or other
proceeding involving the Collateral or the ABL Loan Collateral Agent’s Lien, the Pledgor must take all lawful action to avoid impairment of the ABL Loan Collateral Agent’s Lien or the ABL Loan Collateral Agent’s rights under this
Agreement or the imposition of a Lien on any of the Collateral. 

  

					
		  	13	  	PLEDGE AGREEMENT

 (h) Except for dividends or distributions permissible under Section 10.03 of the Credit
Agreement and made in compliance with such section, the Pledgor will not permit the Company: 
 (i) to make, declare, or pay
any dividends, distributions, or returns of capital, or purchase, redeem, or otherwise acquire for value any shares of capital stock or other ownership interests in such issuer now or later outstanding, or make any distribution of assets or property
to its members or shareholder as such; 
 (ii) to cancel or change the terms of any Equity Interests; or 

(iii) to effect or permit the change of control of the Company, except as expressly permitted under the Credit Agreement. 

(i) The Pledgor will not take any action, or permit the Company to take any action, that could cause any of the Pledged Securities to
constitute “margin stock” within the meaning of Regulation U or X issued by the Board of Governors of the United States Federal Reserve System. 

(j) Annually on each anniversary of the date of this Agreement and from time to time on written demand from the ABL Loan Collateral Agent, the
Pledgor will deliver to the ABL Loan Collateral Agent (i) a Security Supplement executed by an Authorized Officer of the Pledgor, together with supplements to all of the Schedules attached to this Agreement or (ii) a written confirmation
executed by an Authorized Officer of the Pledgor confirming that there has been no change in the information provided in this Agreement since the date of the execution and delivery of this Agreement or the date of the most recent Security Supplement
or written confirmation delivered pursuant to this Section 6.1(j) (Undertakings). 
 6.2 Certification of Limited Liability
Company and Limited Partnership Interests. The Pledgor acknowledges and agrees that (a) to the extent each interest in any limited liability company or limited partnership controlled now or in the future by the Pledgor and pledged hereunder
is a “security” within the meaning of Article 8 of the New York UCC and is governed by Article 8 of the New York UCC, such interest will be certificated and (b) each such interest will at all times hereafter continue to be such a
security and represented by such certificate. The Pledgor further acknowledges and agrees that with respect to any interest in any limited liability company or limited partnership controlled now or in the future by the Pledgor and pledged hereunder
that is not a “security” within the meaning of Article 8 of the New York UCC, the Pledgor will promptly elect to treat any such interest as a “security” within the meaning of Article 8 of the New York UCC, and will promptly make
such interest be represented by a certificate, but will not do so unless and until the Pledgor provides prior written notification to the ABL Loan Collateral Agent of such election and such interest is thereafter represented by a certificate that is
delivered to, before the Discharge of First Lien Obligations, the First Lien Agent and thereafter, the ABL Loan Collateral Agent pursuant to the terms hereof. 

6.3 Indemnity. 
 (a) The
Pledgor agrees to indemnify, reimburse and hold the ABL Loan Collateral Agent, each other Second Lien Secured Party and their respective successors, assigns, employees, officers, directors, affiliates and agents (each, an Indemnitee, and
collectively the Indemnitees) harmless from any and all liabilities, obligations, damages, injuries, penalties, claims, demands, actions, suits, 

  

					
		  	14	  	PLEDGE AGREEMENT

 
judgments and any and all costs, expenses or disbursements (including reasonable attorneys’ fees and expenses) (collectively, expenses) of whatsoever kind and nature imposed on,
asserted against or incurred by any of the Indemnitees in any way relating to or arising out of this Agreement, any other Basic Document or any other document executed in connection herewith or therewith or in any other way connected with the
administration of the transactions contemplated hereby or thereby or the enforcement of any of the terms of, or the preservation of any rights under any thereof, or in any way relating to or arising out of the manufacture, ownership, ordering,
purchase, delivery, control, acceptance, lease, financing, possession, operation, condition, sale, return or other disposition, or use of the Collateral (including, without limitation, latent or other defects, whether or not discoverable), the
violation of the laws of any country, state or other governmental body or unit, any tort (including, without limitation, claims arising or imposed under the doctrine of strict liability, or for or on account of injury to or the death of any Person
(including any Indemnitee), or property damage), or contract claim; provided that no Indemnitee shall be indemnified pursuant to this Section 6.3 (Indemnity) for losses, damages or liabilities to the extent caused by the gross negligence
or willful misconduct of such Indemnitee (as determined by a court of competent jurisdiction in a final and non-appealable decision). The Pledgor agrees that upon written notice by any Indemnitee of the assertion of such a liability, obligation,
damage, injury, penalty, claim, demand, action, suit or judgment, the relevant Pledgor shall assume full responsibility for the defense thereof. Each Indemnitee agrees to promptly notify the relevant Pledgor of any such assertion of which such
Indemnitee has knowledge. 
 (b) Without limiting the application of paragraph (a) above, the Pledgor agrees to pay or reimburse the
ABL Loan Collateral Agent for any and all reasonable fees, out-of-pocket costs and expenses of whatever kind or nature incurred in connection with the creation, preservation or protection of the ABL Loan Collateral Agent’s Liens on, and
security interest in, the Collateral, including, without limitation, all fees and taxes in connection with the recording or filing of instruments and documents in public offices, payment or discharge of any taxes or Liens upon or in respect of the
Collateral, premiums for insurance with respect to the Collateral and all other fees, costs and expenses in connection with protecting, maintaining or preserving the Collateral and the ABL Loan Collateral Agent’s interest therein, whether
through judicial proceedings or otherwise, or in defending or prosecuting any actions, suits or proceedings arising out of or relating to the Collateral. 

(c) Without limiting the application of paragraphs (a) and (b) above, the Pledgor agrees to pay, indemnify and hold each Indemnitee
harmless from and against any loss, out-of-pocket costs, damages and expenses which such Indemnitee may suffer, expend or incur in consequence of or growing out of any misrepresentation by the Pledgor in this Agreement, any other Basic Document or
in any writing contemplated by or made or delivered pursuant to or in connection with this Agreement or any other Basic Document. 
 (d) If
and to the extent that the obligations of the Pledgor under this Section 6.3 (Indemnity) are unenforceable for any reason, the Pledgor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations
which is permissible under applicable law. 
 6.4 Indemnity Obligations Secured by Collateral; Survival. Any amounts paid by any
Indemnitee as to which such Indemnitee has the right to reimbursement shall constitute obligations secured by the Collateral. The indemnity obligations of the Pledgor contained in Section 6.3 (Indemnity) shall continue in full force and
effect notwithstanding the full payment of all of the other Obligations and notwithstanding the full payment of all the Notes issued, and Loans made, under the Credit Agreement, and the termination of all letters of credit issued under the Credit
Agreement. 

  

					
		  	15	  	PLEDGE AGREEMENT

	 	SECTION 7.	When Security May Be Enforced. 

 Subject to the Intercreditor Agreement, this
Security may be enforced by the ABL Loan Collateral Agent at any time after a Trigger Event has occurred and is continuing. 
  

	 	SECTION 8.	Enforcement of Security. 

 8.1 General. 

(a) After this Security has become enforceable, subject to the Intercreditor Agreement, the ABL Loan Collateral Agent may immediately, in its
absolute discretion, exercise any right under: 
 (i) applicable law; or 

(ii) this Agreement, 
 to enforce
all or any part of the Security in respect of any Collateral in any manner or order it sees fit. 
 (b) This includes: 

(i) any rights and remedies available to the ABL Loan Collateral Agent or the First Lien Agent, as applicable under applicable
law and under the UCC (whether or not the UCC applies to the affected Collateral and regardless of whether or not the UCC is the law of the jurisdiction where the rights or remedies are asserted) as if those rights and remedies were set forth in
this Agreement in full; 
 (ii) transferring or assigning to, or registering in the name of, the ABL Loan Collateral Agent or
its nominees any of the Collateral; 
 (iii) exercising any consent and other rights relating to any Collateral; 

(iv) performing or complying with any contractual obligation that constitutes part of the Collateral; 

(v) receiving, endorsing, negotiating, executing and delivering or collecting upon any check, draft, note, acceptance, chattel
paper, account, instrument, document, letter of credit, contract, agreement, receipt, release, bill of lading, invoice, endorsement, assignment, bill of sale, deed, security, share certificate, stock power, proxy, or instrument of conveyance or
transfer constituting or relating to any Collateral; 
 (vi) asserting, instituting, filing, defending, settling,
compromising, adjusting, discounting or releasing any suit, action, claim, counterclaim, right of set off or other right or interest relating to any Collateral; 

(vii) executing and delivering acquittances, receipts and releases in respect of Collateral; 

(viii) entering onto the property where any Collateral is located to take possession thereof without judicial process; 

  

					
		  	16	  	PLEDGE AGREEMENT

 (ix) before disposition of the Collateral, processing or otherwise preparing the
Collateral for disposition in any manner to the extent the ABL Loan Collateral Agent deems appropriate; 
 (x) [Reserved]

 (xi) without notice except as specified in Section 8.4(b) (ABL Loan Collateral Agent’s Rights upon Trigger
Event), selling the Collateral or any part thereof at public or private sale, at any of the Second Lien Secured Party’s offices or elsewhere, for cash, on credit or for future delivery, at such time or times and at such price or prices and
upon such other terms as the ABL Loan Collateral Agent may deem commercially reasonable; 
 (xii) [Reserved] 

(xiii) providing entitlement orders with respect to security entitlements and other investment property constituting a part of
the Collateral and, without notice to the Pledgor, transfer to or register in the name of the ABL Loan Collateral Agent or the First Lien Agent, as applicable or any of its nominees any or all of the Equity Interest or any other investment property;
and 
 (xiv) exercising any other right or remedy available to the ABL Loan Collateral Agent under the Basic Documents, the
Intercreditor Agreement and the ABL Loan Security Documents or any other agreement between the parties. 
 8.2 Distributions and Voting
Rights 
 (a) So long as no Trigger Event has occurred and is continuing, the Pledgor will be entitled to exercise all voting and other
consensual rights with respect to the Pledged Securities for any purpose not inconsistent with the terms of any Second Lien Document, the Intercreditor Agreement or any Security Document and to receive and retain all dividends, interest, revenues,
income, distributions and proceeds of any kind in respect of the Pledged Securities to the extent permitted by such documents. 
 (b) Upon
the occurrence and during the continuation of a Trigger Event, all rights of the Pledgor to exercise voting and other consensual rights with respect to the Pledged Securities and to receive dividends, interest, revenues, income, distributions and
proceeds of any kind in respect of the Pledged Securities will cease, and all these rights will, subject to the rights of the First Lien Agent and the obligations of the Pledgor under the Membership Interests First Lien Pledge Agreement and the
Intercreditor Agreement, immediately become vested solely in the ABL Loan Collateral Agent or its nominees, and the Pledgor grants the ABL Loan Collateral Agent or its nominees the Pledgor’s irrevocable and unconditional proxy for this purpose.
After the occurrence and during the continuation of a Trigger Event, any dividends, interest, revenues, income, distribution and proceeds of any kind in respect of the Pledged Securities received by the Pledgor will be held in trust for the ABL Loan
Collateral Agent, and the Pledgor will keep all such amounts separate and apart from all other funds and property so as to be capable of identification as the property of the ABL Loan Collateral Agent and, subject to the rights of the First Lien
Agent and the obligations of the Pledgor under the Membership Interests First Lien Pledge Agreement and the Intercreditor Agreement, will deliver these amounts at such time as the ABL Loan Collateral Agent may request to the ABL Loan Collateral
Agent in the identical form received, properly endorsed or assigned if required to enable the ABL Loan Collateral Agent to complete collection. 

  

					
		  	17	  	PLEDGE AGREEMENT

 8.3 Collections after a Trigger Event. 

(a) Following the occurrence of a Trigger Event that is continuing, until the ABL Loan Collateral Agent exercises its right to collect the
proceeds of and amounts payable in respect of Collateral, the Pledgor will collect, or will cause to be collected on its behalf pursuant to the Credit Agreement, the Intercreditor Agreement and the other Second Lien Security Documents to which it is
a party, with diligence, and at its own expense, all such proceeds and amounts as they become due or payable. The parties to this Agreement expressly agree that the Pledgor must diligently collect the proceeds of and amounts payable in respect of
Collateral and enforce (before the occurrence of a Trigger Event) its rights in respect of Collateral. 
 (b) If a Trigger Event occurs and
is continuing, the Pledgor must hold all funds and other property received or collected in respect of the Collateral in trust for the ABL Loan Collateral Agent, and must keep these funds and this other property segregated from all other funds and
property so as to be capable of identification. 
 (c) The Pledgor must, subject to the rights of the First Lien Agent and the obligations
of the Pledgor under the Membership Interests First Lien Pledge Agreement and the Intercreditor Agreement, deliver those funds and that other property to the ABL Loan Collateral Agent in the identical form received, properly endorsed or assigned
when required to enable the ABL Loan Collateral Agent to complete collection. 
 (d) After the occurrence and during the continuation of a
Trigger Event, the Pledgor may not settle, compromise, adjust, discount or release any claim in respect of Collateral and must not accept any returns of merchandise other than in the ordinary course of business. 

8.4 ABL Loan Collateral Agent’s Rights upon Trigger Event. 

(a) The Pledgor irrevocably constitutes and appoints the ABL Loan Collateral Agent, with full power of substitution, as the Pledgor’s
true and lawful attorney in fact, in the Pledgor’s name or in the ABL Loan Collateral Agent’s name or otherwise, and at the Pledgor’s expense, to take any of the actions authorized by this Agreement or permitted under applicable law
upon the occurrence and during the continuation of a Trigger Event (in the name of the Pledgor or otherwise) to act, require, demand, receive, compound and give acquittances for any and all moneys and claims for moneys due or to become due to the
Pledgor under or arising out of the Collateral, to endorse any checks or other instruments or orders in connection therewith and to file any claims or take any action or institute any proceedings which the ABL Loan Collateral Agent may deem to be
necessary or advisable to protect the interests of the Second Lien Secured Parties, including the right to act, require, demand, receive, compound and give acquittance for any and all moneys and claims for moneys due or to become due to the Pledgor
under or arising out of the Collateral, to endorse any checks or other instruments or orders in connection therewith and to file any claims or take any action or institute any proceedings which the ABL Loan Collateral Agent may deem to be necessary
or advisable to protect the interests of the Secured Creditors, and to take any action and to execute any instrument that the ABL Loan Collateral Agent may deem necessary or advisable to accomplish the purposes of this Agreement, without notice to
or the consent of the Pledgor. This power of attorney is a power coupled with an interest and cannot be revoked. The Pledgor ratifies and confirms all actions taken by the ABL Loan Collateral Agent or its agents under its respective power of
attorney. 
 (b) The ABL Loan Collateral Agent or any Second Lien Secured Party may be the purchaser of any or all of the Collateral at any
sale referred to in Section 8.1(b)(xi) (General) and the 

  

					
		  	18	  	PLEDGE AGREEMENT

 
ABL Loan Collateral Agent, as agent for and representative of the Second Lien Secured Parties (but not any Second Lien Secured Party in its individual capacity), will be entitled, for the purpose
of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Second Lien Obligations as a credit on account of the purchase price for any
Collateral payable by the ABL Loan Collateral Agent at such sale. Each purchaser at any such sale will hold the property sold absolutely free from any claim or right on the part of the Pledgor, and the Pledgor hereby waives (to the extent permitted
by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. The Pledgor agrees that, to the extent notice of sale will
be required by applicable law, at least ten (10) days’ notice to the Pledgor of the time and place of any public sale or the time after which any private sale is to be made will constitute reasonable notification. The ABL Loan Collateral
Agent will not be obligated to make any sale of Collateral regardless of notice of sale having been given. The ABL Loan Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor,
and such sale may, without further notice, be made at the time and place to which it was so adjourned. The Pledgor hereby waives any claims against the ABL Loan Collateral Agent arising by reason of the fact that the price at which any Collateral
may have been sold at such a private sale was less that in the price which might have been obtained at a public sale, even if the ABL Loan Collateral Agent accepts the first offer received and does not offer such Collateral to more than one offeree.
If the proceeds of any sale or other disposition of the Collateral are insufficient to pay all the Second Lien Obligations, the Pledgor will be liable for the deficiency and the fees of any attorneys employed by the ABL Loan Collateral Agent to
collect such deficiency. 
 (c) The ABL Loan Collateral Agent may comply with any applicable state or federal law requirements in connection
with a disposition of Collateral and compliance will not be considered adversely to affect the commercial reasonableness of any sale of Collateral. 

(d) The grant to the ABL Loan Collateral Agent under this Agreement of any right, power or remedy does not impose upon the ABL Loan Collateral
Agent any duty to exercise that right, power or remedy. The ABL Loan Collateral Agent will have no obligation to take any steps to preserve any claim or other right against any Person or with respect to any Collateral. 

(e) The Pledgor bears the risk of loss, damage, diminution in value, or destruction of the Collateral. 

(f) The ABL Loan Collateral Agent will have no responsibility for any act or omission of any courier, bailee, broker, bank, investment bank or
any other Person chosen by it with reasonable care. 
 (g) The ABL Loan Collateral Agent makes no express or implied representations or
warranties with respect to any Collateral or other property released to the Pledgor or its successors and assigns. 
 (h) The Pledgor agrees
that the ABL Loan Collateral Agent will have met its duty of care under applicable law if it holds, maintains and disposes of Collateral in the same manner that it holds, maintains and disposes of property for its own account. 

(i) Except as set forth in this Section 8.4 (ABL Loan Collateral Agent’s Rights upon Trigger Event) or as required under
applicable law, the ABL Loan Collateral Agent will have no duties or obligations under this Agreement or otherwise with respect to the Collateral. 

  

					
		  	19	  	PLEDGE AGREEMENT

 (j) The sale, transfer or other disposition under this Agreement of any right, title, or interest
of the Pledgor in any item of Collateral will: 
 (i) operate to divest the Pledgor permanently and all Persons claiming
under or through the Pledgor of that right, title, or interest, and 
 (ii) be a perpetual bar, both at law and in equity, to
any claims by the relevant Pledgor or any Person claiming under or through the Pledgor with respect to that item of Collateral. 
 (k) The
Pledgor further agrees that a breach of any of the covenants contained in this Section 8 (Enforcement of Security) will cause irreparable injury to the ABL Loan Collateral Agent, that the ABL Loan Collateral Agent has no adequate remedy
at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 8 (Enforcement of Security) will be specifically enforceable against the Pledgor, and the Pledgor hereby waives and agrees not
to assert any defenses against an action for specific performance of such covenants except for a defense that no default has occurred giving rise to the Second Lien Obligations becoming due and payable before their stated maturities. 

(l) By accepting the benefits of this Agreement and each other ABL Loan Security Document, the Second Lien Secured Parties expressly
acknowledge and agree that this Agreement and each other ABL Loan Security Document may be enforced only by the action of the ABL Loan Collateral Agent and that no other Second Lien Secured Party shall have any right individually to seek to enforce
or to enforce this Agreement or to realize upon the security to be granted hereby, it being understood and agreed that such rights and remedies may be exercised by the ABL Loan Collateral Agent for the benefit of the Second Lien Secured Parties upon
the terms of this Agreement and the other ABL Loan Security Documents. 
 8.5 No Marshaling. 

(a) The ABL Loan Collateral Agent need not, and the Pledgor irrevocably waives and agrees that it will not invoke or assert any law requiring
the ABL Loan Collateral Agent to: 
 (i) attempt to satisfy the Second Lien Obligations by collecting them from any other
Person liable for them; or 
 (ii) marshal any security or guarantee securing payment or performance of the Second Lien
Obligations or any particular asset of the Pledgor. 
 (b) The ABL Loan Collateral Agent may release, modify or waive any collateral or
guarantee provided by any other Person to secure any of the Second Lien Obligations, without affecting the ABL Loan Collateral Agent’s rights against the Pledgor. 

8.6 Securities Act. In view of the position of the Pledgor in relation to the Pledged Securities, or because of other current or future
circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar statute hereafter enacted analogous in purpose or effect (such Act and any such similar statute as from time to time in effect being
called the Federal Securities Laws) with respect to any disposition of the Pledged Securities permitted hereunder. The Pledgor understands that compliance with the Federal Securities Laws might very strictly limit the course of conduct of the
ABL Loan Collateral Agent if the ABL Loan Collateral Agent were to attempt to dispose of all or any part of the Pledged Securities, and might also limit the extent to which or the manner in which any subsequent transferee of any Pledged Securities
could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the ABL Loan Collateral Agent in any attempt to 

  

					
		  	20	  	PLEDGE AGREEMENT

 
dispose of all or part of the Pledged Securities under applicable Blue Sky or other state securities laws or similar laws analogous in purpose or effect. The Pledgor recognizes that in light of
such restrictions and limitations the ABL Loan Collateral Agent may, with respect to any sale of the Pledged Securities, limit the purchasers to those who will agree, among other things, to acquire such Pledged Securities for their own account, for
investment, and not with a view to the distribution or resale thereof. The Pledgor acknowledges and agrees that in light of such restrictions and limitations, the ABL Loan Collateral Agent, in its sole and absolute discretion, (a) may proceed
to make such a sale whether or not a registration statement for the purpose of registering such Pledged Securities or part thereof shall have been filed under the Federal Securities Laws and (b) may approach and negotiate with a single
potential purchaser to effect such sale. The Pledgor acknowledges and agrees that any such sale might result in prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions. In the event of any
such sale, the ABL Loan Collateral Agent shall incur no responsibility or liability for selling all or any part of the Pledged Securities at a price that the ABL Loan Collateral Agent, in its sole and absolute discretion, may in good faith deem
reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were deferred until after registration as aforesaid or if more than a single purchaser were approached. The
provisions of this Section 8.6 will apply notwithstanding the existence of a public or private market upon which the quotations or sales prices may exceed substantially the price at which the ABL Loan Collateral Agent sells. 

8.7 Registration. The Pledgor agrees that, upon the occurrence and during the continuance of a Trigger Event, if for any reason the ABL
Loan Collateral Agent desires to sell any of the Pledged Securities at a public sale, it will, at any time and from time to time, upon the written request of the ABL Loan Collateral Agent, use its best efforts to take or to cause the Company to take
such action and prepare, distribute and/or file such documents, as are required or advisable in the reasonable opinion of counsel for the ABL Loan Collateral Agent to permit the public sale of such Pledged Securities. The Pledgor further agrees to
indemnify, defend and hold harmless the ABL Loan Collateral Agent, each other Secured Party, any underwriter and their respective affiliates and their respective officers, directors, affiliates and controlling persons from and against all loss,
liability, expenses, costs of counsel (including reasonable fees and expenses to the ABL Loan Collateral Agent of legal counsel), and claims (including the costs of investigation) that they may incur insofar as such loss, liability, expense or claim
arises out of or is based upon any alleged untrue statement of a material fact contained in any prospectus (or any amendment or supplement thereto) or in any notification or offering circular, or arises out of or is based upon any alleged omission
to state a material fact required to be stated therein or necessary to make the statements in any thereof not misleading, except insofar as the same may have been caused by any untrue statement or omission based upon information furnished in writing
to the Pledgor or the Company by the ABL Loan Collateral Agent or any other Secured Party expressly for use therein. The Pledgor further agrees, upon such written request referred to above, to use its best efforts to qualify, file or register, or
cause Company to qualify, file or register, any of the Pledged Securities under the Blue Sky or other securities laws of such states as may be requested by the ABL Loan Collateral Agent and keep effective, or cause to be kept effective, all such
qualifications, filings or registrations. The Pledgor will bear all costs and expenses of carrying out its obligations under this Section 8.7 (Registration). The Pledgor acknowledges that there is no adequate remedy at law for failure by
it to comply with the provisions of this Section 8.7 (Registration) and that such failure would not be adequately compensable in damages, and therefore agrees that its agreements contained in this Section 8.7 (Registration)
may be specifically enforced. 

  

					
		  	21	  	PLEDGE AGREEMENT

 8.8 Intercreditor Agreement. Notwithstanding anything in this Agreement to the contrary,
the Lien and security interest granted to the ABL Loan Collateral Agent pursuant to this Agreement with respect to the Collateral shall be second in priority to the Lien and security interest granted to the First Lien Agent on behalf of the First
Lien Secured Parties under the Membership Interests First Lien Pledge Agreement. The exercise of any right or remedy by the ABL Loan Collateral Agent or any other Second Lien Secured Party hereunder is subject to the provisions of the Intercreditor
Agreement. In the event of any conflict or inconsistency between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control. In addition, to the extent any obligation of the Pledgor
hereunder, including any obligation to grant sole possession or control or deliver or assign property or funds to the ABL Loan Collateral Agent or any other Person (or register any property in the name of the ABL Loan Collateral Agent or any other
Person) conflicts or is inconsistent with (or any representation or warranty hereunder would, if required to be true, conflict or be inconsistent with) the obligations or requirements under a substantially similar provision of the Membership
Interests First Lien Pledge Agreement, such obligations or requirements under the Membership Interests First Lien Pledge Agreement, shall control, and the Pledgor shall not be required to fulfill such obligations (or make such representations and
warranties) hereunder, and shall be deemed not to be in violation of this Agreement as a result of its performance of the obligations or requirements of the Membership Interests First Lien Pledge Agreement. For the avoidance of doubt, the absence of
any specific reference to Section 8.8 (Intercreditor Agreement) in any other provision of this Agreement shall not be deemed to limit the generality of this Section 8.8 (Intercreditor Agreement). 

8.9 Waiver of Claims. Except as otherwise provided in this Agreement, THE PLEDGOR HEREBY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, NOTICE AND JUDICIAL HEARING IN CONNECTION WITH THE ABL LOAN COLLATERAL AGENT’S TAKING POSSESSION OR THE ABL LOAN COLLATERAL AGENT’S DISPOSITION OF ANY OF THE COLLATERAL, INCLUDING, WITHOUT LIMITATION, ANY AND ALL PRIOR NOTICE AND
HEARING FOR ANY PREJUDGMENT REMEDY OR REMEDIES, and the Pledgor hereby further waives, to the extent permitted by law: 
 (a) all damages
occasioned by such taking of possession or any such disposition except any damages which are the direct result of the ABL Loan Collateral Agent’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a
final and non-appealable decision); 
 (b) all other requirements as to the time, place and terms of sale or other requirements with respect
to the enforcement of the ABL Loan Collateral Agent’s rights hereunder; and 
 (c) all rights of redemption, appraisement, valuation,
stay, extension or moratorium now or hereafter in force under any applicable law in order to prevent or delay the enforcement of this Agreement or the absolute sale of the Collateral or any portion thereof, and the Pledgor, for itself and all who
may claim under it, insofar as it or they now or hereafter lawfully may, hereby waives the benefit of all such laws. 
 Any sale of, or the grant of options
to purchase, or any other realization upon, any Collateral shall operate to divest all right, title, interest, claim and demand, either at law or in equity, of the relevant Pledgor therein and thereto, and shall be a perpetual bar both at law and in
equity against the Pledgor and against any and all Persons claiming or attempting to claim the Collateral so sold, optioned or realized upon, or any part thereof, from, through and under the Pledgor. 

  

					
		  	22	  	PLEDGE AGREEMENT

	 	SECTION 9.	Application of Proceeds. 

 Any moneys received in connection with the Collateral
by the ABL Loan Collateral Agent after this Security has become enforceable must be applied in accordance with the terms of the Intercreditor Agreement. 
  

	 	SECTION 10.	Miscellaneous. 

 10.1 Amendments. Subject to the Intercreditor Agreement,
this Agreement may be modified or supplemented or waived only by an instrument or instruments in writing consented to and signed by the Pledgor and the ABL Loan Collateral Agent. 

10.2 No Waiver; Remedies Cumulative. The rights of the ABL Loan Collateral Agent under this Agreement (a) may be exercised as
often as necessary; (b) are cumulative and not exclusive of its rights under law or in equity, and (c) may be waived only in writing and specifically. Delay in exercising or non-exercise of any right is not a waiver of that right. Any
waiver, consent or amendment shall be effective only in the specific instance and for the specific purpose for which it was given and shall not entitle the Pledgor to any further or subsequent waiver, consent or amendment. 

10.3 No Third Party Beneficiaries. The agreement of the parties hereto are solely for the benefit of the Pledgor, the ABL Loan
Collateral Agent, and the other Second Lien Secured Parties and their respective successors and assigns, and no other Person will have any rights hereunder. 

10.4 Successors and Assigns; Benefit of Agreement. 

(a) All of the terms of this Agreement will be binding upon and inure to the benefit of and be enforceable by the Parties and their respective
successors and permitted assigns, and will be binding upon and inure to the benefit of and be enforceable by any holder or holders at any time of the Obligations owed to a Second Lien Secured Party, or any part thereof. 

(b) The Pledgor may not assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the prior written
consent of the ABL Loan Collateral Agent (acting on the instructions of the Administrative Agent) and the Inventory Collateral Agent (acting on the instructions of the Inventory Party), and any purported assignment, delegation or other transfer in
violation of this provision will be void and of no effect. 
 (c) The ABL Loan Collateral Agent may assign or transfer its rights under this
Agreement in the manner permitted under the Intercreditor Agreement. 
 (d) The Pledgor waives and will not assert against any assignee of
the ABL Loan Collateral Agent any claims, defenses or set offs which the Pledgor could assert against the prior ABL Loan Collateral Agent except for defenses which cannot be waived under applicable law. 

(e) The ABL Loan Collateral Agent and the other First Lien Secured Parties will hold in accordance with this Agreement (and to the extent
applicable, the Intercreditor Agreement) all items of the Collateral at any time received under this Agreement. It is expressly understood and agreed that the obligations of the ABL Loan Collateral Agent as holder of the Collateral and interests
therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement, the ABL Loan Documents and the Intercreditor Agreement. The ABL Loan Collateral Agent shall act hereunder
on the terms and conditions set forth herein, in the ABL Loan Documents and in the Intercreditor Agreement. 

  

					
		  	23	  	PLEDGE AGREEMENT

 10.5 Counterparts. This Agreement may be executed in one or more counterparts, including
by means of facsimile or other electronic transmission, each of which will be an original and all of which will together constitute one and the same document. Delivery of an executed signature page to this Agreement by facsimile or other electronic
transmission will be as effective as delivery of a manually signed counterpart of this Agreement. 
 10.6 Severability. Any provision
of this Agreement which is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining
provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 
 10.7 Notices. All
notices, requests, demands, consents, authorizations, directions, waivers and other communications made pursuant to the provisions hereof will be in writing and will be delivered personally or mailed by first class registered or certified mail,
postage prepaid or by overnight courier or facsimile at the address specified in the Intercreditor Agreement or such other address as may be furnished in accordance with the Intercreditor Agreement. All notices, requests, demands, consents,
authorizations, directions, waivers and other written communications will be effective on receipt. 
 10.8 Choice of Law. This
Agreement, the relationship between the Parties and any claim or dispute (whether sounding in contract, tort, statute or otherwise) relating to this Agreement or that relationship will be governed by and construed in accordance with law of the State
of New York including section 5-1401 of the New York General Obligations Law but excluding any other conflict of law rules that would lead to the application of the law of another jurisdiction. 

10.9 Jurisdiction. Each Party irrevocably submits to the exclusive jurisdiction of any New York State or U.S. Federal court sitting in
the City and County of New York for the settlement of any dispute in connection with this Agreement. The New York courts are the most appropriate and convenient courts to settle any such dispute and each Party waives objection to those courts on the
grounds of inconvenient forum or otherwise in relation to proceedings in connection with this Agreement. To the extent allowed by law, the ABL Loan Collateral Agent or any other Second Lien Secured Party may take (i) proceedings in any other
court and (ii) concurrent proceedings in any number of jurisdictions. 
 10.10 Waiver of Immunity. The Pledgor irrevocably and
unconditionally: 
 (a) agrees not to claim any immunity from proceedings brought by any Second Lien Secured Party against the Pledgor in
relation to this Agreement and to ensure that no such claim is made on its behalf; 
 (b) consents generally to the giving of any relief or
the issue of any process in connection with those proceedings; and 
 (c) waives all rights of immunity in respect of it or its assets. 

10.11 WAIVER OF TRIAL BY JURY. EACH PARTY WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN CONNECTION
WITH ANY INVENTORY DOCUMENT OR ANY TRANSACTION CONTEMPLATED BY ANY INVENTORY DOCUMENT. THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY THE COURT. 

  

					
		  	24	  	PLEDGE AGREEMENT

 10.12 Survival. The provisions of Section 3.2(a)(iii) (Filing of Financing
Statements), Section 10.8 (Choice of Law), Section 10.9 (Jurisdiction), 10.10 (Waiver of Immunity), 10.11 (Waiver of Trial by Jury) and this Section 10.12 (Survival) will survive execution and
delivery of this Agreement, the transactions contemplated in the ABL Loan Documents and the Inventory Documents, and the termination of this Agreement. 

10.13 Complete Agreement. This Agreement contains the complete agreement between the Parties on the matters to which it relates and
supersedes all prior commitments, agreements and understandings, whether written or oral, on those matters. 
 10.14 Release. So long
as no Trigger Event has occurred and is continuing at the time of such payment, the ABL Loan Collateral Agent hereby releases all Liens over the Collateral consisting of Distributions at such time as such Distributions are paid as permitted under
Section 6.19 of the Framework Agreement and Section 10.03 of the Credit Agreement. 

*            *           
 * 

  

					
		  	25	  	PLEDGE AGREEMENT

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and
deliver this Agreement on the date stated at the beginning of this Agreement. 
  

									
	HAWAII PACIFIC ENERGY, LLC,
	a Delaware limited liability company
			
		 	By:	 	Par Petroleum Corporation
		 		 	its sole member
				
		 		 	By:	 	 /s/ R. Seth Bullock

		 		 		 	Name:	 	R. Seth Bullock
		 		 		 	Title:	 	Chief Financial Officer

  
 Signature Page to Pledge
Agreement 

 
					
	DEUTSCH BANK AG NEW YORK BRANCH, as ABL Loan Collateral Agent
		
	By:	 	 /s/ Michael Getz

		 	Name:	 	Michael Getz
		 	Title:	 	Vice President
		
	By:	 	 /s/ Michael Winters

		 	Name:	 	Michael Winters
		 	Title:	 	Vice President

  
 Signature Page to Pledge
Agreement

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