Document:

Intercreditor Agreement

 Exhibit 10.8 
 Execution Copy 
 INTERCREDITOR AGREEMENT 

This Intercreditor Agreement (this “Agreement”), is dated as of August 31, 2012, by and among JPMorgan Chase Bank,
N.A., as Administrative Agent (in such capacity, with its successors and assigns, and as more specifically defined below, the “First Priority Representative”) for the First Priority Secured Parties (as defined below), Jefferies
Finance LLC, as Administrative Agent (in such capacity, with its successors and assigns, and as more specifically defined below, the “Second Priority Representative”) for the Second Priority Secured Parties (as defined below), Par
Petroleum Corporation, a Delaware corporation formerly known as Delta Petroleum Corporation (“PPC”), and Par Piceance Energy Equity LLC, a Delaware limited liability company (“Par Piceance”). 

WHEREAS, Piceance Energy, LLC, a Delaware limited liability company (“PEL”), the First Priority Representative, and
certain financial institutions party thereto as banks are parties to that certain Credit Agreement dated June 4, 2012, as amended by the First Amendment to Credit Agreement dated August 31, 2012 (as so amended, the “Existing PEL
Credit Agreement”), pursuant to which such financial institutions have agreed to make loans and extend other financial accommodations to PEL; and 
 WHEREAS, Par Piceance, a parent of and holder of certain Equity in PEL, has executed that certain Parent Limited Guaranty dated August 31, 2012 (the “Parent Guaranty”) in favor of
the First Priority Representative, pursuant to which, among other things, Par Piceance has guaranteed the First Priority Obligations (as defined below), with recourse thereunder limited to the Common Collateral (as defined below) and fees and
expenses as more fully set forth therein; and 
 WHEREAS, Par Piceance and the First Priority Representative are parties to that
certain Parent Pledge Agreement dated August 31, 2012 (the “Parent Pledge Agreement”), pursuant to which, among other things, Par Piceance has granted to the First Priority Representative first priority security interests in
the Common Collateral as security for payment and performance of the First Priority Obligations; and 
 WHEREAS, PPC, the Second
Priority Representative, and certain other entities are parties to that certain Delayed Draw Term Loan Credit Agreement dated August 31, 2012 (the “Existing PPC Credit Agreement”), pursuant to which such other entities have
agreed to make loans to PPC; and 
 WHEREAS, pursuant to the terms of the Parent Pledge Agreement, Par Piceance may not grant
additional security interests in the Common Collateral unless such additional security interests are junior in priority and subordinate in all respects to the security interests in the Common Collateral granted to the First Priority Representative
and subject to an intercreditor agreement in form and substance acceptable to the First Priority Representative in its sole discretion; and 
 WHEREAS, Par Piceance proposes to grant to the Second Priority Representative junior security interests in the Common Collateral as security for payment and performance of the Second Priority Obligations
(as defined below); and 
 WHEREAS, the First Priority Representative and the First Priority Creditors (as defined below) have
agreed to permit the grant of such junior security interests in the Common Collateral on the terms and conditions of this Agreement; 

  
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 NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained
and other good and valuable consideration, the existence and sufficiency of which is expressly recognized by all of the parties hereto, the parties agree as follows: 
 SECTION 1. Definitions. 
 1.1 Defined Terms. The
following terms, as used herein, have the following meanings: 
 “Bankruptcy Code” means the United States
Bankruptcy Code (11 U.S.C. §101 et seq.), as amended from time to time. 
 “Common Collateral” means
(a) all of the issued and outstanding Equity of PEL now owned or hereinafter acquired by Par Piceance, (b) any and all proceeds or other sums arising from or by virtue of, and all dividends and distributions (cash or otherwise) payable
and/or distributable with respect to, all or any of the Equity described in clause (a) above, and (c) all cash, securities, dividends, and other property at any time and from time to time receivable or otherwise distributed in respect of
or in exchange for any or all of the Equity described in clause (a) above and any other property substituted or exchanged therefor. 
 “Comparable Second Priority Security Document” means, in relation to any Common Collateral subject to the Parent Pledge Agreement, any agreement that creates a security interest in favor
of the Second Priority Representative in the Common Collateral, granted by Par Piceance. 
 “Enforcement
Action” means, with respect to the First Priority Obligations or the Second Priority Obligations, the exercise of any rights and remedies with respect to the Common Collateral securing such obligations or the commencement or prosecution of
enforcement of any of the rights and remedies with respect to the Common Collateral under, as applicable, the First Priority Documents or the Second Priority Documents, or applicable law, including without limitation the exercise of any rights or
remedies of a secured creditor under the Uniform Commercial Code of any applicable jurisdiction or under the Bankruptcy Code with respect to the Common Collateral. For the avoidance of doubt, none of the following shall be deemed to constitute an
Enforcement Action (to the extent not inconsistent with the express terms of this Agreement): (i) the filing of a proof of claim in any Insolvency Proceeding or the seeking of adequate protection, (ii) the acceleration of the First
Priority Obligations or Second Priority Obligations, (iii) the taking of any action by the Second Priority Representative or any Second Priority Secured Party (not adverse to the priority status of the First Priority Lien on the Common
Collateral or the rights of the First Priority Representative or any other First Priority Secured Party to take any Enforcement Action in respect of the Common Collateral) in order to create, perfect, preserve or protect (but not enforce) its Second
Priority Lien on the Common Collateral, or (iv) filing any necessary or responsive pleadings in opposition to any motion, adversary proceeding or other pleading filed by any Person objecting to or otherwise seeking disallowance of the claim or
Lien of any First Priority Secured Party or Second Priority Secured Party. 
 “Equity” means shares of capital
stock or a partnership, profits, capital, member, or other equity interest, or options, warrants, or any other rights to substitute for or otherwise acquire the capital stock or a partnership, profits, capital, member, or other equity interest of
any Person. 
 “Existing PEL Credit Agreement” has the meaning set forth in the first WHEREAS clause of this
Agreement. 
 “Existing PPC Credit Agreement” has the meaning set forth in the fourth WHEREAS clause of this
Agreement. 
 “First Priority Creditors” means, collectively, the “Bank Products Providers”, the
“Banks”, and the “Secured Hedge Providers”, as each such term is defined in the PEL Credit Agreement. 

  
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 “First Priority Documents” means the “Loan Papers” as such term
is defined in the PEL Credit Agreement. 
 “First Priority Lien” means the Lien in the Common Collateral
created by the Parent Pledge Agreement. 
 “First Priority Obligations” means (a) all
“Obligations” as such term is defined in the PEL Credit Agreement (including without limitation any Post-Petition Interest), (b) all reimbursement obligations (if any) and interest thereon (including without limitation any
Post-Petition Interest) with respect to any letter of credit or similar instruments issued pursuant to the PEL Credit Agreement, and (c) all guarantee obligations, fees, expenses, and other amounts payable from time to time pursuant to the
First Priority Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any First Priority Obligation (whether by or on behalf of any PEL Credit Party, as proceeds of
security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside, or required to be paid to a debtor in possession, any Second Priority Secured Party, receiver or similar
Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Priority Secured Parties and the Second Priority Secured Parties, be deemed to be
reinstated and outstanding as if such payment had not occurred. 
 “First Priority Obligations Payment Date”
means the first date on which (a) the First Priority Obligations (other than those that constitute Unasserted Contingent Obligations) have been indefeasibly paid in cash in full (or cash collateralized or defeased in accordance with the terms
of the First Priority Documents), (b) all commitments to extend credit under the First Priority Documents have been terminated, (c) there are no outstanding letters of credit or similar instruments issued under the First Priority Documents
(other than such as have been cash collateralized or defeased in accordance with the terms of the First Priority Documents), and (d) the First Priority Representative has delivered a written notice to the Second Priority Representative stating
that the events described in clauses (a), (b), and (c) have occurred to the satisfaction of the First Priority Secured Parties, which the First Priority Representative covenants to deliver promptly after such events have occurred. 

“First Priority Representative” has the meaning set forth in the introductory paragraph hereof, but shall also include
any person identified as a “First Priority Representative” in any PEL Credit Agreement other than the Existing PEL Credit Agreement. 
 “First Priority Secured Parties” means the First Priority Representative, the First Priority Creditors, and any other holders of the First Priority Obligations. 

“Insolvency Proceeding” means any proceeding in respect of bankruptcy, insolvency, winding up, receivership,
dissolution, or assignment for the benefit of creditors, in each of the foregoing events whether under the Bankruptcy Code or any similar federal, state, or foreign bankruptcy, insolvency, reorganization, receivership, or similar law. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, deed to secure debt, lien, pledge,
hypothecation, assignment, encumbrance, charge, or security interest in, on, or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease, or title retention agreement (or any financing lease
having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call, or similar right of a third party with respect to such securities. 

  
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 “PEL Credit Agreement” means the collective reference to (a) the
Existing PEL Credit Agreement, as it may be amended, restated, amended and restated, or otherwise modified from time to time, and (b) any other credit agreement, loan agreement, note agreement, promissory note, indenture, or other agreement or
instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has been incurred to extend, replace, refinance, or refund in whole or in part the indebtedness and other obligations outstanding under the
Existing PEL Credit Agreement or any other agreement or instrument referred to in this clause (b). Any reference to the PEL Credit Agreement hereunder shall be deemed a reference to any PEL Credit Agreement then extant. 

“PEL Credit Parties” means, collectively, the “Credit Parties” and the “Parent Guarantors” as each
such term is defined in the Existing PEL Credit Agreement. “PEL Credit Party” means any one of the foregoing. 

“Person” means any person, individual, sole proprietorship, partnership, joint venture, corporation, limited liability
company, unincorporated organization, association, institution, entity, party, including any government and any political subdivision, agency, or instrumentality thereof. 
 “Post-Petition Interest” means any interest or entitlement to fees or expenses or other charges that accrues after the commencement of any Insolvency Proceeding, whether or not allowed or
allowable in any such Insolvency Proceeding. 
 “PPC Credit Agreement” means the collective reference to
(a) the Existing PPC Credit Agreement, as it may be amended, restated, amended and restated, or otherwise modified from time to time, and (b) any other credit agreement, loan agreement, note agreement, promissory note, indenture, or other
agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has been incurred to extend, replace, refinance, or refund in whole or in part the indebtedness and other obligations outstanding
under the Existing PPC Credit Agreement or any other agreement or instrument referred to in this clause (b). Any reference to the PPC Credit Agreement hereunder shall be deemed a reference to any PPC Credit Agreement then extant. 

“Second Priority Creditors” means the “Lenders” as defined in the PPC Credit Agreement, or any Persons that
are designated under the PPC Credit Agreement as the “Second Priority Creditors” for purposes of this Agreement. 

“Second Priority Documents” means each PPC Credit Agreement, each Second Priority Security Document and each guarantee
of any or all of the Second Priority Obligations. 
 “Second Priority Lien” means any Lien in the Common
Collateral created by the Second Priority Security Documents. 
 “Second Priority Obligations” means
(a) all “Obligations” as such term is defined in the PPC Credit Agreement (including without limitation any Post-Petition Interest) and (b) all guarantee obligations, fees, expenses, and other amounts payable from time to time
pursuant to the Second Priority Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. 

“Second Priority Representative” has the meaning set forth in the introductory paragraph hereof, but shall also include
any Person identified as a “Second Priority Representative” in any PPC Credit Agreement other than the Existing PPC Credit Agreement. 
 “Second Priority Secured Party” means the Second Priority Representative, the Second Priority Creditors, and any other holders of the Second Priority Obligations. 

  
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 “Second Priority Security Document” means any Comparable Second Priority
Security Document, and any other documents that are designated under the PPC Credit Agreement as “Second Priority Security Documents” for purposes of this Agreement. 
 “Secured Parties” means the First Priority Secured Parties and the Second Priority Secured Parties. 
 “Unasserted Contingent Obligations” shall mean, at any time, First Priority Obligations for taxes, costs, indemnifications, reimbursements, damages, and other liabilities (excluding
(a) the principal of, and interest and premium (if any) on, and fees and expenses relating to, any First Priority Obligations and (b) contingent reimbursement obligations in respect of amounts that may be drawn under outstanding letters of
credit) in respect of which no assertion of liability (whether oral or written) and no claim or demand for payment (whether oral or written) has been made (and, in the case of First Priority Obligations for indemnification, no notice for
indemnification has been issued by the indemnitee) at such time. 
 “Uniform Commercial Code” shall mean the
Uniform Commercial Code as in effect from time to time in the applicable jurisdiction. 
 1.2 Amended Agreements. All
references in this Agreement to agreements or other contractual obligations shall, unless otherwise specified, be deemed to refer to such agreements or contractual obligations as amended, supplemented, restated, replaced, or otherwise modified from
time to time. 
 SECTION 2. Lien Priorities. 

2.1 Subordination of Liens. 
 (a) Any and all Liens in the Common Collateral now existing or hereafter created or arising in favor of any Second Priority Secured Party securing the Second Priority Obligations, regardless of how
acquired, whether by grant, statute, operation of law, subrogation, or otherwise are expressly junior in priority, operation, and effect to any and all Liens in the Common Collateral now existing or hereafter created or arising in favor of the First
Priority Secured Parties securing the First Priority Obligations, notwithstanding (i) anything to the contrary contained in any agreement or filing to which any Second Priority Secured Party may now or hereafter be a party, and regardless of
the time, order, or method of grant, attachment, recording, or perfection of any financing statements or other security interests, assignments, pledges, deeds, mortgages, and other liens, charges, or encumbrances or any defect or deficiency or
alleged defect or deficiency in any of the foregoing, (ii) any provision of the Uniform Commercial Code or any applicable law or any First Priority Document or Second Priority Document or any other circumstance whatsoever, and (iii) the
fact that any such Liens in favor of any First Priority Secured Party securing any of the First Priority Obligations are (x) subordinated to any Lien securing any obligation of Par Piceance or PPC other than the Second Priority Obligations or
(y) otherwise subordinated, voided, avoided, invalidated, disallowed, or lapsed. 
 (b) No First Priority Secured Party or
Second Priority Secured Party shall object to or contest, or support any other Person in contesting or objecting to, in any proceeding (including without limitation, any Insolvency Proceeding), the validity, extent, perfection, priority, or
enforceability of any security interest in the Common Collateral granted to the other. Notwithstanding any failure by any First Priority Secured Party or Second Priority Secured Party to perfect its security interests in the Common Collateral or any
avoidance, invalidation, disallowance, or subordination by any third party or court of competent jurisdiction of the security interests in the Common Collateral granted to the First Priority 

  
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Secured Parties or the Second Priority Secured Parties, the priority and rights as between the First Priority Secured Parties and the Second Priority Secured Parties with respect to the Common
Collateral shall be as set forth herein. 
 2.2 Nature of First Priority Obligations. The Second Priority Representative
on behalf of itself and the other Second Priority Secured Parties acknowledges that a portion of the First Priority Obligations represents debt that is revolving in nature and that the amount thereof that may be outstanding at any time or from time
to time may be increased or reduced and subsequently reborrowed, and that the terms of the First Priority Obligations may be modified, extended, or amended from time to time, and that the aggregate amount of the First Priority Obligations may be
increased, replaced, or refinanced, in each event, without notice to or consent by the Second Priority Secured Parties and without affecting the provisions hereof. The lien priorities provided in Section 2.1 shall not be altered or otherwise
affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement, or refinancing of either the First Priority Obligations or the Second Priority Obligations, or any portion
thereof. 
 2.3 Agreements Regarding Actions to Perfect Liens. 

(a) The Second Priority Representative on behalf of itself and the other Second Priority Secured Parties agrees that UCC-1 financing
statements with respect to the Common Collateral filed or recorded by or on behalf of the Second Priority Representative shall be in form satisfactory to the First Priority Representative and shall not be filed or recorded until such time as the
First Priority Representative has filed and/or recorded its UCC-1 financing statement with respect to the Common Collateral. 

(b) The Second Priority Representative agrees on behalf of itself and the other Second Priority Secured Parties that all pledge
agreements (including, without limitation, any Comparable Second Priority Security Document), similar instruments, and financing statements (collectively, “Common Collateral Agreements”) now or thereafter entered into or filed with
respect to the Common Collateral in favor of or for the benefit of the Second Priority Representative or the Second Priority Creditors shall be in form and substance satisfactory to the First Priority Representative and shall contain the following
notation: “The security interests created by this agreement on the property described herein are junior and subordinate to the security interests on such property created by any pledge agreement or similar instrument now or hereafter granted to
JPMorgan Chase Bank, N.A., as Administrative Agent, and its successors and assigns, in such property, in accordance with the provisions of the Intercreditor Agreement dated as of August 31, 2012 among JPMorgan Chase Bank, N.A., as
Administrative Agent, Jefferies Finance LLC, as Administrative Agent, Par Petroleum Corporation, and Par Piceance Energy Equity LLC, as amended from time to time.” 
 (c) The First Priority Representative hereby acknowledges that, to the extent that it holds, or a third party holds on its behalf, physical possession of or “control” (as defined in the Uniform
Commercial Code) over Common Collateral pursuant to the Parent Pledge Agreement, such possession or control is also for the benefit of the Second Priority Representative and the other Second Priority Secured Parties solely to the extent required to
perfect their security interest in such Common Collateral under the Uniform Commercial Code. Nothing in the preceding sentence shall be construed to impose any duty on the First Priority Representative (or any third party acting on its behalf) with
respect to such Common Collateral or provide the Second Priority Representative or any other Second Priority Secured Party with any rights with respect to such Common Collateral beyond those specified in this Agreement and the Second Priority
Security Documents, provided that promptly after the occurrence of the First Priority Obligations Payment Date, the First Priority Representative shall (i) deliver to the Second Priority Representative, at Par Piceance’s and/or PPC’s
sole cost and expense, the Common Collateral in its 

  
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possession or control together with any necessary endorsements in its possession to the extent required by the Second Priority Documents or (ii) direct and deliver such Common Collateral as
a court of competent jurisdiction otherwise directs, and provided, further, that the provisions of this Agreement are intended solely to govern the respective Lien priorities as between the First Priority Secured Parties and the Second Priority
Secured Parties and shall not impose on the First Priority Secured Parties any obligations in respect of the disposition of any Common Collateral (or any proceeds thereof) that would conflict with prior perfected Liens or any claims thereon in favor
of any other Person that is not a Secured Party. 
 2.4 Restriction on New Liens and Certain PEL Credit Parties.
So long as the First Priority Obligations Payment Date has not occurred, the parties hereto agree that (a) there shall be no Lien, and no PEL Credit Party (including Par Piceance) shall have any right to create any Lien, on any assets of any
PEL Credit Party securing any Second Priority Obligation other than the Common Collateral, (b) no PEL Credit Party (other than Par Piceance) may be a guarantor of any Second Priority Obligation, and (c) no PEL Credit Party (other than Par
Piceance) may be a Credit Party (as defined in the PPC Credit Agreement) or otherwise subject to any covenants set forth in any Second Priority Document. 
 SECTION 3. Enforcement Rights. 
 3.1 Exclusive
Enforcement. Until the First Priority Obligations Payment Date has occurred, whether or not an Insolvency Proceeding has been commenced by or against Par Piceance, the First Priority Secured Parties shall have the exclusive right to take and
continue any Enforcement Action with respect to the Common Collateral, without any consultation and without any consent of any Second Priority Secured Party, but subject to the proviso set forth in Section 5.1; provided, however, that,
notwithstanding the foregoing, the Second Priority Representative for itself and on behalf of the Second Priority Secured Parties may take and continue any Enforcement Action or exercise its right to take any other actions with respect to any Common
Collateral in accordance with the Second Priority Documents and applicable law after the passage of a period of one hundred and eighty (180) days (the “Standstill Period”) from the date of delivery of a notice in writing by the
Second Priority Representative to the First Priority Representative of the Second Priority Representative’s intention to exercise such rights and remedies with respect to any of the Common Collateral, which notice may only be delivered
following the acceleration of the Second Priority Obligations as a result of the occurrence of and continuation of an “Event of Default” under the PPC Credit Agreement; provided, further, however, that notwithstanding the foregoing,
(1) in no event shall the Second Priority Representative nor any Second Priority Secured Party take any Enforcement Action or exercise or continue to exercise any such rights or remedies with respect to the Common Collateral if, notwithstanding
the expiration of the Standstill Period, the First Priority Representative or any First Priority Secured Party shall have commenced and be diligently pursuing the exercise of any of its rights and remedies with respect to any portion of the Common
Collateral, in each case, in good faith (prompt notice of such exercise to be given to the Second Priority Representative), and (2) the Standstill Period shall be tolled for any period that the First Priority Representative or the First
Priority Secured Parties are stayed (whether by the automatic stay pursuant to Section 362 of the Bankruptcy Code or otherwise) or otherwise prohibited by law or court order from taking any Enforcement Action or exercising any such rights and
remedies with respect to all or any part of the Common Collateral. Upon the occurrence and during the continuance of a default or an event of default under the First Priority Documents, the First Priority Representative and the other First Priority
Secured Parties may take and continue any Enforcement Action with respect to the First Priority Obligations and the Common Collateral in such order and manner as they may determine in their sole discretion. 

3.2 Standstill and Waivers. The Second Priority Representative, on behalf of itself and the other Second Priority Secured Parties,
agrees that, until the First Priority Obligations Payment Date has occurred, subject to Section 3.1 and the proviso set forth in Section 5.1: 
 (a) they will not take or cause to be taken any action, the purpose or effect of which is to make any Lien in respect of any Second Priority Obligation pari passu with or senior to, or to give any Second
Priority Secured Party any preference or priority relative to, the First Priority Liens with respect to any of the Common Collateral; 

  
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 (b) they will not contest, oppose, object to, interfere with, hinder, or delay, in any
manner, whether by judicial proceedings (including without limitation the filing of an Insolvency Proceeding) or otherwise, any foreclosure, sale, lease, exchange, transfer, or other disposition of the Common Collateral by any First Priority Secured
Party or any other Enforcement Action with respect to the Common Collateral taken (or any forbearance from taking any Enforcement Action) by or on behalf of any First Priority Secured Party; 

(c) they have no right to (i) direct either the First Priority Representative or any other First Priority Secured Party to exercise
any right, remedy, or power with respect to the Common Collateral or pursuant to the Parent Pledge Agreement of the other First Priority Documents or (ii) consent or object to the exercise by the First Priority Representative or any other First
Priority Secured Party of any right, remedy, or power with respect to the Common Collateral or pursuant to the Parent Pledge Agreement or the other First Priority Documents or to the timing or manner in which any such right is exercised or not
exercised (or, to the extent they may have any such right described in this clause (c), whether as a junior lien creditor or otherwise, they hereby irrevocably waive such right); 

(d) they will not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding, or other proceeding any claim
against any First Priority Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, and no First Priority Secured Party shall be liable for, any action taken or omitted to be
taken by any First Priority Secured Party in accordance with this Agreement with respect to the Common Collateral or pursuant to the First Priority Documents; 
 (e) they will not make any judicial or nonjudicial claim or demand or commence any judicial or non-judicial proceedings against any PEL Credit Party (including Par Piceance) under or with respect to any
Comparable Second Priority Security Document seeking payment or damages from or other relief by way of specific performance, instructions, or otherwise under or with respect to any Comparable Second Priority Security Document or exercise any right,
remedy, or power under or with respect to, or otherwise take any action to enforce any Comparable Second Priority Security Document other than in accordance with this Agreement; 

(f) they will not commence judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator,
or similar official appointed for or over, attempt any action to take possession of any Common Collateral, exercise any right, remedy, or power with respect to, or otherwise take any action to enforce their interest in or realize upon, the Common
Collateral or pursuant to any Comparable Second Priority Security Documents; and 
 (g) they will not seek, and hereby waive any
right, to have the Common Collateral or any part thereof marshaled upon any foreclosure or other disposition of the Common Collateral. 
 3.3 Judgment Creditors. In the event that any Second Priority Secured Party becomes a judgment lien creditor in respect of Common Collateral as a result of its enforcement of its rights as an
unsecured creditor, such judgment lien shall be subject to the terms of this Agreement for all purposes (including in relation to the First Priority Liens and the First Priority Obligations) to the same extent as all other Liens in the Common
Collateral securing the Second Priority Obligations are subject to the terms of this Agreement. 

  
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 3.4 Cooperation. The Second Priority Representative, on behalf of itself and the
other Second Priority Secured Parties, agrees that each of them shall take such actions as the First Priority Representative shall reasonably request in connection with the exercise by the First Priority Secured Parties of their rights set forth
herein. 
 3.5 No Additional Rights for Par Piceance or PPC Hereunder. Except as provided in Section 3.6, if any First
Priority Secured Party or Second Priority Secured Party shall enforce its rights or remedies in violation of the terms of this Agreement, Par Piceance and PPC shall not be entitled to use such violation as a defense to any action by any First
Priority Secured Party or Second Priority Secured Party, nor to assert such violation as a counterclaim or basis for set off or recoupment against any First Priority Secured Party or Second Priority Secured Party. 

3.6 Actions Upon Breach. 
 (a) If any Second Priority Secured Party, contrary to this Agreement, commences or participates in any action or proceeding against Par Piceance or the Common Collateral, Par Piceance, with the prior
written consent of the First Priority Secured Representative, may interpose as a defense or dilatory plea the making of this Agreement, and any First Priority Secured Party may intervene and interpose such defense or plea in its or their name or in
the name of Par Piceance. 
 (b) Should any Second Priority Secured Party, contrary to this Agreement, in any way take, attempt
to, or threaten to take any action with respect to the Common Collateral (including, without limitation, any attempt to realize upon or enforce any remedy with respect to this Agreement), or fail to take any action when and as required by this
Agreement, any First Priority Secured Party (in its own name or in the name of Par Piceance) or Par Piceance may obtain relief against such Second Priority Secured Party by injunction, specific performance, and/or other appropriate equitable relief,
it being understood and agreed by the Second Priority Representative on behalf of each Second Priority Secured Party that (i) the First Priority Secured Parties’ damages from its actions may at that time be difficult to ascertain and may
be irreparable, and (ii) each Second Priority Secured Party waives any defense that Par Piceance and/or the First Priority Secured Parties cannot demonstrate damage and/or be made whole by the awarding of damages. 

3.7 Notice of Enforcement Action. 
 (a) The First Priority Representative agrees to provide to the Second Priority Representative (x) a written notice announcing that the First Priority Representative or, to its knowledge, any other
First Priority Secured Party has commenced any Enforcement Action with respect to the Common Collateral promptly after the commencement of such Enforcement Action and (y) copies of any notices that it is required under applicable law to deliver
to Par Piceance in connection with such Enforcement Action; provided, however, that the First Priority Representative’s failure to provide such written notice or any such copies to the Second Priority Representative shall not impair any of its
rights hereunder or under any of the First Priority Documents. 
 (b) The Second Priority Representative agrees to provide to
the First Priority Representative (x) a written notice announcing that the Second Priority Representative or, to its knowledge, any other Second Priority Secured Party has commenced any Enforcement Action promptly after the commencement of such
Enforcement Action and (y) copies of any notices that it is required under applicable law to deliver to Par Piceance in connection with such Enforcement Action; provided, however, that the Second Priority Representative’s failure to
provide such written notice or any such copies to the First Priority Representative shall not impair any of its rights hereunder or under any of the Second Priority Documents. 

  
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 SECTION 4. Application Of Proceeds Of Common Collateral; Dispositions And Releases
Of Common Collateral; Inspection. 
 4.1 Application of Proceeds; Turnover Provisions. All proceeds of
Common Collateral (including without limitation any interest earned thereon) resulting from the sale, collection, or other disposition of Common Collateral, whether or not pursuant to an Insolvency Proceeding, shall be distributed as follows: first
to the First Priority Representative for application to the First Priority Obligations in accordance with the terms of the First Priority Documents and/or to be held in a collateral account in the name of the First Priority Representative to secure
the First Priority Obligations, in each case until the First Priority Obligations Payment Date has occurred and thereafter, to the Second Priority Representative for application in accordance with the Second Priority Documents. Until the occurrence
of the First Priority Obligations Payment Date, any Common Collateral, including without limitation any such Common Collateral constituting proceeds, that may be received by any Second Priority Secured Party (whether or not pursuant to an Insolvency
Proceeding and whether or not any claims of the First Priority Representative or the First Priority Secured Parties are allowed or disallowed in any such Insolvency Proceeding), shall be segregated and held in trust and promptly paid over to the
First Priority Representative, for the benefit of the First Priority Secured Parties, in the same form as received, with any necessary endorsements (and each Second Priority Secured Party hereby authorizes the First Priority Representative to make
any such endorsements as agent for the Second Priority Representative (which authorization, being coupled with an interest, is irrevocable)). Until the occurrence of the First Priority Obligations Payment Date, the First Priority Representative
shall be authorized to hold any Common Collateral so paid over and apply the proceeds thereof against the First Priority Obligations until paid in full, and any Common Collateral remaining after the First Priority Obligations Payment Date will be
promptly returned to the Second Priority Representative for the benefit of the Second Priority Secured Parties. The Second Priority Representative, on behalf of itself and the Second Priority Secured Parties, hereby grants the First Priority
Representative, for the benefit of the First Priority Secured Parties, a continuing security interest and lien on any Common Collateral (including any proceeds thereof) which may from time to time be paid over to the First Priority Representative
pursuant to this Section 4.1 to secure payment of the First Priority Obligations. 
 4.2 Releases of Second Priority
Lien. 
 (a) Upon any release, sale, or disposition of Common Collateral permitted pursuant to the terms of the First
Priority Documents that results in the release of the First Priority Lien on any Common Collateral (excluding any sale or other disposition that is expressly prohibited by the PPC Credit Agreement unless such sale or disposition is consummated in
connection with an Enforcement Action or consummated after the institution of any Insolvency Proceeding), the Second Priority Lien on such Common Collateral (excluding any portion of the proceeds of such Common Collateral not applied to the
repayment of the First Priority Obligations or remaining after the First Priority Obligations Payment Date occurs) shall be automatically and unconditionally released with no further consent or action of any Person. 

(b) The Second Priority Representative shall promptly execute and deliver such release documents and instruments and shall take such
further actions as the First Priority Representative shall reasonably request to evidence any release of the Second Priority Lien described in paragraph (a). The Second Priority Representative hereby appoints the First Priority Representative and
any officer or duly authorized person of the First Priority Representative, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of the Second Priority Representative
and in the name of the Second Priority Representative or in the First Priority Representative’s own name, from time to time, in the First Priority Representative’s sole discretion, for the purposes of carrying out the terms of this Section
4.2, to take any and all appropriate action and to 

  
 10 

 
execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this Section 4.2, including, without limitation, any financing statements,
endorsements, assignments, releases, or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable). 
 4.3 Inspection Rights. Any First Priority Secured Party and its representatives and invitees may at any time inspect, repossess, remove, and otherwise deal with the Common Collateral, and the First
Priority Representative may advertise and conduct public auctions or private sales of the Common Collateral, in each case without the consent of, the involvement of or interference by any Second Priority Secured Party or liability to any Second
Priority Secured Party. 
 4.4 Permitted Distributions. Nothing in this Agreement shall prohibit any PEL Credit Party
from making “Permitted Tax Distributions” (as defined in the PEL Credit Agreement) to Par Piceance or its equity holders in accordance with the terms of the PEL Credit Agreement. Nothing in this Agreement shall prohibit the receipt by any
Second Priority Secured Party of the required payments of interest, principal, and other amounts owed in respect of any Second Priority Obligations, when and as required under the terms of the Second Priority Credit Agreement, including without
limitation, any required prepayments of the Second Priority Obligations from “Permitted Tax Distributions” received by Par Piceance (to the extent set forth in the Existing PPC Credit Agreement), so long as such receipt is not the direct
or indirect result of an Enforcement Action by the Second Priority Representative with respect to the Common Collateral in contravention of this Agreement. 
 SECTION 5. Insolvency Proceedings. 
 5.1 Filing of
Motions. 
 (a) Until the First Priority Obligations Payment Date has occurred, the Second Priority Representative agrees on
behalf of itself and the other Second Priority Secured Parties that no Second Priority Secured Party shall, in or in connection with any Insolvency Proceeding with respect to Par Piceance or the Common Collateral, file any pleadings or motions, take
any position at any hearing or proceeding of any nature, or otherwise take any action whatsoever, in each case in respect of any of the Common Collateral, including, without limitation, with respect to the determination of any Liens or claims held
by the First Priority Representative (including the validity and enforceability thereof) or any other First Priority Secured Party or the value of any claims of such parties under Section 506(a) of the Bankruptcy Code or otherwise, in each case
without the prior written consent of the First Priority Representative; provided that (A) the Second Priority Representative or the Second Priority Secured Parties may file a proof of claim or statement of interest in an Insolvency Proceeding,
subject to the limitations contained in this Agreement and only if consistent with the terms and the limitations on the Second Priority Representative and the Second Priority Secured Parties imposed hereby, (B) the Second Priority
Representative and the Secured Parties shall be entitled to file any necessary or responsive defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any person objecting to or otherwise seeking the
disallowance of the claims of the Second Priority Secured Parties, including without limitation, any claim secured by the Common Collateral, if any, in each case if not otherwise in contravention of this Agreement, (C) the Second Priority
Secured Parties shall be entitled to file any pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors arriving under either the Bankruptcy Code or applicable non-bankruptcy law, in each case if
not otherwise in contravention of the terms of this Agreement, (D) the Second Priority Secured Parties shall be entitled to file any proof of claim and other filings and make any arguments and motions in order to preserve or protect its Liens
on the Common Collateral that are, in each case, not otherwise in contravention of the terms of this Agreement, with respect to the Second Priority Obligations and the Common Collateral, (E) the Second Priority Representative or any Second
Priority Secured Party 

  
 11 

 
may exercise any of its rights or remedies with respect to the Common Collateral after the termination of the Standstill Period to the extent permitted herein, including, without limitation,
Section 3.1 above, and (F) in any Insolvency Proceeding with respect to Par Piceance or the Common Collateral, the Second Priority Secured Parties shall be entitled to vote on any plan or reorganization, to the extent consistent with the
provisions hereof. 
 (b) Prior to the First Priority Obligations Payment Date but subject to Section 5.5 hereof, if the
First Priority Secured Parties receive an allowance in any Insolvency Proceeding of First Priority Obligations consisting of Post-Petition Interest, fees or expenses, then no First Priority Secured Party shall oppose or seek to challenge any claim
by any Second Priority Secured Party for an allowed claim in any plan of reorganization in any Insolvency Proceeding of the Second Priority Obligations consisting of Post-Petition Interest, fees or expenses to the extent of the value of the Lien of
the Second Priority Representative, on behalf of the Second Priority Secured Parties in the Common Collateral (after taking into account the value of the Lien in the Common Collateral securing the First Priority Obligations). 

5.2 Relief From the Automatic Stay. The Second Priority Representative agrees, on behalf of itself and the other Second Priority
Secured Parties, that none of them will seek relief from the automatic stay or from any other stay in any Insolvency Proceeding or take any action in derogation thereof, in each case in respect of any Common Collateral, without the prior written
consent of the First Priority Representative (except if the First Priority Representative, on behalf of itself and the First Priority Secured Parties, seeks relief from the automatic stay to exercise its rights against the Common Collateral, then
the Second Priority Representative, on behalf of itself and the other Second Priority Secured Parties, may seek limited relief from the automatic stay only to preserve its right to receive proceeds of the Common Collateral payable to it and the
other Second Priority Secured Parties, as applicable, under and in accordance with this Agreement). 
 5.3 Avoidance
Issues. If any First Priority Secured Party is required in any Insolvency Proceeding or otherwise to disgorge, turn over, or otherwise pay to the estate of any PEL Credit Party, because such amount was avoided or ordered to be paid or disgorged
for any reason, including without limitation because it was found to be a fraudulent or preferential transfer, any amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of set-off, or otherwise,
then the First Priority Obligations shall be reinstated to the extent of such Recovery and deemed to be outstanding as if such payment had not occurred and the First Priority Obligations Payment Date shall be deemed not to have occurred. If this
Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties
hereto. The Second Priority Secured Parties agree that none of them (solely in their capacity as Second Priority Secured Parties) shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or
allocation with respect to the Common Collateral made in accordance with this Agreement, whether by preference or otherwise, it being understood and agreed that the benefit of such avoidance action otherwise allocable to them shall instead be
allocated and turned over for application in accordance with the priorities set forth in this Agreement. 
 5.4 Asset
Dispositions in an Insolvency Proceeding. Neither the Second Priority Representative nor any other Second Priority Secured Party shall, in an Insolvency Proceeding or otherwise, oppose any sale or disposition of the Common Collateral that is
supported by the First Priority Secured Parties, and the Second Priority Representative and each other Second Priority Secured Party will be deemed to have consented under Section 363 of the Bankruptcy Code (and otherwise) to any sale supported
by the First Priority Secured Parties; provided, that nothing in this Section 5.4 shall impair the ability of the Second Priority Secured Parties to make a credit bid pursuant to Section 363(k) of the Bankruptcy Code so long as the First
Priority Obligations Payment Date occurs in connection therewith (if the First Priority Obligations Payment Date has not already occurred). 

  
 12 

 5.5 Separate Grants of Security and Separate Classification. Each Second Priority
Secured Party acknowledges and agrees that (a) the grants of Liens pursuant to the Parent Pledge Agreement and the Comparable Second Priority Security Documents constitute two separate and distinct grants of Liens and (b) because of, among
other things, their differing rights in the Common Collateral, the Second Priority Obligations are fundamentally different from the First Priority Obligations and must be separately classified in any plan of reorganization proposed or adopted in an
Insolvency Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the First Priority Secured Parties and Second Priority Secured Parties in respect of the
Common Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then the Second Priority Secured Parties hereby acknowledge and agree that all distributions shall be made as if there were
separate classes of senior and junior secured claims against Par Piceance in respect of the Common Collateral (with the effect being that, to the extent that the aggregate value of the Common Collateral is sufficient (for this purpose ignoring all
claims held by the Second Priority Secured Parties), the First Priority Secured Parties shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest, and other claims, all amounts owing in
respect of Post-Petition Interest before any distribution is made in respect of the claims held by the Second Priority Secured Parties. The Second Priority Secured Parties hereby acknowledge and agree to turn over to the First Priority Secured
Parties amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of the preceding sentence, even if such turnover has the effect of reducing the claim or recovery of the Second Priority Secured Parties.

 5.6 No Waivers of Rights of First Priority Secured Parties. Nothing contained herein shall prohibit or in any way
limit the First Priority Representative or any other First Priority Secured Party from objecting in any Insolvency Proceeding or otherwise to any action taken by any Second Priority Secured Party, including the seeking by any Second Priority Secured
Party of adequate protection or the asserting by any Second Priority Secured Party of any of its rights and remedies under the Second Priority Documents or otherwise. 
 5.7 Effectiveness in Insolvency Proceedings. This Agreement, which the parties hereto expressly acknowledge is a “subordination agreement” under section 510(a) of the Bankruptcy Code,
shall be effective before, during and after the commencement of an Insolvency Proceeding. 
 SECTION 6. Second Priority
Documents and First Priority Documents. 
 (a) Each of Par Piceance, PPC and the Second Priority Representative, on
behalf of itself and the Second Priority Secured Parties, agrees that it shall not at any time execute or deliver any amendment or other modification to any of the Second Priority Documents (i) the effect of which is to shorten the maturity
date of the Second Priority Obligations to a date that is prior to August 31, 2016, or (ii) that is otherwise inconsistent with or in violation of this Agreement. Any attempt to enter into any amendment or modification in violation of the
previous sentence shall be void ab inito. 
 (b) Each of Par Piceance and the First Priority Representative, on behalf of
itself and the First Priority Secured Parties, agrees that it shall not at any time execute or deliver any amendment or other modification to any of the First Priority Documents inconsistent with or in violation of this Agreement. 

(c) In the event the First Priority Representative enters into any amendment, waiver, or consent in respect of the Parent Pledge
Agreement for the purpose of adding to, or deleting from, or 

  
 13 

 
waiving or consenting to any departures from any provisions of, the Parent Pledge Agreement or changing in any manner the rights of any parties thereunder, then such amendment, waiver, or consent
shall apply automatically to the Comparable Second Priority Security Documents without the consent of or action by any Second Priority Secured Party (with all such amendments, waivers and modifications subject to the terms hereof); provided that,
(i) no such amendment, waiver, or consent shall have the effect of removing assets subject to the Lien of any Comparable Second Priority Security Document, except to the extent that a release of such Lien is permitted by Section 4.2,
(ii) any such amendment, waiver, or consent that materially and adversely affects the rights of the Second Priority Secured Parties and does not affect the First Priority Secured Parties in a like or similar manner shall not apply to the
Comparable Second Priority Security Documents without the consent of the Second Priority Representative and (iii) notice of such amendment, waiver, or consent shall be given to the Second Priority Representative no later than 30 days after its
effectiveness, provided that the failure to give such notice shall not affect the effectiveness and validity thereof. 

SECTION 7. Reliance; Waivers; etc. 
 7.1 Reliance. The First Priority Documents are deemed to have been executed and delivered, and all extensions of credit thereunder are deemed to have been made or incurred, in reliance upon this
Agreement. The Second Priority Representative, on behalf of it itself and the Second Priority Secured Parties, expressly waives all notice of the acceptance of and reliance on this Agreement by the First Priority Secured Parties. The Second Priority
Documents are deemed to have been executed and delivered and all extensions of credit thereunder are deemed to have been made or incurred, in reliance upon this Agreement. The First Priority Representative expressly waives all notices of the
acceptance of and reliance by the Second Priority Representative and the Second Priority Secured Parties. 
 7.2 No
Warranties or Liability. The Second Priority Representative and the First Priority Representative acknowledge and agree that neither has made any representation or warranty with respect to the execution, validity, legality, completeness,
collectability, or enforceability of any First Priority Document or Second Priority Document. Except as otherwise provided in this Agreement, the Second Priority Representative and the First Priority Representative will be entitled to manage and
supervise their respective extensions of credit to PPC and PEL, respectively, in accordance with law and their usual practices, modified from time to time as they deem appropriate. 

7.3 No Waivers. No right or benefit of any party hereunder shall at any time in any way be prejudiced or impaired by any act or
failure to act on the part of such party or any other party hereto or by any noncompliance by the PEL Credit Parties, PPC or their respective subsidiaries with the terms and conditions of any of the First Priority Documents or the Second Priority
Documents, as applicable. 
 SECTION 8. Obligations Unconditional. 

8.1 First Priority Obligations Unconditional. All rights and interests of the First Priority Secured Parties hereunder, and all
agreements and obligations of the Second Priority Secured Parties (and, to the extent applicable, Par Piceance) hereunder, shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any First Priority Document; 

(b) any change in the time, place, or manner of payment of, or in any other term of, all or any portion of the First Priority
Obligations, or any amendment, waiver, or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, or restatement of any First Priority Document; 

  
 14 

 (c) prior to the First Priority Obligations Payment Date, any exchange, release, voiding,
avoidance, or non-perfection of any security interest in any Common Collateral or any other collateral, or any release, amendment, waiver, or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding,
or restatement of all or any portion of the First Priority Obligations or any guarantee or guaranty thereof; or 
 (d) any other
circumstances that otherwise might constitute a defense available to, or a discharge of, Par Piceance in respect of the First Priority Obligations, or of any of the Second Priority Representative, or Par Piceance, to the extent applicable, in
respect of this Agreement. 
 8.2 Second Priority Obligations Unconditional. All rights and interests of the Second
Priority Secured Parties hereunder, and all agreements and obligations of the First Priority Secured Parties (and, to the extent applicable, Par Piceance) hereunder, shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any Second Priority Document; 

(b) any change in the time, place, or manner of payment of, or in any other term of, all or any portion of the Second Priority
Obligations, or any amendment, waiver, or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, or restatement of any Second Priority Document; 

(c) any exchange, release, voiding, avoidance, or non-perfection of any security interest in any Common Collateral or any other
collateral, or any release, amendment, waiver, or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, or restatement of all or any portion of the Second Priority Obligations or any guarantee or
guaranty thereof; or 
 (d) any other circumstances that otherwise might constitute a defense available to, or a discharge of,
Par Piceance in respect of the Second Priority Obligations or any First Priority Secured Party in respect of this Agreement. 

SECTION 9. Miscellaneous. 
 9.1 Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of any First Priority Document or any Second Priority Document, the provisions of this
Agreement shall govern. 
 9.2 Continuing Nature of Provisions. This Agreement shall continue to be effective, and shall
not be revocable by any party hereto, until the First Priority Obligation Payment Date shall have occurred. This is a continuing agreement and the First Priority Secured Parties and the Second Priority Secured Parties may continue, at any time and
without notice to the other parties hereto, to extend credit and other financial accommodations, lend monies and provide indebtedness to, or for the benefit of, PEL and PPC, as applicable, on the faith hereof. 

9.3 Amendments; Waivers. No amendment or modification of any of the provisions of this Agreement shall be effective unless the
same shall be in writing and signed by the First Priority Representative and the Second Priority Representative, and, in the case of amendments or modifications of Sections 3.5, 3.6, 9.5 or 9.6 that directly affect the rights or duties of Par
Piceance or PPC, Par Piceance or PPC, as applicable. 

  
 15 

 9.4 Information Concerning Financial Condition of Par Piceance, PPC, and PEL. Each
of the Second Priority Representative and the First Priority Representative hereby assume responsibility for keeping itself informed of the financial condition of Par Piceance, PPC, and PEL and all other circumstances bearing upon the risk of
nonpayment of the First Priority Obligations or the Second Priority Obligations. The Second Priority Representative and the First Priority Representative hereby agree that no party shall have any duty to advise any other party of information known
to it regarding such condition or any such circumstances. In the event the Second Priority Representative or the First Priority Representative, in its sole discretion, undertakes at any time or from time to time to provide any information to any
other party to this Agreement, it shall be under no obligation (a) to provide any such information to such other party or any other party on any subsequent occasion, (b) to undertake any investigation not a part of its regular business
routine, or (c) to disclose any other information. 
 9.5 Governing Law. This Agreement shall be construed in
accordance with and governed by the law of the State of Texas, except as otherwise required by mandatory provisions of law and except to the extent that remedies provided by the laws of any jurisdiction other than the State of Texas are governed by
the laws of such jurisdiction. 
 9.6 Submission to Jurisdiction. 

(a) Each First Priority Secured Party, each Second Priority Secured Party, Par Piceance and PPC hereby irrevocably and unconditionally
submits, for itself and its property, to the nonexclusive jurisdiction of any Texas State court sitting in Dallas County and of the United States District Court of the Northern District of Texas, Dallas Division, and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment related thereto, and each such party hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined in such Texas State or, to the extent permitted by law, in such Federal court. Each such party agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the any First Priority Secured Party or Second Priority Secured Party may otherwise have to bring
any action or proceeding against Par Piceance or PPC or their respective properties in the courts of any jurisdiction. 
 (b)
Each First Priority Secured Party, each Second Priority Secured Party, Par Piceance, and PPC hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so (i) any objection it may now or hereafter
have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (a) of this Section and (ii) the defense of an inconvenient forum to the maintenance of such action
or proceeding. 
 (c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices
in Section 9.7. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 9.7 Notices. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, telecopied,
or sent by overnight express courier service or United States mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or five days after deposit in the United States mail (certified,
with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto (until notice of a change thereof is delivered as provided in this Section) shall be as set forth below each party’s name on the
signature pages hereof, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties. 

  
 16 

 9.8 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of each of the parties hereto and each of the First Priority Secured Parties and Second Priority Secured Parties and their respective successors and assigns, and nothing herein is intended, or shall be construed to give, any other Person any
right, remedy, or claim under, to or in respect of this Agreement or any Common Collateral. 
 9.9 Headings. Section
headings used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

9.10 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 9.11 Counterparts; Integration;
Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic transmission (e.g., .pdf) shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement shall become
effective when it shall have been executed by each party hereto. 
 9.12 Provisions Solely to Define Relative Rights. The
provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the First Priority Secured Parties on the one hand and the Second Priority Secured Parties on the other hand. Except as expressly provided
herein, Par Piceance shall not have any rights hereunder. Nothing in this Agreement is intended to or shall impair the obligations of Par Piceance, which are absolute and unconditional, to pay the First Priority Obligations and the Second Priority
Obligations as and when due in accordance with their terms. 
 9.13 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 [signature pages to follow] 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	JPMORGAN CHASE BANK, N.A., as First Priority Representative for and on behalf of the First Priority Secured Parties
		
	By:	 	 /s/ Michael A. Kamauf

	Name:	 	Michael A. Kamauf
	Title:	 	Vice President
	
	Address for Notices:
	
	1 Chase Tower
	10 South Dearborn
	IL1-0010
	Chicago, IL 60603
	Attention: Leonida Mischke
	Telecopy No.: (312) 385-7096

  
 [SIGNATURE
PAGE – INTERCREDITOR AGREEMENT] 

 
			
	JEFFERIES FINANCE LLC, as Second Priority Representative for and on behalf of the Second Priority Secured Parties
		
	By:	 	 /s/ EJ Hess

	Name:	 	EJ Hess
	Title:	 	Managing Director
	
	Address for Notices:
	
	520 Madison Ave.
	19th Floor
	New York, NY 10022
	
	Attention: Paul Chisholm and Paul McDonnell
	Telecopy No.: (212) 284-3444

  
 [SIGNATURE
PAGE – INTERCREDITOR AGREEMENT] 

 
			
	PAR PETROLEUM CORPORATION
		
	By:	 	 /s/ John T. Young, Jr.

	Name:	 	John T. Young, Jr.
	Title:	 	Chief Executive Officer
	
	Address for Notices:
	
	370 Seventeenth Street, Suite 4300
	Denver, CO 80202
	
	Attention: John T. Young, Jr.
	Telecopy No.: (303) 298-8251

  
 [SIGNATURE
PAGE – INTERCREDITOR AGREEMENT] 

 
			
	PAR PICEANCE ENERGY EQUITY LLC
		
	By:	 	PAR PETROLEUM CORPORATION, as its Sole Member
		
	By:	 	 /s/ John T. Young, Jr.

	Name:	 	John T. Young, Jr.
	Title:	 	Chief Executive Officer
	
	Address for Notices:
	
	370 Seventeenth Street, Suite 4300
	Denver, CO 80202
	
	Attention: John T. Young, Jr.
	Telecopy No.: (303) 298-8251

  
 [SIGNATURE
PAGE – INTERCREDITOR AGREEMENT]Pledge and Security Agreement

 Exhibit 10.9 
 Execution Copy 
  
  

PLEDGE AND SECURITY AGREEMENT 
 made by 
 PAR PETROLEUM CORPORATION 

and 
 CERTAIN OF
ITS SUBSIDIARIES 
 in favor of 
 JEFFERIES FINANCE LLC, 
 as Administrative Agent 

Dated as of August 31, 2012 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 SECTION 1. DEFINED TERMS
	  	 	1	  
	 1.1 Definitions
	  	 	1	  
	 1.2 Other Definitional Provisions
	  	 	5	  
		
	 SECTION 2. GRANT OF SECURITY INTEREST
	  	 	5	  
		
	 SECTION 3. REPRESENTATIONS AND WARRANTIES
	  	 	6	  
	 3.1 Title; No Other Liens
	  	 	7	  
	 3.2 Perfected Liens
	  	 	7	  
	 3.3 Jurisdiction of Organization; Chief Executive Office
	  	 	7	  
	 3.4 Collateral Locations
	  	 	7	  
	 3.5 Farm Products
	  	 	8	  
	 3.6 Investment Property
	  	 	8	  
	 3.7 Intellectual Property
	  	 	8	  
	 3.8 Deposit Accounts
	  	 	9	  
	 3.9 Letter-of-Credit Rights and Chattel Paper
	  	 	9	  
	 3.10 Commercial Tort Claims
	  	 	9	  
		
	 SECTION 4. COVENANTS
	  	 	9	  
	 4.1 Delivery of Instruments, Certificated Securities and Chattel Paper
	  	 	9	  
	 4.2 Maintenance of Perfected Security Interest; Further Documentation
	  	 	9	  
	 4.3 Changes in Locations, Name, etc.
	  	 	10	  
	 4.4 Notices
	  	 	10	  
	 4.5 Investment Property
	  	 	10	  
	 4.6 Electronic Chattel Paper
	  	 	11	  
	 4.7 Intellectual Property
	  	 	12	  
	 4.8 Insurance
	  	 	13	  
	 4.9 Commercial Tort Claims
	  	 	13	  
	 4.10 Letter-of-Credit Rights
	  	 	14	  
	 4.11 Collateral Access Agreements
	  	 	14	  
		
	 SECTION 5. COLLECTION AND APPLICATION OF collateral PROCEEDS; DEPOSIT ACCOUNTS
	  	 	14	  
	 5.1 Collection of Receivables
	  	 	14	  
	 5.2 Covenant Regarding New Deposit Accounts
	  	 	14	  
		
	 SECTION 6. REMEDIAL PROVISIONS
	  	 	15	  
	 6.1 Certain Matters Relating to Receivables
	  	 	15	  
	 6.2 Communications with Obligors; Grantors Remain Liable
	  	 	15	  
	 6.3 Pledged Equity
	  	 	16	  
	 6.4 Proceeds to be Turned Over To Administrative Agent
	  	 	17	  
	 6.5 Application of Proceeds
	  	 	17	  
	 6.6 Code and Other Remedies
	  	 	17	  

  
 i 

					
		
	 6.7 Registration Rights
	  	 	19	  
	 6.8 Grantor’s Obligations Upon Default
	  	 	20	  
	 6.9 Grant of Intellectual Property License
	  	 	20	  
	 6.10 Subordination
	  	 	21	  
	 6.11 Deficiency
	  	 	21	  
		
	 SECTION 7. THE ADMINISTRATIVE AGENT
	  	 	21	  
	 7.1 Administrative Agent’s Appointment as Attorney-in-Fact, etc.
	  	 	21	  
	 7.2 Duty of Administrative Agent.
	  	 	23	  
	 7.3 Execution of Financing Statements and Other Documents
	  	 	24	  
	 7.4 Secured Party Performance of Debtor Obligations
	  	 	25	  
	 7.5 Specific Performance of Certain Covenants
	  	 	25	  
	 7.6 Authority of Administrative Agent
	  	 	25	  
	 7.7 Protections of Administrative Agent
	  	 	25	  
		
	 SECTION 8. MISCELLANEOUS
	  	 	26	  
	 8.1 Amendments in Writing
	  	 	27	  
	 8.2 Notices
	  	 	27	  
	 8.3 Waivers
	  	 	27	  
	 8.4 No Waiver by Course of Conduct; Cumulative Remedies
	  	 	27	  
	 8.5 Enforcement Expenses; Indemnification
	  	 	27	  
	 8.6 Successors and Assigns
	  	 	28	  
	 8.7 Counterparts
	  	 	28	  
	 8.8 Severability
	  	 	28	  
	 8.9 Section Headings
	  	 	28	  
	 8.10 Integration
	  	 	28	  
	 8.11 Reinstatement
	  	 	29	  
	 8.12 GOVERNING LAW
	  	 	29	  
	 8.13 Submission To Jurisdiction; Waivers
	  	 	29	  
	 8.14 Acknowledgements
	  	 	29	  
	 8.15 WAIVER OF JURY TRIAL
	  	 	30	  
	 8.16 Additional Grantors
	  	 	30	  
	 8.17 Releases
	  	 	30	  
	 8.18 Subordination Agreement
	  	 	30	  

  
 ii 

  

			
	SCHEDULES	  	
		
	 Schedule 1
	  	 Investment Property

	 Schedule 2
	  	 Perfection Matters

	 Schedule 3
	  	 Jurisdictions of Organization and Chief Executive Offices

	 Schedule 4
	  	 Inventory and Equipment Locations

	 Schedule 5
	  	 Intellectual Property

	 Schedule 6
	  	 Commercial Tort Claims

	 Schedule 7
	  	 Deposit Accounts

	 Schedule 8
	  	 Letter-of-Credit Rights; Chattel Paper

		
	ANNEXES	  	
		
	 Annex 1
	  	 Assumption Agreement

  
 iii

 PLEDGE AND SECURITY AGREEMENT, dated as of August 31, 2012, made by each of the
signatories hereto (together with any other entity that may become a party hereto as provided herein, the “Grantors”), in favor of Jefferies Finance LLC, as administrative agent (in such capacity, the “Administrative
Agent”) for the Secured Parties referred to below. 
 W I T N E S S
E T H: 
 WHEREAS, pursuant to that certain Credit Agreement dated as of the date hereof (as it may be
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among PAR Petroleum Corporation. (the “Company”), certain of its Subsidiaries, as Guarantors, the lenders
party thereto from time to time (the “Lenders”) and the Administrative Agent, the Lenders have agreed to make certain Loans and other extensions of credit to the Company; 

WHEREAS, the Company is a member of an affiliated group of companies that includes each other Grantor; 

WHEREAS, the Company and the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and
indirect benefit from the Loans and other extensions of credit under the Credit Agreement; and 
 WHEREAS, it is a condition
precedent to the entry into the Credit Agreement that the Grantors shall have executed and delivered this Agreement to the Administrative Agent for the ratable benefit of the Secured Parties; 

NOW, THEREFORE, in consideration of the premises, each Grantor hereby agrees with the Administrative Agent, for the ratable benefit of
the Secured Parties, as follows: 
 SECTION 1. DEFINED TERMS 

1.1 Definitions. (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the
meanings given to them in the Credit Agreement, and the following terms which are defined in the Uniform Commercial Code in effect in the State of New York from time to time are used herein as so defined: Accounts, Certificated Security, Chattel
Paper, Commercial Tort Claim, Documents, Electronic Chattel Paper, Equipment, Farm Products, Fixtures, General Intangibles, Goods, Instruments, Inventory, Letter-of-Credit Rights, Security, and Supporting Obligations. 

(b) The following terms shall have the following meanings: 

“Account Debtor”: any obligor with respect to an Account. 

“Agreement”: this Pledge and Security Agreement, as the same may be amended, restated, supplemented,
replaced or otherwise modified from time to time. 
 “Company Obligations”: the Company’s
Obligations under the Credit Agreement and the other Loan Documents. 

  
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 “Collateral”: as defined in Section 2 hereof.

 “Collateral Deposit Account”: as defined in Section 5.1 hereof. 

“Contingent Obligations”: any contingent indemnification obligations for which no claim has been made,
it being understood the principal, interest, penalties, fees, premiums (if any), reimbursements, guarantees, indemnities, other liabilities and similar obligations relating to the Secured Obligations shall not constitute Contingent Obligations.

 “Control”: has the meaning set forth in Article 8 of the UCC or, if applicable, in
Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the UCC. 
 “Copyrights”:
(i) all copyrights arising under the laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished (including, without limitation, those listed in
Schedule 5 hereto), all registrations and recordings thereof, and all applications in connection therewith, including, without limitation, all registrations, recordings and applications in the United States Copyright Office, and (ii) the
right to obtain all renewals thereof. 
 “Copyright Licenses”: all agreements, whether written
or oral, naming any Grantor as licensor or licensee (including, without limitation, those listed in Schedule 5 hereto), granting any right under any Copyright, including, without limitation (a) the grant of rights to manufacture,
distribute, exploit and sell materials derived from any Copyright, (b) all rights to income, royalties, Proceeds, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation,
damages and payments for past, present and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof. 
 “Deposit Account”: as defined in the UCC and, in any event, including without limitation, any demand, time, savings, passbook or like account maintained with a depository institution. All
funds in each Deposit Account shall be presumed to be Collateral and Proceeds of Collateral, and the Administrative Agent and the other Secured Parties shall have no duty to inquire as to the source of the amounts on deposit in any Deposit Account.

 “Deposit Account Control Agreement”: an agreement, in form reasonably satisfactory to the
Administrative Agent, among any Grantor, a depository institution holding such Grantor’s funds, and the Administrative Agent with respect to collection and control of all deposits and balances held in a deposit account maintained by any Grantor
with such depository institution which agreement shall grant the Administrative Agent Control of such deposit account. 
 “Encumbered JV Interests”: the JV Interests owned by JV Holding Sub and pledged by JV Holding Sub to the JV Company Credit Facility Agent pursuant to the Parent Pledge Agreement to secure
JV Holding Sub’s obligations under the Parent Guaranty. 

  
 5 

 “Excluded Deposit Accounts”: as defined in Section 5.1
hereof. 
 “Excluded Property”: as defined in Section 2 hereof. 

“Guarantor Obligations”: with respect to any Guarantor, all Obligations of such Guarantor under the
Credit Agreement and the other Loan Documents, including, without limitation, the guarantee by each Guarantor of the Company Obligations. 
 “Intellectual Property”: the collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign
laws or otherwise, including, without limitation, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the Trademarks and the Trademark Licenses, trade secrets, confidential or proprietary technical and business information,
know-how, show-how or other data or information and all related documentation, 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. 

“Intercompany Note”: any promissory note evidencing loans made by any Grantor to the Company or any of
its Subsidiaries that is a Grantor. 
 “Investment Property”: the collective reference to
(i) all “investment property” as such term is defined in Section 9-102(a)(49) of the New York Uniform Commercial Code and (ii) whether or not constituting “investment property” as so defined, all Pledged Notes and
all Pledged Equity, in each case, excluding the Encumbered JV Interests. 
 “Issuers”: the
collective reference to each issuer of Pledged Equity. 
 “New York Uniform Commercial Code”:
the Uniform Commercial Code as from time to time in effect in the State of New York. 

“Patents”: (i) all letters patent of the United States, any other country or any political
subdivision thereof, all reissues and extensions thereof and all goodwill associated therewith, including, without limitation, any of the foregoing referred to in Schedule 5 hereto, (ii) all applications for letters patent of the United
States or any other country and all divisions, continuations and continuations-in-part thereof, including, without limitation, any of the foregoing referred to in Schedule 5 hereto, and (iii) all rights to obtain any reissues or
extensions of the foregoing. 
 “Patent License”: (a) all agreements, whether written or
oral, providing for the grant by or to any Grantor of any right to manufacture, use or sell any invention covered in whole or in part by a Patent, including, without limitation, any of the foregoing referred to in Schedule 5 hereto,
(b) all income, royalties, Proceeds, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past, present and future breaches thereof, and
(c) all rights to sue for past, present, and future breaches thereof. 
 “Pledged Equity”:
the Equity Interests listed on Schedule 1 hereto, together with any other shares, interests, stock certificates, options or rights of any nature whatsoever in respect of the Equity Interests of any Person that may be issued or granted to, or
held by, any Grantor while this Agreement is in effect. For the avoidance of doubt, the term Pledged Equity shall not include the Encumbered JV Interests. 

  
 6 

 “Pledged Notes”: all promissory notes listed on Schedule
1 hereto, all Intercompany Notes at any time issued to any Grantor and all other promissory notes issued to or held by any Grantor (other than promissory notes issued in connection with extensions of trade credit by any Grantor in the ordinary
course of business). 
 “Proceeds”: all “proceeds” as such term is defined in
Section 9-102(a)(64) of the New York Uniform Commercial Code and, in any event, shall include, without limitation, all dividends or other income from the Investment Property, collections thereon or distributions or payments with respect
thereto. 
 “Receivable”: any Account, Chattel Paper, Document, Instrument or other right to
payment for goods sold or leased or for services rendered, whether or not such right is evidenced by an Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account). 

“Secured Obligations”: the collective reference to (i) the Company Obligations, and (ii) the
Guarantor Obligations. 
 “Securities Act”: the Securities Act of 1933, as amended. 

“Trademarks”: (i) all trademarks, trade names, corporate names, company names, business names,
fictitious business names, trade styles, service marks, logos, domain names and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and
all applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, or otherwise,
and all common law rights related thereto, including, without limitation, any of the foregoing referred to in Schedule 5 hereto, and (ii) the right to obtain all renewals thereof. 

“Trademark License”: (a) any agreement, whether written or oral, providing for the grant by or to
any Grantor of any right to use any Trademark, including, without limitation, any of the foregoing referred to in Schedule 5 hereto, (b) all income, royalties, Proceeds, damages, claims, and payments now or hereafter due or payable under
and with respect thereto, including, without limitation, damages and payments for past, present and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof. 

“UCC”: the Uniform Commercial Code, as in effect from time to time, of the State of New York or of any
other state the laws of which are required as a result thereof to be applied in connection with the attachment, perfection or priority of, or remedies with respect to, Administrative Agent’s Lien on any Collateral. 

  
 7 

 1.2 Other Definitional Provisions. (a) The words “hereof,”
“herein”, “hereto” 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 and
Schedule references are to this Agreement unless otherwise specified. 
 (b) The meanings given to terms defined herein
shall be equally applicable to both the singular and plural forms of such terms. 
 (c) Where the context requires, terms
relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof. 
 SECTION 2. GRANT OF SECURITY INTEREST 
 Each Grantor hereby unconditionally
grants and pledges to the Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in and continuing lien on, all of such Grantor’s right, title and interest in the following property now owned or at any time
hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Collateral”), as collateral security for the prompt and complete payment
and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Secured Obligations: 
 (a) all
Accounts; 
 (b) all Chattel Paper; 
 (c) all Commercial Tort Claims, including, without limitation, with respect to matters listed on Schedule 6 hereto; 
 (d) all Deposit Accounts (including all cash and other items deposited therein or credited thereto); 
 (e) all Documents; 
 (f) all Equipment; 

(g) all Fixtures; 
 (h) all General Intangibles (excluding, the Encumbered JV Interests); 
 (i) all
Goods; 
 (j) all Instruments; 
 (k) all Intellectual Property; 
 (l) all Inventory; 

  
 8 

 (m) all Investment Property, including all Pledged Equity but excluding the Encumbered JV
Interests; 
 (n) all letters of credit, Letter-of-Credit Rights and Supporting Obligations; 

(o) all cash or cash equivalents; 
 (p) all Oil and Gas Properties; 
 (q) all other personal property and assets of
each Grantor, whether tangible or intangible, not otherwise described above; 
 (r) all books and records, customer lists,
credit files, computer files, programs, printouts and other computer materials and records related thereto pertaining to the Collateral; and 
 (s) to the extent not otherwise included, all accessions to, substitutions for and replacements, Proceeds and products of any and all of the foregoing and all collateral security and guarantees given by
any Person with respect to any of the foregoing; 
 provided, however, that notwithstanding any of the other
provisions set forth in this Section 2, this Agreement shall not constitute a grant of a security interest in (a) any property to the extent that such grant of a security interest (i) is prohibited by any Legal Requirement of a
Governmental Authority, (ii) requires a consent not obtained of any Governmental Authority pursuant to such Legal Requirement or (iii) is prohibited by, or constitutes a breach or default under, or results in the termination of or requires
any consent not obtained under, any contract, license, agreement, instrument or other document evidencing or giving rise to such property or, in the case of any Investment Property (other than Pledged Equity) or Pledged Note, any applicable
shareholder or similar agreement, except to the extent that such Legal Requirement or the term in such contract, license, agreement, instrument or other document or shareholder or similar agreement providing for such prohibition, breach, default or
termination or requiring such consent is ineffective under any Legal Requirement, (b) more than 65% of the voting Equity Interests of any subsidiary directly owned by any Grantor that is a first tier controlled foreign corporation,
(c) Deposit Accounts used exclusively for payroll accounts, employee benefits, payroll taxes and other employee wage and benefit payments and (d) the Encumbered JV Interests (any property described in this proviso clause being referred to
herein as “Excluded Property”); provided that Excluded Property shall not include Proceeds, substitutions or replacements of any Excluded Property (unless such Proceeds, substitutions or replacements would constitute Excluded
Property). 
 SECTION 3. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and certain of the other Secured Parties to enter into the Credit Agreement and to induce the Lenders
to enter into the Credit Agreement and make Loans thereunder, each Grantor hereby represents and warrants to the Administrative Agent and each other Secured Party that on and as of the date hereof: 

  
 9 

 3.1 Title; No Other Liens. Except for the security interest granted to the
Administrative Agent for the ratable benefit of the Secured Parties pursuant to this Agreement and other Permitted Liens, such Grantor owns each item of the Collateral free and clear of any and all Liens or claims of others. No financing statement
or other public notice with respect to all or any part of the Collateral is on file or of record in any public office, except such as have been filed in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, pursuant to
this Agreement in connection with Permitted Liens. 
 3.2 Perfected Liens. Subject to any provision herein or in the
Credit Agreement that expressly provides that Administrative Agent’s Liens in certain amounts of certain types of Collateral, including any Excluded Collateral, is not required to be perfected as of the date hereof, the security interests
granted pursuant to this Agreement upon completion of the filings and other actions specified on Schedule 2 hereto (which, in the case of all filings and other documents referred to on said schedule, have been delivered to the Administrative
Agent in completed and, where applicable, duly executed form) constitute valid perfected security interests in all of the Collateral (excluding items from Sections 2(d) hereof, until the agreements set forth in Section 5.1 hereof are executed
and delivered in favor of the Administrative Agent, for the ratable benefit of the Secured Parties), as collateral security for the Secured Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any
Persons purporting to purchase any Collateral from such Grantor and are prior to all other Liens on the Collateral in existence on the date hereof except for (i) unrecorded Liens permitted by the Credit Agreement which have priority over the
Liens on the Collateral by operation of law, and (ii) other Permitted Liens. 
 3.3 Jurisdiction of Organization;
Chief Executive Office. On the date hereof, such Grantor’s jurisdiction of organization, identification number from the jurisdiction of organization (if any), federal employer identification number and the location and mailing address of
such Grantor’s chief executive office or sole place of business or principal residence, as the case may be, are specified on Schedule 3 hereto. Such Grantor has furnished to the Administrative Agent certified copies of its Organizational
Documents as required by the Credit Agreement. The name in which it has executed this Agreement is the exact name as it appears in such Grantor’s organizational documents, as amended, as filed with such Grantor’s jurisdiction of
organization as of the date hereof. Such Grantor has not, during the past year, (i) except as described on Schedule 3 hereto, been a party to any acquisition, merger or consolidation or (ii) other than as set forth in Schedule
3 hereto, had any other legal name. 
 3.4 Collateral Locations. On the date hereof, the Inventory, the
Equipment (other than mobile goods), the Goods and all other material tangible Collateral owned by the Grantors are kept at the locations listed on Schedule 4 hereto. Each Grantor has good title to, or valid leasehold interest in, all of such
locations, free and clear of all Liens except for Permitted Liens 
 3.5 Farm Products. None of the Collateral
constitutes, or is the Proceeds of, Farm Products. 

  
 10 

 3.6 Investment Property. 

(a) Such Grantor is the record and beneficial owner of, and has good and marketable title to, the Investment Property pledged by it
hereunder, free of any and all Liens or options in favor of, or claims of, any other Person, except the security interest created by this Agreement and Permitted Liens. 
 (b) No dispute, right of setoff, counterclaim or defense exists with respect to all or any part of the Investment Property. 
 (c) The Pledged Equity pledged by such Grantor hereunder constitutes all the issued and outstanding shares or other units of all classes of the Equity Interests of each Issuer owned by such Grantor.

 (d) The Pledged Equity is duly and validly authorized and issued, fully paid and non-assessable (as applicable), and all
documentary stamp or other Taxes or fees owing in connection with the issuance, transfer and/or pledge thereof hereunder have been paid. 
 (e) No Issuer has issued, and there are not outstanding, any options, warrants or other rights to acquire Equity Interests of any Issuer other than the Warrants issued to the Lenders. 

(f) Certificates representing the Pledged Equity identified as “certificated” in Schedule 1 hereof have been delivered to the
Administrative Agent, together with an undated stock power covering each such certificate duly executed in blank by the applicable Grantor to the Administrative Agent or the JV Company Credit Facility Agent, as applicable. 

(g) Neither the grant of the security interest in the Pledged Equity by any Grantor to the Administrative Agent herein, nor the exercise
by the Administrative Agent of its rights or remedies hereunder with respect thereto, will conflict with any provision of the articles of organization, certificate of formation, certificate of incorporation, articles of incorporation, charter,
bylaws, limited liability company agreement or other organizational document of any Issuer or any agreement by and between any Grantor or Issuer and its shareholders or equity owners or among any such shareholders or equity owners. Except as
expressly contemplated herein, no consent, approval, authorization or order of, and no notice to or filing with, any court, Governmental Authority, Issuer, or third party is required in connection with the grant by Grantors of the security interests
in the Pledged Equity herein, or, except as may be required under the UCC or any restrictions on transferability imposed by applicable state and federal securities laws, the exercise by the Administrative Agent of its rights and remedies hereunder
with respect thereto. 
 (h) Each of the Pledged Notes constitutes the legal, valid and binding obligation of the obligor with
respect thereto, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general
equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 

  
 11 

 3.7 Intellectual Property. (a) Schedule 5 hereto lists all applications
for federal registration and federally registered Intellectual Property owned by such Grantor in its own name on the date hereof, in each case, to the extent material to the conduct of the Grantors’ business. 

(b) On the date hereof, all material Intellectual Property is valid, subsisting, unexpired and enforceable, has not been abandoned and
does not infringe the intellectual property rights of any other Person. 
 (c) Except as set forth in Schedule 5 hereto,
on the date hereof, none of the material Intellectual Property is the subject of any licensing or franchise agreement pursuant to which such Grantor is the licensor or franchisor. 

(d) No holding, decision or judgment has been rendered by Governmental Authority which would limit, cancel or question the validity of,
or such Grantor’s rights in, any Intellectual Property in any respect that could reasonably be expected to have a material adverse effect on the aggregate value of the Collateral or the Administrative Agent’s security interest therein.

 (e) No action or proceeding is pending, or, to the knowledge of such Grantor, threatened, on the date hereof (i) seeking
to limit, cancel or question the validity of any Intellectual Property or such Grantor’s ownership interest therein, or (ii) which, if adversely determined, would have a material adverse effect on the value of any Intellectual Property, in
each case that could reasonably be expected to have a material adverse effect on the aggregate value of the Collateral or the Administrative Agent’s security interest therein. 

3.8 Deposit Accounts. On the date hereof, all of such Grantor’s Deposit Accounts are listed on Schedule 7 hereto.

 3.9 Letter-of-Credit Rights and Chattel Paper. On the date hereof, Schedule 8 hereto lists all
Letter-of-Credit Rights and Chattel Paper of such Grantor. All action by such Grantor necessary to protect and perfect the Administrative Agent’s Lien under the laws of the United States on each item listed on Schedule 8 hereto has been
duly taken (including the delivery of all originals as required hereunder and the placement of the following legend on all Chattel Paper: “This [chattel paper] is subject to the security interest of [___], in its capacity as administrative
agent for certain noteholders, and any sale, transfer, assignment or encumbrance of this [chattel paper] violates the rights of such secured party.”). 
 3.10 Commercial Tort Claims (a) On the date hereof, except to the extent listed in Schedule 6 hereto, no Grantor has rights in any Commercial Tort Claim with potential value in excess of
$500,000. 
 Upon the filing of a financing statement covering any Commercial Tort Claim referred to in paragraph (a) above or
Section 4.9 hereof against such Grantor in the jurisdiction specified in Schedule 2 hereto, the security interest granted in such Commercial Tort Claim will constitute a valid perfected security interest in favor of the Administrative
Agent, for the ratable benefit of the Secured Parties, as collateral security for the Secured Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to

  
 12 

 
purchase such Collateral from Grantor, which security interest shall be prior to all other Liens on such Collateral except for (i) unrecorded liens permitted by the Credit Agreement which
have priority over the Liens on such Collateral by operation of law, and (ii) other Permitted Liens. 
 SECTION 4. COVENANTS

 Each Grantor covenants and agrees with the Administrative Agent and the other Secured Parties that, from and after the date
of this Agreement until the Secured Obligations (other than the Contingent Obligations) shall have been paid in full in immediately available funds: 
 4.1 Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument,
Certificated Security or Chattel Paper, such Instrument, Certificated Security or Chattel Paper shall be held in trust by the applicable Grantor for the benefit of the Administrative Agent and promptly delivered to the Administrative Agent, duly
indorsed in a manner satisfactory to the Administrative Agent, to be held as Collateral pursuant to this Agreement. 
 4.2
Maintenance of Perfected Security Interest; Further Documentation. 
 (a) Such Grantor shall maintain the security
interest created by this Agreement as a perfected security interest having at least the priority described in Section 3.2 hereof and shall defend such security interest against the claims and demands of all Persons whomsoever. 

(b) Without limiting such Grantor’s obligations under Section 4.2(a) hereof, at any time and from time to time, upon the
written request of the Administrative Agent, and at the sole expense of such Grantor, such Grantor will promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further actions as the
Administrative Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including, without limitation, (i) filing any financing or continuation
statements under the UCC (or other similar laws) in effect in any jurisdiction with respect to the security interests created hereby and (ii) in the case of Electronic Chattel Paper, Deposit Accounts, Investment Property, Letter-of-Credit
Rights and any other relevant Collateral, taking any actions necessary to enable the Administrative Agent to obtain Control with respect thereto, in each case, in accordance with the provisions hereof. 

4.3 Changes in Locations, Name, etc. Such Grantor will not, except upon fifteen (15) days’ prior written notice to the
Administrative Agent and delivery to the Administrative Agent of all additional executed financing statements and other documents, if any, necessary to maintain the validity, perfection and priority of the security interests provided for herein:

 (i) change its jurisdiction of organization or the location of its chief executive office or sole place of
business or principal residence, as the case may be, or mailing address from that referred to in Section 3.3 hereof, provided that no Grantor will change its jurisdiction of organization or the location of its chief executive office or sole
place of business or principal residence to a jurisdiction or location outside of the United States without the prior written consent of the Requisite Lenders; or 

  
 13 

 (ii) change its name or organization identification number issued by its
state of organization or type of entity or federal employer identification number. 
 4.4 Intentionally Omitted.

 4.5 Investment Property. (a) If such Grantor shall become entitled to receive or shall receive any certificate
(including, without limitation, any certificate representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights in
respect of the Equity Interests of any Issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares of Pledged Equity, or otherwise in respect thereof, such Grantor shall accept the same as the agent of the
Administrative Agent and the other Secured Parties, hold the same in trust for the Administrative Agent and the other Secured Parties and deliver the same forthwith to the Administrative Agent in the exact form received, duly indorsed by such
Grantor to the Administrative Agent, if required, together with an undated stock power covering such certificate duly executed in blank by such Grantor and with, if the Administrative Agent so requests, signature guaranteed, to be held by the
Administrative Agent, subject to the terms hereof, as additional collateral security for the Secured Obligations. Any sums paid upon or in respect of the Investment Property upon the liquidation or dissolution of any Issuer shall be paid over to the
Administrative Agent to be held by it hereunder as additional collateral security for the Secured Obligations, and in case any distribution of capital shall be made on or in respect of the Investment Property or any property shall be distributed
upon or with respect to the Investment Property pursuant to the recapitalization or reclassification of the capital of any Issuer or pursuant to the reorganization thereof, the property so distributed shall, unless otherwise subject to a perfected
security interest in favor of the Administrative Agent, be delivered to the Administrative Agent to be held by it hereunder as additional collateral security for the Secured Obligations. If any sums of money or property so paid or distributed in
respect of the Investment Property shall be received by such Grantor, such Grantor shall, until such money or property is paid or delivered to the Administrative Agent, hold such money or property in trust for the Administrative Agent and the other
Secured Parties, segregated from other funds or property of such Grantor, as additional collateral security for the Secured Obligations. 
 (b) Except pursuant to a transaction permitted by the Credit Agreement, such Grantor will not (i) vote to enable, or take any other action to permit, any Issuer that is a Grantor or a Subsidiary of a
Grantor to issue any Equity Interests of any nature or to issue any other securities convertible into or granting the right to purchase or exchange for any Equity Interests of any nature of any Issuer unless such Equity Interests or securities shall
have been pledged to the Administrative Agent to secure the Secured Obligations pursuant to the terms hereof to the extent owned by any Grantor, (ii) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect
to, the Investment Property or Proceeds thereof, (iii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Investment Property or Proceeds thereof, or any interest therein,
except for the security interests created by this Agreement and Permitted Liens or (iv) enter into any agreement or undertaking restricting the right or ability of such Grantor or the Administrative Agent to sell, assign or transfer any of the
Investment Property or Proceeds thereof, except, in each case, as permitted under the Credit Agreement. 

  
 14 

 (c) In the case of each Grantor which is an Issuer, such Issuer agrees that (i) it will
be bound by the terms of this Agreement relating to the Investment Property issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the Administrative Agent promptly in writing of the
occurrence of any of the events described in Section 4.5(a) hereof with respect to the Investment Property issued by it and (iii) the terms of Sections 6.3(c) hereof and 6.7 hereof shall apply to it, mutatis mutandis, with respect
to all actions that may be required of it pursuant to Sections 6.3(c) hereof or 6.7 hereof with respect to the Investment Property issued by it. 
 4.6 Electronic Chattel Paper. In the event such Grantor is or becomes the owner of any Electronic Chattel Paper such Grantor shall promptly notify the Administrative Agent and shall use
commercially reasonable efforts to grant the Administrative Agent Control of such Electronic Chattel Paper in accordance with the UCC. 
 4.7 Intellectual Property. (a) Unless such Grantor shall have determined, in its reasonable business judgment, that doing so is not in its best interest, such Grantor (either itself or through
licensees) will (i) continue to use each material Trademark on each and every trademark class of goods applicable to its current line as reflected in its current catalogs, brochures and price lists in order to maintain such Trademark in full
force free from any claim of abandonment for non-use, (ii) maintain as in the past the quality of products and services offered under such Trademark, (iii) use such Trademark with the appropriate notice of registration and all other
notices and legends required by any applicable Legal Requirement, (iv) not adopt or use any mark which is confusingly similar or a colorable imitation of such Trademark unless the Administrative Agent, for the ratable benefit of the Secured
Parties, shall obtain a perfected security interest in such mark pursuant to this Agreement, and (v) not (and use commercially reasonable efforts to not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act
whereby such Trademark may become invalidated or impaired in any way that could reasonably be expected to result in a Material Adverse Effect. 
 (b) Such Grantor (either itself or through licensees) will not do any act, or omit to do any act, whereby any material Patent may become prematurely invalidated, forfeited, abandoned or dedicated to the
public. 
 (c) Unless such Grantor shall have determined, in its reasonable business judgment, that doing so is not in its best
interest, such Grantor (either itself or through licensees) (i) will employ each material Copyright and (ii) will, for each work covered by a material Copyright, use copyright notices as required under applicable copyright laws. Such
Grantor will not (either itself or through licensees) do any act whereby any material portion of the Copyrights may fall into the public domain. 
 (d) Such Grantor (either itself or through licensees) will not do any act that knowingly infringes the intellectual property rights of any other Person. 

  
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 (e) Such Grantor will notify the Administrative Agent in writing promptly if it knows, or
has reason to know, that any application or registration relating to any material Intellectual Property may become forfeited, abandoned or dedicated to the public, or of any adverse determination or development (including, without limitation, the
institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any court or tribunal in any country) regarding such Grantor’s ownership of, or
the validity of, any material Intellectual Property or such Grantor’s right to register the same or to own and maintain the same. 
 (f) Whenever such Grantor, either by itself or through any agent, employee, licensee or designee, shall file an application for the registration of any Intellectual Property with the United States Patent
and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, such Grantor shall report such filing to the Administrative Agent within ten (10) Business Days
after the last day of the fiscal quarter in which such filing occurs. Such Grantor shall execute and deliver, and have recorded, any and all agreements, instruments, documents, and papers as is necessary to evidence the Administrative Agent’s
and the other Secured Parties’ security interest in any Copyright, Patent or Trademark and the goodwill and general intangibles of such Grantor relating thereto or represented thereby, as may be requested by the Administrative Agent, acting at
the direction of the Requisite Lenders. 
 (g) Such Grantor will take all reasonable and necessary steps, including, without
limitation, in any proceeding before the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency, to maintain and pursue each application (and to obtain the relevant registration) and to maintain
each registration of the material Intellectual Property, including, without limitation, filing of applications for renewal, affidavits of use and affidavits of incontestability and payment of maintenance fees. 

(h) In the event that any material Intellectual Property is infringed, misappropriated or diluted by a third party, such Grantor shall
(i) take such actions as such Grantor shall reasonably deem appropriate under the circumstances to protect such Intellectual Property and (ii) if such Intellectual Property is of material economic value, promptly notify the Administrative
Agent after it learns thereof and sue for infringement, misappropriation or dilution, to seek injunctive relief where appropriate and to recover any and all damages for such infringement, misappropriation or dilution. 

(i) Upon the occurrence and during the continuance of an Event of Default, upon the written request of the Administrative Agent, each
Grantor will use its commercially reasonable efforts to obtain all consents and approvals necessary for the assignment to the Administrative Agent or its designee of any license held by such Grantor and to enable the Administrative Agent or its
designee to enforce the security interests granted hereunder. 
 4.8 Insurance. (a) All insurance policies required
hereunder and under the Credit Agreement (including, but not limited to, Section 5.2 of the Credit Agreement) in respect of property or casualty shall name the Administrative Agent (for the benefit of the Secured Parties) as an additional
insured or as loss payee, as applicable, and shall contain loss payable clauses or mortgagee clauses, through endorsements which are customary for similarly situated properties 

  
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and companies (i) providing that all proceeds thereunder with respect to any Collateral shall be applied in accordance with the Credit Agreement; (ii) providing that no such insurance
shall be affected by any act or neglect of the insured or owner of the property described in such policy; and (iii) providing that such policy and loss payable or mortgagee clauses may be canceled, amended, or terminated only upon at least
thirty (30) days prior written notice given to the Administrative Agent (except with respect to cancellation as a result of a payment default, such cancellation shall not be effective until at least ten (10) days after receipt by
Administrative Agent of written notice thereof). 
 (b) All premiums on any such insurance shall be paid when due by such
Grantor, and, if reasonably requested by the Administrative Agent, copies of the policies shall be delivered to the Administrative Agent. If such Grantor fails to obtain any insurance as required by this Section 4.8 and/or under the Credit
Agreement (including, but not limited to, Section 5.2 of the Credit Agreement), the Administrative Agent may obtain such insurance at such Grantor’s expense. By purchasing such insurance, the Administrative Agent shall not be deemed to
have waived any Default or Event of Default arising from the Grantor’s failure to maintain such insurance or pay any premiums therefor. 
 4.9 Commercial Tort Claims. Such Grantor shall promptly notify the Administrative Agent of any Commercial Tort Claim with potential value in excess of $500,000 acquired by it or otherwise arising
and, unless the Administrative Agent otherwise consents, such Grantor shall, within 30 days of obtaining such interest, sign and deliver documentation (and amend all applicable financing statements) necessary to grant to the Administrative Agent a
perfected first priority security interest in such Commercial Tort Claim (subject to the Liens permitted under the Credit Agreement). 
 4.10 Letter-of-Credit Rights. If such Grantor is or becomes the beneficiary of a letter of credit with a value in excess of $250,000, it shall promptly after becoming a beneficiary notify the
Administrative Agent thereof and (a) use commercially reasonable efforts to cause the issuer and/or confirmation bank to consent to the assignment of any Letter-of-Credit Rights in connection with such letter of credit to the Administrative
Agent and (b) agree to direct all payment thereunder to a Deposit Account. 
 4.11 Collateral Access Agreements
Promptly upon request by the Administrative Agent, each Grantor shall use reasonable efforts to obtain a Collateral Access Agreement from the lessor of each leased property, mortgagee of owned property or bailee or consignee with respect to any
warehouse, processor or converter facility or other location where Collateral with value of at least $500,000 is stored or located or which is the location of the Company’s principal place of business, which agreement or letter shall provide
access rights, contain a waiver or subordination of all Liens or claims that the landlord, mortgagee, bailee or consignee may assert against the Collateral at that location, and shall otherwise be reasonably satisfactory in form and substance to the
Collateral Agent. 

  
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 SECTION 5. COLLECTION AND APPLICATION OF COLLATERAL PROCEEDS; DEPOSIT ACCOUNTS 

5.1 Collection of Receivables. On or before the 120th day after the Closing Date (or such later date as agreed by the
Administrative Agent in its sole discretion), each Grantor shall execute and deliver to the Administrative Agent, Deposit Account Control Agreements for each Deposit Account (other than (i) each Deposit Account, the funds in which are used, in
the ordinary course of business, solely for the payment of salaries and wages, worker’s compensation, pension benefits and similar expenses or taxes related thereto, (ii) each Deposit Account used, in the ordinary course of business,
solely for daily accounts payable and that has an ending daily balance of zero, (iii) other Deposit Accounts maintained in the United States so long as the amount of funds on deposit in such Deposit Accounts does not exceed $100,000
individually or in the aggregate, and (iv) any other Deposit Account that constitutes, or is designated by the Requisite Lenders as, Excluded Collateral or an Excluded Deposit Account, for so long as it shall be so designated (“Excluded
Deposit Accounts”)) maintained by such Grantor (a “Collateral Deposit Account”), which Collateral Deposit Accounts as of the Closing Date are identified as such on Schedule 7 hereto. 

5.2 Covenant Regarding New Deposit Accounts. Before opening, transferring or replacing any Collateral Deposit Account or other
Deposit Account (other than Excluded Deposit Accounts), each Grantor shall so notify the Administrative Agent and such Grantor shall cause each bank or financial institution in which it seeks to open a Deposit Account, to enter into a Deposit
Account Control Agreement with the Administrative Agent, or the Control Agent, as applicable, in order to give the Administrative Agent, Control of such Collateral Deposit Account. 

SECTION 6. REMEDIAL PROVISIONS 
 6.1 Certain Matters Relating to Receivables. The Administrative Agent hereby authorizes each Grantor to collect such Grantor’s Receivables, and the Administrative Agent may curtail or
terminate said authority at any time after the occurrence and during the continuance of an Event of Default. If required by the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, any payments of
Receivables, when collected by any Grantor, (i) shall be forthwith (and, in any event, within two (2) Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Administrative Agent if
required, in a Collateral Deposit Account under the sole Control of the Administrative Agent, subject to withdrawal by the Administrative Agent for the account of the Secured Parties only as provided in Section 6.5 hereof, and (ii) until
so turned over, shall be held by such Grantor in trust for the Administrative Agent and the other Secured Parties, segregated from other funds of such Grantor. Each such deposit of Proceeds of Receivables shall be accompanied by a report identifying
in reasonable detail the nature and source of the payments included in the deposit. The Grantors and the Administrative Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the
Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered
with respect to a Receivable. In view of the foregoing, each Grantor agrees that the Administrative Agent 

  
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may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount
as the Administrative Agent in its sole discretion shall determine or abandon any Receivable, and any such action by the Administrative Agent shall be deemed to be commercially reasonable so long as the Administrative Agent acts in good faith based
on information known to it at the time it takes any such action. 
 6.2 Communications with Obligors; Grantors Remain
Liable. (a) The Administrative Agent in its own name or in the name of others may at any time after the occurrence and during the continuance of an Event of Default communicate (by mail, telephone, facsimile, email or otherwise) with obligors
under the Receivables to verify with them to the Administrative Agent’s satisfaction the existence, amount and terms of any Receivables. 
 (b) Upon the request of the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, each Grantor shall notify obligors on the Receivables that the
Receivables have been assigned to the Administrative Agent for the ratable benefit of the Secured Parties and that payments in respect thereof shall be made directly to the Administrative Agent. 

(c) Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each of the Receivables to observe and
perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto. Neither the Administrative Agent nor any other Secured Party shall have any obligation
or liability under any Receivable (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by the Administrative Agent or any other Secured Party of any payment relating thereto, nor shall the
Administrative Agent or any other Secured Party be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any Receivable (or any agreement giving rise thereto), to make any payment, to make any inquiry as to
the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts
which may have been assigned to it or to which it may be entitled at any time or times. 
 6.3 Pledged Equity. (a) Unless
an Event of Default shall have occurred and be continuing and the Administrative Agent shall have given notice to the relevant Grantor of the Administrative Agent’s intent to exercise its corresponding rights pursuant to Section 6.3(b)
hereof, each Grantor shall be permitted to receive all cash dividends paid in respect of the Pledged Equity and all payments made in respect of the Pledged Notes, in each case, to the extent permitted in the Credit Agreement, and to exercise all
voting and corporate or other organizational rights with respect to the Investment Property; provided, however, that no vote shall be cast or corporate or other organizational right exercised or other action taken which would be inconsistent with or
result in any violation of any provision of the Credit Agreement, this Agreement or any other Security Instrument. 
 (b) If an
Event of Default shall occur and be continuing and the Administrative Agent shall give notice of its intent to exercise such rights to the relevant Grantor or Grantors, (i) the Administrative Agent shall have the right to receive any and all
cash 

  
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dividends, payments or other Proceeds paid in respect of the Investment Property and make application thereof to the Secured Obligations in the order set forth in the Credit Agreement, and
(ii) any or all of the Investment Property shall be registered in the name of the Administrative Agent or its nominee, and the Administrative Agent or its nominee may thereafter exercise (x) all voting, corporate and other rights
pertaining to such Investment Property at any meeting of shareholders of the relevant Issuer or Issuers or otherwise and (y) any and all rights of conversion, exchange and subscription and any other rights, privileges or options pertaining to
such Investment Property as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Investment Property upon the merger, consolidation, reorganization, recapitalization or
other fundamental change in the corporate or other organizational structure of any Issuer, or upon the exercise by any Grantor or the Administrative Agent of any right, privilege or option pertaining to such Investment Property, and in connection
therewith, the right to deposit and deliver any and all of the Investment Property with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Administrative Agent may determine), all
without liability except to account for property actually received by it, but the Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay
in so doing. 
 (c) Each Grantor hereby authorizes and instructs each Issuer of any Investment Property pledged by such Grantor
hereunder to (i) comply with any instruction received by it from the Administrative Agent in writing that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance with the terms of this
Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and (ii) unless otherwise expressly permitted hereby, pay any dividends or other payments
with respect to the Investment Property directly to the Administrative Agent. 
 6.4 Proceeds to be Turned Over To
Administrative Agent. In addition to the rights of the Administrative Agent and the other Secured Parties specified in Section 6.1 hereof with respect to payments of Receivables, if an Event of Default shall occur and be continuing, all
Proceeds received by any Grantor consisting of cash, checks and other near-cash items shall be held by such Grantor in trust for the Administrative Agent and the other Secured Parties, segregated from other funds of such Grantor, and shall,
forthwith upon receipt by such Grantor, be turned over to the Administrative Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the Administrative Agent, as applicable). All Proceeds while held by the Administrative
Agent (or by such Grantor in trust for the Administrative Agent and the other Secured Parties) shall continue to be held as collateral security for all the Secured Obligations and shall not constitute payment thereof until applied as provided in
Section 6.5 hereof. 
 6.5 Application of Proceeds. If an Event of Default shall have occurred and be continuing,
the Administrative Agent shall apply all or any part of Proceeds constituting Collateral held by it, whether or not held in any Collateral Deposit Account, in payment of the Secured Obligations in the order set forth in Section 7.6 of the
Credit Agreement. 

  
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 6.6 Code and Other Remedies. If an Event of Default shall occur and be continuing,
the Administrative Agent, on behalf of the Secured Parties, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Secured
Obligations, all rights and remedies of a secured party under the UCC or any other Legal Requirement. Without limiting the generality of the foregoing, the Administrative Agent, without demand of performance or other demand, presentment, protest,
advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, presentments, protests, defenses, advertisements and notices are hereby waived), may
in such circumstances (a) forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the
Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Administrative Agent or any other Secured Party or elsewhere
upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk, (b) give notice of sole control or any other instruction under
any Deposit Account Control Agreement or other control agreement with any securities intermediary and take any action therein with respect to such Collateral, (c) with respect to any Collateral consisting of Intellectual Property, on demand, to
cause the security interest granted herein to become an assignment, transfer and conveyance of any of or all such Collateral by the applicable Grantors to the Administrative Agent or to license or sublicense, whether general, special or otherwise,
and whether on an exclusive or a nonexclusive basis, any such Collateral throughout the world on such terms and conditions and in such manner as the Administrative Agent shall reasonably determine (other than in violation of any then-existing
licensing arrangements to the extent that waivers thereunder cannot be obtained), and (d) concurrently with written notice to the applicable Grantor of its intent to exercise rights and remedies, transfer and register in its name or in the name
of its nominee the whole or any part of the Investment Property, to exchange certificates or instruments representing or evidencing Investment Property for certificates or instruments of smaller or larger denominations, and subject to the notice
requirements of Section 6.3 hereof, to exercise the voting and all other rights as a holder with respect thereto, to collect and receive all cash dividends, interest, principal and other distributions made thereon and to otherwise act with
respect to the Investment Property as though the Administrative Agent was the outright owner thereof. The Administrative Agent or any other Secured Party shall have the right upon any such public sale or sales, and, to the extent permitted by law,
upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity is hereby waived and released. Each Grantor further agrees, at the
Administrative Agent’s request, to assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at such Grantor’s premises or elsewhere. The
Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this Section 6.6, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping
of any of the Collateral or in any way relating to the Collateral or the rights of the Administrative Agent and the other Secured Parties hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in
whole or in part of the Secured Obligations, in accordance with Section 6.5 hereof and only after such application and the 

  
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payment of all Secured Obligations in full in immediately available funds and after the payment by the Administrative Agent of any other amount required by any provision of law, including,
without limitation, Section 9-615(a)(3) of the New York Uniform Commercial Code, need the Administrative Agent account for the surplus, if any, to any Grantor. Without limiting the provisions of Section 8.3 hereof, to the extent permitted
by applicable law, each Grantor waives all claims, damages and demands it may acquire against the Administrative Agent or any other Secured Party arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other
disposition of Collateral shall be required by law, which is not waived under Section 8.3 hereof, such notice shall be deemed reasonable and proper in every case if given at least ten (10) days before such sale or other disposition (it
being understood that a shorter period may also be reasonable given the circumstances). Until the Administrative Agent is able to effect a sale, lease, or other disposition of Collateral, the Administrative Agent shall have the right to hold or use
Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or its value or for any other purpose deemed appropriate by the Administrative Agent. The Administrative Agent may, if it so elects,
seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of the Administrative Agent’s remedies (for the benefit of the Administrative Agent and the Secured Parties), with respect to such appointment
without prior notice or hearing as to such appointment. Notwithstanding the foregoing, neither the Administrative Agent nor any of the Secured Parties shall be required to (i) make any demand upon, or pursue or exhaust any of their rights or
remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Secured Obligations or to pursue or exhaust any of their rights or remedies with respect to any Collateral therefor or any
direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Secured Obligations or to resort to the Collateral or any such guarantee in any particular order, or (iii) effect a public sale of any Collateral.

 6.7 Registration Rights. (a) If the Administrative Agent shall determine to exercise its right to sell any or all of
the Pledged Equity pursuant to Section 6.6 hereof, and if in the opinion of the Administrative Agent it is necessary or advisable to have the Pledged Equity, or that portion thereof to be sold, registered under the provisions of the Securities
Act, the relevant Grantor will cause the Issuer thereof to (i) execute and deliver, and cause the directors and officers of such Issuer to execute and deliver, all such instruments and documents, and do or cause to be done all such other acts
as may be, in the opinion of the Administrative Agent, necessary or advisable to register the Pledged Equity, or that portion thereof to be sold, under the provisions of the Securities Act, (ii) use its best efforts to cause the registration
statement relating thereto to become effective and to remain effective for a period of one (i) year from the date of the first public offering of the Pledged Equity, or that portion thereof to be sold, and (iii) make all amendments thereto
and/or to the related prospectus which, in the opinion of the Administrative Agent, are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules and regulations of the Securities and Exchange Commission
applicable thereto. Each Grantor agrees to cause such Issuer to comply with the provisions of the securities or “Blue Sky” laws of any and all jurisdictions which the Administrative Agent shall designate and to make available to its
security holders, as soon as practicable, an earnings statement (which need not be audited) which will satisfy the provisions of Section 11(a) of the Securities Act. 

  
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 (b) Each Grantor recognizes that the Administrative Agent may conduct one or more sales
thereof to purchasers that would otherwise satisfy the requirements of the Securities Act (for the purposes of this Section 6.7, such sale a “Private Sale”). Each Grantor acknowledges and agrees that any such Private Sale may result
in prices and other terms less favorable than if such sale were of Pledged Equity registered under the provisions of the Securities Act and, notwithstanding such circumstances or any other circumstances, agrees that no such Private Sale shall be
deemed to have been made in a commercially unreasonable manner solely because the Pledged Equity had not been registered under the provisions of the Securities Act. In no circumstances shall the Administrative Agent be under any obligation to
register Pledged Equity under the provisions of the Securities Act, even if such Issuer would agree to do so nor shall the Administrative Agent be under any obligation to delay a sale of any of the Pledged Equity for the period of time necessary to
permit the Issuer thereof to register such securities for public sale. 
 (c) Each Grantor agrees to use its reasonable efforts
to do or cause to be done all such other acts as may be necessary to make such sale or sales of all or any portion of the Pledged Equity pursuant to this Section 6.7 valid and binding and in compliance with any and all other applicable
Requirements of Law. Each Grantor further agrees that a breach of any of the covenants contained in this Section 6.7 will cause irreparable injury to the Administrative Agent and the other Secured Parties, that the Administrative Agent and the
other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 6.7 shall be specifically enforceable against such Grantor, and such Grantor hereby
waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred under the Credit Agreement. 

6.8 Grantor’s Obligations Upon Default. Upon the request of the Administrative Agent after the occurrence and during the
continuance of an Event of Default, each Grantor will: 
 (a) assemble and make available to the Administrative Agent the
Collateral and all books and records relating thereto at any place or places specified by the Administrative Agent, whether at a Grantor’s premises or elsewhere; and 
 (b) subject in all cases to any lease or sub-lease agreements and any collateral access agreements, permit the Administrative Agent, by the Administrative Agent’s representatives and agents, to
enter, occupy and use any premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral or the books and records relating thereto, or both,
to remove all or any part of the Collateral or the books and records relating thereto, or both, and to conduct sales of the Collateral, without any obligation to pay the Grantor for such use and occupancy. 

6.9 Grant of Intellectual Property License. For the purpose of enabling the Administrative Agent to exercise the rights and
remedies under this Agreement at such time as the Administrative Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby (a) grants to the Administrative Agent, for the benefit of the Administrative Agent and
the Secured Parties, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to any Grantor) to use, license or sublicense, on such 

  
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terms and conditions as the Administrative Agent shall reasonably determine, any Intellectual Property rights now owned or hereafter acquired by such Grantor, and wherever the same may be
located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof, the right to prosecute and maintain all
Intellectual Property and the right to sue for past infringement of the Intellectual Property and (b) irrevocably agrees that, at any time and from time to time following the occurrence and during the continuance of an Event of Default, the
Administrative Agent may sell any of such Grantor’s Inventory directly to any person, including without limitation persons who have previously purchased the Grantor’s Inventory from such Grantor and in connection with any such sale or
other enforcement of the Administrative Agent’s rights under this Agreement, may (subject to any restrictions contained in applicable third-party licenses entered into by a Grantor) sell Inventory which bears any Trademark owned by or licensed
to such Grantor and any Inventory that is covered by any Copyright owned by or licensed to such Grantor and the Administrative Agent may finish any work in process and affix any Trademark owned by or licensed to such Grantor and sell such Inventory
as provided herein. The use of the license granted pursuant to clause (a) of the preceding sentence to the Administrative Agent may be exercised only upon the occurrence and, at the option of the Administrative Agent, during the continuance of
an Event of Default; provided, however, that any license, sublicense or other transaction entered into by the Administrative Agent in accordance herewith shall be binding upon each Grantor notwithstanding any subsequent cure of an
Event of Default. 
 6.10 Subordination Each Grantor hereby agrees that, upon the occurrence and during the continuance
of an Event of Default, unless otherwise agreed by the Administrative Agent, all Indebtedness owing by it to, or to it by, the Company or any Subsidiary of the Company shall be fully subordinated to the indefeasible payment in full in cash of the
Secured Obligations. 
 6.11 Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of any sale
or other disposition of the Collateral are insufficient to pay the Secured Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or any other Secured Party to collect such deficiency. 

SECTION 7. THE ADMINISTRATIVE AGENT 
 7.1 Administrative Agent’s Appointment as Attorney-in-Fact, etc. (a) Each Grantor hereby irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof, with
full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of
this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each
Grantor hereby gives the Administrative Agent the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following: 

  
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 (i) in the name of such Grantor or its own name, or otherwise, take
possession of and indorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any Receivable with respect to any other Collateral and file any claim or take any other action or proceeding in
any court of law or equity or otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any and all such moneys due under any Receivable or with respect to any other Collateral whenever payable; 

(ii) in the case of (A) any Intellectual Property, execute and deliver, and have recorded, any and all agreements,
instruments, documents and papers as the Administrative Agent may request to evidence the Administrative Agent’s and the other Secured Parties’ security interest in such Intellectual Property and the goodwill and general intangibles of
such Grantor relating thereto or represented thereby and (B) in the case of any insurance, obtain any insurance and pay any insurance premiums with respect to such insurance called for by the terms of this Agreement (including, but not limited
to Section 4.8 of this Agreement) or the Credit Agreement (including, but not limited to Section 5.2 of the Credit Agreement); 
 (iii) pay or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any repairs called for by the terms of this Agreement and pay all or any part of costs thereof;

 (iv) to prepare and file any UCC financing statements against such Grantor as debtor; 

(v) execute, in connection with any sale provided for in Sections 6.6 or 6.7 hereof or otherwise in accordance with
this Agreement, any indorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral; 
 (vi) direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Administrative Agent or as the Administrative
Agent shall direct; ask or demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; sign and indorse any invoices,
freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral; commence and prosecute any suits, actions or
proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; defend any suit, action or proceeding brought against such Grantor
with respect to any Collateral; settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Administrative Agent may deem appropriate; assign any Copyright, Patent or
Trademark (along with the goodwill of the business to which any such Copyright, Patent or Trademark pertains), throughout the world for such term or terms, on such conditions, and in such manner, as the Administrative Agent shall in its sole
discretion determine; and generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the 

  
 25 

 
Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes, and do, at the Administrative Agent’s option and such Grantor’s
expense, at any time, or from time to time, all acts and things which the Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the Administrative Agent’s and the other Secured Parties’ security
interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor might do; and 
 (vii) TO ACT AS ITS PROXY AND ATTORNEY-IN-FACT (AS SET FORTH IN SECTION 7.1 ABOVE) WITH RESPECT TO ITS INVESTMENT PROPERTY, INCLUDING, SUBJECT TO SECTION 6.3 HEREOF, THE RIGHT TO VOTE SUCH INVESTMENT
PROPERTY, WITH FULL POWER OF SUBSTITUTION TO DO SO. IN ADDITION TO THE RIGHT TO VOTE ANY SUCH INVESTMENT PROPERTY, THE APPOINTMENT OF THE ADMINISTRATIVE AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL INCLUDE, SUBJECT TO SECTION 6.3 HEREOF, THE RIGHT TO
EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF SUCH INVESTMENT PROPERTY, WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT
SUCH MEETINGS). SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY SUCH INVESTMENT PROPERTY ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON (INCLUDING THE ISSUER OF SUCH
INVESTMENT PROPERTY OR ANY OFFICER OR AGENT THEREOF), IN EACH CASE ONLY UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF A DEFAULT AND UPON PRIOR WRITTEN NOTICE TO THE GRANTORS. 

Anything in this Section 7.1(a) to the contrary notwithstanding, the Administrative Agent agrees that it will not exercise any
rights under the power of attorney provided for in this Sections 7.1(a) (other than Section 7.1(a)(ii)(A) and (B)) unless an Event of Default shall have occurred and be continuing. 

(b) If any Grantor fails to perform or comply with any of its agreements contained in this Agreement, the Administrative Agent, at the
direction of the Requisite Lenders, may perform or comply, or otherwise cause performance or compliance, with such agreement. 

(c) The expenses of the Administrative Agent incurred in connection with actions undertaken as provided in this Section 7.1(other
than Section 7.1(a)(ii)(A) and (B)) after the occurrence and during the continuance of an Event of Default, together with interest thereon at a rate per annum equal to the rate per annum at which interest would then be payable on the Loans,
from the date of payment by the Administrative Agent to the date reimbursed by the Grantors, shall be payable by Grantors to the Administrative Agent on demand, or directly out of Proceeds from any relevant Collateral, at the Administrative
Agent’s discretion. 

  
 26 

 (d) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be
done by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby are released. 

7.2 Duty of Administrative Agent. The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical
preservation of the Collateral in its possession, under Section 9-207 of the New York Uniform Commercial Code or otherwise, shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account.
Neither the Administrative Agent, any other Secured Party nor any of their respective representatives, successors, assigns, affiliates, partners, members, investors, shareholders, attorneys, officers, directors, employees or agents shall be liable
for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any
other action whatsoever with regard to the Collateral or any part thereof. The powers, rights and discretionary duties conferred on the Administrative Agent and the other Secured Parties hereunder are solely to protect the Administrative
Agent’s and the other Secured Parties’ interests in the Collateral and shall not impose any duty upon the Administrative Agent or any other Secured Party to exercise any such powers. The Administrative Agent and the other Secured Parties
shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their representatives, successors, assigns, affiliates, partners, members, investors, shareholders, attorneys,
officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. To the
extent that any Legal Requirement imposes duties on the Administrative Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it may be commercially reasonable for the Administrative Agent
(i) to fail to incur expenses deemed significant by the Administrative Agent to prepare Collateral for disposition or otherwise to transform raw material or work in process into finished goods or other finished products for disposition,
(ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by any Legal Requirement, to fail to obtain governmental or third party consents for the collection or disposition of
Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against Account Debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise
collection remedies against Account Debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through publications or media
of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as such Grantor, for expressions of interest in acquiring all or any portion of such
Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide
for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to
disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure the Administrative Agent against risks of loss, collection or disposition of Collateral or to provide to
the Administrative Agent a guaranteed 

  
 27 

 
return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by the Administrative Agent, to obtain the services of other brokers, investment bankers,
consultants and other professionals to assist the Administrative Agent in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this Section 7.2 is to provide non-exhaustive indications of what
actions or omissions by the Administrative Agent may be commercially reasonable in the Administrative Agent’s exercise of remedies against the Collateral and that other actions or omissions by the Administrative Agent shall not be deemed
commercially unreasonable solely on account of not being indicated in this Section 7.2. Without limitation upon the foregoing, nothing contained in this Section 7.2 shall be construed to grant any rights to any Grantor or to impose any
duties on the Administrative Agent that would not have been granted or imposed by this Agreement or by any Legal Requirement in the absence of this Section 7.2. 
 7.3 Execution of Financing Statements and Other Documents. Pursuant to any applicable law, each Grantor authorizes the Administrative Agent to file or record financing statements and other filing
or recording documents or instruments with respect to the Collateral without the signature of such Grantor in such form and in such offices as the Administrative Agent reasonably determines appropriate to perfect the security interests of the
Administrative Agent under this Agreement and, if applicable, to maintain Control of Collateral. Each Grantor authorizes the Administrative Agent to use the collateral description “all assets now existing or hereafter acquired” or
“all personal property now existing or hereafter acquired” or any similar collateral description in any such financing statements. Each Grantor hereby ratifies and authorizes the filing by the Administrative Agent of any financing
statement with respect to the Collateral made prior to the date hereof; provided that such authorization will not impose any such duty upon the Administrative Agent. Nothing in this Section shall relieve any Grantor from its obligation to file
financing statements, to file any continuation statements or to otherwise maintain perfection of the Administrative Agent’s security interest as such obligations are set forth in this Agreement, the Credit Agreement or any other document.

 7.4 Secured Party Performance of Debtor Obligations. Without having any obligation to do so, the Administrative Agent
may, after the occurrence and during the continuance of an Event of Default, perform or pay any obligation which any Grantor has agreed to perform or pay in this Agreement and the Grantors shall reimburse the Administrative Agent for any amounts
paid by the Administrative Agent pursuant to this Section 7.4. The Grantors’ obligation to reimburse the Administrative Agent pursuant to the preceding sentence shall be a Secured Obligation payable on demand, or directly out of Proceeds
from any relevant Collateral, at the Administrative Agent’s discretion. 
 7.5 Specific Performance of Certain
Covenants. Each Grantor acknowledges and agrees that a breach of any of the covenants contained in Sections 4, 5, 6.1, 6.2, 6.3, 6.4, and 6.7 hereof will cause irreparable injury to the Administrative Agent and the other Secured Parties, that
the Administrative Agent and the other Secured Parties have no adequate remedy at law in respect of such breaches and therefore agrees, without limiting the right of the Administrative Agent or the Secured Parties to seek and obtain specific
performance of other obligations of the Grantors contained in this Agreement, that the covenants of the Grantors contained in the Sections referred to in this Section 7.5 shall, to the extent permitted under applicable law, be specifically
enforceable against the Grantors. 

  
 28 

 7.6 Authority of Administrative Agent. Each Grantor acknowledges that the rights and
responsibilities of the Administrative Agent under this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right, request, judgment, discretionary
duty or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Administrative Agent and the other Secured Parties, be governed by the Credit Agreement and by such other agreements with respect
thereto as may exist from time to time among them, but, as between the Administrative Agent and the Grantors, the Administrative Agent shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to
act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. 
 7.7 Protections of Administrative Agent. (a) For all purposes of this Agreement, the Administrative Agent shall not be deemed to have notice or knowledge of any Event of Default or matter hereunder
unless written notice of such event is received by the Administrative Agent or an officer of the Administrative Agent responsible for the administration of this Agreement has actual knowledge thereof. 

(b) Except for action expressly required hereunder (excluding circumstances in which the Administrative Agent has the ability but not an
affirmative duty to act) or in the Credit Agreement, nothing in this Agreement, the Credit Agreement or any Security Instrument shall be interpreted as giving the Administrative Agent responsibility for or any duty concerning the validity,
perfection, priority or enforceability of any Lien or security interest in any Collateral or giving the Administrative Agent any obligation to take any action to procure or maintain such validity, perfection, priority or enforceability. 

(c) Neither the Administrative Agent nor any of its representatives, successors, assigns, partners, members, investors, shareholders,
attorneys, affiliates, directors, officers, agents or employees shall be liable for any action taken or not taken by it in connection herewith (i) with the consent or at the request of a Person authorized hereunder, the Intercreditor Agreement
or under the Credit Agreement or (ii) in the absence of its own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. Neither the Administrative Agent nor any of its representatives, successors,
assigns, partners, members, investors, shareholders, attorneys, affiliates, directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into or verify (i) any statement, warranty or representation
made in connection with this Agreement; (ii) the performance or observance of any of the covenants or agreements of a Grantor; (iii) the receipt of items required to be delivered to the Administrative Agent; or (iv) the validity,
effectiveness or genuineness of this Agreement, the other Security Instruments or any other instrument or writing furnished in connection herewith. The Administrative Agent shall not incur any liability by acting in reliance upon any notice,
consent, certificate, statement, or other writing (which may be a bank wire, telex or similar writing) reasonably believed by it to be genuine or to be signed by the proper party or parties. The Administrative Agent shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement or any other Security Instrument or any other document furnished in connection herewith or therewith in accordance with a written direction or a request of an authorized Person
pursuant to the terms of this Agreement or the Credit Agreement. 

  
 29 

 (d) Any Person into which the Administrative Agent may be converted or merged, or with which
it may be consolidated, or to which it may sell or transfer its corporate trust assets as a whole or substantially as a whole, or any Person resulting from any such conversion, merger, consolidation, sale or transfer to which the Administrative
Agent is a party, shall (provided it is otherwise qualified to serve as the Administrative Agent hereunder) be and become a successor Administrative Agent hereunder and be vested with all of the title to the Collateral and all of the trusts, powers,
discretions, immunities, privileges, estates, properties, rights, duties and obligations as was its predecessor without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the parties hereto or any
other Person, anything herein to the contrary notwithstanding. 
 (e) In entering into this Agreement, and in taking (or
refraining from) any actions under or pursuant to this Agreement, the Administrative Agent shall be protected by and shall enjoy all of the rights, immunities, protections and indemnities granted to it under the Intercreditor Agreement, the Credit
Agreement or the Security Instruments. 
 SECTION 8. MISCELLANEOUS 

8.1 Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise
modified except in accordance with Section 10.1 of the Credit Agreement. 
 8.2 Notices. All notices, requests and
demands to or upon the Administrative Agent or any Grantor hereunder shall be effected in the manner provided for in Section 10.2 of the Credit Agreement. 
 8.3 Waivers. To the extent permitted under applicable law, each Grantor hereby waives notice of the time and place of any public sale or the time after which any private sale or other disposition
of all or any part of the Collateral may be made. To the extent such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to the Grantors, addressed as set forth in Section 8.2 hereof, at least ten
(10) days prior (or such shorter period as may be commercially reasonable) to (i) the date of any such public sale or (ii) the time after which any such private sale or other disposition may be made. To the maximum extent permitted by
applicable law, each Grantor waives all claims, damages, and demands against the Administrative Agent or any Secured Party arising out of the exercise of any rights and/or remedies hereunder, including, without limitation, the repossession,
retention or sale of the Collateral, except such as arise out of the gross negligence or willful misconduct of the Administrative Agent or such Secured Party as finally determined by a court of competent jurisdiction. To the extent it may lawfully
do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against the Administrative Agent or any Secured Party, any valuation, stay, appraisal, extension, moratorium, redemption
or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to the sale of any Collateral made under the judgment, order or decree of any court, or privately
under the power of sale conferred by this Agreement, or otherwise. Except as otherwise specifically provided herein, each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any
kind in connection with this Agreement or any Collateral. 

  
 30 

 8.4 No Waiver by Course of Conduct; Cumulative Remedies. Neither the Administrative
Agent nor any other Secured Party shall by any act (except by a written instrument pursuant to Section 8.1 hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any
Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Administrative Agent or any other Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial
exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Administrative Agent or any other Secured Party of any right or remedy
hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Administrative Agent or such other Secured Party would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may
be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 
 8.5 Enforcement
Expenses; Indemnification. (a) Each Grantor agrees to pay or reimburse the Administrative Agent or any Lender for all its reasonable out-of-pocket costs and expenses incurred in enforcing or preserving any rights under this Agreement and the
other Security Instruments to which such Grantor is a party, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent to the same extent the Company would be required to do so pursuant to
Section 10.4 of the Credit Agreement. 
 (b) Each Grantor agrees to pay, and to indemnify and save the Administrative Agent
and the other Secured Parties harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the
Collateral or in connection with any of the transactions contemplated by this Agreement. 
 (c) Each Grantor agrees to pay, and
to indemnify and save the Administrative Agent and the other Secured Parties harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement to the same extent the Company would be required to do so pursuant to Section 10.7 of the Credit Agreement. 

(d) The agreements in this Section 8.5 shall survive repayment of the Secured Obligations and all other amounts payable under the
Credit Agreement and the Security Instruments. 
 8.6 Successors and Assigns. This Agreement shall be binding upon the
successors and assigns of each Grantor and shall inure to the benefit of the Administrative Agent and the other Secured Parties and their successors and assigns; provided that no Grantor may assign, transfer or delegate any of its rights or
obligations under this Agreement without the prior written consent of the Administrative Agent. 

  
 31 

 8.7 Counterparts. This Agreement may be executed by one or more of the parties to
this Agreement on any number of separate counterparts (including by telecopy, .pdf, or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

8.8 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 8.9 Section Headings. The Section headings used in this Agreement
are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 8.10 Integration. This Agreement, the Credit Agreement and the other Security Instruments represent the agreement of the Grantors, the Administrative Agent and the other Secured Parties with
respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any other Secured Party relative to subject matter hereof and thereof not expressly set forth or
referred to herein or in the Credit Agreement and the other Security Instruments. 
 8.11 Reinstatement. This Agreement
shall remain in full force and effect and continue to be effective should any petition be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or
creditors, should a receiver or trustee be appointed for all or any significant part of any Grantor’s assets, or any similar proceeding is initiated or undertaken and shall continue to be effective or be reinstated, as the case may be, if at
any time payment and performance of the Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a
“voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the
Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 
 8.12 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 8.13 Submission To Jurisdiction; Waivers. Each Grantor hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Security Instruments
to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the Courts of the State of New York, the courts of the United States of America for the Southern District of
New York, and appellate courts from any thereof; 

  
 32 

 (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 such Grantor at its address referred to in Section 8.2 hereof; 
 (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 any special, exemplary, punitive or consequential damages. 
 8.14 Acknowledgements.
Each Grantor hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation, execution and delivery of this
Agreement and the other Security Instruments to which it is a party; 
 (b) neither the Administrative Agent nor any other
Secured Party has any fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement or any of the other Security Instruments, and the relationship between the Grantors, on the one hand, and the Administrative
Agent and other Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 
 (c) no joint venture is created hereby or by the other Security Instruments or otherwise exists by virtue of the transactions contemplated hereby among the Secured Parties or among the Grantors and the
Secured Parties. 
 8.15 WAIVER OF JURY TRIAL. EACH OF THE GRANTORS AND THE ADMINISTRATIVE AGENT HEREBY ACKNOWLEDGES
THAT IT HAS BEEN REPRESENTED BY AND HAS CONSULTED WITH COUNSEL OF ITS CHOICE, AND HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN RESPECT OF ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

  
 33 

 8.16 Additional Grantors. Each Subsidiary of the Company that is required to become a
party to this Agreement pursuant to Section 5.12(b) of the Credit Agreement shall become a Grantor for all purposes of this Agreement upon execution and delivery by such Subsidiary of an Assumption Agreement in the form of Annex 1 hereto.

 8.17 Releases. Collateral shall be released from the Lien created by this Agreement to the extent provided in
Section 8.10(c) of the Credit Agreement. 
 [Signature Pages follow] 

  
 34 

 IN WITNESS WHEREOF, each of the undersigned has caused this Pledge and Security Agreement to
be duly executed and delivered as of the date first above written. 
  

			
	 PAR PETROLEUM COMPANY,
 a Delaware corporation

		
	By:	 	/s/ John T. Youg, Jr.
	Name:	 	John T. Youg, Jr.
	Title:	 	Chief Executive Office
	
	 PAR PICEANCE ENERGY EQUITY LLC
  

By: PAR PETROLEUM COMPANY, a
 Delaware
corporation, its Sole Member

		
	By:	 	/s/ John T. Youg, Jr.
	Name:	 	John T. Youg, Jr.
	Title:	 	Chief Executive Office
	
	 PAR UTAH LLC
  

By: PAR PETROLEUM COMPANY, a
 Delaware
corporation, its Sole Member

		
	By:	 	/s/ John T. Youg, Jr.
	Name:	 	John T. Youg, Jr.
	Title:	 	Chief Executive Office
	
	 EWI LLC
  

By: PAR PETROLEUM COMPANY, a
 Delaware
corporation, its Sole Member

		
	By:	 	/s/ John T. Youg, Jr.
	Name:	 	John T. Youg, Jr.
	Title:	 	Chief Executive Office

  
 35 

 
			
	 PAR WASHINGTON LLC
  

By: PAR PETROLEUM COMPANY, a
 Delaware
corporation, its Sole Member

		
	By:	 	/s/ John T. Youg, Jr.
	Name:	 	John T. Youg, Jr.
	Title:	 	Chief Executive Office
	
	 PAR NEW MEXICO LLC
  

By: PAR PETROLEUM COMPANY, a
 Delaware
corporation, its Sole Member

		
	By:	 	/s/ John T. Youg, Jr.
	Name:	 	John T. Youg, Jr.
	Title:	 	Chief Executive Office
	
	 HEWW EQUIPMENT LLC
  

By: PAR PETROLEUM COMPANY, a
 Delaware
corporation, its Sole Member

		
	By:	 	/s/ John T. Youg, Jr.
	Name:	 	John T. Youg, Jr.
	Title:	 	Chief Executive Office
	
	 PAR POINT ARGUELLO LLC
  

By: PAR PETROLEUM COMPANY, a
 Delaware
corporation, its Sole Member

		
	By:	 	/s/ John T. Youg, Jr.
	Name:	 	John T. Youg, Jr.
	Title:	 	Chief Executive Office

  
 36 

 
			
	 JEFFERIES FINANCE LLC,
 as Administrative Agent

		
	By:	 	/s/ E.J. Hess
	Title:	 	E.J. Hess
		 	Managing Director

  
 37 

 Schedule 1 
 DESCRIPTION OF INVESTMENT PROPERTY 

  
 38 

 Schedule 2 
 FILINGS AND OTHER ACTIONS REQUIRED TO PERFECT SECURITY INTERESTS 
  

	 	1.	File UCC-1 financing statements in the name of each Grantor listed below as a “debtor” and in the office set forth opposite such Grantor’s name below, in
each case with the following collateral description “All personal property and assets of Debtor now existing or hereafter acquired.” 

  

			
	 Debtor
	  	Filing Office
		  	

  

	 	2.	The Grantors shall deliver to the Administrative Agent all original stock certificates representing all Pledged Equity listed as “certificated” in Schedule 1
hereof along with stock powers executed in blank or appropriate instruments of transfer. 

  

	 	3.	The Grantors shall deliver to the Administrative Agent each original Pledged Notes along with an allonge executed in blank or appropriate instruments of transfer.

  
 39 

 Schedule 3 
 LOCATION OF JURISDICTION OF ORGANIZATION AND CHIEF EXECUTIVE OFFICE 

  
 40 

 Schedule 4 
 LOCATION OF INVENTORY AND EQUIPMENT 
 Additional Locations of Collateral; Third
Party Holders of Inventory 

  
 41 

 Schedule 5 
 INTELLECTUAL PROPERTY 
 Trademarks 

Copyrights 

Patents 

  
 42 

 Schedule 6 
 COMMERCIAL TORT CLAIMS 

[            ] 

  
 43 

 Schedule 7 
 DEPOSIT ACCOUNTS; LOCK BOXES 

  
 44 

 Schedule 8 
 LETTER-OF-CREDIT RIGHTS; CHATTEL PAPER 

[            ] 

  
 45 

 ACKNOWLEDGEMENT AND CONSENT1 

The undersigned hereby acknowledges receipt of a copy of the Pledge and Security Agreement, dated as of ___________ ____, 2012 (the
“Agreement”, capitalized terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement), made by the Grantors parties thereto for the benefit of
[            ], as Administrative Agent. The undersigned agrees for the benefit of the Administrative Agent and the other Secured Parties as follows: 

1. The undersigned will be bound by the terms of the Agreement and will comply with such terms insofar as such terms are applicable to
the undersigned. 
 2. The undersigned will notify the Administrative Agent promptly in writing of the occurrence of any of the
events described in Section 4.5(a) of the Agreement. 
 3. The terms of Sections 6.3(a) and 6.7 of the Agreement shall
apply to it, mutatis mutandis, with respect to all actions that may be required of it pursuant to Section 6.3(a) or 6.7 of the Agreement. 

 

			
	[NAME OF ISSUER]
		
	By:	 	 
		 	Title:
	
	Address for Notices:
	
	Attention:
	Fax:

  
  

1
 This consent is necessary only with respect to any Issuer which is not also a Grantor. This consent may be modified or eliminated with respect to any Issuer that is not controlled by a Grantor. If
a consent is required, its execution and delivery should be included among the conditions to the initial borrowing specified in the Credit Agreement. 

 Annex 1 to  
 Pledge and Security Agreement 
 ASSUMPTION AGREEMENT, (“Assumption
Agreement”) dated as of ________________, 20__, made by ______________________________, a ______________ __________ (the “Additional Grantor”), in favor of
[            ], as Administrative Agent (in such capacity, the “Administrative Agent”) for the Secured Parties. All capitalized terms not defined herein shall have the
meaning ascribed to them in the Credit Agreement referred to below. 
 W I T N E S
S E T H: 
 WHEREAS, pursuant to that certain Credit Agreement dated as of the date hereof (as it
may be amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”), by and among PAR Petroleum Corporation (the “Company”), certain of its Subsidiaries, as Guarantors, the
lenders party thereto from time to time (the “Lenders”) and the Administrative Agent, the Lenders have agreed to make certain Loans and other extensions of credit to the Company; 

WHEREAS, in connection with the Credit Agreement, the Company and certain of its Affiliates (other than the Additional Grantor) have
entered into the Pledge and Security Agreement, dated as of __________________, 2012 (as amended, restated, supplemented, replaced or otherwise modified from time to time, the “Security Agreement”) in favor of the Administrative
Agent for the benefit of the Secured Parties; 
 WHEREAS, the Credit Agreement requires the Additional Grantor to become a party
to the Security Agreement; and 
 WHEREAS, the Additional Grantor has agreed to execute and deliver this Assumption Agreement in
order to become a party to the Security Agreement; 
 NOW, THEREFORE, IT IS AGREED: 

1. Pledge and Security Agreement. By executing and delivering this Assumption Agreement, the Additional
Grantor, as provided in Section 8.16 of the Security Agreement, hereby (a) becomes a party to the Security Agreement as a Grantor thereunder with the same force and effect as if originally named therein as a Grantor, (b) expressly
assumes all obligations and liabilities of a Grantor thereunder, and (c) unconditionally grants and pledges to the Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in and to all of Additional
Grantor’s right, title, and interest in and to the Collateral . The information set forth in Annex 1-A hereto is hereby added to the information set forth in Schedules ____________1 to the Security Agreement. The Additional Grantor hereby represents and warrants that each of the representations and
warranties contained in Section 3 of the Security Agreement is true and correct on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as of such date. 

 
  

	1 	 Refer to each Schedule which needs to be supplemented. 

 2. Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 IN WITNESS WHEREOF, the undersigned has caused this
Assumption Agreement to be duly executed and delivered as of the date first above written. 
  

			
	[ADDITIONAL GRANTOR]
		
	By:	 	 
		 	Name:
		 	Title:

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