Document:

Indenture

 Exhibit 4.2 
 EXECUTION VERSION 
  
  

 
 NORTHERN TIER ENERGY LLC,

 NORTHERN TIER FINANCE CORPORATION, 
 THE SUBSIDIARY GUARANTORS PARTIES HERETO, 
 AND 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 AS TRUSTEE AND COLLATERAL AGENT 
 10.50% Senior Secured Notes due 2017 

 
  

INDENTURE 
 Dated
as of December 1, 2010 
  
  

 
  

 

 Table of Contents 

 

					
	 	 	Page	 
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	1	  
		
	 Definitions
	 	 	1	  
	 Other Definitions
	 	 	48	  
	 Incorporation by Reference of Trust Indenture Act
	 	 	51	  
	 Rules of Construction
	 	 	51	  
		
	 ARTICLE II THE NOTES
	 	 	52	  
		
	 Form, Dating and Terms
	 	 	52	  
	 Execution and Authentication
	 	 	60	  
	 Registrar and Paying Agent
	 	 	61	  
	 Paying Agent to Hold Money in Trust
	 	 	62	  
	 Holder Lists
	 	 	63	  
	 Transfer and Exchange
	 	 	63	  
	 Form of Certificate to be Delivered upon Termination of Restricted Period
	 	 	68	  
	 Form of Certificate to be Delivered in Connection with Transfers to Institutional Accredited Investors
	 	 	69	  
	 Form of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S
	 	 	71	  
	 Mutilated, Destroyed, Lost or Stolen Notes
	 	 	74	  
	 Outstanding Notes
	 	 	75	  
	 Temporary Notes
	 	 	75	  
	 Cancellation
	 	 	76	  
	 Payment of Interest; Defaulted Interest
	 	 	76	  
	 Computation of Interest
	 	 	77	  
	 CUSIP, Common Code and ISIN Numbers
	 	 	77	  
		
	 ARTICLE III COVENANTS
	 	 	77	  
		
	 Payment of Notes
	 	 	77	  
	 Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock
	 	 	78	  
	 Restricted Payments
	 	 	83	  
	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	 	 	91	  
	 Asset Sales
	 	 	94	  
	 Liens
	 	 	100	  
	 Guarantees of Indebtedness by Subsidiaries
	 	 	100	  
	 Transactions with Affiliates
	 	 	101	  
	 Limitation on Activities of the Co-Issuer
	 	 	104	  
	 Change of Control
	 	 	105	  

  
 i 

					
	 	 	Page	 
		
	 Reports
	 	 	107	  
	 Future Guarantors
	 	 	109	  
	 Maintenance of Office or Agency
	 	 	110	  
	 Corporate Existence
	 	 	111	  
	 Payment of Taxes
	 	 	111	  
	 Compliance Certificate
	 	 	111	  
	 Further Instruments and Acts
	 	 	112	  
	 Limitation on Lines of Business
	 	 	112	  
	 Statement by Officers as to Default
	 	 	112	  
	 Suspension of Certain Covenants
	 	 	112	  
	 SECTION 3.21. Stay, Extension and Usury Laws
	 	 	113	  
		
	 ARTICLE IV SUCCESSOR ISSUER
	 	 	114	  
		
	 Merger, Consolidation or Sale of Assets
	 	 	114	  
		
	 ARTICLE V REDEMPTION OF SECURITIES
	 	 	116	  
		
	 Notices to Trustee
	 	 	116	  
	 Selection of Notes to Be Redeemed or Purchased
	 	 	117	  
	 Notice to Redemption
	 	 	117	  
	 Effect of Notice of Redemption
	 	 	118	  
	 Deposit of Redemption or Purchase Price
	 	 	118	  
	 Notes Redeemed or Purchased in Part
	 	 	119	  
	 Optional Redemption
	 	 	119	  
	 Mandatory Redemption
	 	 	120	  
		
	 ARTICLE VI DEFAULTS AND REMEDIES
	 	 	120	  
		
	 Events of Default
	 	 	120	  
	 Acceleration
	 	 	123	  
	 Other Remedies
	 	 	124	  
	 Waiver of Past Defaults
	 	 	124	  
	 Control by Majority
	 	 	125	  
	 Limitation on Suits
	 	 	125	  
	 Rights of Holders to Receive Payment
	 	 	125	  
	 Collection Suit by Trustee
	 	 	125	  
	 Trustee May File Proofs of Claim
	 	 	126	  
	 Priorities
	 	 	126	  
	 Undertaking for Costs
	 	 	127	  
		
	 ARTICLE VII TRUSTEE
	 	 	127	  
		
	 Duties of Trustee
	 	 	127	  
	 Rights of Trustee
	 	 	129	  
	 Individual Rights of Trustee
	 	 	130	  
	 Trustee’s Disclaimer
	 	 	131	  
	 Notice of Defaults
	 	 	131	  

  
 ii 

					
	 	 	Page	 
		
	 Reports by Trustee to Holders
	 	 	131	  
	 Compensation and Indemnity
	 	 	131	  
	 Replacement of Trustee
	 	 	132	  
	 Successor Trustee by Merger
	 	 	133	  
	 Eligibility; Disqualification
	 	 	134	  
	 Preferential Collection of Claims Against the Issuers
	 	 	134	  
	 Trustee’s Application for Instruction from the Issuers
	 	 	134	  
		
	 ARTICLE VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 	 	134	  
		
	 Option to Effect Legal Defeasance or Covenant Defeasance; Defeasance
	 	 	134	  
	 Legal Defeasance and Discharge
	 	 	134	  
	 Covenant Defeasance
	 	 	135	  
	 Conditions to Legal or Covenant Defeasance
	 	 	136	  
	 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions
	 	 	137	  
	 Repayment to the Issuers
	 	 	138	  
	 Reinstatement
	 	 	138	  
		
	 ARTICLE IX AMENDMENTS
	 	 	138	  
		
	 Without Consent of Holders
	 	 	138	  
	 With Consent of Holders
	 	 	142	  
	 Compliance with Trust Indenture Act
	 	 	144	  
	 Revocation and Effect of Consents and Waivers
	 	 	144	  
	 Notation on or Exchange of Notes
	 	 	144	  
	 Trustee to Sign Amendments
	 	 	144	  
		
	 ARTICLE X GUARANTEE
	 	 	145	  
		
	 Guarantee
	 	 	145	  
	 Limitation on Liability; Termination, Release and Discharge
	 	 	147	  
	 Right of Contribution
	 	 	150	  
	 No Subrogation
	 	 	150	  
		
	 ARTICLE XI COLLATERAL AND SECURITY
	 	 	150	  
		
	 The Collateral
	 	 	150	  
	 Maintenance of Collateral; Further Assurances
	 	 	151	  
	 After-Acquired Property
	 	 	152	  
	 Impairment of Security Interest
	 	 	153	  
	 Real Estate Mortgages and Filings
	 	 	153	  
	 Release of Liens on the Collateral
	 	 	154	  
	 Authorization of Actions to be Taken by the Trustee or the Collateral Agent Under the Security Documents
	 	 	156	  
	 Collateral Account
	 	 	157	  
	 SECTION 11.9. Rule 3-16 of Regulation S-X
	 	 	158	  
	 SECTION 11.10. Control Agreements
	 	 	159	  

  
 iii

					
	 	 	Page	 
		
	 SECTION 11.11. Information Regarding Collateral
	 	 	159	  
	 Leasehold Interests
	 	 	159	  
	 Negative Pledge
	 	 	160	  
		
	 ARTICLE XII SATISFACTION AND DISCHARGE
	 	 	160	  
		
	 Satisfaction and Discharge
	 	 	160	  
	 Application of Trust Money
	 	 	161	  
		
	 ARTICLE XIII MISCELLANEOUS
	 	 	162	  
		
	 Trust Indenture Act Controls
	 	 	162	  
	 Notices
	 	 	162	  
	 Communication by Holders with other Holders
	 	 	164	  
	 Certificate and Opinion as to Conditions Precedent
	 	 	164	  
	 Statements Required in Certificate or Opinion
	 	 	164	  
	 When Notes Disregarded
	 	 	164	  
	 Rules by Trustee, Paying Agent and Registrar
	 	 	165	  
	 Legal Holidays
	 	 	165	  
	 GOVERNING LAW
	 	 	165	  
	 USA Patriot Act
	 	 	165	  
	 No Recourse Against Others
	 	 	165	  
	 Successors
	 	 	166	  
	 Multiple Originals
	 	 	166	  
	 Qualification of Indenture
	 	 	166	  
	 Table of Contents; Headings
	 	 	166	  
	 WAIVERS OF JURY TRIAL
	 	 	166	  
	 Security Agreement and Intercreditor Agreements
	 	 	166	  
	 Marathon Payable Agreement
	 	 	166	  
	 Force Majeure
	 	 	166	  

  
 iv 

			
	 	 	Page
		
	 EXHIBIT A Form of Series A Note
	 	
	 EXHIBIT B Form of Series B Note
	 	
	 EXHIBIT C Form of Indenture Supplement
	 	

  
 v 

 CROSS-REFERENCE TABLE 

 

			
	 TIA
 Section
	  	 Indenture

Section

		
	 310(a)(1)
	  	   7.10
	       (a)(2)
	  	   7.10
	       (a)(3)
	  	  N.A.
	       (a)(4)
	  	  N.A.
	       (a)(5)
	  	   7.10
	       (b)
	  	   7.3; 7.8; 7.10
	 311(a)
	  	   7.11
	       (b)
	  	   7.11
	       (c)
	  	  N.A.
	 312(a)
	  	   2.5
	       (b)
	  	 13.3
	       (c)
	  	 13.3
	 313(a)
	  	   7.6
	       (b)(1)
	  	   7.6; 11.2
	       (b)(2)
	  	   7.6; 11.2
	       (c)
	  	   7.6; 11.2
	       (d)
	  	   7.6
	 314(a)
	  	3.11; 3.16; 13.5
	       (b)
	  	 11.2(c)
	       (c)(1)
	  	 13.4
	       (c)(2)
	  	 13.4
	       (c)(3)
	  	  N.A.
	       (d)
	  	 11.2; 11.6(b)
	       (e)
	  	 13.5
	 315(a)
	  	   7.1
	       (b)
	  	   7.5; 13.2
	       (c)
	  	   7.1
	       (d)
	  	   7.1
	       (e)
	  	   6.11
	 316(a)(last sentence)
	  	 13.6
	       (a)(1)(A)
	  	   6.5
	       (a)(1)(B)
	  	   6.4
	       (a)(2)
	  	  N.A.
	       (b)
	  	   6.7
	       (c)
	  	   6.5
	 317(a)(1)
	  	   6.8
	       (a)(2)
	  	   6.9
	       (b)
	  	   2.4
	 318(a)
	  	 13.1

 N.A. means Not Applicable. 
 Note: This Cross-Reference Table shall not, for any purpose, be deemed to be part of this Indenture. 

  
 v 

 INDENTURE dated as of December 1, 2010, among NORTHERN TIER ENERGY LLC, a Delaware
limited liability company (“Issuer”), NORTHERN TIER FINANCE CORPORATION, a Delaware corporation (the “Co-Issuer” and, together with the Issuer, the “Issuers”), the SUBSIDIARY GUARANTORS (as defined
herein) parties hereto, DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, (the “Trustee”), as Trustee, and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, (the “Collateral
Agent”), as collateral agent. 
 Each party hereto agrees as follows for the benefit of the other parties and for the
equal and ratable benefit of the Holders of (i) $290,000,000 aggregate principal amount of the Issuers’ 10.50% Senior Secured Notes, Series A, due 2017, issued on the date hereof (the “Initial Notes”), (ii) if and
when issued, an unlimited principal amount of additional 10.50% Senior Secured Notes, Series A, due 2017 in a non-registered offering or 10.50% Senior Secured Notes, Series B, due 2017 in a registered offering that, in each case, may be offered from
time to time subsequent to the Issue Date subject to Section 2.1 (the “Additional Notes”) and (iii) if and when issued, the Issuers’ 10.50% Senior Secured Notes, Series B, due 2017 that may be issued from time
to time in exchange for Initial Notes or any Additional Notes that are Restricted Notes in an offer registered under the Securities Act as provided in the Registration Rights Agreement, as hereinafter defined, (the “Exchange Notes,”
and together with the Initial Notes and Additional Notes, the “Notes”): 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.1. Definitions. 
 “ABL Priority Collateral”
means ABL Collateral, as defined in the ABL Intercreditor Agreement in effect on the Issue Date. 
 “ABL collateral
agent” means JPMorgan Chase Bank, N.A., as collateral agent under the ABL Facility, or any successor representative acting in such capacity. 
 “ABL Documents” means the ABL Facility, any additional credit agreement, note purchase agreement, indenture or other agreement related thereto and all other loan or note documents,
collateral or security documents, notes, guarantees, instruments and agreements governing or evidencing, or executed or delivered in connection with, the ABL Facility or any Pari Passu ABL Lien Indebtedness, including the ABL Hedge Agreements and
the Cash Management Obligations, as such agreements or instruments may be amended, supplemented, modified, restated, replaced, renewed, refunded, restructured, increased or refinanced from time to time. 

“ABL Facility” means the Credit Agreement, dated as of the Issue Date, among the Issuers, the Subsidiary Guarantors
parties thereto, JPMorgan Chase Bank, N.A. as administrative agent and collateral agent, Bank of America, N.A., as syndication agent, and the lenders party thereto, and as it may be amended, supplemented or modified from time to time and any
renewal, increase, extension, refunding, restructuring, replacement or refinancing thereof in whole or in part (whether with the original administrative agent and lenders or another administrative agent or

 
agents or one or more other lenders and whether provided under the original ABL Facility or one or more other credit or other agreements or indentures entered into from time to time). 

“ABL Hedge Agreements” means any hedge agreements entered into with any lender under the ABL Facility, its Affiliates or
any other person permitted under the ABL Facility. 
 “ABL Intercreditor Agreement” means the Intercreditor
Agreement, dated as of the Issue Date, among the ABL collateral agent, the Collateral Agent, the Issuers and the Subsidiary Guarantors as the same may be amended, supplemented or otherwise modified from time to time. 

“Accounts Payable Agreement” means that certain agreement, dated as of December 1, 2010, governing the Marathon
Account Payable. 
 “Acquired Debt” means, with respect to any specified Person: 

(1) Indebtedness or Disqualified Stock of any other Person existing at the time such other Person is merged with or into,
or becomes a Subsidiary of, such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified Person; and 

(2) Indebtedness secured by a Lien encumbering any asset acquired by the specified Person. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control
with” shall have correlative meanings. 
 “Applicable Premium” means, with respect to any Note on any
redemption date, the greater of: 
 (1) 1.0% of the principal amount of the Note; or 

(2) the excess of: (a) the present value at such redemption date of (i) the redemption price of the Note at
December 1, 2013 (such redemption price being set forth in the table appearing in Section 5.7(e)), plus (ii) all required interest payments due on such Note through December 1, 2013 (excluding accrued but unpaid interest
to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over (b) the principal amount of the Note. 

“Aranco Pipeline” has the meaning given to it in the Formation Agreement. 

“Asset Sale” means: 

  
 2 

 (1) any direct or indirect sale, lease (other than operating leases in the ordinary course
of business), conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions, of any property or assets (including by way of a sale and leaseback), other than Equity Interests of the Issuer by the
Issuer or any of its Restricted Subsidiaries, including any disposition by means of a merger, consolidation or similar transaction; provided that the sale, lease, conveyance or other disposition of all or substantially all of the assets of
the Issuer and the Issuer’s Restricted Subsidiaries taken as a whole will be governed by Section 3.10 and/or Section 4.1, and not Section 3.5; 

(2) the issuance or sale of Equity Interests by any of the Issuer’s Restricted Subsidiaries or the sale by the Issuer or any
Restricted Subsidiary thereof of Equity Interests in any of its Restricted Subsidiaries (other than directors’ qualifying shares); and 
 (3) an Event of Loss. 
 Notwithstanding the preceding, the following items shall
be deemed not to be Asset Sales: 
 (a) any disposition of assets in any single transaction or series of related transactions or
Event of Loss that involves property or assets having a fair market value of less than $15.0 million; 
 (b) a transfer of
property or assets by a Restricted Subsidiary to the Issuer or by the Issuer or a Restricted Subsidiary to a Subsidiary Guarantor that is a Restricted Subsidiary or by a Subsidiary that is not a Subsidiary Guarantor to another Subsidiary that is not
a Subsidiary Guarantor; provided that in the case of a disposition by a Restricted Subsidiary to another Restricted Subsidiary, the Issuer directly or indirectly owns an equal or greater percentage of the Voting Stock of the transferee than
of the transferor; provided, further, that in the case of a transfer of Collateral, the transferee shall cause such amendments, supplements or other instruments to be executed, filed and recorded in such jurisdictions as may be
required by applicable law to preserve and protect the Lien on the Collateral pledged by or transferred to the transferee, together with such financing statements or comparable documents as may be required to perfect any security interests in such
Collateral which may be perfected by the filing of a financing statement or a similar document under the Uniform Commercial Code or other similar statute or regulation of the relevant jurisdictions; 

(c) an issuance of Equity Interests by a Restricted Subsidiary of the Issuer to the Issuer or to a Wholly Owned Restricted Subsidiary
thereof; 
 (d) the sale, lease, assignment, license or sublease of equipment, inventory, accounts receivable or other assets in
the ordinary course of business (including, without limitation, any Collateral); 
 (e) the sale or other disposition of cash or
Cash Equivalents in the ordinary course of business; 
 (f) a Restricted Payment that is permitted to be made, and is made,
under Section 3.3 or a Permitted Investment; 

  
 3 

 (g) any sale, exchange or other disposition of any property or equipment that has become
damaged, worn out, obsolete or otherwise unsuitable or unnecessary for use in connection with the business of the Issuer or its Restricted Subsidiaries and any sale or disposition of property in connection with scheduled turnarounds, maintenance and
equipment and facility updates; 
 (h) the licensing or sub-licensing of intellectual property in the ordinary course of
business or consistent with past practice (other than any perpetual licensing or exclusive licenses or sub-licenses or assignments of intellectual property that have a material adverse effect on the value of the Collateral or the ability of the
Collateral Agent or the Holders of the Notes to realize the benefits of, and intended to be afforded by, the Collateral) or grant of any franchise rights in the ordinary course of business; 

(i) any sale or other disposition deemed to occur with creating, granting or perfecting a Lien not otherwise prohibited by this Indenture
or the Notes Documents; 
 (j) any issuance, sale, or transfer of Equity Interests in, or Indebtedness or other securities of,
an Unrestricted Subsidiary; 
 (k) the surrender or waiver of contract rights or settlement, release or surrender of a contract,
tort or other litigation claim in the ordinary course of business; 
 (l) foreclosures, condemnations or any similar action on
assets; 
 (m) the lease, assignment or sub-lease of any real or personal property in the ordinary course of business;

 (n)(i) any sale of hydrocarbons or other products (including crude oil and refined products) by the Issuer or its Restricted
Subsidiaries, in each case in the ordinary course of business, and (ii) any trade or exchange by the Issuer or any Restricted Subsidiary of any hydrocarbons or other products (including crude oil and refined products) for similar products owned
or held by another Person; provided that the fair market value of the properties traded or exchanged by the Issuer or any Restricted Subsidiary is reasonably equivalent to the fair market value of the properties to be received by the Issuer
or Restricted Subsidiary (as determined in Good Faith by the Issuer or, in the case of a trade or exchange by a Restricted Subsidiary, that Restricted Subsidiary); 
 (o) sales of accounts receivable, or participations therein, in connection with any Permitted Receivables Financing; 
 (p) sales of platinum metal owned by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business or in connection with any financing transaction in the form of a Sale and Leaseback
Transaction; 
 (q) unwinding of any Hedging Obligations; 

(r) abandonment of intellectual property rights in the ordinary course of business, which are no longer useful to the conduct of the
business of the Issuer and its Restricted Subsidiaries taken as a whole, as determined in Good Faith by the Issuer; 

  
 4 

 (s) issuance by a Restricted Subsidiary of preferred stock or Disqualified Stock that is
permitted by Section 3.2; and 
 (t) disposition of investments in joint ventures (other than with respect to the
Minnesota Pipe Line Interests) to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements. 

“Assets” has the meaning set forth in the Formation Agreement. 

“Attributable Debt” in respect of a Sale and Leaseback Transaction means, at the time of determination, (1) if such
Sale and Leaseback Transaction does not constitute a Capital Lease Obligation, the present value (discounted at the interest rate implicit in the transaction) of the total obligations of the lessee for rental payments during the remaining term of
the lease included in such Sale and Leaseback Transaction, including any period for which such lease has been extended or may, at the option of the lessor, be extended determined in accordance with GAAP or (2) if such Sale and Leaseback
Transaction constitutes a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capital Lease Obligations.” 

“Bankruptcy Code” means Title 11 of the United States Code or similar federal or state law for the relief of debtors.

 “Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or a duly authorized committee thereof;

 (2) with respect to a partnership, the board of directors of the general partner of the partnership;

 (3) with respect to a limited liability company, the managing member or members or any controlling committee
of managing members thereof; and 
 (4) with respect to any other Person, the board or committee of such Person
serving a similar function. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an
Assistant Secretary of a Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification. 
 “business day” means any day other than a Legal Holiday. 

“Capital Expenditures” means all expenditures by the Issuer or any Subsidiary Guarantor for the acquisition or leasing
(pursuant to a capital lease of fixed or capital assets or additions to equipment (including replacement, capitalized repairs and improvements during such period) that should be capitalized under GAAP on a consolidated balance sheet of the Issuer
and its subsidiaries. 

  
 5 

 “Capital Lease Obligation” means, at the time any determination thereof is
to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 
 “Capital Stock” means: 
 (1) in the case of a
corporation, corporate stock; 
 (2) in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (3) in the
case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Cash Equivalents” means: 
 (1) United States dollars; 
 (2) securities issued or directly and
fully guaranteed or insured by the United States government or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than two years
from the date of acquisition; 
 (3) time deposits, demand deposits, money market deposits, certificates of
deposit and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year from the date of acquisition and overnight bank deposits, in each case, with any
domestic commercial bank the long-term debt of which is rated at the time of acquisition thereof at least “A” or the equivalent thereof by S&P or “A” or the equivalent thereof by Moody’s, and having capital and surplus
in excess of $250.0 million (or $100.0 million in the case of a non-U.S. bank); 
 (4) repurchase obligations for
underlying securities of the types described in clauses (2), (3) and (7) entered into with any financial institution meeting the qualifications specified in clause (3) above; 

(5) commercial paper rated at least P-1 (or in its top category if such designation no longer exists) by Moody’s or
at least A-1 by S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another rating agency) and in each case maturing within two years after the date of acquisition; 

(6) marketable short-term money market and similar securities having a rating of at least P-2 (or in one of the top two
categories if such designation no longer exists) or A-2 from either Moody’s or S&P, respectively, or liquidity funds or other similar money market mutual funds, with a rating of at least Aaa (or in its top category if such designation

  
 6 

 
no longer exists) by Moody’s or AAA by S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another rating agency);

 (7) marketable general obligations issued by any state, commonwealth or territory of the United States or any
political subdivision or taxing authority of any such state, commonwealth or territory or any public instrumentality thereof, maturing within two years from the date of acquisition thereof and having an investment grade rating from Moody’s or
S&P; 
 (8) money market funds (or other investment funds) at least 95% of the assets of which constitute
Cash Equivalents of the kinds described in clauses (1) through (7) of this definition; 
 (9)

 (a) Euros or any national currency of any participating member state of the EMU; 

(b) local currency held by the Issuer or any of its Restricted Subsidiaries from time to time in the ordinary course of business;

 (c) securities issued or directly and fully guaranteed by the sovereign nation or any agency thereof (provided that the full
faith and credit of such sovereign nation is pledged in support thereof) in which the Issuer or any of its Restricted Subsidiaries is organized or is conducting business having maturities of not more than one year from the date of acquisition; and

 (d) investments of the type and maturity described in clauses (3) through (8) above of foreign obligors, which
investments or obligors satisfy the requirements and have ratings described in such clauses and customarily used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in
connection with any business conducted by any Restricted Subsidiary organized in such jurisdiction and not for speculative purposes. 
 “Cash Management Obligations” means obligations owed by the Issuer or any Subsidiary Guarantor to any lender or Affiliate of a lender under the ABL Facility in respect of any overdraft
and related liabilities arising from credit card, treasury, depository and cash management services or any automated clearing house transfers of funds. 
 “Change of Control” means the occurrence of any of the following: 
 (1) the direct or indirect sale, assignment, transfer, conveyance, lease or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or
substantially all of the properties or assets of the Issuer and its Restricted Subsidiaries, taken as a whole, to any “person” or “group” (as such terms are used in Section 13(d) or 14(d) of the Exchange Act or any successor
provision) other than one or more Permitted Holders; 

  
 7 

 (2) the adoption by the equityholders of the Issuer of a plan or proposal
relating to the liquidation or dissolution of the Issuer; 
 (3) any “person” or “group” (as
such terms are used in Sections 13(d) and 14(d) of the Exchange Act), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than one or more
Permitted Holders, in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any
successor provision), directly or indirectly, of 50% or more of the total voting power of the Voting Stock of the Issuer or any of its direct or indirect parent companies; or 

(4) the first day on which a majority of the members of the Board of Directors of the Issuer or any direct or indirect
parent of the Issuer are not Continuing Directors. 
 “Code” means the Internal Revenue Code of 1986, as
amended, or any successor thereto. 
 “Co-Issuer” means the Person named as the “Issuer” in the first
introductory paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Co-Issuer” shall mean such successor Person. 

“Collateral” means all property and assets, whether now owned or hereafter acquired, in which Liens are, from time to
time, purported to be granted to secure the Notes and the Note Guarantees of the Subsidiary Guarantors pursuant to the Security Documents. 
 “Collateral Account” means, collectively, any segregated accounts under the sole control of the Collateral Agent and in which the Collateral Agent has perfected security interests, on
behalf of the secured parties that are free from all other Liens, and includes all cash and Cash Equivalents received from Asset Sales of Note Priority Collateral, an Event of Loss relating to Note Priority Collateral, foreclosures on or sales of
Note Priority Collateral or any other awards or proceeds pursuant to the Security Documents, including earnings, revenues, rents, issues, profits and income from the Note Priority Collateral received pursuant to the Security Documents, and interest
earned thereon. 
 “Collateral Agent” means Deutsche Bank Trust Company Americas, acting as the collateral
agent under the Security Documents until a successor replaces it and, thereafter, means the successor. 
 “Collateral
Trust and Intercreditor Agreement” means the Intercreditor Agreement, dated as of the Issue Date, among the Issuers, the Subsidiary Guarantors, the Trustee, the Collateral Agent and J. Aron & Company, as counterparty under the J.
Aron Hedge, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Commission”
means the United States Securities and Exchange Commission and any successor organization. 

  
 8 

 “Consolidated Cash Flow” means, with respect to any specified Person for
any period, the Consolidated Net Income of such Person for such period: 
 (A) increased (without duplication) by: 

(1) provision for taxes based on income or profits or capital gains of such Person and its Restricted Subsidiaries for such period,
including without limitation state, franchise and similar taxes and foreign withholding taxes of such Person and its Restricted Subsidiaries paid or accrued during such period (including, without duplication, the amount of any payments made pursuant
to clauses (b)(12)(i), (b)(12)(ii) and (b)(12)(vii) of Section 3.3), to the extent that such provision for taxes or payment was deducted (and not added back) in computing such Consolidated Net Income; plus  

(2) Fixed Charges of such Person and its Restricted Subsidiaries for such period (including without limitation (x) net losses on
Hedging Obligations or other derivative instruments entered into for the purpose of hedging interest rate risk and (y) costs of surety bonds in connection with financing activities), to the extent that any such Fixed Charges were deducted (and
not added back) in computing such Consolidated Net Income; plus  
 (3) depreciation and amortization (including
amortization of deferred financing fees) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation and amortization was deducted (and not added back) in computing such Consolidated Net Income; plus 

 (4) any other non-recurring, unusual, or extraordinary non-cash expenses or charges, including any impairment charge or asset
write-offs or write-downs related to intangible assets (including goodwill), long-lived assets, and investments in debt and equity securities pursuant to GAAP or the impact of purchase accounting, reducing Consolidated Net Income for such period
(provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated Cash Flow to such
extent, and excluding amortization of a prepaid cash expense or charge that was paid in a prior period); plus  
 (5) the
amount of (a) any integration costs or other business optimization expenses or costs deducted (and not added back) in such period in computing Consolidated Net Income, including any one-time costs incurred in connection with acquisitions after
the Issue Date and costs related to the closure and/or consolidation of facilities and (b) any planned turnaround expense; plus  
 (6) the amount of any minority interest expense consisting of income of a Restricted Subsidiary attributable to minority equity interests of third parties in any non-Wholly Owned Restricted Subsidiary
deducted (and not added back) in such period in calculating Consolidated Net Income; plus  

  
 9 

 (7) the amount of management, monitoring, consulting and advisory fees (including
termination and transaction fees) and related indemnities (if any) or expenses paid or accrued, to the extent deducted (and not added back) in computing such Consolidated Net Income, in such period to the Sponsors to the extent otherwise permitted
under the terms of this Indenture; plus  
 (8) the amount of expenses, charges or losses with respect to liability or
casualty events to the extent (i) covered by insurance and actually reimbursed (other than proceeds received from business interruption insurance to the extent already included in the Consolidated Net Income of such Person) or (ii) so long
as a determination has been made in Good Faith by the Issuer that a reasonable basis exists that such amount shall in fact be reimbursed by the insurer to the extent it is (x) not denied by the applicable carrier (without any right of appeal
thereof) within 180 days (with a deduction in the applicable future period for any amount so added back to the extent denied within such 180 days) and (y) in fact reimbursed within 365 days of such determination (with a deduction in the
applicable future period for any amount so added back to the extent not so reimbursed within such 365 days); plus  
 (9)
the principal portion of rent expense of such Person associated with Attributable Debt in respect of the relevant lease giving rise thereto, determined as if such lease were a capitalized lease in accordance with GAAP, to the extent any such amounts
were deducted (and not added back) in computing such Consolidated Net Income; 
 (B) decreased (without duplication) by:

 (1) non-cash items and non-cash gains increasing such Consolidated Net Income of such Person for such period (excluding any
items which represent the reversal of any accrual of, or reserve for, anticipated cash charges that reduced Consolidated Cash Flow in any prior period); minus  
 (2) other non-recurring, unusual or extraordinary items to the extent increasing Consolidated Net Income for such period; and  

(C) increased or decreased (without duplication) to eliminate the following items reflected in Consolidated Net Income: 

(1) any net gain or loss resulting in such period from currency translation gains or losses related to currency remeasurements of
Indebtedness (including any net loss or gain resulting from Hedging Obligations for currency exchange risk); and 
 (2) any
adjustments resulting from the application of Accounting Standards Codification Topic No. 460 or any comparable regulation, 
 in each
case, on a consolidated basis and determined in accordance with GAAP. 

  
 10 

 “Consolidated Net Income” means, with respect to any specified Person for
any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis (other than non-controlling interests), determined in accordance with GAAP; provided that (without
duplication): 
 (1) the Net Income of any Person, other than the specified Person, that is not a Subsidiary, or
is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting shall be excluded, except that Consolidated Net Income shall be increased by the amount of dividends or distributions or other payments that are actually paid
in cash (or to the extent converted into cash) or Cash Equivalents to the specified Person or a Restricted Subsidiary thereof during such period (without duplication for purposes of Section 3.3 of any amounts included under
Section 3.3(a)(iii)(C)); 
 (2) solely for the purpose of determining the amount available for
Restricted Payments under Section 3.3(a)(iii)(A), the Net Income of any Restricted Subsidiary (other than any Subsidiary Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by
that Restricted Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement,
instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its equityholders, unless such restrictions with respect to the declaration and payment of dividends or distributions have been
properly waived for such entire period; provided that Consolidated Net Income will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash) or Cash
Equivalents to the Issuer or a Restricted Subsidiary thereof in respect of such period, to the extent not already included therein; 
 (3) the cumulative effect of a change in accounting principles during such period shall be excluded; 
 (4) any amortization of fees or expenses that have been capitalized during such period shall be excluded; 
 (5) non-cash charges relating to employee benefit or management compensation plans of the Issuer or any Restricted Subsidiary thereof or any non-cash compensation charge arising from any grant of stock,
stock options or other equity-based awards for the benefit of the directors, officers, employees or consultants of the Issuer or any direct or indirect parent of the Issuer shall be excluded (other than in each case any non-cash charge to the extent
that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense incurred in a prior period); 
 (6) any non-cash income (loss) resulting from mark-to-market valuation of (i) earn-out payments pursuant to the Earnout Agreement and (ii) any Margin Support Payment shall, in each case, be
excluded; 

  
 11 

 (7) any impairment charge or asset write-off or write-down, in each case
pursuant to GAAP, and the amortization of intangibles and other assets arising pursuant to GAAP, shall be excluded; 
 (8) any net after-tax gain or loss (less all fees and expenses relating thereto), together with any related provision for taxes on such gain or loss, realized in connection with (a) any sale of
assets outside the ordinary course of business of such Person or (b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness or Hedging Obligations or other derivative
instruments of such Person or any of its Restricted Subsidiaries, shall, in each case, be excluded; 
 (9) any
net after-tax effect of income (loss) from disposed, abandoned, transferred, closed or discontinued operations and any net after-tax gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations shall, in each
case, be excluded; 
 (10) any net after-tax effect of extraordinary, non-recurring or unusual gain or loss or
cost, charge or expense (less all fees and expenses relating thereto) (including any such amounts relating to the Transactions to the extent incurred on or prior to the date that is the one year anniversary of the Issue Date), severance, relocation
costs and curtailments or modifications to pension and post-retirement employee benefit plans, together with any related provision for taxes, shall be excluded; 
 (11) effects of adjustments (including the effects of such adjustments pushed down to the Issuer and its Restricted Subsidiaries) in such Person’s consolidated financial statements, including
adjustments to the inventory, property and equipment, software and other intangible assets (including favorable and unfavorable leases and contracts), deferred revenue and debt line items in such Person’s consolidated financial statements
pursuant to GAAP resulting from the application of purchase accounting in relation to the Transactions or any consummated acquisition or the amortization or write-off or write-down of any amounts thereof, net of taxes, shall be excluded; 

(12) any fees and expenses incurred during such period, or any amortization thereof for such period, in connection with
any acquisition, disposition, recapitalization, investment, Asset Sale, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument (including, in each case, any
such transaction consummated prior to the Issue Date and any such transaction undertaken but not completed) and any charges or nonrecurring costs incurred during such period as a result of any such transaction, shall be excluded; 

(13) accruals and reserves that are established or adjusted within 12 months of the Issue Date that are so required to be
established or adjusted as a result of the Transactions (or within 12 months after the closing of any acquisition that are so required to be established as a result of such acquisition) in accordance with GAAP shall be excluded; 

  
 12 

 (14) any after-tax effect of income (loss) from the early extinguishment or
cancellation of Indebtedness or Hedging Obligations or other derivative instruments shall be excluded; 
 (15)
the Net Income will be reduced by the amount of any payments made pursuant to clauses (b)(12)(i), (b)(12)(ii) and (b)(12)(vii) under Section 3.3; 
 (16)(a) any non-cash restructuring charges shall be excluded (provided that a determination has been made in Good Faith by the Issuer that such non-cash charges do not have the potential to be cash items
in any future period) and (b) up to an aggregate of $15.0 million of other restructuring charges in any fiscal year (not to exceed in the aggregate $45.0 million since the Issue Date) shall be excluded; and 

(17) any net unrealized gain or loss (after any offset) resulting in such period from Hedging Obligations and the
application of Accounting Standards Codification Topic No. 815 shall be excluded (provided, however, that any net realized gains or losses (after any offset) resulting in such period from Hedging Obligations and the application of
Accounting Standards Codification Topic No. 815 shall be included). 
 In addition, to the extent not already included in
the Consolidated Net Income of such Person and its Restricted Subsidiaries, notwithstanding anything to the contrary in the foregoing, Consolidated Net Income shall include (i) the amount of proceeds received from business interruption
insurance and reimbursements of any expenses and charges that are covered by indemnification or other reimbursement provisions in connection with any Permitted Investment or any sale, conveyance, transfer or other disposition of assets permitted
under this Indenture and (ii) in the case of the Issuer and its Restricted Subsidiaries, the amount of any Margin Support Payment earned by the Issuer and its Restricted Subsidiaries during such period (provided that (A) if such
amount is not received by the Issuer within twelve months of the date it is earned, such amount shall be deducted from Consolidated Net Income at such time and (B) any earn-out payments payable by the Issuer and its Restricted Subsidiaries
under the Earnout Agreement during such period shall be deducted from Consolidated Net Income, but only to the extent such amounts, together with any other earn-out payments paid by the Issuer or its Restricted Subsidiaries since the Issue Date,
exceed $125.0 million). 
 Notwithstanding the foregoing, for the purpose of Section 3.3 only (other than clause
(a)(iii)(C) thereof), there shall be excluded from Consolidated Net Income any income arising from any sale or other disposition of Restricted Investments made by the Issuer and its Restricted Subsidiaries, any repurchases and redemptions of
Restricted Investments from the Issuer and its Restricted Subsidiaries, any repayments of loans and advances which constitute Restricted Investments by the Issuer or any of its Restricted Subsidiaries, any sale of the stock of an Unrestricted
Subsidiary or any distribution or dividend from an Unrestricted Subsidiary, in each case only to the extent such amounts increase the amount of Restricted Payments permitted under Section 3.3(a)(iii)(C). 

“Consolidated Total Assets” of any Person means, as of any date, the amount which, in accordance with GAAP, would be set
forth under the caption “Total Assets” (or any like caption) on a consolidated balance sheet of such Person and its Restricted Subsidiaries, as of the 

  
 13 

 
end of the most recently ended fiscal quarter for which internal financial statements are available (giving pro forma effect to any acquisitions or dispositions of assets or properties
that have been made by the specified Person or any of its Restricted Subsidiaries subsequent to the date of such balance sheet, including through mergers or consolidations). 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Issuer or any direct or indirect parent of the Issuer, as the case may be, who:

 (1) was a member of such Board of Directors on the Issue Date; 

(2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing
Directors who were members of such Board of Directors at the time of such nomination or election; or 
 (3) was
nominated for election or elected to that Board of Directors by the Sponsors. 
 “Contribution Indebtedness”
means Indebtedness of either of the Issuers or any Subsidiary Guarantor in an aggregate principal amount equal to the aggregate amount of cash contributions (other than Excluded Contributions and any Margin Support Payment) made to the capital of
the Issuer or such Subsidiary Guarantor after the Issue Date; provided that: 
 (1) such cash
contributions have not been used to make a Restricted Payment or to make a Permitted Investment, and 
 (2) such
Contribution Indebtedness (a) is incurred within 180 days after the making of such cash contributions and (b) is so designated as Contribution Indebtedness pursuant to an Officers’ Certificate on the incurrence date thereof.

 “Controlled Investment Affiliate” means, as to any Person, any other Person, other than any Sponsor, which
directly or indirectly is in control of, is controlled by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or indirect equity or debt investments in the
Issuer and/or other companies. 
 “Cost” means, as at any time of determination, with respect to any asset, the
sum of (1) with respect to assets acquired after the Issue Date, the aggregate purchase price paid for such asset (whether paid in cash or otherwise) and (2) the aggregate amount of Expansion Capital Expenditures made or committed to be
made with respect to such asset after the Issue Date through and including such time of determination. For the purposes of this definition, to the extent that any Cost incurred at any time relates to more than one asset, such Cost shall be
allocated, in a commercially reasonable manner and in Good Faith by the Issuer, among such assets in accordance with their respective fair market values. In connection with the incurrence of Pari Passu Notes Lien Indebtedness, the Issuer shall
certify in an Officers’ Certificate executed by the principal financial officer of the Issuer the calculation of Expansion Capital Expenditures in clause (2) of this definition. 

  
 14 

 “Cottage Grove Tank Farm” means that certain tank farm located in St. Paul
Park, Minnesota, which will be contributed to and owned by St. Paul Park Refining Co. LLC as of the Issue Date, including the storage tanks contained therein and other fixtures and equipment relating thereto and any improvements thereupon.

 “Crack Spread Hedge” means a cash-settled commodity transaction entered into between the Issuer or any
Subsidiary Guarantor, on the one hand, and any counterparty, on the other hand, which is entered into for the purpose of managing the risk of the Issuer or such Subsidiary Guarantor, as applicable, with respect to the spread created by the purchase
by a party of crude oil for delivery in the future and the sale by such party of gasoline, diesel, jet fuel and/or heating oil under contract for future delivery. 
 “Credit Facilities” means, with respect to the Issuers or any Restricted Subsidiary of the Issuer, one or more debt facilities (including, without limitation, the ABL Facility), credit
agreements, commercial paper facilities, note purchase agreements, indentures, or other agreements, in each case with banks, lenders, purchasers, investors, trustees, agents or other representatives of any of the foregoing, providing for revolving
credit loans, term loans, Permitted Receivables Financings (including through the sale of receivables or interests in receivables to such lenders or other persons or to special purpose entities formed to borrow from such lenders or other persons
against such receivables or sell such receivables or interests in receivables), letters of credit, notes or other long-term borrowings or extensions of credit, including any notes, mortgages, guarantees, collateral documents, instruments and
agreements executed in connection therewith, in each case, as amended, restated, modified, renewed, refunded, restated, restructured, increased, supplemented, replaced or refinanced in whole or in part from time to time, including any replacement,
refunding or refinancing facility or agreement that increases the amount permitted to be borrowed thereunder (provided that such increase in borrowings is permitted under Section 3.2) or alters the maturity thereof or adds Restricted
Subsidiaries of the Issuer as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender, group of lenders, or otherwise. 
 “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Code. 

“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of
Default. 
 “Definitive Notes” means certificated Notes. 

“Designated Non-cash Consideration” means the fair market value of non-cash consideration received by the Issuer or a
Restricted Subsidiary of the Issuer in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate, setting forth the basis of such valuation, executed by the principal financial
officer of the Issuer, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on such Designated Non-cash Consideration. 
 “Designated Preferred Stock” means preferred stock of the Issuer or any direct or indirect parent thereof (in each case other than Disqualified Stock) that is issued for cash
(other 

  
 15 

 
than to the Issuer or any of their Subsidiaries or an employee stock ownership plan or trust established by the Issuer or any of its Subsidiaries) and is so designated as Designated Preferred
Stock pursuant to an Officers’ Certificate executed by the principal financial officer of the Issuer or the applicable parent thereof, as the case may be, on the issuance date thereof. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person that, by its terms (or by the
terms of any security into which it is convertible, or for which it is puttable or exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, in each case on or prior to the date that is 91 days after the earlier of the date on which the Notes mature or the date the Notes are no longer
outstanding; provided, however, that only the portion of the Capital Stock which so matures, is mandatorily redeemable, is so convertible or exchangeable or is redeemable at the option of the holder prior to such date shall be deemed to be
Disqualified Stock. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Issuer to repurchase such Capital Stock upon the occurrence of a
Change of Control (or similarly defined term) or an Asset Sale (or similarly defined term) shall not constitute Disqualified Stock if the terms of such Capital Stock provide that the Issuer may not repurchase or redeem any such Capital Stock
pursuant to such provisions unless such repurchase or redemption complies with Section 3.3. The term “Disqualified Stock” shall also include any options, warrants or other rights that are convertible into Disqualified Stock or
that are redeemable at the option of the holder, or required to be redeemed, prior to the date that is 91 days after the earlier of the date on which the Notes mature or the date the Notes are no longer outstanding. Disqualified Stock shall not
include Capital Stock which is issued to any plan for the benefit of directors, officers, employees or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Issuer or its Subsidiaries or by any such
plan to such persons solely because it may be required to be repurchased by the Issuer or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations. 
 “Domestic Subsidiary” means any Restricted Subsidiary of the Issuer that was formed under the laws of the United States or any state of the United States or the District of Columbia.

 “DTC” means The Depository Trust Company, its nominees and their respective successors and assigns, or such
other depository institution hereinafter appointed by the Issuers. 
 “Earnout Agreement” has the meaning set
forth in the Formation Agreement. 
 “Equity Interests” means Capital Stock and all warrants, options or other
rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

“Event of Loss” means, with respect to any property or asset, any (i) loss or destruction of, or damage to, such
property or assets or (ii) any condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such property or asset, or confiscation or requisition of the use of such property or asset. 

  
 16 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the Commission promulgated thereunder. 
 “Exchange Notes” means any notes issued
in exchange for Notes pursuant to the Registration Rights Agreement or similar agreement. 
 “Exchange Offer”
has the meaning set forth in the Registration Rights Agreement. 
 “Excluded Accounts” means certain deposit
accounts, including accounts that are used for the purposes of making payments in respect of payroll or other employee benefits. 
 “Excluded Assets” has the meaning set forth in the Security Agreement. 
 “Excluded Capital Expenditures” means any Capital Expenditure made by the Issuer or any Subsidiary Guarantor that is required for maintenance, replacement or environmental, human health
or safety or other regulatory purposes. 
 “Excluded Contribution” means net cash proceeds received by the
Issuers and their respective Restricted Subsidiaries as capital contributions after the Issue Date or from the issuance or sale (other than to a Subsidiary of the Issuer or to any management equity plan or stock option plan or any other management
or employee benefit plan or agreement of the Issuer or a Subsidiary and other than any Margin Support Payment) of Equity Interests (other than Disqualified Stock and Designated Preferred Stock) of the Issuer or a direct or indirect parent of the
Issuer, in each case to the extent designated as an Excluded Contribution pursuant to an Officers’ Certificate and not previously included in the calculation set forth in Section 3.3(a)(iii) for purposes of determining whether a
Restricted Payment may be made. 
 “Excluded Subsidiary” means: 

(1) any Foreign Subsidiary or any Foreign Subsidiary Holding Company; and 

(2) any Restricted Subsidiary of the Issuer; provided that (a) the total assets of all Restricted Subsidiaries
that are Excluded Subsidiaries solely as a result of this clause (2), as reflected on their respective most recent balance sheets prepared in accordance with GAAP, do not in the aggregate at any time exceed $1.0 million and (b) the total
revenues of all Restricted Subsidiaries that are Excluded Subsidiaries solely as a result of this clause (2) for the twelve-month period ending on the last day of the most recent fiscal quarter for which financial statements for the Issuer are
available, as reflected on such income statements, do not in the aggregate exceed $5.0 million. 
 “Existing
Indebtedness” means the aggregate principal amount of Indebtedness of the Issuer and its Restricted Subsidiaries in existence on the Issue Date, until such amounts are repaid. 

“Expansion Capital Expenditures” means any Capital Expenditures (other than any Excluded Capital Expenditures) carried
out for the purpose of increasing the earnings capacity of the Issuer and the Subsidiary Guarantors. 

  
 17 

 “fair market value” means the price that would be paid in an
arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy as determined in Good Faith by the Issuer. 

“Fiscal Year” means the fiscal year of the Issuer ending on December 31 of each year. 

“Fixed Charge Coverage Ratio” means with respect to any specified Person for any period, the ratio of the Consolidated
Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, retires or redeems any
Indebtedness (other than Indebtedness incurred under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) or issues, repurchases or redeems preferred stock or Disqualified Stock subsequent to
the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation
Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, repayment, repurchase, retirement or redemption of Indebtedness, or such issuance, repurchase or
redemption of preferred stock or Disqualified Stock, and the use of the proceeds therefrom as if the same had occurred at the beginning of the applicable four-quarter reference period. 

In addition, for purposes of calculating the Fixed Charge Coverage Ratio: 

(1) investments, acquisitions, dispositions, mergers, consolidations, business restructurings, operational changes and any
financing transactions relating to any of the foregoing (determined in accordance with GAAP) (collectively, “relevant transactions”), in each case that have been made by the specified Person or any of its Restricted Subsidiaries during the
four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date, shall be given pro forma effect as if they had occurred on the first day of the four-quarter reference period, including Pro
forma Cost Savings; if since the beginning of such period any Person that subsequently becomes a Restricted Subsidiary of the Issuer or was merged with or into the Issuer or any Restricted Subsidiary thereof since the beginning of such period
shall have made any relevant transaction that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such relevant transaction
had occurred at the beginning of the applicable four-quarter period, including Pro forma Cost Savings; 

(2) the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, shall be
excluded; 
 (3) the Fixed Charges attributable to discontinued operations, as determined in accordance with
GAAP, shall be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation Date; and 

  
 18 

 (4) consolidated interest expense attributable to interest on any
indebtedness (whether existing or being incurred) computed on a pro forma basis and bearing a floating interest rate shall be computed as if the rate in effect on the Calculation Date (taking into account any interest rate option, swap, cap
or similar agreement applicable to such Indebtedness if such agreement has a remaining term in excess of 12 months or, if shorter, at least equal to the remaining term of such Indebtedness) had been the applicable rate for the entire period.
Interest on Indebtedness that may optionally be determined at an interest rate based on a factor of a prime or similar rate, a Eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or,
if none, then based upon such optional rate chosen as the Issuer may designate. Interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based on the average daily balance of such
Indebtedness during the applicable period except as set forth in the first paragraph of this definition. 
 Interest on a
Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Issuer to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP.

 “Fixed Charges” means, with respect to any specified Person for any period, the sum, without duplication,
of: 
 (1) the consolidated interest expense of such Person and its Restricted Subsidiaries for such period,
whether paid or accrued, to the extent deducted (and not added back) in computing Consolidated Net Income, including, without limitation, (a) amortization of original issue discount resulting from the issuance of Indebtedness at less than par,
(b) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances, (c) non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the
mark-to-market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP), (d) the interest component of Capital Lease Obligations and the interest portion of rent expense associated with Attributable Debt in respect of
the relevant lease giving rise thereto, determined as if such lease were a capitalized lease in accordance with GAAP and the interest component of any deferred payment obligations, and (e) net payments, if any, pursuant to interest rate Hedging
Obligations with respect to Indebtedness, and excluding (v) penalties and interest related to taxes, (w) any Special Interest with respect to the Notes, (x) amortization of deferred financing fees, debt issuance costs, discounted
liabilities, commissions, fees and expenses, (y) any expensing of bridge, commitment and other financing fees and (z) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Permitted
Receivables Financing; plus  
 (2) the consolidated interest of such Person and its Restricted
Subsidiaries that was capitalized during such period whether paid or accrued; plus  
 (3) any interest
expense on Indebtedness of another Person that is guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, but only to the extent actually paid (or

  
 19 

 
reasonably expected to be paid as determined by such Person) by such Person or one of its Restricted Subsidiaries; plus  

(4) all dividends, whether paid or accrued and whether or not in cash, on any series of Disqualified Stock of such Person
or any of its Restricted Subsidiaries, and all cash dividends on any series of preferred stock of any Restricted Subsidiary of such Person, other than dividends on Equity Interests payable solely in Equity Interests of the Issuer (other than
Disqualified Stock) or to the Issuer or a Restricted Subsidiary of the Issuer; less  
 (5) interest
income for such period; 
 in each case, on a consolidated basis and in accordance with GAAP. 

For purposes of this definition, interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably
determined by a responsible financial or accounting officer of the Issuer to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. 
 “Foreign Subsidiary” means any Restricted Subsidiary of the Issuer other than a Domestic Subsidiary and any Restricted Subsidiary of such Restricted Subsidiary. 

“Foreign Subsidiary Holding Company” means any Domestic Subsidiary that is (i) treated as a disregarded entity for
U.S. federal income tax purposes and substantially all of its assets consist of the stock of one or more Foreign Subsidiaries that are controlled foreign corporations within the meaning of Section 957 of the Code, or (ii) a direct or
indirect Subsidiary of a Foreign Subsidiary that is a controlled foreign corporation within the meaning of Section 957 of the Code. 
 “Formation Agreement” means the Formation Agreement dated as of October 6, 2010, entered into by and among Marathon, Speedway SuperAmerica LLC, a Delaware limited liability company,
and Northern Tier Investors, L.P., a Delaware limited partnership. 
 “GAAP” means generally accepted
accounting principles in the United States as in effect on the Issue Date as set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements
of the Public Company Accounting Oversight Board and in the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting
profession. 
 “Good Faith by the Issuer” means the decision in good faith by a responsible financial or
accounting officer of the Issuer. 
 “Government Securities” means (1) securities that are direct
obligations of the United States of America for the timely payment of which its full faith and credit is pledged or (2) securities that are obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the
United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America which, in either case, are not callable or redeemable at the option of the issuer thereof.

  
 20 

 “Grantors” means, collectively, the Issuers and the Subsidiary Guarantors.

 “Guarantee” means, as to any Person, a guarantee other than by endorsement of negotiable instruments for
collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any
Indebtedness or other obligations of another Person. 
 “Hedge Agreements” means: 

(1) interest rate swap agreements, interest rate cap agreements, interest rate collar agreements and other agreements or
arrangements designed for the purpose of fixing, hedging, mitigating or swapping interest rate risk either generally or under specific contingencies; 
 (2) foreign exchange contracts, currency swap agreements and other agreements or arrangements designed for the purpose of fixing, hedging, mitigating or swapping foreign currency exchange rate risk either
generally or under specific contingencies; 
 (3) commodity swap agreements, commodity cap agreements or
commodity collar agreements designed for the purpose of fixing, hedging, mitigating or swapping commodity risk either generally or under specific contingencies; 
 (4) a swap, cap, collar, floor, put, call, option, future, other derivative, spot purchase or sale, forward purchase or sale, supply or off-take, transportation agreement, storage agreement or other
commercial or trading agreement in or involving crude oil, natural gas, any feedstock, blendstock, intermediate product, finished product, refined product or other hydrocarbons product, or any other energy, weather or emissions related commodity
(including any crack spread), or any prices or price indexes relating to any of the foregoing commodities, or any economic index or measure of economic risk or value, or other benchmark against which payments or deliveries are to be made (including
any combination of such transactions), in each case that is designed for the purpose of fixing, hedging, mitigating or swapping risk relating to such commodities either generally or under specific contingencies; and 

(5) any other hedging agreement or other arrangement, in each case that is designed to provide protection against
fluctuations in the price of crude oil, gasoline, other refined products or natural gas; 
 including, for the avoidance of doubt, the Pari
Passu Lien Hedge Agreements. 
 “Hedging Obligations” means any and all indebtedness, debts, liabilities and
other obligations, howsoever arising, of the Issuer and/or any Subsidiary Guarantor to the counterparties under the Hedge Agreements of every kind and description (whether or not evidenced by any note or instrument and whether or not for the payment
of money), direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, under the Hedge Agreements and all other obligations owed by the Issuer and the Subsidiary Guarantors to the counterparties under the
Hedge Agreements, including any guarantee obligations in respect thereof. 

  
 21 

 “Holdco LLC Agreement” means the Amended and Restated Limited Liability
Company Agreement of NT Holdco, to be entered into as of the Issue Date, substantially in the form of Exhibit A to the Formation Agreement. 
 “Holder” means a Person in whose name a Note is registered in the Notes Register. 
 “IAI” means an institutional “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

“Immediate Family Members” means with respect to any individual, such individual’s child, stepchild, grandchild or
more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships) and any trust, partnership or other
bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is
the donor. 
 “incur” means, with respect to any Indebtedness, to incur, create, issue, assume, guarantee or
otherwise become directly or indirectly liable for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness; provided that (1) any Indebtedness or Capital Stock of a Person existing at
the time such Person becomes a Restricted Subsidiary of the Issuer (whether by merger, consolidation, acquisition or otherwise) will be deemed to be incurred by such Person at the time it becomes a Restricted Subsidiary of the Issuer and
(2) neither the accrual of interest nor the accretion of original issue discount nor the payment of interest in the form of additional Indebtedness with the same terms and the payment of dividends on Disqualified Stock in the form of additional
shares of the same class of Disqualified Stock (to the extent provided for when the Indebtedness or Disqualified Stock on which such interest or dividend is paid was originally issued) shall be considered an incurrence of Indebtedness for purposes
of Section 3.2; provided that in each case the amount thereof is for all other purposes included in the Fixed Charges of the Issuer or its Restricted Subsidiary as accrued and the amount of any such accretion or payment of
interest in the form of additional Indebtedness or additional shares of Disqualified Stock is for all purposes included in the Indebtedness of the Issuer or its Restricted Subsidiary as accreted or paid. 

“Indebtedness” means, with respect to any specified Person, any indebtedness (including principal and premium) of such
Person, whether or not contingent: 
 (1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments; 

(3) evidenced by letters of credit (or reimbursement agreements in respect thereof), but excluding obligations with
respect to letters of credit (including trade letters of credit) securing obligations (other than obligations described in clause (1) or (2) above or clause (4), (5), (6), (7) or (8) below) entered into in the ordinary
course of business of such Person to the extent such letters of credit are not drawn upon or, if drawn upon, to the extent such drawing is reimbursed no later than the fifth business day following receipt by such Person of a demand for
reimbursement; 

  
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 (4) in respect of banker’s acceptances; 

(5) in respect of Capital Lease Obligations and Attributable Debt; 

(6) in respect of the balance deferred and unpaid of the purchase price of any property, except (i) any such balance
that constitutes an accrued expense or trade payable or similar obligation to a trade creditor and (ii) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP; 

(7) representing Hedging Obligations; or 

(8) representing Disqualified Stock valued at the greater of its voluntary or involuntary maximum fixed repurchase price.

 In addition, the term “Indebtedness” includes (1) all Indebtedness of others secured by a Lien on any asset of
the specified Person (whether or not such Indebtedness is assumed by the specified Person); provided that the amount of such Indebtedness shall be the lesser of (a) the fair market value of such asset at such date of determination and
(b) the principal amount of such Indebtedness, and (2) to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person (whether or not such items would appear on the balance sheet of such
obligor or guarantor). For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock which does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock as if such
Disqualified Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Stock, such fair market
value shall be determined in good faith by the Board of Directors of the Issuer. 
 The amount of any Indebtedness outstanding
as of any date shall be the outstanding balance at such date of all unconditional obligations as described above and, with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation,
and shall be: 
 (1) the accreted value thereof, in the case of any Indebtedness issued with original issue
discount; and 
 (2) the principal amount thereof, together with any interest thereon that is more than 30 days
past due, in the case of any other Indebtedness; 
 provided that Indebtedness shall not include: 

(i) any liability for foreign, federal, state, local or other taxes, 

(ii) performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations not in
connection with money borrowed, in each case provided in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the ordinary course of business, 

  
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 (iii) any liability arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such liability is extinguished within five business days of its incurrence, 

(iv) any liability owed to any Person in connection with workers’ compensation, health, disability or other employee
benefits or property, casualty or liability insurance provided by such Person pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary course of business, 

(v) any indebtedness existing on the date of this Indenture that has been satisfied and discharged or defeased by legal
defeasance, 
 (vi) agreements providing for indemnification, adjustment of purchase price or earn-outs or
similar obligations, or Guarantees or letters of credit, surety bonds or performance bonds securing any obligations of the Issuer or any of its Restricted Subsidiaries pursuant to such agreements, in any case incurred in connection with the
disposition or acquisition of any business, assets or Restricted Subsidiary (other than Guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing
such acquisition), so long as the principal amount does not exceed the gross proceeds actually received in connection with such transaction, 
 (vii) any obligations under the Intermediation Agreement, or 

(viii) any obligations under the Accounts Payable Agreement. 

No Indebtedness of any Person will be deemed to be contractually subordinated in right of payment to any other Indebtedness of such
Person solely by virtue of being unsecured or by virtue of being secured on a junior priority basis. 

“Indenture” means this Indenture as amended or supplemented from time to time. 

“Initial Notes” has the meaning ascribed to it in the second introductory paragraph of this Indenture. 

“Initial Purchasers” means Goldman, Sachs & Co., Macquarie Capital (USA) Inc., RBC Capital Markets, LLC and
SunTrust Robinson Humphrey, Inc. 
 “Insolvency or Liquidation Proceeding” means: 

(1) any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to either Issuer or any
Subsidiary Guarantor; 
 (2) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or
proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to either Issuer or any Subsidiary Guarantor or with respect to a material portion of their respective assets; 

  
 24 

 (3) any liquidation, dissolution, reorganization or winding up of either
Issuer or any Subsidiary Guarantor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy; or 
 (4) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of either Issuer or any Subsidiary Guarantor. 

“Intercreditor Agreements” means, collectively, the ABL Intercreditor Agreement and the Collateral Trust and
Intercreditor Agreement. 
 “Intermediation Agreement” means the crude oil supply agreement, dated as of the
Issue Date, between St. Paul Park Refining Co. LLC and J.P. Morgan Commodities Canada Corporation, dated as of the Issue Date, as amended, restated, supplemented, modified and/or replaced from time to time. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or in one of the investment grade rating
categories if such designation no longer exists) by Moody’s and BBB- (or the equivalent) by S&P, in each case, with a stable or better outlook (or, if either such entity ceases to rate the Notes for reasons outside of the control of the
Issuers, the equivalent rating from any other Rating Agency). 
 “Investment Grade Securities” means

 (1) securities issued or directly and fully guaranteed or insured by the United States government or any
agency or instrumentality thereof (other than Cash Equivalents); 
 (2) debt securities or debt instruments with
an Investment Grade Rating (but not including any debt securities or instruments constituting loans or advances among the Issuer and its Subsidiaries); 
 (3) investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2) above which fund may also hold immaterial amounts of cash pending investment or
distribution; and 
 (4) corresponding instruments in countries other than the United States customarily utilized
for high quality investments. 
 “investments” means, with respect to any Person, all direct or indirect
investments by such Person in other Persons (including Affiliates) in the form of loans or other extensions of credit (including Guarantees, but excluding advances to customers or suppliers and trade credit in the ordinary course of business to the
extent they are in conformity with GAAP, recorded as accounts receivable, prepaid expenses or deposits on the balance sheet of the Issuer or its Restricted Subsidiaries and endorsements for collection or deposit arising in the ordinary course of
business), advances (excluding commission, payroll, travel and similar advances to officers, directors, employees and consultants made in the ordinary course of business, and excluding advances set forth in the preceding parenthetical), capital
contributions (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other

  
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securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. 

If the Issuer or any Restricted Subsidiary of the Issuer sells or otherwise disposes of any Equity Interests of any direct or indirect
Restricted Subsidiary of the Issuer such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Issuer, the Issuer shall be deemed to have made an investment on the date of any such sale or
disposition equal to the fair market value of the investment in such Restricted Subsidiary not sold or disposed of in an amount determined as provided in Section 3.3(d). The acquisition by the Issuer or any Restricted Subsidiary of the
Issuer of a Person that holds an investment in a third Person shall be deemed to be an investment by the Issuer or such Restricted Subsidiary in such third Person only if such investment was made in contemplation of, or in connection with, the
acquisition of such Person by the Issuer or such Restricted Subsidiary and the amount of any such investment shall be determined as provided in Section 3.3(d). 
 For purposes of the covenant described under Section 3.3 and the definition of “Unrestricted Subsidiary”: 

(1) “investments” shall include the portion (proportionate to the Issuer’s Equity Interest in such
Subsidiary) of the fair market value of the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a
Restricted Subsidiary, the Issuer shall be deemed to continue to have a permanent “investment” in an Unrestricted Subsidiary in an amount (if positive) equal to: 
 (a) the Issuer’s “investment” in such Subsidiary at the time of such redesignation; less  
 (b) the portion (proportionate to the Issuer’s Equity Interest in such Subsidiary) of the fair market value of the net assets of such Subsidiary at the time of such redesignation; and 

(2) any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of
such transfer as determined in accordance with Section 3.3(d). 
 “Issue Date” means the date on
which the Notes are initially issued. 
 “Issuer” means the Person named as the “Issuer” in the first
introductory paragraph of this Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person. 

“Issuers” means the Issuer and the Co-Issuer. 
 “Lien” means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security interest or encumbrance of any kind in respect of such asset,
whether or not filed, recorded or otherwise perfected under applicable law, including (1) any conditional sale or other title retention agreement, (2) any lease in the nature thereof,

  
 26 

 
(3) any option or other agreement to sell or give a security interest and (4) any filing, authorized by or on behalf of the relevant grantor, of any financing statement under the
Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 
 “Lien Priority Confirmation” means, as
to any additional Series of Secured Debt, the written agreement of the holders of such additional Series of Secured Debt, or their applicable Secured Representative, for the enforceable benefit of all holders of each existing and future Series of
Secured Debt and each existing and future Secured Representative with respect thereto: 
 (a) that such Secured
Representative and all other holders of obligations in respect of such Series of Secured Debt are bound by the provisions of the Collateral Trust and Intercreditor Agreement and the ABL Intercreditor Agreement; 

(b) consenting to and directing the Collateral Agent to act as agent for such Series of Secured Debt or such Secured
Representative, as applicable, and perform its obligations under the Collateral Trust and Intercreditor Agreement, the Security Documents and the ABL Intercreditor Agreement; and 

(c) that all Secured Obligations will be and are secured equally and ratably by all Liens at any time granted by the
Issuer or any other Grantor to secure any obligations in respect of such Series of Secured Debt, whether or not upon property otherwise constituting collateral for such Series of Secured Debt, and that all such Liens will be enforceable by the
Collateral Agent for the benefit of all holders of Secured Obligations equally and ratably; provided that the foregoing shall not apply to Liens granted with respect to separate collateral that are permitted by this Indenture. 

“Management Services Agreement” means the management agreement between certain of the management companies associated
with the Sponsors and the Issuer. 
 “Marathon” means Marathon Petroleum Company LP, a limited partnership
organized under the laws of Delaware. 
 “Marathon Account Payable” means the $106 million account payable by
the Issuer to Marathon pursuant to the terms of the Accounts Payable Agreement. 
 “Marathon Acquisition”
refers to the acquisition of the Assets from Marathon. 
 “Marathon Collateral” means the collateral specified
in the Marathon Pledge Agreement. 
 “Marathon Pledge Agreement” means that certain Guaranty and Pledge
Agreement, dated as of December 1, 2010, pursuant to which NTI has granted or will grant to Marathon, Liens on the Marathon Collateral. 
 “Margin Support Payment” has the meaning set forth under the Formation Agreement. 

  
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 “Material Real Property” means, on any date, (i) any individual real
property owned by the Issuers or any Subsidiary Guarantor with a fair market value as of such date of at least $3.5 million and (ii) to the extent that the aggregate fair market value of all real property owned by the Issuers or any Subsidiary
Guarantors not then subject to a Mortgage in favor of the Collateral Agent exceeds $30.0 million in the aggregate, any one or more individual real properties such that the remaining real property not then subject to a Mortgage in favor of the
Collateral Agent has an aggregate fair market value of not more than $30.0 million, and Material Real Property shall in any event include, without limitation, (a) the real property, fixtures and equipment relating to the Refinery and related
facilities in St. Paul Park, Minnesota, as well as (b) all of the individual parcels surrounding the Refinery that are held as buffer property, (c) all easement, license and other real property interests related to the Aranco Pipeline and
the two pipelines running between the Refinery and the Cottage Grove Tank Farm and (d) the Cottage Grove Tank Farm and the improvements located thereon, including the storage tanks and related fixtures and equipment (the real property and
interests described in the foregoing clauses (a) though (d) are referred to herein as the Issue Date Premises). 
 “Maximum Crack Spread Capacity” means, as of any day, on a product-by-product basis, for the then current calendar month and the next 47 calendar months (collectively the
“Relevant Period”), the volume of gasoline, diesel, jet fuel and heating oil not exceeding 80% of the aggregate projected production volume of such products in such Relevant Period by all crude oil refineries owned, directly or
indirectly, as of such date by the Issuer and the Subsidiary Guarantors; provided, however, that the Maximum Crack Spread Capacity for any product in any calendar month cannot exceed 80% of the average monthly projected production
volume of such product in such Relevant Period. 
 “Minnesota Pipe Line Interests” means, collectively,
(i) 17% of the issued and outstanding limited liability company membership interests of Minnesota Pipe Line Company LLC, a Delaware limited liability company; and (ii) 17% of the issued and outstanding Capital Stock of MPL Investments,
Inc., a Delaware corporation. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor to
its rating agency business. 
 “Mortgages” means the mortgages, deeds of trust, deeds to secure Indebtedness or
other similar documents securing Liens on the Premises, as well as the other Collateral secured by and described in the mortgages, deeds of trust, deeds to secure Indebtedness or other similar documents. 

“Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP
and before any reduction in respect of dividends on preferred stock. 
 “Net Proceeds” means the aggregate cash
proceeds, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not the interest component, thereof) received by the Issuer or any of its Restricted Subsidiaries in respect of any Asset Sale
(including, without limitation, any insurance recovery in connection with an Event of Loss, any cash received upon the sale or other disposition of any Designated Non-cash 

  
 28 

 
Consideration and other non-cash consideration received in any Asset Sale), net of (1) the direct costs relating to such Asset Sale and the sale or other disposition of any non-cash
consideration, including, without limitation, legal, accounting and investment banking fees, and brokerage or sales commissions, and any relocation expenses incurred as a result thereof, (2) taxes paid or payable as a result thereof, in each
case, after taking into account any available tax credits or deductions and any tax sharing arrangements, (3) amounts required to be applied to the repayment of Indebtedness or other liabilities, secured by a Lien that has a higher priority
than the Liens securing the Notes and the Note Guarantees on the asset or assets that were the subject of such Asset Sale in accordance with the terms of any Lien upon such assets, or required to be by its terms paid as a result of such sale,
(4) any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP, as well as any other reserve established in accordance with GAAP related to pension and other post-employment benefit
liabilities, liabilities related to environmental matters, or any indemnification obligations associated with the property or other assets disposed of in such transaction; provided, however, that upon reversal of any such reserve, Net
Proceeds shall be increased by the amount of such reversal and (5) in the case of Net Proceeds relating to an Event of Loss, the amount of any insurance recovery that would otherwise constitute Net Proceeds shall be reduced by the amount of
cash invested by the Issuers in Replacement Assets that would constitute (x) Note Priority Collateral in the case of an Asset Sale of Note Priority Collateral and (y) ABL Priority Collateral in the case of an Asset Sale of ABL Priority
Collateral, prior to receipt of such insurance proceeds. 
 “New York Uniform Commercial Code” means the
Uniform Commercial Code as in effect from time to time in the State of New York. 
 “Non-Recourse Debt” means
Indebtedness of a Person: 
 (1) as to which neither Issuer nor any Restricted Subsidiary (a) provides any
guarantee or credit support of any kind (including any undertaking, guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable (as a guarantor or otherwise); 

(2) no default with respect to which (including any rights that the holders thereof 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 either Issuer or any Restricted Subsidiary to declare a default under such other Indebtedness or cause the payment thereof
to be accelerated or payable prior to its Stated Maturity; and 
 (3) the explicit terms of which provide there
is no recourse against any of the assets of either Issuer or the Restricted Subsidiaries. 
 “Non-U.S. Person”
means a Person who is not a U.S. Person (as defined in Regulation S). 
 “Note Guarantee” means a
Guarantee of the Notes under this Indenture. 
 “Note Priority Collateral” means Note and Specified Hedge
Collateral, as defined in the ABL Intercreditor Agreement in effect on the Issue Date. 

  
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 “Notes” has the meaning ascribed to it in the second introductory
paragraph. 
 “Notes Custodian” means the custodian with respect to the Global Notes (as appointed by DTC), or
any successor Person thereto and shall initially be the Trustee. 
 “Notes Documents” means, collectively, this
Indenture, the Notes, the Pari Passu Lien Hedge Agreements and each of the other agreements, documents and instruments providing for or evidencing any other Secured Obligations, and any other document or instrument executed or delivered at any time
in connection with any Secured Obligations, to the extent such are effective at the relevant time, in each case as each may be amended, restated, supplemented, modified, renewed, extended or refinanced in whole or in part from time to time, and any
other credit agreement, indenture or other agreement, document or instrument evidencing, governing, relating to or securing any Secured Debt. 
 “NT Bakery Trademark Security Agreement” means the grant of security interest in trademark rights, dated the Issue Date, made by Northern Tier Bakery LLC in favor of the Collateral Agent.

 “NT Holdco” means Northern Tier Holdings LLC, a Delaware limited liability company. 

“NT Retail Trademark Security Agreement” means the grant of security interest in trademark rights, dated the Issue Date,
made by Northern Tier Retail LLC in favor of the Collateral Agent. 
 “NTI” means Northern Tier Investors LLC,
a Delaware limited liability company. 
 “Obligations” means any principal, interest, penalties, fees,
expenses, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities (including all interest, fees and expenses accruing
after the commencement of any Insolvency or Liquidation Proceeding at the rate provided for in the documentation with respect thereto, even if such interest, fees and expenses are not enforceable, allowable or allowed as a claim in such proceeding)
and guarantees of payment of such Obligations under any Notes Documents or ABL Documents, as the case may be. 

“Offering Circular” means the final offering memorandum, dated November 22, 2010 relating to the offering by the
Issuers of the Initial Notes and any future offering circular relating to Additional Notes. 
 “Officer” means,
with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Chief Accounting Officer, the Treasurer, any Assistant Treasurer, the Controller, the
General Counsel, the Secretary, any Executive Vice President, any Senior Vice President, any Vice President or any Assistant Vice President of such Person. 
 “Officers’ Certificate” means a certificate signed on behalf of the Issuer by an Officer of the Issuer, who must be the principal executive officer, the principal operating officer,

  
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the principal financial officer, the treasurer, the principal accounting officer or the general counsel of the Issuer that meets the requirements of this Indenture. 

“Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee (who may be counsel
to or an employee of the Issuer or any Subsidiary Guarantor of the Issuer) that meets the requirements of this Indenture. 

“Pari Passu ABL Lien Indebtedness” means any Indebtedness that is permitted to have Pari Passu Lien Priority relative to
the ABL Facility with respect to the Collateral and is not secured by any other assets. 
 “Pari Passu
Indebtedness” means Indebtedness and other obligations that ranks equally in right of payment to the Notes and the Note Guarantees (without giving effect to collateral arrangements). 

“Pari Passu Lien Hedge Agreements” means (a) the ISDA Master Agreement, dated as of October 6, 2010, between
St. Paul Park Refining Co. LLC and J. Aron & Company and the schedules and confirmations in connection therewith, as such agreement may be amended, restated, modified, supplemented or replaced from time to time (the “J. Aron
Hedge”), and (b) any other contracts, transactions, agreements or arrangements that qualify as Hedge Agreements under clause (4) or (5) of such term and that have been designated by the Issuer or any Subsidiary Guarantor, as
applicable, by written notice to the Collateral Agent and the ABL collateral agent, as Pari Passu Lien Hedge Agreements; provided that the net volume covered by all Crack Spread Hedges that have been so designated together with all hedges
under the J. Aron Hedge shall not exceed for any relevant monthly period the applicable volumes under the Maximum Crack Spread Capacity.
 “Pari Passu Lien Priority” means relative to specified Indebtedness and other obligations having equal Lien priority to the Notes and the Note Guarantees or the ABL Facility, as the case
may be, on the Collateral. 
 “Pari Passu Notes Lien Indebtedness” means (a) any Pari Passu Lien Hedge
Agreements and (b) any Additional Notes and any other Indebtedness that has a Stated Maturity date that is longer than the Notes and that is permitted to have Pari Passu Lien Priority relative to the Notes and the Note Guarantees with respect
to the Collateral and is not secured by any other assets; provided that, in each case, an authorized representative of the holders of such Indebtedness (other than any Additional Notes) shall have executed a joinder to the Security Documents
in the form provided therein. 
 “Pari Passu Notes Lien Indebtedness Debt Limit” means, as at any time of
determination, an amount equal to (1) the product of (x) the aggregate Cost incurred after the Issue Date through and including such time of determination with respect to Note Priority Collateral multiplied by (y) 50%, less
(2) (i) any Indebtedness secured by Liens pursuant to clauses (5), (6) and (9) of the definition of “Permitted Liens” and (ii) without duplication, any Indebtedness incurred pursuant to clauses (9) and
(11) (to the extent such Indebtedness was incurred to finance an acquisition or constitutes Acquired Debt) of Section 3.2(b) that, in each case, in this clause (ii) (A) is secured by a Lien with respect to any Collateral
(other than any such Lien which is 

  
 31 

 
junior in all respects to the Lien securing the Notes and the Note Guarantees), (B) is secured by a Lien on any asset which is not Collateral, (C) that is senior in right of payment to
the Notes and Note Guarantees or (D) is otherwise structurally senior to the Notes and the Note Guarantees. 

“Permitted Business” means any business conducted or proposed to be conducted (as described in the Offering Circular) by
the Issuer and its Restricted Subsidiaries on the Issue Date and other businesses reasonably related, complementary or ancillary thereto and reasonable expansions or extensions thereof. 

“Permitted Holder” means each of the Sponsors and members of management of the Issuer or a direct or indirect parent of
the Issuer who are holders of Equity Interests of the Issuer (or any of its direct or indirect parent companies) on the Issue Date and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any
successor provision) of which any of the foregoing are members; provided that in the case of such group and without giving effect to the existence of such group or any other group, such Sponsors and members of management, collectively, have
direct or indirect beneficial ownership of more than 50% of the total voting power of the Voting Stock of the Issuer. If a third party acquires the Issuer or a direct or indirect parent of the Issuer and in connection with that transaction a Change
of Control Offer is consummated, such third party acquiror (together with its controlling shareholders and members of management who are holders of Equity Interests of the Issuer (or any direct or indirect parent) following the consummation of the
Change of Control Offer) will thereafter, together with their respective Affiliates, be deemed to be additional Permitted Holders. 
 “Permitted Investments” means: 
 (1) any
investment in the Issuer, a Subsidiary Guarantor or a Restricted Subsidiary of the Issuer, including any investment in the Notes or the Note Guarantees thereof; 
 (2) any investment in cash or Cash Equivalents or Investment Grade Securities; 
 (3) any investment by the Issuer or any Restricted Subsidiary of the Issuer in a Person, if as a result of such investment: 
 (a) such Person becomes a Restricted Subsidiary of the Issuer; or
 (b) such Person
is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary of the Issuer; 

and, in each case, any investment held by such Person, provided that such investment was not acquired by such Person in
contemplation of such acquisition, merger, consolidation or transfer; 
 (4) any investment made as a result of
the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 3.5 or from any other disposition of assets not constituting an Asset Sale; 

  
 32 

 (5) investments to the extent acquired in exchange for the issuance of
Equity Interests (other than Disqualified Stock) of the Issuer to any direct or indirect parent of the Issuer; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under
Section 3.3(a)(iii); 
 (6) Hedging Obligations permitted under Section 3.2(b)(19);

 (7) investments received in satisfaction of judgments or in settlements of debt or compromises of obligations
incurred in the ordinary course of business; 
 (8) loans or advances to employees of the Issuer or any of its
Restricted Subsidiaries that are approved by a majority of the disinterested members of the Board of Directors of the Issuer, in an aggregate principal amount of $5.0 million at any one time outstanding; 

(9) investments consisting of the non-exclusive licensing of intellectual property pursuant to joint marketing
arrangements with other Persons; 
 (10) other investments in any Person having an aggregate fair market value
(measured on the date each such investment was made and without giving effect to subsequent changes in value), when taken together with all other investments made pursuant to this clause (10) since the Issue Date, not to exceed the greater of
(x) $37.5 million and (y) 5.0% of the Issuer’s Consolidated Total Assets at the time of such investment; 
 (11) any investment existing on the Issue Date; 
 (12) any
investment acquired by the Issuer or any of its Restricted Subsidiaries (a) in exchange for any other investment or accounts receivable held by the Issuer or any such Restricted Subsidiary in connection with or as a result of a bankruptcy,
workout, reorganization or recapitalization of the issuer of such other investment or accounts receivable or (b) as a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries with respect to any secured investment or other
transfer of title with respect to any secured investment in default; 
 (13) guarantees of Indebtedness permitted
under Section 3.2(b); 
 (14) any transaction which constitutes an investment to the extent permitted
and made in accordance with Section 3.8 (except transactions described in clauses (3), (5), (12) and (13) of Section 3.8(b)); 
 (15) investments consisting of purchases and acquisitions of inventory, supplies, material or equipment or services in the ordinary course of business;

(16) investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or
reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business; 

  
 33 

 (17) investments in Unrestricted Subsidiaries, joint ventures and/or equity
investees of the Issuer or any of its Restricted Subsidiaries in an aggregate amount not to exceed the greater of (x) $27.5 million and (y) 3.5% of the Issuer’s Consolidated Total Assets; and 

(18) investments relating to a Securitization Subsidiary that, in the good faith determination of the Issuer are necessary
or advisable to effect any Permitted Receivables Financing. 
 “Permitted Liens” means: 

(1) Liens on Collateral securing Indebtedness incurred pursuant to Section 3.2(b)(1) and related Obligations
and Hedging Obligations and Cash Management Obligations; provided that any such Indebtedness may be secured by Liens on the ABL Priority Collateral on a first-priority basis and by Liens on Note Priority Collateral on a second-priority basis
pursuant to the ABL Intercreditor Agreement; 
 (2) Liens securing the Notes outstanding on the Issue Date and
the Exchange Notes in respect thereof, the Note Guarantees relating to such Notes and Exchange Notes and any obligations with respect to such Notes and Exchange Notes and any Note Guarantees relating thereto; 

(3) Liens of franchisors in the ordinary course of business not securing Indebtedness; 

(4) Liens in favor of the Issuer or any Restricted Subsidiary or Subsidiary Guarantor; 

(5) Liens on property or Capital Stock of a Person existing at the time such Person is acquired by, merged with or into or
consolidated, combined or amalgamated with the Issuer or any Restricted Subsidiary of the Issuer; provided that such Liens were in existence prior to, and were not incurred in connection with or in contemplation of, such merger, acquisition,
consolidation, combination or amalgamation and do not extend to any assets other than those of the Person acquired by or merged into or consolidated, combined or amalgamated with the Issuer or the Restricted Subsidiary; 

(6) Liens on property existing at the time of acquisition thereof by the Issuer or any Restricted Subsidiary of the
Issuer; provided that such Liens were in existence prior to, and were not incurred in connection with or in contemplation of, such acquisition and do not extend to any property other than the property so acquired by the Issuer or the
Restricted Subsidiary; 
 (7) Liens existing on the Issue Date, other than liens to secure the Notes issued on
the Issue Date and the Note Guarantees thereof or to secure Obligations under the ABL Facility; 
 (8) Liens to
secure any Permitted Refinancing Indebtedness incurred to renew, refinance, refund, replace, amend, defease or discharge, as a whole or in part, Indebtedness 

  
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that was previously so secured pursuant to clauses (2), (7) and (8) of this definition; provided that (a) the new Lien shall be limited to all or part of the same property
and assets that secured the Indebtedness being refinanced, (b) the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (i) the outstanding principal amount or, if greater, committed amount of the
Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged with such Permitted Refinancing Indebtedness at the time the original Lien became a Permitted Lien, and (ii) an amount necessary to pay any fees and expenses,
including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge and (c) the new Lien has no greater priority relative to the Notes and the Note Guarantees and the holders of the Indebtedness secured by
such Lien have no greater intercreditor rights relative to the Notes and the Note Guarantees and the holders thereof than the original Liens and the related Indebtedness and the holders thereof;

(9) Liens to secure Indebtedness (including Capital Lease Obligations) permitted by Section 3.2(b)(5);
provided that any such Lien (i) covers only the assets acquired, constructed or improved with such Indebtedness and (ii) is created within 180 days of such acquisition, construction or improvement; 

(10) Liens incurred or pledges or deposits made in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other types of social security and employee health and disability benefits; 
 (11) Liens to secure the performance of bids, tenders, completion guarantees, public or statutory obligations, surety or appeal bonds, bid leases, performance bonds, reimbursement obligations under
letters of credit that do not constitute Indebtedness or other obligations of a like nature, and deposits as security for contested taxes or for the payment of rent, in each case incurred in the ordinary course of business; 

(12) Liens for taxes, assessments or governmental charges or claims that are not yet overdue by more than 30 days or that
are not yet payable or subject to penalties for nonpayment or that are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted; provided that any reserve or other appropriate provision required
under GAAP has been made therefor; 
 (13) carriers’, warehousemen’s, landlords’, mechanics’,
suppliers’, materialmen’s and repairmen’s and similar Liens, or Liens in favor of customs or revenue authorities or freight forwarders or handlers to secure payment of customs duties, in each case (whether imposed by law or agreement)
incurred in the ordinary course of business; 
 (14) licenses, entitlements, servitudes, easements,
rights-of-way, restrictions, reservations, covenants, conditions, utility agreements, rights of others to use sewers, electric lines and telegraph and telephone lines, minor imperfections of title, minor survey defects, minor encumbrances or other
similar restrictions on the use of any real property, including zoning or other restrictions as to the use of real properties or Liens incidental to the conduct of the business, that were not incurred in connection with Indebtedness and do not, in
the aggregate, materially diminish the value of said properties or materially interfere 

  
 35 

 
with their use in the operation of the business of the Issuer or any of its Restricted Subsidiaries; 
 (15) leases, subleases, licenses, sublicenses or other occupancy agreements granted to others in the ordinary course of business which do not secure any Indebtedness and which do not materially interfere
with the ordinary course of business of the Issuer or any of its Restricted Subsidiaries; 
 (16) with respect to
any leasehold interest, easement or other possessory interest where the Issuer or any Restricted Subsidiary of the Issuer is a lessee, tenant, subtenant, grantee, user or other occupant, mortgages, obligations, liens and other encumbrances incurred,
created, assumed or permitted to exist and arising by, through or under a landlord, sublandlord, grantor or holder of any superior real property interest of such leased or occupied real property encumbering such landlord’s, sublandlord’s,
grantor’s or holder’s interest in such leased or occupied real property; 
 (17) Liens arising from
Uniform Commercial Code financing statement filings regarding precautionary filings, consignment arrangements or operating leases entered into by the Issuer or any of its Restricted Subsidiaries granted in the ordinary course of business;

 (18) Liens (i) of a collection bank arising under Section 4-210 of the New York Uniform Commercial
Code on items in the course of collection, (ii) in favor of banking institutions arising as a matter of law encumbering deposits (including the right of set-off) within general parameters customary in the banking industry or
(iii) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business;
 (19) Liens securing judgments for the payment of money not constituting an Event of Default under this Indenture pursuant to Section 6.1(6), so long as such Liens are adequately bonded;

 (20) Liens arising by operation of law or contract on insurance policies and the proceeds thereof to secure
premiums thereunder; 
 (21) Liens arising out of conditional sale, title retention, consignment or similar
arrangements, or that are contractual rights of set-off, relating to the sale or purchase of goods entered into by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business; 

(22) Liens on pipeline or pipeline facilities which arise out of operation of law; 

(23) Liens arising under partnership agreements, oil and gas leases, farm-out agreements, division orders, contracts for
the sale, purchase, exchange, transportation or processing of oil, gas or other hydrocarbons, unitization and pooling declarations and agreements, development agreements, operating agreements, area of mutual interest agreements, and other agreements
which are customary in any Permitted Business; 

  
 36 

 (24) Liens in favor of suppliers of crude oil and other feedstocks on such
purchased crude oil and other feedstocks to secure payment of the purchase price thereof; provided the amounts secured by such liens do not exceed the purchase price of such crude oil and other feedstocks; 

(25) Liens on accounts receivable and related assets incurred in connection with any Permitted Receivables Financing;

 (26) any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any
joint venture or similar arrangement pursuant to any joint venture or similar agreement permitted under this Indenture to secure obligations of such joint venture; 

(27) any extension, renewal or replacement, in whole or in part of any Lien described in clauses (5) and (6) of
this definition of “Permitted Liens”; provided that any such extension, renewal or replacement is no more restrictive in any material respect than any Lien so extended, renewed or replaced and does not extend to any additional
property or assets; 
 (28) Liens on cash or cash equivalents securing Hedging Obligations permitted to be
incurred under this Indenture; 
 (29) Liens other than any of the foregoing incurred by the Issuer, a Subsidiary
Guarantor or any Restricted Subsidiary of the Issuer with respect to Indebtedness or other obligations permitted to be incurred under this Indenture that do not, in the aggregate, exceed the greater of (x) $25.0 million and (y) 2.5% of the
Issuer’s Consolidated Total Assets at any one time outstanding; 
 (30) Liens on any property or assets of,
any Foreign Subsidiary securing Indebtedness incurred by a Foreign Subsidiary in compliance with Section 3.2; 
 (31) Liens deemed to exist in connection with investments in repurchase agreements permitted under Section 3.2; provided that such Liens do not extend to any assets other than those
that are the subject of such repurchase agreement; 
 (32) Liens encumbering reasonable customary initial
deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 

(33) Liens solely on any cash earnest money deposits made by the Issuer or any of its Restricted Subsidiaries in
connection with any letter of intent or purchase agreement not prohibited by this Indenture;
 (34) Liens on
Collateral securing Pari Passu Notes Lien Indebtedness incurred pursuant to clauses (2) and (11) of Section 3.2(b); provided that such Indebtedness may have Pari Passu Lien Priority relative to the Notes and the Note
Guarantees pursuant to the Collateral Trust and Intercreditor Agreement and the ABL Intercreditor Agreement; and 

  
 37 

 (35) Liens securing the Pari Passu Lien Hedge Agreements; provided
that the Liens securing such Indebtedness may have Pari Passu Lien Priority relative to the Notes and the Note Guarantees pursuant to the Collateral Trust and Intercreditor Agreement and the ABL Intercreditor Agreement. 

The Issuers may classify (or later reclassify) any Lien in any one or more of the above categories (including in part in one category and
in part another category). 
 “Permitted Receivables Financing” means any receivables financing facility or
arrangement, as amended from time to time, pursuant to which a Securitization Subsidiary purchases or otherwise acquires accounts receivable of the Issuer or any of its Restricted Subsidiaries and enters into a third party financing thereof on terms
that the Board of Directors of the Issuer has concluded are customary and market terms fair to the Issuer and its Restricted Subsidiaries. 
 “Permitted Refinancing Indebtedness” means: 
 (A) any
Indebtedness of the Issuer or any of its Restricted Subsidiaries (other than Disqualified Stock) issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of the Issuer
or any of its Restricted Subsidiaries (other than Disqualified Stock and intercompany Indebtedness); provided that: 
 (1) the principal amount (or accreted value, if applicable) then outstanding of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the
Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest thereon and the amount of any reasonably determined premium necessary to accomplish such refinancing and such reasonable fees and
expenses incurred in connection therewith); 
 (2) such Permitted Refinancing Indebtedness has a final maturity
date later than the final maturity date of, and has a Weighted Average Life to Maturity at the time the Permitted Refinancing Indebtedness is incurred equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being
extended, refinanced, renewed, replaced, defeased or refunded; 
 (3) if the Indebtedness being extended,
refinanced, renewed, replaced, defeased or refunded is contractually subordinated in right of payment to the Notes or the Note Guarantees, such Permitted Refinancing Indebtedness is contractually subordinated in right of payment to the Notes and the
Note Guarantees on terms at least as favorable to the Holders as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 

(4) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is pari passu in right
of payment with the Notes or any Note Guarantees, such Permitted Refinancing Indebtedness is pari passu in right of payment with, or subordinated in right of payment to, the Notes or such Note Guarantees; provided that if such
Permitted Refinancing Indebtedness is secured, the Liens securing such Permitted Refinancing 

  
 38 

 
Indebtedness have Lien priority equal with or junior to the Liens securing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and 

(5) such Indebtedness is incurred either (a) by the Issuer or any Subsidiary Guarantor or (b) by the Restricted
Subsidiary who is the obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and
 (B)
any Disqualified Stock of the Issuer or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace or refund other Disqualified Stock of the Issuer or any of its Restricted
Subsidiaries (other than Disqualified Stock held by the Issuer or any of its Restricted Subsidiaries); provided that: 
 (1) the liquidation or face value of such Permitted Refinancing Indebtedness does not exceed the liquidation or face value of the Disqualified Stock so extended, refinanced, renewed, replaced or refunded
(plus all accrued dividends thereon and the amount of any reasonably determined premium necessary to accomplish such refinancing and such reasonable fees and expenses incurred in connection therewith); 

(2) such Permitted Refinancing Indebtedness has a final redemption date later than the final redemption date of, and has a
Weighted Average Life to Maturity at the time the Permitted Refinancing Indebtedness is incurred equal to or greater than the Weighted Average Life to Maturity of, the Disqualified Stock being extended, refinanced, renewed, replaced or refunded;

 (3) such Permitted Refinancing Indebtedness has a final redemption date later than the final maturity date of,
and is contractually subordinated in right of payment to, the Notes and the Note Guarantees on terms at least as favorable to the Holders as those contained in the documentation governing the Disqualified Stock being extended, refinanced, renewed,
replaced or refunded; 
 (4) such Permitted Refinancing Indebtedness is not redeemable at the option of the
Holder thereof or mandatorily redeemable prior to the final maturity of the Disqualified Stock being extended, refinanced, renewed, replaced or refunded; and 

(5) such Disqualified Stock is issued either (a) by the Issuer or any Subsidiary Guarantor or (b) by the
Restricted Subsidiary that is the issuer of the Disqualified Stock being extended, refinanced, renewed, replaced or refunded. 
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or
any agency or political subdivision thereof or other entity. 
 “Predecessor Note” of any particular Note means
every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note. For the purposes of this definition, any Note authenticated and delivered under Section 2.10 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Note. 

  
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 “preferred stock” means, with respect to any Person, any Equity Interest of
such Person that has preferential rights to any other Equity Interest of such Person with respect to dividends or redemptions upon liquidation. 
 “Preliminary Offering Circular” means the preliminary offering circular, dated November 15, 2010, relating to the offering and sale by the Issuers of $290.0 million principal amount
of Senior Secured Notes due 2017. 
 “Pro forma Cost Savings” means, with respect to any period, the
reduction in net costs, integration and other synergies (including, without limitation, improvements to gross margins) and related adjustments that (1) are directly attributable to an acquisition that occurred during the four-quarter period or
after the end of the four-quarter period and on or prior to the Calculation Date and calculated on a basis that is consistent with Regulation S-X under the Securities Act as in effect and applied as of the date of this Indenture, (2) were
actually implemented with respect to any acquisition within 12 months after the date of the acquisition and prior to the Calculation Date that are supportable and quantifiable by underlying accounting records or (3) the Issuer reasonably
determines are expected to be realized within 12 months of the Calculation Date and, in the case of each of (1), (2) and (3), are described, as provided below, in an Officers’ Certificate, as if all such reductions in costs and integration
and other synergies had been effected as of the beginning of such period. Pro forma Cost Savings described above shall be established by a certificate delivered to the Trustee from the Issuer’s Chief Financial Officer or another
Officer authorized by the Board of Directors of the Issuer to deliver an Officers’ Certificate under this Indenture that outlines the specific actions taken or to be taken and the benefit achieved or to be achieved from each such action and, in
the case of clause (3) above, that states such benefits have been determined to be probable.
 “Purchase
Agreement” means the Purchase Agreement entered into by the Issuers and the initial purchasers on November 22, 2010 pursuant to which the Issuers will issue and sell to the Initial Purchasers the Notes. 

“Qualified Equity Offering” means (1) any public or private placement of common or preferred stock (other than
Disqualified Stock) of the Issuer or any direct or indirect parent of the Issuer, other than (a) public offerings with respect to the Issuer’s or any direct or indirect parent company’s common stock registered on Form S-8,
(b) any sales to the Issuer or any of its Subsidiaries and (c) such public or private sale that constitutes an Excluded Contribution or representing Designated Preferred Stock; provided that if such public offering or private
placement is of common or preferred stock of any direct or indirect parent of the Issuer, the term “Qualified Equity Offering” shall refer to the portion of the net cash proceeds therefrom that has been contributed to the equity capital of
the Issuer and (2) the contribution of cash to the Issuer as an equity capital contribution (other than a Margin Support Payment). 
 “QIB” means any “qualified institutional buyer” as such term is defined in Rule 144A. 
 “Rating Agency” means each of (1) S&P, (2) Moody’s and (3) if either S&P or Moody’s no longer provide ratings, any other rating agency which is nationally
recognized for 

  
 40 

 
rating debt securities within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Issuer as a replacement agency. 

“Refinery” means the refinery located in St. Paul Park, Minnesota, including the related equipment and facilities and
light products terminal located at the refinery complex in St. Paul Park, Minnesota described in Section 4.2(a) of the Marathon Petroleum Company LP Disclosure Schedules to the St. Paul Park Refining Co. LLC Contribution Agreement, dated as of
October 6, 2010, among Marathon Petroleum Company LP, St. Paul Park Refining Co. LLC and Northern Tier Investors LLC. 

“Refinery Event of Loss” means an Event of Loss relating to the Refinery that results in Net Proceeds (disregarding
clause (5) of the definition thereof) in excess of $75.0 million (such amount, the “Refinery Event of Loss Threshold”). 
 “Registration Rights Agreement” means, with respect to the Initial Notes, the Exchange and Registration Rights agreement, dated as of the Issue Date, among the Issuers, the Subsidiary
Guarantors and the Initial Purchasers and, with respect to any Additional Notes, one or more registration rights agreements among the Issuers, the Subsidiary Guarantors and the other parties thereto, relating to the rights given by the Issuer and
the Subsidiary Guarantors to the purchasers of Additional Notes to register such Additional Notes under the Securities Act. 

“Regulation D” means Regulation D under the Securities Act or any successor regulation. 

“Regulation S” means Regulation S under the Securities Act or any successor regulation. 

“Regulation S-X” means Regulation S-X under the Securities Act or any successor regulation. 

“Related Agreements” means the agreements listed in Section 2.3 of the Formation Agreement (including, without
limitation, the Earnout Agreement and the Accounts Payable Agreement) and any other instruments of sale, assignment, transfer and conveyance (including the Deeds), instruments of assumption, certificates and any other agreements or documents
executed and delivered by any of the parties to such agreements at or in connection with the Transactions as contemplated by the Formation Agreement. 
 “Replacement Assets” means (1) as used in connection with any ABL Priority Collateral, current tangible assets, and, as used in connection with any Note Priority Collateral, any
non-current tangible assets that, in each case, will be used or useful in a Permitted Business or (2) substantially all the assets of a Permitted Business or a majority of the Voting Stock of any Person engaged in a Permitted Business that will
become on the date of acquisition thereof a Domestic Subsidiary (or a Restricted Subsidiary solely to the extent the assets being replaced were sold by a Foreign Subsidiary). 
 “Restricted Investment” means an investment other than a Permitted Investment. 

  
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 “Restricted Notes” means Initial Notes and Additional Notes bearing one of
the restrictive legends described in Section 2.1(d). 
 “Restricted Notes Legend” means the legend
set forth in Section 2.1(d)(1) and, in the case of the Temporary Regulation S Global Note, the legend set forth in Section 2.1(d)(2). 
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary or the Co-Issuer. 

“Rule 144A” means Rule 144A under the Securities Act or any successor rule. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any
successor to its rating agency business. 
 “Sale and Leaseback Transaction” means, with respect to any Person,
any transaction involving any of the assets or properties of such Person whether now owned or hereafter acquired, whereby such Person sells or transfers such assets or properties to a third Person and then or thereafter leases such assets or
properties or any part thereof. 
 “Secured Debt” means Indebtedness under the Pari Passu Lien Hedge
Agreements, this Indenture, the Notes, and, to the extent issued or outstanding, any Pari Passu Notes Lien Indebtedness designated as such by the Issuer in writing to the Collateral Agent; provided that: 

(1) on or before the date on which such Indebtedness is incurred, an Officers’ Certificate is delivered to the
Collateral Agent designating such Indebtedness as “Secured Debt” for the purposes of the Notes Documents; 
 (2) such Indebtedness is evidenced or governed by an indenture, credit agreement, loan agreement, note agreement, hedge agreement, promissory note or other agreement or instrument that includes a Lien
Priority Confirmation; 
 (3) such Indebtedness is designated as Secured Debt in accordance with the requirements
of the Collateral Trust and Intercreditor Agreement; and 
 (4) at the time of the incurrence thereof, the
applicable Secured Debt may be incurred (and secured as contemplated in the Collateral Trust and Intercreditor Agreement) without violating the terms of any Notes Document or causing any default thereunder. 

“Secured Obligations” means, subject to the terms and conditions in the Collateral Trust and Intercreditor Agreement,
(i) all obligations under this Indenture and the Notes, (ii) all obligations under the Pari Passu Lien Hedge Agreements, (iii) all Pari Passu Notes Lien Indebtedness and (iv) all other obligations arising with respect to any
Secured Debt. 
 “Secured Representative” means: 

(1) in the case of this Indenture, the Trustee; 

  
 42 

 (2) in the case of any Pari Passu Lien Hedge Agreements, the counterparty
thereto; or 
 (3) in the case of any other Series of Secured Debt, the respective creditor or any trustee, agent
or representative thereof designated as such in the respective agreement or instrument governing such Series of Secured Debt. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “Securitization Subsidiary” means a Subsidiary of the Issuer 

(1) that is designated a “Securitization Subsidiary” by the Board of Directors of the Issuer, 

(2) that does not engage in, and whose charter prohibits it from engaging in, any activities other than Permitted
Receivables Financings and any activity necessary, incidental or related thereto, 
 (3) no portion of the
Indebtedness or any other obligation, contingent or otherwise, of which 
 (a) is guaranteed by the Issuer, any Subsidiary
Guarantor or any Restricted Subsidiary of the Issuer, 
 (b) is recourse to or obligates the Issuer, any Subsidiary Guarantor or
any Restricted Subsidiary of the Issuer in any way, or 
 (c) subjects any property or asset of the Issuer, any Subsidiary
Guarantor or any Restricted Subsidiary of the Issuer, directly or indirectly, contingently or otherwise, to the satisfaction thereof, and 
 (4) with respect to which neither the Issuer, any Subsidiary Guarantor nor any Restricted Subsidiary of the Issuer (other than an Unrestricted Subsidiary) has any obligation to maintain or preserve such
its financial condition or cause it to achieve certain levels of operating results, 
 other than, in respect of clauses (3) and (4),
pursuant to customary representations, warranties, covenants and indemnities entered into in connection with a Permitted Receivables Financing. 
 “Security Agreement” means the Pledge and Security Agreement, dated as of the Issue Date, among the Issuers, the Subsidiary Guarantors and the Collateral Agent, as the same may be
amended, supplemented or otherwise modified from time to time. 
 “Security Documents” means the Collateral
Trust and Intercreditor Agreement and the ABL Intercreditor Agreement, each Lien Priority Confirmation with respect to Secured Debt, and all security agreements, including the Security Agreement and the Trademark Security Agreements, pledge
agreements, Mortgages, deeds of trust, collateral assignments, collateral 

  
 43 

 
agency agreements, debentures, control agreements or other grants or transfers for security executed and delivered by the Issuers or any Subsidiary Guarantor (including, without limitation,
financing statements under the Uniform Commercial Code of the relevant state) creating (or purporting to create) a Lien upon Collateral in favor of the Collateral Agent or notice of such pledge, grant or assignment is given, in each case, as
amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and the terms of the Collateral Trust and Intercreditor Agreement. 

“Series of Secured Debt” means, severally, (i) Indebtedness under this Indenture and the Notes,
(ii) obligations under the Pari Passu Lien Hedge Agreements and (iii) each separate issue of Indebtedness which constitutes Secured Debt. 
 “Shelf Registration Statement” shall have the meaning set forth in the Registration Rights Agreement. 
 “Significant Subsidiary” means any Restricted Subsidiary that would constitute a “significant subsidiary” within the meaning of Article 1, Rule 1-02 of
Regulation S-X under the Securities Act. 
 “Special Interest” means all additional interest then owing
pursuant to the Registration Rights Agreement. 
 “Sponsors” means ACON Investments, L.L.C. and TPG Capital L.P. and,
if applicable, each of their respective Affiliates and funds or partnerships managed by any of them or their respective Affiliates but not including, however, any portfolio companies of any of the foregoing. 

“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the
date on which such payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, including pursuant to any mandatory redemption provision, and shall not include any contingent obligations to
repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 

“Subordinated Debt” means (a) with respect to the Notes, any Indebtedness of the Issuer (whether outstanding on the
Issue Date or thereafter incurred) which is by its terms subordinated or junior in right of payment to the Notes, and (b) with respect to a Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor (whether outstanding on the Issue
Date or thereafter incurred), which is by its terms subordinated or junior in right of payment to such Subsidiary Guarantor’s Obligations under its Note Guarantee. 
 “Subsidiary” means, with respect to any specified Person: 
 (1) any corporation, association or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than 50% of the total voting power of shares
of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the 

  
 44 

 
time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other subsidiaries of that Person (or a combination thereof); and 

(2) any partnership, joint venture, limited liability company or similar entity of which 

(x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership
interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited partnership or
otherwise, and 
 (y) such Person or any Restricted Subsidiary of such Person is a controlling general partner or managing member
of such entity. 
 “Subsidiary Guarantors” means: 

(1) each direct or indirect Wholly Owned Domestic Subsidiary of the Issuer on the Issue Date (other than Excluded
Subsidiaries); 
 (2) any other Restricted Subsidiary of the Issuer that is a borrower under or that has issued a
guarantee with respect to the ABL Facility or any other Indebtedness of the Issuer or any Subsidiary Guarantor; and 
 (3) any other Restricted Subsidiary of the Issuer that executes a Note Guarantee in accordance with the provisions of this Indenture; 
 and their respective successors and assigns until released from their obligations under their Note Guarantees and this Indenture in accordance with the terms of this Indenture. 

“TIA” or “Trust Indenture Act” means the Trust Indenture Act of 1939, as in effect on the date of this
Indenture. 
 “Trademark Security Agreements” means, collectively, the NT Retail Trademark Security Agreement
and the NT Bakery Trademark Security Agreement, in each case, as the same may be amended, supplemented or modified from time to time. 
 “Transactions” refers to the transactions described under the caption “Certain Terms Used in this Offering Circular” in the Offering Circular. 

“Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States
Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two business days prior to the redemption date (or, if such
Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to December 1, 2013; provided, however, that if the period from the redemption
date to December 1, 2013, is less than one year, the weekly average 

  
 45 

 
yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 
 “Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor. 

“Trust Officer” shall mean, when used with respect to the Trustee, any managing director, director, vice president,
assistant vice president, any trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter
is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to time in any applicable
jurisdiction. 
 “Unrestricted Subsidiary” means: 

(1) any Securitization Subsidiary; and 

(2) any Subsidiary of the Issuer (other than the Co-Issuer) that is designated as an Unrestricted Subsidiary pursuant
to a resolution of the Issuer’s Board of Directors as provided below, and any Subsidiary of such Subsidiary. 
 The Board
of Directors of the Issuer may designate any Subsidiary (including any existing Subsidiary but excluding the Co-Issuer and any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary; provided that: 

(1) any Guarantee by the Issuer or any Restricted Subsidiary of the Issuer of any Indebtedness of the Subsidiary being so
designated will be deemed to be an incurrence of Indebtedness by the Issuer or such Restricted Subsidiary (or both, if applicable) at the time of such designation, and such incurrence of Indebtedness would be permitted under Section 3.2;

 (2) the aggregate fair market value of all outstanding investments owned by the Issuer and its Restricted
Subsidiaries in the Subsidiary being so designated (including any Guarantee by the Issuer or any Restricted Subsidiary of the Issuer of any Indebtedness of such Subsidiary) will be deemed to be an investment made as of the time of such designation
and that such investment would be permitted under Section 3.3; 
 (3) such Subsidiary does not own
any Equity Interests or Indebtedness of, or own or hold any Liens on any property of, the Issuer or any Subsidiary of the Issuer (other than any Subsidiary of such Subsidiary that is concurrently being designated as an Unrestricted Subsidiary);

 (4) the Subsidiary being so designated, after giving effect to such designation: 

  
 46 

 (a) is not party to any agreement, contract, arrangement or understanding with the Issuer or
any Restricted Subsidiary of the Issuer that would not be permitted under Section 3.8 after giving effect to the exceptions thereto; 
 (b) is a Person with respect to which neither the Issuer nor any of its Restricted Subsidiaries has any direct or indirect obligation (i) to subscribe for additional Equity Interests or (ii) to
maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results except to the extent permitted under Section 3.2 and Section 3.3; and 

(c)(i) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Issuer or any of its
Restricted Subsidiaries, except to the extent such Guarantee or credit support would be released upon such designation or would be permitted under Section 3.3; and (ii) all the Indebtedness of such Subsidiary and its Subsidiaries
shall, at the date of designation, and will at all time thereafter while they are Unrestricted Subsidiaries, consist of Non-Recourse Debt; and 
 (5) no Default or Event of Default would be in existence following such designation. 
 Any designation of a Restricted Subsidiary of the Issuer as an Unrestricted Subsidiary shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of
Directors of the Issuer giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was permitted by this Indenture. If, at any time, any Unrestricted Subsidiary
would fail to meet any of the preceding requirements described in clause (4) above, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness, investments or Liens on the property of such
Subsidiary shall be deemed to be incurred or made by a Restricted Subsidiary of the Issuer as of such date and, if such Indebtedness, investments or Liens are not permitted to be incurred or made as of such date under this Indenture, the Issuer
shall be in default under this Indenture. 
 The Board of Directors of the Issuer may at any time designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided that: 
 (1) such designation shall be deemed to be an
incurrence of Indebtedness by a Restricted Subsidiary of the Issuer of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation shall only be permitted if such Indebtedness is permitted under Section 3.2;
calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period; 
 (2) all outstanding investments owned by such Unrestricted Subsidiary will be deemed to be made as of the time of such designation and such investments shall only be permitted if such investments would be
permitted under the covenant described above under Section 3.3; 

  
 47 

 (3) all Liens upon property or assets of such Unrestricted Subsidiary
existing at the time of such designation would be permitted under Section 3.6; and 
 (4) no Default
or Event of Default would be in existence following such designation. 
 “Voting Stock” of any Person as of any
date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness or Disqualified Stock or preferred stock, as the case may be, at any date, the number of years obtained by
dividing: 
 (1) the sum of the products obtained by multiplying (a) the amount of each then remaining
installment, sinking fund, serial maturity or other required payments of principal or liquidation or face value, including payment at final maturity or redemption, in respect thereof, by (b) the number of years (calculated to the nearest
one-twelfth) that will elapse between such date and the making of such payment; by 
 (2) the then outstanding
principal or liquidation or face value amount of such Indebtedness, preferred stock or Disqualified Stock. 
 “Wholly
Owned Domestic Subsidiary” of any specified Person means a Domestic Subsidiary of such Person all of the outstanding Capital Stock or other ownership interest of which shall at the time be owned by such Person or by one or more Wholly Owned
Restricted Subsidiaries of such Person. 
 “Wholly Owned Restricted Subsidiary” of any specified Person means a
Restricted Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares or investments by foreign nationals mandated by applicable law) shall at the time be owned
by such Person or by one or more Wholly Owned Restricted Subsidiaries of such Person. 
 SECTION 1.2. Other
Definitions. 
  

			
	 Term
	  	Defined in
Section
		
	 “Additional Restricted Notes”
	  	  2.1(b)
		
	 “Affiliate Transaction”
	  	  3.8
		
	 “Agent Members”
	  	  2.1(e)(iii)
		
	 “Asset Sale Offer”
	  	  3.5(b)
		
	 “Asset Sale Offer Amount”
	  	  3.5(c)

  
 48 

			
	 Term
	  	Defined in
Section
		
	 “Asset Sale Offer Period”
	  	  3.5(c)
		
	 “Asset Sale Purchase Date”
	  	  3.5(b)
		
	 “Authenticating Agent”
	  	  2.2
		
	 “Automatic Exchange”
	  	  2.6(e)
		
	 “Automatic Exchange Date”
	  	  2.6(e)
		
	 “Automatic Exchange Notice”
	  	  2.6(e)
		
	 “Automatic Exchange Notice Date”
	  	  2.6(e)
		
	 “Calculation Date”
	  	  1.1
		
	 “Change of Control Offer”
	  	  3.10
		
	 “Change of Control Payment”
	  	  3.10
		
	 “Change of Control Payment Date”
	  	  3.10(2)
		
	 “Clearstream”
	  	  2.1(b)
		
	 “Collateral Disposition Offer”
	  	  3.5(a)
		
	 “Covenant Defeasance”
	  	  8.3
		
	 “Defaulted Interest”
	  	  2.14
		
	 “Euroclear”
	  	  2.1(b)
		
	 “Event of Default”
	  	  6.1
		
	 “Excess Collateral Proceeds”
	  	  3.5(a)
		
	 “Excess Proceeds”
	  	  3.5(b)
		
	 “Exchange Global Note”
	  	  2.1(b)
		
	 “Global Notes”
	  	  2.1(b)
		
	 “Guaranteed Obligations”
	  	10.1
		
	 “Holdco LLC Agreement”
	  	  1.1
		
	 “incur”
	  	  1.1

  
 49 

			
	 Term
	  	Defined in
Section
		
	 “Institutional Accredited Investor Notes”
	  	  2.1(b)
		
	 “Investment Grade Rating”
	  	  1.1
		
	 “Issuers’ Order”
	  	  2.2
		
	 “J. Aron Hedge”
	  	  1.1
		
	 “Landlord Access Agreement”
	  	11.12
		
	 “Legal Defeasance”
	  	  8.2
		
	 “Legal Holiday”
	  	13.8
		
	 “Notes Register”
	  	  2.3
		
	 “Paying Agent”
	  	  2.3
		
	 “Permanent Regulation S Global Note”
	  	  2.1(b)
		
	 “Premises”
	  	11.5
		
	 “Permitted Debt”
	  	  3.2(b)
		
	 “protected purchaser”
	  	  2.10
		
	 “redemption date”
	  	  5.7(a)
		
	 “Refunding Capital Stock”
	  	  3.3(b)(2)(i)
		
	 “Registrar”
	  	  2.3
		
	 “Regulation S Global Note”
	  	  2.1(b)
		
	 “Regulation S Notes”
	  	  2.1(b)
		
	 “Reinstatement Date”
	  	  3.20
		
	 “Resale Restriction Termination Date”
	  	  2.6(b)
		
	 “Restricted Global Note”
	  	  2.6(e)
		
	 “Restricted Payments”
	  	  3.3(a)
		
	 “Restricted Period”
	  	  2.1(b)
		
	 “Rule 144A Global Note”
	  	  2.1(b)

  
 50 

			
	 Term
	  	Defined in
Section
		
	 “Rule 144A Notes”
	  	  2.1(b)
		
	 “Special Interest Payment Date”
	  	  2.14(a)
		
	 “Special Record Date”
	  	  2.14(a)
		
	 “Suspended Covenants”
	  	  3.20
		
	 “Suspension Period”
	  	  3.20
		
	 “Temporary Regulation S Global Note”
	  	  2.1(b)
		
	 “Trustee”
	  	  8.5
		
	 “Unrestricted Global Note”
	  	  2.6(e)

 SECTION 1.3. Incorporation by Reference of Trust Indenture Act. This Indenture is subject to
the mandatory provisions of the TIA, which are incorporated by reference in and made a part of this Indenture. The following TIA terms have the following meanings: 
 “indenture securities” means the Notes and the Note Guarantees. 

“indenture security holder” means a Holder. 
 “indenture to be qualified” means this Indenture. 
 “indenture
trustee” or “institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means
the Issuer and the Subsidiary Guarantors and any other obligor on the indenture securities. 
 All other TIA terms used in this
Indenture that are defined by the TIA, defined in the TIA by reference to another statute or defined by Commission rule have the meanings assigned to them by such definitions. 

SECTION 1.4. Rules of Construction. Unless the context otherwise requires: 

(1) a term has the meaning assigned to it; 

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 

  
 51 

 (4) “including” means including without limitation; 

(5) words in the singular include the plural and words in the plural include the singular; 

(6) all amounts expressed in this Indenture or in any of the Notes in terms of money refer to the lawful currency of the
United States of America; 
 (7) the words “herein,” “hereof” and “hereunder” and
other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 
 (8) unless otherwise specifically indicated, the term “consolidated” with respect to any Person refers to such Person consolidated with its Restricted Subsidiaries, and excludes from such
consolidation any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person. 
 ARTICLE II

 THE NOTES 
 SECTION 2.1. Form, Dating and Terms. 
 (a) The aggregate principal
amount of Notes that may be authenticated and delivered under this Indenture is unlimited. The Initial Notes issued on the date hereof will be in an aggregate principal amount of $290,000,000. In addition, the Issuers may issue, from time to time in
accordance with the provisions of this Indenture, Additional Notes (as provided herein) and Exchange Notes. Furthermore, Notes may be authenticated and delivered upon registration of transfer, exchange or in lieu of, other Notes pursuant to
Sections 2.2, 2.6, 2.10, 2.12, 5.6 or 9.5, in connection with a Collateral Disposition Offer or Asset Sale Offer pursuant to Section 3.5 or in connection with a Change of Control Offer
pursuant to Section 3.10. 
 Notwithstanding anything to the contrary contained herein, the Issuers may not issue
any Additional Notes, unless such issuance is in compliance with Sections 3.2 and 3.6. 
 The Initial Notes shall
be known and designated as “10.50% Senior Secured Notes, Series A, due 2017” of the Issuers. Additional Notes issued as Restricted Notes shall be known and designated as “10.50% Senior Secured Notes, Series A, due 2017” of the
Issuers. Additional Notes issued other than as Restricted Notes shall be known and designated as “10.50% Senior Secured Notes, Series B, due 2017” of the Issuers, and Exchange Notes shall be known and designated as “10.50% Senior
Secured Notes, Series B, due 2017” of the Issuers. 
 With respect to any Additional Notes, the Issuers shall set forth in
(a) a Board Resolution and (b) (i) an Officers’ Certificate or (ii) one or more indentures supplemental hereto, the following information: 

(1) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture;

  
 52 

 (2) the issue price and the issue date of such Additional Notes, including
the date from which interest shall accrue; and 
 (3) whether such Additional Notes shall be Restricted Notes
issued in the form of Exhibit A hereto and/or shall be issued in the form of Exhibit B hereto. 
 In
authenticating and delivering Additional Notes, the Trustee shall be entitled to receive and shall be fully protected in relying upon, in addition to the Opinion of Counsel and Officers’ Certificate required by Section 13.4, an
Opinion of Counsel as to the due authorization, execution, delivery, validity and enforceability of such Additional Notes. 

The Initial Notes, the Additional Notes and the Exchange Notes shall be considered collectively as a single class for all purposes of
this Indenture and the Security Documents. Holders of the Initial Notes, the Additional Notes and the Exchange Notes will vote and consent together on all matters to which such Holders are entitled to vote or consent as one class, and none of the
Holders of the Initial Notes, the Additional Notes or the Exchange Notes shall have the right to vote or consent as a separate class on any matter to which such Holders are entitled to vote or consent. 

Without the consent of the Holders, the Issuers may create and issue Additional Notes with terms and conditions that are the same (or the
same except as to scheduled interest payments prior to the time of issue of the Additional Notes) as the terms and conditions of an outstanding series of Notes, including the Initial Notes; provided, however, that unless such Notes are
issued under a separate CUSIP, either such Additional Notes are part of the same “issue” within the meaning of U.S. Treasury Regulation Sections 1.1275-1(f) or 1.1275-2(k), or such Additional Notes are not issued with more than a de
minimis amount of original issue discount for U.S. federal income tax purposes. The Issuers may consolidate the Additional Notes to form a single series with an outstanding series of notes, including the Initial Notes. 

If any of the terms of any Additional Notes are established by action taken pursuant to Board Resolutions of the Issuers, a copy of an
appropriate record of such action shall be certified by the Secretary or any Assistant Secretary of the Issuers and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate or the indenture supplemental hereto setting
forth the terms of the Additional Notes. 
 (b) The Initial Notes are being offered and sold by the Issuers pursuant to the
Purchase Agreement. The Initial Notes and any Additional Notes (if issued as Restricted Notes) (the “Additional Restricted Notes”) will be resold initially only to (A) QIBs in reliance on Rule 144A, (B) IAIs in
reliance on Regulation D and (C) Non-U.S. Persons in reliance on Regulation S. Such Initial Notes and Additional Restricted Notes may thereafter be transferred to, among others, QIBs, purchasers in reliance on Regulation S and IAIs in
accordance with Rule 501 of the Securities Act, in each case, in accordance with the procedure described herein. Additional Notes offered after the date hereof may be offered and sold by the Issuers from time to time pursuant to one or more
purchase agreements in accordance with applicable law. 
 Initial Notes and Additional Restricted Notes offered and sold to QIBs
in the United States of America in reliance on Rule 144A (the “Rule 144A Notes”) shall be issued in the 

  
 53 

 
form of a permanent global Note substantially in the form of Exhibit A, which is hereby incorporated by reference and made a part of this Indenture, including appropriate legends as
set forth in Section 2.1(d) (the “Rule 144A Global Note”), deposited with the Trustee, as custodian for DTC, duly executed by the Issuers and authenticated by the Trustee as hereinafter provided. The Rule 144A
Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum principal amount to be represented by a single certificate. The aggregate principal amount of the Rule 144A Global Note may
from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC or its nominee, as hereinafter provided. 
 Initial Notes and any Additional Restricted Notes offered and sold outside the United States of America in reliance on Regulation S (the “Regulation S Notes”) shall initially be issued in
the form of a temporary global Note (the “Temporary Regulation S Global Note”), without interest coupons. Beneficial interests in the Temporary Regulation S Global Note will be exchanged for beneficial interests in a corresponding
permanent global Note, without interest coupons, substantially in the form of Exhibit A including appropriate legends as set forth in Section 2.1(d) (the “Permanent Regulation S Global Note” and, together with the
Temporary Regulation S Global Note, each a “Regulation S Global Note”) within a reasonable period after the expiration of the Restricted Period (as defined below) upon delivery of the certification contemplated by
Section 2.7. Each Regulation S Global Note will be deposited upon issuance with, or on behalf of, the Trustee as custodian for DTC in the manner described in this Article II for credit to the respective accounts of the purchasers
(or to such other accounts as they may direct), including, but not limited to, accounts at Euroclear Bank S.A./N.V. (“Euroclear”) or Clearstream Banking, société anonyme (“Clearstream”). Prior to the
40th day after the later of the commencement of the offering of the Initial Notes and the Issue Date (such period through and including such 40th day, the “Restricted Period”), interests in the Temporary Regulation S Global Note may
only be transferred to non-U.S. persons pursuant to Regulation S, unless exchanged for interests in a Global Note in accordance with the transfer and certification requirements described herein. 

Investors may hold their interests in the Regulation S Global Note through organizations other than Euroclear or Clearstream that are
participants in DTC’s system or directly through Euroclear or Clearstream, if they are participants in such systems, or indirectly through organizations which are participants in such systems. If such interests are held through Euroclear or
Clearstream, Euroclear and Clearstream will hold such interests in the applicable Regulation S Global Note on behalf of their participants through customers’ securities accounts in their respective names on the books of their respective
depositaries. Such depositaries, in turn, will hold such interests in the applicable Regulation S Global Note in customers’ securities accounts in the depositaries’ names on the books of DTC. 

The Regulation S Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding the
maximum principal amount to be represented by a single certificate. The aggregate principal amount of the Regulation S Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian
for DTC or its nominee, as hereinafter provided. 

  
 54 

 Initial Notes and Additional Restricted Notes offered and sold to an IAI in the United
States of America in reliance on Regulation D shall be issued in the form of a Definitive Note substantially in the form of Exhibit A, which is hereby incorporated by reference and made a part of this Indenture, including appropriate
legends as set forth in Section 2.1(d) (the “Institutional Accredited Investor Notes”). Upon such issuance, the Registrar shall register such Institutional Accredited Investor Notes in the name of the beneficial
owner or owners of such Note (or the nominee of such beneficial owner or owners) and deliver the certificates for such Institutional Accredited Investor Notes to the respective beneficial owner or owners (or the nominee of such beneficial owner or
owners). Institutional Accredited Investor Notes shall be issued in minimum denominations of $500,000. Upon issuance, any such Institutional Accredited Investor Notes shall be duly executed by the Issuer and authenticated by the Trustee as
hereinafter provided. 
 Exchange Notes exchanged for interests in the Rule 144A Notes, the Regulation S Notes and the
Institutional Accredited Investor Notes will be issued in the form of a permanent global Note, substantially in the form of Exhibit B, which is hereby incorporated by reference and made a part of this Indenture, deposited with the
Trustee as hereinafter provided, including the appropriate legend set forth in Section 2.1(d) (the “Exchange Global Note”). The Exchange Global Note will be deposited upon issuance with, or on behalf of, the Trustee as
custodian for DTC, duly executed by the Issuers and authenticated by the Trustee as hereinafter provided. The Exchange Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum principal
amount to be represented by a single certificate. 
 The Rule 144A Global Note, the Regulation S Global Note and the
Exchange Global Note are sometimes collectively herein referred to as the “Global Notes.” 
 The principal of,
premium and Special Interest, if any, and interest on the Notes shall be payable at the office or agency of Paying Agent or Registrar designated by the Issuers maintained for such purpose in the Borough of Manhattan, The City of New York (which
shall initially be the office of the Trustee maintained for such purpose), or at such other office or agency of the Issuers as may be maintained for such purpose pursuant to Section 2.3; provided, however, that each installment of interest may
be paid (i) at the option of the Issuers, by check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Notes Register or (ii) if a Holder has given wire transfer instructions to the Issuers by giving
written notice to the Trustee or the Paying Agent to such effect designating such wire instructions and account no later than fifteen (15) days immediately preceding the relevant due date for payment (or such other date as the Trustee may
accept in its discretion), by wire transfer to an account located in the United States maintained by the payee, subject to the last sentence of this paragraph. Payments in respect of Notes (including principal, premium, if any, and interest)
represented by Definitive Notes held by a Holder of at least $500,000 aggregate principal amount of Notes represented by Definitive Notes will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States
if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such wire instructions and account no later than fifteen (15) days immediately preceding the relevant due date
for payment (or such other date as the Trustee may accept in its discretion). 

  
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 The Notes may have notations, legends or endorsements required by law, stock exchange rule
or usage, in addition to those set forth on Exhibit A and Exhibit B and in Section 2.1(d). The Issuers shall approve any notation, endorsement or legend on the Notes. Each Note shall be dated the date of its
authentication. The terms of the Notes set forth in Exhibit A and Exhibit B are part of the terms of this Indenture and, to the extent applicable, the Issuers, the Subsidiary Guarantors and the Trustee, by their execution and
delivery of this Indenture, expressly agree to be bound by such terms. 
 (c) Denominations. The Notes shall be issuable
only in fully registered form, without coupons, and only in denominations of $2,000 and any integral multiple of $1,000 in excess thereof, other than any Institutional Accredited Investor Notes which shall be issued in minimum denominations of
$500,000. 
 (d) Restrictive Legends. Unless and until (i) an Initial Note or an Additional Note issued as a
Restricted Note is sold under an effective registration statement or (ii) an Initial Note or an Additional Note issued as a Restricted Note is exchanged for an Exchange Note in connection with an effective registration statement, in each case
pursuant to the Registration Rights Agreement or a similar agreement or (iii) the Trustee receives an Opinion of Counsel reasonably satisfactory to the Issuers and the Trustee to the effect that neither such legend nor the related restrictions
on transfer are required in order to maintain compliance with the provisions of the Securities Act: 
 (1) the
Rule 144A Global Note, the Regulation S Global Note and any Institutional Accredited Investor Notes shall bear the following legend on the face thereof: 
 THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER
THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE THAT IS
[IN THE CASE OF RULE 144A NOTES AND INSTITUTIONAL “ACCREDITED INVESTOR” NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE
ISSUERS OR ANY AFFILIATE OF THE ISSUERS WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS SECURITY (OR ANY
PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS

  
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A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE
144 THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501 OF REGULATION D UNDER THE SECURITIES ACT IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. 

(2) the Temporary Regulation S Global Note shall bear the following additional legend on the face thereof: 

THIS SECURITY IS A TEMPORARY GLOBAL NOTE. PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN
MAY NOT BE HELD BY ANY PERSON OTHER THAN (1) A NON-U.S. PERSON OR (2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933 (THE “SECURITIES ACT”). BENEFICIAL
INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL NOTES OTHER THAN A PERMANENT GLOBAL NOTE IN ACCORDANCE WITH THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT. 

(3) Each Global Note, whether or not an Initial Note, shall bear the following legend on the face thereof: 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUERS OR THEIR AGENTS FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
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TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

(4) Each Note issued hereunder shall bear a legend in substantially the following form: 

EACH PURCHASER AND TRANSFEREE OF THIS NOTE (OR ANY INTEREST HEREIN) SHALL BE DEEMED TO REPRESENT AND COVENANT THAT EITHER (1) IT IS
NOT ACQUIRING OR HOLDING THIS NOTE FOR OR ON BEHALF OF, AND WILL NOT TRANSFER THIS NOTE TO, (A) ANY “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) ANY “PLAN” AS DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) ANY ENTITY WHOSE ASSETS
INCLUDE, OR ARE DEEMED TO INCLUDE, ASSETS OF SUCH AN EMPLOYEE BENEFIT PLAN OR PLAN PURSUANT TO 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA OR (D)ANY EMPLOYEE BENEFIT PLAN WHICH IS SUBJECT TO ANY FEDERAL, STATE, LOCAL,
NON-U.S. OR OTHER LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”), OR (2) ITS PURCHASE AND HOLDING OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF ANOTHER EMPLOYEE BENEFIT PLAN SUBJECT TO SIMILAR LAW, IS NOT IN VIOLATION OF ANY SIMILAR LAW). 

(e) Book-Entry Provisions. This Section 2.1(e) shall apply only to Global Notes deposited with the Trustee, as
custodian for DTC. 
 (i) Each Global Note initially shall (x) be registered in the name of DTC or the
nominee of DTC, (y) be delivered to the Trustee as custodian for DTC and (z) bear legends as set forth in Section 2.1(d). Transfers of a Global Note (but not a beneficial interest therein) will be limited to transfers thereof
in whole, but not in part, to the DTC, its successors or its respective nominees, except as set forth in Section 2.1(e)(v) and 2.1(f). If a beneficial interest in a Global Note is transferred or exchanged for a beneficial interest
in another Global Note, the Trustee will (x) record a decrease in the principal amount of the Global Note being transferred or exchanged equal to the principal amount of such transfer or exchange and (y) record a like increase in the
principal amount of the other Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes delivery in the form of an interest in another Global Note, or exchanged for an interest in another Global Note, will,
upon transfer or exchange, cease to be an interest in such Global Note and become an interest in the other Global Note and, 

  
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accordingly, will thereafter be subject to all transfer and exchange restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it
remains such an interest. 
 (ii) Members of, or participants in, DTC (“Agent Members”) shall
have no rights under this Indenture with respect to any Global Note held on their behalf by DTC or by the Trustee as the custodian of DTC or under such Global Note, and DTC may be treated by the Issuers, the Trustee and any agent of the Issuers or
the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuers, the Trustee or any agent of the Issuers or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by DTC or impair, as between DTC and its Agent Members, the operation of customary practices of DTC governing the exercise of the rights of a Holder of a beneficial interest in any Global Note.

 (iii) In connection with any transfer of a portion of the beneficial interest in a Global Note pursuant to
Section 2.1(f) to beneficial owners who are required to hold Definitive Notes, the Notes Custodian shall reflect on its books and records the date and a decrease in the principal amount of such Global Note in an amount equal to the
principal amount of the beneficial interest in the Global Note to be transferred, and the Issuers shall execute, and the Trustee shall authenticate and make available for delivery, one or more Definitive Notes of like tenor and amount. 

(iv) In connection with the transfer of an entire Global Note to beneficial owners pursuant to Section 2.1(f),
such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuers shall execute, and the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by DTC in exchange for its
beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. 
 (v) The registered Holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent Members, to take any action which
a Holder is entitled to take under this Indenture or the Notes. 
 (vi) Any Holder of a Global Note shall, by
acceptance of such Global Note, agree that transfers of beneficial interests in such Global Note may be effected only through a book-entry system maintained by (a) the Holder of such Global Note (or its agent) or (b) any Holder of a
beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall be required to be reflected in a book entry. 
 (f) Definitive Notes. 1. Except as provided below, owners of beneficial interests in Global Notes will not be entitled to receive Definitive Notes. If required to do so pursuant to any applicable
law or regulation, beneficial owners may obtain Definitive Notes in exchange for their beneficial interests in a Global Note upon written request in accordance with DTC’s and the Registrar’s procedures. In addition, Definitive Notes shall
be transferred to all beneficial owners in exchange for their beneficial interests in a Global Note if (A) DTC notifies 

  
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the Issuers that it is unwilling or unable to continue as depositary for such Global Note or DTC ceases to be a clearing agency registered under the Exchange Act, at a time when DTC is required
to be so registered in order to act as depositary, and in each case a successor depositary is not appointed by the Issuers within 90 days of such notice or, (B) the Issuers in their sole discretion executes and delivers to the Trustee and
Registrar an Officers’ Certificate stating that such Global Note shall be so exchangeable or (C) an Event of Default has occurred and is continuing and the Registrar has received a request from DTC. In the event of the occurrence of any of
the events specified in the second preceding sentence or in clause (A), (B) or (C) of the preceding sentence, the Issuers shall promptly make available to the Trustee a reasonable supply of Definitive Notes. 

(i) Any Definitive Note delivered in exchange for an interest in a Global Note pursuant to Section 2.1(e)(iii)
or (iv) shall, except as otherwise provided by Section 2.6(d), bear the applicable legend regarding transfer restrictions applicable to the Definitive Note set forth in Section 2.1(d). 

(ii) If a Definitive Note is transferred or exchanged for a beneficial interest in a Global Note, the Trustee will
(x) cancel such Definitive Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (z) in the event that such transfer or exchange involves less than the
entire principal amount of the canceled Definitive Note, the Issuers shall execute, and the Trustee shall authenticate and make available for delivery, to the transferring Holder a new Definitive Note representing the principal amount not so
transferred. 
 (iii) If a Definitive Note is transferred or exchanged for another Definitive Note, (x) the
Trustee will cancel the Definitive Note being transferred or exchanged, (y) the Issuers shall execute, and the Trustee shall authenticate and make available for delivery, one or more new Definitive Notes in authorized denominations having an
aggregate principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Definitive Note (in the case of an exchange), registered in the name of such transferee
or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal amount of the canceled Definitive Note, the Issuers shall execute, and the Trustee shall authenticate and make available for delivery to the
Holder thereof, one or more Definitive Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Definitive Notes, registered in the name of the Holder thereof.

 (iv) Notwithstanding anything to the contrary in this Indenture, in no event shall a Definitive Note be
delivered upon exchange or transfer of a beneficial interest in the Temporary Regulation S Global Note prior to the end of the Restricted Period. 
 SECTION 2.2. Execution and Authentication. One Officer for each Issuer shall sign the Notes for such Issuer by manual or facsimile signature. If the Officer whose signature is on a Note no
longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 

  
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 A Note shall not be valid until an authorized officer of the Trustee manually authenticates
the Note. The signature of the Trustee on a Security shall be conclusive evidence that such Note has been duly and validly authenticated and issued under this Indenture. A Note shall be dated the date of its authentication. 

At any time and from time to time after the execution and delivery of this Indenture, the Trustee shall authenticate and make available
for delivery: (1) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $290,000,000, (2) subject to the terms of this Indenture, Additional Notes for original issue in an unlimited principal amount,
(3) Exchange Notes for issue only in an exchange offer pursuant to the Registration Rights Agreement or upon resale under an effective Shelf Registration Statement, and only in exchange for Initial Notes or Additional Notes of an equal
principal amount and (4) under the circumstances set forth in Section 2.6(e), Initial Notes in the form of an Unrestricted Global Note, in each case upon a written order of the Issuers signed by one Officer of each of the Issuers
(the “Issuers’ Order”). Such Issuers’ Order shall specify whether the Notes will be in the form of Definitive Notes or Global Notes, the amount of the Notes to be authenticated and the date on which the original issue of
Notes is to be authenticated and whether the Notes are to be Initial Notes, Additional Notes or Exchange Notes. 
 The Trustee
may appoint an agent (the “Authenticating Agent”) reasonably acceptable to the Issuers to authenticate the Notes. Any such instrument shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished
to the Issuers. Unless limited by the terms of such appointment, any such Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by the
Authenticating Agent. An Authenticating Agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 
 In case the Issuers or any Subsidiary Guarantor, pursuant to Article IV or Section 10.2, as applicable, shall be consolidated or merged with or into any other Person or shall
convey, transfer, lease or otherwise dispose of its properties and assets substantially as an entirety to any Person, and the successor Person resulting from such consolidation, or surviving such merger, or into which the Issuers or any Subsidiary
Guarantor shall have been merged, or the Person which shall have received a conveyance, transfer, lease or other disposition as aforesaid, shall have executed an indenture supplemental hereto with the Trustee pursuant to Article IV or
Section 10.2, as applicable, any of the Notes authenticated or delivered prior to such consolidation, merger, conveyance, transfer, lease or other disposition may (but shall not be required), from time to time, at the request of the
successor Person, be exchanged for other Notes executed in the name of the successor Person with such changes in phraseology and form as may be appropriate, but otherwise in substance of like tenor as the Notes surrendered for such exchange and of
like principal amount; and the Trustee, upon the Issuers’ Order of the successor Person, shall authenticate and make available for delivery Notes as specified in such order for the purpose of such exchange. If Notes shall at any time be
authenticated and delivered in any new name of a successor Person pursuant to this Section 2.2 in exchange or substitution for or upon registration of transfer of any Notes, such successor Person, at the option of the Holders but without
expense to them, shall provide for the exchange of all Notes at the time outstanding for Notes authenticated and delivered in such new name. 
 SECTION 2.3. Registrar and Paying Agent. 

  
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 The Issuers shall maintain in the Borough of Manhattan, The City of New York, an office or
agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a
register of the Notes and of their transfer and exchange (the “Notes Register”). The Issuers may have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional
paying agent and the term “Registrar” includes any co-registrar. 
 The Issuers shall advise the Trustee in writing
prior to any interest payment date of any Special Interest payable to pursuant to the Registration Rights Agreement. 
 The
Issuers shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to
such agent. The Issuers shall notify the Trustee of the name and address of each such agent. If the Issuers fail to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor
pursuant to Section 7.7. The Issuer or any of its Restricted Subsidiaries may act as Paying Agent or Registrar. 

The Issuers initially appoint the Trustee as Registrar and Paying Agent for the Notes. The Issuers may change any Registrar or Paying
Agent without prior notice to the Holders, but upon written notice to such Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) acceptance of any appointment by a
successor as evidenced by an appropriate agreement entered into by the Issuers and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as
Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above. The Registrar or Paying Agent may resign at any time upon written notice to the Issuers and the Trustee. 

SECTION 2.4. Paying Agent to Hold Money in Trust. 
 By no later than 10:00 a.m. (New York City time) on the date on which any principal of, premium, if any, or interest on any Note is due and payable, the Issuers shall deposit with the Paying Agent a
sum sufficient in immediately available funds to pay such principal, premium or interest when due. The Issuers shall require each Paying Agent (other than the Trustee) to agree in writing that such Paying Agent shall hold in trust for the benefit of
Holders or the Trustee all money held by such Paying Agent for the payment of principal of, premium, if any, or interest on the Notes (whether such assets have been distributed to it by the Issuers or other obligors on the Notes), shall notify the
Trustee in writing of any default by the Issuers or any Subsidiary Guarantor in making any such payment and shall during the continuance of any default by the Issuers (or any other obligor upon the Notes) in the making of any payment in respect of
the Notes, upon the written request of the Trustee, forthwith deliver to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Notes together with a full accounting thereof. If the Issuers or a Subsidiary of the
Issuers acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Issuers at any time may require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee and to
account for any funds or assets disbursed by such Paying Agent. Upon complying with this 

  
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Section 2.4, the Paying Agent (if other than the Issuer or a Subsidiary of the Issuer) shall have no further liability for the money delivered to the Trustee. Upon any bankruptcy,
reorganization or similar proceeding with respect to the Issuer, the Trustee shall serve as Paying Agent for the Notes. 

SECTION 2.5. Holder Lists. 
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders and shall otherwise comply with TIA § 312(a).
If the Trustee is not the Registrar, or to the extent otherwise required under the TIA, the Issuers, on their own behalf and on behalf of each of the Subsidiary Guarantors, shall furnish or cause the Registrar to furnish to the Trustee, in writing
at least five business days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders and the
Issuer shall otherwise comply with TIA § 312(a). 
 SECTION 2.6. Transfer and Exchange. 

(a) A Holder may transfer a Note (or a beneficial interest therein) to another Person or exchange a Note (or a beneficial interest
therein) for another Note or Notes of any authorized denomination by presenting to the Registrar a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion or
other document required by this Section 2.6, which written request shall be duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee
program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act. The Registrar will promptly register any transfer or exchange that meets the requirements of this
Section 2.6 by noting the same in the register maintained by the Registrar for the purpose, and no transfer or exchange will be effective until it is registered in such register. The transfer or exchange of any Note (or a beneficial
interest therein) may only be made in accordance with this Section 2.6 and Section 2.1(e) and 2.1(f), as applicable, and, in the case of a Global Note (or a beneficial interest therein), the applicable rules and
procedures of DTC, Euroclear and Clearstream. The Registrar shall refuse to register any requested transfer or exchange that does not comply with this paragraph. 
 (b) Transfers of Rule 144A Notes and Institutional Accredited Investor Notes. The following provisions shall apply with respect to any proposed registration of transfer of a Rule 144A Note or
an Institutional Accredited Investor Notes prior to the date which is one year after the later of the date of its original issue and the last date on which the Issuer or any Affiliate of the Issuer was the owner of such Notes (or any predecessor
thereto) (the “Resale Restriction Termination Date”): 
 (i) a registration of transfer of a
Rule 144A Note or an Institutional Accredited Investor Notes or a beneficial interest therein to a QIB shall be made upon the representation of the transferee in the form as set forth on the reverse of the Note that it is purchasing for its own
account or an account with respect to which it exercises sole 

  
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investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is being made in
reliance on Rule 144A and acknowledges that it has received such information regarding the Issuers as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the
transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A; provided that no such written representation or other written certification shall be required in connection
with the transfer of a beneficial interest in the Rule 144A Global Note to a transferee in the form of a beneficial interest in that Rule 144A Global Note in accordance with this Indenture and the applicable procedures of DTC. 

(ii) a registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Notes or a beneficial
interest therein to an IAI shall be in the form of a Definitive Note and shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Section 2.8 from the proposed transferee and, if
requested by the Issuers, the delivery of an opinion of counsel, certification and/or other information satisfactory to the Issuers; and 
 (iii) a registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Notes or a beneficial interest therein to a Non-U.S. Person shall be made upon receipt by the Trustee or
its agent of a certificate substantially in the form set forth in Section 2.9 from the proposed transferee and, if requested by the Issuers, the delivery of an opinion of counsel, certification and/or other information satisfactory to
the Issuers. 
 (c) Transfers of Regulation S Notes. The following provisions shall apply with respect to any proposed
transfer of a Regulation S Note prior to the expiration of the Restricted Period: 
 (i) a transfer of a
Regulation S Note or a beneficial interest therein to a QIB shall be made upon the representation of the transferee, in the form of assignment on the reverse of the certificate, that it is purchasing the Note for its own account or an account with
respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Issuers as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by Rule 144A; 
 (ii) a transfer of a
Regulation S Note or a beneficial interest therein to an IAI shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Section 2.8 from the proposed transferee and, if requested by the
Issuers or the Trustee, the delivery of an opinion of counsel, certification and/or other information satisfactory to each of them; and 

  
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 (iii) a transfer of a Regulation S Note or a beneficial interest therein to
a Non-U.S. Person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Section 2.9 hereof from the proposed transferee and, if requested by the Issuers, receipt by the Trustee or
its agent of an opinion of counsel, certification and/or other information satisfactory to the Issuers. 
 After the expiration
of the Restricted Period, interests in the Regulation S Note may be transferred in accordance with applicable law without requiring the certification set forth in Section 2.8, Section 2.9 or any additional certification.

 (d) Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes not bearing a Restricted Notes
Legend, the Registrar shall deliver Notes that do not bear a Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes bearing a Restricted Notes Legend, the Registrar shall deliver only Notes that bear a Restricted Notes Legend
unless (i) Initial Notes are being exchanged for Exchange Notes in an exchange offer pursuant to the Registration Rights Agreement, in which case the Exchange Notes shall not bear a Restricted Notes Legend, (ii) an Initial Note is being
transferred pursuant to the Shelf Registration Statement or other effective registration statement, (iii) Initial Notes are being exchanged for Notes that do not bear the Restricted Notes Legend in accordance with Section 2.6(e) or
(iv) there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuers and the Trustee to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance
with the provisions of the Securities Act. Any Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend. 
 (e) Automatic Exchange from Global Note Bearing Restricted Notes Legend to Global Note Not Bearing Restricted Notes Legend. Upon the Issuers’ satisfaction that the Restricted Notes Legend
shall no longer be required in order to maintain compliance with the Securities Act, beneficial interests in a Global Note or in a Definitive Note bearing the Restricted Notes Legend (a “Restricted Global Note”) may be automatically
exchanged into beneficial interests in a Global Note or Definitive Note, as applicable, not bearing the Restricted Notes Legend (an “Unrestricted Global Note”) without any action required by or on behalf of the Holder (the
“Automatic Exchange”) at any time on or after the date that is the 366th calendar day after (A) with respect to the Notes issued on the Issue Date or (B) with respect to Additional Notes, if any, the issue date of such
Additional Notes, or, in each case, if such day is not a business day, on the next succeeding business day (the “Automatic Exchange Date”). Upon the Issuers’ satisfaction that the Restricted Notes Legend shall no longer be
required in order to maintain compliance with the Securities Act, the Issuers may pursuant to the rules and procedures (i) provide written notice to DTC at least fifteen (15) calendar days prior to the Automatic Exchange Date, instructing
DTC to exchange all of the outstanding beneficial interests in a particular Restricted Global Note to the Unrestricted Global Note, which the Issuers shall have previously otherwise made eligible for exchange with the DTC, (ii) provide prior
written notice (the “Automatic Exchange Notice”) to each Holder at such Holder’s address appearing in the register of Holders at least fifteen (15) calendar days prior to the Automatic Exchange Date (the “Automatic
Exchange Notice Date”), which notice must include (w) the Automatic Exchange Date, (x) the section of this Indenture pursuant to which the Automatic Exchange shall occur, (y) the “CUSIP” number of the Restricted
Global Note from which such Holder’s beneficial interests will be transferred and the (z) “CUSIP” number of the Unrestricted Global Note into which such Holder’s beneficial interests will be

  
 65 

 
transferred, and (iii) on or prior to the Automatic Exchange Date, deliver to the Trustee for authentication one or more Unrestricted Global Notes, duly executed by the Issuers, in an
aggregate principal amount equal to the aggregate principal amount of Restricted Global Notes to be exchanged. Upon receipt by the Trustee of an Officers’ Certificate of the Issuers setting forth the information to be stated in such Automatic
Exchange Notice, which Officers’ Certificate must be received by the Trustee, on no less than five (5) calendar days prior to the Automatic Exchange Notice Date, the Trustee shall deliver, in the Issuers’ name and at the Issuers’
expense, the Automatic Exchange Notice to each Holder at such Holder’s address appearing in the register of Holders. Notwithstanding anything to the contrary in this Section 2.6(e), during the fifteen (15) day period prior to
the Automatic Exchange Date, no transfers or exchanges other than pursuant to this Section 2.6(e) shall be permitted without the prior written consent of the Issuers. As a condition to any Automatic Exchange, the Issuers shall provide,
and the Trustee shall be entitled to rely upon, an Officers’ Certificate and Opinion of Counsel in form reasonably acceptable to the Trustee , each to the effect that the Automatic Exchange shall be effected in compliance with the Securities
Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities Act and that the aggregate principal amount of the particular Restricted
Global Note is to be transferred to the particular Unrestricted Global Note by adjustment made on the records of the Trustee, as custodian for the Depositary to reflect the Automatic Exchange. Upon such exchange of beneficial interests pursuant to
this Section 2.6(e), the aggregate principal amount of the Global Notes shall be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary, to reflect the relevant increase or decrease in
the principal amount of such Global Note resulting from the applicable exchange. The Issuers shall also provide written notice to the Holder of Restricted Notes that are Definitive Notes at least (15) calendar days prior to the Automatic
Exchange Date offering to exchange all of such Definitive Notes for Unrestricted Notes which shall include information similar to the notice provided to Holders of Global Notes under clause (ii) above and upon request of such, Holder of
Definitive Notes shall follow the procedures set forth above for exchanging such Definitive Notes for Definitive Notes that are not Restricted Notes. The Restricted Notes from which beneficial interests are transferred pursuant to an Automatic
Exchange shall be canceled following the Automatic Exchange. 
 (f) Retention of Written Communications. The Registrar
shall retain copies of all letters, notices and other written communications received pursuant to Section 2.1 or this Section 2.6. The Issuers shall have the right to inspect and make copies of all such letters, notices or
other written communications at any reasonable time upon the giving of reasonable prior written notice to the Registrar. 
 (g)
Obligations with Respect to Transfers and Exchanges of Notes. 
 (i) To permit registrations of transfers
and exchanges, the Issuers shall, subject to the other terms and conditions of this Article II, execute and the Trustee shall authenticate Definitive Notes and Global Notes at the Registrar’s written request. 

(ii) No service charge shall be made to a Holder for any registration of transfer or exchange, but the Issuers may require
the Holder to pay a sum sufficient to cover any transfer tax assessments or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charges

  
 66 

 
payable upon exchange or transfer pursuant to Sections 2.2, 2.6, 2.10, 2.12, 3.5, 3.10, 5.6 or 9.5). 

(iii) The Issuers (and the Registrar) shall not be required to register the transfer of or exchange of any Note
(A) for a period beginning (1) 15 days before the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 days before an interest payment date
and ending on such interest payment date, (B) called for redemption, except the unredeemed portion of any Note being redeemed in part or (C) tendered and not withdrawn in connection with a Change of Control Offer, Collateral Disposition
Offer or Asset Sale Offer. 
 (iv) Prior to the due presentation for registration of transfer of any Note, the
Issuers, the Trustee, the Paying Agent or the Registrar may deem and treat the person in whose name a Note is registered as the owner of such Note for the purpose of receiving payment of principal of, premium, if any, and (subject to paragraph 2 of
the forms of Notes attached hereto as Exhibits A and B) interest on such Note and for all other purposes whatsoever, including without limitation the transfer or exchange of such Note, whether or not such Note is overdue, and none of
the Issuers, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 
 (v)
Any Definitive Note delivered in exchange for an interest in a Global Note pursuant to Section 2.1(f) shall, except as otherwise provided by Section 2.6(d), bear the applicable legend regarding transfer restrictions
applicable to the Definitive Note set forth in Section 2.1(d). 
 (vi) All Notes issued upon any
transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

(h) No Obligation of the Trustee. (1) Neither the Trustee nor its agents shall have any responsibility or obligation to any
beneficial owner of a Global Note, a member of, or a participant in, DTC or other Person with respect to the accuracy of the records of DTC or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes
or with respect to the delivery to any participant, member, beneficial owner or other Person (other than DTC) of any notice (including any notice of redemption or purchase) or the payment of any amount or delivery of any Notes (or other security or
property) under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon the order of the registered Holders (which
shall be DTC or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through DTC subject to the applicable rules and procedures of DTC. The Trustee may rely and shall be fully
protected in relying upon information furnished by DTC with respect to its members, participants and any beneficial owners. 
 (i) Neither the Trustee nor its agents shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under
applicable law with respect to any transfer of any interest in 

  
 67 

 
any Note (including any transfers between or among DTC participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation
or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. Neither the Trustee
nor any of its agents shall have any responsibility for any actions taken or not taken by DTC. 
 SECTION 2.7. Form of
Certificate to be Delivered upon Termination of Restricted Period. 
 [Date] 

Northern Tier Energy LLC 
 Northern Tier Finance
Corporation 
 c/o Deutsche Bank Trust Company Americas 
 Deutsche Bank Trust Company Americas 
 Trust & Securities Services 

60 Wall Street, MS NYC60-2710 
 New York, New
York 10005 
 Attn: Corporate Deal Team Manager – Northern Tier 
 Tel: 201-593-2507 
 Fax: 732-578-4635 
 With a copy to: 
 Deutsche Bank Trust Company Americas 

c/o Deutsche Bank National Trust Company 

Trust & Securities Services 
 100 Plaza
One, Mailstop JCY03-0699 
 Jersey City, New Jersey 07311 
 Attn: Corporate Deal Team Manager – Northern Tier 
 Tel: 201-593-2507 

Fax: 732-578-4635 
 with a copy to: 

Seward & Kissel LLP 
 1 Battery Park
Plaza 
 New York, NY 10004 
 Attention:
Gregg Bateman 
 Re: Northern Tier Energy LLC (the “Issuer”), Northern Tier Finance Corporation (the
“Co-Issuer” and, together with the Issuer, the “Issuers”). 

  
 68 

 10.50% Senior Secured Notes due 2017 (the “Notes”) 

Ladies and Gentlemen: 
 This
letter relates to the Notes represented by a temporary global Note (the “Temporary Regulation S Global Note”). Pursuant to Section 2.1 of this Indenture dated as of December 1, 2010 relating to the Notes (the
“Indenture”), we hereby certify that the persons who are the beneficial owners of $[        ] principal amount of Notes represented by the Temporary Regulation S Global Note are persons
outside the United States to whom beneficial interests in such Notes could be transferred in accordance with Rule 904 of Regulation S promulgated under the Securities Act of 1933, as amended. Accordingly, the Issuers are hereby requested to issue,
and the Trustee is hereby requested to authenticate, a Permanent Regulation S Global Note representing the undersigned’s interest in the principal amount of Notes represented by the Temporary Regulation S Global Note, all in the manner provided
by this Indenture. We certify that we [are][are not] an Affiliate of the Issuers. 
 The Trustee, the Registrar and the Issuers
are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms
used in this letter have the meanings set forth in Regulation S. 
  

					
		 	Very truly yours,
		
		 	[Name of Transferor]
			
		 	By:	 	  

		
		 	  

		 	Authorized Signature

 *SIGNATURE GUARANTEE: 
 Signatures must be guaranteed by and “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer
Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended. 
 SECTION 2.8. Form of Certificate to be Delivered in Connection with Transfers to Institutional Accredited
Investors. 
 [Date] 
 Northern Tier Energy LLC 

  
 69 

 Northern Tier Finance Corporation 
 c/o Deutsche Bank Trust Company Americas 
 as Trustee and Registrar – 

Deutsche Bank Trust Company Americas 

Trust & Securities Services 
 60 Wall
Street, MS NYC60-2710 
 New York, New York 10005 
 Attn: Corporate Deal Team Manager – Northern Tier 
 Tel: 201-593-2507 

Fax: 732-578-4635 
 With a copy to: 

Deutsche Bank Trust Company Americas 
 c/o
Deutsche Bank National Trust Company 
 Trust & Securities Services 
 100 Plaza One, Mailstop JCY03-0699 
 Jersey City, New Jersey 07311 

Attn: Corporate Deal Team Manager – Northern Tier 
 Tel: 201-593-2507 
 Fax: 732-578-4635 
 Ladies and Gentlemen: 
 This certificate is delivered to request a transfer of
$[        ] principal amount of the 10.50% Senior Secured Notes due 2017 (the “Notes”) of Northern Tier Energy LLC (the “Issuer”), Northern Tier Finance Corporation (the
“Co-Issuer” and, together with the Issuer, the “Issuers”). 
 Upon transfer, the Notes would
be registered in the name of the new beneficial owner as follows: 
  

					
		 	Name:	 	  

					
			
		 	Address:	 	  

					
			
		 	Taxpayer ID Number:	 	  

 The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act of 1933, as amended (the “Securities Act”)) purchasing for our own account or for the account of such an institutional “accredited investor” at least $500,000 principal amount of the Notes, and we are acquiring the
Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the

  
 70 

 
merits and risk of our investment in the Notes and we invest in or purchase securities similar to the Notes in the normal course of our business. We and any accounts for which we are acting are
each able to bear the economic risk of our or its investment. 
 2. We understand that the Notes have not been registered under
the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such
Notes prior to the date that is one year after the later of the date of original issue and the last date on which the Issuers or any affiliate of the Issuers was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction
Termination Date”) only (a) to the Issuers or any Subsidiary thereof, (b) pursuant to an effective registration statement under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under
the Securities Act, to a person we reasonably believe is a “qualified institutional buyer” under Rule 144A of the Securities Act (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom
notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation S under the Securities Act,
(e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional
“accredited investor,” in each case in a minimum principal amount of Notes of $500,000 for investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act or
(f) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of our property or the property of such investor
account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or
other transfer of the Notes is proposed to be made pursuant to clause (e) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Issuers
and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and that it is
acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Issuers and the Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale
Termination Date of the Notes pursuant to clauses (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Issuers and the Trustee. 

3. We [are][are not] an Affiliate of the Issuer. 

 

			
	TRANSFEREE:	 	  

 

			
		
	BY:	 	  

 SECTION 2.9. Form of Certificate to be Delivered in Connection with Transfers Pursuant to
Regulation S. 

  
 71 

 [Date] 
 Northern Tier Energy LLC 
 Northern Tier Finance Corporation 

c/o Deutsche Bank Trust Company Americas 
 as
Trustee and Registrar – 
 Deutsche Bank Trust Company Americas 
 Trust & Securities Services 
 60 Wall Street, MS NYC60-2710 

New York, New York 10005 
 Attn: Corporate Deal
Team Manager – Northern Tier 
 Tel: 201-593-2507 
 Fax: 732-578-4635 
 With a copy to: 
 Deutsche Bank Trust Company Americas 
 c/o Deutsche Bank National Trust Company 

Trust & Securities Services 
 100 Plaza
One, Mailstop JCY03-0699 
 Jersey City, New Jersey 07311 
 Attn: Corporate Deal Team Manager – Northern Tier 
 Tel: 201-593-2507 

Fax: 732-578-4635 
  

	 	Re:	Northern Tier Energy LLC (the “Issuer”), Northern Tier Finance Corporation (the “Co-Issuer” and, together with the Issuer, the
“Issuers”) 

 10.50% Senior Secured Notes due 2017 (the “Notes”)

 Ladies and Gentlemen: 
 In connection with our proposed sale of $[        ] aggregate principal amount of the Notes, we confirm that such sale has been effected pursuant to and in
accordance with Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 

  
 72 

 (a) the offer of the Notes was not made to a person in the United States;

 (b) either (i) at the time the buy order was originated, the transferee was outside the United States or
we and any person acting on our behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither we nor
any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 
 (c) no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(a)(2) or Rule 904(a)(2) of Regulation S, as applicable; and 

(d) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 In addition, if the sale is made during a restricted period and the provisions of Rule 903(b)(2), Rule 903(b)(3) or
Rule 904(b)(1) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b)(2), Rule 903(b)(3) or Rule 904(b)(1), as the case may be. 

We also hereby certify that we [are][are not] an Affiliate of the Issuers and, to our knowledge, the transferee of the Notes [is][is not]
an Affiliate of the Issuers. 
 The Trustee, the Registrar and the Issuers are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set
forth in Regulation S. 
  

					
		 	Very truly yours,
		
		 	[Name of Transferor]
			
		 	By:	 	  

		
		 	  

		 	Authorized Signature

 *SIGNATURE GUARANTEE: 
 Signatures must be guaranteed by and “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer
Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended. 

  
 73 

 SECTION 2.10. Mutilated, Destroyed, Lost or Stolen Notes. 

If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or
wrongfully taken, the Issuers shall issue and the Trustee, upon receipt of an Issuers’ Order, shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Holder
(a) satisfies the Issuers or the Trustee that such Note has been lost, destroyed or wrongfully taken within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar has not registered a
transfer prior to receiving such notification, (b) makes such request to the Issuers or Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected
purchaser”) and (c) satisfies any other reasonable requirements of the Trustee and the Issuers; provided, however, if after the delivery of such replacement Note, a protected purchaser of the Note for which such replacement Note
was issued presents for payment or registration such replaced Note, the Trustee or the Issuers shall be entitled to recover such replacement Note from the Person to whom it was issued and delivered or any Person taking therefrom, except a protected
purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuers or the Trustee in connection therewith. If required by the Trustee or the
Issuers, such Holder shall furnish an indemnity bond sufficient in the judgment of the Issuers and the Trustee to protect the Issuers, the Trustee, the Paying Agent and the Registrar from any loss which any of them may suffer if a Note is replaced,
and, in the absence of notice to the Issuers, any Subsidiary Guarantor or the Trustee that such Note has been acquired by a protected purchaser, the Issuers shall execute, and upon receipt of an Issuers’ Order, the Trustee shall authenticate
and make available for delivery, in exchange for any such mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount, bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Issuers in their
discretion may, instead of issuing a new Note, pay such Note. 
 Upon the issuance of any new Note under this
Section 2.10, the Issuers may require that such Holder pay a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of counsel and of
the Trustee) in connection therewith. 
 Subject to the proviso in the initial paragraph of this Section 2.10, every
new Note issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuers, any Subsidiary Guarantor (if applicable) and any other obligor upon the
Notes, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

  
 74 

 The provisions of this Section 2.10 are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 2.11. Outstanding Notes. 
 Notes outstanding at any time are
all Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation and those described in this Section 2.11 as not outstanding. A Note does not cease to be outstanding in the event the Issuers or an
Affiliate of the Issuers holds the Note; provided, however, that (i) for purposes of determining which are outstanding for consent or voting purposes hereunder, the provisions of Section 13.6 shall apply and (ii) in
determining whether the Trustee shall be protected in making a determination whether the Holders of the requisite principal amount of outstanding Notes are present at a meeting of Holders for quorum purposes or have consented to or voted in favor of
any request, demand, authorization, direction, notice, consent, waiver, amendment or modification hereunder, or relying upon any such quorum, consent or vote, only Notes which a Trust Officer of the Trustee actually knows to be held by the Issuers
or an Affiliate of the Issuers shall not be considered outstanding. 
 If a Note is replaced pursuant to
Section 2.10 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuers receive proof satisfactory to them that the replaced Note is held by a protected purchaser. A
mutilated Note ceases to be outstanding upon surrender of such Note and replacement pursuant to Section 2.10. 
 If
the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal, premium, if any, and accrued interest payable on that date with respect to the Notes (or
portions thereof) to be redeemed or maturing, as the case may be, and the Paying Agent is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portions
thereof) cease to be outstanding and interest on them ceases to accrue. 
 SECTION 2.12. Temporary Notes.

 In the event that Definitive Notes are to be issued under the terms of this Indenture, until such Definitive Notes are ready
for delivery, the Issuers may prepare and the Trustee, upon receipt of an Issuers’ Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form, and shall carry all rights, of Definitive Notes but may have
variations that the Issuers considers appropriate for temporary Notes. Without unreasonable delay, the Issuers shall prepare and the Trustee, upon receipt of an Issuers’ Order, shall authenticate Definitive Notes. After the preparation of
Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at any office or agency maintained by the Issuers for that purpose and such exchange shall be without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuers shall execute, and the Trustee, upon receipt of an Issuers’ Order, shall authenticate and make available for delivery in exchange therefor, one or more Definitive Notes
representing an equal principal amount of Notes. Until so exchanged, the Holder of temporary Notes shall in all respects be entitled to the same benefits under this Indenture as a Holder of Definitive Notes. 

  
 75 

 SECTION 2.13. Cancellation. 

The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the
Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment or cancellation and dispose of such Notes in
accordance with its internal policies and customary procedures including delivery of a certificate describing such Notes disposed (subject to the record retention requirements of the Exchange Act) or deliver canceled Notes to the Issuers pursuant to
written direction by one Officer. If the Issuers or any Subsidiary Guarantor acquires any of the Notes, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Notes unless and until the same are
surrendered to the Trustee for cancellation pursuant to this Section 2.13. The Issuers may not issue new Notes to replace Notes it has paid or delivered to the Trustee for cancellation for any reason other than in connection with a
transfer or exchange. 
 At such time as all beneficial interests in a Global Note have either been exchanged for Definitive
Notes, transferred, redeemed, repurchased or canceled, such Global Note shall be returned by DTC to the Trustee for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global
Note is exchanged for Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made
on the books and records of the Trustee (if it is then the Notes Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction. 

SECTION 2.14. Payment of Interest; Defaulted Interest. 

Interest on any Note which is payable, and is punctually paid or duly provided for, on any interest payment date shall be paid to the
Person in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the regular record date for such payment at the office or agency of the Issuers maintained for such purpose pursuant to
Section 2.3. 
 Any interest on any Note which is payable, but is not paid when the same becomes due and payable and
such nonpayment continues for a period of 30 days shall forthwith cease to be payable to the Holder on the regular record date, and such defaulted interest and (to the extent lawful) interest on such defaulted interest at the rate borne by the
Notes (such defaulted interest and interest thereon herein collectively called “Defaulted Interest”) shall be paid by the Issuers, at its election in each case, as provided in clause (a) or (b) below: 

(a) The Issuers may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective
Predecessor Notes) are registered at the close of business on a Special Record Date (as defined below) for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuers shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Note and the date (not less than 30 days after such notice) of the proposed payment (the “Special Interest Payment Date”), and at the same time the Issuers shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make 

  
 76 

 
arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this Section 2.14(a). Thereupon the Issuers shall fix a record date (the “Special Record Date”) for the payment of such Defaulted Interest, which date shall be not more than 15 days and not
less than 10 days prior to the Special Interest Payment Date and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Issuers shall promptly notify the Trustee of such Special Record Date, and
in the name and at the expense of the Issuers, the Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor to be given in the manner provided for in
Section 13.2, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor having been so given, such
Defaulted Interest shall be paid on the Special Interest Payment Date to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such Special Record Date and shall no longer be payable
pursuant to the provisions in Section 2.14(b). 
 (b) The Issuers may make payment of any Defaulted Interest in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuers to the Trustee of the proposed
payment pursuant to this Section 2.14(b), such manner of payment shall be deemed practicable by the Trustee. 

Subject to the foregoing provisions of this Section 2.14, each Note delivered under this Indenture upon registration of,
transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 
 SECTION 2.15. Computation of Interest. 
 Interest on the Notes shall
be computed as set forth in Exhibits A and B. 
 SECTION 2.16. CUSIP, Common Code and ISIN Numbers.

 The Issuers in issuing the Notes may use “CUSIP”, “Common Code” and “ISIN” numbers and, if so,
the Trustee shall use “CUSIP”, “Common Code” and “ISIN” numbers in notices of redemption or purchase as a convenience to Holders; provided, however, that any such notice may state that no representation is made
as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption or purchase and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or
purchase shall not be affected by any defect in or omission of such CUSIP, Common Code and ISIN numbers. The Issuers shall promptly notify the Trustee in writing of any change in the CUSIP, Common Code and ISIN numbers. 

ARTICLE III 

COVENANTS 

SECTION 3.1. Payment of Notes. 

  
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 The Issuers shall promptly pay the principal of, premium, if any, and interest (including
Special Interest) on the Notes on the dates and in the manner provided in the Notes and in this Indenture. Principal, premium, if any, and interest (including Special Interest) shall be considered paid on the date due if on such date the Trustee or
the Paying Agent holds in accordance with this Indenture money sufficient to pay all principal, premium, if any, and interest (including Special Interest) then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from
paying such money to the Holders on that date pursuant to the terms of this Indenture. 
 The Issuers shall pay Defaulted
Interest and interest on overdue principal at the rate specified therefor in the Notes, and it shall pay interest on overdue installments of interest (including Special Interest) at the same rate to the extent lawful. 

Notwithstanding anything to the contrary contained in this Indenture, the Issuers may, to the extent it is required to do so by law,
deduct or withhold income or other similar taxes imposed by the United States of America from principal or interest payments hereunder. 
 SECTION 3.2. Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. 
 (a) The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, incur any Indebtedness (including Acquired Debt) or issue any Disqualified Stock, and the Issuer
will not permit any of its Restricted Subsidiaries to issue any preferred stock (other than in each case Disqualified Stock or preferred stock of Restricted Subsidiaries held by the Issuer or a Restricted Subsidiary, so long as so held);
provided, however, that (i) the Issuer or any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and issue Disqualified Stock and (ii) any Restricted Subsidiary may issue preferred stock, if the Fixed
Charge Coverage Ratio for the Issuer’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or Disqualified Stock or
preferred stock is issued would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified
Stock or preferred stock had been issued, as the case may be, and the application of proceeds therefrom had occurred, at the beginning of such four-quarter period; provided further that the amount of Indebtedness (excluding Acquired Debt not
incurred in connection with or in contemplation of the applicable merger, acquisition or other similar transaction), Disqualified Stock and preferred stock that may be incurred or issued, as applicable, by Restricted Subsidiaries that are not
Subsidiary Guarantors, pursuant to the foregoing, shall not exceed $25.0 million at any one time outstanding. 
 (b)
Section 3.2(a) will not prohibit the incurrence or issuance of any of the following (collectively, “Permitted Debt”): 
 (1) Indebtedness incurred by the Issuer or any Subsidiary Guarantor under Credit Facilities (and the incurrence by the Subsidiary Guarantors of the Guarantees thereof) in an aggregate principal amount at
any one time outstanding under this clause (1) (with letters of credit being deemed to have a principal amount equal to the maximum 

  
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potential liability of the Issuer and its Restricted Subsidiaries thereunder) not to exceed $400.0 million; 

(2) Pari Passu Notes Lien Indebtedness incurred by the Issuer or any Subsidiary Guarantor pursuant to this clause (2)
not to exceed the Pari Passu Notes Lien Indebtedness Debt Limit after giving pro forma effect to such incurrence and the application of the net proceeds thereof; 

(3) Indebtedness incurred by the Issuer and the Subsidiary Guarantors represented by (i) the Notes and the Note
Guarantees issued on the Issue Date (other than any Additional Notes) and (ii) any Exchange Notes (including the Note Guarantees thereof); 
 (4) Existing Indebtedness (other than indebtedness described in Sections 3.2(b)(1) and 3.2(b)(3)); 
 (5) Indebtedness of the Issuer or any of its Restricted Subsidiaries (including, without limitation, Capital Lease Obligations, mortgage financings or purchase money obligations), Disqualified Stock
issued by the Issuer or any Restricted Subsidiary and preferred stock issued by any Restricted Subsidiary, in each case incurred for the purpose of financing all or any part of the purchase price or cost of design, construction, installation, repair
or improvement of property (real or personal), plant or equipment or other fixed or capital assets used in the business of the Issuer or such Restricted Subsidiary or in a Permitted Business (whether through the direct purchase of assets or the
Capital Stock of any Person owning such assets (but no other material assets)), in an aggregate principal amount at any time outstanding, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness
incurred pursuant to the provision described in this clause (5), not to exceed as of any date of incurrence the greater of (x) $20.0 million and (y) 2.5% of the Issuer’s Consolidated Total Assets; 

(6) Permitted Refinancing Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries in exchange for, or
the net proceeds of which are used to refund, refinance or replace, Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be incurred or Disqualified Stock or preferred stock permitted to be issued under the
provisions described in Section 3.2(a) or Sections 3.2(b)(3), (b)(4), (b)(5), (b)(6), (b)(9), (b)(11), (b)(16) or (b)(17); 

(7) intercompany Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries or any Subsidiary Guarantor and
owing to and held by the Issuer or any of its Restricted Subsidiaries or any Subsidiary Guarantor; provided, however, that: 
 (i) if the Issuer or any Subsidiary Guarantor is the obligor on such Indebtedness and the payee is a Person other than the Issuer or a Subsidiary Guarantor, such Indebtedness must be unsecured and
expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Notes, in the case of the Issuer, or the Note Guarantee, in the case of a Subsidiary Guarantor; and 

  
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 (ii) (x) any subsequent issuance or transfer of Equity Interests or any
other event that results in any such Indebtedness being held by a Person other than the Issuer or a Restricted Subsidiary thereof and (y) any sale or other transfer of any such Indebtedness to a Person that is not either the Issuer or a
Restricted Subsidiary thereof, shall be deemed, in each case, to constitute an incurrence of such Indebtedness by the Issuer or such Restricted Subsidiary, as the case may be, that was not permitted by the provision described in this clause (7);

 (8) (i) the Guarantee by the Issuer or any of the Subsidiary Guarantors of Indebtedness of the Issuer or
a Restricted Subsidiary of the Issuer that was permitted to be incurred by another provision of this Section 3.2, (ii) the Guarantee by any Foreign Subsidiary of Indebtedness of another Foreign Subsidiary of the Issuer that was
permitted to be incurred by another provision of this Section 3.2, (iii) any Guarantee by a Restricted Subsidiary of the Issuer of Indebtedness of the Issuer that was permitted to be incurred by another provision of this
Section 3.2 (so long as such Restricted Subsidiary also guarantees the Notes if required pursuant to Sections 3.7 or 3.12) or (iv) any Guarantee by a Subsidiary Guarantor of any Indebtedness of any other Subsidiary
Guarantor; 
 (9) (x) Indebtedness, Disqualified Stock or preferred stock of the Issuer or any of its Restricted
Subsidiaries incurred to finance an acquisition or (y) Acquired Debt; provided that, in either case, after giving effect to the transactions that result in the incurrence or issuance thereof, on a pro forma basis, either
(a) the Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 3.2(a) or (b) the Fixed Charge Coverage Ratio for the Issuer would not
be less than immediately prior to such transactions; 
 (10) preferred stock of a Restricted Subsidiary of the
Issuer issued to the Issuer or another Restricted Subsidiary of the Issuer; provided that (a) any subsequent issuance or transfer of Equity Interests or any other event that results in any such preferred stock being held by a Person
other than the Issuer or a Restricted Subsidiary thereof and (b) any sale or other transfer of any such preferred stock to a Person that is not either the Issuer or a Restricted Subsidiary thereof will be deemed, in each case, to constitute an
issuance of such preferred stock that was not permitted by the provision described in this clause (10);
 (11)
additional Indebtedness of the Issuer or any of its Restricted Subsidiaries incurred in an aggregate principal amount at any time outstanding, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness
incurred pursuant to the provision described in this clause (11), not to exceed as of any date of incurrence of the greater of (x) $27.5 million and (y) 3.5% of the Issuer’s Consolidated Total Assets; 

(12) Indebtedness incurred by the Issuer or any Restricted Subsidiary of the Issuer to the extent that the net proceeds
thereof are promptly deposited to defease or to satisfy and discharge all of the then outstanding Notes; 

  
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 (13) Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer
consisting of obligations to pay insurance premiums or take-or-pay obligations contained in supply arrangements, in each case, incurred in the ordinary course of business; 

(14) Indebtedness in respect of any bankers’ acceptance, bank guarantees, letter of credit, warehouse receipt or
similar facilities, and reinvestment obligations related thereto, entered into in the ordinary course of business; 
 (15) Guarantees (other than Guarantees of Indebtedness) incurred in the ordinary course of business in respect of obligations of (or to) suppliers, customers, franchisees, lessors and licensees that, in
each case, are non-Affiliates; 
 (16) Indebtedness consisting of promissory Notes issued by the Issuer or any of
its Restricted Subsidiaries to any current, future or former director, officer, employee or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Issuer, the direct or indirect parent of the Issuer or
any Restricted Subsidiary of the Issuer (or any of their Affiliates), or their estates or the beneficiaries of such estates to finance the purchase, redemption, acquisition or retirement for value of Equity Interests permitted by
Section 3.3, in an aggregate principal amount at any time outstanding, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to the provision described in this clause
(16), not to exceed $5.0 million as of any date of incurrence; 
 (17) Contribution Indebtedness; 

(18) (a) Indebtedness incurred in connection with any Sale and Leaseback Transaction entered into after the Issue Date and
any refinancing, refunding, renewal or extension of any such Indebtedness; provided that, except to the extent otherwise permitted hereunder, the principal amount of any such Indebtedness is not increased above the principal amount thereof
outstanding immediately prior to such refinancing, refunding, renewal or extension and the direct and contingent obligors with respect to such Indebtedness are not changed; 

(i) Indebtedness owed on a short-term basis of no longer than 30 days to banks and other financial institutions in respect
of overdraft facilities, employee credit card programs and other cash management arrangements in the ordinary course of business; and 
 (ii) Indebtedness representing deferred compensation to directors, officers, or employees of the Issuer (or any direct or indirect parent of the Issuer) and its Restricted Subsidiaries incurred in the
ordinary course of business; 
 (19) Hedging Obligations; and 

(20) cash management obligations and other Indebtedness in respect of netting services, automatic clearinghouse
arrangements, overdraft protections and similar arrangements in each case in connection with deposit accounts in the ordinary course of business. 

  
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 (c) For purposes of determining compliance with this Section 3.2, in the event
that any proposed Indebtedness, Disqualified Stock or preferred stock meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (20) above, or is entitled to be incurred or issued pursuant to
Section 3.2(a), the Issuer, in its sole discretion, will be permitted to divide and classify at the time of its incurrence or issuance, and may from time to time divide or reclassify, all or a portion of such item of Indebtedness or
Disqualified Stock or preferred stock such that it will be deemed to have been incurred pursuant to one or more of such clauses (in whole or in part) or Section 3.2(a), to the extent that such reclassified Indebtedness could be incurred
pursuant to such new clause or Section 3.2(a) at the time of such reclassification (including in part pursuant to one or more clauses and/or in part pursuant to Section 3.2(a)), provided, however, that
Indebtedness outstanding on the Issue Date under the ABL Facility will be deemed to have been incurred on that date in reliance on the exception provided by Section 3.2(b)(1) and may not later be reclassified. 

For the purpose of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S.
dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred (in the case of term debt) or first committed
(in the case of revolving credit debt); provided that if such Indebtedness denominated in a foreign currency is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S.
dollar denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal
amount of such Permitted Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced, plus the amount of any premium (including tender premiums), defeasance costs and any fees, underwriter discounts and other
costs and expenses incurred in connection with the issuance of such new Indebtedness. The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced,
shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing. 

Notwithstanding any other provision of this Section 3.2, the maximum amount of Indebtedness that may be incurred pursuant to
this Section 3.2 will not be deemed to be exceeded, with respect to any outstanding Indebtedness, due solely to the result of fluctuations in the exchange rates of currencies. In addition, for purposes of determining any particular
amount of Indebtedness, any Guarantees, Liens or obligations with respect to letters of credit, in each case, supporting Indebtedness otherwise included in the determination of such particular amount, will not be included. 

The Issuer will not incur, and will not permit any Subsidiary Guarantor to directly or indirectly incur, any Indebtedness (including
Acquired Debt and Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Issuer or such Subsidiary Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the
Notes and the applicable Note Guarantees on substantially identical terms; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Issuer solely by virtue of
being unsecured or by virtue 

  
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of being secured on a junior priority basis or by virtue of the fact that the holders of any secured Indebtedness have entered into intercreditor agreements giving one or more of such holders
priority over the other holders in the collateral held by them. 
 SECTION 3.3. Restricted Payments. 

(a) The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly: 

(1) declare or pay any dividend or make any other payment or distribution (whether made in cash, securities or other
property) on account of the Issuer’s or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Issuer or any of its Restricted
Subsidiaries) or to the direct or indirect Holders of the Issuer’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends, payments or distributions (i) payable solely in Equity
Interests (other than Disqualified Stock) of the Issuer or to the Issuer or a Restricted Subsidiary of the Issuer or (ii) payable by a Restricted Subsidiary so long as, in the case of any dividend, payment or distribution payable on or in
respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned Restricted Subsidiary, the Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance
with its Equity Interests in such class or series of securities); 
 (2) purchase, redeem, defease or otherwise
acquire or retire for value (including, without limitation, in connection with any merger or consolidation) any Equity Interests of the Issuer or any direct or indirect parent of the Issuer held by Persons other than the Issuer or any Restricted
Subsidiary of the Issuer (other than in exchange for Equity Interests of the Issuer (other than Disqualified Stock)); 
 (3) make any payment on or with respect to, or purchase, repurchase, redeem, defease or otherwise acquire or retire for value or give any irrevocable notice of redemption with respect thereto, any
Subordinated Debt (excluding any intercompany Indebtedness between or among the Issuer and any of the Subsidiary Guarantors permitted to be incurred under this Indenture), except payments of (x) interest, (y) principal at the Stated
Maturity thereof (or the satisfaction of a scheduled sinking fund obligation) or (z) principal and accrued interest, due within one year of the date of such payment, purchase, redemption, defeasance, acquisition or retirement; or 

(4) make any Restricted Investment 
 (all such restricted payments and other restricted actions set forth in clauses (1) through (4) above (other than any exceptions thereto) being collectively referred to as “Restricted
Payments”), unless, at the time of and after giving effect to such Restricted Payment: 
 (i) no Default
or Event of Default shall have occurred and be continuing or would occur as a consequence thereof; 

  
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 (ii) the Issuer would, at the time of such Restricted Payment and after
giving pro forma effect thereto as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 3.2(a); and 
 (iii) such Restricted Payment, together with the
aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries after the Issue Date permitted by Sections 3.3(b)(1), (6), (7), (8), (9), (11) and (14)(iii),
but excluding all other Restricted Payments permitted by Section 3.3(b), is less than the sum, without duplication, of: 
 (A) 50% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) from October 1, 2010 to the end of the Issuer’s most recently ended fiscal quarter ending
prior to the date of such Restricted Payment for which internal financial statements are available (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit), plus  

(B) 100% of the aggregate net cash proceeds and the fair market value, as determined in good faith by the Board of
Directors of the Issuer, of marketable securities or other property received by the Issuer since immediately after the Issue Date as a contribution to its equity capital or from the issue or sale of Equity Interests of the Issuer or from the issue
or sale of Equity Interests of any direct or indirect parent of the Issuer to the extent such net cash proceeds are actually contributed to the Issuer as equity (other than (i) Excluded Contributions, (ii) Refunding Capital Stock,
(iii) Equity Interests or converted debt securities of the Issuer sold to a Restricted Subsidiary, or to an employee stock ownership plan or other trust established by the Issuer or a Restricted Subsidiary, (iv) Equity Interests sold to
any current, future or former director, officer, employee or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Issuer, any direct or indirect parent of the Issuer or the Issuer’s Subsidiaries
or their estates or the beneficiaries of such estates after the Issue Date to the extent such amounts have been applied to Restricted Payments in accordance with Section 3.3(b)(7), (v) Disqualified Stock or debt securities that have
been converted into Disqualified Stock, (vi) Designated Preferred Stock and (vii) any Margin Support Payment) or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the
Issuer that have been converted into or exchanged subsequent to the Issue Date for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Restricted Subsidiary of the Issuer) less the amount of any
cash distributed by the Issuer upon such conversion or exchange, plus  

  
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 (C) the net cash proceeds and the fair market value of marketable
securities or other property, as determined in good faith by the Board of Directors of the Issuer, received by the Issuer or any Restricted Subsidiary of the Issuer from (i) the disposition, sale, liquidation, retirement or redemption of all or
any portion of any Restricted Investment made after the Issue Date, net of disposition costs and repurchases and redemptions of such Restricted Investments from the Issuer or its Restricted Subsidiaries and repayments of loans or advances which
constitute Restricted Investments made after the Issue Date by the Issuer and the Restricted Subsidiaries, and releases of guarantees which constitute Restricted Investments by the Issuer or its Restricted Subsidiaries (other than in each case to
the extent the investment in such Restricted Investment was made by the Issuer or a Restricted Subsidiary pursuant to Section 3.3(b)(15)) and (ii) the sale (other than to the Issuer or a Restricted Subsidiary of the Issuer) of the
Capital Stock of an Unrestricted Subsidiary (other than in each case to the extent the investment in such Restricted Investment was made by the Issuer or a Restricted Subsidiary pursuant to Section 3.3(b)(15)), plus  

(D) without duplication, (i) to the extent that any Unrestricted Subsidiary of the Issuer that was designated as
such after the Issue Date is redesignated as a Restricted Subsidiary, the fair market value, as determined in good faith by the Board of Directors of the Issuer, of the Issuer’s direct or indirect investment in such Subsidiary as of the date of
such redesignation not to exceed the amount of investments previously made by the Issuer or any Restricted Subsidiary in such Unrestricted Subsidiary and other than an Unrestricted Subsidiary to the extent the investment in such Unrestricted
Subsidiary was made by the Issuer or a Restricted Subsidiary pursuant to Section 3.3(b)(15) or to the extent such investment constituted a Permitted Investment, plus (ii) an amount equal to the net reduction in investments in
Unrestricted Subsidiaries resulting from payments of dividends, repayments of the principal of loans or advances or other transfers of assets from Unrestricted Subsidiaries of the Issuer to the Issuer or any Restricted Subsidiary of the Issuer after
the Issue Date, except, in each case, to the extent that any such investment or net reduction in investment is included in the calculation of Consolidated Net Income, plus  

(E) without duplication, in the event the Issuer or any Restricted Subsidiary of the Issuer makes any investment in a
Person that, as a result of or in connection with such investment, becomes a Restricted Subsidiary of the Issuer, an amount equal to the fair market value of the existing investment in such Person that was previously treated as a Restricted Payment
not to exceed the amount of investments previously made by the Issuer or any Restricted Subsidiary in such Person and other than an Unrestricted Subsidiary to the extent the investment in such Person was made by the Issuer or a Restricted Subsidiary
pursuant to Section 3.3(b)(15) or to the extent such investment constituted a Permitted Investment. 

  
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 (b) The preceding provisions of Section 3.3(a) will not prohibit: 

(1) the payment of any dividend or distribution or the consummation of any redemption within 60 days after the date of
declaration thereof or the giving of a redemption notice related thereto, as the case may be, if at said date of declaration or notice such payment would have complied with the provisions of this Indenture; 

(2) (i) the making of any Restricted Payment in exchange for, or out of the proceeds of the substantially concurrent sale
of, Equity Interests of the Issuer or any direct or indirect parent of the Issuer, to the extent contributed to the Issuer, after the Issue Date (other than any Disqualified Stock or any Equity Interests sold to the Issuer or a Restricted Subsidiary
of the Issuer or to an employee stock ownership plan or any trust established by the Issuer or a Restricted Subsidiary) or from substantially concurrent contributions to the equity capital of the Issuer (other than any Margin Support Payment)
(collectively, including any such contributions, “Refunding Capital Stock”); and 
 (ii) the
declaration and payment of accrued dividends on any Equity Interests redeemed, repurchased, retired, defeased or acquired out of the proceeds of the sale of Refunding Capital Stock within 45 days of such sale;

provided that the amount of any such proceeds or contributions that are utilized for any Restricted Payment pursuant to this clause
(2) shall be excluded from the amount described in Section 3.3(a)(iii)(B) and Section 3.3(b)(4) and shall not constitute an Excluded Contribution; 

(3) the payment, defeasance, redemption, repurchase, retirement or other acquisition of (i) any Subordinated Debt or
(ii) Disqualified Stock of the Issuer or any Restricted Subsidiary thereof, in each such case of (i) or (ii), in exchange for, or out of the net cash proceeds from, an incurrence of Permitted Refinancing Indebtedness; 

(4) Restricted Investments acquired (a) from the proceeds of a capital contribution to, or out of the net cash
proceeds of substantially concurrent contributions to, the equity capital of the Issuer (other than any Margin Support Payment), or (b) from the net cash proceeds of the substantially concurrent sale (other than to a Restricted Subsidiary of
the Issuer or to an employee stock ownership plan or any trust established by the Issuer) of, or in exchange for, Equity Interests of the Issuer (other than Disqualified Stock); provided that for the purposes hereof, the amount of any such
net cash proceeds that are utilized for any such acquisition and the fair market value of any assets so acquired or exchanged shall be excluded from the amount described in Section 3.3(a)(iii)(B) and Section 3.3(b)(2) and
shall not constitute an Excluded Contribution; 
 (5) the repurchase of Equity Interests deemed to occur
(i) upon the exercise of options or warrants if such Equity Interests represent all or a portion of the exercise price thereof and (ii) in connection with the withholding of a portion of the Equity Interests granted or awarded to any
current, future or former director, officer, employee or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) to pay for the taxes payable by such director, officer, employee or consultant (or

  
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their respective Controlled Investment Affiliates or Immediate Family Members) upon such grant or award; 
 (6) the payment of dividends on the Issuer’s common stock (or the payment of dividends to any direct or indirect parent of the Issuer to fund the payment of dividends on its common stock) following
the consummation of the first public offering of common stock of the Issuer or any direct or indirect parent of the Issuer after the Issue Date, in an aggregate amount of up to 6.0% per annum of the net cash proceeds received by the Issuer (or
any direct or indirect parent of the Issuer and contributed to the Issuer) from such public offering other than public offerings with respect to the Issuer’s or any such direct or indirect parent company’s common stock registered on Form
S-8 and other than any public sale constituting an Excluded Contribution; provided, however, that the aggregate amount of all such dividends pursuant to this clause (6) since the Issue Date shall not exceed the aggregate amount of net
cash proceeds received by the Issuer (or by a direct or indirect parent of the Issuer and contributed to the Issuer) from such public offering; 
 (7) the purchase, redemption, retirement or other acquisition for value of any Equity Interests of the Issuer or any direct or indirect parent of the Issuer held by any current, future or former director,
officer, employee or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Issuer or any direct or indirect parent of the Issuer or any Restricted Subsidiary of the Issuer, or their estates or the
beneficiaries of such estates (including the payment of dividends and distributions to any direct or indirect parent of the Issuer to enable such parent to repurchase Equity Interests owned by its directors, officers, employees or consultants (or
their respective Controlled Investment Affiliates or Immediate Family Members)), in an amount not to exceed $10.0 million in any calendar year beginning after the Issue Date; provided that the Issuer may carry over and make in subsequent
calendar years, in addition to the amounts permitted for such calendar year, the amount of purchases, redemptions, acquisitions or retirements for value (and dividends and distributions) permitted to have been but not made in any preceding calendar
year up to a maximum of $15.0 million in any calendar year, provided, further, that such amounts will be increased by (i) the cash proceeds from the sale after the Issue Date of Equity Interests (other than Disqualified Stock) of the
Issuer or, to the extent contributed to the Issuer, Equity Interests of any direct or indirect parent of the Issuer, in each case to directors, officers, employees or consultants (or their respective Controlled Investment Affiliates or Immediate
Family Members) of the Issuer or any direct or indirect parent of the Issuer or any Restricted Subsidiary of the Issuer after the Issue Date, plus (ii) the cash proceeds of key man life insurance policies received by the Issuer, its Restricted
Subsidiaries, or any direct or indirect parent of the Issuer and contributed to the Issuer after the Issue Date, less (iii) the amount of any Restricted Payments previously made with the cash proceeds described in clauses (i) and
(ii) of this clause (7), in the case of each of clauses (i) and (ii), to the extent such net cash proceeds are not otherwise applied to make or otherwise increase the amounts available for Restricted Payments pursuant to
Section 3.3(a)(iii)(B) or Sections 3.3(b)(2), (4) or (17); 
 (8) upon the
occurrence of a Change of Control (or similarly defined term in other Indebtedness) and within 90 days after completion of the offer to repurchase Notes and other Pari Passu Notes Lien Indebtedness and Pari Passu Lien Indebtedness, as

  
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applicable, pursuant to Section 3.10 (including the purchase of all Notes tendered), any repayment, repurchase, redemption, defeasance or other acquisition or retirement for value of
any Subordinated Debt that is required to be repurchased or redeemed pursuant to the terms thereof as a result of such Change of Control (or similarly defined term in other Indebtedness), at a purchase price not greater than 101% of the outstanding
principal amount or liquidation preference thereof (plus accrued and unpaid interest and liquidated damages, if any); 
 (9) within 90 days after completion of any offer to repurchase Notes or other Pari Passu Notes Lien Indebtedness and Pari Passu Lien Indebtedness, as applicable, pursuant to Section 3.5
(including the purchase of all Notes tendered), any repayment, repurchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Debt that is required to be repurchased or redeemed pursuant to the terms thereof as a
result of such Asset Sale (or similarly defined term in such other Indebtedness), at a purchase price not greater than 100% of the outstanding principal amount or liquidation preference thereof (plus accrued and unpaid interest and liquidated
damages, if any); 
 (10) payments or distributions, in the nature of satisfaction of dissenters’ rights,
pursuant to or in connection with a consolidation, merger or transfer of assets that complies with the provisions of this Indenture applicable to mergers, consolidations and transfers of all or substantially all the property and assets of the
Issuer; 
 (11) the payment of cash in lieu of the issuance of fractional shares of Equity Interests upon
exercise or conversion of securities exercisable or convertible into Equity Interests of the Issuer (and payments of dividends to any direct or indirect parent of the Issuer for such purposes); 

(12) the declaration and payment of dividends or distributions by the Issuer or any Restricted Subsidiary to, or the
making of loans to, any direct or indirect parent of the Issuer in amounts sufficient for any direct or indirect parent of the Issuer to pay, in each case without duplication: 

(i) franchise and excise taxes and other fees, taxes and expenses, in each case, to the extent required to maintain their
corporate existence; 
 (ii) (A) tax distributions pursuant to the Holdco LLC Agreement or (B) so long as
the Issuer is (x) treated as a pass-through or disregarded entity for tax purposes, and of which any direct or indirect parent of the Issuer is an owner, member or partner (directly or through one or more entities that are treated as
pass-through entities for tax purposes) or (y) a member of an affiliated, consolidated, combined, unitary or similar group that includes any direct or indirect parent of the Issuer, federal, state and local income taxes, to the extent such
income taxes are attributable to the income of the Issuer or one or more of its Restricted Subsidiaries and, to the extent of the amount actually received from its Unrestricted Subsidiaries, in amounts required to pay such taxes to the extent
attributable to the income of such Unrestricted Subsidiaries; provided, that in each case the amount of 

  
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such payments or loans in any fiscal year does not exceed the amount that the Issuer and its Restricted Subsidiaries would be required to pay in respect of federal, state and local taxes for such
fiscal year were the Issuer, its Restricted Subsidiaries and Unrestricted Subsidiaries (to the extent described above) members of an affiliated, consolidated, combined, unitary or similar group that were subject to tax, of which the Issuer was the
common parent; 
 (iii) (x) customary salary, bonus and other benefits payable to employees, directors, officers
and managers of any direct or indirect parent of the Issuer to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Issuer and its Restricted Subsidiaries and (y) any reasonable and
customary indemnification claims made by directors or officers of the Issuer or any direct or indirect parent of the Issuer; 
 (iv) general corporate administrative, operating and overhead costs and expenses of any direct or indirect parent of the Issuer to the extent such costs and expenses are attributable to the ownership or
operation of the Issuer and its Restricted Subsidiaries; 
 (v) fees and expenses related to any equity or debt
offering or acquisition by any direct or indirect parent of the Issuer (whether or not successful); 
 (vi)
payments to fund investments that would otherwise permitted to be made pursuant to this Section 3.3 if made by the Issuer; provided that (A) such Restricted Payment shall be made substantially concurrently with the closing of
such investment, (B) such direct or indirect parent of the Issuer shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the capital of the Issuer or any
of its Restricted Subsidiaries or (2) the merger or amalgamation of the Person formed or acquired into the Issuer or one of its Restricted Subsidiaries (to the extent not prohibited by Section 4.1) in order to consummate such
investment, (C) such direct or indirect parent company and its Affiliates (other than the Issuer or any of its Restricted Subsidiaries) receives no consideration or other payment in connection with such transaction except to the extent the
Issuer or any of its Restricted Subsidiaries could have given such consideration or made such payment in compliance with this Indenture, (D) any property received by the Issuer shall not increase amounts available for Restricted Payments
pursuant to Section 3.3(a)(iii) and (E) such investment shall be deemed to be made by the Issuer or such Restricted Subsidiary pursuant to another provision of this Section 3.3(b) (other than pursuant to
Section 3.3(b)(17)) or pursuant to the definition of “Permitted Investments” (other than clause (5) thereof); and 
 (vii) amounts that would be permitted to be paid by the Issuer (and in lieu of the Issuer making such payments) under Section 3.8(b)(2), (6) and (19); provided that
the amount of any dividend or distribution under this clause (12)(vii) to permit such payment shall reduce Consolidated Net Income of the Issuer to the extent, if any, that such payment would have reduced Consolidated

  
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Net Income of the Issuer if such payment had been made directly by the Issuer and increase (or, without duplication of any reduction of Consolidated Net Income, decrease) Consolidated Cash Flow
to the extent, if any, that Consolidated Net Income is reduced under this clause (12)(vii) and such payment would have been added back to (or, to the extent excluded from Consolidated Net Income, would have been deducted from) Consolidated Cash
Flow if such payment had been made directly by the Issuer, in each case, in the period such payment is made; 

(13) the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of
the Issuer or any of its Restricted Subsidiaries and preferred stock (other than Designated Preferred Stock) of any Restricted Subsidiary issued or incurred after the Issue Date in accordance with Section 3.2; 

(14) the declaration and payment of dividends or distributions: 

(i) to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of the Issuer issued
after the Issue Date; 
 (ii) to any direct or indirect parent of the Issuer, the proceeds of which will be used
to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of any direct or indirect parent of the Issuer issued after the Issue Date; and 

(iii) on Refunding Capital Stock that is preferred stock in excess of the dividends declarable and payable thereon
pursuant to Section 3.3(b)(2); 
 provided, however, in the case of each of (i), (ii) and (iii) of
this clause (14), that for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock or the declaration of such dividends or
distributions on Refunding Capital Stock that is preferred stock, after giving effect to such issuance or declaration on a pro forma basis, the Issuer would have had a Fixed Charge Coverage Ratio of at least 2.00 to 1.00; 

(15) other Restricted Payments in an amount which, taken together with all other Restricted Payments made pursuant to this
clause (15) do not exceed the greater of (x) $20.0 million and (y) 2.5% of the Issuer’s Consolidated Total Assets; 
 (16) any payments made in connection with the Transactions pursuant to the Formation Agreement and the Related Agreements (without giving effect to subsequent amendments, waivers or other modifications to
such agreements or documents) or as otherwise described in the Offering Circular; and 
 (17) Restricted Payments
in an aggregate amount not to exceed the amount of all Excluded Contributions; 
 provided that, in the case of
Section 3.3(b)(15), no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof. 

  
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 (c) Notwithstanding anything to the contrary in the foregoing, (i) Restricted
Investments of assets and property constituting Collateral (other than cash and Cash Equivalents) made pursuant to Section 3.3(a) may only be made in Subsidiary Guarantors and (ii) upon the occurrence of a Refinery Event of Loss,
until such time as all Net Proceeds therefrom in excess of the Refinery Event of Loss Threshold have either been invested in Replacement Assets that would constitute Note Priority Collateral (which Replacement Assets are thereupon with their
acquisition added to the Collateral securing the Notes) or applied towards a Collateral Disposition Offer (in accordance with Section 3.5(a)), the Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly,
make any Restricted Payment of the type described in Section 3.3(a)(1) or (2) by means of Section 3.3(a) or Section 3.3(b)(15). 
 (d) The amount of all Restricted Payments (other than cash) shall be the fair market value (as determined in Good Faith by the Issuer) on the date of the Restricted Payment of the asset(s) or securities
proposed to be transferred or issued to or by the Issuer or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. In determining whether any Restricted Payment is permitted by this Section 3.3, the Issuer
and its Restricted Subsidiaries may allocate on the date of its payment all or any portion of such Restricted Payment among the categories described in Sections 3.3(b)(1) through (17) or among such categories and the types of
Restricted Payments described in Section 3.3(a) (including categorization in whole or in part as a Permitted Investment); provided that, at the time of such allocation, all such Restricted Payments, or allocated portions thereof,
would be permitted under the various provisions of this Section 3.3. 
 SECTION 3.4. Dividend and Other
Payment Restrictions Affecting Restricted Subsidiaries. 
 (a) The Issuer will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to: 

(1) pay dividends or make any other distributions on its Capital Stock (or with respect to any other interest or
participation in, or measured by, its profits) to the Issuer or any of its Restricted Subsidiaries or pay any Indebtedness owed to the Issuer or any of its Restricted Subsidiaries; 

(2) make loans or advances to the Issuer or any of its Restricted Subsidiaries; or 

(3) sell, lease or transfer any of its properties or assets to the Issuer or any of its Restricted Subsidiaries.

 (b) The restrictions in Section 3.4(a) will not apply to encumbrances or restrictions: 

(1) existing under, by reason of or with respect to the ABL Facility, Existing Indebtedness, or any other agreements in
effect on the Issue Date and any amendments, modifications, restatements, renewals, extensions, increases, supplements, refundings, replacements or refinancings thereof; provided that the encumbrances and restrictions in any such amendments,
modifications, restatements, renewals, extensions, 

  
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increases, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, than those in effect on the Issue Date; 

(2) existing under, by reason of or with respect to any other Credit Facility of the Issuer permitted under this
Indenture; provided that the applicable encumbrances and restrictions contained in the agreement or agreements governing the other Credit Facility are not materially more restrictive, taken as a whole, than those contained in the ABL Facility
(with respect to other credit agreements) as in effect on the Issue Date or this Indenture (with respect to other indentures) as in effect on the Issue Date; 
 (3) existing under, by reason of or with respect to applicable law, rule, regulation or administrative or court order; 

(4) with respect to any Person or the property or assets of a Person acquired by the Issuer or any of its Restricted
Subsidiaries existing at the time of such acquisition and not incurred in connection with or in contemplation of such acquisition, which encumbrance or restriction is not applicable to any Person or the properties or assets of any Person, other than
the Person, or the property or assets of the Person, so acquired and that in the case of Indebtedness, such Indebtedness was permitted by the terms of this Indenture and any amendments, modifications, restatements, renewals, extensions, increases,
supplements, refundings, replacements or refinancings thereof; provided that the encumbrances and restrictions in any such amendments, modifications, restatements, renewals, extensions, increases, supplements, refundings, replacements or
refinancings are entered into in the ordinary course of business or not materially more restrictive, taken as a whole, than those contained in the ABL Facility, this Indenture, Existing Indebtedness or such other agreements as in effect on the date
of the acquisition; 
 (5) in the case of the provision described in clause (3) of the first paragraph of
this covenant: 
 (i) that restrict in a customary manner the subletting, assignment or transfer of any property
or asset that is a lease, license, conveyance or contract or similar property or asset entered into in the ordinary course of business, 
 (ii) existing by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on, the property or assets of the Issuer or any Restricted Subsidiary subject to such
transaction not otherwise prohibited by this Indenture, 
 (iii) existing under, by reason of or with respect to
(A) purchase money obligations for property acquired in the ordinary course of business that impose restrictions on the property so acquired or (B) capital leases or operating leases entered into in the ordinary course of business that
impose encumbrances or restrictions on the property covered thereby, or 
 (iv) arising or agreed to in the
ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate, detract from the 

  
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value of property or assets of the Issuer or any Restricted Subsidiary thereof in any manner material to the Issuer or any Restricted Subsidiary thereof; 

(6) existing under, by reason of or with respect to (x) customary provisions in joint venture, operating or similar
agreements relating solely to such joint ventures and (y) asset sale agreements and stock sale agreements arising in connection with the entering into of such transactions and that impose restrictions on the assets to be sold; 

(7) existing under, by reason of or with respect to any agreement for the sale or other disposition of some or all of the
Capital Stock of, or any property and assets of, a Restricted Subsidiary of the Issuer that restrict distributions by that Restricted Subsidiary pending the closing of such sale or other disposition; 

(8) existing under, by reason of or with respect to Permitted Refinancing Indebtedness; provided that the
encumbrances and restrictions contained in the agreements governing that Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced;

 (9) restricting cash or other deposits or net worth imposed by customers under contracts entered into
in the ordinary course of business; 
 (10) existing under, by reason of or with respect to customary provisions
contained in leases or licenses of intellectual property and other agreements, in each case, entered into in the ordinary course of business; 
 (11) existing under, by reason of or with respect to this Indenture, the Notes, the Exchange Notes, the Note Guarantees and the Security Documents; 

(12) existing under, by reason of or with respect to Indebtedness of the Issuer or a Restricted Subsidiary thereof not
prohibited to be incurred under this Indenture; provided that (x) such encumbrances or restrictions are ordinary and customary in light of the type of Indebtedness being incurred and the jurisdiction of the obligor and (y) such
encumbrances or restrictions will not affect in any material respect the Issuer’s or any Subsidiary Guarantor’s ability to make principal and interest payments on the Notes, as determined in Good Faith by the Issuer; 

(13) consisting of customary restrictions pursuant to any Permitted Receivables Financing that in the good faith
determination of the Board of Directors of the Issuer, are necessary or advisable to effect such Permitted Receivables Financing; and 
 (14) existing under the Intermediation Agreement and the Pari Passu Lien Hedge Agreements as in effect on the Issue Date and any amendments, modifications, restatements, renewals, extensions, supplements,
refundings, replacements or refinancings thereof, provided that the encumbrances and restrictions in any such amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacements or refinancings are not
materially more restrictive, taken as a whole, than those prior to 

  
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such amendment, modification, restatement, renewal, extension, supplement, refunding, replacement or refinancing. 
 For purposes of determining compliance with this covenant, (1) the priority of any preferred stock in receiving dividends or liquidating distributions prior to distributions being paid on common
stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (2) the subordination of loans or advances made to the Issuer or a Restricted Subsidiary of the Issuer to other Indebtedness incurred by the
Issuer or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 
 SECTION
3.5. Asset Sales. 
 (a) The Issuer will not, and will not permit any of its Restricted Subsidiaries to, make any
Asset Sale of Collateral unless: 
 (1) other than in case of an Event of Loss, the Issuer or such
Restricted Subsidiary, as the case may be, receives consideration at least equal to the fair market value (such fair market value to be determined as of the date of contractually agreeing to such Asset Sale), as determined in Good Faith by the
Issuer (including as to the value of all non-cash consideration), of the Collateral subject to such Asset Sale; 

(2) at least 75% of the consideration from such Asset Sale received by the Issuer or such Restricted Subsidiary, as the
case may be, is in the form of (A) cash, (B) Cash Equivalents, (C) Replacement Assets of a type which would constitute (x) Note Priority Collateral in the case of an Asset Sale of Note Priority Collateral or (y) ABL Priority
Collateral in the case of an Asset Sale of ABL Priority Collateral (which in both cases are thereupon with their acquisition added to the Collateral securing the Notes) or (D) any combination of the foregoing; 

(3) to the extent that any consideration from such Asset Sales received by the Issuer or a Restricted Subsidiary, as the
case may be, constitutes securities or other assets that are of a type or class that constitute Collateral, such securities or other assets, including the assets of any Person that becomes a Subsidiary Guarantor as a result of such transaction, are
concurrently with their acquisition added to the Collateral securing the Notes (as Note Priority Collateral or ABL Priority Collateral, as applicable) in the manner provided for in this Indenture or any of the Security Documents; and 

(4) the Net Proceeds from any such Asset Sale of Note Priority Collateral is paid directly by the purchaser thereof to the
Collateral Agent to be held in trust in a Collateral Account for application in accordance with this covenant. 

Notwithstanding the foregoing provisions of the above paragraph, the Issuer and the Restricted Subsidiaries will not be required to cause
any Net Proceeds to be held in a Collateral Account in accordance with clause (4) of the above paragraph except to the extent the aggregate Net Proceeds from all Asset Sales of Note Priority Collateral that (x) are not held in a Collateral
Account and (y) have not been previously applied in accordance with the provisions of the following paragraphs relating to the application of Net Proceeds from Asset Sales of Note Priority Collateral, exceed $50.0 million. 

  
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 Subject to the terms of the Collateral Trust and Intercreditor Agreement and the ABL
Intercreditor Agreement, the Issuer or any Subsidiary Guarantor, as the case may be, may invest any Net Proceeds received from Asset Sales of Collateral, and may withdraw Net Proceeds from the Collateral Account to invest, in Replacement Assets that
would constitute (x) Note Priority Collateral in the case of an Asset Sale of Note Priority Collateral and (y) ABL Priority Collateral in the case of an Asset Sale of ABL Priority Collateral, within 365 days of the date of such Asset Sale,
which Replacement Assets are thereupon with their acquisition added to the Collateral securing the Notes; provided that the Replacement Assets shall not include the Capital Stock of Foreign Subsidiaries for purposes of the requirement unless
the relevant Asset Sale consisted of the sale of Capital Stock of a Foreign Subsidiary.
 Any Net Proceeds from Asset Sales of
Collateral or Events of Loss that are not applied or invested as provided in this Section 3.5(a) will be deemed to constitute “Excess Collateral Proceeds.” When the aggregate amount of Excess Collateral Proceeds exceeds
$35.0 million, the Issuers will be required to make an offer (“Collateral Disposition Offer”) to all Holders to purchase the maximum principal amount of the Notes (on a pro rata basis) and, if required by the terms of any other Pari
Passu Notes Lien Indebtedness, to the holders of such Pari Passu Notes Lien Indebtedness (on a pro rata basis), to which the Collateral Disposition Offer applies that may be purchased out of the Excess Collateral Proceeds, at an offer price in cash
in an amount equal to 100% of the principal amount of the Notes and such other Pari Passu Notes Lien Indebtedness, plus accrued and unpaid interest to, but excluding, the date of purchase, in accordance with the procedures set forth in this
Indenture in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof with respect to the Notes; provided, however, that to the extent the Excess Collateral Proceeds relate to Asset Sales of ABL Priority
Collateral, the Issuers may, prior to making a Collateral Disposition Offer, make a prepayment with respect to the maximum principal amount of Indebtedness that is secured by such ABL Priority Collateral on a first-priority basis that may be prepaid
out of such Excess Collateral Proceeds (and to correspondingly reduce commitments with respect thereto), at a price in cash in an amount equal to 100% of the principal amount of such Indebtedness, plus accrued and unpaid interest to the date of
prepayment, with any Excess Collateral Proceeds not used to prepay such Indebtedness offered to Holders in accordance with this paragraph. To the extent that the aggregate amount of Notes so validly tendered and not properly withdrawn pursuant to a
Collateral Disposition Offer is less than the Excess Collateral Proceeds, the Issuers may use any remaining Excess Collateral Proceeds for general corporate purposes, subject to the other provisions contained in this Indenture. If the aggregate
principal amount of Notes surrendered by Holders and holders of any Pari Passu Notes Lien Indebtedness exceeds the amount of Excess Collateral Proceeds, the Notes and Pari Passu Notes Lien Indebtedness to be purchased shall be selected on a pro rata
basis on the basis of the aggregate principal amount of tendered Notes. Upon completion of such Collateral Disposition Offer, the amount of Excess Collateral Proceeds shall be reset at zero. 

Pending the final application of any such Net Proceeds (other than Net Proceeds required to be held in a Collateral Account) in
accordance with the third paragraph of this Section 3.5(a), the Issuers and the Restricted Subsidiaries may temporarily reduce Indebtedness or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture. 

  
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 (b) The Issuer will not, and will not permit any Restricted Subsidiary to, make any Asset
Sale (other than Asset Sales of Collateral, which shall be treated in the manner set forth in Section 3.5(a) above) unless: 
 (1) other than in case of an Event of Loss, the Issuer or such Restricted Subsidiary, as the case may be, receives consideration (including by way of relief from, or by way of any other Person assuming
sole responsibility for, any liabilities, contingent or otherwise) at least equal to the fair market value (such fair market value to be determined as of the date of contractually agreeing to such Asset Sale) (as determined in Good Faith by the
Issuer (including as to the value of all non-cash consideration)), of the shares and assets subject to such Asset Sale; 
 (2) at least 75% of the consideration from such Asset Sale received by the Issuer or such Restricted Subsidiary, as the case may be, is in the form of (A) cash, (B) Cash Equivalents,
(C) Replacement Assets of a type which would constitute Collateral (which are thereupon with their acquisition added to the Collateral securing the Notes (as Note Priority Collateral or ABL Priority Collateral, as applicable) or (D) any
combination of the foregoing; and
 (3) an amount equal to 100% of the Net Proceeds from such Asset Sale is
applied by the Issuer (or such Restricted Subsidiary, as the case may be) as follows (it being understood that actions under clause (B) and (C) may occur prior to actions under clause (A) during such 365-day period): 

(A) to the extent the Issuers or such Restricted Subsidiary elects (or is required by the terms of any Indebtedness), to
prepay, repay or purchase Indebtedness (other than Disqualified Stock or Subordinated Debt) (in each case other than Indebtedness owed to the Issuers or an Affiliate of the Issuers) within 365 days after the date of such Asset Sale; provided
that the Issuers shall equally and ratably reduce obligations under the Notes as provided under Section 5.7, through open market purchases (to the extent such purchases are at or above 100% of the principal amount thereof) or by making
an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to purchase their Notes at 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, on the amount of Notes that
would otherwise be prepaid; 
 (B) to the extent the Issuer or such Restricted Subsidiary elects, to reinvest in
Replacement Assets (including by means of an investment in Replacement Assets by a Restricted Subsidiary with Net Proceeds received by the Issuer or another Restricted Subsidiary) within 365 days from the date of such Asset Sale, which Replacement
Assets are thereupon with their acquisition added to the Collateral (as (x) Note Priority Collateral to the extent such Replacement Assets are of the type that would constitute Note Priority Collateral or (y) ABL Priority Collateral to the
extent such 

  
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Replacement Assets are of the type that would constitute ABL Priority Collateral) securing the Notes; 
 (C) to the extent the Issuer or such Restricted Subsidiary elects, to make an investment in a capital expenditure used or useful in a Permitted Business within 365 days after the date of such Asset Sale,
provided that to the extent such investment is of a type which would constitute Collateral, such investment is thereupon added to the Collateral (as (x) Note Priority Collateral to the extent such investments is of the type that would
constitute Note Priority Collateral or (y) ABL Priority Collateral to the extent such investment is of the type that would constitute ABL Priority Collateral) securing the Notes; 

(D) to the extent of the balance of such Net Proceeds after application in accordance with clauses (A), (B) and (C),
to make an offer to purchase Notes and Pari Passu Indebtedness with similar asset sale provisions, pro rata at 100% of the tendered principal amount thereof (or 100% of the accreted value of such other Pari Passu Indebtedness so tendered, if such
Pari Passu Indebtedness was offered at a discount) plus accrued and unpaid interest, if any, thereon to the purchase date; and 
 (E) to the extent of the balance of such Net Proceeds after application in accordance with clauses (A), (B), (C) and (D) above, to fund (to the extent consistent with any other applicable
provision of this Indenture) any corporate purpose; 
 provided, however, that in connection with any prepayment, repayment or
purchase of Indebtedness pursuant to clause (A) or (D) above, the Issuers or such Restricted Subsidiary will retire such Indebtedness and will cause the related loan commitment (if any) to be permanently reduced in an amount equal to the
principal amount so prepaid, repaid or purchased; provided further that pending the final application of any such Net Proceeds in accordance with this clause (3), the Issuers and the Restricted Subsidiaries may temporarily reduce Indebtedness
or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture. 
 In the case of the third paragraph of
Section 3.5(a) or Section 3.5(b)(3)(B), if, during the 365-day period following the date of the Asset Sale, the Issuer or such Restricted Subsidiary (x) enters into a written agreement committing it to apply such
Net Proceeds in accordance with the requirements of the third paragraph of Section 3.5(a) or Section 3.5(b)(3)(B) after such 365-day period or (y) has begun construction of such Replacement Assets using such Net Proceeds
and delivers an Officers’ Certificate to the Trustee certifying that such Net Proceeds have been budgeted toward such construction, then such 365-day period will be extended with respect to the amount of Net Proceeds so committed or so budgeted
for a period, in each case not to exceed 180 days, until such Net Proceeds are required to be applied in accordance with such agreement (or, if earlier, until termination of such agreement) or has been applied toward such construction, as the case
may be. 

  
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 In the event of an Asset Sale that requires the purchase of Notes pursuant to
Section 3.5(b)(3)(D), the Issuers will be required to apply such Excess Proceeds (as defined below) to the repayment of the Notes and any other Pari Passu Indebtedness outstanding with similar provisions requiring the Issuers to make an
offer to purchase such Indebtedness with the proceeds from any Asset Sale as follows: (1) the Issuers will make an offer to purchase (an “Asset Sale Offer”) within ten business days of such time from all Holders in accordance
with the procedures set forth in this Indenture in the maximum principal amount (expressed as a multiple of $1,000) of Notes that may be purchased out of an amount (the “Note Amount”) equal to the product of such Excess Proceeds
multiplied by a fraction, the numerator of which is the outstanding principal amount of the Notes and the denominator of which is the sum of the outstanding principal amount of the Notes and such Pari Passu Indebtedness and (2) to the extent
required by such Pari Passu Indebtedness to permanently reduce the principal amount of such Pari Passu Indebtedness, the Issuers will make an offer to purchase or otherwise repurchase or redeem such Pari Passu Indebtedness (a “Pari Passu
Offer”) in an amount equal to the excess of the Excess Proceeds over the Note Amount at a purchase price of 100% of their principal amount plus accrued and unpaid interest (or 100% of the accreted value of such Pari Passu Indebtedness, if
such Pari Passu Indebtedness was offered at a discount) to the purchase date in accordance with the procedures (including prorating in the event of oversubscription) set forth in this Indenture with respect to the Asset Sale Offer and in the
documentation governing such Pari Passu Indebtedness with respect to the Pari Passu Offer. If the aggregate purchase price of the Notes and Pari Passu Indebtedness tendered pursuant to the Asset Sale Offer and Pari Passu Offer is less than the
Excess Proceeds, the remaining Excess Proceeds will be available to the Issuers for use in accordance with Section 3.5(b)(3)(E) above. The Issuers shall only be required to make an Asset Sale Offer for Notes pursuant to this covenant if
the Net Proceeds available therefor (after application of the proceeds as provided in Sections 3.5(b)(3)(A), (b)(3)(B) and (b)(3)(C) above) (“Excess Proceeds”) exceeds $35.0 million (and any lesser amounts shall
be carried forward for purposes of determining whether an Asset Sale Offer is required with respect to the Net Proceeds from any subsequent Asset Sale). Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at
zero. 
 (c) The Collateral Disposition Offer or Asset Sale Offer will remain open for a period of 20 business days following
its commencement, except to the extent that a longer period is required by applicable law (the “Asset Sale Offer Period”). No later than five business days after the termination of the Asset Sale Offer Period (the “Asset
Sale Purchase Date”), the Issuers will purchase the principal amount of Notes, Pari Passu Notes Lien Indebtedness and Pari Passu Indebtedness, as applicable, required to be purchased pursuant to this covenant (the “Asset Sale Offer
Amount”) or, if less than the Asset Sale Offer Amount has been so validly tendered and not properly withdrawn, all Notes, Pari Passu Notes Lien Indebtedness and Pari Passu Indebtedness, if applicable, validly tendered in response to the
Collateral Disposition Offer or Asset Sale Offer, as applicable. 
 If the Asset Sale Purchase Date is on or after an interest
record date and on or before the related interest payment date, any accrued and unpaid interest will be paid on such Asset Sale Purchase Date to the Person in whose name a note is registered at the close of business on such record date, and no
additional interest will be payable to Holders who tender Notes pursuant to the Collateral Disposition Offer or Asset Sale Offer.

  
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 On or before the Asset Sale Purchase Date, the Issuers will, to the extent lawful, accept
for payment, on a pro rata basis to the extent necessary, the Asset Sale Offer Amount of Notes, Pari Passu Notes Lien Indebtedness and Pari Passu Indebtedness, as applicable, or portions of Notes, Pari Passu Notes Lien Indebtedness and Pari Passu
Indebtedness, as applicable, so validly tendered and not properly withdrawn pursuant to the Collateral Disposition Offer or Asset Sale Offer, or if less than the Asset Sale Offer Amount has been validly tendered and not properly withdrawn, all
Notes, Pari Passu Notes Lien Indebtedness and Pari Passu Indebtedness, as applicable, so validly tendered and not properly withdrawn, in each case in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof in the case of the
Notes. The Issuers or the Paying Agent, as the case may be, will promptly (but in any case not later than five business days after termination of the Asset Sale Offer Period) mail or deliver to each tendering Holder or holder or lender of Pari Passu
Notes Lien Indebtedness or Pari Passu Indebtedness, as the case may be, an amount equal to the purchase price of the Notes, Pari Passu Notes Lien Indebtedness or Pari Passu Indebtedness so validly tendered and not properly withdrawn by such holder
or lender, as the case may be, and accepted by the Issuers for purchase, and the Issuers will promptly issue a new Note, and the Trustee, upon delivery of an authentication order from the Issuers, will authenticate and mail or deliver such new Note
to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered; provided that each such new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. Any Note not so
accepted will be promptly mailed or delivered by the Issuers to the Holder thereof. The Issuers will publicly announce the results of the Collateral Disposition Offer or Asset Sale Offer, as the case may be, on the Asset Sale Purchase Date.

 (d) For the purposes of this covenant, the following are deemed to be cash: 

(1) the assumption of Indebtedness of the Issuers (other than Disqualified Stock, Subordinated Debt and Indebtedness
assumed by the purchaser of assets in connection with a Sale and Leaseback Transaction) or Indebtedness of any Restricted Subsidiary (other than Disqualified Stock or Subordinated Debt of any Subsidiary Guarantor and Indebtedness assumed by the
purchaser of assets in connection with a Sale and Leaseback Transaction) and the release of the Issuers or such Restricted Subsidiary from all liability on such Indebtedness; 

(2) securities, notes or similar obligations received by the Issuers or any Restricted Subsidiary from the transferee that
are converted within 120 days by the Issuers or such Restricted Subsidiary into cash; and 
 (3) any Designated
Non-cash Consideration received by the Issuer or any of its Restricted Subsidiaries in such Asset Sale having an aggregate fair market value (determined in Good Faith by the Issuer), taken together with all other Designated Non-cash Consideration
received pursuant to this clause (3) that is at that time outstanding, not to exceed the greater of (x) $37.5 million and (y) 5.0% of the Issuer’s Consolidated Total Assets at the time of the receipt of such Designated Non-cash
Consideration (with the fair market value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value). 

  
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 (e) The Issuers will comply, to the extent applicable, with the requirements of
Section 14(e) of the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this covenant. To the extent that the provisions of any securities laws or regulations conflict with
provisions of this covenant, the Issuers will comply with the applicable securities laws and regulations and will not be deemed to have breached obligations of the Issuers described under this covenant. 

SECTION 3.6. Liens. 
 (a) The Issuer and each Subsidiary Guarantor will not, and the Issuer will not permit any other Restricted Subsidiary to, directly or indirectly, create, incur, assume or otherwise cause or suffer to
exist or become effective any Lien of any kind (other than Permitted Liens) upon any of their property or assets, now owned or hereafter acquired, or upon any income or profits therefrom or assign or convey any right to receive income therefrom.

 (b) If the Issuer or any Subsidiary Guarantor, directly or indirectly, shall create, incur or suffer to exist any Lien
securing obligations under the ABL Facility or any other first-priority Lien on ABL Priority Collateral, the Issuer or such Subsidiary Guarantor, as the case may be, must concurrently grant at least a second-priority Lien, subject to Permitted
Liens, upon such property as security for the Notes and the Note Guarantees. 
 SECTION 3.7. Guarantees of Indebtedness
by Subsidiaries. 
 (a) The Issuer will not permit any of its Restricted Subsidiaries, directly or indirectly, to Guarantee
any other Indebtedness of the Issuer or any other Subsidiary Guarantor (including, but not limited to, any Indebtedness under any Credit Facility) unless: 
 (1) Such Restricted Subsidiary is a Subsidiary Guarantor or simultaneously executes and delivers a supplemental indenture in the form of Exhibit C hereto providing for a Note Guarantee by such
Restricted Subsidiary secured on a first-priority basis with respect to the Note Priority Collateral and a second-priority basis with respect to the ABL Priority Collateral and which Note Guarantee shall be second in right of payment to or pari
passu in right of payment with such Restricted Subsidiary’s Guarantee of other Indebtedness, provided that if such Indebtedness is by its express terms subordinated in right of payment to the Notes or such Subsidiary Guarantor’s
Note Guarantee, any such guarantee of such Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to such Restricted Subsidiary’s Note Guarantee substantially to the same extent as such Indebtedness is
subordinated in right of payment to the Notes or such Subsidiary Guarantor’s Note Guarantee; 
 (2) such
Restricted Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of subrogation in relation to the Holders in respect of any payment by such Restricted Subsidiary under its Note Guarantee until
payment in full of the Obligations under this Indenture; 
 (3) such Restricted Subsidiary shall also become a
party to the applicable Security Documents and the Registration Rights Agreement and shall as promptly as practicable execute and deliver such security instruments, Mortgages, 

  
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financing statements, deeds of trust (in substantially in the same form as those executed delivered with respect to the Collateral on the Issue Date or the date first delivered in the case of
Mortgages) and certificates and opinions of counsel (to the extent, and substantially in the form, delivered on the Issue Date or the date first delivered in the case of Mortgages (but no greater scope)) as may be necessary to vest in the Collateral
Agent a perfected first or second-priority security interest, as the case may be (subject to Permitted Liens), in properties and assets of the type constituting Collateral as security for the Notes or the Note Guarantees and as may be necessary to
have such property or asset added to the applicable Collateral as required under the Security Documents and this Indenture, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such properties and
assets to the same extent and with the same force and effect; and 
 (4) such Restricted Subsidiary shall deliver
to the Trustee an Opinion of Counsel to the effect that: 
 (i) such supplemental indenture and Note Guarantee
has been duly executed and authorized; and 
 (ii) such supplemental indenture and Note Guarantee constitute a
valid, binding and enforceable obligation of such Restricted Subsidiary, except insofar as enforcement thereof may be limited by bankruptcy, insolvency or similar laws (including, without limitation, all laws relating to fraudulent transfers) and
except insofar as enforcement thereof is subject to general principles of equity; 
 provided that this paragraph (a) shall not be
applicable to any guarantee of any Restricted Subsidiary that existed at the time such Person became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. 

In addition, notwithstanding anything to the contrary contained in this Indenture, neither the Issuer nor any of its Restricted
Subsidiaries shall be required to provide any Guarantee, pledge or asset support agreement that, in the reasonable judgment of the Issuer, would subject the Issuer to any adverse tax consequence due to the application of Section 956 of the
Code. 
 (b) Notwithstanding the foregoing and the other provisions of this Indenture, any Guarantee by a Subsidiary of the
Notes shall be released in accordance with Section 10.2(d). 
 SECTION 3.8. Transactions with Affiliates.
(B) The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, conduct any business or enter into or permit to exist any contract or transaction or series of related transactions (including, but not
limited to, the purchase, sale, lease or exchange of property, the making of any investment, the giving of any Guarantee or the rendering of any service) with any Affiliate of the Issuer or any Restricted Subsidiary involving aggregate payments or
consideration in excess of $5.0 million other than transactions solely among any of the Issuer and its Restricted Subsidiaries (an “Affiliate Transaction”), unless: 

  
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 (1) the terms of such Affiliate Transaction are on terms no less favorable,
taken as a whole, to the Issuer or such Restricted Subsidiary than those that could be obtained in a comparable arm’s length transaction with an unaffiliated party; and 

(2) with respect to any Affiliate Transaction (i) involving an amount or having a value in excess of $25.0 million,
the Issuer must obtain a resolution of the Board of Directors of the Issuer set forth in an Officers’ Certificate certifying that such Affiliate Transaction or series of related Affiliate Transactions complies with clause (1) above and
that such Affiliate Transaction or series of related Affiliate Transactions has been approved by the Issuer’s Board of Directors and (ii) involving an amount or having a value in excess of $100.0 million, the Issuer must obtain a written
opinion of a nationally recognized investment banking, accounting or appraisal firm stating that the transaction (or relevant purchase price or valuation) is fair to the Issuer or such Restricted Subsidiary from a financial point of view.

 (b) The following items shall not be deemed to be Affiliate Transactions and, therefore, will not be subject to the
provisions of Section 3.8(a): 
 (1) transactions between or among the Issuer, its Restricted
Subsidiaries, and/or any Subsidiary Guarantors; 
 (2) the payment of management, consulting, monitoring,
transaction and advisory fees and related expenses to the Sponsor pursuant to the Management Services Agreement and the termination fees pursuant to the Management Services Agreement, in each case as in effect on the Issue Date or any amendment
thereto (so long as any such amendment is not materially disadvantageous, in the good faith judgment of the Board of Directors of the Issuer, to the Holders when taken as a whole as compared to the Management Services Agreement in effect on the
Issue Date); 
 (3) Restricted Payments that are permitted by the provisions of Section 3.3 or the
definition of “Permitted Investments” (other than pursuant to clauses (3) and (10) of such definition); 
 (4) any sale of Equity Interests (other than Disqualified Stock) of the Issuer to Affiliates of the Issuer; 
 (5) loans and advances to officers or employees of any direct or indirect parent of the Issuer, the Issuer or any of the Issuer’s Restricted Subsidiaries or Guarantees in respect thereof or otherwise
made on the Issuer’s or any of its Restricted Subsidiaries’ behalf (or the cancellation of such loans, advances or Guarantees), in both cases for bona fide business purposes in the ordinary course of business; 

(6) any employment, consulting, service or termination agreement, or customary indemnification arrangements, entered into
by the Issuer or any of its Restricted Subsidiaries with current, former or future directors, officers, employees or consultants of any direct or indirect parent of the Issuer, the Issuer or any of its Restricted Subsidiaries and the payment of
compensation to directors, officers, employees and consultants of any direct or indirect parent of the Issuer, the Issuer or any of its Restricted Subsidiaries 

  
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(including amounts paid pursuant to employee benefit plans, employee stock option or similar plans), in each case in the ordinary course of business; 

(7) transactions with a Person (other than an Unrestricted Subsidiary of the Issuer) that is an Affiliate of the Issuer
solely because the Issuer, directly or indirectly, owns Equity Interests in, or controls, such Person; 
 (8)
payments by the Issuer or any of its Restricted Subsidiaries to, and agreements with, the Sponsors, and any of their respective Affiliates for any financial advisory services, financing, mergers and acquisitions advisory, insurance brokerage,
hedging arrangements, underwriting or placement services or in respect of other investment banking services, including, without limitation, in connection with acquisitions or divestitures, which payments are on terms no less favorable, taken as a
whole, to the Issuer or such Restricted Subsidiary than those that could be obtained in a comparable arm’s length transaction with an unaffiliated party and are approved by a majority of the Board of Directors of the Issuer in good faith;

 (9) any contracts, instruments or other agreements or arrangements in each case as in effect on the Issue
Date, and any transactions pursuant thereto or contemplated thereby, or any amendment, modification or supplement thereto or any replacement thereof entered into from time to time, as long as such agreement or arrangement as so amended, modified,
supplemented or replaced, taken as a whole, is not, in the good faith judgment of the Board of Directors of the Issuer, materially more disadvantageous to the Issuer and its Restricted Subsidiaries at the time executed than the original agreement or
arrangement as in effect on the Issue Date; 
 (10) any Guarantee by any direct or indirect parent of the Issuer
of Indebtedness of the Issuer or any Subsidiary Guarantor that was permitted by this Indenture; 
 (11)
transactions with Affiliates solely in their capacity as holders of Indebtedness or Equity Interests of the Issuer or any of its Subsidiaries, so long as such transaction is with all holders of such class (and there are such non-Affiliate holders)
and such Affiliates are treated no more favorably than all other holders of such class generally; 
 (12)
transactions with customers, clients, suppliers, joint ventures or purchasers or sellers of goods or services in the ordinary course of business on terms not materially less favorable as might reasonably have been obtained at such time from a Person
that is not an Affiliate of the Issuer, as determined in Good Faith by the Issuer and as otherwise in compliance with this Indenture; 
 (13) transactions in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an independent financial advisor stating that such transaction is
fair to the Issuer or such Restricted Subsidiary from a financial point of view; 
 (14) any contribution to the
common equity capital of the Issuer; 

  
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 (15) any transaction with any Person who is not an Affiliate immediately
before the consummation of such transaction that becomes an Affiliate as a result of such transaction; provided that such transaction was not entered into in contemplation of such acquisition, merger or consolidation; 

(16) the pledge of Equity Interests of any Unrestricted Subsidiary otherwise permitted by this Indenture;

(17) any agreement or arrangement as in effect as of the Issue Date (other than the Management Services Agreement and the
registration rights agreement referred to in Section 3.8(b)(19), but including, without limitation, each of the other agreements entered into in connection with the Transactions and described in the Offering Circular under the heading
“Certain Relationships and Related Party Transactions”), or any amendment thereto (so long as any such amendment is not materially disadvantageous to the Holders when taken as a whole as compared to the applicable agreement as in effect on
the Issue Date); 
 (18) sales of accounts receivable, or participations therein, or any related transaction, in
connection with any Permitted Receivables Financing; 
 (19) the existence of, or the performance by the Issuer
or any of its Restricted Subsidiaries of its obligations under the terms of, any registration rights agreement to which it is a party as of the Issue Date and any similar agreements which it may enter into thereafter; provided,
however, that the existence of, or the performance by the Issuer or any of its Restricted Subsidiaries of obligations under any future amendment to any such existing agreement or under any similar agreement entered into after the Issue Date
shall only be permitted by this clause (19) to the extent that the terms of any such existing agreement, together with all amendments thereto, taken as a whole, are not otherwise disadvantageous in any material respect to the Holders when taken
as a whole as compared to the original agreement in effect on the Issue Date; 
 (20) the execution of the
Transactions and the payment of all fees and expenses related to the Transactions, in each case as contemplated in the Offering Circular; 
 (21) entry into, and payments pursuant to, any tax sharing arrangements between or among the Issuer, its Restricted Subsidiaries and any direct or indirect parent of the Issuer (provided that any
dividends or distributions to any direct or indirect parent of the Issuer with respect to payments thereunder shall be limited to amounts permitted under Section 3.3(b)(12)(ii)(B)(y)); and 

(22) any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the
funding of, employment and other compensation arrangements, stock options, restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans or similar employee benefits plans approved by the Board of Directors
of the Issuer in good faith. 
 SECTION 3.9. Limitation on Activities of the Co-Issuer. The Co-Issuer may not hold any
material assets, become liable for any material obligations, engage in 

  
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any trade or business, or conduct any business activity, other than (1) the issuance of its Equity Interests to the Issuer or any Wholly Owned Restricted Subsidiary of the Issuer,
(2) the incurrence of Indebtedness as a co-obligor or guarantor, as the case may be, of the Notes, the ABL Facility and any other indebtedness of the Issuer or any Subsidiary Guarantor that is permitted to be incurred under
Section 3.2 together with the execution and delivery and performance of its obligations under all Security Documents, collateral control agreements, and the Intercreditor Agreements related thereto; provided that the net proceeds
of such Indebtedness are not retained by the Co-Issuer, and (3) activities incidental thereto. 
 At any time when the
Issuer or a Surviving Person is a corporation, the Co-Issuer may consolidate or merge with or into the Issuer or any Restricted Subsidiary. 
 SECTION 3.10. Change of Control. (C) If a Change of Control occurs, the Issuers shall make an offer to purchase all of the Notes pursuant to the offer described below (the “Change
of Control Offer”) at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to but excluding the date of purchase, subject to the
right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date. Within 30 days following any Change of Control (or prior to the Change of Control if a definitive agreement is in place for
the Change of Control), the Issuers will send notice of such Change of Control Offer electronically or by first class mail, with a copy to the Trustee, to each Holder to the address of such Holder appearing in the security register or otherwise in
accordance with the procedures of DTC (in the case of Global Notes), with the following information: 
 (1) a
description of the transaction or transactions that constitute the Change of Control and that a Change of Control Offer is being made pursuant to this Section 3.10, and a statement that all Notes properly tendered pursuant to such Change
of Control Offer will be accepted for payment; 
 (2) the purchase price and the purchase date, which will be no
earlier than 30 days nor later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 
 (3) any Note not properly tendered will remain outstanding and continue to accrue interest; 
 (4) unless the Issuers default in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on and after the Change
of Control Payment Date; 
 (5) Holders electing to have any Notes purchased pursuant to a Change of Control
Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent specified in the notice at the address specified in the notice prior to
the close of business on the third business day preceding the Change of Control Payment Date; 
 (6) Holders will
be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes; provided that the Paying Agent 

  
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receives, not later than the close of business on the last day of the Change of Control offer period, a telegram, facsimile transmission or letter setting forth the name of the Holder, the
principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing his tendered Notes and his election to have such Notes purchased; 

(7) if such notice is mailed prior to the occurrence of a Change of Control, stating the Change of Control Offer is
conditional on the occurrence of such Change of Control; and 
 (8) that Holders whose Notes are being purchased
only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 or an integral multiple of $1,000 in excess thereof. 

The Paying Agent will promptly mail or wire transfer to each Holder properly tendered and accepted the Change of Control Payment for such
Notes, and the Trustee will promptly, upon receipt of an Issuers’ Order, authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered,
if any; provided that each such new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 
 If the Change of Control Payment Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest, if any, will be paid on the relevant
interest payment date to the Person in whose name a Note is registered at the close of business on such record date, and no Special Interest will be payable to Holders who tender pursuant to the Change of Control Offer. 

(b) On the Change of Control Payment Date, the Issuers will, to the extent permitted by law, 

(1) accept for payment all Notes or portions thereof (equal to $2,000 or larger integral multiples of $1,000) properly
tendered pursuant to the Change of Control Offer, 
 (2) deposit with the Paying Agent an amount equal to the
aggregate Change of Control Payment in respect of all Notes or portions thereof so tendered, and 
 (3) deliver,
or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officers’ Certificate of the Issuers stating that such Notes or portions thereof have been tendered to and purchased by the Issuers. 

(c) The Issuers will not be required to make a Change of Control Offer following a Change of Control if (i) a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuers and purchases all Notes validly tendered and not withdrawn
under such Change of Control Offer or (ii) a notice of redemption has been given for all of the Notes pursuant to this Indenture under Article V, unless and until there is a default in payment of the applicable redemption price.

  
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 (d) Notwithstanding anything to the contrary in this Section 3.10, a Change of
Control Offer may be made in advance of a Change of Control, subject to one or more conditions precedent, including but not limited to the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the
time the Change of Control Offer is made. 
 (e) The Issuers will comply with the requirements of Section 14(e) under the
Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to a Change of Control Offer. To the extent that the provisions of
any securities laws or regulations conflict with provisions of this Indenture, the Issuers will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue
thereof. 
 SECTION 3.11. Reports. 
 (a) Whether or not the Issuer is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, so long as any Notes are outstanding, the Issuer will from and after the Issue Date
(within the time periods specified in the Commission’s rules and regulations that are then applicable to the Issuer, or if the Issuer is not subject to the reporting requirements of the Exchange Act, then the time periods for filing shall be
those applicable to a filer that is not an “accelerated filer” as defined in such rules and regulations), file with the Commission and, within 15 days after it files with the Commission, furnish to the Holders or cause the Trustee to
furnish to the Holders or post on its website for public availability: 
 (1) all quarterly and annual reports
that would be required to be filed with the Commission on Forms 10-Q and 10-K if the Issuer were required to file such reports, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
section and, with respect to the annual information only, a report thereon by the Issuer’s certified independent accountants; and 
 (2) all current reports that would be required to be filed or furnished with the Commission on Form 8-K if the Issuer were required to file or furnish such reports.

provided, however, that if the last day of any such time period is not a business day, such report will be due on the next succeeding business
day. All such reports will be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports, except that such reports will not be required to contain separate financial information for Subsidiary
Guarantors or Subsidiaries whose securities are pledged to secure the Notes that would be required under Rule 3-16 of Regulation S-X promulgated by the Commission. 
 (b) Notwithstanding Section 3.11(a), the Issuer shall not be obligated to file such reports with the Commission at any time prior to becoming subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act. Until such time as the Issuer shall become subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the requirements to provide the reports set forth in
Section 3.11(a) shall be deemed satisfied by providing to the Holders or posting on the Issuer’s website (which website may be made available 

  
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to qualified prospective purchasers of the Notes as set forth below) and to the Trustee audited year-end consolidated financial statements of the Issuer and its subsidiaries together with the
notes thereto and a report thereon by the Issuer’s certified independent accountants and unaudited quarterly consolidated financial statements of the Issuer and its subsidiaries together with the notes thereto, in each case, with a
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” section (limited to (i) a discussion of results of operations, including with respect to period-over-period changes in the statement of
income items on both a consolidated and segment level basis, (ii) a discussion of capital resources and liquidity and (iii) a tabular disclosure of contractual obligations, in each case, meeting the requirements of Item 303 of
Regulation S-K promulgated by the Commission). 
 (c) The Issuer shall also use commercially reasonable efforts to hold and
participate in a quarterly conference call for the Holders to discuss such financial information, beginning with a discussion of the first completed fiscal quarter of 2011. The Issuer shall use commercially reasonable efforts to hold such conference
call following the last day of each fiscal quarter of the Issuer and not later than ten business days from the time that the Issuer distributes the financial information as set forth in Section 3.11(a)(1) and (2) or
Section 3.11(b), as the case may be. Prior to each conference call, the Issuer shall issue a press release to the appropriate wire services announcing the time and date of such conference call and, unless the call is to be open to the
public, direct Holders, securities analysts and prospective investors to contact the office of the Issuer’s chief financial officer to obtain access. If the Issuer is holding a conference call open to the public to discuss the most recent
quarter’s financial performance, the Issuer will not be required to hold a second, separate call just for the Holders. 

(d) The Issuer may, at its option, maintain a public or non-public website on which Holders, prospective investors and securities
analysts are given access to the quarterly and annual financial information and details of the quarterly conference call described above. If the Issuer maintains such website, but the website containing the financial reports is not available to the
public, the Issuer will direct Holders, prospective investors and securities analysts on its publicly available website to contact the Issuer’s chief financial officer to obtain access to the non-public website. 

(e) If the Issuer has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial
information required by the preceding paragraphs of this Section 3.11 will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” section, of the financial condition and results of operations of the Issuer and its Restricted Subsidiaries separate from the financial condition and results of
operations of the Unrestricted Subsidiaries of the Issuer.
 (f) In the event that any direct or indirect parent company of the
Issuer becomes a guarantor of the Notes, the Issuer may satisfy its obligations under this Section 3.11 by furnishing financial information relevant to such parent; provided that (a) such financial statements are accompanied
by consolidating financial information for such parent, the Issuers, the Restricted Subsidiaries that are Subsidiary Guarantors, and the Subsidiaries of the Issuers that are not Subsidiary Guarantors in the manner prescribed by the Commission and
(b) such parent is not 

  
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engaged in any business in any material respect other than incidental to its ownership, directly or indirectly, of the Capital Stock of the Issuers. 

(g) In addition, the Issuers and the Subsidiary Guarantors agree that, for so long as any Notes remain outstanding, if at any time they
are not required to file with the Commission the reports required by the preceding paragraphs of this Section 3.11, they will furnish to the Holders and to securities analysts and prospective investors, upon their request, the
information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (h) The filing requirements set
forth above for the applicable period may be satisfied by the Issuer prior to the commencement of the Exchange Offer or the effectiveness of a Shelf Registration Statement by the filing with the Commission of the Exchange Offer Registration
Statement and/or Shelf Registration Statement, and any amendments thereto, with such financial information that satisfies Regulation S-X of the Securities Act; provided that this paragraph shall not supersede or in any manner suspend or delay
the Issuer’s reporting obligations set forth in Sections 3.11(a), (e) and (g). 
 (i) If the Issuer has
electronically filed with the Commission’s Next-Generation EDGAR system (or any successor system), the reports described above, the Issuer shall be deemed to have satisfied the foregoing requirements. 

(j) Notwithstanding anything herein to the contrary, the Issuer will not be deemed to have failed to comply with any of its agreements
set forth under this Section 3.11 for purposes of Section 6.1(4) until 45 days after the date any report required to be provided by this Section 3.11 is due, and any failure to comply with this
Section 3.11 shall be automatically cured when the Issuer provides all required reports to the Holders or files all required reports with the Commission. 
 SECTION 3.12. Future Guarantors. 
 (a) If the Issuer or any of its
Restricted Subsidiaries (a) acquires or creates another Wholly Owned Domestic Subsidiary (other than an Excluded Subsidiary) on or after the Issue Date or (b) any Restricted Subsidiary of the Issuer becomes a borrower under, or a
guarantor, on the Issue Date or any time thereafter, with respect to the ABL Facility or any other indebtedness of the Issuer or any Subsidiary Guarantor, then, on the Issue Date or within 30 days of the date of such acquisition, becoming a borrower
or guarantor, as applicable, such Subsidiary must become a Subsidiary Guarantor and shall (i) execute and deliver to the Trustee a supplemental indenture substantially in the form of Exhibit C hereto pursuant to which such Subsidiary
will unconditionally Guarantee, on a joint and several basis with the other Subsidiary Guarantors, the full and prompt payment of the principal of, premium, if any, and interest in respect of the Notes on a senior secured basis and all other
obligations under this Indenture, (ii) deliver to the Trustee an Opinion of Counsel to the effect that (x) such supplemental indenture and the Note Guarantee have been duly executed and authorized; and (y) such supplemental indenture
and Note Guarantee constitute a valid, binding and enforceable obligation of such Subsidiary Guarantor, except insofar as enforcement thereof may be limited by bankruptcy, insolvency or similar laws (including, without limitation, all laws relating
to fraudulent transfers) and except insofar as enforcement thereof is subject to general principles of equity; 

  
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 In the event that any Wholly Owned Domestic Subsidiary that is an Excluded Subsidiary ceases
to be an Excluded Subsidiary, or if any Excluded Subsidiary becomes a borrower under or a guarantor with respect to the ABL Facility or any other Indebtedness of the Issuer or any Subsidiary Guarantor, then such Subsidiary must become a Subsidiary
Guarantor and execute a supplemental indenture substantially in the form of Exhibit C hereto and deliver an Opinion of Counsel to the Trustee to the effect that (x) such supplemental indenture and the Note Guarantee have been duly
executed and authorized; and (y) such supplemental indenture and Note Guarantee constitute a valid, binding and enforceable obligation of such Subsidiary Guarantor, except insofar as enforcement thereof may be limited by bankruptcy, insolvency
or similar laws (including, without limitation, all laws relating to fraudulent transfers) and except insofar as enforcement thereof is subject to general principles of equity within 45 days of the date of such event. 

(b) such Subsidiary shall also become a party to the applicable Security Documents and the Registration Rights Agreement and shall as
promptly as practicable execute and deliver such security instruments, Mortgages, financing statements, deeds of trust (in substantially in the same form as those executed delivered with respect to the Collateral on the Issue Date or the date first
delivered in the case of Mortgages) and certificates and opinions of counsel (to the extent, and substantially in the form, delivered on the Issue Date or the date first delivered in the case of Mortgages (but no greater scope)) as may be necessary
to vest in the Collateral Agent a perfected first or second-priority security interest, as the case may be (subject to Permitted Liens), in properties and assets of the type constituting Collateral as security for the Notes or the Note Guarantees
and as may be necessary to have such property or asset added to the applicable Collateral as required under the Security Documents and this Indenture, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to
relate to such properties and assets to the same extent and with the same force and effect. 
 In addition, notwithstanding
anything to the contrary contained in this Indenture, neither the Issuer nor any of its Restricted Subsidiaries shall be required to provide any Guarantee, pledge or asset support agreement that, in the reasonable judgment of the Issuer, would
subject the Issuer to any adverse tax consequence due to the application of Section 956 of the Code. 
 (c) Each Note
Guarantee shall be released in accordance with Section 10.2(d). 
 SECTION 3.13. Maintenance of Office or
Agency. 
 The Issuer will maintain an office or agency where the Notes may be presented or surrendered for payment, where,
if applicable, the Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Issuers in respect of the Notes and this Indenture may be served. The corporate trust office of the Trustee, which
initially shall be located at Deutsche Bank Trust Company Americas, Trust & Securities Services, 60 Wall Street, Mail Stop NYC60-2710, New York, New York 10005, U.S.A. Attn: Corporate Team – Deal Manager – Norther Tier Energy LLC
Administration, shall be such office or agency of the Issuers, unless the Issuers shall designate and maintain some other office or agency for one or more of such purposes. The Issuers will give prompt written notice to the Trustee of any change in
the location of any such office or agency. If at any time the Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,

  
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surrenders, notices and demands may be made or served at the corporate trust office of the Trustee, and the Issuers hereby appoint the Trustee as its agent to receive all such presentations,
surrenders, notices and demands. 
 The Issuers may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind any such designation. The Issuers will give prompt written notice to the Trustee of any such designation or rescission and any change in the
location of any such other office or agency. 
 SECTION 3.14. Corporate Existence. Except as otherwise provided in
this Article III, Article IV and Section 10.2(b), the Issuers will do or cause to be done all things necessary to preserve and keep in full force and effect its respective corporate or limited liability company
existence, as applicable, and the corporate, partnership, limited liability company or other existence of each Restricted Subsidiary and the rights (charter and statutory), licenses and franchises, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Issuers or any such Restricted Subsidiary; provided, however, that the Issuers shall not be required to preserve any such right, license or franchise or the corporate,
partnership, limited liability company or other existence of any Restricted Subsidiary if the respective Board of Directors or, with respect to a Restricted Subsidiary that is not a Significant Subsidiary (or group of Restricted Subsidiaries that
taken together would not be a Significant Subsidiary), senior management of the Issuers determines that the preservation thereof is no longer desirable in the conduct of the business of the Issuers and each of their Restricted Subsidiaries, taken as
a whole, and that the loss thereof is not, and will not be, disadvantageous in any material respect to the Holders. 
 SECTION
3.15. Payment of Taxes. The Issuers shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all material taxes, assessments and governmental charges levied or imposed upon the Issuers or any
Subsidiary; provided, however, that the Issuers shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good
faith by appropriate proceedings and for which appropriate reserves, if necessary (in the good faith judgment of management of the Issuers), are being maintained in accordance with GAAP or where the failure to effect such payment will not be
disadvantageous in any material respect to the Holders. 
 SECTION 3.16. Compliance Certificate. The Issuers shall
deliver to the Trustee within 120 days after the end of each Fiscal Year of the Issuer an Officers’ Certificate stating that in the course of the performance by each signer thereof of his or her duties as Officers of the Issuers they would
normally have knowledge of any Default or Event of Default and whether or not such signer knows of any Default or Event of Default that occurred during the previous Fiscal Year (or, if a Default or Event of Default has occurred, describing all such
Defaults or Events of Default of which he or she may have knowledge and what action the Issuers are taking or propose to take with respect thereto); provided that no such Officers’ Certificate shall be required for any Fiscal Year ended
prior to the Issue Date. The Issuers also shall comply with TIA § 314(a)(4). 

  
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 SECTION 3.17. Further Instruments and Acts. Upon request of the Trustee or as
necessary to comply with future developments or requirements, the Issuers will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this
Indenture. 
 SECTION 3.18. Limitation on Lines of Business. The Issuer will not, and will not permit any
Restricted Subsidiary to, engage in any business other than a Permitted Business. 
 SECTION 3.19. Statement by
Officers as to Default. The Issuers shall deliver to the Trustee, within 30 days of any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default, unless such
Default or Event of Default has been cured before the end of the 30-day period, and what actions the Issuers are taking or propose to take with respect thereto. 
 SECTION 3.20. Suspension of Certain Covenants. If on any date following the Issue Date: 
 (1) the Notes attain the Investment Grade Rating; and 
 (2) no
Default or Event of Default shall have occurred and be continuing, 
 then, beginning on that day and subject to the provisions of this
Section 3.20, the Issuer and its Restricted Subsidiaries will not be subject to the “Suspended Covenants”: 
 1. Section 3.2; 
 2. Section 3.3;

 3. Section 3.4; 

4. Section 3.5(b); 
 5. Section 3.8; 
 6. Section 3.12 (but only
with respect to any Person that is required to become a Subsidiary Guarantor after the date of commencement of the applicable Suspension Period); and 
 7. Section 4.1(a)(3). 
 During any period that the foregoing covenants
have been suspended, the Issuer’s Board of Directors may not designate any of the Issuer’s Subsidiaries as Unrestricted Subsidiaries pursuant to the definition thereof. 

Additionally, upon the commencement of a Suspension Period (as defined below), the amount of Excess Proceeds will be reset to zero. If at
any time the Notes’ rating assigned by 

  
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either of such Rating Agencies is downgraded to below an Investment Grade Rating or a Default or Event of Default occurs and is continuing, then the Suspended Covenants will thereafter be
reinstated as if such covenants had never been suspended (the “Reinstatement Date”) and be applicable pursuant to the terms of this Indenture (including in connection with performing any calculation or assessment to determine
compliance with the terms of this Indenture), unless and until the Notes subsequently attain an Investment Grade Rating and no Default or Event of Default is in existence (in which event the Suspended Covenants shall no longer be in effect for such
time that the Notes maintain an Investment Grade Rating and no Default or Event of Default is in existence); provided, however, that no Default, Event of Default or breach of any kind shall be deemed to exist or have occurred under
this Indenture, the Notes or the Note Guarantees with respect to the Suspended Covenants based on, and none of the Issuers or any of its Subsidiaries shall bear any liability for, any actions taken or events occurring during the Suspension Period,
or any actions taken at any time pursuant to any contractual obligation arising after commencement of a Suspension Period and prior to the immediately following Reinstatement Date, regardless of whether such actions or events would have been
permitted if the applicable Suspended Covenants remained in effect during such period. The period of time between the date of suspension of the covenants and the immediately following Reinstatement Date are each referred to as a “Suspension
Period.”
 On each Reinstatement Date, all Indebtedness incurred during the immediately preceding Suspension Period
will be classified as having been incurred or issued pursuant to Section 3.2(a) or one of the clauses set forth in Section 3.2(b) (to the extent such Indebtedness or Disqualified Stock or Preferred Stock would be permitted to
be incurred or issued thereunder as of the Reinstatement Date and after giving effect to Indebtedness incurred or issued prior to the Suspension Period and outstanding on the Reinstatement Date). To the extent such Indebtedness or Disqualified Stock
or preferred stock would not be so permitted to be incurred or issued pursuant to Section 3.2(a) and Section 3.2 (b), such Indebtedness, Disqualified Stock or preferred stock will be deemed to have been outstanding on the
Issue Date, so that it is classified as permitted under Section 3.2 (b)(4). Calculations made after the Reinstatement Date of the amount available to be made as Restricted Payments under Section 3.3 will be made as though the
covenant described under Section 3.3 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as
Restricted Payments under Section 3.3(a) to the extent such Restricted Payments were not otherwise permitted to be made pursuant to Sections 3.3(b)(1) through (17); provided that the amount available to be made as
Restricted Payments on the Reinstatement Date pursuant to Section 3.3(a) shall not be reduced below zero solely as a result of such Restricted Payments under Section 3.3. 

SECTION 3.21. Stay, Extension and Usury Laws. The Issuers and each Subsidiary Guarantor covenants (to the extent that it may
lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the
covenants or the performance of this Indenture; and the Issuer and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such
law, hinder, delay or impede the execution of any power herein granted to the Trustee and the Collateral Agent, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

  
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 ARTICLE IV 
 SUCCESSOR ISSUER 
 SECTION 4.1. Merger, Consolidation or Sale of Assets.

 (a) Neither Issuer will, directly or indirectly: (i) consolidate or merge with or into or wind up into another Person
(whether or not the Issuer is the surviving corporation) or (ii) sell, assign, transfer, convey, lease or otherwise dispose of all or substantially all of the properties and assets of the Issuer and its Restricted Subsidiaries taken as a whole,
in one or more related transactions, to another Person or Persons, unless: 
 (1) either: (i) the applicable
Issuer is the surviving entity; or (ii) the Person formed by or surviving such consolidation or merger (if other than the Issuer) or to which such sale, assignment, transfer, conveyance, lease or other disposition shall have been made
(A) is a corporation, limited liability company, partnership (including a limited partnership) or trust organized or existing under the laws of the United States, any state or territory thereof or the District of Columbia (provided that
if such Person is not a corporation, either (x) a corporate Wholly Owned Restricted Subsidiary of such Person organized or existing under the laws of the United States, any state or territory thereof or the District of Columbia or (y) a
corporation of which such Person is a Wholly Owned Restricted Subsidiary organized or existing under the laws of the United States, any state or territory thereof or the District of Columbia, is a co-issuer of the Notes or becomes a co-issuer of the
Notes in connection therewith, provided further that the Co-Issuer may not consolidate or merge with or into any entity other than a corporation satisfying such requirements for so long as the Issuer remains a limited liability company) and
(B) assumes all the obligations of the Issuer under the Notes, this Indenture, the Registration Rights Agreement and the Security Documents related to the Notes pursuant to agreements reasonably satisfactory to the Trustee and shall cause such
amendments, supplements or other instruments to be executed, filed, and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral owned by or transferred to the surviving Person, together
with such financing statements or comparable documents as may be required to perfect any security interests in such Collateral which may be perfected by the filing of a financing statement or a similar document under the Uniform Commercial Code or
other similar statute or regulation of the relevant states or jurisdictions; 
 (2) immediately after giving
effect to such transaction no Default or Event of Default exists; 
 (3) in the case of a transaction involving
the Issuer and not the Co-Issuer, immediately after giving effect to such transaction and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, on a pro forma basis, either

 (i) the Issuer or the Person formed by or surviving any such consolidation or merger (if other than the
Issuer) or to which such sale, assignment, 

  
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transfer, conveyance, lease or other disposition is made would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in
Section 3.2(a); or
 (i) the Fixed Charge Coverage Ratio for the Issuer or the Person formed by or
surviving any such consolidation or merger (if other than the Issuer) would not be less than the Fixed Charge Coverage Ratio for the Issuer immediately prior to such transactions; and 

(4) each Subsidiary Guarantor, unless such Subsidiary Guarantor is the Person with which the Issuer has entered into a
transaction described above, shall have by supplemental indenture confirmed that its Note Guarantee shall apply to the obligations of the Issuer or the surviving Person in accordance with the Notes and this Indenture and its obligations under the
Security Document shall continue to be in effect and shall cause such amendments, supplements or other instruments to be executed, filed and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the
Collateral owned by such Subsidiary Guarantor, together with such financing statements or comparable documents as may be required to perfect any security interests in such Collateral which may be perfected by the filing of a financing statement or a
similar document under the Uniform Commercial Code or other similar statute or regulation of the relevant states or jurisdictions; 
 (5) such Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indentures, if
any, comply with this Indenture and, if a supplemental indenture or any supplement to any Security Documents is required in connection with such transaction, such supplement shall comply with the applicable provisions of this Indenture and the
Security Documents; 
 (6) to the extent any assets of the Person which is merged or consolidated with or into
the surviving Person are assets of the type which would constitute Collateral under the Security Documents, the surviving Person will take such other actions as may be reasonably necessary to cause such property and assets to be made subject to the
Lien of the Security Documents in the manner and to the extent required in this Indenture or any of the Security Documents and shall take all reasonably necessary action so that such Lien is perfected to the extent required by the Security
Documents; and 
 (7) the Collateral owned by or transferred to the surviving Person shall: 

(i) continue to constitute Collateral under this Indenture and the Security Documents, 

(ii) be subject to the Lien in favor of the Collateral Agent for the benefit of the Collateral Agent, the Trustee and the
Holders; and 
 (iii) not be subject to any Lien other than Permitted Liens. 

  
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 (b) The surviving Person will succeed to, and be substituted for such Issuer under this
Indenture, the Registration Rights Agreement, and the Notes and the Security Documents and such Issuer (if not the surviving Person) will be fully released from its obligations under this Indenture, the Registration Rights Agreement, the Notes and
the Security Documents but, in the case of a lease of all or substantially all its assets, the Issuer will not be released from the obligation to pay the principal of and interest on the Notes. 

(c) Neither Issuer will, directly or indirectly, lease all or substantially all of the properties and assets of it and its Restricted
Subsidiaries taken as a whole, in one or more related transactions, to any other Person. 
 (d)
Section 4.1(a)(3) will not apply to (1) any merger, consolidation or sale, assignment, lease, transfer, conveyance or other disposition of assets between or among the Issuer or any of the Subsidiary Guarantors or between or
among the Issuer or any Restricted Subsidiary thereof in the case of a sale, assignment, lease, transfer or conveyance or other disposition of assets of a Restricted Subsidiary of the Issuer or (2) any merger between the Issuer and an Affiliate
of the Issuer, or between a Restricted Subsidiary of the Issuer and an Affiliate of the Issuer, in each case in this Section 4.1(d)(2) solely for the purpose of reincorporating the Issuer or such Restricted Subsidiary, as the case
may be, in the United States, any state thereof, the District of Columbia or any territory thereof, so long as the amount of Indebtedness of the Issuers and any of the Issuer’s Restricted Subsidiaries is not increased thereby. 

(e) Notwithstanding anything herein to the contrary, in the event the Issuer becomes a corporation or the Issuer or the Person formed by
or surviving any consolidation or merger (permitted in accordance with the terms of this Indenture) is a corporation, the Co-Issuer may be dissolved in accordance with this Indenture and may cease to be the Co-Issuer. 

ARTICLE V 

REDEMPTION OF SECURITIES 
 SECTION 5.1. Notices to Trustee. 
 If the Issuers elect to redeem
Notes pursuant to the optional redemption provisions of Section 5.7 hereof, they must furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth: 

(1) the clause of this Indenture pursuant to which the redemption shall occur; 

(2) the redemption date; 
 (3) the principal amount of Notes to be redeemed; and 
 (4) the
redemption price. 

  
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 Any redemption referenced in such Officers’ Certificate may be cancelled by the Issuers
at any time prior to notice of redemption being mailed to any Holder and thereafter shall be null and void. 
 SECTION
5.2. Selection of Notes to Be Redeemed or Purchased. 
 If less than all of the Notes are to be redeemed pursuant to
Section 5.7 or purchased in an Asset Sale Offer or a Collateral Disposition Offer pursuant to Section 3.5 or a Change of Control Offer pursuant to Section 3.10, the Trustee will select Notes for redemption or
purchase (a) if the Notes are in global form, pursuant to the applicable rules of DTC and (b) if the Notes are in definitive form, on a pro rata basis except: 

(1) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal
national securities exchange on which the Notes are listed; or 
 (2) if otherwise required by law. 

No Notes of $2,000 or less shall be redeemed in part. In the event of partial redemption, the particular Notes to be redeemed or
purchased will be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption or purchase. A new Note in
principal amount equal to the unredeemed portion of the original Note will be issued in the name of the Holder thereof upon cancellation of the original Note. 
 The Trustee will promptly notify the Issuers in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount
thereof to be redeemed or purchased. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes
held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes
called for redemption or purchase. 
 SECTION 5.3. Notice of Redemption. At least 30 days but not more than 60 days
before a redemption date, the Issuers will mail or cause to be mailed, by first class mail postage prepaid, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed
more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles VIII or XII hereof. 

The notice will identify the Notes (including the CUSIP number) to be redeemed and will state: 

(1) the redemption date; 
 (2) the redemption price; 

  
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 (3) if any Note is being redeemed in part, the portion of the principal
amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

(4) the name and address of the Paying Agent; 

(5) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(6) that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (7) the paragraph of the Notes and/or Section of this Indenture
pursuant to which the Notes called for redemption are being redeemed; and 
 (8) that no representation is made
as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the
Issuers’ written request, the Trustee will give the notice of redemption in the Issuers’ names and at the Issuers’ joint and several expense; provided, however, that the Issuers have delivered to the Trustee, at least 45 days prior to
the redemption date (or such shorter period as the Trustee shall agree), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph.

 SECTION 5.4. Effect of Notice of Redemption. Once notice of redemption is mailed in accordance with
Section 5.3 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. Notice of redemption may, at the Issuers’ option and discretion, be subject to one or more conditions
precedent, including, but not limited to, completion of a Qualified Equity Offering or Change of Control, as the case may be. 

SECTION 5.5. Deposit of Redemption or Purchase Price. Prior to 10:00 a.m. Eastern Time on the redemption or purchase date,
the Issuers will deposit with the Trustee or with the Paying Agent an amount of money sufficient to pay the redemption or purchase price of and accrued interest and Special Interest, if any, on, all Notes to be redeemed or purchased on that date.
The Trustee or the Paying Agent will promptly return to the Issuers any money deposited with the Trustee or the Paying Agent by the Issuers in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and
Special Interest, if any, on, all Notes to be redeemed or purchased. 
 If the Issuers comply with the provisions of the
preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on
or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not
so paid upon surrender for redemption or purchase because of the failure of the Issuers to comply with the preceding 

  
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paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid
principal, in each case at the rate provided in the Notes and in Section 3.1 hereof. 
 SECTION 5.6. Notes
Redeemed or Purchased in Part. Upon surrender of a Note that is redeemed or purchased in part, the Issuers will issue and, upon receipt of an Issuers’ Order, the Trustee will authenticate for the Holder at the expense of the Issuers a new
Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered; provided, that each such new Note will be in a principal amount of $2,000 or integral multiple of $1,000 in excess thereof. 

SECTION 5.7. Optional Redemption. 
 (a) At any time prior to December 1, 2013, the Issuers may, on any one or more occasions, redeem all or a part of the Notes, upon at least 30 days but no more than 60 days’ notice, at a
redemption price equal to 100% of the principal amount of the Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid interest and Special Interest, if any, to, but excluding, the date of redemption (the “redemption
date”), subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date.
 (b) At any time and from time to time prior to December 1, 2013, but not more than once in any twelve-month period commencing on December 1, 2010, the Issuers may redeem in such twelve-month
period up to 10% of the aggregate principal amount of Notes issued under this Indenture (together with any Additional Notes) at a redemption price of 103% of the principal amount thereof, plus accrued and unpaid interest thereon and Special
Interest, if any, to, but excluding, the applicable redemption date, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date. 

(c) At any time prior to December 1, 2013, the Issuers may, on any one or more occasions, redeem up to 35% of the aggregate
principal amount of Notes issued under this Indenture (together with any Additional Notes) at a redemption price of 110.50% of the principal amount thereof, plus accrued and unpaid interest thereon and Special Interest, if any, to, but excluding,
the applicable redemption date, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date, with all or a portion of the net cash proceeds of one or more Qualified Equity Offerings;
provided that: 
 (1) at least 65% of the aggregate principal amount of Notes issued under this Indenture
(including any Additional Notes) remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Issuers and their Subsidiaries); and 

(2) the redemption must occur within 90 days of the date of the closing of such Qualified Equity Offering. 

(d) Except pursuant to clauses (a), (b) and (c) of this Section 5.7, the Notes will not be redeemable at the
Issuers’ option prior to December 1, 2013. 

  
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 (e) On or after December 1, 2013, the Issuers may redeem all or a part of the Notes
upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth in the table below plus accrued and unpaid interest thereon and Special
Interest, if any, to, but excluding, the applicable redemption date, if redeemed during the 12-month period beginning on December 1 of the years indicated below, subject to the rights of Holders on the relevant record date to receive interest
on the relevant interest payment date: 
  

					
	 Period
	  	Percentage	 
		
	 2013
	  	 	107.875	% 
	 2014
	  	 	105.250	% 
	 2015
	  	 	102.625	% 
	 2016 and thereafter
	  	 	100.000	% 

 (f) Unless the Issuers default in the payment of the redemption price, interest will cease to accrue on
the Notes or portions thereof called for redemption on the applicable redemption date. 
 (g) Any redemption pursuant to this
Section 5.7 shall be made pursuant to the provisions of Sections 5.1 through 5.6. 
 SECTION
5.8. Mandatory Redemption. The Issuers are not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 ARTICLE VI 
 DEFAULTS AND REMEDIES 

SECTION 6.1. Events of Default. Each of the following is an “Event of Default”: 

(1) default for 30 consecutive days in the payment when due of interest, or Special Interest, if any, on the Notes;

 (2) default in payment when due (whether at maturity, upon acceleration, redemption or otherwise) of the
principal of, or premium, if any, on the Notes; 
 (3) failure by the Issuers or any Restricted Subsidiaries to
comply with Section 3.5(a), 4.1, 10.2(b), or the failure by the Issuers or any Restricted Subsidiary to comply with Section 3.10 and Section 3.5(b) for 30 days or more; 

(4) failure by the Issuers or any Restricted Subsidiary for 60 days after written notice by the Trustee or the Holders
representing 25% or more of the aggregate principal amount of the Notes outstanding to comply with any of its other agreements in this Indenture or under the Notes, the Collateral Trust and Intercreditor Agreement, the

  
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ABL Intercreditor Agreement or the Security Documents for the benefit of the Holders other than those referred to in clause (1), (2) or (3) above; 

(5) default under any mortgage, indenture or instrument under which there is issued or by which there is secured or
evidenced any Indebtedness for money borrowed by the Issuers or any Restricted Subsidiary, or the payment of which is guaranteed by the Issuers or any Restricted Subsidiary, whether such Indebtedness or guarantee now exists, or is created after the
Issue Date or default under the Accounts Payable Agreement, if that default: 
  

	 	(A)	is caused by a failure to make any payment when due at the stated final maturity of such Indebtedness (after giving effect to any applicable grace period) (a
“Payment Default”); or 

  

	 	(B)	results in the acceleration of such Indebtedness prior to its Stated Maturity, and, in each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $35.0 million or more; 

(6) failure by the Issuers or any of the Issuer’s Significant Subsidiaries (or any group of Restricted Subsidiaries
of the Issuers that taken together (as of the latest audited consolidated financial statements for the Issuer, the Co-Issuer and the Restricted Subsidiaries) would constitute a Significant Subsidiary of the Issuer) to pay non-appealable final
judgments aggregating in excess of $35.0 million (excluding amounts covered by insurance or bonded, by a reputable and creditworthy insurance company, as determined in Good Faith by the Issuer, that has not contested coverage) which judgments are
not paid, discharged or stayed for a period of more than 60 days after such judgments have become final and non-appealable and, in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor upon
such judgment or decree which is not promptly stayed; 
 (7) the occurrence of any of the following: 

 

	 	(A)	any Security Document for the benefit of Holders or any obligation under the Collateral Trust and Intercreditor Agreement or ABL Intercreditor Agreement is held in any
judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect, other than in accordance with the terms of the relevant Security Documents or Collateral Trust and Intercreditor Agreement or ABL
Intercreditor Agreement; or 

  

	 	(B)	 with respect to any Collateral having a fair market value in excess of $35.0 million, individually or in the aggregate, (A) the failure of the
security interest with respect to such Collateral under the Security Documents, at any time, to be in full force and effect for any reason 

  
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other than in accordance with the terms of the Security Documents and the terms of this Indenture or the Collateral Trust and Intercreditor Agreement and the ABL Intercreditor Agreement, as
applicable, and other than the satisfaction in full of all obligations under this Indenture and discharge of this Indenture if such failure continues for 60 days or (B) the assertion by the Issuers or any Subsidiary Guarantor, in any pleading
in any court of competent jurisdiction, that any such security interest is invalid or unenforceable, except for the failure or loss of perfection resulting from the failure of the Collateral Agent to maintain possession of certificates actually
received by it representing securities pledged under the Security Documents if such assertion is not rescinded within 30 days; or 

  

	 	(C)	the Issuer or any Significant Subsidiary that is a Subsidiary Guarantor (or any such Subsidiary Guarantors that taken together (as of the latest audited consolidated
financial statements for the Issuer, the Co-Issuer and the Restricted Subsidiaries) would constitute a Significant Subsidiary), or any Person acting on behalf of any of them, denies or disaffirms, in writing, any obligation of the Issuer or such
Significant Subsidiary that is a Subsidiary Guarantor (or such Subsidiary Guarantors that taken together (as of the latest audited consolidated financial statements for the Issuer, the Co-Issuer and the Restricted Subsidiaries) would constitute a
Significant Subsidiary) set forth in or arising under this Indenture, its Note Guarantee, the Collateral Trust and Intercreditor Agreement, ABL Intercreditor Agreement or any Security Document for the benefit of Holders; 

(8) except as permitted by this Indenture, any Note Guarantee of a Subsidiary Guarantor that is a Significant Subsidiary
of the Issuer (or any such Subsidiary Guarantors that taken together (as of the latest audited consolidated financial statements for the Issuer, the Co-Issuer and the Restricted Subsidiaries) would constitute a Significant Subsidiary) shall be held
in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect in any material respect or any Subsidiary Guarantor, or any Person acting on behalf of any Subsidiary Guarantor, shall deny or
disaffirm in writing its obligations under its Note Guarantee if, and only if, in each such case, such Default continues for 20 days; 
 (9) the Issuers or any Significant Subsidiary of the Issuers (or any group of Restricted Subsidiaries of the Issuers that taken together (as of the latest audited consolidated financial statements for the
Issuer, the Co-Issuer and the Restricted Subsidiaries) would constitute a Significant Subsidiary), pursuant to or within the meaning of the Bankruptcy Code: 
 (i) commences a voluntary case or proceeding; 

  
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 (ii) consents to the entry of an order for relief against it in an involuntary case or
proceeding; 
 (iii) consents to the appointment of a Custodian of it or for substantially all of its property; or 

(iv) makes a general assignment for the benefit of its creditors; or 

(v) consents to or acquiesces in the institution of a bankruptcy or an insolvency proceeding against it; and 

(vi) or takes any comparable action under any foreign laws relating to insolvency; 

(10) a court of competent jurisdiction enters an order or decree under the Bankruptcy Code that: 

(i) is for relief against the Issuers or any Significant Subsidiary of the Issuers (or any group of Restricted Subsidiaries of the Issuers
that taken together (as of the latest audited consolidated financial statements for the Issuer, the Co-Issuer and the Restricted Subsidiaries) would constitute a Significant Subsidiary), in an involuntary case; 

(ii) appoints a Custodian of the Issuers, or any Significant Subsidiary of the Issuers (or any group of Restricted Subsidiaries of the
Issuers that taken together (as of the latest audited consolidated financial statements for the Issuer, the Co-Issuer and the Restricted Subsidiaries) would constitute a Significant Subsidiary), for substantially all of its property; or 

(iii) orders the winding up or liquidation of the Issuers or any Significant Subsidiary of the Issuers (or any group of Restricted
Subsidiaries of the Issuers that taken together (as of the latest audited consolidated financial statements for the Issuer, the Co-Issuer and the Restricted Subsidiaries) would constitute a Significant Subsidiary); 

(iv) or any similar relief is granted under any foreign laws and the order, decree or relief remains unstayed and in effect for 60
consecutive days. 
 However, a default under clause (4) of this Section 6.1 will not constitute an Event of
Default until the Trustee (provided however that the Trustee shall have no obligation to monitor for any defaults referenced in clause (4) of this Section 6.1) or the Holders of 25% in principal amount of the outstanding Notes
notify the Issuer of the default and the Issuer does not cure such default within the time specified in clause (4) of this Section 6.1 after receipt of such notice. 

SECTION 6.2. Acceleration. If an Event of Default (other than an Event of Default described in clause (9) or
(10) of Section 6.1) occurs and is continuing, the Holders of at least 25% in aggregate principal amount of the then-outstanding Notes by notice to the Issuer and the Trustee, may, and the Trustee upon its receipt of written
direction from the 

  
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Holders of at least 25% in principal amount of the outstanding Notes shall, declare the principal of, premium, if any, and accrued and unpaid interest (including Special Interest), if any, and
any other monetary obligations on all the Notes to be due and payable. Upon such a declaration, such principal, premium and accrued and unpaid interest (including Special Interest) and any other monetary obligations shall be due and payable
immediately. 
 In the event of any Event of Default specified in clause (5) of Section 6.1, such Event of
Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if
within 20 days after such Event of Default arose: 
 (x) the Indebtedness or guarantee that is the basis for such
Event of Default has been discharged; or 
 (y) the Holders thereof have rescinded or waived the acceleration,
notice or action (as the case may be) giving rise to such Event of Default; or 
 (z) the default that is the
basis for such Event of Default has been cured. 
 If an Event of Default described in clause (9) or (10) of
Section 6.1 occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest (including Special Interest) and any other monetary obligations on all the Notes will become and be immediately due and payable
without any further action or notice on the part of the Trustee or any Holders. 
 SECTION 6.3. Other Remedies. If
an Event of Default occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of (or premium, if any) or interest (including Special Interest) on the Notes or to
enforce the performance of any provision of the Notes, this Indenture, the Note Guarantees and the Security Documents. 
 The
Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All available remedies are cumulative to the extent permitted by law. 
 SECTION 6.4. Waiver of Past Defaults. The Holders of a majority in aggregate principal amount of the Notes then outstanding by written notice to the Trustee (with a copy to the Issuers) may on
behalf of the Holders of all of the Notes waive (including, without limitation, consents obtained in connection with a purchase of, or tender or exchange offer for, the Notes) any existing Default or Event of Default and its consequences under this
Indenture or the Security Documents except a continuing Default or Event of Default in the payment of interest on, premium, if any, on, or the principal of, the Notes and may rescind any acceleration with respect to the Notes and its consequences
(provided such rescission would not conflict with any judgment or decree of a court of competent jurisdiction and all existing Events of Default, except nonpayment of principal of premium, if any, or interest (including Special Interest) on the
Notes that became due solely because of the acceleration of the Notes, have been cured or 

  
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waived). No such rescission shall affect any subsequent default or impair any right consequent thereon. 
 SECTION 6.5. Control by Majority. The Holders of a majority in principal amount of the then outstanding Notes will have the right to direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, or, subject to Sections 7.1 and 7.2, that may involve the Trustee in
personal liability; provided, however, that the Trustee may take any other action that is not inconsistent with such direction received from the Holders. Prior to taking any such action hereunder, the Trustee shall be entitled to indemnification
and/or security reasonably satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 
 In addition, the Trustee may withhold from Holders notice of any Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest or premium, if any) if
it determines that withholding notice is in their interest. 
 SECTION 6.6. Limitation on Suits. Subject to
Section 6.7, a Holder may not pursue any remedy with respect to this Indenture or the Notes unless: 

(1) such Holder has previously given to the Trustee written notice stating that an Event of Default is continuing;

 (2) Holders of at least 25% in principal amount of the total outstanding Notes have requested in writing that
the Trustee pursue the remedy; 
 (3) such Holder has offered to the Trustee reasonable security or indemnity
satisfactory to it against any loss, liability or expense which may be incurred; 
 (4) the Trustee has not
complied with such request within 60 days after receipt of the request and the offer of security or indemnity; and 
 (5) the Holders of a majority in principal amount of the total outstanding Notes have not given the Trustee written direction inconsistent with such request within such 60-day period. 

A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder.

 SECTION 6.7. Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture
(including, without limitation, Section 6.6), the right of any Holder to receive payment of principal of, premium (if any), or interest (including Special Interest) on the Notes held by such Holder, on or after the respective due dates
expressed or provided for in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

SECTION 6.8. Collection Suit by Trustee. If an Event of Default specified in clauses (1) or (2) of
Section 6.1 occurs and is continuing, the Trustee may recover 

  
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judgment in its own name and as trustee of an express trust against the Issuers for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and
the amounts provided for in Section 7.7. 
 SECTION 6.9. Trustee May File Proofs of Claim. The
Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuers, their Subsidiaries or its or their respective creditors or properties and, unless prohibited by law or applicable regulations, may be
entitled and empowered to participate as a member of any official committee of creditors appointed in such matter and may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any
Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount
due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.7. 

No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 6.10. Priorities. (D) With respect to the Notes Priority Collateral, if the Trustee collects any money or
property pursuant to this Article VI, or pursuant to the foreclosure or other remedial provisions contained in the Security Documents (including any money or property deposited into the Collateral Account in connection therewith), it shall
pay out the money in the following order: 
 FIRST: pro rata to the Trustee and the Collateral Agent, and their
agents for amounts due to them under Section 7.7; 
 SECOND: to Holders for amounts due and unpaid on
the Notes for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest (including Special Interest),
respectively; 
 THIRD: to the U.S. administrative agent under the ABL Facility for amounts due and unpaid under
the ABL Facility until the obligations thereunder are paid in full; and 
 FOURTH: to the Issuers, or to the
extent the Trustee collects any amount for any Subsidiary Guarantor, to such Subsidiary Guarantor. 
 (a) With respect to the
ABL Priority Collateral, if the Trustee collects any money or property pursuant to this Article VI, or pursuant to the foreclosure or other remedial provisions contained in the Security Documents or the collateral documents relating to the
ABL Priority Collateral, it shall pay out the money in the following order: 

  
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 FIRST: to the Trustee for amounts due to it under Section 7.7;

 SECOND: to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest,
ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest (including Special Interest), respectively; and 

THIRD: to the Issuers, or to the extent the Trustee collects any amount for any Subsidiary Guarantor, to such Subsidiary
Guarantor. 
 (b) The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.10. At least 15 days before such record date, the Trustee shall mail to each Holder and the Issuers a notice that states the record date, the payment date and amount to be paid. 

SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any
suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does
not apply to a suit by the Trustee, a suit by the Issuers, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in outstanding principal amount of the Notes. 

ARTICLE VII 

TRUSTEE 

SECTION 7.1. Duties of Trustee. If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights
and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such person’s own affairs; provided that the Trustee
will be under no obligation to exercise any of the rights or powers under this Indenture, the Notes, the Note Guarantees or the Security Documents at the request or direction of any of the Holders unless such Holders have offered the Trustee
indemnity, security or pre-funding against any loss, liability or expense satisfactory to the Trustee. 
 (a) Except during the
continuance of an Event of Default: 
 (1) the Trustee undertakes to perform such duties and only such duties as
are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates, opinions or
orders furnished to the Trustee and conforming to the requirements of this Indenture, the Notes, the Note Guarantees or the Security Documents, 

  
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as applicable. However, in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such
certificates and opinions to determine whether or not they conform to the requirements of this Indenture, the Notes, the Note Guarantees or the Security Documents as the case may be (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein). 
 (b) The Trustee may not be relieved from liability for its own negligent action,
its own negligent failure to act or its own willful misconduct, except that: 
 (1) this paragraph does not limit
the effect of paragraph (b) of this Section 7.1; 
 (2) the Trustee shall not be liable for any
error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it from Holders in accordance with this Agreement; and

 (4) No provision of this Indenture, the Notes, the Note Guarantees or the Security Documents shall require the
Trustee or the Collateral Agent to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or thereunder or in the exercise of any of its rights or powers, if it shall have reasonable
grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 (c) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.1. 

(d) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuers.

 (e) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law, the
Security Documents or by Section 11.8. 
 (f) Every provision of this Indenture relating to the conduct or affecting
the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 7.1 and to the provisions of the TIA. 
 (g) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuers shall be sufficient if signed by one Officer of each Issuer. 

(i) The Collateral Agent shall not have any fiduciary duties or implied responsibilities, covenants or obligations,
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occurred and is continuing, and shall only be required to perform such obligations as are expressly stated in this Indenture and the Security Documents to which it is a party. 

SECTION 7.2. Rights of Trustee. 
 Subject to Section 7.1: 
 (a) The Trustee may conclusively rely on and
shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order or other paper or document (whether in its original or facsimile form)
reasonably believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. The Trustee shall receive and retain financial reports and statements of
the Issuer as provided herein, but shall have no duty to review or analyze such reports or statements to determine compliance with covenants or other obligations of the Issuers. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate and/or an Opinion of Counsel. The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officers’ Certificate or Opinion of Counsel. 
 (c) The Trustee may execute any of the trusts and powers hereunder or perform any duties hereunder either directly by or through its attorneys and agents and shall not be responsible for the misconduct or
negligence of any agent or attorney appointed with due care by it hereunder. 
 (d) In the absence of willful misconduct or
negligence, the Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers, conferred upon it by this Indenture. 

(e) The Trustee may consult with counsel of its selection, and the advice or Opinion of Counsel with respect to legal matters relating to
this Indenture, the Notes, the Note Guarantees or the Security Documents shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder or under the Notes, the Note
Guarantees or the Security Documents in good faith and in accordance with the advice or opinion of such counsel. 
 (f) The
Trustee shall not be deemed to have notice of any Default or Event of Default or whether any entity or group of entities constitutes a Significant Subsidiary unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice
of any event which is in fact such a Default or Event of Default or of any such Significant Subsidiary is received by the Trustee at the corporate trust office of the Trustee specified in Section 13.2, and such notice references the
Notes and this Indenture. 
 (g) The rights, privileges, protections, immunities and benefits given to the Trustee, including,
without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder. For the avoidance of doubt, the
Collateral Agent shall be 

  
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entitled to all the same rights, protections, benefits, immunities and indemnities granted to the Trustee hereunder. 
 (h) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture, the Notes, the Note Guarantees or the Security Documents at the request, order or
direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee security, indemnity or pre-funding satisfactory to it against the costs, expenses and liabilities which may be
incurred therein or thereby. 
 (i) Whenever in the administration of this Indenture, the Notes, the Note Guarantees or the
Security Documents the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder or thereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in
the absence of bad faith or willful misconduct on its part, request and conclusively rely upon an Officers’ Certificate and shall incur no liability for acting in good faith in accordance therewith. 

(j) Anything in this Indenture to the contrary notwithstanding, in no event shall the Trustee be responsible or liable for any special,
indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit), irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action. 
 (k) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, report, notice, request, direction, consent, order, bond, debenture, coupon or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or
matters, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine, during business hours and upon reasonable notice, the books, records and premises of the Issuers and the Restricted
Subsidiaries, personally or by agent or attorney. 
 (l) The Trustee shall not be required to give any bond or surety in respect
of the performance of its powers and duties hereunder. 
 (m) The Trustee may request that the Issuers deliver a certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, the Notes or the Security Documents. 

(o) The Trustee shall have no obligation to invest and reinvest any cash held in any account in the absence of timely and specific
written investment direction from the Issuers, In no event shall the Trustee be liable for the selection of investments or for the investment losses incurred thereon. The Trustee shall have no liability in respect of losses incurred as a result of
the liquidation of any investment prior to its stated maturity or the failure of Issuers to provide timely written investment direction. 
 SECTION 7.3. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers, Subsidiary
Guarantors or their Affiliates with the same rights it would have if 

  
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it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee must comply with Sections 7.10 and
7.11. In addition, the Trustee shall be permitted to engage in transactions with the Issuers; provided, however, that if the Trustee acquires any conflicting interest under the TIA, the Trustee must (i) eliminate such conflict within
90 days of acquiring such conflicting interest, (ii) apply to the Commission for permission to continue acting as Trustee or (iii) resign. 
 SECTION 7.4. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Note Guarantees, the Security
Documents or the Notes, shall not be accountable for the Issuers’ use of the proceeds from the sale of the Notes, shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee or any money
paid to the Issuers pursuant to the terms of this Indenture and shall not be responsible for any statement of the Issuers in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the
Trustee’s certificate of authentication. 
 SECTION 7.5. Notice of Defaults. If a Default or Event of Default
occurs and is continuing and if a Trust Officer has actual knowledge thereof, the Trustee shall mail by first class mail to each Holder at the address set forth in the Notes Register notice of the Default or Event of Default within 90 days
after it is actually known to a Trust Officer. Except in the case of a Default or Event of Default in payment of principal of, premium (if any), or interest on any Note (including payments pursuant to the optional redemption or required repurchase
provisions of such Note), the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of Holders. 

SECTION 7.6. Reports by Trustee to Holders. Within 60 days after each June 1 beginning June 15, 2011, the Trustee
shall mail to each Holder a brief report dated as of such June 1 that complies with TIA § 313(a) if and to the extent required thereby. The Trustee also shall comply with TIA § 313(b) and TIA § 313(c). 

A copy of each report at the time of its mailing to Holders shall be filed with the Commission and each stock exchange (if any) on which
the Notes are listed. The Issuers agree to notify promptly the Trustee in writing whenever the Notes become listed on any stock exchange and of any delisting thereof and the Trustee shall comply with TIA § 313(d). 

SECTION 7.7. Compensation and Indemnity. The Issuers shall pay to each of the Trustee and the Collateral Agent from time to
time such compensation as has been agreed in that certain fee proposal signed November 12, 2010 by Northern Tier Energy LLC, as may be amended from time to time for its services hereunder and under the Notes, the Note Guarantees and the
Security Documents as the Issuers and the Trustee or the Issuers and the Collateral Agent shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The
Issuers shall reimburse each of the Trustee and the Collateral Agent for all reasonable and documented expenses incurred or made by it, including, but not limited to, costs of collection, costs of preparing reports, certificates and other documents,
costs of preparation and mailing of notices to Holders and any amounts due and owing pursuant to any mortgage, including, without limitation, any amounts incurred pursuant to Minn. Stat. § 287.05, Subd. 5. Such expenses shall include the
reasonable 

  
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compensation and expenses, disbursements and advances of the respective agents, counsel, accountants and experts of the Trustee and the Collateral Agent. The Issuers shall indemnify, defend and
hold harmless each of the Trustee and the Collateral Agent and their officers, employees, representatives and agents against any and all loss, liability, damages, claims or expense (including reasonable attorneys’ fees and expenses) of whatever
kind or nature regardless of their merit, demanded or asserted or claimed against the Trustee or Collateral Agent incurred by it without willful misconduct or gross negligence or bad faith on its part in connection with, directly or indirectly
relating to, or arising from the administration of this trust and the performance of its duties hereunder and under the Notes, the Note Guarantees and the Security Documents , including the costs and expenses of enforcing this Indenture (including
this Section 7.7), the Notes, the Note Guarantees and the Security Documents and of defending itself against any claims (whether asserted by any Holder, the Issuer or otherwise). Each of the Trustee and the Collateral Agent shall notify
the Issuers promptly of any claim for which it may seek indemnity of which it has received written notice. Failure by the Trustee or the Collateral Agent to so notify the Issuers shall not relieve the Issuers of its obligations hereunder. The
Issuers shall defend the claim and each of the Trustee and the Collateral Agent shall provide reasonable cooperation at the Issuers’ expense in the defense. The Trustee and the Collateral Agent may each have separate counsel and the Issuers
shall pay the fees and expenses of such counsel; provided that the Issuers shall not be required to pay the fees and expenses of such separate counsel if it assumes the Trustee’s or the Collateral Agent’s defense (with the consent
of the Trustee or the Collateral Agent, as applicable, which consent shall not be unreasonably withheld or delayed), and, in the reasonable judgment of outside counsel to the Trustee or the Collateral Agent, there is no conflict of interest between
the Issuers and the Trustee or between the Issuers and the Collateral Agent in connection with such defense. 
 To secure the
Issuers’ payment obligations in this Section 7.7, each of the Trustee and the Collateral Agent shall have a lien prior to the Notes on all money or property held or collected by the Trustee or the Collateral Agent other than money
or property held in trust to pay principal of and interest on particular Notes. Such lien shall survive the satisfaction and discharge of this Indenture. The Trustee’s and the Collateral Agent’s respective right to receive payment of any
amounts due under this Section 7.7 shall not be subordinate to any other liability or Indebtedness of the Issuers. 

The Issuers’ payment obligations pursuant to this Section 7.7 shall survive the satisfaction and discharge of this
Indenture and the earlier resignation or removal of the Trustee or Collateral Agent hereunder. Without prejudice to any other rights available to the Trustee or the Collateral Agent under applicable law, when the Trustee or the Collateral Agent
incurs expenses or renders services after the occurrence of a Default specified in clause (9) or clause (10) of Section 6.1, the expenses (including the reasonable fees and expenses of its counsel) are intended to constitute
expenses of administration under the Bankruptcy Code. 
 SECTION 7.8. Replacement of Trustee. The Trustee may
resign at any time by so notifying the Issuers in writing not less than 30 days prior to the effective date of such resignation. The Holders of a majority in principal amount of the Notes may remove the Trustee by so notifying the removed Trustee in
writing not less than 30 days prior to the effective date of such removal and may appoint a successor Trustee with the Issuers’ written consent, which consent will not be unreasonably withheld. The Issuers shall remove the Trustee if:

  
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 (1) the Trustee fails to comply with Section 7.10 hereof;

 (2) the Trustee is adjudged bankrupt or insolvent; 

(3) a receiver or other public officer takes charge of the Trustee or its property; or 

(4) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns or is removed by the Issuers or by the Holders of a majority in principal amount of the Notes and such Holders do
not reasonably promptly appoint a successor Trustee as described in the preceding paragraph, or if a vacancy exists in the office of the Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuers
shall promptly appoint a successor Trustee; provided, however, that in case of a bankruptcy or insolvency, the resigning Trustee will have the right to appoint a successor Trustee within 10 business days after giving of such notice of
resignation if the Issuers have not appointed a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of
its appointment to the retiring Trustee and to the Issuers. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.7.

 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the
retiring Trustee or the Holders of at least 10% in principal amount of the Notes may petition, at the Issuers’ expense, any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in TIA
§ 310(b), any Holder, who has been a bona fide Holder of a Note for at least six months, may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

Notwithstanding the replacement of the Trustee pursuant to this Section 7.8, the Issuers’ obligations under
Section 7.7 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.9. Successor Trustee by
Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Trustee. 
 In case at the time such successor or successors by merger,
conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the 

  
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Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; provided that the right to adopt the certificate of
authentication of any predecessor Trustee or authenticate Notes in the name of any predecessor Trustee shall only apply to its successor or successors by merger, consolidation or conversion. 

SECTION 7.10. Eligibility; Disqualification. This Indenture shall always have a Trustee that satisfies the requirements of
TIA § 310(a)(1), (2) and (5) in every respect. The Trustee shall have a combined capital and surplus of at least $50.0 million as set forth in its most recent published annual report of condition. The Trustee shall comply
with TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other
securities of the Issuers are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 
 SECTION 7.11. Preferential Collection of Claims Against the Issuers. The Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b).
A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 
 SECTION
7.12. Trustee’s Application for Instruction from the Issuers. Any application by the Trustee for written instructions from the Issuers may, at the option of the Trustee, set forth in writing any action proposed to be taken or
omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a
proposal included in such application on or after the date specified in such application (which date shall not be less than three business days after the date any Officer of the Issuers actually receives such application, unless any such Officer
shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in response to such application specifying the
action to be taken or omitted. 
 ARTICLE VIII 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 SECTION 8.1. Option to Effect
Legal Defeasance or Covenant Defeasance; Defeasance. The Issuers may, at their option and at any time, elect to have either Section 8.2 or 8.3 hereof be applied to all outstanding Notes upon compliance with the conditions set
forth below in this Article VIII. 
 SECTION 8.2. Legal Defeasance and Discharge. Upon the Issuers’
exercise under Section 8.1 hereof of the option applicable to this Section 8.2, the Issuers and each of the Subsidiary Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.4
hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Note Guarantees) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For
this purpose, Legal Defeasance means that the Issuers and the Subsidiary Guarantors will be deemed to have paid and discharged the entire 

  
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Indebtedness represented by the outstanding Notes (including the Note Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.5
hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all of their other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee, on demand of and at
the expense of the Issuers, shall execute proper instruments prepared by Issuer acknowledging the same) and to have cured all then existing Events of Default, except for the following provisions which will survive until otherwise terminated or
discharged hereunder: 
 (1) the rights of Holders issued under this Indenture to receive payments in respect of
the principal of, premium, if any, and interest on the Notes when such payments are due from the trust referred to in Section 8.4 hereof; 
 (2) the Issuers’ obligations with respect to the Notes under Article II concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and
Section 3.13 hereof concerning the maintenance of an office or agency for payment and money for security payments held in trust; 
 (3) the rights, powers, trusts, duties, indemnities and immunities of the Trustee and the Collateral Agent and the Issuers’ or Subsidiary Guarantors’ obligations in connection therewith;

 (4) this Article VIII with respect to provisions relating to Legal Defeasance; and 

(5) the provisions of Article V relating to optional redemption to the extent that Legal Defeasance is to be
effected together with a redemption. 
 If the Issuers exercise their Legal Defeasance option in accordance with the provisions
of this Article VIII, the Liens on the Collateral will be released. 
 SECTION 8.3. Covenant Defeasance.
Upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this Section 8.3, the Issuers and each of the Subsidiary Guarantors will, subject to the satisfaction of the conditions set forth in
Section 8.4 hereof, be released from each of their obligations under the covenants contained in Section 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 3.10, 3.11,
3.12, 3.15, 3.18 and Section 4.1(a)(3) hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.4 hereof are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants,
but will continue to be deemed “outstanding” for all other purposes hereunder. For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Note Guarantees, the Issuers and the Subsidiary Guarantors may omit
to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference
in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1 hereof, but, except as specified above, the remainder of this
Indenture and such Notes and Note Guarantees will be unaffected 

  
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thereby. In addition, upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this Section 8.3, subject to the satisfaction of the conditions
set forth in Section 8.4 hereof, Sections 6.1(4), 6.1(5), 6.1(6), 6.1(7), and 6.1(8) hereof shall not constitute Events of Default. 

If the Issuers exercise their Covenant Defeasance option in accordance with the provisions of this Article VIII, the Liens on the
Collateral will be released. 
 SECTION 8.4. Conditions to Legal or Covenant Defeasance. In order to exercise
either Legal Defeasance or Covenant Defeasance under either Section 8.2 or 8.3 hereof: 
 (1)
the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a
nationally recognized firm of independent public accountants, to pay the principal of, or interest and premium on the outstanding Notes on the Stated Maturity or on the applicable redemption date, as the case may be, and the Issuers must specify
whether such Notes are being defeased to maturity or to a particular redemption date; 
 (2) in the case of Legal
Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to such Trustee confirming that, subject to customary assumptions and exclusions: 

(A) the Issuers have received from, or there has been published by, the United States Internal Revenue Service a ruling;
or 
 (B) since the Issue Date, there has been a change in the applicable U.S. federal income tax law;

 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that the Holders will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal
Defeasance had not occurred; 
 (3) in the case of Covenant Defeasance, the Issuers shall have delivered to the
Trustee an Opinion of Counsel reasonably acceptable to such Trustee confirming that, subject to customary assumptions and exclusions, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such
Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default
or Event of Default resulting from borrowing funds to be applied to make the deposit required to effect such Legal Defeasance or Covenant Defeasance and any similar and simultaneous deposit relating to other Indebtedness and the granting of Liens in
connection therewith); 

  
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 (5) such Legal Defeasance or Covenant Defeasance shall not result in a
breach or violation of, or constitute a default under the Credit Facilities, this Indenture or any other material agreement or instrument (other than this Indenture to which the Legal Defeasance or Covenant Defeasance relates) to which the Issuers
or any of their respective Subsidiaries are parties or by which the Issuers or any of their respective Subsidiaries are bound (other than this Indenture, and the granting of Liens in connection therewith); 

(6) the Issuers shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by
the Issuers with the intent of preferring the Holders over the other creditors of the Issuers with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuers or any Subsidiary Guarantor or others; 

(7) if the Notes are to be redeemed prior to their Stated Maturity, the Issuers must deliver to the Trustee irrevocable
instructions to redeem all of the Notes on the specified redemption date; 
 (8) the Issuers shall have delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the Legal Defeasance or
the Covenant Defeasance, as the case may be, have been complied with; and 
 (9) the Issuers shall have delivered
to the Trustee an Opinion of Counsel to the effect that, as of the date of such opinion and subject to customary assumptions and exclusions, including, that no intervening bankruptcy of the Issuers between the date of deposit and the 91st day
following the deposit and assuming that no Holder is an “insider” of the Issuers under applicable bankruptcy law, after the 91st day following the deposit, the trust funds will not be subject to Section 547 of Title 11 of
the U.S. Code. 
 SECTION 8.5. Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
Provisions. Subject to Section 8.6 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 8.5, the “Trustee”) pursuant to Section 8.4 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this
Indenture, to the payment, either directly or through any Paying Agent (including the Issuers acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal,
premium and Special Interest, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Issuers will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to
Section 8.4 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 

  
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 Notwithstanding anything in this Article VIII to the contrary, the Trustee will
deliver or pay to the Issuers from time to time upon the written request of the Issuers any money or non-callable Government Securities held by it as provided in Section 8.4 hereof which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.4(1) hereof), are in excess of the amount thereof that would then be required to be
deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 SECTION 8.6. Repayment to the
Issuers. Any money deposited with the Trustee or any Paying Agent, or then held by the Issuers, in trust for the payment of the principal of, premium or Special Interest, if any, or interest on, any Note and remaining unclaimed for two years
after such principal, premium or Special Interest, if any, or interest has become due and payable shall be paid to the Issuers on its request unless an abandoned property law designates another Person or (if then held by the Issuers) will be
discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Issuers for payment thereof unless an abandoned property law designates another Person, and all liability of the Trustee or such Paying Agent
with respect to such trust money, and all liability of the Issuers as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the
Issuers cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such
notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuers. 
 SECTION
8.7. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or non-callable Government Securities in accordance with Section 8.2 or 8.3 hereof, as the case may be, by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuers’ and the Subsidiary Guarantors’ obligations under this Indenture and the Notes and the Note Guarantees will be
revived and reinstated as though no deposit had occurred pursuant to Section 8.2 or 8.3 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.2 or
8.3 hereof, as the case may be; provided, however, that, if the Issuers make any payment of principal of, premium or Special Interest, if any, or interest on, any Note following the reinstatement of its obligations, the Issuers will be
subrogated to the rights of the Holders of such Notes to receive such payment from the money or non-callable Government Securities held by the Trustee or Paying Agent. 
 ARTICLE IX 
 AMENDMENTS 

SECTION 9.1. Without Consent of Holders. (E) Notwithstanding Section 9.2 of this Indenture, the Issuers, the
Subsidiary Guarantors (with respect to its Note Guarantee or this Indenture), the Trustee and the Collateral Agent (when authorized pursuant to Issuers’ Order) may amend or supplement this Indenture, the Notes, the Note Guarantees or the
Security Document relating to the Notes, without the consent of any Holder to: 

  
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 (1) cure any ambiguity, omission, mistake, defect or inconsistency; provided
that the interests of the Holders will not be adversely affected thereby; 
 (2) provide for certificated Notes
in addition to or in place of uncertificated Notes; 
 (3) provide for the assumption of either Issuer’s or
any Subsidiary Guarantor’s obligations to Holders in the case of a merger or consolidation or sale of all or substantially all of such Issuer’s or Subsidiary Guarantor’s assets; 

(4) make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect
the legal rights of such Holder under this Indenture, the Notes, the Note Guarantees or the Security Documents in any material respect; 
 (5) comply with the requirements of the Commission in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act; 

(6) comply with the provisions of Section 3.7 and 3.12; provided that the interests of the Holders will
not be adversely affected thereby 
 (7) conform the text of this Indenture, the Notes, the Note Guarantees or
any Security Document to any provision under the heading “Description of Notes” in the Offering Circular to the extent that such provision under the heading “Description of Notes” in the Offering Circular was intended to be a
verbatim recitation of a provision of this Indenture, the Notes, the Note Guarantees or any Security Document; 

(8) evidence and provide for the acceptance of appointment by a successor Trustee, provided that the successor Trustee is
otherwise qualified and eligible to act as such under the terms of this Indenture, or evidence and provide for a successor or replacement Collateral Agent under the Security Documents; 

(9) provide for the issuance of Exchange Notes and Additional Notes and related Note Guarantees (and the grant of security
for the benefit of the Additional Notes and related Note Guarantees) in accordance with the terms of this Indenture and the Collateral Trust and Intercreditor Agreement; 

(10) make, complete or confirm any grant of Collateral permitted or required by this Indenture or any of the Security
Documents or any release, termination or discharge of Collateral that becomes effective as set forth in this Indenture or any of the Security Documents; 
 (11) grant any Lien for the benefit of the Holders of any future Pari Passu Notes Lien Indebtedness or Pari Passu ABL Lien Indebtedness in accordance with and permitted by the terms of this Indenture and
the Collateral Trust and Intercreditor Agreement; 

  
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 (12) add additional secured parties to the Collateral Trust and
Intercreditor Agreement and ABL Intercreditor Agreement to the extent Liens securing obligations held by such parties that are permitted under this Indenture; 
 (13) mortgage, pledge, hypothecate or grant a security interest in favor of the Collateral Agent for the benefit of the Trustee and the Holders as additional security for the payment and performance of
the Issuers’ and any Subsidiary Guarantor’s obligations under this Indenture, in any property, or assets, including any of which are required to be mortgaged, pledged or hypothecated, or in which a security interest is required to be
granted to the Trustee or the Collateral Agent in accordance with the terms of this Indenture or otherwise; 

(14) provide for the succession of any parties to the Security Documents (and other amendments that are administrative or
ministerial in nature), the Collateral Trust and Intercreditor Agreement and the ABL Intercreditor Agreement in connection with an amendment, renewal, extension, substitution, refinancing, restructuring, replacement, supplementing or other
modification from time to time of any agreement in accordance with the terms of this Indenture and the relevant Security Document, the Collateral Trust and Intercreditor Agreement and the ABL Intercreditor Agreement; 

(15) provide for a reduction in the minimum denominations of the Notes; 

(16) add a Subsidiary Guarantor or other guarantor under this Indenture or release a Subsidiary Guarantor in accordance
with the terms of this Indenture; 
 (17) add covenants of the Issuers for the benefit of Holders or surrender
any right or power conferred upon either Issuer or any Subsidiary Guarantor; 
 (18) make any amendment to the
provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including, without limitation, to facilitate the issuance and administration of the Notes, provided that compliance with this Indenture as
so amended may not result in Notes being transferred in violation of the Securities Act or any applicable securities laws; 
 (19) provide for the assumption by one or more successors of the obligations of any of the Subsidiary Guarantors under this Indenture and the Note Guarantees; or 

(20) comply with the rules of any applicable securities depositary. 

(b) The Holders shall be deemed to have consented for purposes of the Security Documents (including, for the avoidance of doubt, the
Collateral Trust and Intercreditor Agreement and the ABL Intercreditor Agreement) to any of the following amendments, waivers and other modifications to the Security Documents: 

(i) (A) to add other parties (or any authorized agent thereof or trustee therefor) holding Pari Passu Notes Lien
Indebtedness that are incurred in compliance with the ABL Facility and the Notes Documents and (B) to establish that the Liens on any 

  
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Collateral securing such Pari Passu Notes Lien Indebtedness shall rank equally with the Liens on such Collateral securing the obligations under this Indenture and the Notes; 

(ii) (A) to add other parties (or any authorized agent thereof or trustee therefor) holding Pari Passu ABL Lien
Indebtedness that is incurred in compliance with the ABL Facility and the Notes Documents, (B) to establish that the Liens on any Collateral securing such Pari Passu Lien Indebtedness shall rank equally with the Liens on such Collateral
securing the obligations under the ABL Facility and senior to the Liens on such ABL Priority Collateral securing any obligations under this Indenture, the Notes and the Note Guarantees, all on the terms provided for in the ABL Intercreditor
Agreement in effect immediately prior to such amendment, (C) to establish that the Liens on any Note Priority Collateral securing such Pari Passu ABL Lien Indebtedness shall be junior and subordinated to the Liens on such Note Priority
Collateral securing any obligations under this Indenture, the Notes and the Note Guarantees, all on the terms provided for in ABL Intercreditor Agreement in effect immediately prior to such amendment; 

(iii) to establish that the Liens on any ABL Priority Collateral securing any Indebtedness replacing the ABL Facility
permitted to be incurred under Section 3.2(b)(1) shall be senior to the Liens on such ABL Priority Collateral securing any obligations under this Indenture, the Notes and the Note Guarantees, and that any obligations under this
Indenture, the Notes and the Note Guarantees shall continue to be secured on a first-priority basis by the Note Priority Collateral and on a second-priority basis on the ABL Priority Collateral; and 

(iv) upon any cancellation or termination of the ABL Facility without a replacement thereof, to establish that the ABL
Priority Collateral shall become Note Priority Collateral. 
 Any such additional party, the ABL collateral agent, the Trustee
and the Collateral Agent shall be entitled to rely upon an Officers’ Certificate and an Opinion of Counsel certifying that such Pari Passu Notes Lien Indebtedness or Pari Passu ABL Lien Indebtedness, as the case may be, was issued or borrowed
in compliance with the ABL Facility and the Notes Documents. 
 (c) Subject to Section 9.2, upon the request of the
Issuers accompanied by a resolution of their Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 13.4 hereof, the Trustee will
join with the Issuers and the Subsidiary Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 
 (d) After an amendment or supplement under this Section 9.1 becomes effective, the Issuers shall mail to Holders a notice briefly describing such amendment or supplement. The failure to give
such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment or supplement under this Section 9.1. 

  
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 SECTION 9.2. With Consent of Holders. 

Except as provided below in this Section 9.2, the Issuers, the Subsidiary Guarantors, the Collateral Agent and the Trustee
may amend or supplement this Indenture, the Notes, the Note Guarantees or the Security Documents related to the Notes (subject to compliance with the Intercreditor Agreements) with the consent of the Holders of at least a majority in aggregate
principal amount of the Notes then outstanding and issued under this Indenture, including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes, and, subject to Sections 6.4 and
6.7 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, and Special Interest, if any, or interest on the Notes, except a payment default resulting
from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes, the Note Guarantees and the Security Documents relating to the Notes may be waived with the consent of the Holders of a majority in
principal amount of the then outstanding Notes issued under this Indenture (including, without limitation, consents obtained in connection with a purchase of or tender offer or exchange offer for Notes). Section 2.11 hereof and
Section 13.6 hereof shall determine which Notes are considered to be “outstanding” for the purposes of this Section 9.2. 
 Upon the request of the Issuers accompanied by a resolution of their Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee and
the Collateral Agent of evidence satisfactory to each of the Trustee and Collateral Agent of the consent of the Holders as aforesaid, and upon receipt by the Trustee and the Collateral Agent of the documents described in Section 13.4
hereof, the Trustee and the Collateral Agent will join with the Issuers and the Subsidiary Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 

Without the consent of each Holder affected, an amendment, supplement or waiver may not, with respect to any Notes issued thereunder and
held by a non-consenting Holder: 
 (1) reduce the percentage of the aggregate principal amount of Notes whose
Holders must consent to an amendment, supplement or waiver; 
 (2) reduce the principal of or change the Stated
Maturity of, any Note or alter the provisions, or waive any payment with respect to the redemption of such Notes (other than provisions relating to Sections 3.5 and 3.10 (except to the extent provided in clause (9) below));

 (3) reduce the rate of or change the time for, payment of interest on any Note, including Special Interest;

 (4) waive a Default or Event of Default in the payment of principal of, or interest or premium, if any, on the
Notes issued under this Indenture (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal 

  
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amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration), or in respect of a covenant or provision contained in this Indenture or any Note
Guarantee which cannot be amended or modified without the consent of all Holders; 
 (5) make any Note payable in
money other than U.S. dollars; 
 (6) make any change in the provisions of this Indenture relating to waivers of
past Defaults or the rights of Holders to receive payments of principal of, or interest or premium, if any, on the Notes; 
 (7) release any Subsidiary Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this Indenture or the Note Guarantees; 

(8) impair the right of any Holder to receive payment of principal of, or interest on such Holder’s Notes on or after
the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes or the Note Guarantees; 
 (9) amend, change or modify the obligation of the Issuers to make and consummate a Collateral Disposition Offer with respect to any Asset Sale of Note Priority Collateral in accordance with
Section 3.5 after the obligation to make such a Collateral Disposition Offer has arisen; or 
 (10)
make any change in the amendment and waiver provisions, except to increase any such percentage required for such actions or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of
each outstanding note affected thereby; 
 In addition, without the consent of the Holders of at least 66
2/3 % of the principal amount of the Notes then
outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), no amendment, supplement or waiver may (1) modify any Security Document or the provisions in this
Indenture dealing with Security Documents or application of trust moneys in any manner, taken as a whole, materially adverse to the Holders or otherwise release any Collateral other than in accordance with this Indenture, the Security Documents and
the Collateral Trust and Intercreditor Agreement and ABL Intercreditor Agreement; or (2) modify the Intercreditor Agreements in any manner adverse to the Holders in any material respect other than in accordance with the terms of this Indenture,
the Security Documents and the Intercreditor Agreements. 
 It shall not be necessary for the consent of the Holders under this
Indenture or any Security Document to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. A consent to any amendment, supplement or waiver under this
Indenture by any Holder given in connection with a tender or exchange of such Holder’s Notes will not be rendered invalid by such tender or exchange. 

  
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 After an amendment or supplement under this Section 9.2, the Security Documents,
or the Intercreditor Agreements becomes effective, the Issuers shall mail to Holders a notice briefly describing such amendment or supplement. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the
validity of an amendment or supplement. 
 SECTION 9.3. Compliance with Trust Indenture Act. 

Every amendment or supplement to this Indenture, any Security Document, any Note Guarantee and the Notes will be set forth in an amended
or supplemental indenture that complies with the TIA as then in effect. 
 SECTION 9.4. Revocation and Effect of
Consents and Waivers. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note
is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on any Note. However,
any such Holder of a Note or subsequent Holder of a Note may revoke the consent or waiver as to such Holder’s Note or portion of its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver
becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 The Issuers may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or
permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons,
shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120
days after such record date unless an amendment, supplement or waiver becomes effective. 
 SECTION 9.5. Notation on or
Exchange of Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note
thereafter authenticated. The Issuers in exchange for all Notes may issue and the Trustee shall, upon receipt of an Issuers’ Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or
waiver. 
 SECTION 9.6. Trustee to Sign Amendments. 

The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article IX if the amendment, supplement or
waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Issuers may not sign an amendment, supplement or waiver until the Board of Directors of each Issuer approves it. In executing any

  
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amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.1(a)(2) hereof) shall be fully protected in relying upon, in addition to the
documents required by Section 13.4 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amendment, supplement or waiver is authorized or permitted by this Indenture. 

ARTICLE X 

GUARANTEE 

SECTION 10.1. Guarantee. Subject to the provisions of this Article X, each Subsidiary Guarantor hereby fully,
unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, jointly and severally with each other Subsidiary Guarantor, to each Holder, and the Trustee the full and punctual payment when due, whether at maturity, by
acceleration, by redemption or otherwise, of the principal of, premium and Special Interest, if any, and interest on the Notes and all other obligations and liabilities of the Issuers under this Indenture (including without limitation interest
(including Special Interest) accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Issuers or any Subsidiary Guarantor whether or not a claim for
post-filing or post-petition interest is allowed in such proceeding and the obligations under Section 7.7), the Registration Rights Agreement and the Security Documents (all the foregoing being hereinafter collectively called the
“Guaranteed Obligations”). Each Note Guarantee will be secured on a first-priority basis by the Note Priority Collateral owned by such Subsidiary Guarantor and on a second-priority basis by the ABL Priority Collateral owned by such
Subsidiary Guarantor. Each Subsidiary Guarantor agrees that the Guaranteed Obligations will rank equally in right of payment with other Indebtedness of such Subsidiary Guarantor, except to the extent such other Indebtedness is subordinate to the
Guaranteed Obligations, in which case the obligations of the Subsidiary Guarantors under the Note Guarantees will rank senior in right of payment to such other Indebtedness. 
 To evidence its Note Guarantee set forth in this Section 10.1, each Subsidiary Guarantor hereby agrees that this Indenture shall be executed on behalf of such Subsidiary Guarantor by an
Officer of such Subsidiary Guarantor and upon such execution the Note Guarantees set forth in this Indenture shall be deemed duly delivered, without any further action by any Person, on behalf of the Subsidiary Guarantors. 

Each Subsidiary Guarantor hereby agrees that its Note Guarantee set forth in this Section 10.1 hereof shall remain in full
force and effect notwithstanding the absence of the endorsement of any notation of such Note Guarantee on the Notes. 
 If an
Officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates the Note, the Note Guarantee shall be valid nevertheless. The delivery of any Note by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of the Note Guarantee set forth in this Indenture on behalf of the Subsidiary Guarantors. 
 Each Subsidiary Guarantor further agrees (to the extent permitted by law) that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further

  
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assent from it, and that it will remain bound under this Article X notwithstanding any extension or renewal of any Guaranteed Obligation. 

Each Subsidiary Guarantor waives presentation to, demand of payment from and protest to the Issuers of any of the Guaranteed Obligations
and also waives notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. 
 Each Subsidiary Guarantor further agrees that its Note Guarantee herein constitutes a Guarantee of payment when due (and not a Guarantee of collection) and waives any right to require that any resort be
had by any Holder to any security held for payment of the Guaranteed Obligations. 
 Except as set forth in
Section 10.2, the obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason (other than payment of the Guaranteed Obligations in full), including any
claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed
Obligations or otherwise. Without limiting the generality of the foregoing, the Guaranteed Obligations of each Subsidiary Guarantor herein shall not be discharged or impaired or otherwise affected by (a) the failure of any Holder to assert any
claim or demand or to enforce any right or remedy against the Issuers or any other person under this Indenture, the Notes or any other agreement or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver,
amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (d) the release of any security held by any Holder or the Collateral Agent for the Guaranteed Obligations or any of them;
(e) the failure of any Holder to exercise any right or remedy against any other Subsidiary Guarantor; (f) any change in the ownership of either of the Issuers; (g) any default, failure or delay, willful or otherwise, in the
performance of the Guaranteed Obligations, or (h) any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would otherwise operate as
a discharge of such Subsidiary Guarantor as a matter of law or equity. 
 Each Subsidiary Guarantor agrees that its Note
Guarantee herein shall remain in full force and effect until payment in full of all the Guaranteed Obligations or such Subsidiary Guarantor is released from its Note Guarantee in compliance with Section 10.2, Article VIII or
Article XII. Each Subsidiary Guarantor further agrees that its Note Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of, premium, if any, or
interest on any of the Guaranteed Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Issuers or otherwise. 
 In furtherance of the foregoing and not in limitation of any other right which any Holder has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure of the Issuers to pay
any of the Guaranteed Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, each Subsidiary Guarantor hereby promises to and will, upon receipt of written demand by the Trustee,
forthwith pay, or 

  
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cause to be paid, in cash, to the Holders or the Trustee on behalf of the Holders an amount equal to the sum of (i) the unpaid amount of such Guaranteed Obligations then due and owing and
(ii) accrued and unpaid interest (including Special Interest) on such Guaranteed Obligations then due and owing (but only to the extent not prohibited by law) (including interest accruing after the filing of any petition in bankruptcy or the
commencement of any insolvency, reorganization or like proceeding relating to the Issuers or any Subsidiary Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding). 

Each Subsidiary Guarantor further agrees that, as between such Subsidiary Guarantor, on the one hand, and the Holders, on the other hand,
(x) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Note Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the Guaranteed Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such Guaranteed Obligations, such Guaranteed Obligations (whether or not due and payable) shall forthwith
become due and payable by the Subsidiary Guarantor for the purposes of the Note Guarantee. 
 Each Subsidiary Guarantor also
agrees to pay any and all reasonable costs and expenses (including reasonable attorneys’ fees and expenses), reimbursements and indemnities incurred by the Trustee, the Collateral Agent or the Holders in enforcing any rights under this
Section 10.1. 
 SECTION 10.2. Limitation on Liability; Termination, Release and Discharge. 

(a) Any term or provision of this Indenture to the contrary notwithstanding, the obligations of each Subsidiary Guarantor hereunder will
be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor (including, without limitation, any guarantees under the ABL Facility) and after giving effect to any
collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under its Note Guarantee or pursuant to its contribution obligations under this Indenture, result in
the obligations of such Subsidiary Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law and not otherwise being void or voidable under any similar laws affecting the rights of
creditors generally. 
 (b) Subject to Section 10.2(c), each Subsidiary Guarantor will not, and the Issuer will not
permit any Subsidiary Guarantor to, (1) consolidate or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving entity), or (2) sell, assign, transfer, convey, lease, or otherwise dispose of all or
substantially all of its properties and assets, in one or more related transactions, other than to the Issuer or another Subsidiary Guarantor unless: 
 (i) immediately after giving effect to that transaction (and treating any Indebtedness which becomes an obligation of the surviving Person or any Restricted Subsidiary as a result of such transaction as
having been incurred by the surviving Person or such Restricted Subsidiary at the time of such transaction), no Default or Event of Default exists; 

  
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 (ii) (A) the Person acquiring the property in any such sale, assignment, transfer,
conveyance, lease or disposition or the Person formed by or surviving any such consolidation or merger (if other than the Subsidiary Guarantor) (1) is organized or existing under the laws of the United States, any state thereof or the District
of Columbia (provided that the provisions described in this clause (1) shall not apply if such Subsidiary Guarantor is organized under the laws of a jurisdiction other than the United States, any state thereof or the District of
Columbia) and (2) assumes all the obligations of that Subsidiary Guarantor under this Indenture, its Note Guarantee, the Registration Rights Agreement and the Security Documents related to the Notes pursuant to a supplemental indenture
satisfactory to the Trustee and (3) shall cause such amendments, supplements or other instruments to be executed, filed, and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral
owned by or transferred to the surviving Person, together with such financing statements or comparable documents as may be required to perfect any security interests in such Collateral which may be perfected by the filing of a financing statement or
a similar document under the Uniform Commercial Code or other similar statute or regulation of the relevant states or jurisdictions; and 
 (B) the transaction complies with Section 3.5; 
 (iii) to the extent
any assets of the Person which is merged or consolidated with or into the surviving Person are assets of the type which would constitute Collateral under the applicable Security Documents, the surviving Person will take such other actions as may be
reasonably necessary to cause such property and assets to be made subject to the Lien of the Security Documents in the manner and to the extent required in this Indenture or any of the Security Documents and shall take all reasonably necessary
action so that such Lien is perfected to the extent required by the Security Documents; and 
 (iv) the Collateral owned by or
transferred to the surviving Person shall: 
 (A) continue to constitute Collateral under this Indenture and the Security
Documents; 
 (B) be subject to the Lien in favor of the Collateral Agent for the benefit of the Collateral Agent, the Trustee
and the Holders; and 
 (C) not be subject to any Lien other than Permitted Liens. 

(c) Notwithstanding the foregoing, any Subsidiary Guarantor may (i) merge with a Restricted Subsidiary of the Issuer or another
Subsidiary Guarantor solely for the purpose of reincorporating the Subsidiary Guarantor in the United States, any state thereof, the District of Columbia or any territory thereof or (ii) convert into a corporation, partnership, limited

  
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partnership, limited liability company or trust organized under the laws of the jurisdiction of organization of such Subsidiary Guarantor, in each case without regard to the requirements set
forth in Section 10.2(b)(1). 
 (d) The Note Guarantee of a Subsidiary Guarantor shall automatically and
unconditionally be released without the need for any action by any party: 
 (1) in connection with any sale or
other disposition of Capital Stock of a Subsidiary Guarantor (including by way of consolidation or merger or otherwise) to a Person that is not (either before or after giving effect to such transaction) a Subsidiary of the Issuer, such that,
immediately after giving effect to such transaction, such Subsidiary Guarantor would no longer constitute a Subsidiary of the Issuer, if such sale or other disposition complies with Sections 3.3 and 3.5 and all the obligations of such
Subsidiary Guarantor in respect of all Indebtedness of the Issuers or the Subsidiary Guarantors terminate upon consummation of such transaction; 
 (2) in connection with the merger or consolidation of a Subsidiary Guarantor with the Issuer or any other Subsidiary Guarantor; 

(3) if the Issuer properly designates any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted
Subsidiary under this Indenture; 
 (4) the Issuers exercise their Legal Defeasance option or Covenant Defeasance
option as described in Article VIII or the Issuers’ obligations under this Indenture are discharged in accordance with Article XII; 
 (5) the release or discharge of the Guarantee by such Restricted Subsidiary which resulted in the creation of such Note Guarantee if such Subsidiary Guarantor would not then otherwise be required to
guarantee the Notes pursuant to this Indenture provided, that if such Restricted Subsidiary has incurred any Indebtedness or issued any preferred stock or Disqualified Stock in reliance on its status as a Subsidiary Guarantor under
Section 3.2, such Restricted Subsidiary’s obligations under such Indebtedness, Disqualified Stock or preferred stock, as the case may be, so incurred are satisfied in full and discharged or are otherwise permitted to be incurred by
a Restricted Subsidiary (other than a Subsidiary Guarantor) under Section 3.2, except a discharge or release by or as a result of payment under such Guarantee; or 

(6) upon a liquidation or dissolution of a Subsidiary Guarantor permitted under this Indenture. 

(e) In addition, the Note Guarantee of any Subsidiary Guarantor will be released in connection with a sale of all or substantially all of
the assets of such Subsidiary Guarantor (other than by lease) in a transaction that complies with the conditions in Section 10.2(b) and all the obligations of such Subsidiary Guarantor in respect of all Indebtedness of the Issuers or the
Subsidiary Guarantors terminate upon consummation of such transaction; 
 (f) Notwithstanding any other provision in this
Indenture, any Subsidiary Guarantor may be liquidated at any time, so long as all assets owned by such entity which 

  
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constitute Collateral remain Collateral owned by the Issuer or a Subsidiary Guarantor following any such liquidation (and in the case of Capital Stock, such Capital Stock is not Capital Stock of
a Foreign Subsidiary except to the extent it was prior to such liquidation). Upon the release of a Note Guarantee in accordance with the terms of this Indenture, all Collateral owned by the related Subsidiary Guarantor will also be automatically
released 
 SECTION 10.3. Right of Contribution. Each Subsidiary Guarantor hereby agrees that to the extent that
any Subsidiary Guarantor shall have paid more than its proportionate share of any payment made on the obligations under the Note Guarantees, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against the Issuers or
any other Subsidiary Guarantor who has not paid its proportionate share of such payment. The provisions of this Section 10.3 shall in no respect limit the obligations and liabilities of each Subsidiary Guarantor to the Trustee and the
Holders and each Subsidiary Guarantor shall remain liable to the Trustee and the Holders for the full amount guaranteed by such Subsidiary Guarantor hereunder. 
 SECTION 10.4. No Subrogation. Notwithstanding any payment or payments made by each Subsidiary Guarantor hereunder, no Subsidiary Guarantor shall be entitled to be subrogated to any of the
rights of the Trustee or any Holder against the Issuers or any other Subsidiary Guarantor or any collateral security or guarantee or right of offset held by the Trustee or any Holder for the payment of the Guaranteed Obligations, nor shall any
Subsidiary Guarantor seek or be entitled to seek any contribution or reimbursement from the Issuers or any other Subsidiary Guarantor in respect of payments made by such Subsidiary Guarantor hereunder, until all amounts owing to the Trustee and the
Holders by the Issuers on account of the Guaranteed Obligations are paid in full. If any amount shall be paid to any Subsidiary 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 Subsidiary Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Subsidiary Guarantor, and shall, forthwith upon receipt by such Subsidiary Guarantor, be turned over
to the Trustee in the exact form received by such Subsidiary Guarantor (duly indorsed by such Subsidiary Guarantor to the Trustee, if required), to be applied against the Guaranteed Obligations. 

ARTICLE XI 

COLLATERAL AND SECURITY 
 SECTION 11.1. The Collateral. 
 (a) The Issuers and the Subsidiary
Guarantors hereby appoint Deutsche Bank Trust Company Americas to act as Collateral Agent, and each Holder, by its acceptance of any Notes and the Guarantees thereof, irrevocably consents and agrees to such appointment. The Collateral Agent shall
have the privileges, powers and immunities as set forth in this Indenture and the Security Documents. From and after the Issue Date, the due and punctual payment of the principal of, premium and Special Interest, if any, and interest on the Notes
and the Note Guarantees thereof when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, interest on the overdue

  
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principal of and interest (to the extent permitted by law), if any, on the Notes and the Note Guarantees thereof and performance of all other obligations under this Indenture, including, without
limitation, the obligations of the Issuers set forth in Section 7.7 and Section 8.5 herein, and the Notes and the Note Guarantees thereof and the Security Documents, shall be secured by (i) first-priority Liens and
security interests on the Note Priority Collateral and (ii) second-priority Liens and security interests on the ABL Priority Collateral (in each case subject to Permitted Liens), as and to the extent provided in the Security Documents, which
the Issuers and the Subsidiary Guarantors, as the case may be, have entered into simultaneously with the execution of this Indenture and will be secured by all Security Documents hereafter delivered as required or permitted by this Indenture and the
Security Documents. The Collateral will also secure the Issuers’ and the Subsidiary Guarantors’ Obligations under Pari Passu Notes Lien Indebtedness as provided in the Intercreditor Agreements. The Issuers and the Subsidiary Guarantors
hereby agree that the Collateral Agent shall hold the Collateral on behalf of and for the benefit of all of the Holders, the Trustee and the Collateral Agent, in each case pursuant to the terms of the Security Documents and the Collateral Agent and
the Trustee are hereby directed and authorized to execute and deliver the Security Documents. 
 (b) Each Holder, by its
acceptance of any Notes and the Note Guarantees thereof, irrevocably consents and agrees to the terms of the Security Documents (including, without limitation, the provisions providing for foreclosure and release of Collateral) as the same may be in
effect or may be amended from time to time in accordance with their terms, agrees to the appointment of the Collateral Agent and authorizes and directs the Collateral Agent to perform its obligations and exercise its rights, powers and discretions
under the Security Documents in accordance therewith. 
 (c) The Trustee, the Collateral Agent and each Holder, by accepting the
Notes and the Note Guarantees thereof, acknowledges that, as more fully set forth in the Security Documents, the Collateral as now or hereafter constituted shall be held for the benefit of all the Holders, the Collateral Agent and the Trustee, and
that the Lien of this Indenture and the Security Documents in respect of the Trustee, the Collateral Agent and the Holders is subject to and qualified and limited in all respects by the Security Documents and actions that may be taken thereunder.

 SECTION 11.2. Maintenance of Collateral; Further Assurances. 

(a) The Issuers and the Subsidiary Guarantors shall maintain the Collateral that is material to the conduct of their respective
businesses in good, safe and insurable operating order, condition and repair. The Issuers and the Subsidiary Guarantors shall pay all real estate and other taxes (except such as are contested in good faith and by appropriate negotiations or
proceedings), and maintain in full force and effect all material permits and insurance in amounts that insures against such losses and risks as are reasonable for the type and size of the business of the Issuer and the Subsidiary Guarantors, except,
in each case, where the failure to effect such payment or maintain such permits or insurance coverages is not adverse in any material respect to the Holders. 
 (b) To the extent required under this Indenture or any of the Security Documents, the Issuers and the Subsidiary Guarantors shall, at their sole expense, execute any and all further documents, financing
statements, agreements and instruments, and take all further 

  
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action that may be required under the Security Documents or that the Collateral Agent or the Trustee may reasonably request, in order to grant, preserve, protect and perfect the validity and
priority of the security interests and Liens created or intended to be created by the Security Documents in the Collateral. In addition, to the extent required under this Indenture or any of the Security Documents, from time to time, the Issuers and
the Subsidiary Guarantors will reasonably promptly secure the obligations under this Indenture and Security Documents by pledging or creating, or causing to be pledged or created, perfected security interests and Liens with respect to the Collateral
perfected to the extent required by the Security Documents. Such security interests and Liens will be created under the Security Documents and, to the extent necessary, other security agreements and other instruments and documents. The Issuers shall
deliver or cause to be delivered to the Trustee all such instruments and documents to evidence compliance with this covenant. The Issuers agree to provide evidence to the Trustee as to the perfection (to the extent required by the Security
Documents) and priority status of each such security interest and Lien. 
 (c) Upon qualification of this Indenture under the
Trust Indenture Act, the Issuers will comply with the provisions of TIA §314(b). Promptly after qualification of this Indenture under the Trust Indenture Act to the extent required by the TIA, the Issuers shall deliver the opinion(s) required
by Section 314(b)(1) of the TIA. Subsequent to the execution and delivery of this Indenture, upon qualification of this Indenture under the TIA, to the extent required by the TIA, the Issuers shall furnish to the Trustee on or prior to each
anniversary of the Issue Date, an Opinion of Counsel, dated as of such date, stating either that (i) in the opinion of such counsel, all action has been taken with respect to any filing, re-filing, recording or re-recording with respect to the
Collateral as is necessary to maintain the Lien on the Collateral in favor of the Holders or (ii) in the opinion of such counsel, that no such action is necessary to maintain such Lien. 

(d) The Issuers will cause Section 313(b) of the Trust Indenture Act, relating to reports, and Section 314(d) of the
Trust Indenture Act, relating to the release of property and to the substitution therefor of any property to be pledged as collateral for the Notes, to be complied with, upon qualification of this Indenture under the Trust Indenture Act.
Any certificate or opinion required by Section 314(d) of the Trust Indenture Act may be made by an Officer of the Issuers except in cases where Section 314(d) requires that such certificate or opinion be made by an independent
engineer, appraiser or other expert, who shall be reasonably satisfactory to the Trustee. Notwithstanding anything to the contrary in this Section 11.2(d), the Issuers will not be required to comply with all or any portion of
Section 314(d) of the Trust Indenture Act if they determine, in good faith based on written advice of counsel, that under the terms of Section 314(d) and/or any interpretation or guidance as to the meaning thereof of the Commission
and its staff, including “no action” letters or exemptive orders, all or any portion of Section 314(d) is inapplicable, whereupon the Issuer shall provide to the Trustee and the Collateral Agent an Officers’ Certificate
certifying that the Issuers reasonably believe, based on the written advice of counsel (a copy of which shall be attached thereto), that they are not required to comply with all or any portion of Section 314(d). Upon qualification of this
Indenture under the Trust Indenture Act, the Issuers and the Subsidiary Guarantors shall comply with the other applicable provisions of the Trust Indenture Act as they relate to Collateral. 

SECTION 11.3. After-Acquired Property. Subject to the provisions of the Security Documents, upon the acquisition by the
Issuers or any Subsidiary Guarantor after the Issue Date of any assets (other than Excluded Assets), including, but not 

  
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limited to, any Material Real Property or any equipment or fixtures which constitute accretions, additions or technological upgrades to the equipment or fixtures or any working capital assets
that, in any such case, form part of the Collateral, the Issuers or such Subsidiary Guarantor shall execute and deliver (i) with regard to any Material Real Property, the items described under Section 11.5 below within 90 days after
the date of acquisition of the applicable asset, and (ii) to the extent required by the Security Documents, any information, documentation, financing statements or other certificates and opinions of counsel as may be necessary to vest in the
Collateral Agent a perfected security interest, subject only to Permitted Liens, in such after-acquired property and to have such after-acquired property added to the Collateral, and thereupon all provisions of this Indenture relating to the
Collateral shall be deemed to relate to such after-acquired property to the same extent and with the same force and effect; provided, however, that if granting such security interest requires the consent of a third party, the Issuers
or such Subsidiary Guarantor, as the case may be, shall use commercially reasonable efforts to obtain such consent; provided further, however, that if such third party does not provide such consent after the use of such commercially
reasonable efforts, the Issuers or such Subsidiary Guarantor, as the case may be, will not be required to provide such security interest. 
 SECTION 11.4. Impairment of Security Interest. The Issuers will not, and the Issuer will not permit any of its Restricted Subsidiaries to, (i) take or omit to take any action which would
materially adversely affect or impair the Liens in favor of the Collateral Agent and the Holders with respect to the Collateral, (ii) grant to any Person, or permit any Person to retain (other than the Collateral Agent), any Liens in the
Collateral, other than Permitted Liens or (iii) enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person in a
manner that conflicts with this Indenture, the Notes, the Note Guarantees and the Security Documents. Each Issuer and each Subsidiary Guarantor will, at its sole cost and expense, execute and deliver all such agreements and instruments as are
necessary, or as the Trustee or the Collateral Agent reasonably requests, to more fully or accurately describe the assets and property intended to be Collateral or the Obligations intended to be secured by the Security Documents. 

SECTION 11.5. Real Estate Mortgages and Filings. With respect (i) the Issue Date Premises owned by the Issuers or a
Subsidiary Guarantor on the Issue Date or (ii) any real property which is reacquired to become part of the Collateral and mortgaged to the Collateral Agent pursuant to Section 11.3 (individually and collectively, the
“Premises”), within 90 days of the Issue Date or 90 days of the date of acquisition (in the case of after-acquired real property), as applicable: 

(1) the Issuers or the applicable Subsidiary Guarantor shall deliver to the Collateral Agent, as mortgagee or beneficiary,
as applicable, for the ratable benefit of itself and the Holders, fully executed counterparts of Mortgages, in accordance with the requirements of this Indenture and/or the Security Documents duly executed by the Issuers or such Subsidiary
Guarantor, together with satisfactory evidence of the completion (or satisfactory arrangements for the completion) of all recordings and filings of such Mortgages (and payment of any taxes or fees in connection therewith) as may be necessary to
create a valid, perfected Lien with the priority required by the Collateral Trust and Intercreditor Agreement and the ABL Intercreditor Agreement, subject to Permitted Liens, against the property purported to be covered thereby; 

  
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 (2) the Collateral Agent shall have received mortgagee’s title
insurance policies in favor of the Collateral Agent, and its successors and/or assigns, in the form necessary, with respect to the property purported to be covered by the applicable Mortgages, to insure that the interests created by the Mortgages
constitute valid Liens thereon (with the priority required by the Collateral Trust and Intercreditor Agreement and the ABL Intercreditor Agreement) free and clear of all Liens, defects and encumbrances other than Permitted Liens. All such title
policies shall be in amounts equal to 110% of the estimated fair market value of the Premises covered thereby, and such policies shall include, to the extent available, all endorsements as shall be reasonably required in transactions of similar size
and purpose and shall be accompanied by evidence of the payment in full by Issuers or the applicable Subsidiary Guarantor of all premiums thereon (or that satisfactory arrangements for such payment have been made); and 

(3) the Issuers shall, or shall cause the Subsidiary Guarantors to, deliver to the Collateral Agent (x) with respect
to each of the covered Premises owned on the Issue Date, such filings, surveys (or any updates or affidavits that the title company may reasonably require in connection with the issuance of the title insurance policies) (in each case, to the extent
existing on the Issue Date), local counsel opinions, fixture filings and such other documents, instruments, certificates and agreements as may be necessary or as the Collateral Agent and its counsel shall reasonably request, and (y) with
respect to each of the covered Premises acquired after the Issue Date, such filings, surveys (or any updates or affidavits that the title company may reasonably require in connection with the issuance of the title insurance policies), local counsel
opinions, fixture filings and such other documents, instruments, certificates, agreements and/or other documents necessary to comply with clauses (1) and (2) above and to perfect the Collateral Agent’s security interest and (with the
priority required by the Collateral Trust and Intercreditor Agreement and the ABL Intercreditor Agreement) Lien in such acquired covered Premises, together with such local counsel opinions as the Collateral Agent and its counsel shall reasonably
request. 
 SECTION 11.6. Release of Liens on the Collateral. 

(a) The Liens on the Collateral securing the Notes will automatically and without the need for any further action by any Person be
released: 
 (1) in whole or in part, as applicable, as to all or any portion of property subject to such Liens
which has been taken by eminent domain, condemnation or other similar circumstances; 
 (2) in whole upon:

  

	 	(a)	satisfaction and discharge of this Indenture as set forth in Article XII hereof; or 

 

	 	(b)	a Legal Defeasance or Covenant Defeasance as set forth in Article VIII hereof; 

  
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 (3) in part, as to any property constituting Collateral that (a) is
sold, transferred or otherwise disposed of by the Issuers or any Subsidiary Guarantor (other than to the Issuers or another Restricted Subsidiary) in a transaction not prohibited by this Indenture or the Security Documents at the time of such sale,
transfer or disposition or (b) is owned or at any time acquired by a Subsidiary Guarantor that has been released from its Note Guarantee in accordance with this Indenture, concurrently with the release of such Note Guarantee (including in
connection with the designation of a Subsidiary Guarantor as an Unrestricted Subsidiary); 

(4) in whole or in part, as applicable, with the consent of Holders of 66 2/3% in aggregate principal amount of Notes (including without
limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, Notes); or 
 (5) in part, in accordance with the applicable provisions of the Security Documents, the Collateral Trust and Intercreditor Agreement and the ABL Intercreditor Agreement; 

provided that, in the case of any release in whole pursuant to clauses (1), (2) and (4) above, all amounts owing to the Trustee and the
Collateral Agent under this Indenture, the Notes, the Note Guarantees, the Security Documents, the Collateral Trust and Intercreditor Agreement and the ABL Intercreditor Agreement have been paid. 

(b) To the extent a proposed release of Collateral is not automatic and requires the action by the Trustee or the Collateral Agent, the
Issuers and each Subsidiary Guarantor will furnish to the Trustee and the Collateral Agent, prior to each proposed release of such Collateral pursuant to the Security Documents and this Indenture: 

(1) an Officers’ Certificate requesting such release; 

(2) an Officers’ Certificate and an Opinion of Counsel, in compliance with Sections 13.4 and 13.5 to
the effect that all conditions precedent provided for in this Indenture and the Security Documents to such release have been complied with; 
 (3) a form of such release (which release shall be in form reasonably satisfactory to the Trustee and Collateral Agent and shall provide that the requested release is without recourse or warranty to the
Trustee and Collateral Agent); and 
 (4) upon qualification of the Indenture under the TIA subject to and only
to the extent applicable pursuant to Section 11.2(d), any other documents or instruments required to be delivered pursuant to TIA §314(d). 
 (c) Upon compliance by the Issuers or the Subsidiary Guarantors, as the case may be, with the conditions precedent set forth above, and upon delivery by the Issuers or such Subsidiary Guarantor to the
Trustee and Collateral Agent of an Opinion of Counsel to the effect that such conditions precedent have been complied with, the Trustee or the Collateral Agent shall promptly cause to be released and reconveyed to the Issuers, or the Subsidiary
Guarantors, as the case may be, the released Collateral. 

  
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 (d) For purposes of the TIA, the release of any Collateral from the terms of the Security
Documents will not be deemed to impair the security under this Indenture in contravention of the provisions hereof or affect the Lien of this Indenture or the Security Documents if and to the extent the Collateral is released pursuant to this
Indenture and the Security Documents or upon the termination of this Indenture. 
 SECTION 11.7. Authorization of
Actions to be Taken by the Trustee or the Collateral Agent Under the Security Documents. 
 (a) Subject to the provisions of
the Security Documents, each of the Trustee or the Collateral Agent may, in its sole discretion and without the consent of the Holders, on behalf of the Holders, take all actions it deems necessary or appropriate in order to (1) enforce any of
its rights or any of the rights of the Holders under the Security Documents and (2) collect and receive any and all amounts payable in respect of the Collateral in respect of the obligations of the Issuers and the Subsidiary Guarantors
hereunder and thereunder. Subject to the provisions of the Security Documents, the Trustee or the Collateral Agent shall have the power to institute and to maintain such suits and proceedings as it may deem expedient to prevent any impairment of the
Collateral by any acts that may be unlawful or in violation of the Security Documents or this Indenture, and such suits and proceedings as the Trustee or the Collateral Agent may deem expedient to preserve or protect its interest and the interests
of the Holders in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or
otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of the Holders or the Trustee). 

(b) The Trustee shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity,
perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, for the validity or sufficiency of the Collateral or any
agreement or assignment contained therein, for the validity of the title of the Issuers to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance
of the Collateral. The Trustee shall have no responsibility for recording, filing, re-recording or re-filing any financing statement, continuation statement, document, instrument or other notice in any public office at any time or times or to
otherwise take any action to perfect or maintain the perfection of any security interest granted to it under the Security Documents or otherwise. 
 (c) Where any provision of this Indenture requires that additional property or assets be added to the Collateral, the Issuers and each Subsidiary Guarantor shall deliver to the Trustee or the Collateral
Agent the following: 
  

	 	(i)	a request from the Issuers that such Collateral be added; 

  

	 	(ii)	 the form of instrument adding such Collateral, which, based on the type and location of the property subject thereto, shall be in substantially the
form of the applicable Security Documents entered into on the Issue Date, with such changes thereto as the Issuers shall consider appropriate, or in such other 

  
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form as the Issuers shall deem proper; provided that any such changes or such form are administratively satisfactory to the Trustee and the Collateral Agent; 

 

	 	(iii)	an Officers’ Certificate and Opinion of Counsel to the effect that all conditions precedent provided for in this Indenture to the addition of such Collateral have
been complied with, which Opinion of Counsel shall also opine as to the creation and perfection of the Collateral Agent’s Lien on such Collateral and as to the due authorization, execution, delivery, validity and enforceability of the Security
Documents being entered into; and 

  

	 	(iv)	such financing statements, if any, as the Issuers shall deem necessary to perfect the Collateral Agent’s security interest in such Collateral.

 (d) The Trustee and the Collateral Agent, in giving any consent or approval under the Security Documents, shall
be entitled to receive, as a condition to such consent or approval, an Officers’ Certificate and an Opinion of Counsel to the effect that the action or omission for which consent or approval is to be given does not adversely affect the
interests of the Holders or impair the security of the Holders in contravention of the provisions of this Indenture or the Security Documents, and the Trustee and the Collateral Agent shall be fully protected in giving such consent or approval on
the basis of such Officers’ Certificate and Opinion of Counsel. 
 (e) Notwithstanding anything else to the contrary
herein, whenever reference is made in this Indenture or any Security Document to any discretionary action by, consent, designation, specification, requirement or approval of, notice, request or other communication from, or other direction given or
action to be undertaken or to be (or not to be) suffered or omitted by the Collateral Agent or to any election, decision, opinion, acceptance, use of judgment, expression of satisfaction or other exercise of discretion, rights or remedies to be made
(or not to be made) by the Collateral Agent, it is understood that in all cases the Collateral Agent shall be fully justified in failing or refusing to take any such action under this Indenture if it shall not have received such written instruction,
advice or concurrence of the Trustee (acting in accordance with this Indenture, Intercreditor Agreements and other Security Documents), as it deems appropriate. This provision is intended solely for the benefit of the Collateral Agent and its
successors and permitted assigns and is not intended to and will not entitle the other parties hereto to any defense, claim or counterclaim, or confer any rights or benefits on any party hereto. 

SECTION 11.8. Collateral Account. 
 (a) The Trustee is authorized to receive any funds for the benefit of the Holders distributed under, and in accordance with, the Security Documents, and to make further distributions of such funds to the
Holders according to the provisions of this Indenture, the Security Documents and the Intercreditor Agreements. 
 (b) The
Issuers shall establish with the Collateral Agent the Collateral Account, which shall at all times hereafter until this Indenture shall have terminated, be maintained with, 

  
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and under the sole control of, the Collateral Agent. The Collateral Account shall be a trust account and shall be established and maintained by the Collateral Agent at one of its corporate trust
offices (which may include the New York corporate trust office) and all Collateral shall be credited thereto. All Net Proceeds from Asset Sales and Events of Loss in respect of Note Priority Collateral, in an aggregate amount in excess of $50.0
million, including earnings, revenues, rents, issues, profits and income therefrom and interest earned thereon, shall be deposited in the Collateral Account and thereafter shall be held, applied and/or disbursed by the Collateral Agent in accordance
with the terms of this Indenture (including, without limitation, at the direction of the Issuers to make any application or disbursement permitted by Section 3.5, Section 6.10 and Section 11.8(a)). In connection
with any and all deposits to be made into the Collateral Accounts under this Indenture or the Security Documents, the Trustee and/or the Collateral Agent, as applicable, shall receive an Officers’ Certificate identifying the Collateral Account
to receive such deposit and directing the Trustee and/or the Collateral Agent to make such deposit. 
 (c) Pending the
distribution of funds in the Collateral Account in accordance with the provisions hereof and provided that no Event of Default shall have occurred and be continuing, the Issuers may direct the Collateral Agent to invest such funds in Cash
Equivalents specified in such direction, such investments to mature by the times such funds are needed hereunder and such direction to certify that such funds constitute Cash Equivalents and that no Event of Default shall have occurred and be
continuing. So long as no Event of Default shall have occurred and be continuing, the Issuers may direct the Collateral Agent to sell, liquidate or cause the redemption of any such investments, such direction to certify that no Event of Default
shall have occurred and be continuing. Any gain or income on any investment of funds in the Collateral Account shall be credited to the Collateral Account. The Collateral Agent shall have no liability for any loss incurred in connection with any
investment or any sale, liquidation or redemption thereof made in accordance with the provisions of this Section 11.8(c). 
 SECTION 11.9. Rule 3-16 of Regulation S-X. 
 (a) Notwithstanding
anything to the contrary set forth in this Article XI or any Security Document, in the event that Rule 3-16 of Regulation S-X under the Securities Act requires or would require (or is replaced with another rule or regulation, or any other
law, rule or regulation is adopted, which would require) the filing with the Commission (or any other government agency) of separate financial statements of a Subsidiary due to the fact that such Subsidiary’s Capital Stock secures the Notes,
then the Capital Stock of such Subsidiary need not be pledged pursuant to this Section 11.9 and the Security Documents, and shall automatically be deemed released and not to be, and not to have been, part of the Collateral, but only to
the extent necessary not to be subject to such requirement. In such event, the Security Documents may be amended or modified, without the consent of any Holder, to the extent necessary to evidence the release of Liens securing the Notes and the
Guarantees on the shares of Capital Stock that are so deemed to no longer constitute part of the Collateral and the Trustee and Collateral Agent are hereby authorized by each Holder to execute, or to authorize the execution of or the filing of, any
agreement, document or instrument prepared by the Issuer in order to evidence such release or to otherwise give effect to this Section 11.9. 
 (b) In the event that Rule 3-16 of Regulation S-X is amended, modified or interpreted by the Commission to permit (or is replaced with another rule or regulation, or any

  
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other law, rule or regulation is adopted, which would permit) a Subsidiary’s Capital Stock to secure the Notes in excess of the amount then pledged without the filing with the Commission (or
any other governmental agency) of separate financial statements of such Subsidiary, then the Capital Stock of such Subsidiary shall automatically be deemed to be a part of the Collateral but only to the extent necessary to not be subject to any such
financial statement requirement (and, in such event, the Security Documents may be amended or modified, without the consent of any Holder, to the extent necessary to subject to the Liens under the Security Documents such additional Capital Stock)
and the Issuers or such Subsidiary, as applicable, shall take all such necessary steps to effectuate such Lien. 
 SECTION
11.10. Control Agreements. As soon as practicable, but in any event no later than 60 days after the Issue Date, or by such later date as agreed to by the ABL collateral agent under the terms of the ABL Facility, the Issuers and the
Subsidiary Guarantors shall execute and deliver to the Collateral Agent the control agreements, in each case as required by the Security Agreement and shall otherwise comply with the requirements of the Security Agreement with respect to control
agreements. 
 SECTION 11.11. Information Regarding Collateral The Issuers shall furnish to the Collateral Agent,
with respect to the Issuers or any Subsidiary Guarantor, promptly (and in any event within 30 days of such change) written notice of any change in such Person’s (i) legal name, (ii) jurisdiction of organization or formation,
(iii) identity or corporate structure or (iv) Organizational Identification Number. The Issuers and the Subsidiary Guarantors agree not to effect or permit any change referred to in the preceding sentence unless all filings have been made
under the Uniform Commercial Code and any other applicable laws that are required in the Security Documents in order for the Collateral to be made subject to the Lien of the Collateral Agent under the Security Documents in the manner and to the
extent required by this Indenture or any of the Security Documents and shall take all necessary action so that such Lien is perfected with the same priority as immediately prior to such change to the extent required by the Security Documents. The
Issuers also agree promptly to notify the Collateral Agent if any material portion of the Collateral is damaged, destroyed or condemned. 
 (b) Each year, within 120 days after the end of the preceding Fiscal Year, the Issuers shall deliver to each of the Trustee and the Collateral Agent a certificate of a financial Officer setting forth the
information required pursuant to the schedules required by the Security Documents or confirming that there has been no change in such information since the date of the prior annual financial statements; provided that no such certificate shall be
required for any Fiscal Year ended prior to the Issue Date. 
 SECTION 11.12. Leasehold Interests. 

With respect to leasehold interests in real property leased by the Issuer, the Co-Issuer or a Subsidiary Guarantor on or after the Issue
Date, if, and to the extent that any landlord waiver, consent or collateral access agreement (“Landlord Access Agreement”) from the landlord, warehouseman or other party controlling such leased premises is delivered to the ABL
collateral agent pursuant to the ABL Facility on or after the Issue Date with respect to such leased premises, the Issuer, the Co-Issuer or the applicable Subsidiary Guarantor shall use its commercially reasonable efforts to obtain and deliver a
Landlord Access Agreement to the 

  
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Collateral Agent with respect to such leased premises; provided that the foregoing obligation of the Issuer, the Co-Issuer or such Subsidiary Guarantors with respect to such leased
premises will be satisfied if the Issuer and/or the Co-Issuer and/or such Subsidiary Guarantor delivers to the Collateral Agent a Landlord Access Agreement in the same form as was delivered to the ABL collateral agent under the ABL Facility,
regardless of whether or not the Collateral Agent agrees to execute such document. 
 SECTION 11.13. Negative
Pledge. 
 The Issuers and each Subsidiary Guarantor will not, and the Issuer will not permit any of its Restricted
Subsidiaries to, further pledge the Collateral as security or otherwise, subject to Permitted Liens. The Issuers will not, and will not permit any Subsidiary to, pledge or, directly or indirectly, create, incur, assume or otherwise cause or suffer
to exist or become effective any Lien of any kind upon, the Minnesota Pipe Line Interests, except for Liens arising out of operation of law. 
 ARTICLE XII 
 SATISFACTION AND DISCHARGE 

SECTION 12.1. Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 
 (a) either: 
 (i) all Notes that have been authenticated (except
lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuers and thereafter repaid to the Issuers or discharged from such
trust) have been delivered to the Trustee for cancellation; or 
 (ii) all Notes that have not been delivered to
the Trustee for cancellation have become due and payable by reason of the making of a notice of redemption or otherwise will become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to
the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuers, and the Issuers or any Subsidiary Guarantor has irrevocably deposited or caused to be deposited with the Trustee, as trust funds in
trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest, to pay and discharge
the entire indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; 

  
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 (b) no Default or Event of Default shall have occurred and be continuing (other than that
resulting from borrowing funds to be applied to make such deposit and the granting of Liens in connection therewith) with respect to this Indenture and the Notes issued thereunder on the date of such deposit or shall occur as a result of such
deposit and such deposit will not result in a breach or violation of, or constitute a default under, the Credit Facilities, this Indenture or any other material instrument to which either of the Issuers or any Subsidiary Guarantor is a party or by
which either of the Issuers or any Subsidiary Guarantor is bound (other than any such default resulting from any borrowing of funds to be applied to make the deposit, and the granting of Liens in connection therewith); 

(c) the Issuers have or any Subsidiary Guarantor has paid or caused to be paid all sums payable by it under this Indenture and not
provided for by the deposit required by clause (a)(ii) above; and 
 (d) the Issuers have delivered irrevocable instructions to
the Trustee to apply the deposited money toward the payment of such Notes at maturity or the redemption date, as the case may be. 
 In addition, the Issuer shall deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

 Upon satisfaction and discharge of this Indenture in accordance with this Article XII, the Liens on the Collateral will be
released. 
 Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee
pursuant to clause (a)(ii) of this Section 12.1, the provisions of Sections 12.2 and 8.6 hereof will survive. 
 SECTION 12.2. Application of Trust Money. 
 Subject to the provisions
of Section 8.6 hereof, all money deposited with the Trustee pursuant to Section 12.1 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium and Special Interest, if any) and interest for whose payment such
money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 12.1 hereof by reason of any legal proceeding or by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuers’ and any Subsidiary Guarantor’s obligations under this Indenture, the Notes and the Notes Guarantees shall be
revived and reinstated as though no deposit had occurred pursuant to Section 12.1 hereof; provided that if the Issuers have made any payment of principal of, premium or Special Interest, if any, or interest on, any Notes because
of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of 

  
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such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 
 ARTICLE XIII 
 MISCELLANEOUS 

SECTION 13.1. Trust Indenture Act Controls. If and to the extent that any provision of this Indenture limits, qualifies or
conflicts with another provision which is required to be included in this Indenture by the TIA, the provision required by the TIA shall control. Each Subsidiary Guarantor in addition to performing its obligations under its Note Guarantee shall
perform such other obligations as may be imposed upon it with respect to this Indenture under the TIA. 
 SECTION
13.2. Notices. Any notice or communication shall be in writing and delivered in person, sent by facsimile, sent by electronic mail, delivered by commercial courier service or mailed by first-class mail, postage prepaid, addressed as
follows: 
 if to the Issuers or to any Subsidiary Guarantor: 

Northern Tier Energy LLC 
 c/o NTR Partners LLC 
 37 Danbury Road, Suite 204, Ridgefield, CT 06877

 Attention: Hank Kuchta 
 Telecopy: (203) 894-8073 
 with a copy to: 

Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York NY 10006 

Attention: Michael J. Volkovitsch 
 Telecopy: (212) 225-3999 
 Vinson & Elkins LLP 

First City Tower 
 1001 Fannin Street, Suite 2500 
 Houston, TX 77002 

Attention: Douglas McWilliams 
 Telecopy: (713) 615-5725 

  
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 if to the Trustee or Collateral Agent, at its corporate trust 

office, which corporate trust office for purposes of this 
 Indenture is at the date hereof located at: 
 Deutsche Bank Trust Company Americas

 Trust & Securities Services 
 60 Wall Street, MS NYC 60-2710 
 New York, New York 10005 

Attention: Corporate Deal Team Manager – Northern Tier 
 Northern Tier Energy LLC 
 Tel: 201-593-2507 

Fax: 732-578-4635 
 With a copy to: 
 Deutsche Bank Trust Company Americas 

c/o Deutsche Bank National Trust Company 
 Trust & Securities Services 
 100 Plaza One, Mailstop JCY03-0699

 Jersey City, New Jersey 07311 
 Attn: Corporate Deal Team Manager – Northern Tier 
 Tel: 201-593-2507

 Fax: 732-578-4635 
 The Issuer or the Trustee by written notice to the other may designate additional or different addresses for subsequent notices or communications. 

Any notice or communication to the Issuers or the Subsidiary Guarantors shall be deemed to have been given or made as of the date so
delivered if personally delivered; when receipt is acknowledged, if sent by facsimile or electronic transmission; and five calendar days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of
address shall not be deemed to have been given until actually received by the addressee). Any notice or communication to the Trustee and the Collateral Agent shall be deemed delivered upon receipt. 

Any notice or communication mailed to a Holder shall be mailed to the Holder at the Holder’s address as it appears in the Notes
Register and shall be sufficiently given if so mailed within the time prescribed. 
 Failure to mail a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it, except that notices to
the Trustee and the Collateral Agent shall be effective only upon receipt. 

  
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 In case by reason of the suspension of regular mail service or by reason of any other cause
it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

SECTION 13.3. Communication by Holders with other Holders. Holders may communicate pursuant to TIA § 312(b) with
other Holders with respect to their rights under this Indenture or the Notes. The Issuers, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

SECTION 13.4. Certificate and Opinion as to Conditions Precedent. Upon any request or application by either of the Issuers
to the Trustee to take or refrain from taking any action under this Indenture or the Security Documents, the Issuers shall furnish to the Trustee: 
 (1) an Officers’ Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture and the
applicable Security Documents relating to the proposed action have been complied with; and 
 (2) an Opinion of
Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 SECTION 13.5. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include:

 (1) a statement that the individual making such certificate or opinion has read such covenant or condition;

 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements
or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such
individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied
with. 
 In giving such Opinion of Counsel, counsel may rely as to factual matters on an Officers’ Certificate or on
certificates of public officials. 
 SECTION 13.6. When Notes Disregarded. In determining whether the Holders of
the required aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuers, any Subsidiary Guarantor or any 

  
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Affiliate of them shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction,
waiver or consent, only Notes which the Trustee actually knows are so owned shall be so disregarded. Also, subject to the foregoing, only Notes outstanding at the time shall be considered in any such determination. Upon request of the Trustee, the
Issuers, each Subsidiary Guarantor, or any Affiliate, as applicable, shall promptly furnish to the Trustee one or more Officers’ Certificate(s) listing and identifying all Notes, if any, known by such Persons to be owned or held by or for the
account of any of the above-described Persons, and the Trustee shall be entitled to accept such Officers’ Certificate(s) as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are
“outstanding” for the purpose of any such determination. 
 SECTION 13.7. Rules by Trustee, Paying Agent and
Registrar. The Trustee may make reasonable rules for action by, or at meetings of, Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 

SECTION 13.8. Legal Holidays. A “Legal Holiday” is a Saturday, a Sunday or a day on which banking
institutions in The City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday,
and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 
 SECTION 13.9. GOVERNING LAW. THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE OR INSTRUMENTS ENTERED INTO AND, IN EACH CASE, PERFORMED IN SAID STATE. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE STATE COURTS OF NEW YORK, SITTING IN NEW YORK COUNTY, AND THE COURTS OF THE UNITED STATES
OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE (INCLUDING THE NOTE GUARANTEES SET FORTH HEREIN), THE NOTES OR THE SECURITY DOCUMENTS. 

SECTION 13.10. USA Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot
Act, the Trustee and the Collateral Agent, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity
that establishes a relationship or opens an account. The parties to this Indenture agree that they will provide the Trustee with such information as they may request in order to satisfy the requirements of the USA Patriot Act. 

SECTION 13.11. No Recourse Against Others. No director, officer, employee, incorporator, member, partner, stockholder or
interest holder of either of the Issuers or any Subsidiary Guarantor or any of their direct or indirect parent entities (other than the Issuers and the Subsidiary Guarantors), as such, shall have any liability for any obligations of either of the
Issuers or any Subsidiary Guarantor under the Notes, this Indenture, the Note Guarantees or the Security Documents or for any claim based on, in respect of or by reason of such 

  
 165

 
obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are a part of the consideration for the issuance of the Notes.

 SECTION 13.12. Successors. All agreements of each Issuer and each Subsidiary Guarantor in this Indenture, the
Notes and the Note Guarantees shall bind their respective successors. All agreements of the Trustee and the Collateral Agent in this Indenture shall bind its successors. 
 SECTION 13.13. Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.
One signed copy is enough to prove this Indenture. 
 SECTION 13.14. Qualification of Indenture. The Issuers have
agreed to qualify this Indenture under the TIA in accordance with the terms and conditions of the Registration Rights Agreement. The Trustee shall be entitled to receive from the Issuers any such Officers’ Certificates, Opinions of Counsel or
other documentation as it may reasonably request in connection with any such qualification of this Indenture under the TIA. 

SECTION 13.15. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and
Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

SECTION 13.16. WAIVERS OF JURY TRIAL. THE ISSUERS, THE SUBSIDIARY GUARANTORS, THE TRUSTEE, AND THE COLLATERAL
AGENT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES OR ANY SECURITY DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

SECTION 13.17. Security Agreement and Intercreditor Agreements. The Issuers, the Subsidiary Guarantors, the Holders, the
Trustee and the Collateral Agent acknowledge and agree to be bound by the provisions of the Security Agreement and the Intercreditor Agreements. 
 SECTION 13.18. Marathon Payable Agreement. Each of the Issuers and the Subsidiary Guarantors and the Holders hereby (a) consents to the execution, delivery and performance by the Issuer
of the Accounts Payable Agreement, and (b) agrees that for so long as the Marathon Pledge Agreement remains in effect, notwithstanding anything to the contrary in this Indenture, none of the collateral subject to Liens under the Marathon Pledge
Agreement (as such agreement is in effect on the Issue Date) shall constitute Collateral, and any Liens upon any of such collateral granted in favor of the Collateral Agent, the Issuers or the Subsidiary Guarantors pursuant to this Indenture shall
be released. 
 SECTION 13.19. Force Majeure. In no event shall the Trustee or the Collateral Agent be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or
terrorism, civil or 

  
 166

 
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being
understood that the Trustee or the Collateral Agent shall use reasonable best efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
 167

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

			
	NORTHERN TIER ENERGY LLC
		
	By	 	 /S/ MARIO E. RODRIGUEZ

	Name: Mario E. Rodriguez
	Title: Vice President, Finance
	
	NORTHERN TIER FINANCE CORPORATION
		
	By	 	 /S/ MARIO E. RODRIGUEZ

	Name: Mario E. Rodriguez
	Title: Vice President, Finance
	
	NORTHERN TIER RETAIL LLC
		
	By	 	 /S/ MARIO E. RODRIGUEZ

	Name: Mario E. Rodriguez
	Title: Vice President, Finance
	
	NORTHERN TIER BAKERY LLC
		
	By	 	 /S/ MARIO E. RODRIGUEZ

	Name: Mario E. Rodriguez
	Title: Vice President, Finance
	
	ST. PAUL PARK REFINING CO. LLC
		
	By	 	 /S/ MARIO E. RODRIGUEZ

	Name: Mario E. Rodriguez
	Title: Vice President, Finance

 
			
	SUPERAMERICA FRANCHISING LLC
		
	 By
	 	 /S/ MARIO E. RODRIGUEZ

	 Name: Mario E. Rodriguez

	 Title: Vice President, Finance

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	as Trustee
		
	By:	 	Deutsche Bank National Trust Company
	
	 /S/ CYNTHIA J. POWELL

	Name:	 	Cynthia J. Powell
	Title:	 	Vice President
	
	 /S/ KENNETH R. RING

	Name:	 	Kenneth R. Ring
	Title:	 	Vice President
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Collateral Agent

		
	By:	 	Deutsche Bank National Trust Company
	
	 /S/ CYNTHIA J. POWELL

	Name:	 	Cynthia J. Powell
	Title:	 	Vice President
	
	 /S/ KENNETH R. RING

	Name:	 	Kenneth R. Ring
	Title:	 	Vice President

 EXHIBIT A: Form of Series A Note (Initial Notes/Additional Notes) 

[FORM OF FACE OF SERIES A NOTE] 
 [RULE 144A][REGULATION S][IAI][GLOBAL] NOTE 
 [Applicable Restricted Notes Legend]

 [Temporary Regulation S Legend, if applicable] 
 [Depository Legend, if applicable] 
 [ERISA Legend] 

 

							
	No. [    ]	 		  	Principal Amount $[            ] [as revised by the Schedule of Increases and Decreases in Global Note
attached hereto] 1
		 		  	CUSIP NO. 2	  	  

		 		  	ISIN NO. 2	  	  

 NORTHERN TIER ENERGY LLC 
 NORTHERN TIER FINANCE CORPORATION 
 10.50% Senior Secured Notes due 2017

 Northern Tier Energy LLC, a Delaware limited liability company (the “Issuer”) and
Northern Tier Finance Corporation, a Delaware corporation (the “Co-Issuer” and together with the Issuer, the “Issuers”), promise to pay to [Cede & Co.]1 [Name of IAI] 3, or its registered assigns, [the principal sum of
$[            ], as revised by the Schedule of Increases and Decreases in Global Note attached hereto]1[$            ]3, on December 1, 2017. 

Interest payment dates: June 1 and December 1, commencing on June 1, 2011 

Record dates: May 15 and November 15 
 Additional provisions of this Note are set forth on the reverse side hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

 

	1 	 Insert in Definitive Notes 

	2 	 Rule 144A Note CUSIP: 665828 AA7 

 Rule 144A Note ISIN: US665828AA73 
 Regulation S Note CUSIP: U66489 AA0 

Regulation S Note ISIN: USU66489AA02 
 IAI Note CUSIP: 665828 AB5 
 IAI Note ISIN: US665828AB56 

	3 	 Insert in Definitive Notes 

  
 A-1

 IN WITNESS WHEREOF, the Issuers have caused this instrument to be duly executed.

  

			
	NORTHERN TIER ENERGY LLC
		
	By	 	  

	Name:
	Title:
	
	NORTHERN TIER FINANCE CORPORATION
		
	By	 	  

	Name:
	Title:

 Dated: 

  
 A-1

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

 

					
	This is one of the Notes referred to in the within-mentioned Indenture
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

	 as Trustee

	
	By: DEUTSCHE BANK NATIONAL TRUST COMPANY
		
	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

 Dated: 

  
 A-2

 [FORM OF REVERSE OF NOTE] 

NORTHERN TIER ENERGY LLC 
 NORTHERN TIER FINANCE CORPORATION 
 10.50% Senior Secured Notes due 2017

 Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture referred to below
unless otherwise indicated. 
  

	1.	Interest 

 Northern Tier
Energy LLC, a Delaware limited liability company (together with its successors and assigns, the “Issuer”) and Northern Tier Finance Corporation, a Delaware corporation (together with its successors and assigns, the
“Co-Issuer” and, together with the Issuer, the “Issuers”), promise to pay interest on the principal amount of this Note at the rate of 10.50% per annum from and including December 1, 2010 until maturity.
Interest on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including December 1, 2010. The Issuers shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Code) on overdue principal and premium, if any, at the rate specified herein, and it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy
Code) on overdue installments of interest (including Special Interest, if any) at the same rate to the extent lawful. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. Interest shall accrue (in
addition to the interest rate equal to the then applicable interest rate on the Notes) from and including the date on which an Event of Default under Sections 6.1(a)(1) or 6.1(a)(2) of the Indenture shall occur to, but excluding, the
date on which such Event of Default shall have been cured, at a rate per annum equal to 2.0% of the principal amount of the Notes. 
 The Issuers shall make each interest payment in cash semi-annually in arrears on June 1 and December 1 of each year, commencing on June 1, 2011, or if any such day is not a business day, on
the next succeeding business day to Holders of record of Notes on the immediately preceding May 15 and November 15 (whether or not a business day). 
 In addition to the rights provided to the Holders under the Indenture, Holders of Registrable Securities (as defined in the Registration Rights Agreement referred to below) shall have all rights set forth
in the Registration Rights Agreement, dated as of December 1, 2010, among the Issuers, the Subsidiary Guarantors named therein and the other parties named on the signature pages thereto (the “Registration Rights Agreement”),
including the right to receive Special Interest in certain circumstances. If applicable, Special Interest shall be paid to the same Persons, in the same manner and at the same times as regular interest. 

 

	2.	Method of Payment 

 By
no later than 10:00 a.m. (New York City time) on the date on which any principal of, premium, if any, or interest on any Note is due and payable, the Issuers shall deposit with the Paying Agent a sum sufficient in immediately available funds to
pay such principal, 

  
 A-3

 
premium or interest when due. Interest on any Note which is payable, and is timely paid or duly provided for, on any interest payment date shall be paid to the Person in whose name such Note (or
one or more Predecessor Notes) is registered at the close of business on the preceding May 15 and November 15 at the office or agency of the Issuers maintained for such purpose pursuant to Section 2.3 of the Indenture. The
principal of, premium and Special Interest, if any, and interest on the Notes shall be payable at the office or agency of Paying Agent or Registrar designated by the Issuers maintained for such purpose in the Borough of Manhattan, The City of New
York (which shall initially be the office of the Trustee maintained for such purpose), or at such other office or agency of the Issuers as may be maintained for such purpose pursuant to Section 2.3 of the Indenture; provided,
however, that, each installment of interest may be paid (i) at the option of the Issuers, by check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Notes Register or (ii) if a Holder has given
wire transfer instructions to the Issuers by giving written notice to the Trustee or the Paying Agent to such effect designating such wire instructions and account no later than fifteen (15) days immediately preceding the relevant due date for
payment (or such other date as the Trustee may accept in its discretion), by wire transfer to an account located in the United States maintained by the payee, subject to the last sentence of this paragraph. Payments in respect of Notes represented
by a Global Note (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depository. Payments in respect of Notes
(including principal, premium, if any, and interest) represented by Definitive Notes held by a Holder of at least $500,000 aggregate principal amount of Notes represented by Definitive Notes will be made by wire transfer to a U.S. dollar account
maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such wire instructions and account no later than fifteen
(15) days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
  

	3.	Paying Agent and Registrar 

 The Issuers initially appoint Deutsche Bank Trust Company Americas as Registrar and Paying Agent for the Notes. The Issuers may change any Registrar or Paying Agent without prior notice to the Holders.
The Issuer or any Restricted Subsidiary may act as Paying Agent or Registrar. 
  

	4.	Indenture 

 The Issuers
issued the Notes under an Indenture dated as of December 1, 2010 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”), among the Issuers, the Subsidiary Guarantors party
thereto (the “Subsidiary Guarantors”), Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee (in such capacity, the “Trustee”) and Deutsche Bank Trust Company Americas, a New York banking
corporation, as collateral agent (in such capacity, the “Collateral Agent”). The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15
U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”). The Notes are subject to all terms and provisions of the Indenture, and Holders are referred to the Indenture and the Act for a
statement of those terms. 

  
 A-4

 The Notes are senior secured obligations of the Issuers. The aggregate principal amount of
Notes that may be authenticated and delivered under the Indenture is unlimited. This Note is one of the 10.50% Senior Secured Notes, Series A, due 2017 referred to in the Indenture. The Notes include (i) $290,000,000 principal amount of the
Issuers’ 10.50% Senior Secured Notes, Series A, due 2017 issued under the Indenture on December 1, 2010 (the “Initial Notes”), (ii) if and when issued in accordance with the terms of the Indenture, additional 10.50%
Senior Secured Notes, Series A, due 2017 or 10.50% Senior Secured Notes, Series B, due 2017 of the Issuers that, in each case, may be issued from time to time under the Indenture subsequent to December 1, 2010 (the “Additional
Notes”) as provided in Section 2.1(a) of the Indenture and (iii) if and when issued in accordance with the terms of the Indenture, the Issuers’ 10.50% Senior Secured Notes, Series B, due 2017 that may be issued
from time to time under the Indenture in exchange for Initial Notes or Additional Notes that are Restricted Notes in an offer registered under the Securities Act as provided in the Registration Rights Agreement (herein called “Exchange
Notes”). The Initial Notes, the Additional Notes and the Exchange Notes shall be considered collectively as a single class for all purposes of the Indenture and the Security Documents. 

 

	5.	Guarantees and Security 

To guarantee the full and punctual payment of the principal, premium and Special Interest, if any, and interest (including post-filing
or post-petition interest) on the Notes and all other obligations and liabilities of the Issuers under the Indenture, the Notes, the Registration Rights Agreement and the Security Documents when and as the same shall be due and payable, whether at
maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Subsidiary Guarantors have unconditionally Guaranteed (and future guarantors, together with the Subsidiary Guarantors, will unconditionally
Guarantee), jointly and severally, such obligations on a senior secured basis pursuant to the terms of the Indenture. 
 The
Notes and the Note Guarantees are secured by first-priority Liens and security interests on the Note Priority Collateral and by second-priority Liens and security interests on the ABL Priority Collateral on the terms and conditions set forth in the
Indenture and the Security Documents. The Collateral Agent holds the Collateral in trust for the benefit of the Trustee and the Holders, in each case pursuant to the Security Documents. 

Each Holder by accepting this Note consents and agrees to the terms of the Security Documents as the same may be in effect or may be
amended from time to time in accordance with their terms and the Indenture authorizes and directs the Collateral Agent to enter into the Security Documents and to perform its obligations and exercise its rights thereunder in accordance therewith.

  

	6.	Redemption and Purchase 

The Notes are subject to optional redemption and may be the subject of a Change of Control Offer, Collateral Disposition Offer or Asset
Sale Offer, as further described in the Indenture. The Issuers are not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

  
 A-5

	7.	Denominations; Transfer; Exchange 

 (i) The Notes shall be issuable only in fully registered form, without coupons, and only in denominations of principal amount of $2,000 and any integral multiple of $1,000 in excess thereof, other than
any Institutional Accredited Investor Notes which shall be issued in minimum denominations of $500,000. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar or the Trustee may require a Holder, among other things,
to furnish appropriate endorsements or transfer documents and to pay a sum sufficient to cover any tax and fees required by law or permitted by the Indenture. The Issuers and Registrar need not register the transfer of or exchange of any Note
(A) for a period beginning (1) 15 days before the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 days before an interest payment date
and ending on such interest payment date, (B) called for redemption, except the unredeemed portion of any Note being redeemed in part or (C) tendered and not withdrawn in connection with a Change of Control Offer, Collateral Disposition
Offer or Asset Sale Offer. 
  

	8.	Persons Deemed Owners 

 (ii) The registered Holder of this Note may be treated as the owner of it for all purposes. 
  

	9.	Unclaimed Money 

 If
money for the payment of principal, premium or Special Interest, if any, or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Issuers at their request unless an abandoned property law designates
another Person. After any such payment, Holders entitled to the money must look only to the Issuers for payment as general creditors unless an abandoned property law designates another person and not to the Trustee for payment. 

 

	10.	Defeasance 

 Subject to
certain exceptions and conditions set forth in the Indenture, the Issuers at any time may terminate some or all of their obligations under the Notes and the Indenture if the Issuers deposit with the Trustee money or Government Securities for the
payment of principal, premium and Special Interest, if any, and interest on the Notes to redemption or maturity, as the case may be. 
  

	11.	Amendment, Supplement, Waiver 

 (iii) The Indenture, the Note Guarantees, the Notes and the Security Documents may be amended, supplemented or waived as provided in the Indenture. 

 

	12.	Defaults and Remedies 

 (iv) The Events of Default relating to the Notes are defined in Section 6.1 of the Indenture. Upon the occurrence of an Event of Default, the rights and

  
 A-6

 
obligations of the Issuers, the Subsidiary Guarantors, the Trustee, the Collateral Agent and the Holders shall be as set forth in the applicable provisions of the Indenture. 

 

	13.	Trustee Dealings with the Issuers 

 Subject to certain limitations set forth in the Indenture, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers, the
Subsidiary Guarantors or their Affiliates with the same rights it would have if it were not Trustee. 
  

	14.	No Recourse Against Others 

 No director, officer, employee, incorporator, member, partner, stockholder or interest holder of either of the Issuers or any Subsidiary Guarantor or any of their direct or indirect parent entities (other
than the Issuers and the Subsidiary Guarantors), as such, shall have any liability for any obligations of either of the Issuers or any Subsidiary Guarantor under the Notes, this Indenture, the Note Guarantees or the Security Documents or for any
claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are a part of the consideration for the issuance of the Notes.

  

	15.	Authentication 

 This
Note shall not be valid until an authorized officer of the Trustee (or an authenticating agent acting on its behalf) manually signs the certificate of authentication on the other side of this Note. 

 

	16.	Abbreviations 

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

	17.	CUSIP, Common Code and ISIN Numbers 

 The Issuers have caused CUSIP, Common Code and ISIN numbers, if applicable, to be printed on the Notes and have directed the Trustee to use CUSIP, Common Code and ISIN numbers, if applicable, in notices
of redemption or purchase as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption or purchase and reliance may be placed only on the other
identification numbers placed thereon. 
  

	18.	Governing Law 

 This
Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
 A-7

 The Issuers will furnish to any Holder upon written request and without charge to the
Holder a copy of the Indenture. Requests may be made to: 
  

			
		 	 Northern Tier Energy LLC
 c/o
NTR Partners LLC
 37 Danbury Road, Suite 204
 Ridgefield, Connecticut 06877
 Attention: Hank Kuchta

Fax: (203) 894-8073

  
 A-8

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 I or we assign and transfer this
Note to: 
  
  

(Print or type assignee’s name, address and zip code) 

 
  
 (Insert assignee’s social security or tax I.D. No.) 
 and irrevocably appoint
                     agent to transfer this Note on the books of the Issuers. The agent may substitute another to act for him. 

 
  
  

									
	Date:	 	  
	 		 	Your Signature:	 	  

 

			
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed)

  
  

Sign exactly as your name appears on the other side of this Note. 
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to SEC Rule 17Ad-15. 
 The undersigned hereby certifies that it  ̈
is /  ̈ is not an Affiliate of the Issuers and that, to its knowledge, the proposed transferee  ̈ is /  ̈ is
not an Affiliate of the Issuers. 
 In connection with any transfer or exchange of any of the Notes evidenced by this
certificate occurring prior to the date that is one year after the later of the date of original issuance of such Notes, the original issue date of the issuance of any Additional Notes (that are 10.50% Senior Secured, Series A, due 2017) and the
last date, if any, on which such Notes were owned by the Issuers or any Affiliate of the Issuers, the undersigned confirms that such Notes are being: 
 CHECK ONE BOX BELOW: 
  

					
	(1)	  	 ̈	  	acquired for the undersigned’s own account, without transfer; or
			
	(2)	  	 ̈	  	transferred to the Issuers; or
			
	(3)	  	 ̈	  	transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	(4)	  	 ̈	  	transferred pursuant to an effective registration statement under the Securities Act; or

  
 A-9

					
			
	(5)	  	 ̈	  	transferred pursuant to and in compliance with Regulation S under the Securities Act; or
			
	(6)	  	 ̈	  	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act), that has furnished to the Trustee
a signed letter containing certain representations and agreements (the form of which letter appears as Section 2.8 of the Indenture); or
			
	(7)	  	 ̈	  	transferred pursuant to another available exemption from the registration requirements of the Securities Act.

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in
the name of any person other than the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Issuers may require, prior to registering any such transfer of the Notes, in its sole discretion, such
legal opinions, certifications and other information as the Issuers may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act, such as the exemption provided by Rule 144 under such Act. 
  

					
		 		 	  

		 		 	Signature
	Signature Guarantee:	 		 	
			
	  
	 		 	  

	(Signature must be guaranteed)	 		 	Signature

  
  

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to SEC Rule 17Ad-15. 
 TO BE COMPLETED BY PURCHASER IF BOX
(1) OR (3) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Note for its own account or an
account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware
that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuers as the undersigned has requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 

 

	
	  

	Dated:

  
 A-10

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL NOTES 
 The following increases or decreases in this Global Note have been made: 
  

									
	Date of Exchange	 	Amount of decrease in Principal
Amount of this Global Note	 	Amount of increase in Principal
Amount of this Global Note	 	Principal Amount of this Global
Note following such decrease or
increase	 	Signature of authorized
signatory of Trustee or Notes
Custodian
		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

  
 A-11

 OPTION OF HOLDER TO ELECT PURCHASE 

If you elect to have this Note purchased by the Issuers pursuant to Section 3.5 or 3.10 of the Indenture, check
either box: 
  

							
		 	 ̈	    	 ̈	  	
		 	3.5	    	3.10	  	

 If you want to elect to have only part of this Note purchased by the Issuers pursuant to
Section 3.5 or 3.10 of the Indenture, state the amount in principal amount (must be in denominations of $2,000 or an integral multiple of $1,000 in excess thereof):
$                                         
                                        and specify the
denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion of the within Note not being repurchased (in the absence of any such specification, one such
Note will be issued for the portion not being repurchased):
                                        .

  

							
	Date:	 	  
	 	Your Signature	 	  

		 		 		 	(Sign exactly as your name appears on the other side of the Note)

 

			
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed)

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings
and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to SEC Rule 17Ad-15. 

  
 A-12

 EXHIBIT B: Form of Series B Note (Exchange Notes) 

[FORM OF FACE OF SERIES B NOTE] 
 [Temporary Regulation S Legend, if applicable] 
 [Depository Legend, if applicable]

 [ERISA Legend] 
  

			
	No. [    ]	  	Principal Amount $[            ] [as revised by
		  	the Schedule of Increases and Decreases in
		  	  Global Note attached hereto]1
		  	CUSIP NO.
                                         
       
		  	ISIN NO.
                                         
          

 NORTHERN TIER ENERGY LLC 
 NORTHERN TIER FINANCE CORPORATION 
 10.50% Senior Secured Notes due 2017

 Northern Tier Energy LLC, a Delaware limited liability company (the “Issuer”) and
Northern Tier Finance Corporation, a Delaware corporation (the “Co-Issuer” and together with the Issuer, the “Issuers”), promise to pay to [Cede & Co.]1, or its registered assigns, [the principal sum of
$[            ], as revised by the Schedule of Increases and Decreases in Global Note attached hereto]1, on December 1, 2017. 

Interest payment dates: June 1 and December 1, commencing on June 1, 2011 

Record dates: May 15 and November 15 
 Additional provisions of this Note are set forth on the reverse side hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

 

	1 	 Insert in Global Notes 

  
 B-1

 IN WITNESS WHEREOF, the Issuers have caused this instrument to be duly executed. 

 

			
	NORTHERN TIER ENERGY LLC
		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	NORTHERN TIER FINANCE CORPORATION
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Dated: 

  
 B-2

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

 

			
	This is one of the Notes referred to in the within-mentioned Indenture
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Trustee

	
	By: DEUTSCHE BANK NATIONAL TRUST COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: 

  
 B-3

 [FORM OF REVERSE OF NOTE] 

NORTHERN TIER ENERGY LLC 
 NORTHERN TIER FINANCE CORPORATION 
 10.50% Senior Secured Notes due 2017

 Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture referred to below
unless otherwise indicated. 
  

	 	1.	Interest 

 Northern Tier
Energy LLC, a Delaware limited liability company (together with its successors and assigns, the “Issuer”) and Northern Tier Finance Corporation, a Delaware corporation (together with its successors and assigns, the
“Co-Issuer” and, together with the Issuer, the “Issuers”), promise to pay interest on the principal amount of this Note at the rate of 10.50% per annum from and including December 1, 2010 until maturity.
Interest on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including December 1, 2010. The Issuers shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Code) on overdue principal and premium, if any, at the rate specified herein, and it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy
Code) on overdue installments of interest at the same rate to the extent lawful. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. Interest shall accrue (in addition to the interest rate equal
to the then applicable interest rate on the Notes) from and including the date on which an Event of Default under Sections 6.1(a)(1) or 6.1(a)(2) of the Indenture shall occur to, but excluding, the date on which such Event of Default
shall have been cured, at a rate per annum equal to 2.0% of the principal amount of the Notes. 
 The Issuers shall make each
interest payment in cash semi-annually in arrears on June 1 and December 1 of each year, commencing on June 1, 2011, or if any such day is not a business day, on the next succeeding business day to Holders of record of Notes on the
immediately preceding May 15 and November 15 (whether or not a business day). 
  

	2.	Method of Payment 

 By
no later than 10:00 a.m. (New York City time) on the date on which any principal of, premium, if any, or interest on any Note is due and payable, the Issuers shall deposit with the Paying Agent a sum sufficient in immediately available funds to pay
such principal, premium or interest when due. Interest on any Note which is payable, and is timely paid or duly provided for, on any interest payment date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is
registered at the close of business on the preceding May 15 and November 15 at the office or agency of the Issuers maintained for such purpose pursuant to Section 2.3 of the Indenture. The principal of, premium, if any, and
interest on the Notes shall be payable at the office or agency of Paying Agent or Registrar designated by the Issuers maintained for such purpose in the Borough of Manhattan, The City of New York (which shall initially be the office of the Trustee
maintained for such purpose), or at such other office or agency of the Issuers as may be maintained for such purpose pursuant to Section 2.3 of the Indenture; provided, 

  
 B-4

 
however, that, each installment of interest may be paid (i) at the option of the Issuers, by check mailed to addresses of the Persons entitled thereto as such addresses shall appear
on the Notes Register or (ii) if a Holder has given wire transfer instructions to the Issuers by giving written notice to the Trustee or the Paying Agent to such effect designating such wire instructions and account no later than fifteen
(15) days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion), by wire transfer to an account located in the United States maintained by the payee, subject to the last
sentence of this paragraph. Payments in respect of Notes represented by a Global Note (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust
Company or any successor depository. Payments in respect of Notes (including principal, premium, if any, and interest) represented by Definitive Notes held by a Holder of at least $500,000 aggregate principal amount of Notes represented by
Definitive Notes will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such
effect designating such wire instructions and account no later than fifteen (15) days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

 

	3.	Paying Agent and Registrar 

 The Issuers initially appoint Deutsche Bank Trust Company Americas as Registrar and Paying Agent for the Notes. The Issuers may change any Registrar or Paying Agent without prior notice to the Holders.
The Issuer or any Restricted Subsidiary may act as Paying Agent or Registrar. 
  

	4.	Indenture 

 The Issuers
issued the Notes under an Indenture dated as of December 1, 2010 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”), among the Issuers, the Subsidiary Guarantors party
thereto (the “Subsidiary Guarantors”), Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee (in such capacity, the “Trustee”) and Deutsche Bank Trust Company Americas, a New York banking
corporation, as collateral agent (in such capacity, the “Collateral Agent”). The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15
U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”). The Notes are subject to all terms and provisions of the Indenture, and Holders are referred to the Indenture and the Act for a statement of
those terms. 
 The Notes are senior secured obligations of the Issuers. The aggregate principal amount of Notes that may be
authenticated and delivered under the Indenture is unlimited. This Note is one of the 10.50% Senior Secured Notes, Series B, due 2017 referred to in the Indenture. The Notes include (i) $290,000,000 principal amount of the Issuers’ 10.50%
Senior Secured Notes, Series A, due 2017 issued under the Indenture on December 1, 2010 (the “Initial Notes”), (ii) if and when issued in accordance with the terms of the Indenture, additional 10.50% Senior Secured Notes,
Series A, due 2017 or 10.50% Senior Secured Notes, Series B, due 2017 of the Issuers that, in each case, may be issued from time to time under the Indenture subsequent to December 1, 2010 (the “Additional Notes”) as provided in
Section 2.1(a) of the Indenture and (iii)

  
 B-5

 
if and when issued in accordance with the terms of the Indenture, the Issuers’ 10.50% Senior Secured Notes, Series B, due 2017 that may be issued from time to time under the Indenture in
exchange for Initial Notes or Additional Notes that are Restricted Notes in an offer registered under the Securities Act as provided in the Registration Rights Agreement (herein called “Exchange Notes”). The Initial Notes, the
Additional Notes and the Exchange Notes shall be considered collectively as a single class for all purposes of the Indenture and the Security Documents. 
  

	5.	Guarantees and Security 

To guarantee the full and punctual payment of the principal, premium, if any, and interest, (including post-filing or post-petition
interest) on the Notes and all other obligations and liabilities of the Issuers under the Indenture, the Notes and the Security Documents when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to
the terms of the Notes and the Indenture, the Subsidiary Guarantors have unconditionally Guaranteed (and future guarantors, together with the Subsidiary Guarantors, will unconditionally Guarantee), jointly and severally, such obligations on a senior
secured basis pursuant to the terms of the Indenture. 
 The Notes and the Note Guarantees are secured by first-priority Liens
and security interests on the Note Priority Collateral and by second-priority Liens and security interests on the ABL Priority Collateral on the terms and conditions set forth in the Indenture and the Security Documents. The Collateral Agent holds
the Collateral in trust for the benefit of the Trustee and the Holders, in each case pursuant to the Security Documents. 

Each Holder by accepting this Note consents and agrees to the terms of the Security Documents as the same may be in effect or may be
amended from time to time in accordance with their terms and the Indenture authorizes and directs the Collateral Agent to enter into the Security Documents and to perform its obligations and exercise its rights thereunder in accordance therewith.

  

	6.	Redemption and Purchase 

The Notes are subject to optional redemption and may be the subject of a Change of Control Offer, Collateral Disposition Offer or Asset
Sale Offer, as further described in the Indenture. The Issuers are not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
  

	7.	Denominations; Transfer; Exchange 

 The Notes shall be issuable only in fully registered form, without coupons, and only in denominations of principal amount of $2,000 and any integral multiple of $1,000 in excess thereof, other than any
Institutional Accredited Investor Note which shall be issued in minimum denominations of $500,000. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar or the Trustee may require a Holder, among other things, to
furnish appropriate endorsements or transfer documents and to pay a sum sufficient to cover any tax and fees required by law or permitted by the Indenture. The Issuers and Registrar need not register the transfer of or exchange of any Note
(A) for a period beginning (1) 15 days before the mailing of a 

  
 B-6

 
notice of an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 days before an interest payment date and ending on such interest
payment date, (B) called for redemption, except the unredeemed portion of any Note being redeemed in part or (C) tendered and not withdrawn in connection with a Change of Control Offer, Collateral Disposition Offer or Asset Sale Offer.

  

	8.	Persons Deemed Owners 

The registered Holder of this Note may be treated as the owner of it for all purposes. 

 

	9.	Unclaimed Money 

 If
money for the payment of principal, premium, if any, or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Issuers at their request unless an abandoned property law designates another Person. After
any such payment, Holders entitled to the money must look only to the Issuers for payment as general creditors unless an abandoned property law designates another person and not to the Trustee for payment. 

 

	10.	Defeasance 

 Subject to
certain exceptions and conditions set forth in the Indenture, the Issuers at any time may terminate some or all of their obligations under the Notes and the Indenture if the Issuers deposit with the Trustee money or Government Securities for the
payment of principal, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 
  

	11.	Amendment, Supplement, Waiver 

 The Indenture, the Note Guarantees, the Notes and the Security Documents may be amended, supplemented or waived as provided in the Indenture. 

 

	12.	Defaults and Remedies 

The Events of Default relating to the Notes are defined in Section 6.1 of the Indenture. Upon the occurrence of an Event of
Default, the rights and obligations of the Issuers, the Subsidiary Guarantors, the Trustee, the Collateral Agent and the Holders shall be as set forth in the applicable provisions of the Indenture. 

 

	13.	Trustee Dealings with the Issuers 

 Subject to certain limitations set forth in the Indenture, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers, the
Subsidiary Guarantors or their Affiliates with the same rights it would have if it were not Trustee. 

  
 B-7

	14.	No Recourse Against Others 

 No director, officer, employee, incorporator, member, partner, stockholder or interest holder of either of the Issuers or any Subsidiary Guarantor or any of their direct or indirect parent entities (other
than the Issuers and the Subsidiary Guarantors), as such, shall have any liability for any obligations of either of the Issuers or any Subsidiary Guarantor under the Notes, this Indenture, the Note Guarantees or the Security Documents or for any
claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are a part of the consideration for the issuance of the Notes.

  

	15.	Authentication 

 This
Note shall not be valid until an authorized officer of the Trustee (or an authenticating agent acting on its behalf) manually signs the certificate of authentication on the other side of this Note. 

 

	16.	Abbreviations 

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

	17.	CUSIP, Common Code and ISIN Numbers 

 The Issuers have caused CUSIP, Common Code and ISIN numbers, if applicable, to be printed on the Notes and have directed the Trustee to use CUSIP, Common Code and ISIN numbers, if applicable, in notices
of redemption or purchase as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption or purchase and reliance may be placed only on the other
identification numbers placed thereon. 
  

	18.	Governing Law 

 This
Note shall be governed by, and construed in accordance with, the laws of the State of New York. 
 The Issuers will furnish to
any Holder upon written request and without charge to the Holder a copy of the Indenture. Requests may be made to: 
  

			
		 	 Northern Tier Energy LLC
 c/o
NTR Partners LLC
 37 Danbury Road, Suite 204
 Ridgefield, Connecticut 06877
 Attention: Hank Kuchta

Fax: (203) 894-8073

  
 B-8

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 I or we assign and transfer this
Note to: 
  
  

(Print or type assignee’s name, address and zip code) 

 
  
 (Insert assignee’s social security or tax I.D. No.) 
 and irrevocably appoint
                     agent to transfer this Note on the books of the Issuers. The agent may substitute another to act for him. 

 
  
  

									
	Date:	 	  
	 		 	Your Signature:	 	  

 

			
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed)

  
  

 
 Sign exactly as your name appears on the other
side of this Note. 
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan
associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to SEC Rule 17Ad-15. 

  
 B-9

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL NOTES 
 The following increases or decreases in this Global Note have been made: 
  

									
	Date of Exchange	 	Amount of decrease in Principal
Amount of this Global Note	 	Amount of increase in Principal
Amount of this Global Note	 	Principal Amount of this Global
Note following such decrease or
increase	 	Signature of authorized
signatory of Trustee or Notes
Custodian
		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

  
 B-10

 OPTION OF HOLDER TO ELECT PURCHASE 

If you elect to have this Note purchased by the Issuers pursuant to Section 3.5 or 3.10 of the Indenture, check
either box: 
  

							
		 	 ̈	    	 ̈	  	
		 	3.5	    	3.10	  	

 If you want to elect to have only part of this Note purchased by the Issuers pursuant to
Section 3.5 or 3.10 of the Indenture, state the amount in principal amount (must be in denominations of $2,000 or an integral multiple of $1,000 in excess thereof):
$                                         
                                        and specify the
denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion of the within Note not being repurchased (in the absence of any such specification, one such
Note will be issued for the portion not being repurchased):
                                        .

  

							
	Date:	 	  
	 	Your Signature	 	  

		 		 		 	(Sign exactly as your name appears on the other side of the Note)

 

			
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed)

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings
and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to SEC Rule 17Ad-15. 

  
 B-11

 EXHIBIT C: Form of Indenture Supplement 

FORM OF SUPPLEMENTAL INDENTURE TO ADD SUBSIDIARY GUARANTORS 
 This Supplemental Indenture is entered into as of [                    ], 20[    ]
(this “Supplemental Indenture”), by and among [NAME OF FUTURE GUARANTOR] (the “Guaranteeing Subsidiary”), a subsidiary of Northern Tier Energy LLC, a Delaware limited liability company (the “Issuer”), Deutsche
Bank Trust Company Americas, as Trustee, and Deutsche Bank Trust Company Americas, as Collateral Agent, under the Indenture referred to below. 
 W I T N E S S E T H: 
 WHEREAS, the Issuer, the Co-Issuer (as defined in the
Indenture referred to below), the Subsidiary Guarantors (as defined in the Indenture referred to below), the Trustee and the Collateral Agent have heretofore executed and delivered an Indenture dated as of December 1, 2010 (as amended,
supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an aggregate principal amount of $290.0 million of 10.50% Senior Secured Notes due 2017 of the Issuer and the Co-Issuer (the “Notes”);

 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to
the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally Guarantee, on a joint and several basis with the other Subsidiary Guarantors, the full and prompt payment of the principal of, premium, if any,
and interest in respect of the Notes on a senior secured basis and all other obligations under the Indenture; 
 WHEREAS,
pursuant to Section 9.1 of the Indenture, the Issuers, the Subsidiary Guarantors, the Trustee and the Collateral Agent are authorized to execute and deliver this Supplemental Indenture, without the consent of any Holder; 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

ARTICLE XIV 

DEFINITIONS 

SECTION 14.1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or
recital hereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not
to any particular section hereof. 

  
 C-1

 ARTICLE XV 
 AGREEMENT TO BE BOUND; GUARANTEE 
 SECTION 15.1. Agreement to be
Bound. The Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such will have all of the rights and be subject to all of the obligations and agreements of a Subsidiary Guarantor under the Indenture.
The Guaranteeing Subsidiary agrees to be bound by all of the provisions of the Indenture applicable to a Subsidiary Guarantor, including Article X thereof, and to perform all of the obligations and agreements of a Subsidiary Guarantor under the
Indenture. 
 SECTION 15.2. Guarantee. The Guaranteeing Subsidiary agrees, on a joint and several basis with all
the existing Subsidiary Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder of the Notes and the Trustee the Guaranteed Obligations pursuant to Article X of the Indenture on a senior secured basis. 

ARTICLE XVI 

MISCELLANEOUS 

SECTION 16.1. Notices. All notices and other communications to the Guaranteeing Subsidiary shall be given as provided in the
Indenture to a Subsidiary Guarantor, with a copy to the Issuer and the Co-Issuer as provided in the Indenture for notices to the Issuer and the Co-Issuer. 
 SECTION 16.2. Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made or instruments
entered into and, in each case, performed in said state. Each of the parties hereto agrees to submit to the jurisdiction of the state courts of, and the federal courts located in, the State of New York in any action or proceeding arising out of or
relating to this Supplemental Indenture, the Indenture (including the Note Guarantees set forth therein), the Notes or the Security Documents. 
 SECTION 16.3. WAIVERS OF JURY TRIAL. THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS SUPPLEMENTAL INDENTURE, THE
INDENTURE, THE NOTES, THE NOTE GUARANTEES OR ANY SECURITY DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 SECTION
16.4. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in
full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. Neither the Trustee nor the Collateral Agent
makes any representation or warranty as to the validity or sufficiency of this Supplemental Indenture or with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto. 

  
 C-2

 SECTION 16.5. Counterparts. The parties hereto may sign one or more copies of
this Supplemental Indenture in counterparts, all of which together shall constitute one and the same agreement. 
 SECTION
16.6. Headings. The headings of the Articles and the Sections in this Supplemental Indenture are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

  
 C-3

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

			
	[NAME OF GUARANTEEING SUBSIDIARY],
	as a Subsidiary Guarantor
		
	By:	 	  

		 	Name:
		 	Title:
		
		 	[Address]
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Trustee

	
	By: Deutsche Bank National Trust Company
	
	  

	Name:
	Title:
	
	  

	Name:
	Title:
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Collateral Agent

	
	By: Deutsche Bank National Trust Company
	
	  

	Name:
	Title:
	
	  

	Name:
	Title:

  
 C-4Credit Agreement

 Exhibit 10.5 
 EXECUTION VERSION 
  

 
  

CREDIT AGREEMENT 
 Dated as of December 1, 2010 
 Among 

THE FINANCIAL INSTITUTIONS PARTY HERETO, 
 as the Lenders 
 and 

JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent and Collateral Agent 
 and 

BANK OF AMERICA, N.A., 
 as Syndication Agent 
 and 

MACQUARIE CAPITAL (USA) INC., ROYAL BANK OF CANADA and SUNTRUST BANK, 

as Co-Documentation Agents 
 and 
 ST. PAUL PARK REFINING CO. LLC, NORTHERN TIER BAKERY LLC, 

NORTHERN TIER RETAIL LLC and SUPERAMERICA FRANCHISING LLC, 
 as Borrowers, 
 and 

NORTHERN TIER ENERGY LLC, 
 as Holdings, 
 and 

Each other Subsidiary of Northern Tier Energy LLC 
 from time to time party hereto 
  

 
  

J.P. MORGAN SECURITIES LLC and 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 
 as Joint Lead
Arrangers and Joint Bookrunners 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS
	  	 	1	  
				
		 	 SECTION 1.01
	  	 Defined Terms
	  	 	1	  
		 	 SECTION 1.02
	  	 Classification of Loans and Borrowings
	  	 	49	  
		 	 SECTION 1.03
	  	 Terms Generally
	  	 	49	  
		 	 SECTION 1.04
	  	 Realty Income Sale-Leaseback
	  	 	49	  
		 	 SECTION 1.05
	  	 Accounting Terms; GAAP
	  	 	49	  
		
	 ARTICLE II. THE CREDITS
	  	 	50	  
				
		 	 SECTION 2.01
	  	 Revolving Commitments
	  	 	50	  
		 	 SECTION 2.02
	  	 Revolving Loans and Borrowings
	  	 	50	  
		 	 SECTION 2.03
	  	 Requests for Revolving Borrowings
	  	 	51	  
		 	 SECTION 2.04
	  	 Protective Advances and Overadvances
	  	 	51	  
		 	 SECTION 2.05
	  	 Swingline Loans
	  	 	52	  
		 	 SECTION 2.06
	  	 Letters of Credit
	  	 	54	  
		 	 SECTION 2.07
	  	 Funding of Borrowings
	  	 	58	  
		 	 SECTION 2.08
	  	 Type; Interest Elections
	  	 	58	  
		 	 SECTION 2.09
	  	 Termination and Reduction of Revolving Commitments
	  	 	59	  
		 	 SECTION 2.10
	  	 Repayment of Loans; Evidence of Debt
	  	 	60	  
		 	 SECTION 2.11
	  	 Prepayment of Loans
	  	 	61	  
		 	 SECTION 2.12
	  	 Fees
	  	 	62	  
		 	 SECTION 2.13
	  	 Interest
	  	 	63	  
		 	 SECTION 2.14
	  	 Alternate Rate of Interest
	  	 	63	  
		 	 SECTION 2.15
	  	 Increased Costs
	  	 	64	  
		 	 SECTION 2.16
	  	 Break Funding Payments
	  	 	65	  
		 	 SECTION 2.17
	  	 Taxes
	  	 	65	  
		 	 SECTION 2.18
	  	 Payments Generally; Allocation of Proceeds; Sharing of Set-offs
	  	 	67	  
		 	 SECTION 2.19
	  	 Mitigation Obligations; Replacement of Lenders
	  	 	69	  
		 	 SECTION 2.20
	  	 Illegality
	  	 	70	  
		 	 SECTION 2.21
	  	 Cash Receipts
	  	 	70	  
		 	 SECTION 2.22
	  	 Reserves; Change in Reserves; Decisions by Agent
	  	 	71	  
		 	 SECTION 2.23
	  	 Revolving Commitment Increases
	  	 	72	  
		 	 SECTION 2.24
	  	 Borrower Agent
	  	 	73	  
		 	 SECTION 2.25
	  	 Joint and Several Liability of the Borrowers
	  	 	74	  
		 	 SECTION 2.26
	  	 Loan Account; Statement of Obligations
	  	 	75	  
		 	 SECTION 2.27
	  	 Extensions of Revolving Loans and Revolving Commitments
	  	 	76	  
		 	 SECTION 2.28
	  	 Defaulting Lenders
	  	 	78	  
		
	 ARTICLE III. REPRESENTATIONS AND WARRANTIES
	  	 	79	  
				
		 	 SECTION 3.01
	  	 Organization; Powers
	  	 	79	  
		 	 SECTION 3.02
	  	 Authorization; Enforceability
	  	 	79	  
		 	 SECTION 3.03
	  	 Governmental Approvals; No Conflicts
	  	 	79	  

  
 i 

									
		 	 SECTION 3.04
	  	 Financial Condition; No Material Adverse Change
	  	 	80	  
		 	 SECTION 3.05
	  	 Properties
	  	 	80	  
		 	 SECTION 3.06
	  	 Litigation and Environmental Matters
	  	 	81	  
		 	 SECTION 3.07
	  	 Compliance with Laws, No Default
	  	 	81	  
		 	 SECTION 3.08
	  	 Investment Company Status
	  	 	81	  
		 	 SECTION 3.09
	  	 Taxes
	  	 	81	  
		 	 SECTION 3.10
	  	 ERISA
	  	 	81	  
		 	 SECTION 3.11
	  	 Disclosure
	  	 	81	  
		 	 SECTION 3.12
	  	 Solvency
	  	 	82	  
		 	 SECTION 3.13
	  	 Insurance
	  	 	82	  
		 	 SECTION 3.14
	  	 Capitalization and Subsidiaries
	  	 	82	  
		 	 SECTION 3.15
	  	 Security Interest in Collateral
	  	 	82	  
		 	 SECTION 3.16
	  	 Labor Disputes
	  	 	83	  
		 	 SECTION 3.17
	  	 Federal Reserve Regulations
	  	 	83	  
		 	 SECTION 3.18
	  	 ABL Obligations
	  	 	83	  
		 	 SECTION 3.19
	  	 Intellectual Property
	  	 	83	  
		 	 SECTION 3.20
	  	 Anti-Terrorism Laws
	  	 	84	  
		
	 ARTICLE IV. CONDITIONS
	  	 	84	  
				
		 	 SECTION 4.01
	  	 Effective Date
	  	 	84	  
		 	 SECTION 4.02
	  	 Each Credit Event
	  	 	87	  
		
	 ARTICLE V. AFFIRMATIVE COVENANTS
	  	 	88	  
				
		 	 SECTION 5.01
	  	 Financial Statements; Borrowing Base and Other Information
	  	 	88	  
		 	 SECTION 5.02
	  	 Notices of Material Events
	  	 	91	  
		 	 SECTION 5.03
	  	 Existence; Conduct of Business
	  	 	92	  
		 	 SECTION 5.04
	  	 Payment of Obligations
	  	 	92	  
		 	 SECTION 5.05
	  	 Maintenance of Properties
	  	 	92	  
		 	 SECTION 5.06
	  	 Books and Records; Inspection Rights; Appraisals; Field Examinations
	  	 	92	  
		 	 SECTION 5.07
	  	 Compliance with Laws
	  	 	93	  
		 	 SECTION 5.08
	  	 Use of Proceeds
	  	 	93	  
		 	 SECTION 5.09
	  	 Insurance
	  	 	93	  
		 	 SECTION 5.10
	  	 Additional Loan Parties; Additional Collateral; Further Assurances
	  	 	94	  
		 	 SECTION 5.11
	  	 Designation of Subsidiaries
	  	 	96	  
		 	 SECTION 5.12
	  	 Hedging Arrangements
	  	 	96	  
		 	 SECTION 5.13
	  	 Maintenance of Ratings
	  	 	96	  
		 	 SECTION 5.14
	  	 Mortgages
	  	 	96	  
		
	 ARTICLE VI. NEGATIVE COVENANTS
	  	 	96	  
				
		 	 SECTION 6.01
	  	 Indebtedness
	  	 	96	  
		 	 SECTION 6.02
	  	 Liens
	  	 	100	  
		 	 SECTION 6.03
	  	 Fundamental Changes
	  	 	105	  
		 	 SECTION 6.04
	  	 Investments, Loans, Advances, Guarantees and Acquisitions
	  	 	106	  

  
 ii 

									
		 	 SECTION 6.05
	  	 Asset Sales
	  	 	110	  
		 	 SECTION 6.06
	  	 Sale and Lease-Back Transactions
	  	 	111	  
		 	 SECTION 6.07
	  	 Accounting Changes
	  	 	111	  
		 	 SECTION 6.08
	  	 Restricted Payments; Certain Payments of Indebtedness
	  	 	111	  
		 	 SECTION 6.09
	  	 Transactions with Affiliates
	  	 	115	  
		 	 SECTION 6.10
	  	 Restrictive Agreements
	  	 	116	  
		 	 SECTION 6.11
	  	 Amendment of Material Documents
	  	 	117	  
		 	 SECTION 6.12
	  	 Fixed Charge Coverage Ratio
	  	 	117	  
		
	 ARTICLE VII. EVENTS OF DEFAULT
	  	 	117	  
				
		 	 SECTION 7.01
	  	 Events of Default
	  	 	117	  
		 	 SECTION 7.02
	  	 Cure Right
	  	 	120	  
		 	 SECTION 7.03
	  	 Exclusion of Immaterial Subsidiaries
	  	 	121	  
		
	 ARTICLE VIII. THE AGENT
	  	 	121	  
		
	 ARTICLE IX. MISCELLANEOUS
	  	 	123	  
				
		 	 SECTION 9.01
	  	 Notices
	  	 	123	  
		 	 SECTION 9.02
	  	 Waivers; Amendments
	  	 	124	  
		 	 SECTION 9.03
	  	 Expenses; Indemnity; Damage Waiver
	  	 	127	  
		 	 SECTION 9.04
	  	 Successors and Assigns
	  	 	129	  
		 	 SECTION 9.05
	  	 Survival
	  	 	133	  
		 	 SECTION 9.06
	  	 Counterparts; Integration; Effectiveness
	  	 	134	  
		 	 SECTION 9.07
	  	 Severability
	  	 	134	  
		 	 SECTION 9.08
	  	 Right of Setoff
	  	 	134	  
		 	 SECTION 9.09
	  	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	135	  
		 	 SECTION 9.10
	  	 WAIVER OF JURY TRIAL
	  	 	135	  
		 	 SECTION 9.11
	  	 Headings
	  	 	135	  
		 	 SECTION 9.12
	  	 Confidentiality
	  	 	136	  
		 	 SECTION 9.13
	  	 Several Obligations; Nonreliance; Violation of Law
	  	 	136	  
		 	 SECTION 9.14
	  	 USA PATRIOT Act
	  	 	137	  
		 	 SECTION 9.15
	  	 Disclosure
	  	 	137	  
		 	 SECTION 9.16
	  	 Appointment for Perfection
	  	 	137	  
		 	 SECTION 9.17
	  	 Interest Rate Limitation
	  	 	137	  
		 	 SECTION 9.18
	  	 Cumulative Effect; Conflict of Terms; Entire Agreement; Credit Inquiries; No Advisory or Fiduciary
Responsibility
	  	 	137	  
		 	 SECTION 9.19
	  	 INTERCREDITOR AGREEMENT
	  	 	138	  
		 	 SECTION 9.20
	  	 No Recourse
	  	 	138	  
		
	 ARTICLE X. LOAN GUARANTY
	  	 	138	  
				
		 	 SECTION 10.01
	  	 Guaranty
	  	 	138	  
		 	 SECTION 10.02
	  	 Guaranty of Payment
	  	 	138	  
		 	 SECTION 10.03
	  	 No Discharge or Diminishment of Loan Guaranty
	  	 	139	  
		 	 SECTION 10.04
	  	 Defenses Waived
	  	 	139	  

  
 iii

									
		 	 SECTION 10.05
	  	 Rights of Subrogation
	  	 	140	  
		 	 SECTION 10.06
	  	 Reinstatement; Stay of Acceleration
	  	 	140	  
		 	 SECTION 10.07
	  	 Information
	  	 	140	  
		 	 SECTION 10.08
	  	 Maximum Liability
	  	 	140	  
		 	 SECTION 10.09
	  	 Contribution
	  	 	140	  
		 	 SECTION 10.10
	  	 Liability Cumulative
	  	 	141	  
		 	 SECTION 10.11
	  	 Termination; Release of Loan Guarantors and Borrowers
	  	 	141	  
		 	 SECTION 10.12
	  	 Seller Payable Agreement
	  	 	141	  

 SCHEDULES: 

Commitment Schedule 
  

			
	 Schedule 1.01(a)
	  	 Eligible Carriers

	 Schedule 1.01(b)
	  	 Immaterial Subsidiaries

	 Schedule 1.01(c)
	  	 Mortgaged Properties

	 Schedule 1.01(d)
	  	 Permitted Inventory Locations

	 Schedule 3.14
	  	 Capitalization and Subsidiaries

	 Schedule 4.01(b)
	  	 Local Counsel

	 Schedule 6.01
	  	 Existing Indebtedness

	 Schedule 6.02
	  	 Existing Liens

	 Schedule 6.04
	  	 Existing Investments

	 Schedule 6.05
	  	 Specified Asset Sales

	 Schedule 6.09
	  	 Transactions with Affiliates

	 Schedule 6.10
	  	 Existing Restrictions

EXHIBITS: 
  

			
	 Exhibit A —
	  	 Form of Assignment and Assumption

	 Exhibit B —
	  	 Form of Borrowing Base Certificate

	 Exhibit C —
	  	 Form of Compliance Certificate

	 Exhibit D —
	  	 Form of Joinder Agreement

	 Exhibit E —
	  	 Form of Letter of Credit Request

	 Exhibit F —
	  	 Form of Borrowing Request

	 Exhibit G —
	  	 Form of Revolving Promissory Note

	 Exhibit H —
	  	 Form of Intercompany Note

	 Exhibit I —
	  	 Form of Expense and Statistical Statement

	 Exhibit J —
	  	 Form of Retail Marketing Statement

  
 iv 

 This CREDIT AGREEMENT, dated as of December 1, 2010 (this “Agreement”), is
made by and among NORTHERN TIER ENERGY LLC, a Delaware limited liability company (“Holdings”), each other subsidiary of Holdings from time to time party hereto, the Lenders, and JPMORGAN CHASE BANK, N.A., as
administrative agent for the Lenders hereunder and as collateral agent for the Secured Parties (in such capacities, together with its successors in such capacities, the “Agent”). 

WHEREAS, capitalized terms used and not defined in the preamble and these recitals shall have the respective meanings set forth for such
terms in Section 1.01 hereof; 
 WHEREAS, pursuant to the Transaction Agreement, certain direct subsidiaries of
Holdings will acquire the Contributed Assets (the “Acquisition”); 
 WHEREAS, in order to fund, in part, the
Acquisition, the Sponsor (together with certain other investors) will, directly or indirectly, make cash equity contributions (the “Equity Contribution”) to the Buyer Parent in an aggregate amount equal to $195,000,000; 

WHEREAS, in connection with the Acquisition, Holdings will issue and sell up to $290,000,000 in aggregate principal amount of Senior
Secured Notes pursuant to the Senior Secured Notes Documents; 
 WHEREAS, the Borrowers have requested that, immediately upon
the satisfaction in full of the applicable conditions precedent set forth in Article IV below, (a) the Revolving Lenders extend credit in the form of Revolving Loans at any time and from time to time during the Availability Period, in an
aggregate principal amount at any time outstanding not in excess of $300,000,000 or the aggregate amount of Revolving Commitments in effect from time to time, (b) the Swingline Lender extend credit at any time and from time to time during the
Availability Period in the form of Swingline Loans, in an aggregate principal amount at any time outstanding not in excess of $30,000,000, and (c) the Issuing Banks issue Letters of Credit in an aggregate face amount at any time outstanding not
in excess of $150,000,000; and 
 WHEREAS, the Revolving Lenders and the Swingline Lender have indicated their willingness to
extend such credit, and the Issuing Banks have indicated their willingness to issue Letters of Credit, in each case on the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, the parties hereto hereby agree as follows: 
 ARTICLE I. 
 DEFINITIONS 

SECTION 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“ABL Collateral” has the meaning specified in the Intercreditor Agreement. 

“ABR” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Account”
means (a) “account” as such term is defined in Article 9 of the UCC and (b) all rights to payment from any credit card issuer or credit card processor. 

 “Account Debtor” means any Person obligated on an Account. 

“ACH” means automated clearing house transfers. 

“Acquired EBITDA” means, with respect to any Pro Forma Entity for any period, the amount for such period of EBITDA of
such Pro Forma Entity (determined using such definitions as if references to Holdings and its Subsidiaries therein were to such Pro Forma Entity and its Subsidiaries), all as determined on a consolidated basis for such Pro Forma Entity in a manner
not inconsistent with GAAP. 
 “Acquired Entity or Business” has the meaning assigned to such term in the
definition of the term “EBITDA”. 
 “Acquisition” has the meaning assigned to such term in the
recitals to this Agreement. 
 “Additional Revolving Commitment Lender” has the meaning assigned to such term
in Section 2.23(b). 
 “Adjusted LIBOR Rate” means, for any Interest Period, the LIBOR Rate for
such Interest Period or, if the Board imposes a Reserve Percentage with respect to eurodollar deposits in dollars in the London interbank market, the rate obtained by dividing (a) the LIBOR Rate for such Interest Period by (b) 1 minus the
Reserve Percentage. 
 “Adjustment Date” means (i) with respect to determinations of the Applicable Rate
and the Average Historical Excess Availability, the first day of each calendar month, and (ii) with respect to determinations of the Average Revolving Loan Utilization, the first day of each January, April, July and October. 

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

“Affiliate” means, 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. 
 “Agent”
has the meaning assigned to such term in the preamble to this Agreement. 
 “Aggregate Incremental Capacity”
has the meaning assigned to such term in Section 2.23(a). 
 “Agreement” has the meaning assigned
to such term in the preamble to this Agreement. 
 “Alternate Base Rate” means, 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 LIBOR Rate that would be calculated as of
such day (or, if such day is not a Business Day, as of the next preceding Business Day) in respect of a proposed LIBOR Rate Loan with a one-month Interest Period plus 1.0%. Any change in the Alternate Base Rate due to a change in the Prime
Rate, the Federal Funds Effective Rate or such LIBOR Rate shall be effective as of the opening of business on the day of such change in the Prime Rate, the Federal Funds Effective Rate or such LIBOR Rate, respectively. 

  
 2 

 “Anti-Terrorism Laws” shall mean any Requirement of Law relating to
terrorism or money laundering including Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 and the PATRIOT Act. 
 “Applicable Percentage” means, with respect to any Revolving Lender, with respect to Revolving Loans, LC Exposure or Swingline Loans, a percentage equal to a fraction the numerator of
which is such Revolving Lender’s Revolving Commitment and the denominator of which is the aggregate Revolving Commitment of all Revolving Lenders (if the Revolving Commitments have terminated or expired, the Applicable Percentages shall be
determined based upon such Revolving Lender’s share of the aggregate Revolving Exposures at that time). 

“Applicable Rate” means, for any day, with respect to any ABR Revolving Loan or LIBOR Rate Revolving Loan, the
applicable rate per annum set forth below under the caption “ABR Spread” or “LIBOR Rate Spread”, as the case may be, based upon the Average Historical Excess Availability as of the most recent Adjustment Date; provided
that until the first Adjustment Date occurring on or after the date on which a Borrowing Base Certificate has been delivered covering the third full month completed after the Effective Date, the “Applicable Rate” shall be the
applicable rate per annum set forth below in Category 2: 
  

									
	 Average Historical Excess Availability
	  	ABR Spread	 	 	LIBOR Rate Spread	 
			
	 Category 1
	  				 			
			
	 Average Historical Excess Availability less than 33% of the lesser of (i) the aggregate Revolving Commitments and
(ii) the Borrowing Base
	  	 	2.25	% 	 	 	3.25	% 
			
	 Category 2
	  				 			
			
	 Average Historical Excess Availability greater than or equal to 33% of the lesser of (i) the aggregate Revolving Commitments
and (ii) the Borrowing Base, but less than 66% of the lesser of (i) the aggregate Revolving Commitments and (ii) the Borrowing Base
	  	 	2.00	% 	 	 	3.00	% 
			
	 Category 3
	  				 			
			
	 Average Historical Excess Availability greater than or equal to 66% of the lesser of (i) the aggregate Revolving Commitments
and (ii) the Borrowing Base
	  	 	1.75	% 	 	 	2.75	% 

 The Applicable Rate shall be adjusted monthly on a prospective basis on each Adjustment Date based upon the Average
Historical Excess Availability in accordance with the table above; provided that (i) if an Event of Default shall have occurred and be continuing at the time any reduction in the Applicable Rate would otherwise be implemented, no
such reduction shall be implemented until the date on which such Event of Default shall no longer be continuing, and (ii) if any Borrowing Base Certificate delivered pursuant to this Agreement is at any time restated or otherwise revised, or if
the information set forth in any such Borrowing Base Certificate otherwise proves to be false or incorrect such that the Applicable Margin would have been higher than was otherwise in effect during any period, without constituting a waiver of any
Default or Event of Default arising as a result thereof, interest due under this Agreement 

  
 3 

 
shall be immediately recalculated at such higher rate for any applicable periods and shall be due and payable on demand and shall be payable only to the Lenders whose Commitments were outstanding
during such period when the Applicable Margin should have been higher (regardless of whether such Lenders remain parties to this Agreement at the time such payment is made) 
 “Approved Fund” means any Person (other than an natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary
course and that is administered or managed by (1) a Lender, (2) an Affiliate of a Lender or (3) an entity or an Affiliate of an entity that administers, advises or manages a Lender. 

“Aron” means J. Aron & Company, its successors and assigns and any changed counterparty to the Aron Commodity
Hedge Agreement. 
 “Aron Commodity Hedging Agreement” means that certain ISDA Master Agreement, dated as of
October 6, 2010, between Aron and St. Paul Park Refining Co. LLC, including the schedule, exhibits and annexes thereto and transactions thereunder, as replaced, superseded, amended (including as to changes of counterparty), modified or
supplemented from time to time. 
 “Assignment and Assumption” means an assignment and assumption entered into
by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Agent, in the form of Exhibit A or any other form approved by the Agent. 

“Attributable Amount” in respect of a Sale and Lease-Back Transaction means, as at the time of determination, the
present value (discounted at the interest rate for such lease, as determined by Holdings) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale and Lease-Back Transaction (including
any period for which such lease has been extended); provided, however, that if such Sale and Lease-Back Transaction results in a Capital Lease Obligation, the Attributable Amount in respect thereof will be determined in accordance with
the definition of “Capital Lease Obligation”. 
 “Availability Period” means the period from and
including the Effective Date to but excluding the earlier of the Maturity Date and the date of termination of the Commitments. 

“Availability Reserves” means, without duplication of any other reserves or items that are otherwise addressed or
excluded through eligibility criteria, such reserves as the Agent from time to time determines in its Permitted Discretion as being appropriate (a) to reflect any impediments to the Agent’s ability to realize upon the Collateral consisting
of Borrowing Base Assets included in the Borrowing Base, (b) to reflect claims and liabilities that the Agent determines will need to be satisfied in connection with the realization upon the Collateral consisting of Borrowing Base Assets
included in the Borrowing Base or (c) to reflect criteria, events, conditions, contingencies or risks which adversely affect any component of the Borrowing Base. 
 “Available Revolving Commitment” means, at any time, the aggregate of the Revolving Commitments of all Revolving Lenders then in effect minus the Revolving Exposure of all
Revolving Lenders at such time. 
 “Average Historical Excess Availability” means, at any Adjustment Date, the
average daily Excess Availability for the one-month period immediately preceding such Adjustment Date. 
 “Average
Revolving Loan Utilization” means, at any Adjustment Date, the average daily aggregate Revolving Exposure (excluding any Revolving Exposure resulting from any outstanding 

  
 4 

 
Swingline Loans) for the three-month period immediately preceding such Adjustment Date (or, if less, the period from the Effective Date to such Adjustment Date), divided by the aggregate
Revolving Commitments at such time. 
 “Banking Services” means each and any of the following bank services
provided to any Loan Party by the Agent, any Revolving Lender or any of their respective Affiliates: (a) commercial credit cards, merchant card services, purchase or debit cards, (b) treasury management services (including, without
limitation, controlled disbursement, ACH transactions, return items and interstate depository network services) and (c) any other demand deposit or operating account relationships or other cash management services, including under Cash
Management Agreements. 
 “Banking Services Obligations” of the Loan Parties means any and all obligations of
the Loan Parties, whether absolute or contingent and however and whenever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with Banking Services.

 “Banking Services Reserves” means all Reserves which the Agent from time to time after the occurrence and
during the continuation of a Liquidity Event establishes in its Permitted Discretion as being appropriate to reflect reasonably anticipated Banking Services Obligations then provided or outstanding. 

“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith
determination of the Agent, 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 Bankruptcy Event shall not result solely by virtue of any
ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with immunity from the
jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any
contracts or agreements made by such Person. 
 “Bankruptcy Law” means Title 11 of the United States Code, or
any similar foreign, federal or state law for the relief of debtors as now or hereinafter in effect. 
 “Bankruptcy
Proceeding” means (a) any voluntary or involuntary case or proceeding under any Bankruptcy Law or any proceeding of the type specified in Section 7.01(g), in each case, with respect to Holdings or any Material Subsidiary,
(b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to Holdings or any Material Subsidiary or with
respect to a material portion of their respective assets, (c) any liquidation, dissolution, reorganization or winding up of Holdings or any Material Subsidiary whether voluntary or involuntary and whether or not involving insolvency or
bankruptcy, or (d) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of Holdings or any Material Subsidiary. 
 “Blocked Account Agreement” has the meaning assigned to such term in Section 2.21(a). 
 “Blocked Accounts” has the meaning assigned to such term in Section 2.21(a). 

  
 5 

 “Board” means the Board of Governors of the Federal Reserve System of the
United States of America. 
 “Borrower” means each of St. Paul Park Refining Co. LLC, Northern Tier Bakery LLC,
Northern Tier Retail LLC, SuperAmerica Franchising LLC and each other Domestic Subsidiary of Holdings that becomes a Borrower pursuant to Section 5.10(a). 
 “Borrower Agent” has the meaning assigned to such term in Section 2.24. 
 “Borrower Percentage” has the meaning assigned to such term in Section 2.25(f). 
 “Borrower’s Maximum Liability” has the meaning assigned to such term in Section 2.25(e). 
 “Borrowing” means any (a) Loans of the same Class and Type made, converted or continued on the same date and, in the case of LIBOR Rate Loans, as to which a single Interest Period is
in effect, (b) Swingline Loan or (c) Protective Advance or Overadvance Loan. 
 “Borrowing Base”
means, at any time, (a) 90% of the Value of Eligible Credit Card Receivables; plus (b) 85% of the Value of Eligible Other Receivables; plus (c) 80% of the fair market value of Eligible Petroleum Inventory,
as periodically published by the Value Reference for the appropriate product and product grades in the appropriate region of the country; plus (d) the sum of (A) 80% of the fair market value of the Eligible Gasoline Inventory
and (B) the lesser of (i) 50% of the Value of the Eligible Non-Gasoline Inventory and (ii) the product of 85% multiplied by the Net Orderly Liquidation Value Percentage as determined from the most recent appraisal of such Eligible
Non-Gasoline Inventory ordered by the Agent multiplied by the Value of such Inventory (subject to an aggregate cap of $20,000,000 in the case of this clause (d)); plus (e) for Eligible Other Inventory, the lesser of (i) 80%
of the Value of the applicable category of the Eligible Other Inventory and (ii) the product of 85% multiplied by the Net Orderly Liquidation Value Percentage as determined from the most recent appraisal of such Inventory ordered by the Agent
multiplied by the Value of the applicable category of such Inventory; plus (f) 80% of the fair market value of the Borrowers’ Eligible Positive Exchange Balance (subject to an aggregate cap of $10,000,000 in the case of this
clause (f)); plus (g) 100% of Specified Standby Letters of Credit; and plus (h) 100% of Eligible Cash, minus (i) without duplication, the then amount of all Availability Reserves and other
Reserves as the Agent may at any time and from time to time in the exercise of its Permitted Discretion establish or modify in accordance with the provisions of Section 2.22. Notwithstanding the foregoing, the Agent shall be entitled to
reduce any of the foregoing advance rates in its Permitted Discretion upon (a) so long as no Event of Default has occurred and is continuing, at least three days’ advance notice to the Borrower Agent, and (b) if an Event of Default
has occurred and is continuing, one day’s advance notice to the Borrower Agent (or no advance notice to the Borrower Agent, as may reasonably be determined to be appropriate by the Agent in its Permitted Discretion to protect the interests of
the Lenders). The Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Agent pursuant to Section 5.01(i) and adjusted by the Agent in the exercise of its Permitted
Discretion and in accordance with Section 2.22 based upon additional information, if any, received after the date of delivery of such Borrowing Base Certificate. 
 “Borrowing Base Assets” means any Loan Party’s Inventory, Receivables and other assets included in the calculation of the Borrowing Base, together with all other assets directly
related thereto, including documents, instruments, general intangibles, deposit accounts and the proceeds of all of the same. 

  
 6 

 “Borrowing Base Certificate” means a certificate, signed and certified as
accurate and complete by a Financial Officer of the Borrower Agent, in substantially the form of Exhibit B or another form which is acceptable to the Agent in its reasonable discretion. 

“Borrowing Request” means a request by the Borrower Agent for a Revolving Borrowing in accordance with
Section 2.03 and substantially in the form attached hereto as Exhibit F, or such other form as shall be approved by the Agent. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to remain closed;
provided that, when used in connection with a LIBOR Rate 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. 

“Buyer Parent” means Northern Tier Investors LLC, a Delaware limited liability company. 

“Capital Expenditures” means, for any period, without duplication, any expenditure for any purchase or other acquisition
of any asset which would be classified as a fixed or capital asset on a consolidated balance sheet of Holdings and its Subsidiaries prepared in accordance with GAAP; provided that the term “Capital Expenditures” shall
not include (i) expenditures made in connection with the replacement, substitution, restoration or repair of assets to the extent financed from insurance proceeds or compensation awards paid on account of a Recovery Event, (ii) the
purchase price of equipment that is purchased simultaneously with the trade-in of existing equipment to the extent that the gross amount of such purchase price is reduced by the credit granted by the seller of such equipment for the equipment being
traded in at such time, (iii) the purchase of plant, property or equipment to the extent financed with the proceeds of sales, transfers or other dispositions that are not required to be applied to prepay Revolving Loans pursuant to
Section 2.11(c), (iv) expenditures that are accounted for as capital expenditures by Holdings or any Subsidiary and that actually are paid for by a Person other than Holdings or any Subsidiary and for which neither Holdings nor any
Subsidiary has provided or is required to provide or incur, directly or indirectly, any consideration or obligation to such Person or any other Person (whether before, during or after such period, it being understood, however, that only the amount
of expenditures actually provided or incurred by Holdings or any Subsidiary in such period and not the amount required to be provided or incurred in any future period shall constitute “Capital Expenditures” in the applicable period),
(v) the book value of any asset owned by Holdings or any Subsidiary prior to or during such period to the extent that such book value is included as a capital expenditure during such period as a result of such Person reusing or beginning to
reuse such asset during such period without a corresponding expenditure actually having been made in such period; provided that (x) any expenditure necessary in order to permit such asset to be reused shall be included as a
Capital Expenditure during the period in which such expenditure actually is made and (y) such book value shall have been included in Capital Expenditures when such asset was originally acquired, (vi) any expenditures that constitute
Permitted Acquisitions (or similar investments) and expenditures made in connection with the Transactions, (vii) any capitalized interest expense reflected as additions to property, plant or equipment in the consolidated balance sheet of
Holdings and the Subsidiaries for such period or (viii) any Lease Expenses. 
 “Capital Lease Obligations”
of any Person means 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 amount thereof accounted for as a liability determined in accordance with GAAP. 

  
 7 

 “Cash Management Agreement” means any agreement entered into from time to
time between any Loan Party, on the one hand, and the Agent or any Lender or any of their Affiliates on the other, in connection with cash management services for collections, other Banking Services and for operating, payroll and trust accounts of
such Loan Party provided by such Agent or Lender or their Affiliates, including ACH services, controlled disbursement services, electronic funds transfer services, information reporting services, lockbox services, stop payment services and wire
transfer services. 
 “Change in Control” shall be deemed to have occurred if (a) prior to a Qualified
Public Offering, the Permitted Holders (i) shall fail to have the right, directly or indirectly, by voting power, contract or otherwise, to elect or designate for election at least a majority of the Board of Directors of Holdings or
(ii) shall fail to own, directly or indirectly, beneficially and of record, shares of Holdings in an amount equal to more than 50% of the amount of shares owned, directly or indirectly, by the Permitted Holders, beneficially and of record, as
of the Effective Date and such ownership by the Permitted Holders shall not represent the largest single block of voting securities of Holdings held, directly or indirectly, by any Person or related group for purposes of Section 13(d) of the
Exchange Act, (b) after a Qualified Public Offering, any “person” or “group” (within the meaning of Rule 13d-5 of the Exchange Act but excluding any employee benefit plan of such person and its subsidiaries, and any person
or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than the Permitted Holders shall “beneficially own” (within the meaning of Rule 13d-3 under the Exchange Act), directly or
indirectly, shares representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Holdings and the percentage of the aggregate ordinary voting power represented by such Equity
Interests beneficially owned by such person or group exceeds the percentage of the aggregate ordinary voting power represented by Equity Interests of Holdings then beneficially owned, directly or indirectly, by the Permitted Holders, unless
(i) the Permitted Holders have, at such time, the right or the ability, directly or indirectly, by voting power, contract or otherwise to elect or designate for election at least a majority of the Board of Directors of Holdings or
(ii) during any period of twelve (12) consecutive months, a majority of the seats (other than vacant seats) on the board of directors of Holdings shall be occupied by persons who were (x) members of the board of directors of Holdings
on the Effective Date or nominated by the board of directors of Holdings or by one or more Permitted Holders or Persons nominated by one or more Permitted Holders or (y) appointed by directors so nominated, (c) any change in control (or
similar event, however denominated) with respect to Holdings shall occur under and as defined in the Senior Secured Notes Documents or any other Indebtedness of Holdings or its Subsidiaries constituting Material Indebtedness, or (d) at any
time, Holdings shall cease to beneficially own, directly or indirectly, 100% of the issued and outstanding Equity Interests of each Borrower. 
 “Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or
application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or any Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such
Lender’s or such Issuing Bank’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 (other than any such
request, guideline or directive to comply with any law, rule or Regulation that was in effect on the date of this Agreement); provided, that notwithstanding anything herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer
Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith shall be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

“Chattel Paper” means any “chattel paper,” as such term is defined in the UCC, including electronic chattel
paper, now owned or hereafter acquired by any Loan Party, wherever located. 

  
 8 

 “Class”, when used in reference to any Loan or Borrowing, refers to whether
such Loan, or the Loans comprising such Borrowing, are Revolving Loans, Extended Revolving Loans (of the same Extension Series), Swingline Loans or Protective Advances or Overadvance Loans; and when used in reference to any Commitment, refers to
whether such Commitment is a Revolving Commitment or an Extended Revolving Commitment (of the same Extension Series). 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the Treasury regulations thereunder.

 “Collateral” means any and all property owned, leased or operated by a Person subject to a security interest
or Lien under the Collateral Documents and any and all other property of any Loan Party, now existing or hereafter acquired, that may at any time be or become subject to a security interest or Lien in favor of Agent, on behalf of itself and the
Secured Parties, to secure the Secured Obligations; provided however that Collateral shall not at any time include any Margin Stock. 
 “Collateral Access Agreement” has the meaning assigned to such term in the Security Agreement. 
 “Collateral Documents” means, collectively, the Security Agreement, the Mortgages and any other documents granting a Lien upon the Collateral as security for payment of the Secured
Obligations. 
 “Collateral Report Trigger” means the circumstance that, at any time, (a) Excess
Availability is less than the greater of (i) 20% of the lesser of (x) the aggregate Revolving Commitment and (y) the Borrowing Base and (ii) $30,000,000 or (b) a Default or Event of Default is in existence. A Collateral
Report Trigger shall be deemed to continue to exist until (1) in the case of clause (a) above, Excess Availability has equaled or exceeded the amount set forth therein for at least thirty (30) consecutive days and (2) in the case
of clause (b) above, no Default or Event of Default remains in existence. 
 “Commitment” means a
Revolving Commitment or an Extended Revolving Commitment. 
 “Commitment Fee Rate” means the applicable rate
per annum set forth below based upon the Average Revolving Loan Utilization as of the Effective Date or the most recent Adjustment Date: 
  

					
	 Average Revolving Loan Utilization
	  	Commitment Fee Rate	 
		
	 Less than or equal to 33 1/3%
	  	 	0.625	% 
		
	 Greater than 33 1/3% but less than or equal to 66 2/3%
	  	 	0.500	% 
		
	 Greater than 66 2/3%
	  	 	0.375	% 

 The Commitment Fee Rate shall be adjusted quarterly on a prospective basis on each Adjustment Date based
upon the Average Revolving Loan Utilization in accordance with the table above; provided that if an Event of Default shall have occurred and be continuing at the time any reduction in the Commitment Fee Rate would otherwise be
implemented, no such reduction shall be implemented until the date on which such Event of Default shall have been cured or waived. 
 “Commitment Schedule” means the Schedule attached hereto identified as such. 

  
 9 

 “Commodities Hedging Arrangement” means a swap, cap, collar, floor, put,
call, option, future, other derivative, spot purchase or sale, forward purchase or sale, supply or off-take, transportation agreement, storage agreement or other commercial or trading agreement in or involving crude oil, natural gas, any feedstock,
blendstock, intermediate product, finished product, refined product or other hydrocarbons product, or any other energy, weather or emissions related commodity (including any crack spread), or any prices or price indexes relating to any of the
foregoing commodities, or any economic index or measure of economic risk or value, or other benchmark against which payments or deliveries are to be made (including any combination of such transactions). 

“Commodities Hedging Agreement” means any agreement (including any master agreement or master netting agreement) that
evidences or provides for any Commodities Hedging Arrangement between Holdings or any Subsidiary and any other Person. 

“Commodities Hedging Obligations” means, with respect to any Person, any and all obligations of such Person, whether
absolute or contingent and however and whenever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under any and all Commodities Hedging Agreements. 

“Consolidated Net Tangible Assets” means at any date the total net assets of Holdings and its Subsidiaries determined on
a consolidated basis in accordance with GAAP, excluding, however, from the determination of total net assets (i) goodwill, organizational expenses, research and product development expenses, trademarks, trade names, copyrights, patents, patent
applications, licenses and rights in any thereof, and other similar intangibles, (ii) all deferred charges or unamortized debt discount and expenses, (iii) all reserves carried and not deducted from assets, (iv) securities which are
not readily marketable, (v) cash held in sinking or other analogous funds established for the purpose of redemption, retirement or prepayment of capital stock or other equity interests or Indebtedness, and (vi) any items not included in
clauses (i) through (v) above which are treated as intangibles in conformity with GAAP. 
 “Consolidated Total
Indebtedness” means, as at any date of determination, an amount equal to the sum of (a) the aggregate amount of all outstanding Indebtedness of Holdings and its Subsidiaries on a consolidated basis consisting of Indebtedness for
borrowed money, (b) obligations in respect of Capital Lease Obligations and (c) debt obligations evidenced by bonds, notes, debentures or similar instruments. 
 “Contractual Obligation” means, 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 other than the Obligations. 
 “Contributed Assets” means the
St. Paul, Minnesota refinery and related assets and inventories (other than assets which are part of the Crude Oil Intermediation Agreement), a bakery located at the refinery, certain pipeline interests, retail gas stations and related assets, owned
or leased by Marathon and certain of its affiliates. 
 “Control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings
correlative thereto. 
 “Controlled Investment Affiliate” means, as to any Person, any other Person, which
directly or indirectly is in control of, is controlled by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or indirect equity or debt investments in
Holdings and/or other companies. 

  
 10 

 “Cost” means the cost of purchase of Inventory determined according to the
accounting policies used in the preparation of Holdings’ audited financial statements. 
 “Crack Spread
Hedge” means a cash-settled commodity transaction (including an option, swap, floor, cap, collar, forward sale or forward purchase) which is provided for the purpose of managing risk with respect to the spread created by the purchase by a
party of crude oil for delivery in the future and the sale by such party of gasoline, diesel, jet fuel and/or heating oil under contract for future delivery (regardless of whether such transaction is effected by means of one or more futures
contracts or over-the-counter hedging agreements). 
 “Credit Card Receivables” means any Account due to any
Borrower in connection with purchases from and other goods and services provided by such Borrower on the following credit cards: Visa, MasterCard, American Express, Diners Club, Discover, Carte Blanche and such other credit cards as the Agent shall
reasonably approve from time to time, in each case which have been earned by performance by such Borrower but not yet paid to such Borrower by the credit card issuer or the credit card processor, as applicable; provided that, in any
event, “Credit Card Receivables” shall exclude Accounts due in connection with proprietary credit cards. 

“Crude Oil Intermediation Agreement” means, collectively, (a) the Inventory Purchase Agreement, dated as of the
Effective Date, among J.P. Morgan Commodities Canada Corporation (“JPM CCC”), Marathon Petroleum Company LLC and Marathon Petroleum Trading Canada LLC and (b) the Crude Oil Supply Agreement, dated as of the Effective Date,
between St. Paul Park Refining Co. LLC and JPM CCC. 
 “Cure Amount” shall have the meaning assigned to such
term in Section 7.02. 
 “Cure Period” shall have the meaning assigned to such term in
Section 7.02. 
 “Cure Right” shall have the meaning assigned to such term in
Section 7.02. 
 “DDAs” means any checking or other demand deposit account maintained by the Loan
Parties. All funds in such DDAs shall be conclusively presumed to be Collateral and proceeds of Collateral; and the Agent and the Lenders shall have no duty to inquire as to the source of the amounts on deposit in the DDAs, subject to the Security
Agreement and the Intercreditor Agreement. 
 “Default” means any event or condition which constitutes an Event
of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 

“Defaulting Lender” means any Revolving Lender that (a) fails to make any payment or provide funds to the Agent or
any Borrower as required hereunder or fails otherwise to perform its obligations under any Loan Document, and such failure is not cured within two Business Days, (b) notified the Agent or a Loan Party in writing that it does not intend to
satisfy any such obligation (unless such notice indicates that such position is based on such Revolving Lender’s good faith determination that a condition precedent to perform such obligation cannot be satisfied) or (c) has become the
subject of a Bankruptcy Event. 
 “Derivative Transaction” means (a) an interest-rate transaction,
including an interest-rate swap, basis swap, forward rate agreement, interest rate option (including a cap, collar, and floor), and any other instrument linked to interest rates that gives rise to similar credit risks (including when-issued
securities and forward deposits accepted), (b) an exchange-rate transaction, including a cross-currency interest-rate swap, a forward foreign-exchange contract, a currency option, and any other instrument

  
 11 

 
linked to exchange rates that gives rise to similar credit risks, (c) an equity derivative transaction, including an equity-linked swap, an equity-linked option, a forward equity-linked
contract, and any other instrument linked to equities that gives rise to similar credit risk and (d) a commodity (including precious metal) derivative transaction, including a commodity-linked swap, a commodity-linked option, a forward
commodity-linked contract, and any other instrument linked to commodities that gives rise to similar credit risks; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former
directors, officers, employees or consultants of Holdings or its subsidiaries shall be a Derivative Transaction; and provided, further, that no Commodities Hedging Agreement shall be a Derivative Transaction. 

“Designated Disbursement Account” has the meaning assigned to such term in Section 2.21(d). 

“Dilution Reserve” means an amount equal to the excess of (i) non-cash reductions to the Borrowers’ Eligible
Other Receivables (on a combined basis) during a 12-month period prior to the date of determination as established by the Borrowers’ records or by a field examination conducted by the Agent’s employees or representatives, expressed as a
percentage of the Borrowers’ Eligible Other Receivables (on a combined basis) outstanding during the same period, as the same may be adjusted by the Agent in the exercise of its Permitted Discretion, over (ii) 5%, multiplied by an amount
equal to Eligible Other Receivables as of the date of determination. 
 “Disqualified Equity Interests” means
any Equity Interest which, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily
redeemable (other than solely for Qualified Equity Interests and/or cash in lieu of fractional shares), pursuant to a sinking fund obligation or otherwise (except as a result of a change in control or asset sale so long as any right of the holders
thereof upon the occurrence of a change in control or asset sale event shall be subject to the occurrence of the Termination Date, (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests and/or
cash in lieu of fractional shares), in whole or in part (except as a result of a change in control or asset sale so long as any right of the holders thereof upon the occurrence of a change in control or asset sale event shall be subject to the
occurrence of the Termination Date), (c) requires the payment of any cash dividend or any other scheduled cash payment constituting a return of capital, in each case, prior to the date that is ninety-one (91) days after the earlier of the
Maturity Date and the occurrence of the Termination Date or (d) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date
that is ninety-one (91) days after the earlier of the Maturity Date and the occurrence of the Termination Date; provided that if such Equity Interest is issued to any plan for the benefit of employees of Holdings or any of its subsidiaries or
by any such plan to such employees, such Equity Interest shall not constitute Disqualified Equity Interest solely because it may be required to be repurchased by Holdings or any of its subsidiaries in order to satisfy applicable statutory or
regulatory obligations. 
 “Document” has the meaning assigned to such term in Article 9 of the UCC.

 “Dollars” or “$” refers to lawful money of the United States of America. 

“Domestic Subsidiaries” means all Subsidiaries incorporated or organized under the laws of the United States of America,
any State thereof or the District of Columbia. 
 “Earnout Agreement” has the meaning set forth in
Section 2.3(x) of the Formation Agreement. 

  
 12 

 “Earnout Payment” means any earnout payment payable pursuant to the Earnout
Agreement. 
 “EBITDA” means, for any period, Net Income for such period, plus 

(a) without duplication and to the extent already deducted (and not added back) in arriving at such Net Income, the sum of the following
amounts for such period: 
 (i) Interest Expense for such period, 

(ii) provision for taxes based on income, profits or capital, including federal, foreign, state, franchise, excise and
similar taxes paid or accrued during such period (including in respect of repatriated funds), 
 (iii)
depreciation and amortization (including amortization of intangible assets established through purchase accounting and amortization of deferred financing fees or costs), 

(iv) Non-Cash Charges, 
 (v) extraordinary, unusual or non-recurring charges (excluding charges described in clause (vi) below), 
 (vi) restructuring charges, accruals or reserves (including restructuring costs related to acquisitions before and after the Effective Date) incurred during any period on or prior to the first anniversary
of the Effective Date; provided that, the aggregate amount of restructuring charges, accruals or reserves incurred under this clause (vi) in such Test Period shall not exceed 10% of EBITDA for such Test Period (calculated without
giving effect to any adjustments made pursuant to this clause (vi)), 
 (vii) the amount of any minority interest
expense (or income (loss) allocable to non-controlling interests) consisting of Subsidiary income attributable to minority equity interests of third parties in any non-wholly-owned Subsidiary deducted (and not added back in such period to Net
Income), 
 (viii) the amount of management, monitoring, consulting and advisory fees, (including termination and
transaction fees) and related indemnities and expenses paid or accrued in such period to (or on behalf of) the Sponsor, to the extent otherwise permitted by Sections 6.09 and 6.11(b), 

(ix) losses on asset sales, disposals or abandonments (other than asset sales, disposals or abandonments in the ordinary
course of business), and 
 (x) cash receipts (or any netting arrangements resulting in reduced cash
expenditures) not representing EBITDA or Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of EBITDA pursuant to paragraph (b) below for any previous period and not added back,

 less 

(b) without duplication and to the extent included in arriving at such Net Income, the sum of the following amounts for such period:

  
 13 

 (i) non-cash gains (excluding any non-cash gain to the extent it represents
the reversal of an accrual or reserve for a potential cash item that reduced Net Income or EBITDA in any prior period), 
 (ii) gains on asset sales, disposals and abandonments (other than asset sales, disposals and abandonments in the ordinary course of business), 

(iii) the amount of any minority interest income (or income (loss) allocable to non-controlling interests) consisting of
Subsidiary loss attributable to minority equity interests of third parties in any non-wholly owned Subsidiary added (and not deducted) in such period in arriving at Net Income, 

(iv) cash expenditures (or any netting arrangements resulting in increased cash expenditures) not deducted in arriving at
EBITDA or Net Income in any period to the extent non-cash losses relating to such income were added in the calculation of EBITDA pursuant to paragraph (a) above for any previous period and not deducted, and 

(v) extraordinary, unusual and non-recurring noncash gains, 
 in each case, as determined on a consolidated basis for Holdings and the Subsidiaries in accordance with GAAP; provided that, 

(i) to the extent included in Net Income, there shall be excluded in determining EBITDA currency translation gains and
losses, 
 (ii) there shall be included in determining EBITDA for any period, without duplication, the Acquired
EBITDA of any Person, property, business or asset acquired by Holdings or any Subsidiary during such period to the extent not subsequently sold, transferred or otherwise disposed of (but not including the Acquired EBITDA of any related Person,
property, business or assets to the extent not so acquired) (each such Person, property, business or asset acquired, including pursuant to the Transactions or pursuant to a transaction consummated prior to the Effective Date, and not subsequently so
disposed of, an “Acquired Entity or Business”), based on the Acquired EBITDA of such Pro Forma Entity for such period (including the portion thereof occurring prior to such acquisition or conversion) determined on a historical Pro
Forma Basis; and 
 (iii) there shall be excluded in determining EBITDA for any period the EBITDA of any Person,
property, business or asset sold, transferred or otherwise disposed of, closed or classified as discontinued operations by Holdings or any Subsidiary during such period (each such Person, property, business or asset so sold, transferred or otherwise
disposed of, closed or classified, a “Sold Entity or Business”), based on the EBITDA of such Sold Entity or Business for such period (including the portion thereof occurring prior to such sale, transfer, disposition, closure,
classification or conversion) determined on a historical Pro Forma Basis. 
 Notwithstanding anything to the contrary contained herein and
subject to adjustment as provided in clauses (ii) and (iii) of the immediately preceding proviso with respect to acquisitions and dispositions occurring following the Effective Date and adjustments as provided under clause
(a)(vi) above, EBITDA shall be deemed to be -$13,100,000 (negative), $21,600,000, $67,700,000 and $52,100,000 for the fiscal quarters ended December 31, 2009, March 31, 2010, June 30, 2010 and September 30, 2010,
respectively. 

  
 14 

 “Effective Date” means the date on which the conditions specified in
Section 4.01 are satisfied (or waived in accordance with Section 9.02), which date was December 1, 2010. 
 “Eligible Carrier” means any of the terminals, warehouses, carriers and pipeline companies listed or described in Schedule 1.01(a), as such Schedule 1.01(a) may be
revised by the Borrower Agent from time to time with the consent of the Agent, such consent not to be unreasonably withheld. 

“Eligible Cash” means cash and Permitted Investments held by the Borrowers in one or more securities or investment
accounts maintained at the Agent subject to control agreements in favor of the Agent that are reasonably satisfactory to the Agent. 
 “Eligible Credit Card Receivable” means any Credit Card Receivable that has been earned and represents the bona fide amounts due to a Borrower from a credit card processor and/or credit
card issuer, and in each case originated in the ordinary course of business of the relevant Borrower, which Receivable, unless otherwise approved by the Agent in its Permitted Discretion, meets all of the following requirements, subject to the
ability of the Agent to establish other criteria of eligibility in its Permitted Discretion or modify the criteria established below, in either case subject to the requirements of Section 2.22: 

(a) such Credit Card Receivable is owned by a Borrower and such Borrower has good and marketable title to such Credit Card
Receivable; 
 (b) such Credit Card Receivable constitutes an Account; 

(c) such Credit Card Receivable has not been outstanding more than five Business Days; 

(d) the credit card issuer or credit card processor of the applicable credit card with respect to such Credit Card
Receivable is not the subject of any Bankruptcy Event or that is liquidating, dissolving or winding up its affairs or otherwise deemed not creditworthy by the Agent in its Permitted Discretion; 

(e) such Credit Card Receivable is a valid, legally enforceable obligation of the applicable credit card issuer with
respect thereto; 
 (f) such Credit Card Receivable is subject to a first priority perfected Lien in favor of the
Agent (and, for avoidance of doubt, constitutes ABL Collateral); 
 (g) such Credit Card Receivable is not
subject to any Lien, other than Liens permitted by Section 6.02, so long as such Liens do not have priority over the Lien of the Agent and are junior to the Lien of the Agent on terms reasonably satisfactory to the Agent; 

(h) such Credit Card Receivable conforms in all material respects to all representations, warranties or other provisions
in the Loan Documents or in the credit card agreements relating to such Credit Card Receivable; 
 (i) if such
Credit Card Receivable is subject to risk of set-off, non-collection or not being processed due to unpaid and/or accrued credit card processor fee balances, the face amount thereof for purposes of determining the Borrowing Base has been reduced by
the amount of such unpaid credit card processor fees; and 

  
 15 

 (j) such Credit Card Receivable is not evidenced by Chattel Paper or an
Instrument of any kind unless such Chattel Paper or Instrument is in the possession of the Agent, and to the extent necessary or appropriate, endorsed to the Agent. 
 In determining the amount to be so included in the calculation of the value of an Eligible Credit Card Receivable, the face amount thereof shall be reduced by, without duplication, to the extent not
reflected in such face amount, (i) the amount of all customary fees and expenses in connection with any credit card arrangements and (ii) the aggregate amount of all cash received in respect thereof but not yet applied by the applicable
Borrower to reduce the amount of such Eligible Credit Card Receivable. 
 If the Agent deems Credit Card Receivables ineligible
in its Permitted Discretion (and not based upon the criteria set forth above), then the Agent shall give the Borrower Agent five (5) Business Days’ prior notice thereof; provided that (i) any modification of the
eligibility criteria set forth above shall have a reasonable relationship to circumstances, conditions, events or contingencies which are the basis for such eligibility criteria, as determined by the Agent in its Permitted Discretion and
(ii) circumstances, conditions, events or contingencies arising prior to the Effective Date of which the Agent had actual knowledge prior to the Effective Date shall not be the basis for any such modification after the Effective Date unless
such circumstances, conditions, events or contingencies shall have changed since the Effective Date. 
 With respect to any
Credit Card Receivables that were acquired or originated by any Person acquired after the Effective Date, the Agent shall use commercially reasonable efforts, at the expense of the Loan Parties, to complete diligence in respect of such Person and
such Credit Card Receivables, within a reasonable time following request of the Borrower Agent. 
 “Eligible Gasoline
Inventory” means Gasoline Inventory of a Borrower which is held for sale in the ordinary course of business at a retail store operated by such Borrower that, unless otherwise approved by the Agent in its Permitted Discretion, meet all of
the following requirements, subject to the ability of the Agent to establish other criteria of eligibility in its Permitted Discretion or modify the criteria established below, in either case subject to the requirements of Section 2.22:

 (a) such Gasoline Inventory is not located, stored or maintained outside of any retail store owned or leased
by a Borrower; and 
 (b) such Gasoline Inventory qualifies as Eligible General Inventory. 

“Eligible General Inventory” means items of Inventory of a Borrower subject to the Lien in favor of the Agent held for
sale in the ordinary course of the business of such Borrower (but not including packaging or shipping materials or maintenance supplies) that, unless otherwise approved by the Agent in its Permitted Discretion, meet all of the following
requirements, subject to the ability of the Agent to establish other criteria of eligibility in its Permitted Discretion or modify the criteria established below, in either case subject to the requirements of Section 2.22: 

(a) such Inventory is owned by a Borrower and is subject to a first priority perfected Lien in favor of the Agent (and,
for avoidance of doubt, constitutes ABL Collateral); 
 (b) such Inventory is not subject to any other Lien other
than Liens permitted by Section 6.02 so long as either (i) such Liens do not have priority over the Lien of the Agent and are junior to the Lien of the Agent on terms reasonably satisfactory to the Agent or (ii) in the case of
Petroleum Inventory, such Liens are in favor of an Eligible Carrier and arise under applicable law or contract and for which appropriate amounts have been allocated under the Rent Reserve; 

  
 16 

 (c) such Inventory consists of raw materials or finished goods and does not
consist of work-in-process, supplies or consigned goods; 
 (d) such Inventory is in good condition and meets in
all material respects all material standards applicable to such goods, their use or sale imposed by any Governmental Authority having regulatory authority over such matters; 

(e) such Inventory is currently either usable or saleable, in the normal course of the applicable Borrower’s
business; 
 (f) such Inventory is not obsolete or returned or repossessed or used goods taken in trade;

 (g) such Inventory is either located within the United States at one of the Permitted Inventory Locations or
is in transit within the United States from one Permitted Inventory Location to another Permitted Inventory Location for not more than seven consecutive days; 
 (h) if such Inventory is located at any location leased by a Loan Party, (i) the lessor has delivered to the Agent a Collateral Access Agreement as to such location or (ii) a Rent Reserve with
respect to such location has been established by the Agent in its Permitted Discretion; 
 (i) such Inventory is
not subject to any warehouse receipt or negotiable Document unless in the possession of the Agent, and if such Inventory is located in any third party warehouse or is in the possession of a bailee and is not evidenced by a Document, (i) such
warehouseman or bailee has delivered to the Agent a Collateral Access Agreement and such other documentation as the Agent may reasonably require or (ii) an appropriate Reserve has been established by the Agent in its Permitted Discretion; and

 (j) such Inventory is in full conformity with the representations and warranties made by the relevant Borrower
to the Agent with respect thereto contained in this Agreement or any other Loan Document. 
 If the Agent deems Inventory
ineligible in its Permitted Discretion (and not based upon the criteria set forth above), then the Agent shall give the Borrower Agent five (5) Business Days’ prior notice thereof; provided that (i) any modification of
the eligibility criteria set forth above shall have a reasonable relationship to circumstances, conditions, events or contingencies which are the basis for such eligibility criteria, as determined by the Agent in its Permitted Discretion and
(ii) circumstances, conditions, events or contingencies arising prior to the Effective Date of which the Agent had actual knowledge prior to the Effective Date shall not be the basis for any such modification after the Effective Date unless
such circumstances, conditions, events or contingencies shall have changed since the Effective Date. 
 With respect to any
Inventory that was acquired or originated by any Person acquired after the Effective Date, the Agent shall use commercially reasonable efforts, at the expense of the Loan Parties, to complete diligence in respect of such Person and such Inventory,
within a reasonable time following request of the Borrower Agent. 
 “Eligible Inventory” means, collectively,
Eligible Gasoline Inventory, Eligible Petroleum Inventory, Eligible Non-Gasoline Inventory and Eligible Other Inventory. 

  
 17 

 “Eligible Non-Gasoline Inventory” means Non-Gasoline Inventory of a
Borrower which is held for sale in the ordinary course of business at a retail store operated by such Borrower that, unless otherwise approved by the Agent in its Permitted Discretion, meet all of the following requirements, subject to the ability
of the Agent to establish other criteria of eligibility in its Permitted Discretion or modify the criteria established below, in either case subject to the requirements of Section 2.22: 

(a) such Non-Gasoline Inventory is not located, stored or maintained outside of any retail store owned or leased by a
Borrower; and 
 (b) such Non-Gasoline Inventory qualifies as Eligible General Inventory. 

“Eligible Other Inventory” means Other Inventory of a Borrower which is held for sale in the ordinary course of business
that, unless otherwise approved by the Agent in its Permitted Discretion, meet all of the following requirements, subject to the ability of the Agent to establish other criteria of eligibility in its Permitted Discretion or modify the criteria
established below, in either case subject to the requirements of Section 2.22: 
 (a) (i) such
Other Inventory is subject to a first priority perfected Lien in favor of the Agent or (ii) such Other Inventory has been delivered to an Eligible Carrier subject to a first priority perfected lien in favor of the Agent with UCC financing
statements (or any other applicable form filings) perfecting or continuing the perfection of the security interest of the Agent in such Other Inventory having been duly filed where necessary and either (x) no document of title is issued with
respect to such Other Inventory by such Eligible Carrier, or (y) if a document of title is issued with respect to such Other Inventory by such Eligible Carrier, the original of such document of title is delivered to the Agent or its designated
bailee or agent; 
 (b) the relevant Borrower has title to such Other Inventory or in the case of Other Inventory
described in clause (ii) of paragraph (a) above, the relevant Borrower has the absolute and unconditional right to obtain such Other Inventory or Other Inventory equivalent to such Other Inventory from an Eligible Carrier; 

(c) such Other Inventory is either (i) located at a location owned or leased by the relevant Borrower or
(ii) delivered to an Eligible Carrier under an arrangement described in clause (ii) of paragraph (a) above; 
 (d) such Other Inventory is not commingled with Other Inventory of any Person other than another Borrower unless such Other Inventory has been delivered to an Eligible Carrier under an arrangement
described in clause (ii) of paragraph (a) above; 
 (e) such Other Inventory is not located, stored or
maintained at any retail service station or in a railroad car, or otherwise in transit upon a railway system; and 
 (f) such Other Inventory qualifies as Eligible General Inventory. 

Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document, no Other Inventory subject to Liens
permitted under Section 7.01(ee) shall constitute Eligible Other Inventory. 
 “Eligible Other Receivable”
means the unpaid portion of a Receivable (other than a Credit Card Receivable) payable in Dollars to a Borrower subject to the Lien in favor of the Agent net of any returns, discounts, credits or other allowances or deductions agreed to by a
Borrower and net of any 

  
 18 

 
amounts owed by a Borrower to the Account Debtor on such Receivable (including to the extent of any set-off), which Receivable, unless otherwise approved by the Agent in its Permitted Discretion,
meets all of the following requirements, subject to the ability of the Agent to establish other criteria of eligibility in its Permitted Discretion or modify the criteria established below, in either case subject to the requirements of
Section 2.22: 
 (a) such Receivable is owned by a Borrower and represents a complete bona
fide transaction which requires no further act under any circumstances on the part of any Borrower to make such Receivable payable by the Account Debtor; 
 (b) such Receivable is not past due more than 60 days after the invoice date; 
 (c) such Receivable does not arise out of any transaction with any Subsidiary of a Borrower; 
 (d) such Receivable is not owing by an Account Debtor from which an aggregate amount of more than 50% of the Receivables owing therefrom are, based on the most recent Borrowing Base Certificate,
ineligible pursuant to clause (b) above; 
 (e) the Account Debtor with respect thereto is not located
outside of the United States of America, Canada or Puerto Rico unless the Account Debtor is backed by a letter of credit acceptable to the Agent in its Permitted Discretion, which is in the possession of, and is directly drawable by, the Agent;

 (f) such Receivable is not subject to the Assignment of Claims Act of 1940, as amended from time to time, or
any other applicable law now or hereafter existing similar in effect thereto, unless the applicable Borrower has assigned its right to payments of such Receivable so as to comply with the Assignment of Claims Act of 1940, as amended from time to
time, or any such other applicable law, or to any contractual provision accepted in writing by such Borrower prohibiting its assignment or requiring notice of or consent to such assignment which notice or consent has not been made or obtained;

 (g) such Receivable is in conformity, in all material respects, with the representations and warranties made
by the relevant Borrower to the Agent with respect thereto contained in this Agreement or any other Loan Document; 
 (h) such Receivable is not disputed, and is not subject to a claim, counterclaim, discount, deduction, reserve, allowance, recoupment, offset or chargeback that has been asserted with respect thereto by
the applicable Account Debtor (but only to the extent of such dispute, claim, counterclaim, discount, deduction, reserve, allowance, recoupment, offset or chargeback); 

(i) such Receivable is not owed by an Account Debtor that is subject to a Bankruptcy Event or that is liquidating,
dissolving or winding up its affairs or otherwise deemed not creditworthy by the Agent in its Permitted Discretion; 
 (j) the goods the sale of which gave rise to such Receivable were shipped or delivered to the Account Debtor on an absolute sale basis and not on a bill and hold sale basis, a consignment sale basis, a
guaranteed sale basis, a sale or return basis or on the basis of any other similar understanding, and such goods have not been returned or rejected; 

  
 19 

 (k) such Receivable is not owing by an Account Debtor with a rating of BB+
or lower by S&P and Ba1 or lower by Moody’s (or the equivalent of such rating organization, or if no rating of S&P’s or Moody’s then exists, the equivalent of such rating by any other nationally recognized securities rating
agency) whose then-existing Receivables owing to the Borrowers, based on the most recent Borrowing Base Certificate, exceed 15% of the net amount of all Eligible Other Receivables, but such Receivable shall be ineligible only to the extent of such
excess; 
 (l) such Receivable is evidenced by a customary invoice or other customary documentation reasonably
satisfactory to the Agent in its Permitted Discretion; 
 (m) such Receivable is a valid, legally enforceable
obligation of the Account Debtor with respect thereto and is not subject to any present or contingent (and no facts exist which are the basis for any future), offset, deduction or counterclaim, dispute or other defense on the part of such Account
Debtor, except that any Receivable that is subject to any offset, deduction or counterclaim shall be ineligible only to the extent of such offset, deduction or counterclaim; 

(n) such Receivable does not arise under or is not related to any warranty obligation of a Borrower or any charges by a
Borrower of fees for the time value of money; 
 (o) such Receivable is not evidenced by Chattel Paper or an
Instrument of any kind; 
 (p) such Receivable is subject to a first priority perfected Lien in favor of the
Agent (and, for avoidance of doubt, constitutes ABL Collateral); 
 (q) such Receivable is not subject to any
Lien, other than Liens permitted by Section 6.02, so long as such Liens do not have priority over the Lien of the Agent and are junior to the Lien of the Agent on terms reasonably satisfactory to the Agent; and 

(r) such Receivable is not subject to any offset letter. 

If the Agent deems Receivables ineligible in its Permitted Discretion (and not based upon the criteria set forth above), then the Agent
shall give the Borrower Agent five (5) Business Days’ prior notice thereof; provided that (i) any modification of the eligibility criteria set forth above shall have a reasonable relationship to circumstances,
conditions, events or contingencies which are the basis for such eligibility criteria, as determined by the Agent in its Permitted Discretion and (ii) circumstances, conditions, events or contingencies arising prior to the Effective Date of
which the Agent had actual knowledge prior to the Effective Date shall not be the basis for any such modification after the Effective Date unless such circumstances, conditions, events or contingencies shall have changed since the Effective Date.

 With respect to any Receivables that were acquired or originated by any Person acquired after the Effective Date, the Agent
shall use commercially reasonable efforts, at the expense of the Loan Parties, to complete diligence in respect of such Person and such Receivables, within a reasonable time following request of the Borrower Agent. 

“Eligible Petroleum Inventory” means Petroleum Inventory of a Borrower which is held for sale or lease or refining in
the ordinary course of business or furnished under any contract of service by a Borrower in the ordinary course of business that, unless otherwise approved by the Agent in its Permitted Discretion, meet all of the following requirements, subject to
the ability of the Agent to 

  
 20 

 
establish other criteria of eligibility in its Permitted Discretion or modify the criteria established below, in either case subject to the requirements of Section 2.22: 

(a) (i) such Petroleum Inventory is subject to a first priority perfected Lien in favor of the Agent or
(ii) such Petroleum Inventory has been delivered to an Eligible Carrier subject to a first priority perfected lien in favor of the Agent with UCC financing statements (or any other applicable form filings) perfecting or continuing the
perfection of the security interest of the Agent in such Petroleum Inventory having been duly filed where necessary and either (x) no document of title is issued with respect to such Petroleum Inventory by such Eligible Carrier, or (y) if
a document of title is issued with respect to such Petroleum Inventory by such Eligible Carrier, the original of such document of title is delivered to the Agent or its designated bailee or agent; 

(b) the relevant Borrower has title to such Petroleum Inventory or in the case of Petroleum Inventory described in clause
(ii) of paragraph (a) above, the relevant Borrower has the absolute and unconditional right to obtain such Petroleum Inventory or Petroleum Inventory equivalent to such Petroleum Inventory from an Eligible Carrier; 

(c) such Petroleum Inventory is (i) located at a location owned by the relevant Borrower, (ii) delivered to an
Eligible Carrier under an arrangement described in clause (ii) of paragraph (a) above, or (iii) located at a location leased by the relevant Borrower so long as such location is subject to a Collateral Access Agreement or such
location is subject to the Rent Reserve; 
 (d) such Petroleum Inventory is not commingled with Petroleum
Inventory of any Person other than another Borrower unless such Petroleum Inventory has been delivered to an Eligible Carrier under an arrangement described in clause (ii) of paragraph (a) above; and 

(e) such Petroleum Inventory qualifies as Eligible General Inventory. 

Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document, no Petroleum Inventory (x) located,
stored or maintained at any retail service station or in a railroad car, or otherwise in transit upon a railway system or (y) subject to Liens permitted under Section 7.01(ee) shall constitute Eligible Petroleum Inventory. 

“Eligible Positive Exchange Balance” means, at any date of determination, the amount of the positive balance, valued at
a mark to market basis, of the Petroleum Inventory that a Borrower has a right to receive from a trading partner (other than a trading partner determined by the Agent to be unacceptable in its reasonable discretion) under an exchange agreement or
money owing to such Borrower in connection with such exchange of petroleum inventory under an exchange agreement, net of any offsets or counterclaims, and only to the extent such Borrower’s rights in petroleum inventory are subject to a valid,
first priority (subject only to Liens permitted by this Agreement that by operation of law have priority), perfected security interest in favor of the Agent as security for the Obligations; provided that the value of the eligible positive exchange
agreement balance shall be subject to Reserves as determined by the Agent in its Permitted Discretion. 
 “Eligible
Receivables” means, collectively, Eligible Credit Card Receivables and Eligible Other Receivables. 

“Environmental Laws” means all applicable laws, rules, regulations, codes, ordinances, orders, decrees, judgments,
injunctions, notices or binding agreements issued, promulgated or entered into 

  
 21 

 
by any Governmental Authority, relating to the protection of the environment, the preservation or reclamation of natural resources, the management, transportation, disposal, release or threatened
release of any Hazardous Material or to health and safety matters (to the extent related to the exposure to any Hazardous Material). 
 “Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of
Holdings or any 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 in writing pursuant to which liability is
assumed or imposed with respect to any of the foregoing. 
 “Equity Contribution” has the meaning assigned to
such term in the recitals to this Agreement. 
 “Equity Interests” means shares of capital stock, partnership
interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such
equity interest. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and the regulations promulgated thereunder. 
 “ERISA Affiliate” means, at any time, any trade or
business (whether or not incorporated) that, together with any Borrower, would be treated as a single employer under Title IV of ERISA or 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” means (a) any Reportable Event; (b) the conditions for imposition of a lien under Section 303(k) of ERISA shall have been met with respect to any Plan; (c) a determination that any Plan is in “at risk”
status (within the meaning of Section 303(i)(4) of ERISA); (d) the filing pursuant to Section 412(d) 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;
(e) the incurrence by a Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (f) the receipt by a Borrower or any ERISA Affiliate from the PBGC or a plan
administrator of any notice of an intent to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (g) the incurrence by a Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial
withdrawal from any Plan or Multiemployer Plan; or (h) the receipt by a Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from a Borrower or any ERISA Affiliate of any notice, concerning the imposition of
Withdrawal Liability or a determination that a Multiemployer Plan is Insolvent, in Reorganization (each within the meaning of Title IV of ERISA) or in “endangered” or “critical” status (each within the meaning of Section 432
of the Code or Section 305 of ERISA). 
 “Event of Default” has the meaning assigned to such term in
Article VII. 
 “Excess Availability” means, at any time, an amount equal to (a) the lesser of
(i) the aggregate total Revolving Commitments at such time and (ii) the Borrowing Base at such time, (as determined by reference to the most recent Borrowing Base Certificate delivered to the Agent pursuant to Section 5.01(i)),
minus (b) the aggregate Revolving Exposures (including the LC Exposure) of all Revolving Lenders at such time. 

  
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 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the SEC promulgated thereunder. 
 “Excluded Accounts” has the meaning assigned to
such term in the Security Agreement. 
 “Excluded Equity Interests” shall mean (a) any Equity Interests
with respect to which the Borrower Agent and the Agent have reasonably determined that the cost or other consequences (including any material adverse tax consequences) of pledging such Equity Interests shall be excessive in view of the benefits to
be obtained by the Secured Parties therefrom, (b) solely in the case of any pledge of Equity Interests of any direct or indirect Foreign Subsidiary to secure the Obligations, any Equity Interests that are voting Equity Interests of such Foreign
Subsidiary in excess of 65% of the outstanding voting Equity Interests of such class, (c) any Equity Interests to the extent the pledge thereof would be prohibited by any Requirement of Law, (d) the Equity Interests of any Subsidiary that
is not wholly owned by Holdings and its Subsidiaries at the time such Subsidiary becomes a Subsidiary (for so long as such Subsidiary remains a non-wholly owned Subsidiary), to the extent the organizational agreements applicable thereto restrict the
pledge of such Equity Interests, (e) the Equity Interests of any Immaterial Subsidiary or Unrestricted Subsidiary, (f) the Equity Interests of any direct or indirect Subsidiary of a Foreign Subsidiary and (g) any Equity Interests of a
joint venture to the extent that the joint venture agreement applicable thereto restricts the pledge of such Equity Interests. 

“Excluded Subsidiary” shall mean (a) any Subsidiary that is not a wholly owned Subsidiary on any date such
Subsidiary would otherwise be required to become a Loan Party pursuant to the requirements of Section 5.10 (for so long as such Subsidiary remains a non-wholly owned Subsidiary), (b) any Subsidiary that (i) is prohibited by any
Contractual Obligation existing on the Effective Date or by any Requirement of Law from guaranteeing the Obligations (and for so long as such restrictions or any replacement or renewal thereof is in effect) or (ii) would require consent,
approval, license or authorization from any Governmental Authority to provide a Loan Guaranty unless such consent, approval, license or authorization has been received, (c) any Domestic Subsidiary that is (i) treated as a disregarded
entity for U.S. federal income tax purposes and substantially all of its assets consist of the stock of one or more Foreign Subsidiaries that are controlled foreign corporations within the meaning of Section 957 of the Code or (ii) a
direct or indirect Subsidiary of a Foreign Subsidiary that is a controlled foreign corporation within the meaning of Section 957 of the Code, (d) any Immaterial Subsidiary and any Unrestricted Subsidiary, (e) any other Subsidiary with
respect to which the Borrower Agent and the Agent have reasonably determined that the cost or other consequences (including any material adverse tax consequences) of providing a guarantee shall be excessive in view of the benefits to be obtained by
the Secured Parties therefrom, (f) each Foreign Subsidiary and (g) any not-for-profit Subsidiary. Notwithstanding the foregoing, no Subsidiary shall constitute an “Excluded Subsidiary” if and for so long as such Subsidiary
Guarantees any Note and Specified Hedge Obligations. 
 “Excluded Taxes” means, with respect to the Agent, any
Lender, any Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of Holdings or any other Loan Party hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United
States of America or any political subdivision thereof, or by the jurisdiction or any political subdivision thereof under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in
which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any political subdivision thereof or any similar tax imposed by any other jurisdiction in which Holdings or any other Loan
Party is located and (c) in the case of a Lender, other than in the case of an assignee pursuant to a request by the Borrower Agent under Section 2.19(b), any United States withholding tax that is imposed on amounts payable to such
Lender and that is the result of any law in effect on the date on which such Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Lender’s failure to comply with

  
 23 

 
Section 2.17(e) or (f), as applicable, except to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or
assignment), to receive additional amounts from Holdings or any other Loan Party with respect to such withholding tax pursuant to Section 2.17(a), and (d) any withholding tax that is imposed by reason of FATCA other than by reason
of a Change in Law imposed after the Effective Date. 
 “Existing Class” means each Class of Existing Revolving
Commitments. 
 “Existing Revolving Commitments” has the meaning assigned to such term in
Section 2.27(a). 
 “Existing Revolving Loans” has the meaning assigned to such term in
Section 2.27(a). 
 “Extended Loans/Commitments” means Extended Revolving Loans and/or Extended
Revolving Commitments. 
 “Extended Revolving Commitments” has the meaning assigned to such term in
Section 2.27(a). 
 “Extended Revolving Loans” has the meaning assigned to such term in
Section 2.27(a). 
 “Extending Lender” has the meaning assigned to such term in
Section 2.27(b). 
 “Extension Agreement” has the meaning assigned to such term in
Section 2.27(c). 
 “Extension Election” has the meaning assigned to such term in
Section 2.27(b). 
 “Extension Request” shall mean Revolving Extension Requests. 

“Extension Series” shall mean all Extended Revolving Commitments that are established pursuant to the same Extension
Agreement (or any subsequent Extension Agreement to the extent such Extension Agreement expressly provides that Extended Revolving Commitments provided for therein are intended to be a part of any previously established Extension Series) and that
provide for the same interest margins and extension fees. 
 “FATCA” means Sections 1471 through 1474 of the
Code as of the date hereof, including any regulations or official interpretations thereof issued after the Effective Date. 

“Federal Funds Effective Rate” means, for any day, the weighted average of the rates on overnight federal funds
transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business
Day, the average of the quotations for the day of such transactions received by JPMCB from three federal funds brokers of recognized standing selected by it 
 “Financial Officer” of any Person, means the chief financial officer, treasurer or controller of such Person. 
 “First Priority Lien” means any Lien on any asset of any Loan Party that is granted under the Note and Specified Hedge Security Documents and that, pursuant and subject to the provisions
of the Intercreditor Agreement, is senior in priority to the Liens of the Agent in the Collateral. 

  
 24 

 “Fixed Charges” means, with reference to any period, without duplication,
the sum of (a) Interest Expense actually paid in cash for such period, plus (b) the aggregate amount of scheduled principal payments in respect of long-term Consolidated Total Indebtedness of Holdings and the Subsidiaries
made during such period (other than payments made by Holdings or any Subsidiary to Holdings or a Subsidiary) plus (c) any payments on account of Disqualified Equity Interests or preferred Equity Interests (whether in the nature of
dividends, redemption, repurchase or otherwise) required to be made in such period, all calculated for such period for Holdings and its Subsidiaries on a consolidated basis plus (d) any payments of the type described in
Section 6.09(h) or (m), but, in the case of this clause (d), only to the extent the aggregate amount thereof exceeds $3,000,000 during the relevant Test Period. 

“Fixed Charge Coverage Ratio” means, at any date of determination, the ratio of: 

(i)(A) EBITDA of Holdings and its Subsidiaries for the most recent Test Period ended on or prior to such date of
determination plus (B) only for purposes of the calculation of the Fixed Charge Coverage Ratio under, and as provided in, Section 7.02, Permitted Cure Securities minus (C) taxes based on income, profits or
capital, including federal, foreign, state, franchise, excise and similar taxes (including in respect of repatriated funds), net of cash refunds received, of Holdings and its Subsidiaries paid in cash during such Test Period minus
(D) Unfinanced Capital Expenditures made by Holdings and its Subsidiaries during such Test Period, to 

(ii) Fixed Charges payable by Holdings and its Subsidiaries in cash during such Test Period; 

In calculating the Fixed Charge Coverage Ratio in connection with the making of any Permitted Payment or Permitted Acquisition or
otherwise consummating any transaction in reliance on a pro forma calculation of the Fixed Charge Coverage Ratio (each, a “Fixed Charge Transaction”), the amount of Fixed Charges included in clause (ii) above shall include, without
duplication of any payments already constituting Fixed Charges, all Specified Payments made during the period from the first day of the relevant Test Period to and including the date such Fixed Charge Transaction is consummated. 

For purposes of calculating the Fixed Charge Coverage Ratio for any period ending prior to the first anniversary of the Effective Date,
Interest Expense shall be an amount equal to actual Interest Expense from the Effective Date through the date of determination multiplied by a fraction the numerator of which is 365 and the denominator of which is the number of days from the
Effective Date through the date of determination. 
 “Foreign Lender” means a Lender that is not a “United
States person” within the meaning of Section 7701(a)(30) of the Code. 
 “Foreign Subsidiary” means
any Subsidiary that is not a Domestic Subsidiary. 
 “Formation Agreement” means the Formation Agreement, dated
as of October 6, 2010, by and among Marathon, Speedway SuperAmerica LLC and Northern Tier Investors LLC, together with all exhibits, schedules and appendices thereto. 
 “Funding Account” has the meaning assigned to such term in Section 4.01(i). 
 “GAAP” means generally accepted accounting principles in the United States of America in effect and applicable to that accounting period in respect of which reference to GAAP is being
made, subject to the provisions of Section 1.05. 

  
 25 

 “Gasoline Inventory” means Inventory consisting of gasoline, diesel oil,
ethanol fuel, biofuels or any other types of light fuel oils, all of which Inventory shall be valued at market. 

“Governmental Authority” means the government of the United States of America, any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Group Member” means Holdings or any Subsidiary. 

“Guarantee” of or by any Person (the “Guarantor”) means any obligation, contingent or otherwise, of the
Guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other Person (the “Primary Obligor”) in any manner, whether directly or indirectly, and including any obligation of the Guarantor, direct
or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or
lease property, securities or services for the purpose of assuring the owner of such Indebtedness of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the Primary
Obligor so as to enable the Primary Obligor to pay such Indebtedness or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness; provided that the term Guarantee shall not include
endorsements for collection or deposit in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Effective Date or entered into in connection with any acquisition or disposition of assets permitted under
this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of
which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. 

“Guaranteed Obligations” has the meaning assigned to such term in Section 10.01. 

“Hazardous Materials” means 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. 
 “Holdings” has the meaning assigned to such term in the preamble to this
Agreement. 
 “Immaterial Subsidiary” means, at any date of determination, any Subsidiary designated as such in
writing by Holdings to the Agent and that (a) contributed 5.0% or less of EBITDA for the Test Period most recently ended prior to such date of determination and (b) had consolidated assets representing 5.0% or less of the Total Assets of
Holdings and the Subsidiaries on the last day of the Test Period most recently ended prior to such date of determination; provided, that “Immaterial Subsidiaries shall exclude any Subsidiary designated for exclusion as such pursuant to
Section 5.10(e). The Immaterial Subsidiaries as of the Effective Date are listed on Schedule 1.01(b). 

“Immediate Family Members” means with respect to any individual, such individual’s child, stepchild, grandchild or
more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships) and any trust, partnership or other
bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is 

  
 26 

 
controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the donor. 
 “Indebtedness” of any Person means (in each case, whether such obligation is with full or limited recourse), without duplication, (a) any obligation of such Person for borrowed
money, (b) any obligation of such Person evidenced by a bond, debenture, note or other similar instrument, (c) any obligation of such Person to pay the deferred purchase price of property or services, except (i) accrued expenses and
trade accounts payable that arise in the ordinary course of business and (ii) any earn-out obligation until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP, (d) all Capital Lease Obligations
of such Person, (e) all obligations of such Person in respect of Disqualified Equity Interests, (f) any obligation of such Person (whether or not contingent) to any other Person in respect of a letter of credit or other Guarantee issued by
such other Person, (g) any Swap Obligation or Commodities Hedging Obligation (the amount of which at any time shall be deemed for purposes of this Agreement to be equal to the net termination value, if any, that would be owing by such Person at
such time upon close-out or termination at such time, giving effect to enforceable netting arrangements with respect thereto), (h) any Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right,
contingent or otherwise, to be secured by) a Lien on any asset of such Person (provided that the amount of such Indebtedness shall be the lesser of the fair market value of such asset at the date of determination determined by such
Person in good faith and the amount of such Indebtedness of others so secured) and (i) any Indebtedness of others Guaranteed by such Person. For all purposes hereof, the Indebtedness of any Person shall exclude purchase price holdbacks arising
in the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy warranties or other unperformed obligations of the seller of such asset (other than earn-out obligations). For the avoidance of doubt, the
obligations of Holdings under the Seller Payable Agreement and the Earnout Agreement shall not constitute “Indebtedness” hereunder. 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Information” has the meaning assigned to such term in Section 3.11(a). 

“Insolvent” with respect to any Multiemployer Plan, means the condition that such Plan is insolvent within the meaning
of Section 4245 of ERISA. 
 “Instrument” shall have the meaning assigned to such term in Article 9 of the
UCC. 
 “Intercompany Note” means the Intercompany Subordinated Note, dated as of the Effective Date,
substantially in the form of Exhibit H hereto executed by Holdings and each Subsidiary. 
 “Intercreditor
Agreement” means the Lien Subordination and Intercreditor Agreement, dated as of the Effective Date, among Holdings, each other Loan Party, the Agent and the Note and Specified Hedge Representative. 

“Interest Election Request” means a request by the Borrower Agent to convert or continue a Borrowing in accordance with
Section 2.07. 
 “Interest Expense” means, with respect to any period, without duplication, the sum
of: 
 (1) consolidated interest expense of Holdings and its Restricted Subsidiaries for such period with respect
to all outstanding Indebtedness of Holdings and its Subsidiaries, to the extent such expense was deducted (and not added back) in computing Net Income (including (a) all commissions, discounts and other fees and charges owed with respect to
letters of credit or 

  
 27 

 
bankers’ acceptances during such period, (b) non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the mark to market valuation of Swap
Agreements or other Derivative Transactions or Commodities Hedging Arrangements pursuant to GAAP or Statement of Financial Accounting Standards No. 133), (c) the interest component of Capital Lease Obligations and (d) net payments, if
any, made (less net payments, if any, received) pursuant to obligations under interest rate Swap Agreements with respect to Indebtedness, and excluding (i) accretion or accrual of discounted liabilities not constituting Indebtedness,
(ii) any expense resulting from the discounting of any Indebtedness in connection with the application of recapitalization accounting or, if applicable, purchase accounting, (iii) all additional interest or liquidated damages then owing
pursuant to any registration rights agreement and any comparable “additional interest” or liquidated damages with respect to other securities designed to compensate the holders thereof for a failure to publicly register such securities,
(iv) amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses and amortization of original issue discount resulting from the issuance of Indebtedness at less than par, (v) any expensing of commitment and
other financing fees, (vi) any interest in respect of items excluded from Indebtedness in the proviso to the definition thereof, (vii) any one-time costs associated with breakage in respect of Swap Agreements for interest rates and
(viii) penalties and interest relating to taxes); plus 
 (2) consolidated capitalized
interest of Holdings and its Subsidiaries for such period, whether paid or accrued; less 
 (3)
interest income for such period. 
 For purposes of this definition, (x) interest on a Capital Lease Obligation shall be
deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP and (y) the Interest Expense of any Person accrued prior to the date it
becomes a Subsidiary of Holdings or is merged into or consolidated with Holdings or any of its Subsidiaries shall be excluded. 

“Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the first Business
Day of each January, April, July and October and the Maturity Date, (b) with respect to any LIBOR Rate Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a LIBOR Rate Borrowing
with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period (or if such day is not a
Business Day, the next succeeding Business Day) and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid. 
 “Interest Period” means (a) with respect to any LIBOR Rate Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the
calendar month that is one, two, three or six months (or, to the extent available to and agreed to by each Lender, nine or twelve months) thereafter, as the Borrower Agent may elect; provided that (i) if any Interest Period would
end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day and (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end
on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing. 

  
 28 

 “Inventory” has the meaning assigned to such term in the Security
Agreement. 
 “Investment Grade Securities” means (a) securities issued or directly and fully guaranteed
or insured by the United States government or any agency or instrumentality thereof (other than Permitted Investments), (b) debt securities or debt instruments with a rating of BBB- or higher by S&P or Baa3 by Moody’s or the equivalent
of such rating by such rating organization, or if no rating of S&P’s or Moody’s then exists, the equivalent of such rating by any other nationally recognized securities rating agency, but excluding any debt securities or instruments
constituting loans or advances among the Borrowers and their Subsidiaries and (c) investments in any fund that invests exclusively in investments of the type described in clauses (a) and (b) which fund may also hold
immaterial amounts of cash pending investment and/or distribution. 
 “IRS” has the meaning assigned to such
term in Section 2.17(e). 
 “Issuing Bank” means each of JPMorgan Chase Bank, N.A. and any other
Revolving Lender which at the request of the Borrower Agent and after notice to the Agent agrees to become an Issuing Bank. Each Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such
Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 
 “Joinder Agreement” has the meaning assigned to such term in Section 5.10. 
 “Joint Lead Arrangers” means J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated. 

“JPMCB” means JPMorgan Chase Bank, N.A., a national banking association, acting in its individual capacity, and its
successors and assigns. 
 “JPMCB Account” has the meaning assigned to such term in
Section 2.21(c). 
 “LC Collateral Account” has the meaning assigned to such term in
Section 2.06(j). 
 “LC Disbursement” means a payment made by an Issuing Bank pursuant to a drawing
on a Letter of Credit. 
 “LC Exposure” means, at any time of determination, the sum of (a) the aggregate
undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of Holdings or any other Loan Party at such time,
less (c) the amount then on deposit in the LC Collateral Account. The LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time. 

“Lease Expense” means, for any period, all rental expenses of Holdings and its Subsidiaries during such period under
operating leases for real or personal property (including in connection with Sale and Lease-Back Transactions), but excluding real estate taxes, insurance costs and common area maintenance charges and net of sublease income; provided
that Lease Expense shall not include (a) obligations under vehicle leases entered into in the ordinary course of business, (b) all such rental expenses associated with assets acquired pursuant to the Transactions and pursuant to an
acquisition (including a Permitted Acquisition) to the extent that such rental expenses relate to operating leases (i) in effect at the time of (and immediately prior to) such acquisition and (ii) related to periods prior to such
acquisition, (c) Capital Lease Obligations, all as determined on a consolidated basis in 

  
 29 

 
accordance with GAAP, (d) any rental expenses under the Realty Income Sale-Leaseback or (e) the effects from applying purchase accounting. 

“Lenders” means the Persons listed on the Commitment Schedule and any other Person that shall have become a party hereto
pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 
 “Letter of Credit” means any standby or commercial letter of credit issued pursuant to this Agreement. 
 “Letter of Credit Request” has the meaning assigned to such term in Section 2.06(b). 
 “LIBOR Rate” means, with respect to each day during each Interest Period pertaining to a LIBOR Rate Loan, the rate per annum determined on the basis of the rate for deposits in Dollars
for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on the Reuters Screen LIBOR01 Page as of 11:00 A.M., London time, two Business Days prior to the beginning of such Interest Period. In the event
that such rate does not appear on such page (or otherwise on such screen), the “LIBOR Rate” shall be determined by reference to such other comparable publicly available service for displaying eurodollar rates as may be selected by
the Agent or, in the absence of such availability, by reference to the rate at which the Agent is offered Dollar deposits at or about 11:00 A.M., New York City time, two Business Days prior to the beginning of such Interest Period in the interbank
eurodollar market where its eurodollar and foreign currency and exchange operations are then being conducted for delivery on the first day of such Interest Period for the number of days comprised therein. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance,
charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect
as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities; provided that in no event shall an operating lease be
deemed to be a Lien. 
 “Liquidity Event” means the determination by the Agent that (a) Excess
Availability is less than the greater of (1) 17.5% of the lesser of (A) the aggregate Revolving Commitments and (B) the Borrowing Base and (2) $26,250,000, in either case for a period of five (5) consecutive Business Days,
(b) Excess Availability at any time is less than the greater of (1) 15.0% of the lesser of (A) the aggregate Revolving Commitments and (B) the Borrowing Base and (2) $22,500,000, or (c) an Event of Default has occurred
and is continuing; provided that the Agent has notified the Borrower Agent thereof. The occurrence of a Liquidity Event shall be deemed to be continuing unless and until (each, a “Liquidity Event Termination”) (i) Excess
Availability exceeds the greater of (1) 17.5% of the lesser of (A) the aggregate Revolving Commitments and (B) the Borrowing Base and (2) $26,250,000, for a period of forty-five (45) consecutive days (or, if the Crude Oil
Intermediation Agreement (or any comparable agreement having terms and conditions reasonably satisfactory to the Agent) is in effect throughout such period, a period of thirty (30) consecutive days) and (ii) no Event of Default shall have
occurred (whether or not cured or waived) at any time during the period referred to in clause (i) above. Notwithstanding the foregoing, no more than two Liquidity Event Terminations may occur during any period of twelve (12) consecutive
months, and, if, during any such period, a third Liquidity Event Termination would otherwise occur as provided in the preceding sentence, the date of such termination shall be deferred until the date that is twelve (12) months after the date of
the second Liquidity Event Termination that occurred during such period. 
 “Loan Account” has the meaning
assigned to such term in Section 2.26. 

  
 30 

 “Loan Documents” means this Agreement, any Letters of Credit or Letter of
Credit applications, the Collateral Documents, the Perfection Certificate and the Intercreditor Agreement. 
 “Loan
Guarantor” means each Loan Party. 
 “Loan Guaranty” means Article X of this Agreement.

 “Loan Parties” means Holdings, each Borrower, each Domestic Subsidiary (other than any Excluded Subsidiary),
Northern Tier Finance Corporation and any other Person who becomes a party to this Agreement as a Loan Party pursuant to a Joinder Agreement, and their respective successors and assigns. 

“Loans” means the loans and advances made by the Lenders pursuant to this Agreement, including Revolving Loans,
Swingline Loans, Protective Advances and Extended Revolving Loans. 
 “Management Services Agreements” means,
collectively, the transaction and monitoring fee letter agreement among Holdings and the Sponsor, dated as the Effective Date, pursuant to which the Sponsor agrees to provide certain advisory services to Holdings and the Borrowers in exchange for
certain fees and the indemnification agreement among Holdings, the Borrowers and the Sponsor, dated as of the Effective Date. 

“Marathon” means Marathon Petroleum Company LP. 

“Margin Stock” has the meaning assigned to such term in Regulation U. 

“Margin Support Payment” has the meaning set forth in Section 2.8(d) of the Formation Agreement. 

“Material Adverse Effect” means (a) any event or circumstance that could reasonably be expected to have a material
adverse effect on the business, assets, financial condition or results of operations of Holdings and its Restricted Subsidiaries, taken as a whole, (b) a material and adverse effect on the rights and remedies of the Agent or any Lender under
the Loan Documents or (c) a material and adverse effect on the ability of the Loan Parties (taken as a whole) to perform their obligations under the Loan Documents. 
 “Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements or Commodities Hedging Obligations, of
any one or more of Holdings and its Subsidiaries in an aggregate principal amount exceeding $25,000,000. For purposes of determining Material Indebtedness, the “obligations” of Holdings or any Subsidiary in respect of any Swap Agreement or
Commodities Hedging Obligation at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that Holdings or such Subsidiary would be required to pay if such Swap Agreement or such Commodities Hedging Obligation, as
applicable, were terminated at such time. 
 “Material Subsidiary” means each Subsidiary, other than an
Immaterial Subsidiary, but in any event including each Borrower whether or not it is an Immaterial Subsidiary. 

“Maturity Date” means December 1, 2015 or any earlier date on which the Commitments are reduced to zero or
otherwise terminated pursuant to the terms hereof, or in the case of any Extension Series of Extended Revolving Commitments, the maturity date related thereto. 

  
 31 

 “Maximum Hedging Limit” means, as of any day, for (a) the then-current
calendar month and the next 23 calendar months (the “Initial Period”), no more than 80% of the crack for the expected gasoline production and not more than 80% of the crack for the expected distillate production, in each case for the
Initial Period; and (b) the 36-month period immediately following the Initial Period (the “Subsequent Period”), no more than 50% of the crack for the expected gasoline production and not more than 50% of the crack for the expected
distillate production, in each case for the Subsequent Period. 
 “Maximum Liability” has the meaning assigned
to such term in Section 10.08. 
 “Moody’s” means Moody’s Investors Service, Inc. and any
successor to its rating agency business. 
 “Mortgaged Properties” means, initially, the owned real properties
of the Loan Parties specified on Schedule 1.01(c), and shall include each other parcel of real property and improvements thereto with respect to which a Mortgage is granted pursuant to Section 5.10. 

“Mortgages” means any mortgage, deed of trust or other agreement entered into by the owner of a Mortgaged Property and
the Agent, which conveys or evidences a Lien in favor of the Agent, for the benefit of the Secured Parties, on such Mortgaged Property, in a form reasonably acceptable to the Agent (with such changes thereto as may be necessary to account for local
law matters or the nature of the subject Mortgaged Property) or otherwise in such form as agreed between the Borrower Agent and the Agent. 
 “Multiemployer Plan” means a multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA. 
 “Net Cash Proceeds” means, with respect to any sale, transfer or other disposition of assets, any Recovery Event, any incurrence or issuance of Indebtedness or any issuance of Equity
Interests (each, a “Proceeds Event”), (a) the gross cash proceeds (including payments from time to time in respect of installment obligations, if applicable) received by or on behalf of Holdings or any of the Subsidiaries in
respect of such Proceeds Event, less (b) the sum of: 
 (i) the amount, if any, of all taxes paid or
estimated to be payable by Holdings or any of the Subsidiaries in connection with such Proceeds Event (including withholding taxes imposed on the repatriation of any such proceeds), 

(ii) the amount of any reasonable reserve established in accordance with GAAP against any liabilities (other than any
taxes deducted pursuant to clause (i) above) (x) associated with the assets that are the subject of such Proceeds Event and (y) retained by Holdings or any of the Subsidiaries including any pension and other post-employment benefit
liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction; provided that the amount of any subsequent reduction of such reserve (other than in connection with a
payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such Proceeds Event occurring on the date of such reduction, 
 (iii) in the case of any Proceeds Event constituting a sale, transfer or disposition of assets or a Recovery Event by any non-wholly owned Subsidiary, the pro rata portion of the net cash proceeds thereof
(calculated without regard to this clause (iv)) attributable to minority interests and not available for distribution to or for the account of Holdings or a wholly owned Subsidiary as a result thereof, 

  
 32 

 (iv) in the case of the sale, transfer or other disposition of an asset
(including pursuant to a Sale and Lease-Back Transaction or Recovery Event), the amount of all payments required to be made as a result of such event to repay Indebtedness (other than Loans) secured by such asset, and 

(v) reasonable and customary fees, commissions, expenses (including attorney’s fees, investment banking fees, survey
costs, title insurance premiums and recording charges, transfer taxes, deed or mortgage recording taxes and other customary expenses and brokerage, consultant and other customary fees), issuance costs, discounts and other costs paid by Holdings or
any of the Subsidiaries, as applicable, in connection with such Proceeds Event (other than those payable to Holdings or any Subsidiary), in each case only to the extent not already deducted in arriving at the amount referred to in clause
(a) above. 
 “Net Income” means, for any period, the consolidated net income (or loss) of Holdings and
its Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided, however, that, without duplication, 
 (a) the cumulative effect of a change in accounting principles (effected either through cumulative effect adjustment or a retroactive application, in each case, in accordance with GAAP) and changes as a
result of the adoption or modification of accounting policies during such period shall be excluded; 
 (b) any
net after-tax effect of gains or losses attributable to asset dispositions or abandonments (including any disposal of abandoned or discontinued operations) or the sale or other disposition of any Equity Interests of any Person other than in the
ordinary course of business as determined in good faith by Holdings shall be excluded; 
 (c) the Net Income for
such period of any Person that is not a Subsidiary or is an Unrestricted Subsidiary or that is accounted for by the equity method of accounting, shall be excluded; provided that Net Income of Holdings shall be increased by the amount of dividends or
distributions or other payments that are actually paid in cash or Permitted Investments (or to the extent converted into cash or Permitted Investments) to Holdings or a Subsidiary thereof in respect of such period and the net losses of any such
Person shall only be included to the extent funded with cash from Holdings or any Subsidiary; 
 (d) effects of
adjustments (including the effects of such adjustments pushed down to Holdings and its Subsidiaries) in the inventory, property and equipment, software, goodwill, other intangible assets, in-process research and development, deferred revenue, debt
line items and other noncash charges in Holdings’ consolidated financial statements pursuant to GAAP resulting from the application of recapitalization accounting or, if applicable, purchase accounting in relation to the Transactions or any
consummated acquisition or the amortization or write-off of any amounts thereof, net of taxes, shall be excluded, 
 (e) any after-tax effect of income (loss) from the early extinguishment of Indebtedness or Swap Obligations or other Derivative Transactions or Commodities Hedging Arrangements shall be excluded;

 (f) any impairment charge or asset write-off or write-down, including impairment charges or asset write-offs
or write-downs related to intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation, in each 

  
 33 

 
case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP shall be excluded; 
 (g) any non-cash compensation charge or expense, including any such charge or expense arising from the grants of stock appreciation or similar rights, stock options, restricted stock or other rights or
equity incentive programs shall be excluded, and any cash charges associated with the rollover, acceleration, or payout of Equity Interests by management of Holdings or any of its direct or indirect parent companies in connection with the
Transactions, shall be excluded; 
 (h) any fees, expenses or charges incurred during such period, or any
amortization thereof for such period, in connection with any acquisition, sale or disposition, recapitalization, investment, issuance, incurrence or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment or
modification of any debt instrument (in each case, including any such transaction consummated prior to the Effective Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such
period as a result of any such transaction, in each case, whether or not successful, shall be excluded; 
 (i)
accruals and reserves that are established or adjusted within twelve months after the Effective Date that are so required to be established or adjusted as a result of the Transactions (or within twelve months after the closing of any acquisition
that are so required to be established as a result of such acquisition) in accordance with GAAP; 
 (j) any
expenses, charges or losses that are covered by indemnification or other reimbursement provisions in connection with any investment, acquisition or any sale, conveyance, transfer or other disposition of assets permitted under this Agreement, to the
extent actually reimbursed, or, so long as Holdings has made a determination that a reasonable basis exists for indemnification or reimbursement and only to the extent that such amount is (i) not denied by the applicable carrier (without any
right of appeal thereof) within 180 days and (ii) in fact indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so indemnified or
reimbursed within such 365 days), shall be excluded; 
 (k) to the extent covered by insurance and actually
reimbursed, expenses, charges or losses with respect to liability or casualty events or business interruption shall be excluded; 
 (l) any net unrealized gain or loss (after any offset) resulting in such period from Swap Obligations or other Derivative Transactions or Commodities Hedging Arrangements and the application of Accounting
Standards Codification 815 shall be excluded (provided, however, that any net realized gains or losses (after any offset) resulting in such period from Swap Obligations or other Derivative Transactions and the application of Accounting Standards
Codification 815 shall be included); 
 (m) any net unrealized gain or loss (after any offset) resulting in such
period from currency translation gains or losses including those related to currency remeasurements of Indebtedness (including any net loss or gain resulting from Swap Obligations for currency exchange risk) and any other monetary assets and
liabilities shall be excluded; 
 (n) the effects of any mark-to-market adjustment required under GAAP in respect
of the Earnout Agreement or Margin Support Payment shall be excluded; and 

  
 34 

 (o) effects of adjustments to accruals and reserves during a prior period
relating to any change in the methodology of calculating reserves for returns, rebates and other chargebacks (including government program rebates) shall be excluded. 
 In addition, to the extent not already included in the Net Income of Holdings and its Subsidiaries, notwithstanding anything to the contrary in the foregoing, Net Income shall include (a) the amount
of proceeds received from business interruption insurance and reimbursements of any expenses and charges that are covered by indemnification or other reimbursement provisions in connection with any investment or any sale, conveyance, transfer or
other disposition of assets permitted under this Agreement and (b) any Margin Support Payment payable to Holdings during such period. To the extent not already excluded in the Net Income of Holdings and its Subsidiaries, any Earnout Payments
payable by Holdings and its Subsidiaries under the Earnout Agreement during such period shall be deducted from Net Income, but only to the extent such amounts, together with any other Earnout Payments paid by Holdings or its Subsidiaries since the
Effective Date, exceed $125,000,000. 
 “Net Orderly Liquidation Value Percentage” means, with respect to
Inventory of any Person, the orderly liquidation value thereof, net of all costs of liquidation thereof, as based upon the most recent Inventory appraisal conducted in accordance with this Agreement and expressed as a percentage of Cost of such
Inventory. 
 “Non-Cash Charges” mean (a) any impairment charge or asset write-off or write-down of
intangible assets (including goodwill), long-lived assets, and investments in debt and equity securities pursuant to GAAP, (b) all losses from investments recorded using the equity method, (c) all Non-Cash Compensation Expenses,
(d) the non-cash impact of purchase accounting, (e) the non-cash impact of accounting changes or restatements and (f) other non-cash charges (provided that, in each case, that if any non-cash charges represent an accrual or reserve
for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period). 

“Non-Cash Compensation Expense” means any non-cash expenses and costs that result from the issuance of stock-based
awards, partnership interest-based awards and similar incentive-based compensation awards or arrangements. 

“Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(e). 

“Non-Gasoline Inventory” means Inventory which is not Gasoline Inventory, Petroleum Inventory or Other Inventory.

 “Non-Ordinary Course Asset Disposition” mean any sale, transfer or other disposition by one or more Loan
Parties of Borrowing Base Assets with an applicable value in an aggregate amount in excess of $7,500,000. 
 “Non-Paying
Borrower” has the meaning assigned to such term in Section 2.25(f). 
 “Non-Paying
Guarantor” has the meaning assigned to such term in Section 10.09. 
 “Note and Specified Hedge
Collateral” has the meaning assigned to such term in the Intercreditor Agreement. 
 “Note and Specified Hedge
Obligations” has the meaning assigned to such term in the Intercreditor Agreement. 

  
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 “Note and Specified Hedge Representative” has the meaning assigned to such
term in the Intercreditor Agreement. 
 “Note and Specified Hedge Security Documents” has the meaning assigned
to such term in the Intercreditor Agreement. 
 “Obligated Party” has the meaning assigned to such term in
Section 10.02. 
 “Obligations” mean the collective reference to (a) the due and punctual
payment of (i) the principal of and premium, if any, and interest at the applicable rate provided in this Agreement (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by a Borrower
under this Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon (including interest accruing during the pendency of any bankruptcy, insolvency, receivership
or other similar proceeding, regardless of whether allowed or allowable in such proceeding) and obligations to provide cash collateral, and (iii) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary,
secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding),
of a Borrower or any other Loan Party to any of the Secured Parties under this Agreement and the other Loan Documents, (b) the due and punctual performance of all covenants, agreements, obligations and liabilities of the Borrowers under or
pursuant to this Agreement and the other Loan Documents, (c) the due and punctual payment and performance of all the covenants, agreements, obligations and liabilities of each other Loan Party under or pursuant to this Agreement or the other
Loan Documents, (d) the due and punctual payment and performance of all Secured Swap Obligations and (e) the due and punctual payment and performance of all Banking Services Obligations. Notwithstanding the foregoing, (i) the
obligations of Holdings or any Subsidiary in respect of any Secured Swap Obligations or any Banking Services Obligations shall be secured and guaranteed pursuant to the Collateral Documents and the Loan Guaranty only to the extent that, and for so
long as, the other Obligations are so secured and guaranteed and (ii) any release of Collateral or Guarantors effected in the manner permitted by this Agreement and the other Credit Document shall not require the consent of the holders of
Secured Swap Obligations or the holders of Banking Services Obligations. 
 “Other Information” has the meaning
assigned to such term in Section 3.11(b). 
 “Other Inventory” means Inventory which is not
Petroleum Inventory, Gasoline Inventory or Non-Gasoline Inventory and which cannot be valued at market or by the Value Reference for the appropriate product and product grades in the appropriate region of the country. 

“Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes,
charges or similar levies arising from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document. 
 “Overadvance” means at any time the amount by which the aggregate outstanding Revolving Exposure exceeds the Borrowing Base. 

“Overadvance Condition” means and is deemed to exist any time the aggregate outstanding Revolving Exposure exceeds the
Borrowing Base. 

  
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 “Overadvance Loan” means an ABR Revolving Loan made at a time an
Overadvance Condition exists or which results in an Overadvance Condition. 
 “Parent” means any direct or
indirect parent company of Holdings (a) organized for the purpose of serving as a direct or indirect parent company of Holdings and (b) as to which Holdings is a direct or indirect subsidiary. 

“Participant” has the meaning assigned to such term in Section 9.04. 

“Participant Register” has the meaning assigned to such term in Section 9.04(c). 

“PATRIOT ACT” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Pub. L. 107-56, 115 Stat. 272 (2001). 
 “Paying Borrower” has the meaning
assigned to such term in Section 2.25(f). 
 “Paying Guarantor” has the meaning assigned to such
term in Section 10.09. 
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and
defined in ERISA and any successor entity performing similar functions. 
 “Perfection Certificate” means a
certificate in the form of Exhibit H to the Security Agreement or any other form approved by the Agent. 
 “Permitted
Acquisition” means the acquisition, by merger or otherwise, by any Subsidiary of assets or businesses of a Person (including assets constituting a business unit, line of business or division of such Person) or of the Equity Interests of a
Person; provided that as of the date of such acquisition and after giving effect thereto, (i) no Event of Default shall exist or have occurred and be continuing or would result therefrom after giving Pro Forma Effect thereto; (ii) the
acquired assets, division or Person are in the same or generally related line of business as that conducted by the Subsidiaries during the then current and most recent fiscal year or businesses reasonably related or ancillary thereto; (iii) in
the event that the purchase price of the proposed acquisition is greater than $10,000,000, (A) at all times during the 90-day period preceding such acquisition (determined after giving effect to such Permitted Acquisition as if it had been
consummated on the first day of such period) and (B) at all times during the nine-month period commencing on the date of consummation of such acquisition (determined on a projected basis in good faith), Excess Availability shall not be less
than the greater of (1) 20% of the lesser of (x) the Revolving Commitments and (y) the Borrowing Base as calculated after giving Pro Forma Effect to such Permitted Acquisition and (2) $30,000,000; provided, however,
that in no event shall the aggregate value of assets acquired in acquisitions involving a purchase price of $10,000,000 or less exceed $30,000,000 in any fiscal year unless the Excess Availability threshold of this clause (iii) is also
met; (iv) the Fixed Charge Coverage Ratio as of the end of the most recently ended Test Period prior to such Permitted Acquisition, calculated on a Pro Forma Basis to give effect to such Permitted Acquisition as if such Permitted Acquisition
had been consummated as of the first day of such period, shall be equal to or greater than 1.10 to 1.0; (v) such acquisition is not opposed by the board of directors (or similar governing body) of the relevant selling Person or the Person whose
Equity Interests are being acquired, as applicable; and (vi) Holdings and the Subsidiaries shall comply, and (if applicable) shall cause the acquired Person to comply, with the applicable provisions of Section 5.10 and the
Collateral Documents. 

  
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 “Permitted Cure Security” means (a) common Equity Interests in
Holdings or any Parent and (b) other Equity Interests in Holdings or any Parent in a form reasonably acceptable to the Agent, in each case issued to the Sponsor or a Controlled Investment Affiliate thereof. 

“Permitted Discretion” means a determination made by the Agent in good faith and in the exercise of reasonable (from the
perspective of a secured asset-based lender) business judgment exercised in accordance with the Agent’s customary and generally applicable credit practices. 
 “Permitted Encumbrances” means: 
 (a) Liens for
Taxes, assessments or other governmental charges (i) not yet overdue for a period of more than thirty (30) days, (ii) not yet payable, (iii) not yet subject to penalties for nonpayment, or (iv) which are being contested in
good faith by appropriate actions diligently conducted for which appropriate reserves have been established in accordance with GAAP; 
 (b) Liens imposed by law, such as carriers’, warehousemen’s, materialmen’s, repairmen’s and mechanics’ Liens, statutory Liens of landlords and Liens on pipeline and pipeline
facilities by operation of law, in each case for sums not yet overdue for a period of more than thirty (30) days or being contested in good faith by appropriate actions if adequate reserves with respect thereto are maintained on the books of
such Person in accordance with GAAP; and 
 (c) Liens securing judgments for the payment of money not
constituting an Event of Default under Section 7.01(j); 
 provided that the term “Permitted
Encumbrances” shall not include any Lien securing Indebtedness. 
 “Permitted Holders” means the
Sponsor. 
 “Permitted Inventory Locations” means each location listed on Schedule 1.01(d) and from time
to time each other location within the United States which Borrower Agent has notified the Agent is a location at which Inventory of a Borrower is maintained. 
 “Permitted Investments” means (a) United States dollars; (b) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality thereof (provided, that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than two years from the date of acquisition; (c) time deposits, demand deposits, money
market deposits, certificates of deposit and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year from the date of acquisition and overnight bank
deposits, in each case, with any domestic commercial bank the long-term debt of which is rated at the time of acquisition thereof at least “A” or the equivalent thereof by S&P or “A” or the equivalent thereof by Moody’s,
and having capital and surplus in excess of $250,000,000 (or $100,000,000 in the case of a non-U.S. bank); (d) repurchase obligations for underlying securities of the types described in clauses (b), (c) and (g) entered into with any
financial institution meeting the qualifications specified in clause (c) above; (e) commercial paper rated at least P-1 by Moody’s or at least A-1 by S&P (or, if at any time neither Moody’s nor S&P shall be rating such
obligations, an equivalent rating from another rating agency) and in each case maturing within two years after the date of acquisition; (f) marketable short-term money market and similar securities having a rating of at least P-2 (or in one of
the top two categories if such designation no longer exists) or A-2 from either Moody’s or S&P, respectively, or liquidity funds or other similar money market mutual funds, with a rating of at least Aaa by Moody’s or AAAm by S&P
(or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another rating agency); (g) marketable general 

  
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obligations issued by any state, commonwealth or territory of the United States or any political subdivision or taxing authority of any such state, commonwealth or territory or any public
instrumentality thereof, maturing within two years from the date of acquisition thereof and having an investment grade rating from Moody’s or S&P; (h) money market funds (or other investment funds) at least 95% of the assets of which
constitute Permitted Investments of the kinds described in clauses (a) through (g) of this definition; and (i)(w) Euros or any national currency of any participating member state of the European Monetary Union; (x) local currency held
by Holdings or any of its Subsidiaries from time to time in the ordinary course of business; (y) securities issued or directly and fully guaranteed by the sovereign nation or any agency thereof (provided that the full faith and credit of such
sovereign nation is pledged in support thereof) in which Holdings or any of its Subsidiaries is organized or is conducting business having maturities of not more than one year from the date of acquisition; and (z) investments of the type and
maturity described in clauses (c) through (h) above of foreign obligors, which investments or obligors satisfy the requirements and have ratings described in such clauses and customarily used by corporations for cash management purposes in
any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Subsidiary organized in such jurisdiction and not for speculative purposes. 

“Permitted Payments” means any investment, Restricted Payment or Restricted Debt Payment (collectively for the purposes
of this definition, “Payments”); provided that (a) as of the date of such Payment and after giving effect thereto, no Event of Default shall exist or have occurred and be continuing or would result therefrom;
(b) (i) at all times during the 90-day period preceding such Payment (determined after giving effect to such Payment as if it had been made on the first day of such period) and (ii) at all times during the nine-month period commencing
on the date of such Payment (determined on a projected basis in good faith), Excess Availability shall not be less than the greater of (1) 25% of the lesser of (x) the Revolving Commitments and (y) the Borrowing Base as calculated
after giving Pro Forma Effect to such Payment and (2) $37,500,000 and (c) the Fixed Charge Coverage Ratio as of the end of the most recently ended Test Period prior to such Payment, calculated on a Pro Forma Basis to give effect to such
Payment as if such Payment had been made as of the first day of such period, shall be equal to or greater than 1.10 to 1.0. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Petroleum Inventory” means Inventory consisting of
crude oil, petroleum, refined petroleum products, byproducts and intermediate feedstocks, and other energy-related commodities, including, without limitation, blend components commonly used in the petroleum industry to improve characteristics of, or
meet governmental or customer specifications for, petroleum or refined petroleum products, all of which Inventory shall be valued at market. 
 “Plan” means 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 a 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. 

“Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMCB 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 JPMCB in connection with extensions of credit to debtors). 

“Pro Forma Adjustment” means, with respect to any Pro Forma Entity, the pro forma increase in EBITDA projected by
Holdings in good faith to result from cost savings in connection with 

  
 39 

 
actions taken, committed to be taken or planned to be taken pursuant to a factually supported plan entered into in connection with the acquisition of such Pro Forma Entity prior to the time in
which such EBITDA is required to be calculated; provided that (1) such cost savings (x) are factually supportable and determined in good faith by Holdings, as certified in reasonable detail to the Agent on or prior to the
date of the relevant acquisition and (y) do not exceed the actual cost savings expected in good faith to be realized by the relevant Group Member during the Test Period commencing with the date as of which EBITDA is being determined (as opposed
to the annualized impact of such cost savings) and (2) the aggregate amount of Pro Forma Adjustments shall not exceed for any Test Period, when combined with the aggregate amount of restructuring charges, accruals or reserves incurred under
clause (a)(vi) of the definition of EBITDA in such Test Period, 10% of EBITDA for such Test Period (calculated without giving effect to any adjustments made pursuant to such clause (a)(vi) or such Pro Forma Adjustments). 

“Pro Forma Basis”, “Pro Forma Compliance” and “Pro Forma Effect” means, with respect
to compliance with any test or covenant hereunder, that all Specified Transactions (including, for avoidance of doubt, any Specified Transactions made during the period from the first day of the relevant test period through the date of the Specified
Transaction giving rise to the need to determine such compliance) and the following transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period of measurement in such test or covenant:
(a) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (i) in the case of a sale, transfer or other disposition of all or substantially all Equity Interests
in any Subsidiary or any division, product line, or facility used for operations of any Subsidiary, shall be excluded, and (ii) in the case of a Permitted Acquisition or investment described in the definition of the term “Specified
Transaction”, shall be included, (b) any retirement or repayment of Indebtedness and (c) any Indebtedness incurred or assumed by any Subsidiary in connection therewith and if such Indebtedness has a floating or formula rate, shall
have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness as at the relevant date of determination; provided
that, the foregoing pro forma adjustments may be applied to any such test or covenant solely to the extent that such adjustments are consistent with the definition of EBITDA and give effect to either (1) events that are (x) directly
attributable to such transaction, (y) expected to have a continuing impact on the Subsidiaries and (z) factually supportable or (2) at the option of Holdings, Pro Forma Adjustments (except that Holdings may elect the option described
in this clause (2) solely in the case of any calculation of the Fixed Charge Coverage Ratio for the purposes of the definition of “Permitted Acquisition” or Section 6.01(k)). For the avoidance of doubt, any pro forma
basis, compliance or effect for acquisitions or dispositions will include the corresponding impact on interest, capital expenditures and, if any, other fixed charges. 
 “Pro Forma Entity” means any Acquired Entity or Business. 

“Pro Forma Financial Statements” has the meaning assigned to such term in Section 3.04(a). 

“Projections” means the projections of Holdings and the Subsidiaries included in the Information Memorandum and any
other projections and any forward-looking statements of such entities furnished to the Lenders or the Agent by or on behalf of Holdings or any of the Subsidiaries prior to the Effective Date. 

“Protective Advance” has the meaning assigned to such term in Section 2.04. 

“Purchasing Debt Affiliate” means any Affiliate of Holdings, including the Sponsor, other than Holdings and the
Subsidiaries. 

  
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 “Qualified Debt” means any Indebtedness incurred by Holdings or any Parent
which (a) does not mature, and is not mandatorily redeemable pursuant to a sinking fund obligation or otherwise, prior to a date that is prior to six months after the Maturity Date, (b) does not require the payment of any cash interest or
any other scheduled cash payment prior to the earlier of (i) the date that is six months after the Maturity Date and (ii) the date on which all Obligations (or any refinancing or series of refinancings thereof) have been paid in full and
the Commitments (or any refinancing or series of refinancings thereof) have been terminated, (c) in the case of Indebtedness incurred by Holdings, is subordinated in right of payment to payment of the Obligations of Holdings on terms reasonably
satisfactory to the Agent, and (d) otherwise has terms and conditions reasonably acceptable to the Agent. 

“Qualified Equity Interests” means any Equity Interests that are not Disqualified Equity Interests. 

“Qualified Public Offering” means the initial underwritten public offering of common Equity Interests of Holdings or any
Parent pursuant to an effective registration statement filed with the SEC in accordance with the Securities Act (other than a registration statement on Form S-8 or any successor form). 

“Real Property Collateral Requirements” means, with respect to any Mortgaged Property, each of the following, in form
and substance reasonably satisfactory to the Agent: 
 (a) a Mortgage on such Mortgaged Property; 

(b) evidence that a counterpart of the Mortgage has been recorded or delivered to the appropriate title insurance company
subject to arrangements reasonably satisfactory to the Agent for the prompt recording thereof; 
 (c) an ALTA or
other mortgagee’s title policy or amendment thereto (or a marked unconditional binder thereof insuring the Lien of the Mortgage at ordinary rates); 
 (d) a map or plat of an as-built survey, or the Title Insurance Company shall have deleted the general survey exception and issued a “same-as-survey” endorsement based on an affidavit from the
Borrower; 
 (d) an opinion of counsel in the state in which such Mortgaged Property is located as to the
recordability and enforceability of the applicable Mortgage in the relevant jurisdiction; and 
 (e) for any
improved Mortgaged Property, a flood zone certificate in favor of the Agent, and, if any Mortgaged Property with improvements located thereon is being identified as being within a special flood hazard area, flood insurance in an amount required by
applicable law. 
 “Realty Income Sale-Leaseback” means a Sale and Leaseback Transaction consummated on the
Effective Date with Realty Income Properties 3, LLC (“Realty Income”) through which Northern Tier Investors LLC sells the real property interests associated with 135 Speedway SuperAmerica convenience stores and SuperMom’s
Bakery to Realty Income and Realty Income leases those properties back to Northern Tier Retail LLC and Northern Tier Bakery LLC, respectively, on a long-term basis. 
 “Receivables” means Accounts. 
 “Recovery Event”
has the meaning specified in Section 6.05(f). 

  
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 “Register” has the meaning assigned to such term in
Section 9.04. 
 “Regulation T” means Regulation T of the Board as from time to time in effect and
all official rulings and interpretations thereunder or thereof, and any successor provision thereto. 
 “Regulation
U” means Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof, and any successor provision thereto. 

“Regulation X” means Regulation X of the Board as from time to time in effect and all official rulings and
interpretations thereunder or thereof, and any successor provision thereto. 
 “Related Parties” means, with
respect to any specified Person, such Person’s Affiliates and the respective directors, officers, partners, employees, agents, advisors, other representatives and controlling persons of such Person and such Person’s Affiliates. 

“Rent Reserve” means (a) an amount approximately equal to the aggregate monthly rent payable by the Borrowers on
all leased properties in respect of which landlord’s or warehouseman’s waivers, in form and substance reasonably acceptable to the Agent, or Collateral Access Agreements, are not in effect or such greater amount as the Agent may, in its
Permitted Discretion, reasonably determine to be appropriate and (b) with respect to any Eligible Carrier, such amount as the Agent in its Permitted Discretion shall from time to time establish for such Eligible Carrier after consultation with
the Borrower Agent. 
 “Reorganization” means, with respect to any Multiemployer Plan, the condition that such
plan is in reorganization within the meaning of Section 4241 of ERISA. 
 “Report” means reports prepared
by the Agent or another Person showing the results of appraisals, field examinations or audits pertaining to the Loan Parties’ assets from information furnished by or on behalf of the Loan Parties, after the Agent has exercised its rights of
inspection pursuant to this Agreement, which Reports may be distributed to the Lenders by the Agent, subject to the provisions of Section 9.12. 
 “Reportable Event” means any “reportable event,” as defined in Section 4043(c) of ERISA or the regulations issued thereunder, other than those events as to which the 30-day
notice period referred to in Section 4043(c) of ERISA has been waived. 
 “Required Lenders” means, at any
time and subject to the limitations set forth in Section 9.04(g), Revolving Lenders having Revolving Exposure and unused Revolving Commitments representing more than 50% of the sum of the total Revolving Exposure and unused Revolving
Commitments at such time; provided that (i) the Revolving Exposure and unused Revolving Commitments of any Defaulting Lender shall be disregarded in the determination of the Required Lenders at any time and (ii) if any
Extended Revolving Commitments are outstanding, such Commitments shall be included in the determination of the Required Lenders. 
 “Required Reserve Notice” means (a) so long as no Event of Default has occurred and is continuing, at least three days’ advance notice to the Borrower Agent, and (b) if an
Event of Default has occurred and is continuing, one day’s advance notice to the Borrower Agent (or no advance notice to the Borrower Agent, as may reasonably be determined to be appropriate by the Agent in its Permitted Discretion to protect
the interests of the Lenders). 

  
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 “Requirement of Law” means, as to any Person, the Certificate of
Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon
such Person or any of its property or to which such Person or any of its property is subject. 
 “Reserves”
means all (if any) Availability Reserves (including Dilution Reserves, Rent Reserves and, if a Liquidity Event exists, Banking Services Reserves and Secured Swap Reserves), and any and all other reserves which the Agent deems necessary in its
Permitted Discretion. 
 “Reserve Percentage” means the reserve percentage (expressed as a decimal, rounded up
to the nearest 1/8th of 1%) applicable to member banks under regulations issued from time to time by the Board for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect
to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). 
 “Responsible
Officer” of any Person means the chief executive officer, the president, any vice president, the chief operating officer or any Financial Officer of such Person and any other officer or similar official thereof responsible for the
administration of the obligations of such Person in respect of this Agreement, and, as to any document delivered on the Effective Date (but subject to the express requirements set forth in Article IV), shall include any secretary or assistant
secretary of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of
such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 

“Restricted Debt Payment” has the meaning assigned to such term in Section 6.08(b). 

“Restricted Indebtedness” has the meaning assigned to such term in Section 6.08(b). 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with
respect to any Equity Interests in Holdings, 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 Interests in Holdings or any option, warrant or other right to acquire any such Equity Interests in Holdings; provided, however, that payments made in connection with the cashless exercise of options shall not
constitute a Restricted Payment. 
 “Restricted Subsidiary” means any Subsidiary that is not an Unrestricted
Subsidiary. 
 “Revolving Borrowing” means a request for Revolving Loans. 

“Revolving Commitment” means, with respect to each Revolving Lender, the commitment of such Revolving Lender to make
Revolving Loans and to acquire participations in Protective Advances, Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum possible aggregate amount of such Revolving Lender’s Revolving Exposure
hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04 and
(c) increased from time to time pursuant to Section 2.23. The initial amount of each Revolving Lender’s Revolving Commitment is set forth on the Commitment Schedule, or in the Assignment and

  
 43 

 
Assumption pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable. The initial aggregate amount of the Revolving Lenders’ Revolving Commitments is
$300,000,000. 
 “Revolving Commitment Increase” has the meaning assigned to such term in
Section 2.23(b). 
 “Revolving Commitment Increase Date” has the meaning assigned to such term in
Section 2.23(b). 
 “Revolving Exposure” means, with respect to any Lender at any time, the sum of
the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure and an amount equal to its Applicable Percentage of the aggregate principal amounts of Swingline Loans and Protective Advances outstanding at such time.

 “Revolving Extension Request” has the meaning assigned to such term in Section 2.27(a).

 “Revolving Lender” means, as of any date of determination, a Lender with a Revolving Commitment or, if the
Revolving Commitments have terminated or expired, a Lender with Revolving Exposure. Unless the context otherwise requires, the term “Revolving Lenders” includes the Swingline Lender. 

“Revolving Loan” means the loans and advances made by the Revolving Lenders pursuant to this Agreement, including a Loan
made pursuant to Section 2.01, Swingline Loans and Protective Advances. 
 “S&P” means
Standard & Poor’s Financial Services LLC, a wholly-owned subsidiary of the McGraw-Hill Companies, Inc., and any successor to its rating agency business. 
 “Sale and Lease-Back Transaction” has the meaning assigned to such term in Section 6.06. 
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of its functions. 

“Second Priority Lien” means any Lien on any asset of any Loan Party that is granted under the Note and Specified Hedge
Security Documents and that, pursuant and subject to the provisions of the Intercreditor Agreement, is junior in priority to the Liens of the Agent in the Collateral. 
 “Section 2.27 Additional Agreement” has the meaning assigned to such term in Section 2.27(c). 
 “Secured Commodities Hedging Counterparty” means, with respect to any Commodities Hedging Agreement with Holdings or any Subsidiary, any Person that at the time of entering into such
Commodities Hedging Agreement was a holder of Senior Secured Notes or any Affiliate thereof. 
 “Secured Commodities
Hedging Obligations” means, with respect to any Person, all Commodities Hedging Obligations of such Person owing to a Secured Commodities Hedging Counterparty that are secured by a Lien on the Note and Specified Hedge Collateral that is
pari passu with the Lien securing the Senior Secured Notes on such Note and Specified Hedge Collateral. For the 

  
 44 

 
avoidance of doubt, all Commodities Hedging Obligations owing to Aron under the Aron Commodity Hedging Agreement shall constitute Secured Commodities Hedging Obligations. 

“Secured Obligations” means all Obligations. 
 “Secured Parties” has the meaning assigned to such term in the Security Agreement. 
 “Secured Swap Obligations” means all Swap Obligations owing to the Agent, a Joint Lead Arranger, a Revolving Lender or any Affiliate thereof and with respect to which the Borrower Agent
(or other Loan Party) and the Revolving Lender or other Person referred to above in this definition party thereto shall have delivered (except in the case of the Agent or JPMCB) written notice to the Agent, at or prior to the time that the Swap
Agreement relating to such obligation is entered into or, if later, the time that such Revolving Lender becomes a party to this Agreement, that such a transaction has been entered into and that it constitutes a Secured Swap Obligation entitled to
the benefits of the Collateral Documents and the Intercreditor Agreement. For the avoidance of doubt, all Swap Obligations owing to the Agent shall constitute Secured Swap Obligations. Notwithstanding anything to the contrary in this Agreement or
any other Loan Document, the aggregate amount of Secured Swap Obligations shall, for the purpose of determining the amount so secured or any collateral recovery allocable thereto, be deemed to equal the lesser of (a) the actual aggregate amount
thereof and (b) the aggregate Secured Swap Reserves then in effect (in which case any allocation of collateral security or recoveries shall be made ratably to such Secured Swap Obligations). For the avoidance of doubt, Secured Swap Obligations
shall not include Secured Commodities Hedging Obligations. 
 “Secured Swap Reserves” means all Reserves which
the Agent from time to time establishes in its Permitted Discretion as being appropriate to reflect reasonably anticipated Secured Swap Obligations then provided or outstanding. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Security Agreement” means the Security Agreement, dated as of the date hereof, between the Loan
Parties and the Agent. 
 “Seller Payable Agreement” means the Accounts Payable Agreement, dated as of the
Effective Date, between Holdings and Marathon, pursuant to which Holdings shall obtain $106,000,000 of seller financing. 

“Senior Secured Leverage Ratio” means, as of the date of determination, the ratio of (a) the Consolidated Total
Indebtedness of Holdings and its Subsidiaries as of the last day of the most recent Test Period ended on or prior to such date of determination, which Indebtedness is secured by Liens (in any event including Capital Lease Obligations), less an
amount equal to the amount of any cash and Permitted Investments of Holdings and its Subsidiaries as of such date, to (b) EBITDA of Holdings and its Subsidiaries for such Test Period. 

“Senior Secured Note Documents” means the Senior Secured Note Indenture and all other instruments, agreements and other
documents evidencing the Senior Secured Notes or providing for any Guarantee or other right in respect thereof. 

“Senior Secured Note Indenture” means the indenture under which the Senior Secured Notes are issued. 

  
 45 

 “Senior Secured Notes” means Holdings’ 10.50% Senior Secured Notes due
2017, in an initial aggregate principal amount of $290,000,000. 
 “Settlement” and “Settlement
Date” have the meanings assigned to such terms in Section 2.05(b). 
 “SPC” has the
meaning assigned to such term in Section 9.04(e). 
 “Specified Existing Revolving Credit Commitment
Class” has the meaning assigned to such term in Section 2.27. 
 “Specified Obligations”
means (a) the obligations of the Borrowers under the Loan Documents for principal (including reimbursement obligations with respect to Letters of Credit whether or not drawn), interest (including, to the extent legally permitted, all interest
accrued thereon after the commencement of any insolvency or liquidation proceeding at the rate, including any applicable post-default rate, specified in the applicable agreement), premium (if any), fees, indemnifications, reimbursements, expenses,
damages and other liabilities payable under the Loan Documents and (b) obligations of any Loan Guarantor in respect of the foregoing pursuant to the Loan Guaranty. 
 “Specified Payment” means any Restricted Payment pursuant to Section 6.08(a)(viii) or (x). 
 “Specified Representations” means the representations made in Sections 3.01, 3.02, 3.03(a), (b) and (c), 3.08, 3.12,
3.15, 3.17, and 3.20. 
 “Specified Standby Letters of Credit” means, as of any date, the
undrawn amount under an outstanding standby Letter of Credit issued to support the purchase of Petroleum Inventory of the Borrowers as of such date of determination where the supplier of such Petroleum Inventory in connection with which such standby
Letter of Credit was specifically issued has been paid in full and therefore is not otherwise entitled to draw on such standby Letter of Credit. 
 “Specified Transaction” means, with respect to any period, any investment (including any acquisition), sale, transfer or other disposition of assets, incurrence or repayment of
Indebtedness, Restricted Payment, Subsidiary designation or other event that by the terms of the Loan Documents requires “Pro Forma Compliance” with a test or covenant hereunder or requires such test or covenant to be calculated on
a “Pro Forma Basis”. 
 “Sponsor” means the collective reference to ACON Investments, L.L.C.,
TPG Capital, L.P. and their respective Affiliates but not including, however, any portfolio companies of the foregoing. 

“Subordinated Indebtedness” of a Person means any Indebtedness of such Person the payment of which is subordinated to
payment of the Secured Obligations on terms reasonably satisfactory to the Agent. 
 “subsidiary” means, with
respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity (a) 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, controlled or held, or (b) that is, as of such date, otherwise Controlled, by
the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

  
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 “Subsidiary” means, unless the context otherwise requires, a subsidiary of
Holdings. Notwithstanding the foregoing (and except for purposes of the definition of “Unrestricted Subsidiary” contained herein), an Unrestricted Subsidiary shall be deemed not to be a Subsidiary of Holdings or any of its Subsidiaries for
purposes of this Agreement. 
 “Super Majority Lenders” means, at any time and subject to
the limitations set forth in Section 9.04(g), Revolving Lenders having Revolving Exposure and unused Revolving Commitments representing more than
66  2/3% of the sum of the total Revolving
Exposure and unused Revolving Commitments at such time; provided that (i) the Revolving Exposure and unused Revolving Commitments of any Defaulting Lender shall be disregarded in the determination of the Super Majority Lenders at
any time and (ii) if any Extended Revolving Commitments are outstanding, such Commitments shall be included in the determination of the Super Majority Lenders. 
 “Swap Agreement” means any agreement with respect to any Derivative Transaction between Holdings or any Subsidiary and any other Person. 

“Swap Obligations” means, with respect to any Person, any and all obligations of such Person, whether absolute or
contingent and however and whenever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swap Agreements, and (b) any and all
cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement transaction. 
 “Swingline
Exposure” means, with respect to any Revolving Lender, at any time, such Revolving Lender’s Applicable Percentage of the Swingline Loans outstanding at such time. 

“Swingline Lender” means JPMorgan Chase Bank, N.A., in its capacity as lender of Swingline Loans hereunder. 

“Swingline Loan” means a Loan made pursuant to Section 2.05. 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed
by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “Termination
Date” means the date on which all Obligations are indefeasibly paid in full in cash (other than Secured Swap Obligations, Banking Services Obligations and any contingent or inchoate obligations not then due and payable) and the Commitments
and all Letters of Credit are terminated (other than Letters of Credit that have been cash collateralized on terms set forth in Section 2.06(j) or back-stopped following the termination of the Commitments). 

“Test Period” means, for any determination under this Agreement, the period of twelve consecutive fiscal months then
last ended and for which financial statements have been delivered to the Agent pursuant to Section 5.01(a), Section 5.01(b) or Section 5.01(c), as applicable. 

“Title Insurance Company” means the title insurance company providing the Title Insurance Policies. 

“Title Insurance Policies” means the lender’s title insurance policies issued to Agent with respect to the
Mortgaged Properties. 

  
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 “Total Assets” means the total assets of Holdings and its Subsidiaries,
determined on a consolidated basis in accordance with GAAP, as shown on the most recent balance sheet of Holdings or such other Person as may be expressly stated. 
 “Transaction Agreement” means, collectively, (a) the Formation Agreement; (b) the Northern Tier Retail LLC Contribution Agreement, dated as of October 6, 2010, by and among
Northern Tier Investors LLC (“NTI”), Speedway SuperAmerica LLC (“Speedway”) and Northern Tier Retail LLC together with schedules and exhibits thereto; (c) the St. Paul Park Refining Co. LLC Contribution Agreement, dated as
of October 6, 2010, by and among NTI, Marathon and St. Paul Park Refining Co. LLC together with schedules and exhibits thereto; and (d) the Northern Tier Bakery LLC Contribution Agreement, dated as of October 6, 2010, by and among
NTI, Speedway, Supermom’s LLC and Northern Tier Bakery LLC together with schedules and exhibits thereto. 

“Transaction Expenses” means any fees or expenses incurred or paid by or on behalf of the Sponsor, Holdings or any of
their respective Subsidiaries or Affiliates in connection with the Transactions and the transactions contemplated hereby and thereby. 
 “Transactions” means, collectively, (a) the Acquisition and the payment of the consideration in connection therewith, (b) the Equity Contribution, (c) the entering into of
the Seller Payable Agreement, the Crude Oil Intermediation Agreement and the Realty Income Sale-Leaseback and the use of proceeds thereof, (d) the entering into of the Senior Secured Notes Documents and the issuance of the Senior Secured Notes
and the use of the proceeds thereof, (e) the issuance of Letters of Credit on the Effective Date and the use thereof, (f) the consummation of any other transactions connected with the foregoing and (g) the payment of Transaction
Expenses. 
 “Trigger Event” means, at any time, that Excess Availability is less than the greater of
(a) $22,500,000 and (b) 15.0% of the lesser of (i) the aggregate Revolving Commitments and (ii) the Borrowing Base. Upon the occurrence of any Trigger Event, such Trigger Event shall be deemed to be continuing notwithstanding
that Excess Availability may thereafter exceed the amount set forth in the preceding sentence unless and until Excess Availability exceeds such amount for thirty (30) consecutive days, in which event such Trigger Event shall be deemed not to be
continuing on the later of (A) the last day of such 30-day period and (B) if an Event of Default is in existence on such last day, the next succeeding date on which no Event of Default remains in existence. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the
Loans comprising such Borrowing, is determined by reference to the Adjusted LIBOR Rate or the Alternate Base Rate. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the
laws of which are required to be applied in connection with the issue of perfection of security interests. 

“Unfinanced Capital Expenditures” means, with respect to any Person and for any period, Capital Expenditures made by
such Person during such period and not financed from any Net Cash Proceeds. 
 “Uncontrolled Cash” means all
amounts from time to time on deposit in the Designated Disbursement Account. 
 “Unrestricted Subsidiary” means
any Subsidiary of Holdings designated by Holdings as an Unrestricted Subsidiary hereunder by written notice to the Agent in accordance with Section 5.11. 

  
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 “Value” with reference to the value of relevant Eligible Inventory, on any
date, means cost thereof calculated on a FIFO (or first in, first out) accounting basis as determined in accordance with GAAP, and with reference to Eligible Receivables, means the book value thereof determined in accordance with GAAP. 

“Value Reference” means Platts Oilgram Price Report or OPIS or such other reference as the Agent reasonably determines,
in consultation with the Borrower Agent, to be more accurate. 
 “Withdrawal Liability” means 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 1.02 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a
“LIBOR Rate Loan”) or by Class and Type (e.g., a “LIBOR Rate Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “LIBOR Rate
Borrowing”) or by Class and Type (e.g., a “LIBOR Rate Revolving Borrowing”). 
 SECTION 1.03 Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to
time amended, restated, amended and restated, extended, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, amendment and restatements, extensions, supplements or modifications set forth herein),
(b) any reference herein to any Person shall be construed to include such Person’s successors and permitted assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, this Agreement and (e) 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,
securities, accounts and contract rights. 
 SECTION 1.04 Realty Income Sale-Leaseback. Notwithstanding anything to the
contrary in this Agreement or any accounting treatment thereof, the Realty Income Sale-Leaseback shall be treated as an operating lease, and not a Capital Lease Obligation, for all purposes of this Agreement. 

SECTION 1.05 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 (except that, notwithstanding anything to the contrary herein, all accounting or financial terms used herein shall be construed, and all financial computations pursuant
hereto shall be made, without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial Accounting Standard having a similar effect) to value any Indebtedness or other liabilities of any Person at
“fair value”, as defined therein); provided that, if Holdings notifies the Agent that Holdings requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Effective Date in GAAP or in the
application thereof on the operation of such provision (or if the Agent notifies Holdings 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 

  
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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 with the provisions of
Section 9.02. 
 ARTICLE II. 
 THE CREDITS 
 SECTION 2.01 Revolving Commitments. Subject to the
terms and conditions set forth herein, each Revolving Lender agrees, severally and not jointly, to make Revolving Loans to the Borrowers from time to time during the Availability Period in an aggregate principal amount that will not result in
(i) such Revolving Lender’s Revolving Exposure exceeding such Revolving Lender’s Revolving Commitment, (ii) the total Revolving Exposures exceeding the lesser of (x) the sum of the total Revolving Commitments and
(y) the Borrowing Base (subject to the Agent’s authority, in its sole discretion, to make Protective Advances and Overadvances pursuant to the terms of Section 2.04) or (iii) any Revolving Loans being made on the Effective
Date. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, repay and reborrow Revolving Loans. 
 SECTION 2.02 Revolving Loans and Borrowings 
 (a) Each Revolving Loan
(other than a Swingline Loan or a Protective Advance) shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Revolving Lenders ratably in accordance with their respective Commitments of the applicable Class.
Any Protective Advance and any Swingline Loan shall be made in accordance with the procedures set forth in Sections 2.04 and 2.05, respectively. 
 (b) Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of ABR Loans or LIBOR Rate Loans as the Borrower Agent may request in accordance herewith. Each Swingline Loan
and each Protective Advance shall be an ABR Loan. Each Revolving Lender at its option may make any LIBOR Rate Loan by causing any domestic or foreign branch or Affiliate of such Revolving Lender to make such Revolving Loan; provided
that (i) any exercise of such option shall not affect the obligation of the Borrowers to repay such Revolving Loan in accordance with the terms of this Agreement and (ii) in exercising such option, such Revolving Lender shall use
reasonable efforts to minimize any increase in the Adjusted LIBOR Rate or increased costs to the Borrowers resulting therefrom (which obligation of such Lender shall not require it to take, or refrain from taking, actions that it determines would
result in increased costs for which it will not be compensated hereunder or that it otherwise determines would be disadvantageous to it and in the event of such request for costs for which compensation is provided under this Agreement, the
provisions of Section 2.15 shall apply). 
 (c) At the commencement of each Interest Period for any LIBOR Rate
Revolving Borrowing, such Revolving Borrowing shall comprise an aggregate principal amount that is an integral multiple of $500,000 and not less than $1,000,000. Each ABR Revolving Borrowing when made shall be in a minimum principal amount of
$500,000; provided that an ABR Revolving Borrowing may be made in a lesser aggregate amount that is equal to the entire unused balance of the total Revolving Commitments or that is required to finance the reimbursement of an LC
Disbursement as contemplated by Section 2.06(e). Revolving Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of ten different
Interest Periods in effect for LIBOR Rate Revolving Borrowings at any time outstanding. 
 (d) Notwithstanding any other
provision of this Agreement, the Borrower Agent shall not be entitled to request, or to elect to convert or continue, any Revolving Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 

  
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 SECTION 2.03 Requests for Revolving Borrowings. To request a Revolving Borrowing, the
Borrower Agent shall notify the Agent of such request either in writing by delivery of a Borrowing Request (by hand or facsimile) signed by the Borrower Agent or by telephone (a) in the case of a LIBOR Rate Borrowing, not later than 12:00 noon,
New York City time, three (3) Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing (including any such notice of an ABR Borrowing to finance the reimbursement of an LC Disbursement as contemplated
by Section 2.06(e)), not later than 12:00 noon, New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or facsimile to the
Agent of a written Borrowing Request signed by the Borrower Agent. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.01: 

(i) the aggregate amount of the requested Revolving Borrowing. 

(ii) the date of such Revolving Borrowing, which shall be a Business Day; 

(iii) whether such Revolving Borrowing is to be an ABR Borrowing or a LIBOR Rate Borrowing; 

(iv) in the case of a LIBOR Rate Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and 
 (v) the location and number
of the Borrower’s account to which funds are to be disbursed. 
 If no election as to the Type of Revolving Borrowing is specified, then
the requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested LIBOR Rate Borrowing, then the Borrower Agent shall be deemed to have selected an Interest Period of one month’s
duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

 SECTION 2.04 Protective Advances and Overadvances. (a) Subject to the limitations set forth below (and
notwithstanding anything to the contrary in Section 4.02), the Agent is authorized by the Borrowers and the Revolving Lenders, from time to time in the Agent’s sole discretion (but shall have absolutely no obligation), to make Loans
to the Borrowers, on behalf of all Lenders whether or not any condition precedent set forth in Section 4.02 has not been satisfied or waived, including the failure to comply with the conditions set forth in Section 2.01,
which the Agent, in its Permitted Discretion, deems necessary or desirable (x) to preserve or protect the Collateral, or any portion thereof, (y) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other
Obligations, or (z) to pay any other amount chargeable to or required to be paid by the Borrowers pursuant to the terms of this Agreement, including payments of reimbursable expenses (including costs, fees, and expenses as described in
Section 9.03) and other sums payable under the Loan Documents (each such Loan, a “Protective Advance”). Any Protective Advance may be made in a principal amount that would cause the aggregate Revolving Exposure to exceed
the Borrowing Base; provided that no Protective Advance may be made to the extent that, after giving effect to such Protective Advance (together with the outstanding principal amount of any outstanding Protective Advances), the
aggregate principal amount of Protective Advances outstanding hereunder would exceed, as determined on the date of such proposed Protective Advance, and is not known by the Agent to exceed, together with Overadvances described in
Section 2.04(c), 10% of the Revolving Commitments at such time, or to exist 

  
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for more than thirty (30) consecutive Business Days or more than forty-five (45) Business Days in any twelve month period, and provided further that, the aggregate amount of outstanding
Protective Advances plus any Overadvances described in Section 2.04(c) plus the aggregate of all other Revolving Exposure shall not exceed the aggregate total Commitments. Protective Advances may be made even if the
conditions precedent set forth in Section 4.02 have not been satisfied or waived. The Agent agrees to use reasonable efforts to deliver prompt notice to the Lenders of any Protective Advance or Overadvance. Each Protective Advance shall
be secured by the Liens in favor of the Agent in and to the Collateral and shall constitute Obligations hereunder. The Agent’s authorization to make Protective Advances may be revoked at any time by the Required Lenders. Any such revocation
must be in writing and shall become effective prospectively upon the Agent’s receipt thereof. The making of a Protective Advance on any one occasion shall not obligate the Agent to make any Protective Advance on any other occasion. At any time
that the conditions precedent set forth in Section 4.02 have been satisfied or waived, the Agent may request the Revolving Lenders to make a Revolving Loan to repay a Protective Advance. At any other time, the Agent may require the
Lenders to fund their risk participations described in Section 2.04(b). 
 (b) Upon the making of a Protective
Advance by the Agent (whether before or after the occurrence of a Default), each Revolving Lender shall be deemed, without further action by any party hereto, unconditionally and irrevocably to have purchased from the Agent without recourse or
warranty, an undivided interest and participation in such Protective Advance in proportion to its Applicable Percentage. From and after the date, if any, on which any Revolving Lender is required to fund its participation in any Protective Advance
purchased hereunder, the Agent shall promptly distribute to such Revolving Lender, such Revolving Lender’s Applicable Percentage of all payments of principal and interest and all proceeds of Collateral received by the Agent in respect of such
Protective Advance. 
 (c) Notwithstanding anything to the contrary contained elsewhere in this Section 2.04 or this
Agreement or the other Loan Documents and whether or not a Default or Event of Default exists at the time, the Agent may require all Revolving Lenders to honor requests or deemed requests by the Borrowers for Revolving Loans at a time that an
Overadvance Condition exists or which would result in an Overadvance Condition and each Lender shall be obligated to continue to make its Applicable Percentage of any such Overadvance Loan up to a maximum amount outstanding equal to its Revolving
Commitment, so long as such Overadvance is not known by the Agent to exceed, together with Protective Advances described in Section 2.04(a), 10% of the Revolving Commitments at such time or to exist for more than thirty
(30) consecutive Business Days or more than forty-five (45) Business Days in any twelve month period. 
 SECTION 2.05
Swingline Loans. (a) Subject to the terms and conditions set forth herein, the Swingline Lender may in its discretion, and in reliance upon the agreements of the other Revolving Lenders set forth in this Section 2.05, make
available Swingline Loans to the Borrowers from time to time during the Availability Period in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans
exceeding $30,000,000 or (ii) the total Revolving Exposures exceeding the lesser of the total Revolving Commitments and the Borrowing Base; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an
outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Swingline Loans. To request a Swingline Loan, the Borrower Agent shall notify the Agent
of such request by telephone (confirmed by facsimile), not later than 1:00 p.m., New York City time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day)
and amount of the requested Swingline Loan. The Agent will promptly advise the Swingline Lender of any such notice received from the Borrower Agent. The Swingline Lender shall make each Swingline Loan available to the Borrowers by means of a credit
to the Funding Account or otherwise in accordance with the instructions of the Borrower Agent (including, in the case of 

  
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a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to the applicable Issuing Bank, and in the case of repayment of
another Loan or fees or expenses as provided by Section 2.18(c), by remittance to the Agent to be distributed to the Lenders) on the requested date of such Swingline Loan. 

(b) To facilitate administration of the Revolving Loans, the Revolving Lenders and the Agent agree (which agreement is solely among them,
and not for the benefit of or enforceable by any Borrower) that in order to facilitate the administration of this Agreement and the other Loan Documents, settlement among them as to the Revolving Loans and the Swingline Loans and the Protective
Advances shall take place on a periodic basis in accordance with this clause (b). The Agent shall request settlement (a “Settlement”) with the Revolving Lenders on at least a weekly basis, or on a more frequent basis if so
determined by the Agent, (A) on behalf of the Swingline Lender, with respect to each outstanding Swingline Loan and (B) with respect to collections received, in each case, by notifying the Revolving Lenders of such requested Settlement by
telecopy, telephone, or other similar form of transmission, of such requested Settlement, no later than 2:30 p.m. New York City Time, on the date of such requested Settlement (the “Settlement Date”). Each Revolving Lender (other
than the Swingline Lender, in the case of Swingline Loans) shall make the amount of such Revolving Lender’s Applicable Percentage of the outstanding principal amount of the Swingline Loans with respect to which Settlement is requested available
to the Agent, to such account of the Agent as the Agent may designate, not later than 3:30 p.m., New York City time, on the Settlement Date applicable thereto, which may occur before or after the occurrence or during the continuation of a Default or
an Event of Default and whether or not the applicable conditions precedent set forth in Article IV have then been satisfied without regard to any minimum amount specified therein. Such amounts made available to the Agent shall be applied
against the amounts of the applicable Swingline Loan and, together with the portion of such Swingline Loan representing the Swingline Lender’s pro rata share thereof, shall constitute Revolving Loans of the Revolving Lenders. If any such amount
is not made available to the Agent by any Revolving Lender on the Settlement Date applicable thereto, the Agent shall, on behalf of the Swingline Lender with respect to each outstanding Swingline Loan, be entitled to recover such amount on demand
from such Revolving Lender together with interest thereon at the Federal Funds Effective Rate for the first three days from and after the Settlement Date and thereafter at the interest rate then applicable to Revolving Loans. Between Settlement
Dates the Agent may pay over to the Swingline Lender any payments received by the Agent, which in accordance with the terms of this Agreement would be applied to the reduction of the Revolving Loans, for application to the Swingline Lender’s
Revolving Loans or Swingline Loans. If, as of any Settlement Date, collections received since the then immediately preceding Settlement Date have been applied to the Swingline Lender’s Revolving Loans, the Swingline Lender shall pay to the
Agent for the accounts of the Revolving Lenders, to be applied to the outstanding Revolving Loans of such Revolving Lenders, an amount such that each Revolving Lender shall, upon receipt of such amount, have, as of such Settlement Date, its
Applicable Percentage of the Revolving Loans. During the period between Settlement Dates, the Swingline Lender with respect to Swingline Loans, the Agent with respect to Protective Advances and each Revolving Lender with respect to its Revolving
Loans shall be entitled to interest thereon at the applicable rate or rates payable under this Agreement. 
 (c) In addition,
the Swingline Lender may by written notice given to the Agent not later than 1:00 p.m., New York City time, on any Business Day require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans
outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Revolving Lenders will participate. Promptly upon receipt of such notice, the Agent will give notice thereof to each Revolving Lender, specifying in such notice
such Revolving Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Revolving Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Agent, for the account of the Swingline
Lender, such Revolving Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Revolving Lender acknowledges and 

  
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agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Revolving Lender shall comply
with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect to Loans made by such Revolving Lender (and Section 2.07 shall apply,
mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Revolving Lenders. The Agent shall notify the Borrower Agent of any
participations in any Swingline Loan acquired pursuant to this paragraph. Any amounts received by the Swingline Lender from the Borrowers (or other party on behalf of any Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender
of the proceeds of a sale of participations therein shall be promptly remitted to the Agent; any such amounts received by the Agent shall be promptly remitted by the Agent to the Revolving Lenders that shall have made their payments pursuant to this
paragraph and to the Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to the Swingline Lender or the Agent, as applicable, if and to the extent such payment is required to be
refunded to any Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrowers of any default in the payment thereof. 

SECTION 2.06 Letters of Credit. (a) General. Subject to the terms and conditions set forth herein, (i) each Issuing Bank
agrees, in reliance upon the agreements of the other Revolving Lenders set forth in this Section 2.06, (A) from time to time on any Business Day during the period from the Effective Date to but not including the 5th Business Day,
prior to the Maturity Date, upon the request of the Borrower Agent, to issue Letters of Credit denominated in Dollars only and issued on sight basis only for the account of one or more of the Borrowers (or any other Subsidiary so long as the
Borrower Agent is a joint and several co-applicant, and references to the Borrower Agent or a “Borrower” in this Section 2.06 shall be deemed to include reference to such Subsidiary) and to amend or renew Letters of Credit
previously issued by it, in accordance with Section 2.06(b), and (B) to honor drafts under the Letters of Credit, and (ii) the Revolving Lenders severally agree to participate in the Letters of Credit issued pursuant to
Section 2.06(d). Subject to the terms and conditions hereof, the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrowers may, during the foregoing period, obtain Letters of Credit to
replace Letters of Credit that have expired or that have been drawn upon and reimbursed. 
 (b) Notice of Issuance,
Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower Agent shall hand deliver or facsimile (or transmit by
electronic communication, if arrangements for doing so have been approved by the applicable Issuing Bank) to the applicable Issuing Bank and the Agent, at least three (3) Business Days, in advance of the requested date of issuance (or such
shorter period as is acceptable to the applicable Issuing Bank), a request to issue in the form of Exhibit E attached hereto (each a “Letter of Credit Request”). To request an amendment, extension or renewal of a Letter of Credit,
the Borrower Agent shall submit such a request on its letterhead, addressed to the applicable Issuing Bank (with a copy to the Agent) at least three (3) Business Days, in advance of the requested date of amendment, extension or renewal,
identifying the Letter of Credit to be amended, renewed or extended, and specifying the proposed date (which shall be a Business Day) and other details of the amendment, extension or renewal. Requests for issuance, amendment, renewal or extension
must be accompanied by such other information as shall be necessary to issue, amend, renew or extend such Letter of Credit. If requested by the applicable Issuing Bank, the Borrower Agent also shall submit a letter of credit application on such
Issuing Bank’s standard form in connection with any request for a Letter of Credit. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or

  
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other agreement submitted by the Borrower Agent to, or entered into by the Borrower Agent or any Borrower with, the applicable Issuing Bank relating to any Letter of Credit, the terms and
conditions of this Agreement shall control. A Letter of Credit shall be issued, amended, renewed or extended if (and on issuance, amendment, renewal or extension of each Letter of Credit the applicable Borrower shall be deemed to represent and
warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $150,000,000 and (ii) the total Revolving Exposures shall not exceed the lesser of the total Revolving Commitments
and the Borrowing Base. Promptly after the delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the applicable Issuing Bank will also deliver to the Borrower
Agent and the Agent a true and complete copy of such Letter of Credit or amendment. Upon receipt of such Letter of Credit or amendment, the Agent shall notify the Revolving Lenders, in writing, of such Letter of Credit or amendment, and if so
requested by a Revolving Lender the Agent will provide such Revolving Lender with copies of such Letter of Credit or amendment. With respect to commercial Letters of Credit, each Issuing Bank shall, on the first Business Day of each week, submit to
the Agent, by facsimile, a report detailing the daily aggregate total of commercial Letters of Credit for the previous calendar week. 
 (c) Expiration Date. Each standby Letter of Credit shall expire not later than the earlier of (i) the date one year after the date of the issuance of such Letter of Credit and (ii) the
date that is five (5) Business Days prior to the Maturity Date (except as otherwise expressly provided below); provided that any standby Letter of Credit may provide for the automatic extension thereof for any number of additional
periods each of up to one year in duration (none of which, in any event, shall extend beyond the date referred to in clause (ii) of this paragraph (c), except to the extent that the relevant Letter of Credit is cash collateralized or supported
by another letter of credit, in each case pursuant to arrangements reasonably satisfactory to the Issuing Bank and the Agent). Each commercial Letter of Credit shall expire on the earlier of (i) 180 days after the date of the issuance of such
Letter of Credit and (ii) the date that is thirty (30) days prior to the Maturity Date. 
 (d) Participations.
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 Revolving Lenders, the applicable Issuing Bank hereby grants
to each Revolving Lender, and each Revolving Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of
Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Agent, for the account of the applicable Issuing Bank, such Lender’s Applicable Percentage of each LC
Disbursement made by such Issuing Bank and not reimbursed by the Borrowers on the date due as provided in paragraph (e) of this Section 2.06, or of any reimbursement payment required to be refunded to any Borrower for any reason.
Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including
any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or
reduction whatsoever. 
 (e) Reimbursement. If the applicable Issuing Bank shall make any LC Disbursement in respect of a
Letter of Credit, the Borrowers shall reimburse such LC Disbursement by paying to the Agent an amount equal to such LC Disbursement not later than 4:00 p.m., New York City time, on the date of such LC Disbursement if the Borrower Agent receives
notice of such LC Disbursement under paragraph (g) of this Section 2.06 no later than 10:00 a.m., New York City time, on such date, and otherwise not later than 12:00 noon, New York City time, on the Business Day immediately
following the date the Borrower Agent receives notice of such LC Disbursement under paragraph (g) of this Section 2.06; provided that the Borrower Agent may, subject to the conditions to borrowing set forth herein,

  
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request in accordance with Section 2.03 or 2.05 that such payment be financed with an ABR Revolving Borrowing or Swingline Loan in an equivalent amount and, to the extent so
financed, the Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline Loan. If the Borrowers fail to make such payment when due, the Agent shall notify each Revolving
Lender of the applicable LC Disbursement, the payment then due from the Borrowers in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the Agent its
Applicable Percentage of the payment then due from the Borrowers, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the
payment obligations of the Revolving Lenders), and the Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Agent of any payment from the Borrowers
pursuant to this paragraph, the Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Lenders and such
Issuing Bank as their interests may appear. 
 (f) Obligations Absolute. The Borrowers’ obligation to reimburse LC
Disbursements as provided in paragraph (e) of this Section 2.06 shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances
whatsoever and irrespective of (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 respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the applicable Issuing Bank under a Letter of Credit against presentation of a draft or other document that does
not 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, constitute a legal or equitable
discharge of, or provide a right of setoff against, any Borrower’s obligations hereunder. Neither the Agent, the Revolving Lenders nor any Issuing Bank, 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 such Issuing Bank; provided that the foregoing shall not be construed to excuse such Issuing Bank from liability to the Borrowers to the extent of any direct damages (as opposed to
consequential damages, claims in respect of which are hereby waived by each Borrower to the extent permitted by applicable law) suffered by any 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 applicable 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, the applicable 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.

 (g) Disbursement Procedures. The applicable Issuing Bank shall, promptly following its receipt thereof, examine all
documents purporting to represent a demand for payment under a Letter of Credit. Such Issuing Bank shall promptly notify the Agent and the Borrower Agent by telephone (confirmed by facsimile) of such demand for payment and whether such Issuing Bank
has made 

  
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or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrowers of their obligation to reimburse such
Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement. 
 (h) Interim Interest. If an Issuing
Bank shall make any LC Disbursement, then, unless the Borrowers shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC
Disbursement is made to but excluding the date that the Borrowers reimburse such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that, if the Borrowers fail to reimburse such LC Disbursement when
due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date
of payment by any Revolving Lender pursuant to paragraph (e) of this Section to reimburse such Issuing Bank shall be for the account of such Lender to the extent of such payment. 

(i) Replacement of an Issuing Bank. An Issuing Bank may be replaced at the written request of the Borrower Agent and without the
consent of the Agent at any time by written agreement among the Borrower Agent, the replaced Issuing Bank and the successor Issuing Bank, and acknowledged by the Agent. The Agent shall notify the Revolving Lenders of any such replacement of an
Issuing Bank. At the time any such replacement shall become effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any
such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced 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. 
 (j) Cash Collateralization. If (A) any Event of Default shall occur and be
continuing, (B) Excess Availability shall at any time be less than zero, (C) the Maturity Date shall occur or (D) if and to the extent required in accordance with the provisions of Section 2.28, on the Business Day that
the Borrower Agent receives notice from the Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of
cash collateral pursuant to this paragraph, upon such demand, the Borrowers shall deposit, in an account with the Agent, in the name of the Agent and for the benefit of the Revolving Lenders (the “LC Collateral Account”), an amount
in cash equal to 103% of the LC Exposure as of such date; 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 any Borrower described in clause (g) or (h) of Section 7.01. Such deposit shall be held by the Agent as collateral for the
payment and performance of the Secured Obligations in accordance with the provisions of this paragraph (j). The Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account and each Borrower hereby
grants the Agent a security interest in the LC Collateral Account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Agent and at the Borrowers’ risk and
expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Agent to reimburse the applicable Issuing Bank for LC Disbursements for
which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrowers for the LC Exposure at such time or, if the

  
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maturity of the Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other
Secured Obligations. If the Borrowers are required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (together with all interest and other earnings with respect thereto, to the extent
not applied as aforesaid) shall be returned promptly to the Borrower Agent but in no event later than three (3) Business Days after such Event of Default has been cured or waived. 

SECTION 2.07 Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof
by wire transfer of immediately available funds by 1:00 p.m., New York City time, to the account of the Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to such Lender’s Applicable Percentage;
provided that, Swingline Loans shall be made as provided in Section 2.05. The Agent will make such Loans available to the Borrowers by promptly crediting the amounts so received, in like funds, to the Funding Account or as otherwise
directed by the Borrower Agent; provided that ABR Revolving Loans made to finance the reimbursement of (i) an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Agent to the applicable Issuing Bank and
(ii) a Protective Advance shall be retained by the Agent to be applied as contemplated by Section 2.04 (and the Agent shall, upon the request of the Borrower Agent, deliver to the Borrower Agent a reasonably detailed accounting of
such application). 
 (b) Unless the Agent shall have received notice from a Lender prior to the proposed date of any Borrowing
that such Lender will not make available to the Agent such Lender’s share of such Borrowing, the Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in
reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Agent, then the applicable Lender and the Borrowers
severally agree to pay to the Agent forthwith on demand (without duplication) such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of
payment to the Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the
Borrowers, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. Nothing herein shall be deemed to relieve any Lender from its
obligation to fulfill its Commitment or to prejudice any rights which the Agent or any Borrower or any Loan Party may have against any Lender as a result of any default by such Lender hereunder. 

SECTION 2.08 Type; Interest Elections. (a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing
Request and, in the case of a LIBOR Rate Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower Agent may elect to convert such Borrowing to a different Type or to continue such Borrowing
and, in the case of a LIBOR Rate Borrowing, may elect Interest Periods therefor, all as provided in this Section 2.08. The Borrower Agent may elect different options with respect to different portions of the affected Borrowing, in which
case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section 2.08 shall not apply to
Swingline Borrowings or Protective Advances, which may not be converted or continued. 
 (b) To make an election pursuant to
this Section, the Borrower Agent shall notify the Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower Agent were requesting a Borrowing of the Type resulting from
such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be 

  
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confirmed promptly by hand delivery or facsimile to the Agent of a written Interest Election Request in a form approved by the Agent and signed by the Borrower Agent. 

(c) Each telephonic and written Interest Election Request shall specify the following information in compliance with
Section 2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if different
options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be
specified for each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such
Interest Election Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an
ABR Borrowing or a LIBOR Rate Borrowing; and 
 (iv) if the resulting Borrowing is a LIBOR Rate Borrowing, the
Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election Request requests a LIBOR Rate Borrowing but does not specify an Interest Period, then the Borrower Agent shall be deemed to have selected an Interest Period of one
month’s duration. 
 (d) Promptly following receipt of an Interest Election Request, the Agent shall advise each Lender of
the details thereof and of such Lender’s portion of each resulting Borrowing. 
 (e) If the Borrower Agent fails to deliver
a timely Interest Election Request with respect to a LIBOR Rate Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall
be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Agent, at the request of the Required Lenders, so notifies the Borrower Agent, then, so long as an Event
of Default is continuing (i) no outstanding Borrowing with respect to Revolving Loans may be converted to or continued as a LIBOR Rate Borrowing and (ii) unless repaid, each LIBOR Rate Borrowing shall be converted to an ABR Borrowing at
the end of the then-current Interest Period applicable thereto. 
 SECTION 2.09 Termination and Reduction of Revolving
Commitments. (a)Unless previously terminated, all Revolving Commitments shall terminate on the Maturity Date applicable to them and each Extension Series of Extended Revolving Credit Commitments shall terminate on the Maturity Date applicable to
such Series. 
 (b) Upon delivering the notice required by Section 2.09(d), the Borrower Agent may at any time
terminate the Revolving Commitments upon (i) the payment in full of all outstanding Revolving Loans, together with accrued and unpaid interest thereon, (ii) the cancellation and return of all outstanding Letters of Credit (or
alternatively, with respect to each such Letter of Credit, the furnishing to the Agent of a cash deposit (or at the discretion of the Agent a back up standby letter of credit reasonably satisfactory to the Agent) equal to 103% of the LC Exposure as
of such date) and (iii) the payment in full of all accrued and unpaid fees and all reimbursable expenses then due and payable under the Loan Documents. 

  
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 (c) Upon delivering the notice required by Section 2.09(d), the Borrower Agent
may from time to time reduce the Revolving Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $500,000 and not less than $1,000,000, (ii) the
Borrower Agent shall not reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.10, the sum of the Revolving Exposures would exceed the lesser of the
total Revolving Commitments and the Borrowing Base and (iii) any such reduction shall apply proportionately and permanently to reduce the Revolving Commitments of each of the Revolving Lenders, except that, notwithstanding the foregoing, in
connection with the establishment on any date of any Extended Revolving Commitments pursuant to Section 2.27, the Revolving Commitments of any one or more Lenders providing any such Extended Revolving Commitments on such date shall be
reduced in an amount equal to the amount of Revolving Commitments so extended on such date (provided that (x) after giving effect to any such reduction and to the repayment of any Revolving Loans made on such date, the Revolving Exposure of any
such Lender does not exceed lesser of the Revolving Commitment thereof and its Applicable Percentage of the Borrowing Base (such Revolving Exposure, Revolving Commitment and Applicable Percentage being determined in each case, for the avoidance of
doubt, exclusive of such Lender’s Extended Revolving Commitment and any exposure in respect thereof) and (y) for the avoidance of doubt, any such repayment of Revolving Loans contemplated by the preceding clause shall be made in compliance
with the requirements of Section 2.18 with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to any exchange pursuant to Section 2.27 of Revolving Commitments
and Revolving Loans into Extended Revolving Commitments and Extended Revolving Loans, respectively, and prior to any reduction being made to the Revolving Commitment of any other Lender). 

(d) The Borrower Agent shall notify the Agent of any election to terminate or reduce the Revolving Commitments under paragraph
(b) or (c) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Agent
shall advise the Revolving Lenders of the contents thereof. Any termination or reduction of the Revolving Commitments pursuant to this Section 2.09 shall be permanent. 

SECTION 2.10 Repayment of Loans; Evidence of Debt. (a) Each Borrower hereby unconditionally promises to pay (i) to the Agent
for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date, (ii) to the Agent the then unpaid amount of each Protective Advance on the earlier of the Maturity Date and demand by the
Agent, (iii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the Maturity Date and (iv) to the Agent for the account of each Extending Lender of each Extension Series, the then unpaid principal amount of
each Extended Revolving Loan of such Extension Series on the maturity date for such Extension Series; provided that on each date that a Revolving Loan is made while any Swingline Loan or Protective Advance is outstanding, the Borrowers shall repay
all such Swingline Loans and Protective Advances with the proceeds of such Revolving Loan then outstanding. 
 (b) At all times
after the occurrence and during the continuance of a Liquidity Event and notification thereof by the Agent to the Borrower Agent (subject to the provisions of Section 2.18(b) and to the terms of the Security Agreement), on each Business
Day, at or before 1:00 p.m., New York City time, the Agent shall apply all immediately available funds credited to the JPMCB Account or such other account directed by the Agent pursuant to Section 2.21(b), first to pay any fees or
expense reimbursements then due to the Agent, the Issuing Banks and the Revolving Lenders (other than in connection with Banking Services or Secured Swap Obligations), pro rata, second to pay interest due and payable in respect of any
Revolving Loans (including Swingline Loans) and any Protective Advances that may be outstanding, pro rata, third to prepay the principal of any Protective Advances that may be 

  
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outstanding, pro rata, and fourth to prepay the principal of the Revolving Loans (including Swingline Loans) and to cash collateralize outstanding LC Exposure, pro rata. 

(c) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrowers
to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
 (d) The Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period (if any) applicable thereto,
(ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender hereunder and (iii) the amount of any sum received by the Agent hereunder for the account of the Lenders and each
Lender’s share thereof. 
 (e) The entries made in the accounts maintained pursuant to paragraph (c) or (d) of
this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Agent to maintain such accounts or any error therein shall not in any manner
affect the obligation of the Borrowers to repay the Loans in accordance with the terms of this Agreement. 
 (f) Any Revolving
Lender may request that Revolving Loans made by it be evidenced by a promissory note if such promissory note is necessary to consummate a transaction described in Section 9.04(d). In such event, the Borrowers shall prepare, execute and
deliver to such Revolving Lender a promissory note payable to such Revolving Lender and its registered assigns and in substantially the form of Exhibit G hereto. 
 SECTION 2.11 Prepayment of Loans. (a) Upon prior notice in accordance with paragraph (d) of this Section 2.11, the Borrowers shall have the right at any time and from time to time
to prepay any Revolving Borrowing in whole or in part without premium or penalty (but subject to Section 2.16). 

(b) Except for Protective Advances and Overadvance Loans permitted under Section 2.04, in the event and on each Business Day
on which the total Revolving Exposure exceeds the lesser of (i) the aggregate Revolving Commitments and (ii) the Borrowing Base, the Borrowers shall promptly prepay first, any outstanding Swingline Loans in an amount equal to such
excess Swingline Loans, second, if any excess remains after prepaying all Swingline Loans, any outstanding Revolving Loans in an amount equal to any remaining excess and third, if any excess remains after prepaying all Swingline Loans
and all Revolving Loans, depositing an amount in cash in an amount equal to any remaining excess in the LC Collateral Account. 

(c) On each occasion that a Non-Ordinary Course Asset Disposition or Recovery Event occurs after the occurrence of a Liquidity Event (for
so long as such Liquidity Event is continuing), the Borrowers shall promptly prepay after receipt of any Net Cash Proceeds therefrom, first, any outstanding Swingline Loans, in an amount equal to such Net Cash Proceeds, second, if any
Net Cash Proceeds remain after prepaying all Swingline Loans, any outstanding Revolving Loans in an amount equal to any remaining Net Cash Proceeds, and third, if any Net Cash Proceeds remain after prepaying all Swingline Loans and all
Revolving Loans, depositing an amount in cash equal to any remaining Net Cash Proceeds in the LC Collateral Account. 
 (d) The
Borrower Agent shall notify the Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by facsimile) of any prepayment 

  
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hereunder (i) in the case of prepayment of a LIBOR Rate Borrowing, not later than 12:00 noon, New York City time, three (3) Business Days before the date of prepayment, (ii) in the
case of prepayment of an ABR Borrowing, not later than 10:00 a.m., New York City time, on the day of prepayment, or (iii) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the date of prepayment.
Each such notice shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid. Promptly following receipt of any such notice relating to a Borrowing, the Agent shall advise the Lenders of the contents
thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied
ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13. 
 SECTION 2.12 Fees. (a) The Borrowers agree to pay to the Agent for the account of each Revolving Lender a commitment fee, which shall accrue at the Commitment Fee Rate on the average daily amount
of the Available Revolving Commitment of such Revolving Lender during the period from and including the Effective Date to but excluding the date on which the Lenders’ Revolving Commitments terminate. Accrued commitment fees shall be payable in
arrears on the first Business Day of each January, April, July and October and on the date on which the Revolving Commitments terminate, commencing on the first such date to occur after the date hereof. All commitment fees shall be computed on the
basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). For purposes of calculating the commitment fees only, no portion of the Revolving Commitments shall be
deemed utilized as a result of outstanding Swingline Loans. 
 (b) The Borrowers agree to pay (i) to the Agent for the
account of each Revolving Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to LIBOR Rate Revolving Loans on the daily
amount of such Revolving Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements), during the period from and including the Effective Date to but excluding the later of the date on which such Revolving
Lender’s Revolving Commitment terminates and the date on which such Revolving Lender ceases to have any LC Exposure, and (ii) to each Issuing Bank, for its own account, a fronting fee, in respect of each Letter of Credit issued by such
Issuing Bank for the period from the date of issuance of such Letter of Credit through the expiration date of such Letter of Credit (or if terminated on an earlier date to the termination date of such Letter of Credit), computed at a rate equal to
0.125% per annum or such other percentage per annum to be agreed upon between the Borrower Agent and such Issuing Bank of the daily stated amount of such Letter of Credit, as well as such Issuing Bank’s standard fees with respect to the
issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder; provided that no fronting fee payable pursuant to this clause (ii) shall be less than $500.00 per annum. Participation fees
and fronting fees accrued through and including the last day of each March, June, September and December shall be payable on the first Business Day following such last day, commencing on the first such date to occur after the Effective Date;
provided that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to
any Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed.

 (c) The Borrowers agree to pay to the Agent, for its own account, such agency fees as may be separately agreed upon by
Holdings or any Subsidiary and the Agent, payable in the amounts and at the times so agreed. 

  
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 (d) All fees payable hereunder shall be paid on the dates due, in immediately available
funds, to the Agent (or to the applicable Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation fees, to the Lenders. Fees paid shall not be refundable under any circumstances.

 SECTION 2.13 Interest. (a) The Revolving Loans comprising each ABR Borrowing (including each Swingline Loan and each
Protective Advance) shall bear interest at the Alternate Base Rate plus the Applicable Rate. 
 (b) The Revolving Loans
comprising each LIBOR Rate Borrowing shall bear interest at the Adjusted LIBOR Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 

(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrowers
hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any
Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Revolving Loans as provided
in paragraph (a) of this Section. 
 (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment
Date for such Loan and upon termination of the applicable Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or
prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and
(iii) in the event of any conversion of any LIBOR Rate Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 

(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the
Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBOR Rate or LIBOR Rate shall be determined by the Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.14 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a LIBOR Rate Borrowing:

 (i) the Agent determines (which determination shall be conclusive absent manifest error) that adequate and
reasonable means do not exist for ascertaining the Adjusted LIBOR Rate or the LIBOR Rate, as applicable, for such Interest Period; or 
 (ii) the Agent is advised by the Required Lenders that the Adjusted LIBOR Rate or the LIBOR Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders of
making or maintaining their Loans included in such Borrowing for such Interest Period; 
 then the Agent shall promptly give notice thereof to
the Borrower Agent and the Lenders by telephone or facsimile as promptly as practicable thereafter and, until the Agent notifies the Borrower Agent and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any
Interest Election Request 

  
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that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a LIBOR Rate Borrowing shall be ineffective and such Borrowing shall be converted to an ABR Borrowing on the
last day of the Interest Period applicable thereof, and (ii) if any Borrowing Request requests a LIBOR Rate Borrowing, such Borrowing shall be made as an ABR Borrowing. 
 SECTION 2.15 Increased Costs. (a) If any Change in Law shall impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the
account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBOR Rate) or Issuing Bank; or impose on any Lender or Issuing Bank or the London interbank market any other condition affecting this
Agreement or LIBOR Rate Loans made by such Lender or any Letter of Credit or participation therein; and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any LIBOR Rate Loan (or of maintaining
its obligation to make any such Loan) or to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or Issuing Bank
hereunder (whether of principal, interest or otherwise), then, following delivery of the certificate contemplated by paragraph (c) of this Section, the Borrowers will pay to such Lender or Issuing Bank, as applicable, such additional amount or
amounts as will compensate such Lender or Issuing Bank, as applicable, for such additional costs incurred or reduction suffered (except for any Taxes, which shall be dealt with exclusively pursuant to Section 2.17). 

(b) If any Lender or Issuing Bank determines that any Change in Law regarding capital requirements has or would have the effect of
reducing the rate of return on such Lender’s or Issuing Bank’s capital or on the capital of such Lender’s or Issuing Bank’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, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for
such Change in Law other than due to Taxes, which shall be dealt with exclusively pursuant to Section 2.17 (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such
Issuing Bank’s holding company with respect to capital adequacy), then from time to time following delivery of the certificate contemplated by paragraph (c) of this Section the Borrowers will pay to such Lender or such Issuing Bank, as
applicable, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered. 

(c) A certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or Issuing Bank
or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section and setting forth in reasonable detail the manner in which such amount or amounts was determined shall be delivered to the Borrower Agent and shall
be conclusive absent manifest error. The Borrowers shall pay such Lender or Issuing Bank, as applicable, the amount shown as due on any such certificate within 10 days after receipt thereof. 

(d) Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute a
waiver of such Lender’s or Issuing Bank’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs or
reductions incurred more than 180 days prior to the date that such Lender or Issuing Bank, as applicable, notifies the Borrower Agent of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or Issuing
Bank’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 180-day period referred to above shall be extended to include the period of
retroactive effect thereof. 

  
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 SECTION 2.16 Break Funding Payments. In the event of (a) the payment of any
principal of any LIBOR Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any LIBOR Rate Loan other than on the last day of the Interest Period
applicable thereto, (c) the failure to borrow, convert, continue or prepay any LIBOR Rate Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.09(d) and
is revoked in accordance therewith), or (d) the assignment of any LIBOR Rate Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower Agent pursuant to Section 2.19 or
9.02(e), then, in any such event, the Borrowers shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a LIBOR Rate Loan, such loss, cost or expense to any Lender shall be deemed to be the
amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBOR Rate that would have been applicable to
such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan),
over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and
period from other banks in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section and the basis therefor and setting forth in reasonable detail the
manner in which such amount or amounts was determined shall be delivered to the Borrower Agent and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within 10 days after
receipt thereof. 
 SECTION 2.17 Taxes. 
 (a) Any and all payments by or on account of any obligation of any Loan Party hereunder or any other Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other
Taxes; provided that if a Loan Party shall be required to deduct, withhold, or remit any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required
deductions (including deductions applicable to additional sums payable under this Section) the Agent, Lender or any Issuing Bank (as applicable) receives an amount equal to the sum it would have received had no such deductions been made,
(ii) such Loan Party shall make such deductions and (iii) such Loan Party shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. If at any time a Loan Party is required by
applicable law to make any deduction or withholding from any sum payable hereunder, such Loan Party shall promptly notify the relevant Lender, Agent or Issuing Bank upon becoming aware of the same. In addition, each Lender, Agent or Issuing Bank
shall promptly notify a Loan Party upon becoming aware of any circumstances as a result of which a Loan Party is or would be required to make any deduction or withholding from any sum payable hereunder. 

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

 (c) Each Loan Party shall indemnify the Agent, each Lender and each Issuing Bank, within 10 Business Days after written
demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Agent, such Lender or such Issuing Bank, as applicable, on or with respect to any payment by or on account of any obligation of such Loan Party hereunder
(including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant 

  
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Governmental Authority. A certificate as to the amount of such payment or liability and setting forth in reasonable detail the calculation thereof delivered to the Borrower Agent by a Lender or
an Issuing Bank, or by the Agent on its own behalf or on behalf of a Lender or an Issuing Bank, shall be conclusive absent manifest error. 
 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by a Loan Party to a Governmental Authority, such Loan Party shall deliver to the 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 Agent. 

(e) Any Lender shall deliver properly completed and executed documentation reasonably requested by the Agent, the Borrower Agent or a
Loan Party to determine whether or not such Lender is subject to withholding, backup withholding or information reporting requirements. If a payment made to a Lender under this Agreement would be subject to withholding Tax imposed under FATCA if
such Lender fails 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 Agent and Agent, at the time or
times prescribed by law and at such time or times reasonably requested by the Borrower Agent or the 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 Agent or the Agent as may be necessary for the Borrower Agent or the Agent to comply with its obligations under FATCA, 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. Without limiting the generality of the foregoing, in particular, on or prior to the date on which a Foreign Lender becomes a Lender under this Agreement (and from time
to time thereafter upon the reasonable request of a Loan Party, the Borrower Agent or Agent), such Foreign Lender shall deliver to the Borrower Agent (with a copy to the Agent) two duly signed, properly completed copies (or such number of copies as
shall be reasonably requested by the recipient) whichever of the following is applicable (i) Internal Revenue Service (“IRS”) Form W-8BEN or any successor thereto (relating to such Foreign Lender and entitling it to an exemption from,
or reduction of, United States withholding tax on payments to be made to such Foreign Lender by any Borrower or any other Loan Party pursuant to this Agreement or any other Loan Document), (ii) IRS Form W-8ECI or any successor thereto (relating
to payments to be made to such Foreign Lender by any Borrower or any other Loan Party pursuant to this Agreement or any other Loan Document), (iii) IRS Form W-8IMY (and any applicable underlying IRS Forms), (iv) in the case of a Foreign
Lender claiming an exemption under Section 881(c) of the Code with regard to portfolio interest, (x) a certificate that establishes in writing to the Borrower Agent and the Agent that such Foreign Lender is not (A) a “bank”
as defined in Section 881(c)(3)(A) of the Code, (ii) a 10-percent shareholder within the meaning of Section 871(h)(3)(B) of the Code, or (iii) a controlled foreign corporation that receives such interest from a related person
within the meaning of Section 864(d)(4) of the Code and (y) duly completed copies of IRS Form W-8BEN, or (v) any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States Federal
withholding tax and reasonably requested by the Borrower Agent or Agent duly completed together with such supplementary documentation as may be prescribed by applicable law and reasonably requested by the Borrower Agent, a Loan Party or Agent to
permit the Loan Party or Agent to determine the withholding or deduction required to be made. Thereafter and from time to time, each such Foreign Lender shall (A) promptly so long as it is eligible to do so submit to the Borrower Agent (with a
copy to the Agent) such additional duly completed and signed copies of one or more of such forms or certificates (or such successor forms or certificates as shall be adopted from time to time by the relevant United States taxing authorities) as may
then be available under the then current United States laws and regulations to avoid, or such evidence as is reasonably satisfactory to the Borrower Agent and the Agent of any available exemption from, or reduction of, United States withholding
taxes in respect of all payments to be made to such Foreign Lender by any Borrower or other Loan Party pursuant to this Agreement, or any 

  
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other Loan Document, in each case, (1) on or before the date that any such form, certificate or other evidence expires or becomes obsolete, (2) after the occurrence of any event
requiring a change in the most recent form, certificate or evidence previously delivered by it to the Borrower Agent and (3) from time to time thereafter if reasonably requested by the Borrower Agent or the Agent, and (B) promptly notify
the Borrower Agent and the Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction. Notwithstanding any other provision of this Section, a Lender shall not be required to deliver any form pursuant
to this Section that such Lender is not legally able to deliver. 
 (f) Each Lender, Agent or Issuing Bank that is a
“United States person” within the meaning of Section 7701(a)(30) of the Code, agrees to complete and deliver to the Borrower Agent a statement signed by an authorized signatory of the Lender to the effect that it is a United States
person together with a duly completed and executed copy of IRS Form W-9 or successor form. 
 (g) Each Lender shall indemnify
the Agent for the full amount of any Taxes that are attributable to such Lender and that are payable or paid by the Agent, together with all interest, penalties, reasonable costs and expenses arising therefrom or with respect thereto, as determined
by the Agent in good faith. A certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive absent manifest error. 
 (h) Each Lender shall severally indemnify each Loan Party for the full amount of any Excluded Taxes that are attributable to such Lender and that are payable or paid by the Loan Party, together with all
interest, penalties, reasonable costs and expenses arising therefrom or with respect thereto, as determined by the Loan Party in good faith. A certificate as to the amount of such payment or liability and setting forth in reasonable detail the
calculation thereof delivered to any Lender by the Loan Party shall be conclusive absent manifest error. 
 (i) If any party
determines, in good faith in its reasonable sole discretion, that it has received a refund of any Taxes as to which it has been indemnified (including any additional amounts paid pursuant to paragraph (a) of this Section 2.17), it
shall pay over such refund to the indemnifying party (but only to the extent of indemnity payments made, or additional amounts paid, under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses of such indemnified party (including any Taxes imposed with respect to such refund) as is determined by the indemnified party in good faith in its sole discretion, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund); provided that such indemnifying party, upon the request of the indemnified party, agrees to repay as soon as reasonably practicable the amount paid over to such indemnifying party (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to the indemnified party in the event the indemnified party is required to repay such refund to such Governmental Authority. This Section shall not be construed to
require the indemnified party to make available its tax returns (or any other information relating to its Taxes which it deems confidential) to the indemnifying party or any other Person. 

SECTION 2.18 Payments Generally; Allocation of Proceeds; Sharing of Set-offs. (a) Unless otherwise specified, each Borrower
shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 2:00
p.m., New York City time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Agent, be deemed to have been received on the next
succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Agent to the applicable account designated to the Borrower Agent by the Agent, except payments to be made directly to the applicable Issuing
Bank or the Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled

  
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thereto. The Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder
shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All
payments hereunder shall be made in Dollars. Any payment required to be made by the Agent hereunder shall be deemed to have been made by the time required if the Agent shall, at or before such time, have taken the necessary steps to make such
payment in accordance with the regulations or operating procedures of the clearing or settlement system used by the Agent to make such payment. At all times that the circumstances specified in Section 2.21(d) are in effect, solely for
purposes of determining the amount of Revolving Loans available for borrowing purposes, checks and cash or other immediately available funds from collections of items of payment and proceeds of any Collateral shall be applied in whole or in part
against the applicable Obligations, on the day of receipt, subject to actual collection. 
 (b) Subject in all respects to the
provisions of the Intercreditor Agreement, all proceeds of Collateral received by the Agent after an Event of Default has occurred and is continuing shall upon election by the Agent or at the direction of the Required Lenders be applied,
first, to, ratably, pay any fees, indemnities, or expense reimbursements then due to the Agent or any Issuing Bank from the Borrowers (other than in connection with Banking Services or Secured Swap Obligations), second, ratably, to pay
any fees or expense reimbursements then due to the Revolving Lenders from the Borrowers (other than in connection with Banking Services or Secured Swap Obligations), third, to pay interest due and payable in respect of any Revolving Loans
(including any Swingline Loans) and any Protective Advances, ratably, fourth, to pay the principal of the Protective Advances, fifth, to prepay principal on the Revolving Loans (other than the Protective Advances) and unreimbursed LC
Disbursements, ratably, sixth, to pay an amount to the Agent equal to 103% of the LC Exposure on such date, to be held in the LC Collateral Account as cash collateral for such Obligations, seventh, to pay any amounts owing with respect
to Banking Services and Secured Swap Obligations, ratably, eighth, to the payment of any other Obligation due to the Agent or any Revolving Lender by the Borrowers, ninth, as provided for under the Intercreditor Agreement and tenth, to
the Borrowers or as the Borrower Agent shall direct. 
 (c) If any Revolving Lender shall, by exercising any right of set-off or
counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in LC Disbursements, Swingline Loans or Protective Advances resulting in such Revolving Lender receiving payment of
a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements, Swingline Loans or Protective Advances and accrued interest thereon than the proportion received by any other Revolving Lender, then the
Revolving Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans and participations in LC Disbursements, Swingline Loans and Protective Advances of other Revolving Lenders at such time
outstanding to the extent necessary so that the benefit of all such payments shall be shared by the Revolving Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and
participations in LC Disbursements, Swingline Loans and Protective Advances; provided that (A) 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 (B) the provisions of this paragraph shall not be construed to apply to any payment made by any Borrower pursuant to and in accordance with
the express terms of this Agreement or any payment obtained by a Revolving Lender as consideration for the assignment of or sale of a participation in any of its Revolving Loans or participations in LC Disbursements, Swingline Loans or Protective
Advances to any assignee or participant. Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Revolving Lender acquiring a participation pursuant to the foregoing

  
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arrangements may exercise against such Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Revolving Lender were a direct creditor of such Borrower
in the amount of such participation. 
 (d) Unless the Agent shall have received notice from the Borrower Agent prior to the
date on which any payment is due to the Agent for the account of the Lenders or the applicable Issuing Bank hereunder that the Borrowers will not make such payment, the Agent may assume that the Borrowers have made such payment on such date in
accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the applicable Issuing Bank, as applicable, the amount due. In such event, if the Borrowers have not in fact made such payment, then each of the Lenders or
the applicable Issuing Bank, as applicable, severally agrees to repay to the Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is
distributed to it to but excluding the date of payment to the Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation. 

(e) If any Lender shall fail to make any payment required to be made by it pursuant to Sections 2.04(b), 2.05(b),
2.05(c), 2.06(d) or (e), 2.07(b), 2.18(c) or 9.03(c), then the Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Agent for the account of
such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
 (f) Anything contained herein to the contrary notwithstanding, the Agent may (but shall not be required to), in its discretion, retain any payments or other funds received by the Agent that are otherwise
to be provided to a Defaulting Lender hereunder, and may apply such funds to such Defaulting Lender’s defaulted obligations or readvance such funds to the Borrowers in connection with the funding of any Revolving Loan or issuance of any Letters
of Credit hereunder, including cash collateralization thereof, in accordance with this Agreement. 
 SECTION 2.19 Mitigation
Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.15, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.17, 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 reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as applicable, in the future and (ii) would
not subject such Lender to any material unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender in any material respect. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment. 
 (b) If any Lender requests compensation under Section 2.15,
or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender is a Defaulting Lender, then the Borrower Agent may, at its
sole expense and effort, upon notice to such Lender and the Agent, replace such Lender by requiring such Lender to assign and delegate (and such Lender shall be obligated to assign and delegate), without recourse (in accordance with and subject to
the restrictions contained in Section 9.04), 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 Agent shall have received the prior written consent of the Agent and each Issuing Bank, which consent in each case shall not unreasonably be withheld, (ii) such Lender shall have received
payment of 

  
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an amount equal to the outstanding principal of its Loans and participations in LC Disbursements, Swingline Loans and Protective Advances, accrued interest thereon, accrued fees and all other
amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a
claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. The Agent is irrevocably appointed as
attorney-in-fact to execute any Assignment and Assumption(s) if the Defaulting Lender fails to execute the same. A Lender (other than a Defaulting Lender) shall not be required to make any such assignment and delegation if, prior thereto, as a
result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower Agent to require such assignment and delegation cease to apply. Nothing in this Section 2.19 shall be deemed to prejudice any rights that any
Borrower or any Lender may have against any Lender that is a Defaulting Lender. 
 SECTION 2.20 Illegality. If any Lender
reasonably determines that any Change in Law has made it unlawful, or that any Governmental Authority has asserted after the Effective Date that it is unlawful, for such Lender or its applicable lending office to make or maintain any LIBOR Rate
Loans, then, on notice thereof by such Lender to the Borrower Agent through the Agent, any obligations of such Lender to make or continue LIBOR Rate Loans or to convert ABR Borrowings to LIBOR Rate Borrowings shall be suspended until such Lender
notifies the Agent and the Borrower Agent that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower Agent shall upon demand from such Lender (with a copy to the Agent), either convert all
LIBOR Rate Borrowings of such Lender to ABR Borrowings, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBOR Rate Borrowings to such day, or immediately, if such Lender may not lawfully
continue to maintain such Loans. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different lending office if such designation will avoid
the need for such notice and will not, in the determination of such Lender, otherwise be disadvantageous to it. 
 SECTION 2.21
Cash Receipts. (a) Each Loan Party shall, within sixty (60) days after the Effective Date (or such later date approved by the Agent in its reasonable discretion), enter into a control agreement (each, a “Blocked Account
Agreement”), in form reasonably satisfactory to the Agent, with the Agent and any bank with which such Loan Party maintains a DDA (other than an Excluded Account) (collectively, the “Blocked Accounts”). 

(b) Each Borrower agrees that it will cause all proceeds of the ABL Collateral (other than the Uncontrolled Cash or cash permitted to be
deposited in any other Excluded Account) to be deposited into a Blocked Account, which deposits may be made through a remote scanning process for purposes of depositing payment items into the Blocked Accounts from time to time. Each Borrower agrees
that it will promptly cause all such payment items to be scanned and deposited into Blocked Accounts and will provide copies at the Agent’s reasonable written request of any and all agreements entered into by a Borrower with any third party
that provides the scanning equipment or the services to reconcile the invoices with any scanned payment items. 
 (c) Each
Blocked Account Agreement shall provide that, after the occurrence and during the continuance of an Event of Default or other Liquidity Event (and delivery of notice thereof from the Agent to the Borrower Agent and the other parties to such
instrument or agreement), and upon the Agent’s instruction to the bank maintaining the Blocked Account, the ACH or wire transfer no less frequently than once per Business Day (unless the Termination Date shall have occurred), of all available
cash balances and cash receipts, including the then contents or then entire ledger balance of each Blocked Account (net of such minimum balance, not to exceed $250,000 as may be required to be maintained in the subject Blocked Account by the bank at
which such Blocked Account is maintained and other than 

  
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any Uncontrolled Cash), to an account maintained by the Agent at JPMCB (the “JPMCB Account”) or such other account as directed by the Agent. Subject to the terms of the Security
Agreement and the Intercreditor Agreement, all amounts received in the JPMCB Account or such other account shall be applied (and allocated) by the Agent in accordance with Section 2.10(b); provided that if the circumstances
described in Section 2.18(b) are applicable, all such amounts shall be applied in accordance with such Section 2.18(b). 
 (d) If, at any time after the occurrence and during the continuance of an Event of Default or other Liquidity Event, any cash or cash equivalents owned by any Loan Party (other than (i) an amount not
to exceed $10,000,000 in the aggregate that is on deposit in a segregated DDA which the Borrower Agent designates in writing to the Agent as being the “uncontrolled cash account” (the “Designated Disbursement Account”),
which funds shall not be funded from, or when withdrawn from the Designated Disbursement Account, shall not be replenished by, funds constituting proceeds of the ABL Collateral so long as such Event of Default or other Liquidity Event continues,
(ii) de minimis cash or cash equivalents from time to time inadvertently misapplied by any Loan Party and (iii) amounts in any other Excluded Accounts) are deposited to any account, or held or invested in any manner, otherwise than in a
Blocked Account subject to a Blocked Account Agreement, the Agent shall be entitled to require the applicable Loan Party to close such account and have all funds therein transferred to a Blocked Account, and to cause all future deposits to be made
to a Blocked Account. 
 (e) The Loan Parties may close DDAs or Blocked Accounts and/or open new DDAs or Blocked Accounts,
subject to the contemporaneous execution and delivery to the Agent of a Blocked Account Agreement consistent with the provisions of this Section 2.21 and otherwise reasonably satisfactory to the Agent. 

(f) Subject to clause (h) below, the JPMCB Account shall at all times be under the sole dominion and control of the Agent. Each Loan
Party hereby acknowledges and agrees that, except to the extent otherwise provided in the Security Agreement, (i) such Loan Party has no right of withdrawal from the JPMCB Account, (ii) the funds on deposit in the JPMCB Account shall at
all times continue to be collateral security for all of the Secured Obligations, and (iii) the funds on deposit in the JPMCB Account shall be applied as provided in this Agreement and the Intercreditor Agreement. In the event that,
notwithstanding the provisions of this Section 2.21, any Loan Party receives or otherwise has dominion and control of any proceeds or collections required to be transferred to the JPMCB Account pursuant to Section 2.21(c),
such proceeds and collections shall be held in trust by such Loan Party for the Agent, shall not be commingled with any of such Loan Party’s other funds or deposited in any account of such Loan Party and shall promptly be deposited into the
JPMCB Account or dealt with in such other fashion as such Loan Party may be instructed by the Agent. 
 (g) So long as
(i) no Event of Default has occurred and is continuing, and (ii) no other Liquidity Event as to which the Agent has notified the Borrower Agent has occurred and is continuing, the Loan Parties may direct, and shall have sole control over,
the manner of disposition of funds in the Blocked Accounts. 
 (h) Any amounts held or received in the JPMCB Account (including
all interest and other earnings with respect thereto, if any) at any time (x) after the Termination Date or (y) all Events of Default and other Liquidity Events have been cured shall (subject in the case of clause (x), to the provisions of
the Intercreditor Agreement), be remitted to the operating account of the Borrower Agent as specified by the Borrower Agent. 

SECTION 2.22 Reserves; Change in Reserves; Decisions by Agent. The Agent may at any time and from time to time in the exercise of
its Permitted Discretion establish and increase or 

  
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decrease Reserves; provided that, as a condition to the establishment of any new category of Reserves, or any increase in Reserves resulting from a change in the manner of determination thereof,
any Required Reserve Notice shall have been given to the Borrower Agent. The amount of any Reserve established by the Agent shall have a reasonable relationship to the event, condition or other matter that is the basis for the Reserve. Upon delivery
of such notice, the Agent shall be available to discuss the proposed Reserve or increase, and the Borrowers may take such action as may be required so that the event, condition or matter that is the basis for such Reserve or increase no longer
exists, in a manner and to the extent reasonably satisfactory to the Agent in the exercise of its Permitted Discretion. In no event shall such notice and opportunity limit the right of the Agent to establish or change such Reserve, unless the Agent
shall have determined in its Permitted Discretion that the event, condition or other matter that is the basis for such new Reserve or such change no longer exists or has otherwise been adequately addressed by the Borrowers. Notwithstanding anything
herein to the contrary, Reserves shall not duplicate eligibility criteria contained in the definition of “Eligible Credit Card Receivable”, “Eligible Other Receivable” or any category of Eligible Inventory and vice versa, or
reserves or criteria deducted in computing the cost or market value or Value of any Eligible Receivable or any Eligible Inventory or the Net Orderly Liquidation Value Percentage of any Eligible Inventory and vice versa. 

SECTION 2.23 Revolving Commitment Increases. (a) So long as no Event of Default then exists, or would result therefrom, the
Borrower Agent shall have the right at any time, and from time to time, to request one or more increases in the amount of the total Commitments in an aggregate amount not to exceed $100,000,000 or, if less, the amount by which $400,000,000 exceeds
the total Commitments then in effect (such amount, the “Aggregate Incremental Capacity”). Anything contained herein to the contrary notwithstanding, the aggregate amount of Commitments and, without duplication, Loans outstanding hereunder
at any time, including the aggregate amount of Revolving Commitment Increases, shall not exceed $400,000,000 at any time. 
 (b)
(i) The Agent or any other Person may arrange for existing Revolving Lenders to increase their Revolving Commitments or for other Persons to become a Revolving Lender hereunder and to issue revolving commitments in an amount equal to the amount of
the increase in the aggregate total of Revolving Commitments requested by the Borrower Agent (each such increase by either means, a “Revolving Commitment Increase”, and each such Person issuing, or Lender increasing, its Revolving
Commitment, an “Additional Revolving Commitment Lender”); provided, however, that (A) no Revolving Lender shall be obligated to provide a Revolving Commitment Increase as a result of any such request by the
Borrower Agent, and the Borrower Agent shall not be obligated to provide any existing Revolving Lender with the opportunity to provide a Revolving Commitment Increase and (B) any Additional Revolving Commitment Lender which is not an existing
Revolving Lender shall be subject to the approval of the Agent, each Issuing Bank and the Borrower Agent (each such consent not to be unreasonably withheld). Each Revolving Commitment Increase shall be in a minimum aggregate amount of at least
$25,000,000 and in integral multiples of $1,000,000 in excess thereof. Each Revolving Commitment Increase shall be subject to the terms and conditions set forth in this Section 2.23(b) and any Revolving Loans pursuant to such Revolving
Commitment Increase or new Revolving Commitments shall be on the same terms and conditions as all other Revolving Loans, except with respect to any fees payable in connection therewith as may be separately agreed among the Borrower Agent and the
Additional Revolving Commitment Lenders. 
 (ii) No Revolving Commitment Increase shall become effective unless
and until each of the following conditions have been satisfied: 
 (A) the Borrower Agent, the Agent, and any
Additional Revolving Commitment Lender shall have executed and delivered a customary joinder to the Loan Documents; 

  
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 (B) the Borrowers shall have paid such fees and other compensation as the
Borrower Agent and each such Additional Revolving Commitment Lender may agree; 
 (C) the Borrower Agent shall
have delivered to the Agent and the Revolving Lenders an opinion or opinions, in form and substance reasonably satisfactory to the Agent, from counsel to the Borrowers reasonably satisfactory to the Agent (it being agreed that the counsel that
delivers the legal opinions on the Effective Date shall be satisfactory to the Agent) and dated such date; and 

(D) the Borrower Agent shall have delivered to the Agent (1) the resolutions adopted by each Borrower approving or
consenting to such Revolving Commitment Increase and (2) a certificate of a Responsible Officer of the Borrower Agent to the effect that, after giving effect to the requested Revolving Commitment Increase, no Event of Default shall have
occurred and be continuing. 
 (iii) The Agent shall promptly notify each Lender as to the effectiveness of each
Commitment Increase (with each date of such effectiveness being referred to herein as a “Revolving Commitment Increase Date”), and at such time (A) the aggregate total Revolving Commitments and the aggregate total Commitments
under, and for all purposes of, this Agreement shall be increased by the aggregate amount of such Revolving Commitment Increases, (B) the Commitment Schedule shall be deemed modified, without further action, to reflect the revised Revolving
Commitments of the Lenders, and (C) this Agreement shall be deemed amended, without further action, to the extent necessary to reflect such increased aggregate total Commitments. 

(iv) In connection with Revolving Commitment Increases hereunder, the Lenders and the Borrowers agree that,
notwithstanding anything to the contrary in this Agreement, (A) the Borrowers shall, in coordination with the Agent, (1) repay outstanding Revolving Loans of certain Lenders, and obtain Revolving Loans from certain other Revolving Lenders
(including the Additional Revolving Commitment Lenders), or (2) take such other actions as reasonably may be required by the Agent, in each case to the extent necessary so that all of the Revolving Lenders effectively participate in each of the
outstanding Revolving Loans pro rata on the basis of their Applicable Percentages (determined after giving effect to any increase in the aggregate total Revolving Commitments pursuant to this Section 2.23); and (B) the Borrowers
shall pay to the Revolving Lenders any costs of the type referred to in Section 2.16 in connection with any repayment and/or prepayment of Revolving Loans required pursuant to preceding clause (A). Without limiting the obligations of the
Borrowers provided for in this Section 2.23(b), the Agent and the Lenders agree that they will use their commercially reasonable efforts to attempt to minimize the costs of the type referred to in Section 2.16 which the
Borrowers would otherwise occur in connection with the implementation of an increase in the aggregate total Revolving Commitments and the aggregate total Commitments hereunder. 

SECTION 2.24 Borrower Agent. Holdings and each Borrower hereby designates Holdings as its representative and agent (in such
capacity, the “Borrower Agent”) for all purposes under the Loan Documents, including requests for Loans and Letters of Credit, designation of interest rates, delivery or receipt of communications, preparation and delivery of
Borrowing Base Certificates and financial reports, receipt and payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Loan Documents (including in respect of compliance with covenants), and all other
dealings with the Agent, the Issuing Banks or any Lender. The Borrower Agent hereby accepts such appointment. The Agent, the Issuing Banks and the Lenders shall be entitled to rely upon, and shall be fully protected in relying upon, any notice or
communication (including any notice of 

  
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borrowing) delivered by Borrower Agent on behalf of Holdings or any Borrower. The Agent, the Issuing Banks and the Lenders may give any notice or communication with Holdings or a Borrower
hereunder to the Borrower Agent on behalf of Holdings or such Borrower. Each of the Agent, the Issuing Banks and the Lenders shall have the right, in its discretion, to deal exclusively with the Borrower Agent for any or all purposes under the Loan
Documents. Holdings and each Borrower agrees that any notice, election, communication, representation, agreement or undertaking made on its behalf by the Borrower Agent shall be binding upon and enforceable against it. Anything contained herein to
the contrary notwithstanding, no Borrower (other than the Borrower Agent) shall be authorized to request any Borrowing or Letter of Credit hereunder without the prior written consent of the Borrower Agent. Holdings (a) shall ensure that a
Borrower Agent is in existence at all times during the term of this Agreement and (b) may replace the Borrower Agent with any other Borrower, subject to the prior written consent of the Agent (not to be unreasonably withheld). 

SECTION 2.25 Joint and Several Liability of the Borrowers. (a) Each Borrower agrees that it is absolutely and unconditionally
jointly and severally liable, as co-borrower, for the prompt payment and performance of all Obligations and all agreements of each of the Borrowers under the Loan Documents. Each Borrower agrees that its co-borrower obligations hereunder are direct
obligations of payment and not of collection, that such obligations shall not be discharged until the Termination Date. 
 (b)
It is agreed among each Borrower, the Agent, the Issuing Banks and the Lenders that the provisions of this Section 2.25 are of the essence of the transaction contemplated by the Loan Documents and that, but for such provisions, the
Agent, the Issuing Banks and the Lenders would decline to make Loans and issue Letters of Credit. Each Borrower acknowledges that its obligations pursuant to this Section are necessary to the conduct and promotion of its business, and can be
expected to benefit such business. 
 (c) Nothing contained in this Agreement (including any provisions of this
Section 2.25 to the contrary) shall limit the liability of (i) any Borrower to pay Loans made directly or indirectly to that Borrower (including Loans advanced to any other Borrower and then re-loaned or otherwise transferred to, or
for the benefit of, such Borrower), LC Exposure and all accrued interest, fees, expenses and other related Obligations with respect thereto, for which such Borrower shall be primarily liable for all purposes hereunder, or (ii) Holdings in
respect of all of the Obligations under the Loan Documents. The Agent, the Issuing Banks and the Lenders shall have the right, at any time in their discretion, to condition Loans and Letters of Credit upon a separate calculation of borrowing
availability for each Borrower and to restrict the disbursement and use of such Loans and Letters of Credit to such Borrower. 

(d) Each Borrower has requested that the Agent and the Lenders make this credit facility available to the Borrowers on a combined basis,
in order to finance the Borrowers’ business most efficiently and economically. The Borrowers’ business is a mutual and collective enterprise, and the Borrowers believe that consolidation of their credit facility will enhance the borrowing
power of each Borrower and ease the administration of their relationship with the Lenders, all to the mutual advantage of the Borrowers. The Borrowers acknowledge and agree that the Agent’s and the Lenders’ willingness to extend credit to
the Borrowers and to administer the Collateral on a combined basis, as set forth herein, is done solely as an accommodation to the Borrowers and at the Borrowers’ request. 

(e) In any action or proceeding involving any state corporate law, or any state, Federal or foreign bankruptcy, insolvency,
reorganization or other law affecting the rights of creditors generally, if the obligations of any Borrower under this Section 2.25 or under this Agreement would otherwise be held or determined to be avoidable, invalid or unenforceable
on account of the amount of such Borrower’s liability under this Section 2.25 or under this Agreement, then, notwithstanding any other provision of this Section 2.25 to the contrary, the amount of such liability shall,
without any further 

  
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action by the Borrowers or the Lenders, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding (such highest amount
determined hereunder being the relevant Borrower’s maximum liability (“Borrower’s Maximum Liability”). This Section 2.25(e) with respect to the Borrower’s Maximum Liability of each Borrower is intended
solely to preserve the rights of the Lenders to the maximum extent not subject to avoidance under applicable law, and no Borrower nor any other Person or entity shall have any right or claim under this Section with respect to such Borrower’s
Maximum Liability, except to the extent necessary so that the obligations of any Borrower hereunder shall not be rendered voidable under applicable law. Each Borrower agrees that the Obligations may at any time and from time to time exceed the
Borrower’s Maximum Liability of each Borrower without impairing this Section 2.25 or this Agreement, or affecting the rights and remedies of the Lenders hereunder, provided that nothing in this sentence shall be
construed to increase any Borrower’s obligations hereunder beyond its Borrower’s Maximum Liability. 
 (f) In the
event any Borrower (a “Paying Borrower”) shall make any payment or payments under this Section 2.25 or shall suffer any loss as a result of any realization upon any collateral granted by it to secure its obligations
under this Agreement, each other Borrower (each a “Non-Paying Borrower”) shall contribute to such Paying Borrower an amount equal to such Non-Paying Borrower’s “Borrower Percentage” of such payment or payments made,
or losses suffered, by such Paying Borrower. For purposes of this Section 2.25, each Non-Paying Borrower’s “Borrower Percentage” with respect to any such payment or loss by a Paying Borrower shall be determined as
of the date on which such payment or loss was made by reference to the ratio of (i) such Non-Paying Borrower’s Maximum Liability as of such date (without giving effect to any right to receive, or obligation to make, any contribution
hereunder) or, if such Non-Paying Borrower’s Maximum Liability has not been determined, the aggregate amount of all monies received by such Non-Paying Borrower from any other Borrower after the date hereof (whether by loan, capital infusion or
by other means) to (ii) the aggregate Borrower’s Maximum Liability of all Borrowers hereunder (including such Paying Borrower) as of such date (without giving effect to any right to receive, or obligation to make, any contribution
hereunder), or to the extent that a Borrower’s Maximum Liability has not been determined for any Borrower, the aggregate amount of all monies received by such Borrowers from any other Borrower after the date hereof (whether by loan, capital
infusion or by other means). Nothing in this provision shall affect any Borrower’s several liability for the entire amount of the Obligations (up to such Borrower’s Maximum Liability). Each of the Borrowers covenants and agrees that its
right to receive any contribution under this Section 2.25 from a Non-Paying Borrower shall be subordinate and junior in right of payment to the Obligations until the Termination Date. This provision is for the benefit of all of the
Agent, the Issuing Banks, the Lenders, the Borrowers and the Loan Guarantors and may be enforced by any one, or more, or all of them in accordance with the terms hereof. 
 SECTION 2.26 Loan Account; Statement of Obligations. (a) The Agent shall maintain in accordance with its usual and customary practices an account or accounts (“Loan Account”)
evidencing the Indebtedness of the Borrowers resulting from each Revolving Loan or issuance of a Letter of Credit from time to time and all other payment Obligations hereunder or under the other Loan Documents, including accrued interest, fees and
expenses. Any failure of the Agent to record anything in the Loan Account, or any error in doing so, shall not limit or otherwise affect the obligation of the Borrowers to pay any amount owing hereunder. The Agent may maintain a single Loan Account
in the name of the Borrower Agent, and each Borrower confirms that such arrangement shall have no effect on the joint and several character of its liability for the Obligations. In the absence of manifest error, entries made in the Loan Account
shall constitute presumptive evidence of the information contained therein. 
 (b) The Borrowers hereby authorize the Agent,
from time to time without prior notice to the Borrowers, to charge to the Loan Account all interest and all fees payable hereunder or under any of the other Loan Documents, all costs and expenses payable by any Loan Party hereunder or under

  
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any of the other Loan Documents, all fees and costs provided for in Section 2.12, and all other payments due and payable under any Loan Document, which amounts so charged shall
thereafter constitute Revolving Loans hereunder which shall accrue interest at the rate then applicable to Revolving Loans that are ABR Loans (unless and until converted into LIBOR Rate Loans in accordance with the terms hereof); provided
that the Agent shall not be authorized to charge any such amount to the Loan Account unless the same shall not have been paid by any Loan Party when payment of such amount has otherwise become due and payable hereunder or under any other Loan
Document. Any interest not paid by any Loan Party within two Business Days after such payment of such amount has otherwise become due and payable hereunder or under any other Loan Document shall be compounded by being charged to the Loan Account and
shall thereafter constitute Loans hereunder and shall accrue interest at the rate then applicable to Loans that are ABR Loans (unless and until converted into LIBOR Rate Loans in accordance with the terms hereof). 

SECTION 2.27 Extensions of Revolving Loans and Revolving Commitments. (a) The Borrower Agent may at any time and from time to
time request that all or a portion of the Revolving Commitments (including any previously extended Revolving Commitments) existing at the time of such request (each, an “Existing Revolving Commitment” and any related revolving loans
under any such facility, “Existing Revolving Loans”) be exchanged to extend the termination date thereof and the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of
Existing Revolving Loans related to such Existing Revolving Commitments (any such Existing Revolving Commitments which have been so extended, “Extended Revolving Commitments” and any related Revolving Loans, “Extended
Revolving Loans”) and to provide for other terms consistent with this Section 2.27. Prior to entering into any Extension Agreement with respect to any Extended Revolving Commitments, the Borrower Agent shall provide a notice to
the Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Class of Existing Revolving Commitments) (a “Revolving Extension Request”) setting forth the proposed terms of the Extended Revolving
Commitments to be established thereunder, which terms shall be identical to those applicable to the Existing Revolving Commitments from which they are to be extended (the “Specified Existing Revolving Commitment Class”) except
(x) all or any of the final maturity dates of such Extended Revolving Commitments may be delayed to later dates than the final maturity dates of the Existing Revolving Commitments of the Specified Existing Revolving Commitment Class,
(y) the all-in pricing (including, without limitation, margins, fees and premiums) with respect to the Extended Revolving Commitments may be higher or lower than the all-in pricing (including, without limitation, margins, fees and premiums) for
the Existing Revolving Commitments of the Specified Existing Revolving Commitment Class and (z) the commitment fee rate with respect to the Extended Revolving Commitments may be higher or lower than the commitment fee rate for Existing
Revolving Commitments of the Specified Existing Revolving Commitment, in each case, to the extent provided in the applicable Extension Agreement; provided that, notwithstanding anything to the contrary in this Section 2.27 or otherwise,
(1) the borrowing and repayment (other than in connection with a permanent repayment and termination of commitments) of the Extended Revolving Loans under any Extended Revolving Commitments shall be made on a pro rata basis with any borrowings
and repayments of the Existing Revolving Loans (the mechanics for which may be implemented through the applicable Extension Agreement and may include technical changes related to the borrowing and repayment procedures of this Agreement),
(2) assignments and participations of Extended Revolving Commitments and Extended Revolving Loans shall be governed by the assignment and participation provisions set forth in Section 9.04 and (3)(I) in the case of
Section 2.09, no permanent repayment of Extended Revolving Loans (and corresponding permanent reduction in the related Extended Revolving Commitments) shall be permitted unless all Existing Revolving Loans and all Existing Revolving
Commitments of the Specified Existing Revolving Commitment Class, shall have been repaid in full and terminated, respectively and (II) in all other cases, no termination of Extended Revolving Commitments and no repayment of Extended Revolving Loans
accompanied by a corresponding permanent reduction in Extended Revolving Commitments shall be permitted unless such 

  
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termination or repayment (and corresponding reduction) is accompanied by at least a pro rata termination or permanent repayment (and corresponding pro rata permanent reduction), as applicable, of
the Existing Revolving Loans and Existing Revolving Commitments of the Specified Existing Revolving Commitment Class (or all Existing Revolving Commitments of such Class and related Existing Revolving Loans shall have otherwise been terminated and
repaid in full). Any Extended Revolving Commitments of any Extension Series shall constitute a separate Class of Revolving Commitments from Existing Revolving Commitments of the Specified Existing Revolving Commitment Class and from any other
Existing Revolving Commitments (together with any other Extended Revolving Commitments so established on such date). 
 (b) The
Borrower Agent shall provide the applicable Extension Request at least ten (10) Business Days prior to the date on which Lenders under the Existing Class are requested to respond. Any Lender (an “Extending Lender”) wishing to
have all or a portion of its Revolving Commitments (or any earlier Extended Revolving Commitments) of an Existing Class subject to such Extension Request exchanged into Extended Loans/Commitments shall notify the Agent (an “Extension
Election”) on or prior to the date specified in such Extension Request of the amount of its Revolving Commitments (and/or any earlier Extended Revolving Commitments) which it has elected to convert into Extended Loans/Commitments, but in no
event shall any Lender be required to become an Extending Lender. In the event that the aggregate amount of Revolving Commitments (and any earlier Extended Revolving Commitments) subject to Extension Elections exceeds the amount of Extended
Loans/Commitments requested pursuant to the Extension Request, Revolving Commitments (and any earlier Extended Revolving Commitments) subject to Extension Elections shall be exchanged to Extended Loans/Commitments on a pro rata basis based on the
amount of Revolving Commitments (and any earlier Extended Revolving Commitments) included in each such Extension Election. Notwithstanding the conversion of any Existing Revolving Commitment into an Extended Revolving Commitment, such Extended
Revolving Commitment shall be treated identically to all Existing Revolving Commitments of the Specified Existing Revolving Commitment Class for purposes of the obligations of a Revolving Lender in respect of Swingline Loans under
Section 2.05 and Letters of Credit under Section 2.06, except that the applicable Extension Agreement may provide that the last day for making Swingline Loans and/or the last day for issuing Letters of Credit may be extended
and the related obligations to make Swingline Loans and issue Letters of Credit may be continued (pursuant to mechanics set forth in the applicable Extension Agreement) so long as the Swingline Lender and/or the applicable Issuing Bank, as
applicable, have consented to such extensions (it being understood that no consent of any other Lender shall be required in connection with any such extension). 
 (c) Extended Loans/Commitments shall be established pursuant to an amendment (an “Extension Agreement”) to this Agreement (which, except to the extent expressly contemplated by the
penultimate sentence of this Section 2.27(c) and notwithstanding anything to the contrary set forth in Section 9.02, shall not require the consent of any Lender other than the Extending Lenders with respect to the Extended
Loans/Commitments established thereby) executed by the Borrower Agent, the Agent and the Extending Lenders. Notwithstanding anything to the contrary in this Section 2.27 and without limiting the generality or applicability of
Section 9.02 to any Section 2.27 Additional Agreements, any Extension Agreement may provide for additional terms and/or additional amendments other than those referred to or contemplated above (any such additional amendment,
a “Section 2.27 Additional Agreement”) to this Agreement and the other Loan Documents; provided that such Section 2.27 Additional Agreements do not become effective prior to the time that such
Section 2.27 Additional Agreements have been consented to (including, without limitation, pursuant to consents applicable to holders of any Extended Loans/Commitments provided for in any Extension Agreement) by such of the Lenders, Loan
Parties and other parties (if any) as may be required in order for such Section 2.27 Additional Agreements to become effective in accordance with Section 9.02. It is understood and agreed that each Lender has consented, and
shall at the effective time thereof be deemed to consent to each 

  
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amendment to this Agreement and the other Loan Documents authorized by this Section 2.27 and the arrangements described above in connection therewith except that the foregoing shall
not constitute a consent on behalf of any Lender to the terms of any Section 2.27 Additional Agreement. In connection with any Extension Agreement, the Borrower Agent shall deliver an opinion of counsel reasonably acceptable to the Agent
(i) as to the enforceability of such Extension Agreement, this Agreement as amended thereby, and such of the other Loan Documents (if any) as may be amended thereby (in the case of such other Loan Documents as contemplated by the immediately
preceding sentence), (ii) to the effect that such Extension Agreement, including without limitation, the Extended Loans/Commitments provided for therein, does not conflict with or violate the terms and provisions of Section 9.02 of
this Agreement and (iii) as to any other matter reasonably requested by the Agent. 
 SECTION 2.28 Defaulting
Lenders. 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: 

(a) fees shall cease to accrue on the Available Revolving Commitment of such Defaulting Lender pursuant to Section 2.12(a);

 (b) the Commitment and Revolving Exposure of such Defaulting Lender shall not be included in determining whether all Lenders,
all affected Lenders, the Required Lenders or the Super Majority Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 9.02); provided that any waiver,
amendment or modification requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender; 

(c) if any Swingline Exposure or LC Exposure exists at the time a Lender becomes a Defaulting Lender then: 

(i) all or any part of such Swingline Exposure and LC Exposure shall be reallocated among the non-Defaulting Lenders in
accordance with their respective Applicable Percentages but only to the extent (x) the sum of all non-Defaulting Lenders’ Revolving Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the lesser
of the total of all non-Defaulting Lenders’ Revolving Commitments and the Borrowing Base and (y) the conditions set forth in Section 4.02 are satisfied at such time; and 

(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrowers
shall within three (3) Business Days following notice by the Agent (x) first, prepay the Swingline Exposure of such Defaulting Lender and (y) second, cash collateralize such Defaulting Lender’s LC Exposure (after
giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding; 

(iii) if the Borrowers cash collateralize any portion of such Defaulting Lender’s LC Exposure pursuant to this
Section 2.28(c), the Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting
Lender’s LC Exposure is cash collateralized; 
 (iv) if the LC Exposure of the non-Defaulting Lenders is
reallocated pursuant to this Section 2.28(c), then the fees payable to the Lenders pursuant to Section 2.12(a) and Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable
Percentages; or 

  
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 (v) if any Defaulting Lender’s LC Exposure is neither cash
collateralized nor reallocated pursuant to this Section 2.28(c), then, without prejudice to any rights or remedies of the applicable Issuing Bank or any Lender hereunder, all letter of credit fees payable under
Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the applicable Issuing Bank until such LC Exposure is cash collateralized and/or reallocated; 

(d) so long as any Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing
Banks shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the
Borrower in accordance with Section 2.28(c), and participating interests in any such newly issued or increased Letter of Credit or newly made Swingline Loan shall be allocated among non-Defaulting Lenders in a manner consistent with
Section 2.28(c)(i) (and Defaulting Lenders shall not participate therein); and 
 (e) in the event and on the date
that each of the Agent, the Borrower Agent, the Issuing Banks and the Swingline Lender agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure
of the other Lenders shall be readjusted to reflect the inclusion of such Lender’s Revolving Commitment and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Agent shall
determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage. 

ARTICLE III. 
 REPRESENTATIONS AND WARRANTIES 
 Each Loan Party represents and warrants to
the Lenders that: 
 SECTION 3.01 Organization; Powers. Each of the Loan Parties and each of its Subsidiaries is duly
organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to own its property and assets and to carry on its business as now conducted and, except where the failure
to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

SECTION 3.02 Authorization; Enforceability. The execution, delivery and performance by each of the Loan Parties of each of the
Loan Documents to which it is a party, the borrowing of Loans and the other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder are, to the extent applicable, within each applicable Loan Party’s
organizational powers and have been duly authorized by all necessary organizational and, if required, equityholder action of such Loan Party. Each Loan Document to which each Loan Party is a party has been duly executed and delivered by such Loan
Party and is a legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally and to general principles of
equity. 
 SECTION 3.03 Governmental Approvals; No Conflicts. The execution, delivery and performance by each of the Loan
Parties of each of the Loan Documents to which it is a party, the borrowing of Loans and the other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder (a) do not require any consent or approval of,
registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect, and (ii) for filings necessary to perfect Liens created pursuant to the Loan
Documents, (b) will not violate any Requirement of Law applicable to any Loan Party or any of its 

  
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Subsidiaries, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon any Loan Party or any of its Subsidiaries or its assets, or give
rise to a right thereunder to require any payment to be made by any Loan Party or any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of any Loan Party or any of its Subsidiaries, except Liens
created pursuant to the Loan Documents and the Note and Specified Hedge Security Documents; except, in each case other than with respect to the creation of Liens, to the extent that any such violation, default or right, or any failure to obtain such
consent or approval or to take any such action, would not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.04 Financial Condition; No Material Adverse Change. (a) The unaudited pro forma condensed combined balance sheet and
statement of income of Holdings and its consolidated Subsidiaries as of and for the four-quarter period ending September 30, 2010 (including any notes thereto) (the “Pro Forma Financial Statements”), copies of which have heretofore
been furnished to each Lender, have been prepared giving effect to the consummation of the Transactions (as if such events had occurred on such date or on the first day of such period, as applicable). The Pro Forma Financial Statements have been
prepared in good faith based upon assumptions believed to be reasonable as of the date thereof, and present fairly on a pro forma basis the estimated financial position of Holdings and its consolidated Subsidiaries as at such date or for such
period, as applicable, assuming that the events specified in the preceding sentence had actually occurred at such date or on the first day of such period, as applicable. 
 (b) The audited combined balance sheets and related combined statements of income, cash flows and net investments of the Contributed Assets for the fiscal years ended December 31,
2007, December 31, 2008 and December 31, 2009 reported on by PricewaterhouseCoopers LLP, independent public accountants, present fairly in all material respects the combined financial position of the Contributed Assets as of such
dates and the combined results of operations and combined cash flows of the Contributed Assets for the respective fiscal years ended as of such dates. The unaudited condensed combined balance sheets and related combined statements of income and cash
flows of the Contributed Assets for the fiscal quarter ended September 30, 2010 present fairly in all material respects the combined financial condition of the Contributed Assets as of such date (subject to the absence of footnotes and normal
year-end adjustments) and the combined results of operations and consolidated cash flows of the Contributed Assets for the nine-month period ended as of such date (subject to the absence of footnotes and normal year-end adjustments). All such
financial statements have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein). As of the Effective Date, no Loan Party has
any material liabilities or material obligations of any kind whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, and whether due or to become due, other than liabilities or obligations provided for in the
financial statements referred to in this paragraph, liabilities or obligations arising in the ordinary course of business consistent with past practice or liabilities which would not be required to be disclosed in an audited balance sheet (or in the
notes thereto) that is prepared in accordance with GAAP. 
 (c) No event, change or condition has occurred that has had, or
would reasonably be expected to have, a Material Adverse Effect, since the Effective Date. 
 SECTION 3.05 Properties.
Holdings and each of the Subsidiaries has good and insurable fee simple title to, or valid leasehold or sub-leasehold interests in, or easements or other limited property interests in, all its real properties (including all Mortgaged Properties) and
has good and marketable title to its personal property and assets, in each case, except for defects in title that do not materially interfere with its ability to conduct its business as currently conducted or to utilize such properties and assets
for their intended purposes and except where the failure to have such title would not 

  
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reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. All such properties and assets are free and clear of Liens, other than Liens (i) permitted by
Section 6.02 or (ii) arising by operation of law (which Liens, in the case of this clause (ii) do not materially interfere with the ability of Holdings or the relevant Subsidiary to carry on its business as now conducted or to
utilize the affected properties or assets for their intended purposes). 
 SECTION 3.06 Litigation and Environmental
Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of any Loan Party, threatened against or affecting the Loan Parties or any of their Subsidiaries
(i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve
any Loan Documents. 
 (b) Except for matters that, individually or in the aggregate, would not reasonably be expected to result
in a Material Adverse Effect (i) no Loan Party nor any of its Subsidiaries has received written notice of any claim with respect to any Environmental Liability and (ii) no Loan Party nor any of its Subsidiaries (1) has failed to
comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law or (2) has become subject to any Environmental Liability. 

SECTION 3.07 Compliance with Laws, No Default. Each Loan Party is in compliance with all Requirements of Law applicable to it or
its property, except where the failure to be so in compliance, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 

SECTION 3.08 Investment Company Status. No Loan Party is an “investment company” as defined in, or is required to be
registered under, the Investment Company Act of 1940. 
 SECTION 3.09 Taxes. Each Loan Party and its Subsidiaries has
timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate
proceedings and for which such Loan Party or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so, individually or in the aggregate, would not
reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.10 ERISA. No ERISA Event has occurred in the
five year period prior to the date on which this representation is made or deemed made and is continuing or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to
occur, would reasonably be expected to result in a Material Adverse Effect. Except as would not reasonably be expected to have a Material Adverse Effect, the present value of all accumulated benefit obligations under each Plan (based on the
assumptions used for purposes of Accounting Standards Codification No. 715: Compensation-Retirement Benefits) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of
such Plan. 
 SECTION 3.11 Disclosure. (a) All written information (other than the Projections, the pro forma
financial statements and estimates and information of a general economic or general industry nature) concerning Holdings, the Subsidiaries, the Transactions and any other transactions contemplated hereby prepared by or on behalf of the foregoing or
their representatives and made available to any Lender or the Agent in connection with the Transactions on or before the date hereof (the “Information”), when taken as a whole, as of the date such Information was furnished to the
Lenders and 

  
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as of the Effective Date, did not contain any untrue statement of a material fact as of any such date or omit to state a material fact necessary in order to make the statements contained therein
not misleading in light of the circumstances under which such statements were made (giving effect to all supplements and updates). 
 (b) The Projections, pro forma financial statements and estimates prepared by or on behalf of the Loan Parties or any of their representatives and that have been made available to any Lender or the Agent
in connection with the Transactions on or before the date hereof (the “Other Information”) (i) have been prepared in good faith based upon assumptions believed to be reasonable as of the date thereof (it being recognized that
such Other Information is as to future events and is not to be viewed as a fact, the Other Information is subject to significant uncertainties and contingencies, many of which are beyond the control of Holdings and the Subsidiaries, that no
assurance can be given that any particular projections will be realized and that actual results during the period or periods covered by any such Other Information may differ from the projected results and such differences may be material), and
(ii) as of the Effective Date, have not been modified in any material respect by any Loan Party. 
 SECTION 3.12
Solvency. As of the Effective Date, and immediately after giving effect to the Acquisition and the consummation of the other Transactions to occur on the Effective Date, (i) the fair value of the assets of Holdings and its Subsidiaries,
on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, direct, subordinated, contingent or otherwise, of Holdings and its Subsidiaries, on a consolidated basis; (ii) the present fair saleable value of the property
of Holdings and its Subsidiaries, on a consolidated basis, will be greater than the amount that will be required to pay the probable liability of Holdings and its Subsidiaries on a consolidated basis, on their debts and other liabilities, direct,
subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) Holdings and its Subsidiaries, on a consolidated basis, will be able to pay their debts and liabilities, direct, subordinated,
contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) Holdings and its Subsidiaries, on a consolidated basis, will not have unreasonably small capital with which to conduct the businesses in which they are
engaged as such businesses are now conducted and are proposed to be conducted following the Effective Date. 
 SECTION 3.13
Insurance. All insurance required by Section 5.09 is in full force and effect and all premiums in respect of such insurance have been duly paid. Holdings believes that the insurance maintained by or on behalf of Holdings and the
Subsidiaries is adequate and is in accordance with normal industry practice. 
 SECTION 3.14 Capitalization and
Subsidiaries. As of the date hereof, Schedule 3.14 sets forth (a) a correct and complete list of the name and relationship to Holdings of each of Holdings’ Subsidiaries, (b) a true and complete listing of each class of each
of Holdings’ and each Subsidiary’s authorized Equity Interests, of which all of such issued shares are validly issued, outstanding, fully paid and non-assessable, and owned beneficially and of record by the Persons identified on
Schedule 3.14, and (c) the type of entity of Holdings and each of its Subsidiaries. All of the issued and outstanding Equity Interests of the Subsidiaries owned by any Loan Party have been (to the extent such concepts are relevant with
respect to such ownership interests) duly authorized and issued and are fully paid and non-assessable free and clear of all Liens (other than Liens permitted pursuant to Section 6.02). As of the Effective Date, there are no outstanding
purchase options, warrants, subscription rights, agreements to issue or sell, convertible interests or powers of attorney granted by any Subsidiary of Holdings relating to Equity Interests of any such Subsidiary. 

SECTION 3.15 Security Interest in Collateral. The provisions of the Collateral Documents are effective to create legal and valid
Liens on the applicable Collateral described in each therein in favor of the Agent, for the benefit of the Agent, the Lenders and the other Secured Parties (to 

  
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the extent such matter is governed by the law of the United States or a jurisdiction therein); and upon the taking of all actions described in the Loan Documents (but subject to the limitations
set forth therein), including, without limitation, the filing of UCC financing statements covering the appropriate Collateral in the state of organization of each applicable Loan Party and the filings of short form agreements in respect of
registered and applied for United States federal intellectual property owned by each Loan Party, such Liens will constitute perfected Liens on the Collateral, securing the Secured Obligations, enforceable against the applicable Loan Party, and
having priority over all other Liens on the Collateral except in the case of (a) Permitted Encumbrances and other Liens permitted under Section 6.02, to the extent any such Permitted Encumbrances or such Liens would have priority
over the Liens in favor of the Agent pursuant to any applicable law or otherwise, (b) Liens perfected only by possession (including possession of any certificate of title) to the extent the Agent has not obtained or does not maintain possession
of such Collateral, (c) Excluded Accounts and (d) subject to and as provided for under the terms of the Intercreditor Agreement, the Liens granted to the Note and Specified Hedge Representative under the Note and Specified Hedge Security
Documents. 
 SECTION 3.16 Labor Disputes. Except as, individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect: (a) there are no strikes, lockouts or slowdowns against any Loan Party pending or, to the knowledge of any Borrower, threatened, (b) the hours worked by and payments made to employees of the Loan Parties
and the Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with such matters and (c) all payments due from any Loan Party or any Subsidiary, on account of
wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of the Loan Party or such Subsidiary to the extent required by GAAP. Except as, individually or in the aggregate, would not
reasonably be expected to have a Material Adverse Effect the consummation of the Transactions will not give rise to a right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which Holdings
or any of its Subsidiaries (or any predecessor) is a party or by which Holdings or any of the Subsidiaries (or any predecessor) is bound. 
 SECTION 3.17 Federal Reserve Regulations. (a) On the Effective Date, none of the Collateral is Margin Stock. 
 (b) None of Holdings and the Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock. 

(c) No part of the proceeds of any Loan or any Letter of Credit will be used, whether directly or indirectly, and whether immediately,
incidentally or ultimately for any purpose that entails a violation of, or that is inconsistent with, the provisions of Regulation T, U or X. 
 SECTION 3.18 ABL Obligations. The Secured Obligations constitute “ABL Obligations” under and as defined in the Intercreditor Agreement. 

SECTION 3.19 Intellectual Property. Each Loan Party owns or has the lawful right to use all material intellectual property used in
the conduct of its business, without conflict with any intellectual property rights of others, except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. Except as, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect, there is no pending or, to any Borrower’s knowledge, threatened claim that any Loan Party’s ownership, use, marketing, sale or distribution of any Inventory or
other product violates another Person’s intellectual property rights. 

  
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 SECTION 3.20 Anti-Terrorism Laws. Each Loan Party is in compliance in all material
respects with all Anti-Terrorism Laws applicable to it or its property. 
 ARTICLE IV. 

CONDITIONS 

SECTION 4.01 Effective Date. This Agreement shall become effective on the date on which each of the following conditions is
satisfied (or waived in accordance with Section 9.02): 
 (a) Credit Agreement and Loan Documents. The Agent
(or its counsel) shall have received (i) from each party hereto either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence reasonably satisfactory to the Agent (which may include facsimile or
email transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement, and (ii) duly executed copies of the other Loan Documents. 

(b) Legal Opinions. The Agent shall have received, on behalf of itself and the Lenders on the Effective Date, a favorable written
opinion of (i) Cleary, Gottlieb, Steen & Hamilton LLP, counsel for the Loan Parties, in form and substance reasonably satisfactory to the Agent and (ii) local or other counsel reasonably satisfactory to the Agent as specified on
Schedule 4.01(b), in each case (A) dated the Effective Date, (B) addressed to the Agent and the Lenders and (C) in form and substance reasonably satisfactory to the Agent and covering such other matters relating to the Loan Documents
as the Agent shall reasonably request. 
 (c) Financial Statements. The Agent shall have received (i) the Pro Forma
Financial Statements and (ii) the financial statements referred to in Section 3.04(b). 
 (d) Closing
Certificates; Certified Certificate of Incorporation; Good Standing Certificates. The Agent shall have received (i) a certificate of each Loan Party, dated the Effective Date and executed by its Secretary or Assistant Secretary, which shall
(A) certify the resolutions of its Board of Directors, members or other body authorizing the execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the signatures of the
Financial Officers and any other officers of such Loan Party authorized to sign the Loan Documents to which it is a party, and (C) contain appropriate attachments, including the certificate or articles of incorporation or organization of each
Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan Party and a true and correct copy of its by-laws or operating, management or partnership agreement, and (ii) a good standing certificate for each
Loan Party from its jurisdiction of organization. 
 (e) Specified Representations Certificate. The Agent shall have
received a certificate, signed by a Responsible Officer of Holdings, dated the Effective Date stating that the Specified Representations are true and correct as of such date. 
 (f) Fees. The Lenders, the Joint Lead Arrangers and the Agent shall have received all fees required to be paid on the Effective Date, and all reasonable out-of-pocket expenses required to be paid
on the Effective Date and for which invoices have been presented to Holdings at least one Business Day prior to the Effective Date (including the reasonable documented fees and expenses of legal counsel), on or before the Effective Date. 

(g) Lien and Judgment Searches. The Agent shall have received the results of recent lien and judgment searches in each of the
jurisdictions contemplated by the Perfection Certificate, and such search shall reveal no material judgments and no liens on any of the assets of the Loan Parties except 

  
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for liens permitted by Section 6.02 or Liens discharged on or prior to the Effective Date pursuant to documentation reasonably satisfactory to the Agent. 

(h) Intercreditor Agreement. The Agent, the Note and Specified Hedge Representative (as defined in the Intercreditor Agreement)
and the Loan Parties shall have executed and delivered the Intercreditor Agreement. 
 (i) Funding Account. The Agent
shall have received a notice setting forth the deposit account of the Borrower Agent (the “Funding Account”) to which the Agent is authorized by the Borrowers to transfer the proceeds of any Borrowings requested or authorized
pursuant to this Agreement. 
 (j) Solvency. The Agent shall have received a customary certificate from the chief
financial officer of Holdings certifying that Holdings and its Subsidiaries, on a consolidated basis after giving effect to the Transactions to occur on the Effective Date, are solvent (within the meaning of Section 3.12). 

(k) Borrowing Base Certificate. The Agent shall have received prior to the Effective Date a Borrowing Base Certificate that
calculates the Borrowing Base as of the last Business Day of the most recent fiscal month ended at least ten (10) Business Days prior to the Effective Date. 
 (l) Excess Availability; Minimum Liquidity; Minimum Borrowing Base. After giving effect to the Transactions and the payment of all amounts payable in connection therewith (and in the case of
clauses (i) and (ii) after the issuance of any Letters of Credit on the Effective Date), (i) Excess Availability shall equal at least 40% of the Borrowing Base, (ii) Liquidity shall equal at least $100,000,000 and (iii) the
Borrowing Base shall equal at least $100,000,000. As used in this paragraph, “Liquidity” means Excess Availability plus cash reflected on the balance sheet of Holdings on a consolidated basis minus cash already included in the Borrowing
Base, cash pledged to any Person (other than Collateral) and cash subject to contractual restrictions on the use thereof. 
 (m)
Pledged Stock; Stock Powers; Pledged Notes. The Agent (or its bailee) shall have received (i) the certificates representing the shares of Equity Interests required to be pledged pursuant to the Security Agreement, together with an
undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof and (ii) each promissory note (if any) required to be pledged to the Agent (or its bailee) pursuant to the Security Agreement
endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor thereof. 
 (n)
Perfection Certificate; Filings, Registrations and Recordings. The Agent shall have received a completed Perfection Certificate dated the Effective Date and signed by a Responsible Officer of the Borrower Agent, together with all attachments
contemplated thereby. Each document (including any UCC financing statement) required by the Collateral Documents or under law or reasonably requested by the Agent to be filed, registered or recorded in order to create in favor of the Agent, for the
benefit of the Agent, the Lenders and other Secured Parties, a perfected Lien under the law of the United States or a jurisdiction therein on the Collateral described therein, prior and superior in right to any other Person (other than with respect
to Liens expressly permitted by Section 6.02), shall be in proper form for filing, registration or recordation; provided that, to the extent any security interest in any Collateral cannot be provided and/or perfected on the
Effective Date (other than the pledge and perfection of the security interests (i) in the Equity Interests of the Borrowers and the other Domestic Subsidiaries and (ii) in other assets with respect to which a lien may be perfected by the
filing of a financing statement under the UCC) after use of commercially reasonable efforts to do so or is otherwise not required to be perfected on the Effective Date pursuant to the terms herein, then the provision and/or perfection of a

  
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security interest in such Collateral shall not constitute a condition under this Section 4.01, but instead shall be required to be delivered after the Effective Date pursuant to
arrangements and timing to be mutually agreed by the Agent and the Borrower Agent acting reasonably (and in any event within 90 days after the Effective Date or such longer period as may be reasonably agreed by the Agent). 

(o) Material Adverse Effect. Since December 31, 2009, except as set forth in Section 3.6(a) of the Disclosure Schedules
(as defined in the Transaction Agreement), (i) Seller Parties party to the Transaction Agreement and each of their affiliates that is transferring or contributing the Contributed Assets have conducted the businesses related to the Contributed
Assets in all material respects in the ordinary course of business consistent with past practice and (ii) there has not been any effect, event, change, occurrence or circumstance that, individually or in the aggregate, has had or reasonably
would be expected to have a Material Adverse Effect. As used in this paragraph, “Material Adverse Effect” means a material adverse effect on or material adverse change to the Assets, the SAF Assets, the SuperMom’s Assets, the
Minnesota Pipe Line Interests, the Businesses and the Equity Interests, taken as a whole, or on the liabilities, condition (financial or otherwise) or results of operations of the foregoing; provided, however, that in no event shall any effect that
results from any of the following be deemed to constitute a Material Adverse Effect: (i) the Contemplated Transactions or any actions reasonably contemplated by the Contemplated Transactions, or the pendency or announcement thereof, provided
that this clause (i) shall not be taken into account for purposes of Section 3.3 of the Formation Agreement, (ii) changes or conditions affecting the petroleum industry (including feedstock pricing, refining, marketing,
transportation, terminaling and trading) generally, (iii) changes in general economic, capital markets, regulatory or political conditions in the United States or elsewhere (including interest rate fluctuations), (iv) changes or proposed
changes in Laws or GAAP or regulatory accounting requirements or interpretations thereof, (v) fluctuations in currency exchange rates or (vi) acts of war, insurrection, sabotage or terrorism (excluding from this exception any such event
resulting in damage to the Physical Assets to the extent it would otherwise constitute a Material Adverse Effect), except with respect to the exceptions in (ii), (iii), (iv), (v) and (vi), in the event, and only to the extent, that such event,
circumstance, change or effect has had a disproportionate effect on the Assets, the SAF Assets, the SuperMom’s Assets, the Minnesota Pipe Line Interests, the Businesses and the Equity Interests, taken as a whole, as compared to other Persons
engaged in the same industry in the same geographic regions and segment. As used in the preceding definition, capitalized terms defined in the Transaction Agreement as in effect on the date hereof are so used as so defined. 

(p) Transactions. (i) The Acquisition shall have been consummated, or substantially simultaneously with the Effective Date,
shall be consummated, in accordance with the terms of the Transaction Agreement, without giving effect to any modifications, amendments, consents or waivers by any affiliate of the Sponsor party thereto that are material and adverse to the Lenders
or the Agent as reasonably determined by the Agent, without the prior consent of the Agent (such consent not to be unreasonably withheld, delayed or conditioned), (ii) the Equity Contribution shall have been made in the amount of at least
$195,000,000, (iii) concurrently with the consummation of the Acquisition, (x) the Subsidiaries shall have received gross proceeds of at least $247,000,000 from the Realty Income Sale-Leaseback, (y) Holdings shall have received at
least $106,000,000 of proceeds under the Seller Payable Agreement and (z) the Subsidiaries shall have received gross proceeds of at least $138,900,000 under the Crude Oil Intermediation Agreement and (iv) Holdings shall have received, or
substantially simultaneously with the Effective Date, shall receive no more than $290,000,000 in aggregate gross cash proceeds from the issuance of the Senior Secured Notes on the terms set forth in the Senior Secured Notes Documentation. The
proceeds of the transactions described in clauses (ii), (iii) and (iv) above shall have been used to finance the transactions contemplated by the Transaction Agreement and pay related fees and expenses. After giving effect to the
Transactions on the Effective Date, no Default or Event of Default shall be in existence under the Loan Documents or the Senior Secured Notes Documentation. 

  
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 (q) Insurance. The Agent shall have received endorsements naming the Agent (together
with the Collateral Agent (as defined in the Senior Secured Note Indenture), as applicable, as an additional insured or loss payee, as applicable, subject to the terms of the Intercreditor Agreement. The Joint Lead Arrangers shall have received
evidence that the Loan Parties have obtained business interruption insurance covering the businesses to be acquired in the Acquisition and such terms and insurance policies shall be reasonably satisfactory to the Joint Lead Arrangers. 

(r) PATRIOT Act. The Agent shall have received not later than 10 days prior to the Effective Date (or such later date as shall be
acceptable to it), all documentation and other information about the Borrowers and the other Loan Parties as had been reasonably requested in writing at least 15 days prior to the Effective Date by the Agent that it reasonably determines is required
by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT Act. 
 The Agent shall notify the Borrower Agent and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 
 SECTION 4.02 Each Credit Event. The obligation of each Revolving Lender to make a Revolving Loan on the occasion of any Revolving Borrowing, and of any Issuing Bank to issue, amend, renew or extend
any Letter of Credit, is subject to the satisfaction of the following conditions: 
 (a) The Agent shall have
received, in the case of a Revolving Borrowing, a Borrowing Request as required by Section 2.03 (or a Borrowing Request shall have been deemed given in accordance with the last paragraph of Section 2.03) or, in the case of
the issuance of a Letter of Credit, the applicable Issuing Bank and the Agent shall have received a notice requesting the issuance of such Letter of Credit as required by Section 2.06(b) or, in the case of a Swingline Borrowing, the
Swingline Lender and the Agent shall have received a Swingline Borrowing Request as required by Section 2.05(a). 
 (b) The representations and warranties of the Loan Parties set forth in this Agreement and in each of the other Loan Documents shall be true and correct in all material respects (or, in the case of any
representations and warranties qualified by materiality or Material Adverse Effect, in all respects) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit (other than an amendment,
extension or renewal of a Letter of Credit without any increase in the stated amount of such Letter of Credit), as applicable, with the same effect as though made on and as of such date, except to the extent such representations and warranties
expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects (or, in the case of any representations and warranties qualified by materiality or Material Adverse Effect, in
all respects) as of such earlier date); provided that on the Effective Date, only the Specified Representations shall be required to be made. 
 (c) After the Effective Date, at the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit (other than an amendment,
extension or renewal of a Letter of Credit without any increase in the stated amount of such Letter of Credit), as applicable, no Event of Default or Default shall have occurred and be continuing. 

Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by
the Borrowers on the date thereof as to the matters specified in paragraphs (b) and (c). 

  
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 ARTICLE V. 
 AFFIRMATIVE COVENANTS 
 Until the Termination Date, each Loan Party
executing this Agreement covenants and agrees, jointly and severally with all of the Loan Parties, with the Lenders that: 

SECTION 5.01 Financial Statements; Borrowing Base and Other Information. The Borrower Agent will furnish to the Agent (which will
promptly furnish such information to the Lenders): 
 (a) within ninety (90) days after the end of each
fiscal year of Holdings (or, solely with respect to the first fiscal year ending after the Effective Date, as soon as available, but in any event within 120 days), (i) its audited consolidated balance sheet and related statements of earnings,
shareholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported by independent public accountants of recognized national standing
(whose opinion shall not be qualified as to scope of audit or as to the status of Holdings and its consolidated Subsidiaries as a going concern) to the effect that such consolidated financial statements present fairly, in all material respects, the
financial condition and results of operations of Holdings and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP and (ii) its unaudited consolidating balance sheet and related statements of earnings,
shareholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all certified by one of the Financial Officers of Holdings as presenting fairly, in
all material respects, the financial condition and results of operations of Holdings and its consolidated Subsidiaries in accordance with GAAP; 
 (b) within forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of Holdings (or, solely with respect to the first three of such fiscal quarters ending
after the Effective Date, as soon as available, but in any event within 60 days), its consolidated balance sheet and related statements of earnings, shareholders’ equity and cash flows as of the end of and for such fiscal quarter and the then
elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of the
Financial Officers of Holdings as presenting fairly, in all material respects, the financial condition and results of operations of Holdings and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal
year-end audit adjustments and the absence of footnotes; 
 (c) within thirty (30) days after the end of
each fiscal month of Holdings (or, solely with respect to the first eight of such fiscal months ending after the Effective Date, as soon as available, but in any event within 45 days), its consolidated balance sheet and related statements of
earnings and cash flows as of the end of and for such fiscal month and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for (or, in the case of the balance sheet, as of the end of) the
corresponding period or periods of the previous fiscal year (other than with respect to any corresponding period or periods that occurred prior to the Effective Date), all certified by one of the Financial Officers of Holdings as presenting fairly
in all material respects the financial condition and results of operations of Holdings and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes;

 (d) concurrently with any delivery of financial statements under clause (a), (b) or (c) above, a
certificate of a Financial Officer of Holdings in substantially the form of Exhibit C (i)

  
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certifying that no Event of Default or Default has occurred and, if an Event of Default or Default has occurred, specifying the details thereof and any action taken or proposed to be taken with
respect thereto, (ii) setting forth, in the case of the financial statements delivered under clause (a) or (b), reasonably detailed calculations of the Fixed Charge Coverage Ratio (whether or not a Trigger Event then exists) as of the end
of the period to which such financial statements relate, (iii) describing in reasonable detail such information with respect to Permitted Acquisitions and Permitted Payments consummated during the preceding fiscal quarter as the Agent may
reasonably require, to the extent such information has not previously been supplied to the Agent hereunder, (iv) certifying, in the case of the financial statements delivered under clause (a) or (b), a list of names of all Immaterial
Subsidiaries (if any), Unrestricted Subsidiaries (if any) and other Excluded Subsidiaries (if any), that each Subsidiary set forth on such list individually qualifies as an Immaterial Subsidiary, Unrestricted Subsidiary or other Excluded Subsidiary,
as applicable, and that all Domestic Subsidiaries listed as Immaterial Subsidiaries in the aggregate comprise less than 10.0% of Total Assets of Holdings and the Subsidiaries at the end of the period to which such financial statements relate and
represented (on a contribution basis) less than 10.0% of EBITDA for the period to which such financial statements relate and (v) setting forth, in the case of the financial statements delivered under clause (a), (b) or (c), a list of any
Subsidiary that is not a Loan Party, but that Guarantees any Note and Specified Hedge Obligations. 
 (e)
concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of
such financial statements of any Event of Default under Section 6.12 (which certificate may be limited to the extent required by accounting rules or guidelines); 

(f) concurrently with any delivery of consolidated financial statements under clause (a) or (b) above, the
related unaudited consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such consolidated financial statements; 

(g) within ninety (90) days (or, solely with respect to the first fiscal year ending after the Effective Date, 120
days) after the beginning of each fiscal year, a detailed consolidated budget of Holdings and its Subsidiaries by month for such fiscal year (including a projected consolidated balance sheet and the related consolidated statements of projected cash
flows and projected income of Holdings and its consolidated Subsidiaries for each quarter of such fiscal year); 

(h) within thirty (30) days after the end of each fiscal month, (i) an Expense and Statistical Statement
relating to the refinery business of the Group Members, substantially in the form of Exhibit I, adjusted to include actual pricing for crude inputs and refined products and (ii) a Retail Marketing Statement relating to the retail
marketing business of the Group Members, substantially in the form of Exhibit J; 
 (i) as soon as
available but in any event on or prior to the 20th day of each fiscal month, a Borrowing Base Certificate as of the close of business on the last day of the immediately preceding fiscal month, together with such supporting information in connection
therewith as the Agent may reasonably request (collectively, “Borrowing Base Information”), and which may include, without limitation, Inventory reports by category and location, together with a reconciliation to the corresponding
Borrowing Base Certificate, deliver to the Agent a reasonably detailed calculation of each component of the Borrowing Base and the value of Eligible Inventory; provided that (i) if, at any time, Excess Availability is less than
65% of the lesser of 

  
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(x) the aggregate Revolving Credit Commitment and (y) the Borrowing Base (but clause (ii) below does not apply) (the “Semi-Monthly Trigger”), then, until this clause
(i) ceases to be applicable as provided below, the Borrower Agent shall deliver Borrowing Base Information on Wednesday of every other week (or if Wednesday is not a Business Day, on the next succeeding Business Day), as of the close of
business on the immediately preceding Saturday (it being agreed that this clause (i) shall cease to be applicable once Excess Availability has equaled or exceeded the Semi-Monthly Trigger for at least thirty (30) consecutive days) and
(ii) if, at any time, (A) Excess Availability is less than the greater of (x) 25% of the lesser of (1) the aggregate Revolving Credit Commitment and (2) the Borrowing Base and (y) $37,500,000 or (B) a Default or
Event of Default is in existence (the “Weekly Trigger”), then, until this clause (ii) ceases to be applicable as provided below, the Borrower Agent shall deliver a Borrowing Base Certificate and such supporting information on
Wednesday of each week (or if Wednesday is not a Business Day, on the next succeeding Business Day), as of the close of business on the immediately preceding Saturday (or, in the case of this clause (ii), more frequently as may be requested by the
Agent) (it being agreed that this clause (ii) shall cease to be applicable once Excess Availability has equaled or exceeded the Weekly Trigger, and no Default or Event of Default has been in existence, in each case for at least thirty
(30) consecutive days); provided, further, that notwithstanding the above, the Value of Non-Gasoline Inventory for any Borrowing Base Certificate shall be deemed to be the Value of such Non-Gasoline Inventory as of the end of the
then-preceding fiscal month; 
 (j) at the Agent’s request, concurrently with the delivery of the Borrowing
Base Certificate (or more frequently as requested by the Agent if a Collateral Report Trigger is in effect), deliver to the Agent a schedule of Inventory as of the last Business Day of the immediately preceding month, semi-monthly period or week, as
applicable, of the Borrowers, itemizing and describing the kind, type and quantity of Inventory, the applicable Borrower’s Cost thereof and the location thereof; 

(k) at the Agent’s request, concurrently with the delivery of the Borrowing Base Certificate (or more frequently as
requested by the Agent if a Collateral Report Trigger is in effect), deliver to the Agent a schedule of Receivables which (i) shall be as of the last Business Day of the immediately preceding month, semi-monthly period or week, as applicable,
(ii) shall be reconciled to the Borrowing Base Certificate as of such last Business Day, and (iii) shall set forth a detailed aged trial balance of all of the Borrowers’ then existing Receivables, specifying the names, balance due
and, if an Event of Default then exists, the addresses, for each Account Debtor obligated on any Receivable so listed; 
 (l) deliver to the Agent, at least three (3) Business Days prior to making any Permitted Acquisition or Permitted Payment, calculations demonstrating in reasonable detail that the relevant
transaction complies with the relevant definition; 
 (m) in addition to reporting of Eligible Cash pursuant to
each Borrowing Base Certificate, on Wednesday of each week (or if Wednesday is not a Business Day, on the next succeeding Business Day), the amount of Eligible Cash as of the close of business on the immediately preceding Tuesday; 

(n) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and
other materials publicly filed by Holdings or any Subsidiary with the SEC, or with any national securities exchange, or, after an initial public offering of shares of capital stock of Holdings, distributed by Holdings to its shareholders generally,
as the case may be; 

  
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 (o) promptly following the Agent’s request therefor, all documentation
and other information that the Agent reasonably requests on its behalf or on behalf of any Lender in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations,
including the USA PATRIOT Act; and 
 (p) as promptly as reasonably practicable from time to time following the
Agent’s request therefor, such other information regarding the operations, business affairs and financial condition of Holdings or any Subsidiary, or compliance with the terms of any Loan Document, as the Agent (on behalf of any Lender) may
reasonably request. 
 Notwithstanding the foregoing, the obligations in clauses (a) and (b) of this Section 5.01 may be
satisfied with respect to financial information of Holdings and its Restricted Subsidiaries by furnishing the applicable financial statements of Holdings (or any Parent) filed with the SEC; provided that, (i) to the extent such information
relates to any Parent, such information is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such Parent, on the one hand, and the information relating to Holdings and the
Restricted Subsidiaries on a standalone basis, on the other hand and (ii) to the extent such information is in lieu of information required to be provided under clause (a) of this Section 5.01, such materials are accompanied by
a report and opinion of PricewaterhouseCoopers LLP or other independent public accountants of recognized national standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be
qualified as to the scope of audit or as to the status of Holdings (or such Parent) and its consolidated subsidiaries as a going concern. 
 Documents required to be delivered pursuant to clauses (a), (b) or (n) of this Section 5.01 may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which Holdings posts such documents, or provides a link thereto on Holdings’ website on the Internet at the website address provided to the Agent from time to time in writing; or (ii) on which such
documents are posted on Holdings’ behalf on IntraLinks/IntraAgency or another relevant website, if any, to which each Lender and the Agent have access (whether a commercial, third-party website or whether sponsored by the Agent);
provided that: (i) upon written request by the Agent, Holdings shall deliver paper copies of such documents to the Agent for further distribution to each Lender until a written request to cease delivering paper copies is given by
the Agent and (ii) Holdings shall notify (which may be by facsimile or electronic mail) the Agent of the posting of any such documents and provide to the Agent by electronic mail electronic versions (i.e., soft copies) of such documents.
Notwithstanding anything contained herein, in every instance Holdings shall be required to provide paper copies of the compliance certificates required by clause (d) of this Section 5.01 to the Agent. 

SECTION 5.02 Notices of Material Events. The Borrower Agent will furnish to the Agent written notice of the following promptly
after any Responsible Officer of Holdings or any Borrower obtains knowledge thereof: 
 (a) the occurrence of any
Event of Default or Default; 
 (b) the filing or commencement of, or any written threat or notice of intention
of any person to file or commence, any action, suit or proceeding, whether at law or in equity or by or before any Governmental Authority or in arbitration, against Holdings or any of the Subsidiaries as to which an adverse determination is
reasonably probable and which, if adversely determined, would reasonably be expected to have a Material Adverse Effect; 
 (c) any loss, damage or destruction to the Collateral in the amount of $10,000,000 or more, whether or not covered by insurance; 

  
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 (d) any default notice received by a Responsible Officer of Holdings or any
Borrower with respect to any one or more leased locations or public warehouses that in the aggregate contain Inventory in the amount of $2,500,000 or more; 
 (e) any occurrence of a payment default under the Crude Intermediation Agreement or any successor or replacement supply agreement or an event which shall result in Liens permitted by
Section 7.01(ee); or 
 (f) the occurrence of any ERISA Event that, together with all other ERISA Events
that have occurred and are continuing, would reasonably be expected to result in a Material Adverse Effect. 
 Each notice delivered under this
Section 5.02 shall be accompanied by a statement of a Responsible Officer of the Borrower Agent 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 5.03 Existence; Conduct of Business. Each Loan Party will, and will cause each Subsidiary to, do or
cause to be done all things reasonably necessary to preserve, renew and keep in full force and effect its legal existence and the rights, qualifications, licenses, permits, franchises, governmental authorizations, intellectual property rights,
licenses and permits (except as such would otherwise reasonably expire, be abandoned, disposed or permitted to lapse in the ordinary course of business), necessary or desirable in the normal conduct of its business, and maintain all requisite
authority to conduct its business in each jurisdiction in which its business is conducted, except (i) other than with respect to Holdings’ or any Borrower’s existence, to the extent such failure to do so would not reasonably be
expected to have a Material Adverse Effect or (ii) pursuant to a transaction permitted by Section 6.03. 

SECTION 5.04 Payment of Obligations. Each Loan Party will, and will cause each Subsidiary to, pay or discharge all material Tax
liabilities, before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings and where such Loan Party or such Subsidiary has set aside on its
books adequate reserves with respect thereto in accordance with GAAP or (b) the failure to make payment pending such contest would not reasonably be expected to result in a Material Adverse Effect. 

SECTION 5.05 Maintenance of Properties. Each Loan Party will, and will cause each Subsidiary to (a) at all times maintain and
preserve all material property necessary to the normal conduct of its business in good repair, working order and condition, ordinary wear and tear excepted and casualty or condemnation excepted and (b) make, or cause to be made, all needful and
proper repairs, renewals, additions, improvements and replacements thereto as necessary in accordance with prudent industry practice in order that the business carried on in connection therewith, if any, may be properly conducted at all times,
except, in each case, where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.06 Books and Records; Inspection Rights; Appraisals; Field Examinations. (a) Each Loan Party will, and will cause each Subsidiary to, (i) keep proper books of record and account
in accordance with GAAP in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities and (ii) permit any representatives designated by the Agent (including employees of the Agent,
any consultants, accountants, lawyers and appraisers retained by the Agent or any Lender), upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, including non-privileged
environmental assessment reports and Phase I or Phase II studies in the possession and control of any Loan Party or any Subsidiary, and to discuss its affairs, finances and condition with its officers and

  
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independent accountants, all at such reasonable times during normal business hours and with representatives of the Borrower Agent present, but not more than two per fiscal year (or, during the
occurrence and continuation of an Event of Default, as often as reasonably requested). 
 (b) At reasonable times during normal
business hours and upon reasonable prior notice (except when an Event of Default exists) that the Agent requests, independently of or in connection with the visits and inspections provided for in clause (a) above, (i) the Borrowers will
grant access to the Agent (including employees of the Agent, any consultants, accountants, lawyers and appraisers retained by the Agent or any Lender) to such Person’s books, records, accounts and Inventory so that the Agent or an appraiser
retained by the Agent may conduct an Inventory appraisal and (ii) the Agent may conduct (or engage third parties to conduct) such field examinations, verifications and evaluations as the Agent may deem necessary or appropriate; provided
that (i) unless clause (ii), (iii) or (iv) below is applicable, the Agent may conduct no more than one such appraisal and one such field examination in any period of 12 consecutive months, (ii) unless clause (iii) or
(iv) below is applicable, the Agent may conduct up to two such appraisals and two such field examinations in any period of 12 consecutive months following the date upon which Excess Availability for five (5) consecutive Business Days is
less than 65% of the lesser of (1) the aggregate Revolving Commitments and (2) the Borrowing Base, (iii) unless clause (iv) below is applicable, the Agent may conduct up to three such appraisals and three such field examinations
in any period of 12 consecutive months following any date upon which Excess Availability for five (5) consecutive Business Days is less than the greater of (x) 17.5% of the lesser of (1) the aggregate Revolving Commitments and
(2) the Borrowing Base and (y) $26,250,000, and (iv) the Agent may conduct as many appraisals and field examinations as it may request during the existence and continuance of an Event of Default. All such appraisals, field
examinations and other verifications and evaluations shall be at the sole expense of the Borrowers; provided that the Agent shall provide the Borrower Agent with a reasonably detailed accounting of all such expenses. Notwithstanding the foregoing,
no more than four appraisals and four field examinations may be conducted in reliance on clauses (i), (ii) and (iii) of the preceding sentence in any period of 12 consecutive months. 

(c) The Loan Parties acknowledge that the Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders,
and Lenders have the right to request, certain Reports pertaining to the Loan Parties’ assets for internal use by the Agent and the Lenders, subject to the provisions of Section 9.12 hereof. 

SECTION 5.07 Compliance with Laws. Each Loan Party will, and will cause each Subsidiary to, comply in all material respects with
(a) all Anti-Terrorism Laws and (b) all other Requirements of Law applicable to it or its property, except in the case of Requirements of Law described in clause (b) where the failure to do so, individually or in the aggregate, would
not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.08 Use of Proceeds. The proceeds of the
Revolving Loans, and the Letters of Credit, will be used for capital expenditures, and for working capital needs and general corporate purposes. No part of the proceeds of any Loan and no Letter of Credit will be used, whether directly or
indirectly, for any purpose that would entail a violation of Regulations T, U or X. 
 SECTION 5.09 Insurance. Each Loan
Party will, and will cause each Subsidiary to, maintain, with financially sound and reputable insurance companies (a) insurance in such amounts and against such risks, as are customarily maintained by similarly situated companies engaged in the
same or similar businesses operating in the same or similar locations (after giving effect to any self-insurance reasonable and customary for similarly situated companies) and (b) all insurance required pursuant to the Collateral Documents (and
shall cause (i) the Agent to be listed as a loss payee (together with any other loss payee in accordance with the Intercreditor Agreement) on property and casualty policies covering 

  
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loss or damage to Collateral and (ii) the Agent and the other Secured Parties to be listed as additional insureds on liability policies). The Borrower Agent will furnish to the Agent, upon
request, information in reasonable detail as to the insurance so maintained. 
 SECTION 5.10 Additional Loan Parties;
Additional Collateral; Further Assurances. (a) Subject to applicable law and any exceptions set forth in the Security Agreement, each Borrower and each Subsidiary that is a Loan Party shall cause (i) each of its Domestic Subsidiaries
(other than any Excluded Subsidiary) formed or acquired after the date of this Agreement in accordance with the terms of this Agreement and (ii) any Domestic Subsidiary that was an Excluded Subsidiary but has ceased to be an Excluded
Subsidiary, to become a Loan Party as promptly thereafter as reasonably practicable by executing a Joinder Agreement in substantially the form set forth as Exhibit D hereto (the “Joinder Agreement”). Upon execution and
delivery thereof, each such Person (i) shall automatically become a Loan Guarantor hereunder and thereupon shall have all of the rights, benefits, duties, and obligations in such capacity under the Loan Documents and (ii) will
simultaneously therewith or as soon as practicable thereafter grant Liens to the Agent, for the benefit of the Agent and the Lenders in any property (subject to the limitations with respect to Equity Interests set forth in paragraph (b) of this
Section 5.10, the limitations with respect to real property set forth in paragraph (f) of this Section 5.10, applicable law and any other limitations set forth in the Security Agreement, and excluding property with
respect to which the Agent and the Borrower Agent have reasonably determined that the cost of granting Loans in such property is excessive in relation to the value of the security to be afforded by such property) of such Loan Party which constitutes
Collateral, on such terms as may be required pursuant to the terms of the Collateral Documents and in such priority as may be required pursuant to the terms of the Intercreditor Agreement. Subject to the approval of the Agent, any Domestic
Subsidiary that is a Loan Party may be a Borrower hereunder, subject to (A) execution of a Joinder Agreement pursuant to which such Loan Party agrees to be bound as a Borrower hereunder and such other agreements, documents or instruments as the
Agent may reasonably request and (B) the completion of a field examination and appraisal with results satisfactory to the Agent. 
 (b) (i) Subject to the limitations set forth or referenced in this Section 5.10, applicable law and any exceptions set forth in the Security Agreement, each Borrower and each Subsidiary that
is a Loan Party will cause the issued and outstanding Equity Interests (other than Excluded Equity Interests) of each Subsidiary directly owned by any Borrower or any Subsidiary that is a Loan Party to be subject at all times to a first priority
(subject to the Intercreditor Agreement and to other Liens permitted by Section 6.02), perfected Lien in favor of the Agent pursuant to the terms and conditions of the Loan Documents. 

(ii) Subject to the limitations set forth or referenced in this Section 5.10, applicable law and any
exceptions set forth in the Security Agreement, Holdings, each Borrower and each Subsidiary that is a Loan Party will cause, except with respect to intercompany Indebtedness, all evidences of Indebtedness for borrowed money in a principal amount in
excess of $2,000,000 (individually) that is owing to Holdings, a Borrower or any Subsidiary that is a Loan Party to be evidenced by a duly executed promissory note and pledged and delivered to the Agent (or its non-fiduciary agent or designee) under
the Security Agreement and accompanied by instruments of transfer with respect thereto endorsed in blank. 

(iii) Each Loan Party agrees that all Indebtedness of Holdings and each of its Subsidiaries having a principal amount in
excess of $2,500,000 that is owing to any Loan Party shall be evidenced by the Intercompany Note, which promissory note shall be required to be pledged and delivered to the Agent (or its non-fiduciary agent or designee) under the Security Agreement
and accompanied by instruments of transfer with respect thereto endorsed in blank. 

  
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 (c) Subject to the limitations set forth or referenced in this Section 5.10,
applicable law and any exceptions set forth in the Security Agreement, and without limiting the foregoing, each Loan Party will, and will cause each Subsidiary that is a Loan Party to, execute and deliver, or cause to be executed and delivered, to
the Agent such documents, agreements and instruments, and will take or cause to be taken such further actions (including the filing and recording of financing statements, fixture filings, mortgages, deeds of trust and other documents and such other
actions or deliveries of the type required by Section 4.01, as applicable (including the delivery of the Real Property Collateral Requirements), which may be required by law or which the Agent may, from time to time, reasonably request
to carry out the terms and conditions of this Agreement and the other Loan Documents and to ensure perfection and priority of the Liens created or intended to be created by the Collateral Documents, all at the expense of the Loan Parties,
provided, however, that no Borrower and no other Loan Party shall be required to grant any security interest or take any action to perfect any security interest under the law of any jurisdiction outside the United States of America.

 (d) Subject to the limitations set forth or referred to in this Section 5.10, applicable law and any exceptions
set forth in the Security Agreement, if any material assets (including any real property or improvements thereto or any interest therein) are acquired by any Borrower or any Subsidiary that is a Loan Party after the Effective Date (other than assets
constituting Collateral under the Security Agreement that become subject to the Lien in favor of the Agent upon acquisition thereof), the Borrower Agent will, as soon as reasonably practicable, notify the Agent thereof, and, if requested by the
Agent, the Borrowers will cause such assets to be subjected to a Lien securing the Secured Obligations and will take, and cause the Loan Parties that are Subsidiaries to take, such actions as shall be necessary or reasonably requested by the Agent
to grant and perfect such Liens, including actions described in paragraph (c) of this Section (but subject to the proviso in paragraph (c) of this Section), all at the expense of the Loan Parties. 

(e) If, at any time and from time to time after the Effective Date, Subsidiaries that are not Loan Parties because they are Immaterial
Subsidiaries comprise in the aggregate more than 10.0% of Total Assets as of the end of the most recently ended fiscal quarter of Holdings or more than 10.0% of EBITDA for the period of four consecutive fiscal quarters as of the end of the most
recently ended fiscal quarter of Holdings, then Holdings shall, not later than 45 days after the date by which financial statements for such quarter are required to be delivered pursuant to this Agreement, cause one or more such Subsidiaries to
become additional Loan Parties (notwithstanding that such Subsidiaries are, individually, Immaterial Subsidiaries) such that the foregoing condition ceases to be true. In addition, if at any time any Subsidiary that is not a Loan Party Guarantees
any Note and Specified Hedge Obligations, Holdings shall, not later than 10 days after the date on which such Subsidiary Guarantees any Note and Specified Hedge Obligations, cause such Subsidiary to become an additional Loan Party. 

(f) Notwithstanding anything to the contrary contained in this Agreement, real property required to be mortgaged under the Loan Documents
shall be limited to real property located in the U.S. that is owned in fee by a Loan Party, the cost or book value of which (whichever is greater) at the time of the acquisition thereof (or, in the case of real property owned on the Effective Date),
the cost or book value of which (whichever is greater) on the Effective Date is $3,500,000 or more (provided that the cost of perfecting such Lien is not unreasonable in relation to the benefits to the Lenders of the security afforded
thereby in the reasonable determination of the Agent; provided, further, in no event, shall the aggregate value of such real property excluded from mortgage under the Loan Documents exceed $30,000,000). 

(g) Notwithstanding anything to the contrary contained herein, the Loan Parties shall not be required to include as Collateral any
Excluded Assets (as defined in the Security Agreement). 

  
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 SECTION 5.11 Designation of Subsidiaries. The board of directors of Holdings may at
any time after the Effective Date, in accordance with the definition of Unrestricted Subsidiary, designate any subsidiary as an Unrestricted Subsidiary; provided that (i) immediately before and after such designation, no Default
or Event of Default shall have occurred and be continuing, (ii) a subsidiary may be designated as an Unrestricted Subsidiary only if it is a newly created or acquired Subsidiary that has been created or acquired for the sole purpose of making a
Permitted Acquisition, (iii) such designation is made substantially concurrently with such creation or acquisition and (iv) no subsidiary may be designated as an Unrestricted Subsidiary if it is a “Restricted Subsidiary” for the
purpose of the Senior Secured Notes. The designation of any subsidiary as an Unrestricted Subsidiary shall constitute an investment by Holdings therein at the date of designation in an amount equal to the net book value of Holdings’ investment
therein. 
 SECTION 5.12 Hedging Arrangements. No Loan Party will, nor will it permit any Subsidiary to, at any time,
incur any Crack Spread Hedge with respect to expected gasoline production or expected distillate production in excess of the then-applicable Maximum Hedging Limit. 
 SECTION 5.13 Maintenance of Ratings. Holdings will use commercially reasonable efforts, including, for the avoidance of doubt, the payment of the usual and customary fees and expenses of each of
S&P and Moody’s, to cause Holdings to continuously have public corporate credit and corporate family ratings, as applicable, from S&P and Moody’s. 
 SECTION 5.14 Mortgages. Each Loan Party that owns real property required to be mortgaged hereunder shall, within ninety (90) days after the Effective Date (or such later date approved by the
Agent in its reasonable discretion), enter into one or more Mortgages and satisfy the Real Property Collateral Requirements, each with respect to the owned real property specified on Schedule 1.01(c) for the benefit of the Agent. 

ARTICLE VI. 

NEGATIVE COVENANTS 
 Until the Termination Date, each Loan Party executing this Agreement covenants and agrees, jointly and severally with all of the Loan Parties, with the Lenders that: 

SECTION 6.01 Indebtedness. No Loan Party will, nor will it permit any Subsidiary to, create, incur or suffer to exist any
Indebtedness, except: 
 (a) Indebtedness created under the Loan Documents; 

(b) Indebtedness existing on the date hereof and set forth in Schedule 6.01; 

(c) Indebtedness of any Group Member to any other Group Member; provided that (i) Indebtedness of any
Group Member that is not a Loan Party to any Group Member that is a Loan Party shall only be permitted to the extent permitted as an investment under Section 6.04 and (ii) Indebtedness of any Group Member that is a Loan Party to any
Group Member that is not a Loan Party shall (x) be evidenced by the Intercompany Note or (y) otherwise be outstanding on the Effective Date so long as such Indebtedness is evidenced by an intercompany note substantially in the form of
Exhibit H or otherwise subject to subordination terms substantially identical to the subordination terms set forth in Exhibit H within 60 days of the Effective Date or such later date as the Agent shall reasonably agree, in each case,
to the extent permitted by applicable law and not giving rise to material adverse tax consequences; 

  
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 (d) Guarantees (i) by any Group Member that is a Loan Party of any
Indebtedness of any Group Member that is a Loan Party expressly permitted to be incurred under this Agreement (including, for the avoidance of doubt, obligations described in clause (c)(i) of the definition of “Indebtedness”), (ii) by
any Group Member that is a Loan Party of Indebtedness otherwise expressly permitted hereunder of any Group Member that is not a Loan Party to the extent such Guarantees are permitted as an investment under Section 6.04; provided
that Guarantees by any Group Member that is a Loan Party under this clause (d) of any other Indebtedness of a Person that is subordinated to other Indebtedness of such Person shall be expressly subordinated to the Obligations on
terms reasonably satisfactory to the Agent, and (iii) by any Group Member that is a Loan Party of any real property lease obligations of any other Group Member that is a Loan Party; 

(e) Indebtedness (including Capital Lease Obligations) the proceeds of which are incurred exclusively to finance the
acquisition, lease, construction, repair, renovations, replacement, expansion or improvement of any fixed or capital assets or otherwise incurred in respect of Capital Expenditures, whether through the direct purchase of assets or the Equity
Interests of any Person owning such assets in an aggregate principal amount, together with all other Indebtedness issued or incurred and outstanding under this clause (e), not to exceed the greater of (i) $20,000,000 and (ii) 2.5% of Total
Assets (in each case determined as of the date of incurrence); 
 (f) Indebtedness incurred by Holdings or any
Subsidiary in respect of any Sale and Lease-Back Transaction that is permitted under Section 6.06; 

(g) Indebtedness which represents an extension, refinancing, refunding, replacement or renewal of any of the Indebtedness
described in clauses (b), (e), (f), (g), (j), (k), (m), (n) and (z) of this Section 6.01; provided that, (i) the principal amount (or accreted value, if applicable) thereof does not exceed the principal
amount (or accreted value, if applicable) of the Indebtedness so extended, refinanced, refunded, replaced or renewed, except by an amount equal to unpaid accrued interest and premium (including applicable prepayment penalties) thereon
plus fees and expenses reasonably incurred in connection therewith, (ii) any Liens securing such Indebtedness are not extended to any additional property of any Loan Party, (iii) no Loan Party that is not originally obligated
with respect to repayment of such Indebtedness is required to become obligated with respect thereto, (iv) such extension, refinancing, refunding, replacement or renewal does not result in a shortening of the average weighted maturity of the
Indebtedness so extended, refinanced, refunded, replaced or renewed, (v) if the Indebtedness that is extended, refinanced, refunded, replaced or renewed was subordinated in right of payment to the Secured Obligations, then the terms and
conditions of the extension, refinancing, refunding, replacement or renewal Indebtedness must include subordination terms and conditions that are at least as favorable to the Lenders as those that were applicable to the extended, refinanced,
refunded, replaced or renewed Indebtedness and (vi) with respect to any such extension, refinancing, refunding, replacement or renewal of the Senior Secured Notes, such refinancing Indebtedness, if secured, is secured only by assets of the Loan
Parties that constitute Collateral for the Obligations pursuant to a security agreement subject to the Intercreditor Agreement or another intercreditor agreement in form and substance reasonably satisfactory to the Agent and in any event that is no
less favorable to the Secured Parties than the Intercreditor Agreement; 
 (h) Indebtedness incurred by Holdings
or any Subsidiary constituting reimbursement obligations with respect to letters of credit, bank guarantees, bankers’ acceptances, warehouse receipts, or similar instruments issued or created in the ordinary course of business, including
letters of credit in respect of workers’ compensation claims, health, disability or other employee 

  
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benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims, health,
disability or other employee benefits or property, casualty or liability insurance or self-insurance; provided that upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed within 30 days
following such drawing or incurrence; 
 (i) Indebtedness of Holdings or any Subsidiary in respect of
self-insurance and in respect of performance bonds, bid bonds, appeal bonds, surety bonds, performance and completion guarantees and similar obligations, or obligations in respect of letters of credit, bank guarantees or similar instruments related
thereto, in each case provided in the ordinary course of business; 
 (j) Indebtedness of a Person that becomes a
Subsidiary (or is a Subsidiary that survives a merger with such Person or any of its Subsidiaries) after the Effective Date and Indebtedness acquired or assumed in connection with Permitted Acquisitions; provided that 

(i) such Indebtedness exists at the time such Person becomes a Subsidiary or at the time of such Permitted Acquisition and
is not created in contemplation of or in connection therewith, and 
 (ii) such Indebtedness is not guaranteed in
any respect by Holdings or any Subsidiary (other than any such Person that so becomes a Subsidiary or is the survivor of a merger with such Person or any of its Subsidiaries). 

(k) Indebtedness of any Subsidiary issued or incurred to finance a Permitted Acquisition; provided that

 (w) (A) the terms of such Indebtedness do not provide for any scheduled repayment, mandatory redemption
or sinking fund obligation prior to the date that is 180 days after the latest Maturity Date, other than customary offers to purchase upon a change of control, asset sale or casualty or condemnation event and customary acceleration rights upon an
event of default, (B) if such Indebtedness is secured by a Lien, such Lien shall be subordinated to the Liens securing the Collateral in a manner reasonably satisfactory to the Agent, (C) if the primary obligor of such Indebtedness is not
a Loan Party, such Indebtedness shall not be guaranteed in any respect by Holdings or any other Loan Party except to the extent permitted under Section 6.04 and (D) the covenants, events of default, subsidiary guarantees and other
terms for such Indebtedness (provided that such Indebtedness shall have interest rates, fees, funding discounts and redemption or prepayment premiums determined by the Borrower Agent to be market rates and premiums at the time of
issuance of such Indebtedness), taken as a whole, are determined by the Borrower Agent to be market terms on the date of issuance and in any event are not more restrictive on the Group Members than the terms of this Agreement (as in effect on the
Effective Date) and do not require the maintenance or achievement of any financial performance standards other than as a condition to taking specified actions; provided that a certificate of a Responsible Officer of the Borrower Agent
delivered to the Agent at least five (5) Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation
relating thereto, stating that the Borrower Agent has determined in good faith that such terms and conditions satisfy the foregoing requirements shall be conclusive evidence that such terms and conditions satisfy the foregoing requirements unless
the Agent notifies the Borrower Agent within 

  
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such five (5) Business Day period that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees); 

(x) (A) the relevant Loan Party pledges the Equity Interests of any Person acquired in such Permitted Acquisition (the
“acquired Person”) to the Agent to the extent required under Section 5.10 and (B) such acquired Person executes a Joinder Agreement to the extent required under Section 5.10; 

(y) before and after giving effect to such issuance or incurrence of Indebtedness, no Event of Default shall have occurred
or be continuing; and 
 (z) the Fixed Charge Coverage Ratio as of the end of the most recently ended Test Period
prior to the issuance or incurrence of such Indebtedness and the consummation of such acquisition, calculated on a Pro Forma Basis, after giving effect to such incurrence or issuance and to such acquisition, as if such incurrence or issuance and
acquisition had occurred on the first day of such Test Period, shall be equal to or greater than 1.00 to 1.00. 

(l) unsecured Indebtedness in respect of obligations of Holdings or any Subsidiary to pay the deferred purchase price of
goods or services or progress payments in connection with such goods and services; provided that (i) such obligations are incurred in connection with open accounts extended by suppliers on customary trade terms in the ordinary
course of business and not in connection with the borrowing of money or (ii) such obligations are unsecured Indebtedness in respect of intercompany obligations of Holdings or any Subsidiary in respect of accounts payable incurred in connection
with goods sold or services rendered in the ordinary course of business and not in connection with the borrowing of money; 
 (m) Indebtedness of Holdings pursuant to and any Guarantees by any Loan Party of the Senior Secured Notes (and any exchange notes and related exchange guarantees to be issued in exchange for such Senior
Secured Notes) in an aggregate principal amount that is not in excess of $290,000,000; 
 (n) other Indebtedness
not otherwise permitted under this Section 6.01 in an aggregate outstanding principal amount not exceeding $50,000,000; 
 (o) Swap Obligations pursuant to Swap Agreements incurred in the ordinary course of business and not for speculative purposes; 

(p) to the extent constituting Indebtedness, obligations under the Crude Oil Intermediation Agreement or any similar
agreement and any agreements constituting a refinancing, replacement, refunding, renewal, extension or amendment of the foregoing; 
 (q) Indebtedness consisting of promissory notes issued by any Loan Party to future, current or former officers, directors, employees, managers and consultants thereof or their respective Controlled
Investment Affiliates or Immediate Family Members, in each case to finance the purchase or redemption of Equity Interests of Holdings (or any Parent) permitted by Section 6.08; 

(r) Indebtedness arising from agreements providing for indemnification, adjustment of purchase price, earnouts or similar
obligations, in each case, incurred in connection with the disposition of any business, assets or a Subsidiary, other than Guarantees of Indebtedness 

  
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incurred by any Person acquiring all or any portion of such business, assets or Subsidiaries for the purpose of financing such acquisition; provided, however, that
(i) such Indebtedness is not reflected on the consolidated balance sheet of Holdings and its Subsidiaries prepared in accordance with GAAP (contingent obligations referred to in a footnote to financial statements and not otherwise reflected on
the balance sheet will not be deemed to be reflected on such balance sheet for purposes of this clause (i)) and (ii) the maximum aggregate liability in respect of all such Indebtedness shall not exceed the gross proceeds, including the fair
market value of non-cash proceeds (the fair market value of such non-cash proceeds being measured at the time such proceeds are received and without giving effect to any subsequent changes in value), actually received by the Group Members in
connection with such disposition; 
 (s) Indebtedness consisting of obligations of any Group Member under
deferred compensation or other similar arrangements incurred by such Person in connection with the Transactions and Permitted Acquisitions or any other investment expressly permitted hereunder; 

(t) Indebtedness (i) arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its incurrence, (ii) customer deposits and advance payments received in the
ordinary course of business from customers for goods purchased in the ordinary course of business, and (iii) Indebtedness in respect of Banking Services provided by banks or other financial institutions to any Group Member in the ordinary
course of business, in each case incurred or undertaken in the ordinary course of business on arm’s length commercial terms on a recourse basis; 
 (u) Indebtedness consisting of (x) the financing of insurance premiums or (y) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business;

 (v) Indebtedness incurred by Holdings or any Subsidiary in respect of letters of credit, bank guarantees,
bankers’ acceptances or similar instruments issued or created in the ordinary course of business; 
 (w)
Indebtedness supported by a Letter of Credit, in a principal amount not to exceed the face amount of such Letter of Credit; 
 (x) Commodities Hedging Obligations pursuant to Commodities Hedging Agreements incurred in accordance with prudent industry practice; and 

(y) (i) unsecured Subordinated Indebtedness of Holdings or any Subsidiary and (ii) other unsecured Indebtedness of
Holdings or any Subsidiary so long as at the time of any such incurrence under this clause (ii) and after giving Pro Forma Effect thereto, Excess Availability is equal to or in excess of the greater than (A) 17.5% of the lesser of
(x) the aggregate Revolving Credit Commitment and (y) the Borrowing Base and (B) $26,250,000. 
 The accrual of interest and the
accretion or amortization of original issue discount on Indebtedness and the payment of interest in the form of additional Indebtedness originally incurred in accordance with this Section 6.01 will not constitute an incurrence of
Indebtedness. 
 SECTION 6.02 Liens. No Loan Party will, nor will it permit any Subsidiary to, create, incur, assume or
permit to exist any Lien on any property or asset now owned or hereafter 

  
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acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 

(a) Liens created pursuant to any Loan Document; 

(b) Permitted Encumbrances; 
 (c) any Lien on any property or asset of any Group Member existing on the date hereof and set forth in Schedule 6.02 and any replacements, renewals, refinancings, refundings or extensions thereof;
provided that (i) such Lien does not extend to any other property or asset of any Group Member other than after acquired property that is (A) affixed or incorporated into the property covered by such Lien or financed by
Indebtedness permitted by Section 6.01 and, in each case the proceeds and products thereof and (ii) such Lien shall secure only those obligations that it secures on the Effective Date and extensions, renewals, refinancings,
refundings and replacements thereof that do not increase the outstanding principal amount thereof (except to the extent permitted under Section 6.01(g)); 

(d) Liens securing Indebtedness permitted under Section 6.01(e) or (f); provided that
(i) such Liens attach concurrently with or within 270 days after the acquisition, repair, replacement, construction, renovation, expansion or improvement (as applicable) of the property subject to such Liens, (ii) such Liens do not at any
time encumber any property except for accessions to such property other than the property financed by such Indebtedness and the proceeds and the products thereof and (iii) with respect to Capital Lease Obligations, such Liens do not at any time
extend to or cover any assets (except for accessions to such assets) other than the assets subject to the applicable capitalized lease; provided that individual financings of property provided by one lender may be cross collateralized
to other financings of property provided by such lender; 
 (e) Liens on the Equity Interests in, or other
similar Liens resulting from standard joint venture agreements or stockholder agreements and other similar agreements applicable to joint ventures; 
 (f) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business;

 (g) Liens (i) on cash advances in favor of the seller of any property to be acquired in an investment
permitted pursuant to Section 6.04 to be applied against the purchase price for such investment, and (ii) consisting of an agreement to transfer any property in a disposition permitted under Section 6.05 (other than
sales, transfers and dispositions under Section 6.05(j) which constitute Liens, which sales, transfers and dispositions constituting Liens are not otherwise permitted under Section 6.05), in each case, solely to the extent
such investment or disposition, as the case may be, would have been permitted on the date of the creation of such Lien; 
 (h) Liens on property (i) of any Subsidiary that is not a Loan Party and (ii) that does not constitute Collateral, which Liens secure Indebtedness of the applicable Subsidiary permitted under
Section 6.01; 
 (i) Liens in favor of any Group Member securing Indebtedness permitted under
Section 6.01, including Liens granted by a Subsidiary that is not a Loan Party in favor of any 

  
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Loan Party in respect of Indebtedness owed by such Subsidiary, but excluding Liens granted by any Loan Party in favor of any Subsidiary that is not a Loan Party; 

(j) any interest or title of a lessor, sublessor, grantor or holder of any superior real property interest under leases,
subleases, easement or other use and possession instrument or secured by a lessor’s, sublessor’s grantor’s or holder’s interests under such party’s instrument entered into in the ordinary course of business or which do not,
in the aggregate, materially impair the use by any Loan Party or Subsidiary in the operation of the business of such Person; 
 (k) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by Holdings or a Subsidiary in the ordinary course of business and Liens
arising by operation of law under Article 2 of the UCC in the ordinary course of business; 
 (l) Liens
encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 

(m) Liens that are rights of set-off (i) relating to the establishment of depository relations with banks in the
ordinary course of business and not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business
or (iii) relating to purchase orders and other agreements entered into with customers in the ordinary course of business; 
 (n) Liens solely on any cash earnest money deposits made in connection with any letter of intent or purchase agreement permitted hereunder; 

(o) Liens in respect of the licensing of patents, copyrights, trademarks, trade names, other indications of origin, domain
names and other forms of intellectual property in the ordinary course of business; 
 (p) Other Liens (other than
Liens on Borrowing Base Assets) securing obligations or Indebtedness not in excess of the greater of (i) $20,000,000 and (ii) 2.5% of Total Assets (in each case determined as of the date of incurrence); 

(q) any Lien existing on any property or asset prior to the acquisition thereof by any Group Member or existing on any
property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such
acquisition or such Person becoming a Subsidiary, as the case may be; (ii) such Liens attach at all times only to the specific assets that such Liens secure on the date of such acquisition or the date such Person becomes a Loan Party or the
date of such merger, amalgamation or consolidation, as the case may be, and not to any Borrowing Base Assets of Borrowers (other than after-acquired property that is (A) affixed or incorporated into the property covered by such Lien,
(B) after-acquired property subject to a Lien securing such Indebtedness, the terms of which Indebtedness require or include a pledge of after-acquired property (it being understood that such requirement shall not be permitted to apply to any
property to which such requirement would not have applied but for such acquisition) and (C) the proceeds and products thereof); (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the
date such Person becomes a Loan Party or the date of such merger, amalgamation or consolidation, as the case may be, and extensions, refinancing, 

  
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refunding, renewals and replacements thereof that do not increase the outstanding principal amount thereof (except to the extent permitted under Section 6.01(g)); (iv) before and
after giving effect to the assumption of such Lien (and the related secured obligation), no Event of Default shall have occurred or be continuing; and (v) the Fixed Charge Coverage Ratio as of the end of the most recently ended Test Period
prior to the assumption of such Lien (and the related secured obligation) and the consummation of such acquisition, calculated on a Pro Forma Basis, after giving effect to such incurrence, to such acquisition, as if such incurrence and acquisition
had occurred on the first day of such Test Period, shall be equal to or greater than 1.00 to 1.00; 
 (r) Liens
(i) of a collecting bank arising in the ordinary course of business under Section 4-208 and Section 4-210 of the Uniform Commercial Code in effect in the relevant jurisdiction covering only the items being collected upon,
(ii) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business, and (iii) in favor of banking institutions arising as a matter of law or under general terms and conditions
encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 
 (s) Liens (other than Liens on Borrowing Base Assets) arising out of Sale and Lease-Back transactions permitted by Section 6.06 and any extensions, refinancing, refunding, replacements and
renewals thereof; 
 (t) Liens on goods or inventory the purchase, shipment or storage price of which is financed
by a documentary letter of credit or bankers’ acceptance issued or created for the account of Holdings or any Subsidiary; provided that such Lien secures only the obligations of Holdings or such Subsidiary in respect of such letter of
credit to the extent permitted under Section 6.01; and provided, further, that any such goods or inventory and the proceeds thereof, up to the value of the Lien, shall not be Eligible Inventory or Eligible Receivables under
this Agreement; 
 (u) Liens arising from precautionary UCC (or equivalent statute) financing statements or
similar filings made in respect of operating leases or consignments; 
 (v) Liens granted under the Note and
Specified Hedge Security Documents (or, in the case of Note Refinancing Debt (as defined below), a separate security agreement or agreements substantially similar in all material respects to the Note and Specified Hedge Security Documents) and any
extensions, refinancing, renewals, refundings and replacements thereof incurred pursuant to Section 6.01(g) (“Note Refinancing Debt”); provided that (i) such Liens secure only the obligations referred to in
the Note and Specified Hedge Security Documents or such separate security agreements (and Note Refinancing Debt), (ii) such Liens do not apply to any asset other than Collateral that is subject to a Lien granted under a Collateral Document to
secure the Secured Obligations and (iii) all such Liens shall be subject to the terms of, and have the priorities with respect to the Collateral as set forth in, the Intercreditor Agreement (or, in the case of Note Refinancing Debt, another
intercreditor agreement in form and substance reasonably acceptable to the Agent that is not materially less favorable to the Secured Parties than the Intercreditor Agreement); 

(w) Liens securing Commodities Hedging Obligations; provided that (i) such Liens do not apply to any
asset other than Collateral that is subject to a Lien granted under a Collateral Document to secure the Secured Obligations and (ii) all such Liens shall be subject to the terms of, and have the priorities with respect to the Collateral as set
forth in, the Intercreditor Agreement (or another intercreditor agreement in form and substance reasonably acceptable 

  
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to the Agent that is not materially less favorable to the Secured Parties than the Intercreditor Agreement); 

(x) Liens deemed to exist in connection with investments in repurchase agreements under Section 6.04;
provided that such Liens do not extend to any assets other than those assets that are the subject of such repurchase agreements; 
 (y) ground leases in respect of real property on which facilities owned or leased by Holdings or any Subsidiary are located; 

(z) pledges, deposits or security by such Person under workmen’s compensation laws, unemployment insurance,
employers’ health tax, and other social security laws or similar legislation or other insurance related obligations (including, but not limited to, in respect of deductibles, self insured retention amounts and premiums and adjustments thereto)
or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance, or good faith deposits in connection with bids,
tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety or appeal
bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case incurred in the ordinary course of business; 

(aa) Liens in favor of issuers of performance, surety, bid, indemnity, warranty, release, appeal or similar bonds or with
respect to other regulatory requirements or letters of credit or bankers acceptances issued, and completion guarantees provided for, in each case, issued pursuant to the request of and for the account of such Person in the ordinary course of its
business or consistent with past practice prior to the Effective Date and so long as the Lien of such Person does not attach to any ABL Collateral or if such Lien attaches to any ABL Collateral, such Person has entered into a subordination agreement
with the Agent in form and satisfactory to the Agent; 
 (bb) minor survey exceptions, minor encumbrances, ground
leases, easements or reservations of, or rights of others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph, telephone and cable television lines and other similar purposes, or zoning, building codes or other
restrictions (including minor defects and irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental, to the conduct of the business of such Person or to the ownership of its properties which were not
incurred in connection with Indebtedness and which do not in the aggregate materially impair their use in the operation of the business of such Person; 
 (cc) (i) Liens securing Secured Swap Obligations and (ii) Liens on cash and Permitted Investments securing other Swap Obligations or Commodities Hedging Obligations (other than Secured Commodities
Hedging Obligations) if the aggregate amount of all cash and Permitted Investments subject to Liens permitted by this clause (ii) at no time exceeds $15,000,000; 

(dd) leases, sub-leases, licenses or sub-licenses granted to others in the ordinary course of business which do not
materially interfere with the ordinary conduct of the business of any Group Member and do not secure any Indebtedness; 
 (ee) Liens (other than Liens on Borrowing Base Assets) arising under the Crude Oil Intermediation Agreement as in effect as of the Effective Date or any successor or replacement

  
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supply agreement providing for Liens that are not more favorable to the supplier under such agreement than the Liens to the supplier under the Crude Oil Intermediation Agreement; 

(ff) Liens solely on any cash earnest money deposits made by any Group Member in connection with any letter of intent or
purchase agreement permitted; 
 (gg) Liens on insurance policies and the proceeds thereof securing the financing
of the premiums with respect thereto and deposits made or other security provided in the ordinary course of business to secure liability to insurance carriers; 
 (hh) Liens on Capital Stock of an Unrestricted Subsidiary that secure Indebtedness or other obligations of such Unrestricted Subsidiary; 

(ii) deposits securing obligations owed by any Group Member in respect of any overdraft and related liabilities arising
from Banking Services, including treasury, depository and cash management services or any ACH transfers of funds; 
 (jj) pledges of cash and/or Permitted Investments to secure the Borrowers’ obligations in the ordinary course of business under the Crude Oil Intermediation Agreement or any other supply agreement
with respect to crude oil, in each case in lieu of letters of credit that would otherwise be required thereby; 

(kk) pledges of cash and/or Permitted Investments to secure Secured Commodities Hedging Obligations under Commodities
Hedging Agreements in lieu of letters of credit that would otherwise be required thereby; and 
 (ll) additional
Liens securing Indebtedness permitted to be incurred under Section 6.01; provided that, (i) on a Pro Forma Basis, at the time of, and after giving effect to, the incurrence of such Indebtedness, the Senior Secured
Leverage Ratio would be no greater than 3.50 to 1.00 and (ii) to the extent that such Liens are contemplated to be on assets that are Collateral, the holders of such Indebtedness (or a representative thereof of behalf of such holders) shall
have entered into the Intercreditor Agreement or a similar agreement providing that the Liens securing such Indebtedness shall rank junior to the Liens of the Agent (or with the same priority as the Senior Secured Notes) with respect to Collateral.

 SECTION 6.03 Fundamental Changes. (a) No Loan Party will, nor will it permit any Subsidiary to, merge into or
consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and
be continuing. 
 (i) any Person may merge with or into Holdings in a transaction in which the surviving entity
is Holdings, as applicable, or another Person organized or existing under the laws of the United States of America, any State thereof or the District of Columbia and such Person expressly assumes, in writing, all the obligations Holdings under the
Loan Documents, in which event such Person will succeed to, and be substituted for Holdings; 
 (ii) any Person
may merge into any Subsidiary in a transaction in which the surviving entity is a Subsidiary and, if any party to such merger is a Subsidiary that is a Loan Party, is or becomes a Subsidiary that is a Loan Party, concurrently with such merger;

  
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 (iii) any Subsidiary may liquidate or dissolve if the Borrower Agent
determines in good faith that such liquidation or dissolution is in the best interests of the Group Members, is not materially disadvantageous to the Lenders and such liquidation or dissolution is accompanied by a disposition of the assets of such
Subsidiary to any other Group Member (provided that, if such Subsidiary is a Loan Party, then such assets shall be transferred to another Loan Party); 

(iv) any Subsidiary may merge with any Person who is not a Loan Party or Subsidiary to effect an investment permitted
under Section 6.04 (other than Section 6.04(m)); provided, however, if such Subsidiary is a Loan Party, the surviving Person of such merger shall be a Loan Party; 

(v) so long as the same does not result in the liquidation, dissolution or cessation of existence of Holdings, any merger,
dissolution or liquidation may be effected for the purposes of effecting a transaction permitted by Section 6.05 (other than sales, transfers and dispositions under Section 6.05(j)) that constitute a merger, dissolution or
liquidation which is not otherwise permitted under Section 6.05); 
 (vi) Northern Tier Bakery LLC
(“Bakery”) may liquidate, dissolve or merge with any Person so long as at the time thereof, unless the recipient of Bakery’s assets or the survivor of such merger is a Loan Party, the aggregate fair market value of
Bakery’s assets does not exceed $7,500,000; and 
 (vii) the Transactions may be consummated. 

(b) Each Subsidiary that is a Loan Party will not, and will not permit any of its Subsidiaries to (i) carry on and conduct its
business in all material respects other than in substantially the same manner as it is presently conducted or in a manner reasonably related or ancillary thereto or (ii) engage to any material extent in any business other than businesses of the
type conducted by the Subsidiaries, taken as a whole, on the date of hereof and businesses reasonably related or ancillary thereto. 
 (c) Notwithstanding anything to the contrary in this Agreement, Holdings will not engage in any business or operations, other than (i) the ownership, direct or indirect, of all the outstanding shares
of capital stock of any Borrower, (ii) performance of its obligations under and in connection with the Loan Documents, the Senior Secured Note Documents and the other agreements contemplated hereby and thereby, (iii) actions incidental to
the consummation of the Transactions (including, for the avoidance of doubt, actions incidental to operating the Borrowers and any other actions contemplated by the Transaction Agreement and any agreements or arrangements contemplated thereby),
(iv) actions required by law to maintain its existence, (v) any public offering of its common stock, any other issuance of its Equity Interests and performance of its obligations under any agreements related thereto, (vi) any
transaction Holdings is permitted to enter into in this Article VI and (vii) activities incidental to the foregoing. 
 SECTION 6.04 Investments, Loans, Advances, Guarantees and Acquisitions. No Loan Party will, nor will it permit any Subsidiary to, purchase, hold or acquire (including pursuant to any merger with
any Person that was not a Loan Party and a wholly owned Subsidiary prior to such merger) any Equity Interests, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or
permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) all or
substantially all of the 

  
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property and assets or business of another Person or assets of any other Person constituting a business unit (whether through purchase of assets, merger or otherwise), except: 

(a) Permitted Investments, Investment Grade Securities and loans and advances in connection with the sale, transfer or
disposition of assets other than Collateral; 
 (b) investments in existence or contemplated on the date of this
Agreement and described in Schedule 6.04; and any modification, replacement, renewal, reinvestment or extension thereof (provided that the amount of the original investment is not increased except as otherwise permitted by this
Section 6.04), and any investments, loans and advances existing on the date hereof by any Group Member in or to any other Group Member; 
 (c) (i) loans and advances to employees, directors, officers, managers, distributors and consultants for business-related travel expenses, moving expenses and other similar expenses or payroll advances,
in each case incurred in the ordinary course of business or consistent with past practices or (ii) to fund such Person’s purchase of Equity Interests of Holdings or any Parent (provided that the amount of such loans and
advances shall be contributed to a Borrower in cash as common equity) or (iii) advances to, or guarantees of Indebtedness of, employees not in excess of $5,000,000 outstanding at any one time, in the aggregate; 

(d) investments (i) in Holdings or any other Loan Party, (ii) by any Subsidiary that is not a Loan Party in
Holdings or any other Loan Party, and (iii) by Holdings or any other Loan Party in any Subsidiary that is not a Loan Party in an aggregate amount for all such investments under this clause (iii) not to exceed the sum of $10,000,000 and an
amount equal to any repayments, interest, returns, profits, distributions, income and similar amounts actually received in cash in respect of any such investment (which amount shall not exceed the amount of such investment valued at the fair market
value of such investment at the time such Investment was made); 
 (e) investments consisting of extensions of
credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors
and other credits to suppliers in the ordinary course of business and investments as a result of the foreclosure on any secured investment or other transfer of title with respect to any secured investment in default; 

(f) investments made to repurchase or retire Equity Interests of Holdings (or any Parent) owned by any employee stock
ownership plan or key employee stock ownership plan of Holdings (or any Parent); 
 (g) investments in the form
of Swap Agreements permitted by Section 6.01; 
 (h) investments of any Person existing at the time
such Person becomes a Subsidiary or consolidates or merges with any Group Member (including in connection with a Permitted Acquisition) so long as such investments were not made in contemplation of such Person becoming a Subsidiary or of such
merger; 
 (i) investments and other assets received in connection with the dispositions of assets permitted by
Section 6.05; 
 (j) investments constituting deposits described in Section 6.02;

  
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 (k) accounts receivable or notes receivable arising and trade credit granted
in the ordinary course of business and other credits to suppliers or vendors in the ordinary course of business; 

(l) Permitted Acquisitions; 
 (m) Liens, Indebtedness, fundamental changes, dispositions, Restricted Payments and Restricted Debt Payments permitted under Sections 6.01, 6.02, 6.03 (except to the extent
constituting the acquisition of a Person that becomes a Subsidiary or the acquisition by any Group Member of all or substantially all the assets or businesses of a Person or of assets constituting a business unit, line of business or division of
such Person), 6.05, 6.06 and 6.08, respectively, solely to the extent constituting Liens, Indebtedness, fundamental changes, dispositions, Restricted Payments and Restricted Debt Payments which are permitted under the foregoing
Sections 6.01, 6.02, 6.03, 6.05, 6.06 and 6.08, respectively, which Liens, Indebtedness, fundamental changes, dispositions, Restricted Payments and Restricted Debt Payments are not otherwise permitted by
this Section 6.04; 
 (n) the Transactions; 

(o) investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and
UCC Article 4 customary trade arrangements with customers consistent with past practices; 
 (p) in exchange for
any other investment or investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement or delinquent obligations of, or other disputes with,
customers and suppliers arising in the ordinary course of business or received upon the foreclosure with respect to any secured investment or other transfer of title with respect to any secured investment and investments in satisfaction of judgments
against such other Person; 
 (q) loans and advances to any Parent in lieu of, and not in excess of the amount of
(after giving effect to any other loans, advances or Restricted Payments in respect thereof), Restricted Payments to the extent permitted to be made to such Parent in accordance with Section 6.08(a); 

(r) advances of payroll payments in the ordinary course of business to satisfy ordinary course payroll and other
obligations of such company; 
 (s) (i) investments, purchases and other acquisitions of assets to the extent
that payment for such investments, purchases and other acquisitions of assets is made solely with Qualified Equity Interests or Qualified Debt of Holdings (or of any Parent) or (ii) investments, purchases and other acquisitions of assets to the
extent the payment for such investment, purchases and other acquisitions of assets is made with the cash proceeds from the issuance by Holdings (or any Parent) of Qualified Equity Interests or Qualified Debt or a substantially contemporaneous
capital contribution in respect of Qualified Equity Interests of Holdings so long as, in each case with respect to this clause (s), (A) such investment, purchase or other acquisition could satisfy the requirements set forth in the definition of
“Permitted Acquisition” (other than clauses (iii) and (iv) of such definition) and (B) no Loans are made in connection therewith; 
 (t) extensions or advances of trade credit, asset purchases (including purchases of Inventory, supplies and materials), the lease of any asset and the licensing or contribution of

  
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intellectual property pursuant to joint marketing or other arrangements with other Persons, in each case in the ordinary course of business; 

(u) guarantees by any Group Member of leases (other than capitalized leases) for which another Loan Party is the lessee or
of other obligations of another Loan Party that do not constitute Indebtedness, in each case entered into in the ordinary course of business; 
 (v) other investments, loans and advances constituting Permitted Payments; 
 (w) other investments, loans and advances which, together with any Restricted Payments made pursuant to Section 6.08(a)(x) and Restricted Debt Payments made pursuant to
Section 6.08(b)(vi), do not exceed $15,000,000 in the aggregate; provided that, at the time such investment, loan or advance is made and after giving effect thereto, no Event of Default or Liquidity Event exists or has
occurred and is continuing; 
 (x) any investment in any Subsidiary or any joint venture in connection with
intercompany cash management arrangements or related activities arising in the ordinary course of business; 

(y) investments consisting of purchases and acquisitions of assets or services in the ordinary course of business;

 (z) investments made in the ordinary course of business in connection with obtaining, maintaining or reviewing
client contacts and loans or advances made to franchisees in the ordinary course of business; and 
 (aa)
investments in prepaid expenses, negotiable instruments held for collection and lease, utility and workers compensation, performance and similar deposits entered into as a result of the operations of the business in the ordinary course of business.

 For purposes of covenant compliance, the amount of any investment shall be the amount actually invested, without adjustment for subsequent
increases or decreases in the value thereof. 
 Notwithstanding anything to the contrary in this Section 6.04, the
aggregate amount of consideration used by any Loan Party pursuant to clauses (l) and (v) of this Section 6.04 to acquire (1) a Person that does not become a Loan Party concurrently therewith and/or (2) assets that do
not become assets of a Loan Party concurrently therewith, shall not exceed $25,000,000 during the term of this Agreement. 
 In
connection with any merger (or other acquisition of the assets) of a Subsidiary that is not a Borrower with and into (or to) a Borrower, or any Permitted Acquisition or other acquisition of assets permitted hereunder, whether by purchase of stock,
merger, or purchase of assets and whether in a single transaction or series of related transactions, the Inventory or Receivables so acquired shall not be included in the Borrowing Base until such time as the Agent shall have completed their
diligence in respect of such Receivables and Inventory in its Permitted Discretion). In connection with such diligence, the Agent may obtain, at the Borrowers’ expense, an appraisal and commercial finance exam with respect to such Receivables
and Inventory as it may reasonably deem desirable in its Permitted Discretion and such appraisal and exam shall be paid for by the Borrowers and shall not be limited by or included in the number of appraisals and field exams reimbursable under the
terms of Section 5.06(b). 

  
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 SECTION 6.05 Asset Sales. No Loan Party will, nor will it permit any Subsidiary to,
sell, transfer, lease or otherwise dispose of any asset, including any Equity Interest owned by it, except: 

(a) sales, transfers and dispositions of (i) Inventory in the ordinary course of business and (ii) used,
obsolete, worn out or surplus equipment or property in the ordinary course of business, or of property no longer used or useful in the conduct of the business of the Subsidiaries; 

(b) sales, leases, transfers and dispositions to any Subsidiary, provided that any such sales, transfers or
dispositions to a Subsidiary that is not a Loan Party shall be made in compliance with Section 6.09; 

(c) sales, leases, transfers and dispositions of accounts receivable in connection with the compromise, settlement or
collection thereof; 
 (d) sales, transfers and dispositions of (i) investments permitted by clauses (a),
(h), (i), (j) and (p) of Section 6.04, (ii) investments permitted by clause (b) of Section 6.04 by a Loan Party to another Loan Party and by a Subsidiary that is not a Loan Party to a Loan Party or any
Subsidiary and (iii) other investments to the extent required by or made pursuant to customary buy/sell arrangements made in the ordinary course of business between the parties to agreements related thereto; 

(e) Sale and Lease-Back transactions permitted by Section 6.06; 

(f) dispositions resulting from any casualty or other insured damage to, or any taking under power of eminent domain or by
condemnation or similar proceeding of, any property or asset of Holdings or any Subsidiary (a “Recovery Event”); 
 (g) sales, transfers and other dispositions of assets that are not otherwise permitted by any other paragraph of this Section made for fair market value; provided that (i) in the case of any sale,
transfer or disposition of assets that is not ABL Collateral, with respect to any such sale, transfer or disposition for a purchase price in excess of $10,000,000, Holdings or a Subsidiary shall receive not less than 75% of such consideration in the
form of cash or Permitted Investments; provided that, for purposes of determining what constitutes cash under this clause (i), (A) any liabilities (as shown on Holdings’ or such Subsidiary’s most recent balance sheet
provided hereunder or in the footnotes thereto) of Holdings or such Subsidiary, other than liabilities that are by their terms subordinated to the payment in cash of the Obligations, that are assumed by the transferee with respect to the applicable
sale, transfer or disposition and for which Holdings and all of the Subsidiaries shall have been validly released by all applicable creditors in writing, (B) any securities received by Holdings or such Subsidiary from such transferee that are
converted by Holdings or such Subsidiary into cash (to the extent of the cash received) within 180 days following the closing of the applicable sale, transfer or disposition and (C) during the term of this Agreement, up to $10,000,000 of
consideration that is not in the form of cash and Permitted Investments may nevertheless be treated as such so long as the Borrower Agent has given the Agent written notice thereof, (ii) in the case of any sale, transfer or disposition of ABL
Collateral, Holdings or a Subsidiary shall receive not less than 100% of such consideration in the form of cash or Permitted Investments and shall, concurrently therewith, submit an updated Borrowing Base Certificate to the Agent after giving effect
to such transaction, (iii) after giving effect to any such sale, transfer or disposition, no Default or Event of Default shall have occurred and be continuing, (iv) to the extent applicable, the Net Cash Proceeds thereof are used to prepay

  
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the Revolving Loans as required by Section 2.11(c) and (v) the aggregate consideration received in connection with all such sales, transfers and other dispositions during any
fiscal year of Holdings shall not exceed 20% of Consolidated Net Tangible Assets as of the last day of the immediately preceding fiscal year; 
 (h) sales, leases, transfers and dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the
proceeds of such disposition are promptly applied to the purchase price of such replacement property; 
 (i)
sales, leases, transfers and dispositions permitted by Sections 6.03 and 6.08 and Liens permitted by Section 6.02; 
 (j) leases, subleases, space leases, licenses or sublicenses, in each case in the ordinary course of business and which do not materially interfere with the business of the Group Members; 

(k) sales, leases, transfers and dispositions listed on Schedule 6.05; 

(l) sales, transfers and other dispositions of assets pursuant to the Crude Oil Intermediation Agreement; and 

(m) sales, transfers and other dispositions of assets not constituting Collateral; provided that
(i) after giving effect to any such sale, transfer or disposition, no Event of Default shall have occurred and be continuing and (ii) the Net Cash Proceeds of such sale, transfer or disposition are concurrently reinvested by Holdings and
the Subsidiaries in their business for general working capital purposes. 
 SECTION 6.06 Sale and Lease-Back
Transactions. No Loan Party will, nor will it permit any Subsidiary to, enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or
hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred (a “Sale and Lease-Back Transaction”);
provided that (a) the Realty Income Sale-Leaseback may be consummated and (b) other Sale and Lease-Back Transactions shall be permitted so long as, in the case of this clause (b), (i) such Sale and Lease-Back Transaction
(x) is made for consideration in cash or assets useful to the business of the Loan Parties in an amount not less than the fair value of such property and (y) is pursuant to a lease on market terms and (ii) the aggregate amount of the
Attributable Amount of all Sale and Lease-Back Transactions consummated pursuant to this clause (b) does not exceed $35,000,000 at any time outstanding. 
 SECTION 6.07 Accounting Changes. Holdings will not make any change in method of determining fiscal year and fiscal quarter end dates; provided, however, that Holdings may, upon written notice to
the Agent, change the financial reporting convention specified above to any other financial reporting convention reasonably acceptable to the Agent, in which case Holdings and the Agent will, and are hereby authorized by the Lenders to, make any
adjustments to this Agreement that are necessary in order to reflect such change in financial reporting. 
 SECTION 6.08
Restricted Payments; Certain Payments of Indebtedness. 
 (a) Holdings will not declare or make, or agree to pay or make,
directly or indirectly, any Restricted Payment, except: 

  
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 (i) Holdings may make (A) Restricted Payments payable solely in
Qualified Equity Interests of Holdings and (B) Restricted Payments from the Net Cash Proceeds of the issuance by Holdings of Qualified Equity Interests or a substantially contemporaneous capital contributions in respect of Qualified Equity
Interests of Holdings; 
 (ii) Holdings may make Restricted Payments to any Parent the proceeds of which are used
to purchase, repurchase, retire, redeem or otherwise acquire the Equity Interests of Holdings (or of any such Parent) (including related stock appreciation rights or similar securities) held by any future, present or former employee, director,
officer, manager or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of Holdings or any of its Subsidiaries or any Parent pursuant to any management equity plan or stock option plan or any other
management or employee benefit plan or agreement, or any stock subscription or shareholder agreement (including, for the avoidance of doubt, any principal and interest payable on any notes issued by Holdings or any Parent in connection with such
purchase, repurchase, retirement, redemption or other acquisition); provided that the aggregate amount of Restricted Payments made under this clause does not exceed $10,000,000 for any fiscal year (which amount shall be permitted to be
carried over to any subsequent fiscal year to the extent that purchases, repurchases, retirements, redemptions or other acquisitions permitted to have been made have not been made in any preceding fiscal year (provided that in no event shall more
than an aggregate of $15,000,000 of Restricted Payments be made under this clause in any fiscal year)); provided, further, that each of the amounts in any fiscal year under this clause may be increased by an amount not to exceed: 

(A) to the extent contributed to any Borrower, the cash proceeds from the sale of Equity Interests of Holdings or any
Parent, in each case to any future, present or former employees, directors, officers, managers, or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) of any Group Member or any Parent that occurs after the
Effective Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of clause (i) or (ii) of this Section 6.08(a); plus

 (B) the cash proceeds of key man life insurance policies received by any Group Member after the Effective
Date; less 
 (C) the amount of any Restricted Payments previously made with the cash proceeds described in
clauses (A) and (B) of this clause (ii); 
 and provided, further, that cancellation of Indebtedness owing to Holdings
from any future, present or former employees, directors, officers, managers, or consultants of Holdings (or their respective Controlled Investment Affiliates or Immediate Family Members), any Parent or any of the Subsidiaries in connection with a
repurchase of Equity Interests of Holdings or any Parent will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of this Agreement; 

(iii) non-cash repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity
Interests represent all or a portion of the exercise price of such options or warrants; 
 (iv) Restricted
Payments made to any Parent used to pay, in each case, without duplication, 

  
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 (A) franchise and excise taxes and other fees, taxes and expenses required
to maintain the corporate existence of any Parent; 
 (B) foreign, federal, state and local income and similar
taxes, to the extent such income taxes are attributable to the income of Holdings or the Borrowers and, to the extent of the amount actually received from its Unrestricted Subsidiaries, in amounts required to pay such taxes to the extent
attributable to the income of such Unrestricted Subsidiaries; provided that in each case the amount of such payments in any fiscal year does not exceed the amount that the Subsidiaries would be required to pay in respect of foreign, federal, state
and local taxes for such fiscal year were the Restricted Subsidiaries and the Unrestricted Subsidiaries (to the extent described above) to pay such taxes separately from any such Parent; 

(C) customary salary, bonus and other benefits payable to employees, directors, officers and managers of any Parent to the
extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Subsidiaries, including the Subsidiaries’ proportionate share of such amounts relating to such Parent being a public company; 

(D) so long as no Event of Default is in existence at the time of the making thereof, general corporate operating and
overhead costs and expenses of any Parent not in excess of $2,000,000 in any fiscal year, to the extent such costs and expenses are attributable to the ownership or operation of the Subsidiaries; 

(E) fees and expenses other than to Affiliates of the Subsidiaries related to any unsuccessful equity or debt offering of
any Parent; 
 (F) amounts payable pursuant to the Management Services Agreements, (including any amendment
thereto so long as any such amendment is not materially disadvantageous in the good faith judgment of the board of directors of Holdings to the Lenders when taken as a whole, as compared to the Management Services Agreement as in effect on the
Effective Date), solely to the extent such amounts are not paid directly by the Subsidiaries; and 
 (G) cash
payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests of Holdings or any Parent; 

(v) Restricted Payments may be made to consummate the Transactions; 

(vi) to the extent constituting Restricted Payments, Holdings may enter into and consummate transactions expressly
permitted by any provision of Section 6.03 or 6.09 (other than Section 6.09(e)); 

(vii) Holdings may make Restricted Payments with the proceeds of the issuance of Indebtedness of Holdings permitted by
Section 6.01 (other than (x) Section 6.01(c) and (y) any such Indebtedness Guaranteed by or secured directly or indirectly by the assets of any Subsidiary); 

(viii) in addition to the foregoing Restricted Payments, Holdings may make additional Restricted Payments constituting
Permitted Payments; 

  
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 (ix) the distribution, as a dividend or otherwise (and the declaration of
such dividend), of shares of capital stock of, or Indebtedness owed to Holdings by, any Unrestricted Subsidiary; 

(x) other Restricted Payments by Holdings which, together with investments, loans and advances made pursuant to
Section 6.04(w) and Restricted Debt Payments made pursuant to Section 6.08(b)(vi), do not exceed $15,000,000 in the aggregate; provided that, at the time such Restricted Payments are made and after giving effect
thereto, no Liquidity Event or Event of Default exists or has occurred and is continuing; 
 (xi) to the extent
constituting Restricted Payments, Holdings may make any non-compete, bonus or “earn out” payments payable to current or former stockholders of Holdings (or any direct or indirect Parent) pursuant to agreements in effect on the Effective
Date (including, for the avoidance of doubt, the Earnout Agreement); and 
 (xii) Holdings may make Restricted
Payments in respect of any payments made or expected to be made by Holdings or any Subsidiary or any Parent in respect of withholding or similar taxes payable upon exercise of Equity Interests by any future, present or former employee, director,
officer, manager or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) and any repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent
all or a portion of the exercise price of such options or warrants or required withholding or similar taxes. 
 (b) No Loan
Party will, nor will it permit any Subsidiary to, make or agree to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of principal on the Senior Secured Notes, any
Subordinated Indebtedness or any Indebtedness that refinances, extends, refunds, replaces or renews any such Indebtedness (collectively, “Restricted Indebtedness”), or any payment or other distribution (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 Restricted Indebtedness (collectively, “Restricted Debt
Payments”), except: 
 (i) extensions, refinancings, refundings, replacements and renewals of any such
Restricted Indebtedness to the extent permitted by Section 6.01; 
 (ii) payment of secured
Indebtedness that becomes due as a result of the sale or transfer of the property or assets securing such Indebtedness (other than Borrowing Base Assets) so long as such sale is permitted by Section 6.05 (other than sales, transfers and
dispositions under Section 6.05(j)); 
 (iii) payment of Restricted Indebtedness in exchange for or
with Net Cash Proceeds of any substantially contemporaneous issuance of Qualified Equity Interests of Holdings or substantially contemporaneous capital contribution in respect of Qualified Equity Interests of Holdings; 

(iv) payment of Restricted Indebtedness under the Senior Secured Notes (or any extensions, renewals, refinancing,
refundings or replacements thereof permitted under Section 6.01(g) and Section 6.02(v)), with the Net Cash Proceeds of any sale, transfer or other disposition of any Note and Specified Hedge Collateral (as defined in the
Intercreditor Agreement), or, in the case of any such extensions, refinancings, refundings, renewals or replacements, any property or assets in respect of which the security interest of the holders thereunder has priority over the

  
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security interest of the Agent, for the benefit of the Secured Parties, in such property or assets, pursuant to the Intercreditor Agreement or another intercreditor agreement in form and
substance reasonably satisfactory to the Agent that is no less favorable to the Secured Parties than the Intercreditor Agreement; 
 (v) other Restricted Debt Payments constituting Permitted Payments (it being understood and agreed that, if an irrevocable notice or contractual obligation is given in, made or arises in respect of any
such Restricted Debt Payment, the conditions set forth in the definition of “Permitted Payments” only need to be satisfied at the time of the giving of such irrevocable notice or entering into (or effectiveness of) any such contractual
obligation); and 
 (vi) other Restricted Debt Payments which, together with any investments, loans or advances
made pursuant to Section 6.04(w) and Restricted Payments made pursuant to Section 6.08(a)(x), do not exceed $5,000,000 in the aggregate; provided that, at the time such Restricted Debt Payments are made and
after giving effect thereto, no Liquidity Event or Event of Default exists or has occurred and is continuing. 
 (c) Holdings
will not, nor will it permit any Subsidiary to, make any investment, loan or advance in or to, or otherwise furnish any funds to, any Person for the purpose of enabling such Person, directly or indirectly, to make any Restricted Payment or any
Restricted Debt Prepayment (or payment equivalent to any of the foregoing) that could not be made directly by Holdings in accordance with the provisions of this Section 6.08. 

SECTION 6.09 Transactions with Affiliates. No Loan Party will, nor will it permit any Subsidiary to, sell, lease or otherwise
transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) transactions that are on terms and conditions
substantially as favorable to such Loan Party as would be obtainable by such Loan Party at the time in a comparable arm’s-length transaction from unrelated third parties that are not Affiliates, (b) transactions between or among Group
Members (other than an Unrestricted Subsidiary) not involving any other Affiliate, (c) any investment permitted by Section 6.04, (d) any Indebtedness permitted under Section 6.01 or Lien permitted under
Section 6.02, (e) any Restricted Payment or Restricted Debt Payment permitted by Section 6.08, (f) the payment of reasonable fees and out-of-pocket costs to directors of Holdings (or any Parent) or any Subsidiary,
and compensation and employee benefit arrangements paid to, and indemnities provided for the benefit of, directors, officers or employees of Holdings (or any Parent) or any Subsidiary in the ordinary course of business, (g) any issuances of
securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans approved by Holdings’ (or any Parent’s) board of directors,
(h) the payment of (A) management or monitoring or similar fees to the Sponsor and Sponsor termination fees and related indemnities and reasonable expenses, and (B) transaction advisory services fees with respect to transactions in
respect of which the Sponsor provides any transaction, advisory or other similar services, in each case pursuant to, and in accordance with, the Management Services Agreements as such agreements are in effect as of the Effective Date; provided that,
other than in the case of the payment of indemnities and expenses, no Event of Default has occurred and is continuing or would result after giving effect to such payment (and during the existence of any such Event of Default, such fees may accrue
but may not be paid), (i) any contribution to the capital of Holdings (or any Parent) by the Sponsor or any Affiliate thereof or any purchase of Equity Interests of Holdings (or any Parent) by the Sponsor or any Affiliate thereof, (j) the
Transactions, (k) payments by Holdings (and any Parent) or any Subsidiary pursuant to the tax sharing agreements among Holdings (and any such Parent) and the Subsidiaries on customary terms to the extent attributable to the ownership or
operation of the Subsidiaries, (l) transactions pursuant to permitted agreements in existence on the Effective Date and set forth on 

  
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Schedule 6.09 or any amendment thereto to the extent such an amendment is not adverse to the Lenders in any material respect and (m) payments by any Loan Party to any of the Sponsor for any
financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including in connection with acquisitions or divestitures, on terms no less favorable, taken as a whole, to such Loan Party than
those that could be obtained in a comparable arm’s length transaction with an unaffiliated party and are approved by a majority of the Board of Directors of Holdings (or such Parent) in good faith provided that, in the case of this clause (m),
no Event of Default has occurred and is continuing or would result after giving effect to such payment. 
 SECTION 6.10
Restrictive Agreements. No Loan Party will, nor will it permit any Subsidiary to, directly or indirectly, enter into, incur or permit to exist any agreement or other contractual arrangement to which it is a party or by which its property is
bound that prohibits, restricts or imposes any condition upon the ability of such Loan Party or any of its Subsidiaries to create, incur or permit to exist any Lien upon any of its property or assets for the benefit of the Secured Parties under the
Loan Documents; provided that 
 (a) the foregoing shall not apply to restrictions and conditions imposed by
(i) law or any Loan Document or (ii) the Senior Secured Notes Documents, the Crude Oil Intermediation Agreement or the Aron Commodity Hedging Agreement, in each case in the case of this clause (ii), substantially as in effect on the
Effective Date or otherwise reasonably acceptable to the Agent, 
 (b) the foregoing shall not apply to restrictions and
conditions (i) existing on the date hereof identified on Schedule 6.10 and (ii) to the extent any such restrictions or conditions permitted by clause (i) is set forth in an agreement evidencing Indebtedness, are set forth in
any agreement evidencing any permitted renewal, extension, refunding, replacement or refinancing of such Indebtedness so long as such renewal, extension, refunding, replacement or refinancing does not expand the scope of any such restriction or
condition, 
 (c) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the
sale of a Subsidiary pending such sale; provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, 
 (d) the foregoing shall not apply to any agreement or other instrument of a Person acquired in a Permitted Acquisition or other investment permitted by Section 6.04 in existence at the time of
such Permitted Acquisition (but not created in connection therewith or in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or
assets of the Person so acquired, 
 (e) the foregoing shall not apply to restrictions or conditions imposed by any agreement
relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, 
 (f) the foregoing shall not apply to (i) customary restrictions and provisions in joint venture agreements and other similar agreements applicable to joint ventures to the extent such joint ventures
are permitted hereunder or commercial contracts (including purchase orders) in the ordinary course of business, (ii) customary provisions restricting subletting or assignment of any lease governing a leasehold interest or (iii) customary
provisions in other agreements restricting the assignment thereof, and 
 (g) the foregoing shall not apply to restrictions or
conditions imposed by any agreement relating to Indebtedness of a Subsidiary that is not a Loan Party that is permitted by Section 6.01 or to any cash or other deposits permitted by Section 6.02. 

  
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 SECTION 6.11 Amendment of Material Documents. No Loan Party will, nor
will it permit any Subsidiary to, amend, modify or waive any of its rights under (a) (i) the Senior Note Documents (or any instrument or agreement governing any refinancing Indebtedness in respect thereof permitted under
Section 6.01), (ii) any agreement relating to the Realty Income Sale-Leaseback or any Subordinated Indebtedness or (iii) the Seller Payable Agreement or the Transaction Agreement, in each case to the extent, in the case of this
clause (a), that any such amendment, modification or waiver would be adverse to the Lenders in any material respect or (b) the Management Services Agreement, to the extent that any such amendment, modification or waiver would increase the
amount of any management fees payable thereunder from the amounts set forth in the Management Services Agreement as in effect on the Effective Date. 
 SECTION 6.12 Fixed Charge Coverage Ratio. Holdings will not permit its Fixed Charge Coverage Ratio as of the last day of any Test Period to be lower than 1.00 to 1.00; provided that such Fixed
Charge Coverage Ratio will only be tested as of the last day of the Test Period ending immediately prior to the date on which a Trigger Event shall have occurred and shall continue to be tested as of the last day of each Test Period thereafter until
such Trigger Event is no longer continuing. 
 ARTICLE VII. 

EVENTS OF DEFAULT 
 SECTION 7.01 Events of Default. If any of the following events (“Events of Default”) shall occur: 
 (a) any Borrower shall fail to pay (i) any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the
due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise, or (ii) any interest on any Loan or any fee or any other amount payable under this Agreement or any other Loan Document within three
(3) Business Days after it shall become due and payable; 
 (b) any representation or warranty made or
deemed made by or on behalf of any Loan Party herein or in any other Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, Borrowing Base Certificate or other certificate, financial statement or other
document furnished pursuant to or in connection with this Agreement or any Loan Document, shall prove to have been materially incorrect when made or deemed made; 

(c) any Loan Party shall fail to observe or perform any covenant, condition or agreement contained (i) in
Section 2.21 (solely with respect to post-closing collateral perfection obligations of the Loan Parties and the application of amounts during the continuance of a Liquidity Event), 5.06(b), 5.08, 5.12, and
5.14 or in Article VI (subject to the Cure Right in Section 7.02 in connection with any Default under Section 6.12), (ii) in Section 5.01(i) (after a two (2) Business Day grace period), or
(iii) in Section 5.02(a) or 5.03 (but only with respect to Holdings’ or any Borrower’s existence) (provided that if (A) any such Default described in this clause (iii) is of a type that can
be cured within five (5) Business Days and (B) such Default could not materially adversely impact the Lender’s Liens on the Collateral, such Default shall not constitute an Event of Default for five (5) Business Days after the
occurrence of such Default so long as the Loan Parties are diligently pursuing the cure of such Default); 
 (d)
any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document (other than those specified in clauses (a) and (c)

  
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above) and such default shall continue unremedied for a period of 30 days after notice thereof to the Borrower Agent from the Agent or the Required Lenders; 

(e) (i) any Loan Party shall fail to make any payment beyond the applicable grace period (whether by scheduled maturity,
required prepayment, acceleration, demand or otherwise) with respect to any Material Indebtedness, or (ii) any event or condition occurs (other than with respect to Material Indebtedness constituting Derivative Transactions or Commodities
Hedging Arrangements, termination events or equivalent events pursuant to the terms of the related Swap Agreements or Commodities Hedging Arrangements in accordance with the terms thereof and not as a result of any default thereunder by any Loan
Party) that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with the giving of notice, if required) the holder or holders of any such Material Indebtedness or any trustee or agent on its
or their behalf to cause any such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this paragraph (e) shall not apply
to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness;

 (f) a Change in Control shall occur; 

(g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation,
reorganization or other relief in respect of a Loan Party or any Subsidiary of any Loan Party or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or
hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Loan Party or any Subsidiary of any Loan Party or for a substantial part of its assets, and, in any such case
of clause (i) or (ii), such proceeding or petition shall continue undismissed and unstayed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered; 

(h) any Loan Party or any Subsidiary of any Loan Party shall (i) voluntarily commence any proceeding or file any
petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely
and appropriate manner, any proceeding or petition described in clause (g) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Loan Party
or Subsidiary of any Loan Party or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, or (v) make a general assignment for the benefit of
creditors; 
 (i) any Loan Party or any Subsidiary of any Loan Party shall become unable, admit in writing its
inability or fail generally to pay its debts in excess of the threshold amount that constitutes Material Indebtedness as they become due; 
 (j) one or more final judgments for the payment of money in an aggregate amount in excess of $25,000,000 (in each case to the extent not covered by third-party insurance as to which the insurer has been
notified of such judgment and does not deny coverage), shall be rendered against any Loan Party or any combination of Loan Parties and the same shall remain undischarged for a period of sixty (60) consecutive days during which execution shall
not be effectively stayed, satisfied or bonded, or any writ or warrant of attachment or execution or 

  
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similar process is issued against all or any material part of the property of any Loan Party and is not released, vacated, stayed or bonded within sixty (60) days after its issue;

 (k) an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have
occurred and are continuing, would reasonably be expected to result in a Material Adverse Effect; 
 (l) the Loan
Guaranty at any time after its execution and delivery and for any reason, other than as expressly permitted hereunder or thereunder, shall fail to remain in full force or effect, or any action shall be taken by any Loan Party to discontinue or to
assert the invalidity or unenforceability of the Loan Guaranty, or any Loan Guarantor shall deny or disaffirm in writing that it has any further liability under the Loan Guaranty to which it is a party; 

(m) (i) any Collateral Document after delivery thereof pursuant to the terms of the Loan Documents shall for any reason,
other than pursuant to the terms hereunder or thereunder (including as a result of a transaction permitted under Section 6.03 or 6.05), fail to create a valid and perfected security interest with the priority required by the
Collateral Documents (subject to the Intercreditor Agreement) in any Collateral purported to be covered thereby, except to the extent that any such loss of perfection or priority results from the failure of the Agent to maintain possession of
certificates actually delivered to it representing securities pledged under the Collateral Documents or to file UCC continuation statements and except as to Collateral consisting of real property to the extent that such losses are covered by a
lender’s title insurance policy and such insurer has been notified and has not denied coverage, or (ii) any material Collateral Document necessary to create a valid and perfected security interest with priority required by the Collateral
Documents in the Collateral purported to be covered thereby shall fail to remain in full force or effect or any action shall be taken by any Loan Party to discontinue or to assert the invalidity or unenforceability of any Collateral Document;

 (n) any material provision of any Loan Document at any time after its execution and delivery and for any
reason other than as expressly permitted hereunder or thereunder (including as a result of a transaction permitted under Section 6.03 or 6.05) or as a result of the occurrence of the Termination Date, ceases to be in full force
and effect, or any Loan Party shall challenge in writing the validity or enforceability of any Loan Document or any Loan Party shall deny in writing that it has any further liability or obligation under any Loan Document (other than as a result of
the occurrence of the Termination Date) or purports in writing to revoke or rescind any Loan Document; 
 (o) any
Governmental Authority shall condemn, seize or otherwise appropriate, or take custody or control of, all or any portion of the property of the Loan Parties which, when taken together with all other property of the Loan Parties so condemned, seized,
appropriated, or taken custody or control of, during the twelve-month period ending with the month in which any such action occurs, constitutes all or a substantial portion of the property of the Loan Parties, taken as a whole; or 

(p) the Specified Obligations shall cease to constitute senior indebtedness under the subordination provisions of any
document or instrument evidencing any permitted Subordinated Indebtedness or such subordination provision shall be invalidated or otherwise cease, for any reason, to be valid, binding and enforceable obligations of the parties thereto; 

then, and in every such event (other than an event with respect to any Loan Party described in clause (g) or (h) of this Article), and at any
time thereafter during the continuance of such event, the Agent may, and 

  
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at the request of the Required Lenders shall, by notice to the Borrower Agent, take any of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon
the Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and
payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Borrower, and (iii) require that the Borrowers deposit in the LC Collateral Account an amount in cash equal to 103% of the then outstanding LC
Exposure; provided that upon the occurrence of an event with respect to any Loan Party described in clause (g) or (h) of this Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together
with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each
Borrower, and the obligation of the Borrowers to cash collateralize the outstanding Letters of Credit as aforesaid shall automatically become effective, in each case without further act of the Agent or any Lender. 

SECTION 7.02 Cure Right. (a) Notwithstanding anything to the contrary contained in this Article VII, if Holdings fails
to comply with the requirements of Section 6.12, then, during the period (the “Cure Period”) from the first day of the last month of the relevant Test Period to the date that is ten (10) Business Days after the date
on which the certificate calculating the Fixed Charge Coverage Ratio for such Test Period is required to be delivered pursuant to Section 5.01(d), Holdings (or any Parent) shall have the right to issue Permitted Cure Securities for cash
or otherwise receive cash contributions to (or in the case of any Parent receive equity interests in Holdings for its cash contributions to) the capital of Holdings (collectively, the “Cure Right”), and upon contribution by Holdings
to a Borrower of such cash in return for common Equity Interests or for existing Equity Interests of such Borrower (the “Cure Amount”) pursuant to the exercise by Holdings of such Cure Right, the Fixed Charge Coverage Ratio under
Section 6.12 shall be recalculated giving effect to the following pro forma adjustments: 
 (i)
EBITDA shall be increased with respect to such applicable fiscal quarter and any Test Period that contains such fiscal quarter, solely for the purpose of measuring the Fixed Charge Coverage Ratio under Section 6.12 and not for any other
purpose under this Agreement, by an amount equal to the Cure Amount; and 
 (ii) if, after giving effect to the
foregoing pro forma adjustments, Holdings shall then be in compliance with Section 6.12, Holdings shall be deemed to have satisfied the requirements of Section 6.12 as of the relevant date of determination with the same
effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of Section 6.12 that had occurred shall be deemed cured for purposes of this Agreement. 

(b) Notwithstanding anything herein to the contrary, (i) in each four fiscal-quarter period there shall be at least two fiscal
quarters during which the Cure Right is not exercised, (ii) the Cure Right may be exercised no more than four times during the term of this Agreement, (iii) the Cure Amount shall be no greater than the amount required for purposes of
complying with Section 6.12, (iv) all Cure Amounts shall be disregarded for purposes of determining any baskets or ratios with respect to the other covenants contained in the Loan Documents and (v) if, during any Cure Period,
an Event of Default occurs under Section 6.12 for the Test Period ending during such Cure Period, such Event of Default shall be deemed not to exist for the purposes of this Agreement or any other Loan Document (except for the purposes
of Section 4.02) if Holdings advises the Agent in writing that the exercise of the Cure Right is 

  
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being diligently pursued and such exercise continues to be diligently pursued (it being understood that this clause (v) shall automatically cease to be applicable on the last day of such
Cure Period). 
 SECTION 7.03 Exclusion of Immaterial Subsidiaries. Solely for the purposes of determining whether an
Event of Default has occurred under clause (g) or (h) of Section 7.01, any reference in any such paragraph to any Subsidiary shall be deemed not to include any Immaterial Subsidiary affected by any event or circumstance
referred to in any such paragraph; provided that if it is necessary to exclude more than one Subsidiary from paragraph (g) or (h) of Section 7.01 pursuant to this Section 7.03 in order to avoid an
Event of Default thereunder, all excluded Subsidiaries shall be considered to be a single consolidated Subsidiary for purposes of determining whether the condition specified above is satisfied. 

ARTICLE VIII. 
 THE AGENT 
 Each of the Lenders and the Issuing Banks hereby irrevocably
appoints the Agent as its agent and authorizes the Agent to take such actions on its behalf, including execution of the other Loan Documents, and to exercise such powers as are delegated to the Agent by the terms of the Loan Documents, together with
such actions and powers as are reasonably incidental thereto. Without limiting the generality of the foregoing, the Agent shall have the sole and exclusive authority to (a) act as the disbursing and collecting agent for Lenders with respect to
all payments and collections arising in connection with the Loan Documents; (b) execute and deliver as Agent each Loan Document, including any intercreditor or subordination agreement, and accept delivery of each Loan Document from any Loan
Party or other Person; (c) act as collateral agent for Secured Parties for purposes of perfecting and administering Liens under the Loan Documents, and for all other purposes stated therein; (d) manage, supervise or otherwise deal with
Collateral; and (e) take any enforcement action or otherwise exercise any rights or remedies with respect to any Collateral under the Loan Documents, applicable law or otherwise. The Agent alone shall be authorized to determine whether any
Accounts or Inventory constitute Eligible Receivables or Eligible Inventory, or whether to impose or release any reserve, which determinations and judgments, if exercised in good faith, shall exonerate the Agent from liability to any Lender or other
Person for any error in judgment. 
 Any bank serving as 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 Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Loan Parties or any subsidiary
of a Loan Party or other Affiliate thereof as if it were not the Agent hereunder. 
 The Agent shall not have any duties or
obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and
is continuing, (b) the Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the 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 9.02), and (c) except as expressly set forth in the Loan
Documents, the Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Loan Party or any of its subsidiaries that is communicated to or obtained by the bank serving as Agent or
any of its Affiliates in any capacity. The 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 under
the circumstances as provided in Section 9.02) or in the absence of, or for any losses not directly and solely 

  
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caused by, its own gross negligence or willful misconduct. The Agent shall not be deemed to have knowledge of any Default unless and until written notice thereof is given to the Agent by the
Borrower Agent or a Lender, and the 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 any Loan Document, (ii) the contents of any
certificate, report or other document delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document,
(iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the creation, perfection or priority of Liens on the Collateral or the existence of the Collateral, or
(vi) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Agent. 

If any Lender acquires knowledge of a Default or Event of Default, it shall promptly notify the Agent and the other Lenders thereof in
writing. Each Lender agrees that, except as otherwise provided in any Loan Documents or with the written consent of the Agent and the Required Lenders, it will not take any enforcement action, accelerate the Obligations under any Loan Documents, or
exercise any right that it might otherwise have under Applicable Law to credit bid at foreclosure sales, UCC sales or other similar dispositions of Collateral. Notwithstanding the foregoing, however, a Lender may take action to preserve or enforce
its rights against a Loan Party where a deadline or limitation period is applicable that would, absent such action, bar enforcement of the Obligations held by such Lender, including the filing of proofs of claim in a Bankruptcy Proceeding.

 The 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 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 Agent may consult with legal counsel (who may be counsel for any 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. 
 The Agent
may perform any and all its duties and exercise its rights and powers by or through any one or more agents, co-agents or sub-agents appointed by the Agent. The Agent and any such agents, co-agents or sub-agent may perform any and all its duties and
exercise its rights and powers through their respective Related Parties. The Lenders shall execute and deliver such documents as the Agent deems appropriate to vest any rights or remedies in such agents, co-agents or sub-agent. The exculpatory
provisions of the preceding paragraphs shall apply to any such agents, co-agents or sub-agent and to the Related Parties of the Agent and any agents, co-agents or 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 the Agent. 
 Subject to the appointment and
acceptance of a successor to the Agent as provided in this paragraph, the Agent may resign at any time by notifying the Lenders, the Issuing Banks and the Borrower Agent. Upon any such resignation, the Required Lenders shall have the right, with the
consent (not to be unreasonably withheld or delayed) of the Borrower Agent, to appoint a successor; provided that, during the existence and continuation of an Event of Default, no consent of the Borrower Agent shall be required. If no
successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may, on behalf of the Lenders and the Issuing
Banks, appoint a successor Agent which shall be a commercial bank or an Affiliate of any such commercial bank reasonably acceptable to the Borrower Agent. Upon the acceptance of its appointment as Agent hereunder by a successor, such

  
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successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations
hereunder. The fees payable by the Borrowers to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower Agent and such successor. After the Agent’s resignation hereunder, the
provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring 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 Agent. Any successor to JPMorgan Chase Bank, N.A. by merger or acquisition of stock or this loan shall continue to be the Agent hereunder without further act on the part of the parties hereto, unless such successor resigns as
provided above. 
 Each Lender acknowledges that it has, independently and without reliance upon the 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. Each Lender also acknowledges that it will, independently and without reliance upon the Agent or any
other Lender and based on such documents and information 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 other Loan Document or related
agreement or any document furnished hereunder or thereunder. 
 Each Lender hereby agrees that (a) it has requested a copy
of each Report prepared by or on behalf of the Agent; (b) the Agent (i) does not make any representation or warranty, express or implied, as to the completeness or accuracy of any Report or any of the information contained therein or any
inaccuracy or omission contained in or relating to a Report or (ii) shall not be liable for any information contained in any Report; (c) the Reports are not comprehensive audits or examinations, and that any Person performing any field
examination will inspect only specific information regarding the Loan Parties and will rely significantly upon the Loan Parties’ books and records, as well as on representations of the Loan Parties’ personnel and that the Agent undertakes
no obligation to update, correct or supplement the Reports; (d) it will keep all Reports confidential and strictly for its internal use, not share the Report with any Loan Party or any other Person except as otherwise permitted pursuant to this
Agreement; and (e) without limiting the generality of any other indemnification provision contained in this Agreement, it will pay and protect, and indemnify, defend, and hold the Agent and any such other Person preparing a Report harmless from
and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including reasonable attorneys’ fees) incurred by the Agent or such other Person as the direct or indirect result of any third parties who might obtain
all or part of any Report through the indemnifying Lender and any action such Lender may take as a result of or any conclusion it may draw from any such Report. 
 The joint lead arrangers, joint bookrunners, syndication agent and co-documentation agents shall not have any right, power, obligation, liability, responsibility or duty under this Agreement other than
those applicable to all Lenders as such. 
 ARTICLE IX. 

MISCELLANEOUS 
 SECTION 9.01 Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (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 facsimile, as follows: 

if to any Loan Party, to the Borrower Agent at: 
 Northern Tier Energy LLC 

  
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 37 Danbury Road, Suite 204 

Ridgefield, Connecticut 06877 
 Attention: Hank Kuchta 
 Facsimile No.: (203) 894-8073 

Telephone No.: (203) 244-6550 
 if to JPMorgan Chase Bank, N.A., as the Agent, an Issuing Bank or the Swingline Lender, at: 
 JPMorgan Chase Bank, N.A. 
 1111 Fannin Street, Floor 10 

Houston, Texas 77002-6925 
 Attention: Nina Guinchard, Loan Operations Account Manager 
 Facsimile No.:
(713) 427-6307 
 Telephone No.: (713) 750-2367 

if to any other Lender, to it at its address or facsimile number set forth in its Administrative Questionnaire. 

All such notices and other communications (i) sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed
to have been given when received or (ii) sent by facsimile shall be deemed to have been given when sent and when receipt has been confirmed by telephone, provided that if not given during normal business hours for the recipient,
shall be deemed to have been given at the opening of business on the next Business Day for the recipient. 
 (b) Notices and
other communications to the Lenders hereunder may be delivered or furnished by electronic communications (including e-mail and internet or intranet websites) pursuant to procedures approved by the Agent; provided that the foregoing
shall not apply to notices pursuant to Article II or to compliance and no Event of Default certificates delivered pursuant to Section 5.01(d) unless otherwise agreed by the Agent and the applicable Lender. The Agent or the
Borrower Agent (on behalf of the Loan Parties) 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. All such 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); provided that if not given during the normal business hours of the recipient, such notice or communication
shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its
e-mail address as described in the foregoing clause (b)(i) of notification that such notice or communication is available and identifying the website address therefor. 
 (c) Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto. 

SECTION 9.02 Waivers; Amendments. (a) No failure or delay by the Agent, an Issuing Bank or any Lender in exercising any right
or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any
other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Agent, the Issuing Banks and the Lenders hereunder and under any other Loan Document are

  
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cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by any Loan Party therefrom
shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the
generality of the foregoing, to the extent permitted by law, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Agent, any Lender or an Issuing Bank may have had notice
or knowledge of such Default at the time. 
 (b) Neither this Agreement nor any other Loan Document nor any provision hereof or
thereof may be waived, amended or modified except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders or (ii) in the case of any other Loan Document
(other than any such amendment to effectuate any modification thereto expressly contemplated by the terms of such other Loan Documents), pursuant to an agreement or agreements in writing entered into by the Agent and the Loan Party or Loan Parties
that are parties thereto, with the consent of the Required Lenders; provided that no such agreement shall (A) increase the Commitment of any Lender (including any Defaulting Lender) without the written consent of such Lender; it
being understood that a waiver of any condition precedent set forth in Article IV or the waiver of any Default, mandatory prepayment or mandatory reduction of the Revolving Commitments, or the making of any Protective Advance, so long as in
compliance with the provisions of Section 2.04, shall not constitute an increase of any Revolving Commitment of any Revolving Lender; provided that any change to the second proviso to the second sentence of
Section 2.04(a) shall require the written consent of each Revolving Lender, (B) reduce or forgive the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce or forgive any interest or fees
payable hereunder, without the written consent of each Lender directly affected thereby (including any Defaulting Lender), (C) postpone any scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any date for the
payment of any interest, fees or other Obligations payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly
affected thereby; provided that only the consent of the Required Lenders shall be necessary to amend the provisions of Section 2.13(c) providing for the default rate of interest, or to waive any obligations of the Borrowers
to pay interest at such default rate, (D) increase the advance rates set forth in the definition of Borrowing Base without the written consent of each Revolving Lender, (E) eliminate or reduce the voting rights of any Revolving Lender
under this Section or the definition of “Required Lenders”, “Super Majority Lenders” or any other provision of any Loan Document specifying the number or percentage of Revolving Lenders (or Revolving Lenders of any Class)
required to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each Revolving Lender, (F) release any all or substantially all of the Loan Guarantors from their
obligations under the Loan Guaranty (except as otherwise permitted herein or in the other Loan Documents, including pursuant to Section 6.03, 6.05 or 10.11 hereof), without the written consent of each Lender,
(G) except as provided in clause (c) or (d) of this Section or in any Collateral Document, release all or a substantially all of the Collateral, without the written consent of each Lender, (H) amend, modify or waive any provision
of Section 2.18(b) or any provision of this Agreement or any other Loan Document relating to the ratable application of payments to the Lenders, in each case without the written consent of each Lender directly affected thereby,
(I) increase the aggregate Commitments except as provided in Section 2.23 without the written consent of each Lender or (J) make any change to the definition of “Borrowing Base”, “Eligible Cash”,
“Eligible Gasoline Inventory”, “Eligible Petroleum Inventory”, “Eligible Non-Gasoline Inventory”, “Eligible Other Inventory”, “Eligible General Inventory”, “Eligible Credit Card
Receivable”, “Eligible Other Receivable”, “Eligible Positive Exchange Balance”, “Specified Standby Letters of Credit”, “Net Orderly Liquidation Value Percentage” or “Value” or add any new
categories of eligible assets, in each case, that would have the effect of increasing the amount of the Borrowing Base, without the written consent of the Super Majority Lenders; and provided further that no such agreement shall amend,
modify or otherwise 

  
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affect the rights or duties of the Agent, any Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Agent, such Issuing Bank or the Swingline Lender, as the case
may be. The Agent may also amend the Commitment Schedule to reflect assignments entered into pursuant to Section 9.04. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove
any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender (it being understood that any Commitment or Loan held or deemed held by any Defaulting Lender
shall be excluded from a vote of the Lenders hereunder requiring any consent of the Lenders). 
 (c) The Lenders hereby
irrevocably agree that the Liens granted to the Agent by the Loan Parties on any Collateral shall be automatically released (i) upon the Termination Date, (ii) upon the sale or other disposition of the property constituting such Collateral
(including as part of or in connection with any other sale or other disposition permitted hereunder) to any Person other than another Loan Party, to the extent such sale or other disposition is made in compliance with the terms of this Agreement
(and the Agent may rely conclusively on a certificate to that effect provided to it by any Loan Party upon its reasonable request without further inquiry), (iii) to the extent such Collateral is comprised of property leased to a Loan Party,
upon termination or expiration of such lease, (iv) subject to paragraph (b) of this Section 9.02, if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders, (v) to the extent the
property constituting such Collateral is owned by any Loan Guarantor, upon the release of such Guarantor from its obligations under its Loan Guaranty in accordance with the provisions of this Agreement, (vi) as required to effect any sale or
other disposition of such Collateral in connection with any exercise of remedies of the Agent and the Lenders pursuant to the Collateral Documents, and (vii) as required pursuant to the terms of the Intercreditor Agreement; provided
that the Agent may, in its discretion, release the Lien on Collateral valued in the aggregate not in excess of $5,000,000 during each fiscal year without consent of any Lender. Any such release shall not in any manner discharge, affect, or
impair the Obligations or any Liens (other than those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to
constitute part of the Collateral to the extent required under the provisions of the Loan Documents. 
 (d) Notwithstanding
anything to the contrary contained in Section 9.02, guarantees, collateral security documents and related documents executed by Subsidiaries in connection with this Agreement may be in a form reasonably determined by the Agent and may be
amended and waived with the consent of the Agent at the request of the Borrower Agent without the need to obtain the consent of any other Lenders if such amendment or waiver is delivered in order (i) to comply with local law or advice of local
counsel, (ii) to cure ambiguities or defects or (iii) to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Loan Documents. 

(e) If, in connection with any proposed amendment, waiver or consent requiring the consent of “the Super Majority Lenders”,
“each Revolving Lender”, “each Lender”, “each Revolving Lender directly affected thereby” or “each Lender directly affected thereby”, the consent of the Required Lenders is obtained, but the consent of other
necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then the Borrower Agent may elect to replace a Non-Consenting Lender as a Lender
party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower Agent and the Agent shall agree, as of such date, to purchase for cash
at par the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated
as of such date and to comply with the requirements of clause (b) of Section 9.04, (ii) the replacement Lender shall pay the processing and recordation fee 

  
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referred to in Section 9.04(b)(ii)(C), if applicable in accordance with the terms of such Section, (iii) the replacement Lender shall grant its consent with respect to the
applicable proposed amendment, waiver or consent and (iv) the Borrowers shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such
Non-Consenting Lender by the Borrowers hereunder to and including the date of termination, including, without limitation, payments due to such Non-Consenting Lender under Sections 2.15 and 2.17, and (2) an amount, if any, equal to
the payment which would have been due to such Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender. 

SECTION 9.03 Expenses; Indemnity; Damage Waiver. (a) The Borrowers shall pay (i) all reasonable documented out-of-pocket
expenses incurred by the Agent, each of the Joint Bookrunners and their respective Affiliates, including the reasonable fees, charges and disbursements of Simpson Thacher & Bartlett LLP, counsel for the Agent, in connection with the
syndication and distribution (including, without limitation, via the internet or through a service such as Intralinks) of the credit facilities provided for herein, the preparation of the Loan Documents and related documentation, (ii) all
reasonable documented out-of-pocket expenses incurred by the Agent and their respective Affiliates, including the reasonable fees, charges and disbursements of one firm of outside legal counsel to the Agent, in connection with any amendments,
modifications or waivers of the provisions of any Loan Documents (whether or not the transactions contemplated thereby shall be consummated), (iii) all reasonable documented out-of-pocket expenses incurred by the Agent, the Issuing Banks or the
Lenders, including the reasonable documented fees, charges and disbursements of one firm of counsel (and, if necessary, of a single separate firm of local counsel in each appropriate material jurisdiction) for the Agent and the Lenders, in
connection with the enforcement, collection or protection of its rights in connection with the Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such
reasonable documented out-of-pocket expenses incurred during any workout, restructuring or related negotiations in respect of such Loans of Letters of Credit, and (iv) subject to any other provisions of this Agreement and the Loan Documents,
all reasonable documented out-of-pocket expenses incurred by the Agent in the administration of the Loan Documents, including the reasonable documented fees, charges and disbursements of one firm of counsel (and, if necessary, of a single separate
firm of local counsel in each appropriate material jurisdiction). Expenses reimbursable by the Borrowers under this Section include, without limiting the generality of the foregoing, subject to any other applicable provision of any Loan Document,
reasonable documented out-of-pocket costs and expenses incurred in connection with: 
 (i) appraisals;

 (ii) field examinations and the preparation of Reports based on the fees charged by a third party retained by
the Agent or (notwithstanding any reference to “out-of-pocket” above in this Section 9.03) the internally allocated fees for each Person employed by the Agent with respect to each field examination; 

(iii) lien and title searches, title insurance and endorsements to Title Insurance Policies; 

(iv) taxes, fees and other charges for recording any Mortgages, filing financing statements and continuations, and other
actions to perfect, protect, and continue the Agent’s Liens; and 

  
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 (v) forwarding loan proceeds, collecting checks and other items of payment,
and establishing and maintaining the accounts and lock boxes, and costs and expenses of preserving and protecting the Collateral. 
 Other than to the extent required to be paid on the Effective Date, all amounts due under this paragraph (a) shall be payable by the Borrower Agent within thirty (30) days of receipt of an
invoice relating thereto and setting forth such expenses in reasonable detail. 
 (b) Each Borrower shall indemnify the Agent,
each Issuing Bank and 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,
penalties, liabilities and related reasonable and documented out-of-pocket fees, expenses (including the reasonable fees, disbursements and other charges of one counsel for all Indemnitees and, if necessary, of a single separate firm of local
counsel in each appropriate material jurisdiction (which may include a single special counsel acting in multiple jurisdictions) for all Indemnitees (and, in the case of an actual or perceived conflict of interest (as reasonably determined by the
Indemnitee affected by such conflict) where such Indemnitee informs the Borrower Agent of such conflict and thereafter retains its own counsel, of another firm of counsel for such affected 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 the Loan Documents or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder 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 Environmental Liability related in any way to any Borrower or any of its 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 (and regardless of whether such
matter is initiated by a third party or by any Borrower, any other Loan Party or any of their respective Affiliates); provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims,
damages, penalties, liabilities or related expenses or fees (i) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of such
Indemnitee or one of its Related Parties (other than agents, advisors and other representatives), its Affiliates or any of its Related Parties, (ii) result from a material breach of the obligations of any such Indemnitee under the Loan
Documents or (iii) disputes brought by and between and among Indemnitees (not involving an act or omission of the Borrowers, the Loan Parties or their Affiliates as determined by a court of competent jurisdiction in a final and non-appealable
decision); provided that the Agent, the Issuing Banks and the Swingline Lender shall remain indemnified in respect of such disputes to the extent otherwise entitled to be so indemnified. 

(c) To the extent that any Borrower fails to pay any amount required to be paid by it to the Agent, an Issuing Bank or the Swingline
Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Agent, such Issuing Bank or the Swingline Lender, as the case may be, such Lender’s Applicable 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, penalty, liability or related expense, as the case may be, was
incurred by or asserted against the Agent, any Issuing Bank or the Swingline Lender in its capacity as such. 
 (d) To the
extent permitted by applicable law, no party to this Agreement shall assert, and each hereby waives, any claim against any other party hereto or any Related Party thereof, 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 

  
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instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 
 (e) All amounts due under this Section shall be paid, unless otherwise specified, promptly after written demand therefor. 
 SECTION 9.04 Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns
permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), except that (i) Holdings may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each
Lender (and any attempted assignment or transfer by Holdings without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section (any
attempted assignment or transfer not complying with the terms of this Section shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the
Related Parties of each of the Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees, other than a natural person, all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of: 

(A) the Borrower Agent; provided that no consent of the Borrower Agent shall be required for an assignment
to a Lender, an affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, to any other Person; 
 (B) the Agent; and 
 (C) each Issuing Bank. 

(ii) Notwithstanding the foregoing or anything to the contrary set forth herein, any assignment of any Loans or
Commitments to any Purchasing Debt Affiliate shall also be subject to the requirements of Section 9.04(f). 
 (iii) Assignments shall be subject to the following additional conditions: 
 (A) except in the case of an assignment to another Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans
of any Class, the amount of the Commitment or the principal amount of Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Agent
and determined on an aggregate basis in the event of concurrent assignments to Related Funds (as defined below)) shall not be less than $5,000,000 unless each of the Borrower Agent and the Agent otherwise consent, provided that no such
consent of the Borrower Agent shall be required if an Event of Default has occurred and is continuing; 

  
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 (B) each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 
 (C) the
parties to each assignment shall execute and deliver to the Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; 
 (D) the assignee, if it is not a Lender, shall deliver on or prior to the effective date of such assignment, (1) to the Agent an Administrative Questionnaire and (2) to the Borrower Agent (with
a copy to the Agent) the tax forms required by Sections 2.17(e) and (f); and 
 (E) any Taxes that
would be Other Taxes if not for being imposed with respect to an Assignment shall be the responsibility of either the assigning Lender or the assignee, but for the avoidance of doubt shall not be the responsibility of the Loan Parties. 

The term “Related Funds” shall mean with respect to any Lender that is an Approved Fund, any other Approved Fund that is
managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 

(iv) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the
effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03 with respect to
facts and circumstances occurring on or prior to the effective date of such assignment). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated
for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 
 (v) The Agent, acting for this purpose as an agent of the Borrowers, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the
names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The
entries in the Register shall be conclusive, absent manifest error, and the Borrowers, the Agent, the Issuing Banks and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for
all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower Agent, at any reasonable time and from time to time upon reasonable prior notice. 

(vi) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the
assignee’s completed Administrative Questionnaire and tax forms required by Section 9.04(b)(iii)(D)(2) (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph
(b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Agent shall 

  
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accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to
make any payment required to be made by it pursuant to Section 2.05, 2.06(d) or (e), 2.07(b), 2.18(c) or 9.03(c), the Agent shall have no obligation to accept such Assignment and Assumption and record the
information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register
as provided in this paragraph. 
 (vii) By executing and delivering an Assignment and Assumption, the assigning
Lender thereunder and the assignee thereunder shall be deemed to confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial owner of the interest being
assigned thereby free and clear of any adverse claim and that its Commitment, and the outstanding balances of its Loans, in each case without giving effect to assignments thereof which have not become effective, are as set forth in such Assignment
and Assumption, (ii) except as set forth in (i) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this
Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto, or the financial condition of any Borrower
or any Subsidiary or the performance or observance by any Borrower or any Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto; (iii) such assignee
represents and warrants that it is legally authorized to enter into such Assignment and Assumption; (iv) such assignee confirms that it has received a copy of this Agreement, together with copies of the most recent financial statements referred
to in Section 3.04(a) or delivered pursuant to Section 5.01 and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Assumption;
(v) such assignee will independently and without reliance upon the Agent, such assigning Lender 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 this Agreement; (vi) such assignee appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Agent by the terms
hereof, together with such powers as are reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms all the obligations which by the terms of this Agreement are required to be performed by
it as a Lender. 
 (c) (i) Any Lender may, without the consent of any Borrower, the Borrower Agent, the Agent, the Issuing Banks
or the Swingline Lender, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations and (C) the Borrowers, the Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement. Any Taxes that would be Other Taxes if not for being imposed with respect to a participation shall be the responsibility of either the Lender or the Participant, but for the avoidance of doubt shall not be the responsibility of the Loan
Parties. Any agreement or instrument pursuant to which a Lender sells such a participation or otherwise transfers any economic interest in any Loan or Commitment (including any synthetic assignment or participation or swap agreement, but excluding
any assignment pursuant to Section 9.04(b)) 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 

  
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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 first proviso to
Section 9.02(b) that affects such Participant. Subject to paragraph (c)(ii) of this Section, each Loan Party agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the same
extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though
it were a Lender, provided such Participant agrees to be subject to Section 2.18(c) as though it were a Lender. Each Lender that sells a participation, acting solely as a non-fiduciary agent (solely for tax purposes) of the Borrower,
shall maintain a register for the recordation of the names and addresses of the Participants and principal amount (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the
“Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating
to a Participant’s interest in any Commitments, Loans or its other obligations under any Loan Document) except to the Borrowing Agent or the IRS to the extent such disclosure is required by the IRS. The entries in the Participant Register shall
be conclusive, absent manifest error, and such Lender, each Loan Party and the Agent shall treat each Person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such participation for all purposes of this
Agreement, notwithstanding notice to the contrary. 
 (ii) A Participant shall not be entitled to receive any
greater payment under Section 2.15 or 2.17 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made
with the Borrower Agent’s prior written consent. No Participant shall be entitled to the benefits of Section 2.17 unless the Borrower Agent is notified of the participation sold to such Participant and such Participant agrees, for
the benefit of the Borrowers, to comply with Section 2.17(e) or (f), as applicable, as though it were a Lender. 
 (d) 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 without limitation any pledge
or assignment to secure obligations to a Federal Reserve Bank, and this Section 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. 
 (e)
Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting
Lender to the Agent and the Borrower Agent, the option to provide to the Borrowers all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrowers pursuant to this Agreement; provided that
(i) nothing herein shall constitute a commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make
such Loan pursuant to the terms hereof and. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that
(i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrowers under this Agreement (including its obligations under
Section 2.15, 2.16 or 2.17), (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender) and (iii) the Granting
Lender shall for all purposes including approval of any amendment, waiver or other modification of any provision of the Loan Documents, remain the Lender of record hereunder. In furtherance of the foregoing, each party hereto hereby agrees (which
agreement shall survive the termination of this Agreement) that, prior to the 

  
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date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any other Person in
instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. In addition, notwithstanding anything to the contrary contained in this
Section 9.04, any SPC may (i) with notice to, but without the prior written consent of, the Borrowers, the Borrower Agent and the Agent and without paying any processing fee therefor, assign all or a portion of its interests in any
Loans to the Granting Lender or to any financial institutions (consented to by the Borrower and Agent) providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans and (ii) disclose
on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC. 

(f) Notwithstanding anything else to the contrary contained in this Agreement, any Lender may assign all or a portion of its Commitments
and/or Loans to any Purchasing Debt Affiliate in accordance with Section 9.04(f); provided that: 

(i) no Default or Event of Default has occurred or is continuing or would result therefrom; and 

(ii) no Loan or Commitment may be assigned to a Purchasing Debt Affiliate pursuant to this Section 9.04(f), if
after giving effect to such assignment, Purchasing Debt Affiliates in the aggregate would own in excess of 10% of all Loans or 10% of all Commitments then outstanding. 
 Notwithstanding anything to the contrary in this Agreement, no Purchasing Debt Affiliate shall have any right to (A) attend (including by telephone) any meeting or discussions (or portion thereof)
among the Agent or any Lender to which representatives of the Loan Parties are not invited, and (B) receive any information or material prepared by the Agent or any Lender or any communication by or among the Agent and/or one or more Lenders,
except to the extent such information or materials have been made available to any Loan Party or its representatives (and in any case, other than the right to receive notices of prepayments and other administrative notices in respect of its
Commitments and Loans required to be delivered to Lenders pursuant to Article II), or (C) make or bring (or participate in, other than as a passive participant in or recipient of its pro rata benefits of) any claim, in its capacity as a
Lender, against the Agent or any Lender with respect to any duties or obligations or alleged duties or obligations of the Agent or any Lender under the Loan Documents. 
 (g) Notwithstanding anything in Section 9.04 or the definitions of “Required Lenders” or “Super Majority Lenders” to the contrary, for purposes of determining whether the
Required Lenders, the Super Majority Lenders or any other requisite Class vote required by this Agreement have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with respect to any of the terms of
any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted on any matter related to any Loan Document, or (iii) directed or required the Agent or any Lender to undertake any action (or refrain from taking any
action) with respect to or under any Loan Document, all Commitments held by any Purchasing Debt Affiliate shall be deemed to be not outstanding for all purposes of calculating whether the Required Lenders, the Super Majority Lenders (or requisite
vote of any Class of Lenders) have taken any actions. 
 SECTION 9.05 Survival. All covenants, agreements,
representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied
upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any 

  
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investigation made by any such other party or on its behalf and notwithstanding that the Agent, any Issuing Bank 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 Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII 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 9.06 Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate
letter agreement with respect to fees payable to the Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Agent and when the Agent shall have received counterparts hereof which, when taken together, bear
the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this
Agreement by facsimile or other electronic transmission (including e-mail) shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION 9.07 Severability. To the extent permitted by law, any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction
shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.08 Right of Setoff. If an Event of Default
shall have occurred and be continuing, each Revolving Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held and other obligations at any time owing by such Revolving Lender or Affiliate to or for the credit or the account of any Borrower or any Loan Guarantor against any of and all the Secured
Obligations held by such Revolving Lender, irrespective of whether or not such Revolving Lender shall have made any demand under the Loan Documents and although such obligations may be unmatured. The applicable Revolving Lender shall notify the
Borrower Agent and the Agent of such set-off or application, provided that any failure to give or any delay in giving such notice shall not affect the validity of any such set-off or application under this Section. The rights of each
Revolving Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Revolving Lender may have. 
 NOTWITHSTANDING THE FOREGOING, AT ANY TIME THAT ANY OF THE SECURED OBLIGATIONS SHALL BE SECURED BY REAL PROPERTY LOCATED IN CALIFORNIA, NO LENDER SHALL EXERCISE A RIGHT OF SETOFF, LENDER’S LIEN OR
COUNTERCLAIM OR TAKE ANY COURT OR ADMINISTRATIVE ACTION OR INSTITUTE ANY PROCEEDING TO ENFORCE ANY PROVISION OF THIS AGREEMENT OR ANY LOAN DOCUMENT UNLESS IT IS TAKEN WITH THE CONSENT OF THE LENDERS REQUIRED BY SECTION 9.02 OF THIS AGREEMENT,
IF SUCH SETOFF OR ACTION OR PROCEEDING WOULD OR MIGHT (PURSUANT TO SECTIONS 580a, 580b, 580d AND 726 

  
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OF THE CALIFORNIA CODE OF CIVIL PROCEDURE OR SECTION 2924 OF THE CALIFORNIA CIVIL CODE, IF APPLICABLE, OR OTHERWISE) AFFECT OR IMPAIR THE VALIDITY, PRIORITY, OR ENFORCEABILITY OF THE LIENS
GRANTED TO AGENT PURSUANT TO THE COLLATERAL DOCUMENTS OR THE ENFORCEABILITY OF THE OBLIGATIONS HEREUNDER, AND ANY ATTEMPTED EXERCISE BY ANY LENDER OR ANY SUCH RIGHT WITHOUT OBTAINING SUCH CONSENT OF THE PARTIES AS REQUIRED ABOVE, SHALL BE NULL AND
VOID. THIS PARAGRAPH SHALL BE SOLELY FOR THE BENEFIT OF EACH OF THE LENDERS. 
 SECTION 9.09 Governing Law;
Jurisdiction; Consent to Service of Process. (a) THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT OR OTHER LOAN DOCUMENTS, UNLESS OTHERWISE SPECIFIED, SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 (b) Each party hereby irrevocably and
unconditionally submits to the exclusive jurisdiction of any U.S. federal or New York State court sitting in New York, New York, in any action or proceeding arising out of or relating to any Loan Documents, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York State or, to the extent permitted by law, in such
federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

(c) Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in clause (b) of this Section. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 9.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 9.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 9.11 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. 

  
 135

 SECTION 9.12 Confidentiality. Each of the Agent, each Issuing Bank and the each
Lender (the “Subject Persons”) agrees (and each Lender agrees to cause its SPC, if any) to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) pursuant to the order
of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law or compulsory legal process based on the advice of counsel (in which case each Subject Person agrees
(except with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable law, to inform
the Borrower Agent promptly thereof prior to disclosure), (b) upon the request or demand of any regulatory authority having or claiming to have jurisdiction over such Subject Person or any of its Affiliates (in which case such Subject Person
agrees (except with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority) to the extent practicable and not prohibited by applicable law, to
inform the Borrower Agent promptly thereof prior to disclosure), (c) to the extent that such information becomes publicly available other than by reason of improper disclosure by a Subject Person or any of its Affiliates or any Related Parties
thereto in violation of this Agreement or any other confidentiality obligations owing to Holdings or its Related Parties, (d) to the extent that such information is received by a Subject Person from a third party that is not, to such Subject
Person’s knowledge, subject to contractual or fiduciary confidentiality obligations owing to Holdings or any of its Related Parties, (e) to the extent that such information is independently developed by such Subject Person, (f) to the
Subject Persons’ Affiliates and to its and their respective employees, legal counsel, independent auditors, professionals and other experts or agents who need to know such information in connection with this Agreement, the other Loan Documents
and the Transactions (including in connection with protecting or enforcing the Subject Persons’ rights with respect to the Loan Documents) and who are informed of the confidential nature of such information and are or have been advised of their
obligation to keep information of this type confidential, (g) to potential or prospective Lenders, Participants or Assignees and to any direct or indirect, actual or prospective, contractual counterparty to any Swap Agreement relating to
Holdings or any of its Subsidiaries, in each case who are instructed that they shall be bound by the terms of this paragraph (or language no less restrictive than this paragraph), (h) to another Subject Person, (i) if the Borrower Agent
provides its prior written consent to the proposed disclosure, or (j) for purposes of establishing a “due diligence” defense; provided that the disclosure of any such information to any Lenders, Participants, Assignees
or counterparties or to prospective Lenders, Participants, Assignees or counterparties referred to above shall be made subject to the acknowledgment and acceptance by such persons that such information is being disseminated on a confidential basis
(on substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to the Borrower Agent). For the purposes of this Section, “Information” means all information received from any Loan Party relating to
the Loan Parties or their businesses, the Sponsor or the Transactions other than any such information that is available to the Agent, any Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by any Loan Party. Any Person
required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information. 
 SECTION 9.13 Several Obligations;
Nonreliance; Violation of Law. The respective obligations of the Lenders hereunder are several and not joint and the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not relieve any other Lender from any
of its obligations hereunder. Each Lender hereby represents that it is not relying on or looking to any Margin Stock for the repayment of the Borrowings provided for herein and acknowledges that the Collateral shall not include any Margin Stock.
Anything contained in this Agreement to the contrary notwithstanding, neither the Issuing Banks nor any Lender shall be obligated to extend credit to any Borrower in violation of any Requirement of Law. 

  
 136

 SECTION 9.14 USA PATRIOT Act. The Agent and the Lenders hereby notify the Borrowers
that pursuant to the requirements of the PATRIOT Act, the Agent and the Lenders are required to obtain, verify and record information that identifies each Borrower, including its legal name, address, tax ID number and other information that will
allow the Agent and the Lenders to indentify it in accordance with the PATRIOT Act. Agent and Lenders will also require information regarding each personal guarantor, if any, and may require information regarding the Borrowers’ management and
owners, such as legal name, address social security number and date of birth. 
 SECTION 9.15 Disclosure. Each Loan Party
and each Lender hereby acknowledges and agrees that the Agent and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with any of the Loan Parties and their respective Affiliates. 

SECTION 9.16 Appointment for Perfection. Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting
Liens, for the benefit of the Agent and the Lenders, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by possession. Should any Lender obtain possession of any such Collateral, such Lender
shall notify the Agent thereof, and, promptly upon the Agent’s request therefor shall deliver such Collateral to the Agent or otherwise deal with such Collateral in accordance with the Agent’s instructions. 

SECTION 9.17 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 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. 
 SECTION 9.18 Cumulative Effect; Conflict of Terms; Entire
Agreement; Credit Inquiries; No Advisory or Fiduciary Responsibility. Each Loan Party hereby agrees and confirms that, notwithstanding the amendment and restatement of the Existing Credit Agreement pursuant to this Agreement: 

(a) The provisions of the Loan Documents are cumulative. The parties acknowledge that the Loan Documents may use several
limitations, tests or measurements to regulate similar matters, and they agree that these are cumulative and that each must be performed as provided. Except as otherwise provided in another Loan Document (by specific reference to the applicable
provision of this Agreement), if any provision contained herein is in direct conflict with any provision in another Loan Document (other than the Intercreditor Agreement), the provision herein shall govern and control. 

(b) Time is of the essence of the Loan Documents. The Loan Documents constitute the entire contract among the parties
relating to the subject matter hereof, and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. 

  
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 (c) Each Loan Party hereby authorizes the Agent and the Lenders (but they
shall have no obligation) to respond to usual and customary credit inquiries from third parties concerning any Borrower or Subsidiary. 
 (d) In connection with all aspects of each transaction contemplated by any Loan Document, the Borrowers acknowledge and agree that (a)(i) this credit facility and any related arranging or other services
by the Agent, any Lender, any of their Affiliates or any arranger are arm’s-length commercial transactions between the Borrowers and such Person; (ii) the Borrowers have consulted their own legal, accounting, regulatory and tax advisors to
the extent they have deemed appropriate; and (iii) the Borrowers are capable of evaluating and understanding, and do understand and accept, the terms, risks and conditions of the transactions contemplated by the Loan Documents; (b) each of
the Agent, the Lenders, their Affiliates and any arranger is and has been acting solely as a principal in connection with this credit facility, is not the financial advisor, agent or fiduciary for the Borrowers, any of their Affiliates or any other
Person, and has no obligation with respect to the transactions contemplated by the Loan Documents except as expressly set forth therein; and (c) the Agent, the Lenders, their Affiliates and any arranger may be engaged in a broad range of
transactions that involve interests that differ from those of the Borrowers and their Affiliates, and have no obligation to disclose any of such interests to the Borrowers or their Affiliates. 

SECTION 9.19 INTERCREDITOR AGREEMENT. REFERENCE IS MADE TO THE INTERCREDITOR AGREEMENT. EACH LENDER HEREUNDER (A) CONSENTS TO
THE SUBORDINATION OF LIENS PROVIDED FOR IN THE INTERCREDITOR AGREEMENT, (B) AGREES THAT IT WILL BE BOUND BY AND WILL TAKE NO ACTIONS CONTRARY TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND (C) AUTHORIZES AND INSTRUCTS THE AGENT TO
ENTER INTO THE INTERCREDITOR AGREEMENT AS ABL AGENT AND ON BEHALF OF SUCH LENDER. THE FOREGOING PROVISIONS ARE INTENDED AS AN INDUCEMENT TO THE LENDERS UNDER THIS AGREEMENT TO EXTEND CREDIT TO BORROWERS AND SUCH LENDERS ARE INTENDED THIRD PARTY
BENEFICIARIES OF SUCH PROVISIONS AND THE PROVISIONS OF THE INTERCREDITOR AGREEMENT. 
 SECTION 9.20 No Recourse. No
recourse shall be against any Affiliate of any Loan Party (other than another Loan Party) or any officer, director, employee, shareholder, member or partner thereof (including, for the avoidance of doubt, Marathon) for the payment of any amount
owing in respect of the Loans or in respect of any other liability of the Loan Parties arising hereunder. 
 ARTICLE X.

 LOAN GUARANTY 
 SECTION 10.01 Guaranty. Each Loan Guarantor hereby agrees that it is jointly and severally liable for, and, as primary obligor and not merely as surety, and absolutely and unconditionally
guarantees to the Lenders the prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of the Secured Obligations (collectively the “Guaranteed Obligations”). Each Loan
Guarantor further agrees that the Guaranteed Obligations may be extended or renewed in whole or in part without notice to or further assent from it, and that it remains bound upon its guarantee notwithstanding any such extension or renewal.

 SECTION 10.02 Guaranty of Payment. This Loan Guaranty is a guaranty of payment and not of collection. Each Loan
Guarantor waives any right to require the Agent, any Issuing Bank or any Lender to sue any Borrower, any Loan Guarantor, any other guarantor, or any other Person obligated 

  
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for all or any part of the Guaranteed Obligations (each, an “Obligated Party”), or otherwise to enforce its payment against any collateral securing all or any part of the
Guaranteed Obligations. 
 SECTION 10.03 No Discharge or Diminishment of Loan Guaranty. (a) Except as otherwise
provided for herein, the obligations of each Loan Guarantor hereunder are unconditional and absolute and not subject to any reduction, limitation, impairment or termination for any reason (other than as expressly provided in
Section 10.11), including: (i) any claim of waiver, release, extension, renewal, settlement, surrender, alteration, or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any change in the
corporate existence, structure or ownership of any Borrower or any other guarantor of or other Person liable for any of the Guaranteed Obligations; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding affecting any
Obligated Party, or their assets or any resulting release or discharge of any obligation of any Obligated Party; or (iv) the existence of any claim, setoff or other rights which any Loan Guarantor may have at any time against any Obligated
Party, the Agent, any Issuing Bank, any Lender, or any other Person, whether in connection herewith or in any unrelated transactions. 
 (b) The obligations of each Loan Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment, or termination whatsoever by reason of the invalidity, illegality, or
unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable law or Regulation purporting to prohibit payment by any Obligated Party, of the Guaranteed Obligations or any part thereof. 

(c) Further, the obligations of any Loan Guarantor hereunder are not discharged or impaired or otherwise affected by: (i) the
failure of the Agent, any Issuing Bank or any Lender to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed Obligations; (ii) any waiver or modification of or supplement to any provision of any
agreement relating to the Guaranteed Obligations; (iii) any release, non-perfection, or invalidity of any indirect or direct security for the obligations of each Borrower for all or any part of the Guaranteed Obligations or any obligations of
any other guarantor of or other Person liable for any of the Guaranteed Obligations; (iv) any action or failure to act by the Agent, any Issuing Bank or any Lender with respect to any collateral securing any part of the Guaranteed Obligations;
or (v) any default, failure or delay, willful or otherwise, in the payment or performance of any of the Guaranteed Obligations, or any other circumstance, act, omission or delay that might in any manner or to any extent vary the risk of such
Loan Guarantor or that would otherwise operate as a discharge of any Loan Guarantor as a matter of law or equity (other than as expressly provided in Section 10.11). 

SECTION 10.04 Defenses Waived. To the fullest extent permitted by applicable law, each Loan Guarantor hereby waives any defense
based on or arising out of any defense of any Borrower or any Loan Guarantor or the unenforceability of all or any part of the Guaranteed Obligations from any cause, or the cessation from any cause of the liability of any Borrower or any Loan
Guarantor, other than the termination of a Loan Guarantor’s obligations hereunder as expressly provided in Section 10.11. Without limiting the generality of the foregoing, each Loan Guarantor irrevocably waives acceptance hereof,
presentment, demand, protest and, to the fullest extent permitted by law, any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against any Obligated Party, or any other Person. The Agent
may, at its election, foreclose on any Collateral held by it by one or more judicial or nonjudicial sales, accept an assignment of any such Collateral in lieu of foreclosure or otherwise act or fail to act with respect to any collateral securing all
or a part of the Guaranteed Obligations, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with any Obligated Party or exercise any other right or remedy available to it against any Obligated Party, without
affecting or impairing in any way the liability of such Loan Guarantor under this Loan Guaranty except to the extent the Guaranteed Obligations have been fully and indefeasibly paid in 

  
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cash. To the fullest extent permitted by applicable law, each Loan Guarantor waives any defense arising out of any such election even though that election may operate, pursuant to applicable law,
to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Loan Guarantor against any Obligated Party or any security. 
 SECTION 10.05 Rights of Subrogation. No Loan Guarantor will assert any right, claim or cause of action, including, without limitation, a claim of subrogation, contribution or indemnification that
it has against any Obligated Party, or any collateral, until the Loan Parties and the Loan Guarantors have fully performed all their obligations to the Agent, the Issuing Banks and the Lenders. 

SECTION 10.06 Reinstatement; Stay of Acceleration. If at any time any payment of any portion of the Guaranteed Obligations is
rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of any Borrower or otherwise, each Loan Guarantor’s obligations under this Loan Guaranty with respect to that payment shall be reinstated at
such time as though the payment had not been made. If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of any Borrower, all such amounts otherwise subject to
acceleration under the terms of any agreement relating to the Guaranteed Obligations shall nonetheless be payable by the Loan Guarantors forthwith on demand by the Lender. 
 SECTION 10.07 Information. Each Loan Guarantor assumes all responsibility for being and keeping itself informed of each Borrower’s financial condition and assets, and of all other
circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that each Loan Guarantor assumes and incurs under this Loan Guaranty, and agrees that none of the Agent, any Issuing Bank
or any Lender shall have any duty to advise any Loan Guarantor of information known to it regarding those circumstances or risks. 
 SECTION 10.08 Maximum Liability. The provisions of this Loan Guaranty are severable, and in any action or proceeding involving any state corporate law, or any state, Federal or foreign bankruptcy,
insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Loan Guarantor under this Loan Guaranty would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the
amount of such Loan Guarantor’s liability under this Loan Guaranty, then, notwithstanding any other provision of this Loan Guaranty to the contrary, the amount of such liability shall, without any further action by the Loan Guarantors or the
Lenders, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding (such highest amount determined hereunder being the relevant Loan Guarantor’s “Maximum
Liability”). This Section 10.08 with respect to the Maximum Liability of each Loan Guarantor is intended solely to preserve the rights of the Lenders to the maximum extent not subject to avoidance under applicable law, and no
Loan Guarantor nor any other Person or entity shall have any right or claim under this Section with respect to such Maximum Liability, except to the extent necessary so that the obligations of any Loan Guarantor hereunder shall not be rendered
voidable under applicable law. Each Loan Guarantor agrees that the Guaranteed Obligations may at any time and from time to time exceed the Maximum Liability of each Loan Guarantor without impairing this Loan Guaranty or affecting the rights and
remedies of the Lenders hereunder, provided that nothing in this sentence shall be construed to increase any Loan Guarantor’s obligations hereunder beyond its Maximum Liability. Notwithstanding the foregoing, nothing contained in
this Agreement (including any provisions of this Article X to the contrary) shall limit the liability of any Loan Party in respect of all of the Obligations under the Loan Documents. 

SECTION 10.09 Contribution. In the event any Loan Guarantor (a “Paying Guarantor”) shall make any payment or
payments under this Loan Guaranty or shall suffer any loss as a 

  
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result of any realization upon any collateral granted by it to secure its obligations under this Loan Guaranty, each other Loan Guarantor (each a “Non-Paying Guarantor”) shall
contribute to such Paying Guarantor an amount equal to such Non-Paying Guarantor’s “Guarantor Percentage” of such payment or payments made, or losses suffered, by such Paying Guarantor. For purposes of this Article X,
each Non-Paying Guarantor’s “Guarantor Percentage” with respect to any such payment or loss by a Paying Guarantor shall be determined as of the date on which such payment or loss was made by reference to the ratio of (i) such
Non-Paying Guarantor’s Maximum Liability as of such date (without giving effect to any right to receive, or obligation to make, any contribution hereunder) or, if such Non-Paying Guarantor’s Maximum Liability has not been determined, the
aggregate amount of all monies received by such Non-Paying Guarantor from any Borrower after the date hereof (whether by loan, capital infusion or by other means) to (ii) the aggregate Maximum Liability of all Loan Guarantors hereunder
(including such Paying Guarantor) as of such date (without giving effect to any right to receive, or obligation to make, any contribution hereunder), or to the extent that a Maximum Liability has not been determined for any Loan Guarantor, the
aggregate amount of all monies received by such Loan Guarantors from any Borrower after the date hereof (whether by loan, capital infusion or by other means). Nothing in this provision shall affect any Loan Guarantor’s several liability for the
entire amount of the Guaranteed Obligations (up to such Loan Guarantor’s Maximum Liability). Each of the Loan Guarantors covenants and agrees that its right to receive any contribution under this Loan Guaranty from a Non-Paying Guarantor shall
be subordinate and junior in right of payment to the termination of a Loan Guarantor’s obligations hereunder as expressly provided in Section 10.11. This provision is for the benefit of all of the Agent, the Issuing Banks, the
Lenders, the Borrowers and the Loan Guarantors and may be enforced by any one, or more, or all of them in accordance with the terms hereof. 
 SECTION 10.10 Liability Cumulative. The liability of each Loan Party as a Loan Guarantor under this Article X is in addition to and shall be cumulative with all liabilities of each Loan Party to
the Agent, the Issuing Banks and the Lenders under this Agreement and the other Loan Documents to which such Loan Party is a party or in respect of any obligations or liabilities of the other Loan Parties, without any limitation as to amount, unless
the instrument or agreement evidencing or creating such other liability specifically provides to the contrary. 
 SECTION 10.11
Termination; Release of Loan Guarantors and Borrowers. The Loan Guaranty of all Loan Guarantors shall terminate on the Termination Date. Notwithstanding anything in Section 9.02(b) to the contrary (i) a Loan Guarantor or a
Borrower that is a Subsidiary shall automatically be released from its obligations hereunder and its Loan Guaranty and obligations as a Borrower shall be automatically released upon the consummation of any transaction permitted hereunder as a result
of which such Loan Guarantor or Borrower ceases to be a Subsidiary and (ii) so long as no Event of Default has occurred and is continuing, (A) if a Loan Guarantor or Borrower is or becomes an Excluded Subsidiary, then such Loan Guarantor
shall be automatically released from its obligations hereunder and its Loan Guaranty and obligations as a Borrower shall be automatically released upon notification thereof from the Borrower Agent to the Agent. In connection with any such release,
the Agent shall execute and deliver to any Loan Guarantor or Borrower that is a Subsidiary, at such Loan Guarantor’s or Borrower’s expense, all documents that such Loan Guarantor or Borrower shall reasonably request to evidence termination
or release. Any execution and delivery of documents pursuant to the preceding sentence of this Section 10.11 shall be without recourse to or warranty by the Agent. 
 SECTION 10.12 Seller Payable Agreement. Each of the Agent and the Lenders hereby (a) consents to the execution, delivery and performance by Holdings of the Seller Payable Agreement, and
(b) agrees that for so long as the Seller Pledge Agreement remains in effect, notwithstanding anything to the contrary in any of the Loan Documents, none of the collateral subject to Liens under the Seller Pledge Agreement (as such agreement is
in effect on the Effective Date) shall 

  
 141

 
constitute Collateral, and any Liens upon any of such collateral granted in favor of the Agent or the Lenders pursuant to the Loan Documents shall be released. 

[SIGNATURES APPEAR ON FOLLOWING PAGES] 

  
 142

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

			
	 NORTHERN TIER ENERGY LLC, as Holdings

		
	By	 	 /S/ MARIO E. RODRIGUEZ

		 	Name: Mario E. Rodriguez
		 	Title: Vice President, Finance
	
	 ST. PAUL PARK REFINING CO. LLC, as a Borrower

		
	By	 	 /S/ MARIO E. RODRIGUEZ

		 	Name: Mario E. Rodriguez
		 	Title: Vice President, Finance
	
	 NORTHERN TIER BAKERY LLC, as a Borrower

		
	By	 	 /S/ MARIO E. RODRIGUEZ

		 	Name: Mario E. Rodriguez
		 	Title: Vice President, Finance
	
	 NORTHERN TIER RETAIL LLC, as a Borrower

		
	By	 	 /S/ MARIO E. RODRIGUEZ

		 	Name: Mario E. Rodriguez
		 	Title: Vice President, Finance
	
	 SUPERAMERICA FRANCHISING LLC, as a Borrower

		
	By	 	 /S/ MARIO E. RODRIGUEZ

		 	Name: Mario E. Rodriguez
		 	Title: Vice President, Finance
	
	 NORTHERN TIER FINANCE CORPORATION, as a Guarantor

  
 [Signature
Page to Credit Agreement] 

 
			
	By	 	 /S/ MARIO E. RODRIGUEZ

		 	Name: Mario E. Rodriguez
		 	Title: Vice President, Finance
	
	 JPMORGAN CHASE BANK, N.A., individually and as Agent, Collateral Agent, Issuing Bank, a Lender and Swingline
Lender

		
	By	 	 /S/ ROBERT TRABAND

		 	Name: Robert Traband
		 	Title: Managing Director

  
 [Signature
Page to Credit Agreement] 

 
			
	 BANK OF AMERICA, N.A., as Syndication Agent and a Lender

		
	By	 	 /S/ JAMES B. ALLIN

		 	Name: James B. Allin
		 	Title: Senior Vice President

  
 [Signature
Page to Credit Agreement] 

 
			
	 Royal Bank of Canada, as a Lender

		
	By	 	 /S/ PIERRE NORIEGA

		 	Name: Pierre Noriega
		 	Title: Authorized Signatory
		
	By	 	 /S/ JASON YORK

		 	Name: Jason York
		 	Title: Authorized Signatory

  
 [Signature
Page to Credit Agreement] 

			
	 SunTrust Bank, as a Lender

		
	By	 	 /S/ EDWARD D. RIDENHOUR

		 	Name: Edward D. Ridenhour
		 	Title: Managing Director

 
			
	 WELLS FARGO CAPITAL FINANCE, LLC, as a Lender

		
	By	 	 /S/ JEFF ROYSTON

		 	Name: Jeff Royston
		 	Title: Vice President

			
	 MIHI LLC, as a Lender

		
	By	 	 /S/ ANDY STOCK

		 	Name: Andy Stock
		 	Title: Managing Director
		
	By	 	 /S/ T. MORGAN EDWARDS

		 	Name: T. Morgan Edwards
		 	Title: Managing Director

			
	 GOLDMAN SACHS LENDING PARTNERS LLC, as a Lender

		
	By	 	 /S/ MARK WALTON

		 	Name: Mark Walton
		 	Title: Authorized Signatory

			
	 RB International Finance (USA) LLC, as a Lender

		
	By	 	 /S/ SHIRLEY RITCH

		 	Name: Shirley Ritch
		 	Title: Vice President
		
	By	 	 /S/ JOHN A. VALISKA

		 	Name: John A. Valiska
		 	Title: First Vice President

 COMMITMENT SCHEDULE 

 

					
	 LENDER
	  	REVOLVING COMMITMENT	 
	 JPMorgan Chase Bank, N.A.
	  	$	  	  
	 Bank of America, N.A.
	  			
		  	  
	  
	 
		
	 TOTAL
	  	$	300,000,000

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