Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
  

$65,000,000 
 CREDIT
AGREEMENT 
 among 

PAR WYOMING HOLDINGS, LLC 

as Borrower, 
 The
Several Lenders 
 from Time to Time Parties Hereto, 

and 
 CHAMBERS ENERGY
MANAGEMENT, LP, 
 as Agent 

Dated as of July 14, 2016 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 1.1
	  	 Defined Terms
	  	 	1	  
	 1.2
	  	 Other Definitional Provisions
	  	 	16	  
	 1.3
	  	 Computation of Time Periods
	  	 	17	  
		
	 ARTICLE II AMOUNT AND TERMS OF COMMITMENTS
	  	 	17	  
	 2.1
	  	 Loan Commitments
	  	 	17	  
	 2.2
	  	 Procedures for Borrowing
	  	 	17	  
	 2.3
	  	 Maturity Date
	  	 	17	  
	 2.4
	  	 Repayment of Loans; Evidence of Debt
	  	 	17	  
	 2.5
	  	 Fees
	  	 	18	  
	 2.6
	  	 Optional Prepayments
	  	 	18	  
	 2.7
	  	 Mandatory Prepayments
	  	 	19	  
	 2.8
	  	 Interest Rates, Payment Dates and Computation of Interest and Fees
	  	 	20	  
	 2.9
	  	 Application of Payments; Place of Payments
	  	 	21	  
	 2.10
	  	 Requirements of Law
	  	 	22	  
	 2.11
	  	 Taxes
	  	 	23	  
	 2.12
	  	 Indemnity
	  	 	25	  
	 2.13
	  	 Change of Lending Office
	  	 	25	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	26	  
	 3.1
	  	 Financial Condition
	  	 	26	  
	 3.2
	  	 No Change
	  	 	26	  
	 3.3
	  	 Corporate Existence; Compliance with Law
	  	 	26	  
	 3.4
	  	 Entity Power; Authorization; Enforceable Obligations
	  	 	27	  
	 3.5
	  	 No Legal Bar
	  	 	27	  
	 3.6
	  	 Existing Indebtedness
	  	 	27	  
	 3.7
	  	 No Material Litigation
	  	 	27	  
	 3.8
	  	 No Default
	  	 	27	  
	 3.9
	  	 Ownership of Property
	  	 	27	  
	 3.10
	  	 Insurance
	  	 	28	  
	 3.11
	  	 Intellectual Property
	  	 	28	  
	 3.12
	  	 Taxes
	  	 	28	  
	 3.13
	  	 Federal Regulations
	  	 	28	  
	 3.14
	  	 Labor Matters
	  	 	28	  
	 3.15
	  	 ERISA Plans
	  	 	29	  
	 3.16
	  	 Regulations
	  	 	29	  
	 3.17
	  	 Capital Stock; Subsidiaries
	  	 	29	  
	 3.18
	  	 Use of Proceeds
	  	 	30	  
	 3.19
	  	 Environmental Matters
	  	 	30	  
	 3.20
	  	 Accuracy of Information, etc.
	  	 	31	  
	 3.21
	  	 Security Documents
	  	 	31	  
	 3.22
	  	 Solvency
	  	 	31	  
	 3.23
	  	 Hedging Agreements
	  	 	31	  
	 3.24
	  	 Contingent Obligations
	  	 	32	  
	 3.25
	  	 Bank and Other Accounts
	  	 	32	  
	 3.26
	  	 Access Agreements
	  	 	32	  

  
 i 

							
	 3.27
	  	 Material Contracts
	  	 	32	  
	 3.28
	  	 Acquisition; Acquisition Documents
	  	 	32	  
	 3.29
	  	 No Burdensome Restrictions
	  	 	33	  
		
	 ARTICLE IV CONDITIONS PRECEDENT
	  	 	33	  
	 4.1
	  	 Conditions to Closing Date
	  	 	33	  
	 4.2
	  	 Conditions Deemed Fulfilled
	  	 	35	  
		
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	 	36	  
	 5.1
	  	 Financial Statements
	  	 	36	  
	 5.2
	  	 Other Reporting
	  	 	36	  
	 5.3
	  	 Certificates; Other Information
	  	 	37	  
	 5.4
	  	 Payment of Obligations
	  	 	39	  
	 5.5
	  	 Maintenance of Existence; Compliance with Obligations, Requirements, etc.
	  	 	39	  
	 5.6
	  	 Operation and Maintenance of Property
	  	 	39	  
	 5.7
	  	 Insurance
	  	 	39	  
	 5.8
	  	 Inspection of Property; Books and Records; Discussions
	  	 	40	  
	 5.9
	  	 Notices
	  	 	40	  
	 5.10
	  	 Environmental Laws
	  	 	41	  
	 5.11
	  	 Collateral Matters
	  	 	41	  
	 5.12
	  	 Use of Proceeds
	  	 	41	  
	 5.13
	  	 Patriot Act Compliance
	  	 	41	  
	 5.14
	  	 Further Assurances
	  	 	41	  
	 5.15
	  	 Balance Sheet
	  	 	42	  
		
	 ARTICLE VI NEGATIVE COVENANTS
	  	 	42	  
	 6.1
	  	 Financial Condition Covenants
	  	 	42	  
	 6.2
	  	 Indebtedness
	  	 	42	  
	 6.3
	  	 Liens
	  	 	43	  
	 6.4
	  	 Fundamental Changes
	  	 	45	  
	 6.5
	  	 Disposition of Property
	  	 	45	  
	 6.6
	  	 Restricted Payments
	  	 	46	  
	 6.7
	  	 Expenditures
	  	 	47	  
	 6.8
	  	 Investments
	  	 	47	  
	 6.9
	  	 Transactions with Affiliates
	  	 	48	  
	 6.10
	  	 Sales and Leasebacks
	  	 	48	  
	 6.11
	  	 Changes in Fiscal Periods
	  	 	48	  
	 6.12
	  	 Negative Pledge Clauses
	  	 	48	  
	 6.13
	  	 Restrictions on Subsidiary Distributions
	  	 	48	  
	 6.14
	  	 Lines of Business; Holding Company Status of Borrower
	  	 	48	  
	 6.15
	  	 ERISA Plans
	  	 	49	  
	 6.16
	  	 Hedging Agreements
	  	 	49	  
	 6.17
	  	 New Subsidiaries
	  	 	49	  
	 6.18
	  	 Use of Proceeds
	  	 	49	  
	 6.19
	  	 Bank Accounts
	  	 	49	  
	 6.20
	  	 Amendments to Certain Documents and Agreements
	  	 	49	  
		
	 ARTICLE VII EVENTS OF DEFAULT
	  	 	50	  
	 7.1
	  	 Events of Default
	  	 	50	  
	 7.2
	  	 Remedies
	  	 	52	  

  
 ii 

							
	 ARTICLE VIII THE AGENT
	  	 	52	  
	 8.1
	  	 Appointment
	  	 	52	  
	 8.2
	  	 Delegation of Duties
	  	 	53	  
	 8.3
	  	 Exculpatory Provisions
	  	 	53	  
	 8.4
	  	 Reliance by Agent
	  	 	53	  
	 8.5
	  	 Notice of Default
	  	 	53	  
	 8.6
	  	 Non Reliance on Agent and Other Lenders
	  	 	54	  
	 8.7
	  	 Indemnification
	  	 	54	  
	 8.8
	  	 Agent in its Individual Capacity
	  	 	55	  
	 8.9
	  	 Successor Agent
	  	 	55	  
	 8.10
	  	 Collateral Matters
	  	 	55	  
	 8.11
	  	 Withholding Tax
	  	 	56	  
		
	 ARTICLE IX MISCELLANEOUS
	  	 	56	  
	 9.1
	  	 Amendments and Waivers
	  	 	56	  
	 9.2
	  	 Notices
	  	 	57	  
	 9.3
	  	 No Waiver; Cumulative Remedies
	  	 	58	  
	 9.4
	  	 Survival of Representations and Warranties
	  	 	58	  
	 9.5
	  	 Payment of Expenses
	  	 	58	  
	 9.6
	  	 Indemnification; Waiver
	  	 	59	  
	 9.7
	  	 Successors and Assigns; Participations and Assignments
	  	 	60	  
	 9.8
	  	 Adjustments; Set off
	  	 	63	  
	 9.9
	  	 Counterparts
	  	 	63	  
	 9.10
	  	 Severability
	  	 	64	  
	 9.11
	  	 Integration; Construction
	  	 	64	  
	 9.12
	  	 GOVERNING LAW
	  	 	64	  
	 9.13
	  	 Submission To Jurisdiction; Waivers
	  	 	64	  
	 9.14
	  	 Acknowledgments
	  	 	65	  
	 9.15
	  	 Confidentiality
	  	 	65	  
	 9.16
	  	 Release of Collateral and Guarantee Obligations
	  	 	65	  
	 9.17
	  	 Interest Rate Limitation
	  	 	66	  
	 9.18
	  	 Accounting Changes
	  	 	67	  
	 9.19
	  	 WAIVERS OF JURY TRIAL
	  	 	67	  
	 9.20
	  	 Customer Identification – USA PATRIOT Act Notice
	  	 	67	  
	 9.21
	  	 Creditor-Debtor Relationship
	  	 	67	  

  
 iii 

 SCHEDULES: 
  

			
	 1.1(a)
	  	Commitments
	 3.1(b)
	  	Guarantee Obligations
	 3.4
	  	Consents, Authorizations, Filings and Notices
	 3.6
	  	Existing Indebtedness
	 3.17
	  	Capital Stock Ownership
	 3.19-1
	  	Environmental Matters
	 3.19-2
	  	Environmental Proceedings
	 3.21-1
	  	Security Agreement UCC Filing Jurisdictions
	 3.21-2
	  	UCC Financing Statements to Remain on File
	 3.21-3
	  	UCC Financing Statements to be Terminated
	 3.27
	  	Material Contracts

 EXHIBITS: 
  

			
	 A
	  	Form of Borrowing Notice
	 B
	  	Form of Compliance Certificate
	 C-1
	  	Form of Guarantee and Security Agreement
	 C-2
	  	Form of Parent Guarantee and Security Agreement
	 D
	  	Form of Solvency Certificate
	 E
	  	Form of Note
	 F
	  	Form of Interest Election Notice
	 G
	  	Form of Exemption Certificate
	 H
	  	Form of Assignment and Acceptance

  
 iv 

 This CREDIT AGREEMENT, dated as of July 14, 2016, is by and among PAR WYOMING HOLDINGS, LLC, a
Delaware limited liability company (“Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (the “Lenders”) and CHAMBERS ENERGY
MANAGEMENT, LP, as administrative agent (in such capacity, “Agent”). 
 W I T N E S S E T H: 

WHEREAS, Borrower has requested that the Lenders make term loans to Borrower in the aggregate principal amount of up to $65,000,000; and 

WHEREAS, the Lenders are willing to make term loans to Borrower on the terms and conditions of this Agreement; 

NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the parties hereto hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 1.1 Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set
forth in this Section 1.1. 
 Acceptable Security Interest: in any Property, a Lien which (a) exists in favor of Agent
for the benefit of the Secured Parties, (b) is superior to all Liens or rights of any other Person in the Property encumbered thereby (other than Permitted Liens), (c) secures the Obligations, and (d) is perfected and enforceable. 

Access Agreement: an access agreement executed and delivered by each Person on whose premises any Loan Party (other than
Parent) maintains any Collateral and such Loan Party in favor of Agent, in a form and substance satisfactory to Agent. 
 Accounting
Change: as defined in Section 9.18. 
 Acquisition: the acquisition of all of the Capital Stock of
Hermes by Par Wyoming described in Section 4.1(u) pursuant to the Acquisition Documents. 
 Acquisition
Agreement: the Unit Purchase Agreement dated as of June 14, 2016, among Black Elk Refining, LLC, a Delaware limited liability company, as seller, Par Wyoming, as buyer, and Par Pacific, for the limited purposes specified therein,
as the same may be amended, supplemented, replaced or otherwise modified from time to time as permitted by this Agreement. 

Acquisition Documents: collectively, the Acquisition Agreement and all schedules, exhibits, annexes and amendments thereto
and all side letters and agreements affecting the terms thereof or entered into in connection therewith, together with all bills of sale, assignments, agreements, instruments and other documents executed, made or delivered by any Person in
connection with the Acquisition, in each case in form and substance reasonably acceptable to Agent, in each case, as amended, supplemented, or otherwise modified from time to time as permitted by this Agreement. 

Affiliate: as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under
common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having 

  
 1 

 
ordinary voting power for the election of directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person,
whether by contract or otherwise. Notwithstanding the foregoing, no Lender shall be deemed to be an Affiliate of the Loan Parties. 

Agent: as defined in the preamble hereto. 

Aggregate Exposure: with respect to any Lender at any time, an amount equal to (a) until the funding of the Loans on the Closing
Date, such Lender’s Commitment at such time or (b) thereafter, the aggregate then unpaid principal amount of such Lender’s Loans. 

Aggregate Exposure Percentage: with respect to any Lender at any time, the ratio (expressed as a percentage) of such
Lender’s Aggregate Exposure at such time to the sum of the Aggregate Exposures of all Lenders at such time. 

Agreement: this Credit Agreement, as amended, restated, replaced, supplemented or otherwise modified from time to time.

 Applicable Interest Margin: (i) with respect to Cash Interest, a rate per annum equal to 9.5% and (ii) with respect to
PIK Interest, a rate per annum equal to 13%. 
 Applicable Premium: as defined in Section 2.6(a). 

Approved Counterparty: (i) Bank of America, N.A. or an Affiliate thereof, (ii) Goldman Sachs or an Affiliate
thereof, or (iii) another party reasonably approved by Agent. 
 Asset Sale: any Disposition of Property or series of
related Dispositions of Property (excluding any such Disposition permitted by clauses (b), (c), (d) or (e) of Section 6.5). 

Assignee: as defined in Section 9.7(c). 

Assignment and Acceptance: as defined in Section 9.7(c). 

Assignor: as defined in Section 9.7(c). 

Bank Product Indebtedness: Indebtedness and other obligations of Par Wyoming or any Subsidiary thereof relating to Bank
Products (as such term is defined in the First Lien Credit Agreement as in effect on the date hereof). 
 Bankruptcy
Code: Title 11 of the United States Code. 
 Benefitted Lender: as defined in Section 9.8(a).

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

Borrowed Money: with respect to Hermes or any Subsidiary thereof, without duplication, its (a) Indebtedness that (i) arises
from the lending of money by any Person thereto, (ii) is evidenced by notes, drafts, bonds, debentures, credit documents or similar instruments, (iii) accrues interest or is a type upon which interest charges are customarily paid (excluding trade
payables owing in the ordinary course of business), or (iv) was issued or assumed as full or partial payment for Property; (b) Capital Leases; (c) reimbursement obligations with respect to letters of credit; and (d) guarantees of any
Indebtedness of the foregoing types owing by another Person. 

  
 2 

 Borrower: as defined in the preamble hereto. 

Borrowing Notice: with respect to any request for borrowing of Loans hereunder, a notice from Borrower, substantially in
the form of, and containing the information prescribed by, Exhibit A, delivered to Agent. 
 Business Day: a
day other than a Saturday, Sunday or other day on which commercial banks in New York City, New York, or Houston, Texas are authorized or required by law to close. 

Capital Expenditures: for any period, with respect to any Person, the aggregate of all expenditures and costs (whether paid
in cash or accrued as liabilities during that period and including that portion of payments under Capital Leases that are capitalized on the balance sheet of such Person) by such Person and its Subsidiaries during such period which are required to
be capitalized under GAAP on a balance sheet of such Person. 
 Capital Lease: any lease of a Person with respect to (or
other arrangement conveying to a Person the right to use) any Property or a combination thereof, the obligations under which are required to be classified and accounted for as a capital lease on a balance sheet of such Person under GAAP. 

Capital Lease Obligations: with respect to any Person, the obligations of such Person to pay rent or other amounts under
any Capital Lease and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 

Capital Stock: any and all shares, interests, participations or other equivalents (however designated) of capital stock of
a corporation, any and all equivalent membership, partnership or other ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 

Cash Equivalents: (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States government or
issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition; (b) certificates of deposit, time deposits, or overnight bank deposits having maturities
of six months or less from the date of acquisition issued by any Lender or by any commercial bank organized under the laws of the United States of America or any state thereof having combined capital and surplus of not less than $500,000,000; (c)
commercial paper of an issuer rated at least A-2 by S&P or P-2 by Moody’s, or carrying an equivalent rating by a “nationally recognized statistical rating organization” (within the meaning of proposed Rule 3b-10 promulgated by the
SEC under the Exchange Act), if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within six months from the date of acquisition; (d) repurchase obligations of any Lender or of any
commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days with respect to securities issued or fully guaranteed or insured by the United States government; (e) securities with maturities of
one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory, the securities of
which state, commonwealth, territory, political subdivision or taxing authority (as the case may be) are rated at least A by S&P or A by Moody’s; (f) securities with maturities of six months or less from the date of acquisition backed by
standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition; and (g) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements
of clauses (a) through (f) of this definition. 

  
 3 

 Cash Interest: as defined in Section 2.8(d). 

Casualty Recovery Event: any settlement of or payment in respect of any property or casualty insurance claim or any
condemnation proceeding (or proceeding in lieu thereof) relating to any asset of any Credit Party. 
 Change of
Control: the occurrence of any of the following events: (a) Par Pacific shall cease to own and control, of record and beneficially, directly, 100% of each class of outstanding Capital Stock of Parent, (b) Parent shall cease to own
and control, of record and beneficially, directly, 100% of each class of outstanding Capital Stock of Borrower, (c) Borrower shall cease to own and control, of record and beneficially, directly, 100% of each class of outstanding Capital Stock of Par
Wyoming, or, indirectly, 100% of each class of outstanding Capital Stock of Hermes or other Subsidiary of Borrower, or (d) Par Wyoming shall cease to own and control, of record and beneficially, directly, 100% of each class of outstanding Capital
Stock of Hermes, in each case free and clear of all Liens (except Liens created by the Guarantee and Security Agreement and the First Lien Loan Documents). 

Closing Date: the date on which the conditions precedent set forth in Section 4.1 shall have been satisfied. 

Code: the Internal Revenue Code of 1986, as amended from time to time, the regulations thereunder and publicly available
interpretations thereof. 
 Collateral: all Property of the Loan Parties, now owned or hereafter acquired, upon which a
Lien is purported to be created by any Security Document. 
 Commitment: as to any Lender, the obligation of such Lender, if
any, to make a Loan to Borrower hereunder in a principal amount not to exceed the amount set forth under the heading “Commitment” opposite such Lender’s name on Schedule 1.1(a) hereto, or, as the case may be, in the
Assignment and Acceptance pursuant to which such Lender became a party hereto, as the same may be reduced pursuant to Section 2.1. The original aggregate amount of the Commitments is $65,000,000. 

Commitment Letter: that certain Letter Agreement, dated as of June 14, 2016, among Par Pacific, Chambers Energy
Management, LP and Chambers Energy Capital III, LP. 
 Compliance Certificate: a certificate duly executed by a Responsible
Officer, substantially in the form of Exhibit B. 
 Consolidated EBITDA: for any period, determined on a
consolidated basis for Borrower and its Subsidiaries, net income, calculated before (a) interest expense, (b) provision for income taxes, (c) depreciation and amortization expense, (d) gains or losses arising from the sale of capital assets, (e)
gains or losses arising from the write-up or write-down of assets (including non-cash inventory gains or losses), (f) any extraordinary gains or losses or non-recurring gains or non-recurring losses (in the case of non-recurring losses, the
characterization of a loss as a non-recurring loss is subject to concurrence of Agent as determined in its reasonable discretion), (g) unrealized gains or losses with respect to obligations with respect to Hedging Agreements, (h) non-cash
compensation expenses, (i) income, gains, expenses or losses resulting from allocations of the purchase price made in connection with the Acquisition, (j) to the extent not capitalized: (1) non-cash charges and expenses related to the
Acquisition, (2) severance expense related to the Acquisition and incurred no later than twelve months following the consummation of the Acquisition and (3) one-time transaction fees and expenses related to the Acquisition (including

  
 4 

 
related amendments to this Agreement) that (A) are paid by third parties or an Affiliate of Par Pacific and not paid by Borrower or its Subsidiaries (to the extent that such fees and expenses are
deducted in calculating net income) or (B) if paid by Borrower or its Subsidiaries, do not exceed $3,000,000 in the aggregate from and after July 1, 2016, (k) gains and expenses arising from a change in accounting treatment as a result of the
Acquisition, and (l) operating expenses solely relating to scheduled refinery “turnarounds” or scheduled downtime of the refinery in excess of five days which expenses (i) if incurred in connection with a “turnaround” that is
completed within twelve months following the Closing Date, shall not exceed $5,000,000 during the term of this Agreement and (ii) if incurred in connection with any other “turnaround” or scheduled downtime of the refinery in excess of five
days, are subject to the approval of Agent in its reasonable discretion (in each case, to the extent included in determining net income). Notwithstanding anything to contrary herein, Consolidated EBITDA shall be calculated as follows: (I) for the
quarter ending September 30, 2016, Consolidated EBITDA for such quarter shall be multiplied by 4; (II) for the two-quarter period ending December 31, 2016, Consolidated EBITDA for such period shall be multiplied by 2; and (III) for the
three-quarter period ending March 31, 2017, Consolidated EBITDA for such period shall be multiplied by 4/3. 
 Consolidated
Leverage Ratio: as at the last day of any period of four consecutive fiscal quarters of Borrower, the ratio of (a) Consolidated Total Debt on such day to (b) Consolidated EBITDA for such period. 

Consolidated Total Debt: at any date, the aggregate principal amount of all Indebtedness of Borrower and its Subsidiaries
at such date, determined on a consolidated basis in accordance with GAAP. 
 Constituent Documents: with respect to any
Person, (a) the articles or certificate of incorporation, certificate of formation or partnership, articles of organization, limited liability company agreement or agreement of limited partnership (or the equivalent organizational documents) of such
Person, (b) the by-laws (or the equivalent governing documents) of such Person and (c) any document setting forth the manner of election and duties of the directors or managing members of such Person (if any) and the designation, amount or relative
rights, limitations and preferences of any class or series of such Person’s Capital Stock. 
 Contingent Obligation: of a
Person, any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or
liability of any other Person, or agrees to maintain the net worth or working capital or other financial condition of any other Person, or otherwise assures any creditor of such other Person against loss, including any comfort letter, operating
agreement, take or pay contract or the obligations of any such Person as general partner of a partnership with respect to the liabilities of the partnership. 

Contractual Obligation: with respect to any Person, any term, condition or provision of any security issued by such Person
or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its Property is bound. 

Credit Parties: Borrower, Par Wyoming and Hermes and each of their respective Subsidiaries. 

Default: any of the events specified in Article VII, whether or not any requirement for the giving of notice, the lapse of
time, or both, has been satisfied. 
 Default Rate: as defined in Section 2.8(b). 

Defensible Title: good and indefeasible title, free and clear of all Liens other than Permitted Liens. 

  
 5 

 Disposition: with respect to any Property, any sale, lease, sale and leaseback
transaction, assignment, conveyance, transfer or other disposition (including by way of a merger or consolidation) of such Property or any interest therein (excluding the creation of any Permitted Lien on such Property but including the sale or
factoring at maturity or collection of any accounts or permitting or suffering any other Person to acquire any interest (other than a Permitted Lien) in such Property) or the entering into any agreement to do any of the foregoing; and the terms
“Dispose” and “Disposed of” shall have correlative meanings. 
 Disqualified Stock: as
to any Person, any Capital Stock of such Person that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable) or otherwise (including upon the occurrence of an event) requires the payment of
dividends (other than dividends payable solely in Capital Stock which does not otherwise constitute Disqualified Stock) or matures or is required to be redeemed (pursuant to any sinking fund obligation or otherwise) or is convertible into or
exchangeable for Indebtedness or is redeemable at the option of the holder thereof, in whole or in part, at any time on or prior to the date six months after the Maturity Date. 

Dollars and $: lawful currency of the United States of America. 

Environmental Laws: any and all applicable laws, rules, orders, regulations, statutes, ordinances, codes, decrees or other
legally enforceable requirements of any Governmental Authority regulating, relating to or imposing liability or standards of conduct concerning pollution, protection of the environment, natural resources, or occupational health and safety, in each
case, in any and all jurisdictions in which any Credit Party owns or leases property or conducts business or in which any Collateral is located, including the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. §
9601 et seq., the Hazardous Materials Transportation Act, 49 U.S.C. § 5101 et seq., the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq., the Clean Water Act, 33 U.S.C. § 1251 et
seq., the Clean Air Act, 42 U.S.C. § 7401 et seq., the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq., the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. § 136 et seq., the Oil
Pollution Act of 1990, 33 U.S.C. § 2701 et seq., the Occupational Safety and Health Act, 29 U.S.C. § 651 et seq., and the regulations promulgated pursuant thereto, and all analogous state or local statutes and
regulations. 
 Environmental Permits: any and all permits, licenses, approvals, registrations, notifications, exemptions
and other authorizations required or obtained under any Environmental Law. 
 Event of Default: any of the events
specified in Article VII; provided that any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 

Exchange Act: the Securities Exchange Act of 1934, as amended. 

Expenses Letter Agreement: that certain Letter Agreement, dated as of June 14, 2016, between Par Pacific and Chambers
Energy Management, LP. 
 FATCA: Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any
amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1)
of the Code. 

  
 6 

 Federal Funds Effective Rate: for any day, the weighted average of the rates
on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for
any day which is a Business Day, the average of the quotations for the day of such transactions received by Agent from three federal funds brokers of recognized standing selected by Agent. 

First Lien Cash Collateral Account: the account at Bank of America, N.A. that is in the name of Hermes (or any successor
account) that holds the Required Cash Collateral (as defined in the First Lien Credit Agreement) and supports the First Lien Obligations. 

First Lien Credit Agreement: that certain Third Amended and Restated Loan Agreement, dated as of April 30, 2015, among
Black Elk Refining, LLC, a Delaware limited liability company, as a guarantor, Hermes, as borrower, Wyoming Pipeline Company, LLC, a Wyoming limited liability company, as borrower, and Bank of America, N.A., as a First Lien Lender (as amended by
that certain First Amendment to Third Amended and Restated Loan Agreement, dated as of May 9, 2016, that certain Second Amendment to Third Amended and Restated Loan Agreement, dated as of May 25, 2016, that certain Third Amendment to Third
Amended and Restated Loan Agreement, dated as of July 14, 2016, and that certain Fourth Amendment to Third Amended and Restated Loan Agreement dated as of July 14, 2016, among Par Wyoming, Hermes, Wyoming Pipeline Company, LLC and First
Lien Lender, and as further amended, modified or supplemented to the date hereof), as such agreement may be amended, restated, supplemented, replaced or otherwise modified after the date hereof from time to time as permitted by this Agreement. 

First Lien Lender: the lender or lenders under the First Lien Credit Agreement. 

First Lien Loan Documents: the First Lien Credit Agreement, each note, guarantee, security agreement, mortgage, deed of trust,
and each certificate, agreement, instrument, waiver, consent or document executed by a Credit Party (other than a Loan Party) in favor of the First Lien Lender in connection with or pursuant to any of the foregoing, in each case, as amended,
restated, supplemented, replaced or otherwise modified prior to the date hereof and as the same may be amended, restated, supplemented, replaced or otherwise modified after the date hereof from time to time as permitted by this Agreement. 

First Lien Obligations: the “Obligations” as such term is defined in the First Lien Credit Agreement. 

First Lien Refinancing Conditions: the following conditions for First Lien Refinancing Indebtedness: (a) it is in a maximum
aggregate principal amount that does not exceed (i) in the case of a refinancing of the First Lien Revolver Loans, the lower of (x) the aggregate principal amount of the revolving commitments in effect immediately prior to such refinancing and
(y) $60,000,000, and (ii) in the case of a refinancing of the First Lien Term Loans, the aggregate principal amount of the First Lien Term Loans outstanding immediately prior to such refinancing; (b) the representations, covenants and defaults,
taken as a whole, applicable to it are generally no less favorable in material respects to the Credit Parties than those applicable to the First Lien Obligations being extended, renewed or refinanced; (c) no additional Person is obligated on such
First Lien Refinancing Indebtedness; (d) upon giving effect to it, no Default or Event of Default exists; (e) the applicable margin or similar component of the interest rate applicable thereto is no higher than the applicable margin or similar
component of the interest rate applicable to the First Lien Obligations immediately prior to such refinancing; and (f) the lenders for such First Lien Refinancing Indebtedness shall be commercial banks, institutional investors reasonably acceptable
to Agent, an affiliate of any lender to Par Pacific on the Closing Date, or an affiliate of any purchaser of notes issued by Par Pacific on the Closing Date. 

  
 7 

 First Lien Refinancing Indebtedness: Borrowed Money that is the result of an
extension, renewal or refinancing of Indebtedness permitted under Section 6.2(n) or (o) subject to the satisfaction of the First Lien Refinancing Conditions. 

First Lien Revolver Loans: the Revolver Loans (as defined in the First Lien Credit Agreement as of the date hereof) incurred by
Hermes under the First Lien Credit Agreement. 
 First Lien Term Loans: the Term Loans (as defined in the First Lien Credit
Agreement as of the date hereof) incurred by Hermes under the First Lien Credit Agreement prior to the date hereof. 
 Funding
Office: the office specified from time to time by Agent as its funding office by notice to Borrower and the Lenders. 

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

Governmental Authority: any nation or government, any state or other political subdivision thereof, any province,
commonwealth, territory, possession, county, parish, town, township, village or municipality and any entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, in each case,
whether now existing or hereafter constituted or existing. 
 Granting Lender: as defined in Section 9.7(g). 

Guarantee and Security Agreement: the Guarantee and Security Agreement to be executed and delivered by Borrower, any other Loan
Party (other than Parent) and Agent, substantially in the form of Exhibit C-1, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

Guarantee Obligation: as to any Person (the “guaranteeing person”), any obligation of (a) the guaranteeing
person or (b) another Person (including any bank under any letter of credit), if to induce the creation of such obligation of such other Person, the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either
case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or
indirectly, including any obligation of the guaranteeing person, whether or not contingent, (w) to purchase any such primary obligation or any Property constituting direct or indirect security therefor, (x) to advance or supply funds (i) for the
purchase or payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (y) to purchase Property, securities or
services, in each case, primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (z) otherwise to assure or hold harmless the owner of any such
primary obligation against loss in respect thereof; provided that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation
of any guaranteeing person shall be deemed to be the lower of (I) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (II) the maximum amount for which such
guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in
which case the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by Borrower in good faith. 

  
 8 

 Guarantor: each Person who is a party as a “Guarantor” and
“Grantor” to the Guarantee and Security Agreement or the Parent Guarantee and Security Agreement. 
 Hedging
Agreement: with respect to any Person, any agreement or arrangement, or any combination thereof (including any options to enter into any of the following), consisting of (a) interest rate or currency swaps, caps or collar agreements,
foreign exchange agreements or similar arrangements entered into by such Person providing for protection against fluctuations in interest rates, currency exchange rates or the exchange of nominal interest obligations, either generally or under
specific contingencies or (b) any cap transactions, floor transactions, collar transactions, commodity swap, commodity option, forward commodity contracts, or other similar agreement, arrangement or transaction dealing with commodities or commodity
prices, either generally or under specific contingencies. 
 Hermes: Hermes Consolidated, LLC, a Delaware limited liability
company. 
 Highest Lawful Rate: with respect to each Lender, the maximum nonusurious interest rate, if any, that at any time
or from time to time may be contracted for, taken, reserved, charged or received on the Loans or on other Indebtedness under laws applicable to such Lender which are presently in effect or, to the extent allowed by law, under such applicable laws
which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws allow as of the date hereof. 

Hydrocarbons: collectively, oil, gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate and all other
liquid or gaseous hydrocarbons and related minerals and all products therefrom, in each case whether in a natural or a processed state. 

Indebtedness: of any Person at any date, without duplication (a) all indebtedness of such Person for borrowed money, (b) all
obligations of such Person for the deferred purchase price of Property or services, (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional
sale or other title retention agreement with respect to Property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such Property),
(e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under acceptance, letter of credit or similar facilities, (g) all Disqualified Stock of such Person, (h)
all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (g) above; (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for which the holder of such
obligation has an existing right, contingent or otherwise, to be secured by) any Lien on Property (including accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such
obligation; and (j) all obligations (netted, to the extent provided for therein) of such Person in respect of Hedging Agreements (including obligations and liabilities arising in connection with or as a result of early or premature termination of a
Hedging Agreement, whether or not occurring as a result of a default thereunder). The Indebtedness of a Person shall include the Indebtedness of any other Person (including any partnership in which such Person is a general partner) to the extent
such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor. 

Indemnified Liabilities: as defined in Section 9.6. 

Indemnitee: as defined in Section 9.6. 

Independent Accountants: Deloitte & Touche LLP or such other independent certified public accountants reasonably
acceptable to Agent. 

  
 9 

 Intellectual Property: the collective reference to all rights, priorities and
privileges relating to intellectual property, whether arising under United States, state, multinational or foreign laws or otherwise, including, copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, service-marks,
technology, know-how and processes, licenses or rights to use databases, geological data, geophysical data, engineering data, seismic data, maps, interpretations and other technical information, recipes, formulas, trade secrets and all rights to sue
at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

Interest Election Notice: as defined in Section 2.8(d). 

Interest Payment Date: (a) the last day of each fiscal quarter, commencing with the fiscal quarter in which the Closing
Date occurs, (b) the Maturity Date and (c) the date of any repayment or prepayment made with respect to any Loan. 
 Interest
Rate: a rate per annum equal to LIBOR plus the Applicable Interest Margin, but in no event to exceed the Highest Lawful Rate. 

Investment: for any Person (a) the acquisition (whether for cash, Property of such Person, services or securities or
otherwise) of Capital Stock, bonds, notes, debentures, debt securities, partnership or other ownership interests or other securities of, or any Property constituting an ongoing business of, or the making of any capital contribution to, any other
Person or any agreement to make any such acquisition or capital contribution, (b) the making of any deposit with, or advance, loan or other extension of credit to, any other Person (including the purchase of Property from another Person subject to
an understanding or agreement, contingent or otherwise, to resell such Property to such Person, but excluding any such advance, loan or extension of credit having a term not exceeding 90 days representing the purchase price of inventory or supplies
sold in the ordinary course of business), (c) the entering into of any Guarantee Obligation, or other Contingent Obligation, with respect to Indebtedness or other liability of any other Person, and (d) any other investment that would be classified
as such on a balance sheet of such Person in accordance with GAAP. 
 knowledge: with respect to any Person, the actual
knowledge (after due and diligent investigation) of such Person. 
 Lenders: as defined in the preamble hereto. 

LIBOR: for each calendar quarter, a rate of interest determined by Agent equal to the greater of: (a) 1.00% and (b) the offered
rate for three-month deposits in Dollars that appears on Reuters Screen LIBOR01 (or any successor thereto) as of 11:00 a.m. (London time) on the second full LIBOR Business Day preceding the first day of each calendar quarter (unless such date is not
a Business Day, in which event the next succeeding Business Day will be used). 
 If such interest rates shall cease to be available from
such service, LIBOR shall be determined from such comparable publicly available financial reporting service for displaying Eurodollar rates as shall be selected by Agent and if such interest rates shall become generally unavailable, then
“LIBOR” shall be deemed to mean the rate of interest per annum equal to the sum of the Federal Funds Effective Rate in effect from time to time plus 0.50%. 

LIBOR Business Day: a Business Day on which banks in the city of London, England are generally open for dealings in Dollar
deposits in the London interbank market. 

  
 10 

 Lien: any mortgage, pledge, hypothecation, assignment, encumbrance, lien
(statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever intended to assure payment or performance of any Indebtedness or other
obligation (including any conditional sale or other title retention agreement, the interest of a lessor under a Capital Lease, any financing lease having substantially the same economic effect as any of the foregoing and the filing of any financing
statement under the UCC or comparable law of any jurisdiction naming the owner of the asset to which such Lien relates as debtor). 

Loans: as defined in Section 2.1. 

Loan Documents: this Agreement, the Security Documents, the Notes, and each certificate, agreement, instrument, waiver,
consent or document executed by a Loan Party and delivered to Agent or any Lender in connection with or pursuant to any of the foregoing. 

Loan Parties: Borrower and each Guarantor. 

Material Adverse Effect: a material adverse effect on any of (a) the business, assets, property, or condition (financial or
otherwise) of the Credit Parties taken as a whole, (b) the legality, validity or enforceability of this Agreement or any of the other Loan Documents or the rights or remedies of Agent or the Lenders hereunder or thereunder, (c) the perfection
or priority of the Liens granted pursuant to the Security Documents or (d) the ability of Borrower to repay the Obligations or of the Loan Parties to perform their obligations under the Loan Documents. 

Material Contract: as defined in Section 3.27. 

Material Environmental Amount: an amount or amounts payable or reasonably likely to become payable by any Credit Party or
any of its Subsidiaries in excess of $5,000,000, for costs to correct any particular noncompliance, to comply with any particular requirement of Environmental Law, or for any particular liability under any Environmental Law, for the failure to
obtain or comply with any particular Environmental Permit, for the investigation of any release of any Material of Environmental Concern, or for any particular remediation project respecting any release of any Material of Environmental Concern, and
any other particular cost or liability, including compensatory damages (including damages to natural resources), punitive damages, fines, and penalties assessed pursuant to any Environmental Law. 

Materials of Environmental Concern: any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum
products, polychlorinated biphenyls, natural gas or natural gas products, mercury, hydrogen sulfide, drilling fluids, produced water, asbestos, pollutants, contaminants, radioactivity, and any other substances or forces of any kind, whether or not
any such substance or force is defined as hazardous or toxic under any Environmental Law, that is regulated pursuant to or could give rise to liability under any Environmental Law. 

Maturity Date: as defined in Section 2.3. 

Moody’s: Moody’s Investors Service, Inc., or its successor. 

Net Cash Proceeds: (a) in connection with any Asset Sale or Casualty Recovery Event, the proceeds thereof in the form of
cash and Cash Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but only as and when received) of such Asset
Sale or Casualty Recovery Event, net of (i) amounts required to be applied to the repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset that is the subject of such Asset Sale or Casualty Recovery Event (other

  
 11 

 
than any Lien pursuant to a Security Document), (ii) attorneys’ fees, accountants’ fees, investment bank fees and other reasonable and customary fees and expenses actually incurred in
connection therewith and (iii) taxes paid or reasonably estimated to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements); and (b) in connection with any issuance or sale
of Capital Stock or debt securities or instruments or the incurrence of Indebtedness for borrowed money, the cash proceeds received from such issuance, sale or incurrence, net of attorneys’ fees, accountants’ fees, investment bank fees,
underwriting discounts and commissions and other reasonable and customary fees and expenses actually incurred in connection therewith; provided, however, that in the case of clauses (a)(i), (a)(ii), (a)(iii) and (b), evidence of such
costs and payments is provided to Agent in form and substance reasonably satisfactory to it. 
 Non-Excluded Taxes: as
defined in Section 2.11(a). 
 Non-U.S. Lender: as defined in Section 2.11(d). 

Notes: as defined in Section 2.4(e). 

Obligations: the unpaid principal of and interest (including, interest accruing after the maturity of the Loans and
interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to any Loan Party, whether or not a claim for post-filing or post-petition interest is allowed in
such proceeding) and premium (including any Applicable Premium) on the Loans and all other obligations and liabilities of any Loan Party to Agent or to any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now
existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any other Loan Document or any other document made, delivered or given in connection herewith or therewith, whether on account of principal,
interest, fees, reimbursement obligations, indemnities, costs, expenses (including, all fees, charges and disbursements of counsel to Agent or to any Lender that are required to be paid by any Loan Party pursuant hereto) or otherwise. 

OID Amount: an amount equal to 2% of the aggregate principal amount of the Loans. 

Other Taxes: any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or
similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document. 

Par Pacific: Par Pacific Holdings, Inc., a Delaware corporation. 

Par Wyoming: Par Wyoming, LLC, a Delaware limited liability company. 

Parent: Par Petroleum, LLC, a Delaware limited liability company. 

Parent Guarantee and Security Agreement: the Parent Guarantee and Security Agreement to be executed and delivered by Parent and
Agent, substantially in the form of Exhibit C-2, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

Participant: as defined in Section 9.7(b). 

Participant Register: as defined in Section 9.7(b). 

Patriot Act: as defined in Section 9.20. 

  
 12 

 Payment Office: the office specified from time to time by Agent as its payment
office by notice to Borrower and the Lenders; provided that all payments becoming due and payable under the Loan Documents or on any Note must be made in New York, New York by wire transfer to a bank and account located in the State of New
York specified by Agent. Agent may at any time, by notice to Borrower, change the place of payment of any such payments so long as such place of payment is in the State of New York. 

Permits: the collective reference to (i) Environmental Permits, and (ii) any and all other franchises, licenses, leases,
permits, approvals, consents, notifications, certifications, registrations, authorizations, exemptions, variances, qualifications, easements and rights of way of any Governmental Authority or third party. 

Permitted Capital Expenditures: as defined in Section 6.7. 

Permitted Indebtedness: as defined in Section 6.2. 

Permitted Liens: the collective reference to (a) in the case of Collateral other than Pledged Capital Stock, Liens
permitted by Section 6.3, (b) in the case of Collateral consisting of Pledged Capital Stock, (i) Liens created under the Loan Documents, (ii) restrictions under the Securities Act and state securities laws, and (iii) non-consensual Liens
permitted by Section 6.3 to the extent arising by operation of law, and (c) in the case of Property of Par Wyoming, Hermes and its Subsidiaries, Liens permitted by Section 6.3 and Liens under the First Lien Loan Documents securing First
Lien Obligations. 
 Permitted Purchase Money Indebtedness: Purchase Money Indebtedness of Hermes or any Subsidiary thereof
that is unsecured or secured only by a Purchase Money Lien, as long as the aggregate amount for Hermes and its Subsidiaries does not exceed $2,500,000 at any time. 

Person: an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust,
unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 
 PIK
Interest: interest that accrues and is added to the outstanding principal balance of the Loans in accordance with Section 2.8(d), which shall thereafter be deemed principal bearing interest at the Interest Rate. 

Pledged Capital Stock: as defined in the Guarantee and Security Agreement and the Parent Guarantee and Security Agreement. 

Prepayment Date: with respect to any prepayment pursuant to Sections 2.6 or 2.7, the date of such prepayment. 

Projections: as defined in Section 5.3(b). 

Property: any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether
tangible or intangible. Unless otherwise qualified, all references to Property in this Agreement shall refer to a Property or Properties of any Credit Party or its Subsidiaries. 

Purchase Money Indebtedness: (a) Indebtedness (other than the First Lien Obligations) for payment of any of the purchase
price of fixed assets; and (b) Indebtedness (other than the First Lien Obligations) incurred within one hundred and twenty (120) days before or after acquisition of any fixed assets, for the purpose of financing any of the purchase price thereof.

  
 13 

 Purchase Money Lien: a Lien that secures Purchase Money Indebtedness,
encumbering only the fixed assets acquired with such Indebtedness, and constituting a Capital Lease or a purchase money security interest under the UCC. 

Qualified Investment: capital expenditures incurred to purchase, improve or construct property or assets used in the
ordinary course of business of Hermes or any Wholly Owned Subsidiary of Hermes.  

Real Property: the surface, subsurface and mineral rights and interests owned, leased or otherwise held by any Credit Party
or its Subsidiaries. 
 Refinancing Conditions: the following conditions for Refinancing Indebtedness: (a) it is in a
maximum aggregate principal amount that does not exceed the maximum aggregate principal amount of the Indebtedness being extended, renewed or refinanced; (b) it has a final maturity no sooner than, a weighted average life no less than, and an
interest rate no greater than, the Indebtedness being extended, renewed or refinanced; (c) it is subordinated to the Obligations at least to the same extent as the Indebtedness being extended, renewed or refinanced; (d) the representations,
covenants and defaults, taken as a whole, applicable to it are no less favorable in any material respect to the Credit Parties than those applicable to the Indebtedness being extended, renewed or refinanced; (e) no additional Lien is granted to
secure it; (f) no additional Person is obligated on such Indebtedness; (g) no Default or Event of Default would result from such Refinancing Indebtedness. 

Refinancing Indebtedness: Borrowed Money that is the result of an extension, renewal or refinancing of Indebtedness
permitted under Section 6.2 (other than Section 6.2(o) or (p)) subject to the satisfaction of the Refinancing Conditions. 

Register: as defined in Section 9.7(d). 

Regulation U: Regulation U of the Board as in effect from time to time. 

Related Fund: with respect to any Lender, any fund that invests in loans and is managed or advised by the same investment
advisor as such Lender, by such Lender or an Affiliate of such Lender. 
 Required Lenders: at any time, Lenders having
Aggregate Exposure Percentages of more than 66 2/3%. 
 Requirement of Law: as to any Person, the Constituent Documents
of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its Property or to which such Person or any of its
Property is subject. 
 Responsible Officer: as to any Loan Party, the chief executive officer, president or chief financial
officer of such Loan Party, but in any event, with respect to financial matters, the chief financial officer or treasurer of such Loan Party. Unless otherwise qualified, all references to a “Responsible Officer” shall refer to a
Responsible Officer of Borrower. 
 Restricted Payments: as defined in Section 6.6. 

S&P: Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or its successor. 

SEC: the Securities and Exchange Commission (or successor thereto or an analogous Governmental Authority). 

  
 14 

 Secured Parties: collectively, Agent and any Lender. 

Securities Act: the Securities Act of 1933, as amended. 

Security Documents: the collective reference to the Guarantee and Security Agreement, the Parent Guarantee and Security
Agreement, each Access Agreement, and all other security documents hereafter delivered to Agent granting a Lien on any Property of any Person to secure any of the Obligations. 

Solvency Certificate: a solvency certificate and analysis by the chief financial officer of Borrower substantially in the
form of Exhibit D. 
 Solvent: with respect to any Person, as of any date of determination, (a) the amount of the
“present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance
with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the
liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, (d) such Person will be able to pay its
debts as they mature and (e) is not “insolvent” within the meaning of Section 101(32) of the Bankruptcy Code. For purposes of this definition, (i) “debt” means liability on a “claim”, and (ii)
“claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right
to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or
unsecured. 
 SPV: as defined in Section 9.7(g). 

Subsidiary: as to any Person, a corporation, partnership, limited liability company or other entity of which shares of Capital
Stock having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers (or persons performing similar
functions) of such corporation, partnership, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, in each case, directly or indirectly through one or more intermediaries, or both, by
such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of Borrower. 

Tax Affiliate: with respect to any Person, (a) any Subsidiary of such Person, and (b) any Affiliate of such Person with
which such Person files or is eligible to file consolidated, combined or unitary tax returns. 
 Tax Distribution: for any
quarter ending after the date hereof, an amount equal to the state income tax and federal income tax (regular tax or alternative minimum tax) that the Credit Parties would owe (or are estimated to owe) for such quarter if the Credit Parties were a
standalone corporate group with Borrower as the ultimate reporting entity of such group, net of any unrecovered tax overpayments (or determined overpayments) attributable to the immediately prior tax year. For the avoidance of doubt, the amount of
the Tax Distribution will be calculated by looking solely to the taxable income of Borrower and its Subsidiaries and will not take into account any utilization of any net operating loss carryforwards of Par Pacific. 

  
 15 

 Tax Distribution Date: for any quarter ending after the date hereof, the third
Business Day following the delivery to Agent of a certificate for such quarter (which certificate shall be in a form acceptable to Agent, include relevant calculations performed by the Borrower for such quarter and for the year-to-date period and be
delivered to Agent concurrently with the delivery of the Compliance Certificate for such quarter pursuant to Section 5.3), from the Borrower with respect to the amount of Tax Distribution for such quarter. 

Tax Return: as defined in Section 3.12. 

Transferee: as defined in Section 9.15. 

UCC: the Uniform Commercial Code, as in effect from time to time in the State of New York or other applicable jurisdiction.

 Wholly Owned Subsidiary: as to any Person, any other Person all of the Capital Stock of which (other than directors’
qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 
 1.2 Other
Definitional Provisions. 
 (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings
when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 
 (b) As used
herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto, accounting terms relating to Borrower and its Subsidiaries not defined in Section 1.1 and accounting terms partly defined in
Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP; provided that for purposes of Section 6.1, any non-cash items arising under FAS 133, 142, 143 or 144 shall be excluded from the relevant
calculation. 
 (c) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

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

(e) All calculations of financial ratios set forth in Section 6.1 shall be calculated to the same number of decimal places as the relevant
ratios are expressed in and shall be rounded upward if the number in the decimal place immediately following the last calculated decimal place is five or greater. For example, if the relevant ratio is to be calculated to the hundredth decimal
place and the calculation of the ratio is 5.126, the ratio will be rounded up to 5.13. 
 (f) References in this Agreement to any statute
shall be to such statute as amended or modified and in effect at the time any such reference is operative. 
 (g) The term
“including” when used in any Loan Document means “including without limitation” except when used in the computation of time periods. 

  
 16 

 (h) The term “or” has, except where otherwise indicated, the inclusive meaning
represented by the phrase “and/or”. 
 (i) The terms “Lender” and “Agent” include their respective successors.

 (j) The words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and
all tangible and intangible assets and properties, including cash, Capital Stock, securities (as such term is defined in the Securities Act), revenues, accounts, leasehold interests and contract rights. 

1.3 Computation of Time Periods. In this Agreement, in the computation of periods of time from a specified date to a later
specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding” and the word “through” means “to and including.” 

ARTICLE II 
 AMOUNT AND
TERMS OF COMMITMENTS 
 2.1 Loan Commitments.

(a) Subject to the terms and conditions hereof, each of the Lenders severally agrees to make a term loan to Borrower, on the Closing Date,
requested by Borrower pursuant to Section 2.2 in an aggregate principal amount equal to $65,000,000 (“Loans”), which Loans shall be funded net of the OID Amount. 

(b) Once borrowed or repaid, the Loans may not be reborrowed, and any Commitment, once terminated or reduced, may not be reinstated. Each
Lender’s Commitment shall automatically and without notice be reduced to zero immediately after the funding of the Loans on the Closing Date. 

2.2 Procedures for Borrowing.

(a) Borrower shall deliver to Agent a Borrowing Notice (which Borrowing Notice must be received by Agent prior to 10:00 A.M., New York City
time, three Business Days prior to the Closing Date or such fewer days’ notice as Agent may approve) requesting that the Lenders make the Loans on the Closing Date and specifying the amount to be borrowed. Upon receipt of such Borrowing Notice
Agent shall promptly notify each Lender thereof. Not later than 1:00 pm, New York City time, on the Closing Date for the Loans specified hereunder, each Lender shall make available to Agent at the Funding Office an amount in Dollars and in
immediately available funds equal to the Loan to be made by such Lender. Agent shall make available to Borrower the aggregate of the amounts made available to Agent by the Lenders, in like funds as received by Agent. 

(b) Borrower shall not deliver a Borrowing Notice, and no Lender shall be under any obligation to make available any funds, for Loans in an
aggregate amount for all Lenders less than $65,000,000. 
 2.3 Maturity Date. The Loans of each Lender shall mature on July
14, 2021 (the “Maturity Date”). 
 2.4 Repayment of Loans; Evidence of Debt.

(a) Borrower hereby unconditionally promises to pay to Agent for the account of the appropriate Lender the entire principal amount of each
Loan of such Lender on the Maturity Date or on 

  
 17 

 
such earlier date on which the Loans become due and payable pursuant to Section 2.6 or 2.7 or Article VII. Borrower hereby further agrees to pay interest on the unpaid principal amount of
the Loans from time to time outstanding from the Closing Date until payment in full thereof at the rates per annum, and on the dates, set forth in Section 2.8. 

(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing Indebtedness of Borrower to such Lender
resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 

(c) Agent, on behalf of Borrower, shall maintain the Register pursuant to Section 9.7(d), and a subaccount therein for each Lender, in which
shall be recorded (i) the amount of each Loan made hereunder and any Note evidencing such Loan, (ii) the amount of any principal or interest due and payable or to become due and payable from Borrower to each Lender hereunder and (iii) both the
amount of any sum received by Agent hereunder from Borrower and each Lender’s share thereof. 
 (d) The entries made in the Register
and the accounts of each Lender maintained pursuant to this Section 2.4 shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of Borrower therein recorded; provided, however,
that the failure of any Lender or Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of Borrower to repay (with applicable interest) the Loans made to Borrower by such Lender in
accordance with the terms of this Agreement. 
 (e) Borrower agrees that, upon the request to Agent by any Lender, Borrower will promptly
execute and deliver to such Lender a promissory note of Borrower evidencing any Loans of such Lender, substantially in the form of Exhibit E (a “Note”), with appropriate insertions as to date and principal amount;
provided that delivery of Notes shall not be a condition precedent to the occurrence of the Closing Date or the making of the Loans on the Closing Date. 

2.5 Fees. 
 (a) Borrower
shall pay to Agent for its own account an annual nonrefundable administration fee equal to $50,000, such fee to be paid in advance on the Closing Date and thereafter on each anniversary of the Closing Date prior to the earlier of the Maturity Date
and the Prepayment Date on which the Loans are prepaid in full or, if any such date is not a Business Day, on the first Business Day thereafter. 

(b) Borrower agrees to pay to Agent the fees in the amounts and on the dates from time to time agreed to in writing by Borrower and Agent.

 2.6 Optional Prepayments.

(a) Borrower may, upon at least three Business Days’ prior written notice to Agent stating the Prepayment Date and aggregate principal
amount of the prepayment, prepay the outstanding principal amount of the Loans, in whole or in part, at Borrower’s option, together with accrued interest through the Prepayment Date on the principal amount prepaid, in accordance with the
provisions of this Agreement. Each prepayment of Loans pursuant to this Section 2.6(a) made prior to the second anniversary of the Closing Date shall be accompanied by the Applicable Premium with respect to the principal amount of the Loans being
prepaid. For purposes hereof, the “Applicable Premium” shall be a cash amount equal to the applicable amount set forth below: 
  

			
	If prepaid at any time prior to the second anniversary of the Closing Date:	  	An amount equal to the remaining scheduled payments of Cash Interest from the applicable Prepayment Date to the second anniversary of the Closing Date on the principal amount of the Loans being prepaid
		
	If prepaid at any time on or after the second anniversary of the Closing Date:	  	0.00% of the principal amount of the Loans being prepaid

  
 18 

 (b) Each partial prepayment shall be in an aggregate amount not less than $5,000,000 or integral
multiples of $1,000,000 in excess thereof, and any such prepayment must be accompanied by payment of Agent’s and each Lender’s out-of-pocket expenses. Upon the giving of any such notice of prepayment, the principal amount of the Loans
specified to be prepaid, together with the accrued interest thereon through the Prepayment Date and any Applicable Premium shall become due and payable on the Prepayment Date; provided that any such notice may be subject to one or more
conditions precedent, including any Disposition, and the amount specified to be prepaid shall not become due and payable on the Prepayment Date upon the failure of any one of such conditions. 

(c) Any optional prepayment under this Section 2.6 shall be applied to the Loans as set forth in Section 2.9. 

2.7 Mandatory Prepayments. 

(a) Unless the Required Lenders shall otherwise agree, if any Credit Party shall incur any Indebtedness (other than Permitted Indebtedness) or
issue any Capital Stock (other than to its parent company), then upon receipt of the Net Cash Proceeds from such incurrence or issuance, Borrower shall prepay (i) the principal amount of the Loans or (ii) the principal amount of the First Lien Term
Loans, in each case, with a corresponding permanent reduction to the principal amount thereof, in each case, in an amount equal to the amount of the Net Cash Proceeds received therefrom. The provisions of this Section 2.7(a) do not constitute a
consent to the incurrence of any Indebtedness or the issuance of any Capital Stock by any Credit Party. 
 (b) Unless the Required Lenders
shall otherwise agree, if on any date any Credit Party shall receive Net Cash Proceeds from any Asset Sale which, together with Net Cash Proceeds from all other Asset Sales of the Credit Parties, exceeds $500,000 in the aggregate in any twelve-month
period (such amount, “Excess Proceeds”), then upon receipt by such Person of such Excess Proceeds, Borrower shall prepay (i) the principal amount of the Loans or (ii) the principal amount of the First Lien Term Loans, in each
case, with a corresponding permanent reduction to the principal amount thereof, in each case, in an amount equal to the amount of such Excess Proceeds; provided that, if Borrower shall deliver to Agent a certificate of a Responsible Officer
to the effect that such Credit Party intends to reinvest the Excess Proceeds from such Asset Sale (or a portion thereof specified in such certificate),within twelve months after receipt of such Excess Proceeds, in Qualified Investments, then so long
as no Default has occurred and is continuing or would result therefrom, no prepayment shall be required pursuant to this paragraph in respect of the Excess Proceeds specified in such certificate; provided further that to the extent any such
Excess Proceeds therefrom have not been so reinvested by the end of such twelve-month period, a prepayment in accordance with this Section 2.7(b) shall be required on the first Business Day after the expiration of such period in an amount equal to
such Excess Proceeds that have not been so invested. The provisions of this Section do not constitute a consent to the consummation of any Disposition. 

  
 19 

 (c) Unless the Required Lenders shall otherwise agree, if on any date any Credit Party shall
receive Net Cash Proceeds from a Casualty Recovery Event that exceeds $250,000 in the aggregate, then upon receipt by such Person of such Net Cash Proceeds, Borrower shall prepay (i) the principal amount of the Loans or (ii) the principal amount of
the First Lien Term Loans, in each case, with a corresponding permanent reduction to the principal amount thereof, in each case, in an amount equal to such Net Cash Proceeds in excess of $250,000. 

(d) Upon the occurrence of a Change of Control, Borrower shall immediately provide written notice thereof to Agent, and each Lender, at its
sole discretion, may require Borrower to immediately prepay all, but not less than all, of outstanding principal amount of such Lender’s Loans plus (i) the accrued but unpaid interest thereon plus (x) the Applicable Premium if
such Change of Control shall occur prior to the second anniversary of the Closing Date or (y) 101% of the outstanding principal amount of such Lender’s Loans if such Change of Control shall occur after the second anniversary of the Closing
Date. 
 (e) Each prepayment of the Loans pursuant to this Section 2.7 shall be applied in accordance with Section 2.9 and shall be
accompanied by a payment of the accrued interest (whether accrued as Cash Interest or PIK Interest) to the Prepayment Date on the principal amount prepaid together with all other amounts then owing under this Agreement or any Loan Document including
any fees and expenses then due and payable under any Loan Document. Each prepayment of the Loans pursuant to this Section 2.7 shall be accompanied by the concurrent payment of the Applicable Premium. 

2.8 Interest Rates, Payment Dates and Computation of Interest and Fees. 

(a) Each Loan shall bear interest for each day on which it is outstanding at the Interest Rate. 

(b) (i) If all or a portion of the principal amount of any Loan shall not be paid when due (whether at the stated maturity, by acceleration or
otherwise) or there shall occur and be continuing any other Event of Default, all outstanding Loans (whether or not overdue) (to the extent legally permitted) shall bear interest at a rate per annum that is equal to the Interest Rate with the
highest Applicable Interest Margin plus 2.0%, the (“Default Rate”), but in no event to exceed the Highest Lawful Rate, from the date of such nonpayment of principal or occurrence of such Event of Default, respectively, until
such amount of principal is paid in full (after as well as before judgment) or until such Event of Default is no longer continuing, respectively, and (ii) if all or a portion of any interest payable on any Loan or any fee or other amount payable
hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the Default Rate, in each case, with respect to clauses (i) and (ii) above,
from the date of such nonpayment until such amount is paid in full (after as well as before judgment). 
 (c) Subject to Section 2.8(d) and
Section 2.9(h), interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to Section 2.8(b) shall be payable from time to time on demand. 

(d) Interest shall be payable entirely in cash (such interest, “Cash Interest”) or, at the Borrower’s election
with respect to any fiscal quarter, entirely as PIK Interest; provided that Borrower may not elect to pay interest in the form of PIK Interest for more than twelve fiscal quarters in the aggregate. All accrued PIK Interest that becomes
due and payable shall be deemed an extension of additional Loans pursuant to the terms of, and subject to, the Loan Documents. Unless the context otherwise requires, for all purposes hereof, references to “principal amount” of Loans refers
to the original face amount of the Loans plus any increase in the principal amount of the outstanding Loans as a result of payments of PIK Interest. The entire unpaid balance of all PIK Interest shall be immediately due

  
 20 

 
and payable in full in immediately available funds on the Maturity Date. Borrower shall deliver to Agent a notice in the form of Exhibit F (an “Interest Election
Notice”) with respect to a fiscal quarter on or prior to the first Business Day of such fiscal quarter. If Borrower fails to provide such notice, Borrower will be deemed to have elected for such fiscal quarter to make interest payments
in the form of PIK Interest; provided that if such deemed election would result in Borrower having elected to pay PIK Interest for more than twelve fiscal quarters in the aggregate, Borrower will be deemed to have elected to pay Cash Interest
for such fiscal quarter. For the avoidance of doubt, Borrower may not pay PIK Interest (whether from elections to pay PIK Interest or having been deemed to elect to pay PIK Interest) with respect to more than twelve fiscal quarters in the aggregate
over the life of the Loans. 
 (e) If any payment hereunder becomes due and payable on a day other than a Business Day, such payment shall
be extended to the next succeeding Business Day. In the case of any extension of any payment of principal pursuant to the preceding sentence, interest thereon shall be payable at the rate applicable during such extension period. 

(f) Interest, fees and commissions payable pursuant hereto shall be calculated on the basis of a year of 360 days and, in each case, shall be
payable for the actual number of days elapsed (including the first day and the last day). 
 2.9 Application of Payments;
Place of Payments. 
 (a) The borrowing by Borrower from the Lenders hereunder and any reduction of the Commitments of the Lenders shall
be made pro rata according to the Aggregate Exposure Percentages of the relevant Lenders. Each payment (including any prepayment) in respect of principal or interest in respect of any Loans and each payment in respect of fees (other than
fees payable in accordance with Section 2.5(a)) or expenses payable hereunder shall be applied to the amounts of such obligations owing to the Lenders pro rata according to the respective amounts then due and owing to the
Lenders. Amounts prepaid on account of the Loans may not be reborrowed. 
 (b) So long as no Event of Default shall have occurred and
be continuing all payments and any other amounts received by Agent from or for the benefit of Borrower shall be applied: (i) first, to pay all Obligations then due and payable and (ii) second, as Borrower so designates. 

(c) After the occurrence and during the continuance of any Event of Default, Borrower hereby irrevocably waives the right to direct the
application of any and all payments in respect of the Obligations and any proceeds of Collateral, and agrees that Agent may, and shall upon either (A) the written direction of the Required Lenders or (B) the acceleration of the Obligations pursuant
to Section 7.1, apply all payments in respect of any Obligations and all proceeds of Collateral in the following order: 

(i) first, to the payment or reimbursement of Agent for all costs, expenses, disbursements and losses incurred by Agent
and which any Loan Party is required to pay or reimburse pursuant to the Loan Documents; 
 (ii) second, to the
payment or reimbursement of the Secured Parties for all costs, expenses, disbursements and losses incurred by such Persons and which any Loan Party is required to pay or reimburse pursuant to the Loan Documents; 

(iii) third, to the payment of interest on the Loans which is then due; 

(iv) fourth, to the payment to the Secured Parties of all other Obligations; and 

(v) fifth, to whomsoever shall be legally entitled thereto. 

  
 21 

 (d) If any Lender owes payments to Agent hereunder, any amounts otherwise distributable under
this Section 2.9 to such Lender shall be deemed to belong to Agent to the extent of such unpaid payments, and Agent shall apply such amounts to make such unpaid payments rather than distribute such amounts to such Lender. All distributions of
amounts described in paragraphs second and fourth above shall be made by Agent to each Lender on a pro rata basis determined by the amount such Obligations owed to such Lender, as the case may be, represents of the aggregate
amount of all such Obligations. 
 (e) All payments (including prepayments) to be made by Borrower hereunder, whether on account of
principal, interest, premium, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 1:00 pm, New York City time, on the due date thereof to Agent, for the account of the relevant Lenders, at the Payment Office,
in Dollars and (other than payments of PIK Interest prior to the Maturity Date) in immediately available funds. Any payment made by Borrower after 1:00 pm, New York City time, on any Business Day shall be deemed to have been made on the next
following Business Day. Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as received. 
 (f) Unless
Agent shall have been notified in writing by any Lender prior to the borrowing that such Lender will not make the amount that would constitute its share of such borrowing available to Agent, Agent may assume that such Lender is making such amount
available to Agent, and Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If such amount is not made available to Agent by the required time on the Closing Date, such Lender shall pay to Agent, on
demand, such amount with interest thereon at a rate equal to the greater of (i) the daily average Federal Funds Effective Rate and (ii) the rate determined by Agent in accordance with the banking industry rules on interbank compensation, for the
period until such Lender makes such amount immediately available to Agent. A certificate of Agent submitted to any Lender with respect to any amounts owing under this Section 2.9(f) shall be conclusive in the absence of manifest error. If such
Lender’s share of such borrowing is not made available to Agent by such Lender within three Business Days after the Closing Date, Agent shall also be entitled to recover such amount with interest thereon at the Interest Rate for Cash Interest,
on demand, from Borrower. 
 (g) Unless Agent shall have been notified in writing by Borrower prior to the date of any payment due to be
made by Borrower hereunder that Borrower will not make such payment to Agent, Agent may assume that Borrower is making such payment, and Agent may, but shall not be required to, in reliance upon such assumption, make available to the Lenders their
respective pro rata shares of a corresponding amount. If such payment is not made to Agent by Borrower within three Business Days after such due date, Agent shall be entitled to recover, on demand, from each Lender to which any amount
which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of Agent or any Lender
against Borrower. 
 (h) Each payment of the Loans shall be accompanied by accrued interest through the date of such payment on the amount
paid. 
 2.10 Requirements of Law. If the adoption of or any change in any Requirement of Law or in the interpretation or
application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof shall subject any Lender to any tax of
any kind whatsoever with respect to this Agreement or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by Section 2.11 and changes in the rate of tax on the overall net income of 

  
 22 

 
such Lender) or shall impose on such Lender any other condition and the result of any of the foregoing is to reduce any amount receivable hereunder in respect thereof, then, in any such case,
Borrower shall promptly pay such Lender, upon its demand, any additional amounts necessary to compensate such Lender on an after-tax basis for such reduced amount receivable. If any Lender becomes entitled to claim any additional amounts pursuant to
this Section 2.10, it shall promptly notify Borrower (with a copy to Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this Section 2.10 submitted by any Lender to
Borrower (with a copy to Agent) shall be conclusive in the absence of manifest error. The obligations of Borrower pursuant to this Section 2.10 shall survive the termination of this Agreement and the payment of the Loans and all other amounts
payable hereunder. Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith and
(ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or United States or foreign regulatory agencies, in each
case, pursuant to Basel III, shall in each case be deemed to be a change in a Requirement of Law, regardless of the date enacted, adopted or issued. 

2.11 Taxes. 
 (a) All
payments made by or on behalf of any Loan Party under this Agreement or any other Loan Documents shall be made free and clear of, and without deduction or withholding for or on account of, any present or future taxes, levies, imposts, duties,
charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding (i) net income taxes and franchise taxes imposed on Agent or any Lender as a result of a present or
former connection between Agent or such Lender and the jurisdiction of the Governmental Authority imposing such Tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from Agent’s
or such Lender’s having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Loan Document) or (ii) any U.S. federal withholding imposed under FATCA. If any such non-excluded
taxes, levies, imposts, duties, charges, fees, deductions or withholdings (“Non-Excluded Taxes”) or any Other Taxes are required to be withheld from any amounts payable to Agent or any Lender hereunder, the amounts so payable
to Agent or such Lender shall be increased to the extent necessary to yield to Agent or such Lender (after payment of all Non-Excluded Taxes and Other Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts
specified in this Agreement; provided, however, that Borrower or any Guarantor shall not be required to increase any such amounts payable to Agent or any Lender with respect to any Non-Excluded Taxes (i) that are attributable to
Agent’s or such Lender’s failure to comply with the requirements of Sections 2.11(d) or (e) or (ii) that are United States withholding taxes imposed on amounts payable to Agent or such Lender at the time Agent or such Lender becomes a
party to this Agreement, except to the extent that Agent’s or such Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from Borrower with respect to such Non-Excluded Taxes pursuant to this
Section 2.11(a). Borrower or the applicable Guarantor shall make any required withholding and pay the full amount withheld to the relevant tax authority or other Governmental Authority in accordance with applicable Requirements of Law. 

(b) In addition, Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

(c) Whenever any Non-Excluded Taxes or Other Taxes are payable by Borrower, as promptly as possible thereafter Borrower shall send to Agent
for the account of Agent or the relevant Lender, as the case may be, a certified copy of an original official receipt received by Borrower showing payment thereof. If Borrower fails to pay any Non-Excluded Taxes or Other Taxes when due to the

  
 23 

 
appropriate taxing authority or fails to remit to Agent the required receipts or other required documentary evidence, Borrower shall indemnify Agent and the Lenders for any incremental taxes,
interest or penalties that may become payable by Agent or any Lender as a result of any such failure. The agreements in this Section 2.11 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable
hereunder. 
 (d) Each Lender (or Transferee) that is not a citizen or resident of the United States of America, a corporation, partnership
or other entity created or organized in or under the laws of the United States of America (or any jurisdiction thereof), or any estate or trust that is subject to federal income taxation regardless of the source of its income (a “Non U.S.
Lender”) shall deliver to Borrower and Agent (or, in the case of a Participant, to the Lender from which the related participation shall have been purchased) two copies of either U.S. Internal Revenue Service Form W-8BEN, W-8BENE,
W-8IMY (together with any required attachments) or Form W-8ECI, or, in the case of a Non U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio
interest” a statement substantially in the form of Exhibit G to the effect that such Lender is eligible for a complete exemption from withholding of U.S. taxes under Section 871(h) or 881(c) of the Code and a Form W-8BEN or W-8BENE, or
any subsequent versions thereof or successors thereto properly completed and duly executed by such Non U.S. Lender claiming complete exemption from, or a reduced rate of, U.S. federal withholding tax on all payments by Borrower under this Agreement
and the other Loan Documents. Such forms shall be delivered by each Non U.S. Lender on or before the date it becomes a party to this Agreement (or, in the case of any Participant, on or before the date such Participant purchases the related
participation). In addition, each Non U.S. Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Non U.S. Lender. Each Non-U.S. Lender shall promptly notify Borrower at any
time it determines that it is no longer in a position to provide any previously delivered certificate to Borrower (or any other form of certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other provision
of this Section 2.11(d), a Non U.S. Lender shall not be required to deliver any form pursuant to this Section 2.11(d) that such Non U.S. Lender is not legally able to deliver. 

(e) A Lender that is entitled to an exemption from or reduction of non-U.S. withholding tax under the law of the jurisdiction in which
Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to Borrower (with a copy to Agent), at the time or times prescribed by applicable law or reasonably requested by
Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate, provided that such Lender is legally entitled to complete, execute and
deliver such documentation and in such Lender’s reasonable judgment such completion, execution or submission would not materially prejudice the legal position of such Lender. 

(f) If Agent or a Lender determines, in its sole discretion, that it has received a refund of any taxes or Other Taxes as to which it has been
indemnified by Borrower or with respect to which Borrower has paid additional amounts pursuant to this Section 2.11(f), it shall pay over such refund to Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by
Borrower under this Section 2.11(f) with respect to the Non-Excluded Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of Agent or such Lender and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund); provided, that Borrower, upon the request of Agent or such Lender, agrees to repay the amount paid over to Borrower (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to Agent or such Lender in the event Agent or such Lender is required to repay such refund to such Governmental Authority. This Section 2.11(f) shall not be construed to require Agent or any Lender to make available
its tax returns (or any other information relating to its taxes which it deems confidential) to Borrower or any other Person. 

  
 24 

 (g) Each Lender shall deliver such documentation prescribed by applicable law and reasonably
requested by Borrower or Agent as will enable Borrower or Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Without limiting the generality of the foregoing, each Lender that is not
a Non U.S. Lender shall deliver to Borrower and Agent (in such number of copies as shall be requested by the recipient) on or prior to the date that such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request
of Borrower or Agent or upon the expiration or obsolescence of a prior form), duly completed copies of U.S. Internal Revenue Service Form W-9 confirming an exemption from U.S. federal backup withholding tax. If a payment made to any Lender under
this Agreement would be subject to U.S. federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as
applicable), such Lender shall deliver to Borrower and Agent, at the time or times prescribed by law and at such time or times reasonably requested by Borrower or Agent, such document prescribed by applicable law (including as prescribed by Section
1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Borrower or Agent as may be necessary for Borrower and Agent to comply with their obligations under FATCA or to determine the amount to deduct and withhold from
such payment. Solely for purposes of this clause (g), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(h) For purposes of this Section 2.11, if a Lender is treated as a domestic partnership for U.S. federal income tax purposes any withholding
or payment of a U.S. federal withholding tax by such Lender or by any direct partner or direct member of such Lender (in each case, as of the Closing Date) that is a withholding foreign partnership for U.S. federal income tax purposes, with respect
to any payments made by or on behalf of any Loan Party under this Agreement or any other Loan Document, shall be considered a withholding or payment of such U.S. federal withholding tax by Borrower; provided, however, that this Section
2.11(h) shall apply only with respect to payments made by such Lender or such withholding foreign partnership to direct or indirect partners of such Lender as of the Closing Date. 

2.12 Indemnity. Borrower agrees promptly to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense
that such Lender may sustain or incur as a consequence of (a) the failure to make any prepayment of a Loan on the date specified in any notice of prepayment after Borrower has given a notice thereof in accordance with the provisions of this
Agreement; (b) the repayment of any Loans that are repaid in whole or in part prior to the last day of a calendar quarter (whether such repayment is made pursuant to any provision of this Agreement or any other Loan Document or occurs as a result of
acceleration, mandatory prepayment, by operation of law or otherwise); (c) a default in payment when due of the principal amount of or interest on any Loan; or (d) a default in making any borrowing of Loans after Borrower has given notice requesting
the same in accordance herewith. Such indemnification shall include any loss (excluding loss of margin) or expense arising from the reemployment of funds obtained by it or from fees payable to terminate deposits from which such funds were
obtained. For the purpose of calculating amounts payable to a Lender under this Section 2.12, each Lender shall be deemed to have actually funded its relevant Loan through the purchase of a deposit bearing interest at LIBOR in an amount equal
to the amount of that Loan and having a three-month maturity; provided that each Lender may fund each of its Loans in any manner it deems appropriate, and the foregoing assumption shall be utilized only for the calculation of amounts payable
under this Section 2.12. A certificate as to any amounts payable pursuant to this Section 2.12 submitted to Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this
Agreement and the repayment of the Loans and all other amounts payable hereunder. 
 2.13 Change of Lending Office. Each Lender
agrees that, upon the occurrence of any event giving rise to the operation of Section 2.10 or 2.11(a) with respect to such Lender, it will, if requested by 

  
 25 

 
Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event with the object of avoiding the
consequences of such event; provided that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no economic, legal or regulatory disadvantage, and provided,
further, that nothing in this Section 2.13 shall affect or postpone any of the obligations of Borrower or the rights of any Lender pursuant to Section 2.10 or 2.11(a). 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

To induce Agent and the Lenders to enter into this Agreement and to make the Loans, Borrower hereby represents and warrants to Agent and each
Lender that, after giving effect to the consummation of the Acquisition, on the Closing Date (provided that, the representations and warranties (exclusive of the representations and warranties in Sections 3.2, 3.3(c), 3.4, 3.16, 3.18, 3.21
and 3.22) made on the Closing Date, to the extent applicable to the Credit Parties (exclusive of Borrower and Par Wyoming), are limited to the knowledge of Borrower and Par Wyoming): 

3.1 Financial Condition. 

(a) [Reserved]. 
 (b) Except as
provided on Schedule 3.1(b), no Credit Party has any material Guarantee Obligations, contingent liabilities and liabilities for taxes, or any long term leases or unusual forward or long term commitments, including, any interest rate or
foreign currency swap or exchange transaction or other obligation in respect of derivatives. 
 3.2 No Change. Since June 14,
2016, there has been no development or event that has had or could reasonably be expected to have a Material Adverse Effect. 
 3.3
Corporate Existence; Compliance with Law. 
 (a) Each of the Credit Parties (i) is duly incorporated, organized or formed, as
applicable, validly existing and (if relevant) in good standing under the laws of the jurisdiction of its incorporation, organization or formation, as the case may be, (ii) has the corporate, company or partnership power and authority, as
applicable, and the legal right, to own and operate its Property, to lease the Property it operates as lessee and to conduct the business in which it is currently engaged, (iii) is duly qualified as a foreign corporation, company or partnership, as
applicable, and (if relevant) in good standing under the laws of each jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires such qualification except to the extent that the failure to comply
therewith could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (iv) is in compliance with its Constituent Documents and (v) is in compliance with all Requirements of Law (other than its Constituent
Documents) except to the extent that the failure to comply therewith could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(b) Each Credit Party has all Permits necessary for the ownership of its property and the conduct of its businesses except for those Permits
the failure of which to have could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and is in compliance in all material respects with the terms and conditions of all such Permits. 

(c) Since June 14, 2016, each Credit Party’s properties have been maintained and operated in the ordinary course of business and in
conformity in all material respects with all Requirements of Law. 

  
 26 

 3.4 Entity Power; Authorization; Enforceable Obligations. Each Credit Party has the
power and authority (corporate or otherwise), and the legal right, to make, deliver and perform the Loan Documents and Acquisition Documents to which it is a party and, in the case of Borrower, to borrow hereunder and to consummate the
Acquisition. Each Credit Party has taken all necessary corporate or other action to authorize the execution, delivery and performance of the Loan Documents and Acquisition Documents to which it is a party and, in the case of Borrower, to
authorize the borrowings on the terms and conditions of this Agreement and to consummate the Acquisition on the terms and conditions set forth in the Acquisition Documents. No consent or authorization of, filing with, notice to or other act by
or in respect of, any Governmental Authority or any other Person is required in connection with the Acquisition (as it relates to the Credit Parties), the borrowings hereunder or the execution, delivery, performance, validity or enforceability of
this Agreement or any of the other Loan Documents or the Acquisition Documents to which a Credit Party is a party, except (i) consents, authorizations, filings and notices described in Schedule 3.4, which consents, authorizations, filings and
notices have been obtained or made and are in full force and effect and (ii) the filings referred to in Section 3.21. Each Loan Document and each Acquisition Document has been duly executed and delivered on behalf of each Credit Party that is a
party thereto. This Agreement and each Acquisition Document constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Credit Party that is a party thereto, enforceable against each such
Credit Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general
equitable principles (whether enforcement is sought by proceedings in equity or at law). 
 3.5 No Legal Bar. The execution,
delivery and performance of this Agreement, the Acquisition Documents to which a Credit Party is a party and the other Loan Documents, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law or any
Contractual Obligation of any Loan Party or Credit Party and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law or any such Contractual
Obligation (other than the Liens created by the Security Documents). No performance of a Contractual Obligation by any Loan Party, either unconditionally or upon the happening of an event, would result in the creation of a Lien (other than a
Permitted Lien) on the Property of any Loan Party. 
 3.6 Existing Indebtedness. Set forth on
Schedule 3.6 is a complete and accurate list of all Indebtedness of each Credit Party outstanding immediately prior to the effectiveness of this Agreement and the making of the Loans hereunder, and no Credit Party shall
have any Indebtedness except the Indebtedness incurred under this Agreement and Permitted Indebtedness. 
 3.7 No Material
Litigation. No litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to Borrower’s knowledge, threatened by or against any Credit Party or against any of their respective properties or
revenues (a) with respect to any of the Loan Documents, the Acquisition Documents or any of the transactions contemplated hereby or thereby or (b) that, individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect. 
 3.8 No Default. No Credit Party is in default under or with respect to any of its Contractual Obligations in any
respect that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 

3.9 Ownership of Property. Each Credit Party has title in fee simple to, or a valid leasehold interest in, all its Real Property,
and Defensible Title to, or a valid leasehold interest in, all other Property material to its business, and none of such Property is subject to any Lien other than Permitted Liens. 

  
 27 

 3.10 Insurance. All policies of insurance of any kind or nature of any Credit Party,
including policies of fire, theft, product liability, public liability, property damage, other casualty, employee fidelity, workers’ compensation and employee health and welfare insurance, are in full force and effect and are of a nature and
provide such coverage as is customarily carried by businesses of the size and character of such Credit Party. No Credit Party has been refused insurance for any material coverage for which it had applied or had any policy of insurance terminated
(other than at its request). 
 3.11 Intellectual Property. Each Credit Party owns, or is licensed to use, all Intellectual Property
necessary for the conduct of its business as currently conducted. No material claim has been asserted and is pending by any Person challenging or questioning the use by any Credit Party of any Intellectual Property or the validity or effectiveness
of any Intellectual Property, nor, to Borrower’s knowledge, is there any valid basis for any such claim. The use of Intellectual Property by any Credit Party does not infringe on the rights of any Person in any material respect. 

3.12 Taxes. Each Credit Party has filed or caused to be filed all federal, state and other material tax returns, reports and statements
(collectively, “Tax Returns”) that are required to be filed by such Credit Party or any of its Tax Affiliates with the appropriate Governmental Authorities in all jurisdictions in which such Tax Returns are required to be
filed; all such Tax Returns are true and correct in all material respects and correctly reflect the facts regarding the income, business, assets, operations, activities, status or other matters of such Credit Party and any other information required
to be shown thereon; each Credit Party has paid, prior to the date on which any fine, penalty, interest, late charge or loss may be added thereto for non-payment thereof, all taxes shown to be due and payable on said returns or on any assessments
made against it or any of its Property and all other taxes, fees or other charges imposed on it or any of its Property by or otherwise due and payable to any Governmental Authority (other than any the amount or validity of which are currently being
contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of such Credit Party); and no tax Lien has been filed against the Property of any Credit Party, and,
to Borrower’s knowledge, no claim is being asserted, with respect to any such tax, fee or other charge. No Tax Return is under audit or examination by any Governmental Authority and no notice of such an audit or examination or any assertion of
any claim for taxes has been given or made by any Governmental Authority. Proper and accurate amounts have been withheld by each Credit Party and each of its Tax Affiliates from their respective employees for all periods in full and complete
compliance with the tax, social security and unemployment withholding provisions of applicable Requirements of Law and such withholdings have been timely paid to the respective Governmental Authorities. No Credit Party (i) intends to treat the
Loans, the Acquisition or any other transaction contemplated hereby as being a “reportable transaction” (within the meaning of Treasury Regulation 1.6011-4) or (ii) is aware of any facts or events that would result in such treatment. 

3.13 Federal Regulations. No part of the proceeds of any Loans will be used for buying or “carrying” any “margin
stock” within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect or for any purpose that violates the provisions of the Regulations of the Board. If requested by any Lender or
Agent, Borrower will furnish to Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U. 

3.14 Labor Matters. There are no strikes, stoppages or slowdowns or other labor disputes against any Credit Party pending or, to
Borrower’s knowledge, threatened that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. Hours worked by and 

  
 28 

 
payment made to employees of any Credit Party have not been in violation of the Fair Labor Standards Act of 1938, as amended, or any other applicable Requirement of Law dealing with such matters
that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. All payments due from any Credit Party on account of employee health and welfare insurance that (individually or in the aggregate) could
reasonably be expected to have a Material Adverse Effect if not paid have been paid or accrued as a liability on the books of such Credit Party. 

3.15 ERISA Plans. No Credit Party maintains, nor is any employee of any Credit Party a beneficiary under, any employee benefit plan
that is covered by the Employee Retirement Income Security Act of 1974, as amended from time to time and the rules and regulations promulgated thereunder (“ERISA”), and in respect of which any Credit Party is an
“employer” as defined in Section 3(5) of ERISA (an “ERISA Plan”) that is a violation of any applicable law for which such violation could reasonably be expected to have a Material Adverse Effect. 

3.16 Regulations.
 (a) No
Credit Party is an “investment company”, or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. No Credit Party is subject to regulation under any
Requirement of Law (other than Regulation X of the Board) which limits its ability to incur Indebtedness. 
 (b) None of the Credit Parties
and their Subsidiaries (i) is a Person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who
Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii) engages in any dealings or transactions prohibited by Section 2 of such executive order, or is otherwise associated with any such person in any manner violative of
Section 2, or (iii) is a Person on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or
executive order. 
 (c) Each of the Credit Parties and each of their respective Subsidiaries are in compliance, in all material respects,
with the Patriot Act. No part of the proceeds of the Loans will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or
anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

3.17 Capital Stock; Subsidiaries. 

(a) All of the outstanding Capital Stock of each Credit Party has been duly authorized and validly issued and is fully paid and non-assessable
and, in the case of Par Wyoming, has been duly pledged as Collateral under the Guarantee and Security Agreement and is free and clear of all Liens (except Permitted Liens). 

(b) The Subsidiaries listed on Schedule 3.17 constitute all the Subsidiaries of each Credit Party as of the Closing Date.
Schedule 3.17 sets forth as of the Closing Date and after giving effect to the Acquisition, the exact legal name (as reflected on the certificate of incorporation (or formation) and jurisdiction of incorporation (or formation) of each
Subsidiary of any Credit Party and, as to each such Subsidiary, the percentage and number of each class of Capital Stock owned by each Credit Party. 

  
 29 

 (c) There are no outstanding subscriptions, options, warrants, calls, rights or other agreements
or commitments (other than stock options with respect to Capital Stock of Borrower granted to employees or directors and directors’ qualifying shares) of any nature relating to any Capital Stock of any Loan Party or Credit Party, except as
disclosed on Schedule 3.17. 
 (d) Parent owns directly all of the outstanding Capital Stock of Borrower. No Credit Party owns
or holds, directly or indirectly, any Capital Stock of any Person other than any Subsidiary. Borrower owns directly all of the outstanding Capital Stock of Par Wyoming, owns no other direct Subsidiaries, and owns, indirectly through other
Subsidiaries, all of the outstanding Capital Stock of its Subsidiaries (other than Par Wyoming). 
 (e) There are no agreements or
understandings (other than the Loan Documents): (i) to which any Loan Party or Credit Party is a party with respect to the voting, sale or transfer of any shares of Capital Stock of Borrower or restricting the transfer or hypothecation of any
such shares or (ii) with respect to the voting, sale or transfer of any shares of Capital Stock of any Credit Party or restricting the transfer or hypothecation of any such shares (other than the First Lien Loan Documents with respect to the Capital
Stock of Hermes and its Subsidiaries). 
 3.18 Use of Proceeds. The proceeds of the Loans shall be used (i) to partially finance
the Acquisition, (ii) for the payment of fees and closing costs in connection with the closing of this Agreement and the Acquisition and (iii) for general corporate purposes, including the payment of fees and interest hereunder. 

3.19 Environmental Matters. Other than exceptions to any of the following that could not individually reasonably be expected to
result in the payment of a Material Environmental Amount or as disclosed on Schedule 3.19-1: 
 (a) Each Credit Party: (i) is,
and within the period of all applicable statutes of limitation has been, in compliance with all applicable Environmental Laws; (ii) holds all Environmental Permits (each of which is in full force and effect) required for any of their current or
intended operations or for any property owned, leased, or otherwise operated by any of them; (iii) is, and within the period of all applicable statutes of limitation has been, in compliance with all of their Environmental Permits; and (iv)
reasonably believes that: each of their Environmental Permits will be timely renewed and complied with; any additional Environmental Permits that may be required of any of them will be timely obtained and complied with; and compliance with any
Environmental Law that is or is expected to become applicable to any of them will be timely attained and maintained. 
 (b) There is no
judicial, administrative, or arbitral proceeding (including any notice of violation or alleged violation) under or relating to any Environmental Law or Environmental Permit to which any Credit Party is, or to Borrower’s knowledge, will be,
named as a party that is pending or, to Borrower’s knowledge, threatened, other than as listed on Schedule 3.19-2. 
 (c) No
Credit Party has received any written request for information, or been notified that it is a potentially responsible party under or relating to the federal Comprehensive Environmental Response, Compensation, and Liability Act or any similar
Environmental Law, or with respect to any Materials of Environmental Concern. 
 (d) Each Credit Party is in material compliance with each
consent decree, order, or settlement or other agreement relating to compliance with any Environmental Law under which it could be subject to liability. 

(e) Borrower has made available to Agent and the Lenders copies of all significant reports, correspondence and other documents in its
possession, custody or control regarding compliance by any Credit Party with or potential liability of any Credit Party under Environmental Laws or Environmental Permits. 

  
 30 

 3.20 Accuracy of Information, etc. No statement or information contained in this
Agreement, any other Loan Document or any other document, certificate or statement furnished to Agent or the Lenders or any of them, by or on behalf of any Credit Party for use in connection with the transactions contemplated by this Agreement or
the other Loan Documents, contained as of the date such statement, information, document or certificate was so furnished, any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements contained
herein or therein not misleading. The projections and pro forma financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed by management of Borrower to be reasonable at
the time made, it being recognized by the Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may differ from
the projected results set forth therein by a material amount. As of the Closing Date, the representations and warranties of Par Wyoming contained in the Acquisition Documents are true and correct in all material respects. There is no fact
known to any Credit Party that could reasonably be expected to have a Material Adverse Effect that has not been expressly disclosed herein, in the other Loan Documents, in the Acquisition Documents or in any other documents, certificates and
statements furnished to Agent and the Lenders for use in connection with the transactions contemplated hereby and by the other Loan Documents. 

3.21 Security Documents. Each of the Guarantee and Security Agreement and the Parent Guarantee and Security Agreement is effective to
create in favor of Agent, for the benefit of the Secured Parties, a legal, valid, binding and enforceable security interest in the Collateral described therein and proceeds and products thereof. In the case of the Pledged Capital Stock
described in the Guarantee and Security Agreement or and the Parent Guarantee and Security Agreement, when any stock certificates representing such Pledged Capital Stock are delivered to Agent and, in the case of Pledged Capital Stock that is a
“security” (as defined in the UCC) but is not evidenced by a certificate, when an instructions agreement, substantially in the form of Annex A to the Guarantee and Security Agreement and the Parent Guarantee and Security Agreement, has
been delivered to Agent, and in the case of any other Collateral described in the Guarantee and Security Agreement, when financing statements in appropriate form are filed in the offices specified on Schedule 3.21-1 (which financing
statements may be filed by Agent) at any time and such other filings as are specified on Schedule 2 to the Guarantee and Security Agreement have been completed (all of which filings may be filed by Agent) at any time, the Guarantee and Security
Agreement and the Parent Guarantee and Security Agreement shall constitute a valid Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds and products thereof, as security for the
Obligations (as defined in the Guarantee and Security Agreement and the Parent Guarantee and Security Agreement), in each case prior and superior in right to any other Person (except Permitted Liens). Schedule 3.21-2 lists each UCC
Financing Statement that (i) names any Loan Party as debtor and (ii) will remain on file after the Closing Date. Schedule 3.21-3 lists each UCC Financing Statement that (i) names any Loan Party as debtor and (ii) will be terminated on or
prior to the Closing Date; and on or prior to the Closing Date, Borrower will have delivered to Agent, or caused to be filed, duly completed UCC termination statements, authorized by the relevant secured party, in respect of each such UCC Financing
Statement. 
 3.22 Solvency. Borrower and its Subsidiaries taken as a whole are, and after giving effect to the Acquisition
and the incurrence of all Indebtedness and obligations being incurred in connection herewith and therewith will be and will continue to be, Solvent.

3.23 Hedging Agreements. No Credit Party is party to any Hedging Agreement as of the Closing Date. 

  
 31 

 3.24 Contingent Obligations. There will be no material Contingent Obligations of any
Credit Party existing at the Closing Date, other than Contingent Obligations in connection with the First Lien Loan Documents or the Acquisition Documents. 

3.25 Bank and Other Accounts. No Loan Party (other than Parent) has any deposit, securities and other bank accounts. 

3.26 Access Agreements. No books or records of any Loan Party (other than Parent) are located or maintained on any premises owned
by a third party or leased by a third party to any Loan Party other than such premises as to which Agent has received an Access Agreement from such Loan Party. 

3.27 Material Contracts. Schedule 3.27 contains a complete and accurate list of each contract, agreement or commitment,
whether oral or written, to which any Credit Party is a party or by which it is bound, and which are currently effective on the Closing Date as disclosed in the Acquisition Agreement, that are: (i) agreements (or group of related agreements with the
same counterparty) that would reasonably be expected to result in aggregate payments by a Credit Party (in the aggregate) of more than $500,000 during the current or any subsequent fiscal year of a Credit Party (based solely on the terms thereof and
without regard to any expected increase in volumes or revenues); (ii) agreements (or group of related agreements with the same counterparty) that would reasonably be expected to result in aggregate revenues to the Credit Parties (in the aggregate)
of more than $500,000 during the current or any subsequent fiscal year of the Credit Parties (based solely on the terms thereof and without regard to any expected increase in volumes or revenues); (iii) royalty or licensing agreements providing for
the payment of royalties in excess of $250,000 per annum; (iv) agreements with a material customer or a material supplier; (v) agreements concerning a partnership, joint venture or similar agreement, arrangement or undertaking; (vi) agreements (or
group of related agreements) under which it has (A) created, incurred, assumed, secured or guaranteed any Indebtedness or (B) granted, imposed or secured a Lien on any Property of any Credit Party (other than Permitted Liens); (vii) collective
bargaining agreements; (viii) agreements for the employment of any individual on a full-time, part-time or consulting basis; (ix) other agreements (excluding employment agreements and compensation arrangements) between a Credit Party, on the one
hand, and any of its directors, managers, officers or employees, on the other hand; (x) agreements relating to the pending acquisition or disposition of any material business or Property of any Credit Party (whether by merger, sale of equity
interests, sale of assets or otherwise); (xi) crude oil purchase or refined product sales agreements containing a “most favored nation” pricing provision; (xii) contracts with a Governmental Authority; (xiii) agreements entered that
restricts the freedom of a Credit Party in any part of the world to compete with any Person or in any area; and (xiii) agreements in respect of the operation, ownership, use, capacity, maintenance, tariffs or balancing of any Property of any Credit
Party (each of the foregoing, a “Material Contract”). 
 3.28 Acquisition; Acquisition Documents. The
Acquisition Documents listed on Schedule 3.28 attached hereto constitute all of the material agreements, instruments and undertakings to which any Credit Party is bound or by which such Person or any of its property or assets is bound or
affected relating to, or arising out of, the Acquisition (including, any agreements, instruments or undertakings assumed pursuant to the Acquisition Agreement). None of such material agreements, instruments or undertakings have been amended,
supplemented or otherwise modified, and all such material agreements, instruments and undertakings are in full force and effect. To Borrower’s knowledge, no party to any Acquisition Documents is currently in default thereunder and no party
thereto, or any other Person, has the right to terminate any Acquisition Documents. 

  
 32 

 3.29 No Burdensome Restrictions. No Credit Party is a party or subject to any
contract, agreement or charter restriction that such Credit Party reasonably believes could reasonably be expected to have a Material Adverse Effect.

ARTICLE IV 
 CONDITIONS
PRECEDENT 
 4.1 Conditions to Closing Date. The effectiveness of this agreement and the obligations of Agent and each
Lender hereunder are subject to the satisfaction, on or prior to the Closing Date, of the following conditions precedent: 
 (a) Loan
Documents. Agent shall have received the following documents, in each case executed and delivered by a duly authorized officer of each of the parties thereto: (i) this Agreement, (ii) the Guarantee and Security Agreement and (iii) the
Parent Guarantee and Security Agreement. 
 (b) Pledged Capital Stock; Stock Powers; Acknowledgment and Consent; Pledged
Notes. Agent shall have received (i) the certificates representing the shares of Capital Stock that are certificated securities and that are pledged pursuant to the Guarantee and Security Agreement and the Parent Guarantee and Security
Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof, (ii) in the case of Capital Stock that is a “security” (as defined in the UCC) but is not
evidenced by a certificate, an instructions agreement, substantially in the form of Annex A to the Guarantee and Security Agreement and the Parent Guarantee and Security Agreement, duly executed by any issuer of Capital Stock pledged pursuant to the
Guarantee and Security Agreement and the Parent Guarantee and Security Agreement, and (iii) each promissory note pledged pursuant to the Guarantee and Security Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer
form in blank satisfactory to Agent) by the pledgor thereof. 
 (c) Filings, Registrations and Recordings. Each document
(including any UCC financing statement) required by the Security Documents or under law or reasonably requested by Agent to be filed, registered or recorded in order to create in favor of Agent, for the benefit of the Secured Parties, a perfected
Lien on the Collateral described therein, prior and superior in right to any other Person (other than with respect to Permitted Liens), shall have been filed, registered or recorded or shall have been delivered to Agent in proper form for filing,
registration or recordation. 
 (d) Constituent Documents. All documents establishing or implementing the ownership, capital and
corporate, organizational, tax and legal structure of Parent and each Credit Party shall be reasonably satisfactory to Agent. 
 (e)
[Reserved]. 
 (f) Legal Opinions. Agent shall have received the executed legal opinion of Porter Hedges LLP, counsel to
the Loan Parties, with respect to such matters as may be reasonably requested by Agent, and in form and substance satisfactory to Agent. 

(g) First Lien Loan Documents. Agent shall have received, the Third Amendment to the First Lien Credit Agreement and the Fourth
Amendment to the First Lien Credit Agreement, each of which to be executed in anticipation of the Acquisition, certified to be true, correct and complete as of the Closing Date by a Responsible Officer and such Third Amendment and Fourth Amendment
shall be in form and substance satisfactory to Agent and the Lenders. 
 (h) Budget. The Lenders shall have received a
budget for Borrower and its Subsidiaries for the remainder of the 2016 fiscal year and the full 2017 fiscal year which budget shall be reasonably acceptable to Agent and the Lenders. 

  
 33 

 (i) Lien Searches. Agent shall have received the results of a recent lien search in
each of the jurisdictions or offices in which UCC financing statements or other filings or recordations should be made to evidence or perfect (with the priority required under the Loan Documents) security interests in all assets of Parent and the
Credit Parties (or would have been made at any time during the five years immediately preceding the Closing Date to perfect Liens on any assets owned on the Closing Date by Parent or any Credit Party), and such search shall reveal no Liens on any of
the assets of Parent or any Credit Party, except for Permitted Liens or Liens set forth on Schedule 3.21-3 that were or will be terminated, released or otherwise discharged on or prior to the Closing Date pursuant to documentation
satisfactory to Agent. 
 (j) Closing Certificates. Agent shall have received a certificate of each Loan Party, dated the
Closing Date, in form and substance acceptable to Agent and with appropriate insertions and attachments, (i) certifying as to the Constituent Documents, the resolutions authorizing the Loan Documents and the transactions contemplated thereby, and
the officers thereof, and (ii) confirming compliance with the conditions precedent set forth in Section 4.1(m), (o), (p), (r) and (t). 

(k) Solvency. The Lenders shall have received a reasonably satisfactory Solvency Certificate which shall document the solvency of
Borrower and its Subsidiaries taken as a whole after giving effect to the transactions contemplated hereby and the consummation of the Acquisition. 

(l) Other Certifications. Agent shall have received the following: 

(i) a copy of the charter of Parent and each Credit Party and each amendment thereto, certified (as of a date reasonably near
the date of the initial extension of credit) as being a true and correct copy thereof by the Secretary of State or other applicable Governmental Authority of the jurisdiction in which each of Parent and such Credit Party is organized; 

(ii) a copy of a certificate of the Secretary of State or other applicable Governmental Authority of the jurisdiction in which
each of Parent and each Credit Party is organized, dated reasonably near the date of the initial extension of credit, listing the charter of Parent and such Credit Party and each amendment thereto on file in such office and certifying that (A) such
amendments are the only amendments to such Credit Party’s charter on file in such office, (B) Parent and such Credit Party has paid all franchise taxes to the date of such certificate and (C) Parent and such Credit Party is duly organized and
in good standing under the laws of such jurisdiction; 
 (iii) an electronic confirmation from the Secretary of State or
other applicable Governmental Authority of each jurisdiction in which each of Parent and such Credit Party is organized certifying that each of Parent and such Credit Party is duly organized and in good standing under the laws of such jurisdiction
on the date of the initial extension of credit; prepared by, or on behalf of, a filing service acceptable to Agent; and 

(iv) a copy of a certificate of the Secretary of State or other applicable Governmental Authority of the State of Delaware,
dated reasonably near the date of the initial extension of credit, stating that each of Parent, Borrower, Par Wyoming and, to the extent reasonably requested by Agent, each other Credit Party is duly qualified and in good standing as a foreign
corporation or entity in each such jurisdiction and has filed all annual reports required to be filed to the date of such certificate; and electronic confirmation, from the Secretary of State or other

  
 34 

 
applicable Governmental Authority of each such jurisdiction on the date of the initial extension of credit as to the due qualification and continued good standing of each such Person as a foreign
corporation or entity in each such jurisdiction on or about such date, prepared by, or on behalf of, a filing service acceptable to Agent. 

(m) Approvals. Permits and third party approvals necessary or, in the reasonable discretion of Agent, advisable to be obtained by
a Credit Party in connection with this Agreement, the other Loan Documents, the consummation of the Acquisition and the continuing operations of Borrower and its Subsidiaries and the transactions contemplated hereby shall have been obtained and be
in full force and effect, and all applicable waiting periods shall have expired without any action being taken or threatened by any competent authority which would restrain, prevent or otherwise impose adverse conditions on the Acquisition or the
financing contemplated hereby. 
 (n) Due Diligence. Agent shall have completed a satisfactory due diligence review of the
Credit Parties, including with respect to their company organization, title to properties, tax, legal and accounting issues. 
 (o)
Representations and Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to any Loan Document or by Par Wyoming in or pursuant to the Acquisition Documents shall be true and correct on and as of
the Closing Date or, with respect to any representations and warranties that are by their express terms made as of a specified earlier date, on and as of such earlier date. 

(p) No Default. No Default or Event of Default shall have occurred and be continuing on the Closing Date or after giving effect to
Loans requested to be made on the Closing Date. 
 (q) Additional Documents. Agent and the Lenders shall have received such
other documents, agreements, certificates and information as such Persons shall reasonably request. 
 (r) Closing of
Acquisition. Each of the conditions precedent to the obligations of the parties to the Acquisition Agreement, other than the payment of the purchase price, shall have been satisfied in full, and the Acquisition shall, concurrently
with the funding of the Loans, be consummated on the terms and conditions set forth in the Acquisition Agreement (without any amendment, modification or waiver thereof or any consent thereunder which is materially adverse to Borrower or the Lenders
without the prior written consent of Agent). 
 (s) Fees. The Lenders and Agent shall have received all fees required to
be paid and shall have reimbursed Agent and its affiliates for all expenses incurred for which it is obligated, in each case, under any Loan Document (including reasonable fees, disbursements and other charges of counsel to Agent), on or before the
Closing Date. All such amounts will be paid with proceeds of Loans made on the Closing Date and will be reflected in the funding instructions given by Borrower to Agent on or before the Closing Date. 

(t) Material Adverse Change. Since June 14, 2016, no development, event or circumstance that has had or could reasonably be
expected to have a Material Adverse Effect shall have occurred and be continuing. 
 4.2 Conditions Deemed Fulfilled. Except to
the extent that Borrower has disclosed in the Borrowing Notice that an applicable condition specified in Section 4.1 will not be satisfied as of the Closing Date, Borrower shall be deemed to have made a representation and warranty as of such time
that the conditions specified in Section 4.1 have been satisfied. No such disclosure by Borrower that a 

  
 35 

 
condition specified in Section 4.1 will not be satisfied as of Closing Date shall affect the right of each Lender not to make the Loans requested to be made by it if such condition has not been
satisfied at such time. 
 ARTICLE V 

AFFIRMATIVE COVENANTS 

Borrower hereby agrees that, so long as the Commitments remain in effect, or any Loan or other amount is owing to any Lender or Agent
hereunder, Borrower shall, and shall cause each of its Subsidiaries, including each Credit Party, to: 
 5.1 Financial
Statements. Furnish to Agent and each Lender: 
 (a) as soon as available, but in any event within 120 days after the end of each
fiscal year of Hermes, commencing with the 2016 fiscal year, a copy of the audited consolidated balance sheet of Hermes and its Subsidiaries as at the end of such year and the related audited consolidated statements of income and of cash flows for
such year, setting forth in each case (beginning with the 2017 fiscal year-end) in comparative form the figures as of the end of and for the previous year, and reported on without a “going concern” or like qualification or exception, or
qualification arising out of the scope of the audit, by the Independent Accountants, and further accompanied by an internally prepared consolidated balance sheet of Borrower and its Subsidiaries as of such fiscal year end and related internally
prepared consolidated statements of income and cash flows for such year; 
 (b) as soon as available, but in any event not later than 45
days after the end of each calendar quarter commencing with the quarter ending September 30, 2016, the unaudited consolidated balance sheet of Borrower and its Subsidiaries as at the end of such quarter and the related unaudited consolidated
statement of income for such quarter and of the portion of the fiscal year through the end of such quarter and including a statement of cash flows for such year to date period, setting forth in each case (beginning with the fiscal quarter ending
September 30, 2017) in comparative form the figures as of the end of and for the corresponding period in the previous year, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit
adjustments); 
 (c) as soon as available, but in any event not later than 45 days after the end of each quarter a schedule, certified by a
Responsible Officer, including a general description of the Capital Expenditures made by Borrower and its Subsidiaries during such quarter in such form and with such detail as Agent shall reasonably request; and 

(d) such other information as Agent or any Lender may from time to time reasonably request. 

All such financial statements delivered pursuant to this Section 5.1 shall be complete and correct in all material respects and prepared in
reasonable detail and in accordance with GAAP (except as approved by the Independent Accountants or Responsible Officer, as the case may be, and disclosed therein, and quarterly financial statements shall be subject to normal year-end audit
adjustments and need not be accompanied by footnotes). 
 5.2 Other Reporting. Furnish to Agent: 

(a) as soon as available, but in any event not later than 45 days after the end of each calendar quarter commencing with the quarter ending
September 30, 2016, an operations report which shall include operational information for the Properties of the Credit Parties for such quarter, including crude oil and other feedstock purchases and throughput quantities and prices, product sales
volumes and prices, detailed breakdown of operating costs, changes in inventory, and other information regarding operations as Agent may reasonably request; 

  
 36 

 (b) as soon as available, but in any event within 45 days after the end of each quarterly period
of each fiscal year, a report, in form and substance reasonably satisfactory to Agent, setting forth as of the last Business Day of such quarterly period, a summary of the hedging positions of each Credit Party under all Hedging Agreements
(including any contracts of sale which provide for prepayment for deferred shipment or delivery of Hydrocarbons or other commodities) of each Credit Party, including the type, term, effective date, termination date and notional principal amounts or
volumes, the hedged price(s), interest rate(s) or exchange rate(s), as applicable, and any new credit support agreements relating thereto; 

(c) to the extent not previously disclosed to Agent, promptly upon the acquisition thereof, a listing of any Real Property acquired by any
Credit Party at a purchase price in excess of $500,000 and a listing of any Intellectual Property acquired by any Credit Party at a purchase price in excess of $250,000, in each case, since the date of the most recent list delivered pursuant to this
Section 5.2(c) (or, in the case of the first such list so delivered, since the Closing Date); 
 (d) reports, certifications, engineering
studies, environmental assessments or other written material or data requested by, and in form, scope and substance reasonably satisfactory to, Agent or the Required Lenders, in the event that Agent or the Required Lenders at any time have a
reasonable basis to believe that there may be a material violation of any Environmental Law or a condition at any Property owned, operated or leased by any Credit Party that could reasonably give rise to a Material Adverse Effect; provided
that if any Credit Party fails to provide such reports, certifications, engineering studies or other written material or data within 90 days after the request of Agent or the Required Lenders, Agent shall have the right, at such Credit Party’s
sole cost and expense, to conduct such environmental assessments or investigations as may reasonably be required to enable Agent and the Required Lenders to determine whether each of the Credit Parties is in material compliance with Environmental
Laws; 
 (e) no later than three days prior to any Asset Sale (or such fewer days’ notice as Agent may approve), written notice of such
Asset Sale, which notice shall (i) describe such Asset Sale or the nature and material terms and conditions of such transaction and (ii) state the estimated Net Cash Proceeds anticipated to be received by any Credit Party; 

(f) as soon as is practicable following the written request of Agent and in any event within 60 days after the end of each fiscal year, (i) a
report in form and substance satisfactory to Agent and the Lenders outlining all material insurance coverage maintained as of the date of such report by each Credit Party and the duration of such coverage and (ii) an insurance broker’s
statement that all premiums then due and payable with respect to such coverage have been paid and confirming that Agent has been named as loss payee or additional insured, as applicable with respect to any insurance of each Loan Party (other than
Parent); and 
 (g) upon request by Agent, such other reports and information with respect to the Collateral, the Property of the Credit
Parties or the financial condition of the Credit Parties as may be reasonably requested. 
 5.3 Certificates; Other
Information. Furnish to Agent and each Lender or, in the case of clause (g), to the relevant Lender or Agent, as applicable: 
 (a)
concurrently with the delivery of any financial statements pursuant to Section 5.1, (i) a Compliance Certificate of a Responsible Officer (A) stating that, to the best of such Responsible Officer’s

  
 37 

 
knowledge, each Loan Party during such period has observed or performed all of its covenants and other agreements, and satisfied every condition, contained in this Agreement and the other Loan
Documents to which it is a party to be observed, performed or satisfied by such Loan Party, and that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate, and (B) containing
all information and calculations necessary for determining compliance by the Loan Parties with the provisions of this Agreement referred to therein as of the last day of the fiscal quarter or fiscal year of Borrower, as the case may be, and
(ii) to the extent not previously disclosed to Agent, in writing, an updated listing of any Real Property acquired by any Credit Party, or with respect to which any Credit Party shall acquire a right to earn, purchase or otherwise acquire, since the
date of the most recent updated list delivered pursuant to this clause (ii) (or, in the case of the first such list so delivered, since the Closing Date); 

(b) (i) as soon as available, and in any event no later than 60 days after each December 31st and June 30th, a detailed consolidated budget
for the following four fiscal quarters (including a projected consolidated balance sheet of Borrower and its Subsidiaries as of the end of the following four fiscal quarters, and the related consolidated statements of projected cash flow, projected
changes in financial position and projected income and a description of the underlying assumptions applicable thereto) (collectively, the “Projections”), and a description of any material deviations occurring during the
six-month period then ended in excess of 20% of the Projections for such six-month period, and (ii) and, as soon as available, significant revisions, if any, of such budget and Projections with respect to such fiscal quarters, which Projections
shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections are based on reasonable estimates, information and assumptions and that such Responsible Officer has no reason to believe that such Projections
are incorrect or misleading in any material respect; and be in a format and with such detail as Agent may reasonably request. 
 (c) as soon
as possible and in any event within five days of obtaining knowledge thereof: (i) notice of any development, event, or condition that, individually or in the aggregate with other developments, events or conditions that, individually or in
the aggregate, could reasonably be expected to result in the payment by the Credit Parties of a Material Environmental Amount; and (ii) any notice that any Governmental Authority has taken action to or may deny any application for an
Environmental Permit or other material permit sought by, or revoke or refuse to renew any such Permit held by any Credit Party or condition approval of any such Permit on terms and conditions if the effect of any such action would have a material
adverse effect on any Credit Party, or to the operation of any of its businesses or any property owned, leased or otherwise operated by such Person; 

(d) within five Business Days after receipt thereof by any Credit Party, copies of each final management letter, exception report or similar
letter or report received by such Credit Party from its Independent Accountants; 
 (e) (i) prior to the effectiveness thereof, copies of
substantially final drafts of any proposed amendment, supplement, waiver or other modification with respect to any First Lien Loan Document or any Constituent Document of any Credit Party, and (ii) promptly upon execution of any amendment,
supplement, waiver or other modification described in clause (i) above, a fully executed copy thereof; provided that, for the avoidance of doubt, no such amendments, supplements, waivers or modifications shall be permitted unless entered into
in accordance with Section 6.20; 
 (f) to the extent not included in clauses (a) through (e) above, (i) simultaneously with the delivery
thereof under the First Lien Credit Agreement, a copy of any default notice delivered to the First Lien Lender, and (ii) promptly, and in any event within two Business Days after receipt by any Credit Party thereof, a copy of any default notice
received from the First Lien Lender, and 
 (g) promptly, such additional financial and other information as Agent or any Lender may from
time to time reasonably request. 

  
 38 

 5.4 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity
or before they become delinquent, as the case may be, all of its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity
with GAAP with respect thereto have been provided on the books of the Credit Party obligated therefor. 
 5.5 Maintenance of Existence;
Compliance with Obligations, Requirements, etc.
 (a) (i) Preserve, renew and keep in full force and effect its corporate or other
existence and (ii) take all reasonable action to maintain all rights, privileges, franchises, Permits and licenses necessary or desirable in the normal conduct of its business, except, in each case, as otherwise permitted by Section 6.4 and except,
in the case of clause (ii) above, to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 

(b) Comply with all (i) Contractual Obligations to the extent not in violation of this Agreement or the other Loan Documents, and
Constituent Documents and (ii) Permits and Requirements of Law, and use its reasonable efforts to cause all employees, crew members, agents, contractors and subcontractors of any Credit Party to comply with all Permits and Requirements of Law as may
be necessary or appropriate to enable such Credit Party so to comply, except, in the case of Contractual Obligations, Permits and Requirements of Law, where the failure to comply could not reasonably be expected to result in a Material Adverse
Effect. 
 5.6 Operation and Maintenance of Property. 

(a) Keep, preserve and maintain all Property and systems, including all improvements, personal property and equipment, useful and necessary in
its business in good working order and condition in accordance with the general practice of other businesses of similar character and size (ordinary wear and tear excepted) and make all necessary repairs, renewals and replacements so that its
business may be properly conducted at all times. 
 (b) Promptly pay and discharge, or make reasonable and customary efforts to cause to be
paid and discharged, all rentals, royalties, expenses and indebtedness accruing under the leases or other agreements affecting or pertaining to its material Properties and will do all other things necessary to keep unimpaired its rights with respect
thereto and prevent any forfeiture thereof or default thereunder. 
 (c) Promptly perform or make reasonable and customary efforts to cause
to be performed, in accordance with industry standards or consistent with past practices of Hermes and its Subsidiaries, the obligations required by each and all of the assignments, deeds, leases, sub-leases, contracts and agreements affecting its
interests in its Properties. 
 5.7 Insurance. 

(a) Maintain with financially sound and reputable insurance companies insurance on all its Property meeting the requirements of the Guarantee
and Security Agreement and in at least such amounts and against at least such risks (but including in any event general liability) as are usually insured against in the same general area by companies engaged in the same or a similar business, with
such deductibles as are reasonably acceptable to Agent. 

  
 39 

 (b) With respect to any Loan Party (other than Parent) that has any insurance policies, name
Agent, for the ratable benefit of the Secured Parties, as “loss payee” under its casualty loss policies and Agent as “additional insured” on its comprehensive and general liability policies and cause all such casualty loss
policies to be reasonably satisfactory to Agent in all respects and provide that they shall not be canceled, amended or changed without at least 30 days’ (ten days for nonpayment) written notice to Agent, it being understood, however, that, so
long as no Event of Default has occurred and is continuing, Net Cash Proceeds of any insurance policies shall be applied in accordance with Sections 2.7 and 2.9. 

(c) Renew all insurance policies referred to in this Section 5.7 on terms no less favorable to Agent for the ratable benefit of the Secured
Parties during the term of this Agreement and cause any substitute underwriter to be, in Borrower’s reasonable opinion, as financially sound as Borrower’s existing underwriters. 

5.8 Inspection of Property; Books and Records; Discussions. 

(a) Keep proper books of records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall
be made of all dealings and transactions in relation to its business and activities. 
 (b) Permit Agent and the Lenders, or any agents or
representatives thereof, from time to time during Borrower’s normal business hours, as often as may be reasonably requested and upon two Business Days’ notice (except that, during the continuance of an Event of Default, no such notice
shall be required) to (i) go upon, examine, inspect and remain on the Properties of any Credit Party, (ii) during any such visit, inspect and verify the amount, character and condition of any of the Property of any Credit Party, (iii) during any
such visit, examine and, at Borrower’s cost and expense, make copies of and abstracts from the records and books of account of any Credit Party, and (iv) discuss the affairs, finances and accounts of any Credit Party with any of its officers,
directors, employees or Independent Accountants, it being understood that, except as otherwise stated in clause (iii) above, Agent and each Lender will pay the costs and expenses incurred by it in exercising its rights under this Section 5.8(b);
provided that after the occurrence and during the continuation of an Event of Default, Borrower shall reimburse Agent and each Lender promptly after a request therefor for the reasonable costs and expenses incurred by it in connection with
the exercise of its rights under this Section 5.8(b). 
 (c) Authorize the Independent Accountants of Borrower to disclose to Agent or any
Lender any and all financial statements and other information of any kind, as Agent or any Lender reasonably requests, from Borrower and which the Independent Accountants may have with respect to the business, financial condition, results of
operations or other affairs of any Credit Party. 
 5.9 Notices. Promptly, and in any event within five Business Days after
Borrower’s knowledge thereof, give notice to Agent and each Lender of: 
 (a) the occurrence of any Default or Event of Default; 

(b) any (i) default or event of default (or alleged default) under any Contractual Obligation of any Credit Party or (ii) litigation,
investigation or proceeding which may exist at any time between any Credit Party and any Governmental Authority, that in case of clause (i) or (ii), if not cured or if adversely determined, as the case may be, could reasonably be expected to have a
Material Adverse Effect; 
 (c) any litigation or proceeding affecting any Credit Party in which the damages claimed are not covered by
insurance is $500,000 or more or in which injunctive or similar relief is sought; 

  
 40 

 (d) any development or event that has had or could reasonably be expected to have a Material
Adverse Effect; and 
 (e) the audit or examination of any Tax Return by any Governmental Authority, the receipt by any Credit Party of
notice of any such audit or examination or the assertion of any claim for taxes against any Credit Party by any Governmental Authority. 
 Each notice
pursuant to this Section 5.9 shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action any Credit Party proposes to take with respect thereto. 

5.10 Environmental Laws. 

(a) Comply in all material respects with, and ensure compliance in all material respects at any Property owned, leased or operated by any
Credit Party by all tenants, subtenants, lessees, sub-lessees and contractors, if any, with, all applicable Environmental Laws and Environmental Permits, and obtain and comply in all material respects with and maintain, and ensure that all tenants,
subtenants, lessees, sub-lessees and contractors obtain and comply in all material respects with and maintain, any and all Environmental Permits required by applicable Environmental Laws with respect to any Property owned, leased or operated by any
Credit Party. 
 (b) Conduct and complete all investigations, studies, sampling and testing, and all reporting, investigative, remedial,
removal and other actions required under Environmental Laws as a result of a release of or the discovery of Materials of Environmental Concern, and promptly comply in all material respects with all lawful orders and directives of all Governmental
Authorities regarding Environmental Laws. 
 (c) Promptly, but in no event later than five days after the occurrence of a triggering event,
notify Agent in writing of any threatened action, investigation or inquiry by any Governmental Authority or any demand or threatened lawsuit by any landowner or other third party against any Credit Party or its Properties of which Borrower has
knowledge in connection with any Environmental Laws (excluding routine inspections, testing, and corrective action) if Borrower reasonably anticipates that such action may result in liability individually in excess of a Material Environmental
Amount. 
 5.11 Collateral Matters. At all times Borrower (a) shall, and shall cause each other Loan Party (other than Parent)
to, maintain an Acceptable Security Interest in all of the Capital Stock and other Property owned thereby, and (b) shall cause Parent to maintain an Acceptable Security Interest in all of the Capital Stock in Borrower. 

5.12 Use of Proceeds. Use the proceeds of the Loans only for the purposes specified in Section 3.18. 

5.13 Patriot Act Compliance. Provide such information and take such actions as are reasonably required by Agent or any Lender in
order to assist Agent and Lenders with compliance with the Patriot Act. 
 5.14 Further Assurances. 

(a) From time to time execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and
take all such actions, as Agent may reasonably request for the purposes of implementing or effectuating the provisions of this Agreement and the other 

  
 41 

 
Loan Documents, or of more fully perfecting or renewing the rights of Agent and the Lenders with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds or
products thereof or with respect to any other Property hereafter acquired by any Loan Party, which may be deemed to be part of the Collateral) pursuant hereto or thereto.

(b) Upon the exercise by Agent or any Lender of any power, right, privilege or remedy pursuant to this Agreement or the other Loan Documents
which requires any consent, approval, recording, qualification or authorization of any Governmental Authority, execute and deliver, or cause the execution and delivery of, all applications, certifications, instruments and other documents and papers
that Agent or such Lender may be required to obtain from any Loan Party or Par Wyoming for such governmental consent, approval, recording, qualification or authorization. 

5.15 Balance Sheet. Furnish to Agent an unaudited internally-prepared consolidated balance sheet of Borrower and its Subsidiaries
as at July 31, 2016 on or before August 31, 2016 (as such deadline may be extended by Agent). 
 ARTICLE VI 

NEGATIVE COVENANTS 

Borrower hereby agrees that, so long as the Commitments remain in effect, any Loan or other amount is owing to any Lender or Agent hereunder,
Borrower shall not, and shall not permit any of its Subsidiaries, including any Credit Party to, directly or indirectly: 
 6.1 Financial
Condition Covenants. 
 (a) Consolidated Leverage Ratio. Commencing with the fiscal quarter ending September 30, 2017,
permit the Consolidated Leverage Ratio as at the last day of any period of four consecutive fiscal quarters of Borrower ending with the last day of any fiscal quarter to exceed 6.25 : 1.00: 

6.2 Indebtedness. 
 (a)
Create, incur, assume, issue, guaranty or suffer to exist any Indebtedness, except for the following (“Permitted Indebtedness”): Indebtedness of Borrower pursuant to any Loan Document; 

(b) Permitted Purchase Money Indebtedness (and Refinancing Indebtedness in respect thereof); 

(c) Bank Product Indebtedness; 

(d) Guarantee Obligations made in the ordinary course of business by Hermes or any of its Subsidiaries of obligations of Hermes or any of its
Subsidiaries. 
 (e) Indebtedness of Hermes or any of its Subsidiaries under any Hedging Agreement permitted pursuant to Section 6.16;

 (f) intercompany Indebtedness among Hermes and any of its Subsidiaries permitted pursuant to Section 6.8; 

(g) unsecured current accounts payable incurred in the ordinary course of business which are (i) outstanding for not more than 90 days past
the original invoice or billing date thereof or (ii) being contested in good faith by appropriate proceedings, if such reserve as may be required by GAAP shall have been made therefor; 

  
 42 

 (h) extensions of credit from suppliers or contractors who are not Affiliates of Borrower for the
performance of labor or services or the provision of supplies or materials under applicable contracts or agreements, which are not more than 60 days overdue or are being contested in good faith by appropriate proceedings, if such reserves as may be
required by GAAP shall have been made therefor; 
 (i) obligations for taxes payable that are not overdue; 

(j) Indebtedness in respect of bid, performance or surety bonds, workers’ compensation claims, self-insurance obligations and bankers
acceptances issued for the account of Par Wyoming, Hermes or its Subsidiaries in the ordinary course of business, including guarantees or obligations of Par Wyoming, Hermes or its Subsidiaries with respect to letters of credit supporting such bid,
performance or surety bonds, workers’ compensation claims, self-insurance obligations and bankers acceptances (in each case other than for an obligation for money borrowed); 

(k) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently
(except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within five Business Days of incurrence; 

(l) Indebtedness arising in connection with endorsement of instruments for deposit in the ordinary course of business; 

(m) additional Indebtedness of Hermes and its Subsidiaries (including Capital Lease Obligations secured by Liens permitted by Section 6.3(j))
in an aggregate principal amount (for Hermes and all of its Subsidiaries) not to exceed $1,000,000 at any one time outstanding (and Refinancing Indebtedness in respect thereof); 

(n) Indebtedness of Par Wyoming, Hermes and its Subsidiaries constituting First Lien Revolver Loans; provided that (i) the aggregate
principal amount of such Indebtedness shall not exceed $60,000,000, (ii) such Indebtedness shall be subject to a customary borrowing base formula and related mechanics substantially similar to those set forth in the First Lien Credit Agreement as in
effect as of the date hereof and (iii) the proceeds of such Indebtedness shall be used in the ordinary course of business for working capital and general corporate purposes of Par Wyoming, Hermes and its Subsidiaries (and First Lien Refinancing
Indebtedness in respect thereof); and 
 (o) Indebtedness of Par Wyoming, Hermes and its Subsidiaries incurred prior to the date hereof that
constitutes First Lien Term Loans; provided that the aggregate principal amount of such Indebtedness shall not exceed (i) $58,035,716.00 as of the Closing Date or (ii) at any time after the Closing Date, the amount set forth in clause (i)
minus all quarterly amortization of $2,321,428 payments payable at or prior to the time of determination pursuant to Section 5.3(a) of the First Lien Credit Agreement as in effect as of the date hereof (without giving effect to any amendment,
modification or waiver with respect to such payment obligations) (and First Lien Refinancing Indebtedness in respect thereof). 
 6.3
Liens. Create, incur, assume or suffer to exist any Lien upon any of its Property, whether now owned or hereafter acquired, except for: 

(a) Liens for taxes not yet due or which are being contested in good faith by appropriate proceedings, provided that adequate reserves
with respect thereto are maintained on the books of the applicable Credit Party in conformity with GAAP; 

  
 43 

 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or
other like Liens on the Property of Hermes or any of its Subsidiaries arising in the ordinary course of business which are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceedings and for
which adequate reserves with respect thereto are maintained in the books of the applicable Credit Party in conformity with GAAP; provided that at no time shall such sums being contested exceed in the aggregate $250,000; 

(c) pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security legislation; 

(d) Liens on cash of, or deposits of cash made by, Hermes or any of its Subsidiaries in the ordinary course of business to secure the
performance of tenders, bids, trade contracts (other than for borrowed money), leases, statutory obligations, performance bonds and other obligations of a like nature incurred in the ordinary course of business, or arising as a result of progress
payments under government contracts;  
 (e) encumbrances consisting of easements,
rights-of-way, restrictions, servitudes, permits, conditions, covenants, exceptions or reservations in any Property of Hermes or any of its Subsidiaries that do not secure any borrowed money and do not materially impair the use of such property by
any Credit Party in the ordinary course of its business; 
 (f) Liens created pursuant to the Security Documents; 

(g) the interest or title of a lessor, sublessor, licensee, sublicensee, licensor, or sublicensor under any lease, sublease, license or
sublicense agreement (including software and other technology licenses) entered into by Hermes or any of its Subsidiaries in the ordinary course of its business; 

(h) normal and customary banker’s liens, rights of set-off or similar rights and remedies in favor of creditor depository institutions,
and Liens of a collecting bank on checks, drafts or other items of payment payable to a Credit Party (including those constituting proceeds of any Collateral) in the ordinary course of collection; 

(i) Liens on Property of Par Wyoming, Hermes and its Subsidiaries securing the First Lien Obligations; 

(j) Purchase Money Liens securing Permitted Purchase Money Indebtedness; 

(k) Liens not otherwise permitted by this Section 6.3 so long as the aggregate outstanding principal amount of the obligations secured thereby
does not exceed (as to Borrower and all Subsidiaries) $100,000 at any one time; 
 (l) Liens arising in the ordinary course of business of
Hermes and its Subsidiaries that are subject to a lien waiver agreement acceptable to and in favor of the First Lien Lender and acceptable to Agent; 

(m) Liens arising by virtue of a judgment or judicial order not constituting an Event of Default; 

  
 44 

 (n) Liens on property of a Person existing at the time such Person is acquired or merged with or
into or consolidated with any Credit Party to the extent permitted hereunder (and not created in anticipation or contemplation thereof); provided that such Liens do not extend to property not subject to such Liens at the time of acquisition
(other than improvements thereon) and are no more favorable to the lienholders than such existing Lien; 
 (o) licenses of Intellectual
Property granted by Hermes or any of its Subsidiaries in the ordinary course of business and not interfering in any material respect with the ordinary conduct of business of any Credit Party; 

(p) the filing of UCC financing statements solely as a precautionary measure in connection with operating leases of Hermes and its
Subsidiaries; 
 (q) Liens on cash deposits securing any Hedging Agreement permitted by Section 6.16 so long as such cash deposits do not
exceed $1,000,000 in the aggregate at any one time; 
 (r) Liens encumbering customary deposits made by Hermes or any of its Subsidiaries in
furtherance of physical commodity transactions or trades entered into by Hermes or any of its Subsidiaries in the ordinary course of business; and 

(s) (i) zoning, building, entitlement and other land use regulations by Governmental Authorities with which the normal operation of the
business complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of
the Credit Parties. 
 6.4 Fundamental Changes. Enter into any merger, consolidation, restructuring, recapitalization,
reorganization or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), Dispose of all or substantially all of its Property or business or amend, modify or otherwise change its name, jurisdiction of
organization, corporate structure, organizational number, identification number, FEIN or location of its chief executive office, except that, if no Default shall have occurred and be continuing: 

(a) any Subsidiary of Borrower may be merged or consolidated with or into Borrower (provided that Borrower shall be the continuing or
surviving entity) or with or into any Wholly Owned Subsidiary of Borrower; and 
 (b) any Subsidiary of Borrower may Dispose of any or all
of its assets (upon voluntary liquidation or otherwise) to Borrower or any Wholly Owned Subsidiary of Borrower; 
 (c) the Capital Stock of
any Subsidiary may be transferred to Borrower or any other Wholly Owned Subsidiary of Borrower; and 
 (d) Borrower or any Subsidiary may
amend, modify or otherwise change its name, jurisdiction of organization, corporate structure, organizational number, identification number, FEIN or location of its chief executive office upon 15 days’ (or such shorter time period as may be
agreed by Agent) prior written notice to Agent. 
 6.5 Disposition of Property. Dispose of any of its Property (including,
receivables and leasehold interests), whether now owned or hereafter acquired, or, in the case of any Subsidiary of Borrower, issue or sell any shares of such Subsidiary’s Capital Stock (including pursuant to any merger, consolidation,
restructuring, recapitalization, reorganization or amalgamation) to any Person, except: 
 (a) Dispositions of obsolete or worn out property
in the ordinary course of business; 

  
 45 

 (b) Dispositions permitted by Section 6.4(b); 

(c) the sale of inventory which is sold in the ordinary course of business on ordinary trade terms; 

(d) Dispositions of claims against customers, working interest owners, other industry partners or any other Person in connection with workouts
or bankruptcy, insolvency or other similar proceedings with respect thereto; 
 (e) any Casualty Recovery Event, provided that the
proceeds thereof are (i) used to make prepayments in accordance with Section 2.7(c) or (ii) if no such prepayment is required by Section 2.7(c), applied to one or more Qualified Investments; and 

(f) Dispositions of Property not to exceed $500,000 in the aggregate in any fiscal year; provided that such disposition is made at fair
market value for such Property and at least 75% of purchase price paid to such Credit Party is in cash; provided further that at the time of such disposition, no Default or Event of Default shall exist or would result from such disposition.

 6.6 Restricted Payments. Declare or pay any dividend on, or make any payment on account of, or set apart assets for a sinking or
other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of any Credit Party, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or
indirectly, whether in cash or property or in obligations of any Credit Party, or make or offer to make any payment or prepayment of principal, premium (if any), interest, fees (including fees to obtain any waiver or consent) or other charges on, or
effect any repurchase, redemption, purchase, retirement, defeasance, sinking fund or similar payment with respect to, any Indebtedness (other than the Obligations) of any Credit Party (the payments or other transactions described in this Section 6.6
collectively, “Restricted Payments”), except that: 
 (a) any Subsidiary may make Restricted Payments to Borrower or
any other Wholly Owned Subsidiary of Borrower; 
 (b) Borrower may make Restricted Payments to Parent in the form of Capital Stock
(other than Disqualified Stock) of Borrower; 
 (c) Borrower or any of its Subsidiaries may make any required payment, prepayment,
repurchase redemption, purchase, retirement or other payment of its other Permitted Indebtedness, in each case to the extent required to be made by the terms thereof and permitted by such terms after giving effect to any applicable subordination
provisions; 
 (d) Hermes or any of its Subsidiaries may prepay Capital Leases or purchase money financing comprising Permitted Indebtedness
upon the sale or exchange of the equipment subject thereto; 
 (e) Borrower may make distributions to Parent for state income taxes and the
portion of federal alternative minimum taxes actually paid (or estimated to be paid) by Par Pacific that is attributable to the Credit Parties, without duplication of any amount distributed pursuant to Section 6.6(f) for such taxes for such period;

  
 46 

 (f) Borrower may make distributions to Parent on each Tax Distribution Date in an amount equal to
the Tax Distribution less any amounts distributed under Section 6.6(e) for such fiscal quarter, provided, however, that no distributions shall be permitted under this clause (f) if the Consolidated Leverage Ratio attributable to such
quarter as reported under Section 5.3 (or with regard to any fiscal quarter ending prior to September 30, 2017, as set forth in the certificate for such quarter contemplated in the definition of Tax Distribution Date) exceeds 3.50:1.00 prior to and
immediately after giving effect so such distribution on a pro forma basis on such date; and 
 (g) Upon the release in accordance with the
First Lien Loan Documents of the cash collateral held in the First Lien Cash Collateral Account, Borrower may make a one-time distribution of such cash collateral (not to exceed $10,000,000 plus any interest thereon that was released from the First
Lien Cash Collateral Account) to Parent; 
 provided, however, that the Restricted Payments described in clauses (c), (d), (e), (f) and (g) above
shall not be permitted if a Default or Event of Default shall have occurred and be continuing at the date of declaration or payment thereof or would result therefrom. 

6.7 Expenditures. 
 (a)
Make or commit to make cash Capital Expenditures, other than (collectively, “Permitted Capital Expenditures”): 

(i) for the period beginning on the Closing Date and ending on December 31, 2016, Capital Expenditures by Hermes and its
Subsidiaries made in the ordinary course of business in an aggregate amount not to exceed $6,000,000 and 
 (ii) beginning
with the calendar year ending December 31, 2017, Capital Expenditures of Hermes and its Subsidiaries made in the ordinary course of business in an aggregate amount not to exceed $10,000,000 in any fiscal year. 

(b) Make any expenditure for general and administrative expenses, other than general and administrative expenses of the Credit Parties
incurred in the ordinary course of business not to exceed $10,000,000 in the aggregate in any fiscal year. 
 6.8
Investments. Make any Investment in any other Person, except: 
 (a) Investments in Cash Equivalents; 

(b) Qualified Investments made by Hermes or any Wholly Owned Subsidiary of Hermes with (i) the proceeds of Asset Sales in accordance with
Section 2.7 and (ii) the proceeds of Casualty Recovery Events in accordance with Sections 2.7 and 6.5(e); 
 (c) Investments by Borrower or
any of its Subsidiaries in Borrower or any Person that, prior to such Investment, is a Wholly Owned Subsidiary of Borrower; 
 (d) Hedging
Agreements permitted by Section 6.16; 
 (e) subject to the provisions of Section 6.7, Investments constituting Permitted Capital
Expenditures (other than Investments in the Capital Stock or Indebtedness of any Person); and 
 (f) Investments received by Borrower or any
Subsidiary in connection with workouts with, or bankruptcy, insolvency or other similar proceedings with respect to customers. 

  
 47 

 6.9 Transactions with Affiliates. Enter into any transaction, including, any purchase,
sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than any Credit Party) unless such transaction is (a) subject to Section 6.7(b), reasonable and
customary director, officer, and employee fees and compensation and other benefits (including retirement, health, stock option and benefit plans) indemnification agreements, and the allocation of reasonable and customary expenses among the Credit
Parties and Par Pacific in the ordinary course of business related to shared corporate office space, personnel and payroll and other shared administrative matters; (b) a transaction (including any intercompany transactions for the sale, lease or
exchange of property with other Subsidiaries of Par Pacific in connection with the purchase and sale of commodities) that is (i) not otherwise prohibited under this Agreement, (ii) in the ordinary course of business of the Credit Party that is party
to such transaction, and (iii) upon fair and reasonable terms no less favorable to such Credit Party than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate; or (c) Restricted Payments permitted
under Section 6.6. 
 6.10 Sales and Leasebacks. Enter into any sale and leaseback transaction. 

6.11 Changes in Fiscal Periods. Permit the fiscal year of any Credit Party to end on a day other than December 31 or change
the method of determining its fiscal year for any Credit Party. 
 6.12 Negative Pledge Clauses. Enter into or suffer to exist
or become effective any agreement that prohibits or limits the ability of any Credit Party to create, incur, assume or suffer to exist any Lien upon any of its Property or revenues, whether now owned or hereafter acquired, to secure the Obligations
or, in the case of any Guarantor, its obligations under the Guarantee and Security Agreement or the Parent Guarantee and Security Agreement, as applicable, other than (a) this Agreement and the other Loan Documents, (b) solely with respect to Par
Wyoming, Hermes and its Subsidiaries, the First Lien Loan Documents, and (c) in the case of Hermes or any of its Subsidiaries, any agreements governing any purchase money Liens or Capital Lease Obligations otherwise permitted hereby (in which case,
any prohibition or limitation shall only be effective against the assets financed thereby). 
 6.13 Restrictions on Subsidiary
Distributions. Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Subsidiary to (a) make Restricted Payments in respect of any Capital Stock of such Subsidiary held by, or pay
or subordinate any Indebtedness owed to, any Credit Party, (b) make Investments in any Credit Party or (c) transfer any of its assets to any Credit Party, except for such encumbrances or restrictions existing under or by reason of (i) any
restrictions existing under the Loan Documents and the First Lien Loan Documents and (ii) any restrictions with respect to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or
substantially all of the Capital Stock or assets of such Subsidiary. 
 6.14 Lines of Business; Holding Company Status of Borrower.

 (a) Enter into or engage in any business other than its business as conducted on the Closing Date and any activities reasonably related
or incidental thereto. 
 (b) In the case of Borrower, notwithstanding anything to the contrary in this Agreement or any other Loan
Document, (i) conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any business or operations other than those incidental to its ownership of the Capital Stock of Par Wyoming, (ii) incur, create, assume or
suffer to exist any Indebtedness or other liabilities or financial obligations, except (A) nonconsensual obligations imposed by operation of law, (B) pursuant to the Loan Documents to which it is a party and (C) obligations under its Constituent
Documents with respect to its Capital Stock, or (iii) own, lease, manage or otherwise operate any properties or assets other than the ownership of the Capital Stock of Par Wyoming. 

  
 48 

 6.15 ERISA Plans. No Credit Party or Loan Party shall become party to any ERISA Plan
that is subject to Title IV of ERISA or Section 4.12 of the Code (a “Pension Plan”), other than any in existence on the Closing Date or any other Pension Plan reasonably acceptable to Lender, provided that the Borrower has given
Lender ten (10) Business Days’ prior notice of the effectiveness of such other Pension Plan. 
 6.16 Hedging
Agreements. Enter into, or suffer to exist, any Hedging Agreement, except any Hedging Agreement that (a) is with an Approved Counterparty, (b) is to hedge risks arising in the ordinary course of business and not for speculative purposes,
and (c) to the extent such Hedging Agreement relates to commodities, is to hedge or manage any of the risks related to Hermes and its Subsidiaries’ inventory; provided, that the notional value under all such commodity Hedging
Agreements described in clause (c) does not exceed $35,000,000 in the aggregate at any time. 
 6.17 New Subsidiaries. Acquire,
form, incorporate or organize any Subsidiary or permit to exist any Subsidiary other Par Wyoming, Hermes and the Wholly Owned Subsidiaries of Hermes. 

6.18 Use of Proceeds. Use or permit the use of all or any portion of the proceeds of the Loans for any purpose other than as
permitted pursuant to Section 5.12. 
 6.19 Bank Accounts. In the case of a Loan Party (other than Parent), open or otherwise
establish, or deposit or otherwise transfer funds into, any deposit, bank or securities account in the name or otherwise for the benefit of such Loan Party. 

6.20 Amendments to Certain Documents and Agreements. 

(a) Amend, modify or otherwise change, or permit any amendment, modification or other change to (pursuant to a waiver or otherwise), any
Constituent Documents (including by the filing or modification of any certificate of designation, or any agreement or arrangement (including any shareholders’ agreement) entered into, with respect to any of its Capital Stock), or enter into any
new agreement with respect to any of its Capital Stock, except any such amendments, modifications or changes or any such agreements or arrangements that do not adversely affect any right, privilege or interest of Agent or the Lenders under the Loan
Documents. 
 (b) Amend, modify or otherwise change, or permit any amendment, modification or other change to (pursuant to a waiver or
otherwise), any First Lien Loan Document in a manner that would (i) increase the aggregate principal amount of the First Lien Obligations (other than as an increase in the revolving commitments to an aggregate revolving commitment amount not to
exceed $60,000,000); (ii) increase the “Applicable Margin” or similar component of the interest rate applicable to the First Lien Obligations by more than 2.00% per annum in the aggregate from the date hereof; (iii) change the “Change
of Control” or “Change of Control Event” definition or similar definition, component or provision thereof; (iv) shorten the maturity date; or (v) modify the distribution or upstream payment provisions under the First Lien Loan
Documents in a manner adverse to the Loan Parties or the Lenders. 
 (c) (i) Amend, supplement or otherwise modify (whether pursuant to a
waiver granted by or to such Person or otherwise) or fail to enforce strictly the terms and conditions of the indemnities and licenses furnished to any Credit Party pursuant to the Acquisition Documents such that after giving effect thereto such
indemnities or licenses shall be materially less favorable to the interests of the Credit Parties or the Lenders with respect thereto or (ii) otherwise amend, supplement or otherwise modify or fail to enforce the terms and conditions of the
Acquisition Documents in any material respects. 

  
 49 

 ARTICLE VII 

EVENTS OF DEFAULT 
 7.1
Events of Default. If any of the following events shall occur and be continuing: 
 (a) Borrower shall fail to pay when due and
payable or when declared due and payable (in each case whether at the stated maturity, by acceleration or otherwise), including, pursuant to Section 2.7, all or any portion of the Obligations (whether of principal, interest, fees and charges due to
the Lenders or other amounts constituting Obligations); or 
 (b) Any representation or warranty made or deemed made by any Loan Party
herein or in any other Loan Document or that is contained in any certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document, or any representation or
warranty made or deemed made by Par Wyoming in any Acquisition Document, shall prove to have been inaccurate in any material respect on or as of the date made or deemed made or furnished; or 

(c) Any Loan Party shall default in the observance or performance of any agreement contained in Sections 5.5(a) (with respect to Borrower
only), 5.6(b), 5.7, 5.8, or 5.9(a), Article VI, in Article 5 of the Guarantee and Security Agreement or in Article 5 of the Parent Guarantee and Security Agreement or Par Wyoming shall default in the observance or performance of any agreement
applicable to it contained in any Acquisition Document; or 
 (d) Any Loan Party shall default in the observance or performance of any other
agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section 7.1), and such default shall continue unremedied for a period of 30 days; or 

(e) Subject to the last paragraph of this Section 7.1, any Event of Default (as defined under the First Lien Credit Agreement) shall occur; or

 (f) Any Credit Party shall (i) default in making any payment of any principal or interest of any Indebtedness (including, any Guarantee
Obligation, but excluding the Loans and other Obligations) on the scheduled or original due date with respect thereto; or (ii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness (including
any Guarantee Obligation but excluding the Obligations) or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition
is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity or
to become subject to a mandatory offer to purchase by the obligor thereunder or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable; provided that a default, event or condition described in clause (i)
or (ii) of this paragraph (e) shall not at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in clauses (i) and (ii) of this paragraph (e) shall have occurred and be
continuing with respect to Indebtedness the outstanding principal amount of which exceeds in the aggregate $500,000; or 
 (g) (i) Any
Credit Party shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for
relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B)
seeking 

  
 50 

 
appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or such Credit Party shall make a general assignment
for the benefit of its creditors; or (ii) there shall be commenced against any Credit Party any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such
adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against any Credit Party any case, proceeding or other action seeking issuance of a warrant of attachment,
execution, restraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from
the entry thereof; or (iv) any Credit Party shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) any Credit Party shall
generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or 
 (h) One or more
judgments or decrees shall be entered against any Credit Party involving for the Credit Parties taken as a whole a liability (not paid or fully covered by insurance as to which the relevant insurance company has acknowledged coverage) of $500,000 or
more, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 30 days from the entry thereof; or 

(i) Any of the Security Documents (including the guarantee contained in the Guarantee and Security Agreement or Parent Guarantee and Security
Agreement) shall cease, for any reason (other than by reason of the express release thereof pursuant to Section 9.16), to be in full force and effect or any Loan Party or Par Wyoming shall so assert; as a result of action taken or omitted to be
taken by any Loan Party or Affiliate thereof, Agent shall fail to have an Acceptable Security Interest in the Collateral, which failure is not remedied within five days after notice thereof to Borrower from Agent; or any provision of any Loan
Document shall at any time for any reason be declared to be null and void, or the validity or enforceability thereof shall be contested by any Loan Party or Par Wyoming, or a proceeding shall be commenced by any Loan Party or Par Wyoming or by any
Governmental Authority having jurisdiction over any Loan Party or Par Wyoming, seeking to establish the invalidity or unenforceability thereof, or any Loan Party shall deny that any Loan Party has any liability or obligation purported to be created
under any Loan Document; or 
 (j) There shall occur any event or circumstance which has had, or would reasonably be expected to have, a
Material Adverse Effect; or 
 (k) Any Change of Control shall occur; or 

then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (f) above with respect to Borrower,
automatically the Commitments shall immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents shall immediately become due and payable, and (B) if such
event is any other Event of Default, with the consent of the Required Lenders, Agent may, or upon the request of the Required Lenders, Agent shall, by notice to Borrower, declare the Loans hereunder (with accrued interest thereon) and all other
amounts owing under this Agreement and the other Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable. 

Notwithstanding the foregoing, if an Event of Default occurs under Section 7.1(e) that results solely from the occurrence of a default or
event of default (other than a payment default) under the First Lien Credit Agreement (a “Specified First Lien EOD”), Agent may not exercise any rights or remedies 

  
 51 

 
under Section 7.2 or under any other Loan Document in respect of such Specified First Lien EOD until the earlier to occur of (x) the date that is sixty days after the occurrence of such Specified
First Lien EOD (provided such Specified First Lien EOD is not cured or waived by the First Lien Lender in accordance with the terms of the First Lien Credit Agreement) and (y) the date on which another Event of Default occurs and is
continuing. If a Specified First Lien EOD is cured or waived by the First Lien Lender in accordance with the terms of the First Lien Credit Agreement then such Specified First Lien EOD shall be deemed automatically waived by Agent and the
Lenders under this Agreement, so long as neither Agent nor any Lenders have taken any action or exercised any rights or remedies in respect of such Specified First Lien EOD at such time. 

7.2 Remedies. Upon the occurrence and during the continuance of an Event of Default, Agent and the Lenders shall be
entitled to exercise any and all remedies available under the Security Documents or otherwise available under applicable law or otherwise. 

Without limiting the generality of the foregoing, it is understood and agreed that if the Obligations are accelerated or otherwise become due
prior to the second anniversary of the Closing Date, in each case, in respect of any Event of Default (including, but not limited to, upon the occurrence of a bankruptcy or insolvency event (including the acceleration of claims by operation of
law)), the Applicable Premium with respect to an optional prepayment of the Loans will also be due and payable as though the Loans were optionally prepaid and shall constitute part of the Obligations, in view of the impracticability and extreme
difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of each Lender’s lost profits as a result thereof. Any premium payable above shall be presumed to be the liquidated damages
sustained by each Lender as the result of such early prepayment and the Borrower agrees that it is reasonable under the circumstances currently existing. The premium shall also be payable in the event the Loans are satisfied or released by
foreclosure (whether by power of judicial proceeding), deed in lieu of foreclosure or by any other means, or in the event such foreclosure proceedings commence, prior to the second anniversary of the Closing Date. THE BORROWER EXPRESSLY WAIVES (TO
THE FULLEST EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION PRIOR TO THE SECOND ANNIVERSARY OF THE
CLOSING DATE. The Borrower expressly agrees (to the fullest extent it may lawfully do so) that: (A) the premium is reasonable and is the product of an arm’s length transaction between sophisticated business people, ably represented by counsel;
(B) the premium shall be payable notwithstanding the then prevailing market rates at the time payment is made; (C) there has been a course of conduct between Lenders and the Borrower giving specific consideration in this transaction for such
agreement to pay the premium; and (D) the Borrower shall be estopped hereafter from claiming differently than as agreed to in this paragraph. The Borrower expressly acknowledges that its agreement to pay the premium to the Lenders as herein
described is a material inducement to Lenders to make the Loans. 
 ARTICLE VIII 

THE AGENT 
 8.1
Appointment. Each Lender hereby irrevocably designates and appoints Agent as the agent of such Lender under this Agreement and the other Loan Documents, and each Lender irrevocably authorizes Agent, in such capacity, to take such action on
its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to Agent by the terms of this Agreement and the other Loan Documents, together with such
other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary
relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against Agent. 

  
 52 

 8.2 Delegation of Duties. Agent may execute any of its duties under this Agreement
and the other Loan Documents by or through agents or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Agent shall not be responsible for the negligence or misconduct of any agents or
attorneys-in fact selected by it with reasonable care. 
 8.3 Exculpatory Provisions. Neither Agent nor any of its officers,
directors, employees, agents, attorneys in fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person (INCLUDING SUCH PERSON’S OWN NEGLIGENCE) under or in connection with this Agreement or
any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted solely and proximately from its or such Person’s own gross negligence
or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any
certificate, report, statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or
sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party to perform its obligations hereunder or thereunder. Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance
or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. 

8.4 Reliance by Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing,
resolution, notice, consent, certificate, affidavit, letter, facsimile, email, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon
advice and statements of legal counsel (including, counsel to the Loan Parties), independent accountants and other experts selected by Agent. Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless such Note
shall have been transferred in accordance with Section 9.7 and all actions required by Section 9.7 in connection with such transfer shall have been taken. Agent shall be fully justified in failing or refusing to take any action under this
Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement) as it
deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. Agent shall in all cases be
fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of
Lenders specified by this Agreement), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 

8.5 Notice of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default
hereunder unless Agent shall have received notice from a Lender or Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that Agent shall
receive such a notice, Agent shall give notice thereof to the Lenders. Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all
Lenders or any other instructing group of Lenders specified by this Agreement); provided that unless and until Agent shall have received such directions, Agent may (but shall not be obligated to) take such action, or refrain from taking such
action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 

  
 53 

 8.6 Non Reliance on Agent and Other Lenders. Each Lender expressly acknowledges that
neither Agent nor any of its officers, directors, employees, agents, attorneys and other advisors, partners, attorneys in fact or affiliates have made any representations or warranties to it and that no act by Agent hereafter taken, including any
review of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by Agent to any Lender. Each Lender represents to Agent that it has, independently and without reliance upon
Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, operations, property, financial and other condition and creditworthiness of the
Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon Agent or any other Lender, and based on
such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such
investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents
expressly required to be furnished to the Lenders by Agent hereunder, Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or
otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of Agent or any of its officers, directors, employees, agents, attorneys and other advisors, partners, attorneys in fact
or affiliates. 
 8.7 Indemnification. THE LENDERS AGREE TO INDEMNIFY AGENT AND EACH AFFILIATE THEREOF AND THEIR RESPECTIVE
DIRECTORS, OFFICERS, EMPLOYEES, AND AGENTS (TO THE EXTENT NOT REIMBURSED BY ANY LOAN PARTY AND WITHOUT LIMITING THE OBLIGATION OF ANY LOAN PARTY TO DO SO), RATABLY ACCORDING TO THEIR RESPECTIVE AGGREGATE EXPOSURE PERCENTAGES IN EFFECT ON THE DATE ON
WHICH INDEMNIFICATION IS SOUGHT UNDER THIS SECTION 8.7 (OR, IF INDEMNIFICATION IS SOUGHT AFTER THE DATE UPON WHICH THE COMMITMENTS SHALL HAVE TERMINATED AND THE LOANS SHALL HAVE BEEN PAID IN FULL, RATABLY IN ACCORDANCE WITH SUCH AGGREGATE EXPOSURE
PERCENTAGES IMMEDIATELY PRIOR TO SUCH DATE), FOR, AND TO SAVE AGENT HARMLESS FROM AND AGAINST, ANY AND ALL LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, ACTIONS, JUDGMENTS, SUITS, COSTS, EXPENSES OR DISBURSEMENTS OF ANY KIND WHATSOEVER THAT
MAY AT ANY TIME (INCLUDING, AT ANY TIME FOLLOWING THE PAYMENT OF THE LOANS) BE IMPOSED ON, INCURRED BY OR ASSERTED AGAINST AGENT IN ANY WAY RELATING TO OR ARISING OUT OF, THE COMMITMENTS, THE LOANS, THIS AGREEMENT, ANY OF THE OTHER LOAN DOCUMENTS,
THE ACQUISITION DOCUMENTS, OR ANY DOCUMENTS CONTEMPLATED BY OR REFERRED TO HEREIN OR THEREIN OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY OR ANY ACTION TAKEN OR OMITTED BY AGENT UNDER OR IN CONNECTION WITH ANY OF THE FOREGOING (INCLUDING
AGENT’S OWN NEGLIGENCE); PROVIDED THAT NO LENDER SHALL BE LIABLE FOR THE PAYMENT OF ANY PORTION OF SUCH LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, ACTIONS, JUDGMENTS, SUITS, COSTS, EXPENSES OR DISBURSEMENTS THAT ARE FOUND BY A
FINAL AND NONAPPEALABLE DECISION OF A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED SOLELY AND PROXIMATELY FROM AGENT’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. WITHOUT LIMITATION OF THE FOREGOING, EACH LENDER AGREES TO REIMBURSE AGENT
PROMPTLY UPON DEMAND FOR ITS RATABLE SHARE OF ANY OUT OF POCKET EXPENSES (INCLUDING 

  
 54 

 
COUNSEL FEES) INCURRED BY AGENT IN CONNECTION WITH THE PREPARATION, EXECUTION, DELIVERY, ADMINISTRATION, MODIFICATION, AMENDMENT, OR ENFORCEMENT (WHETHER THROUGH NEGOTIATIONS, LEGAL PROCEEDINGS,
OR OTHERWISE) OF, OR LEGAL ADVICE IN RESPECT OF RIGHTS OR RESPONSIBILITIES UNDER, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, TO THE EXTENT THAT AGENT IS NOT REIMBURSED FOR SUCH BY BORROWER. The agreements in this Section 8.7 shall survive the
payment of the Loans and all other amounts payable hereunder. 
 8.8 Agent in its Individual Capacity. Agent and its affiliates may
make loans to, accept deposits from and generally engage in any kind of business with any Loan Party or Credit Party as though Agent were not Agent. With respect to its Loans made or renewed by it, Agent shall have the same rights and powers under
this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include Agent in its individual capacity. 

8.9 Successor Agent. Agent may resign as Agent upon 10 days’ notice to the Lenders and Borrower. If Agent shall resign as Agent
under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, whereupon such successor agent shall succeed to the rights, powers and duties of Agent, and the term
“Agent” shall mean such successor agent effective upon such appointment and approval, and the former Agent’s rights, powers and duties as Agent shall be terminated, without any other or further act or deed on the part of such former
Agent or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Agent by the date that is 10 days following a retiring Agent’s notice of resignation, the retiring Agent’s
resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. After the
retiring Agent’s resignation as Agent, the provisions of this Article VIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement and the other Loan Documents. 

8.10 Collateral Matters.

(a) Agent is hereby irrevocably authorized by each of the Lenders to effect any release of Liens or guarantee obligations contemplated by
Section 9.16. 
 (b) Agent is authorized on behalf of the Secured Parties, without the necessity of any notice to or further consent from
the Secured Parties, from time to time, to take any actions with respect to any Collateral or Security Documents which may be necessary to perfect and maintain Acceptable Security Interests in and Liens upon the Collateral granted pursuant to the
Security Documents. Agent is further authorized on behalf of the Secured Parties, without the necessity of any notice to or further consent from the Secured Parties, from time to time, to take any action (other than enforcement actions
requiring the consent of, or request by, the Required Lenders) in exigent circumstances as may be reasonably necessary to preserve any rights or privileges of the Secured Parties under the Loan Documents or applicable Requirements of Law. By
accepting the benefit of the Liens granted pursuant to the Security Documents, each Secured Party not party hereto hereby agrees to the terms of this Section 8.10(b). 

(c) Notwithstanding anything contained in any of the Loan Documents to the contrary, Borrower, Agent, and each Secured Party hereby agree that
no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce any Guarantee Obligations, it being understood and agreed that all powers, rights and remedies hereunder and under the Security Documents may be
exercised solely by Agent on behalf of the Secured Parties in accordance with the terms hereof. By accepting the benefit of the Liens granted pursuant to the Security Documents, each Secured Party not party hereto hereby agrees to the terms of
this Section 8.10(c). 

  
 55 

 8.11 Withholding Tax. 

(a) To the extent required by any applicable law, Agent may withhold from any interest payment to any Lender an amount equivalent to any
applicable withholding tax. If the forms or other documentation required hereunder are not delivered to Agent, then Agent may withhold from any interest payment to any Lender not providing such forms or other documentation, a maximum amount of
the applicable withholding tax. 
 (b) If the Internal Revenue Service or any authority of the United States or other jurisdiction asserts a
claim that Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify Agent of a change in
circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason), such Lender shall indemnify Agent fully for all amounts paid, directly or indirectly, by Agent as tax or otherwise, including
penalties and interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses. 

(c) If any Lender sells, assigns, grants a participation in, or otherwise transfers its rights under this Agreement, the purchaser, assignee,
participant or transferee, as applicable, shall comply and be bound by the terms of Sections 2.11 and 8.11; provided that with respect to any Participant, as set forth in Section 9.7(b), such Participant shall only be required to comply with
the requirements of Sections 2.11 and 8.11 if such Participant seeks to obtain the benefits of Section 2.11. 
 ARTICLE IX 

MISCELLANEOUS 
 9.1
Amendments and Waivers. Neither this Agreement nor any other Loan Document nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 9.1. The Required Lenders and
each Loan Party that is party to the relevant Loan Document may, or (with the written consent of the Required Lenders) Agent and each Loan Party that is party to the relevant Loan Document may, from time to time, (a) enter into written
amendments, supplements or modifications hereto and to the other Loan Documents (including amendments and restatements hereof or thereof) for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any
manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as may be specified in the instrument of waiver, any of the requirements of this Agreement or the other Loan Documents or any
Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall: 

(i) forgive the principal amount or extend the final scheduled date of maturity of any Loan, reduce the stated rate of any
interest or fee payable hereunder or extend the scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Commitment of any Lender, in each case without the consent of each Lender directly affected thereby;

 (ii) amend, modify or waive any provision of this Section 9.1 or reduce any percentage specified in the definition of
Required Lenders, consent to the assignment or transfer by Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, or (except as specified in Section 9.16) release all or substantially all of the Collateral
or release all or substantially all of the Guarantors from their Guarantee Obligations under the Guarantee and Security Agreement or the Parent Guarantee and Security Agreement, in each case without the consent of all Lenders; 

  
 56 

 (iii) amend, modify or waive any provision of Article VIII or any other provision
affecting the rights, duties and obligations of Agent without the consent of Agent; 
 (iv) amend, modify or waive the pro
rata provisions of Section 2.9 without the consent of each Lender directly affected thereby; or 
 (v) impose
restrictions on assignments and participations that are more restrictive than, or additional to, those set forth in Section 9.7 without the consent of each Lender. 

Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the
Lenders, Agent and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders, Agent shall be restored to their former position and rights hereunder and under the other Loan Documents, and any Default or Event of
Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. Any such waiver, amendment, supplement or
modification shall be effected by a written instrument signed by the parties required to sign pursuant to the foregoing provisions of this Section 9.1; provided, however, that delivery of an executed signature page of any such
instrument by facsimile transmission or in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart thereof. 

9.2 Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing
(including by facsimile), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of facsimile
notice, when received, addressed (a) in the case of Borrower or Agent, as follows and (b) in the case of the Lenders, as set forth in an administrative questionnaire delivered to Agent or, in the case of a Lender which becomes a party to this
Agreement pursuant to an Assignment and Acceptance, in such Assignment and Acceptance or (c) in the case of any party, to such other address as such party may hereafter notify to the other parties hereto: 

 

					
	Borrower:	 	c/o Par Pacific Holdings, Inc.	  	
		 	800 Gessner Rd., Suite 875	  	
		 	Houston, TX 77024	  	
		 	Attention: James Matthew Vaughn, General Counsel
		 	Facsimile: (832) 5185203
		 	Email:       mvaughn@parpacific.com
			
	with a copy to:	 	Porter Hedges LLP	  	
		 	1000 Main St., 36th Floor	  	
		 	Houston, TX 77002	  	
		 	Attention: Joyce Kao Soliman
		 	Facsimile: (713) 226-6285
		 	Email:       JSoliman@porterhedges.com
			
	Agent:	 	Chambers Energy Management, LP	  	
		 	600 Travis Street, Suite 4700	  	
		 	Houston, TX 77002	  	
		 	Attention: Operations Team
		 	Email:       ops@chambersenergy.com

  
 57 

					
	with a copy to (which copy shall not constitute notice):	  	Cortland Capital Market Services LLC
	  	225 West Washington Street, 21st Floor
		  	Chicago, IL 60606
		  	Attention: Chambers Energy Capital Loan Administration
		  	Facsimile: (312) 971-7769
		  	Email:       cec@cortlandglobal.com
			
	with a copy to (which copy shall not constitute notice):	  	Latham & Watkins LLP	  	
	  	811 Main Street, Suite 3700
		  	Houston, TX 77002
		  	Attention: J. Michael Chambers
		  	Facsimile: (713) 546-5401
		  	Email:       michael.chambers@lw.com

 provided that any notice, request or demand to or upon Agent or any Lender shall not be effective until received. 

Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures
approved by Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by Agent and the applicable Lender. Agent or Borrower may, in its discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. Agent hereby agrees to accept notices
hereunder (including notices pursuant to Section 2.2) by electronic mail in portable document format (.pdf). 
 9.3 No Waiver; Cumulative
Remedies. No failure to exercise and no delay in exercising, on the part of Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are
cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
 9.4 Survival of Representations and
Warranties. All representations and warranties made herein, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this
Agreement and the making of the Loans and other extensions of credit hereunder. 
 9.5 Payment of Expenses. Whether or not the
Closing Date occurs, Borrower agrees to: 
 (a) pay or reimburse Agent on demand for all of its reasonable out of pocket costs and expenses
incurred in connection with the syndication of the Loans and the development, preparation and execution of, and any amendment, supplement, waiver or modification to, this Agreement and the other Loan Documents and any other documents prepared in
connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including, the reasonable fees and disbursements and other charges of counsel and consultants to Agent; and 

(b) pay or reimburse each Lender and Agent on demand for all of their respective costs and expenses incurred in connection with the
enforcement or preservation of any rights under this Agreement, 

  
 58 

 
the other Loan Documents and any other documents prepared in connection herewith or therewith, including, the fees and disbursements of counsel (including the allocated fees and disbursements and
other charges of in-house counsel) to each Lender and of counsel to Agent. 
 9.6 Indemnification; Waiver.

(a) BORROWER SHALL, AND DOES HEREBY INDEMNIFY, AGENT (AND ANY SUB-AGENT THEREOF), EACH LENDER AND EACH OFFICER, DIRECTOR, EMPLOYEE, AGENT,
ATTORNEY-IN-FACT, MEMBER, PARTNER, ADVISOR, TRUSTEE AND AFFILIATE OF ANY OF THE FOREGOING PERSONS (EACH SUCH PERSON BEING CALLED AN “INDEMNITEE”) AGAINST, AND HOLD EACH INDEMNITEE HARMLESS FROM, ANY AND ALL LOSSES,
CLAIMS, DAMAGES, LIABILITIES, COSTS AND RELATED EXPENSES (INCLUDING THE FEES, CHARGES AND DISBURSEMENTS OF ANY COUNSEL FOR ANY INDEMNITEE), INCURRED BY ANY INDEMNITEE OR ASSERTED AGAINST ANY INDEMNITEE BY ANY THIRD PARTY OR BY ANY CREDIT PARTY OR
ANY AFFILIATE OR EQUITY HOLDER OF A CREDIT PARTY ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF (I) THE EXECUTION OR DELIVERY OF THIS AGREEMENT, ANY OTHER LOAN DOCUMENT, ANY ACQUISITION DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED
HEREBY OR THEREBY, THE PERFORMANCE BY THE PARTIES HERETO OR THERETO OF THEIR RESPECTIVE OBLIGATIONS HEREUNDER OR THEREUNDER, THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, OR, IN THE CASE OF AGENT (AND ANY SUB-AGENT, OFFICER,
DIRECTOR, EMPLOYEE, AGENT, ATTORNEY-IN-FACT, MEMBER, PARTNER, ADVISOR, TRUSTEE AND AFFILIATE THEREOF) THE ADMINISTRATION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, (II) ANY AND ALL RECORDING AND FILING FEES AND ANY AND ALL LIABILITIES WITH
RESPECT TO, OR RESULTING FROM ANY DELAY IN PAYING, STAMP, EXCISE AND OTHER TAXES, IF ANY, WHICH MAY BE PAYABLE OR DETERMINED TO BE PAYABLE IN CONNECTION WITH THE EXECUTION AND DELIVERY OF, OR CONSUMMATION OR ADMINISTRATION OF ANY OF THE TRANSACTIONS
CONTEMPLATED BY, OR ANY AMENDMENT, SUPPLEMENT OR MODIFICATION OF, OR ANY WAIVER OR CONSENT UNDER OR IN RESPECT OF, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ANY SUCH OTHER DOCUMENTS, (III) ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE OF HAZARDOUS
MATERIALS ON OR FROM ANY PROPERTY OWNED OR OPERATED BY ANY CREDIT PARTY OR ANY SUBSIDIARY OF A CREDIT PARTY, OR ANY ENVIRONMENTAL LIABILITY RELATED IN ANY WAY TO ANY CREDIT PARTY OR ANY SUBSIDIARY OF A CREDIT PARTY, (IV) THE USE BY UNAUTHORIZED
PERSONS OF INFORMATION OR OTHER MATERIALS SENT THROUGH ELECTRONIC, TELECOMMUNICATIONS OR OTHER INFORMATION TRANSMISSION SYSTEMS THAT ARE INTERCEPTED BY SUCH PERSONS OR (V) ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING
RELATING TO ANY OF THE FOREGOING, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY, WHETHER BROUGHT BY A THIRD PARTY OR BY ANY CREDIT PARTY OR ANY AFFILIATE OR EQUITY HOLDER OF A CREDIT PARTY, AND REGARDLESS OF WHETHER ANY INDEMNITEE IS A
PARTY THERETO, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; (ALL THE FOREGOING IN THIS CLAUSE (a), COLLECTIVELY, THE
“INDEMNIFIED LIABILITIES”); PROVIDED THAT BORROWER SHALL HAVE NO OBLIGATION HEREUNDER TO ANY INDEMNITEE WITH RESPECT TO INDEMNIFIED LIABILITIES TO THE EXTENT SUCH INDEMNIFIED LIABILITIES ARE FOUND BY A FINAL AND
NONAPPEALABLE DECISION OF A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED SOLELY AND PROXIMATELY FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH 

  
 59 

 
INDEMNITEE. NO INDEMNITEE SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY UNAUTHORIZED PERSONS OF INFORMATION OR OTHER MATERIALS SENT THROUGH ELECTRONIC, TELECOMMUNICATIONS OR OTHER
INFORMATION TRANSMISSION SYSTEMS THAT ARE INTERCEPTED BY SUCH PERSONS OR FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES IN CONNECTION WITH THE LOANS. NOTWITHSTANDING ANYTHING SET FORTH IN THIS
SECTION 9.6 OR IN ANY LOAN DOCUMENT TO THE CONTRARY, THE FOREGOING INDEMNITY BY BORROWER SHALL NOT APPLY TO THE INDEMNITY OBLIGATIONS OF ANY AFFILIATE OF AGENT OR ANY AFFILIATE OF LENDER THAT IS A PARTY TO THE ACQUISITION AGREEMENT, AND WHICH ARISE
UNDER THE ACQUISITION AGREEMENT. 
 (b) WITHOUT LIMITING THE FOREGOING, AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AGREES
NOT TO ASSERT AND TO CAUSE ITS SUBSIDIARIES NOT TO ASSERT, AND HEREBY WAIVES AND AGREES TO CAUSE ITS SUBSIDIARIES SO TO WAIVE (I) ANY CLAIM AGAINST ANY INDEMNITEE, ON ANY THEORY OF LIABILITY, FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES
(AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF, THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY, THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, ANY LOAN OR
THE USE OF THE PROCEEDS THEREOF AND (II) ALL RIGHTS FOR CONTRIBUTION OR ANY OTHER RIGHTS OF RECOVERY WITH RESPECT TO ALL CLAIMS, DEMANDS, PENALTIES, FINES, LIABILITIES, SETTLEMENTS, DAMAGES, COSTS AND EXPENSES OF WHATEVER KIND OR NATURE, UNDER OR
RELATED TO ENVIRONMENTAL LAWS, THAT ANY OF THEM MIGHT HAVE BY STATUTE OR OTHERWISE AGAINST ANY INDEMNITEE. 
 (c) ALL AMOUNTS DUE UNDER THIS
SECTION 9.6 SHALL BE PAYABLE NOT LATER THAN TEN DAYS AFTER WRITTEN DEMAND THEREFOR. STATEMENTS REFLECTING AMOUNTS PAYABLE BY BORROWER PURSUANT TO THIS SECTION 9.6 SHALL BE SUBMITTED TO BORROWER AT THE ADDRESS OF BORROWER SET FORTH IN SECTION
9.2, OR TO SUCH OTHER PERSON OR ADDRESS AS MAY BE HEREAFTER DESIGNATED BY BORROWER IN A NOTICE TO AGENT. THE AGREEMENTS IN THIS SECTION 9.6 SHALL SURVIVE REPAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER AND THE TERMINATION OF THIS
AGREEMENT. 
 9.7 Successors and Assigns; Participations and Assignments. 

(a) This Agreement shall be binding upon and inure to the benefit of Borrower, the Lenders, Agent, all future holders of the Loans and their
respective successors and assigns, except that Borrower may not assign or transfer any of its respective rights or obligations under this Agreement without the prior written consent of Agent and each Lender (and any attempted assignment or transfer
by Borrower without such consent shall be null and void). 
 (b) Any Lender may, without the consent of Borrower or any other Person, in
accordance with applicable law, at any time sell to one or more banks, financial institutions or other entities (each, a “Participant”) participating interests in any Loan owing to such Lender, any Commitment of such Lender
or any other interest of such Lender hereunder and under the other Loan Documents. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender’s obligations under this Agreement to the other parties to
this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all 

  
 60 

 
purposes under this Agreement and the other Loan Documents, and Borrower and Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement and the other Loan Documents. In no event shall any Participant under any such participation have any right to approve any amendment or waiver of any provision of any Loan Document, or any consent to any departure by
any Loan Party therefrom, except to the extent that such amendment, waiver or consent would require the consent of all Lenders pursuant to Section 9.1. Borrower agrees that if amounts outstanding under this Agreement and the Loans are due or unpaid,
or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall, to the maximum extent permitted by applicable law, be deemed to have the right of setoff in respect of its
participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement, provided that, in purchasing such participating
interest, such Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in Section 9.8(a) as fully as if such Participant were a Lender hereunder. Borrower also agrees that each Participant shall be
entitled to the benefits of Sections 2.10 and 2.11 with respect to its participation in the Commitments and the Loans outstanding from time to time as if such Participant were a Lender; provided that, in the case of Section 2.11, such
Participant shall have complied with the requirements of Section 2.11 and Section 8.11, and; provided, further, that no Participant shall be entitled to receive any greater amount pursuant to any such Section than the transferor Lender
would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred. Each Lender that sells a participation shall maintain a register on which it
enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Commitments or the Loans or other obligations under this Agreement (the “Participant
Register”). The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all
purposes of this Agreement notwithstanding any notice to the contrary. 
 (c) Any Lender (an “Assignor”) may,
without the consent of any Loan Party, in accordance with applicable law and upon written notice to Agent, at any time and from time to time assign to any Lender or any affiliate or Related Fund thereof or, with the consent of Borrower and Agent
(which, in each case, shall not be unreasonably withheld, conditioned or delayed) (provided that (x) no such consent need be obtained by Agent or its affiliates and (y) the consent of Borrower need not be obtained with respect to any
assignment of Loans at any time when any Event of Default shall have occurred and be continuing), to an additional bank, financial institution or other entity (an “Assignee”) all or any part of its rights and obligations
under this Agreement pursuant to an Assignment and Acceptance, substantially in the form of Exhibit H (an “Assignment and Acceptance”), executed by such Assignee and such Assignor (and, where the consent of Borrower or
Agent is required pursuant to the foregoing provisions, by Borrower and such other Persons) and delivered to Agent for its acceptance and recording in the Register; provided that no such assignment to an Assignee (other than any Lender or any
affiliate thereof) shall be in an aggregate principal amount of less than $1,000,000 (other than, in each case, in the case of an assignment of all of a Lender’s interests under this Agreement), unless otherwise agreed by Borrower and Agent,
and provided, further, that the assignor Lender or Assignee has paid to Agent a processing and recordation fee in the amount of $3,500.00 (which fee may be waived or reduced in the sole discretion of Agent), provided,
however, that only one such fee shall be payable in the case of concurrent assignments to Persons that, after giving effect to such assignments, will be Related Funds. Upon such execution, delivery, acceptance and recording, from and after the
effective date determined pursuant to such Assignment and Acceptance, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with
Commitments or Loans as set forth therein, and (y) the Assignor thereunder shall, to the extent provided in such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance
covering all of an Assignor’s rights and obligations under this 

  
 61 

 
Agreement, such Assignor shall cease to be a party hereto, except as to Sections 2.10, 2.11, 8.11 and 9.5 in respect of the period prior to such effective date). For purposes of the minimum
assignment amounts set forth in this Section 9.7(c), multiple assignments by two or more Related Funds shall be aggregated. 
 (d) Agent
shall, on behalf of Borrower, maintain at its address referred to in Section 9.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the
Lenders and the Commitment of, and principal amount of the Loans owing to, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and Borrower, Agent and the Lenders shall treat each Person
whose name is recorded in the Register as the owner of the Loans and any Note evidencing such Loans recorded therein for all purposes of this Agreement. Any assignment of any Loan, whether or not evidenced by a Note, shall be effective only upon
appropriate entries with respect thereto being made in the Register (and each Note shall expressly so provide). Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for
registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment and Acceptance; thereupon one or more new Notes in the same aggregate principal amount shall be issued to the designated Assignee, and
the old Notes shall be returned by Agent to Borrower marked “canceled”. The Register shall be available for inspection by Borrower or any Lender (with respect to any entry relating to such Lender’s Loans) at any reasonable time and
from time to time upon reasonable prior notice. 
 (e) Upon its receipt of an Assignment and Acceptance executed by an Assignor and an
Assignee (and, in any case where the consent of any other Person is required by Section 9.7(c), by each such other Person), Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto
record the information contained therein in the Register and give notice of such acceptance and recordation to Borrower. On or prior to such effective date, Borrower, at its own expense, upon request, shall execute and deliver to Agent (in
exchange for the applicable Note, if any, of the assigning Lender) a new Note or Notes to such Assignee in an amount equal to the Commitment or Loan assumed or acquired by it pursuant to such Assignment and Acceptance and, if the Assignor has
retained a Commitment or Loan, as the case may be, upon request, a new Note or Notes to the Assignor in an amount equal to the Commitment or Loans, as the case may be, retained by it hereunder. Such new Note or Notes shall be dated the Closing
Date and shall otherwise be in the form of the Note or Notes replaced thereby. 
 (f) For avoidance of doubt, the parties to this Agreement
acknowledge that the provisions of this Section 9.7 concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests in Loans and Notes, including, any
pledge or assignment by a Lender of any Loan or Note to any Federal Reserve Bank in accordance with applicable law. 
 (g) Notwithstanding
anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle (an “SPV”), identified as such in writing from time to time by the Granting
Lender to Agent and Borrower, the option to provide to Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make to Borrower pursuant to this Agreement; provided that (i) nothing herein shall
constitute a commitment by any SPV to make any Loan and (ii) if an SPV elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms
hereof. The making of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be liable
for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the
termination of this Agreement) that, prior to the 

  
 62 

 
date that is one year and one day after the payment in full of all outstanding commercial paper or other indebtedness of any SPV, it will not institute against, or join any other person in
instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any state thereof. In addition, notwithstanding anything to the contrary in this Section
9.7(g), any SPV may (x) with notice to, but without the prior written consent of, Borrower and Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender, or with the prior
written consent of Borrower and Agent (which consent shall not be unreasonably withheld, conditioned or delayed) to any financial institutions providing liquidity or credit support to or for the account of such SPV to support the funding or
maintenance of Loans, and (y) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV;
provided that non-public information with respect to Borrower may be disclosed only with Borrower’s consent which will not be unreasonably withheld, conditioned or delayed. This Section 9.7(g) may not be amended without the written
consent of any SPV with Loans outstanding at the time of such proposed amendment. 
 9.8 Adjustments; Set off.

(a) If any Lender (a “Benefitted Lender”) shall at any time receive any payment of all or part of the Obligations
owing to it, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set off, pursuant to events or proceedings of the nature referred to in clause (f) of Article VII, or otherwise), in a greater proportion than any
such payment to or collateral received by any other Lender, if any, in respect of such other Lender’s Obligations, such Benefitted Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other
Lender’s Obligations, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such collateral ratably with each of the
Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the
extent of such recovery, but without interest. 
 (b) In addition to any rights and remedies of the Lenders provided by law, each Lender
shall have the right, without prior notice to Borrower, any such notice being expressly waived by Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by Borrower hereunder (whether at the stated maturity, by
acceleration or otherwise), to set off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in
each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender to or for the credit or the account of Borrower; provided that, in no event shall the Agent or any Lender exercise
any right of set-off under this Section 9.8 in respect of any amounts for the credit or the account of Borrower (or any Borrower’s Affiliate party to an Acquisition Document) under any of the Acquisition Documents. Each Lender agrees to notify
promptly Borrower and Agent after any such setoff and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application. 

9.9 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile transmission or in portable document format (.pdf) shall
be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged with Borrower and Agent. 

  
 63 

 9.10 Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 9.11 Integration;
Construction. 
 (a) This Agreement, the other Loan Documents, the Commitment Letter and Expenses Letter Agreement represent the entire
agreement of Borrower, Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by Agent or any Lender relative to the subject matter hereof not expressly set
forth or referred to herein or in the other Loan Documents or in the Commitment Letter or Expenses Letter Agreement. 
 (b) Each covenant
contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to
excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or
indirectly by such Person. 
 9.12 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AGREEMENT (INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 

9.13 Submission To Jurisdiction; Waivers. Borrower hereby irrevocably and unconditionally: 

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

 (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to Borrower at its address set forth in Section 9.2 or at such other address of which Agent shall have been notified pursuant thereto; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR
RECOVER IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO IN THIS SECTION 9.13 ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES. 

  
 64 

 9.14 Acknowledgments. Borrower hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents; 

(b) neither Agent nor any Lender has any fiduciary relationship with or duty to Borrower or any Subsidiary thereof arising out of or in
connection with this Agreement or any of the other Loan Documents, and the relationship between Agent and the Lenders, on one hand, and Borrower and its Subsidiaries, on the other hand, in connection herewith or therewith is solely that of debtor
and creditor; and 
 (c) no agency, tenancy or joint venture relationship is created hereby or by the other Loan Documents or otherwise
exists by virtue of the transactions contemplated hereby among Agent and the Lenders or among Borrower and its Subsidiaries and the Lenders. 

9.15 Confidentiality. Agent and each Lender agrees to keep confidential all non-public information provided to it by Par Pacific
or any Loan Party pursuant to this Agreement that is designated by Par Pacific or such Loan Party as confidential; provided that nothing herein shall prevent Agent or any Lender from disclosing any such information (a) to Agent, any other
Lender or any affiliate of any thereof, (b) to any Participant or Assignee (each, a “Transferee”) or prospective Transferee that agrees to comply with the provisions of this Section 9.15 or substantially equivalent
provisions, (c) to any of its investors, potential investors, employees, directors, agents, attorneys, accountants and other professional advisors, (d) to any financial institution that is a direct or indirect contractual counterparty in swap
agreements or such contractual counterparty’s professional advisor (so long as such contractual counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section), (e) upon the request or
demand of any Governmental Authority having jurisdiction over it, (f) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (g) if requested or required to do so in
connection with any litigation or similar proceeding, (h) that has been publicly disclosed other than in breach of this Section 9.15, (i) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized
rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender or (j) in connection with the exercise of any remedy hereunder or under any other Loan
Document. Notwithstanding anything to the contrary in the foregoing sentence or any other express or implied agreement, arrangement or understanding, the parties hereto hereby agree that, from the commencement of discussions with respect to the
financing provided hereunder, any party hereto (and each of its employees, representatives, or agents) is permitted to disclose to any and all persons, without limitation of any kind, the tax structure and tax aspects of the transactions
contemplated hereby, and all materials of any kind (including opinions or other tax analyses) related to such tax structure and tax aspects. 

9.16 Release of Collateral and Guarantee Obligations.

(a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, upon request of Borrower in connection with any
Disposition of Property permitted by the Loan Documents (other than to a Loan Party), Agent shall take such actions as shall be required to release its security interest in any Collateral that is, or owned by any Person all the Capital Stock of
which is, being Disposed of in such Disposition, and to release any Guarantee Obligations under any Loan Document of any Person being Disposed of in such Disposition, to the extent necessary to permit

  
 65 

 
consummation of such Disposition in accordance with the Loan Documents; provided that Borrower shall have delivered to Agent, at least ten Business Days prior to the date of the proposed
release (or such shorter period agreed to by Agent), a written request for release identifying the relevant Collateral being Disposed of in such Disposition and the terms of such Disposition in reasonable detail, including the date thereof, the
price thereof and any expenses in connection therewith, together with a certification by Borrower stating that such transaction is in compliance with this Agreement and the other Loan Documents and that the proceeds of such Disposition will be
applied in accordance with this Agreement and the other Loan Documents. 
 (b) Notwithstanding anything to the contrary contained herein or
in any other Loan Document, when all Obligations have been paid in full, and all Commitments have terminated or expired, upon request of Borrower, Agent shall take such actions as shall be required to release its security interest in all Collateral,
and to release all Guarantee Obligations provided for in any Loan Document. Any such release of Guarantee Obligations shall be deemed subject to the provision that such Guarantee Obligations shall be reinstated if after such release any portion
of any payment in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of Borrower or any Guarantor, or upon or as a
result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, Borrower or any Guarantor or any substantial part of its Property, or otherwise, all as though such payment had not been made. 

9.17 Interest Rate Limitation.

(a) It is the intention of the parties hereto that each Lender shall conform strictly to usury laws applicable to it. Accordingly, if the
transactions contemplated hereby would be usurious as to any Lender under laws applicable to it (including the laws of the United States of America and the laws of any State whose laws may be mandatorily applicable to such Lender notwithstanding the
other provisions of this Agreement), then, in that event, notwithstanding anything to the contrary in any of the Loan Documents or any agreement entered into in connection with or as security for the Loans, it is agreed as follows: (i) the aggregate
of all consideration which constitutes interest under law applicable to any Lender that is contracted for, taken, reserved, charged or received by such Lender under any of the Loan Documents or agreements or otherwise in connection with the Loans
shall under no circumstances exceed the maximum amount allowed by such applicable law, and any excess shall be canceled automatically and if theretofore paid shall be credited by such Lender on the principal amount of the Loans (or, to the extent
that the principal amount of the Loans shall have been or would thereby be paid in full, refunded by such Lender to Borrower); and (ii) in the event that the maturity of the Loans is accelerated by reason of an election of the holder thereof
resulting from any Event of Default under this Agreement or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest under law applicable to any Lender may never include more than the
maximum amount allowed by such applicable law, and excess interest, if any, provided for in this Agreement or otherwise shall be canceled automatically by such Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall
be credited by such Lender on the principal amount of the Loans (or, to the extent that the principal amount of the Loans shall have been or would thereby be paid in full, refunded by such Lender to Borrower). All sums paid or agreed to be paid
to any Lender for the use, forbearance or detention of sums due hereunder shall, to the extent permitted by law applicable to such Lender, be amortized, prorated, allocated and spread throughout the stated term of the Loans until payment in full so
that the rate or amount of interest on account of any Loans hereunder does not exceed the maximum amount allowed by such applicable law. 

(b) If at any time and from time to time (i) the amount of interest payable to any Lender on any date shall be computed at the Highest Lawful
Rate applicable to such Lender pursuant to this 

  
 66 

 
Section 9.17 and (ii) in respect of any subsequent interest computation period the amount of interest otherwise payable to such Lender would be less than the amount of interest payable to
such Lender computed at the Highest Lawful Rate applicable to such Lender, then the amount of interest payable to such Lender in respect of such subsequent interest computation period shall continue to be computed at the Highest Lawful Rate
applicable to such Lender until the total amount of interest payable to such Lender shall equal the total amount of interest which would have been payable to such Lender if the total amount of interest had been computed without giving effect to this
Section 9.17. 
 9.18 Accounting Changes. In the event that any “Accounting Change” (as defined below) shall occur and such
change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then Borrower and Agent agree to enter into negotiations in order to amend such provisions of this Agreement so as to equitably
reflect such Accounting Change with the desired result that the criteria for evaluating the consolidated financial condition of Borrower shall be the same after such Accounting Change as if such Accounting Change had not been made. Until such time
as such an amendment shall have been executed and delivered by Borrower, Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Change had not
occurred. “Accounting Change” refers to any change in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute
of Certified Public Accountants or, if applicable, the SEC. 
 9.19 WAIVERS OF JURY TRIAL. BORROWER, AGENT AND THE LENDERS
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN (IN EACH CASE, WHETHER FOR CLAIMS SOUNDING IN CONTRACT OR IN TORT OR
OTHERWISE). EACH PARTY HEREBY CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR AGENT OF COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVERS, AND ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE LOAN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATION CONTAINED IN
THIS SECTION 9.19. 
 9.20 Customer Identification – USA PATRIOT Act Notice. Agent (for itself and not on behalf of any other
party) and each Lender hereby notifies the Loan Parties that, pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56, signed into law October 26, 2001 (the “Patriot
Act”), it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of the Loan Parties and other information that will allow Agent or such Lender, as
applicable, to identify the Loan Parties in accordance with the Patriot Act. 
 9.21 Creditor-Debtor Relationship. The
relationship between Agent and each Lender on the one hand, and the Loan Parties, on the other hand, is solely that of creditor and debtor. No Secured Party has any fiduciary relationship or duty to any Loan Party or Subsidiary thereof arising
out of or in connection with, and there is no agency, tenancy or joint venture relationship between the Secured Parties, on the one hand, and the Loan Parties and their Subsidiaries, on the other hand, by virtue of, this Agreement or any Loan
Document or any other document or transaction contemplated herein or therein. 
 [Signature Page to Follow] 

  
 67 

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

					
	PAR WYOMING HOLDINGS, LLC
		
	By:	 	 /s/ Christopher M. Micklas

		 	Name: Christopher M. Micklas
		 	Title:   Chief Financial Officer

  

					
	CHAMBERS ENERGY MANAGEMENT, LP,
	as Agent
		
	By:	 	 /s/ J. Robert Chambers

		 	Name: J. Robert Chambers
		 	Title:   President & Chief Executive Officer

  

					
	CHAMBERS ENERGY CAPITAL III, LP,
	as Lender
		
	By:	 	CEC Fund III GP, LLC, its general partner
		
	By:	 	 /s/ J. Robert Chambers

		 	Name: J. Robert Chambers
		 	Title:   Managing Director

 Signature Page to Credit AgreementEX-10.2

 Exhibit 10.2 
  

 
 HERMES CONSOLIDATED, LLC,
and 
 WYOMING PIPELINE COMPANY LLC 

as Borrowers 
 BLACK ELK
REFINING, LLC, 
 as a Guarantor 
  

 
  

THIRD AMENDED AND RESTATED LOAN AGREEMENT 

Dated as of April 30, 2015 

$115,000,000 
 BANK OF
AMERICA, N.A., 
 as Lender 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 SECTION 1.
	  	DEFINITIONS; RULES OF CONSTRUCTION	  	 	2	  
			
	 1.1.
	  	Definitions.	  	 	2	  
	 1.2.
	  	Accounting Terms.	  	 	29	  
	 1.3.
	  	Uniform Commercial Code.	  	 	29	  
	 1.4.
	  	Certain Matters of Construction.	  	 	30	  
			
	 SECTION 2.
	  	CREDIT FACILITIES	  	 	31	  
			
	 2.1.
	  	Commitment.	  	 	31	  
	 2.2.
	  	Term Loan.	  	 	31	  
	 2.3.
	  	Letter of Credit Facility.	  	 	32	  
			
	 SECTION 3.
	  	INTEREST, FEES AND CHARGES	  	 	34	  
			
	 3.1.
	  	Interest.	  	 	34	  
	 3.2.
	  	Fees.	  	 	36	  
	 3.3.
	  	Computation of Interest, Fees, Yield Protection.	  	 	37	  
	 3.4.
	  	Reimbursement Obligations.	  	 	37	  
	 3.5.
	  	Illegality.	  	 	37	  
	 3.6.
	  	Inability to Determine Rates.	  	 	38	  
	 3.7.
	  	Increased Costs; Capital Adequacy.	  	 	38	  
	 3.8.
	  	Mitigation.	  	 	39	  
	 3.9.
	  	Funding Losses.	  	 	39	  
			
	 SECTION 4.
	  	LOAN ADMINISTRATION	  	 	40	  
			
	 4.1.
	  	Manner of Borrowing and Funding Loans.	  	 	40	  
	 4.2.
	  	Number and Amount of LIBOR Loans; Determination of Rate.	  	 	41	  
	 4.3.
	  	Borrower Agent.	  	 	41	  
	 4.4.
	  	One Obligation.	  	 	41	  
	 4.5.
	  	Effect of Termination.	  	 	41	  
			
	 SECTION 5.
	  	PAYMENTS	  	 	42	  
			
	 5.1.
	  	General Payment Provisions.	  	 	42	  
	 5.2.
	  	Repayment of Revolver Loans.	  	 	42	  
	 5.3.
	  	Repayment of Term Loan.	  	 	42	  
	 5.4.
	  	Payment of Other Obligations.	  	 	43	  
	 5.5.
	  	Marshaling; Payments Set Aside.	  	 	44	  
	 5.6.
	  	Application of Payments.	  	 	44	  
	 5.7.
	  	Loan Account; Account Stated.	  	 	44	  
	 5.8.
	  	Taxes.	  	 	44	  
	 5.9.
	  	Nature and Extent of Each Borrower’s Liability.	  	 	46	  
			
	 SECTION 6.
	  	CONDITIONS PRECEDENT	  	 	48	  
			
	 6.1.
	  	Conditions Precedent to Initial Loans.	  	 	48	  
	 6.2.
	  	Conditions Precedent to All Credit Extensions.	  	 	50	  

  
 i 

							
			
	 SECTION 7.
	  	COLLATERAL PROVISIONS	  	 	51	  
			
	 7.1.
	  	Personal Property Collateral.	  	 	51	  
	 7.2.
	  	[Reserved].	  	 	51	  
	 7.3.
	  	Real Estate Collateral.	  	 	51	  
	 7.4.
	  	[Reserved].	  	 	51	  
	 7.5.
	  	[Reserved].	  	 	51	  
	 7.6.
	  	[Reserved].	  	 	52	  
	 7.7.
	  	[Reserved].	  	 	52	  
	 7.8.
	  	Lien Waiver.	  	 	52	  
			
	 SECTION 8.
	  	COLLATERAL ADMINISTRATION	  	 	52	  
			
	 8.1.
	  	Borrowing Base Certificates.	  	 	52	  
	 8.2.
	  	Administration of Accounts.	  	 	52	  
	 8.3.
	  	Administration of Inventory.	  	 	53	  
	 8.4.
	  	Administration of Equipment.	  	 	54	  
	 8.5.
	  	Administration of Deposit Accounts.	  	 	55	  
	 8.6.
	  	General Provisions.	  	 	55	  
			
	 SECTION 9.
	  	REPRESENTATIONS AND WARRANTIES	  	 	56	  
			
	 9.1.
	  	General Representations and Warranties.	  	 	56	  
	 9.2.
	  	Complete Disclosure.	  	 	62	  
			
	 SECTION 10.
	  	COVENANTS AND CONTINUING AGREEMENTS	  	 	63	  
			
	 10.1.
	  	Affirmative Covenants.	  	 	63	  
	 10.2.
	  	Negative Covenants.	  	 	68	  
	 10.3.
	  	Financial Covenants.	  	 	75	  
			
	 SECTION 11.
	  	EVENTS OF DEFAULT; REMEDIES ON DEFAULT	  	 	77	  
			
	 11.1.
	  	Events of Default.	  	 	77	  
	 11.2.
	  	Remedies upon Default.	  	 	78	  
	 11.3.
	  	License.	  	 	79	  
	 11.4.
	  	Setoff.	  	 	80	  
	 11.5.
	  	Remedies Cumulative; No Waiver.	  	 	80	  
			
	 SECTION 12.
	  	GUARANTY	  	 	80	  
			
	 12.1.
	  	Guaranty of the Obligations.	  	 	80	  
	 12.2.
	  	Contribution by Guarantors.	  	 	81	  
	 12.3.
	  	Payment by Guarantors.	  	 	81	  
	 12.4.
	  	Liability of Guarantors Absolute.	  	 	82	  
	 12.5.
	  	Waivers by Guarantors.	  	 	84	  
	 12.6.
	  	Guarantors’ Rights of Subrogation, Contribution, etc.	  	 	84	  
	 12.7.
	  	Subordination of Other Obligations.	  	 	85	  
	 12.8.
	  	Continuing Guaranty.	  	 	85	  
	 12.9.
	  	Authority of Guarantors or Borrowers.	  	 	85	  
	 12.10.
	  	Financial Condition of Borrowers.	  	 	85	  
	 12.11.
	  	Bankruptcy, etc.	  	 	86	  
	 12.12.
	  	Discharge of Guaranty Upon Sale of Guarantor.	  	 	86	  

  
 ii 

							
			
	 SECTION 13.
	  	MISCELLANEOUS	  	 	87	  
			
	 13.1.
	  	Consents, Amendments and Waivers.	  	 	87	  
	 13.2.
	  	Indemnity.	  	 	87	  
	 13.3.
	  	Notices and Communications.	  	 	87	  
	 13.4.
	  	Performance of Borrowers’ Obligations.	  	 	88	  
	 13.5.
	  	Credit Inquiries.	  	 	89	  
	 13.6.
	  	Severability.	  	 	89	  
	 13.7.
	  	Cumulative Effect; Conflict of Terms.	  	 	89	  
	 13.8.
	  	Counterparts.	  	 	89	  
	 13.9.
	  	Entire Agreement.	  	 	89	  
	 13.10.
	  	No Control; No Advisory or Fiduciary Responsibility.	  	 	89	  
	 13.11.
	  	Confidentiality.	  	 	90	  
	 13.12.
	  	[Reserved].	  	 	90	  
	 13.13.
	  	GOVERNING LAW.	  	 	90	  
	 13.14.
	  	CONSENT TO FORUM; JURY TRIAL WAIVER.	  	 	90	  
	 13.15.
	  	Waivers by Obligors.	  	 	91	  
	 13.16.
	  	Patriot Act Notice.	  	 	92	  
	 13.17.
	  	NO ORAL AGREEMENT.	  	 	92	  
	 13.18.
	  	AMENDMENT AND RESTATEMENT.	  	 	92	  
	 13.19.
	  	Intercreditor Agreement.	  	 	92	  
	 13.20.
	  	Termination and Release	  	 	93	  

 LIST OF EXHIBITS AND SCHEDULES 
  

			
	 Exhibits
	  	
	 Exhibit A
	  	Form of Borrowing Base Certificate
	 Exhibit B
	  	Form of Compliance Certificate
	 Exhibit C
	  	Notice of Borrowing
	 Exhibit D – 1
	  	Refinery Land
	 Exhibit D – 2
	  	Auxiliary Land
		
	 Schedules
	  	
	 Schedule 1.1
	  	Certain Inventory Locations
	 Schedule 8.5
	  	Deposit Accounts
	 Schedule 8.6.1
	  	Business Locations
	 Schedule 9.1.4
	  	Names and Capital Structure
	 Schedule 9.1.8
	  	Surety Obligations
	 Schedule 9.1.11
	  	Patents, Trademarks, Copyrights and Licenses
	 Schedule 9.1.14
	  	Environmental Matters
	 Schedule 9.1.16
	  	Litigation
	 Schedule 9.1.18
	  	Pension Plans
	 Schedule 9.1.27
	  	Material Contracts and Governmental Contracts
	 Schedule 9.1.28
	  	States Where Obligors Collect Fuel Taxes
	 Schedule 9.1.29
	  	First Purchaser

  
 iii 

			
	 Schedule 10.2.2
	  	Existing Liens
	 Schedule 10.2.3
	  	Certain Capital Expenditures
	 Schedule 10.2.7
	  	Investments
	 Schedule 10.2.17
	  	Existing Affiliate Transactions

  
 iv 

 THIRD AMENDED AND RESTATED LOAN AGREEMENT 

THIS THIRD AMENDED AND RESTATED LOAN AGREEMENT (this “Agreement”) is dated as of April 30, 2015, among BLACK
ELK REFINING, LLC, a Delaware limited liability company (“Holdings”), as a guarantor, HERMES CONSOLIDATED, LLC, a Delaware limited liability company doing business as Wyoming Refining Company (the
“Company”), successor-in-interest by operation of law to Hermes Consolidated, Inc., a Delaware corporation, WYOMING PIPELINE COMPANY, LLC, a Wyoming limited liability company (“Wyoming Pipeline”; and together
with the Company collectively, jointly and severally, “Borrowers”), successor-in-interest by operation of law to Wyoming Pipeline Company, a Wyoming corporation, and BANK OF AMERICA, N.A., a national banking association
(“Lender”). 
 R E C I T A L S: 

WHEREAS, capitalized terms used in these Recitals and not otherwise defined shall have the respective meanings set forth for such terms
in Section 1.1 hereof; 
 WHEREAS, on February 1, 2005 (the “Restatement Closing Date”), the
Company and Lender entered into that certain Amended and Restated Loan and Security Agreement (as amended prior to the Second Restatement Closing Date, the “Amended and Restated Loan Agreement”), which amended and restated in its
entirety that certain Loan and Security Agreement, dated February 4, 2000 between the Company and Lender (as amended prior to the Restatement Closing Date, the “Original Loan Agreement”); 

WHEREAS, on June 30, 2011 (the “Second Restatement Closing Date”), Holdings and Borrowers entered into that
certain Second Amended and Restated Loan and Security Agreement (as amended prior to the Closing Date, the “Second Amended and Restated Loan Agreement”), which amended and restated in its entirety the Amended and Restated Loan
Agreement); 
 WHEREAS, Holdings and Borrowers have secured all of the Obligations by granting to Lender a security interest in
substantially all of their assets; 
 WHEREAS, subject to the terms and conditions of this Agreement, Lender and Obligors desire to
amend and restate the Second Amended and Restated Loan Agreement to, among other things, (a) cause the grant of the security interest in personal property set forth in Section 7.1 of the Second Amended and Restated Loan Agreement to be
documented in a separate security agreement, (b) amend certain terms and provisions of the credit facilities provided for in the Second Amended and Restated Loan Agreement, and (c) ratify all security interests and Liens granted to Lender
in connection with the Second Amended and Restated Loan Agreement and the Obligations thereunder, without causing a novation or extinguishment of any outstanding Obligations. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein set forth and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Obligors and Lender agree as follows: 

 SECTION 1. DEFINITIONS; RULES OF CONSTRUCTION 

1.1. Definitions. As used herein, the following terms have the meanings set forth below (such meanings to be equally applicable
to both the singular and the plural forms of the terms defined): 
 Account: as defined in the UCC, including all rights to payment
for goods sold or leased, or for services rendered. 
 Account Debtor: a Person who is obligated under an Account, Chattel Paper or
General Intangible. 
 Accounts Formula Amount: ninety percent (90%) of the Value of Eligible Accounts; provided,
however, that the Fixed Charge Coverage Ratio does not fall below 1.50 to 1.00. In the event that the Fixed Charge Coverage Ratio falls below 1.50 to 1.00, the Accounts Formula Amount shall be decreased to eighty-five percent (85%) of the
Value of Eligible Accounts; provided that such Accounts Formula Amount shall return to ninety percent (90%) of the Value of Eligible Accounts once the Fixed Charge Coverage Ratio is above 1.50 to 1.00 for six consecutive months. 

Affiliate: with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is
Controlled by or is under common Control with the Person specified. “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. “Controlling” and “Controlled” have correlative meanings. 

Aggregate Payments: as defined in Section 12.2. 

Allocable Amount: as defined in Section 5.9.3. 

Amended and Restated Loan Agreement: as defined in the Recitals. 

Applicable Law: all laws, rules, regulations and governmental guidelines applicable to the Person, conduct, transaction, agreement or
matter in question, including all applicable statutory law, common law and equitable principles, and all provisions of constitutions, treaties, statutes, rules, regulations, orders and decrees of Governmental Authorities. 

Applicable Margin: 
 (a)
with respect to any Type of Revolver Loan, the margin set forth in the table below, which shall for purposes of this definition be determined by reference to the Fixed Charge Coverage Ratio for the last day of the immediately preceding Fiscal
Quarter: 

  
 2 

							
	 Level
	 	 Fixed Charge Coverage Ratio
	 	 Base Rate Loans
	 	 LIBOR Loans

	I	 	 > 1.25 to 1.00 but

£ 1.35 to 1.00
	 	1.75%	 	3.00%
	II	 	 > 1.35 to 1.00 but

£ 1.45 to 1.00
	 	1.50%	 	2.75%
	III	 	 >1.45 to 1.00

but

£ 1.60 to 1.00
	 	1.25%	 	2.50%
	IV	 	>1.60 to 1.00	 	1.00%	 	2.25%

 (b) With respect any Type of Term Loan, 3.00% per annum in the case of LIBOR Loans and 1.75% per
annum in the case of Base Rate Loans. 
 The margins with respect to Revolver Loans shall be subject to increase or decrease upon receipt by Lender
pursuant to Section 10.1.2 of the financial statements and corresponding Compliance Certificate for the last Fiscal Quarter, which change shall be effective on the first day of the calendar month following receipt. If, by the first day
of a month, any financial statement or Compliance Certificate due in the preceding month has not been received, then, at the option of Lender, the margins shall be determined as if Level I were applicable, from such day until the first day of the
calendar month following actual receipt.  
 Asset Disposition: a sale, consignment, transfer or other disposition of Property
of an Obligor, including a disposition of Property in connection with a sale-leaseback transaction or synthetic lease. 
 Auxiliary
Land: the real property owned by Borrowers described in Exhibit D-2 hereto. 
 Auxiliary Property: collectively, the
Auxiliary Land and all structures, equipment, amenities and other improvements thereon. 
 Availability Reserve: the sum (without
duplication) of (a) the Inventory Reserve; (b) the Rent and Charges Reserve; (c) the LC Reserve; (d) the Bank Product Reserve; (e) the aggregate amount of all sales, excise, fuel and other taxes and fees due to Governmental
Authorities that have been included in the Borrowing Base; (f) the aggregate amount of liabilities secured by Liens upon Collateral that are senior to Lender’s Liens (but imposition of any such reserve shall not waive an Event of Default
arising therefrom); and (g) such additional reserves, in such amounts and with respect to such matters, as Lender in its good faith credit judgment may elect to impose from time to time. 

Bank Product: any of the following products, services or facilities extended to any Obligor or Subsidiary by Lender or any of its
Affiliates: (a) Cash Management Services; (b) products under Hedging Agreements; (c) commercial credit card and merchant card services; and (d) leases and other banking products or services as may be requested by any Obligor or
any Subsidiary, in each case, other than Letters of Credit. 
 Bank Product Debt: Debt and other obligations of an Obligor relating
to Bank Products. 
 Bank Product Reserve: the aggregate amount of reserves established by Lender from time to time in its discretion
in respect of Bank Product Debt. 

  
 3 

 Bankruptcy Code: Title 11 of the United States Code. 

Base Rate: for any day, a fluctuating rate of interest per annum equal to the highest of (a) the rate of interest in effect for
such day as publicly announced from time to time by Lender as its “prime rate”; (b) the Federal Funds Rate for such day, plus one-half of one percent (0.50%); and (c) LIBOR, plus one and one-fourth percent (1.25%).
The “prime rate” is a rate set by Lender based upon various factors including Lender’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be
priced at, above, or below such announced rate. Any change in such prime rate announced by Lender shall take effect at the opening of business on the day specified in the public announcement of such change. 

Base Rate Loan: any Loan that bears interest based on the Base Rate. 

Board of Governors: the Board of Governors of the Federal Reserve System. 

Borrowed Money: with respect to any Obligor, without duplication, its (a) Debt that (i) arises from the lending of money by
any Person to such Obligor, (ii) is evidenced by notes, drafts, bonds, debentures, credit documents or similar instruments, (iii) accrues interest or is a type upon which interest charges are customarily paid (excluding trade payables
owing in the Ordinary Course of Business), or (iv) was issued or assumed as full or partial payment for Property; (b) Capital Leases; (c) reimbursement obligations with respect to letters of credit; and (d) guarantees of any Debt
of the foregoing types owing by another Person. 
 Borrower Agent: as defined in Section 4.3. 

Borrowing: a group of Loans of one Type that are made on the same day or are converted into Loans of one Type on the same day. 

Borrowing Base: on any date of determination, an amount equal to the lesser of (a) the Commitment, minus the LC Reserve;
and (b) the sum of the Accounts Formula Amount, plus the Inventory Formula Amount, minus the Availability Reserve. 

Borrowing Base Certificate: a certificate, substantially in the form of Exhibit A hereto, by which Borrowers certify calculation
of the Borrowing Base. 
 BP: means BP Energy Company, a Delaware corporation. 

BP ISDA: means that certain ISDA Master Agreement, dated as of June 30, 2011, by and between Holdings and BP, which was assigned
to BP by BP Corporation North America Inc., an Indiana Corporation, pursuant to that certain Assignment Agreement, dated as of October 8, 2012, among BP, as assignee, BPCNA, as assignor, and Holdings. 

BP Swap Documents: means the BP ISDA and, including each relevant confirmation of a transaction thereunder.” 

BP Swap Obligations: means all amounts owed or to become owing by the Obligors to BP under the BP Swap Documents (excluding any
Excluded Swap Obligations), together with all 

  
 4 

 
reasonable out-of-pocket costs, expenses and attorneys’ fees incurred in the enforcement or collection thereof, and interest thereon after the commencement of any Insolvency Proceeding with
respect to Holdings. 
 Business Day: any day other than a Saturday, Sunday or other day on which commercial banks are authorized to
close under the laws of, or are in fact closed in the state where Lender’s lending office is located, and if such day relates to a LIBOR Loan, any such day on which dealings in Dollar deposits are conducted by and between banks in the London
interbank eurodollar market. 
 Capital Expenditures: all liabilities incurred or expenditures made by a Borrower or Subsidiary for
the acquisition of assets which are not in accordance with GAAP treated as expense items for such Person in the Fiscal Year made or incurred. 

Capital Lease: any lease that is required to be capitalized for financial reporting purposes in accordance with GAAP. 

Cash Collateral: cash, and any interest or other income earned thereon, that is delivered to Lender to Cash Collateralize any
Obligations. 
 Cash Collateral Account: a demand deposit, money market or other account maintained with Lender and subject to
Lender’s Liens. 
 Cash Collateralize: the delivery of cash to Lender, as security for the payment of the Obligations, in an
amount equal to (a) with respect to LC Obligations, one hundred and five percent (105%) of the aggregate LC Obligations, and (b) with respect to any inchoate, contingent or other Obligations (including, if required by Lender in its
good faith credit judgment, Obligations arising under Bank Products), Lender’s good faith estimate of the amount due or to become due, including all fees and other amounts relating to such Obligations. “Cash Collateralization”
has a correlative meaning. 
 Cash Equivalents: (a) marketable obligations issued or unconditionally guaranteed by, and backed
by the full faith and credit of, the United States government, maturing within twelve (12) months of the date of acquisition; (b) certificates of deposit, time deposits and bankers’ acceptances maturing within twelve (12) months
of the date of acquisition, and overnight bank deposits, in each case which are issued by Lender or a commercial bank organized under the laws of the United States or any state or district thereof, rated A-1 (or better) by S&P or P-1 (or better)
by Moody’s at the time of acquisition, and (unless issued by Lender) not subject to offset rights; (c) repurchase obligations with a term of not more than thirty (30) days for underlying investments of the types described in clauses
(a) and (b) entered into with any bank described in clause (b); (d) commercial paper issued by Lender or rated A-1 (or better) by S&P or P-1 (or better) by Moody’s, and maturing within nine months of the date of acquisition;
and (e) shares of any money market fund that has substantially all of its assets invested continuously in the types of investments referred to above, has net assets of at least $500,000,000 and has the highest rating obtainable from either
Moody’s or S&P. 
 Cash Management Services: any agreement that is not prohibited by the terms hereof to provide treasury or
cash management services, including deposit accounts, overnight draft, credit 

  
 5 

 
cards, debit cards, p-cards (including purchasing cards and commercial cards), funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled
disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash management services. 
 CERCLA:
the Comprehensive Environmental Response Compensation and Liability Act (42 U.S.C. § 9601 et seq.). 
 CFR: Code
of Federal Regulations. 
 Change in Law: the occurrence, after the date hereof, of (a) the adoption, taking effect or phasing
in of any law, rule, regulation or treaty; (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof; or (c) the making, issuance or application of any request,
rule, guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted,
adopted or issued. 
 Change of Control: (a) Holdings at any time ceases to own, directly or indirectly, one hundred percent
(100%) of the Equity Interests of the Company; (b) the Company at any time ceases to own one hundred percent (100%) of the Equity Interests of Wyoming Pipeline; (c) a change in the majority of directors of Holdings or the
Company, unless such change is approved by the then majority of directors; (d) the Sponsors (and their Controlled Investment Affiliates) shall fail to collectively (i) own, or to have the power to vote or direct the voting of, voting stock
of Holdings representing at least fifty-one percent (51%) of the voting power of the total outstanding voting stock of Holdings and (ii) own Equity Interests representing at least fifty-one percent (51%) of the total economic
interests of the Equity Interests of Holdings; or (e) EOR Sponsor Group shall fail to (i) own, or to have the power to vote or direct the voting of, voting stock of Holdings representing at least twenty-five percent (25%) of the
voting power of the total outstanding voting stock of Holdings owned or controlled by EOR Sponsor Group on the Closing Date and (ii) own Equity Interests representing at least twenty-five percent (25%) of the total economic interests of
the Equity Interests of Holdings owned by EOR Sponsor Group on the Closing Date. 
 Claims: all claims, liabilities, obligations,
losses, damages, penalties, judgments, proceedings, interest, costs and expenses of any kind (including remedial response costs, reasonable attorneys’ fees and Extraordinary Expenses) at any time (including after Full Payment of the
Obligations) incurred by any Indemnitee or asserted against any Indemnitee by any Obligor or other Person, in any way relating to (a) any Loans, Letters of Credit, Loan Documents, or the use thereof or transactions relating thereto,
(b) any action taken or omitted in connection with any Loan Documents, (c) the existence or perfection of any Liens, or realization upon any Collateral, (d) exercise of any rights or remedies under any Loan Documents or Applicable
Law, or (e) failure by any Obligor to perform or observe any terms of any Loan 

  
 6 

 
Document, in each case including all costs and expenses relating to any investigation, litigation, arbitration or other proceeding (including an Insolvency Proceeding or appellate proceedings),
whether or not the applicable Indemnitee is a party thereto. 
 Closing Date: April 30, 2015. 

Code: the Internal Revenue Code of 1986, as amended. 

Collateral: all Property described in any Security Documents as security for any Obligations, and all other Property that now or
hereafter secures (or is intended to secure) any Obligations, and in any event, excluding any Excluded Property. 
 Collateral Agent:
as defined in the Intercreditor Agreement. 
 Commitment Termination Date: the earliest to occur of (a) the Termination Date;
(b) the date on which Borrowers terminate the Commitment pursuant to Section 2.1.3; or (c) the date on which the Commitment is terminated pursuant to Section 11.2. 

Commitment: Lender’s obligation to make Revolver Loans and to issue or extend Letters of Credit (subject to the Letter of Credit
Subline) in an amount up to $50,000,000 in the aggregate. 
 Commodity Exchange Act: the Commodity Exchange Act (7 U.S.C. § 1 et
seq.), as amended from time to time, and any successor statute. 
 Compliance Certificate: a certificate, substantially in the form
of Exhibit B hereto, by which Obligors certify compliance with Section 10.3, and calculate the applicable Level for the Applicable Margin. 

Consents: all filings and all licenses, permits, consents, approvals, authorizations, qualifications and orders of Governmental
Authorities and other third Persons, domestic or foreign, necessary or to carry on an Obligor’s business or necessary (including to avoid a conflict or breach under any agreement, instrument or other document, licenses, permit or other
authorization) for the execution, delivery or performance by any Obligor of this Agreement, the other Loan Documents or any other Material Contract, including any Consents required under all applicable federal, state or other Applicable Law. 

Contingent Obligation: any obligation of a Person (without duplication) arising from a guaranty, indemnity or other assurance of
payment or performance of any Debt, lease, dividend or other obligation (“primary obligations”) of another obligor (“primary obligor”) in any manner, whether directly or indirectly, including any obligation of such
Person under any (a) guaranty, endorsement, co-making or sale with recourse of an obligation of a primary obligor; (b) obligation to make take-or-pay or similar payments regardless of nonperformance by any other party to an agreement; and
(c) arrangement (i) to purchase any primary obligation or security therefor, (ii) to supply funds for the purchase or payment of any primary obligation, (iii) to maintain or assure working capital, equity capital, net worth or
solvency of the primary obligor, (iv) to purchase Property or services for the purpose of assuring the ability of the primary obligor to perform a primary obligation, or (v) otherwise to assure or hold harmless the

  
 7 

 
holder of any primary obligation against loss in respect thereof. The amount of any Contingent Obligation shall be deemed to be the stated or determinable amount of the primary obligation (or, if
less, the maximum amount for which such Person may be liable under the instrument evidencing the Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability with respect thereto. 

Contributing Guarantors: as defined in Section 12.1. 

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

Controlled Investment Affiliate: as to any Person, any other Person which directly or indirectly is in Control of, is Controlled by, or
is under common Control with, such Person and is organized by such Person (or any Person Controlling such Person) primarily for making equity or debt investments in Holdings or other portfolio companies. 

Copyright Security Agreement: a copyright security agreement in which an Obligor grants a Lien on its interests in copyrights to
Lender, as security for the Obligations (or any notice of grant of security interest in copyrights). 
 Crude Oil Purchase Contracts:
a contract by which a Borrower agrees to purchase crude oil for the payment of cash for delivery ratably over a calendar month and does not include Exchange Contracts. 

CWA: the Clean Water Act (33 U.S.C. §§ 1251 et seq.). 

Debt: as applied to any Person, without duplication, (a) all items that would be included as liabilities on a balance sheet in
accordance with GAAP, including Capital Leases, but excluding trade payables incurred and being paid in the Ordinary Course of Business; (b) all Contingent Obligations; (c) all reimbursement obligations in connection with letters of credit
issued for the account of such Person; and (d) in the case of a Borrower, the Obligations. The Debt of a Person shall include any recourse Debt of any partnership in which such Person is a general partner or joint venturer. 

Default: an event or condition that, with the lapse of time or giving of notice, would constitute an Event of Default. 

Default Rate: for any Obligation (other than Bank Product Debt) (including, to the extent permitted by law, interest not paid when
due), two percent (2.00%) plus the interest rate otherwise applicable thereto. 
 Designated Jurisdiction: any country or
territory to the extent that such country or territory is the subject of any Sanction. 
 Distribution: any declaration or payment of
a distribution, interest or dividend on any Equity Interest (other than payment-in-kind); any distribution, advance or repayment of Debt to a holder of Equity Interests; or any purchase, redemption, or other acquisition or retirement for value of
any Equity Interest. 

  
 8 

 Dollars: lawful money of the United States. 

Domestic Subsidiary: any Subsidiary organized under the laws of the United States, any State thereof or the District of Columbia. 

Dominion Account: a special account established by Borrowers at Lender or a bank acceptable to Lender, over which Lender has exclusive
control for withdrawal purposes, which may be exercised by Lender during a Trigger Period. 
 EBITDA: determined on a consolidated
basis for Holdings and its Subsidiaries, net income, calculated before (a) interest expense, (b) provision for income taxes, (c) depreciation and amortization expense, (d) gains or losses arising from the sale of capital assets,
(e) gains or losses arising from the write-up or write-down of assets (including non-cash inventory gains or losses), (f) any extraordinary gains or losses or non-recurring gains or non-recurring losses (in the case of non-recurring
losses, the characterization of a loss as a non-recurring loss is subject to concurrence of Lender as determined in its reasonable discretion), (g) unrealized gains or losses with respect to obligations with respect to Hedging Agreements and
(h) operating expenses solely relating to scheduled refinery “turnarounds” which expenses (i) if incurred in connection with a “turnaround” that is completed within twelve months following the Closing Date, shall not
exceed $5,000,000 during the term of this Agreement and (ii) if incurred in connection with any other “turnaround”, are subject to the approval of Lender in its reasonable discretion (in each case, to the extent included in
determining net income). 
 Eligible Account: an Account owing to a Borrower that arises in the Ordinary Course of Business from the
sale of goods, is payable in Dollars and is deemed by Lender, in its discretion, to be an Eligible Account. Without limiting the foregoing, no Account shall be an Eligible Account if: 

(a) such Account is unpaid for more than ninety (90) days after the original invoice date; 

(b) fifty percent (50%) or more of the Accounts owing by the Account Debtor do not constitute Eligible Accounts on
account of clause (a) above; 
 (c) such Account, when aggregated with other Accounts owing by the Account Debtor or
group of affiliated Account Debtors, exceeds twenty-five percent (25%) of the aggregate Eligible Accounts, but ineligibility shall be limited to the extent of such excess; provided that, with respect Eligible Accounts owing by the
Defense Energy Support Center, such percentage shall be fifty percent (50%); 
 (d) such Account does not conform with a
covenant or representation herein; 
 (e) such Account is owing by a creditor or supplier, or is otherwise subject to a
potential offset, counterclaim, dispute, deduction, discount, return, recoupment, contra account, reserve, defense, claim, chargeback, credit or allowance (but ineligibility shall be limited to the amount thereof); 

  
 9 

 (f) an Insolvency Proceeding has been commenced by or against the Account Debtor;
or the Account Debtor has suspended or ceased doing business, is liquidating, dissolving or winding up its affairs, or is not Solvent; or the applicable Borrower is not able to bring suit or enforce remedies against the Account Debtor through
judicial process; 
 (g) the Account Debtor is organized or has its principal offices or assets outside the United States or
Canada; 
 (h) such Account is owing by a Governmental Authority, unless the Account Debtor is the United States or any
department, agency or instrumentality thereof and the Account has been assigned to Lender in compliance with the federal Assignment of Claims Act; 

(i) such Account is not subject to a duly perfected, first priority Lien in favor of Lender, or is subject to any other Lien;

 (j) the goods giving rise to it have not been delivered to the Account Debtor, the services giving rise to it have not
been accepted by the Account Debtor, or it otherwise does not represent a final sale; 
 (k) such Account is evidenced by
Chattel Paper or an Instrument of any kind (unless Lender has in its possession such Chattel Paper or Instrument, such Chattel Paper or Instrument has been pledged to Lender and such Chattel Paper or Instrument is Revolving Priority Collateral), or
has been reduced to judgment; 
 (l) the payment of such Account has been extended or the Account Debtor has made a partial
payment thereon; 
 (m) such Account arises from a sale to an Affiliate of a Borrower, from a sale on a cash-on-delivery,
bill-and-hold, sale or return, sale on approval, consignment, or other repurchase or return basis, or from a sale for personal, family or household purposes; 

(n) such Account represents a progress billing or retainage, or relates to services for which a performance, surety or
completion bond or similar assurance has been issued; 
 (o) such Account includes a billing for interest, fees or late
charges, but ineligibility shall be limited to the extent thereof; or 
 (p) such Account is not evidenced by an invoice.

  
 10 

 Eligible Exchange Inventory: Inventory covered by an Exchange Contract satisfactory to
Lender in its discretion which meets the eligibility criteria established in the definition of “Eligible Inventory”. 

Eligible Inventory: the sum of, without duplication: (i) total Eligible Exchange Inventory of a Borrower net of contra accounts,
and, without duplication, after taking into consideration the pricing differential as to product to be delivered to or to be delivered by a Borrower under such Exchange Contracts, plus (ii) Inventory owned by the Borrowers consisting
solely of crude oil, intermediate stock and refined petroleum products that Lender, in its discretion, deems to be Eligible Inventory. Without limiting the foregoing, no Inventory shall be Eligible Inventory unless it meets all of the following
requirements: 
 (i) such Inventory is finished goods or raw materials, and not work-in-process (other than Inventory
consisting of intermediate stock that meets the eligibility criteria hereunder), packaging or shipping materials, labels, samples, display items, bags, replacement parts, manufacturing supplies or tank heels; 

(ii) such Inventory is not held on consignment, nor subject to any deposit or down payment; 

(iii) such Inventory is in saleable condition and is not unfit for sale; 

(iv) such Inventory is not slow-moving or unmerchantable, and does not constitute returned or repossessed goods; 

(v) such Inventory meets all standards imposed by any Governmental Authority; 

(vi) such Inventory conforms with the covenants and representations herein; 

(vii) such Inventory is subject to Lender’s duly perfected, first priority Lien, and no other Lien, other than a Lien of
a warehouseman, processor, mechanic, lessor, or other Person in the Ordinary Course of Business that is, in each case, subject to a Lien Waiver unless the Rent and Charges Reserve includes expenses and amounts attributable to such Inventory; 

(viii) such Inventory is within the continental United States or Canada, is not in transit except between locations of a
Borrower, and is not consigned to any Person; 
 (ix) such Inventory is not subject to any warehouse receipt or negotiable
Document; 
 (x) such Inventory is not subject to any License or other arrangement that restricts such Borrower’s
or Lender’s right to dispose of such Inventory, unless Lender has received an appropriate Lien Waiver; 
 (xi) unless
agreed otherwise by Lender in writing or as set forth in Schedule 1.1, such Inventory is in the possession and control of a Borrower and not of any third 

  
 11 

 
party such as a warehouseman, processor, repairman, mechanic, shipper, freight forwarder, common carrier or other Person unless such Person has delivered a Lien Waiver, or if such Inventory is
located in a storage tank, pipeline or other facility not owned by a Borrower, the relevant owner has delivered a Lien Waiver; 

(xii) such Inventory is reflected in the details of a current perpetual inventory report; and 

(xiii) if a Borrower is a “first purchaser” of such Inventory, (A) such Inventory is extracted in Wyoming and
purchased from producers located in Wyoming and (B) no Borrower has received any notice pursuant to Wyoming Statute §39-14-208 (or any successor). 

Enforcement Action: any action to enforce any Obligations or Loan Documents or to realize upon any Collateral (whether by judicial
action, self-help, notification of Account Debtors, exercise of setoff or recoupment, or otherwise). 
 Environmental Agreement: each
agreement of Borrowers with respect to any Real Estate subject to a Mortgage, pursuant to which Borrowers agree to indemnify and hold harmless Lender from liability under any Environmental Laws. 

Environmental Laws: all Applicable Laws (including all programs, permits and guidance promulgated by regulatory agencies), relating to
public health (but excluding occupational safety and health, to the extent regulated by OSHA) or the protection or pollution of the environment, including CERCLA, RCRA and CWA. 

Environmental Notice: a written notice from any Governmental Authority or other Person of any possible noncompliance with,
investigation of a possible violation of, litigation relating to, or potential fine or liability under any Environmental Law, or with respect to any Environmental Release, environmental pollution or hazardous materials, including any complaint,
summons, citation, order, claim, demand or request for correction, remediation or otherwise. 
 Environmental Release: a release as
defined in CERCLA or under any other Environmental Law. 
 EOR Sponsor Group: EOR Energy Services, LLC, a Texas limited liability
company, and its Controlled Investment Affiliates. 
 Equity Interest: the interest of any (a) shareholder in a corporation;
(b) partner in a partnership (whether general, limited, limited liability or joint venture); (c) member in a limited liability company; or (d) other Person having any other form of equity security or ownership interest. 

ERISA: the Employee Retirement Income Security Act of 1974. 

  
 12 

 ERISA Affiliate: any trade or business (whether or not incorporated) under common control
with an Obligor within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

ERISA Event: (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by any Obligor or ERISA Affiliate from a
Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under
Section 4062(e) of ERISA; (c) a complete or partial withdrawal by any Obligor or ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to
terminate, the treatment of a Plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) any Obligor or ERISA Affiliate fails
to meet any funding obligations with respect to any Pension Plan or Multiemployer Plan, or requests a minimum funding waiver; (f) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (g) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any
Obligor or ERISA Affiliate. 
 Event of Default: as defined in Section 11. 

Excess Availability: the excess, if any, of (a) the Borrowing Base, minus (b) the principal balance of all Revolver
Loans. 
 Exchange Contract: an arrangement in which a Borrower contracts to deliver a certain volume of crude oil to a Person
ratably over a month and such Person agrees to deliver an equivalent volume of crude oil to a Borrower at a different location ratably over the same month. 

Exchange Inventory: Inventory consisting refined petroleum products due to be delivered to a Borrower pursuant to an Exchange Contract.

 Excluded Account: (a) any Deposit Account, securities account or commodity account exclusively used as a payroll account or
fiduciary account, and (b) any other Deposit Account, securities account or commodity account, in each case not maintained with Lender, so long as the value of the amount held in such account under this clause (b) does not exceed $50,000
at any time and the aggregate value of all amounts held in all such accounts under this clause (b) does not exceed $100,000 at any time. 

  
 13 

 Excluded Property: 

(i) any permit or license issued by a Governmental Authority to any Obligor or any agreement (and any contract rights arising
thereunder) to which any Obligor is a party, in each case, only to the extent and for so long as the terms of such permit, license or agreement or any Applicable Law, prohibit, or require the consent of any Person (whose consent has not been
obtained) for, the creation by such Obligor of a security interest in such permit, license or agreement in favor of Lender (after giving effect to Sections 9-406(d),
9-407(a), 9-408(a) or 9-409 of the UCC (or any successor provision or provisions) or any other applicable law (including the Bankruptcy Code) or principles of equity);
provided that, from and after the Closing Date, no Obligor shall knowingly permit to become effective in any document creating, governing or providing for any permit, license or agreement a provision that would prohibit the creation of a Lien
on such permit, license or agreement in favor of Lender with the intention of circumventing the security interest created hereby unless such Obligor believes, in its reasonable judgment, that such prohibition is usual and customary in a transaction
of such type; 
 (ii) Equipment owned by any Obligor on the date hereof or hereafter acquired that is subject to a Lien
securing Permitted Purchase Money Debt or Capital Lease Obligation permitted to be incurred pursuant to the provisions of this Agreement if the contract or other agreement in which such Lien is granted (or the documentation providing for such
Permitted Purchase Money Debt or Capital Lease Obligation) validly prohibits the creation of any other Lien on such Equipment; 

(iii) any intent-to-use trademark application to the extent and for so long as creation by an Obligor of a security interest
therein would result in the loss by such Obligor of any material rights therein; and 
 (iv) Equity Interests of
(A) any Foreign Subsidiary in excess of sixty-five percent (65%) of the outstanding Equity Interests of such Foreign Subsidiary entitled to vote (within the meaning of Treasury Regulation Section 1.956-2(c) promulgated under the Code)
and (B) any Subsidiary that is owned directly or indirectly by a “controlled foreign corporation” for purposes of Section 957(a) of the Code; 

provided, however, that Excluded Property shall not include any Proceeds, substitutions or replacements of any Excluded Property
referred to in clause (i), (ii) and (iii) (unless such Proceeds, substitutions or replacements would constitute Excluded Property referred to in clause (i), (ii) or (iii)). 

Excluded Swap Obligation: with respect to any Obligor, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty
of such Obligor of, or the grant by such Obligor of a security interest to secure, such Swap Obligation (or any Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures
Trading Commission (or the application or official interpretation of any thereof) by virtue of such Obligor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined
after giving effect to any “keepwell, support or other agreement” for the benefit of such Obligor and any and all guarantees of such 

  
 14 

 
Obligor’s Swap Obligations by other Obligor) at the time the Guaranty of such Obligor, or grant by such Obligor of a security interest, becomes effective with respect to such related Swap
Obligation. If a Swap Obligation arises under a “master agreement” governing more than one Hedging Agreement, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Hedging Agreements for which such
Guaranty or security interest is or becomes excluded in accordance with the first sentence of this definition. 
 Excluded Tax: with
respect to Lender or any other recipient of a payment to be made by or on account of any Obligation, (a) taxes imposed on or measured by its overall net income (however denominated, and including any alternative minimum taxes), and franchise
taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of Lender, in which its
applicable lending office is located; and (b) any U.S. federal withholding tax that is attributable to such Lender’s failure to comply with Section 5.8.3. 

Extraordinary Expenses: all out-of-pocket costs, expenses or advances that Lender may incur during a Default or Event of Default, or
during the pendency of an Insolvency Proceeding of an Obligor, including those relating to (a) any audit, inspection, repossession, storage, repair, appraisal, insurance, manufacture, preparation or advertising for sale, sale, collection, or
other preservation of or realization upon any Collateral; (b) any action, arbitration or other proceeding (whether instituted by or against Lender, any Obligor, any representative of creditors of an Obligor or any other Person) in any way
relating to any Collateral (including the validity, perfection, priority or avoidability of Lender’s Liens with respect to any Collateral), Loan Documents, Letters of Credit or Obligations, including any lender liability or other Claims;
(c) the exercise, protection or enforcement of any rights or remedies of Lender in, or the monitoring of, any Insolvency Proceeding; (d) settlement or satisfaction of any taxes, charges or Liens with respect to any Collateral; (e) any
Enforcement Action; and (f) negotiation and documentation of any modification, waiver, workout, restructuring or forbearance with respect to any Loan Documents or Obligations. Such costs, expenses and advances include transfer fees, Other
Taxes, storage fees, insurance costs, permit fees, utility reservation and standby fees, legal fees, appraisal fees, brokers’ fees and commissions, auctioneers’ fees and commissions, accountants’ fees, environmental study fees, wages
and salaries paid to employees of any Obligor or independent contractors in liquidating any Collateral, and travel expenses. 
 Federal
Funds Rate: for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal
Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as
so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of
1/100 of 1%) charged to Lender on such day on such transactions as determined by Lender. 
 Fiscal Quarter: each period of three
(3) months, commencing on the first day of a Fiscal Year. 

  
 15 

 Fiscal Year: the fiscal year of Holdings and its Subsidiaries for accounting and tax
purposes, ending on December 31 of each year. 
 Fixed Charge Coverage Ratio: the ratio, determined on a consolidated basis for
Holdings and its Subsidiaries as of the end of each Fiscal Quarter of (a) for the most recent four Fiscal Quarters: (i) EBITDA minus (ii) maintenance Capital Expenditures and cash taxes and tax distributions paid, to
(b) Fixed Charges for the most recent four Fiscal Quarters. 
 Fixed Charges: with reference to any period, without duplication,
the sum of (a) cash interest expense for such period, plus (b) regularly scheduled principal payments made on Borrowed Money during such period, plus (c) Distributions made in cash during such period (excluding (i) tax
distributions and (ii) Distributions made pursuant to Section 10.2.4(vii) during the twelve months following the Closing Date in an aggregate amount not to exceed $25,000,000). 

FLSA: the Fair Labor Standards Act of 1938. 

Foreign Subsidiary: a Subsidiary that is a “controlled foreign corporation” under Section 957 of the Code, such that a
guaranty by such Subsidiary of the Obligations or a Lien on the assets of such Subsidiary to secure the Obligations would result in material tax liability to Obligors. 

Full Payment: with respect to any Obligations (other than contingent obligations for which no claim has been asserted), (a) the
full and indefeasible cash payment thereof, including any interest, fees and other charges accruing during an Insolvency Proceeding (whether or not allowed in the proceeding); (b) if such Obligations are LC Obligations or inchoate or contingent
in nature, Cash Collateralization thereof (or delivery of a standby letter of credit acceptable to Lender, in its good faith credit judgment, in the amount of required Cash Collateral); and (c) a release of any Claims of Obligors against Lender
arising on or before the payment date. The Revolver Loans shall not be deemed to have been paid in full until the Commitment has expired or been terminated. 

Funding Guarantor: as defined in Section 12.1. 

GAAP: generally accepted accounting principles in effect in the United States from time to time, but subject to Section 1.2
hereof. 
 Governmental Approvals: all authorizations, consents, approvals, licenses and exemptions of, registrations and filings
with, and required reports to, all Governmental Authorities. 
 Governmental Authority: any federal, state, local, foreign or other
agency, authority, body, commission, court, instrumentality, political subdivision, or other entity or officer exercising executive, legislative, judicial, regulatory or administrative functions for any governmental, judicial, investigative,
regulatory or self-regulatory authority (including, without limitation, any supra-national bodies such as the European Union or the European Central Bank). 

Guaranteed Obligations: as defined in Section 12.1. 

  
 16 

 Guarantor Payment: as defined in Section 5.9.3. 

Guarantors: (a) each of Holdings and each Domestic Subsidiary of Holdings (other than the Company and Wyoming Pipeline) and
(b) each Borrower with respect to Obligations owing by any Obligor arising under Hedging Agreements and any Swap Obligation of a Specified Obligor (determined before giving effect to Sections 12.1) under the Guaranty. 

Guaranty: the guaranty of each Guarantor set forth in Section 12. 

Hedging Agreement: an agreement relating to any swap, cap, floor, collar, option, forward, cross right or obligation, or combination
thereof or similar transaction, with respect to interest rate, foreign exchange, currency, commodity, credit or equity risk, entered into in the Ordinary Course of Business and in no event entered into for speculative purposes. 

Indemnified Taxes: Taxes other than Excluded Taxes. 

Indemnitees: Lender and its officers, directors, employees, Affiliates, agents and attorneys. 

Insolvency Proceeding: any case or proceeding commenced by or against a Person under any state, federal or foreign law for, or any
agreement of such Person to, (a) the entry of an order for relief under the Bankruptcy Code, or any other insolvency, debtor relief or debt adjustment law; (b) the appointment of a receiver, trustee, liquidator, administrator, conservator
or other custodian for such Person or any part of its Property; or (c) an assignment or trust mortgage for the benefit of creditors. 

Intellectual Property: all intellectual and similar Property of a Person, including inventions, designs, patents, copyrights,
trademarks, service marks, trade names, trade secrets, confidential or proprietary information, customer lists, know-how, software and databases; all embodiments or fixations thereof and all related documentation, applications, registrations and
franchises; all licenses or other rights to use any of the foregoing; and all books and records relating to the foregoing. 

Intellectual Property Claim: any claim or assertion (whether in writing, by suit or otherwise) that a Borrower’s or
Subsidiary’s ownership, use, marketing, sale or distribution of any Inventory, Equipment, Intellectual Property or other Property violates another Person’s Intellectual Property. 

Intercreditor Agreement: the Second Amended and Restated Intercreditor Agreement, dated as of the Closing Date, among Lender, BP and
the Obligors. 
 Interest Period: as defined in Section 3.1.3. 

Inventory: as defined in the UCC, including all goods intended for sale, lease, display or demonstration; all work in process; and all
raw materials, and other materials and supplies of any kind that are or could be used in connection with the manufacture, printing, packing, shipping, advertising, sale, lease or furnishing of such goods, or otherwise used or consumed in a
Borrower’s business (but excluding Equipment). 

  
 17 

 Inventory Formula Amount: eighty percent (80%) of the Value of Eligible Inventory.

 Inventory Reserve: reserves established by Lender in its good faith credit judgment to reflect factors that may negatively impact
the Value of Inventory, including, without limitation, change in salability, obsolescence, seasonality, theft, shrinkage, imbalance, change in composition or mix, tank bottom sludge, markdowns and vendor chargebacks. 

Investment: any acquisition of all or substantially all the assets of a Person; any acquisition of record or beneficial ownership of
any Equity Interests of a Person; or any advance, loan or capital contribution to or other investment in a Person. 
 IRS: the United
States Internal Revenue Service. 
 LC Application: an application by Borrower Agent to Lender for issuance of a Letter of Credit, in
form and substance satisfactory to Lender. 
 LC Conditions: the following conditions necessary for issuance of a Letter of Credit:
(a) each of the conditions set forth in Section 6.2; (b) after giving effect to such issuance, total LC Obligations do not exceed the Letter of Credit Subline, no Overadvance exists and, if no Revolver Loans are outstanding,
the LC Obligations do not exceed the Borrowing Base (without giving effect to the LC Reserve for purposes of this calculation); (c) the expiration date of such Letter of Credit is (i) no more than 365 days from issuance, in the case of
standby Letters of Credit, and (ii) no more than 120 days from issuance, in the case of documentary Letters of Credit; (d) the Letter of Credit and payments thereunder are denominated in Dollars; and (e) the purpose and form of the
proposed Letter of Credit is satisfactory to Lender in its discretion. 
 LC Documents: all documents, instruments and agreements
(including LC Requests and LC Applications) delivered by Borrowers or any other Person to Lender in connection with any Letter of Credit. 

LC Obligations: the sum (without duplication) of (a) all amounts owing by Borrowers for any drawings under Letters of Credit; and
(b) the stated amount of all outstanding Letters of Credit. 
 LC Request: a request for issuance of a Letter of Credit, to be
provided by Borrower Agent, in form satisfactory to Lender. 
 LC Reserve: the aggregate of all LC Obligations, other than those that
have been Cash Collateralized. 
 Lender Professionals: attorneys, accountants, appraisers, auditors, business valuation experts,
environmental engineers or consultants, turnaround consultants, and other professionals and experts retained by Lender. 
 Letter of
Credit: any standby or documentary letter of credit issued by Lender for the account of a Borrower, or any indemnity, guarantee, exposure transmittal memorandum or similar form of credit support issued by Lender for the benefit of a Borrower.

  
 18 

 Letter of Credit Subline: $30,000,000. 

Level 1 Reporting Trigger Period: the period (a) commencing on the day that Excess Availability is less than the lower of
(i) $20,000,000 and (ii) an amount equal to 50% of the Borrowing Base at any time following the Closing Date; and (b) continuing until the earlier to occur of (i) commencement of a Level 2 Reporting Trigger Period, and
(ii) the day that Excess Availability is greater than or equal to the lower of (i) $20,000,000 and (ii) an amount equal to 50% of the Borrowing Base at any time following the Closing Date. 

Level 2 Reporting Trigger Period: the period (a) commencing on the day that an Event of Default occurs or Excess Availability is
less than an amount equal to 30% of the Borrowing Base at any time following the Closing Date; and (b) continuing until no Event of Default exists and Excess Availability has been equal to or greater than an amount equal to 30% of the Borrowing
Base for ninety (90) consecutive days; provided, however, if during such ninety (90) consecutive day period, Excess Availability is less than the lower of (i) $20,000,000 and (ii) an amount equal to 50% of the Borrowing
Base, a Level 1 Reporting Trigger Period shall commence at the end of such ninety (90) consecutive day period. 
 Leverage
Ratio: the ratio, determined as of the end of each Fiscal Quarter of (a) Borrowed Money (other than Contingent Obligations) of Borrowers and Subsidiaries as of the last day of such Fiscal Quarter less the Surplus Cash Amount as of
the last day of such Fiscal Quarter, to (b) EBITDA for the four Fiscal Quarters then ending. 
 LIBOR: (a) for any
Interest Period with respect to a LIBOR Loan, the rate per annum equal to the London Interbank Offered Rate or a comparable or successor rate, which rate is approved by Lender, as published by Bloomberg (or such other commercially available source
providing such quotations as may be designated by Lender from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such
Interest Period) with a term equivalent to such Interest Period; and 
 (b) for any interest rate calculation with respect to a Base Rate
Loan on any date, the rate per annum equal to the London Interbank Offered Rate or a comparable or successor rate, which rate is approved by Lender, as published by Bloomberg (or such other commercially available source providing such quotations as
may be designated by Lender from time to time), at or about 11:00 a.m. (London time) determined two Business Days prior to such date for Dollar deposits being delivered in the London interbank market for deposits in Dollars with a term of one month
commencing that day; 
 provided that (i) to the extent a comparable or successor rate is approved by Lender in connection
herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for Lender, such approved rate shall be applied as
otherwise reasonably determined by Lender and (ii) if LIBOR shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. If the Board of Governors imposes a Reserve Percentage with respect to LIBOR deposits,
then LIBOR shall be the foregoing rate, divided by one (1) minus the Reserve Percentage. 

  
 19 

 LIBOR Loan: a Loan that bears interest based on clause (a) of the definition of
“LIBOR”. 
 License: any license or agreement under which an Obligor is authorized to use Intellectual Property in
connection with any manufacture, marketing, distribution or disposition of Collateral, any use of Property or any other conduct of its business. 

Licensor: any Person from whom an Obligor obtains the right to use any Intellectual Property. 

Lien: any Person’s interest in Property securing an obligation owed to, or a claim by, such Person, whether such interest is based
on common law, statute or contract, including liens, security interests, pledges, hypothecations, statutory trusts, reservations, exceptions, encroachments, easements, rights-of-way, covenants, conditions, restrictions, leases, and other title
exceptions and encumbrances affecting Property. 
 Lien Waiver: an agreement, in form and substance satisfactory to Lender in its
good faith credit judgment, by which (a) for any Collateral located on any leased premises, the lessor waives or subordinates any Lien it may have on the Collateral, and agrees to permit Lender to enter upon the premises and remove the
Collateral or to use the premises to store or dispose of the Collateral; provided that for any location where books and records are located but no Inventory or any other material tangible collateral is located, such agreement shall only be required
to permit Lender to enter upon the premises and remove the Collateral; (b) for any Collateral held by a warehouseman, processor, shipper, customs broker, freight forwarder or common carrier, such Person waives or subordinates any Lien it may
have on the Collateral, agrees to hold any Documents in its possession relating to the Collateral as agent for Lender, and agrees to deliver the Collateral to Lender upon request; (c) for any Collateral held by a repairman, mechanic or bailee,
such Person acknowledges Lender’s Lien, waives or subordinates any Lien it may have on the Collateral, and agrees to deliver the Collateral to Lender upon request; (d) for any Collateral subject to a Licensor’s Intellectual Property
rights, the Licensor grants to Lender the right, vis-à-vis such Licensor, to enforce Lender’s Liens with respect to the Collateral, including the right to dispose of it with the benefit of the Intellectual Property, whether or not a
default exists under any applicable License; and (e) for any Collateral located in a storage tank, pipeline or other facility not owned by a Borrower, such owner waives or subordinates any Lien it may have on the Collateral and agrees to permit
Lender to enter the facility and remove or dispose of the Collateral and agrees to follow Lender’s instructions as to such Collateral, including delivering such Collateral to such locations as shall be specified by Lender. 

Loan: a Revolver Loan or Term Loan. 

Loan Account: the loan account established by Lender on its books pursuant to Section 5.7. 

Loan Documents: this Agreement, Other Agreements and Security Documents. 

Loan Year: each twelve (12) month period commencing on the Closing Date and on each anniversary of the Closing Date. 

  
 20 

 Margin Stock: as defined in Regulation U of the Board of Governors. 

Material Adverse Effect: the effect of any event or circumstance that, taken alone or in conjunction with other events or
circumstances, (a) has or could be reasonably expected to have a material adverse effect on the business, operations, Properties or financial condition of any Obligor, on the value of any material Collateral, on the enforceability of any
material Loan Document, or on the validity or priority of Lender’s Liens on any material portion of the Collateral; (b) impairs the ability of an Obligor to perform its material obligations under the material Loan Documents, including
repayment of any Obligations; or (c) otherwise impairs the ability of Lender to enforce or collect any Obligations or to realize upon any material portion of the Collateral. 

Material Contract: any agreement or arrangement to which an Obligor or Subsidiary is party (other than the Loan Documents) for which
breach, termination, nonperformance or failure to renew could reasonably be expected to have a Material Adverse Effect. 
 Maximum
Rate: as defined in Section 3.1.5. 
 Moody’s: Moody’s Investors Service, Inc., and its successors. 

Mortgage: a mortgage, deed of trust or deed to secure debt pursuant to which a Borrower grants a Lien on its Real Estate to Lender, as
security for the Obligations. 
 Multiemployer Plan: any employee benefit plan of the type described in Section 4001(a)(3) of
ERISA, to which any Obligor or ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

Net Proceeds: with respect to an Asset Disposition, proceeds (including, when received, any deferred or escrowed payments) received by
a Borrower or Subsidiary in cash from such disposition, net of (a) reasonable and customary costs and expenses actually incurred in connection therewith, including legal fees and sales commissions; (b) amounts applied to repayment of Debt
secured by a Permitted Lien senior to Lender’s Liens on Collateral sold; (c) transfer or similar taxes; and (d) reserves for indemnities, until such reserves are no longer needed. 

Notice of Borrowing: a Notice of Borrowing to be provided by Borrower Agent to request a Borrowing of Revolver Loans, in substantially
the form of Exhibit C hereto or in any other form satisfactory to Lender. 
 Notice of Conversion/Continuation: a Notice of
Conversion/Continuation to be provided by Borrower Agent to request a conversion or continuation of any Loans as LIBOR Loans, in form satisfactory to Lender. 

Obligations: all (a) principal of and premium, if any, on the Loans, (b) LC Obligations and other obligations of Obligors
with respect to Letters of Credit, (c) interest, expenses, fees, indemnification obligations, Extraordinary Expenses and other amounts payable by Obligors under Loan Documents, (d) Bank Product Debt (other than Excluded Swap Obligations),
and (e)

  
 21 

 
other Debts, obligations and liabilities of any kind owing by any Obligor to Lender pursuant to the Loan Documents, whether now existing or hereafter arising, whether evidenced by a note or other
writing, whether allowed in any Insolvency Proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise, and whether direct or indirect, absolute or contingent, due
or to become due, primary or secondary, or joint or several. 
 Obligee Guarantor: as defined in Section 12.7. 

Obligor: each Borrower and each Guarantor. 

OFAC: the Office of Foreign Assets Control of the United States Department of the Treasury. 

OPIS: the Oil Price Information Service. 

Ordinary Course of Business: the ordinary course of business of any Obligor, consistent with past practices and undertaken in good
faith. 
 Original Loan Agreement: as defined in the Recitals. 

Organic Documents: with respect to any Person, its charter, certificate or articles of incorporation, bylaws, articles of organization,
limited liability agreement, operating agreement, members agreement, shareholders agreement, partnership agreement, certificate of partnership, certificate of formation, voting trust agreement, or similar agreement or instrument governing the
formation or operation of such Person. 
 OSHA: the Occupational Safety and Hazard Act of 1970. 

Other Agreement: each LC Document; Lien Waiver; Intercreditor Agreement; Subordination Agreement; Related Real Estate Document;
Borrowing Base Certificate, Compliance Certificate, financial statement or report delivered hereunder; any notes evidencing the Loans issued pursuant to this Agreement, or other document, instrument or agreement (other than this Agreement or a
Security Document) now or hereafter delivered by an Obligor or other Person to Lender in connection with any transactions relating hereto (but excluding any Bank Product agreements). 

Other Taxes: all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising
from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document. 

Overadvance: as defined in Section 2.1.4. 

Patriot Act: the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001, Pub. L. No. 107-56, 115 Stat. 272 (2001). 

  
 22 

 Payment Item: each check, draft or other item of payment payable to a Borrower, including
those constituting proceeds of any Collateral. 
 PBGC: the Pension Benefit Guaranty Corporation. 

Pension Plan: any employee pension benefit plan (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer
Plan, that is subject to Title IV of ERISA and is sponsored or maintained by any Obligor or ERISA Affiliate or to which the Obligor or ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other
plan described in Section 4064(a) of ERISA, has made contributions at any time during the preceding five plan years. 
 Permitted
Asset Disposition: an Asset Disposition that is (a) a sale of Inventory in the Ordinary Course of Business; (b) a disposition of Inventory or Equipment that is obsolete, unmerchantable or otherwise unsalable in the Ordinary Course of
Business; (c) a disposition of Equipment or Real Estate that, in the aggregate during any twelve month period have a fair market value or book value (whichever is greater) of $500,000 or less; (d) termination of a lease of real or personal
Property that is not necessary for the Ordinary Course of Business, could not reasonably be expected to have a Material Adverse Effect and does not result from an Obligor’s default; (e) Asset Dispositions at fair market value;
provided that (i) at the time of such Asset Disposition, no Default or Event of Default shall exist or would result from such Asset Disposition, (ii) the aggregate fair market value of assets disposed in respect of all Asset
Dispositions pursuant to this clause (e) shall not exceed $500,000 in any four consecutive fiscal quarters of Obligors, but, in any event, shall not exceed $100,000 with respect to any single Asset Disposition (or series of related Asset
Dispositions) and (iii) at least seventy-five percent (75%) of the purchase price for all property subject to such Asset Disposition shall be paid to a Borrower or a Subsidiary solely in cash and Cash Equivalents; (f) leases or
licenses of real or personal property in the Ordinary Course of Business and in accordance with the applicable Loan Documents; (g) [reserved]; (h) mergers and consolidations in compliance with Section 10.2.9 so long as no Event
of Default exists; (i) Investments in compliance with Section 10.2.7 and Distributions in compliance with Section 10.2.4; (j) Asset Dispositions made in the Ordinary Course of Business to the extent that
(i) such Property is exchanged for credit in the amount of the fair market value of such Property against the purchase price of similar replacement Property and (ii) such credit is promptly applied to the purchase price of such replacement
Property; (k) dispositions of Accounts in the Ordinary Course of Business in connection with the collection or compromise thereof; (l) licensing or sublicensing of Intellectual Property in the Ordinary Course of Business on customary
terms; (m) the unwinding of Hedging Agreements permitted hereunder pursuant to their terms; or (n) approved in writing by Lender; provided that, (i) such consent may, at Lender’s option, be conditioned on the mandatory
prepayment of the Net Proceeds therefrom and (ii) to the extent required by the terms of this Agreement or the Intercreditor Agreement, all Net Proceeds therefrom are remitted consistent with the Intercreditor Agreement. 

Permitted Contingent Obligations: Contingent Obligations (a) arising from endorsements of Payment Items for collection or deposit
in the Ordinary Course of Business; (b) arising from Hedging Agreements permitted hereunder; (c) existing on the Closing Date, and any extension or renewal thereof that does not increase the amount of such Contingent Obligation when
extended or renewed; (d) incurred in the Ordinary Course of Business with respect to surety, appeal or 

  
 23 

 
performance bonds, or other similar obligations; (e) arising from customary indemnification obligations in favor of purchasers in connection with dispositions of Equipment permitted
hereunder; (f) arising under the Loan Documents; (g) in respect of Indebtedness otherwise permitted under Section 10.2.1; (h) of any Obligor in respect of obligations of another Obligor; or (i) in an aggregate amount
of $100,000 or less at any time. 
 Permitted Lien: as defined in Section 10.2.2. 

Permitted Purchase Money Debt: Purchase Money Debt of Borrowers and Subsidiaries that is unsecured or secured only by a Purchase Money
Lien, as long as the aggregate amount does not exceed $2,500,000 at any time. 
 Person: any individual, corporation, limited
liability company, partnership, joint venture, joint stock company, land trust, business trust, unincorporated organization, Governmental Authority or other entity. 

Pipeline Easements: those pipeline easements owned by Borrowers. 

Platt’s: Platt’s Oilgram Price Report. 

Plan: any employee benefit plan (as such term is defined in Section 3(3) of ERISA) established by an Obligor or, with respect to
any such plan that is subject to Section 412 of the Code or Title IV of ERISA, an ERISA Affiliate. 
 Properly Contested: with
respect to any obligation of an Obligor, (a) the obligation is subject to a bona fide dispute regarding amount or the Obligor’s liability to pay; (b) the obligation is being properly contested in good faith by appropriate proceedings
promptly instituted and diligently pursued; (c) appropriate reserves have been established in accordance with GAAP; (d) non-payment could not have a Material Adverse Effect, nor result in forfeiture or sale of material assets of the
Obligor; (e) no Lien (other than a Permitted Lien) is imposed on assets of the Obligor, unless bonded and stayed to the satisfaction of Lender; and (f) if the obligation results from entry of a judgment or other order, such judgment or
order is stayed pending appeal or other judicial review. 
 Property: any interest in any kind of property or asset, whether real,
personal or mixed, or tangible or intangible. 
 Purchase Money Debt: (a) Debt (other than the Obligations) for payment of any
of the purchase price of fixed assets; and (b) Debt (other than the Obligations) incurred within one hundred and twenty (120) days before or after acquisition of any fixed assets, for the purpose of financing any of the purchase price
thereof. 
 Purchase Money Lien: a Lien that secures Purchase Money Debt, encumbering only the fixed assets acquired with such Debt
and constituting a Capital Lease or a purchase money security interest under the UCC. 
 Qualified ECP Guarantor: at any time, each
Obligor with total assets exceeding $10,000,000 or that qualifies at such time as an “eligible contract participant” under the Commodity Exchange Act and can cause another Person to qualify as an “eligible contract participant”
at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

  
 24 

 RCRA: the Resource Conservation and Recovery Act (42 U.S.C. §§ 6991-6991i). 

Real Estate: all right, title and interest (whether as owner, lessor or lessee) in any real Property or any buildings, structures,
parking areas or other improvements thereon, including, without limitation, the Refinery Property and the Pipeline Easements, in each case owned by an Obligor. 

Refinancing Conditions: the following conditions for Refinancing Debt: (a) it is in a maximum aggregate principal amount that does
not exceed the maximum aggregate principal amount of the Debt being extended, renewed or refinanced; (b) it has a final maturity no sooner than, a weighted average life no less than, and an interest rate no greater than, the Debt being
extended, renewed or refinanced; (c) it is subordinated to the Obligations at least to the same extent as the Debt being extended, renewed or refinanced; (d) the representations, covenants and defaults, taken as a whole, applicable to it
are no less favorable in any material respect to Borrowers than those applicable to the Debt being extended, renewed or refinanced; (e) no additional Lien is granted to secure it; (f) no additional Person is obligated on such Debt; and
(g) upon giving effect to it, no Default or Event of Default exists. 
 Refinancing Debt: Borrowed Money that is the result of
an extension, renewal or refinancing of Debt permitted under Section 10.2.1 subject to the satisfaction of the Refinancing Conditions. 

Refinery Land: the real Property owned by Borrowers described in Exhibit D-1 hereto. 

Refinery Property: collectively, the Refinery Land and all structures, equipment, amenities and other improvements, thereon, including
without limitation, the fluid catalytic cracking unit. 
 Reimbursement Date: as defined in Section 2.3.2. 

Related Real Estate Documents: with respect to any Real Estate constituting Refinery Property and/or Auxiliary Property subject to a
Mortgage, the following, in each case to the extent requested by Lender in its discretion, in form and substance satisfactory to Lender in its good faith credit judgment: (a) such assignments of leases, estoppel letters, attornment agreements,
consents, waivers and releases as Lender may require with respect to other Persons having an interest in the Real Estate; (b) a current, as-built survey of the Real Estate constituting Refinery Property, containing a metes-and-bounds property
description and certified by a licensed surveyor acceptable to Lender; (c) a life-of-loan flood hazard determination and, if the Real Estate is located in a flood plain, an acknowledged notice to borrower and flood insurance in an amount, with
endorsements and by an insurer acceptable to Lender; (d) a current appraisal of the Real Estate, prepared by an appraiser; and (e) ALTA mortgagee title insurance policies issued by a title insurance company acceptable to Lender with
respect to such property, assuring Lender that the Mortgage covering such Real Estate creates a valid and enforceable first priority mortgage lien on such Real Estate, free and clear of all defects and encumbrances except Permitted Liens, which
title insurance policies shall otherwise be in form and substance satisfactory to Lender and shall include such endorsements as are requested by Lender. 

  
 25 

 Rent and Charges Reserve: the aggregate of (a) all past due rent and other amounts
owing by an Obligor to any landlord, warehouseman, processor, repairman, mechanic, shipper, freight forwarder, bailee, broker or other Person who possesses any Collateral or could assert a Lien on any Collateral; and (b) a reserve at least
equal to three months’ rent and other charges that could be payable to any such Person, unless such Person has executed a Lien Waiver or such Obligor is not required to obtain a Lien Waiver with respect to such Collateral pursuant to
Section 7.8 hereof. 
 Reportable Event: any of the events set forth in Section 4043(c) of ERISA, other than events
for which the thirty (30) day notice period has been waived. 
 Reserve Percentage: for any day during any Interest Period, the
reserve percentage (expressed as a decimal, rounded up to the nearest 1/8th of 1%) applicable to member banks under regulations issued by the Board of Governors for determining the maximum reserve requirement for Eurocurrency liabilities. 

Restatement Closing Date: as defined in the Recitals. 

Restrictive Agreement: an agreement (other than a Loan Document) that conditions or restricts the right of any Borrower, Subsidiary or
other Obligor to incur or repay Borrowed Money, to grant Liens on any assets, to declare or make Distributions, to modify, extend or renew any agreement evidencing Borrowed Money, or to repay any intercompany Debt. 

Revolver Loan: a loan made pursuant to Section 2.1. 

Royalties: all royalties, fees, expense reimbursement and other amounts payable by a Borrower under a License. 

S&P: Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors. 

Sanction(s): any sanction administered or enforced by the United States Government (including, without limitation, OFAC), the United
Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority 
 Second Amended and
Restated Loan Agreement: as defined in the Recitals. 
 Security Agreement: that certain Security Agreement, dated as of the
Closing Date, among Obligors and Lender, individually and as Collateral Agent. 
 Security Documents: the Security Agreement, the
Mortgages, Copyright Security Agreement, and all other documents, instruments and agreements now or hereafter securing (or given with the intent to secure) any Obligations. 

  
 26 

 Senior Officer: the chairman of the board, president, chief executive officer or chief
financial officer of a Borrower or, if the context requires, an Obligor. 
 Specified Obligor: any Obligor that is not then an
“eligible contract participant” under the Commodity Exchange Act (determined prior to giving effect to the last paragraph of Section 12.1). 

Sponsors: collectively, EOR Sponsor Group, Chambers Energy Capital, LP, Reservoir Partners, LP, Reservoir Capital Investment Partners,
LP and RCMF II – Black Elk, Inc. 
 Solvent: as to any Person, such Person (a) owns Property whose fair salable value is
greater than the amount required to pay all of its debts (including contingent, subordinated, unmatured and unliquidated liabilities); (b) owns Property whose present fair salable value (as defined below) is greater than the probable total
liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of such Person as they become absolute and matured; (c) is able to pay all of its debts as they mature; (d) has capital that is not unreasonably small
for its business and is sufficient to carry on its business and transactions and all business and transactions in which it is about to engage; (e) is not “insolvent” within the meaning of Section 101(32) of the Bankruptcy Code;
and (f) has not incurred (by way of assumption or otherwise) any obligations or liabilities (contingent or otherwise) under any Loan Documents, or made any conveyance in connection therewith, with actual intent to hinder, delay or defraud
either present or future creditors of such Person or any of its Affiliates. “Fair salable value” means the amount that could be obtained for assets within a reasonable time, either through collection or through sale under ordinary
selling conditions by a capable and diligent seller to an interested buyer who is willing (but under no compulsion) to purchase. 

Subordination Agreement(s): (a) an agreement among any Obligor, a subordinating creditor or such Obligor and Lender, pursuant to
which, among other things, the indebtedness owing and/or any Lien granted to such subordinated creditor is subordinated to the Full Payment of all Obligations and (b) any note, indenture, note purchase agreement or similar instrument or
agreement, pursuant to which the indebtedness evidenced thereby or issued thereunder is subordinated to the Full Payment of all Obligations by the express terms of such note, indenture, note purchase agreement or similar instrument or agreement, in
each case, in form and substance satisfactory to Lender in its good faith credit judgment. 
 Subordinated Debt: any Debt incurred by
a Borrower that is expressly subordinate and junior in right of payment to Full Payment of all Obligations pursuant to a Subordination Agreement, and is on terms (including maturity, interest, fees, repayment, covenants and subordination)
satisfactory to Lender in its good faith credit judgment. 
 Subordinated Debt Documents: any agreement evidencing Subordinated Debt
and all security agreements, guaranty agreements and other documents, agreements and instruments executed in connection therewith, in each case, as amended, amended and restated, refinanced, extended, supplemented and/or otherwise modified pursuant
to the terms of the applicable Subordination Agreement. 

  
 27 

 Subsidiary: any entity at least fifty percent (50%) of whose voting securities or
Equity Interests is owned by an Obligor or any combination of Obligors (including indirect ownership by an Obligor through other entities in which an Obligor directly or indirectly owns fifty percent (50%) of the voting securities or Equity
Interests). 
 Surplus Cash Amount: as of the date of determination means an amount equal to the greater of (a) zero and
(b) the amount by which the aggregate of all cash and Cash Equivalents of Borrowers and their Subsidiaries as of such date exceeds $10,000,000.” 

Swap Obligation: with respect to any Obligor, any obligation to pay or perform under any agreement, contract or transaction that
constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 
 Taxes: all present or future
taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

Term Loan: a term loan made to the Borrowers pursuant to Section 2.2 which shall include the outstanding principal amount
of the Term Loan (under and as defined in the Second Amended and Restated Loan Agreement) immediately prior to giving effect to this Agreement. 

Term Loan Maturity Date: shall have the same meaning as the Termination Date. As illustration of this definition, all principal,
interest and other amounts owing with respect to the Term Loan shall be due and payable in full on the Termination Date. 
 Termination
Date: April 30, 2018. 
 Trigger Period: the period (a) commencing on the day that an Event of Default occurs, or
Excess Availability is less than an amount equal to 30% of the Borrowing Base at any time; and (b) continuing until, during the preceding 90 consecutive days, no Event of Default has existed and Excess Availability has been equal to or greater
than an amount equal to 30% of the Borrowing Base at all times. 
 Type: any type of a Loan (i.e., Base Rate Loan or LIBOR Loan) that
has the same interest option and, in the case of LIBOR Loans, the same Interest Period. 
 UCC: the Uniform Commercial Code as in
effect in the State of New York or, when the laws of any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform Commercial Code of such jurisdiction. 

Unfunded Pension Liability: the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the
current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year. 

United States: the United States of America. 

  
 28 

 Unused Line Fee Rate: a per annum rate equal to (a) 0.375%, if the average daily
balance of Revolver Loans and stated amount of Letters of Credit was less than fifty percent (50%) of the Commitment during the preceding calendar month, or (b) 0.25% if such average daily balance was at least fifty percent (50%) of
the Commitment during the preceding calendar month. 
 Upstream Payment: a Distribution by a Subsidiary of an Obligor to such
Obligor. 
 Value: (a) for Inventory, its value determined by Lender in its good faith discretion, including, without
limitation, by reference to the postings for the relevant markets reported by Platt’s or OPIS, as appropriate, in each case as of the Friday immediately preceding the date of the report or, if Friday is not a Business Day, the immediately
preceding Business Day on which the New York Mercantile Exchange is open or Platt’s or OPIS is published, as appropriate, and the closing prices on the New York Mercantile Exchange for near month contracts, with such discounts or premiums to
such postings and prices as may be applicable in Lender’s good faith discretion to reflect factors such as local markets and Borrowers’ past actual contracts; and (b) for an Account, its face amount, net of any returns, rebates,
discounts (calculated on the shortest terms), credits, allowances or Taxes (including sales, excise or other taxes) that have been or could be claimed by the Account Debtor or any other Person. 

1.2. Accounting Terms. Under the Loan Documents (except as otherwise specified herein), all accounting terms shall be
interpreted, all accounting determinations shall be made, and all financial statements shall be prepared, in accordance with GAAP applied on a basis consistent with the most recent audited financial statements of Obligors delivered to Lender before
the Closing Date and using the same inventory valuation method as used in such financial statements, except for any change required or permitted by GAAP if Obligors’ certified public accountants concur in such change, the change is disclosed to
Lender, and Section 10.3 is amended in a manner satisfactory to Lender to take into account the effects of the change. In the event that any “Accounting Change” (as defined below), including, without limitation, any change in
the treatment of leases under GAAP, shall occur and such change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then, at the option of either the Obligors or Lender, Obligors and Lender
will enter into negotiations in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Change with the desired result that the criteria for evaluating the financial condition of the Obligors and their
Subsidiaries and the scope of restrictions in the other covenants set forth herein shall be the same after such Accounting Change as if such Accounting Change had not been made. Until such time as such an amendment shall have been executed and
delivered by Obligors and Lender, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Change had not occurred. “Accounting Change” shall mean any change
in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the Securities and
Exchange Commission (or successors thereto or agencies with similar functions). 
 1.3. Uniform Commercial Code. As used
herein, the following terms are defined in accordance with the Articles 8 or 9 of the UCC in effect in the State of New York from time to time: “Chattel Paper,” “Commercial Tort Claim,” “Deposit Account,”
“Document,” “Equipment,” “General Intangibles,” “Goods,” “Instrument,” “Investment Property,” “Letter-of-Credit Right”, 

  
 29 

 
“Supporting Obligation” and “Proceeds”. To the extent the definition of any category or type of collateral is expanded by any amendment, modification or revision to the UCC,
such expanded definition will apply automatically as of the date of such amendment, modification or revision. 
 1.4. Certain Matters
of Construction. The terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision. Any pronoun used shall
be deemed to cover all genders. In the computation of periods of time from a specified date to a later specified date, “from” means “from and including,” and “to” and “until” each mean “to but
excluding.” The terms “including” and “include” shall mean “including, without limitation” and, for purposes of each Loan Document, the parties agree that the rule of ejusdem generis shall not be applicable
to limit any provision. Section titles appear as a matter of convenience only and shall not affect the interpretation of any Loan Document. All references to (a) laws or statutes include all related rules, regulations, interpretations,
amendments and successor provisions; (b) any document, instrument or agreement include any amendments, waivers and other modifications, extensions or renewals (to the extent permitted by the Loan Documents); (c) any section mean, unless
the context otherwise requires, a section of this Agreement; (d) any exhibits or schedules mean, unless the context otherwise requires, exhibits and schedules attached hereto, which are hereby incorporated by reference; (e) any Person
include successors and assigns; (f) time of day mean time of day at Lender’s notice address under Section 13.3.1; or (g) discretion of Lender mean its sole and absolute discretion. All calculations of Value, fundings of
Loans, issuances of Letters of Credit and payments of Obligations shall be in Dollars and, unless the context otherwise requires, all determinations (including calculations of Borrowing Base and financial covenants) made from time to time under the
Loan Documents shall be made in light of the circumstances existing at such time. Borrowing Base calculations shall be consistent with historical methods of valuation and calculation, and otherwise satisfactory to Lender (and not necessarily
calculated in accordance with GAAP). Obligors shall have the burden of establishing any alleged negligence, misconduct or lack of good faith by Lender under any Loan Documents. No provision of any Loan Documents shall be construed against any party
by reason of such party having, or being deemed to have, drafted the provision. Whenever the phrase “to the Obligors’ knowledge” or words of similar import are used in any Loan Documents, it means actual knowledge of a Senior Officer,
or knowledge that a Senior Officer would have obtained if he or she had engaged in good faith and diligent performance of his or her duties, including reasonably specific inquiries of employees or agents and a good faith attempt to ascertain the
matter to which such phrase relates. 
 All references herein to the time of day shall mean Central time (daylight or standard, as
applicable). 

  
 30 

 SECTION 2. CREDIT FACILITIES 

2.1. Commitment. 

2.1.1. Revolver Loans. Lender agrees, on the terms set forth herein, to make Revolver Loans to Borrowers in an
aggregate amount up to the Commitment, from time to time through the Termination Date. The Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Lender have any obligation to honor a request for a Revolver Loan if the
unpaid balance of Revolver Loans outstanding at such time (including the requested Loan) would exceed the Borrowing Base. 

2.1.2. Use of Proceeds. The proceeds of Revolver Loans shall be used by Borrowers solely (a) to refinance existing
Debt; (b) to pay fees and transaction expenses associated with the this Agreement; (c) to pay Obligations in accordance with this Agreement; and (d) for working capital and other lawful corporate purposes of Borrowers (including,
without limitation, Investments and Distributions not prohibited hereunder). 
 2.1.3. Termination of Commitment. The
Commitment shall terminate on the Termination Date, unless sooner terminated in accordance with this Agreement. Upon at least thirty (30) days prior written notice to Lender, Borrowers may, at their option, terminate the Commitment and this
credit facility. Any notice of termination given by Borrowers shall be irrevocable; provided, however, that notwithstanding the forgoing, if such notice of termination contains a statement that such termination is contingent on
Borrowers’ obtaining satisfactory financing, Borrower may revoke such notice of termination up until five (5) Business Days prior to the proposed termination (after which such notice shall be irrevocable). On the termination date,
Borrowers shall make Full Payment of all Obligations. 
 2.1.4. Overadvances. If the aggregate Revolver Loans exceed
the Borrowing Base (“Overadvance”) at any time, the excess amount shall be payable by Borrowers on demand by Lender, but all such Revolver Loans shall nevertheless constitute Obligations secured by the Collateral and entitled
to all benefits of the Loan Documents, subject to the Intercreditor Agreement. Any funding or sufferance of an Overadvance shall not constitute a waiver of the Event of Default caused thereby. 

2.2. Term Loan. 

As of the Closing Date, immediately prior to giving effect to this Agreement, the outstanding principal amount of the Term Loan (under and as
defined in the Second Amended and Restated Loan Agreement) is $40,714,287. Lender agrees, subject to the satisfaction of the conditions set forth in Section 6.2, to make up to two additional Term Loan advances to Borrowers in the
aggregate principal amount of up to $24,285,713 on or prior to the first anniversary of the Closing Date. Once repaid, the Term Loan may not be reborrowed. 

  
 31 

 2.3. Letter of Credit Facility. 

2.3.1. Issuance of Letters of Credit. Lender agrees to issue Letters of Credit from time to time until thirty
(30) days prior to the Termination Date (or until the Commitment Termination Date, if earlier), on the terms set forth herein, including the following: 

(a) Each Borrower acknowledges that Lender’s willingness to issue any Letter of Credit is conditioned upon its receipt
of an LC Application with respect to the requested Letter of Credit, as well as such other instruments and agreements as Lender may customarily require for issuance of a letter of credit of similar type and amount. Lender shall have no obligation to
issue any Letter of Credit unless (i) it receives a LC Request and LC Application at least three (3) Business Days prior to the requested date of issuance and (ii) each LC Condition is satisfied. 

(b) Letters of Credit may be requested by a Borrower to support obligations incurred in the Ordinary Course of Business, or
as otherwise approved by Lender. The renewal or extension of any Letter of Credit shall be treated as the issuance of a new Letter of Credit, except that delivery of a new LC Application shall be required at the discretion of Lender. 

(c) Borrowers assume all risks of the acts, omissions or misuses of any Letter of Credit by the beneficiary. In connection
with issuance of any Letter of Credit, Lender shall not be responsible for: the existence, character, quality, quantity, condition, packing, value or delivery of any goods purported to be represented by any LC Documents; any differences or variation
in the character, quality, quantity, condition, packing, value or delivery of any goods from that expressed in any LC Documents; the form, validity, sufficiency, accuracy, genuineness or legal effect of any LC Documents or of any endorsements
thereon; the time, place, manner or order in which shipment of goods is made; partial or incomplete shipment of, or failure to ship, any goods referred to in a Letter of Credit or LC Documents; any deviation from instructions, delay, default or
fraud by any shipper or other Person in connection with any goods, shipment or delivery; any breach of contract between a shipper or vendor and a Borrower; errors, omissions, interruptions or delays in transmission or delivery of any messages, by
mail, cable, telegraph, telex, telecopy, e-mail, telephone or otherwise; errors in interpretation of technical terms; the misapplication by a beneficiary of any Letter of Credit or the proceeds thereof; or any consequences arising from causes beyond
the control of Lender, including any act or omission of a Governmental Authority. Lender shall be fully subrogated to the rights and remedies of each beneficiary whose claims against Borrowers are discharged with proceeds of any Letter of Credit.

 (d) In connection with its administration of and enforcement of rights or remedies under any Letters of Credit or LC
Documents, Lender shall be 

  
 32 

 
entitled to act, and shall be fully protected in acting, upon any certification, documentation or communication in whatever form believed by Lender, in good faith, to be genuine and correct and
to have been signed, sent or made by a proper Person. Lender may consult with and employ legal counsel, accountants and other experts to advise it concerning its obligations, rights and remedies, and shall be entitled to act upon, and shall be fully
protected in any action taken in good faith reliance upon, any advice given by such experts. Lender may employ agents and attorneys-in-fact in connection with any matter relating to Letters of Credit or LC Documents, and shall not be liable for the
negligence or misconduct of agents and attorneys-in-fact selected with reasonable care. 
 2.3.2. Reimbursement. If
Lender honors any request for payment under a Letter of Credit, Borrowers shall pay to Lender on the same day if Lender provides notice of such request prior to 1:00 p.m., or the next Business Day if Lender provides notice after such time
(“Reimbursement Date”), the amount paid under such Letter of Credit, together with interest at the interest rate for Base Rate Loans from the Reimbursement Date until payment by Borrowers. The obligation of Borrowers to reimburse
Lender for any payment made under a Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall be paid without regard to any lack of validity or enforceability of any Letter of Credit or the existence of any
claim, setoff, defense or other right that Borrowers may have at any time against the beneficiary. Whether or not Borrower Agent submits a Notice of Borrowing, Borrowers shall be deemed to have requested a Borrowing of Base Rate Loans in an amount
necessary to pay all amounts due on any Reimbursement Date. 
 2.3.3. Cash Collateral. If any LC Obligations, whether
or not then due or payable, shall for any reason be outstanding at any time (a) that an Event of Default exists, (b) that Excess Availability is less than zero, (c) after the Commitment Termination Date, or (d) within seven
(7) Business Days prior to the Termination Date, then Borrowers shall, at Lender’s request, Cash Collateralize the stated amount of all outstanding Letters of Credit and pay to Lender the amount of all other LC Obligations. If Borrowers
fail to provide Cash Collateral as required herein, Lender may advance, as Revolver Loans, the amount of the Cash Collateral required. 

2.3.4. Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall
be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any LC Document related thereto, provides for one or more
automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit. 

  
 33 

 SECTION 3. INTEREST, FEES AND CHARGES 

3.1. Interest. 

3.1.1. Rates and Payment of Interest. 

(a) The Obligations (other than Bank Product Debt) shall bear interest (i) if a Base Rate Loan, at the Base Rate in
effect from time to time, plus the Applicable Margin; (ii) if a LIBOR Loan, at LIBOR for the applicable Interest Period, plus the Applicable Margin; and (iii) if any other Obligation (including, to the extent permitted by
law, interest not paid when due), at the Base Rate in effect from time to time, plus the Applicable Margin for Base Rate Loans. Interest shall accrue from the date the Loan is advanced or the Obligation (other than Bank Product Debt) is
incurred or payable, until paid by Borrowers. If a Loan is repaid on the same day made, one (1) day’s interest shall accrue. 

(b) During an Insolvency Proceeding with respect to any Borrower, or during any other Event of Default if Lender in its
discretion so elects, Obligations (other than Bank Product Debt) shall bear interest at the Default Rate (whether before or after any judgment). Each Borrower acknowledges that the cost and expense to Lender due to an Event of Default are difficult
to ascertain and that the Default Rate is a fair and reasonable estimate to compensate Lender for this. 
 (c) Interest
accrued on the Loans shall be due and payable in arrears, (i) on the first day of each month; (ii) on any date of prepayment, with respect to the principal amount of Loans being prepaid; and (iii) on the Commitment Termination Date.
Interest accrued on any other Obligations (other than Bank Product Debt, which shall be governed by provisions of the documentation governing such Bank Product Debt) shall be due and payable as provided in the Loan Documents and, if no payment date
is specified, shall be due and payable on demand. Notwithstanding the foregoing, interest accrued at the Default Rate shall be due and payable on demand. 

3.1.2. Application of LIBOR to Outstanding Loans. 

(a) Borrowers may on any Business Day, subject to delivery of a Notice of Conversion/Continuation, elect to convert any
portion of the Base Rate Loans to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During any Default or Event of Default, Lender may declare that no Loan may be made, converted or continued as a LIBOR Loan. 

(b) Whenever Borrowers desire to convert or continue Loans as LIBOR Loans, Borrower Agent shall give Lender a Notice of
Conversion/Continuation, no later than 11:00 a.m. at least three (3) Business Days before the requested conversion or continuation date. Each Notice of Conversion/Continuation shall be irrevocable, and shall specify the amount of Loans to be
converted or continued, the conversion or continuation date (which 

  
 34 

 
shall be a Business Day), and the duration of the Interest Period (which shall be deemed to be thirty (30) days if not specified). If, upon the expiration of any Interest Period in respect
of any LIBOR Loans, Borrowers shall have failed to deliver a Notice of Conversion/Continuation, they shall be deemed to have elected to convert such Loans into Base Rate Loans. 

3.1.3. Interest Periods. In connection with the making, conversion or continuation of any LIBOR Loans, Borrowers shall
select an interest period (“Interest Period”) to apply, which interest period shall be thirty (30), sixty (60), ninety (90) and one hundred eighty (180) days; provided, however, that: 

(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding
Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(c) no Interest Period shall extend beyond the Termination Date. 

3.1.4. [Reserved]. 

3.1.5. Maximum Interest. Regardless of any provision contained in any of the Loan Documents, in no contingency or event
whatsoever shall the aggregate of all amounts that are contracted for, charged or received by Lender pursuant to the terms of this Agreement or any of the other Loan Documents and that are deemed interest under Applicable Law exceed the highest rate
permissible under any Applicable Law (the “Maximum Rate”). No agreements, conditions, provisions or stipulations contained in this Agreement or any of the other Loan Documents or the exercise by Lender of the right to
accelerate the payment or the maturity of all or any portion of the Obligations, or the exercise of any option whatsoever contained in any of the Loan Documents, or the prepayment by Borrowers of any of the Obligations, or the occurrence of any
contingency whatsoever, shall entitle Lender to charge or receive in any event, interest or any charges, amounts, premiums or fees deemed interest by Applicable Law (such interest, charges, amounts, premiums and fees referred to herein collectively
as “Interest”) in excess of the Maximum Rate and in no event shall any Borrower be obligated to pay Interest exceeding such Maximum Rate, and all agreements, conditions or stipulations, if any, which may in any event or contingency
whatsoever operate to bind, obligate or compel any Borrower to pay Interest exceeding the Maximum Rate shall be without binding force or effect, at law or in equity, to the extent only of the excess of Interest over such Maximum Rate. If any
Interest is charged or received with respect to the Obligations in excess of the Maximum Rate (“Excess”), each Borrower stipulates that any such charge or receipt shall be the result of an accident and bona fide error, and such
Excess, to the extent received, shall be applied first to reduce the principal Obligations 

  
 35 

 
and the balance, if any, returned to Borrowers, it being the intent of the parties hereto not to enter into a usurious or otherwise illegal relationship. The right to accelerate the maturity of
any of the Obligations does not include the right to accelerate any Interest that has not otherwise accrued on the date of such acceleration, and Lender does not intend to collect any unearned Interest in the event of any such acceleration. Each
Borrower recognizes that, with fluctuations in the rates of interest set forth in this Agreement, and the Maximum Rate, such an unintentional result could inadvertently occur. All monies paid to Lender hereunder or under any of the other Loan
Documents, whether at maturity or by prepayment, shall be subject to any rebate of unearned Interest as and to the extent required by Applicable Law. By the execution of this Agreement, each Borrower covenants that (i) the credit or return of
any Excess shall constitute the acceptance by such Borrower of such Excess, and (ii) each Borrower shall not seek or pursue any other remedy, legal or equitable, against Lender, based in whole or in part upon contracting for, charging or
receiving any Interest in excess of the Maximum Rate. For the purpose of determining whether or not any Excess has been contracted for, charged or received by Lender, all Interest at any time contracted for, charged or received from Borrowers in
connection with any of the Loan Documents shall, to the extent permitted by Applicable Law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Obligations. Borrowers and Lender shall, to the maximum extent
permitted under Applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as Interest and (ii) exclude voluntary prepayments and the effects thereof. The provisions of this
Section 3.1.5 shall be deemed to be incorporated into every Loan Document (whether or not any provision of this Section is referred to therein). All such Loan Documents and communications relating to any Interest owed by Borrowers and
all figures set forth therein shall, for the sole purpose of computing the extent of Obligations, be automatically recomputed by Borrowers, and by any court considering the same, to give effect to the adjustments or credits required by this
Section 3.1.5. 
 3.2. Fees. 

3.2.1. Unused Line Fee. Borrowers shall pay to Lender a fee equal to the Unused Line Fee Rate times the amount by which
the Commitment exceeds the average daily balance of Revolver Loans and stated amount of Letters of Credit during any month. Such fee shall be payable in arrears, on the first day of each month and on the Commitment Termination Date. 

3.2.2. LC Facility Fees. Borrowers shall pay to Lender (a) a fee equal to the Applicable Margin in effect for
Revolver Loans that are LIBOR Loans times the average daily stated amount of Letters of Credit, which fee shall be payable monthly in arrears, on the first day of each month; (b) a fronting fee equal to 0.125% per annum on the
stated amount of each Letter of Credit, which fee shall be payable monthly in arrears, on the first day of each month; and (c) all customary charges associated with the issuance, amending, negotiating, payment, processing, transfer and
administration of Letters of Credit, which charges shall be paid as and when incurred. During the continuance of an Event of Default, the fee payable under clause (a) shall be increased by two percent (2.00%) per annum. 

  
 36 

 3.2.3. Closing Fee. On the Closing Date, Borrowers shall pay to Lender a
closing fee of $287,500. 
 3.3. Computation of Interest, Fees, Yield Protection. All interest, as well as fees and other
charges calculated on a per annum basis, shall be computed for the actual days elapsed, based on a year of 360 days. Each determination by Lender of any interest, fees or interest rate hereunder shall be final, conclusive and binding for all
purposes, absent manifest error. All fees shall be fully earned when due and shall not be subject to rebate, refund or proration. All fees payable under Section 3.2 are compensation for services and are not, and shall not be deemed to
be, interest or any other charge for the use, forbearance or detention of money. All fees payable under Section 3.2 shall be in addition to any other fees, costs or expenses payable pursuant to any Loan Document and each of the fees
described in Section 3.2 constitute part of the Obligations and shall be deemed earned in full on the date when the same is due and payable hereunder and shall not be subject to rebate or proration upon termination of this Agreement for
any reason. A certificate as to amounts payable by Borrowers under Section 3.4, 3.6, 3.7, 3.9 or 5.8, submitted to Borrower Agent by Lender shall be final, conclusive and binding for all purposes, absent
manifest error, and Borrowers shall pay such amounts to the appropriate party within 10 days following receipt of the certificate. 

3.4. Reimbursement Obligations. Borrowers shall reimburse Lender for all Extraordinary Expenses. Borrowers shall also reimburse
Lender for all reasonable, out-of-pocket legal, and all accounting, appraisal, consulting, and other fees, costs and expenses incurred by it in connection with (a) negotiation and preparation of any Loan Documents, including any amendment or
other modification thereof; (b) administration of and actions relating to any Collateral, Loan Documents and transactions contemplated thereby, including any actions taken to perfect or maintain priority of Lender’s Liens on any
Collateral, to maintain any insurance required hereunder or to verify Collateral; and (c) subject to the limits of Section 10.1.1(b), each inspection, audit or appraisal with respect to any Obligor or Collateral, whether prepared by
Lender’s personnel or a third party. All legal, accounting and consulting fees shall be charged to Borrowers by Lender’s professionals at their full hourly rates, regardless of any reduced or alternative fee billing arrangements that
Lender or any of its Affiliates may have with such professionals with respect to this or any other transaction. If, for any reason (including inaccurate reporting on financial statements or a Compliance Certificate), it is determined that a higher
Applicable Margin should have applied to a period than was actually applied, then the proper margin shall be applied retroactively and Borrowers shall immediately pay to Lender an amount equal to the difference between the amount of interest and
fees that would have accrued using the proper margin and the amount actually paid. All amounts payable by Borrowers under this Section shall be due on demand. 

3.5. Illegality. If Lender determines that any Applicable Law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for Lender to make, maintain or fund 

  
 37 

 
Loans whose interest is determined by reference to LIBOR, or to determine or charge interest rates based upon LIBOR, or any Governmental Authority has imposed material restrictions on the
authority of Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by Lender to Borrower Agent, (a) any obligation of Lender to make or continue LIBOR Loans or to convert Base Rate
Loans to LIBOR Loans shall be suspended and (b) if such notice asserts the illegality of Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the LIBOR component of the Base Rate, the interest
rate on which Base Rate Loans of Lender shall, if necessary to avoid such illegality, be determined by Lender without reference to the LIBOR component of the Base Rate, in each case until Lender notifies Borrower Agent that the circumstances giving
rise to such determination no longer exist. Upon delivery of such notice, (i) Borrowers shall, upon demand of Lender, prepay or, if applicable, convert all LIBOR Loans to Base Rate Loans (the interest rate on which Base Rate Loans shall, if
necessary to avoid such illegality, be determined by Lender without reference to the LIBOR component of the Base Rate), either on the last day of the Interest Period therefor, if Lender may lawfully continue to maintain LIBOR Loans to such day, or
immediately, if Lender may not lawfully continue to maintain LIBOR Loans and (ii) if such notice asserts the illegality of Lender determining or charging interest rates based upon LIBOR, Lender shall during the period of such suspension compute
the Base Rate without reference to the LIBOR component thereof until it is no longer illegal for Lender to determine or charge interest rates based upon LIBOR. Upon any such prepayment or conversion, Borrowers shall also pay accrued interest on the
amount so prepaid or converted. 
 3.6. Inability to Determine Rates. If Lender notifies Borrower Agent for any reason in
connection with a request for a Borrowing of, conversion to or continuation of, a LIBOR Loan that (a) Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such
Loan, (b) adequate and reasonable means do not exist for determining LIBOR for the requested Interest Period, or (c) LIBOR for the requested Interest Period does not adequately and fairly reflect the cost to Lender of funding such Loan,
then (i) the obligation of Lender to make or maintain LIBOR Loans shall be suspended and (ii) with respect to the LIBOR component of the Base Rate, the utilization of the LIBOR component in determining the Base Rate shall be suspended, in
each case until Lender revokes the notice. Upon receipt of the notice, Borrower Agent may revoke any pending request for a Borrowing of, conversion to or continuation of a LIBOR Loan or, failing that, will be deemed to have submitted a request for a
Base Rate Loan. 
 3.7. Increased Costs; Capital Adequacy. 

3.7.1. Change in Law. If any Change in Law shall: 

(a) impose modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, Lender (except the Reserve Percentage reflected in LIBOR); 

  
 38 

 (b) subject Lender to any Tax with respect to any Loan, Loan Document or Letter
of Credit, or change the basis of taxation of payments to Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered by Section 5.8 and the imposition of, or any change in the rate of, any Excluded Tax payable by
Lender); or 
 (c) impose on Lender or any interbank market any other condition, cost or expense affecting any Loan, Loan
Document, Letter of Credit or Commitment; 
 and the result thereof shall be to increase the cost to Lender of making, converting to, continuing or
maintaining any Loan or Commitment, or to increase the cost to Lender of issuing or maintaining any Letter of Credit, or to reduce the amount of any sum received or receivable by Lender hereunder (whether of principal, interest or any other amount)
then, upon request by Lender, Borrowers will pay to Lender such additional amount or amounts as will compensate Lender for such additional costs incurred or reduction suffered. 

3.7.2. Capital Adequacy. If Lender determines that any Change in Law affecting Lender or its holding company regarding
capital or liquidity requirements has or would have the effect of reducing the rate of return on Lender’s or such holding company’s capital as a consequence of this Agreement, Commitments, Loans or Letters of Credit to a level below that
which Lender or such holding company could have achieved but for such Change in Law (taking into consideration Lender’s and such holding company’s policies with respect to capital adequacy), then from time to time Borrowers will pay to
Lender such additional amount or amounts as will compensate it or its holding company for any such reduction suffered. 

3.7.3. Delay in Requests. Failure or delay on the part of Lender to demand compensation pursuant to this Section shall
not constitute a waiver of its right to demand such compensation, but Borrowers shall not be required to compensate Lender for any increased costs incurred or reductions suffered more than nine months prior to the date that Lender notifies Borrower
Agent of the Change in Law giving rise to such increased costs or reductions and of Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the
nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 
 3.8.
Mitigation. If Lender gives a notice under Section 3.5 or requests compensation under Section 3.7, or if Borrowers are required to pay additional amounts under Section 5.8, then Lender shall use
reasonable efforts to designate a different lending office or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of Lender, such designation or assignment (a) would eliminate
the need for such notice or reduce amounts payable or to be withheld in the future, as applicable; and (b) would not subject Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to it or unlawful. Borrowers
shall pay all reasonable out-of-pocket costs and expenses incurred by Lender in connection with any such designation or assignment. 

  
 39 

 3.9. Funding Losses. If for any reason (a) any Borrowing of, or conversion to
or continuation of, a LIBOR Loan does not occur on the date specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation (whether or not withdrawn), (b) any repayment or conversion of a LIBOR Loan occurs on a day other than
the end of its Interest Period, or (c) Borrowers fail to repay a LIBOR Loan when required hereunder, then Borrowers shall pay to Lender all resulting losses and expenses, including loss of anticipated profits and any loss or expense arising
from liquidation or redeployment of funds or from fees payable to terminate deposits of matching funds. Lender shall not be required to purchase Dollar deposits in any interbank or offshore Dollar market to fund any LIBOR Loan, but this Section
shall apply as if Lender had purchased such deposits. 
 SECTION 4. LOAN ADMINISTRATION 

4.1. Manner of Borrowing and Funding Loans. 

4.1.1. Notice of Borrowing. 

(a) Whenever Borrowers desire funding of a Borrowing of a Loan, Borrower Agent shall give Lender a Notice of Borrowing. Such
notice must be received by Lender no later than 1:00 p.m. (i) on the Business Day of the requested funding date, in the case of Base Rate Loans, and (ii) at least three (3) Business Days prior to the requested funding date, in the
case of LIBOR Loans. Notices received after 1:00 p.m. shall be deemed received on the next Business Day. Each such Notice of Borrowing shall be irrevocable and shall specify (A) the amount of the Borrowing, (B) the requested funding date
(which must be a Business Day), (C) whether the Borrowing is to be made as Base Rate Loans or LIBOR Loans, and (D) in the case of LIBOR Loans, the duration of the applicable Interest Period (which shall be deemed to be thirty
(30) days if not specified). 
 (b) Unless payment is otherwise timely made by Borrowers, the becoming due of any
Obligations (whether principal, interest, fees or other charges, including Extraordinary Expenses, LC Obligations, Cash Collateral and Bank Product Debt) shall be deemed to be a request for Revolver Loans that are Base Rate Loans on the due date, in
the amount of such Obligations. The proceeds of such Revolver Loans shall be disbursed as direct payment of the relevant Obligation. In addition, Lender may, at its option, charge such Obligations against any operating, investment or other account
of a Borrower maintained with Lender or any of its Affiliates. 
 (c) If Borrowers establish a controlled disbursement
account with Lender or any of its Affiliates, then the presentation for payment of any check, ACH or electronic debit, or other payment item at a time when there are insufficient funds to cover it shall be deemed to be a request for a Revolver Loan
that is a Base Rate Loan on the date of such presentation, in the amount of such 

  
 40 

 
payment item. The proceeds of such Revolver Loan may be disbursed directly to the controlled disbursement account or other appropriate account. 

4.1.2. Fundings. Lender shall fund each Borrowing on the applicable funding date and, subject to the terms of this
Agreement, shall disburse the proceeds as directed by Borrower Agent. 
 4.1.3. Notices. Borrowers may request,
convert or continue Loans, select interest rates, and transfer funds based on telephonic or e-mailed instructions to Lender. Borrowers shall confirm each such request by prompt delivery to Lender of a Notice of Borrowing or Notice of Conversion/
Continuation, if applicable, but if it differs materially from the action taken by Lender, the records of Lender shall govern. Lender shall not have any liability for any loss suffered by a Borrower as a result of Lender acting upon its
understanding of telephonic or e-mailed instructions from a person believed in good faith to be a person authorized to give such instructions on a Borrower’s behalf. 

4.2. Number and Amount of LIBOR Loans; Determination of Rate. Each Borrowing of LIBOR Loans when made shall be in a minimum
amount of $500,000 plus any increment of $100,000 in excess thereof. No more than eight (8) Borrowings of LIBOR Loans may be outstanding at any time, and all LIBOR Loans having the same length and beginning date of their Interest Periods shall
be aggregated together and considered one Borrowing for this purpose. Upon determining LIBOR for any Interest Period requested by Borrowers, Lender shall promptly notify Borrowers thereof by telephone or electronically and, if requested by
Borrowers, shall confirm any telephonic notice in writing. 
 4.3. Borrower Agent. Each Borrower hereby designates the Company
(“Borrower Agent”) as its representative and agent for all purposes under the Loan Documents, including requests for Loans and Letters of Credit, designation of interest rates, delivery or receipt of communications, preparation and
delivery of Borrowing Base and financial reports, receipt and payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Loan Documents (including in respect of compliance with covenants), and all other
dealings with Lender. Borrower Agent hereby accepts such appointment. Lender shall be entitled to rely upon, and shall be fully protected in relying upon, any notice or communication (including any notice of borrowing) delivered by Borrower Agent on
behalf of any Borrower. Lender may give any notice or communication with a Borrower hereunder to Borrower Agent on behalf of such Borrower. Lender shall have the right, in its discretion, to deal exclusively with Borrower Agent for any or all
purposes under the Loan Documents. Each Borrower agrees that any notice, election, communication, representation, agreement or undertaking made on its behalf by Borrower Agent shall be binding upon and enforceable against it. 

4.4. One Obligation. The Loans, LC Obligations and other Obligations shall constitute one general obligation of Borrowers and
are secured by Lender’s Lien on all Collateral; provided, 

  
 41 

 
however, that Lender shall be deemed to be a creditor of, and the holder of a separate claim against, each Borrower to the extent of any Obligations jointly or severally owed by such
Borrower. 
 4.5. Effect of Termination. On the effective date of any termination of the Commitment, all Obligations shall be
immediately due and payable, and Lender and any of its Affiliates may terminate its Bank Products. All undertakings of Obligors contained in the Loan Documents shall survive any termination, and Lender shall retain its Liens in the Collateral and
all of its rights and remedies under the Loan Documents until Full Payment of the Obligations. Notwithstanding Full Payment of the Obligations, Lender shall not be required to terminate its Liens in any Collateral unless, with respect to any damages
Lender may incur as a result of the dishonor or return of Payment Items applied to Obligations, Lender receives (a) a written agreement satisfactory to Lender, executed by Borrowers and any Person whose advances are used in whole or in part to
satisfy the Obligations, indemnifying Lender from any such damages; and (b) such Cash Collateral as Lender, in its good faith credit judgment, deems appropriate to protect against such damages. The provisions of Sections 2.3,
3.4, 3.6, 3.7, 3.9, 5.5, 5.8, 12.2 and this Section, and the obligation of each Obligor with respect to each indemnity given by it in any Loan Document, shall survive Full Payment of the Obligations
and any release relating to this credit facility. 
 SECTION 5. PAYMENTS 

5.1. General Payment Provisions. All payments of Obligations (other than Bank Product Debt, which shall be governed by
provisions of the documentation governing such Bank Product Debt) shall be made in Dollars and shall be free and clear of and without conditions or deduction for any offset, counterclaim, recoupment or defense of any kind, free of (and without
deduction for) any Taxes, and in immediately available funds, not later than 1:00 p.m. on the due date. Any payment after such time shall be deemed made on the next Business Day. Any payment of a LIBOR Loan prior to the end of its Interest Period
shall be accompanied by all amounts due under Section 3.9. Any prepayment of Loans shall be applied first to Base Rate Loans and then to LIBOR Loans. 

5.2. Repayment of Revolver Loans. Revolver Loans shall be due and payable in full on the Termination Date, unless payment is
sooner required hereunder. Revolver Loans may be prepaid from time to time, without penalty or premium but subject to Section 3.9. If any Asset Disposition includes the disposition of Accounts or Inventory, then Net Proceeds equal to the
greater of (a) the net book value of such Accounts and Inventory, or (b) the reduction in the Borrowing Base and directly caused by the giving effect to such disposition, shall be applied to the Revolver Loans. Notwithstanding anything
herein to the contrary, if an Overadvance exists, Borrowers shall, on the sooner of Lender’s demand or the first Business Day after any Borrower has knowledge thereof, repay the outstanding Revolver Loans in an amount sufficient to reduce the
principal balance of Revolver Loans to the Borrowing Base. 

  
 42 

 5.3. Repayment of Term Loan. 

(a) Payment of Principal. The Term Loan shall be repaid on the first Business Day of each calendar quarter in
consecutive quarterly installments of $2,321,428, commencing on January 4, 2016 until April 2, 2018, and all remaining principal, interest and other amounts owing with respect to the Term Loan shall be due and payable in full on the Term
Loan Maturity Date. Once repaid, whether such repayment is voluntary or required, no portion of the Term Loan may be reborrowed. 

(b) Mandatory Prepayments. 

(i) Within three Business Days following the receipt of proceeds of any Permitted Asset Disposition of Equipment or Real
Estate pursuant to clause (b), (c) or (e) of the definition of “Permitted Asset Disposition”, Borrowers shall prepay the Term Loan in an amount equal to the Net Proceeds of such disposition to the extent the aggregate Net
Proceeds from all such Asset Dispositions during the previous twelve months exceeds $500,000; provided that if no Default or Event of Default shall then exist or would arise therefrom, no such prepayment shall be required if the Borrower
Agent provides an Officer’s Certificate to Lender stating that such Net Proceeds are expected to be reinvested in fixed or capital assets or to be contractually committed to be reinvested in fixed or capital assets within 12 months of such
date; provided further that if all or any of such Net Proceeds are not reinvested or contractually committed to be so reinvested within such 12 month period, such unused portion shall be used to prepay the Term Loans in accordance with
this Section 5.3(b)(i); 
 (ii) Concurrently with the receipt of any proceeds of insurance or condemnation awards
paid in respect of any Equipment or Real Estate, Borrowers shall prepay the Term Loan in an amount equal to such proceeds, subject to Section 8.6.2; 

(iii) Concurrently with any issuance of Equity Interests by an Obligor, Borrowers shall prepay the Term Loan in an amount
equal to the net proceeds of such issuance; provided that no such prepayment shall be required with respect to (a) any issuance of Equity Interests by Holdings to any Sponsor or any Controlled Investment Affiliate or (b) any
issuances of Equity Interests by Holdings of Equity Interests representing not more than 20% of the total economic interests of the Equity Interests of Holdings (including its Equity Interests issued upon exercise of any warrant or option) to
directors, officers or employees of any Obligor; 
 (iv) On the Commitment Termination Date, Borrowers shall prepay the
entire Term Loan (unless sooner repaid hereunder). 

  
 43 

 (c) Optional Prepayments. A Borrower may, at its option from time to time
(but only one time during any specific calendar month), prepay the Term Loan without penalty or premium, which prepayment must be at least $1,000,000, plus any increment of $1,000,000 in excess thereof. A Borrower shall give written notice to Lender
of an intended prepayment of the Term Loan, which notice shall specify the amount of the prepayment, shall be irrevocable once given, shall be given at least 10 Business Days prior to the end of a month and shall be effective as of the first day of
the next month. Each prepayment of the Term Loan shall be accompanied by all interest accrued thereon and any amounts payable under Section 3.9, and shall be applied to principal in inverse order of maturity. 

5.4. Payment of Other Obligations. Obligations other than Loans and Bank Product Debt (which shall be governed by provisions of
the documentation governing such Bank Product Debt), including LC Obligations and Extraordinary Expenses, shall be paid by Borrowers as provided in the Loan Documents or, if no payment date is specified, on demand. 

5.5. Marshaling; Payments Set Aside. Lender shall have no obligation to marshal any assets in favor of any Obligor or against
any Obligations. If any payment by or on behalf of Borrowers is made to Lender, or Lender exercises a right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement entered into by Lender in its discretion) to be repaid to a trustee, receiver or any other Person, then to the extent of such recovery, the Obligation originally intended to
be satisfied, and all Liens, rights and remedies relating thereto, shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred. 

5.6. Application of Payments. The ledger balance in the main Dominion Account as of the end of a Business Day shall be applied
to the Obligations at the beginning of the next Business Day during any Trigger Period. However, solely for purposes of computing interest hereunder, and in addition to Lender’s standard fees and charges relating to the account, any application
by Lender of such balance to the Obligations shall be deemed to be made at the beginning of the second Business Day; provided, however, the foregoing shall in all respects be subject to the provisions and limitations set forth in
Section 3.1.5 hereof. If, as a result of such application, a credit balance exists, the balance shall not accrue interest in favor of Borrowers and shall be made available to Borrowers as long as no Default or Event of Default exists.
Each Borrower irrevocably waives the right to direct the application of any payments or Collateral proceeds during any Trigger Period, and agrees that Lender shall have the continuing, exclusive right to apply and reapply same against the
Obligations during any Trigger Period, in such manner as Lender deems advisable. 

  
 44 

 5.7. Loan Account; Account Stated. 

5.7.1. Loan Account. Lender shall maintain in accordance with its usual and customary practices an account or accounts
(“Loan Account”) evidencing the Debt of Borrowers resulting from each Loan or issuance of a Letter of Credit from time to time. Any failure of Lender to record anything in the Loan Account, or any error in doing so, shall not limit
or otherwise affect the obligation of Borrowers to pay any amount owing hereunder. Lender may maintain a single Loan Account in the name of Borrower Agent, and each Borrower confirms that such arrangement shall have no effect on the joint and
several character of its liability for the Obligations. 
 5.7.2. Entries Binding. Entries made in the Loan Account
shall constitute presumptive evidence of the information contained therein. If any information contained in the Loan Account is provided to or inspected by any Obligor, then such information shall be conclusive and binding on such Obligor for all
purposes absent manifest error, except to the extent such Person notifies Lender in writing within thirty (30) days after receipt or inspection that specific information is subject to dispute. 

5.8. Taxes. 

5.8.1. Payments Free of Taxes. All payments by Obligors of Obligations shall be free and clear of and without reduction
for any Taxes except as required by Applicable Law. If Applicable Law requires any Obligor or Lender to withhold or deduct any Tax (including backup withholding or withholding Tax), Obligor or Lender, as applicable, shall pay the amount withheld or
deducted to the relevant Governmental Authority. If the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by Obligors shall be increased so that Lender receives an amount equal to the sum it would have
received if no such withholding or deduction (including deductions applicable to additional sums payable under this Section) had been made. Without limiting the foregoing, Borrowers shall timely pay all Other Taxes to the relevant Governmental
Authorities. 
 5.8.2. Payment. Each Borrower, jointly and severally shall indemnify, hold harmless and reimburse
(within 10 days after demand therefor) Lender for any Indemnified Taxes or Other Taxes (including those attributable to amounts payable under this Section) withheld or deducted by any Obligor or Lender, or paid by Lender, with respect to any
Obligations, Letters of Credit or Loan Documents, whether or not such Taxes were properly asserted by the relevant Governmental Authority, including all reasonable expenses relating thereto. A certificate as to the amount of any such payment or
liability delivered to Borrower Agent by Lender shall be conclusive, absent manifest error. As soon as practicable after any payment of Taxes by a Borrower, Borrower Agent shall deliver to Lender a receipt from the Governmental Authority or other
evidence of payment satisfactory to Lender in its good faith credit judgment. 

  
 45 

 5.8.3. Lender Status. Lender shall deliver documentation prescribed by
Applicable Law, or reasonably requested by an Obligor, as will enable an Obligor to determine whether or not Lender is subject to withholding, backup withholding or information reporting requirements. Without limiting the generality of the
foregoing, if Lender is entitled to an exemption from or reduction of withholding Tax under the Applicable Law of the jurisdiction in which any Obligor is resident for Tax purposes, or any treaty to which such jurisdiction is a party, with respect
to payments hereunder or under any other Loan Document, Lender shall deliver to each Obligor, to the extent it is legally entitled to do so, at the time or times prescribed by Applicable Law or reasonably requested by an Obligor, such properly
completed and executed documentation prescribed by Applicable Law as will permit such payments to be made without withholding or at a reduced rate of withholding. Without limiting the generality of the foregoing, in the event that any Obligor is
resident for Tax purposes in the United States, Lender shall deliver to the Obligors on or prior to the Closing Date (and from time to time thereafter as prescribed by Applicable Law or upon the request of an Obligor), two executed originals of IRS
Form W-9 certifying that Lender is exempt from U.S. federal backup withholding tax. 
 5.8.4. Refunds. If Lender
determines, in its sole discretion, that it has received a refund of, or credit or other similar tax benefit in respect of, any Taxes as to which it has been indemnified by an Obligor or with respect to which an Obligor has paid additional amounts
pursuant to this Section 5.8 or Section 3.7.1(b), it shall pay to such Obligor an amount equal to such refund, or credit or benefit (but only to the extent of indemnity payments made, or additional amounts paid, by such
Obligor with respect to the Taxes giving rise to such refund, or credit or benefit), net of all out-of-pocket expenses of Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).
Such Obligor, upon the request of such Lender, shall repay to such Lender the amount paid over pursuant to this paragraph (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such Lender is
required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph, in no event will Lender be required to pay any amount to an Obligor, pursuant to this paragraph the payment of which would
place Lender in a less favorable net after-Tax position than Lender would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require Lender to
make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to such Obligor or any other Person. 

5.9. Nature and Extent of Each Borrower’s Liability. 

5.9.1. Joint and Several Liability. Each Borrower agrees that it is jointly and severally liable for, and absolutely
and unconditionally guarantees to Lender the prompt payment and performance of, all Obligations and all agreements under the Loan Documents. Each Borrower agrees that its guaranty obligations hereunder constitute a continuing guaranty of payment and
performance and not of collection, that such obligations shall not be discharged until Full Payment of the Obligations, and that such 

  
 46 

 
obligations are absolute and unconditional, irrespective of (a) the genuineness, validity, regularity, enforceability, subordination or any future modification of, or change in, any
Obligations or Loan Document, or any other document, instrument or agreement to which any Obligor is or may become a party or be bound; (b) the absence of any action to enforce this Agreement (including this Section) or any other Loan Document,
or any waiver, consent or indulgence of any kind by Lender with respect thereto; (c) the existence, value or condition of, or failure to perfect a Lien or to preserve rights against, any security or guaranty for the Obligations or any action,
or the absence of any action, by Lender in respect thereof (including the release of any security or guaranty); (d) the insolvency of any Obligor; (e) any election by Lender in an Insolvency Proceeding for the application of
Section 1111(b)(2) of the Bankruptcy Code; (f) any borrowing or grant of a Lien by any other Borrower, as debtor-in-possession under Section 364 of the Bankruptcy Code or otherwise; (g) the disallowance of any claims of Lender
against any Obligor for the repayment of any Obligations under Section 502 of the Bankruptcy Code or otherwise; or (h) any other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety
or guarantor, except Full Payment of all Obligations. 
 5.9.2. Waivers. 

(a) Each Obligor expressly waives all rights that it may have now or in the future under any statute, at common law, in
equity or otherwise, to compel Lender to marshal assets or to proceed against any Obligor, other Person or security for the payment or performance of any Obligations before, or as a condition to, proceeding against such Obligor. Each Obligor waives
all defenses available to a surety, guarantor or accommodation co-obligor other than Full Payment of all Obligations. It is agreed among each Obligor and Lender that the provisions of this Section 5.9 are of the essence of the
transaction contemplated by the Loan Documents and that, but for such provisions, Lender would decline to make Loans and issue Letters of Credit. Each Obligor acknowledges that its guaranty pursuant to this Section is necessary to the conduct and
promotion of its business, and can be expected to benefit such business. 
 (b) Lender may, in its discretion, pursue such
rights and remedies as it deems appropriate, including realization upon Collateral by judicial foreclosure or nonjudicial sale or enforcement, without affecting any rights and remedies under this Section 5.9. If, in taking any action in
connection with the exercise of any rights or remedies, Lender shall forfeit any other rights or remedies, including the right to enter a deficiency judgment against any Obligor or other Person, whether because of any Applicable Laws pertaining to
“election of remedies” or otherwise, each Obligor consents to such action and waives any claim based upon it, even if the action may result in loss of any rights of subrogation that any Obligor might otherwise have had. Any election of
remedies that results in denial or impairment of the right of Lender to seek a deficiency judgment against any Obligor shall not impair any other Obligor’s obligation to pay the full amount of the Obligations. Each Obligor waives all rights and
defenses arising out of an election of remedies, such as nonjudicial foreclosure with respect to any security 

  
 47 

 
for the Obligations, even though that election of remedies destroys such Obligor’s rights of subrogation against any other Person. Lender may bid all or a portion of the Obligations at any
foreclosure or trustee’s sale or at any private sale, and the amount of such bid need not be paid by Lender but shall be credited against the Obligations. The amount of the successful bid at any such sale, whether Lender or any other Person is
the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral, and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the
Obligations guaranteed under this Section 5.9, notwithstanding that any present or future law or court decision may have the effect of reducing the amount of any deficiency claim to which Lender might otherwise be entitled but for such bidding
at any such sale. 
 5.9.3. Extent of Liability; Contribution. 

(a) Notwithstanding anything herein to the contrary, each Obligor’s liability under this Section 5.9 shall
be limited to the greater of (i) all amounts for which such Obligor is primarily liable, as described below, and (ii) such Obligor’s Allocable Amount. 

(b) If any Obligor makes a payment under this Section 5.9 of any Obligations (other than amounts for which such
Obligor is primarily liable) (a “Guarantor Payment”) that, taking into account all other Guarantor Payments previously or concurrently made by any other Obligor, exceeds the amount that such Obligor would otherwise have paid if each
Obligor had paid the aggregate Obligations satisfied by such Guarantor Payments in the same proportion that such Obligor’s Allocable Amount bore to the total Allocable Amounts of all Obligors, then such Obligor shall be entitled to receive
contribution and indemnification payments from, and to be reimbursed by, each other Obligor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment. The
“Allocable Amount” for any Obligor shall be the maximum amount that could then be recovered from such Obligor under this Section 5.9 without rendering such payment voidable under Section 548 of the Bankruptcy Code
or under any applicable state fraudulent transfer or conveyance act, or similar statute or common law. 
 (c) Nothing
contained in this Section 5.9 shall limit the liability of any Obligor to pay Loans made directly or indirectly to that Borrower (including Loans advanced to any other Borrower and then re-loaned or otherwise transferred to, or for the
benefit of, such Borrower), LC Obligations relating to Letters of Credit issued to support such Borrower’s business, and all accrued interest, fees, expenses and other related Obligations with respect thereto, for which such Borrower shall be
primarily liable for all purposes hereunder. Lender shall have the right, at any time in its discretion, to condition Loans and Letters of Credit upon a separate calculation of borrowing availability for each Borrower and to restrict the
disbursement and use of such Loans and Letters of Credit to such Borrower. 

  
 48 

 5.9.4. Joint Enterprise. Each Borrower has requested that Lender make this
credit facility available to Borrowers on a combined basis, in order to finance Borrowers’ business most efficiently and economically. Borrowers’ business is a mutual and collective enterprise, and the successful operation of each Borrower
is dependent upon the successful performance of the integrated group. Borrowers believe that consolidation of their credit facility will enhance the borrowing power of each Borrower and ease administration of the facility, all to their mutual
advantage. Borrowers acknowledge that Lender’s willingness to extend credit and to administer the Collateral on a combined basis hereunder is done solely as an accommodation to Borrowers and at Borrowers’ request. 

5.9.5. Subordination. Each Obligor hereby subordinates any claims, including any rights at law or in equity to payment,
subrogation, reimbursement, exoneration, contribution, indemnification or set off, that it may have at any time against any other Obligor, howsoever arising, to the Full Payment of all Obligations. 

SECTION 6. CONDITIONS PRECEDENT 

6.1. Conditions Precedent to Initial Loans. In addition to the conditions set forth in Section 6.2, Lender shall not
be required to fund any requested Loan, issue any Letter of Credit or otherwise extend credit to Borrowers hereunder, until each of the following conditions has been satisfied or waived in a manner and pursuant to documentation satisfactory to
Lender in its discretion: 
 (a) Each Loan Document to which an Obligor is a party that is to be delivered on the Closing
Date shall have been duly executed and delivered to Lender by each of the signatories thereto, and each Obligor shall be in compliance with all terms thereof. 

(b) Lender shall have received (i) all certificates, agreements, or instruments necessary to perfect Lender’s
security interest in all Chattel Paper, all Instruments, all Deposit Accounts (other than Excluded Accounts) and all Investment Property of each Obligor, in each case, solely to the extent required by the terms of the Loan Documents (and subject to
the Intercreditor Agreement), (ii) UCC financing statements in appropriate form for filing under the UCC, and (iii) filings with the United States Copyright Office to perfect the Liens created by the Loan Documents. 

(c) With respect to all Real Estate to be subject to a Mortgage, Lender shall have received: (i) all modifications to
existing Mortgages as shall be required by Lender and (ii) such Related Real Estate Documents as it shall request. 

  
 49 

 (d) Lender shall have received the Intercreditor Agreement, in form and substance
satisfactory to Lender, which shall be duly executed by the Obligors, BP and Lender. 
 (e) Lender shall have received
certificates, in form and substance satisfactory to it in the exercise of its good faith credit judgment, from a knowledgeable Senior Officer of each Borrower certifying that, as of the Closing Date, (i) no Default or Event of Default exists;
(ii) the representations and warranties set forth in Section 9 are true and correct in all material respects; and (iii) the closing and consummation of this Agreement and the transactions contemplated hereby will not conflict
with, or cause a breach or default under any Material Contract. 
 (f) Lender shall have received a certificate, in form and
substance satisfactory to Lender, from a duly authorized person of each Obligor, certifying, among other things, (i) that attached copies of such Obligor’s Organic Documents are true and complete in all material respects, and in full force
and effect, without amendment except as shown, and that no proceeding for amendment or other modification is pending or contemplated; (ii) that an attached copy of resolutions authorizing execution and delivery of the Loan Documents is true and
complete, and that such resolutions are in full force and effect, were duly adopted, have not been amended, modified or revoked, and constitute all resolutions adopted with respect to this Agreement; and (iii) to the title, name and signature
of each Person authorized to sign the Loan Documents. Lender may conclusively rely on this certificate until it is otherwise notified by the applicable Obligor in writing. 

(g) Lender shall have received a written opinion of (i) Bartlit Beck Herman Palenchar & Scott LLP, counsel to
the Obligors, and (ii) Davis Graham & Stubbs LLP, Wyoming, counsel to Obligors, and in form and substance satisfactory to Lender in its good faith credit judgment. 

(h) Lender shall have received copies of the charter documents of each Obligor, certified by the Secretary of State or other
appropriate official of such Obligor’s jurisdiction of organization. Lender shall have received good standing certificates for each Obligor, issued by the Secretary of State or other appropriate official of such Obligor’s jurisdiction of
organization and each jurisdiction where such Obligor’s conduct of business or ownership of Property necessitates qualification. 

(i) If requested by Lender, Lender shall have received certificates of insurance for the insurance policies carried by
Borrowers required by Section 8.6.2, all in compliance with the Loan Documents, together with, if required by Lender, lender loss payable and additional insured endorsements naming Lender as lender loss payee and additional insured
thereunder, in each case, in form and substance satisfactory to Lender in the exercise of its good faith credit judgment. 

  
 50 

 (j) Borrowers shall have paid all fees and expenses required to be paid to Lender
on the Closing Date. 
 (k) Lender shall have received a Borrowing Base Certificate prepared as of the Closing Date. Upon
giving effect to the initial funding of Loans and issuance of Letters of Credit to be issued on the Closing Date, and the payment by Borrowers of all fees and expenses incurred in connection herewith, as well as accounting for any payables stretched
beyond customary payment practices, Excess Availability shall be at least $20,000,000. 
 6.2. Conditions Precedent to All Credit
Extensions. Lender shall not be required to fund any Loans, issue any Letters of Credit, or grant any other accommodation to or for the benefit of Borrowers, unless the following conditions are satisfied or waived by Lender: 

(a) No Default or Event of Default shall exist at the time of, or result from, such funding, issuance or grant; 

(b) The representations and warranties of each Obligor in the Loan Documents shall be true and correct in all material
respects on the date of, and upon giving effect to, such funding, issuance or grant (except for representations and warranties that expressly relate to an earlier date); 

(c) All conditions precedent to the funding of any Loan or issuance of Letter of Credit in any other Loan Document shall be
satisfied; 
 (d) No event shall have occurred or circumstance exist that has or could reasonably be expected to have a
Material Adverse Effect; 
 (e) In the case of Revolver Loans, the aggregate principal amount of all Revolver Loans
outstanding, after giving effect to any proposed Revolver Loan or Letter of Credit to be issued on such date, shall not exceed the Borrowing Base; 

(f) With respect to issuance of a Letter of Credit, the LC Conditions shall be satisfied; and 

(g) With respect to any Term Loan borrowing made after the Closing Date, Lender shall have received the audited financial
statements and related deliverables pursuant to Section 10.1.2(a) for the 2014 Fiscal Year, which shall be in form and substance satisfactory to Lender; provided, however, this clause (g) shall not apply to the initial Term Loan
advance made after the Closing Date so long as such advance does not exceed $12,285,713 in principal amount. 
 Each request (or deemed request) by
Borrowers for funding of a Loan, issuance of a Letter of Credit or grant of an accommodation shall constitute a representation by Borrowers that the foregoing conditions are satisfied on the date of such request and on the date of such funding,

  
 51 

 
issuance or grant. As an additional condition to any funding, issuance or grant, Lender shall have received such other information, documents, instruments and agreements as it deems appropriate,
in the exercise of its good faith credit judgment, in connection therewith. 
 SECTION 7. COLLATERAL PROVISIONS 

7.1. Personal Property Collateral. To secure the prompt payment and performance of all Obligations, each Obligor shall cause its
personal property to be subject to first-priority perfected Liens in favor of Lender, in its capacities as Lender and Collateral Agent, in accordance with the Security Agreement. 

7.2. [Reserved]. 

7.3. Real Estate Collateral. 

7.3.1. Lien on Real Estate. The Obligations shall also be secured by Mortgages upon all Real Estate constituting
Refinery Property and/or Auxiliary Property owned by Obligors (other than the Real Estate identified as “Bell Property, New Castle, Wyoming”). The Mortgages shall be duly recorded, at Borrowers’ expense, in each office where such
recording is required to constitute a fully perfected Lien on the Real Estate covered thereby. If any Borrower acquires Real Estate with a value in excess of $500,000 hereafter, Borrowers shall, within sixty (60) days, execute, deliver and
record a Mortgage sufficient to create a first priority Lien (subject to Permitted Liens) in favor of Lender, in its capacities as Lender and Collateral Agent, on such Real Estate, and shall deliver all Related Real Estate Documents. 

7.3.2. [Reserved]. 

7.4. [Reserved]. 

7.5. [Reserved]. 

7.6. [Reserved]. 

7.7. [Reserved]. 

7.8. Lien Waiver. Obligors shall use commercially reasonable efforts to obtain a Lien Waiver with respect to each
location set forth on Schedule 8.6.1 where an Obligor stores books and records, excluding (a) any location that does not contain Inventory and that is leased by an Obligor for monthly rent of less than $6,000, provided that the aggregate
annual rent of all leased 

  
 52 

 
locations excluded under this clause (a) is less than $150,000 and (b) any location that contains Inventory and for which the Rent and Charges Reserve includes expenses and amounts
attributable to such Inventory. 
 SECTION 8. COLLATERAL ADMINISTRATION 

8.1. Borrowing Base Certificates. By the 15th day of each month, Borrower Agent shall deliver to Lender a Borrowing Base
Certificate prepared as of the close of business of the previous month; provided that, in addition to such monthly Borrowing Base Certificate, (a) during any Level 1 Reporting Trigger Period, Borrower Agent shall also deliver to Lender a
Borrowing Base Certificate on a semi-monthly basis, and in no event no later than the (i) 15th day of each calendar month, prepared as of the close of business of the previous calendar month
and (ii) by the last Business Day of each calendar month, prepared as of the close of business on the last day of the second full week of each calendar month, and (b) during any Level 2 Reporting Trigger Period, Borrower Agent shall also
deliver to Lender a Borrowing Base Certificate on a weekly basis, and in no event no later than the 5th day of each week, prepared as of the close of the last day of the preceding week;
provided, however, that during any period when an Event of Default exists, Borrower Agent shall deliver a Borrowing Base Certificate as frequently as shall be requested by Lender. All calculations of the LC Obligations and Excess Availability
in any Borrowing Base Certificate shall originally be made by Borrower and certified by a Senior Officer, provided that, Lender may from time to time review and adjust any such calculation (a) to reflect its reasonable estimate of
declines in value of any Collateral, due to collections received in the Dominion Account or otherwise; (b) to adjust advance rates to reflect changes in dilution, quality, mix and other factors affecting Collateral; and (c) to the extent
the calculation is not made in accordance with this Agreement or does not accurately reflect the Availability Reserve. 
 8.2.
Administration of Accounts. 
 8.2.1. Records and Schedules of Accounts. Each Borrower shall keep
accurate and complete records, in all material respects, of its Accounts, including all payments and collections thereon, and shall submit to Lender sales, collection, reconciliation and other reports in form satisfactory to Lender, on such periodic
basis as Lender may request in the exercise of its good faith credit judgment. Each Borrower shall also provide to Lender, on or before the 15th day of each month, a detailed aged trial balance of all Accounts as of the end of the preceding month,
specifying each Account’s Account Debtor name, amount, invoice date and due date, showing any discount, allowance, credit, authorized return or dispute, and including such proof of delivery, copies of invoices and invoice registers, copies of
related documents, repayment histories, status reports and other information as Lender may reasonably request; provided however, during any Trigger Period, Borrowers shall deliver such information biweekly to Lender. If Accounts in an
aggregate face amount of $25,000 or more cease to be Eligible Accounts (and such Accounts were reflected as Eligible Accounts on the most recently delivered Borrowing Base Certificate), Borrowers shall notify Lender of such occurrence promptly after
any Borrower has knowledge thereof. 

  
 53 

 8.2.2. Taxes. If an Account of any Borrower includes a charge for any
Taxes, Lender is authorized, in its discretion, if an Event of Default is existing, to pay the amount thereof to the proper taxing authority for the account of such Borrower and to charge Borrowers therefor; provided, however, that Lender shall not
be liable for any Taxes that may be due from Borrowers or with respect to any Collateral. 
 8.2.3. Account
Verification. Whether or not a Default or Event of Default exists, Lender shall have the right at any time, in the name of Lender, any designee of Lender or any Borrower, to verify the validity, amount or any other matter relating to any
Accounts of Borrowers by mail, telephone or otherwise. Borrowers shall cooperate fully with Lender in an effort to facilitate and promptly conclude any such verification process. 

8.2.4. Maintenance of Dominion Account. Obligors shall maintain Dominion Accounts pursuant to lockbox or other
arrangements acceptable to Lender in its good faith credit judgment; provided that, Lender agrees that, upon satisfaction of the condition precedent set forth in Section 6.1(d) hereof, the arrangements in place as of the Closing
Date are acceptable to Lender. Obligors shall obtain an agreement (in form and substance satisfactory to Lender) from each lockbox servicer and Dominion Account bank, establishing Lender’s control over and Lien in the lockbox or Dominion
Account, which may be exercised by Lender during any Trigger Period, requiring immediate deposit of all remittances received in the lockbox to a Dominion Account, and waiving offset rights of such servicer or bank, except for customary
administrative charges. If a Dominion Account is not maintained with Lender during a Trigger Period, Lender may require immediate transfer of all funds in such account to a Dominion Account maintained with Lender. Lender assumes no responsibility to
Obligors for any lockbox arrangement or Dominion Account, including any claim of accord and satisfaction or release with respect to any Payment Items accepted by any bank. 

8.2.5. Proceeds of Collateral. Obligors shall request in writing and otherwise take all necessary steps to ensure that
all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Obligor or its Subsidiary receives cash or Payment Items with respect to any Collateral, it
shall hold same in trust for Lender, in its capacities as Lender and Collateral Agent, and promptly (not later than the next Business Day) deposit same into a Dominion Account. 

8.3. Administration of Inventory. 

8.3.1. Records and Reports of Inventory. Each Borrower shall keep accurate and complete records of its Inventory,
including costs and daily withdrawals and additions, and shall submit to Lender (i) a schedule of Inventory, based upon Borrowers’ perpetual inventory, as of the preceding day itemizing and describing the kind, type, quantity and location
of all inventory of Borrowers and the Value thereof, (the determination of Value shall be made by reference to (a) the closing prices on the New York Mercantile Exchange for near month contracts and (b) the postings for the relevant
markets reported by Platt’s or OPIS, as appropriate, in each case as of the Friday 

  
 54 

 
immediately preceding the date of the report, or if Friday is not a Business Day, the immediately preceding Business Day on which the New York Mercantile Exchange is open or Platt’s or OPIS
is published, as appropriate) and (ii) a detailed statement of all inventory that is not located on the premises described on Schedule 8.6.1, in each case, in form and substance satisfactory to Lender, concurrently with the delivery of
the Borrowing Base Certificate under Section 8.1 hereof or on such other periodic basis as Lender may request in the exercise of its good faith credit judgment. In addition to the foregoing, each Borrower shall conduct a physical
inventory at least once per calendar year (and on a more frequent basis if requested by Lender during any period when an Event of Default exists or Excess Availability is less than $10,000,000) and periodic cycle counts consistent with historical
practices, and shall provide to Lender a report based on each such inventory and count promptly upon completion thereof, together with such supporting information as Lender may request. Lender may participate in and observe each physical count. 

8.3.2. Returns of Inventory. No Borrower shall return any Inventory to a supplier, vendor or other Person, whether for
cash, credit or otherwise, unless (a) such return is in the Ordinary Course of Business; (b) no Default, Event of Default or Overadvance exists or would result therefrom; and (c) Lender is promptly notified if the aggregate Value of
all Eligible Inventory returned since the delivery of the last Borrowing Base Certificate exceeds $25,000. 
 8.3.3.
Acquisition, Sale and Maintenance. No Borrower shall acquire or accept any Inventory on consignment or approval, and shall take all steps to assure that all Inventory is produced in accordance with Applicable Law, including the FLSA. No
Borrower shall sell any Inventory on consignment or approval or any other basis under which the customer may return or require a Borrower to repurchase such Inventory. Borrowers shall use, store and maintain all Inventory with reasonable care and
caution, in accordance with applicable standards of any insurance and in conformity with all material Applicable Law, and shall make current rent payments (within applicable grace periods provided for in leases and subject to disputes in good faith)
at all locations where a material portion of Collateral is located. 
 8.4. Administration of Equipment. Each Borrower
shall keep accurate and complete records of its Equipment, including kind, quality, quantity, cost, acquisitions and dispositions thereof, and shall submit to Lender, on such periodic basis as Lender may request during the continuance of an Event of
Default, a current schedule thereof, in form satisfactory to Lender. Promptly upon Lender’s request and during the continuance of an Event of Default, Obligors shall deliver to Lender evidence of their ownership or interests in any Equipment.

 8.5. Administration of Deposit Accounts. Schedule 8.5 (as such Schedule is amended from time to time) sets
forth all Deposit Accounts maintained by Obligors, including all Dominion Accounts. Each Obligor shall take all actions necessary to establish Lender’s control, in its capacities as Lender and Collateral Agent, of each such Deposit Account
(other than any Excluded Account). Each Obligor shall be the sole account holder of each 

  
 55 

 
Deposit Account (other than an Excluded Account) and shall not allow any other Person (other than Lender, in its capacities as Lender and Collateral Agent, and the banking institution providing
such Deposit Account) to have control over a Deposit Account (other than an Excluded Account) or any Property deposited therein. Each Obligor shall promptly notify Lender of any opening or closing of a Deposit Account (other than an Excluded
Account) and, with the consent of Lender, will amend Schedule 8.5 to reflect same. 
 8.6. General Provisions.

 8.6.1. Location of Collateral. All Inventory, other than Inventory in transit, and all books and records related
to Inventory or Accounts, shall at all times be kept by Obligors at the business locations set forth in Schedule 8.6.1 (as such Schedule is amended from time to time) except that Borrowers may (a) make sales or other dispositions of
Inventory in accordance with Section 10.2.6; and (b) move Inventory to another location in the United States, upon fifteen (15) days prior written notice to Lender. 

8.6.2. Insurance of Collateral; Condemnation Proceeds. 

(a) Each Obligor shall maintain insurance with respect to the Collateral, covering casualty, hazard, theft, malicious
mischief, flood and other risks, in amounts, with endorsements and with reputable insurers satisfactory to Lender in the exercise of its good faith credit judgment. Subject to the Intercreditor Agreement, proceeds under each policy shall be payable
to Lender. From time to time upon request, Obligors shall deliver to Lender the originals or certified copies of its insurance policies and updated flood plain searches. Unless Lender shall agree otherwise, each policy shall include satisfactory
endorsements (i) showing Lender as loss payee; and (ii) requiring thirty (30) days prior written notice to Lender in the event of cancellation of the policy for any reason whatsoever (if the insurer agrees). If any Obligor fails to
provide and pay for any insurance, Lender may, at its option, but shall not be required to, procure the insurance and charge Obligors therefor. While no Event of Default exists, Obligors may settle, adjust or compromise any insurance claim, as long
as the proceeds are delivered in accordance with the Intercreditor Agreement. If an Event of Default exists, only Lender shall be authorized to settle, adjust and compromise such claims. 

(b) Subject to the Intercreditor Agreement and as provided below, any proceeds of insurance (other than proceeds from
workers’ compensation or D&O insurance) and any awards arising from condemnation of any Collateral shall be paid to Lender. Any such proceeds or awards that relate to Inventory shall be applied to payment of the Revolver Loans, and then to
any other Obligations outstanding. Subject to clause (c) below, any proceeds or awards that relate to Equipment or Real Estate shall be applied first to the Term Loan and then to any other Obligations outstanding. 

  
 56 

 (c) If requested by Obligors in writing within 15 days after Lender’s
receipt of any insurance proceeds or condemnation awards relating to any loss or destruction of Equipment or Real Estate, Obligors may use such proceeds or awards to repair or replace such Equipment or Real Estate (and until so used, the proceeds
shall be held by Lender as Cash Collateral) as long as (i) no Default or Event of Default exists; (ii) such repair or replacement is promptly undertaken and concluded, to the reasonable satisfaction of Lender; (iii) any replacement
buildings are constructed on real property subject to the first priority perfected Lien of Lender (subject to Permitted Liens); (iv) the repaired or replaced Property is free of Liens, other than Permitted Liens that are not Purchase Money
Liens; (v) the Obligors shall provide to Lender information reasonably requested regarding the status of such repair or replacement as Lender may reasonably require; and (vi) the aggregate amount of such proceeds or awards from any single
casualty or condemnation does not exceed $5,000,000. 
 8.6.3. Protection of Collateral. All expenses of protecting,
storing, warehousing, insuring, handling, maintaining and shipping any Collateral, all Taxes payable with respect to any Collateral (including any sale thereof), and all other payments required to be made by Lender to any Person to realize upon any
Collateral, shall be borne and paid by Obligors. Lender shall not be liable or responsible in any way for the safekeeping of any Collateral, for any loss or damage thereto (except for reasonable care in its custody while Collateral is in
Lender’s actual possession), for any diminution in the value thereof, or for any act or default of any warehouseman, carrier, forwarding agency or other Person whatsoever, but the same shall be at Obligors’ sole risk. 

SECTION 9. REPRESENTATIONS AND WARRANTIES 

9.1. General Representations and Warranties. To induce Lender to enter into this Agreement and to make available the
Commitment, Loans and Letters of Credit, each Obligor represents and warrants that: 
 9.1.1. Organization and
Qualification. Each Obligor and Subsidiary is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization. Each Obligor and its Subsidiary is duly qualified, authorized to do business and in good
standing as a foreign corporation in each jurisdiction where failure to be so qualified could reasonably be expected to have a Material Adverse Effect. 

9.1.2. Power and Authority. Each Obligor is duly authorized to execute, deliver and perform its Loan Documents. The
execution, delivery and performance of such Loan Documents have been duly authorized by all necessary action, and do not (a) require any consent or approval of any holders of Equity Interests of any Obligor, other than those already obtained;
(b) contravene the Organic Documents of any Obligor; (c) violate or cause a default under any Applicable Law or Material Contract; or (d) result in or require the imposition of any Lien (other than Permitted Liens) on any Property of
any Obligor. 

  
 57 

 9.1.3. Enforceability. Each Loan Document to which an Obligor is a party
is a legal, valid and binding obligation of such Obligor party thereto, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights
generally. 
 9.1.4. Capital Structure. Schedule 9.1.4 shows, as of the Closing Date, for each Obligor and its
Subsidiary, its name, its jurisdiction of organization, and other than with respect to Holdings, its authorized and issued Equity Interests, the holders of its Equity Interests, and all agreements binding on such holders with respect to their Equity
Interests. Except as disclosed on Schedule 9.1.4, in the five years preceding the Closing Date, no Obligor or Subsidiary has acquired any substantial assets from any other Person nor been the surviving entity in a merger or combination. Each
Obligor has good title to its Equity Interests in its Subsidiaries, subject only to Lender’s Lien, and all such Equity Interests are duly issued, fully paid and non-assessable, to the extent applicable. Except as set forth on Schedule
9.1.4, as of the Closing Date, there are no outstanding purchase options, warrants, subscription rights, agreements to issue or sell, convertible interests, phantom rights or powers of attorney relating to Equity Interests of any Obligor or
Subsidiary. As of the Closing Date, (i) Holdings owns legally and beneficially one hundred percent (100%) of the issued Equity Interests of the Company and has no other direct Subsidiaries, (ii) the Company owns legally and
beneficially one hundred percent (100%) of the issued Equity Interests of Wyoming Pipeline and has no other Subsidiaries, and (iii) Wyoming Pipeline has no Subsidiaries. 

9.1.5. Title to Properties; Priority of Liens. Each Obligor and Subsidiary has good and marketable title to (or valid
leasehold interests in) all of its Eligible Inventory and Eligible Accounts. Except as would not reasonably be expected to cause a Material Adverse Effect, each Obligor and its Subsidiary has good title to all of its personal Property, including all
Property reflected in any financial statements delivered to Lender, in each case free of Liens except Permitted Liens. Each Obligor and Subsidiary has paid and discharged all lawful claims that, if unpaid, could become a Lien on its Properties,
other than Permitted Liens. All Liens of Lender in the Collateral are duly perfected, first priority Liens, subject only to Permitted Liens that are expressly allowed to have priority over Lender’s Liens. 

9.1.6. Accounts. Lender may rely, in determining which Accounts are Eligible Accounts, on all statements and
representations made by Obligors with respect thereto. Obligors warrant, with respect to each Account at the time it is shown as an Eligible Account in a Borrowing Base Certificate, that: 

(a) it is genuine and in all material respects what it purports to be, and is not evidenced by a judgment; 

(b) it arises out of a completed, bona fide sale and delivery of goods in the Ordinary Course of Business, and substantially
in accordance with any purchase order, contract or other document relating thereto; 

  
 58 

 (c) it is for a sum certain, maturing as stated in the invoice covering such
sale, a copy of which has been furnished or is available to Lender on request; 
 (d) it is not subject to any offset, Lien
(other than Permitted Liens, Lender’s Lien), deduction, defense, dispute, counterclaim or other adverse condition except as arising in the Ordinary Course of Business and disclosed to Lender; and it is absolutely owing by the Account Debtor,
without contingency in any respect; 
 (e) no purchase order, agreement, document or Applicable Law restricts assignment of
the Account to Lender (regardless of whether, under the UCC, the restriction is ineffective), and the applicable Obligor is the sole payee or remittance party shown on the invoice; 

(f) no extension, compromise, settlement, modification, credit, deduction or return has been authorized with respect to the
Account, except discounts or allowances granted in the Ordinary Course of Business for prompt payment that are reflected on the face of the invoice related thereto and in the reports submitted to Lender hereunder; and 

(g) to the Obligors’ knowledge, (i) there are no facts or circumstances that are reasonably likely to impair the
enforceability or collectibility of such Account; (ii) the Account Debtor had the capacity to contract when the Account arose, continues to meet the applicable Obligor’s customary credit standards, is Solvent, is not contemplating or
subject to an Insolvency Proceeding, and has not failed, or suspended or ceased doing business; and (iii) there are no proceedings or actions threatened or pending against any Account Debtor that could reasonably be expected to have a material
adverse effect on the Account Debtor’s financial condition. 
 9.1.7. Financial Statements; Material Adverse Effect;
Solvency. All projections delivered from time to time to Lender have been prepared in good faith based on reasonable assumptions in light of the circumstances at such time, it being understood that actual results may differ from projected
results, and such differences may be material. Since December 31, 2014, there has been no change in the condition, financial or otherwise, of any Obligor or Subsidiary that could reasonably be expected to have a Material Adverse Effect. No
financial statement delivered to Lender at any time contains any untrue statement of a material fact, nor fails to disclose any material fact necessary to make such statement not materially misleading. The Obligors, taken as a whole, are Solvent.

 9.1.8. Surety Obligations. Except as set forth on Schedule 9.1.8, as of the Closing Date no Obligor or
Subsidiary is obligated as surety or indemnitor under any bond or other contract that assures payment or performance of any obligation of any Person. 

  
 59 

 9.1.9. Taxes. Each Obligor and Subsidiary has filed all federal, state and
local tax returns and other reports that it is required by law to file, and has paid, or made provision for the payment of, all Taxes upon it, its income and its Properties that are due and payable, except to the extent being Properly Contested. The
provision for Taxes on the books of each Borrower and Subsidiary is adequate for all years not closed by applicable statutes, and for its current Fiscal Year. 

9.1.10. Sanctions Concerns and Anti-Corruption. 

(a) No Obligor, nor any Subsidiary, nor, to the knowledge of the Obligors and their Subsidiaries, any director, officer,
employee, agent, affiliate or representative thereof, is an individual or entity currently the subject of any Sanctions, nor is any Obligor or any Subsidiary located, organized or resident in a Designated Jurisdiction. 

(b) The Obligors and their Subsidiaries have conducted their business in compliance with applicable anti-corruption laws and
have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws. 
 9.1.11.
Intellectual Property. Each Obligor and Subsidiary owns or has the lawful right to use all material Intellectual Property necessary for the conduct of its business, without conflict with any rights of others. Except as could not reasonably be
expected to have a Material Adverse Effect, there is no pending or, to any Borrower’s knowledge, threatened Intellectual Property Claim with respect to any Borrower, any Subsidiary or any of their Property (including any Intellectual Property).
Except as disclosed on Schedule 9.1.11, as of the Closing Date, no Borrower or Subsidiary pays or owes any material Royalty or other compensation to any Person with respect to any Intellectual Property. All Intellectual Property owned, used
or licensed by, or otherwise subject to any interests of, any Borrower or Subsidiary as of the Closing Date is shown on Schedule 9.1.11. 

9.1.12. Governmental Approvals. Except as would not reasonably be expected to cause a Material Adverse Effect,
(a) each Obligor and Subsidiary has, is in compliance with, and is in good standing with respect to, all Governmental Approvals necessary to conduct its business and to own, lease and operate its Properties and (b) all necessary import,
export or other licenses, permits or certificates for the import or handling of any goods or other Collateral have been procured and are in effect, and Borrowers and Subsidiaries have complied with all foreign and domestic laws with respect to the
shipment and importation of any goods or Collateral. 
 9.1.13. Compliance with Laws. Except as would not reasonably
be expected to cause a Material Adverse Effect, (a) each Obligor and Subsidiary has duly complied, and its Properties and business operations are in compliance, in all material respects with all Applicable Law, (b) there have been no
citations, notices or orders of material noncompliance issued to any Borrower or Subsidiary under any Applicable Law and (c) no Inventory has been produced in violation of the FLSA. 

  
 60 

 9.1.14. Compliance with Environmental Laws. Except as disclosed on
Schedule 9.1.14, no Borrower’s or Subsidiary’s past or present operations, Real Estate or other Properties are subject to any federal, state or local investigation to determine whether any remedial action is needed to address any
environmental pollution, hazardous material or environmental clean-up, except as would not reasonably be expected to cause a Material Adverse Effect. No Obligor or Subsidiary has received any Environmental Notice that has not been resolved or is not
in the process of being resolved. Except as disclosed on Schedule 9.1.14, no Obligor or Subsidiary has any material contingent liability with respect to any Environmental Release, environmental pollution or hazardous material on any Real
Estate now or previously owned, leased or operated by it. 
 9.1.15. Burdensome Contracts. No Obligor or Subsidiary
is a party or subject to any contract, agreement or charter restriction that could reasonably be expected to have a Material Adverse Effect. No Obligor or Subsidiary is party or subject to any Restrictive Agreement, the breach or termination of
which could reasonably be expected to have a Material Adverse Effect. No such Restrictive Agreement prohibits the execution, delivery or performance of any Loan Document by an Obligor. 

9.1.16. Litigation. Except as disclosed on Schedule 9.1.16, there are no proceedings or investigations pending
or, to any Obligor’s knowledge, threatened against any Obligor or Subsidiary, or any of their businesses, operations, Properties or conditions, that (a) relate to any Loan Documents or transactions contemplated thereby; or (b) could
reasonably be expected to have a Material Adverse Effect. No Obligor or Subsidiary is in default with respect to any material order, injunction or judgment of any Governmental Authority. 

9.1.17. No Defaults. No event or circumstance has occurred or exists that constitutes a Default or Event of Default. No
Obligor or Subsidiary is in default, and no event or circumstance has occurred or exists that with the passage of time or giving of notice would constitute a default, under any Material Contract or in the payment of any Borrowed Money with a
principal amount in excess of $500,000. 
 9.1.18. ERISA. Except as disclosed on Schedule 9.1.18, or as would
not reasonably be expected to cause a Material Adverse Effect: 
 (a) Each Plan is in compliance in all material respects
with the applicable provisions of ERISA, the Code, and other federal and state laws. Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from the IRS or an application for such a
letter is currently being processed by the IRS with respect thereto and, to the knowledge of Obligors, nothing has occurred which would prevent, or cause the loss of, such qualification. Each Obligor and ERISA Affiliate has made all required
contributions to each Plan subject to Section 412 of the Code, and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan. 

  
 61 

 (b) There are no pending or, to the knowledge of Obligors, threatened claims,
actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules
with respect to any Plan that has resulted in or could reasonably be expected to have a Material Adverse Effect. 
 (c)
(i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) no Obligor or ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title
IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) no Obligor or ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has
occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) no Obligor or ERISA Affiliate has engaged in a
transaction that could be subject to Section 4069 or 4212(c) of ERISA. 
 9.1.19. Trade Relations. There exists
no actual or threatened termination, limitation or modification of any business relationship between any Obligor or Subsidiary and any customer or supplier, or any group of customers or suppliers, who individually or in the aggregate are material to
the business of such Obligor or Subsidiary except as could not reasonably be expected to have a Material Adverse Effect. There exists no condition or circumstance that could reasonably be expected to materially impair the ability of any Obligor or
Subsidiary to conduct its business at any time hereafter in substantially the same manner as conducted on the Closing Date. 

9.1.20. Labor Relations. Except as otherwise disclosed to Lender, no Obligor or Subsidiary is party to or bound by any
collective bargaining agreement, management agreement or consulting agreement. There are no material grievances, disputes or controversies with any union or other organization of any Obligor’s or Subsidiary’s employees, or, to any
Obligor’s knowledge, any asserted or threatened strikes, work stoppages or demands for collective bargaining except as could not reasonably be expected to have a Material Adverse Effect. 

9.1.21. Payable Practices. No Obligor or Subsidiary has made any material change in its historical accounts payable
practices from those in effect on the Closing Date. 
 9.1.22. Not a Regulated Entity. No Obligor is (a) an
“investment company” or a “person directly or indirectly controlled by or acting on behalf of an investment company” within the meaning of the Investment Company Act of 1940; or (b) subject to regulation under the Federal
Power Act, the Interstate Commerce Act, any public utilities code or any other Applicable Law regarding its authority to incur Debt. 

9.1.23. Margin Stock. No Obligor or Subsidiary is engaged, principally or as one of its important activities, in the
business of extending credit for the purpose of 

  
 62 

 
purchasing or carrying any Margin Stock. No Loan proceeds or Letters of Credit will be used by Obligors to purchase or carry, or to reduce or refinance any Debt incurred to purchase or carry, any
Margin Stock or for any related purpose governed by Regulations T, U or X of the Board of Governors. 
 9.1.24.
[Reserved]. 
 9.1.25. [Reserved]. 

9.1.26. [Reserved]. 

9.1.27. Material Contracts and Contracts with Governmental Authorities. Schedule 9.1.27 contains a true,
correct and complete list of all the Material Contracts and material Contracts with Governmental Authorities in effect on the Closing Date. Together with any updates provided pursuant to Section 10.1.2(l), any such Material Contracts are
in full force and effect and no defaults currently exist thereunder (other than as described in Schedule 9.1.27 or in such updates). 

9.1.28. States Where Obligors Collect Fuel Taxes. As of the Closing Date, except as set forth on
Schedule 9.1.28, no Obligor is required to collect fuel or similar excise Taxes and/or file tax returns in connection with such Taxes in any state. Except to the extent Obligors have notified Lender from time to time, the Obligors are
not required to collect fuel or similar excise Taxes and/or file returns in connection with such Taxes in any state. 

9.1.29. Not First Purchaser. As of the Closing Date, except as set forth on Schedule 9.1.29, no Obligor is a
first purchaser of oil or gas production. Except to the extent that the Obligors have notified Lender from time to time, the Obligors do not purchase oil or gas production from an interest owner in a state where Applicable Law creates a Lien in such
oil and gas production against the first Person who purchases such oil or gas production from an interest owner to secure payment by such Person for such oil or gas production. 

9.1.30. Company’s Small Refiner Status. The Company is recognized as (i) a “small refiner” by the
Environmental Protection Agency under 40 CFR § 80.225, 40 CFR § 80.550 and 40 CFR § 80.1338 and (ii) a “small refinery” or “small volume refinery” by the Environmental Protection Agency under 40
CFR § 80.1101, 40 CFR § 80.1401 and 40 CFR § 80.1621. 
 9.2. Complete Disclosure. The Loan Documents,
taken as a whole, do not contain any untrue statement of a material fact, nor do they fail to disclose any material fact necessary to make the statements contained therein not materially misleading. 

  
 63 

 SECTION 10. COVENANTS AND CONTINUING AGREEMENTS 

10.1. Affirmative Covenants. Until Payment in Full of the Obligations and termination of the Commitment, each Obligor
shall, and shall cause each Subsidiary to: 
 10.1.1. Inspections; Appraisals. 

(a) Permit Lender from time to time, subject (except when a Default or Event of Default exists) to reasonable notice and
normal business hours, to visit and inspect the Properties of any Obligor or Subsidiary, inspect, audit and make extracts from any Obligor’s or Subsidiary’s books and records, and discuss with its officers, employees, agents, advisors and
independent accountants such Obligor’s or Subsidiary’s business, financial condition, assets, prospects and results of operations; provided that, so long as no Default or Event of Default is continuing, the Borrower Agent shall have been
given the opportunity to participate in any discussions with independent accountants. Lender shall not have any duty to any Obligor to make any inspection, nor to share any results of any inspection, appraisal or report with any Obligor. Obligors
acknowledge that all inspections, appraisals and reports are prepared by Lender for its purposes, and Obligors shall not be entitled to rely upon them. 

(b) Reimburse Lender for all its charges, costs and expenses in connection with (i) examinations of any Obligor’s
books and records or any other financial or Collateral matters as Lender deems appropriate but in no event more frequently than (x) two (2) times per Loan Year so long as Excess Availability (as evidenced by the most recently delivered
Borrowing Base Certificate) is greater than $15,000,000 and (y) three (3) times per Loan Year if Excess Availability (as evidenced by the most recently delivered Borrowing Base Certificate) is less than or equal to $15,000,000; and
(ii) appraisals of Inventory up to (x) one (1) time per Loan Year so long as Excess Availability (as evidenced by the most recently delivered Borrowing Base Certificate) is greater than $10,000,000 or (y) at Lender’s request
if Excess Availability (as evidenced by the most recently delivered Borrowing Base Certificate) is less than or equal to $10,000,000, or there is in existing Event of Default; provided, however, that if an examination or
appraisal is initiated during a Default or Event of Default, all charges, costs and expenses therefor shall be reimbursed by Borrowers without regard to such limits. Subject to and without limiting the foregoing, Borrowers agree to pay Lender’s
then standard charges for examination activities, including the standard charges of Lender’s internal examination and appraisal groups, as well as the charges of any third party used for such purposes. 

10.1.2. Financial and Other Information. Keep adequate records and books of account with respect to its business
activities, in which proper entries are made in accordance with GAAP reflecting all financial transactions; and furnish to Lender: 

  
 64 

 (a) as soon as available, and in any event within one hundred and twenty
(120) days after the close of each Fiscal Year (except in the case of Fiscal Year 2014, which shall be within one hundred and eighty (180) days after the close of Fiscal Year 2014) , balance sheets as of the end of such Fiscal Year and the
related statements of income, cash flow and shareholders’ equity for such Fiscal Year, on consolidated basis for Obligors and Subsidiaries, which consolidated statements shall be audited and certified (without qualification) by a firm of
independent certified public accountants of recognized standing selected by Obligors and acceptable to Lender, and shall set forth in comparative form corresponding figures for the preceding Fiscal Year and other information acceptable to Lender;

 (b) as soon as available, and in any event within thirty (30) days after the end of each month, unaudited balance
sheets as of the end of such month and the related statements of income and cash flow for such month and for the portion of the Fiscal Year then elapsed, on a consolidated basis for Obligors and Subsidiaries (and upon any change in the
Obligors’ corporate structure, at Lender’s request, on a consolidating basis for Obligors and Subsidiaries), setting forth in comparative form corresponding figures for the preceding Fiscal Year and certified by the chief financial officer
of Borrower Agent as prepared in accordance with GAAP and fairly presenting the financial position and results of operations for such month and period, subject to normal year-end adjustments and the absence of footnotes. Together with such monthly
financial statements, Borrower Agent shall deliver to Lender (i) a reconciliation of the Schedule of Accounts attached to a Borrowing Base Certificate prepared as of such month end, to (y) the Company’s general ledger as of such month
end, and (ii) a reconciliation of (x) the Schedule of Inventory volumes attached to a Borrowing Base Certificate prepared as of such month end, to (y) inventory volumes used to determine the inventory values on the Company’s
general ledger as of such month end, and (iii) a reconciliation of (x) a Schedule of Trade and Crude Oil Accounts Payable as of such month end setting forth a detailed aged trial balance of all the Company’s then existing accounts
payable, specifying the name of and the balance due to each creditor, to (y) the Company’s general ledger as of such month end, and (iv) a certificate from the chief financial officer of Borrower Agent showing and certifying to the
calculation of the Fixed Charge Coverage Ratio for the twelve month period ending as of such month end. 
 (c) concurrently
with delivery of financial statements under clauses (a) and (b) above, or more frequently if requested by Lender while a Default or Event of Default exists, (i) a Compliance Certificate executed by the chief financial officer of
Borrower Agent (or, in the absence of a chief financial officer, such other senior finance officer acceptable to Lender) and (ii) a schedule setting forth the current Hedging Agreements (including BP Swap Obligations); 

(d) concurrently with delivery of financial statements under clause (a) above, copies of all management letters and
other material reports submitted to Obligors by their accountants in connection with such financial statements; 

  
 65 

 (e) prior to the end of each Fiscal Year, projections of Obligors’
consolidated balance sheets, results of operations, cash flow and Excess Availability for the next Fiscal Year, month by month; 

(f) promptly, at Lender’s request, a listing of each Obligor’s trade payables, specifying the trade creditor and
balance due, and a detailed trade payable aging, all in form satisfactory to Lender; 
 (g) promptly after the sending or
filing thereof, copies of any proxy statements, financial statements or reports that any Obligor has made generally available to its shareholders; copies of any regular, periodic and special reports or registration statements or prospectuses that
any Obligor files with the Securities and Exchange Commission or any other Governmental Authority, or any securities exchange; and copies of any press releases or other statements made available by a Obligor to the public concerning material changes
to or developments in the business of such Obligor; 
 (h) promptly after the sending or filing thereof, copies of any
annual report to be filed in connection with each Plan; 
 (i) such other reports and information (financial or otherwise)
as Lender may request in the exercise of its good faith credit judgment from time to time in connection with any Collateral or any Obligor’s or Subsidiary’s financial condition or business; 

(j) promptly, any material correspondence with respect to the BP Swap Documents and the Subordinated Debt Documents; 

(k) [reserved]. 

(l) promptly, and in any event within five (5) Business Days after (i) any Material Contract is entered into,
terminated or amended in a manner that is adverse to the Obligor or Lender, or (ii) any Contract with a Governmental Authority is entered into, a written statement describing such event (including, with respect to any such termination or
amendment of a Material Contract, an explanation of any actions being taken with respect thereto), with copies of any such Material Contracts or material amendments, or Contracts with a Governmental Authority delivered to Lender (to the extent such
delivery is permitted by the terms of any such Material Contract or Contract with a Governmental Authority, provided, no such prohibition on delivery shall be effective if it were bargained for by Obligor with the intent of avoiding
compliance with this Section 10.1.2(l)); and 
 (m) as soon as available, and in any event within one hundred
twenty (120) days after the close of each Fiscal Year, financial statements for each Guarantor (other than Holdings), in form and substance satisfactory to Lender (except that no separate financial statements are required for any Guarantor that
is a Subsidiary, the financial condition and results of operations of which are included in the Obligors’ consolidated financial statements otherwise provided herein). 

  
 66 

 10.1.3. Notices. Notify Lender in writing, promptly after a Obligor’s
obtaining knowledge thereof, of any of the following that affects an Obligor: (a) the threat or commencement of any proceeding or investigation, whether or not covered by insurance, that could have a Material Adverse Effect; (b) the
existence of any Default or Event of Default; (c) any Environmental Release by an Obligor or on any Property owned, leased or occupied by an Obligor that could reasonably be expected to have a Material Adverse Effect; or receipt of any
Environmental Notice; (d) the occurrence of any ERISA Event; (e) the discharge of or any withdrawal or resignation by Obligors’ independent accountants; (f) any opening of a new office or place of business, at least thirty
(30) days prior to such opening; (g) any material change in any Obligor’s accounting or financial reporting practices since the Closing Date; (to the extent not previously reported); (h) any change in the executive officers of
any Obligor; or (i) any other event, occurrence or conditions which could reasonably be expected to be, cause, have or result in a Material Adverse Effect. 

10.1.4. Landlord and Storage Agreements. Upon request, provide Lender with copies of all existing agreements, and
promptly after execution thereof provide Lender with copies of all future agreements, between an Obligor and any landlord, warehouseman, processor, shipper, bailee or other Person that owns any premises at which any Collateral may be kept or that
otherwise may possess or handle any Collateral or any Person who leases Equipment to a Obligor material to a Obligor’s business. 

10.1.5. Compliance with Laws. Comply with all Applicable Laws, including ERISA, Environmental Laws, FLSA, OSHA and laws
regarding collection and payment of Taxes, and maintain all Governmental Approvals necessary to the ownership of its Properties or conduct of its business, in each case, unless failure to comply or maintain could not reasonably be expected to have a
Material Adverse Effect. Without limiting the generality of the foregoing, if any Environmental Release occurs at or on any Properties of any Obligor or Subsidiary that could reasonably be expected to have a Material Adverse Effect, it shall act
promptly and diligently to investigate and report to Lender and all appropriate Governmental Authorities the extent of, and to make appropriate remedial action to eliminate, such Environmental Release, whether or not directed to do so by any
Governmental Authority. The Obligors and their Subsidiaries shall comply in all material respects with all applicable consent decrees issued by any Governmental Authority. 

10.1.6. Taxes. Pay and discharge all Taxes prior to the date on which they become delinquent or penalties attach,
unless such Taxes are being Properly Contested. 
 10.1.7. Insurance. In addition to the insurance required hereunder
with respect to Collateral, maintain insurance with reputable insurers satisfactory to Lender in its good faith credit judgment, (a) with respect to the Properties and business of Obligors and Subsidiaries of such type (including product
liability, workers’ compensation, larceny, embezzlement, or other criminal misappropriation insurance), in such amounts, and with 

  
 67 

 
such coverages and deductibles as are customary for companies similarly situated; (b) business interruption insurance in an amount not less than the amount in existence on the Closing Date,
with deductibles satisfactory to Lender in its good faith credit judgment; and (c) flood hazard insurance on all Real Estate that is in an area designated by the Federal Emergency Management Agency as having special flood or mudslide hazards
and is subject to a Mortgage, on such terms and in such amounts as required by the National Flood Insurance Reform Act of 1994 or as otherwise required by Lender. 

10.1.8. Licenses. Except as could not reasonably be expected to have a Material Adverse Effect, (a) keep each
License affecting any Collateral (including the manufacture, distribution or disposition of Inventory) or any other material Property of Obligors and Subsidiaries in full force and effect; (b) promptly notify Lender of any proposed modification
to any such License, or entry into any new License; (c) pay all Royalties when due; and (d) notify Lender of any default or breach asserted by any Person to have occurred under any License. 

10.1.9. Future Subsidiaries. Promptly notify Lender upon any Person becoming a Subsidiary and, if such Person is not a
Foreign Subsidiary, cause it to guaranty the Obligations in a manner satisfactory to Lender, and to execute and deliver such documents, instruments and agreements and to take such other actions as Lender shall require to evidence and perfect a Lien
in favor of Lender on all assets of such Person, including, if requested, delivery of such legal opinions, in form and substance satisfactory to Lender, as it shall deem appropriate in its good faith credit judgment. 

10.1.10. Depository Bank. Maintain Lender as its principal depository bank, including for the maintenance of all
operating, collection, disbursement and other deposit accounts, other than the Excluded Accounts. 
 10.1.11. Existence;
Conduct of Business. (a) Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, qualifications, licenses, permits, franchises, authorizations of Governmental
Authorities, intellectual property rights, licenses and permits material to the conduct of its business, and maintain all requisite authority to conduct its business in each jurisdiction in which a material portion of its business is conducted, in
each case, except as otherwise permitted by Section 10.2.9; and (b) carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted, except as
permitted by Sections 10.2.9 and 10.2.16. 
 10.1.12. Anti-Corruption Laws. Conduct its business in compliance
with applicable anti-corruption laws and maintain policies and procedures designed to promote and achieve compliance with such laws. 

10.1.13. Maintenance of Property. Each Obligor will, and will cause each Subsidiary to, keep and maintain all Property
material to the conduct of its business in good working order and condition, ordinary wear and tear excepted. 

  
 68 

 10.1.14. Compliance with Contracts. Each Obligor shall perform in
accordance with its terms each Material Contract and each other contract, agreement or other arrangement to which it is a party or by which any Obligor or any of the Collateral is bound except where the failure to comply, pay, file or perform could
not reasonably be expected to be, have or result in a Material Adverse Effect. 
 10.2. Negative Covenants. Until
Payment in Full of the Obligations and termination of the Commitment, each Obligor shall not, and shall cause each Subsidiary not to: 

10.2.1. Permitted Debt. Create, incur, guarantee or suffer to exist any Debt, except: 

(a) the Obligations; 

(b) Subordinated Debt (and Refinancing Debt in respect thereof); 

(c) [reserved]; 

(d) Permitted Purchase Money Debt (and Refinancing Debt in respect thereof); 

(e) Borrowed Money (other than the Obligations, Subordinated Debt and Permitted Purchase Money Debt), but only to the extent
outstanding on the Closing Date and not satisfied with proceeds of the initial Loans (and Refinancing Debt in respect thereof); 

(f) Bank Product Debt; 

(g) Permitted Contingent Obligations; 

(h) [reserved]; 

(i) Debt under Hedging Obligations permitted by Section 10.2.15; 

(j) Debt permitted by Section 10.2.7(d); 

(k) Debt in respect of bid, performance or surety bonds, workers’ compensation claims, self-insurance obligations and
bankers acceptances issued for the account of any Obligor or any Subsidiary in the ordinary course of business, including guarantees or obligations of any Obligor or any Subsidiary with respect to letters of credit supporting such bid, performance
or surety bonds, workers’ compensation claims, self-insurance obligations and bankers acceptances (in each case other than for an obligation for money borrowed); 

(l) Debt arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within five Business Days of incurrence; 

  
 69 

 (m) Debt arising in connection with endorsement of instruments for deposit in
the ordinary course of business; 
 (n) [reserved]; and 

(o) Debt that is not included in any of the preceding clauses of this Section, is not secured by a Lien and does not exceed
$1,000,000 in the aggregate at any time (and Refinancing Debt in respect thereof). 
 10.2.2. Permitted Liens. Create
or suffer to exist any Lien upon any of its Property, except the following (collectively, “Permitted Liens”): 

(a) Liens in favor of Lender, including in its capacity as Collateral Agent; 

(b) Purchase Money Liens securing Permitted Purchase Money Debt; 

(c) Liens for Taxes not yet due or being Properly Contested; 

(d) statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only
if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially impair the value or use of the Property or materially impair operation of the business of any Obligor or
Subsidiary; 
 (e) Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of tenders,
bids, leases, contracts (except those relating to Borrowed Money), statutory obligations and other similar obligations, or arising as a result of progress payments under government contracts, as long as such Liens are at all times junior to
Lender’s Liens; 
 (f) Liens arising in the Ordinary Course of Business that are subject to Lien Waivers; 

(g) Liens arising by virtue of a judgment or judicial order not constituting an Event of Default; 

(h) easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or
encumbrances on Real Estate, that do not secure any Borrowed Money and do not interfere with the Ordinary Course of Business; 

(i) normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank
on Payment Items in the course of collection; 

  
 70 

 (j) [reserved]; 

(k) existing Liens shown on Schedule 10.2.2 or on any title policy delivered in respect of any mortgaged Real Estate;

 (l) Liens on property of a Person existing at the time such Person is acquired or merged with or into or consolidated
with any Obligor or any Subsidiary to the extent permitted hereunder (and not created in anticipation or contemplation thereof); provided that such Liens do not extend to property not subject to such Liens at the time of acquisition (other than
improvements thereon) and are no more favorable to the lienholders than such existing Lien; 
 (m) licenses of Intellectual
Property granted by any Obligor or any Subsidiary in the ordinary course of business and not interfering in any material respect with the ordinary conduct of business of the any Obligors or any Subsidiary; 

(n) the filing of UCC financing statements solely as a precautionary measure in connection with operating leases; 

(o) Liens incurred in the ordinary course of business of any Obligor or any Subsidiary with respect to obligations that do
not in the aggregate exceed $100,000 at any time outstanding, so long as such Liens, to the extent covering any Collateral, are junior to the Liens granted pursuant to the Security Documents; 

(p) any interest or title of a lessor, sublessor, licensee, sublicensee, licensor or sublicensor under any lease, sublease,
license or sublicense agreement (including software and other technology licenses) in the Ordinary Course of Business; 

(q) deposits made in the ordinary course of business to secure liability to insurance carriers; 

(r) [reserved]; 

(s) Liens on cash deposits securing any Hedging Agreement permitted by Section 10.2.8; 

(t) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity
trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; and 

(u) (i) zoning, building, entitlement and other land use regulations by Governmental Authorities with which the normal
operation of the business complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct
of the business of the Obligors or any Subsidiaries. 

  
 71 

 10.2.3. Capital Expenditures. Make Capital Expenditures in excess of
$10,000,000 in the aggregate during any Fiscal Year; provided, that additional Capital Expenditures may be made during any Fiscal Year if approved first in writing by Lender; provided, further, that Capital Expenditures made during
such Fiscal Year in connection with (i) the Newcastle expansion project and associated facility enhancements and (ii) the benzene removal project, in each case as described in greater detail on Schedule 10.2.3, shall not be included
in the calculation of Capital Expenditures for such Fiscal Year for the purposes of this Section 10.2.3. 

10.2.4. Distributions; Upstream Payments. Declare or make any Distributions, except (i) Upstream Payments;
(ii) so long as no Event of Default shall have occurred and is continuing, Distributions by the Company or any Subsidiary to Holdings to discharge the consolidated tax liabilities of Holdings and its Subsidiaries, (iii) so long as no Event
of Default shall have occurred and is continuing, Distributions by the Company, any Subsidiary or Holdings, as applicable, to the holders of the Equity Interests in Holdings pursuant to Section 8.5(d) of the Limited Liability Company
Agreement of Black Elk Refining, LLC, as in effect on the Closing Date, (iv) so long as no Default or Event of Default shall have occurred and is continuing, payments to Holdings to permit Holdings, and the subsequent use of such payments by
Holdings, to repurchase or redeem Equity Interests of Holdings held by officers, directors or employees or former officers, directors or employees (or their transferees, estates or beneficiaries under their estates) of any Obligor, upon their death,
disability, retirement, severance or termination of employment or service; provided that the aggregate cash consideration paid for all such redemptions and payments shall not exceed, in any Fiscal Year, $1,000,000, (v) Holdings and each
of its Subsidiaries may pay Distributions payable solely in the Equity Interests of Holdings; (vi) Holdings or any of its Subsidiaries may (A) pay cash in lieu of fractional shares in connection with any dividend, split or combination
thereof and (B) honor any conversion request by a holder of convertible Indebtedness and make cash payments in lieu of fractional shares in connection with any such conversion; and (vii) other Distributions from the Company to Holdings
(and in turn, if desired by Holdings, from Holdings to the holders of the Equity Interest in Holdings), by delivering five (5) Business Days prior written notice to Lender of the Company’s intent to make such Distribution so long
(a) as both before and after giving effect to such Distribution, no Default or Event of Default shall have occurred or shall result therefrom, (b) Borrower Agent shall have delivered to Lender a Borrowing Base Certificate, together with
such supporting documentation as Lender may request (in each case, in form and substance satisfactory to Lender in its discretion), demonstrating that on the date of such Distribution, Excess Availability is greater than $15,000,000, and after
giving effect to such Distribution, the average monthly Excess Availability for the twelve month period immediately following such Distribution will be greater than $15,000,000, (c) Borrower Agent shall have delivered to Lender a Compliance
Certificate, in form and substance satisfactory to Lender in its discretion, demonstrating that immediately before and after giving effect to such Distribution, Obligors shall have a Fixed Charge Coverage Ratio of at least 1.25 to 1.00, and
certifying compliance with the covenants set forth in this Agreement and (d) Lender shall have received the audited financial statements and related deliverables pursuant to Section 10.1.2(a) for the 2014 Fiscal Year. 

  
 72 

 10.2.5. Sanctions; Anti-Corruption Laws. (a) Directly or indirectly,
use any credit extension hereunder or the proceeds thereof, or lend, contribute or otherwise make available such credit extension or the proceeds thereof to any Person, to fund any activities of or business with any Person, or in any Designated
Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any Person of Sanctions. (b) Directly or indirectly, use any credit extension hereunder or the proceeds
thereof for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 or other similar legislation in other jurisdictions. 

10.2.6. Disposition of Assets. Make any Asset Disposition, except a Permitted Asset Disposition, or a transfer of
Property by a Subsidiary or Obligor to an Obligor. 
 10.2.7. Investments. Make any Investments, except
(a) advances to an officer or employee for salary, travel expenses, commissions and similar items in the Ordinary Course of Business; (b) prepaid expenses and extensions of trade credit made in the Ordinary Course of Business;
(c) deposits with financial institutions permitted hereunder; (d) intercompany loans by the Company to Wyoming Pipeline or by Wyoming Pipeline to the Company or by Holdings to the Company; (e) [reserved]; (f) Investments
outstanding on the Closing Date and identified on Schedule 10.2.7; (g) (i) acquiring and holding accounts receivables owing to any of them if created or acquired in the Ordinary Course of Business and payable or dischargeable
in accordance with customary terms, (ii) investing in, acquire and hold cash and Cash Equivalents, (iii) endorsing negotiable instruments held for collection in the Ordinary Course of Business or (iv) making lease, utility and other
similar deposits in the Ordinary Course of Business; (h) Hedging Obligations incurred pursuant to Section 10.2.15; (i) Investments in securities of trade creditors or customers in the Ordinary Course of Business received upon
foreclosure or pursuant to any plan of reorganization or liquidation or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers; (j) mergers and consolidations in compliance with Section 10.2.9;
(k) Investments (excluding acquisitions) made by any Obligor or any of its Subsidiaries as a result of consideration received in connection with an Asset Disposition made in compliance with Section 10.2.6; (l) leases of real or
personal in the Ordinary Course of Business and in accordance with the Security Documents; and (m) other Investments in an aggregate amount not to exceed $500,000. 

10.2.8. Restrictions on Payment of Certain Debt. Make any payments (whether voluntary or mandatory, or a prepayment,
redemption, retirement, defeasance or acquisition) with respect to any (a) Subordinated Debt, except (i) regularly scheduled payments of principal (including on the maturity date hereof), in respect of Subordinated Debt, but only to the
extent permitted under the Subordination Agreement relating to such Debt (and a Senior Officer of Borrower Agent shall certify to Lender, not less than five (5) Business Days prior to the date of payment, that all conditions under such
agreement have been satisfied), (ii) pursuant to a refinancing permitted by Section 10.2.1, 

  
 73 

 
(iii) any payment to the extent made with Equity Interests of Holdings, and (iv) any other payment permitted by the subordination terms thereof; or (b) BP Swap Obligations, except
(i) regularly scheduled payments provided for in, and mandatory prepayments required under, the BP Swap Documents, and (ii) voluntary prepayments of principal and payments of cash deposits securing any BP Swap Obligations, provided
(w) Holdings delivers at least five (5) Business Days’ prior written notice of Holdings’ intent to make such voluntary prepayment or cash deposit payment, (x) both before and after giving effect to such payment, no Default
or Event of Default shall have occurred or shall result therefrom, (y) Borrower Agent shall have delivered to Lender a Borrowing Base Certificate, together with such supporting documentation as Lender may request (in each case, in form and
substance satisfactory to Lender, in its discretion), demonstrating that on the date of such payment, Excess Availability is greater than $15,000,000, and after giving effect to such payment, the average monthly Excess Availability for the twelve
month period immediately following such payment will be greater than $15,000,000, and (z) Borrower Agent shall have delivered to Lender a Compliance Certificate, in form and substance satisfactory to Lender, in its good faith credit judgment,
demonstrating that immediately before and after giving effect to such payment, Borrowers shall have Fixed Charge Coverage Ratio of at least 1.25 to 1.00, and certifying compliance with the covenants set forth in this Agreement; or (c) any other
Borrowed Money (other than the Obligations) prior to its due date (including any mandatory prepayment dates) under the agreements evidencing such Debt as in effect on the Closing Date (or as amended thereafter with the consent of Lender) or as
permitted in Section 10.2.19, except (i) pursuant to a refinancing permitted by Section 10.2.1; or (ii) a payment to the extent made with Equity Interests of Holdings; or (iii) payments not exceed $250,000 in
any Fiscal Year, so long as no Event of Default is continuing at the time of any such payment or would result therefrom. 

10.2.9. Fundamental Changes. (a) Merge, combine or consolidate with any Person, or liquidate, wind up its affairs
or dissolve itself, in each case whether in a single transaction or in a series of related transactions, except for (i) mergers or consolidations of a wholly-owned Subsidiary with another wholly-owned Subsidiary or into a Borrower;
(ii) any Subsidiary (other than the Company or Wyoming Pipeline) may dissolve, liquidate or wind up its affairs at any time; provided that such dissolution, liquidation or winding up, as applicable, could not reasonably be expected to have a
Material Adverse Effect; and (iii) Asset Dispositions in compliance with Section 10.2.6; or (b) change its name or conduct business under any fictitious name, change its tax, charter or other organizational identification
number, or change its form or state of organization, in each case, without giving Lender prior notice of any such change. 

10.2.10. Subsidiaries. Form or acquire any Subsidiary after the Closing Date, except in accordance with
Sections 10.1.9; or permit any existing Subsidiary to issue any additional Equity Interests, except director’s qualifying shares or Equity Interests issued to an Obligor. 

10.2.11. Organic Documents. Amend, modify or otherwise change any of its Organic Documents as in effect on the Closing
Date and other amendments or modifications that are not adverse to Lender. 

  
 74 

 10.2.12. Tax Consolidation. File or consent to the filing of any
consolidated income tax return with any Person other than Obligors and Subsidiaries. 
 10.2.13. Accounting Changes.
Make any material change in accounting treatment or reporting practices, except as required or permitted by GAAP and in accordance with Section 1.2; or change its Fiscal Year. 

10.2.14. Restrictive Agreements. Become a party to any Restrictive Agreement, except (a) a Restrictive Agreement
in effect on the Closing Date and disclosed to Lender; (b) a Restrictive Agreement relating to secured Debt permitted hereunder, as long as the restrictions apply only to collateral for such Debt; (c) constituting customary
restrictions on assignment in leases and other contracts; (d) arising under Applicable Law; (e) this Agreement and the other Loan Documents; (f) the BP Swap Documents; (g) customary provisions restricting subletting or assignment
of any lease governing a leasehold interest of an Obligor or a Subsidiary; (h) customary restrictions and conditions contained in any agreement relating to the sale of any property permitted under Section 10.2.6 pending the
consummation of such sale; (i) any agreement in effect at the time such Subsidiary becomes a Subsidiary of an Obligor, so long as such agreement was not entered into in connection with or in contemplation of such Person becoming a Subsidiary of
an Obligor; (j) without affecting the Obligors’ obligations under the Security Agreement, customary provisions in partnership agreements, limited liability company organizational governance documents, asset sale and stock sale agreements
and other similar agreements entered into in the ordinary course of business that restrict the transfer of ownership interests in such partnership, limited liability company or similar Person; (k) restrictions on cash or other deposits or net
worth imposed by suppliers or landlords under contracts entered into in the ordinary course of business; (l) in the case of any joint venture which is not an Obligor in respect of any matters contemplated by such Restricted Agreement,
restrictions in such Person’s Organic Documents or pursuant to any joint venture agreement or stockholders agreements solely to the extent of the Equity Interests of or property held in the subject joint venture or other entity; or (m) any
encumbrances or restrictions imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents of the contracts, instruments or obligations referred to in clause (k) above; provided that such amendments or
refinancings are no more materially restrictive with respect to such encumbrances and restrictions than those prior to such amendment or refinancing 

10.2.15. Hedging Agreements. Enter into any Hedging Agreement, except to hedge risks arising in the Ordinary Course of
Business and not for speculative purposes. 
 10.2.16. Conduct of Business. Engage in any business, other than its
business as conducted on the Closing Date and any activities reasonably related or incidental thereto. 
 10.2.17.
Affiliate Transactions. Enter into or be party to any transaction with an Affiliate, except (a) transactions contemplated by the Loan Documents; (b) payment of reasonable compensation to officers and employees for services actually
rendered, and loans and advances permitted by Section 10.2.7; (c) payment of customary directors’ fees and indemnities; (d) transactions with Affiliates that were consummated prior to the

  
 75 

 
Closing Date, as shown on Schedule 10.2.17; (e) Distributions permitted by Section 10.2.4; (f) Investments permitted by Section 10.2.7;
(g) transactions with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods and services, in each case in the ordinary course of business and otherwise not prohibited by the Loan Documents; (h) sales of
Equity Interests of Holdings to Affiliates of Holdings not otherwise prohibited by the Loan Documents and the granting of registration and other customary rights in connection therewith; (i) any transaction with an Affiliate where the only
consideration paid by any Obligor is Equity Interests of Holdings; and (j) transactions with Affiliates in the Ordinary Course of Business, upon fair and reasonable terms and no less favorable than would be obtained in a comparable
arm’s-length transaction with a non-Affiliate. 
 10.2.18. Plans. Become party to any Multiemployer Plan, other
than any in existence on the Closing Date or any other Multiemployer Plan reasonably acceptable to Lender, provided the Company has given Lender ten (10) Business Days’ prior notice of the effectiveness of such plan. 

10.2.19. Amendments to Subordinated Debt Documents and BP Swap Documents. Amend, supplement or otherwise modify
Subordinated Debt Documents, except as not prohibited by the Subordination Agreement, or the BP Swap Documents, except as not prohibited by the Intercreditor Agreement. 

10.2.20. Commodity Exchange Positions. 

(a) Purchases for Refinery Processing. Acquire, assume or maintain any unhedged or fixed price positions on any
commodities exchange for the purchase of crude oil to be processed in any Obligor’s refinery, either directly or via exchange or buy/sell, beyond the first or second month contract then trading. 

(b) Unhedged Positions. Acquire, assume or maintain any open unhedged trading positions on any commodities exchange
that in the aggregate exceed 50,000 barrels; provided, however, that (i) any such open unhedged trading positions shall be limited to the first or second month contracts then trading, and (ii) purchases of crude oil on a commodity
exchange for processing in any Obligor’s refinery consistent with the provisions of Section 10.2.20(a) shall not be considered to be unhedged positions for purposes of this Section 10.2.20(b). 

10.2.21. [Reserved]. 

10.2.22. Activities of Holdings. Cause Holdings at any time to (a) own any material assets, other than the Equity
Interests in the Company, (b) incur or suffer to exist any material liabilities (except the Guaranteed Obligations or the BP Swap Obligations) or (c) engage in any business activity other than the ownership of all of the issued and
outstanding Equity Interests of the Company and activities reasonably related or incidental thereto. 

  
 76 

 10.3. Financial Covenants. 

10.3.1. Fixed Charge Coverage Ratio. Obligors shall maintain a Fixed Charge Coverage Ratio of at least 1.25 to 1.00.

 10.3.2. Leverage Ratio. Obligors shall maintain a Leverage Ratio of not greater than 3.00 to 1:00. 

10.3.3. Borrowers’ Right to Cure. Notwithstanding anything to the contrary contained in Section 11, in
the event of any Event of Default under any covenant set forth in Section 10.3.1 or 10.3.2, and until the expiration of the tenth (10th) Business Day after the earlier of
(x) the date of delivery by the Borrowers of the financial statements required by Section 10.1.2(a) or (b) or (y) the date by which such financial statements are required to have been delivered, Holdings may, pursuant to
written notice to Lender prior to the receipt of such proceeds by Holdings, issue equity interests to one or more of the Equity Investors or receive a cash capital contribution from one or more of the Equity Investors, and Borrowers may apply the
amount of the Net Proceeds therefrom to increase EBITDA with respect to such applicable Fiscal Quarter and in the calculation of EBITDA for any subsequent financial covenant tests including such Fiscal Quarter (the “Equity Cure
Contributions”); provided that (i) 100% of the Net Proceeds of such Equity Cure Contribution are applied to prepay outstanding principal under the Term Loan in inverse order of maturity, (ii) in each four Fiscal Quarter
period, no more than two Equity Cure Contributions shall be made, (iii) not more than two Equity Cure Contributions may be made during the term of this Agreement, and (iv) the amount of any Equity Cure Contributions in any Fiscal Quarter
shall be no greater than the amount required to cause Holdings and its Subsidiaries to be in compliance with the applicable financial covenants as at the end of such Fiscal Quarter. The parties hereby acknowledge that this Section 10.3.3
may not be relied on for any purposes and all Equity Cure Contributions shall be disregarded for all purposes, including, without limitation for purposes of determining (x) any baskets with respect to the covenants contained in the Loan
Documents and (y) compliance with any performance goals used as the basis for adjustments to interest rate margins, other than to demonstrate retroactive compliance with Sections 10.3.1 and 10.3.2, solely for the Fiscal Quarter
immediately preceding such contribution and in the calculation of EBITDA for any subsequent financial covenant tests including such Fiscal Quarter, for purposes of determining whether an Event of Default exists pursuant to Section 10.3.1 or
10.3.2 and shall not result in any adjustment to any amounts other than the amount of the EBITDA referred to in the immediately preceding sentence. If, after giving effect to the Equity Cure Contributions, Holdings and its Subsidiaries shall
then be in compliance with the terms of Sections 10.3.1 and 10.3.2, Holdings and its Subsidiaries shall be deemed to have satisfied the requirements of Sections 10.3.1 and 10.3.2 on the relevant date of determination, and the
applicable Event of Default shall automatically be deemed to have not occurred. Notwithstanding anything to the contrary contained herein, any Obligations prepaid with the proceeds of Equity Cure Contributions shall be deemed outstanding for
purposes of determining compliance with the financial covenants contained in Sections 10.3.1 and 10.3.2 for the applicable Fiscal Quarter and the next three Fiscal Quarters thereafter. 

  
 77 

 SECTION 11. EVENTS OF DEFAULT; REMEDIES ON DEFAULT 

11.1. Events of Default. Each of the following shall be an “Event of Default” hereunder, if the same
shall occur for any reason whatsoever, whether voluntary or involuntary, by operation of law or otherwise: 
 (a) An Obligor
fails to pay (i) any Obligations consisting of principal when due (whether at stated maturity, on demand, upon acceleration or otherwise) or (ii) any Obligations (other than principal or Bank Product Debt) within five (5) Business
Days of becoming due (whether at stated maturity, on demand, upon acceleration or otherwise); 
 (b) Any representation,
warranty or other written statement of an Obligor made in connection with any Loan Documents to which it is a party or transactions contemplated thereby is incorrect or misleading in any material respect when given; 

(c) A Obligor breaches or fail to perform any covenant contained in Section 8.1, 8.2.4, 8.2.5,
8.6.2, 10.1.1, 10.1.2, 10.2 or 10.3; 
 (d) An Obligor breaches or fails to perform any
other covenant contained in any Loan Documents, and such breach or failure is not cured within 10 days after a Senior Officer of such Obligor has knowledge thereof or receives notice thereof from Lender, whichever is sooner; provided,
however, that such notice and opportunity to cure shall not apply if the breach or failure to perform is not capable of being cured within such period or is a willful breach by an Obligor; 

(e) A Guarantor repudiates, revokes or attempts to revoke its Guaranty; an Obligor or third party denies or contests the
validity or enforceability of any material Loan Document or Obligations, or the perfection or priority of any Lien on a material portion of the Inventory or Accounts, or on a material portion of the other Collateral granted to Lender; or any
material Loan Document ceases to be in full force or effect for any reason (other than a waiver or release by Lender); 

(f) (i) an event of default by an Obligor or termination event occurs (after giving effect to any applicable cure periods)
under any BP Swap Document if the effect thereof is to cause, or to permit BP to cause, the termination of the BP Swap Documents or any indebtedness thereunder to become due prior to its stated maturity, or (ii) any breach or default of an
Obligor occurs under (a) the Intercreditor Agreement, or (b) any other document, instrument or agreement to which it is a party or by which it or any of its Properties is bound, relating to any Debt (other than the Obligations, but
including Bank Product Debt) in excess of $500,000, if the maturity of or any payment with respect to such Debt may be accelerated or demanded due to such breach; 

  
 78 

 (g) The failure of any Obligor to pay any judgment or order for the payment of
money in an amount in excess of $500,000 (not covered by insurance) against such Obligor at least fifteen (15) days prior to the date on which such Obligor’s assets may be sold to satisfy such judgment, or the failure, within a period of
thirty (30) days after the commencement thereof, to have discharged any attachment, sequestration, or similar proceeding against such Obligor’s assets; 

(h) A loss, theft, damage or destruction occurs with respect to any Inventory if the amount not covered by insurance exceeds
$500,000; 
 (i) An Obligor is enjoined, restrained or in any way prevented by any Governmental Authority from conducting
any material part of its business; a cessation of any material part of an Obligor’s business for a material period of time; an Obligor agrees to or commences any liquidation, dissolution or winding up of its affairs; or an Obligor ceases to be
Solvent; 
 (j) An Insolvency Proceeding is commenced by an Obligor; an Obligor makes an offer of settlement, extension or
composition to its unsecured creditors generally; a trustee is appointed to take possession of any substantial Property of or to operate any of the business of an Obligor; or an Insolvency Proceeding is commenced against an Obligor and the Obligor
consents to institution of the proceeding, the petition commencing the proceeding is not timely contested by the Obligor, the petition is not dismissed within sixty (60) days after filing, or an order for relief is entered in the proceeding;

 (k) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that has resulted or could reasonably be
expected to result in liability of an Obligor to a Pension Plan, Multiemployer Plan or PBGC, or that constitutes grounds for appointment of a trustee for or termination by the PBGC of any Pension Plan or Multiemployer Plan; an Obligor or ERISA
Affiliate fails to pay when due any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan; 

(l) An Obligor or any of its Senior Officers is criminally indicted or convicted for (i) a felony committed in the
conduct of the Obligor’s business, or (ii) violating any state or federal law (including the Controlled Substances Act, Money Laundering Control Act of 1986 and Illegal Exportation of War Materials Act) that could lead to forfeiture of any
material Property or any Collateral; or 
 (m) A Change of Control occurs; or any event occurs or condition exists that has
a Material Adverse Effect. 
 11.2. Remedies upon Default. If an Event of Default described in Section 11.1(j)
occurs with respect to any Obligor, then to the extent permitted by Applicable Law, all Obligations shall become automatically due and payable and all Commitment shall terminate, without any action by Lender or notice of any kind. In addition, or if
any other Event of Default exists, Lender may in its discretion do any one or more of the following from time to time, but subject to the Intercreditor Agreement: 

  
 79 

 (a) declare any Obligations immediately due and payable, whereupon they shall be
due and payable without diligence, presentment, demand, protest or notice of any kind, all of which are hereby waived by Obligors to the fullest extent permitted by law; 

(b) terminate, reduce or condition any Commitment, or make any adjustment to the Borrowing Base; 

(c) require Obligors to Cash Collateralize LC Obligations, Bank Product Debt and other Obligations that are contingent or not
yet due and payable, and, if Obligors fail promptly to deposit such Cash Collateral, Lender may advance the required Cash Collateral as Revolver Loans (whether or not an Overadvance exists or is created thereby, or the conditions in Section 6
are satisfied); and 
 (d) exercise any other rights or remedies afforded under any agreement, by law, at equity or
otherwise, including the rights and remedies of a secured party under the UCC. Such rights and remedies include the rights to (i) take possession of any Collateral; (ii) require Obligors to assemble Collateral, at Obligors’ expense,
and make it available to Lender at a place designated by Lender; (iii) enter any premises where Collateral is located and store Collateral on such premises until sold (and if the premises are owned or leased by an Obligor, Obligors agree not to
charge for such storage); and (iv) sell or otherwise dispose of any Collateral in its then condition, or after any further manufacturing or processing thereof, at public or private sale, with such notice as may be required by Applicable Law, in
lots or in bulk, at such locations, all as Lender, in its discretion, deems advisable. Each Obligor agrees that 10 days’ notice of any proposed sale or other disposition of Collateral by Lender shall be reasonable. Lender shall have the right
to conduct such sales on any Obligor’s premises, without charge, and such sales may be adjourned from time to time in accordance with Applicable Law. Lender shall have the right to sell, lease or otherwise dispose of any Collateral for cash,
credit or any combination thereof, and Lender may purchase any Collateral at public or, if permitted by law, private sale and, in lieu of actual payment of the purchase price, may set off the amount of such price against the Obligations. 

11.3. License. Lender is hereby granted a, non-exclusive license (exercisable during the continuance of an Event of
Default, and subject to the Intercreditor Agreement) or other right to use, license or sub-license (without payment of royalty or other compensation to any Person, but exercisable during the continuance of an Event of Default, and subject to the
Intercreditor Agreement) any or all Intellectual Property of Obligors, computer hardware and software, trade secrets, brochures, customer lists, promotional and advertising materials, labels, packaging materials and other Property, in advertising
for sale, marketing, selling, collecting, completing manufacture of, or otherwise exercising any rights or remedies with respect to, any Collateral. Each Obligor’s rights and interests under Intellectual Property shall inure to Lender’s
benefit. 

  
 80 

 11.4. Setoff. At any time during an Event of Default, Lender and its
Affiliates are authorized, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in
whatever currency) at any time owing by Lender or such Affiliate to or for the credit or the account of an Obligor against any Obligations, irrespective of whether or not Lender or such Affiliate shall have made any demand under this Agreement or
any other Loan Document and although such Obligations may be contingent or unmatured or are owed to a branch or office of Lender or such Affiliate different from the branch or office holding such deposit or obligated on such indebtedness. The rights
of Lender and each such Affiliate under this Section are in addition to other rights and remedies (including other rights of setoff) that such Person may have. 

11.5. Remedies Cumulative; No Waiver. 

11.5.1. Cumulative Rights. All agreements, warranties, guaranties, indemnities and other undertakings of Obligors under
the Loan Documents are cumulative and not in derogation of each other. The rights and remedies of Lender are cumulative, may be exercised at any time and from time to time, concurrently or in any order, and are not exclusive of any other rights or
remedies available by agreement, by law, at equity or otherwise. All such rights and remedies shall continue in full force and effect until Full Payment of all Obligations. 

11.5.2. Waivers. No waiver or course of dealing shall be established by (a) the failure or delay of Lender to
require strict performance by Obligors with any terms of the Loan Documents, or to exercise any rights or remedies with respect to Collateral or otherwise; (b) the making of any Loan or issuance of any Letter of Credit during a Default, Event
of Default or other failure to satisfy any conditions precedent; or (c) acceptance by Lender of any payment or performance by an Obligor under any Loan Documents in a manner other than that specified therein. It is expressly acknowledged by
Obligors that any failure to satisfy a financial covenant on a measurement date shall not be cured or remedied by satisfaction of such covenant on a subsequent date. 

SECTION 12. GUARANTY 

12.1. Guaranty of the Obligations. Subject to the provisions of Section 12.2, Guarantors jointly and severally
hereby irrevocably and unconditionally guaranty to Lender the due and punctual payment in full of all Obligations when the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise
(including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code) (collectively, the “Guaranteed Obligations”). 

  
 81 

 Each Obligor that is a Qualified ECP Guarantor at the time the Guaranty or the grant of a Lien
under the Loan Documents, in each case, by any Specified Obligor becomes effective with respect to any Swap Obligation, hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support to
each Specified Obligor with respect to such Swap Obligation as may be needed by such Specified Obligor from time to time to honor all of its obligations under the Loan Documents in respect of such Swap Obligation (but, in each case, only up to the
maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under this Section 12 voidable under applicable law relating to fraudulent conveyance or
fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under this Section shall remain in full force and effect until the Obligations have been indefeasibly paid and performed in full.
Each Obligor intends this Section to constitute, and this Section shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of, each Specified Obligor for all purposes
of the Commodity Exchange Act. 
 12.2. Contribution by Guarantors. All Guarantors desire to allocate among themselves
(collectively, the “Contributing Guarantors”), in a fair and equitable manner, their obligations arising under this Guaranty. Accordingly, in the event any payment or distribution is made on any date by a Guarantor (a
“Funding Guarantor”) under this Guaranty such that its Aggregate Payments exceeds its Fair Share as of such date, such Funding Guarantor shall be entitled to a contribution from each of the other Contributing Guarantors in an amount
sufficient to cause each Contributing Guarantor’s Aggregate Payments to equal its Fair Share as of such date. “Fair Share” means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to
(a) the ratio of (i) the Fair Share Contribution Amount with respect to such Contributing Guarantor, to (ii) the aggregate of the Fair Share Contribution Amounts with respect to all Contributing Guarantors multiplied by, (b) the
aggregate amount paid or distributed on or before such date by all Funding Guarantors under this Guaranty in respect of the obligations Guaranteed. “Fair Share Contribution Amount” means, with respect to a Contributing Guarantor as
of any date of determination, the maximum aggregate amount of the obligations of such Contributing Guarantor under this Guaranty that would not render its obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under
Section 548 of Title 11 of the United States Code or any comparable applicable provisions of state law; provided, solely for purposes of calculating the “Fair Share Contribution Amount” with respect to any Contributing
Guarantor for purposes of this Section 12.2, any assets or liabilities of such Contributing Guarantor arising by virtue of any rights to subrogation, reimbursement or indemnification or any rights to or obligations of contribution
hereunder shall not be considered as assets or liabilities of such Contributing Guarantor. “Aggregate Payments” means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (1) the
aggregate amount of all payments and distributions made on or before such date by such Contributing Guarantor in respect of this Guaranty (including, without limitation, in respect of this Section 12.2), minus (2) the aggregate
amount of all payments received on or before such date by such Contributing Guarantor from the other Contributing Guarantors as contributions under this Section 12.2. The amounts payable as contributions hereunder shall be determined as
of the date on which the related payment or distribution is made by the applicable Funding Guarantor. The allocation among Contributing Guarantors of their obligations as set 

  
 82 

 
forth in this Section 12.2 shall not be construed in any way to limit the liability of any Contributing Guarantor hereunder. Each Guarantor is a third-party beneficiary to the
contribution agreement set forth in this Section 12.2. 
 12.3. Payment by Guarantors. Subject to
Section 12.2, Guarantors hereby jointly and severally agree, in furtherance of the foregoing and not in limitation of any other right which Lender may have at law or in equity against any Guarantor by virtue hereof, that upon the failure
of any Borrower to pay any of the Guaranteed Obligations when and as the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the
operation of the automatic stay under Section 362(a) of the Bankruptcy Code), Guarantors will upon demand pay, or cause to be paid, in cash, to Lender, an amount equal to the sum of the unpaid principal amount of all Guaranteed Obligations then
due as aforesaid, accrued and unpaid interest on such Guaranteed Obligations (including interest which, but for any Borrower’s becoming the subject of a case under the Bankruptcy Code, would have accrued on such Guaranteed Obligations, whether
or not a claim is allowed against such Borrower for such interest in the related bankruptcy case) and all other Guaranteed Obligations then owed to Lender as aforesaid. 

12.4. Liability of Guarantors Absolute. Each Guarantor agrees that its obligations hereunder are irrevocable, absolute,
independent and unconditional and shall not be affected by any circumstance which constitutes a legal or equitable discharge of a guarantor or surety other than payment in full of the Guaranteed Obligations. In furtherance of the foregoing and
without limiting the generality thereof, each Guarantor agrees as follows: 
 12.4.1. This Guaranty is a guaranty of payment
when due and not of collectability. This Guaranty is a primary obligation of each Guarantor and not merely a contract of surety; 

12.4.2. Lender may enforce this Guaranty upon the occurrence of an Event of Default notwithstanding the existence of any
dispute between any Borrower and Lender with respect to the existence of such Event of Default; 
 12.4.3. The obligations
of each Guarantor hereunder are independent of the obligations of Borrowers and the obligations of any other guarantor (including any other Guarantor) of the obligations of Borrowers, and a separate action or actions may be brought and prosecuted
against such Guarantor whether or not any action is brought against any Borrower or any of such other guarantors and whether or not any Borrower is joined in any such action or actions; 

12.4.4. Payment by any Guarantor of a portion, but not all, of the Guaranteed Obligations shall in no way limit, affect,
modify or abridge any Guarantor’s liability for any portion of the Guaranteed Obligations which has not been paid. Without limiting the generality of the foregoing, if Lender is awarded a judgment in any suit brought to enforce any
Guarantor’s covenant to pay a portion of the Guaranteed Obligations, such judgment shall not be deemed to release such Guarantor from its covenant to pay the 

  
 83 

 
portion of the Guaranteed Obligations that is not the subject of such suit, and such judgment shall not, except to the extent satisfied by such Guarantor, limit, affect, modify or abridge any
other Guarantor’s liability hereunder in respect of the Guaranteed Obligations; 
 12.4.5. Lender, upon such terms as
it deems appropriate, without notice or demand and without affecting the validity or enforceability hereof or giving rise to any reduction, limitation, impairment, discharge or termination of any Guarantor’s liability hereunder, from time to
time may (i) renew, extend, accelerate, increase the rate of interest on, or otherwise change the time, place, manner or terms of payment of the Guaranteed Obligations; (ii) settle, compromise, release or discharge, or accept or refuse any
offer of performance with respect to, or substitutions for, the Guaranteed Obligations or any agreement relating thereto and/or subordinate the payment of the same to the payment of any other obligations; (iii) request and accept other
guaranties of the Guaranteed Obligations and take and hold security for the payment hereof or the Guaranteed Obligations; (iv) release, surrender, exchange, substitute, compromise, settle, rescind, waive, alter, subordinate or modify, with or
without consideration, any security for payment of the Guaranteed Obligations, any other guaranties of the Guaranteed Obligations, or any other obligation of any Person (including any other Guarantor) with respect to the Guaranteed Obligations;
(v) enforce and apply any security now or hereafter held by or for the benefit of Lender in respect hereof or the Guaranteed Obligations and direct the order or manner of sale thereof, or exercise any other right or remedy that Lender may have
against any such security, in each case as Lender in its discretion may determine consistent herewith or any applicable security agreement, including foreclosure on any such security pursuant to one or more judicial or nonjudicial sales, whether or
not every aspect of any such sale is commercially reasonable, and even though such action operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Guarantor against any Borrower or any security for
the Guaranteed Obligations; and (vi) exercise any other rights available to it under the Loan Documents; and 
 12.4.6.
This Guaranty and the obligations of Guarantors hereunder shall be valid and enforceable and shall not be subject to any reduction, limitation, impairment, discharge or termination for any reason (other than payment in full of the Guaranteed
Obligations), including the occurrence of any of the following, whether or not any Guarantor shall have had notice or knowledge of any of them: (i) any failure or omission to assert or enforce or agreement or election not to assert or enforce,
or the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy (whether arising under the Loan Documents, at law, in equity or otherwise) with
respect to the Guaranteed Obligations or any agreement relating thereto, or with respect to any other guaranty of or security for the payment of the Guaranteed Obligations; (ii) any rescission, waiver, amendment or modification of, or any
consent to departure from, any of the terms or provisions (including provisions relating to events of default) hereof, any of the other Loan Documents or any agreement or instrument executed pursuant thereto, or of any other guaranty or security for
the Guaranteed Obligations, in each case whether or not in accordance with the terms hereof or such Loan Document, or any agreement relating to 

  
 84 

 
such other guaranty or security; (iii) the Guaranteed Obligations, or any agreement relating thereto, at any time being found to be illegal, invalid or unenforceable in any respect;
(iv) the application of payments received from any source (other than payments received pursuant to the other Loan Documents or from the proceeds of any security for the Guaranteed Obligations, except to the extent such security also serves as
collateral for indebtedness other than the Guaranteed Obligations) to the payment of indebtedness other than the Guaranteed Obligations, even though Lender might have elected to apply such payment to any part or all of the Guaranteed Obligations;
(v) Lender’s consent to the change, reorganization or termination of the corporate structure or existence of Holdings or any of its Subsidiaries and to any corresponding restructuring of the Guaranteed Obligations; (vi) any failure to
perfect or continue perfection of a security interest in any collateral which secures any of the Guaranteed Obligations; (vii) any defenses, set-offs or counterclaims which any Borrower may allege or assert against Lender in respect of the
Guaranteed Obligations, including failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury; and (viii) any other act or thing or omission, or delay to do any other act
or thing, which may or might in any manner or to any extent vary the risk of any Guarantor as an obligor in respect of the Guaranteed Obligations. 

12.5. Waivers by Guarantors. Each Guarantor hereby waives, for the benefit of Lender: (a) any right to require
Lender, as a condition of payment or performance by such Guarantor, to (i) proceed against any Borrower, any other guarantor (including any other Guarantor) of the Guaranteed Obligations or any other Person, (ii) proceed against or exhaust
any security held from any Borrower, any such other guarantor or any other Person, (iii) proceed against or have resort to any balance of any Deposit Account or credit on the books of Lender in favor of any Borrower or any other Person, or
(iv) pursue any other remedy in the power of Lender whatsoever; (b) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of any Borrower or any other Guarantor including any defense based on
or arising out of the lack of validity or the unenforceability of the Guaranteed Obligations or any agreement or instrument relating thereto or by reason of the cessation of the liability of any Borrower or any other Guarantor from any cause other
than payment in full of the Guaranteed Obligations; (c) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the
principal; (d) any defense based upon Lender’s errors or omissions in the administration of the Guaranteed Obligations, except behavior which amounts to bad faith; (e) (i) any principles or provisions of law, statutory or
otherwise, which are or might be in conflict with the terms hereof and any legal or equitable discharge of such Guarantor’s obligations hereunder, (ii) the benefit of any statute of limitations affecting such Guarantor’s liability
hereunder or the enforcement hereof, (iii) any rights to set-offs, recoupments and counterclaims, and (iv) promptness, diligence and any requirement that Lender protect, secure, perfect or insure any security interest or lien or any
property subject thereto; (f) notices, demands, presentments, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance hereof, notices of default hereunder or any agreement or instrument
related thereto, notices of any renewal, extension or modification of the Guaranteed Obligations or any agreement related thereto, notices of any extension of credit to Borrowers and notices of any of the matters referred to in
Section 12.4 and any right to consent to any thereof; and (g) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the
terms hereof. 

  
 85 

 12.6. Guarantors’ Rights of Subrogation, Contribution, etc. Until the
Guaranteed Obligations shall have been indefeasibly paid in full and the Commitments shall have terminated and all Letters of Credit shall have expired or been cancelled, each Guarantor hereby waives any claim, right or remedy, direct or indirect,
that such Guarantor now has or may hereafter have against any Borrower or any other Guarantor or any of its assets in connection with this Guaranty or the performance by such Guarantor of its obligations hereunder, in each case whether such claim,
right or remedy arises in equity, under contract, by statute, under common law or otherwise and including without limitation (a) any right of subrogation, reimbursement or indemnification that such Guarantor now has or may hereafter have
against any Borrower with respect to the Guaranteed Obligations, (b) any right to enforce, or to participate in, any claim, right or remedy that Lender now has or may hereafter have against any Borrower, and (c) any benefit of, and any
right to participate in, any collateral or security now or hereafter held by Lender. In addition, until the Guaranteed Obligations shall have been indefeasibly paid in full and the Commitment shall have terminated and all Letters of Credit shall
have expired or been cancelled, each Guarantor shall withhold exercise of any right of contribution such Guarantor may have against any other guarantor (including any other Guarantor) of the Guaranteed Obligations, including, without limitation, any
such right of contribution as contemplated by Section 12.2. Each Guarantor further agrees that, to the extent the waiver or agreement to withhold the exercise of its rights of subrogation, reimbursement, indemnification and contribution
as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation, reimbursement or indemnification such Guarantor may have against any Borrower or against any collateral or security,
and any rights of contribution such Guarantor may have against any such other guarantor, shall be junior and subordinate to any rights Lender may have against any Borrower, to all right, title and interest Lender may have in any such collateral or
security, and to any right Lender may have against such other guarantor. If any amount shall be paid to any Guarantor on account of any such subrogation, reimbursement, indemnification or contribution rights at any time when all Guaranteed
Obligations shall not have been finally and indefeasibly paid in full, such amount shall be held in trust for Lender and shall forthwith be paid over to Lender to be credited and applied against the Guaranteed Obligations, whether matured or
unmatured, in accordance with the terms hereof. 
 12.7. Subordination of Other Obligations. Any Indebtedness of any
Borrower or any Guarantor now or hereafter held by any Guarantor (the “Obligee Guarantor”) is hereby subordinated in right of payment to the Guaranteed Obligations, and any such indebtedness collected or received by the Obligee
Guarantor after an Event of Default has occurred and is continuing shall be held in trust for Lender and shall forthwith be paid over to Lender to be credited and applied against the Guaranteed Obligations but without affecting, impairing or
limiting in any manner the liability of the Obligee Guarantor under any other provision hereof. 

  
 86 

 12.8. Continuing Guaranty. This Guaranty is a continuing guaranty and shall
remain in effect until all of the Guaranteed Obligations shall have been indefeasibly paid in full and the Commitment shall have terminated and all Letters of Credit shall have expired or been cancelled. Each Guarantor hereby irrevocably waives any
right to revoke this Guaranty as to future transactions giving rise to any Guaranteed Obligations. 
 12.9. Authority of
Guarantors or Borrowers. It is not necessary for Lender to inquire into the capacity or powers of any Guarantor or any Borrower or the officers, directors or any agents acting or purporting to act on behalf of any of them. 

12.10. Financial Condition of Borrowers. Any Loan may be made to Borrowers or continued from time to time, without notice
to or authorization from any Guarantor regardless of the financial or other condition of Borrowers at the time of any such grant or continuation. Lender shall not have any obligation to disclose or discuss with any Guarantor its assessment, or any
Guarantor’s assessment, of the financial condition of any Borrower. Each Guarantor has adequate means to obtain information from each Borrower on a continuing basis concerning the financial condition of such Borrower and its ability to perform
its obligations under the Loan Documents, and each Guarantor assumes the responsibility for being and keeping informed of the financial condition of Borrowers and of all circumstances bearing upon the risk of nonpayment of the Guaranteed
Obligations. Each Guarantor hereby waives and relinquishes any duty on the part of Lender to disclose any matter, fact or thing relating to the business, operations or conditions of any Borrower now known or hereafter known by Lender. 

12.11. Bankruptcy, etc. So long as any Guaranteed Obligations remain outstanding, no Guarantor shall, without the prior
written consent of Lender, commence or join with any other Person in commencing any bankruptcy, reorganization or insolvency case or proceeding of or against any Borrower or any other Guarantor. The obligations of Guarantors hereunder shall not be
reduced, limited, impaired, discharged, deferred, suspended or terminated by any case or proceeding, voluntary or involuntary, involving the bankruptcy, insolvency, receivership, reorganization, liquidation or arrangement of any Borrower or any
other Guarantor or by any defense which any Borrower or any other Guarantor may have by reason of the order, decree or decision of any court or administrative body resulting from any such proceeding. 

12.11.1. Each Guarantor acknowledges and agrees that any interest on any portion of the Guaranteed Obligations which accrues
after the commencement of any case or proceeding referred to in Section 12.11.1 above (or, if interest on any portion of the Guaranteed Obligations ceases to accrue by operation of law by reason of the commencement of such case or
proceeding, such interest as would have accrued on such portion of the Guaranteed Obligations if such case or proceeding had not been commenced) shall be included in the Guaranteed Obligations because it is the intention of Guarantors and Lender
that the Guaranteed Obligations which are guaranteed by Guarantors pursuant hereto should be determined without regard to any rule of law or order which may relieve any Borrower of any portion of such Guaranteed Obligations.

  
 87 

 
Guarantors will permit any trustee in bankruptcy, receiver, debtor in possession, assignee for the benefit of creditors or similar Person to pay Lender, or allow the claim of Lender in respect
of, any such interest accruing after the date on which such case or proceeding is commenced. 
 12.11.2. In the event that
all or any portion of the Guaranteed Obligations are paid by any Borrower, the obligations of Guarantors hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such
payment(s) are rescinded or recovered directly or indirectly from Lender as a preference, fraudulent transfer or otherwise, and any such payments which are so rescinded or recovered shall constitute Guaranteed Obligations for all purposes hereunder.

 12.12. Discharge of Guaranty Upon Sale of Guarantor. If all of the Equity Interests of any Guarantor (excluding any
Borrower) or any of its successors in interest hereunder shall be sold or otherwise disposed of (including by merger or consolidation) in a transaction permitted hereby, the Guaranty of such Guarantor or such successor in interest, as the case may
be, hereunder shall automatically be discharged and released without any further action by Lender or any other Person effective as of the time of such sale or disposition. 

SECTION 13. MISCELLANEOUS 

13.1. Consents, Amendments and Waivers. 

13.1.1. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of Obligors, Lender, and
their respective successors and assigns, except that no Obligor shall have the right to assign its rights or delegate its obligations under any Loan Documents. 

13.1.2. Amendments and Other Modifications. No modification of any Loan Document, including any extension or amendment
of a Loan Document or any waiver of a Default or Event of Default, shall be effective without the prior written agreement of Lender and each Obligor party to such Loan Document. 

13.2. Indemnity. EXCEPT WITH RESPECT TO TAXES, WHICH ARE ADDRESSED EXCLUSIVELY IN SECTIONS 3.7.1(B) AND 5.8, EACH OBLIGOR
SHALL INDEMNIFY AND HOLD HARMLESS THE INDEMNITEES AGAINST ANY CLAIMS THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE, INCLUDING CLAIMS ASSERTED BY ANY OBLIGOR OR OTHER PERSON OR ARISING FROM THE NEGLIGENCE OF AN INDEMNITEE. In no event
shall any party to a Loan Document have any obligation thereunder to indemnify or hold harmless an Indemnitee with respect to a Claim that is determined in a final, non-appealable judgment by a court of competent jurisdiction to result from the
gross negligence or willful misconduct of such Indemnitee. Without limitation on the generality of the foregoing, this indemnity shall extend to indemnified matters arising out of an Indemnitee’s own simple or ordinary negligence (whether
active or passive) but not to such matters arising from the Indemnitee’s own gross negligence or willful misconduct. 

  
 88 

 13.3. Notices and Communications. 

13.3.1. Notice Address. Subject to Section 4.1.3, all notices and other communications by or to a party
hereto shall be in writing and shall be given to any Obligor, at Borrower Agent’s address shown on the signature pages hereof, and to any other Person at its address shown on the signature pages hereof, or at such other address as a party may
hereafter specify by notice in accordance with this Section 13.3. Each such notice or other communication shall be effective only (a) if given by facsimile transmission, when transmitted to the applicable facsimile number, if
confirmation of receipt is received; (b) if given by mail, three Business Days after deposit in the U.S. mail, with first-class postage pre-paid, addressed to the applicable address; or (c) if given by personal delivery, when duly
delivered to the notice address with receipt acknowledged. Notwithstanding the foregoing, no notice to Lender pursuant to Section 2.1.3, 2.3, 3.1.2, 4.1.1 or 5.3.3 shall be effective until actually received by
the individual to whose attention at Lender such notice is required to be sent. Any written notice or other communication that is not sent in conformity with the foregoing provisions shall nevertheless be effective on the date actually received by
the noticed party. Any notice received by Borrower Agent shall be deemed received by all Obligors. 
 13.3.2. Electronic
Communications; Voice Mail. Notices and other communications to Lender hereunder may be delivered or furnished by electronic communication (including e-mail, FPML messaging and Internet or intranet websites) pursuant to procedures approved by
Lender. Lender or any Obligor may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited
to particular notices or communications. Unless Lender otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient
(such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement) and (ii) notices and other communications posted to an Internet or intranet website shall be deemed received by the
intended recipient upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail address or other written acknowledgement) indicating that
such notice or communication is available and identifying the website address therefor; provided that for both clauses (i) and (ii), if such notice or other communication is not sent during the normal business hours of the recipient, such
notice, email or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient. Lender makes no assurances as to the privacy and security of electronic communications. Voice mail may not be
used as effective notice under the Loan Documents. 
 13.3.3. Non-Conforming Communications. Lender may rely upon any
notices purportedly given by or on behalf of any Obligor even if such notices were not made in a 

  
 89 

 
manner specified herein, were incomplete or were not confirmed, or if the terms thereof, as understood by the recipient, varied from a later confirmation. Each Obligor shall indemnify and hold
harmless each Indemnitee from any liabilities, losses, costs and expenses arising from any telephonic or electronic communication purportedly given by or on behalf of an Obligor. 

13.4. Performance of Borrowers’ Obligations. Lender may, in its discretion at any time and from time to time, at
Borrowers’ expense, pay any amount or do any act required of a Borrower under any Loan Documents or otherwise lawfully requested by Lender to (a) enforce any Loan Documents or collect any Obligations; (b) protect, insure, maintain or
realize upon any Collateral; or (c) defend or maintain the validity or priority of Lender’s Liens in any Collateral, including any payment of a judgment, insurance premium, warehouse charge, finishing or processing charge, or landlord
claim, or any discharge of a Lien. All payments, costs and expenses (including Extraordinary Expenses) of Lender under this Section shall be reimbursed by Borrowers, on demand, with interest from the date incurred to the date of payment
thereof at the Default Rate applicable to Base Rate Loans. Any payment made or action taken by Lender under this Section shall be without prejudice to any right to assert an Event of Default or to exercise any other rights or remedies under the Loan
Documents. 
 13.5. Credit Inquiries. Each Borrower hereby authorizes Lender (but it shall have no obligation) to
respond to usual and customary credit inquiries from third parties concerning any Borrower or Subsidiary. 
 13.6.
Severability. Wherever possible, each provision of the Loan Documents shall be interpreted in such manner as to be valid under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only
to the extent of such invalidity and the remaining provisions of the Loan Documents shall remain in full force and effect. 
 13.7.
Cumulative Effect; Conflict of Terms. The provisions of the Loan Documents are cumulative. The parties acknowledge that the Loan Documents may use several limitations, tests or measurements to regulate similar matters, and they agree
that these are cumulative and that each must be performed as provided. Except as otherwise provided in another Loan Document (by specific reference to the applicable provision of this Agreement), if any provision contained herein is in direct
conflict with any provision in another Loan Document, the provision herein shall govern and control. 
 13.8.
Counterparts. Any Loan Document may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when Lender has
received counterparts bearing the signatures of all parties hereto. Delivery of a signature page of any Loan Document by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of such agreement. 

  
 90 

 13.9. Entire Agreement. THE LOAN DOCUMENTS CONSTITUTE THE ENTIRE CONTRACT
AMONG THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF, AND SUPERSEDE ANY AND ALL PREVIOUS AGREEMENTS AND UNDERSTANDINGS, ORAL OR WRITTEN, RELATING TO THE SUBJECT MATTER HEREOF. 

13.10. No Control; No Advisory or Fiduciary Responsibility. Nothing in any Loan Document and no action of Lender pursuant
to any Loan Document shall be deemed to constitute control of any Obligor by Lender. In connection with all aspects of each transaction contemplated by any Loan Document, Obligors acknowledge and agree that (a)(i) this credit facility and all
related services by Lender or its Affiliates are arm’s-length commercial transactions between Obligors and such Person; (ii) Obligors have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed
appropriate; and (iii) Obligors are capable of evaluating, and understand and accept, the terms, risks and conditions of the transactions contemplated by the Loan Documents; (b) each of Lender and its Affiliates is and has been acting
solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for Obligors, any of their Affiliates or any other Person, and has no obligation
with respect to the transactions contemplated by the Loan Documents except as expressly set forth therein; and (c) Lender and its Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of
Obligors and their Affiliates, and have no obligation to disclose any of such interests to Obligors or their Affiliates. To the fullest extent permitted by Applicable Law, each Obligor hereby waives and releases any claims that it may have against
Lender and its Affiliates with respect to any breach of agency or fiduciary duty in connection with any transaction contemplated by a Loan Document. 

13.11. Confidentiality. Lender agrees to maintain the confidentiality of all Information (as defined below), except that
Information may be disclosed (a) to its Affiliates, and its and their partners, directors, officers, employees, agents, advisors and representatives (provided such Persons are informed of the confidential nature of the Information and
instructed to keep it confidential); (b) to the extent requested by any governmental, regulatory or self-regulatory authority purporting to have jurisdiction over it or its Affiliates; (c) to the extent required by Applicable Law or by any
subpoena or other legal process; (d) to any other party hereto; (e) in connection with any action or proceeding, or other exercise of rights or remedies, relating to any Loan Documents or Obligations; (f) subject to an agreement
containing provisions substantially the same as this Section, to any potential or actual transferee of any interest in a Loan Document or any actual or prospective party (or its advisors) to any Bank Product; (g) with the consent of Borrower
Agent; or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) is available to Lender or its Affiliates on a non-confidential basis from a source other than
Borrowers. Notwithstanding the foregoing, Lender may publish or disseminate general information describing this credit facility, including the names and addresses of Borrowers and a general description of Borrowers’ businesses, and may use
Borrowers’ logos, trademarks or product photographs in advertising materials. As used herein, “Information” means all information 

  
 91 

 
received from an Obligor or Subsidiary relating to it or its business that is identified as confidential when delivered. Any Person required to maintain the confidentiality of Information
pursuant to this Section shall be deemed to have complied if it exercises the same degree of care that it accords its own confidential information. Lender acknowledges that (i) Information may include material non-public information concerning
an Obligor or Subsidiary; (ii) it has developed compliance procedures regarding the use of material non-public information; and (iii) it will handle such material non-public information in accordance with Applicable Law, including federal
and state securities laws. 
 13.12. [Reserved]. 

13.13. GOVERNING LAW. THIS AGREEMENT AND THE LOAN DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH
THEREIN) SHALL BE GOVERNED AND CONTROLLED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK AS TO INTERPRETATION, ENFORCEMENT, VALIDITY, CONSTRUCTION, EFFECT, AND IN ALL OTHER RESPECTS, INCLUDING, WITHOUT LIMITATION, THE LEGALITY OF THE INTEREST RATE
AND OTHER CHARGES. If any provision of this Agreement shall be held to be prohibited by or invalid under Applicable Law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
such provision or remaining provisions of this Agreement. 
 13.14. CONSENT TO FORUM; JURY TRIAL WAIVER. EACH OBLIGOR HEREBY
CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY PROCEEDING OR
DISPUTE RELATING IN ANY WAY TO ANY LOAN DOCUMENTS, AND AGREES THAT ANY SUCH PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN ANY SUCH COURT. EACH OBLIGOR IRREVOCABLY WAIVES ALL CLAIMS, OBJECTIONS AND DEFENSES THAT IT MAY HAVE REGARDING SUCH COURT’S
PERSONAL OR SUBJECT MATTER JURISDICTION, VENUE OR INCONVENIENT FORUM. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 13.3.1. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY
SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. Nothing herein shall limit the right of Lender to bring proceedings against any
Obligor in any other court, nor limit the right of any party to serve process in any other manner permitted by Applicable Law. Nothing in this Agreement shall be deemed to preclude enforcement by Lender of any judgment or order obtained in any forum
or jurisdiction. 
 EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY

  
 92 

 
IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 13.15. Waivers by Obligors. To the fullest extent permitted by Applicable Law, each Obligor waives (a) presentment,
demand, protest, notice of presentment, default, intent to accelerate, non-payment acceleration, maturity, release, compromise, settlement, extension or renewal of any commercial paper, accounts, documents, instruments, chattel paper and guaranties
at any time held by Lender on which a Obligor may in any way be liable, and hereby ratifies anything Lender may do in this regard; (b) notice prior to taking possession or control of any Collateral; (c) any bond or security that might be
required by a court prior to allowing Lender to exercise any rights or remedies; (d) the benefit of all valuation, appraisement and exemption laws; (e) any claim against Lender, on any theory of liability, for special, indirect,
consequential, exemplary or punitive damages (as opposed to direct or actual damages) in any way relating to any Enforcement Action, Obligations, Loan Documents or transactions relating thereto; and (f) notice of acceptance hereof. Each Obligor
acknowledges that the foregoing waivers are a material inducement to Lender entering into this Agreement and that Lender is relying upon the foregoing in its dealings with Obligors. Each Obligor has reviewed the foregoing waivers with its legal
counsel and has knowingly and voluntarily waived its jury trial and other rights following consultation with legal counsel. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 

13.16. Patriot Act Notice. Lender hereby notifies Obligors that pursuant to the requirements of the Patriot Act, Lender is
required to obtain, verify and record information that identifies each Obligor, including its legal name, address, tax ID number and other information that will allow Lender to identify it in accordance with the Patriot Act. Lender will also require
information regarding each personal guarantor, if any, and may require information regarding Obligors’ management and owners, such as legal name, address, social security number and date of birth. 

13.17. NO ORAL AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY
NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES. 

  
 93 

 13.18. AMENDMENT AND RESTATEMENT. THIS AGREEMENT IS AN AMENDMENT AND RESTATEMENT OF
THE SECOND AMENDED AND RESTATED LOAN AGREEMENT. ALL OBLIGATIONS UNDER THE SECOND AMENDED AND RESTATED LOAN AGREEMENT AND ALL LIENS SECURING PAYMENT OF SUCH OBLIGATIONS UNDER THE SECOND AMENDED AND RESTATED LOAN AGREEMENT SHALL IN ALL RESPECTS BE
CONTINUING AND THIS AGREEMENT SHALL NOT BE DEEMED TO EVIDENCE OR RESULT IN A NOVATION OR REPAYMENT AND RE-BORROWING OF SUCH OBLIGATIONS. THIS AGREEMENT SHALL SUPERSEDE THE SECOND AMENDED AND RESTATED LOAN AGREEMENT. FROM AND AFTER THE CLOSING DATE,
THIS AGREEMENT SHALL GOVERN THE TERMS OF THE OBLIGATIONS UNDER THE SECOND AMENDED AND RESTATED LOAN AGREEMENT. TO THE EXTENT NOT REPLACED BY LOAN DOCUMENTS DATED AS OF THE CLOSING DATE, ANY “LOAN DOCUMENTS” (AS DEFINED IN THE ORIGINAL LOAN
AGREEMENT, THE AMENDED AND RESTATED LOAN AGREEMENT AND THE SECOND AMENDED AND RESTATED LOAN AGREEMENT) EXECUTED IN CONNECTION WITH THE ORIGINAL LOAN AGREEMENT, THE AMENDED AND RESTATED LOAN AGREEMENT AND THE SECOND AMENDED AND RESTATED LOAN
AGREEMENT, AS APPLICABLE (OTHER THAN THE ORIGINAL LOAN AGREEMENT, THE AMENDED AND RESTATED LOAN AGREEMENT, THE SECOND AMENDED AND RESTATED LOAN AGREEMENT AND ANY OTHER LOAN DOCUMENT THAT IS SPECIFICALLY TERMINATED BY THE PARTIES THERETO) SHALL
CONTINUE TO BE EFFECTIVE, AND ALL REFERENCES IN THOSE PRIOR LOAN DOCUMENTS TO THE “LOAN AGREEMENT”, THE “LOAN AGREEMENT” OR THE “AGREEMENT” SHALL BE DEEMED TO REFER TO THIS AGREEMENT WITHOUT FURTHER AMENDMENT OF SUCH
PRIOR LOAN DOCUMENT. 
 13.19. Intercreditor Agreement. Notwithstanding anything herein to the contrary, the Liens and
security interest granted to Lender pursuant to any Loan Document and the exercise of any right or remedy in respect of the Collateral by Lender hereunder or under any other Loan Document are subject to the provisions of the Intercreditor Agreement.
In the event of any conflict between the terms of the Intercreditor Agreement, this Agreement and any other Loan Document, the terms of the Intercreditor Agreement shall govern and control with respect to any right or remedy. Without limiting the
generality of the foregoing, and notwithstanding anything herein to the contrary, all rights and remedies with respect to the Collateral of Lender (and the providers of Bank Products) shall be subject to the terms of the Intercreditor Agreement.
Lender may not require any Obligor to take any action with respect to the creation, perfection or priority of its security interest, whether pursuant to the express terms hereof or of any other Loan Document or pursuant to the further assurance
provisions hereof or any other Loan Document, to the extent that such action would be violative of the Intercreditor Agreement. The delivery of any Collateral to a collateral agent other than Lender shall satisfy any delivery requirement hereunder
or under any other Loan Document to the extent that such delivery is consistent with the terms of the Intercreditor Agreement. 

  
 94 

 13.20. Termination and Release 

(a) When all the Obligations (other than contingent obligations for which no claim has been made) have been paid in full and
the Commitments of Lender shall have expired or been sooner terminated in accordance with the provisions of this Agreement, this Agreement shall terminate. 

(b) Subject to Section 4.5, upon termination of this Agreement the Collateral shall cease to secure the
Obligations. 
 (c) Upon such release or any release of Collateral or any part thereof in accordance with the provisions of
this Agreement, including in connection with any disposition of Collateral otherwise permitted by this Agreement, Lender shall, upon the request and at the sole cost and expense of the Obligors, promptly assign, transfer and deliver to Obligors,
against receipt and without recourse to or warranty by Lender except as to the fact that Lender has not encumbered the released assets, such of the Collateral or any part thereof to be released (in the case of a release) as may be in possession of
Lender and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Lender, proper documents and instruments (including UCC-3 termination financing
statements or releases) acknowledging the termination hereof or the release of such Collateral, as the case may be. 
 [Remainder of page
intentionally left blank; signatures begin on following page] 

  
 95 

 IN WITNESS WHEREOF, this Agreement has been executed and delivered as of the date set
forth above. 
  

			
	OBLIGORS:
	
	HERMES CONSOLIDATED, LLC
		
	By:	 	/s/ Terry Perardi
	Name:	 	Terry Perardi
	Title:	 	Chief Financial Officer
	
	WYOMING PIPELINE COMPANY LLC 
		
	By:	 	/s/ Terry Perardi
	Name:	 	Terry Perardi
	Title:	 	Chief Financial Officer
	
	BLACK ELK REFINING, LLC 
		
	By:	 	/s/ Terry Perardi
	Name:	 	Terry Perardi
	Title:	 	Chief Financial Officer
	
	Address for Obligors:
	
	Hermes Consolidated, LLC
	1600 Broadway, Suite 1550
	Denver, CO
	Attn:	 	Terry Perardi, CFO
	Telecopy:	 	(303) 837-9089
	
	 with a copy to:
 Bartlit Beck Herman
Palenchar & Scott LLP
 1899 Wynkoop, Suite 800

Denver, CO 80202
 Attn: Polly S. Swartzfager

Telecopy: polly.swartzfager@bartlit-beck.com

  
 [SIGNATURE
PAGE TO THIRD AMENDED AND RESTATED LOAN AGREEMENT] 

 
			
	LENDER: 
	
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ Michael T. Letsch
	Name:	 	Michael T. Letsch
	Title:	 	Senior Vice President
	
	 Address:
  

    370 17th Street, Suite 3590

    Denver, Colorado 80202

    Attn: Michael T. Letsch

    Telecopy: (303) 825-7580
  

with a copy to:
  

    Moore & Van Allen

    100 N. Tryon St., Suite 4700

    Charlotte, NC 28202

    Telecopy: (704) 378-2070

    Attn: M. Matthew Plyler

  
 [SIGNATURE
PAGE TO THIRD AMENDED AND RESTATED LOAN AGREEMENT]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}]]