Document:

EX-4.1

 Exhibit 4.1 

FORM OF FIRST SUPPLEMENTAL INDENTURE 

THIS FIRST SUPPLEMENTAL INDENTURE, dated as of [—] (this “Supplemental
Indenture”), is between Marathon Petroleum Corporation, a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), and The Bank of New York Mellon Trust Company, N.A., a national
banking association, as trustee (the “Trustee”). 
 WITNESSETH 

WHEREAS, pursuant to the Indenture, dated as of February 1, 2011, between the Company and the Trustee (the “Indenture”), the
Company may from time to time issue and sell Securities in one or more series; 
 WHEREAS, the Company desires to create and authorize three
new series of Securities entitled “3.625% Senior Notes due 2024” (the “2024 Notes”), limited initially to $750,000,000 in aggregate principal amount, “4.750% Senior Notes due 2044” (the “2044 Notes”), limited
initially to $800,000,000 in aggregate principal amount, and “5.000% Senior Notes due 2054” (the “2054 Notes” and, together with the 2024 Notes and the 2044 Notes, the “Notes”), limited initially to $400,000,000 in
aggregate principal amount, and to provide the terms and conditions upon which the Notes are to be executed, registered, authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Supplemental Indenture;

 WHEREAS, the 2024 Notes, the 2044 Notes and the 2054 Notes are three series of Securities and are being issued under the Indenture, as
supplemented by this Supplemental Indenture, and are subject to the terms contained therein and herein; 
 WHEREAS, the 2024 Notes, the 2044
Notes and the 2054 Notes are to be substantially in the form attached hereto as Exhibit A, Exhibit B and Exhibit C, respectively; and 

WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and authenticated and delivered by or on behalf of the
Trustee as provided in the Indenture and this Supplemental Indenture, the valid, binding and legal obligations of the Company, and to make this Supplemental Indenture a legal, binding and enforceable agreement, have been done and performed. 

NOW, THEREFORE, in order to declare the terms and conditions upon which the Notes are executed, registered, authenticated, issued and
delivered, and in consideration of the foregoing premises and the purchase of such Notes by the Holders thereof, the Company and the Trustee mutually covenant and agree, for the equal and proportionate benefit of the Holders from time to time of the
Notes, as follows: 
 Section 1. Definitions. Terms used in this Supplemental Indenture and not defined herein shall have the
respective meanings given such terms in the Indenture. 

 Section 2. Creation and Authorization of Series. 

(a) There is hereby created and authorized the following three new series of Securities to be offered and issued under the Indenture, to be
designated as the “3.625% Senior Notes due 2024,” the “4.750% Senior Notes due 2044” and the “5.000% Senior Notes due 2054.” 

(b) The 2024 Notes shall be limited initially to $750,000,000 in aggregate principal amount, the 2044 Notes shall be limited initially to
$800,000,000 in aggregate principal amount and the 2054 Notes shall be limited initially to $400,000,000 in aggregate principal amount. Notwithstanding the foregoing initial aggregate principal amounts, the Company may, from time to time, without
notice to or consent of the Holders of the Notes, increase the principal amounts of the Notes that may be issued under this Supplemental Indenture and issue such increased principal amounts (or any portion thereof), in which case any additional
Notes so issued will have the same terms and conditions other than the public offering price, original interest accrual date and initial interest payment date, and the same CUSIP numbers as the applicable series of Notes previously issued, will be
fungible with the applicable series of Notes previously issued for U.S. federal income tax purposes, and will carry the same right to receive accrued and unpaid interest as the Notes previously issued, and such additional notes will form a single
series with the Notes of such series previously issued, including, without limitation, for purposes of waivers, amendments, redemptions and, if any, offers to purchase, and will rank equally and ratably with the Notes of such series previously
issued. 
 (c) The date on which the principal is payable on each series of the Notes, unless accelerated pursuant to the Indenture, shall
be as provided in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C. 
 (d) The Notes shall bear interest
as provided in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C. The Interest Payment Dates and the Regular Record Dates for the determination of Holders of the Notes to whom such interest is payable shall be as
provided in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C. 
 (e) The Notes shall be redeemable at
the option of the Company as set forth in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C. The Notes shall be subject to special mandatory redemption by the Company as set forth in the applicable form of security
attached hereto as Exhibit A, Exhibit B or Exhibit C, upon a Redemption Event (as defined in such form of security). 
 (f) The provisions
of Article XII of the Indenture shall not be applicable to the Notes. 
 (g) The Notes will be issued only in fully registered form, without
coupons, in denominations provided herein and in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C. 

(h) The Events of Default and covenants specified in the Indenture will apply to the Notes. In addition, with respect to the Notes of each
series, the occurrence of the following event also shall constitute an “Event of Default”: if the Company fails to redeem the Notes of such series pursuant to the terms set forth in the applicable form of security attached hereto as
Exhibit A, Exhibit B or Exhibit C upon a Redemption Event. 

  
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 (i) With respect to the Notes of each series, any waiver or modification by the Company of the
provisions relating to the special mandatory redemption upon a Redemption Event as set forth in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C shall constitute a waiver or modification requiring the consent of
the Holder of each Outstanding Security affected thereby under Section 9.02 of the Indenture. 
 (j) The defeasance and covenant
defeasance provisions of Article XIII of the Indenture, including both Sections 13.02 and 13.03 of the Indenture, will apply to the Notes. 

(k) The Notes of each series shall be issued in the form of one or more Global Securities substantially in the applicable form of security
attached hereto as Exhibit A, Exhibit B or Exhibit C. The Company initially appoints The Depository Trust Company to act as Depositary with respect to the Notes. Additional provisions applicable to the Notes issued in the form of a Global Security
are set forth in the applicable form of security attached hereto as Exhibit A, Exhibit B or Exhibit C. 
 (l) The Notes shall be issuable
only in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 (m) The Trustee will initially act as the Security
Registrar for the Notes of each series and as the Paying Agent with respect to the Notes of each series. The Place of Payment will be The Bank of New York Mellon Trust Company, N.A., 101 Barclay Street, New York, New York 10286. 

(n) Except as otherwise set forth herein and in the Notes, the terms of the Notes shall be as set forth in the Indenture, including those made
part of the Indenture by reference to the Trust Indenture Act. 
 Section 3. Effect of Supplemental Indenture. The provisions of
this Supplemental Indenture are intended to supplement those of the Indenture as in effect immediately prior to the execution and delivery hereof. The Indenture shall remain in full force and effect except to the extent that the provisions of the
Indenture are expressly modified by the terms of this Supplemental Indenture. 
 Section 4. Governing Law. This Supplemental
Indenture and the Notes shall be governed by and construed in accordance with the law of the State of New York, without giving effect to any principles of conflicts of laws thereunder to the extent the application of the laws of another jurisdiction
would be required thereby. 
 Section 5. Trustee Not Responsible for Recitals or Issuance of Notes. The recitals and statements
contained herein shall be taken as statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or of the Notes
other than with respect to the Trustee’s authentication and execution. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. 

  
 3 

 Section 6. Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Supplemental Indenture, the latter provision shall control. If any provision of this Supplemental Indenture modifies
or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Supplemental Indenture as so modified or to be excluded, as the case may be. 

Section 7. Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or electronic (i.e., “pdf” or “tif”)
transmission shall constitute effective execution and delivery of this Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic (i.e., “pdf” or “tif”) transmission
shall be deemed to be their original signatures for all purposes of the Supplemental Indenture as to the parties hereto and may be used in lieu of the original. 

[The remainder of this page is left blank intentionally] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the day and year first above written. 
  

			
	MARATHON PETROLEUM CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 THE BANK OF NEW YORK MELLON
 TRUST
COMPANY, N.A., as Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 5 

 Exhibit A 

MARATHON PETROLEUM CORPORATION 

3.625% Senior Notes due 2024 
  

			
	No.	 	 $[—]

 
 CUSIP No. 56585AAG7

 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED. AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 MARATHON PETROLEUM
CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to [—] [Insert if Global Security: CEDE & CO.], or registered assigns, the principal sum of [—]
Dollars ($[—]),or such greater or lesser amount as indicated on the Schedule of Exchanges of Securities attached hereto, on September 15, 2024, and to pay interest thereon
from September 5, 2014 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in each year commencing March 15, 2015, at the rate of
3.625% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 1 or September 1 (whether or not a Business Day), as the case
may be, next preceding such 

 
Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange all as more fully provided in said Indenture. If an Interest Payment Date, a Stated Maturity or a Redemption Date with respect to this Security falls on a day that is not a
Business Day, the payment will be made on the next Business Day and no interest will accrue for the period from and after such Interest Payment Date, Stated Maturity or Redemption Date. 

Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained
for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that (1) payments on any Global Security
shall be made by electronic (same-day) funds transfer to the Depositary and (2) at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register or by electronic funds transfer to an account maintained by the Person entitled thereto as specified in the Security Register, provided that such Person shall have given the Trustee written instructions. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: 
  

			
	MARATHON PETROLEUM CORPORATION,
		
	By:	 	  

		
	Attest:	 	  

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: 
  

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

		
	By:	 	  

	Authorized Signatory

 MARATHON PETROLEUM CORPORATION 

3.625% Senior Notes due 2024 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of February 1, 2011, as supplemented by the First Supplemental Indenture, dated as of September 5, 2014 (herein called the “Indenture,” which term shall have the meaning
assigned to it in such instrument), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on the face hereof initially limited in aggregate principal amount to $750,000,000. 

Prior to June 15, 2024, the Securities of this series are subject to redemption upon not less than 30 days notice by mail, in whole at
any time or in part from time to time, at the election of the Company, at a Redemption Price equal to the greater of (1) 100% of the principal amount of such Securities to be redeemed or (2) the sum of the present values of the remaining
scheduled payments of principal and interest on the Securities to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months)
at the then current Treasury Rate plus 20 basis points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date. 

On or after June 15, 2024, the Securities of this series are subject to redemption upon not less than 30 days notice by mail, in whole at
any time or in part from time to time, at the election of the Company, at a Redemption Price equal to 100% of the principal amount of such Securities to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but not
including, the Redemption Date. 
 “Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on
which banking institutions in New York, New York or Findlay, Ohio are authorized or obligated by law or executive order to close. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term (“Remaining Life”) of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of such Securities. 

 “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the
average, as determined by the Company, of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the the Company obtains fewer than six such
Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Independent Investment Banker” means one of the
Reference Treasury Dealers that the Company appoints to act as the Independent Investment Banker from time to time. 
 “Reference
Treasury Dealer” means each of RBS Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, a dealer in U.S. Government securities selected by Mitsubishi UFJ Securities (USA), Inc. and two additional dealers in U.S.
Government securities selected by the Company (each a “Primary Treasury Dealer”) and their respective successors that the Company specifies from time to time; provided, however, that if any of them ceases to be a Primary Treasury Dealer,
the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the the Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to: (1) the yield, under the heading which
represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue; provided that, if no maturity is within three months before or after the Remaining Life of the Securities to be redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 

Notice of the redemption will be mailed to holders of Securities by first-class mail at least 30 and not more than 60 days prior to the date
fixed for redemption. If fewer than all of the Securities are to be redeemed, the Trustee will select, not more than 45 days prior to the Redemption Date, the particular Securities or portions thereof for redemption from the outstanding Securities
not previously called by such method as the Trustee deems fair and appropriate. 

  
 2 

 Unless the Company defaults in payment of the redemption price, on or after the redemption date,
interest will cease to accrue on the Securities or portions thereof called for redemption. 
 In the event of redemption of this Security in
part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

In the event that (a) the Acquisition is not consummated on or prior to September 30, 2015 or (b) if prior to
September 30, 2015 the Purchase Agreement is terminated, other than in connection with the consummation of the Acquisition and is not otherwise amended or replaced (each event, a “Redemption Event”), the Securities of this series will
be redeemed at the special mandatory redemption price equal to 101% of the principal amount of such Securities plus accrued and unpaid interest from the date of initial issuance, or the most recent date to which interest has been paid or provided
for, whichever is later, to, but excluding, the Special Mandatory Redemption Date. 
 The Company, either directly or through the Trustee on
the Company’s behalf, will cause a notice of the special mandatory redemption to be sent, with a copy to the Trustee, not later than five Business Days after the occurrence of the Redemption Event to each Holder at its registered address. Such
notice will also specify the Special Mandatory Redemption Date. If funds sufficient to pay the special mandatory redemption price of all Securities to be redeemed on the Special Mandatory Redemption Date are deposited with the Paying Agent on or
before such Special Mandatory Redemption Date, and certain other conditions are satisfied, on and after such Special Mandatory Redemption Date, such Securities will cease to bear interest and all rights under such Securities shall terminate. 

“Acquisition” means the pending acquisition of Hess Retail Holdings LLC by Speedway LLC pursuant to the Purchase Agreement. 

“Purchase Agreement” means the purchase agreement, dated May 21, 2014, between Speedway LLC and Hess Corporation, pursuant to
which Speedway LLC has agreed to purchase from Hess Corporation all of the outstanding membership interest of Hess Retail Holdings LLC. 

“Special Mandatory Redemption Date” means the date no later than the tenth Business Day following the earlier to occur of
(a) September 30, 2015 or (b) the date that the Purchase Agreement is terminated other than in connection with the consummation of the Acquisition and is not otherwise amended or replaced. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or of certain restrictive covenants
and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

  
 3 

 The Indenture contains provisions permitting the Company and the Trustee to modify the Indenture
or any supplemental indenture without the consent of the Holders for one or more of the following purposes: (1) to evidence the succession of another corporation to the Company; (2) to add to the covenants of the Company; (3) to add
additional events of default for the benefit of Holders of all or any series of Securities; (4) to add to or change provisions of the Indenture to allow for the issuance of Securities in other forms; (5) to add to, change or eliminate any
of the provisions of the Indenture in respect of one or more series of Securities thereunder, under certain conditions specified therein; (6) to secure the Securities pursuant to the requirements of Section 10.05 of the Indenture or
otherwise; (7) to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01 of the Indenture; (8) to evidence the appointment of a successor Trustee; and (9) to cure any ambiguity, to correct or
supplement any provision of the Indenture which may be defective or inconsistent with any other provision of the Indenture, or to make any other provisions with respect to matters or questions arising under the Indenture as shall not adversely
affect the interests of the Holders in any material respect. 
 The Indenture also permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to
the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding
shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal
amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

  
 4 

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but, subject to any applicable provisions of the Indenture, the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

All terms used in this Security which are defined in the Indenture shall have the meaning assigned to them in the Indenture. 

  
 5 

 FORM OF ASSIGNMENT 

ABBREVIATIONS 
 Customary abbreviations
may be used in the name of a Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A
(=Uniform Gift to Minors Act). 
 Additional abbreviations may also be used though not in the above list. 

 
  

FOR VALUE RECEIVED, the undersigned hereby sell(s), 

assign(s) and transfer(s) unto 
  

 
 Please insert
Social Security or 
 other identifying number of assignee 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE 
  

	
	  

	
	  

	
	  

	
	  

 the within Security and all rights thereunder, hereby irrevocably constituting and appointing
                                         attorney
to transfer said Security on the books of the Company, with full power of substitution in the premises. 
  

	
	Dated:
	  
 Notice: This signature to the assignment must correspond with the name
as written on the face of the within instrument in every particular, without alteration or enlargement, or any change whatever.

 SCHEDULE OF INCREASES OR DECREASES IN THE PRINCIPAL AMOUNT 

OF SECURITIES 
 The
original principal amount of this Security is [—] U.S. Dollars ($[—]). The following increases or decreases in the principal amount of this
Security have been made: 
  

									
	 Date of

increase or

decrease
	 	 Amount of

decrease in
 principal
amount
 of this

Security
	 	 Amount of

increase in
 principal
amount
 of this

Security
	  	 Principal amount

of this

Security following

such decrease
 or
increase
	  	 Signature of authorized

signatory of
 Trustee
or
 Depositary

	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 

 Exhibit B 

MARATHON PETROLEUM CORPORATION 

4.750% Senior Notes due 2044 
  

			
	No.	 	 $[—]

 
 CUSIP No. 56585AAH5

 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED. AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 MARATHON PETROLEUM
CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to [—] [Insert if Global Security: CEDE & CO.], or registered assigns, the principal sum of [—]
Dollars ($[—]),or such greater or lesser amount as indicated on the Schedule of Exchanges of Securities attached hereto, on September 15, 2044, and to pay interest
thereon from September 5, 2014 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in each year commencing March 15, 2015, at the rate of
4.750% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 1 or September 1 (whether or not a Business Day), as the case
may be, next preceding such 

 
Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange all as more fully provided in said Indenture. If an Interest Payment Date, a Stated Maturity or a Redemption Date with respect to this Security falls on a day that is not a
Business Day, the payment will be made on the next Business Day and no interest will accrue for the period from and after such Interest Payment Date, Stated Maturity or Redemption Date. 

Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained
for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that (1) payments on any Global Security
shall be made by electronic (same-day) funds transfer to the Depositary and (2) at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register or by electronic funds transfer to an account maintained by the Person entitled thereto as specified in the Security Register, provided that such Person shall have given the Trustee written instructions. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: 
  

			
	MARATHON PETROLEUM CORPORATION,
		
	By:	 	  

		
	Attest:	 	  

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: 
  

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

		
	By:	 	  

	Authorized Signatory

 MARATHON PETROLEUM CORPORATION 

4.750% Senior Notes due 2044 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of February 1, 2011, as supplemented by the First Supplemental Indenture, dated as of September 5, 2014 (herein called the “Indenture,” which term shall have the meaning
assigned to it in such instrument), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on the face hereof initially limited in aggregate principal amount to $800,000,000. 

Prior to March 15, 2044, the Securities of this series are subject to redemption upon not less than 30 days notice by mail, in whole at
any time or in part from time to time, at the election of the Company, at a Redemption Price equal to the greater of (1) 100% of the principal amount of such Securities to be redeemed or (2) the sum of the present values of the remaining
scheduled payments of principal and interest on the Securities to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months)
at the then current Treasury Rate plus 25 basis points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date. 

On or after March 15, 2044, the Securities of this series are subject to redemption upon not less than 30 days notice by mail, in whole
at any time or in part from time to time, at the election of the Company, at a Redemption Price equal to 100% of the principal amount of such Securities to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but
not including, the Redemption Date. 
 “Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday that is not a day
on which banking institutions in New York, New York or Findlay, Ohio are authorized or obligated by law or executive order to close. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term (“Remaining Life”) of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of such Securities. 

 “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the
average, as determined by the Company, of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the the Company obtains fewer than six such
Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Independent Investment Banker” means one of the
Reference Treasury Dealers that the Company appoints to act as the Independent Investment Banker from time to time. 
 “Reference
Treasury Dealer” means each of RBS Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, a dealer in U.S. Government securities selected by Mitsubishi UFJ Securities (USA), Inc. and two additional dealers in U.S.
Government securities selected by the Company (each a “Primary Treasury Dealer”) and their respective successors that the Company specifies from time to time; provided, however, that if any of them ceases to be a Primary Treasury Dealer,
the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the the Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to: (1) the yield, under the heading which
represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue; provided that, if no maturity is within three months before or after the Remaining Life of the Securities to be redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 

Notice of the redemption will be mailed to holders of Securities by first-class mail at least 30 and not more than 60 days prior to the date
fixed for redemption. If fewer than all of the Securities are to be redeemed, the Trustee will select, not more than 45 days prior to the Redemption Date, the particular Securities or portions thereof for redemption from the outstanding Securities
not previously called by such method as the Trustee deems fair and appropriate. 

  
 2 

 Unless the Company defaults in payment of the redemption price, on or after the redemption date,
interest will cease to accrue on the Securities or portions thereof called for redemption. 
 In the event of redemption of this Security in
part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

In the event that (a) the Acquisition is not consummated on or prior to September 30, 2015 or (b) if prior to
September 30, 2015 the Purchase Agreement is terminated, other than in connection with the consummation of the Acquisition and is not otherwise amended or replaced (each event, a “Redemption Event”), the Securities of this series will
be redeemed at the special mandatory redemption price equal to 101% of the principal amount of such Securities plus accrued and unpaid interest from the date of initial issuance, or the most recent date to which interest has been paid or provided
for, whichever is later, to, but excluding, the Special Mandatory Redemption Date. 
 The Company, either directly or through the Trustee on
the Company’s behalf, will cause a notice of the special mandatory redemption to be sent, with a copy to the Trustee, not later than five Business Days after the occurrence of the Redemption Event to each Holder at its registered address. Such
notice will also specify the Special Mandatory Redemption Date. If funds sufficient to pay the special mandatory redemption price of all Securities to be redeemed on the Special Mandatory Redemption Date are deposited with the Paying Agent on or
before such Special Mandatory Redemption Date, and certain other conditions are satisfied, on and after such Special Mandatory Redemption Date, such Securities will cease to bear interest and all rights under such Securities shall terminate. 

“Acquisition” means the pending acquisition of Hess Retail Holdings LLC by Speedway LLC pursuant to the Purchase Agreement. 

“Purchase Agreement” means the purchase agreement, dated May 21, 2014, between Speedway LLC and Hess Corporation, pursuant to
which Speedway LLC has agreed to purchase from Hess Corporation all of the outstanding membership interest of Hess Retail Holdings LLC. 

“Special Mandatory Redemption Date” means the date no later than the tenth Business Day following the earlier to occur of
(a) September 30, 2015 or (b) the date that the Purchase Agreement is terminated other than in connection with the consummation of the Acquisition and is not otherwise amended or replaced. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or of certain restrictive covenants
and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

  
 3 

 The Indenture contains provisions permitting the Company and the Trustee to modify the Indenture
or any supplemental indenture without the consent of the Holders for one or more of the following purposes: (1) to evidence the succession of another corporation to the Company; (2) to add to the covenants of the Company; (3) to add
additional events of default for the benefit of Holders of all or any series of Securities; (4) to add to or change provisions of the Indenture to allow for the issuance of Securities in other forms; (5) to add to, change or eliminate any
of the provisions of the Indenture in respect of one or more series of Securities thereunder, under certain conditions specified therein; (6) to secure the Securities pursuant to the requirements of Section 10.05 of the Indenture or
otherwise; (7) to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01 of the Indenture; (8) to evidence the appointment of a successor Trustee; and (9) to cure any ambiguity, to correct or
supplement any provision of the Indenture which may be defective or inconsistent with any other provision of the Indenture, or to make any other provisions with respect to matters or questions arising under the Indenture as shall not adversely
affect the interests of the Holders in any material respect. 
 The Indenture also permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to
the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding
shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal
amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

  
 4 

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but, subject to any applicable provisions of the Indenture, the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

All terms used in this Security which are defined in the Indenture shall have the meaning assigned to them in the Indenture. 

  
 5 

 FORM OF ASSIGNMENT 

ABBREVIATIONS 
 Customary abbreviations
may be used in the name of a Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A
(=Uniform Gift to Minors Act). 
 Additional abbreviations may also be used though not in the above list. 

 
  

FOR VALUE RECEIVED, the undersigned hereby sell(s), 

assign(s) and transfer(s) unto 
  

 
 Please insert
Social Security or 
 other identifying number of assignee 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE 
  

	
	  

	
	  

	
	  

	
	  

 the within Security and all rights thereunder, hereby irrevocably constituting and appointing
                                         
    attorney to transfer said Security on the books of the Company, with full power of substitution in the premises. 
  

	
	Dated:
	  
 Notice: This signature to the assignment must correspond with the name
as written on the face of the within instrument in every particular, without alteration or enlargement, or any change whatever.

 SCHEDULE OF INCREASES OR DECREASES IN THE PRINCIPAL AMOUNT 

OF SECURITIES 
 The
original principal amount of this Security is [—] U.S. Dollars ($[—]). The following increases or
decreases in the principal amount of this Security have been made: 
  

									
	 Date of

increase or

decrease
	 	 Amount of

decrease in
 principal
amount
 of this

Security
	 	 Amount of

increase in
 principal
amount
 of this

Security
	  	 Principal amount

of this

Security following

such decrease
 or
increase
	  	 Signature of authorized

signatory of
 Trustee
or
 Depositary

	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 

 Exhibit C 

MARATHON PETROLEUM CORPORATION 

5.000% Senior Notes due 2054 
  

			
	No.	 	 $[—]

 
 CUSIP No. 56585AAJ1

 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED. AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 MARATHON PETROLEUM
CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to [—] [Insert if Global Security: CEDE & CO.], or registered assigns, the principal sum of [—] Dollars ($[—]),or such greater or lesser amount as indicated on the Schedule of Exchanges of Securities attached hereto, on September 15, 2054, and to pay interest thereon from September 5, 2014 or from
the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in each year commencing March 15, 2015, at the rate of 5.000% per annum, until the principal
hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 1 or September 1 (whether or not a Business Day), as the case may be, next preceding such

 
Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange all as more fully provided in said Indenture. If an Interest Payment Date, a Stated Maturity or a Redemption Date with respect to this Security falls on a day that is not a
Business Day, the payment will be made on the next Business Day and no interest will accrue for the period from and after such Interest Payment Date, Stated Maturity or Redemption Date. 

Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained
for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that (1) payments on any Global Security
shall be made by electronic (same-day) funds transfer to the Depositary and (2) at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register or by electronic funds transfer to an account maintained by the Person entitled thereto as specified in the Security Register, provided that such Person shall have given the Trustee written instructions. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: 
  

			
	MARATHON PETROLEUM CORPORATION,
		
	By:	 	  

		
	Attest:	 	  

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: 
  

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

		
	By:	 	  

	Authorized Signatory

 MARATHON PETROLEUM CORPORATION 

5.000% Senior Notes due 2054 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of February 1, 2011, as supplemented by the First Supplemental Indenture, dated as of September 5, 2014 (herein called the “Indenture,” which term shall have the meaning
assigned to it in such instrument), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on the face hereof initially limited in aggregate principal amount to $400,000,000. 

Prior to March 15, 2054, the Securities of this series are subject to redemption upon not less than 30 days notice by mail, in whole at
any time or in part from time to time, at the election of the Company, at a Redemption Price equal to the greater of (1) 100% of the principal amount of such Securities to be redeemed or (2) the sum of the present values of the remaining
scheduled payments of principal and interest on the Securities to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months)
at the then current Treasury Rate plus 30 basis points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date. 

On or after March 15, 2054, the Securities of this series are subject to redemption upon not less than 30 days notice by mail, in whole
at any time or in part from time to time, at the election of the Company, at a Redemption Price equal to 100% of the principal amount of such Securities to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but
not including, the Redemption Date. 
 “Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday that is not a day
on which banking institutions in New York, New York or Findlay, Ohio are authorized or obligated by law or executive order to close. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term (“Remaining Life”) of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of such Securities. 

 “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the
average, as determined by the Company, of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the the Company obtains fewer than six such
Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Independent Investment Banker” means one of the
Reference Treasury Dealers that the Company appoints to act as the Independent Investment Banker from time to time. 
 “Reference
Treasury Dealer” means each of RBS Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, a dealer in U.S. Government securities selected by Mitsubishi UFJ Securities (USA), Inc. and two additional dealers in U.S.
Government securities selected by the Company (each a “Primary Treasury Dealer”) and their respective successors that the Company specifies from time to time; provided, however, that if any of them ceases to be a Primary Treasury Dealer,
the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the the Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to: (1) the yield, under the heading which
represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue; provided that, if no maturity is within three months before or after the Remaining Life of the Securities to be redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 

Notice of the redemption will be mailed to holders of Securities by first-class mail at least 30 and not more than 60 days prior to the date
fixed for redemption. If fewer than all of the Securities are to be redeemed, the Trustee will select, not more than 45 days prior to the Redemption Date, the particular Securities or portions thereof for redemption from the outstanding Securities
not previously called by such method as the Trustee deems fair and appropriate. 

  
 2 

 Unless the Company defaults in payment of the redemption price, on or after the redemption date,
interest will cease to accrue on the Securities or portions thereof called for redemption. 
 In the event of redemption of this Security in
part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

In the event that (a) the Acquisition is not consummated on or prior to September 30, 2015 or (b) if prior to
September 30, 2015 the Purchase Agreement is terminated, other than in connection with the consummation of the Acquisition and is not otherwise amended or replaced (each event, a “Redemption Event”), the Securities of this series will
be redeemed at the special mandatory redemption price equal to 101% of the principal amount of such Securities plus accrued and unpaid interest from the date of initial issuance, or the most recent date to which interest has been paid or provided
for, whichever is later, to, but excluding, the Special Mandatory Redemption Date. 
 The Company, either directly or through the Trustee on
the Company’s behalf, will cause a notice of the special mandatory redemption to be sent, with a copy to the Trustee, not later than five Business Days after the occurrence of the Redemption Event to each Holder at its registered address. Such
notice will also specify the Special Mandatory Redemption Date. If funds sufficient to pay the special mandatory redemption price of all Securities to be redeemed on the Special Mandatory Redemption Date are deposited with the Paying Agent on or
before such Special Mandatory Redemption Date, and certain other conditions are satisfied, on and after such Special Mandatory Redemption Date, such Securities will cease to bear interest and all rights under such Securities shall terminate. 

“Acquisition” means the pending acquisition of Hess Retail Holdings LLC by Speedway LLC pursuant to the Purchase Agreement. 

“Purchase Agreement” means the purchase agreement, dated May 21, 2014, between Speedway LLC and Hess Corporation, pursuant to
which Speedway LLC has agreed to purchase from Hess Corporation all of the outstanding membership interest of Hess Retail Holdings LLC. 

“Special Mandatory Redemption Date” means the date no later than the tenth Business Day following the earlier to occur of
(a) September 30, 2015 or (b) the date that the Purchase Agreement is terminated other than in connection with the consummation of the Acquisition and is not otherwise amended or replaced. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or of certain restrictive covenants
and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

  
 3 

 The Indenture contains provisions permitting the Company and the Trustee to modify the Indenture
or any supplemental indenture without the consent of the Holders for one or more of the following purposes: (1) to evidence the succession of another corporation to the Company; (2) to add to the covenants of the Company; (3) to add
additional events of default for the benefit of Holders of all or any series of Securities; (4) to add to or change provisions of the Indenture to allow for the issuance of Securities in other forms; (5) to add to, change or eliminate any
of the provisions of the Indenture in respect of one or more series of Securities thereunder, under certain conditions specified therein; (6) to secure the Securities pursuant to the requirements of Section 10.05 of the Indenture or
otherwise; (7) to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01 of the Indenture; (8) to evidence the appointment of a successor Trustee; and (9) to cure any ambiguity, to correct or
supplement any provision of the Indenture which may be defective or inconsistent with any other provision of the Indenture, or to make any other provisions with respect to matters or questions arising under the Indenture as shall not adversely
affect the interests of the Holders in any material respect. 
 The Indenture also permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to
the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding
shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal
amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

  
 4 

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but, subject to any applicable provisions of the Indenture, the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

All terms used in this Security which are defined in the Indenture shall have the meaning assigned to them in the Indenture. 

  
 5 

 FORM OF ASSIGNMENT 

ABBREVIATIONS 
 Customary abbreviations
may be used in the name of a Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A
(=Uniform Gift to Minors Act). 
 Additional abbreviations may also be used though not in the above list. 

 
  

FOR VALUE RECEIVED, the undersigned hereby sell(s), 

assign(s) and transfer(s) unto 
  

 
 Please insert
Social Security or 
 other identifying number of assignee 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE 
  

	
	  

	
	  

	
	  

	
	  

 the within Security and all rights thereunder, hereby irrevocably constituting and appointing
                                         
    attorney to transfer said Security on the books of the Company, with full power of substitution in the premises. 
  

	
	Dated:
	  
 Notice: This signature to the assignment must correspond with the name
as written on the face of the within instrument in every particular, without alteration or enlargement, or any change whatever.

 SCHEDULE OF INCREASES OR DECREASES IN THE PRINCIPAL AMOUNT 

OF SECURITIES 
 The
original principal amount of this Security is [—] U.S. Dollars ($[—]). The following increases or decreases in the principal amount of this
Security have been made: 
  

									
	 Date of

increase or

decrease
	 	 Amount of

decrease in
 principal
amount
 of this

Security
	 	 Amount of

increase in
 principal
amount
 of this

Security
	  	 Principal amount

of this

Security following

such decrease
 or
increase
	  	 Signature of authorized

signatory of
 Trustee
or
 Depositaryalco8k082914ex101.htm

EXHIBIT 10.1

FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT

 

This First Amendment and Waiver to Credit Agreement, dated as of September 4, 2014 (this “Agreement”), is entered into by and among ALCO STORES, INC., a Kansas corporation (the “Lead Borrower”); ALCO HOLDINGS, a Texas limited liability company (“Holdings” and, together with the Lead Borrower, the “Borrowers”); the lenders identified on the signature pages hereto (individually, a “Lender” and collectively, the “Lenders”); WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent and collateral agent (in such capacities, the “Agent”); and WELLS FARGO BANK, NATIONAL ASSOCIATION, as term loan agent (in such capacity, the “Term Loan Agent”).

 

Recitals

 

A. The Borrowers, the Lenders, the Agent and the Term Loan Agent are party to that certain Amended and Restated Credit Agreement, dated as of May 30, 2014 (as amended, modified and in effect from time to time, the “Credit Agreement”), pursuant to which Lenders agreed, subject to the terms and conditions set forth therein, to make certain loans and provide other financial accommodations to the Borrowers.  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Credit Agreement.

 

B. The Borrowers have defaulted in their obligations set forth in Section 8.01(k) of the Credit Agreement, as a result of a Change of Control pursuant to clause (b) of the definition of Change of Control (the “Existing Event of Default”).

 

C. By reason of the occurrence of the Existing Event of Default, the Agent, the Term Loan Agent and the Lenders have certain rights and remedies under the terms of the Credit Agreement and the other Loan Documents as well as applicable law, including, without limitation, the right to (i) accelerate the payment of all Obligations and demand immediate payment thereof, (ii) implement the Default Rate in accordance with Section 2.08(b)(ii) of the Credit Agreement, and (iii) exercise any other rights or remedies available under the Credit Agreement and the other Loan Documents, at law, in equity or otherwise.

 

D. Notwithstanding the foregoing, the Borrowers have requested that the Agent, the Term Loan Agent and the Lenders agree to waive the Existing Event of Default and amend certain provisions of the Loan Documents, and the Agent, the Term Loan Agent and the Lenders are willing to do so, but only to the extent, and on the terms and conditions, expressly set forth herein.

 

Agreement

 

Now, Therefore, in consideration of the foregoing recitals and the mutual covenants herein set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, and to induce the Agent, the Term Loan Agent and the Lenders to enter into this Agreement, the Borrowers, the Agent, the Term Loan Agent and the Lenders hereby agree as follows:

 

1. Acknowledgement of Existing Event of Default; Acknowledgement of Outstanding Obligations.

 

(a) Each Borrower acknowledges and agrees that the Existing Event of Default has occurred and continues to exist as of the date of this Agreement.

 

 

  

  

  

 

(b) Each Borrower acknowledges and agrees that, as of the date hereof, the Borrowers are indebted, jointly and severally, (i) to the Revolving Lenders for the Revolving Credit Loans in an aggregate outstanding principal amount equal to $70,462,326.43 plus accrued and unpaid interest thereon, as provided in the Credit Agreement and the other Loan Documents, (ii) to the Term Lenders for the Term Loan in an aggregate outstanding principal amount equal to $12,187,500 plus accrued and unpaid interest thereon, as provided in the Credit Agreement and the other Loan Documents, (iii) to the Real Estate Term Lenders for the Real Estate Term Loan in an aggregate outstanding principal amount equal to $4,750,000 plus accrued and unpaid interest thereon, as provided in the Credit Agreement and the other Loan Documents, (v) to the Revolving Lenders for L/C Obligations in an aggregate outstanding principal amount equal to 12,019,663.43, and (v) for accrued and unpaid fees and expenses of the Agent, the Term Loan Agent and the Lenders (and any other amounts due under the Credit Agreement and the other Loan Documents, including, but not limited to, the reasonable fees and disbursements of counsel).

 

2. Ratification and Reaffirmation of Obligations and Liens.

 

(a) Each Borrower hereby ratifies and reaffirms the validity and enforceability of all of the Obligations and of the Credit Agreement and the other Loan Documents, and agrees that its obligations under the Credit Agreement, the other Loan Documents and this Agreement are its legal, valid and binding obligations enforceable against it in accordance with the respective terms thereof.  Each Borrower further acknowledges and agrees that it has no defense (whether legal or equitable), set-off or counterclaim to the payment or performance of the Obligations in accordance with the terms of the Credit Agreement and the other Loan Documents.

 

(b) Each Borrower hereby ratifies and reaffirms all of the liens and security interests heretofore granted pursuant to the Credit Agreement and the other Loan Documents as collateral security for the indebtedness incurred pursuant to the Credit Agreement and the other Loan Documents, and acknowledges that all of such liens and security interests, and all collateral heretofore pledged as security for such indebtedness, continues to be and remains collateral for such indebtedness from and after the date hereof.

 

3. The Agent’s, the Term Loan Agent’s and Lenders’ Agreement to Waive Existing Event of Default.  Subject to the Loan Parties’ compliance with the terms and conditions contained herein, the Agent, the Term Loan Agent and the Required Lenders hereby waive the Existing Event of Default.  Each Borrower acknowledges and agrees that the foregoing waiver relates solely to the Existing Event of Default specified herein and shall in no way be deemed or construed as a waiver by the Agent, the Term Loan Agent and the Lenders of any other Default or Event of Default under the Credit Agreement or any of the other Loan Documents now existing or occurring subsequent to the date of this Agreement.  The Agent, the Term Loan Agent and the Lenders expressly reserve the full extent of their rights under the Credit Agreement, the other Loan Documents and applicable law in respect of any Default or Event of Default, whether existing on the date hereof or occurring after the date hereof, not specified herein as an Existing Event of Default.

 

4. Amendments to Credit Agreement.

 

(a) Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by adding the following defined terms in the appropriate alphabetical order therein:

 

 

  

  

  

 

““Availability Block” means an amount equal to $500,000 on the First Amendment Effective Date and increasing by $500,000 on the first Business Day of each week thereafter; provided, that in no event shall the Availability Block exceed $5,000,000.

 

“Budget” means the thirteen (13) week budget prepared by the Lead Borrower and furnished to the Agent on the First Amendment Effective Date and thereafter updated on a weekly basis for the following thirteen (13) weeks, including a comparison of the budget to the actual cash disbursements for the preceding weeks, such budget and any update, modification, or supplement thereto to be in form and substance reasonably acceptable to the Agent.

 

 “Equity Contribution” means receipt by the Lead Borrower on or after the First Amendment Effective Date of not less than $10,000,000 in cash contributions to the equity of the Lead Borrower and/or Subordinated Indebtedness, or a combination thereof, in each case on terms and conditions reasonably satisfactory to the Agent.

 

“First Amendment” means that certain First Amendment and Waiver to Credit Agreement dated as of the First Amendment Effective Date.

 

“First Amendment Effective Date” means September 4, 2014.

 

“Real Estate Term Loan Prepayment Fee” means, with respect to any payment or prepayment of the Real Estate Term Loan (including upon acceleration of the maturity of the Real Estate Term Loan but excluding payments pursuant to Section 2.07(c), an amount equal to (a) on or prior to the first anniversary of the First Amendment Effective Date, three percent (3%) of the principal amount of the Real Estate Term Loan required to be repaid or prepaid (other than pursuant to Section 2.07(c)), (b) after the first anniversary of the First Amendment Effective Date and on or prior to the second anniversary of the First Amendment Effective Date, two percent (2%) of the principal amount of the Real Estate Term Loan required to be repaid or prepaid (other than pursuant to Section 2.07(c)), (c) after the second anniversary of the First Amendment Effective Date and on or prior to the third anniversary of the First Amendment Effective Date, one percent (1%) of the principal amount of the Real Estate Term Loan required to be repaid or prepaid (other than pursuant to Section 2.07(c)), and (d) after the third anniversary of the First Amendment Effective Date, $0.”

 

(b) Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by deleting the defined term “Alternative Term Loan Interest Rate” appearing therein and inserting in lieu thereof the following:

 

““Alternative Term Loan Interest Rate” means, at any time, a per annum rate equal to the sum of (a) the greater of (i) the Base Rate in effect at such time and (ii) two percent (2%) plus (b) seven percent (7%).”

 

(c) Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by deleting clause (b) of the definition of “Applicable Margin” appearing therein and inserting in lieu thereof the following:

 

“(b)          From and after the first Adjustment Date, the Applicable Margin shall be determined from the pricing grid below based upon the Average Daily Uncapped Excess Availability for the Fiscal Quarter ended immediately preceding such Adjustment Date; provided, however, that 

 

  

  

  

 

notwithstanding anything to the contrary set forth herein, upon the occurrence of an Event of Default, the Agent may, and at the direction of the Required Lenders shall, immediately increase the Applicable Margin to that set forth in Level IV (even if the Average Daily Uncapped Excess Availability requirements for a different Level have been met) and interest shall accrue at the Default Rate; provided, further if the foregoing financial statements or any Borrowing Base Certificates are at any time restated or otherwise revised (including as a result of an audit) or if the information set forth in such financial statements or any Borrowing Base Certificates otherwise proves to be false or incorrect such that the Applicable Margin would have been higher than was otherwise in effect during any period, without constituting a waiver of any Default or Event of Default arising as a result thereof, interest due under this Agreement shall be immediately recalculated at such higher rate for any applicable periods and shall be due and payable on demand.”

 

(d) Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by deleting the grid following clause (b) of the defined term “Applicable Margin” appearing therein and inserting in lieu thereof the following:

 

	
Level

	
Average Daily Uncapped Excess Availability

	
LIBOR Margin for Revolving Loans

	
Base Rate Margin for Revolving Loans

	
Commercial Letter of Credit Fee

	
Standby Letter of Credit Fee

	
I

	
Equal to or greater than $80,000,000

	
1.75%

	
0.75%

	
1.25%

	
1.75%

	
II

	
Equal to or greater than $40,000,000 but less than $80,000,000

	
2.00%

	
1.00%

	
1.50%

	
2.00%

	
III

	
 Equal to or greater than $15,000,000 but less than $40,000,000

	
2.25%

	
1.25%

	
1.75%

	
2.25%

	
IV

	
 Less than $15,000,000

	
2.50%

	
1.50%

	
1.75%

	
2.25%

 

(e) Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by deleting the defined term “Cash Dominion Event” appearing therein and inserting in lieu thereof the following:

 

““Cash Dominion Event” means (a) the First Amendment Effective Date, or (b) the occurrence and continuance of any Default, or (c) the failure of the Borrowers to maintain Excess Availability of at least fifteen percent (15%) of the Revolving Loan Cap (without giving effect to 

 

  

  

  

 

the Real Estate Term Loan Reserve or the Term Loan Reserve) at any time.  For purposes of this Agreement, the occurrence of a Cash Dominion Event shall be deemed continuing (1) pursuant to clause (a) above unless and until the Agent, the Term Loan Agent and the Lenders otherwise consent, and (2) pursuant to clauses (b) or (c) above (i) so long as such Default has not been waived, and/or (ii) if the Cash Dominion Event arises as a result of the Borrowers’ failure to achieve Excess Availability as required hereunder, until Excess Availability has been equal to or exceeded the greater of (A) fifteen percent (15%) of the Revolving Loan Cap (without giving effect to the Real Estate Term Loan Reserve or the Term Loan Reserve); or (B) $18,000,000, in each case for twenty (20) consecutive Business Days, in which case a Cash Dominion Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that a Cash Dominion Event shall be deemed continuing (even if a Default is no longer continuing and/or Excess Availability exceeds the required amount for twenty (20) consecutive Business Days) at all times after a Cash Dominion Event has occurred and been discontinued on two (2) occasions after the Closing Date.”

 

(f) Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by deleting the defined term “Reporting Activation Event”.

 

(g) Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by deleting the defined term “Revolving Borrowing Base” appearing therein and inserting in lieu thereof the following:

 

““Revolving Borrowing Base” means, at any time of calculation, an amount equal to:

 

(a)           the face amount of Eligible Credit Card Receivables multiplied by the Credit Card Advance Rate;

 

plus

 

(b)           the Cost of Eligible Inventory, net of Inventory Reserves, multiplied by the Appraisal Percentage of the Appraised Value of Eligible Inventory, provided, that the total Cost of Eligible In-Transit Inventory included in the calculation in this clause (b) shall not exceed $10,000,000 at any time;

 

minus

 

(c)           the Real Estate Term Loan Reserve;

 

minus

 

(d)           the Term Loan Reserve;

 

minus

 

(e)           at all times prior to the Equity Contribution, the Availability Block;

 

minus

 

(f)           the then amount of all Availability Reserves.”

 

(h) Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by deleting the defined term “Term Loan Interest Rate” appearing therein and inserting in lieu thereof the following:

 

  

  

  

 

 

““Term Loan Interest Rate” means a per annum rate equal to (a) the sum of (i) the greater of (A) LIBO Rate and (B) one percent (1%) plus eight percent (8%), or (b) if the LIBO Rate is not available at such time for any reason, the Alternative Term Loan Interest Rate.”

 

(i) Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by deleting the defined term "Term Loan Prepayment Fee" appearing therein and inserting in lieu thereof the following:

 

““Term Loan Prepayment Fee” means, with respect to any payment or prepayment of the Term Loan (including upon acceleration of the maturity of the Term Loan but excluding payments pursuant to Section 2.07(d)), an amount equal to (a) on or prior to the first anniversary of the First Amendment Effective Date, four percent (4%) of the principal amount of the Term Loan required to be repaid or prepaid (other than pursuant to Section 2.07(d)), (b) after the first anniversary of the First Amendment Effective Date and on or prior to the second anniversary of the First Amendment Effective Date, two percent (2%) of the principal amount of the Term Loan required to be repaid or prepaid (other than pursuant to Section 2.07(d)), (c) after the second anniversary of the First Amendment Effective Date and on or prior to the third anniversary of the First Amendment Effective Date, one percent (1%) of the principal amount of the Term Loan required to be repaid or prepaid (other than pursuant to Section 2.07(d)), and (d) after the third anniversary of the First Amendment Effective Date, $0.”

 

(j) Section 2.05 (Prepayments) of the Credit Agreement is hereby amended by deleting in clause (g) thereof the reference to “2.05(j)” and inserting in lieu thereof “2.05(h)”.

 

(k) Section 2.05 (Prepayments) of the Credit Agreement is hereby amended by deleting clause (h) as it appears therein and inserting in lieu thereof the following:

 

“(h)           Prepayments made pursuant to Section 2.05(g) above, first, shall be applied to the outstanding Real Estate Term Loan, including additional amounts required pursuant to Section 2.09(c)(ii), first to such additional amounts (if any), second to the amount due on the Maturity Date and then in inverse order of the payments due pursuant to Section 2.07(c) in accordance with the Applicable Percentages of each Real Estate Term Lender, second, shall be applied ratably to the outstanding Swing Line Loans, third, shall be applied ratably to the outstanding Revolving Credit Loans, fourth, shall be used to Cash Collateralize the remaining L/C Obligations, fifth, shall be applied to the outstanding Term Loan, including additional amounts required pursuant to Section 2.09(c)(i), first to such additional amounts, second to the amount due on the Maturity Date and then in inverse order of the payments due pursuant to Section 2.07(c) in accordance with the Applicable Percentages of each Term Lender, and sixth, the amount remaining, if any, after prepayment in full of the Real Estate Term Loan, all Swing Line Loans and Revolving Credit Loans outstanding at such time, the Cash Collateralization of the remaining L/C Obligations in full, and the prepayment of the Term Loan, may be retained by the Borrowers for use in the ordinary course of their business.  Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action by or notice to or from the Borrowers) to reimburse the L/C Issuer or the Revolving Lenders, as applicable.”

 

(l) Section 2.05 (Prepayments) of the Credit Agreement is hereby amended by deleting clause (j) as it appears therein and inserting in lieu thereof the following:

 

“(j)           Prepayments made pursuant to Section 2.05(i) above, first, shall be applied to the outstanding Term Loan, including additional amounts required pursuant to Section 2.09(c)(i), first to such additional amounts, second to the amount due on the Maturity Date and then in 

 

 

  

  

  

 

inverse order of the payments due pursuant to Section 2.07(c) in accordance with the Applicable Percentages of each Term Lender, second, shall be applied ratably to the outstanding Swing Line Loans, third, shall be applied ratably to the outstanding Revolving Credit Loans, fourth, shall be used to Cash Collateralize the remaining L/C Obligations, fifth, shall be applied to the outstanding Real Estate Term Loan, including additional amounts required pursuant to Section 2.09(c)(ii), first to such additional amounts (if any), second to the amount due on the Maturity Date and then in inverse order of the payments due pursuant to Section 2.07(c) in accordance with the Applicable Percentages of each Real Estate Term Lender, and sixth, the amount remaining, if any, after prepayment in full of the Real Estate Term Loan, the Term Loan, all Swing Line Loans and Revolving Credit Loans outstanding at such time, and the Cash Collateralization of the remaining L/C Obligations in full, may be retained by the Borrowers for use in the ordinary course of their business.  Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action by or notice to or from the Borrowers) to reimburse the L/C Issuer or the Revolving Lenders, as applicable.”

 

(m) Section 2.07 (Repayment of Loans) of the Credit Agreement is hereby amended by deleting clause (c) as it appears therein and inserting in lieu thereof the following:

 

“(c)           The Borrowers shall make quarterly principal payments on the Real Estate Term Loan in the amount of (i) $250,000 each, commencing on August 1, 2014, and on the first day of each November, February, May and August occurring thereafter prior to the First Amendment Effective Date, and (ii) $300,000 each, commencing on November 1, 2014, and on the first day of each November, February, May and August occurring thereafter.  The Borrowers shall repay the Agent, for the account of the Real Estate Term Lenders on the Termination Date the aggregate principal amount of the Real Estate Term Loan outstanding on such date, along with accrued but unpaid interest and all other Obligations outstanding with respect to the Real Estate Term Loan.”

 

(n) Section 2.07 (Repayment of Loans) of the Credit Agreement is hereby amended by deleting clause (d) as it appears therein and inserting in lieu thereof the following:

 

“(d)           The Borrowers shall make quarterly principal payments on the Term Loan in the amount of (i) $312,500 each, commencing on August 1, 2014, and on the first day of each November, February, May and August occurring thereafter prior to the First Amendment Effective Date, (ii) $400,000 each, on November 1, 2014, February 1, 2015, May 1, 2015 and August 1, 2015, and (iii) $312,500 each, commencing on November 1, 2015, and on the first day of each February, May, August and November occurring thereafter.  The Borrowers shall repay the Term Loan Agent, for the account of the Term Lenders on the Termination Date the aggregate principal amount of the Term Loan outstanding on such date, along with accrued but unpaid interest and all other Obligations outstanding, including pursuant to Section 2.09(c), with respect to the Term Loan.”

 

(o) Section 2.09 (Fees) of the Credit Agreement is hereby amended by deleting clause (b) as it appears therein and inserting in lieu thereof the following:

 

“(b)           Early Termination Fee.  In the event that the Termination Date occurs, for any reason, prior to the Maturity Date, or in the event that the Borrowers reduce (but do not terminate) the Aggregate Revolving Commitments prior to the Maturity Date, the Borrowers shall pay to the Agent, for the account of each Revolving Lender in accordance with its Applicable Percentage, a fee (the “Early Termination Fee”) in respect of amounts which are or become payable by reason thereof equal to the following:  (i) three percent (3%) of the 

 

 

  

  

  

Revolving Credit Commitments then in effect (without regard to any termination thereof) or of the amount of any reduction in the Aggregate Revolving Commitments, as applicable, if the Termination Date or reduction shall occur at any time on or before the first anniversary of the First Amendment Effective Date; (ii) two percent (2%) of the Revolving Credit Commitments then in effect (without regard to any termination thereof) or of the amount of any reduction in the Aggregate Revolving Commitments, as applicable, if the Termination Date or reduction shall occur at any time after the first anniversary of the First Amendment Effective Date and on or prior to the second anniversary of the First Amendment Effective Date; (iii) one percent (1%) of the Revolving Credit Commitments then in effect (without regard to any termination thereof) or of the amount of any reduction in the Aggregate Revolving Commitments, as applicable, if the Termination Date or reduction shall occur at any time after the second anniversary of the First Amendment Effective Date and on or prior to the third anniversary of the First Amendment Effective Date and (iii) zero percent (0%) of the Revolving Credit Commitments then in effect (without regard to any termination thereof) or of the amount of any reduction in the Aggregate Revolving Commitments, as applicable, if the Termination Date or reduction shall occur at any time after the third anniversary of the Closing Date.  All parties to this Agreement agree and acknowledge that the Revolving Lenders will have suffered damages on account of the early termination of this Agreement or any portion of the Revolving Credit Commitments and that, in view of the difficulty in ascertaining the amount of such damages, the Early Termination Fee constitutes reasonable compensation and liquidated damages to compensate the Revolving Lenders on account thereof.”

 

(p) Section 2.09 (Fees) of the Credit Agreement is hereby amended by deleting clause (c) as it appears therein and inserting in lieu thereof the following:

 

“(c)           Prepayment Fees.

 

(i)             In the event that, at any time prior to third anniversary of the First Amendment Effective Date, (i) the Termination Date occurs, or (ii) in the event that the Borrowers prepay, or are required to prepay, the Term Loan in whole or in part, then, on the Termination Date or the effective date of such prepayment, as applicable, the Borrowers shall pay to the Agent, for the ratable benefit of the Term Lenders, an amount equal to the applicable Term Loan Prepayment Fee.  All parties to this Agreement agree and acknowledge that the Term Lenders will have suffered damages on account of the early termination of this Agreement or prepayment of any portion of the Term Loan and that, in view of the difficulty in ascertaining the amount of such damages, the Term Loan Prepayment Fee constitutes reasonable compensation and liquidated damages to compensate the Term Lenders on account thereof.

 

(ii)             In the event that, at any time prior to third anniversary of the First Amendment Effective Date, (i) the Termination Date occurs, or (ii) in the event that the Borrowers prepay, or are required to prepay, the Real Estate Term Loan in whole or in part, then, on the Termination Date or the effective date of such prepayment, as applicable, the Borrowers shall pay to the Agent, for the ratable benefit of the Real Estate Term Lenders, an amount equal to the applicable Real Estate Term Loan Prepayment Fee.  All parties to this Agreement agree and acknowledge that the Real Estate Term Lenders will have suffered damages on account of the early termination of this Agreement or prepayment of any portion of the Real Estate Term Loan and that, in view of the difficulty in ascertaining the amount of such damages, the Real Estate Term Loan Prepayment Fee constitutes reasonable compensation and liquidated damages to compensate the Real Estate Term Lenders on account thereof.”

 

 

  

  

  

 

(q) Section 6.02 (Certificate; Other Information) of the Credit Agreement is hereby amended by deleting clause (c) as it appears therein and inserting in lieu thereof the following:

 

“(c)           on Wednesday of each week (or, if Wednesday is not a Business Day, on the next succeeding Business Day), and each date that the Lead Borrower makes a request for a Credit Extension hereunder, by 1 p.m. on such date, a certificate in the form of Exhibit H (a “Borrowing Base Certificate”) showing the Borrowing Base as of the close of business on the immediately preceding Sunday, each Borrowing Base Certificate to be certified as complete and correct by a Responsible Officer of the Lead Borrower;”

 

(r) Section 6.10 (Inspection Rights) of the Credit Agreement is hereby amended by deleting clause (b) as it appears therein and inserting in lieu thereof the following:

 

“(b)           Upon the request of the Agent after reasonable prior notice, permit the Agent or professionals (including investment bankers, consultants, accountants, lawyers and appraisers) retained by the Agent to conduct appraisals, commercial finance examinations and other evaluations, including, without limitation, evaluations of (i) the Loan Parties’ practices in the computation of the Borrowing Base and (ii) the assets included in the Borrowing Base and related financial information such as, but not limited to, sales, gross margins, payables, accruals and reserves.  Subject to the limitations set forth below, the Loan Parties shall pay the fees and expenses of the Agent or such professionals with respect to such evaluations, appraisals and assessments.  The Loan Parties acknowledge that the Agent may, in its discretion, undertake up to one (1) appraisal of any Eligible Real Estate, three (3) inventory appraisals and three (3) commercial finance examinations each Fiscal Year at the Loan Parties’ expense; provided that, if Excess Availability at any time is less than seventeen and one-half percent (17.5%) of the Revolving Loan Cap (without giving effect to the Real Estate Term Loan Reserve or the Term Loan Reserve) the Loan Parties shall pay for one (1) additional appraisal and one (1) additional commercial finance examination each Fiscal Year undertaken by the Agent or such professionals pursuant to this Section 6.10.  Notwithstanding the foregoing, the Agent may cause additional appraisals and commercial finance examinations to be undertaken (i) as it in its discretion deems necessary or appropriate, at its own expense or, (ii) if required by applicable Law or if a Default shall have occurred and be continuing, at the expense of the Borrowers.  In the event that the Agent has not conducted an inventory appraisal in accordance with this Section in any two hundred and ten (210) day period but has the right to do so, the Agent shall commission such inventory appraisal within five (5) Business Days of receiving a written request from the Term Loan Agent to do so.”

 

(s) Article VI (Affirmative Covenants) of the Credit Agreement is hereby amended by adding the following Section 6.20 at the end thereof:

 

“6.20                      Budget/Financial Advisor.

 

(a)           Deliver to the Agent, in form and detail satisfactory to the Agent on Wednesday of each week (or, if Wednesday not a Business Day, on the next succeeding Business Day) commencing on September 4, 2014, an updated Budget, reviewed by Deloitte Consulting LLP (“Deloitte”).

 

(b)           At all times retain and employ Deloitte or another financial advisor which is reasonably acceptable to the Agent, the terms and scope of such engagement and the responsibilities of such financial advisor which are also reasonably acceptable to the Agent; provided, that the Loan Parties shall not be required to retain such advisor if (i) no 

 

  

  

  

 

Default or Event of Default has occurred and is continuing, (ii) the Lead Borrower has hired a chief financial officer who is engaged on a full time basis and (iii) the Lead Borrower has received the Equity Contribution.  The Loan Parties shall authorize the financial advisor to communicate directly with the Agent and furnish the Agent with such information as the Agent may reasonably request.”

 

(t) Section 7.15 (Excess Availability) of the Credit Agreement is hereby amended by deleting such section in its entirety and inserting in lieu thereof the following:

 

“7.15                      Excess Availability.  Permit Excess Availability at any time to be less than the greater of (a) $10,000,000 or (b) 10% of the Revolving Loan Cap (without giving effect to the Real Estate Term Loan Reserve, the Term Loan Reserve or the Availability Block ) plus 10% of the Outstanding Amount of the Real Estate Term Loan plus 10% of the Outstanding Amount of the Term Loan.”

 

(u) Section 9.12 (Reports and Financial Statements) of the Credit Agreement is hereby amended by deleting clause (b) as it appears therein and inserting in lieu thereof the following:

 

(b) is deemed to have requested that the Agent furnish such Lender, promptly after they become available, copies of all financial statements and Budgets required to be delivered by the Lead Borrower hereunder and all commercial finance examinations and appraisals of the Collateral received by the Agent (collectively, the “Reports”)

 

(c) Schedule 6.02 of the Credit Agreement is hereby amended by deleting such schedule in its entirety, and inserting in lieu thereof the schedule set forth on Annex A attached hereto.

 

5. Conditions to Effectiveness.  This Agreement shall become effective only upon the satisfaction of all of the following conditions precedent (the date of satisfaction of such conditions being referred to herein as the “Effective Date”):

 

(a) Borrowers shall have delivered to the Agent:

 

(i)  an executed copy of this Agreement;

 

(ii) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Agent may require evidencing (A) the authority of each Loan Party to enter into this Agreement and (B) the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to become a party;

 

(iii) copies of each Loan Party's Organization Documents and such other documents and certifications as the Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to so qualify in such 

 

  

  

  

 

jurisdiction could not reasonably be expected to have a Material Adverse Effect;

 

(iv) favorable opinions of DLA Piper LLP (US), counsel to Holdings , and Lathrop & Gage, LLP, counsel to the Lead Borrower , addressed to the Agent and the Term Loan Agent and each Lender, as to such matters concerning Holdings and the Lead Borrower and the Loan Documents as the Agent and the Term Loan Agent may reasonably request;

 

(b) the Borrowers shall have paid to the Agent, for the ratable benefit of the Revolving Lenders, a revolving amendment fee in an amount equal to $75,000, which shall be fully earned, due and payable in full on the First Amendment Effective Date and is not refundable for and reason or under any circumstances;

 

(c) the Borrowers shall have paid to the Term Loan Agent, for the account of the Term Loan Agent and the Term Lenders, a term loan amendment fee in an amount equal to $75,000, which shall be fully earned, due and payable in full on the First Amendment Effective Date and is not refundable for and reason or under any circumstances; and

 

(d) the Borrowers shall have paid in full all fees and expenses (including, without limitation, the fees and expenses of Choate, Hall & Stewart LLP, counsel to the Agent) required to be paid pursuant to the Credit Agreement.

 

6. Post-Closing Agreement.  By its signature below, each Borrower hereby covenants and agrees, that the Borrowers shall deliver, on or before November 3, 2014, updated projections for the Fiscal Years ended February 1, 2015 and January 31, 2016, each in form and substance satisfactory to the Agent, and that the failure to do so shall constitute an Event of Default under Section 8.01(b) of the Credit Agreement.  Each Borrower further acknowledges and agrees that this Agreement shall be a Loan Document for all purposes.

 

7. Representations and Warranties.  Each Borrower represents and warrants that:

 

(a)  the execution, delivery and performance of this Agreement, the Credit Agreement and the other Loan Documents, and the transactions contemplated hereunder and thereunder, are all within such Borrower’s limited liability company or corporate powers, as applicable, have been duly authorized and are not in contravention of law or the terms of such Borrower’s operating agreement or bylaws, as applicable, or other constitutive documents, or any indenture, agreement or undertaking to which such Borrower is a party or by which such Borrower or its property are bound;

 

(b) except for the Existing Event of Default and the circumstances giving rise thereto or as contemplated hereunder, no event or circumstance has occurred and is continuing that would constitute a Default or an Event of Default;

 

(c) except as a result of the Existing Event of Default, the representations and warranties contained in the Credit Agreement and the other Loan Documents were true and correct in all material respects as of the date made and, except to the extent that such representations and warranties relate expressly to an earlier date, remain true and correct in all material respects as of the date hereof (provided, that in the case of any representation and

 

 

  

  

  

 

warranty qualified by materiality, such representation and warranty shall be true and correct in all respects (after giving effect to such materiality qualification)) except with respect to those circumstances giving rise to the Existing Event of Default or as contemplated hereunder, remain true and correct as of the date hereof;

 

(d) each Borrower has read and fully understands each of the terms and conditions of this Agreement and is entering into this Agreement freely and voluntarily, without duress, after having had an opportunity for consultation with independent counsel of its own selection and not in reliance upon any representations, warranties or agreements made by the Agent, the Term Loan Agent or any Lender and not set forth in this Agreement; and

 

(e) all other information delivered by the Borrowers to the Agent, the Term Loan Agent and the Lenders is true and correct in all material respects as of the date delivered.

 

8. Rights of the Agent, the Term Loan Agent and Lenders in Bankruptcy; Tolling of Certain Time-Related Defenses.

 

(a) Each Borrower hereby admits, acknowledges and agrees that the Agent’s, the Term Loan Agent’s and the Lenders’ entry into, and covenants to perform in accordance with, this Agreement and the Agent’s, the Term Loan Agent’s and the Lenders’ consummation of the transactions contemplated hereby, constitute “new value” and “reasonably equivalent value,” as those terms are used in Section 547 and 548 of Title 11 of the United States Code (the “Bankruptcy Code”), received by the Borrowers as of the effective date of this Agreement in contemporaneous exchange for the Borrowers’ entry into, and covenants to perform in accordance with, this Agreement, and the Borrowers’ consummation of the transactions contemplated hereby.

 

(b) Each Borrower acknowledges and agrees that all time-related defenses, such as statutes of limitations, doctrines of estoppel, doctrines of laches or any other rules of law or equity of similar nature, are hereby tolled with respect to all rights, claims and causes of action of any kind whatsoever that the Agent, the Term Loan Agent and the Lenders may have against Borrowers under the Credit Agreement and the other Loan Documents as of the First Amendment Effective Date through and including the date which is sixty (60) days after the First Amendment Effective Date.  Each Borrower hereby waives all such time-related defenses to the extent such defenses are hereby tolled.

 

9. Costs and Expenses.  Upon demand, the Borrowers shall reimburse the Agent, the Term Loan Agent and the Lenders directly for all costs and expenses incurred by the Agent, the Term Loan Agent and the Lenders in connection with this Agreement and the transactions contemplated hereby (including, without limitation, the Agent’s, the Term Loan Agent’s and the Lenders’ reasonable attorneys’ fees and expenses).

 

10. Full Force and Effect; Entire Agreement.  Except to the extent expressly provided in this Agreement, the terms and conditions of the Credit Agreement and each other Loan Document shall remain in full force and effect.  This Agreement, the Credit Agreement and the other Loan Documents constitute and contain the entire agreement of the parties hereto and supersede any and all prior agreements, negotiations, correspondence, understandings and communications between the parties, whether written or oral, respecting the subject matter hereof.

 

11. Definitions and Construction.  Capitalized terms used but not otherwise defined herein shall have the respective meanings given to such terms in the Credit Agreement, as amended 

 

  

  

  

 

hereby.  Upon and after the effectiveness of this First Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “herein”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “therein”, “thereof”, or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended hereby

 

12. Release.

 

(a) Except with respect to the matters, rights and obligations specified in Section 12(b) below, each Borrower hereby releases and forever discharges the Agent, the Term Loan Agent and the Lenders and their respective parents, subsidiaries and affiliates, past or present, and each of them, as well as their respective directors, officers, agents, servants, employees, shareholders, representatives, attorneys, administrators, executors, heirs, assigns, predecessors and successors in interest, and all other persons, firms or corporations with whom any of the former have been, are now, or may hereafter be affiliated, and each of them (collectively, the “Releasees”), from and against any and all claims, demands, liens, agreements, contracts, covenants, actions, suits, causes of action in law or equity, obligations, controversies, debts, costs, expenses, damages, judgments, orders and liabilities of whatever kind or nature in law, equity or otherwise, whether known or unknown, fixed or contingent, suspected or unsuspected by such Borrower, and whether concealed or hidden (collectively, “Claims”), which such Borrower now owns or holds or has at any time heretofore owned or held, which are based upon or arise out of or in connection with any matter, cause or thing existing at any time prior to the date hereof or anything done, omitted or suffered to be done or omitted at any time prior to the date hereof in connection with the Credit Agreement or the other Loan Documents (collectively the “Released Matters”).

 

(b) It is expressly understood and agreed that it is the intent of Borrowers to forever release claims against Releasees arising out of the Released Matters, but that nothing herein shall affect the obligations of the Agent, the Term Loan Agent and the Lenders arising subsequent to the date hereof, including, but not limited to, compliance subsequent to the date hereof with all terms and conditions of this Agreement, the Credit Agreement and the other Loan Documents.

 

(c) Each Borrower represents, warrants and agrees that in executing and entering into this release, it is not relying and has not relied upon any representation, promise or statement made by anyone which is not recited, contained or embodied in this Agreement, the Credit Agreement or the other Loan Documents.  Each Borrower has reviewed this release with such Borrower’s legal counsel, and understands and acknowledges the significance and consequence of this release and of the specific waiver thereof contained herein.  Each Borrower understands and expressly assumes the risk that any fact not recited, contained or embodied therein may turn out hereafter to be other than, different from, or contrary to the facts now known to such Borrower or believed by such Borrower to be true.  Nevertheless, each Borrower intends by this release to release fully, finally and forever all Released Matters and agrees that this release shall be effective in all respects notwithstanding any such difference in facts, and shall not be subject to termination, modification or rescission by reason of any such difference in facts.

 

13. Counterparts; Effectiveness.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts taken together shall constitute but one and the same instrument.

 

14. No Third Parties Benefited. This Agreement is made and entered into for the sole benefit of the Loan Parties, the Agent, the Term Loan Agent and the Lenders, and their permitted 

 

  

  

  

 

successors and assigns, and except as otherwise expressly provided in this Agreement, no other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement.

 

(a) Governing Law; Jurisdiction; Waiver of Jury Trial.  THIS AGREEMENT AND, EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED THEREIN, THE CREDIT AGREEMENT AND EACH OTHER LOAN DOCUMENT, ARE CONTRACTS UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF SAID STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF, BUT INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).  EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE LOAN PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE LOAN PARTIES HERETO 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 OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY LOAN PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.  EACH LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO ABOVE.  EACH OF THE LOAN PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

15. Severability.  In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

[SIGNATURE PAGES FOLLOW.]

 

  

  

  

In Witness Whereof, each of the parties hereto has caused this Agreement to be executed and delivered by its duly authorized officer as of the date first written above.

 

LEAD BORROWER:

ALCO STORES, INC.

By: /s/ Brian Assmus

Name: Brian Assmus

Title: Vice President and Controller

OTHER BORROWERS:

ALCO HOLDINGS, A TEXAS LIMITED LIABILITY COMPANY

By: /s/ Brian Assmus

Name: Brian Assmus

Title: Vice President and Controller

[ SIGNATURE PAGE – AMENDMENT AND WAIVER AGREEMENT ]

 

  

  

  

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and as Collateral Agent

By: /s/ Danielle M. Baldinelli

Name: Danielle M. Baldinelli

Title:  Director

[ SIGNATURE PAGE – AMENDMENT AND WAIVER AGREEMENT ]

 

  

  

  

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Revolving Lender, Real Estate Term Lender, L/C Issuer and Swing Line Lender

 

 

By: /s/ Danielle M. Baldinelli

Name:  Danielle M. Baldinelli

Title:   Director

[ SIGNATURE PAGE – AMENDMENT AND WAIVER AGREEMENT ]

 

  

  

  

CIT BANK, as a Revolving Lender and Real Estate Term Lender

 

 

By: /s/ Renee M. Singer

Name:  Renee M. Singer

Title:   Managing Director

[ SIGNATURE PAGE – AMENDMENT AND WAIVER AGREEMENT ]

 

  

  

  

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Term Loan Agent and as a Term Lender

 

By: /s/ Sally A. Sheehan

Name:  Sally A. Sheehan

Title:  Director

[ SIGNATURE PAGE – AMENDMENT AND WAIVER AGREEMENT ]

 

  

  

  

ANNEX A

 

SCHEDULE 6.02

Financial and Collateral Reporting

Monthly (within 30 days after month end):

	
·  

	
Inventory Certificate

	
·  

	
Stock Ledger (Consolidated Summary)

	
·  

	
Open to Buy

	
·  

	
Store Activity

	
·  

	
Inventory Reconciliation

	
·  

	
Gross Margin Reconciliation

	
·  

	
Top Ten Vendor Concentration

	
·  

	
A/P Aging

	
·  

	
On Order Summary Report

	
·  

	
Officer’s Compliance Certificate and Monthly Financial Statements for the Fiscal Months of February, March, May, June, August, September, November and December

Monthly (within 60 days after month end):

	
·  

	
Officer’s Compliance Certificate and Monthly Financial Statements for the Fiscal Months of January, April, July and October

	
·  

	
Management’s Discussion and Analysis

	
·  

	
Insurance Coverage Report

Annually (within 45 days after year end):

	
·  

	
Insurance Coverage Report

Annually (within 60 days after year end):

	
·  

	
Management Forecast for the Following Year

Annually (within 90 days after year end):

	
·  

	
Audited Annual Financial Statements

	
·  

	
Certificate of Registered Public Accounting Firm

	
·  

	
Officer’s Compliance Certificate

	
·  

	
Management’s Discussion and Analysis

Mailed or emailed to:

Agent:                                                     Wells Fargo Bank, National Association

    One Boston Place, 18th Floor

    Boston, MA 02108

    Attn:  Danielle M. Baldinelli

    E-Mail:  Danielle.m.baldinelli@wellsfargo.com

and

 

 

  

  

  

Term Loan Agent:                                            Wells Fargo Bank, National Association

One Boston Place, 19th Floor

Boston, Massachusetts 02108

Attn:  Sally A. Sheehan

Telephone:  (617) 624-4407

Facsimile:  (866) 944-8034

Email:  sally.a.sheehan@wellsfargo.com

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