Document:

EX-10.17

 Exhibit 10.17 

 

	[***]	indicates material that has been omitted pursuant to a Request for Confidential Treatment filed with the Securities and Exchange Commission. A complete copy of this
agreement, including redacted portions so indicated, has been filed separately with the Securities and Exchange Commission. 

 Execution Version 
 CAPITAL PROJECT AGREEMENT 

This Agreement (the “Agreement”), is effective May 10, 2012 (the “Effective Date”) and is made by and between Iroko
Pharmaceuticals, LLC, a Delaware limited liability company, whose principal place of business is at The Navy Yard Corporate Center, One Crescent Drive, Suite 400, Philadelphia, Pennsylvania 19112 (“Iroko”) and Catalent CTS, Inc.,
formerly known as Aptuit, Inc., a Delaware corporation, with offices located at 10245 Hickman Mills Drive, Kansas City, MO 64137 (“Catalent”). 
 RECITALS 
 WHEREAS Iroko has proposed that Catalent become the commercial
manufacturer and supplier of Iroko’s certain Nano-formulated pharmaceutical products (together, the “Products” and the “Proposal”), with such relationship between the parties to be set forth in a binding
commercial term sheet on terms reasonably satisfactory to both parties and negotiated in good faith, which the parties intend to execute on or prior to June 30, 2012 (the “Term Sheet”) followed by a commercial manufacturing
agreement which Iroko and Catalent also intend to negotiate in good faith subsequent to the execution of such Term Sheet (collectively, the “Commercial Manufacturing Agreements”); 

WHEREAS pursuant to such Proposal, Iroko and Catalent have agreed that Catalent would commence renovations and equipment purchases at its
Kansas City manufacturing facility (the “Facility”) in order to allow Catalent to perform its obligations under the Commercial Manufacturing Agreements, the scope and timelines of which are set forth on Schedule A attached hereto
(the “Capital Project”); 
 WHEREAS, Iroko and Catalent signed an Initiation Agreement on November 3,
2011, pursuant to which Iroko paid Catalent a non-refundable amount of [***] to be applied towards the Capital Project (the “Capital Improvement Allowance”); 
 WHEREAS, Catalent has commenced the Capital Project and expended the full amount of the Capital Improvement Allowance in furtherance thereof; 

WHEREAS, the parties desire to enter into this Agreement to set forth the basis on which Catalent will proceed with the Capital Project
before the date on which the Commercial Manufacturing Agreements are executed. 
 NOW, THEREFORE, in consideration of the foregoing premises and
the mutual covenants, promises and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, Iroko and Catalent hereby agree as
follows. 
  

	1.	Capital Project Acknowledgements 

 Iroko acknowledges that a portion of the Capital Project (which portion has an expected value of $[***]) represents the estimated cost of Facility modifications that will be required to accommodate Iroko
Equipment as set forth in Schedule A that will be 
  

	***	Portions of this page have been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

  
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 Execution Version 

provided by Iroko (the “Specialty Equipment Fit Out”) solely in reliance on Iroko’s representations that it will
seek in good faith to enter into the binding Commercial Manufacturing Agreements with Catalent on terms reasonably satisfactory to both parties. Catalent represents and warrants to Iroko that the Specialty Equipment Fit Out shall be used solely for
the manufacture of the Products. 
 Iroko further acknowledges that Catalent may enter into commitments to secure equipment and
contracting services as set forth in Schedule A in furtherance of the Capital Project solely in reliance on Iroko’s representations that it will seek in good faith to enter into the binding Commercial Manufacturing Agreements with
Catalent on terms reasonably satisfactory to both parties. Upon a Separation Event (as defined below), Catalent may sell all Catalent Equipment as set forth in Schedule A to Iroko. Furthermore, upon the occurrence of a Separation Event (as
defined below) Iroko shall reimburse Catalent for the cost of the Specialty Equipment Fit Out and reasonable cancellation fees associated with the Specialty Equipment Fit Out (collectively, “Breakage Costs”). 

“Separation Event” shall mean the failure of the parties to enter into a binding commercial Term Sheet on terms
reasonably satisfactory to both parties by June 30, 2012. 
 In addition, Catalent will transfer all the rights to, title
and interest in all the Catalent Equipment as set forth in Schedule A to Iroko as long as Iroko purchases the minimum volume of Product from Catalent as agreed by the parties in the Commercial Manufacturing Agreements to be executed by the
parties. In the event of such transfer of rights, title, and interest in the Catalent Equipment to Iroko in accordance with this Agreement, Catalent warrants that it shall transfer the Catalent Equipment to Iroko free of all and any lien and/or
encumbrance in the Catalent Equipment. 
  

	2.	Catalent Obligations 

 Catalent hereby agrees to use commercially reasonable efforts to progress the Capital Project according to the scope and timelines set forth in Schedule A, [***] 

Catalent shall be responsible for all Facility-related regulatory obligations and approvals where the Products are
manufactured. Iroko shall be responsible for all regulatory obligations and approvals relating to the
Products’ filings and approvals (excluding
Catalent’s Facility related obligations as set forth above) as required to market the Products in the United States and any other jurisdictions. 
 Catalent’s regulatory obligations relate solely to Facility renovation and utility qualification specific for supporting Iroko’s intended commercial manufacturing process and equipment train.
Catalent will be responsible for Catalent Equipment (as defined herein) installation/operational qualifications. Catalent shall, at Iroko’s request, Iroko’s 

 

	***	Portions of this page have been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

  
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 Execution Version 

cost, and with Iroko’s reasonable assistance, be responsible for Iroko Equipment (as defined herein) installation/operational
qualifications. In addition, the parties acknowledge and agree that process validation necessary to establish a robust commercial manufacturing process will need to be established and agreed between the parties as soon as practicable. 

As described is United States Food and Drug Administration “Guidance for Industry, Process Validation: General Principles and
Practices,” conclusions about a commercial manufacturing process can only be made after the process validation protocol (“PPQ”) is fully executed and the data are fully evaluated. If process qualification is not successful (i.e., does
not demonstrate that the process as designed is capable of reproducible performance at commercial scale), then it is understood by Iroko that additional design studies and qualification may be necessary. 

Catalent shall not be liable to Iroko nor be deemed to have breached this Agreement for errors, delays or other consequences arising from
Iroko’s failure to provide necessary documents, materials or information as agreed and/or in a timely manner. Nor will Catalent be liable to Iroko if Iroko fails to otherwise reasonably cooperate in order for Catalent to perform its obligations
and any such failure by the Iroko will automatically extend any timelines affected by a time period that reasonably takes into account such failure in providing documents, materials, information or cooperation. 

 

	3.	Iroko Obligations 

Upon the occurrence of a Separation Event, Iroko shall be responsible for all Breakage Costs. Within 30 days of a Separation Event,
Catalent will submit its invoice to Iroko (with complete documentation of all items in the invoice) for, all Breakage Costs. Iroko shall have 15 days to reconcile its accounts. Iroko will pay each undisputed invoice issued by Catalent within [***]
of the date such invoice is received by Iroko in fell. If any portion of an invoice is disputed, Iroko will pay the undisputed amounts and promptly notify Catalent in writing of the nature of the dispute, upon which the parties will use good faith
efforts to reconcile the disputed amount as soon as practicable, and upon such resolution, Iroko will pay Catalent within thirty (30) days of the resolution. 
 In furtherance of the Capital Project, Iroko shall furnish [***] as specifically set forth in Schedule A or as mutually agreed by the parties in writing (collectively, “Iroko
Equipment”). Iroko will be responsible for the costs associated with purchase, shipping, installation and qualification of Iroko Equipment to be installed at the Facility unless otherwise agreed by the parties in writing. 

Iroko must provide Catalent engineering shop drawings on all Iroko Equipment within a reasonable time to support Catalent’s
obligation to meet agreed timelines. Catalent, in collaboration with Iroko, shall be responsible for providing all IQOQ and qualifying all Iroko Equipment being installed. 

 

	***	Portions of this page have been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

  
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 Execution Version 

If (a) during the term of the Capital Project Iroko provides technical information and/or specifications needed by Catalent to
progress the Capital Project (“Specs”), (b) Catalent takes actions and incurs costs and expenses to further the Capital Project in accordance with such Specs, and (c) the Specs are subsequently determined to have been
erroneous or Iroko otherwise makes amendments to the Specs, then Iroko shall reimburse Catalent for any reasonable incremental costs and expenses incurred by Catalent to rectify/rework any impacted aspect of the Capital Project upon Catalent’s
presentation of reasonable supporting documentation in a form agreed by the parties 
  

	4.	Joint Obligations 

Should any technical issue arise which could not have been foreseen earlier and which results in a change to the scope, timelines or
current estimated costs of the Capital Project as set forth in Schedule A, Iroko and Catalent will jointly agree on a resolution to the issue and a revision to the Capital Project and if necessary this Capital Project Agreement including
Breakage Costs. Additionally, the parties further agree to use commercially reasonable efforts to identify ways in which to shorten the timelines where reasonably possible. In furtherance therefore, both parties agree to discuss, within one week of
execution of the Agreement, how to achieve a shortening of the timelines. For purpose of clarity and notwithstanding the foregoing, all costs related to expedited shipment shall be at Iroko’s cost. 

 

	5.	Equipment 

Catalent shall have no liability for any defects in Iroko Equipment or other inability of the Iroko Equipment to perform in accordance
with the manufacturer’s specifications, except for defects and damages caused by Catalent resulting from Catalent’s negligence or wilful misconduct. Iroko acknowledges and agrees that Catalent shall be the sole and exclusive owner of all
right, title and interest in any equipment or component either purchased by Catalent from third party manufacturers or paid for by Catalent pursuant to this Capital Project Agreement or the Initiation Agreement (excluding Iroko Equipment) as set
forth in Schedule A (collectively, “Catalent Equipment”). Iroko shall have no liability for any defects in Catalent Equipment or other inability of the Catalent Equipment to perform in accordance with the manufacturer’s
specifications. Catalent acknowledges and agrees that Iroko shall be the sole and exclusive owner of all right, title and interest in the Iroko Equipment. Catalent shall at all times maintain its Facility(ies) and the Catalent Equipment and Iroko
Equipment used in the performance of services hereunder in accordance with applicable laws and registrations. Catalent shall not move the Iroko Equipment and the Catalent Equipment to any other Facility, without Iroko’s prior written consent
which shall not be unreasonably withheld. The parties agree that the Iroko is entitled to file any document necessary to demonstrate and secure its ownership in Iroko Equipment, including, without limitation, a UCC-1 financing statement, and
Catalent shall cooperate with Iroko, at Iroko’s sole cost and expense, in completing and filing and executing any documents necessary to demonstrate and secure Iroko’s ownership interest in the Equipment. 

  
 Page 4 of 9

 Execution Version 

Each party shall, at its own cost and expense, obtain and maintain in full force and effect from the commencement of services hereunder
and during the term of the Commercial Manufacturing Agreement the following: (A) Commercial General Liability Insurance with a per-occurrence limit of not less than $1,000,000; (B) Products and Completed Operations Liability Insurance with
a per-occurrence limit of not less than $10,000,000; (C) Workers’ Compensation Insurance with statutory limits and Employers Liability Insurance with limits of not less than $1,000,000 per accident; and (D) All Risk Property
Insurance, including transit coverage, in an amount equal to the full replacement value of its property while in, or in transit to, a Catalent facility as required under this Agreement. Each party may self-insure all or any portion of the required
insurance as long as, together with its Affiliates, its US GAAP net worth is greater than $100 million or its annual EBITDA (earnings before interest, taxes, depreciation and amortization) is greater than $75 million. Each required insurance
policy, other than self-insurance, shall be obtained from an insurance carrier with an A.M. Best rating of at least A-VII. If any of the required policies of insurance are written on a claims made basis, such policies shall be maintained throughout
the term and for a period of at least 3 years thereafter. Each party shall obtain a waiver of subrogation clause from its property insurance carriers in favor of the other party. Each party shall be named as an additional insured within the other
party’s products liability insurance policies; provided, that such additional insured status will apply solely to the extent of the insured party’s indemnity obligations under this Agreement. Such waivers of subrogation and additional
insured status obligations will operate the same whether insurance is carried through third parties or self-insured. Upon the other party’s written request from time to time, each party shall promptly furnish to the other party a certificate of
insurance or other evidence of the required insurance. 
  

	6.	Term and Termination 

 This Agreement shall commence on the Effective Date and remain valid until either (i) the occurrence of a Separation Event and the fulfilment by each party of its related obligations thereafter or
(ii) execution of a binding Term Sheet by June 30, 2012 (or other date as agreed by the. parties in writing). 
  

	7.	Assignment 

Catalent shall have the right to assign this Agreement, in whole or in part, with the written consent of Iroko, to any of its affiliates
or in connection with a merger, consolidation, license or sale of substantially all of its assets to which this Agreement relates or other equivalent transaction. Iroko shall have the right to assign this Agreement, in whole or in part, without the
written consent of Catalent, to any of its affiliates or in connection with a merger, consolidation, license or sale of substantially all of its assets or Products to which this Agreement relates or other similar transaction and in all events such
assignee, licensee, or purchaser shall be bound by Iroko’s obligations hereunder. 

  
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 Execution Version 

 

	8.	Applicable laws 

This Agreement will be governed by the laws of the Commonwealth of Pennsylvania, without consideration to its conflicts of laws
provisions. Further, the parties agree to submit to the exclusive jurisdiction of the federal and state courts in the Commonwealth of Pennsylvania. 
  

	9.	NEITHER PARTY SHALL HAVE ANY LIABILITY HEREUNDER FOR ANY INDIRECT, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES INCLUDING, WITHOUT LIMITATION, LOSS OF PROFIT OR BUSINESS
OPPORTUNITIES, WHETHER OR NOT THE PARTY WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

  

	10.	This Agreement may not be changed, modified, amended or supplemented except by a written instrument signed by both parties. 

  
 Page 6 of 9

 Execution Version 
 IN WITNESS WHEREOF this Agreement has been executed by the parties hereto through their duly authorised officers on the
 date(s) set forth below. 

 

									
	Catalent CTS, Inc.	 		 	Iroko Pharmaceuticals, LLC
					
	Signature:	 	 

	 		 	Signature:	 	 

					
	Name:	 	 Scott Houlton
	 		 	Name:	 	 Fred Krieger

					
	Title:	 	 President, Development & Clinical
	 		 	Title:	 	 CFO

					
	Date:	 	 10-May-2012
	 		 	Date:	 	 5/10/12

  
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 Execution Version 

Schedule A 

Scope and Timing 
  

			
	Facility Modifications for Specialty Equipment Fit Out — Iroko Equipment
	
	Scope: The scope is outlined in documents “Drawings — Bid Documents Phase 1” and “Scope of Work — Bid Documents Phase 1” provided to
Iroko January 5, 2012, which outlines the facility modifications of [***] to support the Iroko Equipment. The Iroko Equipment shall mean the following specialized equipment to be supplied by Iroko at Iroko’s cost and expense:
[***]
		
	 Facility Modifications
	  	 Estimated Completion Dates

		
	 Demolition/Trench Cuffing
	  	7-Feb-12
		
	 Above Ground MEP Rough-in Work
	  	24-Feb-12
		
	 Walls/Doors/Floors/Paint/Fire Protection
	  	16-Mar-l2
		
	 Final Punch List Items
	  	6-Apr-12
		
	 Facility Validations
	  	20-Apr-12
		
	 Change Controls/Final Quality Approval
	  	27-Apr-12
		
	 [***]
	  	

  

	***	Portions of this page have been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

  
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 Execution Version 

Cost Estimates 
  

			
	 Facility Modifications for Specialty Equipment Fit Out

	 Construction
	  	Estimated Costs
		
	 Purdum Company for labor costs far construction

 
	  	$[***]
	 Passivation of purified water system

 
	  
	 Hagard company for equipment moving

 
	  
	 Siemens monitoring
  
	  
	 Other miscellaneous construction
	  
		
	 Project Support
	  	
		
	 Warehouse mapping
  
	  	$[***]
	 Insite facility/utility validation

 
	  
	 Micro support

 
	  
	 Maintenance support
  
	  
	 Pro Pharma validation plan

 
	  
	 Other miscellaneous project support
	  
		
	 Environmental Health & Safety
	  	
		
	 Flex Containment
  
	  	$[***]
	 Surrogate Sampling
  
	  
	 Grounding and Electrical Adds

 
	  
	 Dust Containment
  
	  
	 Signage

 
	  
	 Other miscellaneous Environmental Health & Safety
	  
		  	  

	  
 Estimated Total
Facility Modifications for Specialty Equipment Fit Out
	  	$[***]
		  	  

		
	 [***]
	  	

  

	***	Portions of this page have been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

  
 Page 9 of 9

 EXECUTION VERSION 

SEPTEMBER 14, 2012 
 Binding Term Sheet for Submicron-formulated Pharmaceutical Products 

Exclusive Commercial Manufacturing Agreement 
 Iroko Pharmaceuticals, LLC 
  

			
	Summary	  	This term sheet (“Term Sheet”) is a binding agreement between Iroko Pharmaceuticals, LLC (“Client” or “Iroko”) and Catalent CTS,
Inc. (“Catalent”) regarding a commercial supply arrangement for the Product (as defined below). It is the expressed intent of the parties hereto that this Term Sheet be a binding agreement and the parties expressly state that this Term
Sheet contains all material terms of the Agreement between the parties for commercial supply of the Product.
		
	Product	  	“Product” means certain formulations of specified submicron-formulated pharmaceutical products that contains Client’s active pharmaceutical ingredient(s)
(“API”), as agreed by the parties in writing and as more fully described in specifications to be agreed by the parties (the “Specifications”). For purposes of clarity all references to the nano and
nano-formulated-technology in prior agreements shall have the same meaning as the term submicron-formulated used in this Term Sheet to describe the Product. A “Unit” of Product is one hard shell capsule.
		
	Supply	  	 Catalent shall be the exclusive manufacturer and supplier of Client’s and Client’s Affiliates submicron-formulated
pharmaceutical products that contain the API as set forth above for the first [***] Units for each year of the Agreement until Iroko purchases a cumulative total of [***] Units after which such exclusivity shall expire. Notwithstanding the
expiration of exclusivity as set forth in the preceding sentence, Iroko shall still be responsible for the minimum purchase requirements throughout the term of the Agreement as set forth in this Term Sheet. In addition, Catalent shall have a right
of first refusal to manufacture and supply all additional volume during each year of the Agreement. An independent third party auditor will be agreed by both parties to review competing bids and Catalent shall have five (5) business days within
which to match the competing bid. Should Catalent decide to match the competing bid, Catalent shall supply the additional volume set forth in the competing bid, provided Catalent has a regulatory compliance and quality record (with respect to the
Facility (as defined below)) that is at least comparable to that of the competing bidder. Catalent shall be responsible for the reasonable fees of the independent auditor which shall be agreed by Catalent and such auditor in advance of any such
audit.
  
 Catalent will provide:

•       qualification and stability services agreed upon by parties in
writing for Product;
 •       certain Product maintenance
services, as agreed upon by the parties in writing;

•       API testing and Release agreed upon by the parties in writing;
and
 •       other Product-related services as also may be
agreed from time to time.
  
 The costs of the above-referenced services are
not included in the commercial Supply Price estimates set forth in this Term Sheet. Services will be provided from Catalent’s Kansas City, MO plant (the “Facility”) unless otherwise agreed by the parties.

 
 In the event that Client does not receive regulatory approval for any of the
Products hereunder or fails to launch any of such Products commercially or materially breaches this Term Sheet (and is unable to cure such material breach within [***] days of Catalent’s written

  

	***	Portions of this page have been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

  
 1 

 EXECUTION VERSION 

SEPTEMBER 14, 2012 
  

			
		  	notice to Iroko of the occurrence of such breach and request to cure), then the parties agree that: 1) Client shall reimburse Catalent for [***] (collectively, “Breakage
Costs”) as set forth in the Capital Project Agreement dated May 10, 2012 executed by the parties (the “Capital Project Agreement”); 2) Client will pay Catalent [***] and 3) at Catalent’s option, Catalent may sell
(but is not required to sell) to Client the Catalent Equipment as that term is defined in the Capital Project Agreement and in such instance where Catalent elects to sell, then Client shall buy the Catalent Equipment. Upon Iroko’s fulfillment
of the obligations set forth in 1 through 3 above, Iroko shall be excused from all of its obligations under this Term Sheet and all related agreements. For purpose of clarity, Iroko’s obligation to pay the Breakage Costs in this Term Sheet and
the Capital Project Agreement shall be terminated, become void and of no effect upon Iroko’s launch of any of the Product.
		
	Materials	  	 Client will provide API and other Client supplied materials to Catalent free of charge, together with certificates of analyses and safe
handling information. Catalent will perform ID testing on all incoming API unless otherwise agreed to by the Parties and the commercial pricing will be revised based on the agreed testing and confirmation of API lot size. Client retains title to API
and Client supplied materials, however, the risk of loss shall pass to Catalent upon delivery to Catalent-designated facility/location subject to the limitations on liability set forth in this Term Sheet. Client is responsible for Product defects
due to API and materials supplied by Client, except where such defect is caused by the gross negligence or willful misconduct of Catalent or its contractors while the Product is in the possession of Catalent or its contractors. Catalent will obtain
all other raw materials consistent with Client’s forecasts. Client will bear cost of obsolescence of materials due to change in Specifications, insufficient orders based on forecast, and termination of the Agreement.

 
 Catalent shall maintain at least [***] of inventory of materials to meet
Client’s Firm Commitment.

		
	Artwork & Packaging	  	Client will provide and be responsible for content of all artwork, advertising and packaging information, including approvals of same, if applicable.
		
	Forecasting & Ordering	  	 Client shall provide a written 12 month rolling forecast of the quantities of Product that Client intends to order from Catalent during
such period (“Rolling Forecast”).
  
 The first [***] of
Rolling Forecast is a binding order for the quantities of Product specified therein (“Firm Commitment”) and the following [***] of the Rolling Forecast shall be non-binding, good faith estimates excluding the Launch period prior to
the approval of the Product which shall be mutually agreed by the parties.

		
	Minimum Purchase Requirement	  	Client must order and purchase a minimum of [***] Units in year one and a minimum of [***] Units in year two (2), and [***] Units in each of years three (3), four (4) and five (5)
of the Agreement. [***]

  

	***	Portions of this page have been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

  
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 EXECUTION VERSION 

SEPTEMBER 14, 2012 
  

			
		  	 In no event shall Client order and purchase less than [***] Units of Product in any one contract quarter during year one of the
Agreement and not less than [***] Units per contract quarter in years two through five of the Agreement. [***]
  
 “Year” shall be defined under the Agreement as successive twelve calendar months, with first “year” starting from [***].

		
	Inspection	  	 Client will have access to the portion of the Facility where Catalent processes the Product, upon two weeks prior written notice and at
reasonable times during regular business hours. Such access shall be for the purpose of inspecting and verifying that Catalent is processing Product in accordance with applicable Specifications and cGMPs.

 
 Iroko shall have immediate access to the Facility in case of “for cause”
inspection.

		
	Testing and Rejection	  	After manufacture of Product, Catalent will deliver certificates of analysis to Client. Client will be responsible for final release of Product (including testing), at its cost.
Client must notify Catalent of any rejection of Product within 30 days after receipt of shipment. Catalent shall be responsible for Product that does not meet warranty at the time of tender of delivery due solely to Catalent’s negligence,
willful misconduct, or breach of this Agreement. Catalent shall not be responsible for Product that does not meet warranty at the time of tender of delivery due to defective API or other materials supplied by Client. If the parties disagree as to
whether Product is defective or the reason for non-conformity, and cannot resolve their differences within 30 days after Client notifies Catalent of rejection, the parties will submit the matter to a mutually acceptable independent third party
laboratory to test Product and its components. The findings of such laboratory will be binding, and the losing party bears costs.
		
	Non-Conforming Product	  	If Product is defective due solely to Catalent’s negligence, willful misconduct or breach of this Agreement, Catalent will replace the Product at Catalent’s cost or credit
Client for payments made for such Product, subject to the limitation of liability.
		
	Delivery	  	Catalent will segregate and store Product at the Facility until tender of delivery. Delivery is ExWorks (Incoterms 2010) the Facility. If Client does not take delivery on the
scheduled date, Catalent will store the Product at no additional charge for 15 days. Thereafter Catalent will charge an administrative fee to continue to store the Product.
		
	Pricing	  	 Product pricing assumes standard manufacturing and storage processes for Diclofenac and Indomethacin.

 
 Product pricing will be subject to annual adjustments on [***] days written notice
from Catalent. Such pricing adjustments shall be effective January 1 of each calendar year during the term of this Agreement, and pricing adjustments shall be [***].

  

	***	Portions of this page have been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

  
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SEPTEMBER 14, 2012 
  

			
		  	 Assuming [***] estimated pricing shall be:
  

1)      Supply Price per Unit: Low dose = [***] per Unit for the first 300 million
Units of the Products; High dose = [***] per Unit for the first 300 million Units of the Products.
  

2)      [***] After the first [***] Units are purchased, the price per Unit above
will be reduced by [***] per Unit of the then current Supply Price [***]
  
 3)      For the five year term of the Agreement and in addition to the [***] set forth in 2) immediately above, Iroko is entitled to the [***] as set forth below:

        [***]

 
 This is meant to be a cumulative count not annual and is to share our efficiencies
as we gain experience with the manufacturing. Also, the cost will continue to have the annual [***] adjustment as described above.
  

Final pricing shall be agreed by the parties in writing within [***] Any variation from the estimated prices set forth in this Term Sheet will be
supported with quantified analysis in writing.

		
	Iroko Specialty Equipment	  	Iroko shall be responsible for all maintenance, repairs, and normal wear and tear of such Iroko Equipment (as defined under the Capital Project Agreement) unless Catalent is grossly
negligent in its use of such equipment resulting in required equipment repairs.
		
	Payment Terms	  	Payments to be made in USD, net 30 days. Unpaid amounts accrue interest at [***] per month. Client will be responsible for taxes and duties on API and Product. Invoice issues upon
tender of delivery.
		
	Changes to Specifications	  	Specifications may be changed only upon written agreement of the parties. Both parties must use commercially reasonable, good faith efforts to agree to such changes, including any
implementation costs, which Client will bear.
		
	Records	  	Catalent will maintain books and records as required by Applicable Laws and Catalent standard operating procedure. Catalent will keep such records for 2 years from relevant Product
expiration date or such longer period as required by law.
		
	Regulatory Compliance	  	Client will be responsible for obtaining and maintaining all Product-related regulatory approvals. Catalent will be responsible for obtaining and maintaining all approvals for the
Facility in the jurisdiction where Catalent manufactures or packages the Product. Catalent will assist Client in regulatory matters (beyond covered Product maintenance services) as

  

	***	Portions of this page have been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

  
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SEPTEMBER 14, 2012 
  

			
		  	requested, at Client’s cost. Catalent will notify Client of any regulatory inspections and provide a copy of any reports (redacted of any other customer or third party
confidential information) that relate directly to or mention the Products.
		
	Recall	  	If a Regulatory Authority orders or requires the recall of any Product supplied hereunder or if either Catalent or Client believes a recall, field alert, Product withdrawal or field
correction (“Recall”) may be necessary with respect to any Product supplied under this Agreement, the party receiving the notice from the Regulatory Authority or that holds such belief shall promptly notify the other party in
writing. With respect to any Recall, Catalent shall provide all necessary cooperation and assistance to Client. Client shall provide Catalent with an advance copy of any proposed submission to a Regulatory Authority in respect of any Recall, and
shall consider in good faith any comments from Catalent. The cost of any Recall shall be borne by Client, and Client shall reimburse Catalent for expenses incurred in connection with any Recall, in each case unless such Recall is caused solely by
Catalent’s breach of its manufacturing obligations under this Agreement or Catalent’s violation of Applicable Laws or the negligence or willful misconduct of Catalent or its contractor, then such cost shall be borne by Catalent, For
purposes hereof, such Catalent cost shall be limited to reasonable, actual and documented administrative costs incurred by Client for such Recall and if applicable, replacement of the Product subject to Recall both in accordance with the
Non-Conforming Product Section. “Applicable Laws” means all laws, ordinances, rules and regulations within the Territory of the United States applicable to the mixing, encapsulation, producing and/or packaging of the Product or any
aspect thereof and the obligations of Catalent or Client, as the context requires under the Agreement, including, without limitation, (A) all applicable federal, state and local laws and regulations of the United States; (B) the U.S. Federal Food,
Drug and Cosmetic Act, and (C) cGMP or Good Laboratory Practices (“GLPs”) promulgated by the Regulatory Authorities, as amended from time to time, as applicable to the manufacture of the Product; provided that cGMP shall not
constitute Applicable Laws except to the extent expressly stated in the Agreement.
		
	Quality	  	The parties will enter into a Quality Agreement on Catalent’s standard form within 6 months after executing the Agreement, but in any event prior to commencing manufacture of
Product.
		
	Confidentiality	  	Confidentiality provisions to be consistent with confidentiality provisions contained in the Master Services Agreement dated September 10, 2010 between Iroko and Catalent CTS Inc.
(f/k/a Aptuit, Inc.) (the “MSA”). The Patent and Confidential Information License Agreement between iCeutica Inc. and iCeutica Pty Ltd. (together, iCeutica) and Catalent CTS Inc. (f/k/a Aptuit Inc.) dated March 20, 2010 (as may be
amended) (“iCeutica Agreement”) shall govern and control all matters regarding or related to confidentiality in this Term Sheet and the Agreement.
		
	Intellectual Property	  	IP provisions to be consistent with the IP provisions contained in the MSA. The iCeutica Agreement shall govern and control all matters regarding intellectual property rights in
this Term Sheet and the Agreement. Catalent shall comply with all iCeutica/Iroko policy and procedures agreed by the Parties regarding the safeguarding of iCeutica Confidential Information, including but not limited to iCeutica’s trade secret
and Know-How, as those terms are defined in the iCeutica Agreement.

  
 5 

 EXECUTION VERSION 

SEPTEMBER 14, 2012 
  

			
	Representations and	  	Catalent represents that:
	Warranties	  	 •     at the time of delivery, Product will have been
manufactured in accordance with laws (including cGMP) and the Specifications, and will not be adulterated, misbranded or mislabeled; excluding any defects attributable to API or other materials supplied by Client (including artwork, advertising and
labeling).
 •     As of the Effective Date hereof and through the term of
the Agreement, Catalent holds, and shall continue to hold, all licenses and permits of regulatory authorities necessary for Catalent to perform the manufacturing and supply of the Products in the jurisdiction where Catalent manufactures or packages
the Product as contemplated in this Term Sheet and the Agreement.
  
 Client
represents that:
 •     API and other materials supplied by Client will
have been manufactured in accordance with laws (including cGMP) and applicable specifications, and will not be adulterated, misbranded or mislabeled by Client; all artwork provided complies with laws;

•     Client has provided all relevant safety materials for Product and
API;
 •     Client will hold, use and dispose of the Product in
accordance with laws and otherwise comply with laws in connection with its performance under the Agreement; and will not release any Product if the certificates of analysis indicate that it does not comply with Specifications, and will use
reasonable efforts to ensure that the Product is safe and effective; and

•     Client has all necessary authority to use and permit Catalent to use
intellectual property relating to the Product; and the work to be performed by Catalent does not violate or infringe any intellectual property of others.

•     Client has all necessary license, permits, and registrations to transport API
to Catalent’s facility.
  
 The warranties and representations contained
in the Agreement shall be the sole warranties and representations of the parties and exclude any other express or implied warranties or representations.

		
	Indemnification	  	 Catalent will indemnify, defend, and hold harmless Client and certain related parties against losses in connection with any third party
action arising out of:
 •     any breach of its representations,
warranties or obligations under the Agreement; or
 •     any negligence
or willful misconduct by Catalent;
  
 except to the extent that any of the
foregoing arises out of or results from any Client or related party negligence, willful misconduct or breach of the Agreement.
 Client will
indemnify, defend, and hold harmless Catalent and certain related parties against losses in connection with any third party action arising out of:
 •     any breach of its representations, warranties or obligations under the Agreement;

•     any manufacture, packaging, sale, promotion, distribution or use of or
exposure to Product, API or any other materials supplied by Client;

•     Client’s exercise of control over manufacture, to the extent that
Client’s written instructions or directions violate law;
 •     the
conduct of any clinical trials utilizing Product or API;
 •     any
actual or alleged infringement of intellectual property provided by Client; or

•     any negligence or willful misconduct by Client;

 
 except to the extent that any of the foregoing arises out of or results from any
Catalent or related party negligence, willful misconduct or breach of the Agreement. Procedures shall be detailed in the Agreement.

  
 6 

 EXECUTION VERSION 

SEPTEMBER 14, 2012 
  

			
	Limitation of Liability	  	 A.      Catalent’s liability under the Agreement for lost,
damaged or destroyed API or other materials supplied by Client, whether or not incorporated into Product shall not exceed the lesser of the actual replacement cost of such API or other Client-supplied materials giving rise to the claim (including
transportation cost and taxes paid by Iroko) or [***] per batch, except where the loss directly results from the gross negligence or willful misconduct of Catalent.

B.      Notwithstanding the above, Catalent’s total liability per year for
lost, damaged or destroyed API or other materials supplied by Client, whether or not incorporated into Product shall not exceed [***] except where losses directly result from the gross negligence or willful misconduct of Catalent.

C.      Except for third party claims arising from death or bodily injury caused by
Catalent’s negligence or willful misconduct or third party claims arising from Catalent’s gross negligence or willful misconduct, Catalent’s total liability under the Agreement is limited to total fees paid by Client for the batch
giving rise to the claim.
 D.      Neither party will be liable for
indirect, incidental, special or consequential damages.

		
	Insurance	  	Each party shall, at its own cost and expense, obtain and maintain in full force and effect during the Term the following: (A) Commercial General Liability Insurance with a
per-occurrence limit of not less than $1,000,000; (B) Products and Completed Operations Liability Insurance with a per-occurrence limit of not less than $10,000,000; (C) Workers’ Compensation Insurance with statutory limits and Employers
Liability Insurance with limits of not less than $1,000,000 per accident; and (D) All Risk Property Insurance, including transit coverage, in an amount equal to the full replacement value of its property while in, or in transit to, a Catalent
facility as required under this Agreement. Each party may self-insure all or any portion of the required insurance as long as, together with its Affiliates, its US GAAP net worth is greater than $100 million or its annual EBITDA (earnings before
interest, taxes, depreciation and amortization) is greater than $75 million. Each required insurance policy, other than self-insurance, shall be obtained from an insurance carrier with an A.M. Best rating of at least A-VII. If any of the required
policies of insurance are written on a claims made basis, such policies shall be maintained throughout the Term and for a period of at least 3 years thereafter. Each party shall obtain a waiver of subrogation clause from its property insurance
carriers in favor of the other party. Each party shall be named as an additional insured within the other party’s products liability insurance policies; provided, that such additional insured status will apply solely to the extent of the
insured party’s indemnity obligations under this Agreement. Such waivers of subrogation and additional insured status obligations will operate the same whether insurance is carried through third parties or self-insured. Upon the other
party’s written request from time to time, each party shall promptly furnish to the other party a certificate of insurance or other evidence of the required insurance.

  

	***	Portions of this page have been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

  
 7 

 EXECUTION VERSION 

SEPTEMBER 14, 2012 
  

			
	Term and Termination	  	 The Term of the Agreement will be for 5 years, with automatic 2 year renewal terms unless terminated earlier in accordance with the
terms below. Either party may terminate after 60 days for the uncured breach of a material term (10 days for payment breach), or 30 days of undismissed bankruptcy of the other party. Either party may terminate the Agreement for any reason upon
twenty-four (24) months prior written notice to the other party, provided, that in the event that Iroko terminates the Agreement, Iroko shall remain liable for the minimum purchase requirements under this Term Sheet. Upon termination, Client shall
pay Catalent for all invoiced amounts, plus inventory and WIP and non-cancelable commitments made consistent with Client’s forecasts. Catalent shall promptly return to Client, at Client’s expense and at Client’s direction, any
remaining inventory of Product, API or other Client-supplied materials; provided, that Catalent shall have no obligation to so return such items until all outstanding invoices sent by Catalent to Client have been paid in full.

 
 This Term Sheet shall remain in full force and effect until the execution of the
Agreement. This Term Sheet may only be terminated in the event of a material breach by the other party and only after providing the breaching party with written notice of such breach and an opportunity to cure such breach within 30 additional days
following written notice of such breach.

		
	Capital Project Agreement	  	Notwithstanding anything to the contrary herein, the parties agree that the terms of the Capital Project Agreement between the parties shall remain valid and in full effect. To the
extent there is a conflict between any provision of the Capital Project Agreement and the Term Sheet, the Term Sheet shall control.
		
	Force Majeure	  	Neither party will be liable for performance defaults caused by events beyond the defaulting party’s reasonable control. Events constituting “force majeure” shall
include but are not limited to, strikes or other labor disturbances, lockouts, riots, quarantines, communicable disease outbreaks, wars, acts of terrorism, fires, floods, storms, interruption of or delay in transportation, defective equipment, lack
of or inability to obtain fuel, power or components, or compliance with any order or regulation of any government entity acting within color of law.
		
	Governing Law	  	Commonwealth of Pennsylvania law, excluding conflicts of laws provisions. UN Convention on Contracts for the International Sale of Goods is disclaimed.
		
	Dispute Resolution	  	Disputes that cannot be resolved between the parties will be submitted to binding arbitration to be held in English, in New York, New York, pursuant to the rules of CPr. The
prevailing party will be entitled to recover its reasonable attorney’s fees and costs.
		
	Assignment	  	Neither party may assign the Agreement without the prior written consent of the other party, except that either party may, without the other party’s consent, assign the
Agreement to an Affiliate or to a successor to substantially all of the business or assets of the assigning company or the assigning company’s business unit responsible for performance of the Agreement.
		
	Miscellaneous	  	The Agreement will contain such other terms and conditions as are customary for agreements of this nature.

  
 8 

 EXECUTION VERSION 

SEPTEMBER 14, 2012 
  

			
	Attachments to	  	 •   Stability Services

	Commercial Supply Agreement	  	 •   API Specifications

•   Product Specifications

•   Packaging Specifications

•   Pricing, Minimum Requirement and Additional Fees (if agreed)

•   Form of Quality Agreement

•   Capital Project Agreement

 IN WITNESS WHEREOF this Term Sheet has been executed by the parties hereto through their duly authorized officers
on the date(s) set forth below. 
  

									
	Catalent CTS, Inc. (f/k/a Aptuit Inc.)	 		 	Iroko Pharmaceuticals, LLC
					
	Signature:	 	 

	 		 	Signature:	 	 

					
	Name:	 	 Scott Houlton
	 		 	Name:	 	 Fred Krieger

					
	Title:	 	 President
	 		 	Title:	 	 CFO

					
	Date:	 	 20-Sep-2012
	 		 	Date:	 	 9/19/12

  
 9EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
  
  

 
 CREDIT AGREEMENT 

among 
 PHILLIPS 66
PARTNERS LP, 
 PHILLIPS 66 PARTNERS HOLDINGS LLC, 
 The Lenders Party Hereto, 
 and 

JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 
 THE ROYAL BANK OF SCOTLAND PLC 

and 
 DNB BANK ASA,
NEW YORK BRANCH, 
 Co-Syndication Agents 
 and 
 MIZUHO CORPORATE BANK, LTD., 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 
 and 
 PNC BANK, NATIONAL ASSOCIATION, 

Co-Documentation Agents 
 RBS SECURITIES INC., 
 DNB MARKETS, INC., 

MIZUHO CORPORATE BANK, LTD., 
 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 
 and 

PNC CAPITAL MARKETS LLC, 
 as Joint Lead Arrangers and Bookrunners 
 Dated as of June 7, 2013 

 
  

 

							
	 	 	 	  	Page	 
		
	ARTICLE 1. DEFINITIONS	  	 	1	  
			
	 Section 1.1
	 	 Defined Terms
	  	 	1	  
	 Section 1.2
	 	 Other Definitional Provisions
	  	 	23	  
	 Section 1.3
	 	 Accounting Terms; GAAP
	  	 	24	  
	 Section 1.4
	 	 Letter of Credit Amounts
	  	 	24	  
		
	ARTICLE 2. AMOUNT AND TERMS OF COMMITMENTS	  	 	24	  
			
	 Section 2.1
	 	 Revolving Credit Loans
	  	 	24	  
	 Section 2.2
	 	 Repayment of Loans; Evidence of Indebtedness
	  	 	25	  
	 Section 2.3
	 	 Procedure for Revolving Credit Borrowing
	  	 	25	  
	 Section 2.4
	 	 Termination or Reduction of Commitments; Increase of Commitments
	  	 	27	  
	 Section 2.5
	 	 Prepayments
	  	 	27	  
	 Section 2.6
	 	 Conversion and Continuation Options
	  	 	28	  
	 Section 2.7
	 	 Maximum Number of Tranches
	  	 	28	  
	 Section 2.8
	 	 Fees
	  	 	29	  
	 Section 2.9
	 	 Interest Rate
	  	 	29	  
	 Section 2.10
	 	 Computation of Interest and Fees
	  	 	29	  
	 Section 2.11
	 	 Inability to Determine Interest Rate; Illegality
	  	 	30	  
	 Section 2.12
	 	 Pro Rata Treatment and Payments
	  	 	31	  
	 Section 2.13
	 	 Payments by the Borrower
	  	 	32	  
	 Section 2.14
	 	 Other Costs; Increased Costs
	  	 	32	  
	 Section 2.15
	 	 Taxes
	  	 	34	  
	 Section 2.16
	 	 Indemnity
	  	 	37	  
	 Section 2.17
	 	 Mitigation Obligations
	  	 	38	  
	 Section 2.18
	 	 Replacement of Lenders
	  	 	38	  
	 Section 2.19
	 	 Swing Line Commitments
	  	 	38	  
	 Section 2.20
	 	 Letters of Credit
	  	 	41	  
	 Section 2.21
	 	 Extension of Commitment Termination Date
	  	 	47	  
	 Section 2.22
	 	 Defaulting Lenders
	  	 	49	  
		
	ARTICLE 3. REPRESENTATIONS AND WARRANTIES	  	 	51	  
			
	 Section 3.1
	 	 Corporate Existence and Power
	  	 	51	  
	 Section 3.2
	 	 Corporate and Governmental Authorization; Contravention
	  	 	51	  
	 Section 3.3
	 	 Enforceability
	  	 	52	  
	 Section 3.4
	 	 Financial Information
	  	 	52	  
	 Section 3.5
	 	 Litigation; No Material Adverse Effect
	  	 	52	  
	 Section 3.6
	 	 Employee Benefit Plans
	  	 	52	  
	 Section 3.7
	 	 Environmental Matters
	  	 	53	  
	 Section 3.8
	 	 Taxes
	  	 	53	  
	 Section 3.9
	 	 Investment Company Act
	  	 	53	  
	 Section 3.10
	 	 Regulation U
	  	 	53	  
	 Section 3.11
	 	 Solvency
	  	 	53	  
	 Section 3.12
	 	 Compliance with Laws
	  	 	53	  
	 Section 3.13
	 	 Disclosure
	  	 	54	  
	 Section 3.14
	 	 OFAC
	  	 	54	  

  
 i 

							
	 	 	 	  	Page	 
	 Section 3.15
	 	 Subsidiaries
	  	 	54	  
	 Section 3.16
	 	 Title to Properties
	  	 	54	  
	 Section 3.17
	 	 Material Agreements
	  	 	54	  
		
	ARTICLE 4. CONDITIONS PRECEDENT TO CLOSING DATE AND TO AVAILABILITY DATE	  	 	54	  
			
	 Section 4.1
	 	 Conditions to Effectiveness of this Agreement (Closing Date)
	  	 	54	  
	 Section 4.2
	 	 Conditions to the Initial Loans and Letters of Credit (Availability Date)
	  	 	55	  
	 Section 4.3
	 	 Conditions to Each Loan and Letter of Credit
	  	 	57	  
		
	ARTICLE 5. AFFIRMATIVE COVENANTS OF THE BORROWER	  	 	58	  
			
	 Section 5.1
	 	 Financial Reporting Requirements
	  	 	58	  
	 Section 5.2
	 	 Notices
	  	 	59	  
	 Section 5.3
	 	 Existence; Conduct of Business
	  	 	59	  
	 Section 5.4
	 	 Payment of Taxes
	  	 	59	  
	 Section 5.5
	 	 Maintenance of Property; Insurance
	  	 	59	  
	 Section 5.6
	 	 Compliance with Laws
	  	 	59	  
	 Section 5.7
	 	 Books and Records; Inspection Rights
	  	 	60	  
	 Section 5.8
	 	 Use of Proceeds
	  	 	60	  
	 Section 5.9
	 	 First Tier Subsidiaries; Additional Guarantors
	  	 	60	  
	 Section 5.10
	 	Designation and Conversion of Restricted and Unrestricted Subsidiaries; Certain other Matters Pertaining to Unrestricted Subsidiaries	  	 	61	  
		
	ARTICLE 6. NEGATIVE COVENANTS OF THE BORROWER; FINANCIAL COVENANT	  	 	62	  
			
	 Section 6.1
	 	 Liens
	  	 	62	  
	 Section 6.2
	 	 Fundamental Changes; Dispositions
	  	 	64	  
	 Section 6.3
	 	 Indebtedness; Securitization Transactions; Sale/Leaseback Transactions
	  	 	65	  
	 Section 6.4
	 	 Transactions with Affiliates
	  	 	67	  
	 Section 6.5
	 	 Restricted Payments
	  	 	68	  
	 Section 6.6
	 	 Changes in Organization Documents
	  	 	68	  
	 Section 6.7
	 	 Restrictive Agreements
	  	 	68	  
	 Section 6.8
	 	 Change in Nature of Business
	  	 	68	  
	 Section 6.9
	 	 Consolidated Leverage Ratio
	  	 	69	  
		
	ARTICLE 7. EVENTS OF DEFAULT	  	 	69	  
		
	ARTICLE 8. THE ADMINISTRATIVE AGENT	  	 	70	  
			
	 Section 8.1
	 	 Appointment and Authority
	  	 	70	  
	 Section 8.2
	 	 Rights as a Lender
	  	 	71	  
	 Section 8.3
	 	 Exculpatory Provisions
	  	 	71	  
	 Section 8.4
	 	 Notice of Default
	  	 	72	  
	 Section 8.5
	 	 Reliance by the Administrative Agent
	  	 	72	  

  
 ii 

							
	 	 	 	  	Page	 
	 Section 8.6
	 	 Delegation of Duties
	  	 	72	  
	 Section 8.7
	 	 Resignation of Administrative Agent
	  	 	72	  
	 Section 8.8
	 	 Non-Reliance on Administrative Agent by Other Lenders
	  	 	73	  
	 Section 8.9
	 	 Administrative Agent May File Proofs of Claim
	  	 	73	  
	 Section 8.10
	 	 Guaranty Matters
	  	 	73	  
	 Section 8.11
	 	 No Duties
	  	 	74	  
		
	ARTICLE 9. MISCELLANEOUS	  	 	74	  
			
	 Section 9.1
	 	 Amendments and Waivers
	  	 	74	  
	 Section 9.2
	 	 Notices
	  	 	75	  
	 Section 9.3
	 	 No Waiver; Cumulative Remedies
	  	 	76	  
	 Section 9.4
	 	 Confidentiality
	  	 	76	  
	 Section 9.5
	 	 Expenses; Indemnity
	  	 	77	  
	 Section 9.6
	 	 Successors and Assigns; Participations; Purchasing Lenders
	  	 	78	  
	 Section 9.7
	 	 Adjustments; Set-off
	  	 	81	  
	 Section 9.8
	 	 Counterparts
	  	 	82	  
	 Section 9.9
	 	 GOVERNING LAW
	  	 	82	  
	 Section 9.10
	 	 Jurisdiction; Venue
	  	 	82	  
	 Section 9.11
	 	 Survival
	  	 	82	  
	 Section 9.12
	 	 Entire Agreement
	  	 	83	  
	 Section 9.13
	 	 WAIVER OF JURY TRIAL
	  	 	83	  
	 Section 9.14
	 	 Severability
	  	 	83	  
	 Section 9.15
	 	 No Liability of General Partner
	  	 	83	  
	 Section 9.16
	 	 Interest Rate Limitation
	  	 	83	  
	 Section 9.17
	 	 Headings
	  	 	84	  
	 Section 9.18
	 	 Material Non-Public Information
	  	 	84	  
	 Section 9.19
	 	 USA PATRIOT Act Notice
	  	 	84	  
		
	ARTICLE 10. SUBSIDIARY GUARANTEE	  	 	84	  
			
	 Section 10.1
	 	 Guarantee
	  	 	84	  
	 Section 10.2
	 	 Waiver of Subrogation
	  	 	85	  
	 Section 10.3
	 	 Amendments, etc. with respect to the Guaranteed Obligations
	  	 	85	  
	 Section 10.4
	 	 Guarantee Absolute and Unconditional
	  	 	85	  
	 Section 10.5
	 	 Reinstatement
	  	 	86	  
	 Section 10.6
	 	 Payments
	  	 	86	  
	 Section 10.7
	 	 Additional Guarantors
	  	 	86	  

  
 iii

			
	SCHEDULE I	  	Commitments
	SCHEDULE II	  	Excluded Subsidiary Debt
	SCHEDULE III	  	Subordination Terms
	SCHEDULE 3.5	  	Litigation
	SCHEDULE 3.15	  	Subsidiaries
	SCHEDULE 6.3(b)	  	Debt Secured by Transferred Liens
	SCHEDULE 6.4	  	Transactions with Affiliates
	SCHEDULE 6.7	  	Restrictive Agreements as of the Availability Date
		
	ANNEX A	  	Leverage-Based Pricing Grid
	ANNEX B	  	Ratings-Based Pricing Grid
		
	EXHIBIT A	  	Form of Revolving Credit Note
	EXHIBIT B	  	Form of Swing Line Note
	EXHIBIT C	  	Form of Borrowing Request
	EXHIBIT D	  	Form of Assignment and Assumption
	EXHIBIT E	  	Form of Extension of Commitment Termination Date Request
	EXHIBIT F	  	Form of Guarantee Joinder
	EXHIBIT G-1	  	U.S. Tax Certificate (For Foreign Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)
	EXHIBIT G-2	  	U.S. Tax Certificate (For Foreign Lenders that are Partnerships for U.S. Federal Income Tax Purposes)
	EXHIBIT G-3	  	U.S. Tax Certificate (For Foreign Participants that are not Partnerships for U.S. Federal Income Tax Purposes)
	EXHIBIT G-4	  	U.S. Tax Certificate (For Foreign Participants that are Partnerships for U.S. Federal Income Tax Purposes)

  
 iv 

 CREDIT AGREEMENT, dated as of June 7, 2013, among PHILLIPS 66 PARTNERS LP, a Delaware
limited partnership (the “Borrower”), PHILLIPS 66 PARTNERS HOLDINGS LLC, a Delaware limited liability company (the “Initial Guarantor”), the several banks and financial institutions from time to time
parties to this Agreement, and JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative Agent”). 
 The parties hereto hereby agree as follows: 
 ARTICLE 1. DEFINITIONS 

Section 1.1 Defined Terms. As used in this Agreement, the following terms shall have the following meanings:

 “ABR”: for any day, a rate per annum (rounded upwards, if necessary, to the next
1/16 of 1%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus
 1/2 of 1% and (c) the Eurodollar Rate for a one month Interest Period that begins on such day (and if such day is not a Business Day, the immediately preceding Business Day) plus 1%.
“Prime Rate” shall mean, for the purposes of this definition only, the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate in effect at its principal office in New
York City (the Prime Rate not being intended to be the lowest rate of interest charged by the Administrative Agent in connection with extensions of credit to debtors). Any change in the ABR due to a change in the Prime Rate, the Federal Funds
Effective Rate or Eurodollar Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate, the Federal Funds Effective Rate or Eurodollar Rate, respectively. 

“ABR Loans”: Swing Line Loans the rate of interest applicable to which is based upon the ABR. 

“Acquisition Period”: the period beginning with the date on which payment of the purchase price for a Specified
Acquisition is made and ending on the earlier of (a) the last day of the second full fiscal quarter following the fiscal quarter in which such payment is made, and (b) the date on which the Borrower notifies the Administrative Agent that
it desires to end the Acquisition Period for such Specified Acquisition; provided that once any Acquisition Period is in effect, the next Acquisition Period may not commence until the termination of such Acquisition Period then in effect. As
used above, “Specified Acquisition” means any one or more transactions (i) pursuant to which the Borrower or any Restricted Subsidiary acquires for an aggregate purchase price of not less than $50,000,000 (x) more
than 50% of the Equity Interests in any other Person or (y) other property or assets (other than acquisitions of Equity Interests of a Person, capital expenditures and acquisitions of inventory or supplies in the ordinary course of business)
of, or of an operating division or business unit of, any other Person, and (ii) which is designated by the Borrower (by written notice to the Administrative Agent) as a “Specified Acquisition”. 

“Administrative Questionnaire”: an Administrative Questionnaire in a form supplied by the Administrative Agent.

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

“Aggregate Commitment Amount”: at any time, an amount equal to the aggregate amount of all Commitments at such
time. 

  
 1 

 “Agreement”: this Credit Agreement, as amended, supplemented or
otherwise modified from time to time. 
 “Applicable Margin”: for each Type of Revolving Credit Loan,
(a) at all times prior to the Rating Date, the applicable rate per annum set forth in the Leverage-Based Pricing Grid based upon the Consolidated Leverage Ratio and (b) at all times from and after the Rating Date, the applicable rate per
annum set forth in the Ratings-Based Pricing Grid based upon the Designated Rating. 
 “Application”: an
application, in such form as the applicable Issuing Bank may specify from time to time, requesting such Issuing Bank to issue or amend a Letter of Credit. 
 “ASK Rate”: for any day, a variable per annum rate equal to the “ASK” rate for overnight Federal funds as published by Reuters on the date the Borrower requests an ASK
Rate Loan hereunder and on each day thereafter that such ASK Rate Loan is outstanding; provided, however, if such rate is not available at such time for any reason, then the “ASK Rate” shall be, for any day, the rate
per annum reasonably determined by the Swing Line Lender to be the rate at which deposits in Dollars in same day funds in the approximate amount of the ASK Rate Loan by the Swing Line Lender would be offered for overnight borrowings by the Swing
Line Lender’s London Branch to major banks in the London interbank Eurodollar market at their request at approximately 11:00 A.M. (London time) on the date the Borrower requests an ASK Rate Loan hereunder and on each day thereafter that such
ASK Rate Loan is outstanding; provided that in conjunction with each of the preceding determinations, upon request of the Borrower, the Borrower is provided a written description of the applicable ASK Rate and the sources used to determine
such rate. 
 “ASK Rate Loans”: Swing Line Loans the rate of interest applicable to which is based upon
the ASK Rate. 
 “Assignment and Assumption”: an Assignment and Assumption Agreement substantially in
the form of Exhibit D. 
 “Attributable Debt”: in respect of a Sale/Leaseback Transaction,
as at the time of determination, the present value of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been
extended); provided, however, that if such Sale/Leaseback Transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of and will constitute
“Capital Lease Obligations.” Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 

“Authorized Officer”: a duly authorized officer of a Loan Party or the General Partner acting on behalf of such
Loan Party. 
 “Availability Date”: the date upon which the conditions precedent set forth in
Section 4.2 have been satisfied (or waived in accordance with the terms and conditions of Section 9.1). 
 “Available Commitment”: as to any Lender, at a particular time, an amount equal to the excess, if any, of (a) the amount of such Lender’s Commitment at such time,
minus (b) the aggregate unpaid principal amount at such time of all Revolving Credit Loans (expressed in Dollars), made by such Lender pursuant to Section 2.1, minus (c) an amount equal to such
Lender’s Commitment Percentage of the L/C Obligations then outstanding, minus (d) an amount equal to such Lender’s Commitment Percentage of the aggregate unpaid principal amount at such time of all Swing Line Loans then
outstanding, provided that for purposes of calculating Available Commitments for purposes of Section 2.8(a), such amount under clause (d) shall be zero. 

  
 2 

 “Benefit Arrangement”: at any time, an employee benefit plan within
the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any ERISA Affiliate. 
 “Benefited Lender”: as defined in Section 9.7(a). 
 “Board”: the Board of Governors of the Federal Reserve System of the United States of America. 
 “Borrower’s Predecessor”: Phillips 66 Partners Predecessor, the Borrower’s predecessor for accounting purposes as set forth in the Registration Statement. 

“Borrowing Date”: any Business Day specified in a Borrowing Request or in a notice pursuant to
Section 2.19 as a date on which the Borrower requests the Lenders to make Loans hereunder. 

“Borrowing Request”: a request by the Borrower for a Revolving Credit Loan in accordance with
Section 2.3, substantially in the form of Exhibit C. 
 “Business Day”:
a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by Law to close; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall
also exclude any day on which banks are not open for dealings in Dollar deposits in the London interbank market. 

“Capital Lease Obligations”: as to any Person, the obligations of such Person to pay rent or other amounts under
any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and
the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided that any lease that would have been considered an operating lease under the provisions of GAAP in effect as of
December 31, 2012 shall be treated as an operating lease for all purposes under this Agreement. 
 “Cash
Collateralize”: to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the Issuing Banks or the Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund
participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and each applicable Issuing Bank shall agree in their sole discretion, other credit support, in each case pursuant to documentation in
form and substance satisfactory to the Administrative Agent and each applicable Issuing Bank. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and
other credit support. 
 “Cash Equivalents”: (a) direct obligations issued by, or
unconditionally guaranteed by, the United States Government or any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition; (b) certificates of deposit,
time deposits, eurodollar time deposits, money market accounts, money market funds or overnight bank deposits having maturities of twelve months or less from the date of acquisition issued by any Lender or Qualified Issuer; (c) commercial paper
of an issuer rated at least A-2 by S&P or P-2 by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally,
and maturing within twelve months or less from the date of acquisition; (d) money market funds rated AAAm by S&P, Aaa-mf by 

  
 3 

 
Moody’s or AAAmmf by Fitch Ratings, Inc.; (e) short term debt obligations of an issuer rated at least BBB by S&P or Baa2 by Moody’s, and maturing within twelve months from the
date of acquisition; (f) repurchase obligations with a term of not more than 90 days for underlying securities of the types described in clause (a) above entered into with any Lender or Qualified Issuer; and (g) solely
with respect to a Subsidiary which is incorporated or organized under the Laws of a jurisdiction outside of the United States, in addition to the investments described in clauses (a) through (f) of this
definition, substantially similar investments denominated in foreign currencies (including similarly capitalized foreign banks). 
 “Change in Control”: (a) Phillips 66 ceases to own, directly or indirectly, a majority of the Equity Interests of, or ceases to Control, the General Partner; (b) the
Borrower ceases to own, directly or indirectly, 100% of the Equity Interests of the Initial Guarantor; or (c) the General Partner ceases to be the sole general partner of, or ceases to Control, the Borrower. 

“Change in Law”: the occurrence after the date of this Agreement (or, with respect to any Lender, such later date
on which such Lender becomes a party to this Agreement) of (a) the adoption of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental
Authority or (c) compliance by any Lender (or, for purposes of Section 2.14(c), by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not
having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and
all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision
(or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 “Closing Date”: the date upon which this Agreement has been executed by all parties hereto and all
conditions precedent set forth in Section 4.1 have been satisfied (or waived in accordance with the terms and conditions of Section 9.1). 

“Closing Date SEC Reports”: collectively, (i) the Annual Report on Form 10-K of Phillips 66 for the fiscal
year ended December 31, 2012, (ii) any Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K filed by Phillips 66, in each case, after the Annual Report on Form 10-K for the fiscal year ended
December 31, 2012 for such company and prior to the Closing Date and (iii) the Registration Statement, as amended through the Closing Date. 
 “Co-Documentation Agents”: collectively, Mizuho Corporate Bank, LTD., The Bank of Tokyo-Mitsubishi UFJ, Ltd. and PNC Bank, National Association. 

“Co-Syndication Agents”: collectively, The Royal Bank of Scotland plc and DNB Bank ASA, New York Branch.

 “Code”: the Internal Revenue Code of 1986, as amended from time to time. 

“Commercial Operation Date”: the date on which a Qualified Project is substantially complete and commercially
operable. 
 “Commitment”: as to any Lender, its obligation (a) to make Revolving Credit Loans to
the Borrower in accordance with Section 2.1, (b) to participate in Swing Line Loans in accordance with Section 2.19 and (c) to participate in Letters of Credit in accordance with
Section 2.20, in an aggregate 

  
 4 

 
amount not to exceed at any one time outstanding the amount set forth opposite such Lender’s name on Schedule I (or in the Assignment and Assumption pursuant to which such
Lender shall have assumed its Commitment or in such other documentation pursuant to which such Lender shall have become a party hereto, as applicable), as such amount may change from time to time as provided herein or as provided pursuant to
assignments by or to such Lender pursuant hereto; provided that the Commitments shall not at any time exceed (x) $250,000,000 in the aggregate, or (y) after any Commitment increase pursuant to Section 2.4(b), the
aggregate amount of the Commitments as so increased, but in no event more than $500,000,000. 
 “Commitment
Fee”: as defined in Section 2.8(a). 
 “Commitment Percentage”: at a
particular time, as to any Lender, the percentage of the aggregate Commitments in effect at such time constituted by such Lender’s Commitment. If the Commitments have terminated or expired, the Commitment Percentages shall be determined based
upon the Commitments most recently in effect after giving effect to each assignment. 
 “Commitment
Period”: the period from and including the Availability Date to but not including the Commitment Termination Date or such earlier date as all the Commitments shall terminate as provided herein. 

“Commitment Termination Date”: the fifth anniversary of the Closing Date or such later date as shall be agreed to
by a Lender pursuant to the provisions of Section 2.21 or, if such date is not a Business Day, the Business Day next preceding such date. 
 “Competitor”: any Person which competes in a direct, significant or material way with the Borrower or any Guarantor or any Affiliate thereof in the (a) the oil and gas
refining (including alternative fuels, fuels from biomaterials, development and exploration of gas-to-liquids technology (including actual utilization and production)), marketing, processing and distribution businesses, (b) the natural gas
gathering, processing, and transport, and NGL fractionation and marketing, businesses, (c) the chemical manufacturing, processing and marketing businesses, or (d) the crude and refined products transportation, storage and logistics
businesses. 
 “Confidential Information”: as defined in Section 9.4. 

“Connection Income Taxes”: Other Connection Taxes that are imposed on or measured by gross or net income (however
denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated EBITDA”: for any
period, an amount equal to the sum of (a) Consolidated Net Income for such period plus, (b) to the extent reducing Consolidated Net Income for such period, and without duplication: (i) net federal, state, local or foreign
income or franchise tax expense; (ii) net interest expense (including amortization or write-off of debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness), amortization of capitalized interest and
the net amount accrued (whether or not actually paid) pursuant to any interest rate protection agreement during such period (or minus the net amount receivable (whether or not actually received) during such period); (iii) depreciation,
depletion and amortization expense, including amortization of intangibles; (iv) extraordinary expenses or loss and unusual or non-recurring expenses or losses (including, whether or not otherwise includable as a separate item in the statement
of such Consolidated Net Income for such period, (A) losses from dispositions not in the ordinary course of business and (B) goodwill or intangible asset impairment); (v) transaction expenses directly related to the Transactions; and
(vi) any non-cash charges to income not included in the foregoing clauses (i) through (v); minus, (c) to the extent included in the calculation of Consolidated Net Income for such period, without
duplication, the sum of: (i) any extraordinary income 

  
 5 

 
or gains (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, gains on dispositions not in the ordinary
course of business); (ii) any cash expenditures during such period on account of any non-cash item which was added back to Consolidated EBITDA during any prior period with respect to which a calculation of Consolidated EBITDA was made under
this Agreement (and provided that the cash expenditure does not impact Consolidated Net Income in the period paid); and (iii) any other unusual or non-recurring income or gains, all as determined for the Borrower and its Restricted
Subsidiaries on a consolidated basis.  
 In the event Borrower or any of its Restricted
Subsidiaries acquires (x) more than 50% of the Equity Interests in any other Person or (y) other property or assets (other than acquisitions of Equity Interests of a Person, capital expenditures and acquisitions of inventory or supplies in
the ordinary course of business) of, or of an operating division or business unit of, any other Person, at Borrower’s option, Consolidated EBITDA for the relevant period shall be calculated after giving effect, on a pro forma basis, to such
acquisition as if such acquisition occurred on the first day of the period. Any such pro forma adjustments shall be calculated in good faith by the Borrower and shall be supported by reasonably detailed calculations furnished together with the
compliance certificate delivered pursuant to Section 5.1(c) for the applicable period. 

Further, in connection with any Qualified Project, Consolidated EBITDA, as used in determining the Consolidated Leverage Ratio, may be
modified so as to include Qualified Project EBITDA Adjustments, as provided in Section 6.9. 

Notwithstanding the foregoing, for purposes of calculating the Consolidated Leverage Ratio, (i) for the fiscal quarter ended
September 30, 2013, Consolidated EBITDA for the four fiscal quarter period ending on such date shall equal Consolidated EBITDA for such fiscal quarter multiplied by four; (ii) for the fiscal quarter ended December 31, 2013,
Consolidated EBITDA for the four fiscal quarter period ending on such date shall equal Consolidated EBITDA for the two fiscal quarter period ending on such date multiplied by two; and (c) for the fiscal quarter ended March 31, 2014,
Consolidated EBITDA for the four fiscal quarter period ending on such date shall equal Consolidated EBITDA for the three fiscal quarter period ending on such date multiplied by 4/3. 

“Consolidated Leverage Ratio”: as of any date of determination, the ratio of Consolidated Total Debt as of such
date to Consolidated EBITDA for the four fiscal quarter period ending on such date. 
 “Consolidated Net
Assets”: at any date, the total amount of assets of the Borrower and its Restricted Subsidiaries after deducting therefrom (a) all current liabilities of the Borrower and its Restricted Subsidiaries (excluding any thereof which are
by their terms extendible or renewable at the option of the Borrower or a Restricted Subsidiary to a time more than 12 months after the time as of which the amount thereof is being computed), and (b) total prepaid expenses and deferred charges
of the Borrower and its Restricted Subsidiaries. For purposes of the definition of “Material Subsidiaries” and Section 5.10(f), the references to Restricted Subsidiaries in this definition shall be deemed
to be references to all Subsidiaries. 
 “Consolidated Net Income”: for any period, the
net income (loss) of the Borrower and its Restricted Subsidiaries on a consolidated basis determined in accordance with GAAP, provided that there shall be excluded from such net income (to the extent otherwise included therein): the income
(or loss) of any entity other than a Restricted Subsidiary in which the Borrower or any Restricted Subsidiary has an ownership interest, except to the extent that any such income has been actually received by the Borrower or such Restricted
Subsidiary in the form of cash dividends or similar cash distributions. Further, when determining Consolidated Net Income for any fiscal quarter, Consolidated Net Income shall not include any undistributed net income of a Restricted Subsidiary to
the extent that the ability of such Restricted 

  
 6 

 
Subsidiary to make Restricted Payments to the Borrower or to a Restricted Subsidiary is, as of the date of determination of Consolidated Net Income, restricted by its Organization Documents, any
Contractual Obligation (other than pursuant to this Agreement), or any applicable law. 
 “Consolidated Net Tangible
Assets”: at any date, (a) Consolidated Net Assets minus (b) goodwill and other intangible assets of the Borrower and its Restricted Subsidiaries, in each case determined on a consolidated basis in accordance with GAAP,
all as reflected in the consolidated financial statements most recently delivered to the Administrative Agent and the Lenders pursuant to Section 5.1(a) or Section 5.1(b) (or with respect to the Initial
Financial Statements, Section 4.2(f)). For purposes of the definition of “Material Subsidiaries” and Section 5.10(f), the references to Restricted Subsidiaries in this definition shall be
deemed to be references to all Subsidiaries. 
 “Consolidated Total Debt”: at any date,
without duplication the aggregate amount of the Indebtedness of the Borrower and its Restricted Subsidiaries of the type specified in clause (a), (b), (c), (d), (e) or
(h), clause (g) (so long as obligations specified in such clause are not contingent) or clause (f) (if the Guarantees specified in such clause are of Indebtedness of the type referred to above) of
the definition of “Indebtedness” as of such date determined on a consolidated basis. 
 “Continuing
Lenders”: as defined in Section 2.21(b). 
 “Contractual Obligation”: as
to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Contribution”: the transfer (in one or more transactions) by Phillips 66 and its Subsidiaries to the Borrower
and its Subsidiaries of the Contribution Business. 
 “Contribution Agreement”: the Contribution,
Conveyance and Assumption Agreement, dated as of the date of the closing of the IPO, among the Borrower, the General Partner, the Initial Guarantor and the other parties thereto. 

“Contribution Business”: certain assets, liabilities and operations of Phillips 66 and certain of its
Subsidiaries, as described in the Registration Statement. 
 “Control”: the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“Controlled” have meanings correlative thereto. 
 “Debtor Relief
Laws”: the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency,
reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect. 
 “Default”: any of the events specified in Article 7, whether or not any requirement for the giving of notice, the lapse of time, or both, or any other condition,
has been satisfied. 
 “Defaulting Lender”: at any time, a Lender as to which the Administrative Agent
has notified the Borrower that such Lender, as reasonably determined by the Administrative Agent, has (a) failed to fund any portion of its Loans within three (3) Business Days of the date required to be funded by it hereunder, unless such
Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified

  
 7 

 
and including the particular default, if any) has not been satisfied, (b) notified the Borrower, the Administrative Agent or any Lender in writing that it does not intend to comply with any
of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or generally under other agreements in which it commits to extend credit
(unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s good faith determination that a condition precedent to funding (which condition
precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) failed, within three (3) Business Days after written request by the Administrative Agent, to
confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans, (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such
written confirmation by the Administrative Agent and the Borrower), or (d) otherwise failed to pay over to the Administrative Agent or any Lender any other amount required to be paid by it hereunder within three (3) Business Days of the
date when due, unless the subject of a good faith dispute, or (e) (i) become or is insolvent or has a parent company that has become or is insolvent or (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a
receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the
subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding
or appointment; provided that a Lender shall not become a Defaulting Lender solely as the result of the acquisition or maintenance of an ownership interest in such Lender or its parent company, or the exercise of control over such Lender or
its parent company, by a Governmental Authority or an instrumentality thereof, so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of the courts of the United States or from the
enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. 

“Designated Arrangers”: collectively, RBS Securities Inc. and DNB Markets, Inc. 

“Designated Rating”: with respect to any Rating Agency, (i) the rating assigned by such Rating Agency to the
Borrower’s Senior Debt, or (ii) if and only if such Rating Agency does not have in effect a rating described in the preceding clause (i), the rating assigned by such Rating Agency to the facility evidenced by this Agreement
at any time such a rating is in effect, or (iii) if and only if such Rating Agency does not have in effect a rating described in the preceding clauses (i) or (ii), the Borrower’s “company” or
“corporate credit” rating (or its equivalent) assigned by such Rating Agency. 
 “Dollars” and
“$”: dollars in lawful currency of the United States of America. 
 “Domestic
Office”: initially, the office of each Lender designated as such in the Administrative Questionnaire of such Lender; thereafter, such other office of such Lender, if any, located within the United States which shall be making or
maintaining Reference Rate Loans. 
 “Early Commitment Termination Date”: as defined in
Section 2.22(d). 
 “Elective Guarantor”: a Restricted Subsidiary that becomes a
Guarantor pursuant to Section 5.9(b). A First Tier Subsidiary that is an Elective Guarantor shall cease to be an “Elective Guarantor” and shall become a “Required Guarantor” from and after the
date that it becomes a Material Subsidiary. 
 “Environmental Laws”: all laws, rules, regulations,
codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any 

  
 8 

 
Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous Materials or to
health and safety matters arising from the exposure to Hazardous Materials. 
 “Environmental
Liability”: any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Restricted Subsidiary directly or indirectly resulting
from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or
threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Interests”: with respect to any Person, all of the shares of capital stock of (or other ownership or
profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible
into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such securities (or such other interests), and all of the
other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of
determination. 
 “ERISA”: the Employee Retirement Income Security Act of 1974, as amended
from time to time. 
 “ERISA Affiliate”: any trade or business (whether or not incorporated) that,
together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code. 
 “ERISA Event”: (a) any Reportable Event with
respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding
standard with respect to any Plan; (c) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan, other than a standard termination under
Section 4041(b) of ERISA; (d) the receipt by the Borrower or any ERISA Affiliate of any notice from the PBGC of any intention of the PBGC to terminate any Plan or to appoint a trustee to administer any Plan; (e) the incurrence
by the Borrower or any of its ERISA Affiliates of any Withdrawal Liability or other liability under Title IV of ERISA with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (f) the receipt by the
Borrower or any ERISA Affiliate of any notice of a determination that a Multiemployer Plan is insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “Eurodollar Loans”: Loans hereunder denominated in Dollars at such time as they are made or being maintained at a rate of interest based upon the Eurodollar Rate. 

“Eurodollar Office”: initially, the office of each Lender designated as such in the Administrative Questionnaire
of such Lender, and thereafter, such other office of such Lender, if any, which shall be making or maintaining Eurodollar Loans. 

  
 9 

 “Eurodollar Rate”: with respect to the Interest Period for each
Eurodollar Loan, (a) the rate per annum appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those
currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00
A.M., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period or, (b) if such rate is not available at such time for any reason, the
rate per annum equal to the average (rounded upwards to the nearest whole multiple of 1/16 of 1%) of the respective rates notified to the Administrative Agent by the Reference Lenders as the rate at which they are offered Dollar deposits two
Business Days prior to the beginning of such Interest Period in the London interbank market at or about 11:00 A.M., London time, for delivery on the first day of such Interest Period for the number of days comprised therein and in an amount
comparable to the amount of the Eurodollar Loan of such Reference Lenders to which such Interest Period applies. 

“Event of Default”: any of the events specified in Article 7, provided that any
requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied. 

“Excluded Subsidiary Debt”: (a) Unsecured Acquired Debt and refinancings, extensions, renewals, or
refundings thereof provided that the principal amount thereof is not increased (other than by amounts incurred to pay the costs of such refinancing, extension, renewal or refunding and any premiums paid in connection therewith),
(b) Indebtedness that is owed by a Restricted Subsidiary to the Borrower or to another Restricted Subsidiary, provided that in the case of Indebtedness owed by a Loan Party to a Non-Guarantor Subsidiary, such Indebtedness is subordinated
to the Obligations on (i) the subordination terms set forth on Schedule III hereto or (ii) such other subordination terms that may be reasonably acceptable to the Administrative Agent; (c) amounts owing by a Restricted
Subsidiary pursuant to Securitization Transactions as permitted by Section 6.3(b)(ii); and (d) Indebtedness set forth on Schedule II hereto. 

“Excluded Taxes”: any of the following Taxes imposed on or with respect to a Recipient or required to be withheld
or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, state gross receipts Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient
being organized under the Laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other
Connection Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a Law in effect on the date
on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.18) or (ii) such Lender changes its lending office, except in each
case to the extent that, pursuant to Section 2.15, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or to
such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.15(f), and (d) any U.S. Federal withholding Taxes imposed under FATCA.

 “Existing Commitment Termination Date”: as defined in Section 2.21(a). 

“Extension of Commitment Termination Date Request”: as defined in Section 2.21(a). 

“FATCA”: the Foreign Account Tax Compliance Act under Sections 1471 through 1474 of the Code,
as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof. 

  
 10 

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

“Fee Letters”: collectively, the fee letters dated June 4, 2013, executed by the Borrower in connection with
this Agreement, including the fee letter between the Borrower and the Administrative Agent. 
 “Financial Letters of
Credit”: any Letter of Credit issued to any Person other than an Affiliate of the Borrower to secure the payment by any such Person of its financial obligations, or to provide counter or “back-up” guarantees in
support of bank guarantees, letters of credit or other credit facilities afforded to the Borrower or any of its Subsidiaries, or to support local currency borrowings outside the United States. 

“Financial Officer”: the chief financial officer, principal accounting officer, financial vice president,
treasurer or controller of a Loan Party or the General Partner acting on behalf of a Loan Party. 
 “First Tier
Subsidiary”: any direct Restricted Subsidiary. 
 “Foreign Lender”: any Lender that is not
a U.S. Person. 
 “Fronting Exposure”: at any time there is a Defaulting Lender, (a) with respect
to any Issuing Bank, such Defaulting Lender’s Commitment Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by such Issuing Bank other than L/C Obligations as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with Section 2.22(b)(iii) or (iv), as applicable, and (b) with respect to any Swing Line Lender, such
Defaulting Lender’s Commitment Percentage of outstanding Swing Line Loans made by such Swing Line Lender other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders.

 “GAAP”: generally accepted accounting principles in the United States of America as in effect from
time to time. 
 “General Partner”: Phillips 66 Partners GP LLC, a Delaware limited liability company.

 “Governmental Authority”: any nation or government, any state or other political subdivision thereof
and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Guarantee”: as to any Person, any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Indebtedness or other obligation of any other Person
and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions

  
 11 

 
or otherwise) or (b) entered into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee
against loss in respect thereof (in whole or in part), provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The term
“Guarantee” used as a verb has a corresponding meaning. 
 “Guarantee Joinder”:
a Guarantee Joinder, substantially in the form as Exhibit F. 
 “Guaranteed Obligations”:
as defined in Section 10.1. 
 “Guarantor”: Phillips 66 Partners Holdings LLC, a
Delaware limited liability company, in its capacity as the Initial Guarantor, each additional Required Guarantor (if any), and each Elective Guarantor (if any). 
 “Hazardous Materials”: all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 

“Hedging Agreement”: any rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option, interest rate option, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any
other similar transaction (including any option with respect to any of the foregoing transactions) or any combination of the foregoing transactions. 
 “Hedging Obligations”: obligations in respect of Hedging Agreements. 
 “Indebtedness”: as to any Person, at any date, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by
bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business, (d) all Capital
Lease Obligations of such Person, (e) all Indebtedness of others secured by a Lien on any asset of such Person (other than a Lien on Equity Interests in an Unrestricted Subsidiary owned by such Person securing Non-Recourse Debt on which such
Unrestricted Subsidiary is an obligor), whether or not such Indebtedness is assumed by such Person (provided, that for purposes of this clause (e), if such Person has not assumed or otherwise become personally liable for any
such Indebtedness, the amount of Indebtedness of such Person in connection therewith shall be limited to the lesser of (i) the fair market value of such asset(s) and (ii) the amount of Indebtedness secured by such Lien), (f) all
Indebtedness of others Guaranteed by such Person, (g) all obligations of such Person in respect of bankers’ acceptances, (h) all non-contingent obligations of such Person to reimburse any bank or other Person in respect of amounts
paid under a letter of credit or similar instrument (other than trade letters of credit and documentary letters of credit), provided however that in the case of letters of credit other than Letters of Credit issued hereunder, reimbursement
obligations shall not be considered Indebtedness unless they have not been reimbursed within three Business Days after becoming due, and (i) all production payments, proceeds production payments or similar obligations of such Person. The
Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in
or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

  
 12 

 “Indemnified Taxes”: (a) Taxes, other than Excluded Taxes,
imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Indemnitee”: as defined in Section 9.5(b). 

“Initial Financial Statements”: collectively, the financial statements of Borrower’s Predecessor or the
Borrower included in the Registration Statement. 
 “Interest Payment Date”: (a) as to any
Reference Rate Loan, the last day of each March, June, September and December, (b) as to any Eurodollar Loan in respect of which the Borrower has selected an Interest Period of one, two or three months, the last day of such Interest Period,
(c) as to any Eurodollar Loan in respect of which the Borrower has selected an Interest Period longer than three months, each date which is three months or a whole multiple thereof, from the first day of such Interest Period and the last day of
such Interest Period and (d) as to any Swing Line Loan, the last day of each March, June, September and December and on the date of payment of such Swing Line Loan. 
 “Interest Period”: with respect to any Eurodollar Loan: 

(a) initially, the period commencing on the Borrowing Date or conversion date, as the case may be, with respect to such Eurodollar Loan
and ending one, two, three or six months thereafter (or twelve months thereafter if agreed to by each Lender), as selected by the Borrower in its Borrowing Request or notice of conversion, as the case may be, given pursuant to
Section 2.3 or Section 2.6; and 
 (b) thereafter, each period commencing on the last day
of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six months thereafter (or twelve months thereafter if agreed to by each Lender), as selected by the Borrower in its notice of continuation given
pursuant to Section 2.6; provided that all of the foregoing provisions relating to Interest Periods are subject to the following: 
 (i) if any Interest Period pertaining to a Eurodollar Loan would otherwise end on a day which is not a Business Day, that Interest Period shall be extended to the next succeeding Business Day, unless the
result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day; 

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

(iii) notwithstanding anything to the contrary in this definition of “Interest Period”, no
Interest Period shall end after the Commitment Termination Date. 
 “Investment Grade Rating”: as to any
Person, a Designated Rating of (a) BBB- or higher by S&P or (b) Baa3 or higher by Moody’s. 

“Investment Grade Rating Date”: the date on which the Borrower first obtains an Investment Grade Rating.

  
 13 

 “IPO”: the initial public offering of Equity Interests in the
Borrower pursuant to the Registration Statement. 
 “IRS”: The United States Internal Revenue Service.

 “Issuing Bank”: each Principal Issuing Bank, and any other Lender which, with the consent of such
Lender, is designated by the Borrower by notice to the Administrative Agent and approved by the Administrative Agent, each in its capacity as issuer of any Letter of Credit. 
 “Joint Lead Arrangers”: collectively, RBS Securities Inc., DNB Markets, Inc., Mizuho Corporate Bank, LTD., The Bank of Tokyo-Mitsubishi UFJ, Ltd. and PNC Capital Markets LLC.

 “Laws”: all ordinances, statutes, rules, regulations, orders, injunctions, writs, treaties or decrees
of any governmental or political subdivision or agency thereof, or of any court or similar entity established by any thereof. 

“L/C Credit Extension”: with respect to any Letter of Credit, the issuance thereof or extension of the expiry
date thereof, or the increase of the amount thereof. 
 “L/C Disbursement”: any payment made by an
Issuing Bank pursuant to a Letter of Credit. 
 “L/C Fee Payment Date”: ten days after (a) the last
day of each March, June, September and December (b) and the last day of the Commitment Period. 
 “L/C
Obligations”: at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have
not then been reimbursed pursuant to Section 2.20(f); provided that any Letter of Credit that has expired by its terms but may still be drawn upon in accordance with Rule 3.14 of the International Standby Practices, shall
be deemed to be “outstanding” in the amount so remaining available to be drawn. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in
accordance with Section 1.4. 
 “L/C Participants”: with respect to any Letter of
Credit, the collective reference to all Lenders other than the Issuing Bank of such Letter of Credit. 

“Lender”: each Person listed on Schedule I and any other Person that becomes a party hereto
pursuant to an Assignment and Assumption or otherwise in accordance with the terms hereof, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise in accordance with the terms hereof. Unless
the context otherwise requires, the term “Lender” includes the Swing Line Lender and each Issuing Bank. 

“Letter of Credit Fees”: as defined in Section 2.20(d). 

“Letters of Credit”: as defined in Section 2.20(a). 

“Leverage-Based Pricing Grid”: the Leverage-Based Pricing Grid attached hereto as Annex B.

 “Lien”: with respect to any asset, any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind in respect of such asset (including any production payment, proceeds production payment or similar financing arrangement with respect to such asset). For the purposes of this Agreement, the Borrower or any Subsidiary shall be
deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset. 

  
 14 

 “Loan”: a Revolving Credit Loan or Swing Line Loan as the context
shall require. 
 “Loan Documents”: this Agreement, including schedules and exhibits hereto, the Fee
Letters, any Guarantee Joinder, any Note, and any other document executed by the Borrower or a Guarantor that states by its terms that it is a Loan Document, and amendments, modifications or supplements thereto or waivers thereof. 

“Loan Party”: each of the Borrower and each Guarantor. 

“Material Adverse Effect”: a material adverse change in, or a material adverse effect upon, the business,
operations, property or financial condition of the Borrower and its Restricted Subsidiaries, taken as a whole, (ii) a material impairment of the ability of the Borrower and the Guarantors, taken as a whole, to perform their obligations under
the Loan Documents, or (iii) a material adverse effect upon the rights or remedies of the Administrative Agent and the Lenders under the Loan Documents; provided that consummation of the Transactions (including the transactions described
in the Contribution Agreement and Registration Statement) shall not be considered to be a material adverse change, effect or impairment. 
 “Material Agreements”: the agreements and forms of agreements copies of which are attached as exhibits to the Registration Statement. 

“Material Subsidiary”: Phillips 66 Partners Holdings LLC and at any time, a Subsidiary whose Net Tangible Assets
represent 15% or more of Consolidated Net Tangible Assets for the Borrower’s most recently completed fiscal quarter. 
 “Moody’s”: Moody’s Investors Service, Inc. 

“Multiemployer Plan”: a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which the
Borrower or any ERISA Affiliate (a) makes or is obligated to make contributions or (b) has any liability, including Withdrawal Liability. 
 “Net Assets”: of a Person at any date, the total amount of assets of such Person and its Subsidiaries after deducting therefrom (a) all current liabilities of such Person and
its Subsidiaries (excluding any thereof which are by their terms extendible or renewable at the option of such Person or a Subsidiary of such Person to a time more than 12 months after the time as of which the amount thereof is being computed), and
(b) total prepaid expenses and deferred charges of such Person and its Subsidiaries. 
 “Net
Tangible Assets”: of a Person at any date, (a) Net Assets of such Person and its Subsidiaries minus (b) goodwill and other intangible assets of such Person and its Subsidiaries, in each case determined on a consolidated
basis in accordance with GAAP, for the fiscal quarter for which financial statements have been most recently delivered to the Administrative Agent and the Lenders pursuant to Section 5.1(a) or Section 5.1(b) (or
with respect to the Initial Financial Statements, Section 4.2(f)). 

“Non-Defaulting Lender”: at any time, each Lender that is not a Defaulting Lender at such time. 

“Non-Guarantor Subsidiary”: a Restricted Subsidiary that is not a Guarantor. 

  
 15 

 “Non-Recourse Debt”: Indebtedness: (a) as to which neither the
Borrower nor any of its Restricted Subsidiaries (i) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness) or (ii) is directly or indirectly liable as a guarantor or
otherwise, in either case, other than a pledge of the Equity Interests of an Unrestricted Subsidiary that is an obligor on such Indebtedness; and (b) no default with respect to which (including any rights that the holders of the Indebtedness
may have to take enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness of the Borrower or any of its Restricted Subsidiaries to declare a default on such other
Indebtedness or cause the payment of such other Indebtedness to be accelerated or payable prior to its maturity. For purposes of determining compliance with Section 6.3 hereof, in the event that any Non-Recourse Debt of any of the
Borrower’s Unrestricted Subsidiaries ceases to be Non-Recourse Debt of such Unrestricted Subsidiary, such event will be deemed to constitute an incurrence of Indebtedness by a Restricted Subsidiary of the Borrower. 

“Note”: a Revolving Credit Note or a Swing Line Note, as the context shall require. 

“Obligations”: all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party
arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter
arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Subsidiary thereof of any proceeding under any applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 
 “OFAC”: the United States Treasury Department Office of Foreign Assets Control. 
 “Organization Documents”: (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws; (b) with respect to any limited liability
company, the certificate of formation and operating or limited liability company agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable
agreement of formation and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation with the secretary of state or other department in the state of its formation, in each case as amended from time to
time. 
 “Other Connection Taxes”: with respect to any Recipient, Taxes imposed as a result of a present
or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received
or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes”: all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes
that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes
that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.18). 
 “Participant”: as defined in Section 9.6(b). 
 “Participant Register”: as defined in Section 9.6(b). 

  
 16 

 “Patriot Act”: as defined in Section 9.19.

 “PBGC”: the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor
entity performing similar functions. 
 “Pension Act”: the Pension Protection Act of 2006, as amended
from time to time. 
 “Pension Funding Rules”: the rules of the Code and ERISA regarding minimum
required contributions (including any installment payment thereof) to Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA,
each as in effect prior to the Pension Act and, thereafter, Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA, in each case, as
amended from time to time. 
 “Performance Letters of Credit”: any trade or documentary Letter of Credit
issued to secure the performance by any Person of its obligations, or to guarantee or otherwise secure any Person’s obligations relating to a bid, advance payment or security deposit, retention release, custom and duty deferment guaranty or
bond, warranty or performance bond or other guaranty. 
 “Person”: an individual, partnership,
corporation, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 
 “Phillips 66 Company Material Agreement”: an agreement between or among one or more Loan Parties and/or any one or more Restricted Subsidiaries on the one hand, and Phillips 66
and/or any one or more of its Subsidiaries, on the other hand, termination of which would reasonably be expected to result in a Material Adverse Effect. 
 “Plan”: any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or
Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in
Section 3(5) of ERISA. 
 “Principal Issuing Bank”: each of The Royal Bank of Scotland plc,
DNB Bank ASA, New York Branch, Mizuho Corporate Bank, LTD., The Bank of Tokyo-Mitsubishi UFJ, Ltd. and PNC Bank, National Association. 
 “Purchasing Lender”: as defined in Section 9.6(c). 
 “Qualified Issuer”: any commercial bank (a) which has capital and surplus in excess of $250,000,000 and (b) the outstanding long-term debt securities of which are rated
at least A by S&P or at least A2 by Moody’s, or carry an equivalent rating by a nationally recognized rating agency if both of the rating agencies named herein cease publishing ratings of investments. 

“Qualified Project”: the construction or expansion of any capital project of the Borrower or any of its
Restricted Subsidiaries, the aggregate actual or budgeted capital cost of which (in each case, including capital costs expended by the Borrower or any such Restricted Subsidiaries prior to the construction or expansion of such project) exceeds
$50,000,000. 
 “Qualified Project EBITDA Adjustments”: with respect to each Qualified Project:

 (a) prior to the Commercial Operation Date of a Qualified Project (but including the fiscal quarter in which such Commercial
Operation Date occurs), a percentage (based on the then-current 

  
 17 

 
completion percentage of such Qualified Project) of an amount to be approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed) as the projected Consolidated
EBITDA of the Borrower and its Restricted Subsidiaries attributable to such Qualified Project for the first 12-month period following the scheduled Commercial Operation Date of such Qualified Project (such amount to be determined based on customer
contracts relating to such Qualified Project, the creditworthiness of the other parties to such contracts, and projected revenues from such contracts, capital costs and expenses, scheduled Commercial Operation Date, commodity price assumptions and
other reasonable factors deemed appropriate by the Administrative Agent), which may, at the Borrower’s option, be added to actual Consolidated EBITDA for the Borrower and its Restricted Subsidiaries for the fiscal quarter in which construction
of such Qualified Project commences and for each fiscal quarter thereafter until the Commercial Operation Date of such Qualified Project (including the fiscal quarter in which such Commercial Operation Date occurs, but net of any actual Consolidated
EBITDA of the Borrower and its Restricted Subsidiaries attributable to such Qualified Project following such Commercial Operation Date); provided that if the actual Commercial Operation Date does not occur by the scheduled Commercial
Operation Date, then the foregoing amount shall be reduced, for quarters ending after the scheduled Commercial Operation Date to (but excluding) the first full quarter after its actual Commercial Operation Date, by the following percentage amounts
depending on the period of delay (based on the period of actual delay or then-estimated delay, whichever is longer): (i) 90 days or less, 0%, (ii) longer than 90 days, but not more than 180 days, 25%, (iii) longer than 180 days but
not more than 270 days, 50%, (iv) longer than 270 days but not more than 365 days, 75% and (v) longer than 365 days, 100%; and 
 (b) thereafter, actual Consolidated EBITDA of the Borrower and its Restricted Subsidiaries attributable to such Qualified Project for each full fiscal quarter after the Commercial Operation Date, plus the
amount approved by the Administrative Agent pursuant to clause (a) above as the projected Consolidated EBITDA of the Borrower and its Restricted Subsidiaries attributable to such Qualified Project for the fiscal quarters
constituting the balance of the four full fiscal quarter period following such Commercial Operation Date; provided that in the event the actual Consolidated EBITDA of the Borrower and its Restricted Subsidiaries attributable to such Qualified
Project for any full fiscal quarter after the Commercial Operation Date shall materially differ from the projected Consolidated EBITDA approved by the Administrative Agent pursuant to clause (a) above for such fiscal quarter, the
projected Consolidated EBITDA of the Borrower and its Restricted Subsidiaries attributable to such Qualified Project for any remaining fiscal quarters included in the foregoing calculation shall be redetermined in the same manner as set forth in
clause (a) above, such amount to be approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed), which may, at the Borrower’s option, be added to actual Consolidated EBITDA for the Borrower
and its Restricted Subsidiaries for such fiscal quarters. 
 Notwithstanding the foregoing: 

(A) no such additions shall be allowed with respect to any Qualified Project unless: 

(1) not later than 30 days prior to the delivery of any certificate required by the terms and provisions of
Section 5.1(c) to the extent Qualified Project EBITDA Adjustments are requested be made to Consolidated EBITDA in determining compliance with Section 6.9, the Borrower shall have delivered to the Administrative
Agent (i) written pro forma projections of Consolidated EBITDA of the Borrower and its Restricted Subsidiaries attributable to such Qualified Project and (ii) a certificate of the Borrower certifying that all written information provided
to the Administrative Agent for purposes of approving such pro forma projections (including information relating to customer contracts 

  
 18 

 
relating to such Qualified Project, the creditworthiness of the other parties to such contracts, and projected revenues from such contracts, capital costs and expenses, scheduled Commercial
Operation Date, commodity price assumptions) was prepared in good faith based upon assumptions that were reasonable at the time they were made; and 
 (2) prior to the date such certificate is required to be delivered, the Administrative Agent shall have approved (such approval not to be unreasonably withheld) such projections and shall have received
such other information and documentation as the Administrative Agent may reasonably request, all in form and substance satisfactory to the Administrative Agent; and 

(B) the aggregate amount of all Qualified Project EBITDA Adjustments during any period shall be limited to 20% of the
total actual Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such period (which total actual Consolidated EBITDA shall be determined without including any Qualified Project EBITDA Adjustments). 

“Rating Agency”: each of S&P and Moody’s. 

“Rating Date”: the first date after the Closing Date upon which the Borrower obtains a Designated Rating.

 “Ratings-Based Pricing Grid”: the Ratings-Based Pricing Grid attached hereto as
Annex B. 
 “Recipient”: (a) the Administrative Agent, (b) any Lender or
(c) any Issuing Bank, as applicable. 
 “Reference Lenders”: initially, Bank of
America, N.A., Citibank, N.A., and JPMorgan Chase Bank, N.A.; provided that the Reference Lenders may be changed in accordance with Section 2.10. 

“Reference Rate”: the highest of (a) the average of the rates of interest publicly announced by the
Reference Lenders from time to time as their respective reference or prime rates, which such rates may not be the lowest rate of interest charged by such Reference Lenders, (b) the average of the overnight federal funds rate as quoted to the
Administrative Agent from three brokers of recognized standing selected by the Administrative Agent for the purchase at face value of federal funds in the secondary market in an amount comparable to the outstanding principal amount of the applicable
Loan, or portion thereof, and with a maturity of one day plus a margin of 1/2 of 1%, and (c) the Eurodollar Rate applicable for a one month Interest Period starting on such day (or if such day is not a Business Day, the immediately
preceding Business Day) plus 1%. Any change in the Reference Rate due to a change in the reference rate, prime rate, federal funds rate, or the Eurodollar Rate shall be effective as of the opening of business on the effective day of such
respective change. 
 “Reference Rate Loans”: Loans hereunder at such time as they are made or being
maintained at a rate of interest based upon the Reference Rate. 
 “Refunded Swing Line Loans”: as
defined in Section 2.19(c). 
 “Register”: as defined in
Section 9.6(d). 
 “Registration Statement”: the Borrower’s Registration
Statement on Form S-1 (File No. 333-187582) filed with the SEC on March 27, 2013, as amended by that certain Amendment No. 1 to Form S-1 

  
 19 

 
filed with the SEC on May 6, 2013, that certain Amendment No. 2 to Form S-1 filed with the SEC on May 10, 2013 and that certain Amendment No. 3 to Form S-1 filed with
the SEC on June 3, 2013, and, unless otherwise indicated in this Agreement, as further amended, supplemented or otherwise modified after the Closing Date, provided that such further amendments, supplements or other modifications either
(a) are not material and adverse to the Lenders or (b) have been approved by the Designated Arrangers. 

“Reimbursement Obligation”: the obligation of the Borrower to reimburse an Issuing Bank pursuant to
Section 2.20(f) for amounts drawn under Letters of Credit. 
 “Related Parties”: with
respect to any Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 

“Reportable Event”: a “reportable event” as that term is defined in Section 4043 of ERISA
or the regulations issued thereunder. 
 “Requested Commitment Termination Date”: as defined in
Section 2.21(a). 
 “Required Guarantor”: any Material Subsidiary that is a First
Tier Subsidiary; collectively the “Required Guarantors”. 
 “Required Lenders”:
at any time, Lenders, the Commitment Percentages of which aggregate more than 50% of the aggregate Commitments in effect at such time; provided that, if the Commitment of each Lender to make Loans and the obligation of each Issuing Bank to
issue Letters of Credit have been terminated hereunder, then “Required Lenders” shall mean Lenders holding in the aggregate more than 50% of the Total Extensions of Credit (with the aggregate amount of each Lender’s risk
participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this definition); provided further that, the aggregate amount of the Commitments of the Defaulting
Lenders and the Total Extensions of Credit of the Defaulting Lenders (with the aggregate amount of each Defaulting Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by
such Defaulting Lender for purposes of this definition), if any, shall be excluded from the determination of Required Lenders to the extent set forth in Section 2.22(b). 

“Restricted Payment”: by a Person means any dividend or other distribution (whether in cash, securities or other
property) with respect to any Equity Interest in such Person, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit on account of the purchase, redemption, retirement, acquisition, cancellation
or termination of any such equity interest or of any option, warrant or other right to acquire any such equity interest. 

“Restricted Subsidiary”: any Subsidiary of the Borrower other than an Unrestricted Subsidiary. 

“Revolving Credit Loans”: as defined in Section 2.1(a). 

“Revolving Credit Note”: as defined in Section 2.2(e). 

“S&P”: Standard & Poor’s Ratings Services (a division of McGraw-Hill Companies, Inc.).

 “Sale/Leaseback Transaction”: an arrangement whereby the Borrower or a Restricted Subsidiary
transfers property owned by it to a Person and the Borrower or a Restricted Subsidiary leases it from such Person. 

  
 20 

 “SEC”: the United States Securities and Exchange Commission, or any
Governmental Authority succeeding to the functions thereof. 
 “Securitization Entity”: any Person
engaged solely in the business of effecting Securitization Transactions and related activities. 
 “Securitization
Indebtedness”: any Indebtedness under any Securitization Transaction that does not permit or provide recourse for principal or interest (other than Standard Securitization Undertakings) to the Borrower or any Restricted Subsidiary of
the Borrower (other than a Securitization Entity) or any property or asset of the Borrower or any Restricted Subsidiary of the Borrower (other than the property or assets of a Securitization Entity or any Equity Interests or securities issued by a
Securitization Entity). 
 “Securitization Transaction”: any transaction in which the
Borrower or a Restricted Subsidiary sells or otherwise transfers accounts receivable or other rights to payment (whether existing or arising in the future) and assets related thereto (a) to one or more purchasers or (b) to a special
purpose entity that (i) borrows under a loan secured by or issues securities payable from such accounts receivable or other rights to payment (or undivided interests therein) and related assets or (ii) sells or otherwise transfers such
accounts receivable or other rights to payment (or undivided interests therein) and related assets to one or more purchasers, whether or not amounts received in connection with the sale or other transfer of such accounts receivable or other rights
to payment and related assets to an entity referred to in clause (a) or (b) above would under GAAP be accounted for as liabilities on a consolidated balance sheet of the Borrower. The amount of any
Securitization Transaction shall be deemed at any time to be (1) the aggregate outstanding principal or stated amount of the borrowings or securities in connection with the transactions referred to in clause (b)(i) of the
preceding sentence; (2) the outstanding amount of capital invested in or unrecovered outstanding purchase price paid in connection with a transaction referred to in clause (b)(ii) of the preceding sentence; or (3) if there
shall be no such principal or stated amount or outstanding capital invested or unrecovered purchase price, the uncollected amount of the accounts receivable transferred to such purchaser(s) pursuant to such Securitization Transaction net of any such
accounts receivable that have been written off as uncollectible and any discount in the purchase price thereof. 

“Senior Debt”: the Borrower’s senior unsecured, non-credit enhanced, long term debt for which a rating has
been established by Moody’s and/or S&P. 
 “Solvent”: with respect to any Person as of a
particular date, that on such date (a) such Person is able to pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, (b) such Person does not intend to, and does
not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature in their ordinary course, (c) such Person is not engaged in a business or a transaction, and is not about to
engage in a business or a transaction, for which such Person’s assets would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged or is to engage,
(d) the fair value of the assets of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person and (e) the present fair saleable value of the assets of such Person is not less than the
amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured. In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed as the
amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

  
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 “Standard Securitization Undertakings”: any representations,
warranties, servicer obligations, covenants and indemnities entered into by the Borrower or any Restricted Subsidiary of the Borrower of a type that are reasonably customary in securitizations. 

“Subsidiary”: with respect to any Person (the “parent”) at any date, any corporation,
limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance
with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the
ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, or held by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of
the parent. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. 

“Subsidiary Guarantee”: as defined in Section 10.1. 

“Swing Line Commitment”: as to the Swing Line Lender, its obligation to make Swing Line Loans to the Borrower
pursuant to Section 2.19 in an aggregate amount not to exceed, at any one time outstanding, $50,000,000 as such amount may change from time to time as provided herein. 

“Swing Line Lender”: as defined in Section 2.19(a). 

“Swing Line Loan”: as defined in Section 2.19(a). 

“Swing Line Note”: as defined in Section 2.19(b). 

“Swing Line Participation Amount”: as defined in Section 2.19(e). 

“Taxes”: all present or future taxes, levies, imposts, duties, deductions, withholdings (including
backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Terminating Lender”: as defined in Section 2.21(a). 
 “Total Extensions of Credit”: at any time, the aggregate amount of the Loans and L/C Obligations outstanding at such time. 

“Tranche”: the collective reference to Eurodollar Loans, the Interest Periods with respect to all of which begin
on the same date and end on the same later date (whether or not the Loans comprising any such Tranche were originally made on the same day). 
 “Transactions”: the Contribution, any incurrence of Indebtedness by the Borrower and the Guarantors under this Agreement on the Availability Date and the IPO.

 “Transfer Effective Date”: as defined in each Assignment and Assumption. 

“Transferee”: as defined in Section 9.6(g). 

“Type”: as to any Revolving Credit Loan, its nature as a Reference Rate Loan or a Eurodollar Loan, and as to any
Swing Line Loan, its nature as an ASK Rate Loan or an ABR Loan. 

  
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 “Unrestricted Subsidiary”: any Subsidiary, other than a Material
Subsidiary, formed or acquired after the Availability Date that is designated by the Borrower as an Unrestricted Subsidiary, provided that: (a) such Subsidiary has no Indebtedness other than Non-Recourse Debt; (b) no Loan Party nor any
Restricted Subsidiary Guarantees any Indebtedness of such Subsidiary or grants a Lien on any assets to secure any Indebtedness or other obligations of such Subsidiary except Liens on Equity Interests in Unrestricted Subsidiaries permitted by
Section 6.1(b)(xix); (c) except as permitted by Section 6.4, such Subsidiary is not party to any agreement, contract, arrangement or understanding with the Borrower or any Restricted Subsidiary of the
Borrower; (d) such Subsidiary is a Person with respect to which neither the Borrower nor any of its Restricted Subsidiaries has any direct or indirect obligation (x) to make capital contributions to such Person or to subscribe for
additional Equity Interests or (y) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; (e) such Subsidiary is not a Guarantor and has not Guaranteed
or otherwise directly or indirectly provided credit support for any Indebtedness of the Borrower or any Restricted Subsidiaries; (f) such designation complies with Section 5.10; and (g) such Subsidiary has not been
redesignated as an Unrestricted Subsidiary under Section 5.10. Any designation of a Subsidiary as an Unrestricted Subsidiary will be evidenced to the Administrative Agent by a certificate from a Financial Officer of the Borrower
certifying that such designation complies with the preceding conditions. As of the Availability Date there are no Unrestricted Subsidiaries. 
 “Unsecured Acquired Debt”: unsecured Indebtedness of a Person that (a) exists at the time such Person becomes a Restricted Subsidiary as a result of an acquisition,
merger or other combination, in each case, consummated after the Availability Date, or at the time such Person is merged or consolidated with or into, or otherwise acquired by, a Restricted Subsidiary, in each case, after the Availability Date, or
(b) is assumed in connection with the acquisition of assets after the Availability Date; provided that, (x) in each case, such unsecured Indebtedness was not incurred or granted in contemplation of such acquisition, merger, or other
combination, and (y) in no event shall such unsecured Indebtedness exceed the value of the Person or property so acquired. 

“U.S. Person”: a “United States person” within the meaning of
Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate”: as
defined in Section 2.15(f)(ii)(B)(3). 
 “Wholly Owned Subsidiary”: with respect to a
Person, any Subsidiary of such Person, all of the Equity Interests of which are directly or indirectly (through one or more wholly owned Subsidiaries) owned by such Person, excluding directors’ qualifying shares and other nominal amounts of
Equity Interests that are required to be held by other Persons under applicable law. 
 “Withdrawal
Liability”: liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

Section 1.2 Other Definitional Provisions. 
 (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in any other Loan Document or any certificate or other document made or delivered
pursuant hereto. 
 (b) As used herein and in any other Loan Document, and in any certificate or other document made or
delivered pursuant hereto, (i) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (ii) the word
“incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and 

  
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“incurrence” shall have correlative meanings), (iii) the words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and properties, including cash, capital stock, securities, revenues, accounts, leasehold interests and contract rights, (iv) references to agreements shall, unless otherwise
specified, be deemed to refer to such agreements as amended, supplemented, restated or otherwise modified from time to time, and (v) any reference herein to any Person shall be construed to include such Person’s successors and assigns.

 (c) The words “hereof”, “herein” and “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, schedule and exhibit references are to this Agreement unless otherwise specified. 

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

 Section 1.3 Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an
accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to
eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any
provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately
before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used
herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Financial
Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein. 

Section 1.4 Letter of Credit Amounts. With respect to any Letter of Credit that, by its terms, provides for one or
more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount
is in effect at such time. 
 ARTICLE 2. AMOUNT AND TERMS OF COMMITMENTS 

Section 2.1 Revolving Credit Loans. 
 (a) Subject to the terms and conditions hereof, each Lender severally agrees to make revolving credit loans (“Revolving Credit Loans”) in Dollars to the Borrower from time to time
during the period from and including the Availability Date to but not including such Lender’s Commitment Termination Date in an aggregate principal amount at any one time outstanding which, when added to such Lender’s Commitment Percentage
of the sum of (i) the aggregate principal amount of the Swing Line Loans then outstanding and (ii) the L/C Obligations then outstanding does not exceed the amount of such Lender’s then current Commitment, provided that the
aggregate amount of the Total Extensions of Credit outstanding shall not at any time exceed the aggregate amount of the Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may use the
Commitments by borrowing, prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. 

  
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 (b) The Revolving Credit Loans may from time to time be (i) Eurodollar Loans,
(ii) Reference Rate Loans or (iii) a combination thereof, as determined by the Borrower and notified to the Administrative Agent in accordance with Section 2.3 or Section 2.6, provided that, no
Revolving Credit Loan shall be made as a Eurodollar Loan after the day that is one month prior to the last occurring Commitment Termination Date. Eurodollar Loans shall be made by each Lender at its Eurodollar Office and Reference Rate Loans shall
be made by each Lender at its Domestic Office. 
 Section 2.2 Repayment of Loans; Evidence of Indebtedness.

 (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then
unpaid principal amount of the Revolving Credit Loans made by such Lender on such Lender’s Commitment Termination Date (or such earlier date on which the Revolving Credit Loans become due and payable pursuant to Section 2.5
or Article 7). The Borrower hereby further agrees to pay interest on the unpaid principal amount of its Revolving Credit Loans from time to time outstanding from the date hereof until payment in full thereof at the rates per
annum, and on the dates, set forth in Section 2.9. 
 (b) Each Lender shall maintain in accordance with its
usual practice an account or accounts evidencing indebtedness of the Borrower to such Lender resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time
under this Agreement. 
 (c) The Administrative Agent shall maintain the Register pursuant to Section 9.6(d),
and a subaccount therein for each Lender in which there shall be recorded (i) the amount of each Loan made hereunder, the Type thereof and each Interest Period applicable thereto, (ii) the amount of any principal or interest due and
payable or to become due and payable from the Borrower to each Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof. 

(d) The entries made in the Register and the accounts of each Lender maintained pursuant to Section 2.2(b) shall, to
the extent permitted by applicable Law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any Lender or the Administrative Agent to
maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of this
Agreement. 
 (e) The Borrower agrees that, upon the request to the Administrative Agent by any Lender, the Borrower will
execute and deliver to such Lender a promissory note of the Borrower evidencing the Revolving Credit Loans of such Lender, substantially in the form of Exhibit A (each, a “Revolving Credit Note”). 

Section 2.3 Procedure for Revolving Credit Borrowing. 

(a) The Borrower may borrow under the Commitments during the Commitment Period on any Business Day; provided that the Borrower
shall give the Administrative Agent a Borrowing Request, which Borrowing Request shall be irrevocable, (i) prior to 1:00 P.M., New York City time, three Business Days prior to the requested Borrowing Date, in the case of Eurodollar Loans and
(ii) prior to 12:00 P.M., New York City time, on the requested Borrowing Date, in the case of Reference Rate Loans, specifying (A) the amount to be borrowed, (B) the requested Borrowing Date, (C) whether the borrowing is to be a
Eurodollar Loan a Reference Rate Loan or a combination thereof and (D) the length of the Interest Period for each Eurodollar Loan included in such Borrowing Request. Each borrowing under the Commitments

  
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shall be in an aggregate principal amount of the lesser of (1) (x) in the case of Eurodollar Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (y) in the
case of Reference Rate Loans, $1,000,000 or a whole multiple of $500,000 in excess thereof, and (2) the then Available Commitments. 
 (b) Upon receipt of such Borrowing Request from the Borrower, the Administrative Agent shall promptly notify each Lender thereof (but in any event no later than (i) the date of receipt of such
Borrowing Request from the Borrower, in the case of Eurodollar Loans and (ii) 12:30 P.M., New York City time, on the requested Borrowing Date in the case of Reference Rate Loans). Each Lender will make the amount of its Commitment
Percentage of each borrowing available to the Administrative Agent for the account of the Borrower at the office of the Administrative Agent set forth in Section 9.2 prior to (1) 2:00 P.M., New York City time, in the case of
Reference Rate Loans, and (2) 12:00 P.M., New York City time, in the case of Eurodollar Loans, in each case on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent in Dollars. The proceeds of
all such Revolving Credit Loans will then be made available to the Borrower by the Administrative Agent by crediting the account of the Borrower on the books of the Administrative Agent, or such other account of the Borrower as shall have been
designated by the Borrower to the Administrative Agent, with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent. 

(c) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a proposed Borrowing Date (or, in the case
of any borrowing of Reference Rate Loans, prior to 1:00 P.M., New York City time on the proposed Borrowing Date) that such Lender will not make available to the Administrative Agent the amount which would constitute its Commitment Percentage of
the borrowing on such Borrowing Date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such Borrowing Date, and the Administrative Agent may, in reliance upon such assumption, make
available to the Borrower an amount equal to such Lender’s Commitment Percentage of the borrowing on such Borrowing Date. The Administrative Agent shall notify the Borrower as promptly as practicable if such Lender’s Commitment Percentage
of such borrowing is not made available to the Administrative Agent on such Borrowing Date. If such amount is made available to the Administrative Agent on a date after such Borrowing Date, such Lender shall pay to the Administrative Agent on demand
an amount equal to the product of (i) the daily average overnight Federal Funds Effective Rate during such period as quoted by the Administrative Agent, times (ii) the amount of such Lender’s Commitment Percentage of such
borrowing (minus the amount, if any, which such Lender has made available to the Administrative Agent), times (iii) a fraction, the numerator of which is the number of days that elapse from and including such Borrowing Date to the
date on which such Lender’s Commitment Percentage of such borrowing shall have become immediately available to the Administrative Agent and the denominator of which is 360. A certificate of the Administrative Agent submitted to any Lender with
respect to any amounts owing under this Section 2.3(c) shall be prima facie evidence of the accuracy of the information set forth therein, absent manifest error. If such Lender’s Commitment Percentage of such borrowing
is not in fact made available to the Administrative Agent by such Lender within three Business Days of such Borrowing Date, the Administrative Agent shall be entitled to recover the amount of such Lender’s Commitment Percentage of such
borrowing (minus the amount, if any, which such Lender had made available to the Administrative Agent) on demand from the Borrower with interest thereon (A) for the period from and including such Borrowing Date to the date one day after
such demand, at a rate per annum equal to the daily average overnight Federal Funds Effective Rate during such period as quoted by the Administrative Agent and calculated on the basis of a 360-day year for the actual days elapsed and
(B) thereafter, at the rate per annum applicable to Reference Rate Loans hereunder. Nothing contained in this Section 2.3(c) shall prejudice in any manner whatsoever any right or remedy of the Borrower against such Lender.

  
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 Section 2.4 Termination or Reduction of Commitments; Increase of
Commitments. 
 (a) The Borrower shall have the right, upon not less than two Business Days’ notice to the
Administrative Agent, to terminate the Commitments or, from time to time, to reduce the amount thereof, provided that no such termination or reduction shall be permitted if, after giving effect thereto and to any prepayments of the Loans made
on the effective date thereof, the then outstanding Total Extensions of Credit would exceed the amount of the Commitments then in effect. Any such reduction shall be in an amount of $10,000,000, or a whole multiple of $1,000,000 in excess thereof,
and shall reduce permanently the amount of such Commitments then in effect. 
 (b) The Borrower shall have the right, upon
notice to the Administrative Agent and without the consent of the Lenders (provided that no Lender’s Commitment shall be increased without such Lender’s consent, which consent may be given or withheld in such Lender’s sole
and absolute discretion), to cause from time to time an increase in the aggregate Commitments of the Lenders (i) by adding one or more additional Lenders, each with its own additional Commitment, and any such additional Lenders must be approved
by the Administrative Agent, the Issuing Banks, and the Swing Line Lender (such approvals not to be unreasonably withheld or delayed) and shall become a party as a “Lender” and assume obligations and acquire rights as such additional
Lender would have assumed and/or acquired had such additional Lender been an original Lender, or (ii) by allowing one or more existing Lenders to increase their respective Commitments; provided that (A) no such increase provided for
in clauses (i) and (ii) above shall be permitted if (1) any Event of Default then exists and is continuing or (2) the aggregate Commitments immediately after giving effect to such increases would
exceed $500,000,000 and (B) the Borrower shall deliver to the Administrative Agent a certificate signed by an Authorized Officer of the Borrower certifying that each of the representations and warranties made by the Borrower in this Agreement
(other than the representations and warranties contained in Section 3.5, Section 3.11, Section 3.15 and Section 3.16) are true and correct in all material respects on and as
of the date of such increase (provided that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof). Each such increase shall be in a
minimum amount of $10,000,000 and integral multiples of $5,000,000. 
 Section 2.5 Prepayments. 

(a) The Borrower may at any time and from time to time prepay the Revolving Credit Loans and the Swing Line Loans, in whole or in part,
without premium or penalty, upon irrevocable written notice delivered to the Administrative Agent at least two Business Days’ (or such shorter notice period as may be satisfactory to the Administrative Agent) prior thereto in the case of
Eurodollar Loans and on the date of such prepayment in the case of Reference Rate Loans or Swing Line Loans, which notice shall specify the date and amount of prepayment and whether the prepayment is of Eurodollar Loans, Reference Rate Loans, Swing
Line Loans or a combination thereof, and if of a combination thereof, the amount of prepayment allocable to each. Each such prepayment shall be (i) in a minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof, in the
case of Eurodollar Loans and (ii) in a minimum amount of $1,000,000 and integral multiples of $500,000 in excess thereof, in the case of Reference Rate Loans and Swing Line Loans. Upon receipt of such notice the Administrative Agent shall
promptly notify each Lender thereof. If such notice is given, the payment amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of Reference Rate Loans and Swing Line Loans) accrued
interest to such date on the amount prepaid and any amounts payable pursuant to Section 2.16. 
 (b) If,
after giving effect to any termination or reduction of the Commitments pursuant to Section 2.4, Section 2.21 or Section 2.22(d), the aggregate outstanding principal amount of the Total
Extensions of Credit exceeds the Commitments as so reduced, the Borrower shall, simultaneously with 

  
 27 

 
any such termination or reduction of the Commitments, pay or prepay the Revolving Credit Loans and the Swing Line Loans in an amount equal to such excess, together with interest thereon accrued
to such date of payment or prepayment and any amount payable pursuant to Section 2.16; provided that if the aggregate principal amount of Revolving Credit Loans and Swing Line Loans then outstanding is less than the amount
of such excess (because L/C Obligations constitute a portion thereof), the Borrower shall, to the extent of the balance of such excess, Cash Collateralize outstanding Letters of Credit in an amount equal to such excess to be held as provided in
Section 2.20(k). 
 Section 2.6 Conversion and Continuation Options. With respect to
Revolving Credit Loans: 
 (a) The Borrower may elect from time to time to convert its Eurodollar Loans to Reference Rate Loans
by giving the Administrative Agent prior irrevocable notice of such election by 11:00 A.M. on a Business Day, provided that any such conversion of Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto.
The Borrower may elect from time to time to convert its Reference Rate Loans to Eurodollar Loans by giving the Administrative Agent at least three Business Days’ prior irrevocable notice of such election. Any such notice of conversion to
Eurodollar Loans shall specify the length of the Interest Periods therefor. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. All or any part of the outstanding Eurodollar Loans and Reference Rate
Loans may be converted as provided herein, provided that no Revolving Credit Loan may be converted into a Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent, at the request of the
Required Lenders in their sole discretion, notifies the Borrower such conversions shall not be permitted, (ii) if, after giving effect thereto, Section 2.7 would be contravened, or (iii) after the date that is one month
prior to the last occurring Commitment Termination Date; provided further, that if such conversion is not permitted pursuant to the preceding proviso and the applicable Eurodollar Loan is not repaid, such Revolving Credit Loans shall
automatically be converted to Reference Rate Loans on the last day of such then expiring Interest Period. 
 (b) Any Eurodollar
Loans may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower giving notice to the Administrative Agent, in accordance with the appropriate notification provisions therefor set forth in
Section 2.6(a), of the length of the next Interest Period to be applicable to such Loans, provided that no Eurodollar Loan may be continued as such (i) when any Event of Default has occurred and is continuing and the
Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such conversions, (ii) if, after giving effect thereto, Section 2.7 would be contravened, or (iii) after the
date that is one month prior to the Commitment Termination Date; provided further, that if the Borrower shall fail to give any required notice as described above in this Section 2.6 or if such continuation is not permitted
pursuant to the preceding proviso, such Revolving Credit Loans shall automatically be converted to Reference Rate Loans on the last day of such then expiring Interest Period. 
 (c) The conversion or continuation of Loans as herein provided shall not constitute the making of new Loans hereunder. 
 Section 2.7 Maximum Number of Tranches. All borrowings, conversions and continuations of Loans and all selections of Interest Periods hereunder shall be in such amounts and be made
pursuant to such elections so that, after giving effect thereto, there shall be no more than twenty Tranches outstanding at any one time. 

  
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 Section 2.8 Fees. 

(a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender (subject to
Section 2.22(b)(i)) a non-refundable commitment fee (the “Commitment Fee”) from and including the Closing Date to such Lender’s Commitment Termination Date, computed at the rate per annum set forth on
(i) at all times prior to the Rating Date, the Leverage-Based Pricing Grid and (ii) at all times from and after the Rating Date, the Ratings-Based Pricing Grid, in each case, on the average daily amount of the Available Commitment of such
Lender during the period for which payment is made. Such Commitment Fees shall be payable quarterly in arrears on the last Business Day of each March, June, September and December and on such Lender’s Commitment Termination Date or such earlier
date as the Commitment of such Lender shall terminate as provided herein, commencing on the first of such dates to occur after the Closing Date. 
 (b) The Borrower agrees to pay to the Administrative Agent, for its own account, an administrative agent’s fee set forth in the Fee Letter between the Borrower and the Administrative Agent.

 Section 2.9 Interest Rate. 
 (a) Each Eurodollar Loan shall bear interest for the Interest Period applicable thereto on the unpaid principal amount thereof at a rate per annum equal to the Eurodollar Rate determined for such Interest
Period plus the Applicable Margin. 
 (b) Each Reference Rate Loan shall bear interest for each day on the unpaid
principal amount thereof at a fluctuating rate per annum equal to the Reference Rate for such day plus the Applicable Margin. 
 (c) Each Swing Line Loan shall bear interest on the unpaid principal amount thereof at a rate equal to the sum of (i) the ASK Rate or ABR as elected by the Borrower pursuant to
Section 2.19(a) plus (ii) (A) if such Swing Line Loan is an ASK Rate Loan, the Applicable Margin for Eurodollar Loans or (B) if such Swing Line Loan is an ABR Loan, the Applicable Margin for Reference Rate
Loans. 
 (d) If all or a portion of the principal amount of any Loan or Reimbursement Obligation or if all or a portion of any
interest payable on any Loan or any fee or other amount payable by the Borrower hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall, without limiting the rights of any Lender
under Article 7, bear interest at a rate per annum which is (i) in the case of overdue principal, 2% above the rate which would otherwise be applicable pursuant to Section 2.9(a), (b) or
(c) and (ii) in the case of any other overdue amount, 2% above the rate described in Section 2.9(b), in each case from the date of nonpayment until such amount is paid in full (as well after as before
judgment); provided that if such overdue principal amount is of Eurodollar Loans and the due date therefor is other than the last day of the Interest Period with respect thereto, such Eurodollar Loans shall bear interest from the date that
such principal amount was due to the last day of such Interest Period at a rate per annum which is 2% above the rate which would otherwise be applicable pursuant to clause (a) of this Section 2.9. 

(e) Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to clause
(d) of this Section 2.9 shall be payable from time to time on demand. 
 Section 2.10
Computation of Interest and Fees. 
 (a) Interest in respect of the Reference Rate Loans and the Swing Line Loans
(other than ASK Rate Loans) shall be calculated on the basis of a 365 (or 366, as the case may be) day year for the 

  
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actual days elapsed. Commitment Fees and interest in respect of ASK Rate Loans and Eurodollar Loans shall be calculated on the basis of a 360 day year for the actual days elapsed. The
Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from a change in the Reference Rate, the ABR, the ASK Rate or the
Applicable Margin shall become effective as of the opening of business on the day on which such change in the ABR, the ASK Rate or Reference Rate is announced or such Applicable Margin changes as provided herein, as the case may be. The
Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of the effective date and the amount of each such change. 
 (b) Each determination of an interest rate by the Administrative Agent or the Swing Line Lender, as applicable, pursuant to any provision of this Agreement shall be conclusive and binding on the Borrower
and the Lenders in the absence of manifest error. The Administrative Agent shall, upon the request of the Borrower, deliver to the Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant
to Section 2.9(a). 
 (c) If any Reference Lender’s Commitment shall terminate or all of its Loans are
assigned to another Person for any reason whatsoever, such Reference Lender shall thereupon cease to be a Reference Lender. If for any reason there shall cease to be at least three Reference Lenders, then the Administrative Agent (with the consent
of the Borrower) shall by notice to the Borrower and the Lenders designate another Lender as a Reference Lender so that there shall at all times be at least three Reference Lenders; provided that each Reference Lender must be a Lender.

 (d) Each Reference Lender shall use its best efforts to furnish quotations of rates to the Administrative Agent as
contemplated hereby. If any of the Reference Lenders shall be unable or otherwise fails to supply such rates to the Administrative Agent upon its request, the rate of interest shall be determined on the basis of the quotations of the remaining
Reference Lenders or Reference Lender. 
 (e) The Borrower may, not more than once in each calendar year, change one or more of
the Reference Lenders in accordance with this Section 2.10(e); provided that each Reference Lender must be a Lender. In order to effect such change, the Borrower shall give notice to the Administrative Agent (which shall
promptly transmit such notice to each Lender) that, commencing with (x) each Interest Period beginning not less than 10 Business Days after receipt by the Administrative Agent of such notice with respect to Eurodollar Loans and (y) the
first day of the first calendar month beginning not less than 10 Business Days after receipt by the Administrative Agent of such notice with respect to Reference Rate Loans, the Reference Lenders shall be changed to the Lenders specified in such
notice. 
 Section 2.11 Inability to Determine Interest Rate; Illegality. 

(a) Inability to Determine Interest Rate. In the event that prior to the first day of any Interest Period with respect to a
Eurodollar Loan: 
 (i) none of the Reference Lenders is able to obtain bids for its Dollar deposits for such
Interest Period in the manner contemplated by the term “Eurodollar Rate”; or 
 (ii) the
Administrative Agent shall have received notice from Lenders constituting the Required Lenders that the interest rate determined pursuant to Section 2.9(a) for such Interest Period does not accurately reflect the cost to such
Lenders (as conclusively certified by such Lenders) of making or maintaining Eurodollar Loans during such Interest Period, 
 with respect to a
Loan that is to be made as or converted to or continued as a Eurodollar Loan, the Administrative Agent shall forthwith give telecopy or telephonic notice (provided that any telephonic 

  
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notice shall be promptly confirmed in writing) of such determination to the Borrower and each Lender at least one day prior to the relevant Borrowing Date, conversion date or continuation date
for such Eurodollar Loan. If such notice is given, any Loan that is to be made as or converted to or continued as a Eurodollar Loan shall be made as or converted to a Reference Rate Loan. Until such notice has been withdrawn by the Administrative
Agent, no further Eurodollar Loans shall be made or continued as such, nor shall the Borrower have the right to convert Loans to Eurodollar Loans. 
 (b) Illegality. Notwithstanding any other provision of this Agreement, in the event that it becomes unlawful for any Lender or its applicable lending office to honor its obligation to make or
maintain Eurodollar Loans either generally or having a particular Interest Period hereunder, then (a) such Lender shall promptly notify the Borrower and the Administrative Agent thereof and such Lender’s obligation to make such Eurodollar
Loans shall be suspended (the “Affected Loans”) until such time as such Lender may again make and maintain such Eurodollar Loans and (b) all Affected Loans which would otherwise be made by such Lender shall be made
instead as Reference Rate Loans (and, if such Lender so requests by notice to the Borrower and the Administrative Agent, all Affected Loans of such Lender then outstanding shall be automatically converted into Reference Rate Loans on the date
specified by such Lender in such notice) and, to the extent that Affected Loans are so made as (or converted into) Reference Rate Loans, all payments of principal which would otherwise be applied to such Lender’s Affected Loans shall be applied
instead to its Reference Rate Loans. 
 Section 2.12 Pro Rata Treatment and Payments. 

(a) Each borrowing of Loans by the Borrower (except for Swing Line Loans) from the Lenders hereunder and, except as otherwise provided by
Section 2.21 and Section 2.22, each payment by the Borrower on account of any fee payable hereunder in respect of the Commitments and any reduction of the Commitments of the Lenders hereunder shall be made pro
rata according to the respective Commitment Percentages of the Lenders. Except as otherwise provided in Section 2.21 or Section 2.22, each payment (including each prepayment) by the Borrower on account of
principal of and interest on the Loans (except for Swing Line Loans) shall be made pro rata according to the respective outstanding principal amounts of the Revolving Credit Loans then held by the Lenders. 

(b) All payments (including prepayments) to be made by the Borrower hereunder and under any other Loan Documents, whether on account of
principal, interest and fees or otherwise, shall be made without set-off or counterclaim and shall be made prior to 12:00 P.M., New York City time, on the due date thereof to the Administrative Agent, for the account of the Lenders, at the
Administrative Agent’s office set forth in Section 9.2, in lawful money of the United States of America and in immediately available funds. Any amounts received after such time on any date shall be deemed to have been
received on the next succeeding Business Day for the purposes of calculating interest thereon. The Administrative Agent shall distribute such payments to each Lender to its Eurodollar Office or Domestic Office, as applicable, promptly upon receipt
in like funds as received. If any payment hereunder (other than payments on the Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a
Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month,
in which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate
during such extension. 
 (c) If at any time insufficient funds are received by and available to the Administrative Agent to pay
fully all amounts of principal, unreimbursed L/C Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder,

  
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ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed L/C
Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed L/C Disbursements then due to such parties. 

Section 2.13 Payments by the Borrower. 
 Unless the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment due to be made by the Borrower hereunder that the Borrower will not make such payment
to the Administrative Agent, the Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Lenders their
respective pro rata shares of a corresponding amount. If such payment is not made to the Administrative Agent by the Borrower within three Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand, from each
Lender to which any amount which was made available pursuant to the preceding sentence, and each Lender severally agrees to repay forthwith on demand, such amount with interest thereon at the rate per annum equal to the daily average overnight
Federal Funds Effective Rate during such period as quoted by the Administrative Agent and calculated on the basis of a 360-day year for the actual days elapsed. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any
Lender against the Borrower. 
 Section 2.14 Other Costs; Increased Costs. 

(a) The Borrower agrees to pay to each Lender which requests compensation under this Section 2.14 (by notice to the
Borrower), on the last day of each Interest Period with respect to any Eurodollar Loan made or maintained by such Lender, so long as such Lender shall be required to maintain reserves against “Eurocurrency liabilities” under
Regulation D of the Board of Governors of the Federal Reserve System (or, so long as such Lender may be required by such Board of Governors or by any other Governmental Authority to maintain reserves against any other category of liabilities which
includes deposits by reference to which the interest rate on Eurodollar Loans is determined as provided in this Agreement or against any category of extensions of credit or other assets of such Lender which includes any Eurodollar Loans), an
additional amount (determined by such Lender and notified to the Borrower) representing such Lender’s calculation or, if an accurate calculation is impracticable, reasonable estimate (using such reasonable means of allocation as such Lender
shall determine) of the actual costs, if any, incurred by such Lender during such Interest Period as a result of the applicability of the foregoing reserves to such Eurodollar Loans, which amount in any event shall not exceed the product of the
following for each day of such Interest Period: 
 (i) the principal amount of the Eurodollar Loans made or
maintained by such Lender to which such Interest Period relates outstanding on such day; and 
 (ii) the
difference between (x) a fraction the numerator of which is the Eurodollar Rate (expressed as a decimal) applicable to such Eurodollar Loan and the denominator of which is one minus the maximum rate (expressed as a decimal) at which such
reserve requirements are imposed by such Board of Governors or other Governmental Authority on such date minus (y) such numerator; and 
 (iii) a fraction the numerator of which is one and the denominator of which is 360. 

  
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 (b) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement (including any compulsory loan
requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender; 
 (ii) impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or
participation therein; or 
 (iii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes,
(B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations,
or its deposits, reserves, other liabilities or capital attributable thereto; 
 and the result of any of the foregoing shall be to increase the
cost to such Lender or such other Recipient of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, such Issuing Bank or such other Recipient of participating in,
issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender, such Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then, upon the request of such
Lender, Issuing Bank, or other Recipient, the Borrower will pay to such Lender, such Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, such Issuing Bank or such other
Recipient, as the case may be, for such additional costs incurred or reduction suffered. 
 (c) If any Lender determines in good
faith that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of
this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, as applicable, or the Letters of Credit issued by such Lender (in its capacity as an Issuing Bank), to a level below that which such Lender or such
Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy or liquidity), then from time
to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered; provided that such Lender or such Issuing Bank is generally
seeking compensation from similarly situated borrowers under similar credit facilities (to the extent such Lender or such Issuing Bank has the right under such similar credit facilities to do so) with respect to such Change in Law regarding capital
or liquidity requirements. 
 (d) A certificate of a Lender setting forth the amount or amounts necessary to compensate such
Lender or its holding company, as the case may be, as specified in clause (b) or (c) of this Section 2.14 shall be delivered to such Borrower and shall be conclusive absent
manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
 (e) Failure or delay on the part of any Lender to demand compensation pursuant to this Section 2.14 shall not constitute a waiver of such Lender’s right to demand such
compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section 2.14 for any increased costs or reductions incurred more than 90 days prior to the date that such Lender
notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs
or reductions is retroactive, then the 90-day period referred to above shall be extended to include the period of retroactive effect thereof. 

  
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 Section 2.15 Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under any Loan Document
shall be made without deduction or withholding for any Taxes, except as required by applicable Law. If any applicable Law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any
Tax from any such payment by a withholding agent, then the applicable withholding agent shall make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with
applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable
to additional sums payable under this Section 2.15) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(b) Payment of Other Taxes by the Borrower. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance
with applicable Law, or at the option of the Administrative Agent timely reimburse it for, the payment of Other Taxes. 
 (c)
Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.15, such Loan Party shall deliver to the Administrative Agent the original or
a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(d) Indemnification by the Borrower. The Borrower shall indemnify each Recipient, within 30 days after demand therefor, for the
full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.15) payable or paid by such Recipient or required to be withheld or deducted from a
payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided,
however, the Borrower shall not be required to indemnify a Recipient pursuant to this Section 2.15(d) for any Indemnified Taxes unless such Recipient makes written demand on the Borrower for indemnification for such
Indemnified Taxes no later than 120 days after the earlier of (i) the date on which the relevant Governmental Authority makes written demand upon such Recipient for payment of such Indemnified Taxes, and (ii) the date on which such
Recipient has made payment of such Indemnified Taxes. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on
behalf of a Lender, shall be conclusive absent manifest error. 
 (e) Indemnification by the Lenders. Each Lender shall
severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for
such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.6 relating to the maintenance of a
Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the 

  
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amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set
off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this
clause (e). 
 (f) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under
any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the
Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such
other documentation prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of any such non-U.S. documentation (other than such documentation set forth in
Section 2.15(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 (or successor form) certifying that such Lender is
exempt from U.S. Federal backup withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally
entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to
time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed
originals of IRS Form W-8BEN (or successor form) establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments
under any Loan Document, IRS Form W-8BEN (or successor form) establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

  
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 (2) executed originals of IRS Form W-8ECI (or successor form); 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the
Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a
“U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN (or successor form); or 
 (4) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in
the form of Exhibit G-3 or Exhibit G-4, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or
indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 on behalf of each such direct and
indirect partner; 
 (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the
Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and
the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations
under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or
certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

  
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 (g) Treatment of Certain Refunds. If any party determines, in its sole discretion
exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.15 (including by the payment of additional amounts pursuant to this
Section 2.15), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.15 with respect to the Taxes giving rise to such
refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request
of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this clause (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that
such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this clause (g), in no event will the indemnified party be required to pay any amount to an
indemnifying party pursuant to this clause (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or
additional amounts giving rise to such refund had never been paid. This Section 2.15 shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it
deems confidential) to the indemnifying party or any other Person. 
 (h) Survival. Each party’s obligations under
this Section 2.15 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all obligations under any Loan Document. 
 Section 2.16 Indemnity. The Borrower agrees to
indemnify each Lender and to hold each Lender harmless from any loss or expense which such Lender may sustain or incur as a consequence of: 
 (a) failure by the Borrower to make a payment when due of the principal amount of or interest on any Eurodollar Loans of such Lender; 

(b) failure by the Borrower to borrow Eurodollar Loans after the Borrower has given a Borrowing Request requesting the same in accordance
with Section 2.3; 
 (c) failure by the Borrower to make a conversion into or continuation of Eurodollar
Loans after the Borrower has given a notice requesting the same in accordance with Section 2.6; 
 (d)
failure by the Borrower to make any prepayment of Eurodollar Loans after the Borrower has given notice of the same in accordance with Section 2.5(a); 
 (e) the making of any conversion or prepayment of Eurodollar Loans on a day which is not the last day of the Interest Period with respect thereto; and 

(f) any assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request
by the Borrower pursuant to Section 2.18; 
 including in each case any such loss or expense arising from the reemployment of
funds obtained by it to maintain its Eurodollar Loans hereunder or from fees payable to terminate the deposits from which such funds were obtained and any foreign exchange losses actually incurred. If a Lender becomes entitled to claim any amounts
pursuant to this Section 2.16, it shall promptly notify the Borrower, through the Administrative Agent, of the event by reason of which it has become so entitled. A certificate as to any amounts payable pursuant to this
Section 2.16 and setting forth in reasonable detail the basis for such claim, submitted by such Lender (through the Administrative Agent) to the Borrower, shall be conclusive in the absence of manifest error. 

  
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 Section 2.17 Mitigation Obligations. If any Lender requests compensation
under Section 2.14, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, then such Lender shall use
reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.14 or Section 2.15, as the case may be, in the future and (ii) would not subject such Lender to any
unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

Section 2.18 Replacement of Lenders. If (a) any Lender requests compensation under
Section 2.14, (b) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lenders pursuant to Section 2.15, (c) any Lender is a
Defaulting Lender, or if any Lender fails to execute and deliver any amendment, consent or waiver to any Loan Document requested by the Borrower by the date specified by the Borrower (or gives the Borrower or the Administrative Agent written notice
prior to such date of its intention not to do so), which amendment, consent or waiver is required to be executed by all Lenders or all affected Lenders, (d) any Lender shall fail to agree to extend the Commitment Termination Date pursuant to
Section 2.21, or (e) so long as no Event of Default has occurred and is continuing, the Borrower shall give 15 Business Days’ prior written notice to the Administrative Agent and the applicable Lender, then, in each
case, the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in
Section 9.6), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that
(i) the Borrower shall have received the prior written consent of the Administrative Agent, each Issuing Bank and the Swing Line Lender, which consents shall not unreasonably be withheld or delayed, (ii) such Lender shall have received
payment of an amount equal to the outstanding principal of its Loans and participations in L/C Disbursements and Swing Line Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee or the
Borrower, as applicable, (iii) if any such Lender is an Issuing Bank and any Letters of Credit issued by such Issuing Bank under this Agreement remain outstanding, the Borrower shall deposit cash collateral with such Issuing Bank in an amount
equal to the aggregate face amount of such Letters of Credit upon terms reasonably satisfactory to such Issuing Bank to secure the Borrower’s obligations to reimburse for drawings under such Letters of Credit or make other arrangements
satisfactory to such Issuing Bank with respect to such Letters of Credit, including other credit support, (iv) in the case of any such assignment resulting from a claim for compensation under Section 2.14 or payments required
to be made pursuant to Section 2.15, such assignment will result in a reduction in such compensation or payments, (v) in the case of any assignment resulting from a Lender failing to execute and deliver any amendment, consent
or waiver requested by the Borrower, the applicable amendment, consent or waiver has been approved by the Required Lenders, and (vi) if the assignee is not another Lender, the Administrative Agent shall have received a registration and
processing fee of $3,500. 
 Section 2.19 Swing Line Commitments. 

(a) Subject to the terms and conditions hereof, JPMorgan Chase Bank, N.A. (in such capacity, the “Swing Line
Lender”) agrees to make swing line loans (individually, a “Swing Line Loan”; collectively, the “Swing Line Loans”) in Dollars to the Borrower from time to time on any Business Day

  
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during the period from the Availability Date to the Commitment Termination Date of the Swing Line Lender in an aggregate principal amount at any one time outstanding not to exceed the Swing Line
Commitment, provided that at no time may the aggregate principal amount of the Total Extensions of Credit exceed the aggregate amount of the Commitments. During the Commitment Period, the Borrower may use the Swing Line Commitments by
borrowing, prepaying the Swing Line Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Swing Line Loans may from time to time be (i) ABR Loans, (ii) ASK Rate Loans or (iii) a
combination thereof, as determined by the Borrower and notified to the Administrative Agent in accordance herewith and shall not be entitled to be converted into Eurodollar Loans or Reference Rate Loans. The Borrower shall give the Swing Line Lender
irrevocable written notice (which notice must be received by such Swing Line Lender prior to (x) 3:00 P.M., New York City time, in the case of ABR Loans and (y) 2:00 P.M., New York City time, in the case of ASK Rate Loans), on the
requested Borrowing Date specifying the Type and amount of the requested Swing Line Loan which shall be in a minimum amount of $500,000 or whole multiples of $100,000 in excess thereof. The proceeds of all such Swing Line Loans will then be made
available to the Borrower by the Swing Line Lender by crediting the account of the Borrower on the books of the Swing Line Lender, or such other account of the Borrower as shall have been designated by the Borrower to the Swing Line Lender.

 (b)(i) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account
of the Swing Line Lender the then unpaid principal amount of each Swing Line Loan on the earlier of (x) the Commitment Termination Date and (y) the 14th Business Day after such Swing Line Loan was made (or such earlier date on which the Swing Line Loans become due and
payable pursuant to Article 7). The Borrower hereby further agrees to pay interest on the unpaid principal amount of the Swing Line Loans from time to time outstanding from the date hereof until payment in full thereof at the
rates per annum, and on the dates, set forth in Section 2.9. 
 (ii) The Swing Line Lender
shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrower to the Swing Line Lender resulting from each Swing Line Loan from time to time, including the amounts of principal and interest
payable and paid to the Swing Line Lender from time to time under this Agreement. 
 (iii) The Administrative
Agent shall maintain the Register pursuant to Section 9.6(d), and a subaccount therein for the Swing Line Lender, in which shall be recorded (i) the amount of each Swing Line Loan made hereunder and the Type thereof,
(ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to the Swing Line Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower
for the account of the Swing Line Lender. 
 (iv) The entries made in the Register and the account of the Swing
Line Lender maintained pursuant to Section 2.19(b)(ii) shall, to the extent permitted by applicable Law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded;
provided, however, that the failure of the Swing Line Lender or the Administrative Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with
applicable interest) the Swing Line Loans made the Borrower by the Swing Line Lender in accordance with the terms of this Agreement. 
 (v) The Borrower agrees that, upon the request to the Administrative Agent by the Swing Line Lender, the Borrower will execute and deliver to the Swing Line Lender a promissory note of the Borrower
evidencing the Swing Line Loans of the Swing Line Lender, substantially in the form of Exhibit B with appropriate insertions as to date and principal amount (a “Swing Line Note”). 

  
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 (c) The Swing Line Lender in its sole and absolute discretion may, at any time as there
shall be a Swing Line Loan outstanding for more than 10 Business Days, on behalf of the Borrower (which hereby irrevocably directs and authorizes the Swing Line Lender to act on its behalf), request each Lender (in accordance with the notice
provisions under Section 2.3), including the Swing Line Lender, to make a Revolving Credit Loan that is a Eurodollar Loan with an Interest Period of one month in an amount equal to such Lender’s Commitment Percentage of the
principal amount of the Swing Line Loans (the “Refunded Swing Line Loans”) outstanding on the date such notice is given; provided that prior to making any such request to the Lenders to make such a Revolving Credit
Loan, the Swing Line Lender shall have given the Borrower one Business Day’s notice of its intent to make such request; and provided further the provisions of this Section 2.19 shall not affect the obligations of the
Borrower to prepay Swing Line Loans in accordance with the provisions of this Agreement. Unless the Commitments shall have expired or terminated (in which event the procedures of clauses (d) or (e) of this
Section 2.19 shall apply), each Lender will make the proceeds of its Revolving Credit Loan available to the Administrative Agent for the account of the Swing Line Lender at the office of the Administrative Agent prior to 12:00
P.M., New York City time, in funds immediately available in accordance with Section 2.3. The proceeds of such Revolving Credit Loans shall be immediately applied to repay the Refunded Swing Line Loans. 

(d) Except as otherwise provided in Section 2.19(e), if the Commitments shall expire or terminate at any time while
Swing Line Loans are outstanding, each Lender shall, at the option of the Swing Line Lender exercised reasonably, notwithstanding the expiration or termination of the Commitments, make a Revolving Credit Loan in an amount equal to such Lender’s
Commitment Percentage determined on the date of, and immediately prior to, the expiration or termination of the Commitments, of the aggregate principal amount of such Swing Line Loans. Each Lender will make the proceeds of any Revolving Credit Loan
made pursuant to the immediately preceding sentence available to the Administrative Agent for the account of the Swing Line Lender at the office of the Administrative Agent prior to 2:00 P.M., New York City time, in funds immediately available on
the Business Day on which the Commitments expire or terminate; provided, however, in the event that the Lenders do not receive notice of such termination before 12:00 P.M., New York City time on such date such proceeds shall be made
available to the Administrative Agent for the account of the Swing Line Lender at the office of the Administrative Agent, in immediately available funds, prior to 12:00 P.M., New York City time, on the immediately succeeding Business Day. The
proceeds of such Revolving Credit Loans shall be immediately applied to repay the Swing Line Loans outstanding on the date of termination or expiration of the Commitments. 
 (e) If prior to the time a Revolving Credit Loan would have otherwise been made pursuant to Section 2.19(c), one of the events described in clause (f) of
Article 7 shall have occurred and be continuing with respect to the Borrower, each Lender shall, on the date such Revolving Credit Loan was to have been made pursuant to the notice referred to in
Section 2.19(d), purchase for cash an undivided participating interest in the then outstanding Swing Line Loans by paying to the Swing Line Lender an amount (the “Swing Line Participation Amount”) equal to
(i) such Lender’s Commitment Percentage times (ii) the sum of the aggregate principal amount of Swing Line Loans then outstanding that were to have been repaid with such Revolving Credit Loans. 

(f) Whenever, at any time after the Swing Line Lender has received from any Lender such Lender’s Swing Line Participation Amount,
the Swing Line Lender receives any payment on account of the Swing Line Loans, the Swing Line Lender will distribute to such Lender its Swing Line Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period
of time during which such Lender’s participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Lender’s pro rata portion of such payment if such payment is not sufficient to
pay the principal of and interest on all Swing Line Loans then due); provided, however, that in the event that such payment received by the Swing Line Lender is required to be returned, such Lender will return to the Swing Line Lender
any portion thereof previously distributed to it by the Swing Line Lender. 

  
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 (g) Each Lender’s obligation to make the Revolving Credit Loans referred to in
Section 2.19(c) and Section 2.19(d) and to purchase participating interests pursuant to Section 2.19(e) shall be absolute and unconditional and shall not be affected by any circumstance,
including (i) any setoff, counterclaim, recoupment, defense or other right that such Lender or the Borrower may have against the Swing Line Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or
continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article 4, (iii) any adverse change in the condition (financial or otherwise) of the Borrower, (iv) any
breach of this Agreement or any Note by the Borrower, any Guarantor or any other Lender or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

Section 2.20 Letters of Credit. 
 (a) L/C Commitment. Subject to the terms and conditions hereof, each Issuing Bank, in reliance on the agreements of the other Lenders set forth in Section 2.20(e), agrees to
issue letters of credit (“Letters of Credit”) for the account of the Borrower or any of its Subsidiaries or Affiliates on any Business Day during the period from the Availability Date to the Commitment Termination Date of
such Issuing Bank in such form as may be approved from time to time by such Issuing Bank; provided that no Issuing Bank shall have any obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) without the
consent of the applicable Issuing Bank, (A) in the case of any Principal Issuing Bank, the L/C Obligations with respect to Letters of Credit issued by such Principal Issuing Bank would exceed $10,000,000 or such other amount (not to exceed,
when added to the Letter of Credit commitments of all other Issuing Banks, the aggregate amount of the Commitments) as may be agreed to by such Principal Issuing Bank and the Borrower in writing from time to time (with prompt notice to the
Administrative Agent), and (B) in the case of any other Issuing Bank, the L/C Obligations with respect to Letters of Credit issued by such Issuing Bank would exceed such amount (not to exceed, when added to the Letter of Credit commitments of
all other Issuing Banks, the aggregate amount of the Commitments) as may be agreed to by such Issuing Bank and the Borrower in writing from time to time (with prompt notice to the Administrative Agent), (ii) the aggregate principal amount of
the Total Extensions of Credit would exceed the aggregate amount of the Commitments, or (iii) in the event that the Commitment Termination Date shall have been extended pursuant to Section 2.21 with respect to some but not
all of the Lenders, the portion of the L/C Obligations attributable to Letters of Credit with expiry dates after any Existing Commitment Termination Date will exceed the portion of the aggregate Commitments attributable to the Commitments of the
Lenders with respect to which the Commitment Termination Date shall have been extended beyond such Existing Commitment Termination Date. Each Letter of Credit shall (A) be denominated in Dollars, (B) have a face amount of at least
$1,000,000 (unless otherwise agreed by the Issuing Bank) and (C) expire no later than the earlier of (x) the first anniversary of its date of issuance and (y) the date that is five Business Days prior to the Commitment Termination
Date of the applicable Issuing Bank, provided that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause
(y) above). 
 It is agreed that the Borrower shall have the right from and after the Closing Date to request that
any letter of credit issued by a Principal Issuing Bank pursuant to documentation other than this Agreement be deemed (at any time during the Commitment Period of such Principal Issuing Bank) to constitute a Letter of Credit issued under this
Agreement, and, provided that all requirements of this Agreement that would then be applicable to the issuance of such letter of credit if it were then being newly issued as a Letter of Credit hereunder are satisfied (including the
satisfaction of the conditions precedent set forth in Section 4.2 and Section 4.3), and with the consent of the applicable Principal 

  
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Issuing Bank, such letter of credit shall be so deemed to constitute a Letter of Credit issued under this Agreement as fully as if it were then newly issued under this Agreement. The applicable
Principal Issuing Bank shall provide the Administrative Agent with a copy of each such Letter of Credit in accordance with Section 2.20(b) below. 
 (b) Procedure for Issuance and Amendment of Letters of Credit. The Borrower may from time to time request that an Issuing Bank issue or amend a Letter of Credit, as the case may be, by delivering
to such Issuing Bank, at its address for notices specified herein (or transmit by electronic communication, if arrangements for doing so have been approved by such Issuing Bank) an Application therefor, completed to the satisfaction of such Issuing
Bank. Additionally, the Borrower shall furnish to the applicable Issuing Bank such other certificates, documents and other papers and information as such Issuing Bank may request. Upon receipt of any Application, such Issuing Bank will provide a
copy thereof to the Administrative Agent and, following receipt, the Administrative Agent shall advise the Lenders thereof. Such Issuing Bank will process such Application and the certificates, documents and other papers and information delivered to
it in connection therewith in accordance with its customary procedures, unless, in the case of any L/C Credit Extension, such Issuing Bank has received written notice from any Lender, the Administrative Agent or the Borrower, at least one Business
Day prior to the requested date of the applicable L/C Credit Extension, that one or more applicable conditions contained in Section 4.3 shall not then be satisfied, then, subject to the terms and conditions hereof, such Issuing
Bank shall promptly issue the Letter of Credit or applicable amendment, as the case may be, requested thereby (but in no event shall such Issuing Bank be required to issue or amend any Letter of Credit earlier than three Business Days after its
receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit (or amendment thereto) to the beneficiary thereof or as otherwise may
be agreed to by such Issuing Bank and the Borrower. Such Issuing Bank shall furnish a copy of such Letter of Credit or any amendment thereto to the Borrower promptly following the issuance thereof. Such Issuing Bank shall promptly furnish to the
Administrative Agent, which shall in turn promptly furnish to the Lenders, notice of the issuance of each Letter of Credit, each increase or decrease in the amount of such Letter of Credit and the termination of such Letter of Credit. 

(c) Additional Provisions Regarding Issuance and Amendment of Letters of Credit. Notwithstanding the foregoing or anything else to
the contrary contained herein, no Issuing Bank shall be under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such
Issuing Bank from issuing such Letter of Credit, or any law applicable to such Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank (x) shall
prohibit, or request that such Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular, (y) shall impose upon such Issuing Bank with respect to such Letter of Credit any restriction, reserve
or capital requirement (for which such Issuing Bank is not otherwise entitled to be compensated hereunder) not in effect on the date of this Agreement, or (z) shall impose upon such Issuing Bank any unreimbursed loss, cost or expense which was
not applicable on the date hereof and which such Issuing Bank in good faith deems material to it; provided that, in the cases of clauses (y) and (z), such Issuing Bank shall have provided written notice to the
Borrower of its refusal to issue any Letter of Credit and the specific reasons therefor and the Borrower shall not have compensated such Issuing Bank for the imposition of such restriction, reserve or capital requirement or reimbursed such Issuing
Bank for such loss, cost or expense, as applicable; (ii) the issuance of such Letter of Credit would otherwise conflict with, or cause such Issuing Bank or any L/C Participant to exceed any limits imposed by, any applicable Law; (iii) the
issuance of such Letter of Credit would violate one or more policies of such Issuing Bank applicable to letters of credit generally; or (iv) such Letter of Credit would expire after the date which is five Business Days prior to such Issuing
Bank’s Commitment Termination Date. An Issuing Bank shall not be obligated to amend any Letter of Credit if (A) such Issuing Bank would have no obligation at such time to issue the Letter of Credit in its amended form under the terms
hereof, or (B) the beneficiary of the Letter of Credit does not accept the proposed amendment to the Letter of Credit. 

  
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 (d) Fees and Other Charges. 

(i) The Borrower will pay to the Administrative Agent for the account of each Lender (subject to
Section 2.22(b)(v)), a fee (“Letter of Credit Fees”) on the daily amount available to be drawn under all outstanding Letters of Credit, shared ratably among the Lenders and payable quarterly in arrears on
each L/C Fee Payment Date after the issuance date, in the following amounts: 
 (A) as to Performance Letters of
Credit, at a per annum rate equal to 50% of the Applicable Margin for Eurodollar Loans then in effect; and 
 (B)
as to Financial Letters of Credit, at a per annum rate equal to the Applicable Margin for Eurodollar Loans then in effect. 
 (ii) In addition, the Borrower shall pay to the Administrative Agent for the account of each Issuing Bank, a fronting fee at the rate or rates per annum separately agreed upon by the Borrower and such
Issuing Bank on the daily amount available to be drawn under of each Letter of Credit issued by such Issuing Bank, payable quarterly in arrears on each L/C Fee Payment Date after the issuance date. 

(iii) The foregoing fees shall be calculated on the basis of a 360-day year for actual days elapsed. 

(iv) In addition to the foregoing fees, the Borrower shall pay or reimburse each Issuing Bank for such normal and
customary costs and expenses as are incurred or charged by such Issuing Bank in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit issued by such Issuing Bank. 

(e) L/C Participations. 
 (i) By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the applicable Issuing Bank or the L/C
Participants, each Issuing Bank irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce each Issuing Bank to issue Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and
purchases from each Issuing Bank, on the terms and conditions set forth below, for such L/C Participant’s own account and risk an undivided interest equal to such L/C Participant’s Commitment Percentage in each Issuing Bank’s
obligations and rights under and in respect of each Letter of Credit and the amount of each draft paid by any Issuing Bank thereunder. Each L/C Participant unconditionally and irrevocably agrees with each Issuing Bank that, if a draft is paid under
any Letter of Credit for which such Issuing Bank is not reimbursed in full by the Borrower in accordance with the terms of this Agreement, such L/C Participant shall pay to such Issuing Bank upon demand at such Issuing Bank’s address for
notices specified herein an amount equal to such L/C Participant’s Commitment Percentage of the amount of such draft, or any part thereof, that is not so reimbursed. Each L/C Participant’s obligation to pay such amount shall be absolute
and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that such L/C Participant may have against such

  
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Issuing Bank, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other
conditions specified in Article 4, (C) any adverse change in the condition (financial or otherwise) of the Borrower, (D) any breach of this Agreement by the Borrower, any other Loan Party or any other L/C Participant, or
(E) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

(ii) If any amount required to be paid by any L/C Participant to any Issuing Bank pursuant to
Section 2.20(e)(i) in respect of any unreimbursed portion of any L/C Disbursement is paid to such Issuing Bank within three Business Days after the date such payment is due, such L/C Participant shall pay to such Issuing Bank on
demand an amount equal to the product of (A) such amount, times (B) the daily average Federal Funds Effective Rate during the period from and including the date such payment is required to the date on which such payment is
immediately available to such Issuing Bank, times (C) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any L/C
Participant pursuant to Section 2.20(e)(i) is not made available to such Issuing Bank by such L/C Participant within three Business Days after the date such payment is due, such Issuing Bank shall be entitled to recover from such
L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to Reference Rate Loans. A certificate of any Issuing Bank submitted to any L/C Participant with respect to any amounts
owing under this Section 2.20(e) shall be conclusive in the absence of manifest error. 

(iii) Whenever, at any time after any Issuing Bank has made payment under any Letter of Credit and has received from any
L/C Participant its pro rata share of such payment in accordance with Section 2.20(e)(i), such Issuing Bank receives any payment related to such Letter of Credit (whether directly from the Borrower or otherwise, including
proceeds of collateral applied thereto by such Issuing Bank), or any payment of interest on account thereof, such Issuing Bank will distribute to such L/C Participant its pro rata share thereof; provided, however, that in the
event that any such payment received by such Issuing Bank shall be required to be returned by such Issuing Bank, such L/C Participant shall return to such Issuing Bank the portion thereof previously distributed by such Issuing Bank to it.

 (f) Reimbursement Obligation of the Borrower. If any draft is paid under any Letter of Credit, the Borrower shall
reimburse the applicable Issuing Bank for the amount of (i) such draft so paid and (ii) any taxes, fees, charges or other costs or expenses incurred by such Issuing Bank in connection with such payment, not later than 12:00 P.M., New York
City time, on the Business Day immediately following the day that the Borrower receives such notice (which notice shall be given by telecopy or telephone in accordance with Section 9.2). Each such payment shall be made to such
Issuing Bank at its address for notices referred to herein in Dollars. Interest shall be payable on any such amounts from the date on which the relevant draft is paid until payment in full at the rate set forth in (A) until the Business Day
next succeeding the date of the relevant notice, Section 2.9(b) and (B) thereafter, Section 2.9(d). 
 (g) Obligations Absolute. The Borrower’s obligations under this Section 2.20 shall be absolute and unconditional under any and all circumstances and irrespective of any
setoff, counterclaim or defense to payment that the Borrower or any of its Subsidiaries may have or have had against any Issuing Bank, any beneficiary of a Letter of Credit or any other Person. The Borrower also agrees with each Issuing Bank that no
Issuing Bank shall be responsible for, and the Borrower’s Reimbursement Obligations under Section 2.20(f) shall not be affected by, among other things, (i) any lack of validity or enforceability of any Letter of Credit
or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any 

  
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respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by any Issuing Bank under a Letter of Credit against presentation of a draft or other document that
does not strictly comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.20,
constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Banks, nor any of their Related Parties, shall have any
liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding
sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any
error in interpretation of technical terms or any consequence arising from causes beyond the control of any Issuing Bank; provided that the foregoing shall not be construed to excuse the relevant Issuing Bank from liability to the Borrower to
the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable Law) suffered by the Borrower that are caused by such Issuing Bank’s
failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the
part of an Issuing Bank (as finally determined by a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof,
the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, an Issuing Bank may, in its sole discretion, either accept and make payment upon such
documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such
Letter of Credit. 
 (h) Letter of Credit Payments. If any draft shall be presented for payment under any Letter of
Credit, the relevant Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the date and amount thereof and whether such Issuing Bank has made or will make a payment thereunder; provided that any failure to give or
delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the Lenders with respect to any L/C Disbursement in accordance with the terms hereof. The responsibility of such Issuing Bank to the
Borrower in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft)
delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit. 
 (i) Applications. To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the provisions of this Section 2.20, the provisions of
this Section 2.20 shall apply. 
 (j) Liability of Borrower. Notwithstanding that a Letter of Credit
issued or otherwise outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary or an Affiliate of the Borrower, or, in the case of a letter of credit deemed to constitute a Letter of Credit hereunder pursuant
to Section 2.20(a), was originally issued for the account of another Person, the Borrower shall be obligated to reimburse the applicable Issuing Bank hereunder for any and all drawings under such Letter of Credit as provided in
this Agreement. 
 (k) Cash Collateralization. If (i) an Event of Default shall occur and be continuing, on the
Business Day that the Borrower receives notice from the Administrative Agent or the Required Lenders 

  
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(or, if the maturity of the Loans has been accelerated, Lenders with reimbursement obligations with respect to L/C Obligations representing greater than 50% of the total L/C Obligations)
demanding the deposit of Cash Collateral pursuant to this Section 2.20(k) or (ii) the Borrower is required to Cash Collateralize L/C Obligations pursuant to a provision of this Agreement including pursuant to the provisions
of Section 2.5(b) or Section 2.21(h), on the date required by such provision, the Borrower shall provide Cash Collateral in an amount in cash equal to the L/C Obligations as of such date plus any accrued and
unpaid interest thereon; provided that the obligation to deposit such Cash Collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the
occurrence of any Event of Default with respect to the Borrower described in clause (f) of Article 7. As collateral security for the payment and performance of the obligations of the Borrower under this
Agreement, the Borrower hereby grants to the Administrative Agent, for the benefit of each Issuing Bank and the Lenders, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so
provided as collateral pursuant hereto, and in all proceeds of the foregoing, and any substitutions and replacements therefor. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, as
applicable, over any such cash, accounts and other property. Other than any interest earned on the investment of any such deposits (in the event any such investment is made pursuant to the following sentence), such deposits shall not bear interest.
The Administrative Agent shall not be required to invest any such deposits; provided that if the Administrative Agent elects to invest any such deposits, the Administrative Agent shall invest such deposits in one or more types of Cash
Equivalents, and such investments shall be at the Borrower’s risk and expense. Interest or profits, if any, on such investments shall accumulate in any such accounts. Moneys in any such accounts and the cash proceeds of any other property shall
be applied by the Administrative Agent to reimburse ratably the Issuing Banks for any L/C Disbursement for which they have not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of
the Borrower for the L/C Obligations at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with reimbursement obligations with respect to L/C Obligations representing greater than 50% of the total
L/C Obligations), be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of Cash Collateral hereunder as a result of the occurrence of an Event of Default and the Borrower is
not otherwise required to pay to the Administrative Agent any Cash Collateral under Section 2.5(b), Section 2.21(h) or otherwise, such amount (to the extent not applied as aforesaid) shall be returned to the
Borrower within three Business Days after all Events of Default have been cured or waived. If no Event of Default exists, Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall
be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee
following compliance with the terms hereof)), or (ii) the determination by the Administrative Agent and the applicable Issuing Bank that there exists excess Cash Collateral. 

(l) Replacement of an Issuing Bank. An Issuing Bank may be replaced at any time by written agreement among the Borrower, the
Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrower shall
pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.20(d). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and
obligations of an Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous
Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and
obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 

  
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 Section 2.21 Extension of Commitment Termination Date. 

(a) So long as no Event of Default has occurred and is continuing, the Borrower may request, in a notice given as herein provided and
substantially in the form attached hereto as Exhibit E or in such other form as shall be acceptable to the Administrative Agent (the “Extension of Commitment Termination Date Request”) to the Administrative
Agent, who shall promptly forward such notice to each of the Lenders, not less than 60 days and not more than 90 days prior to each anniversary of the Availability Date, that the then-applicable Commitment Termination Date (the “Existing
Commitment Termination Date”) be extended to the date that is one year after such Existing Commitment Termination Date (each such date, the “Requested Commitment Termination Date”); provided that the
Borrower may request such an extension no more than two times. Each Lender, acting in its sole discretion, shall, not later than a date 30 days after its receipt of any such notice from the Borrower, notify the Borrower and the Administrative Agent
in writing of its election to extend or not to extend the Existing Commitment Termination Date with respect to its Commitment. Any Lender which shall not timely notify the Borrower and the Administrative Agent of its election to extend the Existing
Commitment Termination Date shall be deemed not to have elected to extend the Existing Commitment Termination Date with respect to its Commitment (any Lender who timely notifies the Borrower and the Administrative Agent of an election not to extend,
or revokes its election to extend in accordance with this Section 2.21, or fails to timely notify the Borrower and the Administrative Agent of its election being referred to as a “Terminating Lender”).
Notwithstanding any provision of this Agreement to the contrary, any notice by any Lender of its willingness to extend the Existing Commitment Termination Date shall be revocable by such Lender in its sole and absolute discretion at any time prior
to the date which is 30 days after its receipt of any Extension of Commitment Termination Date Request. The election of any Lender to agree to a requested extension shall not obligate any other Lender to agree to such requested extension.

 (b) If and only if the Required Lenders (including Commitments of all Terminating Lenders on such date) shall have agreed in
writing during the 30 day period referred to in Section 2.21(a) to extend the Existing Commitment Termination Date, then (i) the Commitments of the Lenders other than Terminating Lenders (the “Continuing
Lenders”) shall, subject to the other provisions of this Agreement, be extended to the Requested Commitment Termination Date specified in the Extension of Commitment Termination Date Request from the Borrower, and as to such Lenders the
term “Commitment Termination Date”, as used herein, shall on and after the date as of which the requested extension is effective mean such Requested Commitment Termination Date, provided that if such date is not a
Business Day, then such Requested Commitment Termination Date shall be the next preceding Business Day and (ii) the Commitments of the Terminating Lenders shall continue until the then-applicable Existing Commitment Termination Date, and shall
then terminate, and as to the Terminating Lenders, the term “Commitment Termination Date”, as used herein, shall continue to mean such Existing Commitment Termination Date. The Administrative Agent shall promptly notify
(A) the Lenders and the Borrower of any extension of any Existing Commitment Termination Date pursuant to this Section 2.21 and (B) the Borrower and the Lenders of any Lender which becomes a Terminating Lender (the date
of such notification being referred to herein as the “Extension Confirmation Date”). 
 (c) As a
condition precedent to any such extension of the Commitment Termination Date on the Extension Confirmation Date, the Administrative Agent shall have received a certificate of the Borrower dated as of the Extension Confirmation Date and signed by a
Financial Officer of the Borrower (i) certifying and attaching the resolutions adopted by the Borrower approving or consenting to such extension, and (ii) certifying that (A) before and after giving effect to such extension, the
representations and warranties contained in Article 3 are true and correct in all material respects on and as of the Extension Confirmation Date, except to the extent that such representations and warranties specifically refer to
an earlier date, and (B) before and after giving effect to such extension, no Event of Default has occurred and is continuing or will result therefrom. 

  
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 (d) In the event that the Commitment Termination Date shall have been extended for the
Continuing Lenders in accordance with Section 2.21(b) above and, in connection with such extension, there are Terminating Lenders, the Borrower may, at its own expense and in its sole discretion and prior to the then-applicable
Existing Commitment Termination Date, require any Terminating Lender to transfer and assign, without recourse (in accordance with Section 2.18 and Section 9.6(c)) all or part of its interests, rights and
obligations under this Agreement to an assignee (which assignee may be another Lender, if another Lender accepts such assignment) that shall assume such assigned obligations and that shall agree that its Commitment will expire on the Commitment
Termination Date in effect for Continuing Lenders pursuant to Section 2.21(b); provided, however, that (i) the Borrower shall have received the prior written consent of the Administrative Agent, each Issuing
Bank and the Swing Line Lender (which consents shall not unreasonably be withheld, conditioned or delayed), to the extent required by Section 9.6(c), (ii) the assigning Lender shall have received from the Borrower or such
assignee full payment in immediately available funds of the principal of and interest accrued to the date of such payment on the Loans made by it hereunder to the extent that such Loans are subject to such assignment and all other amounts owed to it
hereunder, and (iii) if the assigning Lender is an Issuing Bank, it shall have received cash collateral as required by Section 2.21(f) or it shall have entered into other arrangements with the Borrower that are satisfactory
to such Issuing Bank with respect to any outstanding Letters of Credit issued by it. Any such assignee’s initial Commitment Termination Date shall be the Commitment Termination Date in effect for the Continuing Lenders at the time of such
assignment. The Borrower shall not be permitted to require a Lender to assign any part of its interests, rights and obligations under this Agreement pursuant to this Section 2.21(d) unless it has notified such Lender of its
intention to require the assignment thereof at least ten days prior to the proposed assignment date. Any assignee which becomes a Lender as a result of such an assignment made pursuant to this Section 2.21(d) shall be deemed to
have consented to the applicable Extension of Commitment Termination Date Request and, therefore, shall not be a Terminating Lender. 
 (e) The Borrower shall repay in full all Revolving Credit Loans owing to any Terminating Lender on the Existing Commitment Termination Date, with accrued interest and all other amounts then due and owing
thereon, on or before the Existing Commitment Termination Date with respect to such Terminating Lender. 
 (f) In the event that
any Terminating Lender is an Issuing Bank and any Letters of Credit issued by such Bank under this Agreement remain outstanding on the Existing Commitment Termination Date, the Borrower shall deposit cash collateral with such Issuing Bank in an
amount equal to the aggregate face amount of such Letters of Credit upon terms reasonably satisfactory to such Issuing Bank to secure the Borrower’s obligations to reimburse for drawings under such Letters of Credit or make other arrangements
satisfactory to such Issuing Bank with respect to such Letters of Credit including providing other credit support. 
 (g) Each
Continuing Lender shall automatically (without any further action) and ratably acquire on the Existing Commitment Termination Date the Terminating Lender’s participations in Letters of Credit and Swing Line Loans, in an amount equal to such
Continuing Lender’s Commitment Percentage of the amount of such participations but only to the extent that such acquisition does not cause, with respect to any Continuing Lender, the aggregate unpaid principal amount of all Revolving Credit
Loans of such Lender, plus such Lender’s Commitment Percentage of the L/C Obligations then outstanding, plus such Lender’s Commitment Percentage of the aggregate principal amount of all Swing Line Loans then outstanding, to
exceed such Continuing Lender’s Commitments as in effect at such time. 

  
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 (h) If the acquisition of the Terminating Lender’s participations in Letters of Credit
and Swing Line Loans described in the preceding clause (g) cannot, or can only partially, be effected, the Borrower shall make any prepayments and provide all Cash Collateral required pursuant to Section 2.5(b).
The amount of Cash Collateral provided by the Borrower in accordance with this clause (h) shall reduce the Terminating Lenders’ Commitment Percentage of the outstanding amount of L/C Obligations (after giving effect to any
partial acquisition pursuant to the preceding clause (g)) on a pro rata basis; and on the Existing Commitment Termination Date, each Terminating Lender’s Commitment to make Revolving Credit Loans, purchase participations in
Swing Line Loans, and purchase participations in L/C Obligations with respect to Letters of Credit issued after its Existing Commitment Termination Date shall terminate. 
 (i) Notwithstanding the foregoing, any extension of any Commitment Termination Date pursuant to this Section 2.21 shall not be effective with respect to any Lender unless: 

(i) the Borrower shall have made all payments required pursuant to clause (e) of this
Section 2.21 and Section 2.5(b); 
 (ii) the Administrative Agent shall
have received any Cash Collateral required to be paid by the Borrower pursuant to Section 2.5(b); and 
 (iii) the applicable Issuing Bank(s) shall have received such cash collateral as is required to be paid by the Borrower pursuant to clause (f) of this Section 2.21 or
shall have entered into other satisfactory arrangements with the Borrower with respect to any outstanding Letters of Credit issued by such Issuing Bank. 
 Section 2.22 Defaulting Lenders. 
 (a) Payments to
Defaulting Lenders. If a Defaulting Lender as a result of the exercise of a set off shall have received a payment in respect of its outstanding Revolving Credit Loans which results in its pro rata share of the outstanding Revolving Credit Loans
outstanding being less than such Defaulting Lender’s pro rata share of the sum of the aggregate amount of the Commitments, then no payment will be made to such Defaulting Lender until all amounts due and owing to the Lenders have been equalized
in accordance with each Lender’s respective pro rata share of the sum of the aggregate amount of the Commitments. Further, if at any time prior to the acceleration or maturity of the Revolving Credit Loans, the Administrative Agent shall
receive any payment in respect of principal of a Revolving Credit Loan while one or more Defaulting Lenders shall be party to this Agreement, the Administrative Agent shall apply such payment first to the Revolving Credit Loan(s) for which such
Defaulting Lender(s) shall have failed to fund its pro rata share until such time as such Revolving Credit Loans(s) are paid in full or each Lender (including each Defaulting Lender) is owed its pro rata share of all Revolving Credit Loans then
outstanding. 
 (b) Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender,
then the following provisions shall apply for so long as such Lender is a Defaulting Lender, to the extent permitted by applicable Law: 
 (i) Commitment Fees. Fees otherwise payable pursuant to Section 2.8(a) shall cease to accrue on the Commitment of such Defaulting Lender and the Borrower shall not be required to
pay any such fee for such period that otherwise would have been required to have been paid to that Defaulting Lender. 

  
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 (ii) Voting. Neither the Commitment nor the principal amount of the
Loans of such Defaulting Lender shall be included in determining whether all Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 9.1),
provided that any waiver, amendment or modification (A) that would increase or extend the Commitment of or reduce the principal or interest owing to such Defaulting Lender under this Agreement or (B) requiring the consent of all
Lenders which affects such Defaulting Lender differently than all other Lenders, as the case may be, shall require the consent of such Defaulting Lender. 
 (iii) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C Obligations and Swing Line Loans shall be reallocated among
the Non-Defaulting Lenders in accordance with their respective Commitment Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set forth in
Section 4.3 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such
conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate amount of the Commitments of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. No reallocation hereunder shall
constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting
Lender’s increased exposure following such reallocation. 
 (iv) Cash Collateral; Repayment of Swing Line
Loans. If the reallocation described in clause (iii) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay
Swing Line Loans in an amount equal to the Swing Line Lender’s Fronting Exposure and (y) second, Cash Collateralize the Issuing Banks’ Fronting Exposure. 

(v) Letter of Credit Fees. No Defaulting Lender shall be entitled to receive fees pursuant to
Section 2.20(d) for any period during which that Lender is a Defaulting Lender. The Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee with respect to such Defaulting Lender’s participation
in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iii) above, (y) pay to each Issuing Bank and Swing Line Lender, as applicable, the amount of any such fee otherwise payable to
such Defaulting Lender to the extent allocable to such Issuing Bank’s or Swing Line Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee. 

(vi) Defaulting Lender Cure. In the event that the Administrative Agent, the Borrower, the Swing Line Lender and
each Issuing Bank each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the participations of the Lenders in Swing Line Loans and in L/C Obligations shall be readjusted to
reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swing Line Loans) as the Administrative Agent shall determine may be necessary in order for
such Lender to hold such Loans in accordance with its Commitment Percentage; provided that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver
or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

  
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 (c) New Swing Line Loans/Letters of Credit. So long as any Lender is a Defaulting
Lender, (i) the Swing Line Lender shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) no Issuing Bank shall be required to
issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. 
 (d) Termination of Defaulting Lenders. The Borrower shall have the right, in its sole discretion, to terminate the Commitment of any Defaulting Lender by giving the Administrative Agent and such
Defaulting Lender a written notice setting forth its election and a termination date (an “Early Commitment Termination Date”), which date shall not be earlier than three (3) Business Days after the date on which such
notice has been given, except as otherwise provided in Section 2.18. On the Early Commitment Termination Date, such Defaulting Lender’s Commitment shall terminate and the Borrower shall (i) prepay all of such Defaulting
Lender’s outstanding Loans together with interest thereon accrued to such Early Commitment Termination Date, (ii) pay all Commitment Fees accrued to such Early Commitment Termination Date, except as otherwise provided in clause
(b)(i), (iii) pay all amounts then owing to such Defaulting Lender pursuant to Section 2.14, Section 2.15, Section 2.16 and Section 9.5 for which demand has
been made to the Borrower prior to such Early Commitment Termination Date, and (iv) if such Defaulting Lender is an Issuing Bank and any Letters of Credit issued by such Defaulting Lender under this Agreement remain outstanding, deposit cash
collateral with such Defaulting Lender in an amount equal to the aggregate face amount of such Letters of Credit upon terms reasonably satisfactory to such Defaulting Lender to secure the Borrower’s obligations to reimburse for drawings under
such Letters of Credit or make other arrangements satisfactory to such Defaulting Lender with respect to such Letters of Credit, including providing other credit support. Upon termination of such Defaulting Lender’s Commitment in accordance
with this Section 2.22(d), such Defaulting Lender shall cease to be a party hereto. 
 ARTICLE 3. REPRESENTATIONS AND
WARRANTIES 
 Each of the Borrower and each Guarantor, with respect to representations and warranties pertaining to it,
represents and warrants to the Administrative Agent and to each Lender, as of the Closing Date (in the case of the representations and warranties contained in Section 3.5(a) only) and the Availability Date (in the case of the
representations and warranties contained in each Section of this Article 3 other than Section 3.5(a)), and thereafter as of each date required by Section 4.2 or
Section 4.3, that: 
 Section 3.1 Corporate Existence and Power. Each Loan Party is a
corporation, partnership or limited liability company duly incorporated or organized, as applicable, validly existing and in good standing under the laws of its jurisdiction of organization, and has all organizational powers and all material
governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted. 

Section 3.2 Corporate and Governmental Authorization; Contravention. The execution, delivery and performance by each
Loan Party of this Agreement and any other Loan Documents to which it is a party (a) are within its organizational powers, have been duly authorized by all necessary organizational action, (b) require no consent or approval of, or other
action by or in respect of, or registration or filing with, any Governmental Authority, (c) do not contravene, or constitute a breach or a default under, any provision of its Organization Documents, (d) do not contravene any applicable Law
or regulation, and (e) will not violate or result in a default under any Material Agreement, any indenture, agreement or other instrument binding upon any Loan Party or any of its Restricted Subsidiaries or by which any property or asset of any
Loan Party or any of its Restricted Subsidiaries is bound, except, in the case of clauses (b), (d) and (e), as would not reasonably be expected to result in a Material Adverse Effect. 

  
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 Section 3.3 Enforceability. The Loan Documents to which it is a party
constitute the legal, valid and binding obligations of each Loan Party, enforceable against such Loan Party in accordance with their respective terms, except as may be limited by applicable bankruptcy, moratorium, insolvency or similar Laws
affecting the rights of creditors generally and general principles of equity. 
 Section 3.4 Financial
Information. 
 (a) The Initial Financial Statements (i) of Borrower’s Predecessor present fairly, in all
material respects, the consolidated financial position and combined results of operations and cash flows of Borrower’s Predecessor and its consolidated Subsidiaries as of such dates and for such periods in conformity with GAAP and (ii) of
the Borrower and its consolidated Subsidiaries were prepared in good faith based on the assumptions that were believed to be reasonable in light of the then-existing conditions (subject to the proviso that it is understood that such pro forma
financial statements are based upon professional opinions, estimates and adjustments and that the Loan Parties do not warrant that such opinions, estimates and adjustments will ultimately prove to have been accurate). 

(b) Beginning with the initial delivery of the financial information required under Section 5.1(a) and
Section 5.1(b), the financial information delivered to the Lenders pursuant to such sections fairly presents, in all material respects, in conformity with GAAP, the consolidated financial position of the Borrower and its
consolidated Subsidiaries as of such date and their consolidated results of operations and cash flows as of such date (subject, in the case of interim statements, to normal year-end adjustments and the absence of footnotes). 

Section 3.5 Litigation; No Material Adverse Effect. 

(a) As of the Closing Date, except as set forth in the Closing Date SEC Reports or as disclosed in Schedule 3.5, there is
no litigation, arbitration or governmental investigation, proceeding or inquiry pending against or, to the knowledge of the Borrower, threatened in writing against or affecting the Borrower or any Restricted Subsidiary as to which there is a
reasonable possibility of an adverse determination (i) which could reasonably be expected to have a material adverse effect on the business, assets (including the assets or business to be contributed to the Borrower and its Subsidiaries
pursuant to the Contribution and the IPO), financial condition, or operations of the Borrower and its Restricted Subsidiaries, taken as a whole, after giving effect to the Contribution and the IPO, or (ii) which seeks to prevent, enjoin or
delay the Contribution or IPO or the making of the initial Loans hereunder, if any. 
 (b) As of the Availability Date, since
December 31, 2012, there has been no Material Adverse Effect. 
 Section 3.6 Employee Benefit Plans.

 (a) No Reportable Event has occurred or prohibited transaction under Section 406 of ERISA has occurred with
respect to any “Employee Benefit Plans”, as that term is defined in Section 3(3) of ERISA, of the Borrower or any ERISA Affiliate which could reasonably be expected to result in a Material Adverse Effect. No prohibited
transaction under Section 406 of ERISA which could reasonably be expected to result in a Material Adverse Effect has occurred with respect to the Borrower or any ERISA Affiliate or will occur upon the issuance of any Notes or the
execution of this Agreement. 

  
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 (b) The Borrower and each ERISA Affiliate have fulfilled their respective obligations under
the minimum funding standards of ERISA and the Code with respect to each Plan and are in compliance in all material respects with the presently applicable provisions of ERISA and the Code with respect to each Plan. Except as could not reasonably be
expected to result in a Material Adverse Effect, neither the Borrower nor any ERISA Affiliate has (i) sought a waiver of the minimum funding standard under the Pension Funding Rules, (ii) failed to make any contribution or payment to any
Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could reasonably be expected to result in the imposition of a Lien or the posting of a bond or other
security under ERISA or the Code or (iii) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums due but not delinquent under Section 4007 of ERISA. 

Section 3.7 Environmental Matters. Except with respect to any matter that, individually or in the aggregate, would not
reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its Restricted Subsidiaries (a) has failed to comply with any applicable Environmental Law or to obtain, maintain or comply with any permit, license
or other approval required under any applicable Environmental Law, (b) has become subject to any Environmental Liability, (c) has received notice of any claim with respect to any Environmental Liability or (d) knows of any basis for
any Environmental Liability. This Section 3.7 is the sole and exclusive representation and warranty of the Loan Parties with respect to Environmental Laws, Environmental Liabilities and Hazardous Materials contained in this
Article 3 and no other provision hereof shall be construed to constitute such a representation or warranty; provided that the foregoing does not limit the provisions of Section 3.4,
Section 3.5 or Section 3.13. 
 Section 3.8 Taxes. (a) The
Borrower and its Restricted Subsidiaries have filed all material United States federal income tax returns and all other material tax returns have been filed on or before the applicable due date (as such due date may have been timely extended), and
(b) all taxes due pursuant to such returns or pursuant to any assessment received by the Borrower or any Restricted Subsidiary have been paid (other than those which are currently being contested in good faith by appropriate proceedings or to
the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect or materially adversely affect the performance by the Borrower of its payment obligations under this Agreement or any Notes). The charges,
accruals and reserves on the books of the Borrower and its Restricted Subsidiaries in respect of taxes or other governmental charges are, in the opinion of the Borrower, adequate. 

Section 3.9 Investment Company Act. None of the Borrower nor any of its Subsidiaries is, or is required to
be registered as, an “investment company”, or a company “controlled” by an “investment company”, as defined in the Investment Company Act of 1940, as amended. 

Section 3.10 Regulation U. Neither the Borrower nor any of its Subsidiaries is engaged principally or as one of its
activities in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock” (as each such term is defined or used, directly or indirectly, in Regulation U). No part of the proceeds of
any of the Loans or any Letter of Credit will be used for purchasing or carrying margin stock or for any purpose which violates the provisions of Regulation U or Regulation X of the Board of Governors of the Federal Reserve. 

Section 3.11 Solvency. As of the Availability Date, the Borrower and its consolidated Subsidiaries are, and after the
consummation of the Transactions, will be Solvent. 
 Section 3.12 Compliance with Laws. Such Loan Party and
its Restricted Subsidiaries are in compliance with all applicable Laws (including ERISA and the rules and regulations thereunder and laws 

  
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of the United States regarding sanctions and export controls applicable to unauthorized dealings with sanctioned countries or Persons) except to the extent that the failure to comply therewith
would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

Section 3.13 Disclosure. The written reports, financial statements, certificates and other written information
(other than information of a global economic or industry nature) furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or
supplemented by other written information so furnished), when taken as a whole, did not contain as of the date such written reports, financial statements, certificates or other written information were so furnished, any material misstatement of fact
or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to (a) projections, estimates, pro forma financial
information, engineering reports and forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) contained in the materials referenced
above, the Borrower represents only that such information was prepared in good faith based upon assumptions believed by it to be reasonable at the time and (b) financial statements (including the Initial Financial Statements), the Borrower
represents only that such financial statements were prepared as represented in Section 3.4 and as required by Section 5.1(a) and Section 5.1(b), as applicable. 

Section 3.14 OFAC. The Borrower is not and no Restricted Subsidiary is (i) on any “Specially Designated
Nationals and Blocked Persons” list maintained by OFAC or (ii) in violation of any money laundering law, regulation or order including Executive Order No. 13244 on Terrorist Financing, effective September 24, 2001 and relating to
Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism and the Patriot Act. 
 Section 3.15 Subsidiaries. Set forth on Schedule 3.15 is a complete and accurate list as of the Availability Date of each of the Borrower’s Subsidiaries, together
with its jurisdiction of formation, the Borrower’s direct or indirect percentage ownership therein and whether it is a Material Subsidiary. 
 Section 3.16 Title to Properties. As of the Availability Date, each Loan Party and each of its Restricted Subsidiaries has good title to, or valid leasehold interests in, all its real
and personal property necessary or otherwise material to the business of the Loan Parties and their respective Restricted Subsidiaries, taken as a whole, except for Liens permitted hereby and except where the failure to have such title or leasehold
interest would not reasonably be expected to result in a Material Adverse Effect. 
 Section 3.17 Material
Agreements. No Restricted Subsidiary has, and to the knowledge of the Borrower, no other party to any Phillips 66 Company Material Agreement has, defaulted under any such Phillips 66 Company Material Agreement, which default, in either case,
would reasonably be expected to have a Material Adverse Effect. 
 ARTICLE 4. CONDITIONS PRECEDENT TO CLOSING DATE AND TO AVAILABILITY DATE

 Section 4.1 Conditions to Effectiveness of this Agreement (Closing Date). This Agreement shall be
effective upon satisfaction of the conditions precedent set forth in this Section 4.1; provided that the obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder are subject to
satisfaction or waiver of the conditions precedent set forth in Section 4.2 and Section 4.3: 

  
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 (a) Loan Documents. The Administrative Agent shall have received (i) this
Agreement, executed and delivered by an Authorized Officer of each Loan Party and each Lender, (ii) for the account of each Lender that has requested a Revolving Credit Note, a Revolving Credit Note conforming to the requirements of
Section 2.2 and executed by an Authorized Officer of the Borrower, and (iii) for the account of the Swing Line Lender, if the Swing Line Lender has so requested, a Swing Line Note conforming to the requirements of
Section 2.19 and executed by an Authorized Officer of the Borrower. 
 (b) Approvals. The
Administrative Agent shall have received a certificate of an Authorized Officer of the Borrower confirming that all governmental and regulatory approvals necessary in connection with execution and delivery of this Agreement and the Notes shall have
been obtained and be in full force and effect or stating that no such approvals are required. 
 (c) “Know Your
Customer” and Anti-Money Laundering Compliance. The Administrative Agent shall have received five days prior to the Closing Date (or such later date as the Administrative Agent shall reasonably agree) all documentation and other information
required by regulatory authorities with respect to the Loan Parties under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, that has been reasonably requested by the Administrative
Agent a reasonable period in advance of the date that is five days prior to the Closing Date. 
 (d) Fees and Expenses.
The Administrative Agent shall have received the fee due and payable and required to be paid to it on or prior to the Closing Date pursuant to Section 2.8(b) and the Fee Letter, and the Administrative Agent and the Designated
Arrangers shall have received payment of all other amounts due and payable on or prior to the Closing Date, including to the extent invoiced at least one Business Day prior to the Closing Date, reimbursement or payment of such expenses as are
required to be paid or reimbursed by the Borrower hereunder. 
 The Administrative Agent shall notify the Borrower and the Lenders of the
Closing Date, and such notice shall be conclusive and binding. 
 Section 4.2 Conditions to the Initial Loans and
Letters of Credit (Availability Date). The agreement of each Lender to make the initial Loan, or issue the initial Letter of Credit, requested to be made or issued by it is subject to the occurrence of the Closing Date and satisfaction (or
waiver in accordance with Section 9.1) of the conditions set forth in Section 4.3 and the following conditions precedent: 
 (a) Legal Opinions. The Administrative Agent shall have received favorable written opinions, reasonably satisfactory to the Designated Arrangers, of (i) Janet K. Greene, Senior Counsel of the
Borrower, and (ii) Bracewell & Giuliani LLP, counsel to the Loan Parties, addressed to the Administrative Agent and the Lenders and dated the Availability Date, covering such matters relating to the Loan Parties and the Loan Documents
as the Designated Arrangers shall reasonably request. 
 (b) Secretary’s Certificates. The Administrative Agent
shall have received a certificate of the Secretary or an Assistant Secretary of each Loan Party (or the General Partner on behalf of such Loan Party), dated as of the Availability Date, certifying (i) the resolutions of the board of directors
of such Loan Party authorizing the execution of each Loan Document to which such Loan Party is party, (ii) the Organization Documents of such Loan Party, and (iii) the names and true signatures of the officers executing any Loan Document
on behalf of such Loan Party on the Availability Date, and otherwise in form and substance reasonably satisfactory to the Administrative Agent. 

  
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 (c) Existence and Good Standing Certificates. The Administrative Agent shall have
received certificates of existence and good standing with respect to each Loan Party, dated as of a recent date, from appropriate public officials in the jurisdictions of organization of such Loan Parties. 

(d) Closing Certificate. The Administrative Agent shall have received a certificate in form and substance reasonably satisfactory
to the Administrative Agent dated the Availability Date and signed by a Financial Officer of the Borrower certifying (which statement shall constitute a representation and warranty made by the Borrower to the Lenders hereunder on the Availability
Date) that, as of the Availability Date after giving effect to the Contribution and the IPO, (i) each of the representations and warranties made by each Loan Party in this Agreement (other than the representations and warranties contained in
Section 3.5(a) hereof) are true and correct in all material respects on and as of such date, provided that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof, (ii) no Default or Event of Default has occurred and is continuing and (iii) as to the matters contained in Section 4.2(i) and Section 4.2(k).

 (e) Fees and Expenses. The Administrative Agent shall have received the fee due and payable and required to be paid to
it on or prior to the Availability Date pursuant to Section 2.8(b) and the Fee Letter, and the Administrative Agent and the Designated Arrangers shall have received payment of all other amounts due and payable on or prior to the
Availability Date, including to the extent invoiced at least one Business Day prior to the Availability Date, reimbursement or payment of such expenses as are required to be paid or reimbursed by the Borrower hereunder. 

(f) Financial Statements. The Lenders shall have received (which shall be deemed to have occurred upon posting of the effective
Registration Statement on EDGAR) the Initial Financial Statements. 
 (g) “Know Your Customer” and Anti-Money
Laundering Compliance. To the extent not previously provided, the Administrative Agent shall have received five days prior to the Availability Date (or such later date as the Administrative Agent shall reasonably agree) all documentation and
other information required by regulatory authorities with respect to the Loan Parties under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, that has been reasonably requested by
the Administrative Agent a reasonable period in advance of the date that is five days prior to the Availability Date. 
 (h)
Guaranty. The Administrative Agent shall have received the following: (i) a Guarantee Joinder dated the Availability Date and signed by each other Person required to deliver a Guarantee pursuant to Section 5.9,
together with such certificates required to be delivered thereunder, or (ii) a certificate dated the Availability Date executed by a Financial Officer of the Borrower certifying that no other Material Subsidiary that is a First Tier Subsidiary
exists on the Availability Date. 
 (i) Contribution and IPO. The Contribution and the IPO shall have been, or
contemporaneously with the Availability Date shall be, consummated (i) in all material respects as described in the Registration Statement, and (ii) in compliance in all material respects with applicable law and regulatory approvals.

 (j) Material Agreements. The Borrower shall have provided copies of the Material Agreements to the Administrative
Agent and Designated Arrangers (any such Material Agreements available on EDGAR being deemed to be delivered to the Administrative Agent and Designated Arrangers), the material terms of which shall be reasonably satisfactory to the Designated
Arrangers (it being understood that the material terms described in detail in the Registration Statement shall be deemed to be reasonably satisfactory to the Designated Arrangers). 

  
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 (k) Approvals. All material governmental and third party approvals necessary in
connection with the Transactions shall have been obtained and be in full force and effect, and all applicable waiting periods and appeal periods shall have expired. 
 For purposes of determining compliance with the conditions specified in this Section 4.2, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with
each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to Lenders unless an officer of the Administrative Agent responsible for the transactions contemplated by this Agreement shall have
received notice from such Lender prior to the Availability Date, specifying its objection thereto. 
 The Administrative Agent
shall notify the Borrower and the Lenders of the Availability Date, and such notice shall be conclusive and binding. The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder shall not become
effective unless each of the foregoing conditions contained in this Section 4.2 is satisfied (or waived in accordance with Section 9.1) at or prior to 5:00 P.M., New York City time, on September 30, 2013
(and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time). 

Section 4.3 Conditions to Each Loan and Letter of Credit. The agreement of each Lender to make any Loan requested to
be made by it on any date and the agreement of each Issuing Bank to honor any request for an L/C Credit Extension (including its initial Loan and Letter of Credit requested to be made or issued by it) is subject to the satisfaction of the following
conditions precedent as of the date such Loan or L/C Credit Extension is requested to be made: 
 (a) Representations and
Warranties. Each of the representations and warranties made by the Loan Parties in this Agreement shall be true and correct in all material respects on and as of such date as if made on and as of such date, both before and after giving effect to
the Loans or L/C Credit Extensions requested to be made on such date, provided that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof; and provided further that, in each case, (i) the representations and warranties contained in Section 3.5(a) shall be made only on and as of the Closing Date and (ii) the representations and warranties contained
in Section 3.5(b), Section 3.11, Section 3.15 and Section 3.16 shall be made only on and as of the Availability Date, and none of the representations and warranties
described in the foregoing clauses (i) and (ii) shall be restated on any Borrowing Date or issuance date that occurs after the Closing Date or Availability Date, as applicable. 

(b) No Default or Event of Default. No Default or Event of Default shall have occurred and be continuing on such date or after
giving effect to the Loans requested to be made, or Letters of Credit requested to be issued, amended or extended, on such date. 
 (c) Borrowing Request. The Administrative Agent shall have received, as applicable, a Borrowing Request in accordance with Section 2.3, a request for a Swing Line Loan pursuant
to Section 2.19 or a request for an L/C Credit Extension pursuant to Section 2.20. 
 Each
borrowing of Loans and request for an L/C Credit Extension by the Borrower shall constitute a representation and warranty by the Borrower hereunder as of the date thereof that the conditions in this Section 4.3 have been
satisfied. 

  
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 ARTICLE 5. AFFIRMATIVE COVENANTS OF THE BORROWER 

From and after the Availability Date and for so long as any Commitment remains in effect, any Loan remains outstanding and unpaid, any
Letter of Credit remains outstanding or any other amount is owing to any Lender or the Administrative Agent hereunder: 

Section 5.1 Financial Reporting Requirements. The Borrower will: 

(a) make available its Form 10-K via the EDGAR system of the SEC (“EDGAR”) on the internet as soon as available
and in any event within 90 days after the end of each fiscal year of the Borrower, which will in each case include an audited consolidated balance sheet of the Borrower and its Subsidiaries as of the end of such fiscal year and the related audited
consolidated statements of income, cash flows and changes in equity for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on in a manner acceptable to the SEC by Ernst &
Young LLP or other independent public accountants of nationally recognized standing; 
 (b) make available its Form 10-Q via
EDGAR on the internet as soon as available and in any event within 60 days after the end of each of the first three quarters of each fiscal year of the Borrower, which will, in each case, include, a consolidated balance sheet of the Borrower and its
Subsidiaries, as of the end of such quarter and the related (i) consolidated statement of income for such quarter and for the portion of the Borrower’s fiscal year ended at the end of such quarter, and (ii) consolidated statement of
cash flows for the portion of the Borrower’s fiscal year ended at the end of such quarter, setting forth in each case in comparative form (A) for the consolidated balance sheet, the figures as of the end of the Borrower’s previous
fiscal year, (B) for the consolidated statement of income, the figures for the corresponding quarter and the corresponding portion of the Borrower’s previous fiscal year and (C) for the consolidated statement of cash flows, the
figures for the corresponding portion of the Borrower’s previous fiscal year, provided, however, the financial statements for the quarter ending June 30, 2013 shall consist of a combined balance sheet of the Borrower’s
Predecessor and its Subsidiaries, as of the end of such quarter and the related (i) combined statement of income for such quarter and for the portion of the Borrower’s Predecessor’s fiscal year ended at the end of such quarter, and
(ii) combined statement of cash flows for the portion of the Borrower’s Predecessor’s fiscal year ended at the end of such quarter, setting forth in each case in comparative form (A) for the combined balance sheet, the figures as
of the end of the Borrower’s Predecessor’s previous fiscal year, (B) for the combined statement of income, the figures for the corresponding quarter and the corresponding portion of the Borrower’s Predecessor’s previous
fiscal year and (C) for the combined statement of cash flows, the figures for the corresponding portion of the Borrower’s Predecessor’s previous fiscal year, and the making available of such financial statements shall constitute a
certification (subject to normal year-end adjustments) as to fairness of presentation and GAAP; 
 (c) furnish to the
Administrative Agent within 10 days of making available via EDGAR each set of financial statements referred to in clauses (a) and (b) above, a certificate of a Financial Officer of the Borrower (i) stating
whether there exists on the date of such certificate any Default or Event of Default and, if any Default or Event of Default then exists, setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect
thereto, and (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.9 and from and after the Investment Grade Rating Date, Section 6.3(b); 

(d) furnish to the Administrative Agent within 10 days of making available via EDGAR the financial statements referred to in
clauses (a) and (b) above, a certificate of a Financial Officer of the Borrower certifying which Subsidiaries of the Borrower are Material Subsidiaries (which certificate may be combined with the certificate
being delivered pursuant to clause (c) above on such date); 

  
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 (e) furnish to the Administrative Agent a copy of all documents filed by the Borrower or any
Restricted Subsidiary with the SEC; provided that such documents shall be deemed to have been furnished on the date when made available via EDGAR; 
 (f) promptly upon the Borrower obtaining a Designated Rating, written notice thereof; and 
 (g) furnish to the Administrative Agent from time to time such additional information regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance
with the terms of this Agreement, as the Administrative Agent or any Lender through the Administrative Agent may reasonably request. 
 Section 5.2 Notices. The Borrower will promptly furnish, or cause to be furnished, to the Administrative Agent, notice of: (a) the occurrence of any (i) Default or
(ii) Event of Default hereunder; (b) the institution of any litigation or proceeding involving it or a Restricted Subsidiary that has had or is reasonably expected to have a Material Adverse Effect (whether or not the claim asserted
therein is considered to be covered by insurance); and (c) from and after the Rating Date, any adverse change in the Designated Rating publicly announced by a Rating Agency. Each notice delivered under this Section 5.2 shall
be accompanied by a statement of a Financial Officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

Section 5.3 Existence; Conduct of Business. The Borrower will, and will cause each Required Guarantor to, do or cause
to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises necessary or desirable in the normal conduct of its business; provided that
the foregoing shall not prohibit any merger or consolidation of the Borrower permitted under Section 6.2 or any merger, consolidation, liquidation or dissolution of any Subsidiary that is not otherwise prohibited by the terms of
this Agreement; and provided further, that neither the Borrower nor any of its Restricted Subsidiaries shall be required to preserve, renew or keep in full force and effect any right, license, permit, privilege or franchise to the extent that the
failure to do so would not reasonably be expected to have a Material Adverse Effect. 
 Section 5.4 Payment of
Taxes. The Borrower will pay and discharge, and will cause each Material Subsidiary to pay and discharge, at or before maturity, all their respective material tax liabilities, except where the same may be contested in good faith by
appropriate proceedings, and will maintain and will cause each Material Subsidiary to maintain, in accordance with GAAP, appropriate reserves for the accrual of any of the same. 

Section 5.5 Maintenance of Property; Insurance. The Borrower will keep, and will cause each Material Subsidiary to
keep, all property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted; will maintain, and will cause each Material Subsidiary to maintain (either in the name of the Borrower or in such Material
Subsidiary’s own name), with financially sound and reputable insurance companies, insurance on all their property in at least such amounts and against such risks as are usually insured against in the same general area by companies of similar
size and established repute engaged in the same or a similar business; and will furnish to the Administrative Agent, upon its written request, full information as to the insurance carried. 

Section 5.6 Compliance with Laws. The Borrower will comply, and cause each Restricted Subsidiary to comply, with all
applicable laws, ordinances, rules, regulations, and requirements of any Governmental Authority (including ERISA and the rules and regulations thereunder and laws of the United States regarding sanctions and export controls applicable to
unauthorized dealings with sanctioned countries or Persons) except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

  
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 Section 5.7 Books and Records; Inspection Rights. 

(a) The Borrower will keep, and will cause each Material Subsidiary to keep, proper books of record and account in which full, true and
correct entries in conformity with GAAP shall be made of all dealings and transactions in relation to its business and activities. 
 (b) The Borrower will permit, and will cause each Material Subsidiary to permit, representatives of the Administrative Agent and each Lender, as applicable, at the Administrative Agent’s or such
Lender’s expense, upon reasonable prior notice during normal business hours (and, if the Borrower shall so request, in the presence of an officer or appointee of any officer of the Borrower or the General Partner), and subject to any applicable
restrictions or limitations on access to any facility or information that is classified or restricted by contract or by law, regulation or governmental guidelines and in accordance with any applicable safety procedures, (i) in the case of the
Administrative Agent only, to visit and inspect their respective properties, to examine and make extracts from their respective books and records, and (ii) in the case of the Administrative Agent and each Lender, to visit and discuss their
respective affairs, finances and accounts with their respective officers, employees and, only during the continuance of an Event of Default, their independent public accountants, in each case, all at such reasonable times and as often as may
reasonably be desired, but unless an Event of Default exists, no more frequently than once during each calendar year. 

Section 5.8 Use of Proceeds. The proceeds of the Loans will be used for general partnership, corporate or company
purposes, as applicable, of the Loan Parties and their Subsidiaries, including, without limitation, acquisitions and Restricted Payments. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails
a violation of any of the Regulations of the Board, including Regulations T, U and X. Letters of Credit will be issued only for general partnership, corporate or company purposes, as applicable, of the Loan Parties and their Subsidiaries and
Affiliates. 
 Section 5.9 First Tier Subsidiaries; Additional Guarantors. 

(a) In the event any Material Subsidiary is or becomes a First Tier Subsidiary, the Borrower will, within 30 days thereof, (i) cause
such Material Subsidiary to become a party to this Agreement and guarantee the Obligations by executing and delivering to the Administrative Agent a Guarantee Joinder substantially in the form of Exhibit F, and (ii) deliver
certificates and other documentation substantially similar to those required to be delivered on the Availability Date with respect to Phillips 66 Partners Holdings LLC as the Initial Guarantor pursuant to Section 4.2(b) and
Section 4.2(c), in form and substance reasonably satisfactory to the Administrative Agent. 
 (b) Any
Restricted Subsidiary may, at its election, become a Guarantor by delivery to the Administrative Agent of the Guarantee Joinder documents required by clause (a) of this Section 5.9. 

(c) Upon delivery of a Guarantee Joinder and other required documents to the Administrative Agent by a Restricted Subsidiary, notice of
which is hereby waived by each Loan Party, such Restricted Subsidiary shall be a Guarantor and shall be a party hereto as if an original signatory hereto. Each Loan Party expressly agrees that its obligations arising hereunder shall not be affected
or diminished by the addition or release of any other Loan Party hereunder. This Agreement shall be fully effective as to each Loan Party that is or becomes a party hereto regardless of whether any other Person becomes or fails to become or ceases
to be a Loan Party hereunder. 

  
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 Section 5.10 Designation and Conversion of Restricted and Unrestricted
Subsidiaries; Certain other Matters Pertaining to Unrestricted Subsidiaries. 
 (a) Unless designated after the
Availability Date in writing to the Administrative Agent pursuant to this Section, any Person that becomes a Subsidiary of the Borrower or any of its Restricted Subsidiaries shall be classified as a Restricted Subsidiary. 

(b) The Borrower may designate a Subsidiary (other than the Initial Guarantor or any Required Guarantor) as an Unrestricted Subsidiary if
(i) the requirements set forth in the definition of “Unrestricted Subsidiary” have been met with respect to such Subsidiary, (ii) immediately before and after such designation, no Default or Event of Default exists or would
exist, (iii) after giving effect to such designation on a pro forma basis, the Borrower and its Subsidiaries would have been in compliance with all of the covenants contained in this Agreement, including Section 6.9, as of
the end of the most recent fiscal quarter, (iv) a certificate of a Financial Officer is delivered to the Administrative Agent as provided in the definition of “Unrestricted Subsidiary”, and (v) no Subsidiary may be designated as
an Unrestricted Subsidiary if it will be treated as a “restricted subsidiary” for purposes of any indenture, credit agreement, or similar agreement. 
 (c) The Borrower may designate an Unrestricted Subsidiary to be a Restricted Subsidiary if (i) immediately before and after such designation, no Default or Event of Default exists or would exist,
(ii) if such Unrestricted Subsidiary has outstanding Indebtedness, Liens and/or Attributable Debt under any Sale/Leaseback Transaction, it would be permitted to incur such Indebtedness, Debt and/or Attributable Debt pursuant to
Section 6.1 and Section 6.3, (iii) after giving effect to such designation on a pro forma basis, the Borrower and its Subsidiaries would have been in compliance with all of the covenants contained in this
Agreement, including Section 6.9, as of the end of the most recent fiscal quarter, (iv) the representations and warranties with respect to such Subsidiary set forth in Article 3 of this Agreement (other than the
representations and warranties that are made only as of the Closing Date or as of the Availability Date) are true and correct in all material respects with respect to such Subsidiary after giving effect to such designation (provided that the
foregoing materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) and (v) the Borrower has provided to the Administrative Agent a certificate
of a Financial Officer to the effect that each of the foregoing conditions has been satisfied. Immediately after such designation, such Subsidiary shall cease to be an Unrestricted Subsidiary. The designation of any Unrestricted Subsidiary as a
Restricted Subsidiary shall constitute the incurrence at the time of designation of any Indebtedness, Liens and Attributable Debt under Sale/Leaseback Transactions of such Subsidiary existing at such time. 

(d) The Borrower shall cause all Subsidiaries of an Unrestricted Subsidiary to satisfy the requirements set forth in the definition of
“Unrestricted Subsidiaries” and such Subsidiaries shall also be Unrestricted Subsidiaries. The Borrower will not permit any Unrestricted Subsidiary to hold any Equity Interests in, or any Indebtedness of, the Borrower or any Restricted
Subsidiary. Neither the Borrower nor any Restricted Subsidiary shall make any investment in (including any acquisition of Equity Interests or loans, advances or capital contributions to) an Unrestricted Subsidiary if a Default or Event of Default
exists immediately before or immediately after making such investment. 
 (e) If, at any time, any Unrestricted Subsidiary would
fail to meet the requirements of the definition of Unrestricted Subsidiary or the applicable requirements set forth in this Section, (i) it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Agreement, (ii) any
Indebtedness, Liens and Attributable Debt under Sale/Leaseback Transactions of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary as of such date, and (iii) the Borrower shall notify the Administrative Agent, pursuant to a
certificate or other notice given by a Financial Officer, that such Unrestricted Subsidiary is no longer an Unrestricted Subsidiary. 

  
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 (f) The Borrower will not permit at any time the aggregate Net Tangible Assets of all
Unrestricted Subsidiaries to exceed 20% of Consolidated Net Tangible Assets. 
 ARTICLE 6. NEGATIVE COVENANTS OF THE BORROWER; FINANCIAL
COVENANT 
 Each Loan Party hereby agrees that, from and after the Availability Date and for so long as any Commitment
remains in effect, any Loan remains outstanding and unpaid, any Letter of Credit remains outstanding or any other amount is owing to any Lender or the Administrative Agent hereunder: 

Section 6.1 Liens. Neither the Borrower nor any Restricted Subsidiary will create, assume or suffer to exist any Lien
on any asset now owned or hereafter acquired by it, except: 
 (a) Prior to the Investment Grade Rating Date: 

(i) Liens described in Section 6.1(b)(vi) through (vii), and
Section 6.1(b)(ix) through (xix); 
 (ii) Liens under any Sale/Leaseback
Transaction permitted under Section 6.3(a)(iii); 
 (iii) Liens on cash and cash equivalents
securing Hedging Obligations, provided that the aggregate amount of all such obligations secured by such Liens shall not at any time exceed $75,000,000; and 

(iv) Liens not otherwise permitted by the other clauses of this Section 6.1(a) securing Indebtedness or
other obligations of the Loan Parties or any of their respective Restricted Subsidiaries, provided that the sum, without duplication, of (1) the aggregate principal amount of all such Indebtedness and obligations plus (2) the
outstanding Attributable Debt under all Sale/Leaseback Transactions of the Loan Parties and Restricted Subsidiaries permitted under Section 6.3(a)(iii), does not exceed an amount equal to 15% of Consolidated Net Tangible Assets at
the time of creation, incurrence or assumption of such Lien or such Attributable Debt, as applicable. 
 (b) From and after the
Investment Grade Rating Date: 
 (i) any Lien existing on any asset of any Person at the time such Person becomes
a Restricted Subsidiary of the Borrower and not created in contemplation of such event, provided that such Lien attaches only to such asset and proceeds thereof; 

(ii) any Lien on any asset securing Indebtedness (including Liens in respect of Capital Lease Obligations) incurred or
assumed for the purpose of financing all or any part of the cost of acquiring, constructing, repairing or improving such asset, provided that (i) such Lien attached to such asset concurrently with or within 90 days after the acquisition
thereof or the date of completion of such construction, repair or improvement, and (ii) all such Liens attach only to the assets purchased, constructed, repaired or improved with the proceeds of the Indebtedness secured thereby and
improvements, accessions, general intangibles and proceeds related thereto; 
 (iii) any Lien on any asset of any
Person existing at the time such Person is merged or consolidated with or into the Borrower or a Restricted Subsidiary and not created in contemplation of such event, provided that such Lien attaches only to such asset and proceeds thereof;

  
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 (iv) any Lien existing on any asset prior to the acquisition thereof by the
Borrower or a Restricted Subsidiary and not created in contemplation of such acquisition, provided that such Lien attaches only to such asset and proceeds thereof; 

(v) any Lien arising out of the refinancing, extension, renewal or refunding of any Indebtedness secured by any Lien
permitted by any of the foregoing clauses of this Section 6.1(b), provided that the principal amount of such Indebtedness is not increased (other than by amounts incurred to pay the costs of such refinancing, extension,
renewal or refunding and any premiums paid in connection therewith) and such Lien does not attach to any additional assets; 
 (vi) Liens in favor of the Administrative Agent securing Indebtedness or other obligations existing pursuant to this Agreement; 

(vii) Liens to secure Indebtedness incurred or assumed in connection with pollution control, industrial revenue bond or
similar types of financing, and Liens on property in favor of the United States or any state thereof, or any department, agency, instrumentality or political subdivision of any such jurisdiction, to secure Indebtedness incurred for the purpose of
financing all or any part of the purchase price or cost of constructing, repairing or improving the property subject thereto; 
 (viii) Liens granted on accounts receivable or other rights to payment and related assets in connection with Securitization Transactions permitted by Section 6.3(b)(ii); 

(ix) Liens on precious metals catalysts in connection with lease transactions and Liens under any Sale/Leaseback
Transaction, in each case to the extent permitted by this Agreement; 
 (x) Liens on cash collateral granted to
an Issuing Bank in connection with the replacement of such Issuing Bank under Section 2.18, the occurrence of such Issuing Bank’s Existing Commitment Termination Date under Section 2.21(f) or the
termination of the Commitment of such Issuing Bank under Section 2.22(d); 
 (xi) Liens for
taxes that (i) are not yet due, (ii) are not more than sixty (60) days past due and not subject to penalties for non-payment, or (iii) are being contested in good faith and by appropriate proceedings diligently conducted, if
adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 
 (xii) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other similar types of Liens arising in the ordinary course of business securing amounts which are not
overdue for a period of more than 60 days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person; 

(xiii) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment
insurance and other social security legislation, other than any Lien imposed by ERISA; 

  
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 (xiv) deposits to secure the performance of bids, trade contracts and leases
(other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(xv) easements, rights-of-way, restrictions and other similar encumbrances affecting real property which do not in any
case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person; 

(xvi) Liens securing judgments for the payment of money not constituting an Event of Default under clause
(g) of Article 7; 
 (xvii) Liens in favor of banks having a right of setoff,
revocation, refund or chargeback with respect to money or instruments of the Borrower or any of its Restricted Subsidiaries on deposit with or in the possession of such bank, in each case in the ordinary course of business; 

(xviii) customary netting and offset provisions in Hedging Agreements; 

(xix) Liens on Equity Interests in an Unrestricted Subsidiary to secure Non-Recourse Debt on which such Unrestricted
Subsidiary is an obligor; and 
 (xx) Liens not otherwise permitted by the foregoing clauses of this
Section 6.1(b) securing Indebtedness and Hedging Obligations, provided that Priority Debt shall not exceed the amount permitted by Section 6.3(b)(i) as of the last day of any fiscal quarter (beginning
with the last day of the fiscal quarter in which the Availability Date occurs). 
 Section 6.2 Fundamental Changes;
Dispositions. 
 (a) A Loan Party will not (i) consolidate or merge with or into any other
Person or (ii) sell, lease or otherwise transfer (in one transaction or in a series of transactions) all or substantially all of its assets to any other Person; provided that (A) any Person may consolidate or merge with or into the
Borrower in a transaction in which the Borrower is the surviving Person; (B) any Loan Party (other than the Borrower) may merge into or consolidate with or sell, lease or otherwise transfer all or substantially all of its assets to the
(x) Borrower or (y) a Restricted Subsidiary, provided that any such merger, consolidation, sale, lease or other transfer by the Initial Guarantor pursuant to this clause (y) shall be with, into or to a Guarantor
or a Restricted Subsidiary that becomes a Guarantor contemporaneously with such merger, consolidation, sale, lease or other transfer; and (C) any Loan Party (other than the Borrower) may merge into, or consolidate with, any Person other than
the Borrower or a Restricted Subsidiary if (x) such Loan Party is the surviving entity or (y) such other Person is the surviving entity and becomes a Restricted Subsidiary and a Guarantor contemporaneously with such merger or
consolidation. 
 (b) Upon the occurrence and during the continuance of a Default or Event of Default, the Borrower will not,
and will not permit any of its Restricted Subsidiaries to, directly or indirectly, convey, sell, transfer, or otherwise dispose of assets (including interests in any Person) in any transaction or series of related transactions for consideration in
excess of $5,000,000; provided, that, notwithstanding the foregoing and subject to Section 6.2(a) above, the Borrower and its Restricted Subsidiaries may enter into (i) sales of inventory in the ordinary course of business,
(ii) leases of transportation capacity, storage capacity, processing capacity, and marine and/or dock usage capacity, in the ordinary course of business, (iii) conveyances, sales, transfers, or other dispositions of obsolete, surplus or
unusable equipment or equipment no longer used or useful in their respective businesses, (iv) conveyances, sales, transfers and other dispositions between or among the Borrower and/or its Restricted Subsidiaries and (v) sales of
receivables in connection with any Securitization Transaction hereby. 

  
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 Section 6.3 Indebtedness; Securitization Transactions; Sale/Leaseback
Transactions. 
 (a) Prior to the Investment Grade Rating Date: 

(i) Indebtedness. No Loan Party will, nor will it permit its Restricted Subsidiaries to, create, incur,
assume or permit to exist any Indebtedness, except: 
 (A) Indebtedness under the Loan Documents; 

(B) Indebtedness of a Loan Party owing to another Loan Party or a Restricted Subsidiary of a Loan Party, provided
that in the case of Indebtedness owed by a Loan Party to a Non-Guarantor Subsidiary, such Indebtedness is subordinated to the Obligations on (i) the subordination terms set forth on Schedule III hereto or (ii) such other
subordination terms that may be reasonably acceptable to the Administrative Agent; 
 (C) other Indebtedness of
the Loan Parties and their Restricted Subsidiaries in an aggregate principal amount not to exceed at any time outstanding, when added to the sum of (1) the outstanding amount of Attributable Debt under all Sale/Leaseback Transactions of the
Loan Parties and their Restricted Subsidiaries permitted under Section 6.3(a)(iii) plus (2) the outstanding principal amount of all Indebtedness of the Loan Parties under the Loan Documents, an amount equal to 15% of
Consolidated Net Tangible Assets plus the Aggregate Commitment Amount in effect at the time of the incurrence of such Indebtedness; 
 (D) Indebtedness of a Loan Party or any Restricted Subsidiary as an account party in respect of trade letters of credit; and 

(E) Indebtedness of a Loan Party owing to Phillips 66 or any of its Subsidiaries (other than Loan Parties and their
Restricted Subsidiaries), provided that such Indebtedness is subordinated to the Obligations on (i) the subordination terms set forth on Schedule III hereto or (ii) such other subordination terms that may be reasonably
acceptable to the Administrative Agent. 
 (ii) Securitization Transactions. The Borrower will not, and
will not permit any of its Restricted Subsidiaries to, enter into any Securitization Transaction. 
 (iii)
Sale/Leaseback Transactions. A Loan Party will not, and will not permit any Restricted Subsidiary to, enter into or incur any Attributable Debt under any Sale/Leaseback Transaction unless, after giving effect to such Sale/Leaseback
Transaction, the sum, without duplication, of (A) the aggregate amount of Attributable Debt under all Sale/Leaseback Transactions of the Loan Parties and their Restricted Subsidiaries, plus (B) the outstanding principal amount of
all Indebtedness of the Loan Parties and their Restricted Subsidiaries secured by liens permitted by Section 6.1(a)(iv), does not exceed an amount equal to 15% of Consolidated Net Tangible Assets at the time of consummation of
such Sale/Leaseback Transaction. 
 (b) From and after the Investment Grade Rating Date: 

(i) Priority Debt. The Borrower shall not permit the outstanding principal amount of Priority Debt, as of
the last day of any fiscal quarter, beginning with the last day of the fiscal quarter in which the Investment Grade Rating Date occurs, to exceed an amount equal to 15% of Consolidated Net Tangible Assets as of such date. As used herein,
“Priority Debt” means: 

  
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 (A) the aggregate outstanding principal amount of secured Indebtedness and
the aggregate amount of secured Hedging Obligations of the Borrower and its Restricted Subsidiaries, provided that Priority Debt shall not include Indebtedness secured by 

(1) (x) Liens existing on any asset transferred by Phillips 66 or a subsidiary of Phillips 66 to the Borrower or a Restricted
Subsidiary on or before the Availability Date, and Liens existing on any asset of any Person the ownership of which is transferred by Phillips 66 or a subsidiary of Phillips 66 to the Borrower or a Restricted Subsidiary on or before the Availability
Date (collectively, “Transferred Liens”), to the extent such Indebtedness described in this clause (x) is listed on Schedule 6.3(b) and (y) other Transferred Liens to the extent that the
aggregate outstanding principal amount of Indebtedness secured by Liens described in this clause (y) does not exceed $10,000,000; or 
 (2) (I) Liens permitted pursuant to Section 6.1(b)(i) on assets of Persons that become Restricted Subsidiaries of the Borrower after the Availability Date (and proceeds thereof);

 (II) Liens permitted pursuant to Section 6.1(b)(ii) on assets purchased, constructed, repaired or improved
by the Borrower or a Restricted Subsidiary after the Availability Date (and improvements, accessions, general intangibles and proceeds related thereto) securing Indebtedness incurred or assumed by the Borrower or such Restricted Subsidiary after the
Availability Date for the purpose of financing all or any part of the cost of acquiring, constructing, repairing or improving such assets; 
 (III) Liens permitted pursuant to Section 6.1(b)(iii) on assets of a Person merged or consolidated with or into the Borrower or a Restricted Subsidiary after the Availability Date (and
proceeds thereof); 
 (IV) Liens permitted pursuant to Section 6.1(b)(iv) on assets acquired by the Borrower
or a Restricted Subsidiary after the Availability Date (and proceeds thereof); 
 (V) Liens arising out of the refinancing,
extension, renewal or refunding of any Indebtedness secured by any Lien permitted by any of the foregoing clauses of this Section 6.3(b)(i), provided that the principal amount of such Indebtedness is not increased (other
than by amounts incurred to pay the costs of such refinancing, extension, renewal or refunding and any premiums paid in connection therewith) and such Lien does not attach to any additional assets; 

(VI) Liens permitted pursuant to Section 6.1(b)(vi); 

(VII) Liens permitted pursuant to Section 6.1(b)(vii) on assets purchased, constructed, repaired or improved by the
Borrower or a Restricted Subsidiary after the Availability Date for the purposes of financing all or part of the price or cost of constructing, repairing or improving such property; 

  
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 (VIII) Liens permitted pursuant to Section 6.1(b)(viii); 

(IX) Liens permitted pursuant to Section 6.1(b)(ix); 

(X) Liens permitted pursuant to Section 6.1(b)(x); and 

(XI) Liens permitted pursuant to Section 6.1(b)(xix), plus 

(B) Attributable Debt of the Borrower and its Restricted Subsidiaries in respect of Sale/Leaseback Transactions to the
extent that such Attributable Debt exceeds $100,000,000, plus 
 (C) the aggregate outstanding principal
amount of unsecured Indebtedness of Non-Guarantor Subsidiaries (other than Excluded Subsidiary Debt). 
 For the
avoidance of doubt, to the extent that a Guarantee constitutes Priority Debt and the Indebtedness Guaranteed thereby also constitutes Priority Debt, the amount of Priority Debt outstanding at such time shall be calculated without duplication and
shall include only the amount of such Guaranteed Indebtedness constituting Priority Debt and shall not include the amount of such Guarantee. 
 (ii) Securitization Transactions. The Borrower will not permit the aggregate outstanding amount of Securitization Transactions to exceed $300,000,000 at any time. 

Section 6.4 Transactions with Affiliates. A Loan Party will not, and will not permit any of its Restricted
Subsidiaries to, enter into or engage in any material transaction (including any sale, lease, transfer, purchase or acquisition of property or assets) with any of its Affiliates, except on terms and conditions, taken as a whole, that are
substantially as favorable to such Loan Party or such Restricted Subsidiary as could be obtained on an arm’s-length basis from unrelated third parties (or, if in the good faith judgment of the General Partner’s board of directors, no
comparable transaction is available with which to compare any such transaction, such transaction is otherwise fair to such Loan Party or such Restricted Subsidiary from a financial point of view), provided that the foregoing restriction shall
not apply to: 
 (a) transactions between or among any Loan Party and its Restricted Subsidiaries or between or among Restricted
Subsidiaries; 
 (b) transactions involving any employee benefit plan or related trust of the Borrower or any of its Restricted
Subsidiaries; 
 (c) transactions pursuant to any contract or agreement listed on Schedule 6.4; 

(d) the payment of reasonable compensation, fees and expenses to, and indemnity provided on behalf of directors and officers of such Loan
Party or any Restricted Subsidiary; 
 (e) the transactions described in the Contribution Agreement and the Registration
Statement; 
 (f) transactions entered into with Phillips 66 and its Subsidiaries on terms that are fair and reasonable, taking
into account the totality of the relationship between the Borrower and its Restricted Subsidiaries on the one hand, and Phillips 66 and its Subsidiaries on the other; and 

  
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 (g) transactions approved by the Conflicts Committee of the Board of Directors (or
equivalent governing body) of the General Partner (or the equivalent successor body to such Conflicts Committee). 

Section 6.5 Restricted Payments. Prior to the Investment Grade Rating Date, the Borrower will not declare or make,
directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, during the occurrence and continuance of an Event of Default, or if an Event of Default would result therefrom. 

Section 6.6 Changes in Organization Documents. No Loan Party shall make any changes to its Organization Documents that
would reasonably be expected to have a Material Adverse Effect. 
 Section 6.7 Restrictive Agreements. The
Borrower will not, and will not permit any Material Subsidiary to, enter into or permit to exist any agreement or other consensual arrangement that explicitly prohibits or restricts the ability of any Material Subsidiary to make any payment of any
dividend or other distribution, direct or indirect, on account of any shares (or equivalent) of any class of Equity Interest of such Material Subsidiary, now or hereafter outstanding; provided that the foregoing shall not prohibit financial
incurrence, maintenance and similar covenants that indirectly have the practical effect of prohibiting or restricting the ability of a Material Subsidiary to make such payments or provisions that require that a certain amount of capital be
maintained, or prohibit the return of capital to shareholders above certain dollar limits; provided further, that the foregoing shall not apply to (i) prohibitions and restrictions imposed by law or by this Agreement, (ii) prohibitions and
restrictions contained in, or existing by reason of, any agreement or instrument (A) existing on the Availability Date and described on Schedule 6.7, (B) relating to any Indebtedness of, or otherwise to, any Person at the
time such Person first becomes a Material Subsidiary, so long as such prohibition or restriction was not created in contemplation of such Person becoming a Material Subsidiary, and (C) effecting a renewal, extension, refinancing, refund or
replacement (or successive extensions, renewals, refinancings, refunds or replacements) of Indebtedness or other obligations issued or outstanding under an agreement or instrument referred to in clauses (ii)(A) and
(ii)(B) above, so long as the prohibitions or restrictions contained in any such renewal, extension, refinancing, refund or replacement agreement, taken as a whole, are not materially more restrictive than the prohibitions and
restrictions contained in the original agreement or instrument, as determined in good faith by the Borrower or such Subsidiary, (iii) any prohibitions or restrictions with respect to a Material Subsidiary imposed pursuant to an agreement that
has been entered into in connection with a disposition of all or substantially all of the Equity Interests of such Subsidiary or assets thereof, (iv) restrictions contained in joint venture agreements, partnership agreements and other similar
agreements with respect to a joint ownership arrangement restricting the disposition or distribution of assets or property of, or the activities of, such joint venture, partnership or other joint ownership entity, or any of such entity’s
subsidiaries, if such restrictions are not applicable to the property or assets of any other entity and (v) any prohibitions or restrictions on any Securitization Entity pursuant to a Securitization Transaction permitted hereunder. 

Section 6.8 Change in Nature of Business. The Borrower will not, and will not permit any Material Subsidiary to,
engage in any material line of business substantially different from those lines of business conducted by the Borrower and its Material Subsidiaries on the Availability Date or any business substantially related or incidental thereto or logical
extensions thereof (including (a) the oil and gas refining (including alternative fuels, fuels from biomaterials, development and exploration of gas-to-liquids technology (including actual utilization and production)), marketing, processing and
distribution businesses, (b) the natural gas gathering, processing, and transport, and NGL fractionation and marketing, businesses, (c) the chemical manufacturing, processing and marketing businesses, and (d) the crude and refined
products transportation, storage and logistics businesses). 

  
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 Section 6.9 Consolidated Leverage Ratio. The Borrower shall maintain, as
of the last day of each fiscal quarter commencing with the last day of the fiscal quarter ending September 30, 2013, a Consolidated Leverage Ratio of no greater than (x) during an Acquisition Period, 5.5 to 1.0 and (y) at all other
times, 5.0 to 1.0. For purposes of calculating compliance with the foregoing Consolidated Leverage Ratio, Consolidated EBITDA may include, at the Borrower’s option, any Qualified Project EBITDA Adjustments as provided in the definition thereof.

 ARTICLE 7. EVENTS OF DEFAULT 
 Upon the occurrence and during the continuance of any of the following events from and after the Availability Date: 
 (a) the Borrower shall fail to pay (i) any principal of any Loan or Reimbursement Obligation, or any Guarantor shall fail to make any payments due under the Subsidiary Guarantee, in each case when
due in accordance with the terms hereof; (ii) any interest on any Loan or Reimbursement Obligation, or any fee payable hereunder, in each case within five Business Days after any such interest or fee becomes due in accordance with the terms
hereof; or (iii) any other amount payable hereunder (including any Cash Collateral required to be provided hereunder), within ten Business Days after any such other amount becomes due in accordance with the terms hereof; or 

(b) any representation or warranty made by the Loan Parties in Article 3 or in any certificate, financial or other
statement furnished by the Loan Parties pursuant to this Agreement shall prove to have been incorrect in any material respect when made; or 
 (c) the Borrower shall fail to perform or observe any of its covenants or agreements contained in Section 5.2(a)(ii), Section 5.3 (with respect to the existence of the Borrower),
Section 5.8, or Article 6; or 
 (d) the Borrower or any Guarantor shall fail to perform
or observe any other term, covenant or agreement contained in this Agreement or any other Loan Document, and any such failure shall remain unremedied for 30 days; or 
 (e)(i) the Borrower, any Guarantor, any Material Subsidiary or any combination thereof shall default beyond any applicable period of grace in any payment of principal of or interest on any Indebtedness
(other than Securitization Indebtedness of any Securitization Entity) on which the Borrower, any Guarantor or any Material Subsidiary or any combination thereof is or are liable in an aggregate principal amount then outstanding of $50,000,000 or
more or (ii) an event of default (other than a failure to pay principal or interest) as defined in any mortgage, indenture, agreement or instrument under which there may be issued, or by which there may be secured or evidenced, any such
Indebtedness shall happen and shall result in such Indebtedness becoming or being declared due and payable prior to the date on which it could otherwise become due and payable; or 

(f) the Borrower, any Guarantor or any Material Subsidiary shall (i) apply for or consent to the appointment of a receiver, trustee,
liquidator or custodian or the like of itself or of all or a substantial part of its property, (ii) become unable, admit in writing its inability or fail to pay its debts generally as they become due, (iii) make a general assignment for
the benefit of creditors, (iv) be adjudicated a bankrupt or insolvent, (v) commence a voluntary case under the federal bankruptcy laws of the United States of America or file a voluntary petition or answer seeking reorganization, an
arrangement with creditors or an order for relief or seeking to take advantage of any insolvency law or file an answer admitting the material allegations of a petition filed against it in any bankruptcy, reorganization or insolvency proceeding, or
action shall be taken by it for the purpose of effecting any of the foregoing, or 

  
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(vi) if without the application, approval or consent of such Guarantor, the Borrower or any of its Material Subsidiaries, a proceeding shall be instituted in any court of competent
jurisdiction, under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking in respect of such Guarantor, the Borrower or any of its Material Subsidiaries an order for relief or an adjudication in bankruptcy,
reorganization, dissolution, winding up, liquidation, a composition or arrangement with creditors, a readjustment of debts, the appointment of a trustee, receiver, liquidator or custodian or the like of such Guarantor, the Borrower or such Material
Subsidiaries or of all or any substantial part of its assets, or other like relief in respect thereof under any bankruptcy or insolvency law, and, if such proceeding is being contested by such Guarantor, the Borrower or such Material Subsidiaries in
good faith, the same shall (A) result in the entry of an order for relief or any such adjudication or appointment or (B) continue undismissed or unstayed for any period of 90 consecutive days; or 

(g) one or more judgments or decrees shall be entered against the Borrower, any of its Material Subsidiaries, any Guarantor or any
combination thereof involving in the aggregate liability (not paid or fully covered by insurance) of $50,000,000 or more with respect to any Guarantor, the Borrower or any of its Material Subsidiaries and such judgments or decrees shall not have
been vacated, dismissed, discharged, stayed or bonded pending appeal within 45 days from the entry thereof; or 
 (h) a Change
in Control shall occur; 
 (i) an ERISA Event shall occur that, when taken together with all other ERISA Events that have
occurred, could reasonably be expected to result in a Material Adverse Effect; or 
 (j) this Agreement, the Subsidiary
Guarantee or any Note shall fail to be in full force and effect other than in accordance with its terms or as permitted hereby or any action is taken by the Borrower or any Guarantor to assert the invalidity or unenforceability of any of the
foregoing. 
 then, and in any such event, (A) if such event is an Event of Default specified in clauses (iv),
(v) or (vi) of clause (f) above with respect to the Borrower, (i) automatically the Commitments shall terminate and the Loans hereunder (with accrued interest thereon) and all other
amounts owing under the Loan Documents shall immediately become due and payable and (ii) the obligation of the Borrower to Cash Collateralize the L/C Obligations as provided below shall automatically become effective, and (B) if such event
is any other Event of Default, any one or more of the following actions may be taken: with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall (i) by
notice of default to the Borrower, declare the Commitments to be terminated forthwith, whereupon the Commitments shall immediately terminate; (ii) by notice of default to the Borrower, declare the Loans hereunder (with accrued interest thereon)
and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable; and (iii) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to
the amount thereof) in accordance with Section 2.20(k). Presentment, demand, protest, notice of intent to accelerate, notice of acceleration, and, except as expressly provided above in this Article 7, all other
notices of any kind are hereby expressly waived. 
 ARTICLE 8. THE ADMINISTRATIVE AGENT 

Section 8.1 Appointment and Authority. Each of the Lenders hereby irrevocably appoints the Administrative Agent as its
agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental
thereto. The provisions of this Article 8 are solely for the benefit of the Administrative Agent and the Lenders, and neither the Borrower nor any other Loan Party shall have rights as a third-party beneficiary of any of such
provisions (except for the 

  
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Borrower with respect to its consent right set forth in Section 8.7). It is understood and agreed that the use of the term “agent” herein or in any other Loan
Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a
matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

Section 8.2 Rights as a Lender. The bank serving as the Administrative Agent hereunder shall have the same rights and
powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial
advisor or in any other advisory capacity for, and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder and without any duty to account therefor
to the Lenders. 
 Section 8.3 Exculpatory Provisions. 

(a) The Administrative Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the
generality of the foregoing, 
 (i) the Administrative Agent shall not be subject to any fiduciary or other
implied duties, covenants, functions, responsibilities, obligations or liabilities regardless of whether a Default has occurred and is continuing, 
 (ii) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the
Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.1)
provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable Law,
including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor
Relief Law, and 
 (iii) except as expressly set forth herein, the Administrative Agent shall not have any duty
to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any
capacity. 
 (b) The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in
Section 9.1) or in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. 

(c) The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty
or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein or the occurrence of any Default or Event of Default, (iv) the validity, 

  
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enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in
Article 4 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 Section 8.4 Notice of Default. The Administrative Agent shall be deemed not to have knowledge or notice of the occurrence of any Default or Event of Default (other than an Event of
Default described in Article 7(a)) unless the Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a
“notice of default”. In the event that the Administrative Agent receives such a notice or any notice pursuant to Section 5.1 or Section 5.2, the Administrative Agent shall give prompt notice thereof to
the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received
such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders.

 Section 8.5 Reliance by the Administrative Agent. The Administrative Agent shall be entitled to rely upon,
and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative
Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be
counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

Section 8.6 Delegation of Duties. The Administrative Agent may perform any and all its duties and exercise its rights
and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related
Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the
syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
 Section 8.7
Resignation of Administrative Agent. Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the Borrower.
Upon any such resignation, the Required Lenders shall have the right with the consent of the Borrower (not to be unreasonably withheld or delayed; and provided that no consent of the Borrower shall be required during the continuation of an
Event of Default), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the
retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an office in the United States, or an Affiliate of any such bank. Upon the acceptance of its appointment as
Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent (other than any rights to indemnity payments owed to the
retiring Administrative Agent), and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article 8 and 

  
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Section 9.5 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken
or omitted to be taken by any of them while it was acting as Administrative Agent. 
 Section 8.8 Non-Reliance on
Administrative Agent by Other Lenders. Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business enterprise or securities. Each Lender
further represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each Lender shall, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall
from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder and in deciding whether or to the
extent to which it will continue as a Lender or assign or otherwise transfer its rights, interests and obligations hereunder. 

Section 8.9 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor
Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise
and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C
Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders (including for the avoidance of doubt the Issuing Banks) and the
Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under Section 2.20(d), Section 2.8, and Section 9.5) allowed in such judicial proceeding; and 
 (b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the
Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and
advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Section 2.8 and Section 9.5. 

Section 8.10 Guaranty Matters. The Lenders authorize the Administrative Agent to release any Guarantor from its
obligations as a Guarantor under this Agreement pursuant to a written request made by the Borrower, if (a) such Guarantor ceases to be a Subsidiary of the Borrower or a Material Subsidiary of the Borrower that is a First Tier Subsidiary as a
result of a transaction permitted under this Agreement or (b) such Guarantor is an Elective Guarantor at the time of such release. Any such request shall be accompanied by a certificate of a Financial Officer of the Borrower certifying (which

  
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certification shall constitute a representation and warranty by the Borrower hereunder) that (i) no Event of Default then exists or will exist after giving effect to such release,
(ii) after giving pro forma effect to any such release occurring on or after the Investment Grade Rating Date, the Borrower is in compliance with Section 6.3(b)(i), and (iii) the conditions for release set forth in this
Section 8.10 have been satisfied. Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release any Guarantor from its obligations under
this Agreement pursuant to the terms and conditions hereof. 
 Section 8.11 No Duties. None of the Joint Lead
Arrangers, Co-Syndication Agents or Co-Documentation Agents shall have any duties, responsibilities or liabilities under this Agreement and the other Loan Documents other than the duties, responsibilities and liabilities assigned to such entities in
their capacities as Lenders hereunder. 
 ARTICLE 9. MISCELLANEOUS 

Section 9.1 Amendments and Waivers. Neither this Agreement, nor any Note, nor any terms hereof or thereof may be
amended, supplemented or modified except in accordance with the provisions of this Section 9.1. With the written consent of the Required Lenders, the Administrative Agent and the Borrower may, from time to time, enter into written
amendments, supplements or modifications hereto for the purpose of adding any provisions to this Agreement or any other Loan Document or changing in any manner the rights of the Lenders or the Borrower hereunder or thereunder or waiving, on such
terms and conditions as the Administrative Agent may specify in such instrument, any of the requirements of this Agreement or any other Loan Document or any Default or Event of Default and its consequences; provided, however, that no
such waiver and no such amendment, supplement or modification shall (a) extend the time of payment or maturity of any Loan or any installment thereof or reduce the rate or extend the time of payment of interest thereon, or reduce any fee
payable to the Lenders hereunder, or reduce the principal amount thereof, or increase the amount of any Lender’s Commitment, in each case without the consent of the Lender affected thereby, (b) eliminate or reduce the voting rights of the
Lenders under this Section 9.1 or reduce the percentage specified in the definition of Required Lenders, or consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement (except in
a transaction permitted by and consummated in accordance with clause (ii) of Section 6.2), in each case without the written consent of all the Lenders, (c) waive any condition precedent set forth in
Section 4.1, Section 4.2, or, with respect to the borrowing of any Loan or the making of any L/C Credit Extension on the Availability Date only, Section 4.3, hereunder without the consent of
all Lenders, (d) change Section 2.12, Section 2.21 or Section 2.22 in a manner that would alter the pro rata treatment of Lenders or pro rata sharing of payments required thereby, without
the written consent of all Lenders, (e) amend, modify or waive any provision of Article 8 without the written consent of the then Administrative Agent, (f) amend, modify or waive any provision of
Section 2.19 without the written consent of the Swing Line Lender, (g) amend, modify or waive any provision of Section 2.20 without the written consent of each Issuing Bank, (h) release the Initial
Guarantor or release of all or substantially all of the value of the Guarantees without the written consent of all the Lenders (provided that no such consent shall be required in connection with any release authorized by the Lenders under
Section 8.10), or (i) amend, modify or waive any provision of Article 10 without the written consent of each Guarantor. Any such waiver and any such amendment, supplement or modification shall apply equally
to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Administrative Agent and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Administrative Agent shall be restored to
their former positions and rights hereunder and under the outstanding Loans, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of
Default, or impair any right consequent thereon. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except as set forth in
Section 2.22(b)(ii). 

  
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 Section 9.2 Notices. 

(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to
clause (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:

  

			
	The Borrower and the	  	
	Guarantors:	  	Phillips 66 Partners LP
		  	3250 Briarpark Drive
		  	Houston, Texas 77042
		  	Attention: Treasurer
		  	Phone: 832-765-3994
		  	Fax: 832-765-0211
		  	Email: Brian.Wenzel@p66.com
		
	With a copy to:	  	Phillips 66 Partners LP
		  	3010 Briarpark Drive
		  	Houston, Texas 77042
		  	Attention: Senior Counsel – Finance and Treasury
		  	Phone: (832) 765-1240
		  	Fax: (832) 765-0105
		  	Email: Janet.Greene@p66.com
		
	The Administrative Agent:	  	JPMorgan Chase Bank, N.A.
		  	500 Stanton Christiana Road, Ops 2, Floor 03
		  	Newark, DE 19713-2107
		  	Attention: Vincent Capone
		  	Phone: (302) 634-4155
		  	Fax: (302) 634-1417
		  	Email: vincent.j.capone@jpmorgan.com
		
	The Lenders:	  	To such Lender’s address (or telecopy number)
		  	set forth in its Administrative Questionnaire

 (b) Electronic Communications. Notices and other communications to the Lenders hereunder may be
delivered or furnished by electronic communication (including e-mail and internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant
to Article 2 if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article 2 by electronic communication. The Administrative Agent or the Borrower may, in its
discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

 Notices and other communications (i) sent to an e-mail address shall be deemed received upon the sender’s receipt
of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) posted to an internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient, at 

  
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its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor;
provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed
to have been sent at the opening of business on the next Business Day for the recipient. 
 (c) Any party hereto may change its
address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to
have been given on the date of receipt. 
 Section 9.3 No Waiver; Cumulative Remedies. No failure to exercise
and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and
privileges provided by Law. 
 Section 9.4 Confidentiality. Each Lender shall maintain in confidence and not
disclose to any Person any non-public information furnished to it pursuant to this Agreement and designated by the Borrower as such (“Confidential Information”) without the prior consent of the Borrower, subject to each
Lender’s (a) obligation to disclose any Confidential Information pursuant to a request or order under applicable Laws and regulations or pursuant to a subpoena or other legal process, (b) right to disclose any Confidential Information
requested by any regulatory authority, (c) right to disclose any Confidential Information to other Lenders, to bank examiners, to its Affiliates, to its and its Affiliates’ directors, officers, employees and agents, including auditors,
counsel and other advisors, to any Participant or prospective Participant and to any prospective Purchasing Lender pursuant to Section 9.6(c) (subject to, in the case of prospective Participants and prospective Purchasing Lenders,
the signing of a confidentiality agreement), (d) right to disclose any Confidential Information in connection with any litigation or dispute or the exercise of any remedy hereunder involving the Administrative Agent or the Lenders and the
Borrower or any of its Subsidiaries, (e) right to disclose any Confidential Information on a confidential basis to (i) any rating agency in connection with rating the Borrower or its Subsidiaries or this Agreement or (ii) the CUSIP
Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to this Agreement or (f) right to disclose any Confidential Information to any creditor or direct or indirect contractual
counterparty in any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder or such creditor or contractual counterparty’s professional
advisor (so long as such contractual counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section 9.4); provided, however, that Confidential Information disclosed
pursuant to clause (c), (d), (e) or (f) of this sentence shall be so disclosed subject to such procedures as are reasonably calculated to maintain the confidentiality thereof.
Notwithstanding the foregoing provisions of this Section 9.4, (i) the foregoing obligation of confidentiality shall not apply to any Confidential Information that was known to such Lender or any of their respective Affiliates
prior to the time it received such Confidential Information from the Borrower pursuant to this Agreement, other than as a result of the disclosure thereof by a Person who, to the knowledge or reasonable belief of such Lender, was prohibited from
disclosing it by any duty of confidentiality arising (under this Agreement or otherwise) by contract or law, and (ii) the foregoing obligation of confidentiality shall not apply to any Confidential Information that becomes part of the public
domain independently of any act of such Lender not permitted hereunder or when identical or substantially similar information is received by such Lender, without restriction as to its disclosure or use, from a Person who was not prohibited from
disclosing it by any duty of confidentiality arising (under this Agreement or otherwise) by contract or law. The obligations of each Lender under this Section 9.4 shall survive the termination of this Agreement and the payment of
the Loans and all other amounts payable hereunder. 

  
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 Section 9.5 Expenses; Indemnity. 

(a) The Borrower agrees (i) to pay or reimburse the Administrative Agent and the Joint Lead Arrangers for all their out-of-pocket
costs and expenses incurred in connection with the development, preparation, negotiation and execution and, with respect to the Administrative Agent only, administration, of this Agreement and any other Loan Document and any other documents prepared
in connection herewith, and the consummation of the transactions contemplated hereby and thereby, including the reasonable legal fees and disbursements of Haynes and Boone, LLP, counsel to the Administrative Agent and RBS Securities, Inc., but
excluding all other legal fees and disbursements, (ii) to pay or reimburse the Administrative Agent and the Joint Lead Arrangers for all their costs and expenses incurred in connection with any amendment, supplement or modification to this
Agreement and any other Loan Document and any other documents prepared in connection herewith, including the reasonable legal fees and disbursements of a single law firm serving as counsel to the Administrative Agent and the Designated Arrangers,
but excluding all other legal fees and disbursements, (iii) to pay or reimburse all reasonable out-of-pocket expenses incurred by each Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit issued
by it or any demand for payment thereunder, (iv) to pay or reimburse all reasonable out-of-pocket expenses incurred by the Swing Line Lender in connection with making any Swing Line Loan or any demand for payment thereunder, and (v) to pay
or reimburse all out-of-pocket expenses incurred by the Administrative Agent and any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent and any such Lender, in connection with the enforcement or
protection of its rights in connection with this Agreement, including its rights under this Section 9.5, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of pocket expenses
incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 
 (b) The Borrower
shall indemnify the Administrative Agent, each Joint Lead Arranger, each Lender and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a
result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the
Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by an Issuing Bank to honor a demand for payment under a Letter of Credit if the documents
presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Loan Parties or
any of their respective Subsidiaries, or any Environmental Liability related in any way to the Loan Parties or any of their respective Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to
any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 

(c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, any Joint Lead
Arranger, any Issuing Bank or the Swing Line Lender under Section 9.5(a) or Section 9.5(b), each Lender severally agrees to pay to the Administrative Agent, such

  
 77 

 
Joint Lead Arranger, such Issuing Bank or the Swing Line Lender, as the case may be, such Lender’s Commitment Percentage (determined as of the time that the applicable unreimbursed expense
or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent,
such Joint Lead Arranger, such Issuing Bank or the Swing Line Lender in its capacity as such. 
 (d) To the extent permitted by
applicable Law, no party hereto shall assert, and each such party hereby waives, any claim against any other party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising
out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this
Section 9.5(d) shall relieve the Borrower of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party. 

(e) All amounts due under this Section 9.5 shall be payable not later than 10 days after written demand therefor.

 (f) The agreements in this Section 9.5 shall survive repayment of the Loans and all other amounts payable
hereunder. 
 Section 9.6 Successors and Assigns; Participations; Purchasing Lenders. 

(a) This Agreement shall be binding upon and inure to the benefit of the Borrower, the Lenders, the Administrative Agent, all future
holders of the Loans and their respective successors and assigns (including any Affiliate of an Issuing Bank that issues any Letter of Credit), except that the Borrower may not assign or transfer any of its rights or obligations under this
Agreement, other than in connection with an assignment or transfer otherwise permitted hereunder, without the prior written consent of each Lender. 
 (b) Any Lender may, without the consent of the Borrower or the Administrative Agent, at any time sell to one or more banks, financial institutions or other entities other than, unless an Event of Default
has occurred and is continuing, to a Competitor (each, a “Participant”) participating interests in any Loan owing to such Lender, any Note held by such Lender, any Commitment of such Lender or any other interests of such
Lender hereunder. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender’s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain
solely responsible for the performance thereof, such Lender shall remain the holder of its Loan for all purposes under this Agreement, and the Borrower, the Issuing Banks, and the Administrative Agent shall continue to deal solely and directly with
such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce
this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, modification or waiver described in the proviso in the second sentence of Section 9.1 that affects such Participant. Without affecting the limitations in the preceding sentence, each Participant shall be entitled to the
benefits of Section 2.14, Section 2.15 and Section 2.16 (subject to the requirements and limitations therein) with respect to its participation in the Commitments and the Loans outstanding
from time to time; provided that such Participant (i) agrees to be subject to the provisions of Section 2.17 and Section 2.18 as if it were a Lender, and (ii) shall not be entitled to receive
any greater amount pursuant to such 

  
 78 

 
Sections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such
transfer occurred, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts
to cooperate with the Borrower to effectuate the provisions of Section 2.17 with respect to any Participant. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 9.7(b)
as though it were a Lender, provided that such Participant agrees to be subject to Section 9.7(a) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a
nonfiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan
Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information
relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan,
letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall
treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its
capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 
 (c) Each Lender may,
with the consent of the Borrower (except that such consent shall not be required during the continuation of an Event of Default or for any assignment to an existing Lender or an Affiliate thereof), the Administrative Agent (except that such consent
shall not be required for any assignment to an existing Lender or an Affiliate thereof), the Swing Line Lender, and each Issuing Bank (which, in each case, shall not be unreasonably withheld) sell or assign to one or more Lenders or additional
banks, financial institutions or other entities (other than the Borrower or any of its Affiliates) (a “Purchasing Lender”) (other than a Purchasing Lender that is a Defaulting Lender or that would be a Defaulting Lender upon
becoming a Lender hereunder) all or part of its rights and obligations under this Agreement pursuant to a duly executed Assignment and Assumption; provided that, if such sale is not to one or more existing Lenders or an Affiliate thereof,
(i) such sale shall be in a minimum amount of $5,000,000 unless each of the Administrative Agent, and for so long as no Event of Default has occurred and is continuing, the Borrower, otherwise consents and (ii) the Commitment retained (if
any) by such transferor Lender after such sale shall be at least $10,000,000 unless each of the Administrative Agent, and for so long as no Event of Default has occurred and is continuing, the Borrower, otherwise consents. Notwithstanding the
foregoing, any Lender may sell to one or more Lenders or Purchasing Lenders designated by the Borrower all of its Commitment and all of its rights and obligations under this Agreement relating to such Commitment pursuant to an Assignment and
Assumption as described in the preceding sentence in connection with a purchase thereof effected pursuant to Section 2.18. Upon (A) the execution of such Assignment and Assumption, (B) delivery of an executed copy
thereof to the Borrower, (C) recordation of such transfer in the Register and (D) payment by such Purchasing Lender to the Administrative Agent of a registration and processing fee of $3,500 if such Purchasing Lender is not a Lender prior
to the execution of such Assignment and Assumption and $2,000 otherwise (provided that the Administrative Agent in its sole discretion may elect to waive such fee) and (E) payment to the Administrative Agent of any additional amounts
required by Section 9.6(f), from and after the Transfer Effective Date determined pursuant to such Assignment and Assumption, such Purchasing Lender shall for all purposes be a Lender party to this Agreement and shall have all the
rights and obligations of a Lender under this Agreement to the same extent as if it were an original party hereto with a Commitment as set forth therein and, in the case of an Assignment and Assumption executed pursuant to
Section 2.18 or any other assignment permitted hereunder of all of a Lender’s Commitment and all of its rights and 

  
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obligations under this Agreement relating to such Commitment, the transferor Lender shall cease to be a party hereto, but shall continue to be entitled to the benefits of
Section 2.14, Section 2.15, Section 2.16 and Section 9.5, in each case with respect to facts and circumstances occurring prior to the effective date of such assignment. Such
Assignment and Assumption shall be deemed to amend this Agreement to the extent, and only to the extent, necessary to reflect the addition of any Purchasing Lender that was not a Lender prior to the execution of such Assignment and Assumption and
the resulting adjustment of the Commitments and the Commitment Percentages arising from the purchase by such Purchasing Lender of all or a portion of the rights and obligations of such transferor Lender under this Agreement. Upon the consummation of
any transfer to a Purchasing Lender pursuant to this Section 9.6(c), the transferor Lender, the Administrative Agent and the Borrower shall make appropriate arrangements so that, if required, a replacement Note is issued to such
transferor Lender and a new Note or, as appropriate, a replacement Note, is issued to such Purchasing Lender, in each case in principal amounts reflecting their respective Commitments. Such new Notes shall be in the form of the Notes replaced
thereby. 
 (d) The Administrative Agent shall maintain, acting solely for this purpose as agent for the Borrower at its address
referred to in Section 9.2, a copy of each Assignment and Assumption delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and any Commitment of, and
principal amount (and stated interest) of the Loans owing to and L/C Obligations owing to, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Administrative Agent
and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loan recorded therein for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Lender at any
reasonable time and from time to time upon reasonable prior notice. 
 (e) Upon its receipt of an Assignment and Assumption
executed by a transferor Lender, a Purchasing Lender, the Borrower and the Administrative Agent, and, unless waived by the Administrative Agent pursuant to Section 9.6(c), payment by the Purchasing Lender to the Administrative
Agent of a registration and processing fee of $3,500 if such Purchasing Lender is not a Lender prior to the execution of such Assignment and Assumption and $2,000 otherwise, the Administrative Agent shall (i) promptly accept such Assignment and
Assumption, (ii) on the Transfer Effective Date determined pursuant thereto record the information contained therein in the Register and (iii) give notice of such acceptance and recordation to the Lenders and the Borrower. 

(f) In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate
(which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans
or participations in L/C Disbursements or Swing Line Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all
payment liabilities then owed by such Defaulting Lender to the Administrative Agent, each Issuing Bank, the Swing Line Lender and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro
rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Commitment Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender
hereunder shall become effective under applicable Law without compliance with the provisions of this Section, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance
occurs. 

  
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 (g) The Borrower authorizes each Lender to disclose to any Participant or Purchasing Lender
(each, a “Transferee”) and any prospective Transferee any and all financial information (other than Confidential Information except as permitted by Section 9.4) in such Lender’s possession concerning
the Borrower, which has been delivered to such Lender by the Borrower pursuant to this Agreement or which has been delivered to such Lender by the Borrower in connection with such Lender’s credit evaluation of the Borrower prior to entering
into this Agreement. 
 (h) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank, and this Section 9.6 shall not apply to any such pledge or
assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 (i) The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring
Notes to facilitate transactions of the type described in Section 9.6(h) above. 
 Section 9.7
Adjustments; Set-off. 
 (a) If any Lender (a “Benefited Lender”) shall at any time receive
any payment of all or part of its Loans or its participations in L/C Disbursements or Swing Line Loans, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or
proceedings of the nature referred to in clause (f) of Article 7, or otherwise) in a greater proportion than any such payment to and collateral received by any other Lender, if any, in respect of such other
Lender’s Loans or participations in L/C Disbursements or Swing Line Loans, or interest thereon, such Benefited Lender shall purchase (for cash at face value) from the other Lenders participations in the Loans and participations in L/C
Disbursements and Swing Line Loans of the other Lenders, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, to the extent necessary to cause such Benefited Lender to share the excess payment or
benefits of such collateral or proceeds ratably with each of the Lenders in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in L/C Disbursements and Swing Line Loans;
provided, however, that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of
such recovery, without interest, and (ii) the provisions of this Section 9.7 shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any
payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in L/C Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate
thereof (as to which the provisions of this Section 9.7 shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 (b) In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of
an Event of Default each Lender and each of its respective Affiliates shall have the right, without prior notice to any Loan Party, any such notice being expressly waived by such Loan Party to the extent permitted by applicable Law, to set off and
appropriate and apply against the obligations under this Agreement any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in

  
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each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender to or for the credit or the account of any Loan Party; provided
that in the event that any Defaulting Lender shall exercise any such right of set-off hereunder, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of
Section 2.22 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender
shall provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such Defaulting Lender as to which it exercised such right of set-off. The rights of each Lender and their respective Affiliates
under this Section 9.7 are in addition to other rights and remedies (including other rights of setoff) that such Lender or its Affiliates may have. Each Lender agrees promptly to notify the applicable Loan Party and the
Administrative Agent after any such set-off and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such set-off and application. 

Section 9.8 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number
of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile transmission, emailed pdf or any other electronic
means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties hereto shall be lodged with the Borrower
and the Administrative Agent. 
 Section 9.9 GOVERNING LAW. THIS AGREEMENT AND ANY NOTES AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 Section 9.10 Jurisdiction; Venue. Any legal action or proceeding with respect to this Agreement shall be brought in the courts of the State of New York sitting in the County of New
York, Borough of Manhattan, or of the United States of America for the Southern District of New York and, by execution and delivery of this Agreement, each of the Borrower and each Guarantor hereby accepts for and in respect of its property,
generally and unconditionally, the exclusive jurisdiction of the aforesaid courts. Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.2. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. Nothing herein shall affect the right of the Administrative Agent or any Lender to commence legal proceedings or otherwise proceed
against the Borrower or the Guarantors in any other jurisdiction. Each of the Borrower and each Guarantor hereby irrevocably and unconditionally waives any objection that it may now or hereafter have to the venue of any action described in this
Section 9.10, or that such proceeding was brought in an inconvenient court, and agrees not to plead or claim the same. 
 Section 9.11 Survival. All covenants, agreements, representations and warranties made herein and in any certificate, document or statement delivered pursuant hereto or in connection
herewith shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made
by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall
continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the
Commitments have not expired or terminated. The provisions of Section 2.14, Section 2.15, 

  
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Section 2.16, Section 9.5 and Article 8 shall survive and remain in full force and effect regardless of the consummation of the
transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. 

Section 9.12 Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto with respect to
its subject matter, and supersedes all previous understandings, written or oral, with respect thereto. 
 Section 9.13
WAIVER OF JURY TRIAL. THE BORROWER, EACH GUARANTOR, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT OR ANY NOTE AND FOR ANY COUNTERCLAIM THEREIN. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
Section 9.13. 
 Section 9.14 Severability. Any provision of this Agreement or of any
other Loan Document which is prohibited, unenforceable or not authorized in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or non-authorization without invalidating the remaining
provisions hereof or thereof or affecting the validity, enforceability or legality of any such provision in any other jurisdiction. 
 Section 9.15 No Liability of General Partner. It is hereby understood and agreed that the General Partner shall have no liability, as general partner or otherwise, for the payment of
any amount owing or to be owing hereunder or under the other Loan Documents. The Administrative Agent and the Lenders agree for themselves and their respective successors and assigns that no claim arising against the Borrower under any Loan Document
with respect to the Obligations shall be asserted against the General Partner or its assets. Notwithstanding the foregoing, nothing in this Section 9.15 shall be construed so as to prevent the Administrative Agent or any Lender from commencing
any action, suit or proceeding with respect to or causing legal papers to be served upon the General Partner for the purpose of obtaining jurisdiction over the Borrower or another Loan Party. 

Section 9.16 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest
rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable Law (collectively the “Charges”), shall exceed the maximum lawful rate (the
“Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable Law, the rate of interest payable in respect of such Loan hereunder, together
with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this
Section 9.16 shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with
interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 

  
 83 

 Section 9.17 Headings. Article and Section headings and the
Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

Section 9.18 Material Non-Public Information. 

(a) EACH LENDER ACKNOWLEDGES THAT THE CONFIDENTIAL INFORMATION AS DEFINED IN Section 9.4 FURNISHED TO IT PURSUANT TO
THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION
AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 
 (b) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE
SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH BANK REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE
AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW. 

Section 9.19 USA PATRIOT Act Notice. The Administrative Agent (for itself and not on behalf of any Lender) and each
Lender that is subject to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) hereby notifies the Borrower that pursuant to the requirements of the Patriot Act,
it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the
Patriot Act. 
 ARTICLE 10. SUBSIDIARY GUARANTEE 
 Section 10.1 Guarantee. Each Guarantor, jointly and severally, hereby unconditionally and irrevocably guarantees to the Administrative Agent and the Lenders (the “Subsidiary
Guarantee”), as primary obligor and not merely as surety, the prompt and complete payment when due, whether at stated maturity, by acceleration or otherwise, of all obligations of the Borrower now or hereafter existing under this
Agreement and any other Loan Document, whether for principal, interest, fees, expenses or otherwise, including obligations which, but for an automatic stay under Section 362(a) of the Bankruptcy Code or any other insolvency law or other
proceeding, would become due (such obligations being hereinafter referred to as the “Guaranteed Obligations”), and agrees to pay any and all expenses (including the legal fees, charges and disbursements of counsel) incurred
by the Administrative Agent and each Lender in enforcing any rights under the Subsidiary Guarantee. No amendment or modification of the Subsidiary Guarantee may be made without the prior written consent of each Guarantor. Notwithstanding anything
contained herein to the contrary, the obligations of the each Guarantor under the Subsidiary Guarantee shall be limited to an aggregate amount equal to the largest amount that would not render its obligations under the Subsidiary Guarantee subject
to avoidance under Section 548 of the Bankruptcy Code (Title 11, United States Code) or any comparable provisions of any applicable state law. 

  
 84 

 Section 10.2 Waiver of Subrogation. Notwithstanding any payment or
payments made by a Guarantor hereunder, or any set-off or application of funds of any Guarantor by the Administrative Agent or any Lender, such Guarantor shall not be entitled to be subrogated to any of the rights of the Administrative Agent and the
Lenders against the Borrower or against any collateral security or guarantee or right of offset held by the Administrative Agent or the Lenders for the payment of the Guaranteed Obligations, nor shall any Guarantor seek any reimbursement from the
Borrower in respect of payments made by the Guarantor hereunder, until all amounts owing to the Administrative Agent and the Lenders by the Borrower are paid in full. If any amount shall be paid to any Guarantor on account of such subrogation rights
at any time when all of the Guaranteed Obligations shall not have been paid in full, such amount shall be held by such Guarantor, in trust for the Administrative Agent and each Lender, segregated from other funds of such Guarantor and shall,
forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent, for the ratable benefit of itself and the Lenders, in the exact form received by such Guarantor (duly indorsed by such Guarantor, if required), to be applied
against the Guaranteed Obligations, whether mature or unmatured, in such order as any Lender may determine. 

Section 10.3 Amendments, etc. with respect to the Guaranteed Obligations. Each Guarantor shall remain obligated
hereunder notwithstanding that, without any reservation of rights against such Guarantor, and without notice to or further assent by any Guarantor, any demand for payment of any of the Guaranteed Obligations made by the Administrative Agent or any
Lender may be rescinded by the Administrative Agent or such Lender, as applicable, and any of the Guaranteed Obligations continued, and the Guaranteed Obligations, or the liability of any other party upon or for any part thereof, or any collateral
security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or
any Lender, and this Agreement, and any Note and any other document in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as any Lender may deem advisable from time to time, and any collateral security,
guarantee or right of offset at any time held by the Administrative Agent or any Lender for the payment of the Guaranteed Obligations may be sold, exchanged, waived, surrendered or released. Neither the Administrative Agent nor any Lender shall have
any obligation to protect, secure, perfect or insure any Lien or security interest at any time held by it as security for the Guaranteed Obligations or for this Subsidiary Guarantee or any property subject thereto. 

Section 10.4 Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal,
extension or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by the Administrative Agent or any Lender upon this Subsidiary Guarantee or acceptance of this Subsidiary Guarantee; the Guaranteed Obligations, and any of
them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Subsidiary Guarantee; and all dealings between the Borrower and the Guarantors, on the one hand, and the Administrative Agent or any Lender, as
applicable, on the other, shall likewise be conclusively presumed to have been had or consummated in reliance upon this Subsidiary Guarantee. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or
nonpayment to or upon the Borrower, such Guarantor or any other Guarantor with respect to the Guaranteed Obligations. This Subsidiary Guarantee shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to,
and each Guarantor hereby expressly waives any defenses to its obligations hereunder based upon (a) the validity or enforceability of this Agreement, any Note, any of the Guaranteed Obligations or any collateral security therefor or guarantee
or right of offset with respect thereto at any time or from time to time held by the Administrative Agent or any Lender, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed
Obligations or any other Guaranteed 

  
 85 

 
Obligations of any other Loan Party under or in respect of the Loan Documents, or any other amendment or waiver of or any consent to departure from any Loan Document, including any increase in
the Guaranteed Obligations resulting from the extension of additional credit to any Loan Party or any of its Subsidiaries or otherwise, (c) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any
time be available to or be asserted by the Borrower against the Administrative Agent or any Lender, or (d) any other circumstance whatsoever (with or without notice to or knowledge of the Borrower or any Guarantor) which constitutes, or might
be construed to constitute, an equitable or legal discharge of the Borrower for the Guaranteed Obligations, or of any Guarantor under this Subsidiary Guarantee, in bankruptcy or in any other instance. When pursuing its rights and remedies hereunder
against the Guarantors, the Administrative Agent and each Lender may, but shall be under no obligation to, pursue such rights and remedies as it may have against the Borrower or any other Person or against any collateral security or guarantee for
the Guaranteed Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent or such Lender, as applicable, to pursue such other rights or remedies or to collect any payments from the Borrower or any such other
Person or to realize upon any such collateral security, or guarantee or right of offset, shall not relieve the Guarantor of any liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a
matter of law, of the Administrative Agent and the Lenders against each Guarantor. 
 Section 10.5
Reinstatement. This Subsidiary Guarantee shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Guaranteed Obligations is rescinded or must otherwise be restored or
returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or
similar officer for, the Borrower or any substantial part of its property, or otherwise, all as though such payments had not been made. 
 Section 10.6 Payments. Each of the Guarantors and the Borrower hereby agrees that the Guaranteed Obligations will be paid to the Administrative Agent, for the account of the
Administrative Agent and the Lenders, without set-off or counterclaim in Dollars as expressed to be payable hereunder and under any Note, in immediately available funds at the office of the Administrative Agent specified in
Section 9.2. 
 Section 10.7 Additional Guarantors. Upon the execution and delivery by any
Person of a Guarantee Joinder and other required documents as provided in Section 5.9, such Person shall be a Guarantor and shall be a party hereto as if an original signatory hereto. 

[Remainder of Page Intentionally Blank; Signature Pages Follow] 

  
 86 

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

			
	BORROWER:
	
	PHILLIPS 66 PARTNERS LP
	
	By PHILLIPS 66 PARTNERS GP LLC,
	its General Partner
		
	By: 	 	/s/ Brian R. Wenzel
		 	Name: Brian R. Wenzel
		 	Title:   Vice President and Treasurer
	
	INITIAL GUARANTOR:
	
	PHILLIPS 66 PARTNERS HOLDINGS LLC
		
	By: 	 	/s/ Brian R. Wenzel
		 	Name: Brian R. Wenzel
		 	Title:   Vice President and Treasurer

 Signature Page to Credit Agreement 

 
			
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative Agent, Swing Line Lender
 and a Lender

		
	By: 	 	/s/ Robert Mendoza
		 	Name: Robert Mendoza
		 	Title:   Vice President

 Signature Page to Credit Agreement 

 
			
	 THE ROYAL BANK OF SCOTLAND PLC,

as an Issuing Bank and a Lender

		
	By: 	 	/s/ David Slye
		 	Name: David Slye
		 	Title:   Authorised Signatory

 Signature Page to Credit Agreement 

 
			
	 DNB BANK ASA, NEW YORK BRANCH,
 as an Issuing Bank

		
	By: 	 	/s/ Thomas Tangen
		 	Name: Thomas Tangen
		 	 Title:   Senior Vice President
             Head of Corporate Banking

		
	By:	 	/s/ Henrik Asland
		 	Name: Henrik Asland
		 	Title:   Senior Vice President
	
	 DNB BANK ASA, GRAND CAYMAN
 BRANCH, as a Lender

		
	By:	 	/s/ Thomas Tangen
		 	Name: Thomas Tangen
		 	 Title:   Senior Vice President
             Head of Corporate Banking

		
	By:	 	/s/ Henrik Asland
		 	Name: Henrik Asland
		 	Title:   Senior Vice President

 Signature Page to Credit Agreement 

 
			
	MIZUHO CORPORATE BANK, LIMITED,
	as an Issuing Bank and a Lender
		
	By: 	 	/s/ Leon Mo
		 	Name: Leon Mo
		 	Title:   Authorized Signatory

 Signature Page to Credit Agreement 

 
			
	PNC BANK, NATIONAL ASSOCIATION,
	as an Issuing Bank and a Lender
		
	By: 	 	/s/ M. Colin Warman
		 	Name: M. Colin Warman
		 	Title:   Vice President

 Signature Page to Credit Agreement 

 
			
	 THE BANK OF TOKYO-MITSUBISHI UFJ,
 LTD., as an Issuing Bank and a Lender

		
	By:	 	/s/ Maria Ferradas
		 	Name: Maria Ferradas
		 	Title:   Vice President

 Signature Page to Credit Agreement 

 
			
	 BANK OF AMERICA, N.A.,
 as a Lender

		
	By:	 	/s/ Alia Qaddumi
		 	 Name: Alia Qaddumi
 Title:
  Vice President

 Signature Page to Credit Agreement 

 
			
	 BARCLAYS BANK PLC,
 as a Lender

		
	By:	 	/s/ Sreedhar Kona
		 	 Name: Sreedhar Kona
 Title:
  Vice President

 Signature Page to Credit Agreement 

 
			
	 CITIBANK, N.A.,
 as a Lender

		
	By:	 	/s/ Lawrence Martin
		 	 Name: Lawrence Martin

Title:   Vice President

 Signature Page to Credit Agreement 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
		
	By:	 	/s/ Kevin Buddhdew
		 	 Name: Kevin Buddhdew
 Title:
  Authorized Signatory

		
	By:	 	/s/ Michael Spaight
		 	 Name: Michael Spaight

Title:   Authorized Signatory

 Signature Page to Credit Agreement 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
		
	By:	 	/s/ Ming K. Chu
		 	 Name: Ming K. Chu
 Title:
  Vice President

		
	By:	 	/s/ Philippe Sandmeier
		 	 Name: Philippe Sandmeier

Title:   Managing Director

 Signature Page to Credit Agreement 

 
			
	 MORGAN STANLEY BANK, N.A.,
 as a Lender

		
	By:	 	/s/ Kelly Chin
		 	 Name: Kelly Chin
 Title:
  Authorized Signatory

 Signature Page to Credit Agreement 

 
			
	 ROYAL BANK OF CANADA,
 as a Lender

		
	By:	 	/s/ Don J. McKinnerney
		 	 Name: Don J. McKinnerney

Title:   Authorized Signatory

 Signature Page to Credit Agreement 

 SCHEDULE I 
 COMMITMENTS 
  

					
	 Lender
	  	Commitment	 
	 The Royal Bank of Scotland plc
	  	$	19,230,769.24	  
	 DNB Bank ASA, Grand Cayman Branch
	  	$	19,230,769.23	  
	 Mizuho Corporate Bank, LTD.
	  	$	19,230,769.23	  
	 PNC Bank, National Association
	  	$	19,230,769.23	  
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	$	19,230,769.23	  
	 Bank of America, N.A.
	  	$	19,230,769.23	  
	 Barclays Bank PLC
	  	$	19,230,769.23	  
	 Citibank, N.A.
	  	$	19,230,769.23	  
	 Credit Suisse AG, Cayman Islands Branch
	  	$	19,230,769.23	  
	 Deutsche Bank AG New York Branch
	  	$	19,230,769.23	  
	 JPMorgan Chase Bank, N.A.
	  	$	19,230,769.23	  
	 Morgan Stanley Bank, N.A.
	  	$	19,230,769.23	  
	 Royal Bank of Canada
	  	$	19,230,769.23	  
		  	$	250,000,000.00	  

 SCHEDULE II 
 EXCLUDED SUBSIDIARY DEBT 
 None. 

 SCHEDULE III 
 SUBORDINATION TERMS1 
 As used herein, (a) “Subordinated Debt” means
loans made by [describe payee] (“Payee”) to any Subordinated Obligor (as defined below), which loans may (but need not) be evidenced by notes made by a Subordinated Obligor to the order of Payee, as such loans may be renewed,
consolidated, amended, extended, or otherwise modified, together with interest and premium, if any, thereon and other amounts payable in respect thereof, including any interest accruing after the date of filing of any Proceeding as hereinafter
defined, (b) “this Subordination Agreement” means the provisions of this [Article], (c) “payment in full” or “paid in full” when used in respect of the Senior Obligations means such time
as the Lenders have no further commitments to lend or issue Letters of Credit (as defined in the Credit Agreement), all Obligations (as defined in the Credit Agreement) (other than contingent indemnification obligations not yet due and payable) have
been paid in full in cash and all Letters of Credit have terminated or have been cash collateralized in accordance with the terms of the Credit Agreement, and (d) “including” means “including without
limitation”, and (e) “Person” has the meaning set forth in the Credit Agreement. 

Section 1. Subordination. (a) The payment of any amounts owing in respect of the Subordinated Debt shall be
subordinated, to the extent and in the manner hereinafter set forth, to the following (the “Senior Obligations”): (i) all Obligations as defined in Credit Agreement dated as of June 7, 2013 (the “Credit
Agreement”), among Phillips 66 Partners LP (the “Borrower”), Phillips 66 Partners Holdings LLC (the “Initial Guarantor”), the lenders from time to time party thereto (the “Lenders”), and
JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, including any successors thereto, the “Administrative Agent”), (ii) all obligations under the Subsidiary Guarantee contained in (and as
defined in) the Credit Agreement, made by the Initial Guarantor in favor of the Administrative Agent and the Lenders, and (iii) all obligations under any other guaranty made by any Subsidiary (as defined in the Credit Agreement) in favor of the
Administrative Agent and the Lenders (the makers of any such guaranty, together with the Initial Guarantor, collectively, the “Guarantors” and together with the Borrower, collectively, the “Subordinated Obligors”
and each, a “Subordinated Obligor”), as each such agreement or guaranty described in the foregoing clauses (i) through (iii) may be amended, renewed, extended, increased, substituted, refinanced, restructured, replaced,
supplemented or otherwise modified from time to time, and in each case including interest thereon accruing after the commencement of any Proceeding, whether or not such interest is an allowed claim in such Proceeding. 

(b) As used in this Subordination Agreement, the term “Proceeding” means any of the following in respect of a
Subordinated Obligor or its assets or property: insolvency or bankruptcy proceedings, any receivership, reorganization or other similar proceedings, any distribution of assets, an assignment for the benefit of creditors or a marshalling of assets
and liabilities, or proceedings for voluntary or involuntary liquidation, dissolution or other winding up of a Subordinated Obligor, whether or not involving insolvency or bankruptcy. In the event of a Proceeding, then 

 
  

	1 	To be used to subordinate the following types of Indebtedness owed by a Loan Party: (1) Indebtedness permitted under Section 6.3(a)(i)(B) of the Credit
Agreement (before the Investment Grade Rating Date, Indebtedness owed to a Non-Guarantor Subsidiary); (2) Indebtedness permitted under Section 6.3(a)(i)(E) of the Credit Agreement (before the Investment Grade Rating Date, Indebtedness owed
to Phillips 66 or any of its Subsidiaries (other than the Loan Parties and their Restricted Subsidiaries)); and (3) from and after the Investment Grade Rating Date, “Excluded Subsidiary Debt” owed to a Non-Guarantor Subsidiary.

 (i) the holders of the Senior Obligations shall be entitled to receive
payment in full of all Senior Obligations before Payee shall receive any payment or distribution on account of Subordinated Debt, and 
 (ii) any payment by, or on behalf of, or distribution of the assets of, a Subordinated Obligor of any kind or character on account of the Subordinated Debt, whether in cash, securities, property or
otherwise, to which Payee would be entitled except for the provisions of this Subordination Agreement shall be paid or delivered by the Person making such payment or distribution (whether a trustee in bankruptcy, a receiver, custodian, liquidating
trustee or any other Person) directly to the holders of the Senior Obligations or the Administrative Agent acting on their behalf, payable in accordance with the terms of the Credit Agreement, until the payment in full of all Senior Obligations.

 (c)(i) Upon the occurrence and during the continuation of a Default or Event of Default as defined in the
Credit Agreement, Payee agrees not to ask, demand, sue for or take or receive from any Subordinated Obligor in cash, securities, property or otherwise, or by setoff, purchase, redemption (including from or by way of collateral) or otherwise, payment
of all or any part of the Subordinated Debt, until payment in full of all Senior Obligations. The Section 1(c)(i) shall cease to be applicable on the Investment Grade Rating Date as defined in the Credit Agreement (the “Investment Grade
Rating Date”). 
 (ii) This Section 1(c)(ii) shall be applicable from and after the Investment
Grade Rating Date. Upon the occurrence and during the continuation of an Event of Default as defined in the Credit Agreement, Payee agrees not to ask, demand, sue for or take or receive from any Subordinated Obligor in cash, securities, property or
otherwise, or by setoff, purchase, redemption (including from or by way of collateral) or otherwise, payment of all or any part of the Subordinated Debt, until payment in full of all Senior Obligations. 

(d) Payee agrees that no payment or distribution to holders of Senior Obligations pursuant to the provisions of this Subordination
Agreement shall entitle Payee to exercise any rights of subrogation in respect thereof, all of which are expressly waived herein, until the Senior Obligations have been paid in full. 

(e) Without the prior written consent of the Administrative Agent, no Subordinated Obligor shall give, or permit to be given and Payee
shall not receive, accept or demand, any lien to secure any Subordinated Obligations, on any cash, securities, property or other assets, whether now existing or hereafter acquired, of any Subordinated Obligor. 

Section 2. Waivers and Consents. 
 (a) Payee waives (i) promptness, diligence, notice of acceptance and any other notice with respect to the Senior Obligations and this Subordination Agreement and any requirement that the
Administrative Agent or any Lender exhaust any right or take any action against any Subordinated Obligor or any other Person or any of their respective assets. 
 (b) All rights and interests of the holders of Senior Obligations hereunder, and all agreements and obligations of Payee and Subordinated Obligors under this Subordination Agreement, shall remain in full
force and effect irrespective of: (i) any lack of validity or enforceability of any Credit Agreement or any other Loan Document as therein defined, or any agreement or instrument relating thereto; (ii) any change in the time, manner or
place of payment of, or in any other term of, the Obligations, or any other amendment or waiver of or any consent to or departure from the Credit Agreement or any other Loan 

 
Document, including any increase in the Senior Obligations or extension of the maturity thereof; (iii) any holder of Senior Obligations releasing any Subordinated Obligor from all or any
part of the Senior Obligations by operation of law or otherwise, (iv) any enforcement or failure to enforce, or any delay in enforcing, any Loan Document; or (v) any other circumstance which might otherwise constitute a defense available
to, or a discharge of, any Subordinated Obligor or Payee or third party guarantor or surety other than payment in full of the Senior Obligations. 
 (c) No present or future holder of Senior Obligations shall be prejudiced in its right to enforce subordination of Payee by any act or failure to act on the part of any Subordinated Obligor whether or not
such act or failure shall give rise to any right of rescission or other claim or cause of action on the part of Payee. 

Section 3. Reinstatement. This Subordination Agreement shall continue to be effective or be reinstated, as the case may be,
if at any time any payment of any Senior Obligations is rescinded or must otherwise be returned by any holder of Senior Obligations in connection with any Proceeding, all as though such payment had not been made. 

Section 4. Termination. This Subordination Agreement shall in all respects be a continuing agreement and shall remain in full
force and effect until the earlier of (a) the payment in full of the Senior Obligations and (b) the payment in full in cash of the Subordinated Debt. Upon such payment in full, this Subordination Agreement shall terminate (subject to
Section 3); provided that the parties hereto agree to each execute such instruments as may be reasonably requested by any other party hereto to further evidence such termination. 

Section 5. Amendments, Etc. No amendment or waiver of any provision of this Subordination Agreement nor consent to any
departure by Payee or any Subordinated Obligor therefrom shall in any event be effective unless the same shall be in writing and signed by the Administrative Agent and then such waiver or consent shall be effective only in the specific instance and
for the specific purpose for which given. 
 Section 6. Rights of Payee. The provisions of the foregoing paragraphs
with respect to subordination are solely for the purpose of defining the relative rights of the holders of Senior Obligations on the one hand, and Payee on the other hand, and none of such provisions shall impair, as between any Subordinated Obligor
and Payee, the obligation of such Subordinated Obligor, which is unconditional and absolute, to pay to Payee the principal and interest under the Subordinated Debt in accordance with its terms, nor shall anything in such provisions prevent Payee
from exercising all remedies otherwise permitted by applicable law or hereunder upon default hereunder, subject to the rights of holders of Senior Obligations under such provisions. 

Section 7. Third-Party Beneficiaries. The holders of Senior Obligations are entitled to the benefits of the foregoing
subordination provisions and are third-party beneficiaries thereof. 
 Section 8. Governing Law. THIS SUBORDINATION
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

 SCHEDULE 3.15 
 SUBSIDIARIES 
 AS OF THE AVAILABILITY DATE 

 

									
	 Subsidiary
	  	 Owner
	  	Percentage
Ownership	 	Jurisdiction of
Formation	  	Material
Subsidiary
	 Phillips 66 Partners Holdings LLC
	  	 Phillips 66 Partners LP
	  	100%	 	Delaware	  	Yes
	 Phillips 66 Carrier LLC
	  	 Phillips 66 Partners Holdings LLC
	  	100%	 	Delaware	  	Yes

 SCHEDULE 6.3(b) 

DEBT SECURED BY TRANSFERRED LIENS 
 None. 

 SCHEDULE 6.4 
 TRANSACTIONS WITH AFFILIATES 
 Agreements and contracts described in
or filed as exhibits to the Registration Statement. 

 SCHEDULE 6.7 
 RESTRICTIVE AGREEMENTS AS OF THE AVAILABILITY DATE 
 None.

 ANNEX A 
 LEVERAGE-BASED PRICING GRID 
  

									
	 	  	Level 1	  	Level 2	  	Level 3	  	Level 4
	 Consolidated Leverage Ratio
	  	£2.75:1.00	  	>2.75:100 but
£3.50:1.00	  	>3.50:100 but
£4.25:1.00	  	>4.25:1.00
	 Applicable Margin for Eurodollar Loans
	  	1.250%	  	1.375%	  	1.500%	  	1.750%
	 Applicable Margin for Reference Rate Loans
	  	0.250%	  	0.375%	  	0.500%	  	0.750%
	 Commitment Fee
	  	0.175%	  	0.225%	  	0.275%	  	0.325%

 Any increase or decrease in the Applicable Margin resulting from a change in the Consolidated Leverage Ratio shall become
effective as of the first Business Day immediately following the date of delivery of a compliance certificate pursuant to Section 5.1(c); provided, however, that if any such compliance certificate is not delivered when due
in accordance with such Section 5.1(c), then the Applicable Margin shall remain at the level determined by the most recently delivered compliance certificate and shall continue to apply until the first Business Day immediately
following the date a compliance certificate is delivered in accordance with Section 5.1(c), whereupon the Applicable Margin shall be adjusted based upon the calculation of the Consolidated Leverage Ratio contained in such
compliance certificate, and if the Applicable Margin would have been set at a higher level during the period of non-delivery of the compliance certificate, the Borrower shall pay to the Administrative Agent, for the benefit of the Lenders, on demand
all amounts which would have accrued hereunder had the compliance certificate been delivered when due. The Applicable Margin in effect on the Availability Date shall be based on Pricing Level 1 until the first calculation date following the receipt
by the Administrative Agent and the Lenders of the financial information and related compliance certificate for the fiscal quarter ending September 30, 2013. 

 ANNEX B 
 RATINGS-BASED PRICING GRID 
  

											
	 	  	Level 1	  	Level 2	  	Level 3	  	Level 4	  	Level 5
	 Designated Ratings
	  	A or A2
 (or above)
	  	A- or A3	  	BBB+ or
Baa1	  	BBB or Baa2	  	Equal to or
Lower than
BBB- or Baa3
	 Applicable Margin for Eurodollar Loans
	  	1.000%	  	1.125%	  	1.250%	  	1.375%	  	1.500%
	 Applicable Margin for Reference Rate Loans
	  	0.000%	  	0.125%	  	0.250%	  	0.375%	  	0.500%
	 Commitment Fee
	  	0.080%	  	0.100%	  	0.150%	  	0.200%	  	0.250%

 Ratings in the above Ratings-Based Pricing Grid are based on the Designated Ratings issued by the Rating
Agencies. 
 For purposes of the foregoing, (i) if the Designated Ratings are split, the higher of such ratings shall
apply, provided that if the higher rating is two or more levels above the lower rating, the rating next below the higher of the two shall apply; (ii) if only one Rating Agency issues a Designated Rating, such rating shall apply; and
(iii) if the Designated Rating established by Moody’s or S&P shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first
announced by the applicable Rating Agency. If the rating system of S&P or Moody’s shall change, or if any of S&P or Moody’s shall cease to be in the business of rating corporate debt obligations, the Borrower and the Administrative
Agent shall negotiate in good faith if necessary to amend this provision to reflect such changed rating system or the unavailability of Designated Ratings from such Rating Agencies and, pending the effectiveness of any such amendment, the applicable
Commitment Fee rate, the Applicable Margin for Eurodollar Loans and the Applicable Margin for Reference Rate Loans shall be determined by reference to the Designated Rating of such Rating Agency most recently in effect prior to such change or
cessation. 

 EXHIBIT A 
 FORM OF REVOLVING CREDIT NOTE 
 New York, New York 

                
         , 20      
 FOR VALUE RECEIVED, PHILLIPS 66
PARTNERS LP, a Delaware limited partnership (the “Borrower”), promises to pay to the order of                      (the
“Lender”) at the office of JPMorgan Chase Bank, N.A., located at 270 Park Avenue, New York, New York 10017, on the Commitment Termination Date (as defined in the Credit Agreement referred to below) in lawful money of the
United States of America and in immediately available funds, the principal amount equal to the aggregate unpaid principal amount of all Revolving Credit Loans made by the Lender to the Borrower pursuant to Section 2.1 of the Credit
Agreement. The Borrower further agrees to pay interest on all Revolving Credit Loans in lawful money of the United States of America, at such office on the unpaid principal amount hereof from time to time from the date hereof and, to the extent
permitted by law, accrued interest in respect hereof at the rates and on the dates specified in Section 2.9 of the Credit Agreement. The holder of this Note is authorized to record the date and amount of each Loan made by the Lender
pursuant to Section 2.1 of the Credit Agreement, each payment of principal with respect thereto and each conversion or continuation made pursuant to Section 2.6 of the Credit Agreement, on the schedules annexed hereto and
made a part hereof, or on a continuation thereof which shall be attached hereto and made a part hereof, and any such recordation shall constitute prima facie evidence, absent manifest error, of the accuracy of the information recorded;
provided that failure by the Lender to make any such recordation or any error in such recordation shall not affect the obligations of the Borrower hereunder or under the Credit Agreement. 

This Note is one of the Revolving Credit Notes referred to in the Credit Agreement dated as of June 7, 2013, among the Borrower,
Phillips 66 Partners Holdings LLC, the Lender, certain other banks and financial institutions parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”; terms defined therein and not otherwise defined herein being used herein as therein defined), is entitled to the benefits thereof and is subject to optional and mandatory prepayment in whole or in part as
provided therein. The Borrower agrees to pay expenses incurred by the Lender in connection with the enforcement of its rights and remedies under the Credit Agreement and this Note as provided in Section 9.5 of the Credit Agreement.

 Upon the occurrence of any one or more of the Events of Default specified in the Credit Agreement, all amounts then remaining
unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided therein. 

  
 Exhibit A
– Page 1 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 
  

			
	 PHILLIPS 66 PARTNERS LP

	
	 By PHILLIPS 66 PARTNERS GP LLC,

its General Partner

		
	 By:
	 	 
		 	Name:
		 	Title:

 Signature Page to 
 Revolving Credit Note 

 Page 1 of 
 Schedule to 
 Note 

REFERENCE RATE LOANS, CONVERSIONS AND 
 PAYMENTS OF REFERENCE RATE LOANS 
  

									
	 Date
	 	 Amount of Reference

Rate Loans Made or
Converted From
 Eurodollar Loans
	 	 Amount of

Reference Rate

Loans Paid or

Converted into

Eurodollar Loans
	 	 Unpaid Principal

Balance of

Reference Rate

Loans
	 	 Notation Made By

 Page 2 
 of Schedule to 
 Note 

EURODOLLAR LOANS, CONVERSIONS 
 AND PAYMENTS OF EURODOLLAR LOANS 
  

											
	 Date
	 	 Amount of

Eurodollar
 Loans
Made
 or Converted
 from Reference
 Rate Loans
	 	 Interest

Period and

Eurodollar
 Rate
with
 Respect
 Thereto
	 	 Amount of

Eurodollar

Loans
 Paid
or
 Converted into
 Reference
 Rate Loans
	 	 Unpaid

Principal
 Balance
of
 Eurodollar
 Loans
	 	 Notation Made By

 EXHIBIT B 
 FORM OF SWING LINE NOTE 
 New York, New York 

              
         , 20      
 FOR VALUE RECEIVED, PHILLIPS 66
PARTNERS LP, a Delaware limited partnership (the “Borrower”), promises to pay to the order of                      (the
“Lender”) at the office of JPMorgan Chase Bank, N.A., located at 270 Park Avenue, New York, New York 10017, in lawful money of the United States of America and in immediately available funds, the principal amount equal to the
aggregate unpaid principal amount of all Swing Line Loans that are made by the Lender to the Borrower pursuant to Section 2.19 of the Credit Agreement (defined below). The Borrower further agrees to pay interest in like money at such
office on the unpaid principal amount hereof from time to time from the date hereof and, to the extent permitted by law, accrued interest in respect hereof at the rates and on the dates specified in Section 2.9 of the Credit Agreement.
The holder of this Note is authorized to record the date and amount of each Swing Line Loan made pursuant to Section 2.19 of the Credit Agreement and each payment of principal with respect thereto on the schedule annexed hereto and made
a part hereof, or on a continuation thereof which shall be attached hereto and made a part hereof, and any such recordation shall constitute prima facie evidence, absent manifest error, of the accuracy of the information recorded;
provided that failure by the Lender to make any such recordation or any error in such recordation shall not affect the obligations of the Borrower hereunder or under the Credit Agreement in respect of the Swing Line Loans. 

This Note is one of the Swing Line Loan Notes referred to in the Credit Agreement dated as of June 7, 2013, among the Borrower,
Phillips 66 Partners Holdings LLC, the Lender, certain other banks and financial institutions parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”; terms defined therein and not otherwise defined herein being used herein as therein defined), and is entitled to the benefits thereof. The Borrower agrees to pay expenses incurred by the Lender in
connection with the enforcement of its rights and remedies under the Credit Agreement and this Note as provided in Section 9.5 of the Credit Agreement. 
 Upon the occurrence of any one or more of the Events of Default specified in the Credit Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due
and payable, all as provided therein. 

  
 Exhibit B
– Page 1 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK. 
  

			
	PHILLIPS 66 PARTNERS LP
	
	 By PHILLIPS 66 PARTNERS GP LLC,
 its General Partner

		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to 
 Form of Swing Line Note 

 Page One of 
 Schedule to Note 
 SWING LINE LOANS AND PAYMENTS OF PRINCIPAL

  

											
	 Date
	 	 Amount of Swing

Line Loans
	 	 Interest Rate

Basis
	 	 Amount of

Principal

Repaid
	 	 Unpaid

Principal

Balance
	 	 Notation

Made By

 EXHIBIT C 
 FORM OF BORROWING REQUEST 
 JPMorgan Chase Bank, N.A., as Administrative Agent 

500 Stanton Christiana Road, Ops 2, Floor 03 

Newark, DE, 19713-2107, United States 
  

			
	Attention: Loan and Agency Services, Vincent Capone	  	[Date]

 Reference: Phillips 66 Partners LP 
 Ladies and Gentlemen: 
 The undersigned, PHILLIPS 66 PARTNERS LP, refers to the
Credit Agreement dated as of June 7, 2013 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement,” with terms defined therein and not otherwise defined herein being used herein as
therein defined), among the undersigned, JPMorgan Chase Bank, N.A., as Administrative Agent, Swing Line Lender and an Issuing Bank, the Lenders and other Persons from time to time party thereto, and the undersigned hereby gives you notice,
irrevocably, pursuant to Section 2.3 of the Credit Agreement, that the undersigned hereby requests a borrowing under the Credit Agreement, and with respect thereto sets forth below the information relating to such borrowing (the
“Proposed Borrowing”) as required by Section 2.3 of the Credit Agreement: 

(i) The aggregate amount of the Proposed Borrowing is $
                    . 
 (ii) The Business Day of the Proposed Borrowing is                     . 

(iii) The Type of the Proposed Borrowing is [a Eurodollar Loan] [a Reference Rate Loan] [or specify combination thereof].

 [(iv) The Interest Period for each Eurodollar Loan made as part of the Proposed Borrowing is
[        ] month[s].] 
 [Signature Page to Follow] 

  
 Exhibit C
– Page 1 

 
			
	Very truly yours,
	
	PHILLIPS 66 PARTNERS LP
	
	 By PHILLIPS 66 PARTNERS GP LLC,
 its General Partner

		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to 
 Borrowing Request 

 EXHIBIT D 
 FORM OF ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (the
“Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee]
(the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of
which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein
in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee
hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below
(i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest
identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any Letters of Credit and Swing Line Loans included in such facilities) and (ii) to the extent
permitted to be assigned under applicable Law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit
Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory
claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and
(ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and
Assumption, without representation or warranty by the Assignor. 
  

					
	1.	  	Assignor:	  	____________________________________
			
		  	[Assignor [is] [is not] a Defaulting Lender]	  	
			
	2.	  	Assignee:	  	____________________________________
			
	3.	  	Borrower:	  	Phillips 66 Partners LP, a Delaware limited partnership
			
	4.	  	Administrative Agent:	  	JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement

 5. Credit Agreement: Credit Agreement dated as of June 7, 2013, among Phillips 66 Partners LP, a Delaware limited
partnership, Phillips 66 Partners Holdings LLC, a Delaware limited liability company, the Lenders from time to time parties thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent, Swing Line Lender and an Issuing Bank 

  
 Exhibit D
– Page 1 

	6.	Assigned Interest: 

  

							
	 Aggregate Amount
of
 Commitment/Loans for all

Lenders
	  	 Amount of Commitment/Loans

Assigned
	  	 
  
	Percentage Assigned of
 Commitment/Loans1
	  
   

			
	 $
	  	$	  	 	%	  
			
	 $
	  	$	  	 	%	  
			
	 $
	  	$	  	 	%	  

 Effective Date:
                                     ,
20         [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The Assignee agrees to deliver to the Administrative Agent a completed Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information
(which may contain material non-public information about the Borrower and Related Parties or their respective securities) will be made available and who may receive such information in accordance with the Assignee’s compliance procedures and
applicable Laws, including Federal and state securities Laws. 
 [REMAINDER OF PAGE INTENTIONALLY BLANK; 

SIGNATURES BEGIN ON NEXT PAGE] 
  

 

	1 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

  
 Exhibit D
– Page 2 

 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	        By:	 	  

		 	Title:

  

			
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	        By:	 	  

		 	Title:

  
 Signature
Page to 
 Form of Assignment and Assumption 

 [Consented to and]2 Accepted: 

JPMorgan Chase Bank, N.A., as 
 Administrative
Agent, Swing Line Lender and an Issuing Bank 
  

			
		
	By	 	 
		 	Name:
		 	Title:

  

			
	Consented to:
	
	 The Royal Bank of Scotland plc, as
 an Issuing Bank

		
	By	 	 
		 	Name:
		 	Title:

  

			
	 DNB Bank ASA, New York Branch, as
 an Issuing Bank

		
	By	 	 
		 	Name:
		 	Title:

  

			
	 Mizuho Corporate Bank, LTD., as
 an Issuing Bank

		
	By	 	 
	Title:

  

			
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd., as
 an Issuing Bank

		
	By	 	 
		 	Name:
		 	Title:

  

	2 	Administrative Agent’s consent required only if assignment is not to an existing Lender or an Affiliate thereof. 

  
 Signature
Page to 
 Form of Assignment and Assumption 

			
	 PNC Bank, National Association, as
 an Issuing Bank

		
	By	 	 
		 	Name:
		 	Title:

 [If there are any additional Issuing Banks, insert additional signature blocks] 

[Consented to: 
 PHILLIPS 66 PARTNERS LP

 By PHILLIPS 66 PARTNERS GP LLC, 

its General Partner 
  

			
	By:	 	 
		 	Name:
		 	Title:]3

  

	3 	To be added only if the consent of the Borrower is required by the terms of the Credit Agreement.  

  
 Signature
Page to 
 Form of Assignment and Assumption 

 Annex 1 To Exhibit D 

STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 
 1. Representations and Warranties. 

1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned
Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to
consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit
Agreement, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates
or any other Person obligated in respect of the Credit Agreement or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under the Credit Agreement.

 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has
taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in
the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender
thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or
the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, together with copies of the most recent financial
statements delivered pursuant to Section 5.1(a) and (b) thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment
and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (vi) attached to the Assignment and
Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the
Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, and
(ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. 
 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other
amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 

3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and
their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

 EXHIBIT E 
 FORM OF EXTENSION OF 
 COMMITMENT TERMINATION DATE REQUEST 

[            ]
[        ], 20[    ] 
 JPMorgan Chase Bank,
N.A., 
 as Administrative Agent 
 270
Park Avenue 
 New York, New York 10017 

Ladies and Gentlemen: 

Reference is made to the Credit Agreement, dated as of June 7, 2013, among the undersigned, Phillips 66 Partners Holdings LLC,
certain Lenders parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). Terms defined in the Credit Agreement are used
herein as therein defined. 
 The undersigned hereby certifies that no Event of Default has occurred and is continuing.

 This is an Extension of Commitment Termination Date Request pursuant to Section 2.21 of the Credit Agreement
requesting an extension of the Commitment Termination Date to [INSERT REQUESTED COMMITMENT TERMINATION DATE]. Please transmit a copy of this Extension of Commitment Termination Date Request to each of the Lenders. 

 

			
	PHILLIPS 66 PARTNERS LP
	
	 By PHILLIPS 66 PARTNERS GP LLC,
 its General Partner

		
	By:	 	 
		 	 Name:

Title:

  
 Exhibit
E– Page 1 

 EXHIBIT F 
 FORM OF GUARANTEE JOINDER 
 This Guarantee Joinder is dated as of
                     and is made by
                    , a
                    (“Additional Guarantor”), in favor of JPMorgan Chase Bank, N.A., as administrative agent (the
“Administrative Agent”) and the Lenders (as defined below). All capitalized terms not defined herein shall have the meaning ascribed to them in the Credit Agreement hereinafter referenced. 

RECITALS 

WHEREAS, PHILLIPS 66 PARTNERS LP, a Delaware limited partnership (the “Borrower”), is party to that certain
Credit Agreement dated as of June 7, 2013, among the Borrower, the several banks and financial institutions from time to time parties thereto (collectively, the “Lenders”; individually, a
“Lender”), and the Administrative Agent (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”); and 

WHEREAS, Additional Guarantor has agreed to execute and deliver this Guarantee Joinder in order to become a party to the Credit Agreement
as a Guarantor thereunder. 
 NOW, THEREFORE, in consideration of the foregoing premises and to induce the Lenders to continue
to extend credit to the Borrower in accordance with the Credit Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Additional Guarantor, for the benefit of the Administrative Agent
and the Lenders, hereby agrees as follows: 
 1. Additional Guarantor shall be a Guarantor for purposes of the Credit Agreement,
effective from the date hereof, and agrees to perform all of the obligations of a Guarantor under, and to be bound in all respects by the terms of, the Credit Agreement applicable to Guarantors (including all waivers, releases, indemnifications and
submissions set forth therein), all of which terms are incorporated herein by reference, as if Additional Guarantor were a signatory party thereto; and, accordingly, Additional Guarantor hereby, jointly and severally with the other Guarantors party
to the Credit Agreement, unconditionally and irrevocably guarantees the prompt and complete payment when due, whether at stated maturity, by acceleration or otherwise, of the Guaranteed Obligations, and further agrees to pay any and all expenses
(including the legal fees, charges and disbursements of counsel) incurred by any Lender in enforcing any rights under the Subsidiary Guarantee, in all respects upon the terms set forth in the Credit Agreement. Notwithstanding anything contained
herein or in the Subsidiary Guarantee to the contrary, the obligations of the Additional Guarantor under the Subsidiary Guarantee shall be limited to an aggregate amount equal to the largest amount that would not render its obligations under the
Subsidiary Guarantee subject to avoidance under Section 548 of the Bankruptcy Code (Title 11, United States Code) or any comparable provisions of any applicable state law. 

2. From and after the date hereof, all references to the “Guarantors,” or each individual “Guarantor,” in the Credit
Agreement shall be deemed to include Additional Guarantor, in addition to the other Guarantors, as if Additional Guarantor were a signatory party thereto. In addition, all references to [”Required Guarantors”] [”Elective
Guarantors”] in the Credit Agreement shall be deemed to include Additional Guarantor (which references may change after the date hereof in accordance with the terms of the Credit Agreement). 

3. Additional Guarantor hereby represents and confirms that the representations and warranties of the Guarantors set forth in the Credit
Agreement are true and correct in all material respects with respect to Additional Guarantor on and as of the date hereof (and after giving effect hereto), as if set forth herein in their entirety. 

  
 Exhibit F Page
1 

 4. This Guarantee Joinder and the rights and obligations of the parties hereunder shall be
governed by and construed and interpreted in accordance with the laws of the State of New York. Acceptance and notice of acceptance hereof are hereby waived in all respects. 
 5. This Guarantee Joinder may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together
shall constitute a single contract. This Guarantee Joinder shall become effective when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of the Additional Guarantor and the Administrative
Agent. Delivery of an executed signature page to this Guarantee Joinder by facsimile transmission or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually signed counterpart hereof.

 6. This Guarantee Joinder is a Loan Document. 
 7. All communications and notices hereunder shall be in writing and given as provided in the Credit Agreement. All communications and notices hereunder to the Additional Guarantor shall be given to it at
the address set forth under its signature. 
 8. This Guarantee Joinder and the Credit Agreement set forth the entire agreement
of the parties hereto with respect to the subject matter hereof, and supersede all previous understandings, written or oral, with respect thereto. 
 [Signature Page to Follow] 

  
 Exhibit F Page
2 

 IN WITNESS WHEREOF, the undersigned Additional Guarantor has caused this Guarantee Joinder
to be duly executed and delivered by its officer thereunto duly authorized as of the date first set forth above. 
  

			
	 
	[NAME OF ADDITIONAL GUARANTOR]
		
	  By:	 	 
		 	Name:                            
                                         
          
		 	Title:                            
                                         
             
	
	  Address for Notices:

 Signature Page to 
 Form of Guarantee Joinder 

 ACKNOWLEDGED AND ACCEPTED, 
 as of the date above first written: 
 JPMORGAN CHASE BANK, N.A., 

as Administrative Agent 
  

			
	By	 	 
		 	Name:
		 	Title:

 Signature Page to 
 Form of Guarantee Joinder 

 EXHIBIT G-1 
 U.S. TAX CERTIFICATE 
 (For Foreign Lenders that are not Partnerships for
U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of June 7, 2013 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among Phillips 66 Partners LP, a Delaware limited partnership (the “Borrower”), Phillips 66 Partners Holdings LLC, a
Delaware limited liability company, the several banks and financial institutions from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”). 

Pursuant to the provisions of Section 2.15 of the Credit Agreement, the undersigned hereby certifies that (i) it is the
sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code,
(iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code. 
 The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person
status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and
(2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or
in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	 [NAME OF LENDER]

		
	By:	 	 
		 	Name:
		 	Title:

 Date:             
        , 20[    ] 

  
 Exhibit G-1
– Page 1 

 EXHIBIT G-2 
 U.S. TAX CERTIFICATE 
 (For Foreign Lenders that are Partnerships for U.S.
Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of June 7, 2013 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among Phillips 66 Partners LP, a Delaware limited partnership (the “Borrower”), Phillips 66 Partners Holdings LLC, a
Delaware limited liability company, the several banks and financial institutions from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”). 

Pursuant to the provisions of Section 2.15 of the Credit Agreement, the undersigned hereby certifies that (i) it is the
sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any
Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit
pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the
following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower
and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	 
		 	Name:
		 	Title:

 Date:             
        , 20[    ] 

  
 Exhibit G-2
– Page 1 

 EXHIBIT G-3 
 U.S. TAX CERTIFICATE 
 (For Foreign Participants that are not Partnerships
for U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of June 7, 2013 (as
amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Phillips 66 Partners LP, a Delaware limited partnership (the “Borrower”), Phillips 66 Partners Holdings
LLC, a Delaware limited liability company, the several banks and financial institutions from time to time parties thereto (collectively, the “Lenders”; individually, a “Lender”), and JPMorgan Chase
Bank, N.A., as administrative agent (the “Administrative Agent”). 
 Pursuant to the provisions of
Section 2.15 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within
the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the
Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Lender with a
certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in
writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the
two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used
herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	 By:
	 	 
		 	Name:
		 	Title:

 Date: ________ __, 20[__] 

  
 Exhibit G-3
– Page 1 

 EXHIBIT G-4 
 U.S. TAX CERTIFICATE 
 (For Foreign Participants that are Partnerships for
U.S. Federal Income Tax Purposes) 
 Reference is hereby made to the Credit Agreement dated as of June 7, 2013 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among Phillips 66 Partners LP, a Delaware limited partnership (the “Borrower”), Phillips 66 Partners Holdings LLC, a
Delaware limited liability company, the several banks and financial institutions from time to time parties thereto (collectively, the “Lenders”; individually, a “Lender”), and JPMorgan Chase Bank,
N.A., as administrative agent (the “Administrative Agent”). 
 Pursuant to the provisions of
Section 2.15 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members
are the sole beneficial owners of such participation, (iii) with respect to such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in
the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of
Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its
partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the
portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have
at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them
in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	 By:
	 	 
		 	Name:
		 	Title:

 Date: ________ __, 20[__] 

  
 Exhibit G-4
– Page 1

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