Document:

Exhibit101SecondAmendedandRestatedCreditAgreement

Exhibit 10.1

SECOND AMENDED AND RESTATED CREDIT AGREEMENT
Dated as of November 18, 2014
among
AIRGAS, INC.
and
CERTAIN OF ITS SUBSIDIARIES IDENTIFIED HEREIN,
as the Borrowers,
THE SEVERAL LENDERS
FROM TIME TO TIME PARTY HERETO,
BANK OF AMERICA, N.A.,
as Agent
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
HSBC BANK USA, NATIONAL ASSOCIATION,
U.S. BANK NATIONAL ASSOCIATION
and
WELLS FARGO BANK, NATIONAL ASSOCIATION 
as Co-Syndication Agents,
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
GOLDMAN SACHS BANK USA,
MIZUHO BANK, LTD.,
PNC BANK, NATIONAL ASSOCIATION,
and
SUMITOMO MITSUI BANKING CORP., NEW YORK,

as Co-Documentation Agents
and
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
HSBC SECURITIES (USA) INC.,
U.S. BANK NATIONAL ASSOCIATION
and
WELLS FARGO SECURITIES LLC,
as Joint Lead Arrangers and Co-Bookrunners

TABLE OF CONTENTS
	
			
	 
	    Page
	

	Article I DEFINITIONS
	1
	

	 
	 

	1.1    Definitions.
	1
	

	1.2    Computation of Time Periods; Times of Day.
	23
	

	1.3    Accounting Terms.
	23
	

	1.4    U.S. Letter of Credit Amounts.
	24
	

	1.5    Additional Foreign Currencies.
	24
	

	1.6    Change of Currency.
	25
	

	1.7    Exchange Rates; Currency Equivalents.
	25
	

	 
	 

	Article II U.S. DOLLAR CREDIT FACILITIES
	26
	

	 
	 

	2.1    U.S. Revolving Loans.
	26
	

	2.2    U.S. Letter of Credit Subfacility.
	27
	

	2.3    U.S. Swingline Loan Subfacility.
	35
	

	 
	 

	Article III FOREIGN CURRENCY LOANS
	37
	

	 
	 

	3.1    Foreign Currency Loans.
	37
	

	3.2    Foreign Borrowers.
	39
	

	3.3    Foreign Swingline Facilities.
	41
	

	 
	 

	Article IV OTHER PROVISIONS RELATING TO CREDIT FACILITIES
	43
	

	 
	 

	4.1    Default Rate.
	43
	

	4.2    Extension and Conversion.
	43
	

	4.3    Prepayments.
	44
	

	4.4    Termination and Reduction of Commitments; Increase of Commitments.    
	46
	

	4.5    Fees.
	49
	

	4.6    Capital Adequacy.
	50
	

	4.7    Inability To Determine Interest Rate.
	51
	

	4.8    Illegality.
	52
	

	4.9    Requirements of Law.
	53
	

	4.10    Taxes.
	54
	

	4.11    Indemnity.
	64
	

	4.12    Payments Generally; Agent’s Clawback.
	65
	

	4.13    Sharing of Payments.
	67
	

	4.14    Computations of Interest and Fees.
	67
	

	4.15    Cash Collateral.
	68
	

	4.16    Defaulting Lenders.
	69
	

	4.17    Mitigation Obligations.
	71
	

	 
	 

	Article V CONDITIONS
	71
	

	 
	 

	5.1    Closing Conditions.
	72
	

	5.2    Conditions to all Extensions of Credit.
	73
	

	 
	 

	Article VI REPRESENTATIONS AND WARRANTIES
	74
	

	 
	 

	6.1    Financial Condition.
	74
	

	6.2    Organization; Existence; Compliance with Law.
	75
	

	6.3    Power; Authorization; Enforceable Obligations.
	75
	

	6.4    No Legal Bar.
	75
	

i

    
	
			
	6.5    No Default.
	75
	

	6.6    Ownership of Property; Liens.
	75
	

	6.7    Intellectual Property.
	76
	

	6.8    No Burdensome Restrictions.
	76
	

	6.9    Taxes.
	76
	

	6.10    ERISA.
	76
	

	6.11    Governmental Regulations, Etc.
	77
	

	6.12    Subsidiaries.
	78
	

	6.13    Purpose of Loans and U.S. Letters of Credit.
	78
	

	6.14    Environmental Matters.
	78
	

	6.15    Solvency.
	79
	

	6.16    Foreign Borrowers.
	79
	

	6.17    Centre of Main Interests and Establishments.
	80
	

	6.18    Sanctions.
	80
	

	 
	 

	Article VII AFFIRMATIVE COVENANTS
	80
	

	 
	 

	7.1    Information Covenants.
	80
	

	7.2    Preservation of Existence and Franchises.
	83
	

	7.3    Books and Records.
	83
	

	7.4    Compliance with Law.
	83
	

	7.5    Payment of Taxes.
	83
	

	7.6    Insurance.
	83
	

	7.7    Maintenance of Property.
	84
	

	7.8    Use of Proceeds.
	84
	

	7.9    Audits/Inspections.
	84
	

	7.10    Consolidated Leverage Ratio.
	84
	

	7.11    Compliance with Dutch Financial Supervision Act.
	84
	

	7.12    Centre of Main Interests and Establishments.
	84
	

	 
	 

	Article VIII NEGATIVE COVENANTS    
	84
	

	 
	 

	8.1    Subsidiary Indebtedness.
	85
	

	8.2    Liens.
	85
	

	8.3    Nature of Business.
	86
	

	8.4    Consolidation, Merger, or Sales of Assets.
	86
	

	8.5    Use of Proceeds.
	87
	

	8.6    Transactions with Affiliates.
	87
	

	8.7    Sanctions.
	87
	

	 
	 

	Article IX EVENTS OF DEFAULT
	88
	

	 
	 

	9.1    Events of Default.
	88
	

	9.2    Acceleration; Remedies.
	90
	

	9.3    Allocation of Payments After Acceleration.
	90
	

	 
	 

	Article X AGENCY PROVISIONS
	92
	

	 
	 

	10.1    Appointment and Authority.
	92
	

	10.2    Rights as a Lender.
	92
	

	10.3    Exculpatory Provisions.
	92
	

	10.4    Reliance by the Agent.
	93
	

	10.5    Delegation of Duties.
	93
	

	10.6    Resignation of Agent.
	94
	

	10.7    Non-Reliance on Agent and Other Lenders.
	95
	

ii

	
			
	10.8    No Other Duties; Etc.
	95
	

	10.9    Agent May File Proofs of Claim.
	95
	

	 
	 

	Article XI MISCELLANEOUS.    
	96
	

	 
	 

	11.1    Notices and Other Communications; Facsimile Copies.
	96
	

	11.2    Right of Set-Off.
	98
	

	11.3    Benefit of Agreement.
	98
	

	11.4    No Waiver; Remedies Cumulative.
	103
	

	11.5    Payment of Expenses, Etc.
	103
	

	11.6    Amendments, Waivers and Consents.
	104
	

	11.7    Counterparts.
	106
	

	11.8    Headings.
	106
	

	11.9    Survival.
	107
	

	11.10    Governing Law; Submission to Jurisdiction; Venue.
	107
	

	11.11    Severability.
	108
	

	11.12    Entirety.
	108
	

	11.13    Binding Effect; Amendment and Restatement; Termination.
	109
	

	11.14    Confidentiality.
	109
	

	11.15    Conflict.
	110
	

	11.16    USA PATRIOT Act and Canadian AML Act Notice.
	110
	

	11.17    Replacement of Lenders.
	110
	

	11.18    No Advisory or Fiduciary Responsibility.
	111
	

	11.19    Judgment Currency.
	112
	

	11.20    Payments Set Aside.
	112
	

	11.21    Interest Rate Limitation.
	112
	

	11.22    Electronic Execution of Assignments and Certain Other Documents.
	113
	

	 
	 

	Article XII GUARANTY
	113
	

	 
	 

	12.1    The Guaranty.
	113
	

	12.2    Obligations Unconditional.
	113
	

	12.3    Reinstatement.    
	114
	

	12.4    Certain Additional Waivers.
	115
	

	12.5    Remedies.
	115
	

	12.6    Guarantee of Payment; Continuing Guarantee.
	115
	

iii

SCHEDULES AND EXHIBITS
Schedules
Schedule 1.1    Existing U.S. Letters of Credit
Schedule 2.1(a)    Lenders and Commitments
Schedule 6.12    Subsidiaries
Schedule 8.2    Liens
Schedule 11.1    Certain Notices
Exhibits
Exhibit 2.1(b)(i)    Form of Notice of U.S. Borrowing
Exhibit 2.3    Form of Notice of U.S. Swingline Borrowing
Exhibit 3.1(b)(i)    Form of Notice of Foreign Currency Borrowing
Exhibit 3.2(a)    Form of Foreign Borrower Request
Exhibit 3.2(b)    Form of Foreign Borrower Joinder Agreement
Exhibit 3.3     Form of Foreign Swingline Facility Notice
Exhibit 4.2    Form of Notice of Extension/Conversion
Exhibit 4.3    Form of Notice of Loan Prepayment
Exhibit 4.4    Form of New Commitment Agreement
Exhibit 7.1(c)    Form of Officer’s Compliance Certificate
Exhibit 11.3    Form of Assignment and Assumption

iv

SECOND AMENDED AND RESTATED CREDIT AGREEMENT
THIS SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as of November 18, 2014 (the “Credit Agreement”), is by and among AIRGAS, INC., a Delaware corporation (“Airgas” and also a “Borrower”), AIRGAS CANADA INC., a Canada corporation, RED-D-ARC LIMITED, an Ontario corporation, RED-D-ARC (UK) LIMITED, a limited liability company incorporated under the laws of England and Wales with registered number 06533996, RED-D-ARC (NETHERLANDS) B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) and RED-D-ARC (GERMANY) GMBH, a German limited liability company (Gesellschaft mit beschränkter Haftung – GmbH) registered with the commercial register (Handelsregister) of the local court (Amtsgericht) of Frankfurt am Main under HRB 98512 (each a “Foreign Borrower”), the other Foreign Subsidiaries of Airgas that become Borrowers from time to time, the several lenders identified on the signature pages hereto as Lenders and such other lenders as may from time to time become a party hereto as Lenders, and BANK OF AMERICA, N.A., as administrative agent for the Lenders (in such capacity, the “Agent”).
W I T N E S S E T H
WHEREAS, Airgas and certain of its Subsidiaries are parties to an Amended and Restated Credit Agreement dated as of July 19, 2011 (as amended, supplemented or otherwise modified from time to time until (but not including) the date of this Credit Agreement, the “Existing Credit Agreement”) with the banks, financial institutions and other institutional lenders party thereto and Bank of America, N.A., as agent for such lenders.
WHEREAS, the parties to this Credit Agreement desire to amend the Existing Credit Agreement as set forth herein and to restate the Existing Credit Agreement in its entirety to read as follows.
WHEREAS, Airgas has requested that (i) the U.S. Lenders agree to extend credit to Airgas in an aggregate principal amount of up to $875,000,000, and (ii) the Foreign Currency Lenders agree to extend credit to Airgas and the Foreign Borrowers in an aggregate principal amount of up to $125,000,000, each for the purposes set forth in this Credit Agreement.  The Lenders have indicated their willingness to agree to extend credit to the Borrowers from time to time in such amounts on the terms and conditions of this Credit Agreement
NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
ARTICLE I
DEFINITIONS
1.1    Definitions.
As used in this Credit Agreement, the following terms shall have the meanings specified below unless the context otherwise requires:
“Acquisition”, by any Consolidated Party, means the acquisition (whether or not involving a merger or consolidation) by such Consolidated Party of all or a majority of the Capital Stock or all or substantially all of the Property or a line of business or division of another Person.

“Additional Commitment” means, with respect to any Person which executes a New Commitment Agreement in accordance with Section 4.4(b), the commitment of such Lender in an aggregate principal amount up to the amount specified in such New Commitment Agreement (i) to (A) make U.S. Revolving Loans in accordance with the provisions of Section 2.1(a), (B) purchase participation interests in U.S. Letters of Credit in accordance with the provisions of Section 2.2(c), and (C) purchase participation interests in the U.S. Swingline Loans in accordance with the provisions of Section 2.3(b)(iii), and/or (ii) to make Foreign Currency Loans in accordance with the provisions of Section 3.1(a).
“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Agent.
“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such Person.  For purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.
“Agent” has the meaning specified in the heading of this Credit Agreement, together with any successors or assigns.
“Agent’s Fee Letter” means that certain letter agreement, dated as of October 21, 2014, between the Agent, MLPFS and Airgas, as amended, modified, supplemented or replaced from time to time.
“Airgas” has the meaning specified in the heading of this Credit Agreement, together with any successors.
“Applicable Percentage” means: (a) for any U.S. Revolving Lender, the percentage (carried out to the ninth decimal place) of the U.S. Revolving Committed Amount represented by such Lender’s U.S. Revolving Commitment at such time; provided that if the commitment of each U.S. Revolving Lender to make U.S. Revolving Loans and the obligation of the U.S. Issuing Lenders to issue or amend U.S. Letters of Credit have been terminated pursuant to Section 9.2 or if the U.S. Revolving Commitments have expired, then the Applicable Percentage of each U.S. Revolving Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments; and (b) for any Foreign Currency Lender, the percentage (carried out to the ninth decimal place) of the Foreign Currency Committed Amount represented by such Lender’s Foreign Currency Commitment at such time; provided that if the commitment of each Foreign Currency Lender to make Foreign Currency Loans has been terminated pursuant to Section 9.2 or if the Foreign Currency Commitments have expired, then the Applicable Percentage of each Foreign Currency Lender shall be determined based on the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments.  The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.1(a) or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.  The Applicable Percentages shall be subject to adjustment as provided in Section 4.4 and Section 4.16.
“Applicable Rate” means, from time to time, the following percentages per annum, based upon the Debt Rating as set forth below:

2

	
						
	Applicable Rates

	

Pricing Level
	

Debt Rating
	

Eurocurrency Loans and Issuance Fees for standby U.S. Letters of Credit
	

U.S. Base Rate Loans
	

Drawing Fees for trade U.S. Letters of Credit
	U.S. Revolving Commitment Unused Fee and Foreign Currency Commitment Unused Fee

	 
	 
	 
	 
	 
	 

	I
	> A-/ >A3
	1.000%
	0.000%
	0.500%
	0.1%

	II
	BBB+/Baa1
	1.125%
	0.125%
	0.5625%
	0.125%

	III
	BBB/Baa2
	1.250%
	0.250%
	0.625%
	0.15%

	IV
	BBB-/Baa3
	1.500%
	0.500%
	0.750%
	0.2%

	V
	< BB+ or unrated by S&P / < Ba1 or unrated by Moody’s
	1.750%
	0.750%
	0.875%
	0.250%

“Debt Rating” means, as of any date of determination, the rating as determined by either S&P or Moody’s (collectively, the “Debt Ratings”) of Airgas’ non-credit-enhanced, senior unsecured long-term debt; provided that (a) if the respective Debt Ratings issued by Moody’s and S&P differ by one level, then the Pricing Level for the higher of such Debt Ratings shall apply (with the Debt Rating for Pricing Level I being the highest and the Debt Rating for Pricing Level V being the lowest) and (b) if the respective Debt Ratings issued by Moody’s and S&P differ by more than one level, then the Pricing Level which is one level lower than the Pricing Level corresponding to the higher Debt Rating.
Initially, the Applicable Rate shall be Pricing Level III.  Thereafter, each change in the Applicable Rate resulting from a publicly announced change in the Debt Rating shall be effective on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next such change.  Notwithstanding the foregoing, the Applicable Rate with respect to any Foreign Swingline Loan shall be as agreed by the applicable Foreign Swingline Lender and the applicable Foreign Swingline Borrower.
“Applicable Time” means, with respect to any borrowing and payment in any Foreign Currency, the local time in the place of settlement for such Foreign Currency as may be determined by the Agent or the U.S. Issuing Lender, as the case may be, to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of such borrowing or payment.
“Applicant Foreign Borrower” has the meaning specified in Section 3.2.
“Approved Fund” means any Fund that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender or (iii) an entity or an Affiliate of an entity that administers or manages a Lender.
“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 11.3(b)),

3

and accepted by the Agent, in substantially the form of Exhibit 11.3 or any other form (including electronic documentation generated by use of an electronic platform) approved by the Agent.
“Attributed Principal Amount” means, on any day, with respect to any Securitization Transaction, the aggregate principal amount outstanding thereunder.
“Australian Dollars” and “A$” means dollars in lawful currency of Australia.
“Bank of America” means Bank of America, N.A. and its successors.
“Bankruptcy Code” means the U.S. Bankruptcy Code in Title 11 of the United States Code, the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Winding-Up and Restructuring Act (Canada), the Dutch Bankruptcy Act, the UK Insolvency Act 1986 or any other applicable debtor relief laws in any case, as amended, modified, succeeded or replaced from time to time.
“Bankruptcy Event” means, with respect to any Person, the occurrence of any of the following with respect to such Person: (i) a court or governmental agency having jurisdiction in the premises shall enter a decree or order for relief in respect of such Person in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or ordering the winding up or liquidation of its affairs; or (ii) a court or governmental agency having jurisdiction in the premises shall enter a decree or order appointing a receiver, administrative receiver, administrator, compulsory manager, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its Property and such decree or order shall remain undismissed for a period of sixty (60) consecutive days; or (iii) there shall be commenced against such Person an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or any case, proceeding or other action for the appointment of a receiver, administrative receiver, administrator, compulsory manager, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its Property or for the winding up or liquidation of its affairs, and such involuntary case or other case, proceeding or other action shall remain undismissed, undischarged and unbonded for a period of sixty (60) consecutive days; or (iv) such Person shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment or taking possession by a receiver, administrative receiver, administrator, compulsory manager, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its Property or make any composition, compromise, arrangement or assignment for the benefit of creditors generally; or (v) such Person shall be unable to, or shall admit in writing its inability to, pay its debts generally as they become due.
“Borrower Materials” has the meaning specified in Section 7.1.
“Borrowers” means a collective reference to each of (a) Airgas, (b) the Foreign Borrowers and (c) the Foreign Swingline Borrowers.
“Borrowing Minimum” means (a) in the case of a Foreign Currency Loan denominated in U.S. Dollars, $500,000 and (b) in the case of a Foreign Currency Loan denominated in a Foreign Currency, the smallest amount of such Foreign Currency that is a multiple of 100,000 units of such Foreign Currency and has a U.S. Dollar Equivalent (using the applicable Spot Rate determined as of the relevant date of determination) equal to or exceeding $500,000.

4

“Borrowing Multiple” means (a) in the case of a Foreign Currency Loan denominated in U.S. Dollars, $500,000 and (b) in the case of a Foreign Currency Loan denominated in a Foreign Currency, 100,000 units of such Foreign Currency.
“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the state where the Agent’s office with respect to Obligations denominated in U.S. Dollars is located and:  (a) if such day relates to any interest rate settings as to a Eurocurrency Loan denominated in U.S. Dollars, any fundings, disbursements, settlements and payments in U.S. Dollars in respect of any such Eurocurrency Loan, or any other dealings in U.S. Dollars to be carried out pursuant to this Credit Agreement in respect of any such Eurocurrency Loan, means any such day on which dealings in deposits in U.S. Dollars are conducted by and between banks in the London interbank eurodollar market; (b) if such day relates to any interest rate settings as to a Eurocurrency Loan denominated in Euro, any fundings, disbursements, settlements and payments in Euro in respect of any such Eurocurrency Loan, or any other dealings in Euro to be carried out pursuant to this Credit Agreement in respect of any such Eurocurrency Loan, means a TARGET Day; (c) if such day relates to any interest rate settings as to a Eurocurrency Loan denominated in a currency other than U.S. Dollars or Euro, means any such day on which dealings in deposits in the relevant currency are conducted by and between banks in the London or other applicable interbank market for such currency; and (d) if such day relates to any fundings, disbursements, settlements and payments in a currency other than U.S. Dollars or Euro in respect of a Eurocurrency Loan denominated in a currency other than U.S. Dollars or Euro, or any other dealings in any currency other than U.S. Dollars or Euro to be carried out pursuant to this Credit Agreement in respect of any such Eurocurrency Loan (other than any interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency; provided, however, (i) when used in connection with a Foreign Currency Loan made to a Canadian Borrower, the term Business Day shall not include any day on which banking institutions in Toronto, Ontario are authorized by law or other governmental actions to close and (ii) when used in connection with a Foreign Swingline Loan, the term Business Day shall not include any day on which the applicable lending office of the Foreign Swingline Lender is authorized by law or governmental actions to close, or is in fact closed).
“Canadian AML Acts” means applicable Canadian law regarding anti-money laundering, anti-terrorist financing, government sanction and “know your client” matters, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada).
“Canadian Borrowers” means (a) Airgas Canada Inc., a Canada corporation, (b) Red-D-Arc Limited, an Ontario corporation, and (c) any other Foreign Borrower that is organized under the laws of Canada or any province or territory thereof, in each case together with any successors or assigns.
“Canadian Dollars” and “C$” means dollars in lawful currency of Canada.
“Capital Lease” means, as applied to any Person, any lease of any Property (whether real, personal or mixed) by that Person as lessee which, in accordance with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person.
“Capital Stock” means (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether general or limited), (d) in the case of a limited liability company, membership interests and (e) 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.

5

“Cash Collateralize” means to pledge and deposit with or deliver to the Agent, for the benefit of the Agent, the U.S. Issuing Lenders and the Lenders, as collateral for U.S. LOC Obligations, or obligations of Lenders to fund participations in respect of U.S. LOC Obligations (as the context may require), cash or deposit account balances or, if the U.S. Issuing Lenders benefitting from such collateral shall agree in its (or their) sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to (a) the Agent and (b) the U.S. Issuing Lenders. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.
“Closing Date” means November 18, 2014.
“Change in Law” means the adoption of or any change in any Requirement of Law or in the interpretation or application thereof applicable to any Lender, or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority, in each case occurring subsequent to the Closing Date; provided that notwithstanding anything herein to the contrary, (x) all requests, rules, guidelines or directives under or issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or European regulatory authorities, in each case pursuant to Basel III or CRD IV, shall in each case be deemed to be a “Change in Law”, to the extent (1) such request, rule, guideline or directive is  either (x) enacted, adopted or issued after the Closing Date (but regardless of the date the applicable provision of the Dodd-Frank Act, Basel III or CRD IV with respect to which such request, rule, guideline or directive relates was enacted, adopted or issued)  or (y)  enacted, adopted or issued prior to the Closing Date but does not require compliance therewith or which is not fully implemented until after the Closing Date and for which the increased cost related thereto cannot be reasonably determined as of the Closing Date and (2) each Lender requesting additional amounts under Section 4.6 or 4.9 as a result of Change in Law premised upon the Dodd-Frank Act, Basel III or CRD IV shall provide a certificate in reasonable detail to the Borrowers certifying as to the amount of the increased cost.
“Code” means the U.S. Internal Revenue Code of 1986, as amended, and any successor thereto, as interpreted by the rules and regulations issued thereunder, in each case as in effect from time to time.  References to sections of the Code shall be construed also to refer to any successor sections.
“Commitment” means (a) with respect to each U.S. Revolving Lender, the U.S. Revolving Commitment of such Lender, (b) with respect to each Foreign Currency Lender, the Foreign Currency Commitment of such Lender and (c) with respect to each Foreign Swingline Lender, the Foreign Swingline Commitment(s) of such Lender.
“Consolidated EBITDA” means, for any period, the sum of (i) Consolidated Net Income for such period, plus (ii) an amount which, in the determination of Consolidated Net Income for such period, has been deducted for (A) Consolidated Interest Expense, (B) total federal, state, local and foreign income, value added and similar taxes, (C) depreciation and amortization expense, (D) non-cash, non-recurring charges, (E) any losses realized upon the disposition of Property other than the disposition of inventory in the ordinary course of business, (F) one-time cash expenses incurred in connection with the refinancing of the Existing Credit Agreement, (G) legal, advisory and other expenses and charges incurred in connection with or relating to any takeover attempt (including any tender offer or proxy contest) in an aggregate amount not to exceed $50,000,000 during any year, and (H) other non-cash expenses (excluding any non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period), minus (ii) an amount which, in the determination of Consolidated Net Income for such period, has been included for (A) non-cash gains during such period and (B) any gains realized upon the 

6

disposition of Property other than the disposition of inventory in the ordinary course of business, all as determined in accordance with GAAP.
“Consolidated Interest Expense” means, for any period, the sum of (i) interest expense (including the amortization of debt discount and premium, the interest component under Capital Leases and Synthetic Leases) of the Consolidated Parties on a consolidated basis and (ii) the implied interest component and all other fees and expenses under Securitization Transactions.
“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (i) Funded Indebtedness of the Consolidated Parties on a consolidated basis as of such date to (ii) Consolidated EBITDA for the period of the four fiscal quarters most recently ended on or prior to such date.
“Consolidated Net Income” means, for any period, the sum of (i) the sum, without duplication, of net income (excluding extraordinary items) after taxes for such period of the Consolidated Parties, plus (ii) to the extent not included in the amount determined pursuant to clause (i) above and to the extent paid in cash to a Consolidated Party, equity earnings of unconsolidated Affiliates for such period minus (iii) to the extent included in the amount determined pursuant to clause (i) above and to the extent not paid in cash to a Consolidated Party, equity earnings of Affiliates that are not consolidated (on the consolidation basis) with Airgas for such period, all as determined in accordance with GAAP.
“Consolidated Parties” means a collective reference to each of Airgas and its Subsidiaries.
“CRD IV” means:
(a)    Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms; and
(b)    Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.
“Credit Agreement” has the meaning specified in the introductory paragraph hereof.
“Credit Documents” means a collective reference to this Credit Agreement, the U.S. LOC Documents, any promissory notes issued by the Foreign Borrowers to the Foreign Currency Lenders hereunder, any Foreign Borrower Joinder Agreements, any Foreign Swingline Facility Notice and any other agreement between a Consolidated Party and a Foreign Swingline Lender relating to a Foreign Swingline Facility, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 4.15 and the Agent’s Fee Letter.
“Default” means any event, act or condition which with notice or lapse of time, or both, would constitute an Event of Default.
“Default Rate” means (a) when used with respect to Obligations other than U.S. Letter of Credit fees payable pursuant to Section 4.5(b), an interest rate equal to (i) the U.S. Base Rate plus (ii) the Applicable Rate, if any, applicable to U.S. Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a Eurocurrency Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, in each case to the fullest extent permitted by applicable laws and (b) when used with respect to U.S. Letter of Credit fees payable pursuant to Section 4.5(b), a rate equal to the Applicable Rate plus 2% per annum.

7

“Defaulting Lender” means, subject to Section 4.16(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Agent and Airgas in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Agent, any U.S. Issuing Lender, the U.S. Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participations in U.S. Letters of Credit or U.S. Swingline Loans) within two Business Days of the date when due, (b) has notified Airgas, the Agent, any U.S. Issuing Lender or the U.S. Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Agent or Airgas, to confirm in writing to the Agent and Airgas that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Agent and Airgas), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a Bankruptcy Event or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Capital Stock in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender 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 Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 4.16(b)) as of the date established therefor by the Agent in a written notice of such determination, which shall be delivered by the Agent to Airgas, the U.S. Issuing Lenders, the U.S. Swingline Lender and each other Lender promptly following such determination.
“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of any Sanction.
“Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), 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 of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the Maturity Date (other than any Capital Stock that would constitute Disqualified Capital Stock solely because the holders of the Capital Stock have the right to require Airgas to repurchase the Capital Stock upon the occurrence of a change of control or an asset sale).
“Dutch Borrower” means Red-D-Arc (Netherlands) B.V. and any additional Borrower incorporated or organized in the Netherlands.
“Dutch Financial Supervision Act” means the Dutch Financial Supervision Act (Wet op het financieel toezicht) dated 28 September 2006 published in the Dutch government gazette nr. 475 on 31 

8

October 2006, and its subordinated and implementing decrees and regulations, as amended or restated from time to time.
“Eligible Assignee” means any Person that meets the requirements to be an assignee under Sections 11.3(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 11.3(b)(iii))
“Environmental Laws” means any and all lawful and applicable Federal, state, provincial, local and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or other governmental restrictions relating to the environment or to emissions, discharges, releases or threatened releases of pollutants, contaminants, chemicals, or industrial, toxic or hazardous substances or wastes into the environment including, without limitation, ambient air, surface water, ground water, or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport, or handling of pollutants, contaminants, chemicals, or industrial, toxic or hazardous substances or wastes.
“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto, as interpreted by the rules and regulations thereunder, all as the same may be in effect from time to time.  References to sections of ERISA shall be construed also to refer to any successor sections.
“ERISA Affiliate” means an entity which is under common control with Airgas or any Subsidiary of Airgas within the meaning of Section 4001(a)(14) of ERISA, or is a member of a group which includes Airgas or any Subsidiary of Airgas and which is treated as a single employer under Sections 414(b), (c), (m), or (o) of the Code.
“Euro”, “EUR” and “€”mean the single currency of the Participating Member States.
“Eurocurrency Base Rate” means:
(a)    for any Interest Period with respect to a Eurocurrency Loan: 
(i)    in the case of a Eurocurrency Loan denominated in a LIBOR Quoted Currency, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate, which rate is approved by the Agent, as published by Bloomberg (or such other commercially available source providing such quotations as may be designated by the Agent from time to time) (in such case, the “LIBOR Rate”) at or about 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; 
(ii)     in the case of a Eurocurrency Loan denominated in Canadian Dollars, the rate per annum equal to the Canadian Dealer Offered Rate (“CDOR”), or a comparable or successor rate which rate is approved by the Agent, as published by Bloomberg (or such other commercially available source providing such quotations as may be designated by the Agent from time to time) (in such case, the “CDOR Rate”) at or about 10:00a.m. (Toronto, Ontario time) on the Rate Determination Date with a term equivalent to such Interest Period;  
(iii)     in the case of a Eurocurrency Loan denominated in Australian Dollars, the rate per annum equal to the Bank Bill Swap Reference Bid Rate (“BBSY”), or a 

9

comparable or successor rate which rate is approved by the Agent, as published by Bloomberg (or such other commercially available source providing such quotations as may be designated by the Agent from time to time) at or about 10:30 a.m. (Melbourne, Australia time) on the Rate Determination Date with a term equivalent to such Interest Period; 
(iv)    in the case of a Eurocurrency Loan denominated in Mexican Pesos, the rate per annum equal to the Interbanking Equilibrium Interest Rate (“TIIE”), or a comparable or successor rate which rate is approved by the Agent, as published by Banco de Mexico in the Federation’s Official Gazette (or such other commercially available source providing such quotations as may be designated by the Agent from time to time) at or about 2:00 p.m. (Mexico City, Mexico time) on the Rate Determination Date with a term equivalent to such Interest Period; and
(v)    in the case of any other Eurocurrency Loan denominated in a Non-LIBOR Quoted Currency (other than those specified above), the rate designated with respect to such Non-LIBOR Quoted Currency at the time such Non-LIBOR Quoted Currency is approved by the Agent and the Lenders pursuant to Section 1.5; and
(b)    for any interest calculation with respect to a U.S. Base Rate Loan on any date, the rate per annum equal to the LIBOR Rate, at about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits for a term of one month commencing that day; 
provided that (i) to the extent a comparable or successor rate is approved by the Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the Agent, such approved rate shall be applied as otherwise reasonably determined by the Agent and (ii) if the Eurocurrency Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Credit Agreement.
“Eurocurrency Loan” means any Loan bearing interest at a rate based on clause (a) of definition of Eurocurrency Rate.
“Eurocurrency Rate” means (a) for any Interest Period with respect to any Eurocurrency Loan, a rate per annum determined by the Agent to be equal to the quotient obtained by dividing (i) the Eurocurrency Base Rate for such Eurocurrency Loan for such Interest Period by (ii) one minus the Eurocurrency Reserve Percentage for such Eurocurrency Loan for such Interest Period and (b) for any day with respect to any U.S. Base Rate Loan the interest rate on which is determined by reference to the Eurocurrency Rate, a rate per annum equal to the Eurocurrency Base Rate for such U.S. Base Rate Loan for such day.
“Eurocurrency Reserve Percentage” means, for any day, the reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the Board of Governors of the Federal Reserve System of the United States 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”).  The Eurocurrency Rate for each outstanding Eurocurrency Loan shall be adjusted automatically as of the effective date of any change in the Eurocurrency Reserve Percentage.

10

“Event of Default” has the meaning specified in Section 9.1.
“Executive Officer” means, in respect of any Person, the chief executive officer, chief operating officer, treasurer or chief financial officer of such Person.
“Existing Credit Agreement” means that certain Amended and Restated Credit Agreement, dated as of July 19, 2011, among Airgas, certain of its Subsidiaries, the lenders party thereto and Bank of America, N.A., as agent, as amended.
“Existing Foreign Swingline Rate” has the meaning specified in Section 4.8.
“Existing U.S. Letters of Credit” means the letters of credit described by date of issuance, letter of credit number, undrawn amount, name of beneficiary and date of expiry on Schedule 1.1.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Credit Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or other official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements implementing the foregoing.
“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Agent.
“Finance Party” has the meaning specified in Section 4.10(h)(i).
“Foreign Borrower” means each wholly-owned Foreign Subsidiary (whether directly or indirectly) of Airgas that is designated and approved as a “Foreign Borrower” under this Credit Agreement pursuant to Section 3.2.
“Foreign Borrower Joinder Agreement” has the meaning specified in Section 3.2.
“Foreign Borrower Request” has the meaning specified in Section 3.2.
“Foreign Currency” means (a) with respect to Foreign Currency Loans, each of Euro, Sterling, Canadian Dollars, Australian Dollars, Mexican Pesos and each other currency (other than U.S. Dollars) that is approved by the Agent and the Foreign Currency Lenders in accordance with Section 1.5; (b) with respect to U.S. Letters of Credit, each of  Euro, Sterling, Canadian Dollars, Australian Dollars, Mexican Pesos and each other currency (other than U.S. Dollars) that is approved by the Agent and the U.S. Issuing Lender in accordance with Section 1.5; and (c) with respect to a Foreign Swingline Facility, such foreign currency(ies) agreed to between Airgas, the applicable Foreign Swingline Borrower(s) and the applicable Foreign Swingline Lender.
“Foreign Currency Commitment” means, with respect to each Foreign Currency Lender, the commitment of such Foreign Currency Lender in an aggregate principal amount at any time outstanding 

11

of up to such Foreign Currency Lender’s Applicable Percentage of the Foreign Currency Committed Amount to make Foreign Currency Loans in accordance with the provisions of Section 3.1(a).
“Foreign Currency Commitment Unused Fee” has the meaning specified in Section 4.5(a)(ii).
“Foreign Currency Committed Amount” has the meaning specified in Section 3.1(a).
“Foreign Currency Lenders” means those Lenders that have Foreign Currency Commitments, together with their successors and assigns, and as the context requires includes any foreign branch or Affiliate of a Foreign Currency Lender as is referenced in Section 3.1(b)(iii) or Section 3.3.
“Foreign Currency Loans” has the meaning specified in Section 3.1(a).
“Foreign Obligations” means without duplication, all of the obligations of the Foreign Borrowers and the Foreign Swingline Borrowers to the Foreign Currency Lenders, the Foreign Swingline Lenders and the Agent, whenever arising, under this Credit Agreement, any of the other Credit Documents or otherwise with respect to any Loan (including, but not limited to, any interest owed with respect to such obligations which has accrued after the occurrence of a Bankruptcy Event with respect to any Foreign Borrower or Foreign Swingline Borrower, regardless of whether such interest is an allowed claim under the Bankruptcy Code).
“Foreign Subsidiary” means any direct or indirect Subsidiary of Airgas which is not incorporated or organized under the laws of the United States, any state of the United States or the District of Columbia.
“Foreign Swingline Borrower” has the meaning specified in Section 3.3(a).
“Foreign Swingline Commitment” has the meaning specified in Section 3.3(a).
“Foreign Swingline Facility” has the meaning specified in Section 3.3(a).
“Foreign Swingline Facility Notice” has the meaning specified in Section 3.3(a).
“Foreign Swingline Lender” has the meaning specified in Section 3.3(a).
“Foreign Swingline Loan” has the meaning specified in Section 3.3(b).
“Foreign Swingline Unused Fee” has the meaning specified in Section 4.5(a)(iii).
“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the U.S. Issuing Lenders, such Defaulting Lender’s Applicable Percentage of the outstanding U.S. LOC Obligations other than U.S. LOC Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the U.S. Swingline Lender, such Defaulting Lender’s Applicable Percentage of U.S. Swingline Loans other than U.S. Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders in accordance with the terms hereof.
“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities.

12

“Funded Indebtedness” means, with respect to any Person, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made, (iii) all obligations of such Person issued or assumed as the deferred purchase price of Property or services purchased by such Person (other than trade debt incurred in the ordinary course of business) which would appear as liabilities on a balance sheet of such Person, (iv) the implied principal component of all obligations of such Person under Capital Leases, (v) all Guaranty Obligations of such Person with respect to Funded Indebtedness of another Person, (vi) all net obligations of such Person in respect of Hedging Agreements, (vii) the maximum available amount of, and all unreimbursed drawings under, all standby letters of credit or acceptances issued or created for the account of such Person (provided, however, in connection with any calculation hereunder of Funded Indebtedness of the Consolidated Parties on a consolidated basis, there shall be excluded any standby letter of credit or acceptance (together with any unreimbursed drawings under such letter of credit or acceptance) which supports any Funded Indebtedness of any Consolidated Party that would otherwise be included in such calculation), (viii) the principal portion of all obligations of such Person under Synthetic Leases, (ix) all Disqualified Stock of such Person, and (x) the Attributed Principal Amount under any Securitization Transaction of such Person or any of its Receivables Subsidiaries, and (xi) all Funded Indebtedness of others secured by (or for which the holder of such Funded Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, Property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed.  The Funded Indebtedness of any Person (a) shall include the Funded Indebtedness of any partnership or joint venture in which such Person is a general partner or joint venturer to the extent that such Person is legally liable for such Funded Indebtedness and (b) shall not include any Indebtedness of a Consolidated Party owing to another Consolidated Party.
“GAAP” means generally accepted accounting principles in the United States applied on a consistent basis and subject to the terms of Section 1.3.
“German Borrower” means Red-D-Arc (Germany) GmbH and any additional Borrower incorporated or organized in the Federal Republic of Germany.
“Governmental Authority” means any Federal, state, provincial, local or foreign court or governmental agency, authority, instrumentality or regulatory body.
“Guaranty Obligations” means, with respect to any Person, without duplication, any obligations of such Person (other than endorsements in the ordinary course of business of negotiable instruments for deposit or collection) guaranteeing or intended to guarantee any Indebtedness of any other Person in any manner, whether direct or indirect, and including without limitation any obligation, whether or not contingent, (i) to purchase any such Indebtedness or any Property constituting security therefor, (ii) to advance or provide funds or other support for the payment or purchase of any such Indebtedness or to maintain working capital, solvency or other balance sheet condition of such other Person (including without limitation keep well agreements, maintenance agreements, comfort letters or similar agreements or arrangements to the extent such agreements or arrangements constitute a legally binding monetary obligation) for the benefit of any holder of Indebtedness of such other Person, (iii) to lease or purchase Property, securities or services primarily for the purpose of assuring the holder of such Indebtedness, or (iv) to otherwise assure or hold harmless the holder of such Indebtedness against loss in respect thereof.  The amount of any Guaranty Obligation hereunder shall (subject to any limitations set forth therein) be deemed to be an amount equal to the outstanding principal amount (or maximum principal amount, if larger) of the Indebtedness in respect of which such Guaranty Obligation is made.

13

“Hedging Agreements” means any interest rate protection agreement, commodities purchase agreement or foreign currency exchange agreement.
“HMRC DT Treaty Passport Scheme” means the United Kingdom HM Revenue & Customs DT Treaty Passport scheme for companies or other fiscally opaque entities resident in a country with which the United Kingdom has a double taxation treaty that provides for relief from United Kingdom income tax on interest arising in the United Kingdom.
“Indebtedness” of any Person means, without duplication, (i) all Funded Indebtedness of such Person, (ii) all Guaranty Obligations of such Person, (iii) all obligations of such Person under conditional sale or other title retention agreements relating to Property purchased by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business) and (iv) all obligations of such Person under take-or-pay or similar arrangements or under commodities agreements.  The Indebtedness of any Person (a) shall include the Indebtedness of any partnership or joint venture in which such Person is a general partner or joint venturer to the extent that such Person is legally liable for such Indebtedness and (b) shall not include any Indebtedness of a Consolidated Party owing to another Consolidated Party.
“Indemnified Taxes” means any Non-Excluded Taxes imposed in respect of any payments by any Borrower (or Airgas in its capacity as guarantor (under Article XII)) under this Credit Agreement, other than any Non-Excluded Taxes excluded from the gross-up pursuant to Section 4.10(a)(ii)(A)(1), (2), (3) and (4)).
“Interest Payment Date” means (i) as to any U.S. Base Rate Loan, the last day of each March, June, September and December, the date of repayment of principal of such Loan and the Maturity Date, (ii) as to any Eurocurrency Loan or any U.S. Swingline Loan, the last day of each Interest Period for such Loan, the date of repayment of principal of such Loan and the Maturity Date, and in addition where the applicable Interest Period is more than three months, then also on the date three months from the beginning of the Interest Period, and each three months thereafter.  If an Interest Payment Date falls on a date which is not a Business Day, such Interest Payment Date shall be deemed to be the next succeeding Business Day, except that in the case of Eurocurrency Loans where the next succeeding Business Day falls in the next succeeding calendar month, then on the next preceding Business Day.  Notwithstanding the forgoing, as to any Foreign Swingline Loans, “Interest Payment Date” shall be the dates agreed to by the applicable Foreign Swingline Borrower(s) and the applicable Foreign Swingline Lender for the payments of interest in respect of such Foreign Swingline Loan.
“Interest Period” means (i) as to any Eurocurrency Loan, a period of one, two, three, six or twelve month’s duration, as the applicable Borrower may elect, commencing in each case, on the date of the borrowing (including conversions, extensions and renewals), and (ii) as to any U.S. Swingline Loan, a period commencing in each case on the date of the borrowing and ending on the date agreed to by Airgas and the U.S. Swingline Lender in accordance with the provisions of Section 2.3(b)(i) (such ending date in any event to be not more than thirty (30) days from the date of borrowing); provided, however, (A) if any Interest Period would end on a day which is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day (except that in the case of Eurocurrency Loans where the next succeeding Business Day falls in the next succeeding calendar month, then on the next preceding Business Day), (B) no Interest Period shall extend beyond the Maturity Date, and (C) in the case of Eurocurrency Loans, where an Interest Period begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month in which the Interest Period is to end), such Interest Period shall end on the last Business Day of such calendar month in which the Interest Period is to end.

14

“ISP” means, with respect to any U.S. Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance).
“Lenders” means each U.S. Revolving Lender, each Foreign Currency Lender and, as the context requires, the U.S. Issuing Lenders, the U.S. Swingline Lender and the Foreign Swingline Lenders, together with their successors and permitted assigns.
“LIBOR” has the meaning specified in the definition of Eurocurrency Base Rate.
“LIBOR Quoted Currency” means Dollars, Euros, Sterling and any other currency with a published LIBOR rate, in each case as long as there is a published LIBOR rate with respect thereto.
“LIBOR Rate” has the meaning specified in the definition of Eurocurrency Base Rate. 
“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, security interest, encumbrance, lien (statutory or otherwise), preference, priority or charge of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, any financing or similar statement or notice filed under the Uniform Commercial Code as adopted and in effect in the relevant jurisdiction, the Personal Property Security Act (Ontario) or other similar recording or notice statute, and any lease in the nature thereof).
“Loan” or “Loans” means the U.S. Revolving Loans, the Foreign Currency Loans, the U.S. Swingline Loans and/or the Foreign Swingline Loans, individually or collectively, as appropriate.
“Material Adverse Effect” means a material adverse effect on (i) the condition (financial or otherwise), operations, business, assets or liabilities of the Consolidated Parties taken as a whole, (ii) the ability of the Borrowers taken as a whole to perform any material obligation under the Credit Documents or (iii) the material rights and remedies of the Lenders under the Credit Documents.
“Material Subsidiary” means Subsidiaries of Airgas constituting, individually or in the aggregate (as if such Subsidiaries constituted a single Subsidiary), a “significant subsidiary” in accordance with Rule 1-02 under Regulation S-X under the Securities Exchange Act of 1934, as amended.
“Materials of Environmental Concern” means any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Laws, including, without limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation.
“Maturity Date” means November 18, 2019.
“Mexican Pesos” and “MXN$” means dollars in lawful currency of Mexico.
“Minimum Collateral Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to (i) 100% of the Fronting Exposure of the U.S. Issuing Lender with respect to U.S. Letters of Credit denominated in U.S. Dollars that are issued and outstanding at such time and (ii) 103% of the Fronting Exposure of the U.S. Issuing Lender with respect to U.S. Letters of Credit denominated in Foreign Currencies that are issued and outstanding at such time and (b) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 4.15(a)(i) or (a)(ii) or Section 9.2(iii), an amount equal to (i) 

15

100% of the Outstanding Amount of all U.S. LOC Obligations denominated in U.S. Dollars and (ii) 103% of the Outstanding Amount of all U.S. LOC Obligations denominated in Foreign Currencies.
“MLPFS” means Merrill Lynch, Pierce, Fenner & Smith Incorporated and its successors.
“Moody’s” means Moody’s Investors Service, Inc., or any successor or assignee of the business of such company in the business of rating securities.
“Multiemployer Plan” means a Plan which is a multiemployer plan as defined in Sections 3(37) or 4001(a)(3) of ERISA.
“Multiple Employer Plan” means a Plan which a Consolidated Party or any ERISA Affiliate and at least one employer other than a Consolidated Party or any ERISA Affiliate are contributing sponsors.
“New Commitment Agreement” has the meaning specified in Section 4.4(b).
“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.
“Non-Excluded Taxes” has the meaning specified in Section 4.10(a)(ii).
“Non-LIBOR Quoted Currency” means any currency other than a LIBOR Quoted Currency.
“Notice of Borrowing” means (a) in the case of U.S. Revolving Loans, a written notice of borrowing in substantially the form of Exhibit 2.1(b)(i) or such other form as may be approved by the Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Agent) appropriately completed and signed by a Responsible Officer, as required by Section 2.1(b)(i), or (b) in the case of Foreign Currency Loans, a written notice of borrowing in substantially the form of Exhibit 3.1(b)(i) or such other form as may be approved by the Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Agent) appropriately completed and signed by a Responsible Officer, as required by Section 3.1(b)(i).
“Notice of Extension/Conversion” means the written notice of extension or conversion in substantially the form of Exhibit 4.2 or such other form as may be approved by the Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Agent) appropriately completed and signed a Responsible Officer, as required by Section 4.2.
“Notice of Loan Prepayment” means the written notice of prepayment with respect to a Loan in substantially the form of Exhibit 4.3 or such other form as may be approved by the Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Agent) appropriately completed and signed a Responsible Officer, as required by Section 4.3.
“Notice of U.S. Swingline Borrowing” means a written notice of borrowing in substantially the form of Exhibit 2.3 or such other form as may be approved by the Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Agent) appropriately completed and signed a Responsible Officer, as required by Section 2.3.
“Obligations” means without duplication, all of the obligations of the Borrowers to the Lenders and the Agent, whenever arising, under this Credit Agreement, any of the other Credit Documents or otherwise with respect to any Loan or U.S. Letter of Credit (including, but not limited to, any interest 

16

accruing after the occurrence of a Bankruptcy Event with respect to any Borrower, regardless of whether such interest is an allowed claim under the Bankruptcy Code).
“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.
“Operating Lease” means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.
“Original Jurisdiction” means, in relation to a Borrower, the jurisdiction under whose laws that Borrower is incorporated or organized (as applicable) as at the date that Borrower becomes party to this Credit Agreement as a Borrower.
“Overnight Rate” means, for any day, (a) with respect to any amount denominated in U.S. Dollars, the greater of (i) the Federal Funds Rate and (ii) an overnight rate determined by the Agent or the U.S. Issuing Lender, as the case may be, in accordance with banking industry rules on interbank compensation, and (b) with respect to any amount denominated in a Foreign Currency, the rate of interest per annum at which overnight deposits in the applicable Foreign Currency, in an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by a branch or Affiliate of Bank of America in the applicable interbank market for such currency to major banks in such interbank market.
“Participant” has the meaning specified in Section 11.3(d).
“Participant Register” has the meaning specified in Section 11.3(d).
“Participating Member State” means any member state of the European Union that has the Euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.
“PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA and any successor thereof.
“Permitted Lien” means any Lien permitted by Section 8.2.
“Person” means any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust or other enterprise (whether or not incorporated) or any Governmental Authority.
“Plan” means any employee benefit plan (as defined in Section 3(3) of ERISA) which is covered by ERISA and with respect to which Airgas, any Subsidiary of Airgas or any ERISA Affiliate is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” within the meaning of Section 3(5) of ERISA.
“Platform” has the meaning specified in Section 7.1.
“Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

17

“Quoted Rate” means, with respect to any Quoted Rate U.S. Swingline Loan, the fixed percentage rate per annum offered by the U.S. Swingline Lender and accepted by Airgas with respect to such U.S. Swingline Loan as provided in accordance with the provisions of Section 2.3.
“Quoted Rate U.S. Swingline Loan” means a U.S. Swingline Loan bearing interest at a Quoted Rate.
“Rate Determination Date” means, with respect to any Interest Period, two (2) Business Days prior to the commencement of such Interest Period (or such other day as is generally treated as the rate fixing day by market practice in such interbank market, as determined by the Agent; provided that to the extent such market practice is not administratively feasible for the Agent, such other day as otherwise reasonably determined by the Agent).
“Receivables Subsidiary” means (i) Radnor Funding Corp., a Delaware corporation, and (ii) any other Subsidiary or Affiliate of Airgas to which any Consolidated Party sells, contributes or otherwise conveys any Securitization Assets in connection with a Securitization Transaction.
“Recipient” has the meaning specified in Section 4.10(h)(ii) for the purposes of that subsection.
“Regulation” means The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings.
“Regulation T, U, or X” means Regulation T, U or X, respectively, of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor to all or a portion thereof.
“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors, representatives and advisors of such Person and of such Person’s Affiliates.
“Release” means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping or disposing into the environment (including the abandonment or discarding of barrels, containers and other closed receptacles containing any Materials of Environmental Concern).
“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the post-event notice requirement is waived under PBGC Reg. Section 4043.
“Required Foreign Currency Lenders” means, at any time, Foreign Currency Lenders holding in the aggregate more than 50% of (a) the unfunded Foreign Currency Commitments and the U.S. Dollar Equivalent of the outstanding Foreign Currency Loans and participations therein or (b) if the Foreign Currency Commitments have been terminated, the U.S. Dollar Equivalent of the outstanding Foreign Currency Loans.  The unfunded Foreign Currency Commitments of, and the outstanding Obligations held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Foreign Currency Lenders.
“Required Lenders” means, at any time, Lenders holding in the aggregate more than 50% of (a) the unfunded Commitments and the outstanding Loans, U.S. LOC Obligations and participations therein or (b) if the Commitments have been terminated, the outstanding Loans, U.S. LOC Obligations and participations therein.  The unfunded Commitments of, and the outstanding Obligations held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

18

“Required U.S. Lenders” means, at any time, Lenders holding in the aggregate more than 50% of (a) the unfunded U.S. Revolving Commitments and the outstanding Loans (other than Foreign Currency Loans and Foreign Swingline Loans), U.S. LOC Obligations and participations therein or (b) if the U.S. Revolving Commitments have been terminated, the outstanding Loans (other than Foreign Currency Loans and Foreign Swingline Loans), U.S. LOC Obligations and participations therein.  The unfunded U.S. Revolving Commitments of, and the outstanding Obligations held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required U.S. Lenders.
“Requirement of Law” means, as to any Person, the certificate of incorporation and by-laws or other organizational, constitutional 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 material property.
“Responsible Officer” means an Executive Officer, president, assistant treasurer or controller of a Borrower, and, solely for purposes of notices given pursuant to Article II, Article III and Article IV, any other officer or employee of the applicable Borrower so designated by any of the foregoing officers in a notice to the Agent or any other officer or employee of Airgas or the applicable Borrower designated in a notice to (or pursuant to an agreement between Airgas or the applicable Borrower and) the Agent.  Any document delivered hereunder that is signed by a Responsible Officer of a Borrower shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Borrower.
“Revaluation Date” means (a) with respect to any Loan, each of the following:  (i) each date of a borrowing of a Foreign Currency Loan denominated in a Foreign Currency, (ii) each date of an extension of a Foreign Currency Loan denominated in a Foreign Currency pursuant to Section 4.2, and (iii) such additional dates during the continuance of an Event of Default as the Agent shall reasonably request or the Required Foreign Currency Lenders shall require and (b) with respect to any U.S. Letter of Credit, each of the following:  (i) each date of issuance of a U.S. Letter of Credit denominated in a Foreign Currency, (ii) each date of an amendment of any such U.S. Letter of Credit having the effect of increasing the amount thereof (solely with respect to the increased amount), (iii) each date of any payment by the U.S. Issuing Lender under any U.S. Letter of Credit denominated in a Foreign Currency, and (iv) such additional dates during the continuance of an Event of Default as the Agent or the U.S. Issuing Lender shall determine or the Required U.S. Lenders shall require.
“S&P” means Standard & Poor’s Ratings Services Group, a division of The McGraw-Hill Companies, Inc., or any successor or assignee of the business of such division in the business of rating securities.
“Same Day Funds” means (a) with respect to disbursements and payments in U.S. Dollars, immediately available funds, and (b) with respect to disbursements and payments in any other currency, same day or other funds as may be determined by the Agent or the U.S. Issuing Lender, as the case may be, to be customary in the place of disbursement or payment for the settlement of international banking transactions in the relevant currency.
“Sanction(s)” means any sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority recognized by the foregoing.
“Securitization Assets” means any accounts or trade receivable, notes receivable, rights to future lease payments or residuals or capital, or any other asset or a portion or interest therein that is or could be 

19

securitized, together with certain related property relating thereto and the right to collections thereon, which are subject to a Securitization Transaction.
“Securitization Transaction” means any transaction or series of transactions pursuant to which a Person may sell, convey or otherwise transfer to (i) a Subsidiary or Affiliate, or (ii) any other Person, or may grant a security interest in, any Securitization Assets (or any portion or interest therein) of such Person, including, without limitation, any sale, lease, whole loan sale, secured loan or other transfer.
“Single Employer Plan” means any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan.
“Special Notice Currency” means at any time a Foreign Currency, other than the currency of a country that is a member of the Organization for Economic Cooperation and Development at such time located in North America or Europe.
“Spot Rate” for any currency means the rate quoted by the Agent or the U.S. Issuing Lender, as applicable, to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; provided that the Agent or the U.S. Issuing Lender may obtain such spot rate from another financial institution designated by the Agent or the U.S. Issuing Lender if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency and provided further that the U.S. Issuing Lender may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case of any U.S. Letter of Credit denominated in a Foreign Currency.
“Sterling” and “£” mean the lawful currency of the United Kingdom.
“Subject Party” has the meaning specified in Section 4.10(h)(ii).
“Subsidiary” means, as to any Person, (a) any corporation, limited liability company or similar company more than 50% of whose stock or shares of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation or company (irrespective of whether or not at the time, any class or classes of such corporation or company shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person directly or indirectly through Subsidiaries, and (b) any partnership, association, joint venture or other entity in which such Person directly or indirectly through Subsidiaries has more than 50% equity interest at any time.  Unless otherwise specified, “Subsidiary” means a Subsidiary of Airgas.
“Supplier” has the meaning specified in Section 4.10(h)(ii) for the purposes of that subsection.
“Syndicate Manager” has the meaning specified in Section 4.10(f).
“Syndicated Loan Scheme” means the Syndicated Loan Scheme as described in the United Kingdom HM Revenue & Customs Guidelines dated September 2010 and administered by HM Revenue & Customs Residency, and any successor scheme thereto.
“Synthetic Lease” means any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product where such transaction is considered borrowed money indebtedness for tax purposes but is classified as an Operating Lease under GAAP.

20

“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on November 19, 2007.
“TARGET Day” means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Agent to be a suitable replacement) is open for the settlement of payments in Euro.
“Termination Event” means (i) with respect to any Plan, the occurrence of a Reportable Event or the substantial cessation of operations (within the meaning of Section 4062(e) of ERISA); (ii) the withdrawal by Airgas, any Subsidiary of Airgas or any ERISA Affiliate from a Multiple Employer Plan during a plan year in which it was a substantial employer (as such term is defined in Section 4001(a)(2) of ERISA), or the termination of a Multiple Employer Plan; (iii) the distribution of a notice of intent to terminate or the actual termination of a Single Employer Plan pursuant to Section 4041(a) or pursuant to Section 4041A of ERISA for a Multiemployer Plan; (iv) the institution of proceedings to terminate or the actual termination of a Single Employer Plan by the PBGC under Section 4042 of ERISA; (v) any event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Single Employer Plan; or (vi) the complete or partial withdrawal of any Consolidated Party or any ERISA Affiliate from a Multiemployer Plan.
“UCP” means, with respect to any U.S. Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance). 
“UK” or “United Kingdom” means the United Kingdom of Great Britain and Northern Ireland.
“UK Borrower” means Red-D-Arc (UK) Limited and any additional Foreign Borrower which is incorporated in the United Kingdom or is incorporated outside of the United Kingdom but resident for tax purposes in the United Kingdom.
“United Kingdom Tax” has the meaning specified in Section 4.10(e).
“United States” means the United States of America.
“U.S. Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate” and (c) the Eurocurrency Rate plus 1.0%  The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate.  Any change in such rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.
“U.S. Base Rate Loan” means any Loan bearing interest at a rate determined by reference to the U.S. Base Rate.
“U.S. Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in U.S. Dollars, such amount, and (b) with respect to any amount denominated in any currency other than U.S. Dollars, the equivalent amount thereof in U.S. Dollars as determined by the Agent or the U.S. Issuing Lender, as the case may be at such time on the basis of the Spot Rate (determined as of the most recent 

21

Revaluation Date, unless otherwise specified herein) for the purchase of U.S. Dollars with such other currency.
“U.S. Dollars” and “$” means dollars in lawful currency of the United States.
“U.S. Issuing Lender” means, with respect to a particular U.S. Letter of Credit, (i)  Bank of America, in its capacity as issuer of such U.S. Letter of Credit or (ii) such other U.S. Revolving Lender selected by Airgas and consented to by such U.S. Revolving Lender (upon notice to the Agent) from time to time to issue such U.S. Letter of Credit.  In the event there is more than one U.S. Issuing Lender at any time, references herein and in the other Credit Documents to the U.S. Issuing Lender shall be deemed to refer to the U.S. Issuing Lender in respect of the applicable U.S. Letter of Credit or to all U.S. Issuing Lenders, as the context requires.
“U.S. Letter of Credit” means (i) any standby or trade letter of credit issued by the U.S. Issuing Lender for the account of Airgas (or its Subsidiaries) in accordance with the terms of Section 2.2 and (ii) any Existing U.S. Letter of Credit.  U.S. Letters of Credit may be denominated in U.S. Dollars or in a Foreign Currency.  Notwithstanding anything to the contrary contained herein, a letter of credit (other than the Existing Letters of Credit) issued by a U.S. Issuing Lender other than Bank of America shall not be a “Letter of Credit” for purposes of the Credit Documents until such time as the Agent has been notified in writing of the issuance thereof by the applicable U.S. Issuing Lender and has confirmed with such U.S. Issuing Lender that there exists adequate availability under the Commitments to issue such letter of credit.
“U.S. LOC Documents” means, with respect to any U.S. Letter of Credit, such U.S. Letter of Credit, any amendments thereto, any documents delivered in connection therewith, any application therefor, and any agreements, instruments, guarantees or other documents (whether general in application or applicable only to such U.S. Letter of Credit) governing or providing for (i) the rights and obligations of the parties concerned or at risk or (ii) any collateral security for such obligations.
“U.S. LOC Obligations” means, at any time, the sum of (i) the maximum amount which is, or at any time thereafter may become, available to be drawn under U.S. Letters of Credit then outstanding, assuming compliance with all requirements for drawings referred to in such U.S. Letters of Credit plus (ii) the aggregate amount of all drawings under U.S. Letters of Credit honored by the U.S. Issuing Lender but not theretofore reimbursed.  For purposes of computing the amount available to be drawn under any U.S. Letter of Credit, the amount of such U.S. Letter of Credit shall be determined in accordance with Section 1.4.  For all purposes of this Credit Agreement, if on any date of determination a U.S. Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such U.S. Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.
“U.S. LOC Sublimit” means an amount equal to the lesser of (a) $100,000,000 and (b) the U.S. Revolving Committed Amount.  The U.S. LOC Sublimit is part of, and not in addition to, the U.S. Revolving Committed Amount.
“U.S. Person” means a “United States person” as defined in Section 7701(a)(30) of the Code.
“U.S. Revolving Commitment” means, with respect to each U.S. Revolving Lender, the commitment of such U.S. Revolving Lender in an aggregate principal amount at any time outstanding of up to such U.S. Revolving Lender’s Applicable Percentage of the U.S. Revolving Committed Amount, (i) to make U.S. Revolving Loans in accordance with the provisions of Section 2.1(a), (ii) to purchase participation interests in U.S. Letters of Credit in accordance with the provisions of Section 2.2(c), and 

22

(iii) to purchase participation interests in the U.S. Swingline Loans in accordance with the provisions of Section 2.3(b)(iii).
“U.S. Revolving Commitment Unused Fee” has the meaning specified in Section 4.5(a)(i).
“U.S. Revolving Committed Amount” has the meaning specified in Section 2.1(a).
“U.S. Revolving Lenders” means (i) those Lenders that have U.S. Revolving Commitments and are identified as Lenders on the signature pages attached hereto and (ii) any Person which becomes a U.S. Revolving Lender by executing a New Commitment Agreement pursuant to Section 4.4(b), together with their successors and assigns.
“U.S. Revolving Loans” has the meaning specified in Section 2.1(a).
“U.S. Swingline Lender” means Bank of America.
“U.S. Swingline Loan” means a loan made pursuant to and defined in Section 2.3(a).
“U.S. Swingline Sublimit” means an amount equal to the lesser of (a) $75,000,000 and (b) the U.S. Revolving Committed Amount.  The U.S. Swingline Sublimit is part of, and not in addition to, the U.S. Revolving Committed Amount.
“U.S. Tax Compliance Certificate” has the meaning specified in Section 4.10(b)(ii)(C).
“VAT” means (a) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112), and (b) any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in (a) or imposed elsewhere.
“Voting Stock” means, with respect to any Person, Capital Stock issued by such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right so to vote has been suspended by the happening of such a contingency.
1.2    Computation of Time Periods; Times of Day.
(a)    For purposes of computation of periods of time hereunder, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding.”
(b)    Unless otherwise specified, all references herein to times of day shall be references to Eastern standard time or Eastern daylight time, as applicable.
1.3    Accounting Terms.
Except as otherwise expressly provided herein, all accounting terms used herein shall be interpreted, and all financial statements and certificates and reports as to financial matters required to be delivered to the Lenders hereunder shall be prepared, in accordance with GAAP applied on a consistent basis; provided, however, that calculations of the implied principal component of all obligations under any Synthetic Lease or the implied interest component of any rent paid under any Synthetic Lease shall be made by Airgas in accordance with accepted financial practice and consistent with the terms of such Synthetic Lease.  All calculations made for the purposes of determining compliance with this Credit 

23

Agreement shall (except as otherwise expressly provided herein) be made by application of GAAP applied on a basis consistent with the most recent annual or quarterly financial statements delivered pursuant to Section 7.1 (or, prior to the delivery of the first financial statements pursuant to Section 7.1, consistent with the financial statements as of March 31, 2014); provided, however, if (a) Airgas shall object to determining such compliance on such basis at the time of delivery of such financial statements due to any change in GAAP or the rules promulgated with respect thereto or (b) the Agent or the Required Lenders shall so object in writing within thirty days after delivery of such financial statements, then such calculations shall be made on a basis consistent with the most recent financial statements delivered by Airgas to the Lenders as to which no such objection shall have been made.
1.4    U.S. Letter of Credit Amounts.
Unless otherwise specified herein, the amount of a U.S. Letter of Credit at any time shall be deemed to be the U.S. Dollar Equivalent of the stated amount of such U.S. Letter of Credit in effect at such time; provided, however, that with respect to any U.S. Letter of Credit that, by its terms or the terms of any U.S. LOC Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such U.S. Letter of Credit shall be deemed to be the U.S. Dollar Equivalent of the maximum stated amount of such U.S. Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.
1.5    Additional Foreign Currencies.
(a)    Airgas may from time to time request that Foreign Currency Loans be made and/or U.S. Letters of Credit be issued in a currency other than those specifically listed in the definition of “Foreign Currency”; provided that (i) such requested currency is a lawful currency (other than U.S. Dollars) that is readily available and freely transferable and convertible into U.S. Dollars and (ii) such requested currency shall only be considered a LIBOR Quoted Currency to the extent that there is published LIBOR rate for such currency.  In the case of any such request with respect to the making of Foreign Currency Loans, such request shall be subject to the approval of the Agent and the Foreign Currency Lenders; and in the case of any such request with respect to the issuance of U.S. Letters of Credit, such request shall be subject to the approval of the Agent and the U.S. Issuing Lender.
(b)    Any such request shall be made to the Agent not later than 11:00 a.m., ten Business Days prior to the date of the desired borrowing or desired issuance of a U.S. Letter of Credit (or, if requested by Airgas, such other time or date as may be agreed by the Agent and, in the case of any such request pertaining to U.S. Letters of Credit, the U.S. Issuing Lender, in its or their sole discretion).  In the case of any such request pertaining to Foreign Currency Loans, the Agent shall promptly notify each Foreign Currency Lender thereof.  Each Foreign Currency Lender (in the case of any such request pertaining to Foreign Currency Loans) or the U.S. Issuing Lender (in the case of a request pertaining to U.S. Letters of Credit) shall notify the Agent, not later than 11:00 a.m., five Business Days after receipt of such request whether it consents, in its sole discretion, to the making of Foreign Currency Loans or the issuance of U.S. Letters of Credit, as the case may be, in such requested currency.
(c)    Any failure by a Foreign Currency Lender or the U.S. Issuing Lender, as the case may be, to respond to such request within the time period specified in Section 1.5(b) shall be deemed to be a refusal by such Foreign Currency Lender or the U.S. Issuing Lender, as the case may be, to permit Foreign Currency Loans to be made or U.S. Letters of Credit to be issued in such requested currency.  If the Agent and all the Foreign Currency Lenders consent to making Foreign Currency Loans in such requested currency and the Agent and such Foreign Currency 

24

Lenders reasonably determine that a Eurocurrency Base Rate is available to be used for such requested currency, the Agent shall so notify Airgas and (i) the Agent and such Foreign Currency Lenders may amend the definition of Eurocurrency Base Rate for any Non-LIBOR Quoted Currency to the extent necessary to add the applicable Eurocurrency Base Rate for such currency and (ii) to the extent the definition of Eurocurrency Base Rate reflects the appropriate interest rate for such currency or has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be a LIBOR Quoted Currency or a Non-LIBOR Quoted Currency, as applicable, for purposes of any borrowings of Foreign Currency Loans.  If the Agent and the U.S. Issuing Lender consent to the issuance of U.S. Letters of Credit in such requested currency, the Agent shall so notify Airgas and (A) the Agent and the U.S. Issuing Lender may amend the definition of Eurocurrency Base Rate for any Non-LIBOR Quoted Currency to the extent necessary to add the applicable Eurocurrency Base Rate for such currency and (B) to the extent the definition of Eurocurrency Base Rate reflects the appropriate interest rate for such currency or has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed for all purposes to be a LIBOR Quoted Currency or a Non-LIBOR Quoted Currency, as applicable, for purposes of any U.S. Letter of Credit issuances.  If the Agent shall fail to obtain consent to any request for an additional currency under this Section 1.5, the Agent shall promptly so notify Airgas.
1.6    Change of Currency.
(a)    Each obligation of the Borrowers to make a payment denominated in the national currency unit of any member state of the European Union that adopts the Euro as its lawful currency after the Closing Date shall be redenominated into Euro at the time of such adoption (in accordance with legislation of the European Union relating to Economic and Monetary Union).  If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Credit Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided that if any borrowing in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such borrowing, at the end of the then current Interest Period.
(b)    Each provision of this Credit Agreement shall be subject to such reasonable changes of construction as the Agent may from time to time specify, after consultation with Airgas, to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the Euro.
(c)    Each provision of this Credit Agreement also shall be subject to such reasonable changes of construction as the Agent may from time to time specify, after consultation with Airgas, to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices relating to the change in currency.
1.7    Exchange Rates; Currency Equivalents.
The Agent or the U.S. Issuing Lender, as applicable, shall determine the Spot Rates as of each Revaluation Date to be used for calculating U.S. Dollar Equivalent amounts of Foreign Currency Loans and/or U.S. Letters of Credit, as applicable, denominated in Foreign Currencies.  Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur.  Except for purposes 

25

of financial statements delivered by Airgas hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than U.S. Dollars) for purposes of the Credit Documents shall be such U.S. Dollar Equivalent amount as so determined by the Agent or the U.S. Issuing Lender, as applicable.
ARTICLE II     
 
U.S. DOLLAR CREDIT FACILITIES
2.1    U.S. Revolving Loans.
(a)    U.S. Revolving Commitment.  Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, each U.S. Revolving Lender severally agrees to make available to Airgas such U.S. Revolving Lender’s Applicable Percentage of revolving credit loans requested by Airgas in U.S. Dollars (“U.S. Revolving Loans”) from time to time from the Closing Date until the Maturity Date, or such earlier date as the U.S. Revolving Commitments shall have been terminated as provided herein; provided, however, that the aggregate principal amount of outstanding U.S. Revolving Loans shall not exceed EIGHT HUNDRED SEVENTY-FIVE MILLION U.S. DOLLARS ($875,000,000) (as such aggregate maximum amount may be increased or reduced from time to time as provided in Section 4.4, the “U.S. Revolving Committed Amount”); provided, further, (i) with regard to each U.S. Revolving Lender individually, the sum of such U.S. Revolving Lender’s (x) outstanding U.S. Revolving Loans plus (y) participations in outstanding U.S. LOC Obligations plus (z) participations in outstanding U.S. Swingline Loans shall not exceed such U.S. Revolving Lender’s Applicable Percentage of the U.S. Revolving Committed Amount and (ii) with regard to the U.S. Revolving Lenders collectively, the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not exceed the U.S. Revolving Committed Amount.  U.S. Revolving Loans may consist of U.S. Base Rate Loans or Eurocurrency Loans, or a combination thereof, as Airgas may request, and may be repaid and reborrowed in accordance with the provisions hereof; provided, however, that no more than fifteen (15) Eurocurrency Loans which are U.S. Revolving Loans shall be outstanding hereunder at any time.  For purposes hereof, Eurocurrency Loans with different Interest Periods shall be considered as separate Eurocurrency Loans, even if they begin on the same date, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new Eurocurrency Loan with a single Interest Period.
(b)    U.S. Revolving Loan Borrowings.
(i)    Notice of Borrowing.  Airgas (through a Responsible Officer) shall request a U.S. Revolving Loan borrowing by notice to the Agent which may be given by: (A) telephone or (B) a Notice of Borrowing; provided that any telephonic notice must be confirmed immediately by delivery to the Agent of a Notice of Borrowing.  Each such Notice of Borrowing must be received by the Agent not later than 11:00 A.M. on the Business Day of the requested borrowing in the case of U.S. Base Rate Loans, and on the third Business Day prior to the date of the requested borrowing in the case of Eurocurrency Loans.  Each such request for borrowing shall be irrevocable and shall specify (A) that a U.S. Revolving Loan is requested, (B) the date of the requested borrowing (which shall be a Business Day), (C) the aggregate principal amount to be borrowed, and (D) whether the borrowing shall be comprised of U.S. Base Rate Loans, Eurocurrency Loans or a combination thereof, and if Eurocurrency Loans are requested, 

26

the Interest Period(s) therefor.  If Airgas shall fail to specify in any such Notice of Borrowing (I) an applicable Interest Period in the case of a Eurocurrency Loan, then such notice shall be deemed to be a request for an Interest Period of one month, or (II) the type of U.S. Revolving Loan requested, then such notice shall be deemed to be a request for a U.S. Base Rate Loan hereunder.  The Agent shall give notice to each U.S. Revolving Lender promptly upon receipt of each Notice of Borrowing pursuant to this Section 2.1(b)(i), specifying the contents thereof and each such U.S. Revolving Lender’s share of any borrowing to be made pursuant thereto.
(ii)    Minimum Amounts.  Each Eurocurrency Loan or U.S. Base Rate Loan shall be in a minimum aggregate principal amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof (or the remaining amount of the U.S. Revolving Committed Amount, if less).
(iii)    Advances.  Each U.S. Revolving Lender will make its Applicable Percentage of each U.S. Revolving Loan borrowing available to the Agent for the account of Airgas by 1:00 P.M. on the date specified in the applicable Notice of Borrowing in U.S. Dollars and in Same Day Funds to the Agent.  Such borrowing will then be made available to Airgas by the Agent in like funds as received by the Agent by (A) crediting the account of Airgas on the books of the Agent with the amount of such funds or (B) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Agent by Airgas.
(c)    Repayment.  Airgas promises to pay the principal amount of all U.S. Revolving Loans in full on the Maturity Date.
(d)    Interest.  Subject to the provisions of Section 4.1,
(i)    U.S. Base Rate Loans.  During such periods as U.S. Revolving Loans shall be comprised in whole or in part of U.S. Base Rate Loans, such U.S. Base Rate Loans shall bear interest at a per annum rate equal to the U.S. Base Rate plus the Applicable Rate; and
(ii)    Eurocurrency Loans.  During such periods as U.S. Revolving Loans shall be comprised in whole or in part of Eurocurrency Loans, such Eurocurrency Loans shall bear interest at a per annum rate equal to the Eurocurrency Rate plus the Applicable Rate.
Airgas promises to pay interest on U.S. Revolving Loans in arrears on each applicable Interest Payment Date (or at such other times as may be specified herein).
2.2    U.S. Letter of Credit Subfacility.
(a)    Issuance.  Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, as Airgas may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding 

27

shall not at any time exceed the U.S. LOC Sublimit and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount.  No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date.  Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents.  The issuance date of each U.S. Letter of Credit shall be a Business Day.
The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:
(i)    any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the U.S. Issuing Lender from issuing such U.S. Letter of Credit, or any law applicable to the U.S. Issuing Lender or any directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the U.S. Issuing Lender shall prohibit, or direct that the U.S. Issuing Lender refrain from, the issuance of letters of credit generally or such U.S. Letter of Credit in particular or shall impose upon the U.S. Issuing Lender with respect to such U.S. Letter of Credit any restriction, reserve or capital requirement (for which the U.S. Issuing Lender is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the U.S. Issuing Lender any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the U.S. Issuing Lender in good faith deems material to it;
(ii)    the issuance of such U.S. Letter of Credit would violate one or more policies of the U.S. Issuing Lender applicable to letters of credit generally;
(iii)    the U.S. Issuing Lender does not as of the issuance date of such requested U.S. Letter of Credit issue letters of credit in the requested currency; or
(iv)    any Lender is at that time a Defaulting Lender, unless the U.S. Issuing Lender has entered into arrangements, including the delivery of Cash Collateral, reasonably satisfactory to the U.S. Issuing Lender (in its sole discretion) with Airgas or such U.S. Revolving Lender to eliminate the U.S. Issuing Lender’s actual or potential Fronting Exposure (after giving effect to Section 4.16(a)(iv)) with respect to the Defaulting Lender arising from either the U.S. Letter of Credit then proposed to be issued or that U.S. Letter of Credit and all other U.S. LOC Obligations as to which the U.S. Issuing Lender has actual or potential Fronting Exposure, as it may elect in its reasonable discretion.
(b)    Procedures of Issuance; Reports.
(i)    The request for the issuance of a U.S. Letter of Credit shall be submitted by Airgas (through a Responsible Officer) to the U.S. Issuing Lender with a copy to the Agent at least three (3) Business Days prior to the requested date of issuance (or such later date and time as the Agent and the U.S. Issuing Lender may agree in a particular instance in their sole discretion).  Such request shall be submitted using the form of letter of credit application in use by the U.S. Issuing Lender at such time.  Such letter of credit application may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the U.S. Issuing Lender, by personal delivery or by other means acceptable to the U.S. Issuing Lender.  In the case of 

28

a request for an initial issuance of a U.S. Letter of Credit, such letter of credit application shall specify in form and detail reasonably satisfactory to the U.S. Issuing Lender: (A) the proposed issuance date of the requested U.S. Letter of Credit (which shall be a Business Day); (B) the amount and currency thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the requested U.S. Letter of Credit; and (H) such other matters as the U.S. Issuing Lender may reasonably require.  In the case of a request for an amendment of any outstanding U.S. Letter of Credit, such letter of credit application shall specify in form and detail reasonably satisfactory to the U.S. Issuing Lender (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the U.S. Issuing Lender may reasonably require.  Additionally, Airgas shall furnish to the U.S. Issuing Lender and the Agent such other documents and information pertaining to such requested U.S. Letter of Credit issuance or amendment, including any LOC Documents, as the U.S. Issuing Lender or the Agent may reasonably require.
(ii)    Promptly after receipt of any letter of credit application, the U.S. Issuing Lender will confirm with the Agent (by telephone or in writing) that the Agent has received a copy of such letter of credit application from Airgas and, if not, the U.S. Issuing Lender will provide the Agent with a copy thereof.  Unless the U.S. Issuing Lender has received written notice from any Lender, the Agent or any Borrower, at least one Business Day prior to the requested date of issuance of the applicable U.S. Letter of Credit, that one or more applicable conditions contained in Article V shall not be satisfied, then, subject to the terms and conditions hereof, the U.S. Issuing Lender shall, on the requested date, issue a U.S. Letter of Credit for the account of Airgas or the applicable Subsidiary or enter into the applicable amendment, as the case may be, in each case in accordance with the U.S. Issuing Lender’s usual and customary business practices.
(iii)    Promptly after its delivery of any U.S. Letter of Credit or any amendment to a U.S. Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the U.S. Issuing Lender will also deliver to Airgas and the Agent a true and complete copy of such U.S. Letter of Credit or amendment.  Airgas shall promptly examine a copy of each U.S. Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with Airgas’ instructions or other irregularity, Airgas will immediately notify the U.S. Issuing Lender.
(iv)    If Airgas so requests in any applicable letter of credit application, the U.S. Issuing Lender may, in its sole discretion, agree to issue a U.S. Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the U.S. Issuing Lender to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such U.S. Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such U.S. Letter of Credit is issued.  Unless otherwise directed by the U.S. Issuing Lender, Airgas shall not be required to make a specific request to the U.S. Issuing Lender for any such extension.  Once an Auto-Extension Letter of Credit has been issued, the U.S. Revolving Lenders shall be deemed to have authorized (but may not require) the U.S. Issuing Lender to 

29

permit the extension of such Letter of Credit at any time to an expiry date not later than the Maturity Date; provided, however, that the U.S. Issuing Lender shall not permit any such extension if (A) the U.S. Issuing Lender has determined that it would not be permitted, or would have no obligation, at such time to issue such U.S. Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of Section 2.2(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the Agent that the Required U.S. Lenders have elected not to permit such extension or (2) from the Agent, any Lender or any Borrower that one or more of the applicable conditions specified in Section 5.2 is not then satisfied, and in each case directing the U.S. Issuing Lender not to permit such extension.
(v)    The U.S. Issuing Lender will, at least quarterly and more frequently upon request, disseminate to the Agent and each of the U.S. Revolving Lenders a detailed report specifying the U.S. Letters of Credit which are then issued and outstanding and any activity with respect thereto which may have occurred since the date of the prior report, and including therein, among other things, the beneficiary, the face amount, expiry date as well as any payment or expirations which may have occurred.
(c)    Participation.  Each U.S. Revolving Lender, upon issuance of a U.S. Letter of Credit (or, in the case of each Existing U.S. Letter of Credit, on the Closing Date), shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase without recourse a risk participation from the U.S. Issuing Lender in such U.S. Letter of Credit and the obligations arising thereunder, in each case in an amount equal to its Applicable Percentage of the amount such U.S. Letter of Credit and shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and be obligated to pay to the U.S. Issuing Lender therefor and discharge when due, its Applicable Percentage of the obligations arising under such U.S. Letter of Credit.  Without limiting the scope and nature of each U.S. Revolving Lender’s participation in any U.S. Letter of Credit, to the extent that the U.S. Issuing Lender has not been reimbursed as required hereunder or under any such U.S. Letter of Credit, each such U.S. Revolving Lender shall pay to the U.S. Issuing Lender its Applicable Percentage of such unreimbursed drawing in U.S. Dollars and in Same Day Funds on the day of notification by the U.S. Issuing Lender of an unreimbursed drawing pursuant to the provisions of Section 2.2(d).  The obligation of each U.S. Revolving Lender to so reimburse the U.S. Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event.  Any such reimbursement shall not relieve or otherwise impair the obligation of Airgas to reimburse the U.S. Issuing Lender under any U.S. Letter of Credit, together with interest as hereinafter provided.
(d)    Drawings and Reimbursement.  Upon receipt from the beneficiary of any U.S. Letter of Credit of any notice of drawing under such U.S. Letter of Credit, the U.S. Issuing Lender shall notify Airgas and the Agent thereof.  Unless Airgas shall immediately notify the U.S. Issuing Lender that Airgas intends to otherwise reimburse the U.S. Issuing Lender for such drawing, Airgas shall be deemed to have requested that the U.S. Revolving Lenders make a U.S. Revolving Loan in the U.S. Dollar Equivalent amount of the drawing as provided in Section 2.2(e) on the related U.S. Letter of Credit, the proceeds of which will be used to satisfy the related reimbursement obligations.  Airgas promises to reimburse the U.S. Issuing Lender on the day (or the next succeeding Business Day if Airgas receives notice of the drawing after 12:00 noon on such day) of drawing under any U.S. Letter of Credit (either with the proceeds of a U.S. Revolving Loan obtained hereunder or otherwise) in Same Day Funds; in the case of a drawing under a U.S. Letter of Credit denominated in a Foreign Currency with respect to which Airgas has 

30

notified the U.S. Issuing Lender as provided in the immediately preceding sentence, such reimbursement shall be made in the applicable Foreign Currency, unless (A) the U.S. Issuing Lender (at its option) shall have specified in such notice that it will require reimbursement in U.S. Dollars, or (B) in the absence of any such requirement for reimbursement in U.S. Dollars, Airgas shall have notified the U.S. Issuing Lender promptly following receipt of the notice of drawing that Airgas will reimburse the U.S. Issuing Lender in U.S. Dollars.  If Airgas shall fail to reimburse the U.S. Issuing Lender as provided hereinabove, the unreimbursed amount of such drawing shall bear interest at a per annum rate equal to the Default Rate.  Airgas’ reimbursement obligations hereunder shall be absolute and unconditional under all circumstances irrespective of any rights of setoff, counterclaim or defense to payment Airgas may claim or have against the U.S. Issuing Lender, the Agent, the U.S. Revolving Lenders, the beneficiary of the U.S. Letter of Credit drawn upon or any other Person, including without limitation any defense based on:  (i) any failure of Airgas to receive consideration, (ii) the legality, validity, regularity or unenforceability of a U.S. Letter of Credit, (iii) any draft, demand, certificate or other document presented under a U.S. Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect, (iv) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under a U.S. Letter of Credit; or (v) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, Airgas.  The Agent will promptly notify the U.S. Revolving Lenders of the U.S. Dollar Equivalent amount of any unreimbursed drawing under any U.S. Letter of Credit, and each U.S. Revolving Lender shall promptly pay to the Agent for the account of the U.S. Issuing Lender in U.S. Dollars and in immediately available funds, the amount of such U.S. Revolving Lender’s Applicable Percentage of such unreimbursed drawing.  Such payment shall be made on the day such notice is received by such U.S. Revolving Lender from the U.S. Issuing Lender if such notice is received at or before 2:00 P.M., otherwise such payment shall be made at or before 12:00 NOON on the Business Day next succeeding the day such notice is received.  If such U.S. Revolving Lender does not pay such amount to the U.S. Issuing Lender in full upon such request, such U.S. Revolving Lender shall, on demand, pay to the Agent for the account of the U.S. Issuing Lender interest on the unpaid amount during the period from the date of such drawing until such U.S. Revolving Lender pays such amount to the U.S. Issuing Lender in full at a rate per annum equal to, if paid within two (2) Business Days of the date that such U.S. Revolving Lender is required to make payments of such amount pursuant to the preceding sentence, the Federal Funds Rate and thereafter at a rate equal to the U.S. Base Rate.  Each U.S. Revolving Lender’s obligation to make such payment to the U.S. Issuing Lender, and the right of the U.S. Issuing Lender to receive the same, shall be absolute and unconditional, shall not be affected by any circumstance whatsoever and without regard to the termination of this Credit Agreement or the Commitments hereunder, the existence of a Default or Event of Default or the acceleration of the obligations of Airgas hereunder and shall be made without any offset, abatement, withholding or reduction whatsoever.  Simultaneously with the making of each such payment by a U.S. Revolving Lender to the U.S. Issuing Lender, such U.S. Revolving Lender shall, automatically and without any further action on the part of the U.S. Issuing Lender or such U.S. Revolving Lender, acquire a participation in an amount equal to such payment (excluding the portion of such payment constituting interest owing to the U.S. Issuing Lender) in the related unreimbursed drawing portion of the U.S. LOC Obligation and in the interest thereon and in the related U.S. LOC Documents, and shall have a claim against Airgas with respect thereto.  Any notice given by the U.S. Issuing Lender or the Agent pursuant to this Section 2.2(d) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

31

(e)    Repayment with U.S. Revolving Loans.  On any day on which Airgas shall have requested, or shall be deemed to have requested, a U.S. Revolving Loan advance to reimburse a drawing under a U.S. Letter of Credit, the Agent shall give notice to the U.S. Revolving Lenders that a U.S. Revolving Loan has been requested or deemed requested by Airgas to be made in connection with a drawing under a U.S. Letter of Credit, in which case a U.S. Revolving Loan advance comprised of U.S. Base Rate Loans (or Eurocurrency Loans to the extent Airgas has complied with the procedures of Section 2.1(b)(i) with respect thereto) shall be immediately made to Airgas by all U.S. Revolving Lenders (notwithstanding any termination of the Commitments pursuant to Section 9.2) pro rata based on the respective Applicable Percentages of the U.S. Revolving Lenders and the proceeds thereof shall be paid directly to the U.S. Issuing Lender for application to the respective U.S. LOC Obligations.  Each U.S. Revolving Lender hereby irrevocably agrees to make its Applicable Percentage of each such U.S. Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of U.S. Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for U.S. Revolving Loan to be made by the time otherwise required hereunder, (v) whether the date of such borrowing is a date on which U.S. Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Commitments relating thereto immediately prior to or contemporaneously with such borrowing.  In the event that any U.S. Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code with respect to Airgas), then each U.S. Revolving Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from Airgas on or after such date and prior to such purchase) from the U.S. Issuing Lender in U.S. Dollars such participation in the outstanding U.S. LOC Obligations as shall be necessary to cause each U.S. Revolving Lender to share in such U.S. LOC Obligations ratably (based upon the respective Applicable Percentages of the U.S. Revolving Lenders), provided that at the time any purchase of participation pursuant to this sentence is actually made, the purchasing U.S. Revolving Lender shall be required to pay to the U.S. Issuing Lender, to the extent not paid to the U.S. Issuing Lender by Airgas in accordance with the terms of Section 2.2(d), interest on the principal amount of participation purchased for each day from and including the day upon which such borrowing would otherwise have occurred to but excluding the date of payment for such participation, at the rate equal to, if paid within two (2) Business Days of the date of the U.S. Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the U.S. Base Rate.  Until each U.S. Revolving Lender funds its U.S. Revolving Loan or purchases its participation pursuant to this Section 2.2(e) to reimburse the U.S. Issuing Lender for any amount drawn under any U.S. Letter of Credit, interest in respect of such U.S. Revolving Lender’s Applicable Percentage of such amount shall be solely for the account of the U.S. Issuing Lender.
(f)    Repayment of Participations.
(i)    At any time after the U.S. Issuing Lender has made a payment under any U.S. Letter of Credit and has received from any U.S. Revolving Lender such U.S. Revolving Lender’s payment of its participation interest in respect of such payment in accordance with Section 2.2(e), if the Agent receives for the account of the U.S. Issuing Lender any payment in respect of the related unreimbursed drawing or interest thereon (whether directly from Airgas or otherwise, including proceeds of cash collateral applied thereto by the Agent), the Agent will distribute to such U.S. Revolving Lender its 

32

Applicable Percentage thereof in U.S. Dollars and in the same funds as those received by the Agent.
(ii)    If any payment received by the Agent for the account of the U.S. Issuing Lender pursuant to Section 2.2(e) is required to be returned under any of the circumstances described in Section 11.20 (including pursuant to any settlement entered into by the U.S. Issuing Lender in its discretion), each U.S. Revolving Lender shall pay to the Agent for the account of the U.S. Issuing Lender its Applicable Percentage thereof on demand of the Agent, plus interest thereon from the date of such demand to the date such amount is returned by such U.S. Revolving Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the U.S. Revolving Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Credit Agreement.
(g)    Designation of Subsidiaries as Account Parties.  Notwithstanding anything to the contrary set forth in this Credit Agreement, including without limitation Section 2.2(a), a U.S. Letter of Credit issued hereunder may contain a statement to the effect that such U.S. Letter of Credit is issued for the account of a Subsidiary of Airgas, provided that notwithstanding such statement, Airgas shall be the actual account party for all purposes of this Credit Agreement for such U.S. Letter of Credit and such statement shall not affect Airgas’ reimbursement obligations hereunder with respect to such U.S. Letter of Credit.
(h)    Renewal, Extension.  The renewal or extension of any U.S. Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new U.S. Letter of Credit hereunder.
(i)    Applicability of ISP and UCP.  Unless otherwise expressly agreed by the U.S. Issuing Lender and Airgas when a U.S. Letter of Credit is issued (including any such agreement applicable to an Existing U.S. Letter of Credit), (i) the rules of the ISP shall apply to each standby U.S. Letter of Credit, and (ii) the rules of the UCP shall apply to each trade U.S. Letter of Credit.  Notwithstanding the foregoing, the U.S. Issuing Lender shall not be responsible to any Borrower for, and the U.S. Issuing Lender’s rights and remedies against any Borrower shall not be impaired by, any action or inaction of the U.S. Issuing Lender required under any law, order, or practice that is required to be applied to any U.S. Letter of Credit or this Credit Agreement, including the law or any order of a jurisdiction where the U.S. Issuing Lender or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any U.S. Letter of Credit chooses such law or practice.
(j)    Indemnification; Nature of U.S. Issuing Lender’s Duties.
(i)    Airgas agrees to indemnify and hold harmless the U.S. Issuing Lender, each other U.S. Revolving Lender, the Agent and each of their respective officers, directors, affiliates, employees or agents (the “Indemnitees”) from and against any and all claims and damages, losses, liabilities, costs and expenses which the Indemnitees may incur (or which may be claimed against any Indemnitee) by any Person by reason of or in connection with the issuance or transfer of or payment or failure to pay under any U.S. Letter of Credit; provided that Airgas shall not be required to indemnify any Indemnitee for any claims, damages, losses, liabilities, costs or expenses to the extent, but only to 

33

the extent, (A) caused by the willful misconduct or gross negligence of such Indemnitee in determining whether a request presented under any U.S. Letter of Credit complied with the terms of such U.S. Letter of Credit or (B) caused by the U.S. Issuing Lender’s failure to pay under any U.S. Letter of Credit after the presentation to it of a request strictly complying with the terms and conditions of such U.S. Letter of Credit (unless such payment is prohibited by any law, regulation, court order or decree).
(ii)    Airgas agrees, as between Airgas and the U.S. Issuing Lender, Airgas shall assume all risks of the acts, omissions or misuse of any U.S. Letter of Credit by the beneficiary thereof.
(iii)    The U.S. Issuing Lender shall not, in any way, be liable for any failure by the U.S. Issuing Lender or anyone else to pay any drawing under any U.S. Letter of Credit as a result of any cause beyond the control of the U.S. Issuing Lender.
(iv)    Nothing in this Section 2.2(j) is intended to limit the reimbursement obligations of Airgas contained in Section 2.2(d).  The obligations of Airgas under this Section 2.2(j) shall survive the termination of this Credit Agreement.  No act or omissions of any current or prior beneficiary of a U.S. Letter of Credit shall in any way affect or impair the rights of the U.S. Issuing Lender to enforce any right, power or benefit under this Credit Agreement.
(v)    Notwithstanding anything to the contrary contained in this Section 2.2(j), Airgas shall have no obligation to indemnify the U.S. Issuing Lender in respect of any liability incurred by the U.S. Issuing Lender (A) arising out of the gross negligence or willful misconduct of the U.S. Issuing Lender, or (B) caused by the U.S. Issuing Lender’s failure to pay under any U.S. Letter of Credit after presentation to it of a request strictly complying with the terms and conditions of such U.S. Letter of Credit, as determined by a court of competent jurisdiction, unless such payment is prohibited by any law, regulation, court order or decree.
(k)    Responsibility of U.S. Issuing Lender.  It is expressly understood and agreed that the obligations of the U.S. Issuing Lender hereunder to the U.S. Revolving Lenders are only those expressly set forth in this Credit Agreement and that the U.S. Issuing Lender shall be entitled to assume that the conditions precedent set forth in Section 5.2 have been satisfied unless it shall have acquired actual knowledge that any such condition precedent has not been satisfied; provided, however, that nothing set forth in this Section 2.2 shall be deemed to prejudice the right of any U.S. Revolving Lender to recover from the U.S. Issuing Lender any amounts made available by such U.S. Revolving Lender to the U.S. Issuing Lender pursuant to this Section 2.2 in the event that it is determined by a court of competent jurisdiction that the payment with respect to a U.S. Letter of Credit constituted gross negligence or willful misconduct on the part of the U.S. Issuing Lender.  Each Lender and the Borrowers agree that, in paying any drawing under a U.S. Letter of Credit, the U.S. Issuing Lender shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such U.S. Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document.  None of the U.S. Issuing Lender, the Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the U.S. Issuing Lender shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the requisite Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any 

34

document or instrument related to any Letter of Credit or U.S. LOC Document.  In furtherance and not in limitation of the foregoing, the U.S. Issuing Lender may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the U.S. Issuing Lender shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a U.S. Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.  The U.S. Issuing Lender may send a U.S. Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.
(l)    Conflict with U.S. LOC Documents.  In the event of any conflict between this Credit Agreement and any U.S. LOC Document (including any letter of credit application), this Credit Agreement shall control.
(m)    Role of Agent.  Airgas and each U.S. Issuing Lender agree to provide the Agent with a copy of any notice or report otherwise required to be furnished by such Person to any other Person pursuant to Sections 2.2(a), 2.2(b) or 2.2(d).  Furthermore, all payments required to be made by any U.S. Revolving Lender to a U.S. Issuing Lender pursuant to Section 2.2 shall be made to the Agent, for the account of such U.S. Issuing Lender, and the Agent shall distribute such payments to such U.S. Issuing Lender.
2.3    U.S. Swingline Loan Subfacility.
(a)    U.S. Swingline Loans.  Subject to the terms and conditions set forth herein and in reliance upon the agreements of the other U.S. Revolving Lenders set forth in this Section 2.3, the U.S. Swingline Lender shall make revolving credit loans requested by Airgas in U.S. Dollars to Airgas (each a “U.S. Swingline Loan” and, collectively, the “U.S. Swingline Loans”) from time to time from the Closing Date until the Maturity Date, unless (x) any U.S. Revolving Lender at such time is a Defaulting Lender and (y) the U.S. Swingline Lender has not entered into arrangements reasonably satisfactory to it with Airgas or such Defaulting Lender to eliminate the U.S. Swingline Lender’s Fronting Exposure with respect to such Defaulting Lender (including by operation of Section 4.16(a)(iv)), in which case the U.S. Swingline Lender may in its discretion, make such U.S. Swingline Loans; provided, however, (i) the aggregate principal amount of U.S. Swingline Loans outstanding at any time shall not exceed the U.S. Swingline Sublimit, and (ii) the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not exceed the U.S. Revolving Committed Amount.  U.S. Swingline Loans hereunder shall be made as U.S. Base Rate Loans or Quoted Rate U.S. Swingline Loans as Airgas may request in accordance with the provisions of this Section 2.3, and may be repaid and reborrowed in accordance with the provisions hereof.
(b)    U.S. Swingline Loan Advances.
(i)    Notices; Disbursement.  Whenever Airgas desires a U.S. Swingline Loan advance hereunder, a Responsible Officer shall give notice to the U.S. Swingline Lender, which may be given by: (A) telephone or (B) a Notice of U.S. Swingline Borrowing; provided that any telephonic notice must be confirmed immediately by delivery to the U.S. Swingline Lender and the Agent of a Notice of U.S. Swingline Borrowing.  Each such Notice of U.S. Swingline Borrowing must be received by the U.S. Swingline Lender and the Agent not later than 2:00 P.M. on the Business Day of the requested U.S. 

35

Swingline Loan advance.  Each such notice shall be irrevocable and shall specify (A) that a U.S. Swingline Loan advance is requested, (B) the date of the requested U.S. Swingline Loan advance (which shall be a Business Day) and (C) the principal amount of the U.S. Swingline Loan advance requested.  Each U.S. Swingline Loan shall be made as a U.S. Base Rate Loan or a Quoted Rate U.S. Swingline Loan and shall have such maturity date as the U.S. Swingline Lender and Airgas shall agree upon receipt by the U.S. Swingline Lender of any such notice from Airgas (which shall not extend beyond the Maturity Date).  The U.S. Swingline Lender shall credit the funds requested to an Airgas account maintained with the Swingline Lender by 3:00 P.M. on the Business Day of the requested borrowing.
(ii)    Minimum Amounts.  Each U.S. Swingline Loan advance shall be in a minimum principal amount of $100,000 and in integral multiples thereof (or the remaining amount of the U.S. Swingline Sublimit, if less).
(iii)    Repayment of U.S. Swingline Loans.  Airgas promises to pay the principal amount of all U.S. Swingline Loans on the earlier of (A) the maturity date agreed to by the U.S. Swingline Lender and Airgas with respect to such U.S. Swingline Loan (which maturity date shall not be a date more than thirty (30) days from the date of advance thereof) or (B) the Maturity Date.  The U.S. Swingline Lender may, at any time, in its sole discretion, by written notice to Airgas and the U.S. Revolving Lenders, demand repayment of its U.S. Swingline Loans by way of a U.S. Revolving Loan advance, in which case Airgas shall be deemed to have requested a U.S. Revolving Loan advance comprised solely of U.S. Base Rate Loans in the amount of such U.S. Swingline Loans; provided, however, that any such demand (if not made prior thereto) shall be deemed to have been given one Business Day prior to the Maturity Date and on the date of the occurrence of any Event of Default described in Section 9.1 (or if such date is not a Business Day, the first Business Day succeeding such date) and upon acceleration of the Obligations and the exercise of remedies in accordance with the provisions of Section 9.2.  Each U.S. Revolving Lender hereby irrevocably agrees to make its Applicable Percentage of each such U.S. Revolving Loan in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (I) the amount of such borrowing may not comply with the minimum amount for advances of U.S. Revolving Loans otherwise required hereunder, (II) whether any conditions specified in Section 5.2 are then satisfied, (III) whether a Default or an Event of Default then exists, (IV) failure of any such request or deemed request for a U.S. Revolving Loan to be made by the time otherwise required hereunder, (V) whether the date of such borrowing is a date on which U.S. Revolving Loans are otherwise permitted to be made hereunder or (VI) any termination of the Commitments relating thereto immediately prior to or contemporaneously with such borrowing.  In the event that any U.S. Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code with respect to Airgas), then each U.S. Revolving Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from Airgas on or after such date and prior to such purchase) from the U.S. Swingline Lender such participations in the outstanding U.S. Swingline Loans as shall be necessary to cause each U.S. Revolving Lender to share in such U.S. Swingline Loans ratably based upon its Applicable Percentage of the U.S. Revolving Committed Amount, provided that (A) all interest payable on the U.S. Swingline Loans shall be for the account of the U.S. Swingline Lender until the date as of which the respective participation is purchased and (B) at the time any purchase of 

36

participations pursuant to this sentence is actually made, the purchasing U.S. Revolving Lender shall be required to pay to the U.S. Swingline Lender, to the extent not paid to the U.S. Swingline Lender by Airgas in accordance with the terms of Section 2.3(c)(ii), interest on the principal amount of participation purchased for each day from and including the day upon which such borrowing would otherwise have occurred to but excluding the date of payment for such participation, at the rate equal to the Federal Funds Rate.
(c)    Interest on U.S. Swingline Loans.  (i) Subject to the provisions of Section 4.1, each U.S. Swingline Loan shall bear interest as follows:
(A)    U.S. Base Rate Loans.  If such U.S. Swingline Loan is a U.S. Base Rate Loan, at a per annum rate (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be) equal to the U.S. Base Rate plus the Applicable Rate; and
(B)    Quoted Rate U.S. Swingline Loans.  If such U.S. Swingline Loan is a Quoted Rate U.S. Swingline Loan, at a per annum rate (computed on the basis of the actual number of days elapsed over a year of 360 days) equal to the Quoted Rate applicable thereto.
Notwithstanding any other provision to the contrary set forth in this Credit Agreement, in the event that the principal amount of any Quoted Rate U.S. Swingline Loan is not repaid on the last day of the Interest Period for such Loan, then such Loan shall be automatically converted into a U.S. Base Rate Loan at the end of such Interest Period.
(ii)    Payment of Interest.  Airgas promises to pay interest on U.S. Swingline Loans in arrears on each applicable Interest Payment Date (or at such other times as may be specified herein).
ARTICLE III     
 
FOREIGN CURRENCY LOANS
3.1    Foreign Currency Loans.
(a)    Foreign Currency Commitment.  Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, each Foreign Currency Lender severally agrees to make available to Airgas and the Foreign Borrowers such Foreign Currency Lender’s Applicable Percentage of revolving credit loans requested by Airgas or the applicable Foreign Borrower in U.S. Dollars or one or more Foreign Currencies (“Foreign Currency Loans”) from time to time from the Closing Date until the Maturity Date, or such earlier date as the Foreign Currency Commitments shall have been terminated as provided herein; provided, however, that the U.S. Dollar Equivalent of the aggregate principal amount of outstanding Foreign Currency Loans shall not exceed ONE HUNDRED TWENTY-FIVE MILLION U.S. DOLLARS ($125,000,000) (as such aggregate maximum amount may be increased or reduced from time to time as provided in Section 4.4, the “Foreign Currency Committed Amount”); provided, further, (i) with regard to each Foreign Currency Lender individually, the U.S. Dollar Equivalent of such Foreign Currency Lender’s outstanding Foreign Currency Loans shall not exceed such Foreign Currency Lender’s Applicable Percentage of the Foreign Currency Committed Amount and (ii) with regard to the Foreign Currency Lenders 

37

collectively, the U.S. Dollar Equivalent of the aggregate principal amount of outstanding Foreign Currency Loans shall not exceed the Foreign Currency Committed Amount.  Foreign Currency Loans denominated in Foreign Currencies shall consist of Eurocurrency Loans.  Foreign Currency Loans denominated in U.S. Dollars may consist of (A) in the case of borrowings by Airgas, U.S. Base Rate Loans, Eurocurrency Loans or a combination thereof, as Airgas may request, and (B) in the case of any Foreign Borrower, Eurocurrency Loans only.  Foreign Currency Loans may be repaid and reborrowed in accordance with the provisions hereof; provided, however, that no more than fifteen (15) Eurocurrency Loans which are Foreign Currency Loans (combined) shall be outstanding hereunder at any time.  For purposes hereof, Eurocurrency Loans with different Interest Periods shall be considered as separate Loans, even if they begin on the same date, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new Eurocurrency Loan with a single Interest Period.
(b)    Foreign Currency Loan Borrowings.
(i)    Notice of Borrowing.  Airgas and each Foreign Borrower (through a Responsible Officer) shall request a Foreign Currency Loan borrowing by notice to the Agent, which may be given by: (A) telephone or (B) a Notice of Borrowing; provided that any telephonic notice must be confirmed immediately by delivery to the Agent of a Notice of Borrowing.  Each such Notice of Borrowing must be received by the Agent not later than 11:00 A.M. (1) three Business Days prior to the requested date of any borrowing of Eurocurrency Loans denominated in U.S. Dollars, (2) three Business Days (or four Business Days in the case of a Special Notice Currency) prior to the requested date of any borrowing of Eurocurrency Loans denominated in Foreign Currencies, and (3) on the requested date of any borrowing of U.S. Base Rate Loans.  Each such request for borrowing shall be irrevocable and shall specify (A) that a Foreign Currency Loan is requested, (B) the date of the requested borrowing (which shall be a Business Day), (C) the aggregate principal amount to be borrowed, (D) the currency of such borrowing, (E) in the case of a  Foreign Currency Loan to be denominated in U.S. Dollars, whether the borrowing shall be comprised of U.S. Base Rate Loans, Eurocurrency Loans or a combination thereof and (F) if applicable, the Interest Period(s) therefor.  If Airgas or the applicable Foreign Borrower shall fail to specify in any such Notice of Borrowing (I) an applicable Interest Period, then such notice shall be deemed to be a request for an Interest Period of one month, (II) the currency of Foreign Currency Loan requested, then such notice shall be rejected until a currency is specified or (III) in the case of a Foreign Currency Loan denominated in U.S. Dollars, the type of Foreign Currency Loan requested, then (A) with respect to any borrowing by Airgas, such notice shall be deemed to be a request for a U.S. Base Rate Loan hereunder and (B) with respect to any borrowing by any Foreign Borrower, such notice shall be deemed to be a request for a Eurocurrency Loan with an Interest Period of one month.  The Agent shall give notice to each Foreign Currency Lender promptly upon receipt of each Notice of Borrowing pursuant to this Section 3.1(b)(i), specifying the contents thereof and each such Foreign Currency Lender’s share of any borrowing to be made pursuant thereto.
(ii)    Minimum Amounts.  Each Foreign Currency Loan shall be in a minimum aggregate principal amount not less than the Borrowing Minimum and integral multiples of the Borrowing Multiple in excess thereof (or the remaining amount of the Foreign Currency Committed Amount, if less).

38

(iii)    Advances.  Each Foreign Currency Lender will make its Applicable Percentage of each Foreign Currency Loan borrowing available to the Agent for the account of Airgas or the applicable Foreign Borrower in Same Day Funds at the Agent’s office for the applicable currency not later than (x) 1:00 p.m., in the case of any Foreign Currency Loan denominated in U.S. Dollars, and (y) the Applicable Time specified by the Agent in the case of any Foreign Currency Loan in a Foreign Currency, in each case on the Business Day specified in the applicable Notice of Borrowing.  Such borrowing will then be made available to Airgas or the applicable Foreign Borrower by the Agent in like funds as received by the Agent by (A) crediting the account of Airgas or such Foreign Borrower on the books of the Agent with the amount of such funds or (B) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Agent by Airgas or such Foreign Borrower, as the case may be.  Each Foreign Currency Lender, at its option, may make any Foreign Currency Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan, provided that any exercise of such option shall not affect the obligation of the applicable Borrower to repay such Loan in accordance with the terms of this Credit Agreement.
(c)    Repayment.  Airgas and each Foreign Borrower promises to pay the principal amount of all Foreign Currency Loans owing by Airgas or such Foreign Borrower, as the case may be, in full on the Maturity Date.  The Obligations of each Foreign Borrower shall be several in nature, although Airgas shall guarantee the Foreign Obligations as provided in Article XII.
(d)    Interest.  Subject to the provisions of Section 4.1:
(i)    U.S. Base Rate Loans.  During such periods as Foreign Currency Loans shall be comprised in whole or in part of U.S. Base Rate Loans, such U.S. Base Rate Loans shall bear interest at a per annum rate equal to the U.S. Base Rate plus the Applicable Rate; and
(ii)    Eurocurrency Loans.  During such periods as Foreign Currency Loans shall be comprised in whole or in part of Eurocurrency Loans, such Eurocurrency Loans shall bear interest at a per annum rate equal to the Eurocurrency Rate plus the Applicable Rate.
Airgas and each Foreign Borrower promises to pay interest on the Foreign Currency Loans owing by such Person in arrears on each applicable Interest Payment Date (or at such other times as may be specified herein).
3.2    Foreign Borrowers.
(a)    Effective as of the Closing Date, each of (i) Red-D-Arc Limited, (ii) Airgas Canada Inc., (iii) Red-D-Arc (UK) Limited, (iv) Red-D-Arc (Netherlands) B.V. and (v) Red-D-Arc (Germany) GmbH shall be a “Foreign Borrower” hereunder and may receive Foreign Currency Loans for its account on the terms and conditions set forth in this Credit Agreement.
(b)    Airgas may at any time, upon not less than ten (10) Business Days’ notice from Airgas to the Agent (or, if requested by Airgas, such shorter period as may be agreed by the Agent in its sole discretion), request that any additional wholly-owned Foreign Subsidiary of Airgas (an “Applicant Foreign Borrower”) be designated as a Foreign Borrower to receive Foreign Currency Loans hereunder by delivering to the Agent (which shall promptly deliver 

39

counterparts thereof to each Foreign Currency Lender) a duly executed notice in substantially the form of Exhibit 3.2(a) (a “Foreign Borrower Request”).  If the Agent and the Foreign Currency Lenders agree that an Applicant Foreign Borrower shall be entitled to receive Foreign Currency Loans hereunder, then the Agent and the Foreign Currency Lenders shall send an agreement in substantially the form of Exhibit 3.2(b) (a “Foreign Borrower Joinder Agreement”) to Airgas specifying (i) the additional terms and conditions applicable to extensions of credit to such Applicant Foreign Borrower and (ii) the effective date upon which the Applicant Foreign Borrower shall constitute a Foreign Borrower for purposes hereof, whereupon the execution thereof by Airgas and such Applicant Foreign Borrower, such Foreign Borrower shall be permitted to receive Foreign Currency Loans hereunder, on the terms and conditions set forth herein and therein, and such Foreign Borrower otherwise shall be a Borrower for all purposes of this Credit Agreement.  The parties hereto acknowledge and agree that prior to any Applicant Foreign Borrower becoming entitled to utilize the credit facilities provided for in this Article III the Agent and the Foreign Currency Lenders shall have received such supporting resolutions, incumbency certificates, opinions of counsel and other documents or information, in form, content and scope reasonably satisfactory to the Agent, as may be required by the Agent or the Foreign Currency Lenders in their reasonable discretion, including, for purposes of clarification, any know your customer information required by the Foreign Currency Lenders.  Notwithstanding the foregoing, to the extent that Airgas submits a Foreign Borrower Request with respect to an Applicant Foreign Borrower that is incorporated or otherwise organized under the laws of the Netherlands, Canada or any province or territory thereof, Germany or the United Kingdom, such Applicant Foreign Borrower may become a Foreign Borrower upon the execution and delivery of a Foreign Borrower Joinder Agreement (which must only be signed by the Agent and which shall not contain any additional terms and conditions applicable to such Applicant Foreign Borrower); provided that the Agent shall have received such supporting resolutions, incumbency certificates, opinions of counsel and other documents or information, in form, content and scope reasonably satisfactory to the Agent, including any know your customer information required by the Foreign Currency Lenders.
(c)    The Obligations of all Foreign Borrowers shall be several in nature.
(d)    Each Foreign Subsidiary of Airgas that is or becomes a “Foreign Borrower” pursuant to this Section 3.2 which is a UK Borrower shall, upon becoming a Foreign Borrower, make any filings (and provide copies of such filings) as required by, and in accordance with, Section 4.10(g).
(e)    Each Foreign Subsidiary of Airgas that is or becomes a “Foreign Borrower” pursuant to this Section 3.2 hereby irrevocably appoints Airgas as its agent for all purposes relevant to this Credit Agreement and each of the other Credit Documents, including (i) the giving and receipt of notices, and (ii) the execution and delivery of all documents, instruments and certificates contemplated herein and all modifications hereto.  Any acknowledgment, consent, direction, certification or other action which might otherwise be valid or effective only if given or taken by all Foreign Borrowers, or by each Foreign Borrower acting singly, shall be valid and effective if given or taken only by Airgas, whether or not any such other Foreign Borrower joins therein.  Any notice, demand, consent, acknowledgement, direction, certification or other communication delivered to Airgas in accordance with the terms of this Credit Agreement shall be deemed to have been delivered to each Foreign Borrower.
(f)    Airgas may from time to time, upon not less than five (5) Business Days’ written notice from Airgas to the Agent (or such shorter period as may be agreed by the Agent in its sole discretion), terminate a Foreign Borrower’s status as such, provided that there are no outstanding 

40

Foreign Currency Loans payable by such Foreign Borrower, or other amounts payable by such Foreign Borrower on account of any Foreign Currency Loans made to it, as of the effective date of such termination. The Agent will promptly notify the Foreign Currency Lenders of any such termination of a Foreign Borrower’s status.
3.3    Foreign Swingline Facilities.
(a)    Establishment of Foreign Swingline Facilities.  
(i)    Airgas may at any time and from time to time (in each case so long as no Default or Event of Default exists) establish one or more additional swingline facilities (each a “Foreign Swingline Facility”) with a Foreign Currency Lender (or a branch or affiliate of a Foreign Currency Lender) by delivering, with the consent of such Foreign Currency Lender (or such branch of affiliate) to the Agent a notice in substantially the form of Exhibit 3.3 (each such notice a “Foreign Swingline Facility Notice”).  
(ii)    Each Foreign Swingline Facility Notice shall set forth (A) the name and contact information (including address, telecopier number, electronic mail address and telephone number) of the Foreign Currency Lender (or a branch or affiliate of a Foreign Currency Lender) that will act as the swingline lender for such additional swingline facility (the “Foreign Swingline Lender”), (B) the name(s) of the Foreign Subsidiary(ies) of Airgas that will be permitted to borrow thereunder (each such Foreign Subsidiary, a “Foreign Swingline Borrower”), (C) the applicable currency(ies) available for borrowing thereunder, (D) the maximum principal amount (expressed in U.S. Dollars) of borrowings that may at any time be outstanding thereunder (the “Foreign Swingline Commitment”) and (E) any additional terms and conditions applicable to extensions of credit to such Foreign Swingline Borrower(s) (which may incorporate other related agreements between such Foreign Swingline Borrower and such Foreign Swingline Lender by reference).  Each Foreign Swingline Facility Notice shall be executed by Airgas, the Foreign Swingline Lender and the Foreign Swingline Borrower(s) that will be permitted to borrow thereunder.  Each Foreign Swingline Lender, at its option, may make any Foreign Swingline Loan by causing any domestic or foreign branch or Affiliate of such Foreign Swingline Lender to make such Foreign Swingline Loan, provided that any exercise of such option shall not affect the obligation of the applicable Borrower to repay such Loan in accordance with the terms of this Credit Agreement.
(iii)    Each Foreign Swingline Facility and the related Foreign Swingline Commitment thereunder shall be established by either of the following procedures (or a combination thereof):
(A)    Airgas and the applicable Foreign Currency Lender providing such Foreign Swingline Commitment may agree that all or any portion of such Foreign Currency Lender’s unfunded Foreign Currency Commitment shall be reduced in accordance with Section 4.4(a)(iv) and that such Foreign Swingline Commitment shall be established in a corresponding amount to such reduction; and/or
(B)    Foreign Swingline Commitments may be established in accordance with Section 4.4(b). 

41

(iv)    On the date that is five (5) Business Days (or such shorter period as may be agreed to by the Agent) after receipt by the Agent of the Foreign Swingline Facility Notice, such Foreign Swingline Facility shall become effective for purposes of this Credit Agreement and the other Credit Documents and all borrowings thereunder on and after such date shall be deemed Foreign Swingline Loans.  
(v)    Notwithstanding the foregoing, to the extent the outstanding principal amount of Foreign Swingline Loans under any Foreign Swingline Facility exceeds such Foreign Swingline Commitment (other than a result solely of foreign currency fluctuations), such excess (and any accrued interest or fees on such excess) shall not constitute “Obligations” for purposes of the Credit Documents.
(b)    Foreign Swingline Loans.  Subject to the terms and conditions set forth herein, each Foreign Swingline Lender shall make revolving credit loans requested by to the applicable Foreign Swingline Borrower(s) and in the currency(ies) set forth in the applicable Foreign Swingline Facility Notice (each a “Foreign Swingline Loan” and, collectively, the “Foreign Swingline Loans”) from time to time from the effective date of the applicable Foreign Swingline Facility until the Maturity Date (or such earlier date as the applicable Foreign Swingline Lender and the applicable Foreign Swingline Borrower agree) in an aggregate amount not to exceed at any time outstanding the amount of the applicable Foreign Swingline Commitment for the applicable Foreign Swingline Facility.  Foreign Swingline Loans may be repaid and reborrowed in accordance with the provisions hereof.
(c)    Foreign Swingline Loan Advances.
(i)    The borrowing and payment procedures for each Foreign Swingline Facility shall be as agreed to by the applicable Foreign Swingline Borrower(s) and the applicable Foreign Swingline Lender.
(ii)    The applicable Foreign Swingline Lender shall not make any Foreign Swingline Loan if it has received notice (by telephone or in writing) from the Agent (including at the request of any Lender) prior to the date of any proposed borrowing of Foreign Swingline Loans that one or more of the applicable conditions specified in Article V is not then satisfied.
(d)    Repayment of Foreign Swingline Loans.  The applicable Foreign Swingline Borrower(s) promise to pay the principal amount of all Foreign Swingline Loans on the earlier of (A) the maturity date agreed to by the applicable Foreign Swingline Lender and the applicable Foreign Swingline Borrower(s) or (B) the Maturity Date.
(e)    Interest on Foreign Swingline Loans.  Subject to the provisions of Section 4.1, each Foreign Swingline Loan shall bear interest at a rate per annum agreed to by the applicable Foreign Swingline Borrower(s) and the applicable Foreign Swingline Lender.  Each applicable Foreign Swingline Borrower promises to pay interest on its Foreign Swingline Loans in arrears on each applicable Interest Payment Date (or at such other times as may be specified herein).  Each Foreign Swingline Lender shall be responsible for invoicing the applicable Foreign Swingline Borrower(s) for interest on the Foreign Swingline Loans made by such Foreign Swingline Lender. 

42

(f)    Payments Directly to Foreign Swingline Lender.  The applicable Foreign Swingline Borrower(s) shall make all payments of principal and interest in respect of Foreign Swingline Loans directly to the applicable Foreign Swingline Lender.
ARTICLE IV     
 
OTHER PROVISIONS RELATING TO CREDIT FACILITIES
4.1    Default Rate.
(a)    Payment Defaults.  Upon the occurrence, and during the continuance, of an Event of Default of the type described in Section 9.1(a), the principal of and, to the extent permitted by law, interest on the Loans and any other amounts owing hereunder or under the other Credit Documents shall bear interest, payable on demand, at the Default Rate.
(b)    Non-Payment Defaults.  Except as provided in Section 4.1(a), during the continuance of any Event of Default for a period of more than 30 days from the date Airgas receives notice thereof from the Agent, the principal of and, to the extent permitted by law, interest on the Loans and any other amounts owing hereunder or under the other Credit Documents shall, at the discretion of the Required Lenders, bear interest, payable on demand, at the Default Rate.
4.2    Extension and Conversion.
(a)    U.S. Revolving Loans.  Airgas shall have the option, on any Business Day, to extend existing U.S. Revolving Loans into a subsequent permissible Interest Period or to convert any such U.S. Revolving Loans into U.S. Revolving Loans of another interest rate type; provided, however, that (i) except as provided in Section 4.8, Eurocurrency Loans may be converted into U.S. Base Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Loans extended as, or converted into, Eurocurrency Loans shall be subject to the terms of the definition of “Interest Period” set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 2.1(b)(ii), (iii) no more than fifteen (15) Eurocurrency Loans which are U.S. Revolving Loans shall be outstanding hereunder at any time (it being understood that, for purposes hereof, Eurocurrency Loans with different Interest Periods shall be considered as separate Eurocurrency Loans, even if they begin on the same date, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new Eurocurrency Loan with a single Interest Period), (iv) any request for extension or conversion of a Eurocurrency Loan which shall fail to specify an Interest Period shall be deemed to be a request for an Interest Period of one month and (v) U.S. Swingline Loans may not be extended or converted pursuant to this Section 4.2.  Each such extension or conversion shall be effected by Airgas by giving a Notice of Extension/Conversion (or telephone notice promptly confirmed in writing) to the Agent prior to 11:00 A.M. on the Business Day of, in the case of the conversion of a Eurocurrency Loan into a U.S. Base Rate Loan, and on the third Business Day prior to, in the case of the extension of a Eurocurrency Loan as, or conversion of a U.S. Base Rate Loan into, a Eurocurrency Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto.  In the event Airgas fails to request extension or conversion of any Eurocurrency Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Eurocurrency Loan shall be automatically converted into a U.S. Base Rate Loan at the end of the Interest Period applicable 

43

thereto.  The Agent shall give each affected Lender notice as promptly as practicable of any such proposed extension or conversion affecting any U.S. Revolving Loan.
(b)    Foreign Currency Loans.  Airgas or the applicable Foreign Borrower shall have the option, on any Business Day, to extend existing Foreign Currency Loans into a subsequent permissible Interest Period or to convert any such Loans into Foreign Currency Loans of another interest rate type (subject to the limitations set forth in Section 3.1(a)); provided, however, that (i) except as provided in Section 4.8, Eurocurrency Loans may be converted into U.S. Base Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Loans extended as, or converted into, Eurocurrency Loans shall be subject to the terms of the definition of “Interest Period” set forth in Section 1.1 and shall be in such minimum amounts as provided in Section 3.1(b)(ii), (iii) no more than fifteen (15) Eurocurrency Loans which are Foreign Currency Loans (combined) shall be outstanding hereunder at any time (it being understood that, for purposes hereof, Loans with different Interest Periods shall be considered as separate Loans, even if they begin on the same date, although borrowings, extensions and conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new Eurocurrency Loan with a single Interest Period) and (iv) Foreign Swingline Loans may not be extended or converted pursuant to this Section 4.2.  Each such extension or conversion shall be effected by Airgas or the applicable Foreign Borrower by giving a Notice of Extension/Conversion (or, in the case of Loans of Airgas that are denominated in U.S. Dollars, telephone notice promptly confirmed in writing) to the Agent prior to 11:00 A.M. (i) on the Business Day of, in the case of the conversion of a Eurocurrency Loan denominated in U.S. Dollars into a U.S. Base Rate Loan, (ii) three Business Days prior to the requested date of any extension or conversion of, Eurocurrency Loans denominated in U.S. Dollars or of any conversion of Eurocurrency Loans denominated in U.S. Dollars to U.S. Base Rate Loans and (iii) three Business Days (or four Business Days in the case of a Special Notice Currency) prior to the requested date of any extension or conversion of Eurocurrency Loans denominated in Foreign Currencies.  Each such request for extension or conversion shall specify (1) the date of the proposed extension or conversion, (2) the Loans to be so extended or converted, (3) the types of Loans into which such Loans are to be converted and, (4) if appropriate, the applicable Interest Periods and currency with respect thereto.  If Airgas or the applicable Foreign Borrower fails to specify an Interest Period or the type of a Foreign Currency Loan in a request for extension or conversion or if Airgas or the applicable Foreign Borrower fails to give a timely notice requesting an extension or conversion, then the applicable Foreign Currency Loans shall be extended as, or converted to, a Eurocurrency Loan denominated in the same currency an Interest Period of one month.  The Agent shall give each affected Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Foreign Currency Loan.  No Foreign Currency Loan may be converted into or continued as a Foreign Currency Loan denominated in a different currency, but instead must be prepaid in the original currency of such Loan and reborrowed in the other currency.
4.3    Prepayments.
(a)    Voluntary Prepayments.  U.S. Revolving Loans, U.S. Swingline Loans and Foreign Currency Loans may be prepaid in whole or in part from time to time, subject to Section 4.11, but otherwise without premium or penalty; provided, however, that (i) Airgas or the applicable Foreign Borrower must give notice to the Agent in the form of a Notice of Loan Prepayment, (ii) Eurocurrency Loans may only be prepaid on three Business Days’ prior written notice (in the form of a Notice of Loan Prepayment) to the Agent, and specifying the applicable Loans to be prepaid; (iii) any prepayment of Eurocurrency Loans or Quoted Rate U.S. Swingline Loans will be subject to Section 4.11; and (iv) each such partial prepayment of Loans shall be (A) 

44

in the case of U.S. Revolving Loans, in a minimum principal amount of $5,000,000 and integral multiples of $1,000,000 in excess thereof, (B) in the case of U.S. Swingline Loans, in a minimum principal amount of $100,000 and integral multiples thereof, and (C) in the case of Foreign Currency Loans, in a minimum principal amount not less than the Borrowing Minimum and integral multiples of the Borrowing Multiple in excess thereof.  The applicable Foreign Swingline Borrower may prepay Foreign Swingline Loans in accordance with terms agreed to by such Foreign Swingline Borrower and the applicable Foreign Swingline Lender, and any prepayment of a Foreign Swingline Loan shall be subject to Section 4.11.  Subject to the foregoing terms, amounts prepaid under this Section 4.3(a) shall be applied as the applicable Borrower may elect.  Subject to Section 4.16, each such prepayment of U.S. Revolving Loans and Foreign Currency Loans shall be applied to the applicable Loans of the Lenders in accordance with their respective Applicable Percentages thereof.
(b)    Mandatory Prepayments.
(i)    U.S. Revolving Committed Amount.  If at any time the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus U.S. LOC Obligations outstanding shall exceed the U.S. Revolving Committed Amount, Airgas shall prepay immediately the outstanding principal balance on the U.S. Revolving Loans and/or U.S. Swingline Loans (and after all U.S. Revolving Loans and U.S. Swingline Loans have been repaid, pay to the Agent additional cash in respect of U.S. LOC Obligations, to be held by the Agent, for the benefit of the U.S. Issuing Lenders and the U.S. Revolving Lenders, in a cash collateral account) in an amount sufficient to eliminate such excess.
(ii)    Foreign Currency Committed Amount.  If at any time the Agent notifies Airgas that the U.S. Dollar Equivalent of the aggregate principal amount of outstanding Foreign Currency Loans shall exceed (x) 105% of the Foreign Currency Committed Amount (solely as a result of currency fluctuations) or (y) the Foreign Currency Committed Amount (other than as a result of currency fluctuations), Airgas and the applicable Borrowers shall prepay immediately (or, in the case of any such excess resulting solely from currency fluctuations, not later than five (5) Business Days after receipt by Airgas of such notice) the outstanding principal balance on the Foreign Currency Loans in an amount sufficient to eliminate such excess.
(iii)    Foreign Swingline Facilities.  If at any time the applicable Foreign Swingline Lender notifies the applicable Foreign Swingline Borrower that the U.S. Dollar Equivalent of the aggregate principal amount of outstanding Foreign Swingline Loans under a Foreign Swingline Facility shall exceed (x) 105% of such Foreign Swingline Lender’s Foreign Swingline Commitment with respect thereto (solely as a result of currency fluctuations) or (y) such Foreign Swingline Lender’s Foreign Swingline Commitment with respect thereto (other than as a result of currency fluctuations), the applicable Foreign Swingline Borrower shall prepay immediately (or, in the case of any such excess resulting solely from currency fluctuations, not later than five (5) Business Days after receipt by Airgas of such notice) the outstanding principal balance on the Foreign Swingline Loans in an amount sufficient to eliminate such excess.
Within the parameters of the applications set forth above, prepayments of U.S. Revolving Loans shall be applied first to U.S. Base Rate Loans and then to Eurocurrency Loans in direct order of Interest Period maturities.  All prepayments under this Section 4.3(b) shall be subject to 

45

Section 4.11 and be accompanied by interest on the principal amount prepaid through the date of prepayment.
4.4    Termination and Reduction of Commitments; Increase of Commitments.
(a)    Voluntary Reductions; Terminations.
(i)    Airgas may from time to time permanently reduce or terminate the U.S. Revolving Committed Amount in whole or in part (in minimum aggregate amounts of $5,000,000 or in integral multiples of $1,000,000 in excess thereof (or, if less, the full remaining amount of the U.S. Revolving Committed Amount)) upon five Business Days’ prior written notice to the Agent; provided, however, no such termination or reduction shall be made which would cause the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus U.S. LOC Obligations outstanding to exceed the U.S. Revolving Committed Amount unless, concurrently with such termination or reduction, the respective Obligations are repaid to the extent necessary to eliminate such excess.  The U.S. Revolving Commitments shall automatically terminate on the Maturity Date;
(ii)    Airgas may from time to time permanently reduce or terminate the Foreign Currency Committed Amount in whole or in part (in minimum aggregate amounts of $5,000,000 or in integral multiples of $1,000,000 in excess thereof (or, if less, the full remaining amount of the Foreign Currency Committed Amount)) upon five Business Days’ prior written notice to the Agent; provided, however, no such termination or reduction shall be made which would cause the U.S. Dollar Equivalent of the aggregate principal amount of outstanding Foreign Currency Loans to exceed the Foreign Currency Committed Amount unless, concurrently with such termination or reduction, the respective Obligations are repaid to the extent necessary to eliminate such excess.  The Foreign Currency Commitments shall automatically terminate on the Maturity Date.
(iii)    Airgas may from time to time permanently reduce or terminate any Foreign Swingline Facility in whole or in part (in minimum aggregate amounts of $1,000,000 (or, if less, the full remaining amount of such Foreign Swingline Commitment)) upon three Business Days’ prior written notice to the applicable Foreign Swingline Lender and the Agent; provided, however, no such termination or reduction shall be made which would cause the U.S. Dollar Equivalent of the aggregate principal amount of outstanding Foreign Swingline Loans under such Foreign Swingline Facility to exceed the related Foreign Swingline Commitment unless, concurrently with such termination or reduction, the respective Obligations are repaid to the extent necessary to eliminate such excess.  Each Foreign Swingline Commitment shall automatically terminate on the Maturity Date (or such earlier date as agreed by the applicable Foreign Swingline Borrower and the applicable Foreign Swingline Lender).
(iv)    Unfunded Foreign Currency Commitments of individual Foreign Currency Lenders may be reduced or terminated in whole or in part (in minimum aggregate amounts of $1,000,000 or in integral multiples of $1,000,000 in excess thereof) upon five Business Days’ prior written notice to the Agent in connection with the establishment of Foreign Swingline Facilities by such Foreign Currency Lender pursuant to Section 3.3.

46

The Agent shall promptly notify each affected Lender of receipt by the Agent of any notice pursuant to this Section 4.4(a).
The applicable Borrowers shall pay to the Agent for the account of the applicable Lenders in accordance with the terms of Section 4.5(a), on the date of each termination or reduction of the U.S. Revolving Committed Amount or the Foreign Currency Committed Amount, the U.S. Revolving Commitment Unused Fee or the Foreign Currency Commitment Unused Fee, as applicable, accrued through the date of such termination or reduction on the amount of the U.S. Revolving Committed Amount or the Foreign Currency Committed Amount so terminated or reduced.  The applicable Foreign Swingline Borrower shall pay to the applicable Foreign Swingline Lender, for its own account, in accordance with the terms of Section 4.5(a), on the date of each termination or reduction of the applicable Foreign Swingline Commitment, the Foreign Swingline Unused Fee accrued through the date of such termination or reduction on the amount of such Foreign Swingline Commitment so terminated or reduced.
Upon the effectiveness of the reduction or termination of Foreign Currency Commitments of a Foreign Currency Lender pursuant to subclause (iv) above in connection with the establishment of Foreign Swingline Facilities, (A) the Applicable Percentage of each Foreign Currency Lender shall be automatically adjusted to give effect to such reduction or termination, provided that the U.S. Dollar amount of each Foreign Currency Lender’s Foreign Currency Commitment (other than the Foreign Currency Lender whose Foreign Currency Commitment shall have been so reduced or terminated) shall remain unchanged and (B) Airgas, the Agent and the Foreign Currency Lenders will use all commercially reasonable efforts to assign and assume outstanding Foreign Currency Loans to conform the respective amounts thereof held by each Foreign Currency Lender to the Applicable Percentage as so adjusted, it being understood that the parties hereto shall use commercially reasonable efforts to avoid prepayment or assignment of any affected Foreign Currency Loan that is a Eurocurrency Loan on a day other than the last day of the Interest Period applicable thereto.
(b)    Increase in Commitments.  Following the Closing Date, Airgas shall have the right, upon at least fifteen (15) Business Days’ prior written notice to the Agent (and, if applicable, to the applicable Foreign Swingline Lender), to (1) increase the U.S. Revolving Committed Amount, (2) increase the Foreign Currency Committed Amount, (3) increase existing Foreign Swingline Commitments and/or (4) establish additional Foreign Swingline Facilities by an aggregate amount for all such increases or establishments not to exceed $500,000,000, in one or more occurrences, at any time and from time to time; subject, however, in any such case, to satisfaction of the following conditions precedent:
(i)    no Default or Event of Default has occurred and is continuing on the date on which such increase or establishment is to become effective;
(ii)    the representations and warranties set forth in Article VI of this Credit Agreement shall be true and correct in all material respects on and as of the date on which such increase or establishment is to become effective;
(iii)    no litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the best knowledge of Airgas, threatened by or against the Consolidated Parties or against any of their respective properties or revenues which (A) relates to any of the Credit Documents or any of the transactions contemplated hereby or thereby or (B) would be reasonably expected to have a Material Adverse Effect;

47

(iv)    since March 31, 2014, there has been no development or event relating to or affecting the Consolidated Parties which has had or would be reasonably expected to have a Material Adverse Effect;
(v)    such increase or establishment shall be an integral multiple of $1,000,000 and shall in no event be less than $5,000,000 (unless otherwise agreed by the Agent and, if applicable, the applicable Foreign Swingline Lender);
(vi)    such requested increase or establishment shall be effective on such date only to the extent that, on or before such date, (1) in the case of an increase to the U.S. Revolving Committed Amount or the Foreign Currency Committed Amount, (A) the Agent shall have received and accepted a corresponding amount of Additional Commitment(s) pursuant to a commitment letter(s) acceptable to the Agent from one or more lenders that would qualify as an Eligible Assignee (assuming such transaction were treated as an assignment pursuant to Section 11.3(b)) (it being understood that no Lender shall be obligated to increase any of its Commitments pursuant to this Section without its consent) and (B) each such lender shall have executed an agreement in the form of Exhibit 4.4 hereto (each such agreement a “New Commitment Agreement”), accepted in writing therein by the Agent and, with respect to any lender that is not at such time a Lender hereunder, Airgas, with respect to the Additional Commitment of such lender and (2) in the case of an increase to an existing Foreign Swingline Commitment or the establishment of an additional Foreign Swingline Facility, the requirements of Section 3.3 shall have been satisfied;
(vii)    the Agent (and, if applicable, the applicable Foreign Swingline Lender) shall have received all documents (including board of directors’ resolutions and opinions of counsel) it may reasonably request relating to the corporate or other necessary authority for and the validity of such increase or establishment, and any other matters relevant thereto, all in form and substance reasonably satisfactory to the Agent (and, if applicable, the applicable Foreign Swingline Lender);
(viii)    if the reallocation, if any, of outstanding Loans among the Lenders in connection with such increase results in the prepayment of Eurocurrency Loans on a day which is not the last day of an Interest Period with respect thereto, Airgas shall have paid to each affected Lender such amounts, if any, as may be required pursuant to Section 4.11; and
(ix)    the aggregate amount of the sum of (A) all increases to the Foreign Currency Committed Amount plus (B) all increases to existing Foreign Swingline Commitments plus (C) all additional Foreign Swingline Facilities established, in each case pursuant to this Section 4.4(b), shall not exceed $50,000,000.
(c)    Upon the effectiveness of the increase in the U.S. Revolving Committed Amount and/or the Foreign Currency Committed Amount, as applicable, pursuant to Section 4.4(b), (A) the Applicable Percentage of each Lender shall be automatically adjusted to give effect to such increase, provided that the amount of each Lender’s U.S. Revolving Commitment and/or Foreign Currency Commitment, as applicable, (other than a Lender whose U.S. Revolving Commitment and/or Foreign Currency Commitment, as applicable, shall have been increased in connection with such increase) shall remain unchanged and (B) Airgas, the Agent and the Lenders will use all commercially reasonable efforts to assign and assume outstanding Loans of the affected category to conform the respective amounts thereof held by each Lender to the 

48

Applicable Percentage as so adjusted, it being understood that the parties hereto shall use commercially reasonable efforts to avoid prepayment or assignment of any affected Loan that is a Eurocurrency Loan on a day other than the last day of the Interest Period applicable thereto.
4.5    Fees.
(a)    Unused Fees.
(i)    U.S. Revolving Commitment Unused Fee.  In consideration of the U.S. Revolving Commitments of the U.S. Revolving Lenders hereunder, Airgas agrees to pay to the Agent for the account of the U.S. Revolving Lenders a fee (the “U.S. Revolving Commitment Unused Fee”) on the actual daily amount by which (a) the U.S. Revolving Committed Amount exceeds (b) the sum of (i) the outstanding aggregate principal amount of all U.S. Revolving Loans plus (ii) the outstanding aggregate principal amount of all U.S. LOC Obligations, computed at a per annum rate for each day during the applicable period at a rate equal to the Applicable Rate in effect from time to time.  The U.S. Revolving Commitment Unused Fee shall commence to accrue on the Closing Date and shall be due and payable in arrears on the last Business Day of each March, June, September and December (and any date that the U.S. Revolving Committed Amount is reduced as provided in Section 4.4 and the Maturity Date) for the immediately preceding quarter (or portion thereof), beginning with the first of such dates to occur after the Closing Date.  The U.S. Revolving Commitment Unused Fee shall be subject to adjustment as provided in Section 4.16.
(ii)    Foreign Currency Commitment Unused Fee.  In consideration of the Foreign Currency Commitments of the Foreign Currency Lenders hereunder, Airgas and the Foreign Borrowers agree to pay to the Agent for the account of the Foreign Currency Lenders a fee (the “Foreign Currency Commitment Unused Fee”) on the actual daily amount by which (a) the Foreign Currency Committed Amount exceeds (b) the U.S. Dollar Equivalent of the outstanding aggregate principal amount of all Foreign Currency Loans, computed at a per annum rate for each day during the applicable period at a rate equal to the Applicable Rate in effect from time to time.  The Foreign Currency Commitment Unused Fee shall commence to accrue on the Closing Date and shall be due and payable in arrears on the last Business Day of each March, June, September and December (and any date that the Foreign Currency Committed Amount is reduced as provided in Section 4.4 and the Maturity Date) for the immediately preceding quarter (or portion thereof), beginning with the first of such dates to occur after the Closing Date.  The Foreign Currency Commitment Unused Fee shall be subject to adjustment as provided in Section 4.16.
(iii)    Foreign Swingline Unused Fee.  In consideration of each Foreign Swingline Commitment hereunder, Airgas and the applicable Foreign Swingline Borrower(s) agree to pay to the applicable Foreign Swingline Lender, for its own account, a fee (the “Foreign Swingline Unused Fee”) on the actual daily amount by which (a) such Foreign Swingline Commitment exceeds (b) the outstanding aggregate principal amount of all Foreign Swingline Loans under such Foreign Swingline Facility, computed at a per annum rate for each day during the applicable period at a rate agreed by the applicable Foreign Swingline Borrower and such Foreign Swingline Lender.  The Foreign Swingline Unused Fee shall be due and payable in arrears on such dates as agreed by the applicable Foreign 

49

Swingline Borrower and the applicable Foreign Swingline Lender.  The Foreign Swingline Unused Fee shall be subject to adjustment as provided in Section 4.16.
(b)    U.S. Letter of Credit Fees.
(i)    Issuance Fee for Standby U.S. Letters of Credit.  In consideration of the issuance of standby U.S. Letters of Credit hereunder, Airgas promises to pay to the Agent for the account of each U.S. Revolving Lender in accordance, subject to Section 4.16, with its Applicable Percentage a fee for each standby U.S. Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such U.S. Letter of Credit.  For purposes of computing the daily amount available to be drawn under any U.S. Letter of Credit, the amount of such U.S. Letter of Credit shall be determined in accordance with Section 1.4.  Such fee will be payable quarterly in arrears on the last Business Day of each March, June, September and December for the immediately preceding quarter (or a portion thereof).
(ii)    Drawing Fee for Trade U.S. Letters of Credit.  In consideration of the issuance of trade U.S. Letters of Credit hereunder, Airgas promises to pay to the Agent for the account of each U.S. Revolving Lender in accordance, subject to Section 4.16, with its Applicable Percentage a fee for each trade U.S. Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such U.S. Letter of Credit.  For purposes of computing the daily amount available to be drawn under any U.S. Letter of Credit, the amount of such U.S. Letter of Credit shall be determined in accordance with Section 1.4.  Such fee will be payable on the date of any drawing thereunder or on the cancellation of expiration of such trade U.S. Letter of Credit.
(iii)    U.S. Issuing Lender Fronting Fees.  In addition to the fees payable pursuant to clauses (i) and (ii) above, Airgas promises to pay to the applicable U.S. Issuing Lender for its own account without sharing by the other Lenders (A) an issuance fee in an amount agreed between Airgas and such U.S. Issuing Lender on the face amount of each trade U.S. Letter of Credit, payable on each date of issuance or extension of a trade U.S. Letter of Credit, (B) a drawing fee in an amount agreed between Airgas and such U.S. Issuing Lender on the amount of each drawing on any trade U.S. Letter of Credit, payable on each date of drawing under a trade U.S. Letter of Credit, (C) the letter of credit fronting and negotiation fees agreed to by Airgas and such U.S. Issuing Lender and (D) the customary charges from time to time of such U.S. Issuing Lender agreed to by Airgas with respect to the issuance, amendment, transfer, administration, cancellation and conversion of, and drawings under, such U.S. Letters of Credit.
(c)    Agent Fees.  Airgas agrees to pay to the Agent, for its own account, the fees referred to in the Agent’s Fee Letter.
4.6    Capital Adequacy.
If any Lender has determined that a Change in Law regarding capital adequacy or liquidity has or would have the effect of reducing the rate of return on such Lender’s (or its holding company’s) capital or assets as a consequence of its commitments or obligations hereunder to a level below that which such Lender (or its holding company) could have achieved but for such Change in Law (taking into consideration such Lender’s (or its holding company’s) policies with respect to capital adequacy and liquidity), then, upon notice from such Lender to the applicable Borrowers, the Borrowers shall be obligated to pay to such Lender such additional amount or amounts as will compensate such Lender (or 

50

its holding company) for such reduction.  Upon making a request for such additional amount hereunder, such Lender will furnish to the Borrowers a statement certifying the amount of such reduction and describing the event giving rise to such reduction.  Each determination by any such Lender of amounts owing under this Section shall, absent manifest error, be conclusive and binding on the parties hereto.
4.7    Inability To Determine Interest Rate.
(a)    If prior to the first day of any Interest Period, the Agent shall have determined (which determination shall be conclusive and binding upon the Borrowers) that, by reason of circumstances affecting the relevant market, (i) adequate and reasonable means do not exist for ascertaining the Eurocurrency Rate for such Interest Period or (ii) deposits (whether in U.S. Dollars or a Foreign Currency) are not being offered to banks in the applicable interbank market for such currency for the applicable amount and Interest Period of such Eurocurrency Loan, the Agent shall give written notice thereof to Airgas and the affected Lenders as soon as practicable thereafter.  If such notice is given, the applicable Borrower may revoke any pending request for a borrowing of, conversion to or extension of Eurocurrency Loans in the affected currency or currencies or, failing that and until such time as such notice has been withdrawn by the Agent, (A) in the case of Eurocurrency Loans of Airgas that are denominated in U.S. Dollars, (x) any such Eurocurrency Loans requested to be made on the first day of such Interest Period shall be made as U.S. Base Rate Loans and (y) any Loans that were to have been converted on the first day of such Interest Period to or extended as Eurocurrency Loans shall be converted to or extended as U.S. Base Rate Loans and (B) in the case of (1) Eurocurrency Loans of a Foreign Borrower that are denominated in U.S. Dollars or (2) any Eurocurrency Loans that are denominated in a Foreign Currency, (x) any such Eurocurrency Loans requested to be made on the first day of such Interest Period shall be made (assuming that the circumstances described in clause (ii) immediately above have not occurred) bearing interest at such rate as the Agent and the applicable Borrower shall agree, in consultation with the applicable Foreign Currency Lenders, adequately reflects the cost to the Foreign Currency Lenders of making such Loans, (y) any Loans that were to have been extended as of the first day of such Interest Period shall be extended (assuming that the circumstances described in clause (ii) immediately above have not occurred) bearing interest at such rate as the Agent and the applicable Borrower shall agree, in consultation with the applicable Foreign Currency Lenders, adequately reflects the cost to the Foreign Currency Lenders of maintaining such Loans and (z) if the circumstances described in clause (ii) immediately above have occurred, then any request for a borrowing in such currency shall be ineffective and any outstanding Loans denominated in such currency shall be repaid in full at the end of the current Interest Period (or such earlier time, if any, as required by law).
Notwithstanding the foregoing, if the Agent has made the determination described in clause (ii) of this Section, and Airgas shall so request, the Agent, the applicable Lenders, and Airgas shall negotiate in good faith to amend the definition of “Eurocurrency Base Rate” and other applicable provisions to preserve the original intent in light of such change; provided, that until so amended, such impacted Loans will be handled as otherwise provided pursuant to the terms of this Section.
(b)    In connection with any Foreign Swingline Facility, if the applicable Foreign Swingline Lender shall have determined (which determination shall be conclusive and binding upon the applicable Foreign Swingline Borrower(s)) that, by reason of circumstances affecting the relevant market, (i) adequate and reasonable means do not exist for ascertaining the interest rate with respect to any applicable Foreign Swingline Loan or (ii) deposits in the applicable currency are not being offered to banks in the applicable interbank market for such currency for the applicable amount of such Foreign Swingline Loan, the Foreign Swingline Lender shall give 

51

written notice thereof to Airgas as soon as practicable thereafter.  If such notice is given, the applicable Foreign Swingline Borrower(s) may revoke any pending request for a borrowing of, conversion to or extension of affected Foreign Swingline Loans or, failing that and until such time as such notice has been withdrawn by such Foreign Swingline Lender, (x) any such Foreign Swingline Loans requested to be made shall be made (assuming that the circumstances described in clause (ii) immediately above have not occurred) bearing interest at such rate as such Foreign Swingline Lender and the applicable Foreign Swingline Borrower(s) shall agree adequately reflects the cost to such Foreign Swingline Lender of making such Foreign Swingline Loans, (y) any outstanding Foreign Swingline Loans shall remain outstanding (assuming that the circumstances described in clause (ii) immediately above have not occurred) bearing interest at such rate as such Foreign Swingline Lender and the applicable Foreign Swingline Borrower(s) shall agree adequately reflects the cost to such Foreign Swingline Lender of maintaining such Foreign Swingline Loans and (z) if the circumstances described in clause (ii) immediately above have occurred, then any request for a borrowing in such currency shall be ineffective and any outstanding Foreign Swingline Loans denominated in such currency shall be repaid in full at such time as agreed by such Foreign Swingline Lender and the applicable Foreign Swingline Borrower(s) (or such earlier time, if any, as required by law).
4.8    Illegality.
Notwithstanding any other provision herein, if any Change in Law shall make it unlawful for any Lender (i) to make or maintain Loans whose interest is determined by reference to the Eurocurrency Rate or (ii) to determine or charge interest rates based upon the Eurocurrency Rate, in either case as contemplated by this Credit Agreement, (a) such Lender shall promptly give written notice of such circumstances to Airgas and the Agent (which notice shall be withdrawn whenever such circumstances no longer exist), (b) the commitment of such Lender hereunder to make Eurocurrency Loans, continue Eurocurrency Loans as such and convert a U.S. Base Rate Loan to Eurocurrency Loans shall forthwith be canceled and, until such time as it shall no longer be unlawful for such Lender to make or maintain Eurocurrency Loans, such Lender shall have no commitment to make Eurocurrency Loans, (c) if such notice asserts the illegality of such Lender making or maintaining U.S. Base Rate Loans the interest rate on which is determined by reference to the Eurocurrency Rate component of the U.S. Base Rate, the interest rate on which U.S. Base Rate Loans of such Lender, shall, if necessary to avoid such illegality, be determined by the Agent without reference to the Eurocurrency Rate component of the U.S. Base Rate, and (d) such Lender’s Loans then outstanding as Eurocurrency Loans, if any, shall (1) in the case of outstanding Eurocurrency Loans of Airgas that are denominated in U.S. Dollars, be converted automatically to U.S. Base Rate Loans (the interest rate on which U.S. Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Agent without reference to the Eurocurrency Rate component of the U.S. Base Rate) on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by law and (2) in the case of (x) outstanding Eurocurrency Loans of a Foreign Borrower that are denominated in U.S. Dollars or (y) outstanding Eurocurrency Loans that are denominated in a Foreign Currency, be converted automatically to Loans that bear interest at such rate as the Agent and the applicable Borrower shall agree adequately reflects the cost to the Foreign Currency Lenders of maintaining such Loans on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by law.  If any such conversion of a Eurocurrency Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the applicable Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 4.11.
Notwithstanding any other provision herein, if any Change in Law shall make it unlawful for any Foreign Swingline Lender (i) to make or maintain Foreign Swingline Loans whose interest is determined by reference to the rate that was agreed by such Foreign Swingline Lender and the applicable Foreign 

52

Swingline Borrower (the “Existing Foreign Swingline Rate”) or (ii) to determine or charge interest rates based upon the Existing Foreign Swingline Rate, in either case as contemplated by the applicable Foreign Swingline Facility, (a) such Foreign Swingline Lender shall promptly give written notice of such circumstances to Airgas and the Agent (which notice shall be withdrawn whenever such circumstances no longer exist), (b) the applicable commitment of such Foreign Swingline Lender to make or maintain Foreign Swingline Loans based on such rate under the affected Foreign Swingline Facility shall forthwith be canceled and, until such time as it shall no longer be unlawful for such Foreign Swingline Lender to make or maintain such Foreign Swingline Loans based on such rate, such Foreign Swingline Lender shall have no commitment to make such Foreign Swingline Loans based on such rate under the affected Foreign Swingline Facility, and (c) such Foreign Swingline Lender’s affected Foreign Swingline Loans then outstanding shall be converted automatically to Foreign Swingline Loans that bear interest at such rate as such Foreign Swingline Lender and the applicable Foreign Swingline Borrower shall agree adequately reflects the cost to the Foreign Swingline Lender of maintaining such Foreign Swingline Loans at such time as agreed by such Foreign Swingline Lender and such Foreign Swingline Borrower (or within such earlier period as required by law).  Section 4.11 shall apply to this paragraph.
4.9    Requirements of Law.
If any Change in Law applicable to any Lender:
(a)    shall subject such Lender to any tax of any kind whatsoever with respect to any U.S. Letter of Credit, any Eurocurrency Loans or its obligation to make Eurocurrency Loans, any Foreign Swingline Loans or its obligation to make Foreign Swingline Loans, or change the basis of taxation of payments to such Lender in respect thereof (except for (i) Non-Excluded Taxes covered by Section 4.10 (including Non-Excluded Taxes excluded from the gross-up pursuant to Section 4.10(a)(ii)(A)(1), (2), (3) and (4)) and any interest, penalties and additions to tax with respect to the foregoing and (ii) the imposition of, or change in the rate of, any taxes excluded pursuant to clauses (A), (B), (C), (D), or (E) of Section 4.10(a)(i) (other than a tax excluded pursuant to Section 4.10(a)(i)(A) that is a capital or net worth tax that is not imposed in lieu of a tax measured by or imposed upon net income) and any amounts excluded pursuant to clause (F) of Section 4.10(a)(i);
(b)    shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate hereunder or the applicable interest rate with respect to Foreign Swingline Loans, as the case may be;
(c)    [reserved]; or
(d)    impose on any Lender or the applicable interbank market any other condition, cost or expense (other than with respect to taxes) affecting this Credit Agreement, Eurocurrency Loans made by such Lender, Foreign Swingline Loans made by such Lender or any other extensions of credit hereunder or participation therein;
and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining any Eurocurrency Loan or Foreign Swingline Loan, or issuing or participating in any U.S. Letter of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, upon notice to the Borrowers from such Lender, through the Agent, in accordance herewith, the Borrowers shall be obligated to promptly 

53

pay such Lender, upon its demand, any additional amounts necessary to compensate such Lender for such increased cost or reduced amount receivable, provided that, in any such case, each applicable Borrower may elect to (x) in the case of Eurocurrency Loans of Airgas that are denominated in U.S. Dollars, convert such Eurocurrency Loans to U.S. Base Rate Loans, (y) in the case of (1) Eurocurrency Loans of a Foreign Borrower that are denominated in U.S. Dollars or (2) any Eurocurrency Loans that are denominated in a Foreign Currency, convert such Eurocurrency Loans to Loans that bear interest at such rate as the Agent and the applicable Borrower shall agree, in consultation with the applicable Lender, adequately reflects the cost to such Lender of maintaining such Loan and (z) in the case of Foreign Swingline Loans, convert such Foreign Swingline Loans to Foreign Swingline Loans that bear interest at such rate as the applicable Foreign Swingline Lender and the applicable Foreign Swingline Borrower shall agree adequately reflects the cost to such Foreign Swingline Lender of maintaining such Foreign Swingline Loan, in each case by giving the Agent at least one Business Day’s notice of such election, in which case such applicable Borrowers shall promptly pay to such Lender, upon demand, without duplication, such amounts, if any, as may be required pursuant to Section 4.11; provided further, however, that if the result of any the foregoing shall be to decrease the cost to any  Lender of making or maintaining any Eurocurrency Loan or Foreign Swingline Loan, or of issuing or participating in any U.S. Letter of Credit by a material amount, then such Lender will credit to the applicable Borrowers an amount equal to such decreased costs.  If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall provide prompt notice thereof to Airgas, through the Agent, certifying (x) that one of the events described in this Section 4.9 has occurred and describing in reasonable detail the nature of such event, (y) as to the increased cost or reduced amount resulting from such event and (z) as to the additional amount demanded by such Lender and a reasonably detailed explanation of the calculation thereof.  Such a certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender, through the Agent, to the Borrowers shall be conclusive and binding on the parties hereto in the absence of manifest error.  Each Lender agrees that it will promptly refund any amounts received by it pursuant to this Section 4.9 that were erroneously billed to the Borrowers, together with interest thereon at the U.S. Base Rate.  This covenant shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts payable hereunder.
4.10    Taxes.
(a)    Withholding Taxes.
(i)    Payments Free of Withholding Taxes.  Except as provided below in this subsection and subject to subsection (e) below, all payments made by the Borrowers (including, for purposes of this Section 4.10, Airgas in its capacity as guarantor pursuant to Article XII) under this Credit Agreement shall be made free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, deductions, withholdings or similar fees or charges, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding:
(A)    taxes measured by or imposed upon the net income of any Lender or its applicable lending office, or any branch or affiliate thereof and branch taxes (including, for the avoidance of doubt, any backup withholding in respect thereof under Section 3406 of the Code or any similar provision of state, local or non-U.S. law), and all franchise taxes or taxes on capital or net worth imposed: (i) by the jurisdiction under the laws of which such Lender, applicable lending office, branch or affiliate is organized or is located, or in which its principal executive office is located, or any nation within which such jurisdiction is located or any political subdivision thereof; or (ii) by reason of any other 

54

connection between the jurisdiction imposing such tax and such Lender, applicable lending office, branch or affiliate other than a connection arising solely from such Lender having executed, delivered or performed its obligations, or received payment under or enforced, this Credit Agreement;
(B)    any withholding tax imposed under the laws of the United States on amounts payable by Airgas to any Lender with respect to an applicable interest in a Commitment or any Loan made pursuant thereto pursuant to any Requirement of Law in force (regardless of whether such Requirement of Law has a delayed effective date) at the time such Lender acquires such interest in a Commitment (or designates a new lending office) except, in the case of an assignment (or designation of a new lending office), to the extent that such Lender’s assignor (or, in the case of a designation of a new lending office, such Lender) was entitled immediately prior to the time of assignment (or designation of a new lending office) to receive additional amounts with respect to such withholding tax pursuant to this Section 4.10(a);
(C)    any withholding tax that is required to be deducted by applicable law and is imposed on amounts paid by any Foreign Borrower identified by name in Section 3.2(a), by the jurisdiction in which such Foreign Borrower was organized, to any Foreign Currency Lender, with respect to an applicable interest in a Commitment or any Loan made pursuant thereto pursuant to a Requirement of Law in force (regardless of whether such Requirement of Law has a delayed effective date) at the time such Lender acquires such interest in a Commitment (or designates a new lending office) except:
(1)    to the extent that such withholding tax is attributable solely to a change after the Closing Date in circumstances relating to the Foreign Borrower as a result of an action that is within the control of Airgas, the Foreign Borrower or any of their Affiliates, including, but not limited to, a change in the jurisdiction in which the relevant Foreign Borrower is resident for tax purposes or from which payments hereunder are made, or
(2)    in the case of an assignment (or designation of a new lending office), to the extent that such Lender’s assignor (or, in the case of a designation of a new lending office, such Lender) was entitled at the time of assignment (or designation of a new lending office) to receive additional amounts with respect to such withholding tax pursuant to this Section 4.10(a);
(D)    any withholding tax that is required to be deducted by applicable law and is imposed on amounts paid by any new Foreign Borrower designated as such pursuant to Section 3.2(b) that is organized and resident for tax purposes at the time of designation solely in the Netherlands, Canada, Germany or the United Kingdom, by the jurisdiction in which such Foreign Borrower was organized, to any Foreign Currency Lender, with respect to an applicable interest in a Commitment or any Loan made pursuant thereto pursuant to a Requirement of Law in force (regardless of whether such Requirement of Law has a delayed effective date) at the time such Lender acquires such interest in a Commitment (or designates a new lending office) except:

55

(1)    to the extent that such withholding tax is attributable solely to a change after the Closing Date in circumstances relating to the Foreign Borrower as a result of an action that is within the control of Airgas, the Foreign Borrower or any of their Affiliates, including, but not limited to, a change in the jurisdiction in which the relevant Foreign Borrower is resident for tax purposes or from which payments hereunder are made, or
(2)    in the case of an assignment (or designation of a new lending office), to the extent that such Lender’s assignor (or, in the case of a designation of a new lending office, such Lender) was entitled at the time of assignment (or designation of a new lending office) to receive additional amounts with respect to such withholding tax pursuant to this Section 4.10(a); and
(E)    any U.S. federal withholding taxes imposed under FATCA; and
(F)    any penalties, interest or additions to tax with respect to any of the foregoing.

(ii)    Gross-up for Withholding Taxes.  If any taxes, levies, imposts, duties, deductions, withholdings or similar charges or fees now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority (including any penalties, interest or additions to tax related thereto), other than those excluded pursuant to clauses (A), (B), (C), (D), (E) and (F) of Section 4.10(a)(i) (“Non-Excluded Taxes”) are required to be withheld by the Borrowers or the Agent pursuant to a Requirement of Law or the published interpretation or administration thereof by a Governmental Authority from any amounts payable to the Agent or any Lender hereunder,
(A)    the amounts so payable to the Agent or such Lender shall be increased to the extent necessary to yield to the Agent or such Lender (after payment of all Non-Excluded Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in this Credit Agreement; provided, however, that the Borrowers (and Airgas in its capacity as guarantor (under Article XII)) shall be entitled to deduct and withhold any Non-Excluded Taxes and shall not be required to increase any such amounts payable by:
(1)    Airgas in its capacity as a Borrower to any Lender that is a U.S. Person, to the extent such tax is attributable to such Lender’s failure to comply with the requirements of Section 4.10(b)(i) or (iv),
(2)    Airgas in its capacity as a Borrower to any Lender that is not a U.S. Person, to the extent such tax is attributable to such Lender’s failure to comply with the requirements of Section 4.10(b)(ii) or (iv),
(3)    a Foreign Borrower (or Airgas in its capacity as a guarantor (under Article XII)) to a Foreign Currency Lender if such Lender fails to comply with the requirements of Section 4.10(b)(vi) or Section 4.10(c) (and, if the Syndicated Loan Scheme or HMRC DT Treaty Passport Scheme is used by such Lender, the requirements of 

56

Section 4.10(f) or Section 4.10(g), as applicable), in each case whenever any Non-Excluded Taxes are payable by the Borrowers, or
(4)    Airgas in its capacity as a guarantor (under Article XII) solely to the extent that the increase would leave the relevant Lender in a better after-tax position (taking into account the other provisions of this Section 4.10) than if the payment had been made by the relevant Borrower; and
(B)    as promptly as possible thereafter the Borrowers, if one of the Borrowers is the applicable withholding agent, shall send to the Agent for its own account or for the account of such Lender, as the case may be, a certified copy of an original official receipt received by the Borrowers showing payment thereof (or other evidence of such payment reasonably satisfactory to the Agent).  
(C)    If any Borrower or the Agent shall be required by the Code to withhold or deduct any taxes, including both U.S. federal backup withholding and withholding taxes, from any payment, then (A) the Agent shall withhold or make such deductions as are determined by the Agent to be required based upon the information and documentation it has received pursuant to subsection (b) below, (B)  the Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) the provisions of Section 4.10(a)(ii)(A) shall apply.  The Borrowers shall indemnify the Agent and each Lender in respect of Indemnified Taxes, including any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability, along with a reasonable description and calculation of the amount of such Indemnified Taxes, prepared in good faith and delivered by a Lender or the Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
(D)    Each Lender shall severally indemnify (i) the Agent, for any Non-Excluded Taxes attributable to such Lender (but only to the extent that a Borrower has not already indemnified the Agent for such Non-Excluded Taxes and without limiting or expanding the obligation of the applicable Borrower to do so), (ii) the Agent and the Borrowers for any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.3(d) relating to the maintenance of a Participant Register and (iii) the Agent and the Borrowers for any Taxes excluded pursuant to clauses (A), (B), (C), (D) and (E) of Section 4.10(a)(i) attributable to such Lender, in each case, that are payable or paid by the Agent or a Borrower in connection with any Credit Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Lender under any Credit Document or otherwise payable by the Agent to the Lender from any other source against any amount due to the Agent under this paragraph (D).

57

(iii)    Survival.  The agreements in this Section 4.10(a) shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts payable hereunder.
(b)    Certifications.
(i)    Each Lender that is a U.S. Person shall deliver to Airgas and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Lender becomes a Lender under this Credit Agreement duly completed copies of Internal Revenue Service Form W-9 (or any successor form) certifying that such Lender is exempt from U.S. federal backup withholding.
(ii)    Each Lender that is not a U.S. Person shall deliver to Airgas and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Lender becomes a Lender under this Credit Agreement, whichever of the following is applicable:
(A)    duly completed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E (or any successor forms) claiming eligibility for benefits of an income tax treaty to which the United States is a party,
(B)    duly completed copies of Internal Revenue Service Form W-8ECI (or any successor forms),
(C)    in the case of a Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate (any such certificate a “U.S. Tax Compliance Certificate”) to the effect that such Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of Airgas within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code, and that no payments in connection with the Credit Documents are effectively connected with such Lender’s conduct of a U.S. trade or business, and (y) duly completed copies of  Internal Revenue Service Form W-8BEN or W-8BEN-E (or any successor forms),
(D)    to the extent a Lender is not the beneficial owner (for example, where the Lender is a partnership, or is a Lender that has granted a participation), Internal Revenue Service Form W-8IMY (or any successor forms) of the Lender, accompanied by an Internal Revenue Service Form W-8ECI, W-8BEN or W-8BEN-E, Form W-9, Form W-8IMY (or other successor forms), U.S. Tax Compliance Certificate, or any other required information from each beneficial owner, as applicable (provided that, if the Lender is a partnership (and not a participating Lender) and one or more direct or indirect partners are claiming the portfolio interest exemption, the U.S. Tax Compliance Certificate may be provided by such Lender on behalf of such direct or indirect partner(s)), or
(E)    any other form prescribed by applicable law as a basis for claiming an exemption from United States federal withholding tax with respects to payments under this Credit Agreement duly completed together with such supplementary documentation as may be prescribed by applicable law.

58

(iii)    If a payment made to a Lender under any Credit Document would be subject to U.S. federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to Airgas and the Agent at the time or times prescribed by law and at such time or times reasonably requested by Airgas 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 Airgas or the Agent as may be necessary for Airgas and the Agent to comply with their FATCA obligations, to determine whether such Lender has or has not complied with such Lender’s FATCA obligations and to determine the amount, if any, to deduct and withhold from such payment.  Solely for purposes of this clause (iii), FATCA shall include any amendments made to FATCA after the date of this Credit Agreement. 
(iv)    Each Lender shall, at such times as are reasonably requested by Airgas or the Agent, provide Airgas and the Agent with any documentation prescribed by laws or reasonably requested by Airgas or the Agent certifying as to any entitlement of such Lender to an exemption from, or reduction in, any applicable withholding tax with respect to any payments to be made to such Lender under any Credit Document.  Each Lender shall, from time to time after the initial delivery by such Lender of the forms described above, whenever a lapse in time or change in such Lender’s circumstances renders such forms, certificates or other evidence so delivered expired, obsolete or inaccurate, promptly (A) deliver to Airgas and the Agent (in such number of copies as shall be requested by the recipient) renewals, amendments or additional or successor forms, properly completed and duly executed by such Lender, together with any other certificate or statement of exemption required in order to confirm or establish such Lender’s status or that such Lender is entitled to an exemption from or reduction in any applicable withholding tax or (B) notify the Agent and Airgas in writing of its legal ineligibility to deliver any such forms, certificates or other evidence.
(v)    Notwithstanding the foregoing clauses (i), (ii), (iii) and (iv) of this Section 4.10(b), a Lender shall not be required to deliver any form that such Lender is not legally eligible to deliver.
(vi)    Without limiting the foregoing, each Foreign Currency Lender shall deliver to Airgas and to the Agent, at the time or times prescribed by applicable Requirements of Law or when reasonably requested by Airgas or the Agent, such properly completed and executed documentation prescribed by applicable Requirements of Law or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit the applicable Foreign Borrower or the Agent, as the case may be, to determine (A) whether or not payments made by the respective Foreign Borrowers hereunder or under any other Credit Document are subject to Non-Excluded Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Foreign Currency Lender’s entitlement to any available exemption from, or reduction of, applicable Non-Excluded Taxes in respect of any payments to be made to such Foreign Currency Lender by the respective Foreign Borrowers pursuant to this Credit Agreement or otherwise to establish such Foreign Currency Lender’s status for withholding tax purposes in the applicable jurisdictions.  Each such Foreign Currency Lender shall, whenever a lapse in time or change in circumstances renders such documentation expired, obsolete or inaccurate in any material respect, deliver promptly to Airgas and the Agent updated or other appropriate documentation (including any new documentation 

59

reasonably requested by the applicable withholding agent) or promptly notify Airgas and the Agent in writing of its legal ineligibility to do so.
(c)    Cooperation.  Each Foreign Borrower shall cooperate with the Agent and the applicable Foreign Currency Lenders, and each Foreign Currency Lender shall cooperate with the relevant Foreign Borrower, in promptly completing any procedural formalities necessary for such Borrower to obtain authorization to make payments to such Foreign Currency Lenders without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, deductions, withholdings or similar charges or fees, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, including, without limitation, a provisional authority under the Syndicated Loan Scheme and/or a direction under the HMRC DT Treaty Passport Scheme.
(d)    Electivity of Syndicated Loan and Passport Schemes.  For the avoidance of doubt, nothing in this Section 4.10 shall require a Foreign Currency Lender to: (i) choose to use the Syndicated Loan Scheme pursuant to Section 4.10(f) below; (ii) register under the HMRC DT Treaty Passport Scheme; (iii) apply the HMRC DT Treaty Passport Scheme to any Loan if it has so registered; or (iv) file double taxation agreement forms if it has indicated that it wishes the HMRC DT Treaty Passport Scheme to apply to this Credit Agreement in accordance with Section 4.10(g) below and a UK Borrower making a payment to it has not complied with its obligations under Section 4.10(g) below.
(e)    U.K. Withholding.  Notwithstanding any other provision herein, to the extent that the United Kingdom HM Revenue & Customs has issued a provisional authority under the Syndicated Loan Scheme or a direction under the HMRC DT Treaty Passport Scheme enabling any UK Borrower to make payments to a Lender free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, deductions, withholdings, or similar charges or fees now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority in or of the United Kingdom (“United Kingdom Tax”), all payments made by such UK Borrower must be made free and clear of, and without deduction or withholding for or on account of, any United Kingdom Tax unless, but only to the extent that, such UK Borrower has reasonable grounds to believe that the provisional authority or direction will be cancelled or withdrawn or that double taxation relief is not available to the relevant Foreign Currency Lender.
(f)    Syndicated Loan Scheme.  Without limiting the foregoing, and in relation to the Syndicated Loan Scheme:
(i)    If at any time a Foreign Currency Lender that is not subject to United Kingdom corporation tax on payments made to it under this Credit Agreement wishes to use the Syndicated Loan Scheme in respect of any Foreign Currency Loan made available by it under this Credit Agreement, provided that (A) the Syndicated Loan Scheme is capable of applying to such Foreign Currency Loan and (B) all Lenders in relation to that Foreign Currency Loan consent to the use of the Syndicated Loan Scheme, the Lenders in relation to that Foreign Currency Loan shall appoint the Agent to act as syndicate manager under the Syndicated Loan Scheme (the “Syndicate Manager”).
(ii)    Each Foreign Currency Lender in relation to a Foreign Currency Loan referred to in subsection (i) of this Section 4.10(f):

60

(A)    authorises the Syndicate Manager to operate, and take any action necessary or desirable under, the Syndicated Loan Scheme in connection with that Foreign Currency Loan;
(B)    shall cooperate with the Syndicate Manager in completing any procedural formalities necessary under the Syndicated Loan Scheme and shall promptly supply to the Syndicate Manager such information as the Syndicate Manager may request in connection with the operation of the Syndicated Loan Scheme;
(C)    without limiting the liability of any UK Borrower under this Credit Agreement, shall, within 5 Business Days of demand, indemnify the Syndicate Manager for any liability or loss incurred by the Syndicate Manager as a result of the Syndicate Manager acting as syndicate manager under the Syndicated Loan Scheme in connection with the Lender’s participation in that Foreign Currency Loan (except to the extent that the liability or loss arises directly from the Syndicate Manager’s gross negligence or wilful misconduct); and
(D)    shall, within ten (10) Business Days of demand, indemnify each UK Borrower and the Syndicate Manager for any United Kingdom Tax which such UK Borrower or the Syndicate Manager becomes liable to pay in respect of any payments made to such Lender arising as a result of any incorrect information supplied by such Lender under paragraph (ii)(A) which results in the withdrawal of an authority issued by the United Kingdom HM Revenue & Customs under the Syndicated Loan Scheme, except to the extent that (1) such UK Borrower would be obliged to increase the amount payable (after payment of such United Kingdom Tax) to such Lender pursuant to Section 4.10(a) above or (2) such UK Borrower has not relied on such provisional authority and has withheld amounts in respect of United Kingdom Tax from payments to such Lender.
(iii)    Each UK Borrower acknowledges that it is fully aware of its contingent obligations under the Syndicated Loan Scheme and shall:
(A)    promptly supply to the Syndicate Manager such information as the Syndicate Manager may reasonably request in connection with the operation of the Syndicated Loan Scheme; and
(B)    act in accordance with any direction issued by the United Kingdom HM Revenue & Customs under the Syndicated Loan Scheme.
(iv)    All Parties acknowledge that the Syndicate Manager:
(A)    is entitled to rely completely upon information provided to it in connection with subsections (ii) or (iii) of this Section 4.10(f);
(B)    is not obliged to undertake any enquiry into the accuracy of such information, nor into the status of the Lender or, as the case may be, UK Borrower providing such information; and

61

(C)    shall have no liability to any person for the accuracy of any information it submits in connection with subsection (ii)(A) of this Section 4.10(f).
(g)    Passport Scheme.  Without limiting the foregoing, and in relation to the HMRC DT Treaty Passport Scheme:
(i)    A Foreign Currency Lender which becomes a party on the Closing Date that holds a passport under the HMRC DT Treaty Passport Scheme, and which wishes that scheme to apply to this Credit Agreement, shall include an indication to that effect (for the benefit of the Agent and without liability to any Borrower) by including its scheme reference number opposite its name in Schedule 2.1(a) (Lenders and Commitments).
(ii)    Where a Lender includes the indication described in subsection (A) above in Schedule 2.1(a) (Lenders and Commitments):
(A)    each UK Borrower shall, to the extent that that Foreign Currency Lender is a Lender under a Loan made available to that UK Borrower pursuant to Article III (Foreign Currency Loans), file a duly completed form DTTP-2 (or such alternative form as may be specified by the United Kingdom HM Revenue & Customs from time to time) in respect of such Lender with the United Kingdom HM Revenue & Customs within 30 days of the Closing Date and shall promptly provide the Lender with a copy of that filing; and
(B)    each new Foreign Borrower designated as such pursuant to Section 3.2(b) which is a UK Borrower shall, to the extent that that Foreign Currency Lender is a Lender under a Loan made available to that new UK Borrower pursuant to Article III (Foreign Currency Loans), file a duly completed form DTTP-2 (or such alternative form as may be specified by the United Kingdom HM Revenue & Customs from time to time) in respect of such Lender with the United Kingdom HM Revenue & Customs within 30 days of becoming a Borrower and shall promptly provide the Lender with a copy of that filing.
(iii)    A new Foreign Currency Lender that holds a passport under the HMRC DT Treaty Passport Scheme, and which wishes that scheme to apply to this Credit Agreement, shall include an indication to that effect (for the benefit of the Agent and without liability to any Borrower) in the Assignment and Assumption or other documentation which it executes to become a Lender by including its scheme reference number in such documentation.
(iv)    Where a new Foreign Currency Lender includes the indication described in subsection (iii) of this Section 4.10(g) in the relevant Assignment and Assumption or other documentation which it executes to become a Lender:
(A)    each UK Borrower which is a party as a Borrower as at the date on which the new Foreign Currency Lender becomes a party shall, to the extent that that Foreign Currency Lender becomes a Lender under a Loan which is made available to that UK Borrower pursuant to Article III (Foreign Currency Loans), file a duly completed form DTTP-2 (or such alternative form as may be specified by the United Kingdom HM Revenue & Customs from time to time) in 

62

respect of such Lender with the United Kingdom HM Revenue & Customs within 30 days of the date on which the new Foreign Currency Lender becomes a party and shall promptly provide the Lender with a copy of that filing; and
(B)    each new Foreign Borrower designated as such pursuant to Section 3.2(b) which is a UK Borrower and which becomes a Borrower after the date on which the new Foreign Currency Lender becomes a party shall, to the extent that that Foreign Currency Lender becomes a Lender under a Loan which is made available to that new UK Borrower pursuant to Article III (Foreign Currency Loans), file a duly completed form DTTP-2 (or such alternative form as may be specified by the United Kingdom HM Revenue & Customs from time to time) in respect of such Lender with the United Kingdom HM Revenue & Customs within 30 days of becoming a Borrower and shall promptly provide the Lender with a copy of that filing.
(h)    VAT.
(i)    All amounts set out or expressed in a Credit Document to be payable by any party to a Lender or the Agent (for the purposes of this Section 4.10(h), each a “Finance Party”) which (in whole or in part) constitute the consideration for a supply or supplies for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply or supplies, and accordingly, subject to subsection (ii) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any party under a Credit Document and the Finance Party is accountable for such VAT, that party shall pay to the Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of such VAT (and such Finance Party shall promptly provide an appropriate VAT invoice to such party).
(ii)    If VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”) to any other Finance Party (the “Recipient”) under a Credit Document, and any party other than the Recipient (the “Subject Party”) is required by the terms of any Credit Document to pay an amount equal to the consideration for such supply to the Supplier (rather than being required to reimburse the Recipient in respect of that consideration):
(A)    (where the Supplier is accountable for such VAT) the Subject Party shall instead pay to the Supplier (in addition to and at the same time as paying such amount) an amount equal to the amount of such VAT. The Recipient must (where this paragraph (A) applies) promptly pay to the Subject Party an amount equal to any credit or repayment obtained by the Recipient from the relevant tax authority which the Recipient reasonably determines is in respect of such VAT; and
(B)    (where the Recipient is accountable for such VAT) the Subject Party shall must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT.
(iii)    Where a Credit Document requires any party to reimburse or indemnify a Finance Party for any cost or expense, that party shall reimburse or indemnify (as the 

63

case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.
(iv)    Any reference in this Section 4.10(h) to any party shall, at any time when such party is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is treated as making or receiving the supply (as the case may be) for the purposes of any relevant VAT grouping rules (provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union) or any other similar provision in any jurisdiction which is not a member state of the European Union) so that a reference to a party shall be construed as a reference to that party or the relevant group or unity (or fiscal unity) of which that party is a member for VAT purposes at the relevant time or the relevant representative member (or head) of that group or unity (or fiscal unity) at the relevant time (as the case may be).
(v)    In relation to any supply made by a Finance Party to any party under a Credit Document, if reasonably requested by such Finance Party, that party must promptly provide such Finance Party with details of that party’s VAT registration and such other information as is reasonably requested in connection with such Finance Party’s VAT reporting requirements in relation to such supply.
(i)    If and to the extent that a Lender or Agent, in its sole discretion (exercised in good faith), determines that it has received a refund of any Non-Excluded Taxes in respect of which it has received additional payments under this Section 4.10, then such Lender or Agent, as applicable, shall pay to the relevant Borrower the amount of such refund, net of all out-of-pocket expenses of such Lender or Agent (including any taxes imposed with respect to such refund), and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that such Borrower, upon the request of the Lender or Agent, as applicable, agrees to promptly repay the amount paid over to such Lender or Agent (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the applicable Lender or Agent if such Lender or Agent is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this Section 4.10(i), in no event will a Lender or Agent be required to pay any amount pursuant to this Section 4.10(i) the payment of which would place such Lender or the Agent in a less favorable net after-tax position than such Lender or the Agent would have been in if the tax subject to the indemnification and giving rise to such refund had never been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such tax had never been paid.  This subsection shall not be construed to require a Lender or Agent to make available its tax returns (or any other information relating to its taxes that it deems confidential) to any Borrower or any other Person.

(j)    FATCA.  For purposes of determining withholding Taxes imposed under FATCA, from and after the Closing Date, the Borrowers and the Agent shall treat (and the Lenders hereby authorize the Agent to treat) the Loans (including any such Loans already outstanding) as not qualifying as "grandfathered obligations" within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

4.11    Indemnity.

64

Airgas promises to indemnify (or cause the applicable Borrower to indemnify) each Lender and to hold each Lender harmless from any loss or expense (including foreign exchange losses) which such Lender may sustain or incur (other than through such Lender’s breach of its obligations hereunder, gross negligence or willful misconduct) as a consequence of (a) default by a Borrower in making a borrowing of, conversion into or continuation of Eurocurrency Loans, Quoted Rate U.S. Swingline Loans or Foreign Swingline Loans after such Borrower has given a notice requesting the same in accordance with the provisions of this Credit Agreement (or, the applicable documentation for the applicable Foreign Swingline Facility), (b) default by a Borrower in making any prepayment of a Eurocurrency Loan, a Quoted Rate U.S. Swingline Loan or a Foreign Swingline Loan after such Borrower has given a notice thereof in accordance with the provisions of this Credit Agreement (or, the applicable documentation for the applicable Foreign Swingline Facility), (c) the making of a prepayment of Eurocurrency Loans, or Quoted Rate U.S. Swingline Loans on a day which is not the last day of an Interest Period with respect thereto, (d) any failure by any Borrower to make payment of any extension of credit denominated in a Foreign Currency in a different currency or (e) the prepayment of a Foreign Swingline Loan as provided in the penultimate sentence of this section.  With respect to Eurocurrency Loans, such indemnification may include an amount equal to the excess, if any, of (i) the amount of interest which would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of the applicable Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Rate included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) which would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the applicable interbank market.  With respect to Foreign Swingline Loans, to the extent agreed by the applicable Foreign Swingline Borrower(s) and the applicable Foreign Swingline Lender, such Foreign Swingline Borrower shall indemnify such Foreign Swingline Lender for any loss or expense (including foreign exchange losses) which such Foreign Swingline Lender may sustain or incur (other than through such Lender’s breach of its obligations hereunder, gross negligence or willful misconduct) as a consequence of the making of any prepayment of any Foreign Swingline Loan.  The covenants of Airgas set forth in this Section 4.11 shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts payable hereunder.
4.12    Payments Generally; Agent’s Clawback.
(a)    General.  All payments to be made by a Borrower shall be made free and clear of, and without condition or deduction for, any counterclaim, defense, recoupment or setoff.  Except as otherwise expressly provided herein, (i) all payments by the Borrowers hereunder with respect to principal and interest on Foreign Currency Loans denominated in a Foreign Currency shall be made to the Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Agent’s office in such Foreign Currency and in Same Day Funds not later than the Applicable Time specified by the Agent on the date specified herein, and (ii) all other payments hereunder shall be made to the Agent, for the account of the respective Lenders to which such payment is owed, at the Agent’s office specified in Schedule 11.1 in U.S. Dollars and in immediately available funds not later than 2:00 P.M. on the date specified herein.  Without limiting the generality of the foregoing, the Agent may require that any payments due under this Credit Agreement be made in the United States.  If, for any reason, any Borrower is prohibited by any Requirement of Law from making any required payment hereunder in a Foreign Currency, such Borrower shall make such payment in U.S. Dollars in the U.S. Dollar Equivalent (using the applicable Spot Rate determined as of the date of the applicable payment) of the Foreign Currency payment amount.  All payments received by the Agent after such times shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to 

65

accrue.  The Agent may (but shall not be obligated to) debit the amount of any such payment which is not made by such time to any ordinary deposit account of the applicable Borrower maintained with the Agent (with notice to such Borrower).  The Agent will promptly distribute to each Lender its pro rata share (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender.  Subject to the definition of “Interest Period”, if any payment to be made by a Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.  All payments of principal and interest in respect of Foreign Swingline Loans shall be in accordance with Section 3.3.
(b)    (i)  Funding by Lenders; Presumption by Agent.  Unless the Agent shall have received notice from a Lender prior to the proposed date of any extension of credit that such Lender will not make available to the Agent such Lender’s share of such extension of credit, the Agent may assume that such Lender has made such share available on such date in accordance with the terms of this Credit Agreement and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount.  In such event, if a Lender has not in fact made its share of the applicable extension of credit available to the Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Agent forthwith on demand such corresponding amount in Same Day Funds with interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to the Agent, at (A) in the case of a payment to be made by such Lender in connection with any extension of credit, the applicable Overnight Rate, and (B) in the case of a payment to be made by a Borrower in connection with any extension of credit in U.S. Dollars or a Foreign Currency, the interest rate otherwise applicable to such credit extension.  If such Borrower and such Lender shall pay such interest to the Agent for the same or an overlapping period, the Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower for such period.  If such Lender pays its share of the applicable extension of credit to the Agent, then the amount so paid shall constitute such Lender’s Loan included in such extension of credit.  Any payment by a Borrower shall be without prejudice to any claim such Borrower may have against a Lender that shall have failed to make such payment to the Agent.
(ii)    Payments by Borrowers; Presumptions by Agent.  Unless the Agent shall have received notice from the applicable Borrower prior to the date on which any payment is due to the Agent for the account of the Lenders hereunder that such Borrower will not make such payment, the Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the appropriate Lenders the amount due.  In such event, if such Borrower has not in fact made such payment, then each of the applicable Lenders severally agrees to repay to the Agent forthwith on demand the amount so distributed to such Lender, in Same Day Funds 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 Overnight Rate.
A notice of the Agent to any Lender or a Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error.
(c)    Failure to Satisfy Conditions Precedent.  If any Lender makes available to the Agent funds for any extension of credit to be made by such Lender as provided in this Credit Agreement, and such funds are not made available to the applicable Borrower by the Agent because the conditions to the applicable extension of credit set forth in Section 5.2 are not 

66

satisfied or waived in accordance with the terms hereof, the Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.
(d)    Obligations of Lenders Several.  The obligations of the Lenders hereunder to make Loans, to fund participations in other extensions of credit and to make payments pursuant to Section 11.5(b) are several and not joint.  The failure of any Lender to make any Loan, to fund any such participation or to make any payment under Section 11.5(b) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 11.5(b).
(e)    Funding Source.  Nothing herein shall be deemed to obligate any Lender to obtain the funds for any extension of credit hereunder in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any such extension of credit in any particular place or manner.
4.13    Sharing of Payments.
If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Loans made by it, or the participations in U.S. LOC Obligations or in U.S. Swingline Loans held by it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and subparticipations in U.S. LOC Obligations or U.S. Swingline Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided that:
(i)    if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and
(ii)    the provisions of this Section 4.13 shall not be construed to apply to (x) any payment made by a Borrower pursuant to and in accordance with the express terms of this Credit Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of Cash Collateral provided for in Section 4.15, or (z) any payment obtained by a Lender as consideration for any assignment of or sale of any of its interests hereunder in accordance with Section 11.3, other than to a Borrower or any Subsidiary thereof (as to which the provisions of this Section 4.13 shall apply).
Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation.
4.14    Computations of Interest and Fees.

67

All computations of interest for U.S. Base Rate Loans and Eurocurrency Loans denominated in Canadian Dollars shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.  Except as expressly provided otherwise herein (or, with respect to Foreign Swingline Loans, as otherwise agreed by the applicable Foreign Swingline Borrower(s) and Foreign Swingline Lender), all other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year), or, in the case of interest in respect of Foreign Currency Loans denominated in Foreign Currencies as to which market practice differs from the foregoing, in accordance with such market practice.  Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 4.12(a), bear interest for one day.  Each determination by the Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.  
For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee rate hereunder is calculated on the basis of a year (the “deemed year”) that contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or fee rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (ii) the principle of deemed reinvestment of interest shall not apply to any interest calculation hereunder and (iii) the rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields.
4.15    Cash Collateral.
(a)    Certain Credit Support Events.  If (i) as of the date that is seven (7) Business Days prior to the Maturity Date, any U.S. LOC Obligation for any reason remains outstanding, (ii) Airgas shall be required to provide Cash Collateral pursuant to Section 9.2 or (iii) there shall exist a Defaulting Lender, Airgas shall immediately (in the case of clause (ii) above) or within three Business Days (in all other cases) following any request by the Agent or the U.S. Issuing Lender provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to clause (iii) above, after giving effect to Section 4.16(a)(iv) and any Cash Collateral provided by the Defaulting Lender).  
(b)    Grant of Security Interest.  All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America (provided that Cash Collateral pledged by Airgas to reduce Fronting Exposure shall be maintained in interest bearing accounts, with interest earned for the account of Airgas).  The Borrowers, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) the Agent, for the benefit of the Agent, the U.S. Issuing Lenders and the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to Section 4.15(c).  If at any time the Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Agent or the U.S. Issuing Lender as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Agent, pay or provide to the Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.  
(c)    Application.  Notwithstanding anything to the contrary contained in this Credit Agreement, Cash Collateral provided under any of this Section 4.15 or Sections 2.2, 4.3, 4.16 or 

68

9.2 in respect of U.S. Letters of Credit shall be held and applied to the satisfaction of the specific U.S. LOC Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.
(d)    Release.  Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 11.3(i)) or (ii) the good faith determination by the Agent and the U.S. Issuing Lender that there exists excess Cash Collateral; provided, however, (x) any such release shall be without prejudice to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to, any other Lien conferred under the Credit Documents and the other applicable provisions of the Credit Documents, and (y) the Person providing Cash Collateral and the U.S. Issuing Lenders may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations.
4.16    Defaulting Lenders.
(a)    Adjustments.  Notwithstanding anything to the contrary contained in this Credit Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Requirement of Law:
(i)    Waivers and Amendments.  That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Credit Agreement shall be restricted as set forth in the definitions of “Required Lenders”, “Required Foreign Currency Lenders”, “Required U.S. Lenders” and Section 11.6.
(ii)    Defaulting Lender Waterfall.  Any payment of principal, interest, fees or other amounts received by the Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 9.3 or otherwise) or received by the Agent from a Defaulting Lender pursuant to Section 11.2 shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to the U.S. Issuing Lenders or U.S. Swingline Lender hereunder (as applicable); third, to Cash Collateralize the U.S. Issuing Lenders’ Fronting Exposure with respect to that Defaulting Lender in accordance with Section 4.15; fourth, as Airgas may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Credit Agreement, as determined by the Agent; fifth, if so determined by the Agent and Airgas, to be held in a deposit account and released pro rata in order to (x) satisfy that Defaulting Lender’s potential future funding obligations with respect to Loans under this Credit Agreement and (y) Cash Collateralize the U.S. Issuing Lenders’ future Fronting Exposure with respect to that Defaulting Lender with respect to future U.S. Letters of Credit issued under this Credit Agreement, in accordance with Section 4.15; sixth, to the payment of any amounts owing to the Lenders, the U.S. Issuing Lenders, U.S. Swingline Lender or the Foreign Swingline Lenders (as applicable) as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the U.S. Issuing Lenders, the U.S. Swingline Lender or the Foreign Swingline Lenders against that Defaulting Lender 

69

as a result of that Defaulting Lender’s breach of its obligations under this Credit Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Credit Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or participation in any U.S. Letter of Credit in respect of which that Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related U.S. Letters of Credit were issued at a time when the conditions set forth in Section 5.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and U.S. LOC Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or U.S. LOC Obligations owed to, that Defaulting Lender until such time as all Loans and funded and unfunded participations in U.S. LOC Obligations and U.S. Swingline Loans are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to Section 4.16(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 4.16(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.
(iii)    Certain Fees.  
(A)    No Defaulting Lender shall be entitled to receive any U.S. Revolving Commitment Unused Fee, Foreign Currency Commitment Unused Fee or Foreign Swingline Unused Fee for any period during which that Lender is a Defaulting Lender (and no Borrower shall be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).
(B)    Each Defaulting Lender shall be entitled to receive letter of credit fees as provided in Sections 4.5(b)(i) and 4.5(b)(ii) for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of U.S. Letters of Credit for which it has provided Cash Collateral pursuant to Section 4.15.
(C)    With respect to any letter of credit fee not required to be paid to any Defaulting Lender pursuant to clause (B) above, Airgas shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in U.S. LOC Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to the U.S. Issuing Lender the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such U.S. Issuing Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.
(iv)    Reallocation of Applicable Percentages to Reduce Fronting Exposure.  All or any part of such Defaulting Lender’s participation in U.S. LOC Obligations and U.S. Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that such reallocation does 

70

not cause the aggregate exposure of any Non-Defaulting Lender under all Loans and U.S. LOC Obligations to exceed such Non-Defaulting Lender’s Commitment.  No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.
(v)    Cash Collateral, Repayment of U.S. Swingline Loans.  If the reallocation described in clause (a)(iv) above cannot, or can only partially, be effected, the applicable Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable law, (x) first, prepay U.S. Swingline Loans in an amount equal to the U.S. Swingline Lender’s Fronting Exposure and (y) second, Cash Collateralize the U.S. Issuing Lenders’ Fronting Exposure in accordance with the procedures set forth in Section 4.15.
(b)    Defaulting Lender Cure.  If Airgas, the Agent, the U.S. Swingline Lender and the U.S. Issuing Lenders (as applicable) agree in writing in their sole discretion that a Lender is no longer a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Agent may determine to be necessary to cause the Loans and funded and unfunded participations in U.S. Letters of Credit and U.S. Swingline Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect to Section 4.16(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.
4.17    Mitigation Obligations.
If any Lender requests compensation under Section 4.9, or 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 4.10, or if any Lender gives a notice pursuant to Section 4.8, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 4.9 or 4.10, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 4.8, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender.  Airgas hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.  If any Lender requests compensation under Section 4.9, 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 4.10, Airgas may replace such Lender in accordance with Section 11.17.
ARTICLE V     
 
CONDITIONS

71

5.1    Closing Conditions.
The obligation of the Lenders to enter into this Credit Agreement and to make the initial extensions of credit hereunder shall be subject to satisfaction of the following conditions (in form and substance acceptable to the Lenders):
(a)    The Agent shall have received original counterparts of the Credit Agreement executed by each of the parties thereto.
(b)    The Agent shall have received all documents it may reasonably request relating to the existence and (to the extent applicable) good standing of each Borrower, the corporate or other necessary authority for and the validity of the Credit Documents (which includes, but is not limited to, for (i) any Dutch Borrower, an up to date extract from the Chamber of Commerce (Kamer van Koophandel), the deed of incorporation, the latest articles of association, all corporate resolutions and, if applicable, any unconditional, positive works council advice, (ii) any UK Borrower, a certified copy of the constitutional documents and all corporate resolutions as necessary), and any other matters relevant thereto, and (iii) any German Borrower, a copy of an up-to-date extract from the commercial register (Handelsregister), the latest articles of association (Satzung/Gesellschaftsvertrag), an up-to-date shareholder list (Gesellschafterliste) and corporate resolutions reasonably satisfactory to the Agent approving the terms and the execution of this Credit Agreement), all in form and substance reasonably satisfactory to the Agent.
(c)    The Agent shall have received a legal opinion of Cahill Gordon & Reindel LLP, U.S. counsel for the Borrowers, dated as of the Closing Date in form and substance reasonably satisfactory to the Agent.
(d)    (i)    The Agent shall have received a legal opinion of each of Gowling Lafleur Henderson LLP and McHugh Whitmore LLP, Canadian counsel for the Borrowers, dated as of the Closing Date in form and substance reasonably satisfactory to the Agent.
(ii)    The Agent shall have received a legal opinion of Leathes Prior, UK counsel for the Borrowers in form and substance reasonably satisfactory to the Agent.
(iii)    The Agent shall have received a legal opinion of Stek Advocaten B.V., Dutch counsel for the Borrowers in form and substance reasonably satisfactory to the Agent.
(iv)    The Agent shall have received a legal opinion of Morgan, Lewis & Bockius LLP, German counsel for the Borrowers in form and substance reasonably satisfactory to the Agent.
(e)    Since March 31, 2014, there has been no development or event relating to or affecting the Consolidated Parties which has had or would be reasonably expected to have a Material Adverse Effect.
(f)    The Agent shall have received, for its own account and for the accounts of the relevant Lenders, all fees and expenses required by this Credit Agreement or any other Credit Document to be paid to the Agent on or before the Closing Date.

72

(g)    No litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the best knowledge of Airgas, threatened by or against the Consolidated Parties or against any of their respective properties or revenues which (i) relates to any of the Credit Documents or any of the transactions contemplated hereby or thereby or (ii) would be reasonably expected to have a Material Adverse Effect.
(h)    The Agent shall have received a certificate or certificates executed by an Executive Officer of Airgas, in form and substance satisfactory to the Agent, stating that (A) each Borrower is in compliance with all existing material financial obligations, (B) all governmental, shareholder and third party consents and approvals, if any, with respect to the Credit Documents and the transactions contemplated thereby have been obtained, (C) no action, suit, investigation or proceeding is pending or, to the best of his knowledge, threatened in any court or before any arbitrator or governmental instrumentality that purports to affect any Borrower or any transaction contemplated by the Credit Documents that could have a Material Adverse Effect and (D) immediately after giving effect to the initial extensions of credit under this Credit Agreement, (1) no Default or Event of Default exists, (2) all representations and warranties contained herein (including Sections 5.1(e) and 5.1(g)) are, subject to the limitations set forth herein, true and correct in all material respects unless the failure to be so true and correct would not reasonably be expected to have a Material Adverse Effect, and (3) Airgas is in compliance with the financial covenant set forth in Section 7.10 as of the first date provided for the measurement of such financial covenant in accordance with the terms thereof.
5.2    Conditions to all Extensions of Credit.
The obligations of each Lender to make any Loan and of any U.S. Issuing Lender to issue or extend U.S. Letters of Credit are subject to satisfaction of the following conditions in addition to satisfaction on the Closing Date of the conditions set forth in Section 5.1:
(i)    The relevant Borrower shall have properly delivered (A) in the case of any Loan, an appropriate Notice of Borrowing or Notice of Extension/Conversion, (B) in the case of any U.S. Letter of Credit, an appropriate request for issuance or extension in accordance with the provisions of Section 2.2(b) or (C) in the case of Foreign Swingline Loans, a borrowing request in accordance with the borrowing procedures agreed to by the applicable Borrower and the applicable Foreign Swingline Lender;
(ii)    The representations and warranties set forth in Article VI shall be, subject to the limitations set forth therein, true and correct in all material respects on and as of the date of such extension of credit, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, unless the failure to be so true and correct would not reasonably be expected to have a Material Adverse Effect;
(iii)    No Default or Event of Default shall exist and be continuing either prior to or after giving effect thereto; and
(iv)    Immediately after giving effect to the making of such Loan (and the application of the proceeds thereof) or the issuance or extension of such U.S. Letter of Credit as the case may be, (A) in the case of U.S. Revolving Loans, U.S. Swingline Loans and U.S. Letters of Credit, the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not 

73

exceed the U.S. Revolving Committed Amount, (B) in the case of U.S. Letters of Credit, the U.S. LOC Obligations outstanding shall not exceed the U.S. LOC Sublimit, (C) in the case of U.S. Swingline Loans, the aggregate principal amount of outstanding U.S. Swingline Loans shall not exceed the U.S. Swingline Sublimit, (D) in the case of Foreign Currency Loans, the U.S. Dollar Equivalent of the aggregate principal amount of outstanding Foreign Currency Loans shall not exceed the Foreign Currency Committed Amount and (E) in the case of Foreign Swingline Loans, the U.S. Dollar Equivalent of the aggregate principal amount of outstanding Foreign Swingline Loans shall not exceed the applicable Foreign Swingline Commitment.
The delivery of each Notice of Borrowing, each request for a U.S. Swingline Loan, each request for the issuance or extension of a U.S. Letter of Credit pursuant to Section 2.2(b) and each request for a Foreign Swingline Loan, shall constitute a representation and warranty by the Borrowers of the correctness of the matters specified in subsections (ii), (iii) and, to the best of the applicable Borrower’s knowledge based on then available exchange rate information in the case of any representation in subsection (iv) above involving Foreign Currencies, (iv) above.
ARTICLE VI     
 
REPRESENTATIONS AND WARRANTIES
Airgas hereby represents to the Agent and each Lender that:
6.1    Financial Condition.
(a)    The audited consolidated balance sheet of the Consolidated Parties, and the related consolidated statements of earnings and statements of cash flows, as of March 31, 2014 have heretofore been furnished to each Lender.  Such financial statements (including the notes thereto) (i) have been audited by KPMG LLP, (ii) have been prepared in accordance with GAAP consistently applied throughout the periods covered thereby and (iii) present fairly (on the basis disclosed in the footnotes to such financial statements) the consolidated financial condition, results of operations and cash flows of the Consolidated Parties as of such date and for such periods.  The unaudited interim balance sheets of the Consolidated Parties as at the end of, and the related unaudited interim statements of earnings and of cash flows for, each quarterly period ended after March 31, 2014 and prior to 45 days prior to the Closing Date have heretofore been furnished to each Lender.  Such interim financial statements for each such quarterly period, (i) have been prepared in accordance with GAAP consistently applied throughout the periods covered thereby and (ii) present fairly (on the basis disclosed in the footnotes to such financial statements) the consolidated financial condition, results of operations and cash flows of the Consolidated Parties as of such date and for such periods.  During the period from March 31, 2014 to and including the Closing Date, there has been no sale, transfer or other disposition by the Consolidated Parties of any material part of the business or property of the Consolidated Parties, taken as a whole, and there has been no Acquisition, in each case, which, is not reflected in the foregoing financial statements or in the notes thereto or has not otherwise been disclosed in writing to the Agent on or prior to the Closing Date.
(b)    The projections of profit and loss statements, balance sheets and cash flow reports for the Consolidated Parties on a consolidated basis for fiscal year 2015, copies of which have heretofore been furnished to each Lender, are based upon reasonable assumptions made known to the Lenders and upon information not known to be incorrect or misleading in any material respect.

74

6.2    Organization; Existence; Compliance with Law.
Each Consolidated Party (a) is duly organized or incorporated (as applicable), validly existing and, to the extent applicable, is in good standing under the laws of the jurisdiction of its organization or incorporation (as applicable), (b) has the corporate or other necessary power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign entity and in good standing, to the extent applicable, under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification, and (d) is in compliance with all Requirements of Law, except in each case described in clause (a) (other than with respect to any Borrower), (b), (c) or (d) where such failure would not be reasonably expected to have a Material Adverse Effect.
6.3    Power; Authorization; Enforceable Obligations.
Each Borrower has the corporate or other necessary power and authority, and the legal right, to make, deliver and perform the Credit Documents and to borrow hereunder, and has taken all necessary corporate action to authorize the borrowings on the terms and conditions of this Credit Agreement and to authorize the execution, delivery and performance of the Credit Documents to which it is a party.  No consent or authorization of, filing with, notice to or other similar act by or in respect of, any Governmental Authority or any other Person is required to be obtained or made by or on behalf of any Borrower in connection with the borrowings hereunder or with the execution, delivery, performance, validity or enforceability of the Credit Documents to which such Borrower is a party.  This Credit Agreement has been, and each other Credit Document to which any Borrower is a party will be, duly executed and delivered on behalf of each such Borrower.  This Credit Agreement constitutes, and each other Credit Document when executed and delivered will constitute, a legal, valid and binding obligation of each Borrower (with regard to each Credit Document to which it is a party) enforceable against such Borrower in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).
6.4    No Legal Bar.
The execution, delivery and performance of the Credit Documents by any Borrower, the borrowings hereunder and the use of the proceeds thereof (a) will not violate any Requirement of Law or contractual obligation of such Borrower or any of its Subsidiaries in any respect that would reasonably be expected to have a Material Adverse Effect, (b) will not result in, or require, the creation or imposition of any Lien on any of the Properties or revenues of such Borrower or any of its Subsidiaries pursuant to any such Requirement of Law or contractual obligation, and (c) will not violate or conflict with any provision of such Borrower’s articles of incorporation, articles of organization, bylaws, operating agreement or other applicable organizational or constitutional documents.
6.5    No Default.
No Default or Event of Default has occurred and is continuing.
6.6    Ownership of Property; Liens.

75

Each Consolidated Party has good record and marketable title in fee simple to, or a valid leasehold interest in, all its material real property, and good title to, or a valid leasehold interest in, all its other material property, and none of such property is subject to any Lien, except for Permitted Liens.
6.7    Intellectual Property.
Each Consolidated Party owns, or has the legal right to use, all trademarks, tradenames, copyrights, technology, know-how and processes, if any, necessary for each of them to conduct its business as currently conducted (the “Intellectual Property”) except for those the failure to own or have such legal right to use would not be reasonably expected to have a Material Adverse Effect.  No claim has been asserted and is pending by any Person challenging or questioning the use of any such Intellectual Property or the validity or effectiveness of any such Intellectual Property, nor does Airgas know of any such claim, and the use of such Intellectual Property by any Consolidated Party does not infringe on the rights of any Person, except for such claims and infringements that in the aggregate, would not be reasonably expected to have a Material Adverse Effect.
6.8    No Burdensome Restrictions.
Except as previously disclosed in writing to the Lenders on or prior to the Closing Date, no Requirement of Law or contractual obligation of any Consolidated Party would be reasonably expected to have a Material Adverse Effect.
6.9    Taxes.
Each Consolidated Party has filed or caused to be filed all tax returns which, to the best knowledge of Airgas, are required to be filed and has paid (a) all taxes shown to be due and payable on said returns or (b) all taxes shown to be due and payable on any assessments of which it has received notice made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (in each case, other than any (i) failure to file such tax returns or failure to pay such taxes, fees or other charges with respect to which the failure to file or pay, in the aggregate, would not reasonably be expected to have a Material Adverse Effect or (ii) taxes, fees or other charges the amount or validity of which are currently being contested and with respect to which reserves in conformity with GAAP have been provided on the books of such Person), and, except as would not reasonably be expected to have a Material Adverse Effect,  no tax Lien has been filed, and, to the best knowledge of Airgas, no claim is being asserted, with respect to any such tax, fee or other charge.
6.10    ERISA.
Except as would not be reasonably expected to have a Material Adverse Effect:
(a)    During the five-year period prior to the date on which this representation is made or deemed made: (i) no Termination Event (other than with respect to clause (vi) of the definition thereof) has occurred, and, to the best knowledge of Airgas, no event or condition has occurred or exists as a result of which any Termination Event could reasonably be expected to occur, with respect to any Plan; (ii) no Single Employer Plan has failed to satisfy the “minimum required contribution” as such term is defined in Section 430 of the Code; (iii) each Single Employer Plan and, to the best knowledge of Airgas, each Multiemployer Plan has been maintained, operated, and funded in compliance with its own terms and in material compliance with the provisions of ERISA, the Code, and any other applicable federal or state laws; and (iv) no lien in favor of the PBGC or a Plan has arisen or is reasonably likely to arise on account of any Plan.

76

(b)    No Single Employer Plan is in “at risk status” as defined in Section 430 of the Code.
(c)    No Consolidated Party or any ERISA Affiliate would become subject to any withdrawal liability in excess of $100,000,000 under ERISA if any Consolidated Party or any ERISA Affiliate were to withdraw completely from all Multiemployer Plans and Multiple Employer Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made.  No Consolidated Party or any ERISA Affiliate has received any notification that any Multiemployer Plan is in reorganization (within the meaning of Section 4241 of ERISA), is insolvent (within the meaning of Section 4245 of ERISA), or has been terminated (within the meaning of Title IV of ERISA), and no Multiemployer Plan is, to the best knowledge of Airgas, reasonably expected to be in reorganization, insolvent, or terminated.
(d)    No prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) or breach of fiduciary responsibility has occurred with respect to a Plan which has subjected or may subject any Consolidated Party or any ERISA Affiliate to any liability under Sections 406, 409, 502(i), or 502(l) of ERISA or Section 4975 of the Code, or under any agreement or other instrument pursuant to which any Consolidated Party or any ERISA Affiliate has agreed or is required to indemnify any person against any such liability.
6.11    Governmental Regulations, Etc.
(a)    No part of the proceeds of the Loans will be used, directly or indirectly, for the purpose of purchasing or carrying any “margin stock” within the meaning of Regulation U, or for the purpose of purchasing or carrying or trading in any securities other than securities issued by Airgas.  If requested by any Lender or the Agent, the Borrowers will furnish to the Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form U-1 referred to in said Regulation U.  No indebtedness being reduced or retired out of the proceeds of the Loans was or will be incurred for the purpose of purchasing or carrying any margin stock within the meaning of Regulation U or any “margin security” within the meaning of Regulation T other than securities issued by Airgas.  “Margin stock” within the meanings of Regulation U does not constitute more than 25% of the value of the consolidated assets of the Consolidated Parties.  None of the transactions contemplated by this Credit Agreement (including, without limitation, the direct or indirect use of the proceeds of the Loans) will violate or result in a violation of the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, or regulations issued pursuant thereto, or Regulation T, U or X.
(b)    No Consolidated Party is subject to regulation under the Investment Company Act of 1940, as amended.  In addition, no Consolidated Party is an “investment company” registered or required to be registered under the Investment Company Act of 1940, as amended, and is not controlled by such a company.
(c)    No director, executive officer or, to the knowledge of Airgas, principal shareholder of any Consolidated Party is a director, executive officer or principal shareholder of any Lender.  For the purposes hereof the terms “director”, “executive officer” and “principal shareholder” (when used with reference to any Lender) have the respective meanings assigned thereto in Regulation O issued by the Board of Governors of the Federal Reserve System.
(d)    Except as would not be reasonably expected to have a Material Adverse Effect, each Consolidated Party has obtained all licenses, permits, franchises or other governmental 

77

authorizations necessary to the ownership of its respective Property and to the conduct of its business.
(e)    No Consolidated Party is in violation of any applicable statute, regulation or ordinance of the United States or any other applicable jurisdiction, or of any state, province, city, town, municipality, county or of any agency thereof (including without limitation, environmental laws and regulations), which violation could reasonably be expected to have a Material Adverse Effect.
(f)    Each Consolidated Party is current with all material reports and documents, if any, required to be filed with any state, provincial or federal securities commission or similar agency and is in full compliance in all material respects with all applicable rules and regulations of such commissions.
6.12    Subsidiaries.
Schedule 6.12 sets forth all the Subsidiaries of Airgas at the Closing Date, the jurisdiction of their organization or incorporation (as applicable) and the direct or indirect ownership interest of Airgas therein.
6.13    Purpose of Loans and U.S. Letters of Credit.
The proceeds of the Loans hereunder shall be used solely by the Borrowers (i) to refinance existing Indebtedness under the Existing Credit Agreement, (ii) for the working capital, capital expenditures, acquisitions and other general corporate purposes of the Consolidated Parties and (iii) for support of commercial paper issued by Airgas.  The U.S. Letters of Credit shall be used only for or in connection with appeal bonds, reimbursement obligations arising in connection with surety and reclamation bonds, insurance, reinsurance, domestic or international trade transactions and obligations not otherwise aforementioned relating to acquisitions by the Consolidated Parties and other general corporate purposes.
6.14    Environmental Matters.
Except as could not reasonably be expected to have a Material Adverse Effect:
(a)    Each of the facilities and properties owned, leased or operated by any Consolidated Party (the “Properties”) and all operations at the Properties are in compliance with all applicable Environmental Laws, and there is no violation of any Environmental Law with respect to the Properties or the businesses operated by any Consolidated Party (the “Businesses”), and there are no conditions relating to the Businesses or Properties that could give rise to liability under any applicable Environmental Laws.
(b)    None of the Properties contains, or has previously contained, any Materials of Environmental Concern at, on or under the Properties in amounts or concentrations that constitute or constituted a violation of, or could give rise to liability under, Environmental Laws.
(c)    No Consolidated Party has received any written or verbal notice of, or inquiry from any Governmental Authority regarding, any violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Properties or the Businesses, nor does any Consolidated Party have knowledge or reason to believe that any such notice will be received or is being threatened.

78

(d)    Materials of Environmental Concern have not been transported or disposed of from the Properties, or generated, treated, stored or disposed of at, on or under any of the Properties or any other location, in each case by or on behalf of any Consolidated Party in violation of, or in a manner that would be reasonably likely to give rise to liability under, any applicable Environmental Law.
(e)    No judicial proceeding or governmental or administrative action is pending or, to the best knowledge of Airgas, threatened, under any Environmental Law to which any Consolidated Party is or will be named as a party, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to any Consolidated Party, the Properties or the Businesses.
(f)    There has been no release or, threat of release of Materials of Environmental Concern at or from the Properties, or arising from or related to the operations (including, without limitation, disposal) of any Consolidated Party in connection with the Properties or otherwise in connection with the Businesses, in violation of or in amounts or in a manner that could give rise to liability under Environmental Laws.
6.15    Solvency.
Airgas and its Subsidiaries, on a consolidated basis, (a) are able to pay their debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, (ii) do not intend to, and do not believe that they will, incur debts or liabilities beyond their ability to pay as such debts and liabilities mature in their ordinary course, (iii) are not engaged in a business or a transaction, and are not about to engage in a business or a transaction, for which their Property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which they are engaged or are to engage, (iv) own Property, the fair value of which is greater than the total amount of their liabilities, including, without limitation, contingent liabilities, and (v) own assets, the present fair salable value of which is not less than the amount that will be required to pay the probable liability on their debts as they become absolute and matured.  In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.
6.16    Foreign Borrowers.
(a)    Each Foreign Borrower is subject to civil and commercial laws with respect to its obligations under this Credit Agreement and the other Credit Documents to which it is a party (collectively as to such Foreign Borrower, the “Applicable Foreign Borrower Documents”), and the execution, delivery and performance by such Foreign Borrower of the Applicable Foreign Borrower Documents constitute and will constitute private and commercial acts and not public or governmental acts.  To the fullest extent permitted under applicable law, no Foreign Borrower nor any of its property has any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the laws of the jurisdiction in which such Foreign Borrower is organized or incorporated (as applicable) and existing in respect of its obligations under the Applicable Foreign Borrower Documents.
(b)    The Applicable Foreign Borrower Documents are in proper legal form under the laws of the jurisdiction in which each Foreign Borrower is organized or incorporated (as 

79

applicable) and existing for the enforcement thereof against such Foreign Borrower under the laws of such jurisdiction, and to ensure the legality, validity, enforceability, priority or admissibility in evidence of the Applicable Foreign Borrower Documents.  It is not necessary to ensure the legality, validity, enforceability, priority or admissibility in evidence of the Applicable Foreign Borrower Documents that the Applicable Foreign Borrower Documents be filed, registered or recorded with, or executed or notarized before, any court or other authority in the jurisdiction in which the applicable Foreign Borrower is organized or incorporated (as applicable) and existing or that any registration charge or stamp or similar tax be paid on or in respect of the Applicable Foreign Borrower Documents or the transactions contemplated by the Applicable Foreign Borrower Documents, except for (i) any such filing, registration, recording, execution or notarization as has been made or is not required to be made until the Applicable Foreign Borrower Document or any other document is sought to be enforced and (ii) any charge or tax as has been timely paid.
(c)    Each Foreign Borrower that is organized or incorporated under the laws of the Netherlands complies with the Dutch Financial Supervision Act.
(d)    No Foreign Borrower that is organized or incorporated under the laws of the Netherlands has established a works council (ondernemingsraad) under or pursuant to the Act on the Works Councils (Wet op de ondernemingsraden), and no works council is authorized to render advice or is required to be consulted with respect to any transactions contemplated by the Credit Documents.
6.17    Centre of Main Interests and Establishments.
For the purposes of the Regulation, so far as Airgas is aware, having made due and careful enquiry, the centre of main interest (as that term is used in Article 3(1) of the Regulation) of each Borrower that is organized in, or has its centre of main interest located in, a member of the European Union is situated in its Original Jurisdiction.

6.18    Sanctions.
None of Airgas, nor any of its Subsidiaries, nor, to the knowledge of Airgas and its Subsidiaries, any director, officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by any individual or entity that is (i) currently the subject or target of any Sanctions or (ii) located, organized, incorporated or resident in a Designated Jurisdiction.

ARTICLE VII     
 
AFFIRMATIVE COVENANTS
Airgas hereby covenants and agrees that so long as this Credit Agreement is in effect or any amounts payable hereunder or under any other Credit Document shall remain outstanding, and until all of the Commitments hereunder shall have terminated:
7.1    Information Covenants.
Airgas will furnish, or cause to be furnished, to the Agent (for delivery to each Lender):

80

(a)    Annual Financial Statements.  As soon as available, and in any event within 105 days after the close of each fiscal year of the Consolidated Parties, a consolidated balance sheet and income statement of the Consolidated Parties, as of the end of such fiscal year, together with related consolidated statements of operations and retained earnings and of cash flows for such fiscal year, setting forth in comparative form consolidated figures for the preceding fiscal year, all such financial information described above to be in reasonable form and detail and audited by independent certified public accountants of recognized national standing reasonably acceptable to the Agent and whose opinion shall be to the effect that such financial statements have been prepared in accordance with GAAP (except for changes with which such accountants concur) and shall not be limited as to the scope of the audit or qualified as to the status of the Consolidated Parties as a going concern.
(b)    Quarterly Financial Statements.  As soon as available, and in any event within 60 days after the close of each of the first three fiscal quarters of each fiscal year of the Consolidated Parties a consolidated balance sheet and income statement of the Consolidated Parties, as of the end of such fiscal quarter, together with related consolidated statements of operations and retained earnings and of cash flows for such fiscal quarter in each case setting forth in comparative form consolidated figures for the corresponding period of the preceding fiscal year, all such financial information described above to be in reasonable form and detail and reasonably acceptable to the Agent, and accompanied by a certificate of the chief financial officer or other Executive Officer of Airgas to the effect that, to the best of such Person’s knowledge and belief, such quarterly financial statements fairly present in all material respects the financial condition of the Consolidated Parties and have been prepared in accordance with GAAP, subject to changes resulting from audit and normal year-end audit adjustments.
(c)    Officer’s Certificate.  At the time of delivery of the financial statements provided for in Sections 7.1(a) and 7.1(b), a certificate of an Executive Officer of Airgas substantially in the form of Exhibit 7.1(c), (i) demonstrating compliance with Section 7.10 by calculation thereof as of the end of each such fiscal period and (ii) stating that no Default or Event of Default exists, or if any Default or Event of Default does exist, specifying the nature and extent thereof and what action the Borrowers propose to take with respect thereto  (which delivery may, unless the Agent, or a Lender requests executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes).
(d)    Reports.  Promptly upon transmission or receipt thereof, (i) copies of any filings and registrations with, and reports to or from, the Securities and Exchange Commission, or any successor agency, and copies of all financial statements, proxy statements, notices and reports as the Consolidated Parties shall send to their shareholders or to a holder of any Indebtedness owed by the Consolidated Parties in its capacity as such a holder and (ii) upon the request of the Agent, all reports and written information to and from the United States Environmental Protection Agency, or any state or local agency responsible for environmental  matters, the United States Occupational Health and Safety Administration, or any state, provincial or local agency responsible for health and safety matters, or any successor agencies or authorities concerning environmental, health or safety matters.
(e)    Notices.  Within five (5) Business Days after any Executive Officer of Airgas obtains knowledge thereof, Airgas will give written notice to the Agent of (a) the occurrence of an event or condition consisting of a Default or Event of Default, specifying the nature and existence thereof and what action the Borrowers propose to take with respect thereto, and (b) the occurrence of any of the following with respect to the Consolidated Parties (i) the pendency or commencement of any litigation, arbitral or governmental proceeding against such Person which 

81

if adversely determined is likely to have a Material Adverse Effect or (ii) the institution of any proceedings against such Person with respect to, or the receipt of notice by such Person of potential liability or responsibility for violation, or alleged violation of any federal, state, provincial or local law, rule or regulation, including but not limited to, Environmental Laws, the violation of which would likely have a Material Adverse Effect.
(f)    ERISA.  Within five (5) Business Days after any Executive Officer of Airgas obtains knowledge thereof, Airgas will give written notice to the Agent of the occurrence of any of the following events if such event has had or reasonably could be expected to have a Material Adverse Effect: (i) of any event or condition, including, but not limited to, any Reportable Event, that constitutes, or might reasonably lead to, a Termination Event; (ii) with respect to any Multiemployer Plan, the receipt of notice as prescribed in ERISA or otherwise of any withdrawal liability assessed against Airgas or any of its ERISA Affiliates, or of a determination that any Multiemployer Plan is in reorganization or insolvent (both within the meaning of Title IV of ERISA); or (iii) the failure to make full payment on or before the due date (including extensions) thereof of all amounts which any Consolidated Party or any ERISA Affiliate is required to contribute to each Plan pursuant to its terms and as required to meet the minimum funding standard set forth in ERISA and the Code with respect thereto, together with a description of any such event or condition or a copy of any such notice and a statement by the chief financial officer or other Executive Officer of Airgas briefly setting forth the details regarding such event, condition, or notice, and the action, if any, which has been or is being taken or is proposed to be taken by Airgas or any ERISA Affiliate with respect thereto.
(g)    Other Information.  With reasonable promptness upon any such request, such other information regarding the business, properties or financial condition of the Consolidated Parties as the Agent or the Required Lenders may reasonably request.
Documents required to be delivered pursuant to Section 7.1(a), 7.1(b) or 7.1(d) may be delivered electronically and shall be deemed to have been delivered on the date (i) on which Airgas posts such documents on the Securities and Exchange Commission website or Airgas’ website at the website address listed on Schedule 11.1; or (ii) on which such documents are posted on Airgas’  behalf on an Internet or intranet 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) if such Person does not have access to such websites, Airgas shall deliver paper copies of such documents to the Agent or any Lender that requests Airgas to deliver such paper copies until a written request to cease delivering paper copies is given by the Agent or such Lender and (ii) Airgas shall notify the Agent (by telecopier or electronic mail) of the posting of any such documents and, if requested by the Agent, provide to the Agent by electronic mail electronic versions (i.e., soft copies) of such documents.  The Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by Airgas with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.
The Borrowers hereby acknowledges that (a) the Agent and/or MLPFS may, but shall not be obligated to, make available to the Lenders materials and/or information provided by or on behalf of the Borrowers hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on DebtDomain, IntraLinks, Syndtrak, ClearPar, or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to Airgas or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities.  Each Borrower hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a 

82

minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the Agent, MLPFS, the Issuing Lenders and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to any Borrower or its securities for purposes of United States federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 11.14); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated as “Public Side Information;” and (z) the Agent and MLPFS shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform that is not marked as “Public Side Information.”  Notwithstanding the foregoing, the Borrowers shall be under no obligation to mark any Borrower Materials “PUBLIC.”
7.2    Preservation of Existence and Franchises.
Except as a result of or in connection with a dissolution, merger or disposition of a Subsidiary permitted by Section 8.4(a), Airgas will, and will cause each Consolidated Party to, do all things necessary to preserve and keep in full force and effect its existence, rights, franchises and authority, except, in the case of a Consolidated Party (other than, with respect to existence, Airgas), as could not reasonably be expected to have a Material Adverse Effect.
7.3    Books and Records.
Airgas will, and will cause each of its Subsidiaries domiciled in the United States to, keep complete and accurate (in all material respects) books and records of its material transactions in accordance with good accounting practices on the basis of GAAP (including the establishment and maintenance of appropriate reserves).  Airgas will, and cause each Consolidated Party domiciled in any other applicable jurisdiction to, keep complete and accurate (in all material respects) books and records of its material transactions in accordance with good accounting practices on the basis of generally accepted accounting principles applicable in such other applicable jurisdiction.
7.4    Compliance with Law.
Airgas will, and will cause each Consolidated Party to, comply with all laws, rules, regulations and orders, and all applicable restrictions imposed by all Governmental Authorities, applicable to it and its property if noncompliance with any such law, rule, regulation, order or restriction would reasonably be expected to have a Material Adverse Effect.
7.5    Payment of Taxes.
Except as would not reasonably be expected to have a Material Adverse Effect, Airgas will, and will cause each Consolidated Party to, pay and discharge (i) all taxes, assessments and governmental charges or levies imposed upon it, or upon its income or profits, or upon any of its properties, before they shall become delinquent, except for any taxes, assessments or other charges or claims the amount or validity of which are currently being contested and with respect to which reserves in conformity with GAAP have been provided on the books of such Person, and (ii) all lawful claims (including claims for labor, materials and supplies) which, if unpaid, might give rise to a Lien upon any of its properties.
7.6    Insurance.
Airgas will, and will cause each Consolidated Party to, at all times maintain in full force and effect insurance (including worker’s compensation insurance, liability insurance, casualty insurance and 

83

business interruption insurance) in such amounts, covering such risks and liabilities and with such deductibles or self-insurance retentions as are in accordance with normal industry practices.
7.7    Maintenance of Property.
Airgas will, and will cause each Consolidated Party to, maintain and preserve its properties and equipment material to the conduct of its business in good repair, working order and condition, normal wear and tear and casualty and condemnation excepted, and will make, or cause to be made, in such properties and equipment from time to time all repairs, renewals, replacements, extensions, additions, betterments and improvements thereto as may be needed or proper, to the extent and in the manner customary for companies in similar businesses.
7.8    Use of Proceeds.
The Borrowers will use the proceeds of the Loans and will use the U.S. Letters of Credit solely for the purposes set forth in Section 6.13.
7.9    Audits/Inspections.
Upon reasonable notice and during normal business hours, Airgas will, and will cause each Consolidated Party to, permit representatives appointed by the Agent, including, without limitation, independent accountants, agents, attorneys, and appraisers to visit and inspect its property, including its books and records, its accounts receivable and inventory, its facilities and its other business assets, and to make photocopies or photographs thereof and to write down and record any information such representative obtains.  The Agent shall make available to the Lenders upon request any information it obtains from any such visitations or inspections.
7.10    Consolidated Leverage Ratio.
Airgas shall cause the Consolidated Leverage Ratio as of the last day of each fiscal quarter of Airgas to be no greater than 3.5 to 1.0.
7.11    Compliance with Dutch Financial Supervision Act.
Each Foreign Borrower that is organized or incorporated under the laws of the Netherlands shall ensure that it complies with the Dutch Financial Supervision Act and, to the extent applicable, any regulations promulgated thereunder.
7.12    Centre of Main Interests and Establishments.
All Borrowers that are organized in, or have their centre of main interest located in, members of the European Union shall procure that, for the purposes of the Regulation, its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its jurisdiction of incorporation and it has no "establishment" as that term is used in article 2(h) of the Regulation in any other jurisdiction.
ARTICLE VIII     
 
NEGATIVE COVENANTS

84

Airgas hereby covenants and agrees that, so long as this Credit Agreement is in effect or any amounts payable hereunder or under any other Credit Document shall remain outstanding, and until all of the Commitments hereunder shall have terminated:
8.1    Subsidiary Indebtedness.
Airgas will not permit the aggregate principal amount of all Indebtedness (other than (a) the Obligations and (b) intercompany Indebtedness among Consolidated Parties) of all Subsidiaries of Airgas to exceed an amount equal to (i) fifteen percent (15%) of the consolidated total assets of the Consolidated Parties, as determined in accordance with GAAP less (ii) the aggregate principal amount of Indebtedness of Airgas (but not any of its Subsidiaries) secured by Liens incurred pursuant to Section 8.2(m).
8.2    Liens.
Airgas will not permit any Consolidated Party to contract, create, incur, assume or permit to exist any Lien with respect to any of its Property, whether now owned or after acquired, except for:
(a)    Liens arising under the Credit Documents;
(b)    Liens (other than Liens created or imposed under ERISA) for taxes, assessments or governmental charges or levies not yet due or being contested in good faith by appropriate proceedings for which adequate reserves determined in accordance with GAAP have been established (and as to which the Property subject to any such Lien is not yet subject to foreclosure, sale or loss on account thereof);
(c)    statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and suppliers and other Liens imposed by law or pursuant to customary reservations or retentions of title arising in the ordinary course of business, provided that such Liens secure only amounts not yet due and payable or, if due and payable, are unfiled and no other action has been taken to enforce the same or are being contested in good faith by appropriate proceedings for which adequate reserves determined in accordance with GAAP have been established (and as to which the Property subject to any such Lien is not yet subject to foreclosure, sale or loss on account thereof);
(d)    Liens (other than Liens created or imposed under ERISA) incurred or deposits made by the Consolidated Parties in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money);
(e)    Liens in connection with attachments or judgments (including judgment or appeal bonds) provided that the judgments secured shall, within 30 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall have been discharged within 30 days after the expiration of any such stay;
(f)    easements, rights-of-way, restrictions (including zoning restrictions), minor defects or irregularities in title and other similar charges or encumbrances not, in any material respect, impairing the use of the encumbered Property for its intended purposes;
(g)    Liens existing as of the Closing Date and set forth on Schedule 8.2;

85

(h)    Liens on Property of any Person securing purchase money Indebtedness, Capital Leases and Synthetic Leases of such Person, provided that (a) any such Lien attaches to such Property (and only such Property) concurrently with or within 90 days after the incurrence of the Indebtedness secured thereby; (b) the Indebtedness secured thereby shall not exceed the purchase price of the asset(s) financed and (c) the aggregate principal amount of all Indebtedness secured thereby does not exceed $100,000,000;
(i)    Liens on Property of any Person securing Indebtedness (other than purchase money Indebtedness and obligations under Capital Leases or Synthetic Leases) assumed or acquired by the Consolidated Parties in connection with an Acquisition, provided that (i) no such Lien shall at any time be extended to or cover any Property other than the Property subject thereto on the date the related Acquisition is consummated, (ii) the Indebtedness secured by such Lien was not created in anticipation of the related Acquisition and (iii) the aggregate principal amount of all Indebtedness secured thereby does not exceed $100,000,000;
(j)    leases or subleases granted to others not interfering in any material respect with the business of any Consolidated Party;
(k)    any interest of title of a lessor under, and Liens arising from Uniform Commercial Code financing statements (or equivalent filings, registrations or agreements in foreign jurisdictions) relating to, operating leases permitted by this Credit Agreement;
(l)    normal and customary rights of setoff upon deposits of cash in favor of banks or other depository institutions and rights of pledge and set-off arising pursuant to the general banking conditions declared applicable to Dutch bank accounts;
(m)    Liens securing Indebtedness of any Consolidated Party; provided that the aggregate principal amount of all Indebtedness secured thereby does not exceed an amount equal to fifteen percent (15%) of the consolidated total assets of the Consolidated Parties, as determined in accordance with GAAP;
(n)    Liens in favor of the U.S. Issuing Lenders or the U.S. Swingline Lender on cash collateral securing the obligations of a Defaulting Lender to fund risk participations hereunder; and
(o)    other Liens not described above, provided that such Liens do not secure obligations in excess of $100,000,000 at any one time outstanding.
8.3    Nature of Business.
Airgas will not permit any Consolidated Party to substantively alter the character or conduct of the business conducted by any such Person as of the Closing Date, except for reasonable extensions thereof and businesses ancillary thereto.
8.4    Consolidation, Merger, or Sales of Assets.
Airgas will not permit any Consolidated Party to (x) merge into or amalgamate or consolidate with any other Person, or permit any other Person to merge into or amalgamate or consolidate with it, or (y) sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) (1) all or substantially all of the assets (whether now owned or hereafter acquired) of the Consolidated Parties on a consolidated basis or (2) any Capital Stock of any Subsidiary, except that:

86

(a)    If at the time thereof and immediately after giving effect thereto no Default or Event of Default shall have occurred and be continuing,  any Subsidiary or any other Person may merge into, amalgamate or consolidate with or liquidate or dissolve into Airgas or any of its Subsidiaries and any Subsidiary may merge into, consolidate with or liquidate or dissolve into any other Person provided that, (i) if Airgas is a party to such transaction, Airgas is the surviving corporation and (ii) if a Foreign Borrower is a party to such transaction, a Foreign Borrower shall be the surviving entity;
(b)    Airgas may sell all or any portion of the Capital Stock of any Subsidiary for fair market value, as determined in good faith by Airgas’ board of directors, provided (i) such sale does not constitute a sale of all or substantially all of the Consolidated Parties’ assets on a consolidated basis, and (ii) if such sale involves the Capital Stock of a Foreign Borrower, Airgas or another Foreign Borrower shall agree in writing to assume the obligations of such Foreign Borrower under this Credit Agreement and the other Credit Documents; and
(c)    Airgas may transfer, or cause to be transferred, all or any portion of the Capital Stock of any wholly-owned Subsidiary to Airgas or another wholly-owned Subsidiary, provided, if such transfer involves the Capital Stock of a Foreign Borrower, Airgas or another Foreign Borrower shall agree in writing to assume the obligations of such Foreign Borrower under this Credit Agreement and the other Credit Documents.
8.5    Use of Proceeds.
Airgas will not permit any Consolidated Party to use the proceeds of any Loan or use any U.S. Letter of Credit, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.
8.6    Transactions with Affiliates.
Airgas will not permit any Consolidated Party to enter into or permit to exist any transaction or series of transactions with any officer, director, shareholder, Subsidiary or Affiliate of such Person other than (a) intercompany transactions not prohibited by this Credit Agreement, (b) normal compensation and reimbursement of expenses of officers and directors and (c) except as otherwise specifically limited in this Credit Agreement, other transactions on terms and conditions substantially as favorable to such Consolidated Party as would be obtainable by it in a comparable arms-length transaction with a Person other than an officer, director, shareholder, Subsidiary or Affiliate.
8.7    Sanctions.
Airgas will not permit any Consolidated Party to directly or, to its knowledge, indirectly, use any Loan or U.S. Letter of Credit or the proceeds thereof, or lend, contribute or otherwise make available such Loan or U.S. Letter of Credit or the proceeds thereof to any Person, to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as Lender, lead arranger, Agent, U.S. Issuing Lender, U.S. Swingline Lender, Foreign Swingline Lender, or otherwise) of Sanctions.
          

87

ARTICLE IX     
 
EVENTS OF DEFAULT
9.1    Events of Default.
An Event of Default shall exist upon the occurrence of any of the following specified events (each an “Event of Default”):
(a)    Payment.  Any Borrower shall
(i)    default in the payment when due of any principal of any of the Loans or of any reimbursement obligations arising from drawings under U.S. Letters of Credit, or
(ii)    default, and such defaults shall continue for five (5) or more days, in the payment when due of any interest on the Loans or on any reimbursement obligations arising from drawings under U.S. Letters of Credit, or of any fees or other amounts owing hereunder, under any of the other Credit Documents or in connection herewith or therewith; or
(b)    Representations.  Any representation, warranty or statement made or deemed to be made by any Borrower herein, in any of the other Credit Documents, or in any statement or certificate delivered or required to be delivered pursuant hereto or thereto shall prove untrue in any material respect on the date as of which it was deemed to have been made; or
(c)    Covenants.
(i)    default in the due performance or observance by it of any term, covenant or agreement contained in Sections 7.2, 7.8 or 7.10 or Article VIII of this Credit Agreement (other than those referred to in subsections (a) or (b) of this Section 9.1) contained in this Credit Agreement; or
(ii)    default in the due performance or observance by it of any term, covenant or agreement (other than those referred to in subsections (a), (b) or (c)(i) of this Section 9.1) contained in this Credit Agreement or any other Credit Document and such default shall continue unremedied for a period of at least 30 days after the earlier of an Executive Officer of Airgas becoming aware of such default or notice thereof by the Agent; or
(d)    Other Credit Documents.  Except as a result of or in connection with a dissolution, merger or disposition of a Subsidiary not prohibited by Section 8.4 or as otherwise permitted by any Credit Document, any Credit Document shall fail to be in full force and effect or to give the Agent and/or the Lenders the Liens, rights, powers and privileges purported to be created thereby, or any Borrower shall so state in writing; or
(e)    Bankruptcy, etc.  Any Bankruptcy Event shall occur with respect to any Borrower or any Material Subsidiary; or
(f)    Defaults under Other Indebtedness.  With respect to any Indebtedness (other than Indebtedness outstanding under this Credit Agreement) in excess of $100,000,000 in the aggregate for the Consolidated Parties taken as a whole any of the following shall occur (unless, 

88

with respect to any Indebtedness in favor of the seller of a company acquired by any Consolidated Party, such occurrence is in connection with a bona fide dispute as to the right of the applicable Person to offset such Indebtedness against indemnification obligations of the holder of such Indebtedness to such Person and such Person shall have made adequate provision (as determined by the Required Lenders in their reasonable discretion) for such Indebtedness on its books of account):  (A) (1) any Consolidated Party shall default in any payment (beyond the applicable grace period with respect thereto, if any) with respect to any such Indebtedness or (2) the occurrence and continuance of a default in the observance or performance relating to such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event or condition shall occur or condition exist, the effect of which default or other event or condition is to cause, or permit, the holder or holders of such Indebtedness (or trustee or agent on behalf of such holders) to cause (determined without regard to whether any notice or lapse of time is required), any such Indebtedness to become due prior to its stated maturity; or (B) any such Indebtedness shall be declared due and payable, or required to be prepaid other than by a regularly scheduled required prepayment, prior to the stated maturity thereof; or
(g)    Judgments.  One or more judgments or decrees shall be entered against any Consolidated Party involving a liability of $100,000,000 or more in the aggregate (to the extent not paid or fully covered by insurance provided by a carrier who has acknowledged coverage) and any such judgments or decrees shall not have been vacated, discharged or stayed or bonded pending appeal within 30 days from the entry thereof; or
(h)    ERISA.  Any of the following events or conditions, if such event or condition reasonably could be expected to involve possible taxes, penalties, and other liabilities in an aggregate amount in excess of $100,000,000: (1) a Single Employer Plan failing to satisfy the “minimum required contribution”, as such term is defined in Section 302 of ERISA and Section 430 of the Code, shall exist with respect to any Single Employer Plan, or any lien shall arise on the assets of any Consolidated Party or any ERISA Affiliate in favor of the PBGC or a Plan; (2) a Termination Event shall occur with respect to a Single Employer Plan, which is, in the reasonable opinion of the Agent, likely to result in the termination of such Plan for purposes of Title IV of ERISA; (3) a Termination Event shall occur with respect to a Multiemployer Plan or Multiple Employer Plan, which is, in the reasonable opinion of the Agent, likely to result in (i) the termination of such Plan for purposes of Title IV of ERISA, or (ii) any Consolidated Party or any ERISA Affiliate incurring any liability in connection with a withdrawal from, reorganization of (within the meaning of Section 4241 of ERISA), or insolvency or (within the meaning of Section 4245 of ERISA) such Plan; or (4) any prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) or breach of fiduciary responsibility shall occur which may subject any Consolidated Party or any ERISA Affiliate to any liability under Sections 406, 409, 502(i), or 502(l) of ERISA or Section 4975 of the Code, or under any agreement or other instrument pursuant to which any Consolidated Party or any ERISA Affiliate has agreed or is required to indemnify any person against any such liability; or
(i)    Ownership.
(i)    Any Person or two or more Persons (in each case, other than Airgas or a wholly-owned Subsidiary) acting in concert shall have acquired beneficial ownership, directly or indirectly, of, or shall have acquired by contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation, will result in its or their acquisition of, control over, Voting Stock of Airgas (or other securities convertible into such Voting Stock) representing 50% or more of the combined voting power of all 

89

Voting Stock of Airgas; provided, however, such occurrence shall not constitute an Event of Default hereunder until a period of 30 days has elapsed from the date of the acquisition by such Person and/or its Affiliates of Voting Stock of Airgas which gives such Person and/or its Affiliates an aggregate ownership of more than 50% of the Voting Stock of Airgas; provided further, if such Person and/or its Affiliates have filed a tender offer statement with the Securities and Exchange Commission in connection with such acquisition, the 30 day period referenced above in the foregoing proviso shall commence on the date of the filing with the Securities and Exchange Commission of such tender offer statement (but shall not be deemed to end prior to such acquisition).
(ii)    Airgas shall fail to own, directly or indirectly, all of the Voting Stock of each of the Foreign Borrowers or the Foreign Swingline Borrowers, other than with respect to any Foreign Borrower which ceases to be a Foreign Borrower pursuant to Section 3.2 or any Foreign Swingline Borrower upon cancellation of the applicable Foreign Swingline Facility.
9.2    Acceleration; Remedies.
Upon the occurrence of an Event of Default, and at any time thereafter unless and until such Event of Default has been waived by, or cured to the satisfaction of, the requisite Lenders (pursuant to the voting procedures in Section 11.6), the Agent shall, upon the request and direction of the Required Lenders, by written notice to Airgas take any of the following actions:
(i)    Termination of Commitments.  Declare the Commitments terminated whereupon the Commitments shall be immediately terminated.
(ii)    Acceleration.  Declare the unpaid principal of and any accrued interest in respect of all Loans, any reimbursement obligations arising from drawings under U.S. Letters of Credit and any and all other indebtedness or obligations of any and every kind owing by any Borrower to the Agent and/or any of the Lenders hereunder to be due whereupon the same shall be immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers.
(iii)    Cash Collateral.  Direct the Borrowers to Cash Collateralize the U.S. LOC Obligations in an amount equal to the Minimum Collateral Amount.
(iv)    Enforcement of Rights.  Enforce any and all rights and interests created and existing under the Credit Documents and all rights of set-off.
Notwithstanding the foregoing, if an Event of Default specified in Section 9.1(e) with respect to a Borrower (or in which a Borrower is named as a debtor) shall occur, then the Commitments shall automatically terminate and all Loans, all reimbursement obligations arising from drawings under U.S. Letters of Credit, all accrued interest in respect thereof, all accrued and unpaid fees and other indebtedness or obligations owing to the Agent and/or any of the Lenders hereunder automatically shall immediately become due and payable without the giving of any notice or other action by the Agent or the Lenders.
9.3    Allocation of Payments After Acceleration.
After acceleration of the Obligations pursuant to Section 9.2, all amounts collected or received by the Agent or any Lender from the Borrowers in connection with or on account of the Obligations or any 

90

other amounts outstanding under any of the Credit Documents, whether received from a Borrower or otherwise shall be immediately forwarded to the Agent and shall be thereafter be paid over or delivered as follows:
FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Agent in connection with enforcing the rights of the Lenders under the Credit Documents;
SECOND, to the payment of any fees owed to the Agent;
THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation, reasonable attorneys’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Obligations owing to such Lender ratably among them in proportion to the amounts described in this clause THIRD payable to them;
FOURTH, to the payment of all of the Obligations consisting of accrued fees and interest ratably among the Lenders in proportion to the respective amounts described in this clause FOURTH held by them;
FIFTH, to the payment of the outstanding principal amount of the Obligations (including the payment or Cash Collateralization of the outstanding U.S. LOC Obligations) ratably among the Lenders in proportion to the respective amounts described in this clause FIFTH held by them;
SIXTH, to all other Obligations and other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses “FIRST” through “FIFTH” above ratably among the Lenders in proportion to the respective amounts described in this clause SIXTH held by them; and
SEVENTH, to the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus.
In carrying out the foregoing:
(i)    to the extent that any amounts available for distribution pursuant to clause “FIFTH” above are attributable to the issued but undrawn amount of outstanding U.S. Letters of Credit, such amounts shall be held by the Agent in a cash collateral account and applied (A) first, to reimburse the applicable U.S. Issuing Lender from time to time for any drawings under such U.S. Letters of Credit and (B) then, following the expiration or cancellation of all U.S. Letters of Credit, to all other obligations of the types described in clauses “FIFTH”, “SIXTH” and “SEVENTH” above in the manner provided in this Section 9.3;
(ii)    all amounts collected or received by the Agent or any Lender from the Foreign Borrowers and the Foreign Swingline Borrowers shall be applied exclusively to the applicable Foreign Obligations until the payment in full thereof; and
(iii)    with respect to any amounts collected or received by the Agent or any Lender from Airgas, clauses “THIRD”, “FOURTH” and “FIFTH” above shall include only that portion, if any, of the Foreign Obligations that is outstanding after taking into 

91

account any amounts collected or received by the Agent or any Lender from the Foreign Borrowers and the Foreign Swingline Borrowers.
ARTICLE X     
 
AGENCY PROVISIONS
10.1    Appointment and Authority.
Each of the Lenders hereby irrevocably appoints Bank of America to act on its behalf as the Agent hereunder and under the other Credit Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this Article X are solely for the benefit of the Agent and the Lenders, and neither Airgas nor any other Borrower shall have rights as a third party beneficiary of any of such provisions.  It is understood and agreed that the use of the term “agent” herein or in any other Credit Documents (or any other similar term) with reference to the Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.
10.2    Rights as a Lender.
Any Person serving as the 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 the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include any Person serving as the Agent hereunder in its individual capacity.  Any such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with Airgas or any Subsidiary or other Affiliate thereof as if such Person were not the Agent hereunder and without any duty to account therefor to the Lenders  or to provide notice to or consent of the Lenders with respect thereto.
10.3    Exculpatory Provisions.
The Agent shall not have any duties or obligations except those expressly set forth herein and in the other Credit Documents, and its duties hereunder shall be administrative in nature.  Without limiting the generality of the foregoing, the Agent:
(a)    shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing;
(b)    shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Credit Documents), provided that the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent to liability or that is contrary to any Credit Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Bankruptcy Code or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Bankruptcy Code; and

92

(c)    shall not, except as expressly set forth herein and in the other Credit Documents, have any duty or responsibility to disclose, and shall be liable for the failure to disclose, any information relating to Airgas or any of its Affiliates that is communicated to or obtained by the Person serving as the Agent or any of its Affiliates in any capacity.
Neither the Agent nor any of its Related Parties shall be liable for any action taken or not taken by the Agent under or in connection with this Credit Agreement or any other Credit Document or the transactions contemplated hereby or thereby (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.6 and 9.2) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment.  Any such action taken or failure to act pursuant to the foregoing shall be binding on all Lenders.  The Agent shall not be deemed to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given in writing to the Agent by Airgas or a Lender.
Neither the Agent nor any of its Related Parties shall be responsible for nor have any duty or obligation to any Lender or participant or any other Person to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Credit Agreement or any other Credit Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Credit Agreement, any other Credit Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article V or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Agent.
10.4    Reliance by the Agent.
The Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, and shall be fully protected in relying on, any notice, request, certificate, communication, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall be fully protected in relying on and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to the making of a Loan, the issuance, extension, renewal or increase of a U.S. Letter of Credit or the making of any other extension of credit hereunder, that by its terms must be fulfilled to the satisfaction of a Lender, the Agent may presume that such condition is satisfactory to such Lender unless the Agent shall have received notice to the contrary from such Lender prior to the making of such Loan, the issuance, extension renewal or increase of such U.S. Letter of Credit or the making of such other extension of credit.  The Agent may consult with legal counsel (who may be counsel for the Borrowers), 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.
10.5    Delegation of Duties.
The Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Credit Document by or through any one or more sub‐agents appointed by the Agent.  The Agent and any such sub‐agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of this Article  X shall apply to 

93

any such sub‐agent and to the Related Parties of the Agent and any such sub‐agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as the Agent.  The Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.
10.6    Resignation of Agent.
(a)    The Agent may at any time give notice of its resignation to the Lenders, the U.S. Issuing Lender and Airgas.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with Airgas, to appoint a successor, which, in the case of a successor Agent, shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States.  If no such 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 (or such earlier day as shall be agreed by Airgas and the Required Lenders) (the “Resignation Effective Date”), then the retiring Agent may (but shall not be obligated to) on behalf of the Lenders and the U.S. Issuing Lender, appoint a successor Agent meeting the qualifications set forth above.  Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.
(b)    If the Person serving as Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to Airgas and such Person remove such Person as Agent and, in consultation with Airgas, appoint a successor.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by Airgas and the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.
(c)    With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (i) the retiring or removed Agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any collateral security held by the Agent on behalf of the Lenders or the U.S. Issuing Lender under any of the Credit Documents, the retiring or removed Agent shall continue to hold such collateral security until such time as a successor Agent is appointed) and (ii) except for any indemnity payments or other amounts then owed to the retiring or removed Agent, all payments, communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each Lender and the U.S. Issuing Lender directly, until such time, if any, as the Required Lenders appoint a successor Agent as provided for above.  Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Agent (other than as provided in Section 4.10(a)(iii) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this Section).  The fees payable by Airgas to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between Airgas and such successor.  After the retiring or removed Agent’s resignation or removal hereunder and under the other Credit Documents, the provisions of this Article X and Section 11.5 shall continue in effect for the benefit of such retiring or removed 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 the retiring or removed Agent was acting as Agent.

94

(d)    Any resignation by Bank of America as Agent pursuant to this Section shall also constitute its resignation as U.S. Swingline Lender (and, if applicable, as a U.S. Issuing Lender).  If Bank of America resigns as an U.S. Issuing Lender, it shall retain all the rights, powers, privileges and duties of the U.S. Issuing Lender hereunder with respect to all U.S. Letters of Credit outstanding as of the effective date of its resignation as U.S. Issuing Lender and all U.S. LOC Obligations with respect thereto, including the right to require the Lenders to make U.S. Base Rate Loans or fund risk participations in U.S. LOC Obligations.  If Bank of America resigns as U.S. Swingline Lender, it shall retain all the rights of the U.S. Swingline Lender provided for hereunder with respect to U.S. Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make U.S. Base Rate Loans or fund risk participations in outstanding U.S. Swingline Loans.  Upon acceptance of a successor’s appointment as Agent hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender), (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring U.S. Swingline Lender (and, if applicable, the retiring U.S. Issuing Lender), (ii) such retiring U.S. Swingline Lender (and, if applicable, retiring U.S. Issuing Lender) shall be discharged from all of their respective duties and obligations hereunder or under the other Credit Documents and (iii) the successor U.S. Issuing Lender shall issue letters of credit in substitution for the U.S. Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America  with respect to such U.S. Letters of Credit.
10.7    Non-Reliance on Agent and Other Lenders.
Each Lender acknowledges that it has, independently and without reliance upon the Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Credit Agreement.  Each Lender also acknowledges that it will, independently and without reliance upon the Agent or any other Lender or any of their Related Parties 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 Credit Agreement, any other Credit Document or any related agreement or any document furnished hereunder or thereunder.
10.8    No Other Duties; Etc.
Anything herein to the contrary notwithstanding, none of the bookrunners, arrangers, syndication agents, documentation agents or co-agents shall have any powers, duties or responsibilities under this Credit Agreement or any of the other Credit Documents, except in its capacity, as applicable, as the Agent or a Lender hereunder.
10.9    Agent May File Proofs of Claim.
In case of the pendency of any receivership, administration, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Borrower, the Agent (irrespective of whether the principal of any Loan, U.S. LOC Obligation or other extension of credit hereunder shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Agent shall have made any demand on any Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:
(a)    to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, U.S. LOC Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Agent (including any claim for the reasonable 

95

compensation, expenses, disbursements and advances of the Lenders and the Agent and their respective agents and counsel and all other amounts due the Lenders and the Agent under Sections 4.5 and 11.5) allowed in such judicial proceeding; and
(b)    to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;
and any custodian, receiver, administrator, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Agent and, in the event that the Agent shall consent to the making of such payments directly to the Lenders, to pay to the Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Agent and its agents and counsel, and any other amounts due the Agent under Sections 4.5 and 11.5.
Nothing contained herein shall be deemed to authorize the Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Agent to vote in respect of the claim of any Lender in any such proceeding.
ARTICLE XI     
 
MISCELLANEOUS.
11.1    Notices and Other Communications; Facsimile Copies.
(a)    Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (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 telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:
(i)    if to Airgas or any other Borrower, the Agent, a U.S. Issuing Lender or the U.S. Swingline Lender, to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 11.1;
(ii)    if to any Foreign Swingline Lender, to the address, telecopier number, electronic mail address or telephone number specified in the applicable Foreign Swingline Facility Notice); and
(iii)    if to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire.
Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except 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).  Notices delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b).

96

(b)    Electronic Communications.  Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e‐mail, FpML messaging and Internet or intranet websites) pursuant to procedures approved by the Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II, Article III or Article IV if such Lender has notified the Agent that it is incapable of receiving notices under such Article by electronic communication.  The Agent, any U.S. Issuing Lender, the U.S. Swingline Lender, any Foreign Swingline Lender or Airgas 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.
Unless the Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications 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 (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.
(c)    Change of Address, Etc.  Each of Airgas, the Agent, a U.S. Issuing Lender, the U.S. Swingline Lender and a Foreign Swingline Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto.  Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to Airgas and the Agent and, in the case of any U.S. Revolving Lender, the U.S. Issuing Lenders and the U.S. Swingline Lender.  In addition, each Lender agrees to notify the Agent from time to time to ensure that the Agent have on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.
(d)    Reliance.  The Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic Notices of Borrowing) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The Borrowers shall indemnify the Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of a Borrower.  All telephonic notices to and other telephonic communications with the Agent may be recorded by the Agent, and each of the parties hereto hereby consents to such recording.
(e)    The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-

97

INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.  In no event shall the Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrowers, any Lender, the U.S. Issuing Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Borrower’s or the Agent’s transmission of Borrower Materials through the Internet, the Platform or any other electronic platform or electronic messaging service, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to the Borrowers, any Lender, the Issuing Lender or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).
11.2    Right of Set-Off.
If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of Airgas or any other Borrower against any and all of the obligations of Airgas or such Borrower now or hereafter existing under this Credit Agreement or any other Credit Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Credit Agreement or any other Credit Document and although such obligations of Airgas or such Borrower may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Agent for further application in accordance with the provisions of Section 4.16 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender and its Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or its Affiliates may have.  Each Lender agrees to notify Airgas and the Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.
11.3    Benefit of Agreement.
(a)    Successors and Assigns Generally.  The provisions of this Credit Agreement and the other Credit Documents shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights or obligations hereunder or thereunder without the prior written consent of the Agent and each affected Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void).  Nothing in this Credit Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, 

98

Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Credit Agreement.
(b)    Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Credit Agreement and the other Credit Documents (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in U.S. LOC Obligations and in U.S. Swingline Loans) at the time owing to it); provided that any such assignment shall be subject to the following conditions:
(i)    Minimum Amounts.
(A)    in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, no minimum amount need be assigned;
(B)    in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes outstanding Loans thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the 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 or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 in the case of an assignment of U.S. Revolving Loans or Foreign Currency Loans unless each of the Agent and, so long as no Event of Default has occurred and is continuing, Airgas otherwise consents (each such consent not to be unreasonably withheld or delayed) in which case, where such consent is given in relation to a Dutch Borrower, the indicated aggregate amount shall not be less than € 100,000 or, if the competent authority has published its interpretation of the term ‘public’ as referred to in article 4.1.(1) of Regulation (EU) No 575/2013 of the European Parliament and the Council of 27 June 2013 on prudential requirements for credit institutions and investment firms, such other minimum amount as may be required for the Eligible Assignee to be considered part of the public under such interpretation;
(ii)    Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations hereunder, assigned, except that this subsection (b)(ii) shall not (A) apply to rights in respect of U.S. Swingline Loans or (B) prohibit any Lender from assigning all or a portion of its rights and obligations in respect of its U.S. Revolving Commitment (and the related U.S. Revolving Loans thereunder), its Foreign Currency Commitment (and the related Foreign Currency Loans thereunder) and any of its Foreign Swingline Commitments on a non-pro rata basis;
(iii)    Required Consents.  No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of this Section and, in addition:
(A)    the consent of Airgas (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has 

99

occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund;
(B)    the consent of the Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment is to a Person that is not a Lender with a Commitment in respect of the Commitment subject to such assignment, an Affiliate of such Lender or an Approved Fund with respect to such Lender;
(C)    the consent of each U.S. Issuing Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment in respect of U.S. Revolving Loans and U.S. Revolving Commitments; and
(D)    the consent of the U.S. Swingline Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment in respect of U.S. Revolving Loans and U.S. Revolving Commitments.
(iv)    Assignment and Assumption.  The parties to each assignment shall execute and deliver to the Agent an Assignment and Assumption, together with (in cases other than an assignment to an Affiliate of the assigning Lender) a processing and recordation fee of $3,500 (payable by the assignor or assignee), and the Eligible Assignee, if it shall not be a Lender, shall deliver to the Agent an Administrative Questionnaire.      
(v)    No Assignment to Certain Persons.  No such assignment shall be made to (A) Airgas or any of Airgas’ Affiliates or Subsidiaries, (B) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B), or (C) a natural person or a holding company, investment vehicle or trust for or owned by and operated for the primary benefit of a natural person.
(vi)    Additional Limitation with respect to Foreign Currency Commitments.  In the case of any assignment of any Foreign Currency Commitment (and the related Foreign Currency Loans), no such assignment shall be made to any Person that, through its applicable lending offices, is not capable (subject to the completion of any necessary procedural formalities) of lending U.S. Dollars or the Foreign Currencies as of the effective date of such assignment to Airgas or the Foreign Borrowers, as the case may be, without the imposition of additional withholding taxes (unless Airgas otherwise agrees in writing).
(vii)    Certain Additional Payments.  In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of Airgas and the Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Agent or any Lender hereunder (and interest accrued 

100

thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in U.S. Letters of Credit and U.S. Swingline Loans (as applicable) in accordance with its Applicable Percentage.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Requirements of Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Credit Agreement until such compliance occurs.
Subject to acceptance and recording thereof by the Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Credit Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Credit 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 Credit Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Credit Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 4.6, 4.9, 4.10, 4.11 and 11.5 with respect to facts and circumstances occurring prior to the effective date of such assignment).  Any assignment or transfer by a Lender of rights or obligations under this Credit Agreement that does not comply with this subsection shall be treated for purposes of this Credit Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section.
(c)    Register.  The Agent, acting solely for this purpose as an agent of the applicable Borrowers (and such agency being solely for tax purposes), shall maintain at its office 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 Commitments of, and principal amounts (and stated interest) of the Loans and U.S. LOC Obligations owing to, each applicable 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 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 Credit Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrowers, the U.S. Issuing Lenders and any Lender at any reasonable time and from time to time upon reasonable prior notice.
(d)    Participations.  Any Lender may at any time, without the consent of, or notice to, the Borrowers or the Agent, sell participations to any Person (other than a natural person or a Borrower or any of the Borrowers’ Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Credit Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in U.S. LOC Obligations and U.S. Swingline Loans) owing to it); provided that (i) such Lender’s obligations under this Credit Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Agent 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 Credit Agreement.  Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Credit Agreement and to approve any amendment, modification or waiver of any provision of this Credit Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in clauses (i) through (viii) of Section 11.6(a) that affects such Participant.  Subject to subsection (e) of this 

101

Section, Airgas agrees that each Participant shall be entitled to the benefits of Sections 4.6, 4.9, 4.10, 4.11 (subject to the requirements and limitations of such Sections and Sections 4.17 and 11.17) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section.  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.2 as though it were a Lender, provided such Participant agrees to be subject to Section 4.13 as though it were a Lender.  Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrowers in a non-fiduciary capacity, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Credit Documents (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, letters of credit or its other obligations under any Credit Document) except (i) to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations and (ii) to any Borrower upon reasonable request to the extent permitted by law.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Credit Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.
(e)    Limitation on Participant Rights.  A Participant shall not be entitled to receive any greater payment under Sections 4.6, 4.9, 4.10 or 4.11 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 Airgas’ prior written consent.  A Participant that is not a U.S. Person shall not be entitled to the benefits of Section 4.10 unless Airgas is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 4.10(b) as though it were a Lender.
(f)    Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Credit Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
(g)    Resignation as by Bank of America from Other Capacities after Assignment.  Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns all of its U.S. Revolving Commitment pursuant to subsection (b) above, Bank of America may (A) if Bank of America is a U.S. Issuing Lender, upon thirty days’ notice to Airgas and the Lenders, resign as a U.S. Issuing Lender and/or (B) upon thirty days’ notice to Airgas, resign as U.S. Swingline Lender.  In the event of any such resignation, Airgas shall be entitled to appoint from among the Lenders a successor hereunder (subject to such Lender’s acceptance of such appointment); provided, however, that no failure by Airgas to appoint any such successor shall affect any such resignation of Bank of America.  If Bank of America resigns as a U.S. Issuing Lender, it shall retain all the rights and obligations of a U.S. Issuing Lender hereunder with respect to all U.S. Letters of Credit outstanding as of the effective date of its resignation as a U.S. Issuing Lender and all U.S. LOC Obligations with respect thereto (including the right to require the U.S. Revolving Lenders to make U.S. Base Rate Loans or fund risk participations in unreimbursed drawings under U.S. Letters of Credit pursuant to Section 2.2(c)).  If Bank of America resigns as U.S. Swingline Lender, it shall retain all the rights of the U.S. Swingline 

102

Lender provided for hereunder with respect to U.S. Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to require the U.S. Revolving Lenders to make U.S. Base Rate Loans or fund risk participations in outstanding U.S. Swingline Loans pursuant to Section 2.3(b).
11.4    No Waiver; Remedies Cumulative.
No failure or delay on the part of the Agent or any Lender in exercising any right, power or privilege hereunder or under any other Credit Document and no course of dealing between the Agent or any Lender and the Borrowers shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder or under any other Credit Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder or thereunder.  The rights and remedies provided herein are cumulative and not exclusive of any rights or remedies which the Agent or any Lender would otherwise have.  No notice to or demand on the Borrowers in any case shall entitle the Borrowers to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the Agent or the Lenders to any other or further action in any circumstances without notice or demand.
11.5    Payment of Expenses, Etc.
(a)    The Borrowers agree to:  (i) pay all reasonable out-of-pocket costs and expenses (A) of the Agent in connection with the negotiation, preparation, execution and delivery and administration of this Credit Agreement and the other Credit Documents and the documents and instruments referred to therein (including, without limitation, the reasonable fees and expenses of counsel to the Agent (other than fees and expenses of counsel identified in writing by Airgas to the Agent on the Closing Date (hereinafter, “Disqualified Counsel”))) and any amendment, waiver or consent relating hereto and thereto including, but not limited to, any such amendments, waivers or consents resulting from or related to any work-out, renegotiation or restructure relating to the performance by the Borrowers under this Credit Agreement and (B) of the Agent and the Lenders in connection with enforcement of the Credit Documents and the documents and instruments referred to therein (including, without limitation, in connection with any such enforcement, the reasonable fees and disbursements of counsel for the Agent and each of the Lenders (other than fees and expenses of Disqualified Counsel)); (ii) pay and hold the Agent and each of the Lenders harmless from and against any and all present and future stamp and other similar taxes with respect to the foregoing matters and save each of the Lenders harmless from and against any and all liabilities with respect to or resulting from any delay or omission (other than to the extent attributable to such Lender) to pay such taxes; and (iii) indemnify the Agent, each Lender, its officers, directors, employees, representatives, agents and Affiliates (each an “Indemnitee”) from and hold each of them harmless against any and all losses, liabilities, claims, damages or expenses incurred by any of them as a result of, or arising out of, or in any way related to, or by reason of (A) any investigation, litigation or other proceeding (whether or not the Agent or any Lender is a party thereto) occurring subsequent to and as the result of the occurrence of a Default or Event of Default and related to the entering into and/or performance of any Credit Document or the use of proceeds of any Loans (including other extensions of credit) hereunder or the consummation of any other transactions contemplated in any Credit Document, including, without limitation, the reasonable fees and disbursements of counsel incurred in connection with any such investigation, litigation or other proceeding or (B) the presence or Release of any Materials of Environmental Concern at, under or from any Property owned, operated or leased by any Consolidated Party, or the failure by any Consolidated Party to comply with any Environmental Law (but excluding, in the case of either of clause (A) or (B) above, any such losses, liabilities, claims, damages or expenses to the extent a court of competent jurisdiction 

103

in a final and non-appealable judgment has determined such losses, liabilities, claims, damages or expenses were incurred by reason of gross negligence or willful misconduct on the part of the Person to be indemnified).  This Section 11.5 shall not apply with respect to taxes (other than stamp or similar taxes as discussed in clause (ii) above and any taxes that represent losses, claims, damages, etc. arising from any non-tax claim).
(b)    Reimbursement by Lenders.  To the extent that the Borrowers for any reason fail to indefeasibly pay any amount required under Section 11.5(a) to be paid by them to the Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Agent (or any such sub-agent) in its capacity as such, or against any Related Party of any of the foregoing acting for the Agent (or any such sub-agent) in connection with such capacity.  The obligations of the Lenders under this Section 11.5(b) are subject to the provisions of Section 4.12(d).
(c)    Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable law, no party hereto shall assert, and each party hereto hereby waives, any claim against any other party hereto or any other Person to be indemnified under Section 11.5(a), 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 Credit Agreement, any other Credit Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan, U.S. Letter of Credit or other extension of credit hereunder or the use of the proceeds thereof (other than in respect of any such damages incurred or paid by an Indemnitee to a third party and to which such Indemnitee is otherwise entitled to indemnification as provided above).  No Person to be indemnified under Section 11.5(a) shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Credit Agreement or the other Credit Documents or the transactions contemplated hereby or thereby.
(d)    Payments.  All amounts due under this Section shall be payable not later than thirty Business Days after demand therefor.
(e)    Survival.  The agreements in this Section shall survive the resignation of the Agent, the replacement of any Lender, the termination of the Commitments of all the Lenders and the repayment, satisfaction or discharge of all the other Obligations.
11.6    Amendments, Waivers and Consents.
Neither this Credit Agreement  nor any other Credit Document nor any of the terms hereof or thereof may be amended, changed, waived, discharged or terminated unless such amendment, change, waiver, discharge or termination is in writing entered into by, or approved in writing by, the Required Lenders and the Borrowers, provided further that:
(a)    no such amendment, change, waiver, discharge or termination shall:
(i)    extend the final maturity of any Loan or of any reimbursement obligations arising from drawings under U.S. Letters of Credit, or any portion thereof 

104

without the written consent of each Lender whose Loans, reimbursement obligations or portions thereof that are being so extended;
(ii)    postpone any date fixed by this Credit Agreement for the payment of principal of any Loan (excluding mandatory prepayments) or reduce the rate or extend the time of payment of interest (other than as a result of waiving the applicability of any post-default increase in interest rates) on any Loan or of any reimbursement obligations arising from drawings under U.S. Letters of Credit or fees hereunder without the written consent of each Lender entitled to receive such payment;
(iii)    reduce the principal amount on any Loan or of any reimbursement obligations arising from drawings under U.S. Letters of Credit or the amount of any accrued interest or fees, or increase the Commitment of any Lender over the amount thereof in effect without the written consent of each Lender entitled to receive such payment or each Lender whose Commitment is being increased (it being understood and agreed that a waiver of any Default or Event of Default or of a mandatory reduction in the total commitments shall not constitute a change in the terms of any Commitment of any Lender);
(iv)    amend, modify or waive any provision of this Section 11.6(a) or Section 9.3 without the written consent of each Lender directly affected thereby;
(v)    reduce any percentage specified in, or otherwise modify, the definition of “Required Lenders”, “Required U.S. Lenders” and “Required Foreign Currency Lenders”, without the written consent of each Lender directly affected thereby;
(vi)    consent to the assignment or transfer by any Borrower of any of its rights and obligations under (or in respect of) the Credit Documents to which it is a party without the written consent of each Lender; and
(vii)    except as the result of or in connection with a dissolution, merger, amalgamation or disposition of a Subsidiary (other than a Borrower whose Obligations have not been assumed by another Borrower) not prohibited by Section 8.4 or as otherwise permitted by any Credit Document, release the Borrowers from its or their obligations under the Credit Documents without the written consent of each Lender that has Obligations owing by the Person to be released;
(b)    no provision of Article II may be amended without the consent of the Required U.S. Lenders;
(c)    no provision of Article III may be amended without the consent of the Required Foreign Currency Lenders, and no amendment, change, waiver, discharge or termination shall (i) modify clause (a) of the definition of “Foreign Currency” without the written consent of each Foreign Currency Lender, (ii) modify Section 1.5 without the written consent of each Foreign Currency Lender directly affected thereby or (iii) modify the unanimous consent requirements set forth in Section 3.2(b) without the written consent of each Foreign Currency Lender;
(d)    no provision of Article X may be amended without the consent of the Agent;

105

(e)    unless also signed by the U.S. Issuing Lender, no amendment, waiver or consent shall affect the rights or duties of the U.S. Issuing Lender under this Credit Agreement or any U.S. LOC Document relating to any U.S. Letter of Credit issued or to be issued by it;
(f)    unless also signed by the U.S. Swingline Lender, no amendment, waiver or consent shall affect the rights or duties of the U.S. Swingline Lender under this Credit Agreement; and
(g)    unless also signed by the applicable Foreign Swingline Lender(s), no such amendment, change, waiver, discharge or termination shall affect the rights or duties of such Foreign Swingline Lender (in its capacity as such) under this Credit Agreement.
Notwithstanding anything to the contrary herein, (i) if any amendment to this Credit Agreement is required solely to permit the designation of a Foreign Subsidiary as a Foreign Borrower in accordance with Section 3.2, then such amendment shall be effective to the extent contained in the related Foreign Borrower Joinder Agreement that is executed by Airgas, the applicable Applicant Foreign Borrower, the Agent and each Foreign Currency Lender, (ii) if any amendment to this Credit Agreement is required solely to permit the designation of a Foreign Subsidiary as a Foreign Swingline Borrower in accordance with Section 3.3, then such amendment shall be effective to the extent contained in the related Foreign Swingline Facility Notice that is executed by Airgas, the applicable Foreign Swingline Borrower(s), the applicable Foreign Swingline Lender and the Agent, (iii) any Credit Document (other than the Credit Agreement) relating to a Foreign Swingline Facility may be amended solely by the applicable Foreign Swingline Lender and the other parties thereto, and (iv) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitments of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.
Notwithstanding any provision herein to the contrary the Agent and Airgas may amend, modify or supplement this Credit Agreement or any other Credit Document to cure or correct administrative errors or omissions, any ambiguity, omission, defect or inconsistency or to effect administrative changes, and such amendment shall become effective without any further consent of any other party to such Credit Document so long as (i) such amendment, modification or supplement does not adversely affect the rights of any Lender or other holder of Obligations in any material respect and (ii) the Lenders shall have received at least five Business Days’ prior written notice thereof and the Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment.
11.7    Counterparts.
This Credit Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  It shall not be necessary in making proof of this Credit Agreement to produce or account for more than one such counterpart.
11.8    Headings.

106

The headings of the articles, sections and subsections hereof are provided for convenience only and shall not in any way affect the meaning or construction of any provision of this Credit Agreement.
11.9    Survival.
All indemnities set forth herein, including, without limitation, in Section 2.2(j), 4.9, 4.11 or 11.5 shall survive the execution and delivery of this Credit Agreement, the making of the Loans, the issuance of the U.S. Letters of Credit, the repayment of the Loans, U.S. LOC Obligations and other obligations under the Credit Documents and the termination of the Commitments hereunder, and all representations and warranties made by the Borrowers herein shall survive the making of the Loans hereunder.
11.10    Governing Law; Submission to Jurisdiction; Venue.
(a)    THIS CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  Any legal action or proceeding with respect to this Credit Agreement or any other Credit Document may be brought in the courts of the State of New York in New York County, or of the United States for the Southern District of New York, and, by execution and delivery of this Credit Agreement, each Borrower hereby irrevocably accepts for itself and in respect of its property, generally and unconditionally, the nonexclusive jurisdiction of such courts.  Each Borrower further irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to it at the address set out for notices pursuant to Section 11.1, such service to become effective three (3) days after such mailing.  Nothing herein shall affect the right of the Agent to serve process in any other manner permitted by law or to commence legal proceedings or to otherwise proceed against a Borrower in any other jurisdiction.
(b)    Each Borrower hereby irrevocably waives any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Credit Agreement or any other Credit Document brought in the courts referred to in subsection (a) hereof and hereby further irrevocably waives and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum.
(c)    With respect to the obligations of the Foreign Borrowers and the Foreign Swingline Borrowers under the Credit Documents:
(i)    Without limiting the generality of subsections (a) and (b) of this Section 11.10, each such Borrower agrees that any controversy or claim with respect to it arising out of or relating to this Credit Agreement or the other Credit Documents may, at the option of the Agent, the Foreign Currency Lenders and/or the applicable Foreign Swingline Lender, in the case of claims or controversies with respect to Foreign Borrowers and the Foreign Swingline Borrowers, be settled immediately by submitting the same to binding arbitration in the City of New York, New York (or such other place as the parties may agree) in accordance with the Commercial Arbitration Rules then obtaining of the American Arbitration Association.  Upon the request and submission of any controversy or claim for arbitration hereunder, the Agent shall give the applicable Borrowers not less than 45 days written notice of the request for arbitration, the nature of the controversy or claim, and the time and place set for arbitration.  Each Foreign 

107

Borrower and Foreign Swingline Borrower agrees that such notice is reasonable to enable it sufficient time to prepare and present its case before the arbitration panel.  Judgment on the award rendered by the arbitration panel may be entered in any court in which any action could have been brought or maintained pursuant to subparagraph (iii) below, including without limitation any court of the State of New York or any Federal court sitting in the State of New York.  The expenses of arbitration shall be paid by the Foreign Borrowers and Foreign Swingline Borrowers.
(ii)    The provisions of subparagraph (i) above are intended to comply with the requirements of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “Convention”).  To the extent that any provisions of such subparagraph (i) are not consistent with or fail to conform to the requirements set out in the Convention, such subparagraph (i) shall be deemed amended to conform to the requirements of the Convention.
(iii)    Each Foreign Borrower and Foreign Swingline Borrower hereby specifically consents and submits to the jurisdiction of the courts of the State of New York and courts of the United States located in the State of New York for purposes of entry of a judgment or arbitration award entered by the arbitration panel.
(d)    EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS CREDIT AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
11.11    Severability.
If any provision of any of the Credit Documents is determined to be illegal, invalid or unenforceable, such provision shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable provisions. Without limiting the foregoing provisions of this Section 11.11, if and to the extent that the enforceability of any provisions in this Credit Agreement relating to Defaulting Lenders shall be limited by any Bankruptcy Code, as determined in good faith by the Agent, the U.S. Issuing Lenders or the U.S. Swingline Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.
11.12    Entirety.
This Credit Agreement together with the other Credit Documents represent the entire agreement of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or written, if 

108

any, including any commitment letters or correspondence relating to the Credit Documents or the transactions contemplated herein and therein.
11.13    Binding Effect; Amendment and Restatement; Termination.
(a)    This Credit Agreement shall become effective at such time on or after the Closing Date and satisfaction of the conditions precedent set forth in Section 5.1 when it shall have been executed by the Borrowers and the Agent, and the Agent shall have received copies hereof (telefaxed or otherwise) which, when taken together, bear the signatures of each Lender, and thereafter this Credit Agreement shall be binding upon and inure to the benefit of the Borrowers, the Agent and each Lender and their respective successors and assigns.
(b)    Each party hereto hereby agrees that, at such time as this Credit Agreement shall have become effective pursuant to the terms of Article V, (i) the Existing Credit Agreement automatically shall be deemed amended, superseded and restated in its entirety by this Credit Agreement and (ii) the Commitments under the Existing Credit Agreement and as defined therein automatically shall be replaced with the Commitments hereunder.  This Credit Agreement is not a novation of the Existing Credit Agreement.  The Commitments and outstanding Loans of the Lenders party to the Existing Credit Agreement that are not Lenders under this Credit Agreement (collectively, the “Exiting Lenders”) under the Existing Credit Agreement are hereby terminated simultaneously with the effectiveness of this Credit Agreement.  After giving effect to this Credit Agreement, the Exiting Lenders shall no longer have any Commitments or outstanding Loans.  Concurrently with the effectiveness of Credit Agreement, each Exiting Lender shall receive payment in full for all outstanding Obligations owing to it under the Existing Credit Agreement.
(c)    The term of this Credit Agreement shall be until no Loans, U.S. LOC Obligations or any other amounts payable hereunder or under any of the other Credit Documents shall remain outstanding and until all of the Commitments hereunder shall have expired or been terminated.
11.14    Confidentiality.
Each of the Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and representatives and to any direct or indirect contractual counterparty (or such contractual counterparty’s professional advisor) under any Hedging Agreement relating to Loans outstanding under this Credit Agreement (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it and including any self-regulatory authority, such as the National Association of Insurance Commissioners, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Credit Document or any action or proceeding relating to this Credit Agreement or any other Credit Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Credit Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to a Borrower and its obligations, (g) on a confidential basis to (i) any rating agency in connection with rating any Borrower or its Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, (h) with the written consent of Airgas or (i) to the 

109

extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrowers.
For purposes of this Section, “Information” means all information received from a Borrower or any Subsidiary relating to the Borrowers or any Subsidiary or any of their respective businesses, other than any such information that is available to the Agent or any Lender on a nonconfidential basis prior to disclosure by such Borrower or any Subsidiary.  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.
11.15    Conflict.
To the extent that there is a conflict or inconsistency between any provision hereof, on the one hand, and any provision of any Credit Document, on the other hand, this Credit Agreement shall control.
11.16    USA PATRIOT Act and Canadian AML Act Notice.
Each Lender that is subject to the Act (as hereinafter defined) or the Canadian AML Acts and the Agent that is subject to the Act (for itself and not on behalf of any Lender) or the Canadian AML Acts hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) and the Canadian AML Acts, it is required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of the Borrowers, information concerning Persons exercising control over it, and its and their respective directors and officers, and other information that will allow such Lender or the Agent, as applicable, to identify the Borrowers in accordance with the Act and the Canadian AML Acts.  The Borrowers shall, promptly following a request by the Agent or any Lender, provide all documentation and other information that the Agent or such Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act and the Canadian AML Acts.
11.17    Replacement of Lenders.
If (i) any Lender requests compensation under Sections 4.6 or 4.9, (ii) 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 4.10, (iii) any Lender is a Defaulting Lender or (iv) if any Lender refuses to consent to an amendment, modification and/or waiver of this Credit Agreement, then Airgas may, at its sole expense and effort, upon notice to such Lender and the Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 11.3), all of its interests, rights and obligations under this Credit Agreement and the related Credit Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:
(a)    Airgas shall have paid to the Agent the assignment fee specified in Section 11.3(b);
(b)    such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Credit Documents (including any amounts under Sections 4.6, 4.9, 

110

4.10 and 4.11) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the applicable Borrower (in the case of all other amounts);
(c)    in the case of any such assignment resulting from a claim for compensation under Section 4.6 or 4.9 or payments required to be made pursuant to Section 4.10, such assignment will result in a reduction in such compensation or payments thereafter;
(d)    such assignment does not conflict with applicable laws; and
(e)    in the case of any replacement of Lenders under the circumstances described in clause (iv) above, the applicable amendment, modification and/or waiver of this Credit Agreement that Airgas has requested shall become effective upon giving effect to such assignment (and any related assignments required to be effected in connection therewith in accordance with this Section 11.17).
A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling Airgas to require such assignment and delegation cease to apply.
11.18    No Advisory or Fiduciary Responsibility.
In connection with all aspects of each transaction contemplated hereby, the Borrowers each acknowledge and agree that: (i) the credit facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Credit Document) are an arm’s-length commercial transaction between the Borrowers and their respective Affiliates, on the one hand, and the Agent, MLPFS, The Bank of Tokyo-Mitsubishi UFJ, Ltd., HSBC Securities (USA) Inc., U.S. Bank National Association and Wells Fargo Securities, LLC (collectively, the “Arrangers”) and the Lenders, on the other hand, and each of the Borrowers is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Credit Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction, the Agent, and the Arrangers each is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Borrowers or any of their respective Affiliates, stockholders, creditors or employees or any other Person; (iii) neither the Agent nor the Arrangers nor the Lenders have assumed or will assume an advisory, agency or fiduciary responsibility in favor of any Borrower with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Credit Document (irrespective of whether the Agent, the Arrangers or the Lenders have advised or is currently advising any of the Borrowers or any of their respective Affiliates on other matters) and neither the Agent nor the Arrangers nor the Lenders have any obligation to any of the Borrowers or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Credit Documents; (iv) the Agent, the Arrangers, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrowers and their respective Affiliates, and neither the Agent nor the Arrangers nor the Lenders have any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the Agent, the Arrangers and the Lenders have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Credit Document) and each Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate.  Each Borrower hereby waives and releases, to the fullest extent permitted by law, 

111

any claims that it may have against the Agent, the Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty.
11.19    Judgment Currency.
If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or under any other Credit Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given.  The obligation of each Borrower in respect of any such sum due from it to the Agent or the Lenders hereunder or under the other Credit Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Credit Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Agent of any sum adjudged to be so due in the Judgment Currency, the Agent may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency.  If the amount of the Agreement Currency so purchased is less than the sum originally due to the Agent from any Borrower in the Agreement Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Agent or the Person to whom such obligation was owing against such loss.  If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Agent in such currency, the Agent agrees to return the amount of any excess to such Borrower (or to any other Person who may be entitled thereto under applicable law).
11.20    Payments Set Aside.
To the extent that any payment by or on behalf of any Borrower is made to the Agent, the U.S. Issuing Lender or any Lender, or the Agent, the U.S. Issuing Lender or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Agent, the U.S. Issuing Lender or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any Bankruptcy Event or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and the U.S. Issuing Lender severally agrees to pay to the Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the Lenders and the U.S. Issuing Lender under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Credit Agreement.
11.21    Interest Rate Limitation.
Notwithstanding anything to the contrary contained in any Credit Document, the interest paid or agreed to be paid under the Credit Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law or result in receipt by a Lender of interest at a criminal rate (as construed under the Criminal Code (Canada)) (such maximum rate or such criminal rate, as applicable, the “Maximum Rate”).  If the Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the applicable Borrower.  In determining whether the interest contracted for, charged, or received by the Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or 

112

premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.
11.22    Electronic Execution of Assignments and Certain Other Documents.
The words “execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Credit Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications, Notices of Borrowing, Notices of U.S. Swingline Borrowings, Notices of Loan Prepayment, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Agent pursuant to procedures approved by it.
ARTICLE XII     
 
GUARANTY
12.1    The Guaranty.
Airgas hereby guarantees to each holder of Foreign Obligations as hereinafter provided, as primary obligor and not as surety, the prompt payment of the Foreign Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory Cash Collateralization or otherwise) strictly in accordance with the terms thereof.  Airgas hereby further agrees that if any of the Foreign Obligations are not paid in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory Cash Collateralization or otherwise),  Airgas will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Foreign Obligations, the same will be promptly paid in full when due (whether at extended maturity, as a mandatory prepayment, by acceleration, as a mandatory Cash Collateralization or otherwise) in accordance with the terms of such extension or renewal.
Notwithstanding any provision to the contrary contained herein or in any other of the Credit Documents, the obligations of Airgas under this Article XII shall be limited to an aggregate amount equal to the largest amount that would not render such obligations subject to avoidance under Section 548 of the Bankruptcy Code of the United States, if applicable, or any comparable provisions of any other applicable Bankruptcy Code.
12.2    Obligations Unconditional.
The obligations of Airgas under Section 12.1 with respect to the Foreign Obligations are absolute and unconditional, irrespective of the value, genuineness, validity, regularity or enforceability of any of the Credit Documents or any other agreement or instrument referred to therein, or any substitution, release, impairment or exchange of any other guarantee of or security for any of the Foreign Obligations and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever 

113

which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 12.2 that the respective obligations of Airgas hereunder shall be absolute and unconditional under any and all circumstances.  Airgas agrees that it shall have no right of subrogation, indemnity, reimbursement or contribution against the applicable Borrower or any other Borrower for amounts paid under this Article XII until such time as the Lenders have been paid in full in respect of all Obligations, all Commitments under this Credit Agreement have been terminated and no Person or Governmental Authority shall have any right to request any return or reimbursement of funds from the Lenders in connection with monies received under the Credit Documents.  Without limiting the generality of the foregoing, it is agreed that, to the fullest extent permitted by law, the occurrence of any one or more of the following shall not alter or impair the liability of Airgas hereunder which shall remain absolute and unconditional as described above:
(a)    at any time or from time to time, without notice to Airgas, the time for any performance of or compliance with any of the Obligations shall be extended, or such performance or compliance shall be waived;
(b)    any of the acts mentioned in any of the provisions of any of the Credit Documents or any other agreement or instrument referred to in the Credit Documents shall be done or omitted;
(c)    the maturity of any of the Obligations shall be accelerated, or any of the Obligations shall be modified, supplemented or amended in any respect, or any right under any of the Credit Documents, or any other agreement or instrument referred to in the Credit Documents shall be waived or any other guarantee of any of the Obligations or any applicable security therefor shall be released, impaired or exchanged in whole or in part or otherwise dealt with;
(d)    any Lien granted to, or in favor of, the Agent or any Lender or Lenders as security for any of the Obligations shall fail to attach or be perfected; or
(e)    any of the Obligations shall be determined to be void or voidable (including, without limitation, for the benefit of any creditor of Airgas) or shall be subordinated to the claims of any Person (including, without limitation, any creditor of Airgas).
With respect to its obligations hereunder, Airgas hereby expressly waives diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that the Agent or any Lender exhaust any right, power or remedy or proceed against any Person under any of the Credit Documents or any other agreement or instrument referred to in the Credit Documents, or against any other Person under any other guarantee of, or security for, any of the Foreign Obligations.  The rights of the Agent and the Lenders and the Affiliates of any of the Lenders contained herein shall be in addition to and independent of all other rights which they may at any time have or hold in respect of any of the Foreign Obligations.
12.3    Reinstatement.
The obligations of Airgas under this Article XII shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of any Person in respect of the Foreign Obligations is rescinded or must be otherwise restored by any holder of any of the Foreign Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, and Airgas agrees that it will indemnify the Agent and each Lender on demand for all reasonable costs and expenses (including, without limitation, fees and expenses of counsel) incurred by the Agent or such Lender in connection with such rescission or restoration, including any such costs and expenses incurred in 

114

defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law.
12.4    Certain Additional Waivers.
Airgas agrees that it shall have no right of recourse to security for the Foreign Obligations except through the exercise of the rights of subrogation pursuant to Section 12.2.
12.5    Remedies.
Airgas agrees that, to the fullest extent permitted by law, as between Airgas, on the one hand, and the Agent and the Lenders, on the other hand, the Foreign Obligations may be declared to be forthwith due and payable as provided in Section 9.2 (and shall be deemed to have become automatically due and payable in the circumstances provided in said Section 9.2) for purposes of Section 12.1 notwithstanding any stay, injunction or other prohibition preventing such declaration (or preventing the Obligations from becoming automatically due and payable) as against any other Person and that, in the event of such declaration (or the Foreign Obligations being deemed to have become automatically due and payable), the Foreign Obligations (whether or not due and payable by any other Person) shall forthwith become due and payable by Airgas for purposes of Section 12.1.
12.6    Guarantee of Payment; Continuing Guarantee.
The guarantee in this Article XII is a guaranty of payment and not of collection, is a continuing guarantee, and shall apply to all Foreign Obligations whenever arising.
[The remainder of this page has been left blank intentionally.]

115

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Second Amended and Restated Credit Agreement to be duly executed and delivered as of the date first above written.
	
		
	BORROWERS:   
	AIRGAS, INC.
By: /s/ Joseph C. Sullivan 
Name: Joseph C. Sullivan
Title: Vice President and Treasurer 

	 
	 

	 
	RED-D-ARC LIMITED
By: /s/ Thomas M. Smyth
Name: Thomas M. Smyth
Title: Director and Vice-President

	 
	 

	 
	AIRGAS CANADA INC.
By: /s/ Thomas M. Smyth
Name: Thomas M. Smyth
Title: Vice President

	

	RED-D-ARC (UK) LIMITED
By: /s/ Thomas M. Smyth
Name: Thomas M. Smyth
Title: Director

	 
	RED-D-ARC (NETHERLANDS) B.V.
By: /s/ Thomas M. Smyth
Name: Thomas M. Smyth
Title: Managing Director

RED-D-ARC (GERMANY) GMBH
By: /s/ Thomas M. Smyth
Name: Thomas M. Smyth
Title: Managing Director

AIRGAS, INC. SECOND AMENDED AND RESTATED CREDIT AGREEMENT

	
		
	AGENT:
	BANK OF AMERICA, N.A.
By: /s/ Robert Rittelmeyer
Name: Robert Rittelmeyer
Title: Vice President

AIRGAS, INC. SECOND AMENDED AND RESTATED CREDIT AGREEMENT

	
		
	LENDERS:
	BANK OF AMERICA, N.A.
By: /s/ Christopher DiBiase
Name: Christopher DiBiase
Title: Director

	 
	BANK OF AMERICA, N.A. (CANADA BRANCH)
By: /s/ Medina Sales de Andrade
Name: Medina Sales de Andrade
Title: Vice President

	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION
By: /s/ Michael Pascali
Name: Michael Pascali
Title: Vice President

	 
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
By: /s/ Mustafa Khan
Name: Mustafa Khan
Title: Director

	 
	MUFG UNION BANK, N.A.
By: /s/ Belinda Tucker
Name: Belinda Tucker
Title: Managing Director

	 
	UNION BANK, CANADA BRANCH
By: /s/ Anne Collins
Name: Anne Collins
Title: Vice President

	 
	HSBC BANK USA, NATIONAL ASSOCIATION
By: /s/ Chris Querns
Name: Chris Querns
Title: Vice President

	 
	U.S. BANK NATIONAL ASSOCIATION
By: /s/ Steven L. Sawyer
Name: Steven L. Sawyer
Title: Senior Vice President

AIRGAS, INC. SECOND AMENDED AND RESTATED CREDIT AGREEMENT

	
		
	 
	U.S. BANK NATIONAL ASSOCIATION, CANADA BRANCH
By: /s/ John P. Rehob
Name: John P. Rehob
Title: Principal Officer

	 
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
By: /s/ Mark Koneval
Name: Mark Koneval 
Title: Managing Director
By: /s/ Gordon Yip
Name: Gordon Yip 
Title: Director

	 
	GOLDMAN SACHS BANK USA
By: /s/ Rebecca Kratz
Name: Rebecca Kratz
Title: Authorized Signatory

	 
	MIZUHO BANK, LTD.
By: /s/ Donna DeMagistris
Name: Donna DeMagistris
Title: Authorized Signatory

	 
	PNC BANK, NATIONAL ASSOCIATION
By: /s/ Denise DiSimone
Name: Denise DiSimone
Title: Senior Vice President

	 
	SUMITOMO MITSUI BANKING CORP. NEW YORK
By: /s/ James D. Weinstein
Name: James D. Weinstein
Title: Managing Director

	 
	BRANCH BANKING AND TRUST COMPANY
By: /s/ Glenn A. Page
Name: Glenn A. Page
Title: Senior Vice President

	 
	CITIZENS BANK OF PENNSYLVANIA
By: /s/ Leslie D. Broderick
Name: Leslie D. Broderick
Title: Senior Vice President

AIRGAS, INC. SECOND AMENDED AND RESTATED CREDIT AGREEMENT

	
		
	 
	SANTANDER BANK, N.A.
By: /s/ Daniel R. Vereb
Name: Daniel R. Vereb
Title: Senior Vice President 

	 
	BANK OF CHINA, NEW YORK BRANCH
By: /s/ Haifeng Xu
Name: Haifeng Xu
Title: Executive Vice President 

	 
	THE HUNTINGTON NATIONAL BANK
By: /s/ Michael Kiss
Name: Michael Kiss
Title: Vice President

	 
	BANK OF HAWAII
By: /s/ John McKenna
Name: John McKenna
Title: Senior Vice President

	 
	TAIPEI FUBON COMMERCIAL BANK, CO., LTD.
By: /s/ Robin S. Wu
Name: Robin S. Wu
Title: FVP & Deputy General Manager

AIRGAS, INC. SECOND AMENDED AND RESTATED CREDIT AGREEMENT

Schedule 1.1

EXISTING U.S. LETTERS OF CREDIT

	
										
	LC No.
	Beneficiary
	Issue Date
	Current Expiration Date
	Original  
Amount  
Outstanding
	Current Amount 
Outstanding

	3114184
	The Travelers Indemnity Company
	9/1/2010
	9/1/2015
	

	$174,000.00
	

	

	$45,000.00
	

	3114181
	Gilbralter Development LLC
	9/1/2010
	12/31/2014
	

	$100,000.00
	

	

	$100,000.00
	

	3114185
	National Union Fire Insurance Co
	9/1/2010
	12/17/2014
	

	$33,800,000.00
	

	

	$48,382,829.00
	

	38323
	South Carolina Workers Compensation
	7/1/1999
	1/31/2015
	

	$250,000.00
	

	

	$500,000.00
	

	3059128
	Everest Reinsurance Company
	10/1/2003
	11/30/2014
	

	$125,000.00
	

	

	$125,000.00
	

	3114508
	Alexander Road LLC
	9/28/2010
	9/28/2015
	

	$100,000.00
	

	

	$50,000.00
	

	3117349
	Royal Bank of Canada
	6/24/2011
	6/24/2015
	

	$72,447.00
	

	

	$72,447.00
	

	3118327
	WZ Associates Property Tulsa LLC
	11/15/2011
	11/15/2015
	

	$1,600,000.00
	

	

	$1,600,000.00
	

	 
	 
	 
	 
	 
	 

	 
	Total Letters of Credit Outstanding
	 
	 
	 
	

	$50,875,276.00
	

Schedule 2.1(a)

LENDERS AND COMMITMENTS

	
					
	Lender
	U.S. Revolving Commitment
	U.S. Revolving Commitment Percentage
	Foreign Currency Commitment
	Foreign Currency Commitment Percentage

	Bank of America, N.A.
    DTTP Number:       
              13/B/7418/DTTP
	$77,647,719
	8.874025141%
	$14,852,281
	11.881824010%

	Wells Fargo Bank, National Association
      DTTP Number:       
             13/W/61173/DTTP
	$73,450,546
	8.394348105%
	$14,049,454
	11.239563260%

	The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	$73,450,546
	8.394348105%
	N/A
	N/A

	MUFG Union Bank, N.A.
    DTTP Number:       
            13/U/216367/DTTP            
	N/A
	N/A
	$14,049,454
	11.239563260%

	HSBC Bank USA, National Association
    DTTP Number:       
              13/H/314375/DTTP
	$73,450,546
	8.394348105%
	$14,049,454
	11.239563260%

	U.S. Bank National Association
    DTTP Number:       
              13/U/62184/DTTP
	$73,450,546
	8.394348105%
	$14,049,454
	11.239563260%

	Crédit Agricole Corporate and Investment Bank
    DTTP Number:       
              5/C/0222082/DTTP
	$60,019,589
	6.859381595%
	$11,480,411
	9.184328840%

	Goldman Sachs Bank USA
    DTTP Number:    
      13/G/0351779/DTTP
	$60,019,589
	6.859381595%
	$11,480,411
	9.184328840%

	Mizuho Bank, Ltd.
    DTTP Number:       
              43/M/274822/DTTP
	$60,019,589
	6.859381595%
	$11,480,411
	9.184328840%

	PNC Bank, National Association
    DTTP Number:       
              13/P/63904/DTTP
	$60,019,589
	6.859381595%
	$11,480,411
	9.184328840%

	Sumitomo Mitsui Banking Corp., New York
	$71,500,000
	8.171428571%
	N/A
	N/A

	Branch Banking and Trust Company
	$50,000,000
	5.714285714%
	N/A
	N/A

	Citizens Bank of Pennsylvania
    DTTP Number:       
            13/C/357538/DTTP              
	$41,971,741
	4.796770346%
	$8,028,259
	6.422607576%

	Santander  Bank, N.A.
	$25,000,000
	2.857142857%
	N/A
	N/A

	Bank of China, New York Branch
	$25,000,000
	2.857142857%
	N/A
	N/A

	The Huntington National Bank
	$25,000,000
	2.857142857%
	N/A
	N/A

	Bank of Hawaii
	$15,000,000
	1.714285714%
	N/A
	N/A

	Taipei Fubon Commercial Bank, Co., Ltd.
	$10,000,000
	1.142857143%
	N/A
	N/A

	TOTAL
	$875,000,000
	100.000000000%
	$125,000,000
	100.000000000%

Schedule 6.12

SUBSIDIARIES

	
			
	Corporation Name
	 
	Domicile

	 
	 

	Airgas Canada Inc.
	 
	Canada

	Airgas Carbonic, Inc.
	 
	DE

	Airgas Data, LLC
	 
	DE

	Airgas Logistics, S.A. de C.V.
	 
	Mexico

	Airgas Merchant Gases, LLC
	 
	DE

	Airgas On-Site Safety Services, Inc.
	 
	DE

	Airgas Refrigerants, Inc.
	 
	DE

	Airgas S.A. de C.V.
	 
	Mexico

	Airgas Safety, Inc.
	 
	DE

	Airgas Sakhalin Holdings, LLC
	 
	Russia

	Airgas Sakhalin, LLC
	 
	Russia

	Airgas Specialty Gases, Inc.
	 
	TX

	Airgas Specialty Products, Inc.
	 
	DE

	Airgas USA LLC
	 
	DE

	Airgas West S. de R.L. de C.V.
	 
	Mexico

	Nitrous Oxide Corp.
	 
	DE

	Radnor Funding Corp.
	 
	DE

	Red-D-Arc BV
	 
	Netherlands

	Red-D-Arc, Inc.
	 
	NV

	Red-D-Arc Limited
	 
	UK

	Red-D-Arc (Netherlands) B.V.
	 
	Netherlands

	Red-D-Arc (FR) SAS
	 
	France

	Red-D-Arc (Germany) GmbH
	 
	Germany

	Red-D-Arc (U.K.) Limited
	 
	UK

	Red-D-Arc Limited
	 
	Canada

	Red-D-Arc S.A.de C.V.
	 
	Mexico

	Tool Plus, Inc.
	 
	CA

	WorldWide Welding, LLC
	 
	DE

Schedule 8.2

LIENS

None.

Schedules 11.1

CERTAIN NOTICES

BORROWER:

Airgas, Inc.
Radnor Court, Suite 100
259 Radnor-Chester Road
Radnor, PA  19087
Attention:  Joseph C. Sullivan
Tel:  (610) 902-6217
Fax:  (610) 225-3271

With a copy to:

Cahill Gordon & Reindel LLP
80 Pine Street
New York, NY 10005
Attention: Michael Sherman
Tel: (212) 701-3747
Fax: (212) 378-2598

AGENT:

For payments and Requests for Credit Extensions:

Bank of America, N.A.
Bank of America Plaza
901 Main Street 
Mail Code:  TX1-492-14-12
Dallas, TX 75202-3714 
Attention:  Karen R. Puente 
Telephone:  214-209-4108     
Telecopier:  214-290-8378 
Electronic Mail: karen.r.puente@baml.com

Payments:

Bank of America, N.A.
Dallas, TX
ABA No. 026009593
Account No. 1292000883
Account Name: Corporate FTA
Attn: Credit Services Dallas
Reference: Airgas, Inc.

Other Notices as Administrative Agent:

Bank of America, N.A. 
555 California Street, 4th Floor  
Mail Code: CA5-705-04-09 
San Francisco, CA 94104 
Attn: Robert J. Rittelmeyer
Telephone: 415-436-2616
Telecopier:  415-503-5099
Electronic Mail: robert.j.rittelmeyer@baml.com
 
Operations Contact:

Bank of America, N.A.
Bank of America Plaza
901 Main Street 
Mail Code:  TX1-492-14-12
Dallas, TX 75202-3714 
Attention:  Karen R. Puente 
Telephone:  214-209-4108     
Telecopier:  214-290-8378 
Electronic Mail: karen.r.puente@baml.com

L/C ISSUERS:

Bank of America, N.A.
1 Fleet Way 
Mail Code:  PA6-580-02-30
Scranton, PA 18507
Attention:  Alfonso Malave, Jr.  
Telephone:  570-496-9622    
Telecopier:  800-755-8743 
Electronic Mail: alfonso.malave@baml.com

Exhibit 2.1(b)(i)

FORM OF NOTICE OF U.S. BORROWING

		
	TO:
	Bank of America, N.A., as Agent

		
	RE:
	Second Amended and Restated Credit Agreement dated as of November 18, 2014 among Airgas, Inc. (“Airgas”), the other Borrowers party thereto, Bank of America, N.A., as Agent and the Lenders party thereto (as amended or modified from time to time, the “Credit Agreement”).

		
	DATE:
	_____________, 20__

______________________________________________________________________________

		
	1.
	This Notice of Borrowing is made pursuant to the terms of the Credit Agreement.  All capitalized terms used herein unless otherwise defined shall have the meanings set forth in the Credit Agreement.

		
	2.
	Please be advised that Airgas is requesting a U.S. Revolving Loan in the amount of $__________ be funded on ____________, 20__ to accrue interest at the interest rate set forth in paragraph 3 below.  Subsequent to the funding of the requested Loan, the aggregate amount of outstanding U.S. Revolving Loans will be $___________.

		
	3.
	The interest rate option applicable to the requested Loan set forth in paragraph 2 above shall be:  

a.    ________ the U.S. Base Rate plus the Applicable Rate for U.S. Base Rate Loans; or

b.    ________ the Eurocurrency Rate plus the Applicable Rate for Eurocurrency Loans for an Interest Period of:

________ one month
________ two months
________ three months
________ six months
________ twelve months

		
	4.
	The representations and warranties made in Article VI of the Credit Agreement are, subject to the limitations set forth therein, true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, unless the failure to be so true and correct would not reasonably be expected to have a Material Adverse Effect.

		
	5.
	As of the date hereof, no Default or Event of Default has occurred and is continuing or would be caused by the requested Loan.

		
	6.
	Immediately after giving effect to the making of the requested U.S. Revolving Loan, the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding does not exceed the U.S. Revolving Committed Amount.

                        

AIRGAS, INC.

By:                    
Title:

Exhibit 2.3

FORM OF NOTICE OF U.S. SWINGLINE BORROWING

		
	TO:
	Bank of America, N.A., as Agent

		
	RE:
	Second Amended and Restated Credit Agreement dated as of November 18, 2014 among Airgas, Inc. (“Airgas”), the other Borrowers party thereto, Bank of America, N.A., as Agent and the Lenders party thereto (as amended or modified from time to time, the “Credit Agreement”).

		
	DATE:
	_____________, 20__

______________________________________________________________________________

		
	1.
	This Notice of U.S. Swingline Borrowing is made pursuant to the terms of the Credit Agreement.  All capitalized terms used herein unless otherwise defined shall have the meanings set forth in the Credit Agreement.

		
	2.
	Please be advised that Airgas is requesting a U.S. Swingline Loan in the amount of $__________ be funded on ____________, 20__ to accrue interest at the interest rate set forth in paragraph 3 below.  Subsequent to the funding of the requested Loan, the aggregate principal amount of U.S. Swingline Loans outstanding will be $___________.

		
	3.
	The interest rate option applicable to the requested Loan set forth in paragraph 2 above shall be:  

a.    ________ the U.S. Base Rate plus the Applicable Rate for U.S. Base Rate Loans; or

b.    ________ the Quoted Rate, which is _____________.

		
	4.
	The representations and warranties made in Article VI of the Credit Agreement are, subject to the limitations set forth therein, true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, unless the failure to be so true and correct would not reasonably be expected to have a Material Adverse Effect.

		
	5.
	As of the date hereof, no Default or Event of Default has occurred and is continuing or would be caused by the requested Loan.

		
	6.
	Immediately after giving effect to the making of the requested U.S. Swingline Loan, the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding does not exceed the U.S. Revolving Committed Amount.

AIRGAS, INC.

By:                    
Title:

Exhibit 3.1(b)(i)

FORM OF NOTICE OF FOREIGN CURRENCY BORROWING

		
	TO:
	Bank of America, N.A., as Agent

		
	RE:
	Second Amended and Restated Credit Agreement dated as of November 18, 2014 among Airgas, Inc. (“Airgas”), the other Borrowers party thereto, Bank of America, N.A., as Agent and the Lenders party thereto (as amended or modified from time to time, the “Credit Agreement”).

		
	DATE:
	_____________, 20__

______________________________________________________________________________

		
	1.
	This Notice of Borrowing is made pursuant to the terms of the Credit Agreement.  All capitalized terms used herein unless otherwise defined shall have the meanings set forth in the Credit Agreement.

		
	2.
	Please be advised that the undersigned Borrower is requesting a Foreign Currency Loan in the principal amount of ____________ to be denominated in ______________1 be funded on ____________, 20__ to accrue interest at the interest rate set forth in paragraph 3 below.  

		
	3.
	The interest rate option applicable to the requested Foreign Currency Loan set forth in paragraph 2 above shall be:  

a.    ________ the U.S. Base Rate plus the Applicable Rate for U.S. Base Rate Loans.2 

b.    ________ the Eurocurrency Rate plus the Applicable Rate for Eurocurrency Loans for an Interest Period of3:

________ one month
________ two months
________ three months
________ six months
________ twelve months

		
	4.
	The representations and warranties made in Article VI of the Credit Agreement are, subject to the limitations set forth therein, true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, unless the failure to be so true and correct would not reasonably be expected to have a Material Adverse Effect.

____________________________
1 Identify either U.S. Dollars or a Foreign Currency.
2 U.S. Base Rate Loans must be denominated in U.S. Dollars and may only be requested by Airgas.
3 Eurocurrency Loans may be denominated in U.S. Dollars or Foreign Currencies.

		
	5.
	As of the date hereof, no Default or Event of Default has occurred and is continuing or would be caused by the requested Foreign Currency Loan.

		
	6.
	To the best of the undersigned Borrower's knowledge based on exchange rate information available as of the date hereof, immediately after giving effect to the making of the requested Foreign Currency Loan, the sum of the U.S. Dollar Equivalent of the aggregate principal amount of outstanding Foreign Currency Loans plus the Foreign Swingline Facility Reserve does not exceed the Foreign Currency Committed Amount.

By:                    

Title:                    
                        

Exhibit 3.2(a)

FORM OF FOREIGN BORROWER REQUEST 

Date:  ___________, _____
		
	To:
	Bank of America, N.A., as Agent

Ladies and Gentlemen:

This Foreign Borrower Request is made and delivered pursuant to Section 3.2(a) of that certain Second Amended and Restated Credit Agreement dated as of November 18, 2014 (as amended, modified, extended or restated from time to time, the “Credit Agreement”), among Airgas, Inc. (“Airgas”), the other Borrowers party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Agent.  All capitalized terms used in this Foreign Borrower Request and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

Each of ______________________ (the “Applicant Foreign Borrower”) and Airgas hereby confirms, represents and warrants to the Agent and the Lenders that the Applicant Foreign Borrower is a wholly-owned Foreign Subsidiary of Airgas.

The parties hereto hereby request that the Applicant Foreign Borrower be entitled to receive Foreign Currency Loans under the Credit Agreement.

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

[APPLICANT FOREIGN BORROWER]
 

 

 
By: _______________________________
Name:                    
 
Title:                    

AIRGAS, INC.
 

 

 
By: _______________________________
Name:                    
 
Title:                    

Exhibit 3.2(b)

FORM OF FOREIGN BORROWER JOINDER AGREEMENT

Date:  ___________, _____
To:    Airgas, Inc., a Delaware corporation

Ladies and Gentlemen:

This Foreign Borrower Joinder Agreement is made and delivered pursuant to Section 3.2(b) of that certain Second Amended and Restated Credit Agreement dated as of November 18, 2014 (as amended, modified, extended or restated from time to time, the “Credit Agreement”), among Airgas, Inc. (“Airgas”), the other Borrowers party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Agent.  All capitalized terms used in this Foreign Borrower Joinder Agreement and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

The Agent hereby notifies Airgas and the Lenders that effective as of the date hereof [_________________________] shall be a Foreign Borrower and may receive Foreign Currency Loans for its account on the terms and conditions set forth in the Credit Agreement.

The parties hereto hereby confirm that with effect from the date hereof, the Foreign Borrower shall have obligations, duties and liabilities toward each of the other parties to the Credit Agreement identical to those which the Foreign Borrower would have had if the Foreign Borrower had been an original party to the Credit Agreement as a Foreign Borrower.  The Foreign Borrower confirms its acceptance of, and consents to, all representations and warranties, covenants, and other terms and provisions of the Credit Agreement, including, without limitation, Section 11.5.

This Foreign Borrower Joinder Agreement shall constitute a Credit Document under the Credit Agreement.

THIS FOREIGN BORROWER JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE; PROVIDED THAT THE AGENT AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER U.S. FEDERAL LAW.

BANK OF AMERICA, N.A.,
 
as Agent
 

 
By:                         
Name:                        
Title:                        

[INSERT FOREIGN CURRENCY LENDERS]1 

 
By:                         
Name:                        
Title:                        

AIRGAS, INC.
 

 
By:                         
Name:                        
Title:                        

[NEW FOREIGN BORROWER]
 

 
By:                         
Name:                        
Title:                        

____________________________
1 Foreign Currency Lender consent not required for Foreign Borrowers in the Netherlands, Canada, Germany or the United Kingdom.

Exhibit 3.3

FORM OF FOREIGN SWINGLINE FACILITY NOTICE
    
		
	TO:
	Bank of America, N.A., as Agent

		
	RE:
	Second Amended and Restated Credit Agreement dated as of November 18, 2014 among Airgas, Inc. (“Airgas”), the other Borrowers party thereto, Bank of America, N.A., as Agent and the Lenders party thereto (as amended or modified from time to time, the “Credit Agreement”).  All capitalized terms used herein unless otherwise defined shall have the meanings set forth in the Credit Agreement.

		
	DATE:
	_____________, 20__

______________________________________________________________________________

Pursuant to Section 3.3 of the Credit Agreement, Airgas has agreed to establish a Foreign Swingline Facility (the “Applicable Foreign Swingline Facility”) with [__________] (the “Applicable Foreign Swingline Lender”).  The Applicable Foreign Swingline Facility is being established pursuant to Section [3.3(a)(iii)(A)][3.3(a)(iii)(B)]2 of the Credit Agreement.  The terms of the Applicable Foreign Swingline Facility shall be as follows:

		
	1.
	Borrowers permitted to borrow thereunder (the “Applicable Borrowers”):

[_____]

		
	2.
	currencies available for borrowing thereunder:            

[_____]

		
	3.
	maximum principal amount (expressed in U.S. Dollars) of borrowings that may at any time be outstanding thereunder (the “Applicable Foreign Swingline Sublimit”):

US$[__] million

4.    [additional terms and conditions applicable to extensions of credit to the Applicable Borrower(s) are as follows][the terms and conditions set forth in the following documents are incorporated by reference and apply to extensions of credit to the Applicable Borrower(s)]:3 

[_____]

The notice information of the Applicable Foreign Swingline Lender for purposes of Section 11.1 of the Credit Agreement is as set forth below its signature to this Foreign Swingline Facility Notice or such other address as the Applicable Foreign Swingline Lender may from time to time notify the Administrative Agent and Airgas.

                     
2 Select applicable section reference.
3 Select applicable provision.

The Applicable Foreign Swingline Lender, Airgas and the Applicable Borrowers acknowledge and agree that (a) on the date five (5) Business Days (or such shorter period as may be agreed to by the Agent) after receipt by the Agent of this Foreign Swingline Facility Notice, the Applicable Foreign Swingline Facility shall become effective for purposes of the Credit Agreement and the other Credit Documents and all borrowings thereunder on and after such date shall be deemed Foreign Swingline Loans for all purposes of the Credit Agreement and the other Credit Documents and (b) to the extent the outstanding principal amount of advances under the Applicable Foreign Swingline Facility exceeds the Applicable Foreign Swingline Facility Commitment (other than a result solely of foreign currency fluctuations), such excess (and any accrued interest or fees on such excess) shall not constitute “Obligations” for purposes of the Credit Documents.

IN WITNESS WHEREOF, each of the undersigned has caused this Foreign Swingline Facility Notice to be duly executed by its duly authorized officer as of the day and year first above written.

[APPLICABLE BORROWER(S)]

By:                      
Name:  
Title: 

AIRGAS, INC.

By:                      
Name:  
Title: 

[APPLICABLE FOREIGN SWINGLINE LENDER]

By:                      
Name:  
Title: 

Notice Address:
[To be completed by the Applicable Foreign Swingline Lender - to include address, telecopier number, email address and telephone number]

Received and Accepted:

Bank of America, N.A., as Agent

By:                    
Name:
Title:

Exhibit 4.2

FORM OF NOTICE OF EXTENSION/CONVERSION

Bank of America, N.A., 
as Agent for the Lenders 

Ladies and Gentlemen:

The undersigned (the “Borrower”) refers to the Second Amended and Restated Credit Agreement dated as of November 18, 2014 (as amended, modified, extended or restated from time to time, the “Credit Agreement”), among Airgas, Inc., the other Borrowers party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Agent.  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The Borrower hereby gives notice pursuant to Section 4.2 of the Credit Agreement that it requests an extension or conversion of a   [___________]1 Loan outstanding under the Credit Agreement, and in connection therewith sets forth below the terms on which such extension or conversion is requested to be made:

(A)    Date of Extension or Conversion
(which is the last day of the
the applicable Interest Period)            _______________________

(B)    Principal Amount of
Extension or Conversion                _______________________

(C)    Interest rate basis                    _______________________

(D)    Interest Period and the 
last day thereof                    _______________________

(E)    Applicable currency    2                       _______________________

Very truly yours,

[BORROWER]

By:____________________________

Title:_________________________

____________________________
1 Identify if the applicable Loan is a U.S. Revolving Loan or Foreign Currency Loan.
2 Applies only to Foreign Currency Loans.  Foreign Currency Loans may only be extended in the same currency.

Exhibit 4.3

FORM OF NOTICE OF LOAN PREPAYMENT

		
	TO:
	Bank of America, N.A., as Agent

		
	RE:
	Second Amended and Restated Credit Agreement dated as of November 18, 2014 among Airgas, Inc. (“Airgas”), the other Borrowers party thereto, Bank of America, N.A., as Agent and the Lenders party thereto (as amended or modified from time to time, the “Credit Agreement”).  All capitalized terms used herein unless otherwise defined shall have the meanings set forth in the Credit Agreement.

		
	DATE:
	_____________, 20__

______________________________________________________________________________

		
	1.
	This Notice of Loan Prepayment is made pursuant to the terms of the Credit Agreement.  All capitalized terms used herein unless otherwise defined shall have the meanings set forth in the Credit Agreement.

		
	2.
	Please be advised that on ___________ the undersigned (the “Borrower”) intends to prepay the following Loans:

________ U.S. Revolving Loans
________ U.S. Swingline Loans
________  Foreign Currency Loans in the following currency: ____________
________  Foreign Swingline Loans in the following currency: ____________

in the following amount: ______________________.

		
	3.
	The interest rate option applicable to the Loans set forth in paragraph 2 above is:  

a.    ________ the U.S. Base Rate plus the Applicable Rate for U.S. Base Rate Loans;

b.    ________ the Eurocurrency Rate plus the Applicable Rate for Eurocurrency Loans for an Interest Period of:

________ one month
________ two months
________ three months
________ six months
________ twelve months; or

c.    ________ the Quoted Rate. 

[APPLICABLE BORROWER(S)]

By:                      
Name:  
Title: 

AIRGAS, INC. SECOND AMENDED AND RESTATED CREDIT AGREEMENT

Exhibit 4.4

FORM OF NEW COMMITMENT AGREEMENT

Reference is made to the Second Amended and Restated Credit Agreement dated as of November 18, 2014 (as amended, modified, extended or restated from time to time, the “Credit Agreement”) by and among Airgas, Inc., a Delaware corporation (“Airgas”), the other Borrowers party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Agent.  All of the defined terms in the Credit Agreement are incorporated herein by reference.

1.    Effective as of the Effective Date set forth below, the undersigned Lender hereby confirms its Additional Commitment, in an aggregate principal amount of up to the amount specified below.  If the undersigned Lender is already a Lender under the Credit Agreement, such Lender acknowledges and agrees that such Additional Commitment is in addition to any existing Commitment of such Lender under the Credit Agreement.  If the undersigned Lender is not already a Lender under the Credit Agreement, such Lender hereby acknowledges, agrees and confirms that, by its execution of this New Commitment Agreement, such Lender will, as of the Effective Date, be a party to the Credit Agreement and be bound by the provisions of the Credit Agreement and, to the extent of its Commitment, have the rights and obligations of a Lender thereunder.

2.    This New Commitment Agreement shall be governed by and construed in accordance with the laws of the State of New York.

Type of Additional Commitment                    _____________________1 
Amount of Additional Commitment                _____________________

Effective Date of Additional Commitment            ________________, 20__

The terms set forth above 
are hereby agreed to:

[Lender]

By:___________________________
Title:

___________________________
1 Select U.S. Revolving Commitment or Foreign Currency Commitment.
CONSENTED TO (as required by the Credit Agreement):

BANK OF AMERICA, N.A.,                AIRGAS, INC
as Agent                        

By:____________________________        By:____________________________
Title:                            Title:

Exhibit 7.1(c)

FORM OF OFFICER'S COMPLIANCE CERTIFICATE

For the fiscal quarter ended _________________, 20___.

I, ______________________, [Title] of Airgas, Inc. (“Airgas”) hereby certify that, to the best of my knowledge and belief, with respect to that certain Second Amended and Restated Credit Agreement dated as of November 18, 2014 (as amended, modified, extended or restated from time to time, the “Credit Agreement”; all of the defined terms in the Credit Agreement are incorporated herein by reference) among Airgas, Inc., the other Borrowers party thereto, the Lenders party thereto and Bank of America, N.A., as Agent:

a.    The company-prepared financial statements which accompany this certificate (or which were posted to the Securities Exchange Commission website in satisfaction of the delivery requirements of Section 7.1 of the Credit Agreement) are true and correct in all material respects and have been prepared in accordance with GAAP (subject to Section 1.3 of the Credit Agreement) applied on a consistent basis, subject to changes resulting from audit and normal year-end audit adjustments.

b.    Since ___________ (the date of the last similar certification, or, if none, the Closing Date) no Default or Event of Default has occurred and is continuing under the Credit Agreement; and

Delivered herewith are detailed calculations demonstrating compliance by the Consolidated Parties with the financial covenant contained in Section 7.10 of the Credit Agreement as of the end of the fiscal period referred to above.

This ______ day of ___________, 20__.

AIRGAS, INC.

Name:___________________________

Title:__________________________

Attachment to Officer's Certificate

Computation of Financial Covenant

Exhibit 11.3

FORM OF ASSIGNMENT AND ASSUMPTION

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the effective date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).  Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the effective date inserted by the Agent as contemplated below (i) all of the Assignor's rights and obligations as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount[s] and equal to the percentage interest[s] identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including, without limitation, U.S. LOC Obligations, U.S. Swingline Loans and Foreign Swingline Loans included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as, the “Assigned Interest”).  Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

1.    Assignor:        ______________________________
[Assignor [is][is not] a Defaulting Lender]
[Assignor (or one of its Affiliates or branch offices) is able to lawfully purchase participations in all existing Foreign Swingline Facilities.]1 

		
	2.
	Assignee:        ______________________________

[and is an Affiliate/Approved Fund of [identify Lender]2]

		
	3.
	Borrower(s):    Airgas, Inc., Airgas Canada Inc., Red-D-Arc Limited, Red-D-Arc (UK) Limited, Red-D-Arc (Netherlands) B.V., Red-D-Arc (Germany) GmbH [insert applicable Foreign Borrower(s)]

		
	4.
	Agent:            Bank of America, N.A.

		
	5.
	Credit Agreement:    Second Amended and Restated Credit Agreement dated as of November 18, 2014, among the Borrowers, the Lenders party thereto and Bank of America, N.A., as Agent 

______________________________
1 To be included if Foreign Currency Commitments and Loans are being assigned.
2 Select as applicable.

6.     Assigned Interest:
	
				
	Facility Assigned3
	Aggregate Amount of Commitment/Loans for all Lenders*
	Amount of Commitment/Loans Assigned*
	Percentage Assigned of Commitment/Loans4

	 
	$
	$
	   %

	 
	$
	$
	   %

[7.    Trade Date:        ______________]5 

effective date:   _____________ ___, 20___ [TO BE INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

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

ASSIGNOR
[NAME OF ASSIGNOR]

By:______________________________
   Title:

ASSIGNEE
[NAME OF ASSIGNEE]

By:______________________________
   Title:
[Consented to and]6 Accepted:

BANK OF AMERICA, N.A. as 
Agent

By_________________________________
  Title:

[Consented to:]7 

[BANK OF AMERICA, N.A., as [U.S. Issuing Lender] [U.S. Swingline Lender]]

By________________________________
  Title:

AIRGAS, INC.                    

By:____________________________        
  Title:                        
______________________________
3 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g. “U.S. Revolving Commitment,” etc.).
* Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the effective date.
4 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.
5 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.
6 To be added only if the consent of the Agent is required by the terms of the Credit Agreement.
7 To be added only if the consent of the Company and/or other parties (e.g. L/C Issuer) is required by the terms of the Credit Agreement.

-2-

ANNEX 1

STANDARD TERMS AND CONDITIONS FOR
ASSIGNMENT AND ASSUMPTION

1.  Representations and Warranties.

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

1.2.  Assignee.  The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and after the effective date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 7.1 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, (vi) 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 Assignment and Assumption and to purchase the Assigned Interest, and (vii) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance upon the Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a Lender.

2.  Payments.  From and after the effective date, the Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the effective date and to the Assignee for amounts which have accrued from and after the effective date.  Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the effective date to the Assignee. 

3.  General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  This Assignment and Assumption may be executed in counterparts (and by different parties hereto in different counterparts), each 

of which shall constitute an original but all of which when taken together shall constitute one contract.  Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy or other electronic imaging means (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.  This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

_________________________________

-2-EX-10.7

 Exhibit 10.7 

TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 

Execution Version 

GAS PROCESSING AND FRACTIONATION AGREEMENT 

dated as of 
 OCTOBER
30, 2014 
 by and between 

HESS TRADING CORPORATION, 

as Customer 
 and

 HESS TIOGA GAS PLANT LLC, 

as Provider 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

TABLE OF CONTENTS 
  

							
	 	  	Page	 
	 ARTICLE 1 DEFINITIONS; RULES OF CONSTRUCTION
	  	 	1	  
			
	 Section 1.1
	 	Definitions	  	 	1	  
	         Section 1.2
	 	References and Rules of Construction	  	 	1	  
		
	ARTICLE 2 TGP SYSTEM; TERM	  	 	2	  
			
	         Section 2.1
	 	TGP System	  	 	2	  
	         Section 2.2
	 	Term	  	 	2	  
		
	ARTICLE 3 SYSTEM SERVICES; PROVIDER COVENANTS	  	 	2	  
			
	         Section 3.1
	 	System Services	  	 	2	  
	         Section 3.2
	 	Services Standard	  	 	3	  
	         Section 3.3
	 	Exchange of Information	  	 	3	  
	         Section 3.4
	 	Provider’s Discretion to Operate TGP System; Bypass; Ethane Recovery	  	 	3	  
	         Section 3.5
	 	Third Party Facilities	  	 	5	  
	         Section 3.6
	 	Reports	  	 	5	  
		
	ARTICLE 4 DEDICATION OF PRODUCTION; CUSTOMER COVENANTS	  	 	5	  
			
	         Section 4.1
	 	Dedication	  	 	5	  
	         Section 4.2
	 	Conflicting Dedications	  	 	6	  
	         Section 4.3
	 	Customer’s Reservations	  	 	6	  
	         Section 4.4
	 	Releases from Dedication	  	 	6	  
		
	ARTICLE 5 DEVELOPMENT PLAN; SYSTEM PLAN; AND PLANT EXPANSIONS	  	 	7	  
			
	         Section 5.1
	 	Development Plans	  	 	7	  
	         Section 5.2
	 	System Plans	  	 	9	  
	         Section 5.3
	 	Agreement on Proposed Development Plan and System Plan; Meetings; Amendments to Currently Agreed Development Plan and System Plan	  	 	11	  
	         Section 5.4
	 	Expansion of TGP System; Committed Build-Outs	  	 	13	  
		
	ARTICLE 6 MINIMUM VOLUME COMMITMENT; CREDITS	  	 	13	  
			
	         Section 6.1
	 	MVC	  	 	13	  
	         Section 6.2
	 	MVC Shortfall Credits	  	 	14	  
		
	 ARTICLE 7 FEES; CHARGES; DEDUCTIONS
	  	 	14	  
			
	        Section 7.1	 	Fees	  	 	14	  

  
 i 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

TABLE OF CONTENTS 
  

					
	 	  	Page
	        Section 7.2	 	Charges	  	17
	        Section 7.3	 	Flaring	  	17
	        Section 7.4	 	System GL&U	  	17
	        Section 7.5	 	System Fuel	  	17
	        Section 7.6	 	NGLs and Residue Gas	  	17
		
	ARTICLE 8 TENDER, NOMINATION AND PROCESSING OF PRODUCTION	  	18
			
	        Section 8.1	 	Priority of Service	  	18
	        Section 8.2	 	Governmental Action	  	18
	        Section 8.3	 	Tender of Dedicated Production, Customer Injected NGLs and Additional Gas	  	19
	        Section 8.4	 	Nominations, Scheduling and Curtailment	  	19
	        Section 8.5	 	Suspension/Shutdown of Service	  	19
	        Section 8.6	 	Hydrocarbon Marketing and Transportation	  	20
	        Section 8.7	 	Downstream Delivery Points	  	20
	        Section 8.8	 	Loading Point Vetting	  	20
		
	ARTICLE 9 QUALITY AND PRESSURE SPECIFICATIONS	  	21
			
	        Section 9.1	 	Quality Specifications	  	21
	        Section 9.2	 	Pressure	  	21
		
	ARTICLE 10 TERMINATION	  	22
			
	        Section 10.1	 	Termination	  	22
	        Section 10.2	 	Effect of Termination or Expiration of the Term	  	23
	        Section 10.3	 	Damages for Early Termination	  	23
		
	ARTICLE 11 TITLE AND CUSTODY	  	23
			
	        Section 11.1	 	Title	  	23
	        Section 11.2	 	Custody	  	24
		
	ARTICLE 12 BILLING AND PAYMENT	  	24
			
	        Section 12.1	 	Invoices	  	24
	        Section 12.2	 	Payments	  	24
	        Section 12.3	 	Audit	  	25
		
	ARTICLE 13 REMEDIES	  	25
			
	        Section 13.1	 	Suspension of Performance; Release from Dedication	  	25
	        Section 13.2	 	No Election	  	25

  
 ii 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

TABLE OF CONTENTS 
  

							
	 	  	Page	 
		
	 ARTICLE 14 FORCE MAJEURE
	  	 	26	  
			
	         Section 14.1
	 	Events of Force Majeure	  	 	26	  
	         Section 14.2
	 	Actions	  	 	26	  
	         Section 14.3
	 	Strikes, Etc	  	 	27	  
		
	ARTICLE 15 REPRESENTATIONS AND COVENANTS	  	 	27	  
			
	         Section 15.1
	 	Party Representations	  	 	27	  
	         Section 15.2
	 	Joint Representations	  	 	27	  
	         Section 15.3
	 	Applicable Laws	  	 	28	  
	         Section 15.4
	 	Government Authority Modification	  	 	28	  
	         Section 15.5
	 	Taxes	  	 	28	  
	         Section 15.6
	 	Exclusive Producer Purchase Right	  	 	28	  
		
	ARTICLE 16 INDEMNIFICATION AND INSURANCE	  	 	29	  
			
	         Section 16.1
	 	Custody and Control Indemnity	  	 	29	  
	         Section 16.2
	 	Customer Indemnification	  	 	29	  
	         Section 16.3
	 	Provider Indemnification	  	 	30	  
	         Section 16.4
	 	Actual Direct Damages	  	 	30	  
	         Section 16.5
	 	Penalties	  	 	30	  
	         Section 16.6
	 	Insurance	  	 	30	  
		
	ARTICLE 17 ASSIGNMENT	  	 	31	  
			
	         Section 17.1
	 	Assignment of Rights and Obligations under this Agreement	  	 	31	  
	         Section 17.2
	 	Pre-Approved Assignment	  	 	31	  
		
	ARTICLE 18 CUSTOMER GUARANTEE; ADEQUATE ASSURANCES	  	 	31	  
			
	         Section 18.1
	 	Customer Guarantee	  	 	31	  
	         Section 18.2
	 	Adequate Assurances	  	 	31	  
		
	ARTICLE 19 MISCELLANEOUS	  	 	32	  
			
	         Section 19.1
	 	Relationship of the Parties	  	 	32	  
	         Section 19.2
	 	Notices; Voice Recording	  	 	32	  
	         Section 19.3
	 	Expenses	  	 	33	  
	         Section 19.4
	 	Waivers; Rights Cumulative	  	 	33	  
	         Section 19.5
	 	Confidentiality	  	 	33	  
	         Section 19.6
	 	Entire Agreement; Conflicts	  	 	34	  
	         Section 19.7
	 	Amendment	  	 	34	  
	         Section 19.8
	 	Governing Law; Disputes	  	 	34	  
	         Section 19.9
	 	Parties in Interest	  	 	34	  

  
 iii 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

TABLE OF CONTENTS 
  

							
	 	  	Page	 
	         Section 19.10
	 	Preparation of Agreement	  	 	34	  
	         Section 19.11
	 	Severability	  	 	35	  
	         Section 19.12
	 	Operating Terms; Service Interface Rules	  	 	35	  
	         Section 19.13
	 	Counterparts	  	 	35	  

  
 iv 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

APPENDICES AND EXHIBITS 
  

			
	APPENDIX I	  	OPERATING TERMS AND CONDITIONS
	APPENDIX II	  	DEFINITIONS
	APPENDIX III	  	SERVICE INTERFACE RULES
		
	EXHIBIT A-1	  	PLANT
	EXHIBIT A-2	  	PLANT FACILITIES
	EXHIBIT B-1	  	DEDICATED AREA
	EXHIBIT B-2	  	DEDICATED CONTRACTS
	EXHIBIT C	  	CONFLICTING DEDICATIONS
	EXHIBIT D	  	INITIAL DEVELOPMENT PLAN
	EXHIBIT E	  	INITIAL SYSTEM PLAN
	EXHIBIT F	  	INITIAL MINIMUM VOLUME COMMITMENTS
	EXHIBIT G-1	  	FEES
	EXHIBIT G-2	  	FEE RECALCULATION MODEL
	EXHIBIT G-3	  	TARGET ETHANE RECOVERY TABLES
	EXHIBIT H	  	RECEIPT POINTS
	EXHIBIT I	  	DELIVERY POINTS
	EXHIBIT J	  	INSURANCE
	EXHIBIT K	  	CUSTOMER GUARANTEE
	EXHIBIT L	  	ADDRESSES FOR NOTICE PURPOSES

  
 v 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

GAS PROCESSING AND FRACTIONATION AGREEMENT 

THIS GAS PROCESSING AND FRACTIONATION AGREEMENT (as the same may be amended from time to time in accordance herewith, this
“Agreement”) is made as of October 30, 2014 (the “Execution Date”), but effective for all purposes as of January 1, 2014 at 12:01 a.m. CCT (the “Effective Time”), by
and between Hess Trading Corporation, a Delaware corporation (“Customer”), and Hess Tioga Gas Plant LLC, a Delaware limited liability company (“Provider”). Customer and Provider are sometimes together
referred to in this Agreement as the “Parties” and individually as a “Party”. 
 RECITALS

 WHEREAS, Provider owns, operates and maintains the TGP System (as defined herein), which allows Provider to process Gas (as defined
herein) and Injected NGLs (as defined herein) for the extraction of NGLs (as defined herein) and to perform fractionation and other services in connection therewith; and 

WHEREAS, Customer owns or Controls (as defined herein), and has the right to Tender (as defined herein), certain Gas (such Gas,
“Customer Gas”) and certain Injected NGLs (such Injected NGLs, “Customer Injected NGLs”) into the TGP System, and Provider desires to provide the System Services (as defined herein) for the Customer
Gas and Customer Injected NGLs, on the terms and subject to the conditions in this Agreement.  
 AGREEMENTS 

NOW, THEREFORE, in consideration of the mutual agreements, covenants, and conditions in this Agreement contained, Provider and Customer hereby
agree as follows: 
 ARTICLE 1 

DEFINITIONS; RULES OF CONSTRUCTION 

Section 1.1 Definitions. As used in this Agreement, capitalized words and terms shall have the meaning ascribed to such terms in
Appendix II attached hereto. 
 Section 1.2 References and Rules of Construction. All references in this Agreement to Exhibits,
Appendices, Articles, Sections, subsections and other subdivisions refer to the corresponding Exhibits, Appendices, Articles, Sections, subsections and other subdivisions of or to this Agreement unless expressly provided otherwise. Titles appearing
at the beginning of any Articles, Sections, subsections and other subdivisions of this Agreement are for convenience only, do not constitute any part of this Agreement, and shall be disregarded in construing the language hereof. The words “this
Agreement”, “herein”, “hereby”, “hereunder” and “hereof”, and words of similar import, refer to this Agreement as a whole and not to any particular Article, Section, subsection or other subdivision unless
expressly so limited. The word “including” (in its various forms) means “including without limitation”. All references to “$” or “dollars” shall be deemed references to “United States dollars”. Each
accounting term not defined herein will have the meaning given to it under generally accepted accounting principles. Pronouns in 

  
 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

masculine, feminine or neuter genders shall be construed to state and include any other gender, and words, terms and titles (including terms defined herein) in the singular form shall be
construed to include the plural and vice versa, unless the context otherwise requires. References to any Law means such Law as it may be amended from time to time. 

ARTICLE 2 
 TGP SYSTEM;
TERM 
 Section 2.1 TGP System. The “Plant” means that certain cryogenic Gas processing and NGL
fractionation facility located in Williams County, North Dakota and commonly described as the “Tioga Gas Plant”, as the same is more particularly described on Exhibit A-1. As used herein, the “Plant” shall also include all
appurtenant facilities operated by Provider and located on the lands described on Exhibit A-1 (the “Plant Site”), including inlet facilities, residue outlets, pipelines and interconnects with Downstream Facilities, in
each case, as such plant, facilities, pipelines and interconnects may be modified and/or extended from time to time, including pursuant to a Plant Expansion. The “Plant Facilities” means those certain pipelines, associated
facilities and interconnects with Downstream Facilities that are, in each case, owned and operated by Provider but not located on the Plant Site, including the Hess North Dakota Pipeline, in each case, as the same may be modified and/or extended
from time to time, including pursuant to a Facilities Modification, and as the same are more particularly described on Exhibit A-2. The Plant and Plant Facilities are collectively referred to herein as the “TGP
System”. 
 Section 2.2 Term. Subject to earlier termination pursuant to Section 10.1 (a) this
Agreement shall commence at the Effective Time and shall remain in effect until the 10th anniversary of the Effective Time (the “Initial Term”), (b) Provider shall
have the option, exercisable by the delivery of written Notice to Customer on or before the date that is three Years prior to the expiration of the Initial Term, to renew this Agreement for one additional ten Year period (such second ten Year
period, the “Secondary Term”), and (c) thereafter, this Agreement shall automatically renew for successive Yearly periods unless terminated by either Party through the delivery of written Notice to the other Party on or
before the date that is 180 Days prior to the end of the Secondary Term or the then-current Yearly term, as applicable (the Initial Term, the Secondary Term and any subsequent Yearly renewal periods, collectively, the
“Term”). 
 ARTICLE 3 

SYSTEM SERVICES; PROVIDER COVENANTS 

Section 3.1 System Services. Subject to the provisions of this Agreement and rights of all applicable Governmental Authorities, during
the Term, Provider shall provide, or cause to be provided, the following services with respect to Customer Gas and Customer Injected NGLs, in each case, in accordance with the terms and conditions of this Agreement (collectively, the
“System Services”): 

  
 2 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(a) “Processing Services”, which means: (i) the receipt of Customer Gas and Customer Injected NGLs Tendered by or
on behalf of Customer at the Receipt Points; (ii) the processing and/or treatment of such Customer Gas; (iii) the fractionation and/or treatment of NGLs; (iv) the redelivery of Residue Gas and NGLs produced from the processing,
fractionation and/or treatment, as applicable, of Customer Gas and Customer Injected NGLs and allocable to Customer in accordance with the terms and conditions hereof (such Residue Gas, “Customer Residue Gas”, and such NGLs,
“Customer NGLs”) at the relevant Delivery Points (as Nominated by Customer) for Customer’s account, with an equivalent Thermal Content to such Customer Gas and Customer Injected NGLs, less System Fuel and Losses
allocated to Customer in accordance with this Agreement; (v) the metering of such Customer Gas and Customer Injected NGLs at the Receipt Points; and (vi) the metering of such Customer Residue Gas and Customer NGLs at the Delivery Points
(other than the Loading Points); 
 (b) “Gas Lift Services”, which means the compressing and redelivery of Customer
Residue Gas to the Gas Lift Delivery Points; 
 (c) “Loading Services”, which means (i) the loading of Customer
NGLs onto trucks and rail cars at the Loading Points; and (ii) the metering of Customer NGLs at the Loading Points; 
 (d)
“Transportation Services”, which means the redelivery of Customer Residue Gas at a HNDP Delivery Point; and 
 (e)
those other services to be performed by Provider in respect of Customer Gas and Customer Injected NGLs as set forth in this Agreement. 

Section 3.2 Services Standard. Provider agrees to own, operate, and maintain, at its sole cost, risk and expense, the TGP System and
the other facilities necessary to provide the System Services contemplated in this Agreement in a good and workmanlike manner in accordance with standards customary in the industry in the geographic area where the TGP System is located. 

Section 3.3 Exchange of Information. Each Party agrees to use its reasonable efforts to provide, on a timely basis, such information to
the other Party as may be reasonably needed by such other Party to perform its obligations hereunder (including, in the case of Provider, to provide the System Services hereunder). 

Section 3.4 Provider’s Discretion to Operate TGP System; Bypass; Ethane Recovery. Provider shall have sole and exclusive control,
management, and operational discretion in operating the TGP System. Notwithstanding the foregoing: 
 (a) Any decision by Provider to
curtail or Bypass any System Services hereunder (other than such a decision made pursuant to Section 3.4(b)), or alter the recovery parameters of the processing train, shall be undertaken in the manner set forth in the Operating Terms.

  
 3 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(b) Customer shall have the option, at any time during the Term, to request that all or a portion of the Customer Gas Bypass certain System
Services in order for Customer to meet its obligations under contractual requirements with a Downstream Facility. To the extent that such request would not, in Provider’s sole discretion, be reasonably likely to (i) cause Provider to not
be able to deliver the System Services hereunder in accordance with this Agreement, (ii) cause Provider, or the TGP System, to be unable to comply with any applicable Law, or (iii) cause any adverse effect on Provider, the TGP System or
any other asset of Provider, then, in such case, Provider shall consider such request and use its good faith efforts to implement such request. 

(c) The base operating mode of the Plant will be “Ethane Recovery Mode”, for the separate recovery of ethane from the
Gas and Injected NGL stream. If Provider, in its sole discretion, believes that operating in Ethane Recovery Mode would be reasonably likely to (w) cause Provider to not be able to deliver the System Services hereunder in accordance with this
Agreement, (x) cause Provider, or the TGP System, to be unable to comply with any applicable Law, (y) cause any adverse effect on Provider, the TGP System or any other asset of Provider, or (z) result in Customer Residue Gas (other
than any Customer Residue Gas constituting System Fuel and Losses) failing to meet any quality specifications of any Downstream Facility, then, in any such case, Provider may cause the Plant to operate in “Ethane Rejection
Mode”. Should Provider intend to cause the Plan to operate in Ethane Rejection Mode pursuant to the preceding sentence, Provider shall give Customer written Notice of such desire as soon as is reasonably practicable following such
determination. 
 (i) Assuming that all Customer Gas and Customer Injected NGLs Tendered by or on behalf of Customer at the
Receipt Points meet the respective quality specifications contained in Section 1.1 of the Operating Terms, Provider shall use its commercially reasonable efforts to cause the TGP System to (A) achieve the recovery rates set forth in
Exhibit G-3 under the heading “Ethane Recovery Mode” when operating in Ethane Recovery Mode, and (B) achieve the recovery rates set forth in Exhibit G-3 under the heading “Ethane Rejection Mode” when operating
in Ethane Rejection Mode. 
 (ii) To the extent that ethane is not recovered (or is recovered but returned to the Residue Gas
stream), it shall be accounted for to Customer as part of Customer Residue Gas. To the extent that ethane is separately recovered (and not returned to the Residue Gas stream), then ethane shall be accounted for to Customer as a Customer NGL. 

(d) The base operating mode of the Plant will be “Sulfur Recovery Mode”, for the separate recovery of sulfur from the
Gas and Injected NGL stream. If (i) Provider, in its sole discretion, believes that operating in Sulfur Recovery Mode would be reasonably likely to (A) cause Provider to not be able to deliver the System Services hereunder in accordance
with this Agreement, (B) cause Provider, or the TGP System, to be unable to comply with any applicable Law, (C) cause any adverse effect on Provider, the TGP System or any other asset of Provider, or (D) result in any Customer Residue
Gas (other than any Customer Residue Gas constituting System Fuel and Losses) or NGLs failing to meet any quality specifications of any Downstream Facility, or (ii) the Customer Gas and/or Customer Injected NGLs delivered hereunder contain less
than a total of ** percent (**%) by volume of hydrogen sulfide, then, in any such case, Provider may cause the Plant to cease operating in Sulfur 

  
 4 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

Recovery Mode. Provider shall give Customer written Notice of any determination made by Provider to cease operating the Plant in Sulfur Recovery Mode as far in advance as is reasonably possible
from the date upon which Provider intends to cease operating the Plant in Sulfur Recovery Mode. 
 Section 3.5 Third Party
Facilities. Except for situations of Force Majeure, or as may be required by necessary repairs, maintenance, or outages on the TGP System, or as otherwise agreed by the Parties, Provider shall not utilize or substitute any Gas processing and/or
NGL fractionation facilities other than the TGP System for performance of the System Services under this Agreement, and then only with notice to Customer as soon as reasonably practical. 

Section 3.6 Reports. Provider shall file all necessary reports and/or notices required by applicable Laws with respect to the
performance by Provider of the System Services pursuant to this Agreement. 
 ARTICLE 4 

DEDICATION OF PRODUCTION; CUSTOMER COVENANTS 

Section 4.1 Dedication. 

(a) Subject to the provisions of Section 4.1 through Section 4.4 and Article 17, Customer exclusively dedicates
and commits to deliver to Provider under this Agreement all: 
 (i) Customer Gas formerly owned or Controlled by Producer and
produced from those oil and gas properties located in the area described on Exhibit B-1 (such area, as the same may be modified from time to time by the Parties hereunder, the “Dedicated Area”) that are operated by
Producer or that are not operated by Producer, but from which Producer has elected to take its applicable production in-kind (such Gas, “Dedicated Producer Gas”); and 

(ii) Customer Gas that Customer owns or Controls through one of the contracts described on Exhibit B-2 (such contracts,
the “Dedicated Contracts”). 
 (b) All Dedicated Producer Gas and all Customer Gas subject to a
Dedicated Contract that (i) is not described in Section 4.1(c)(i), (ii) is not subject to a Conflicting Dedication, (iii) has not been reserved and utilized by Customer pursuant to Section 4.3, and
(iv) has not been released (either temporarily or permanently) from dedication pursuant to Section 4.4, is referred to collectively hereunder as “Dedicated Production”.  

(c) Notwithstanding the foregoing: 

(i) any Dedicated Producer Gas (A) that is produced from a well that was drilled and completed, and is operated, in each
case, by a Non-Party that is not an Affiliate of Customer, and (B) that such Non-Party operator (and not Customer or any of Customer’s Affiliates) markets under applicable contractual arrangements with respect to such well and such
Customer Gas, shall not be considered “Dedicated Production” hereunder; and 

  
 5 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(ii) no Dedicated Contract may be amended, modified or otherwise supplemented by Customer such that the volume of Dedicated
Production resulting therefrom would be reduced without the prior written consent of Provider, such consent not to be unreasonably withheld; provided, however, that such restrictions shall not apply to (A) any termination or expiration of any
such Dedicated Contract pursuant to its terms, or (B) the removal of any individual well from the coverage of any such Dedicated Contract that, on average, produces less than 100 Mcf of Gas a Month. 

Section 4.2 Conflicting Dedications. Notwithstanding anything in this Agreement to the contrary, Customer shall have the right to
comply with (a) each processing, fractionation or transportation agreement or any commitment or arrangement (including any volume commitment) that is in effect as of the Execution Date and that would require any Customer Gas to be processed or
fractionated at any processing or fractionation facility other than the TGP System, including any such agreement, commitment or arrangement burdening properties hereinafter acquired by Customer in the Dedicated Area (each, a “Conflicting
Dedication”) that is described in Exhibit C, and (b) any other Conflicting Dedication that is applicable and in effect as of the date that Customer acquires Control of any Gas produced from lands covered by the
Dedicated Area that was not under the Control of Customer as of the Execution Date. Notwithstanding the foregoing, Customer shall only have the right to comply with the applicable Conflicting Dedication up to and until the first Day of the Month
following the termination of such Conflicting Dedication (without giving effect to any right of Customer to renew or extend the term of such Conflicting Dedication). For the avoidance of doubt, any Customer Gas that, but for a Conflicting
Dedication, would be considered “Dedicated Production” hereunder, shall, automatically upon the termination of the applicable Conflicting Dedication, be considered “Dedicated Production” hereunder. As of the Execution Date,
Customer represents that, except as set forth in Exhibit C, the Dedicated Production is not subject to any Conflicting Dedication. 

Section 4.3 Customer’s Reservations. Customer reserves the following rights respecting Dedicated Producer Gas and all Customer Gas
subject to a Dedicated Contract for itself: to deliver or furnish to the applicable lessors and holders of other burdens on production such Customer Gas as is required to satisfy the terms of the applicable oil and gas leases or other applicable
instruments. 
 Section 4.4 Releases from Dedication. 

(a) If Provider has failed to complete the facilities necessary to connect a Planned Receipt Point to the TGP System within: 

(i) 90 Days of the applicable Target Completion Date contained in the then-currently agreed System Plan, then, upon written
Notice from Customer to Provider, Customer shall be entitled to (A) request a temporary Recalculation Election pursuant to Section 7.1(g)(y), in which case (1) the Dedicated Production Estimate that is applicable to such
Planned Receipt Point will be deemed deleted from the Dedicated Production Estimate contained in the then-currently agreed Development Plan, (2) the Committed Build-Out at issue (and all Committed Build-Out Costs related thereto) will be
deleted from the then-currently agreed System Plan, and (3) the Fees resulting from such Recalculation Election will be utilized, subject to the last sentence of this 

  
 6 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

Section 4.4(a)(i), for the remainder of the then-current Year, and (B) a temporary reduction in the then-applicable MVC to reflect the deletion of the applicable portion of the
Dedicated Production Estimate, which reduction in MVC will remain in effect, subject to the last sentence of this Section 4.4(a)(i), for the remainder of the then-current Year. Any such temporary Recalculation Election and reduction in
MVC shall, in each case, be terminated, and the Fees and MVC shall each revert back to their respective levels prior to such election, upon the completion of the connection of the Planned Receipt Point to the TGP System; or 

(ii) 180 Days of the applicable Target Completion Date contained in the then-currently agreed System Plan, then, upon written
Notice from Customer to Provider, the volumes of Dedicated Production applicable to such Planned Receipt Point shall be permanently released from the dedication under this Agreement and Customer may deliver and commit such Customer Gas that was
formerly Dedicated Production to such other processor or fractionator as it shall determine in its sole discretion. 
 (b) Certain Dedicated
Production may also be temporarily released from dedication under this Agreement in the event of: 
 (i) any curtailment or
interruption of the System Services to be provided to Customer as set forth in Section 8.5(d) or in Section 1.5 of the Operating Terms, in each case, other than any Bypass election; 

(ii) a material breach of this Agreement by Provider as provided in Section 13.1(b); or 

(iii) an order of a Governmental Authority that causes the curtailment of System Services to Customer as provided in
Section 8.2. 
 (c) In the event that any “Dedicated Production” (as such term is defined in the GGA) is released from
the dedication under the GGA, Customer shall have the right to request that the corresponding Dedicated Production also be released from the dedication hereunder. Any such request shall be subject to Provider’s prior written consent, such
consent not to be unreasonably withheld. Any such release from dedication hereunder shall last for the duration specified in the request from Customer, but in no event shall such release hereunder be longer than the applicable release under the GGA
(and, for the avoidance of doubt, the release requested hereunder may be permanent if the corresponding release from dedication under the GGA is permanent); provided, however, that no such release of Dedicated Production permitted pursuant to this
Section 4.4(c) shall result in a reduction in the MVC pursuant to Section 6.1. 
 ARTICLE 5 

DEVELOPMENT PLAN; SYSTEM PLAN; AND PLANT EXPANSIONS 

Section 5.1 Development Plans. Customer has provided Provider with a report attached hereto as Exhibit D (the
“Initial Development Plan”) describing in detail, as of the Execution Date, the planned development, drilling, production, processing, treating, marketing and other activities to take place with respect to Dedicated
Production and Customer Injected 

  
 7 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

NGLs for the applicable Development Period. The information contained in the Initial Development Plan is, with respect to the first three Years covered by the Initial Development Plan, on a
Quarter-by-Quarter basis, and with respect to the remaining Years covered by the Initial Development Plan, on a Year-by-Year basis. The Initial Development Plan attached hereto has been approved by the Parties. 

(a) From time to time during each Year of the Term, the Parties shall meet to discuss the planned development, drilling, production,
processing, treating, marketing and other activities that Customer expects to take place with respect to Dedicated Production and Customer Injected NGLs for the then-applicable Development Period. Customer and Provider shall each make their
respective representatives available to participate in such meetings and discussions. No later than August 1 of each such Year, Customer shall provide (or cause to be provided) to Provider a proposed update of the then-currently agreed
Development Plan, prepared on the same basis as the Initial Development Plan and describing in detail the planned development, drilling, production, processing, treating, marketing and other activities to take place with respect to Dedicated
Production and Customer Injected NGLs for the then-applicable Development Period (any such update, an “Updated Development Plan” and, together with the Initial Development Plan, each, a “Development
Plan”). 
 (b) Each proposed Development Plan shall include information as to the following, in each case, broken out, with
respect to the first three Years covered by such Development Plan, on a Quarter-by-Quarter basis, and, with respect to the remaining Years covered by such Development Plan, on a Year-by-Year basis: 

(i) forward-looking production estimates for the applicable time period covered by such Development Plan for all Customer Gas
and Customer Injected NGLs produced from (A) in the aggregate, all Wells then-existing and (B) in the aggregate, all Wells that are expected to be drilled during the time period covered by such Development Plan (each such Well reflected in
such Development Plan, a “Planned Well” and, such collective estimates, both with respect to a particular Quarter and an entire Year, the “Dedicated Production Estimates”); 

(ii) (A) each new receipt point (including the location thereof) at the Plant Site proposed by Customer with respect to the
Dedicated Production Estimate reflected in such Development Plan (each such receipt point, a “Planned Receipt Point”), (B) each Receipt Point at which Customer expects to Tender Customer Gas or Customer Injected NGLs
reflected in such Development Plan into the TGP System, and (C) the estimated portion of the Dedicated Production Estimate contained in such Development Plan that Customer expects to Tender at each such Receipt Point and Planned Receipt Point;

 (iii) (A) each new delivery point (including the location thereof) proposed by Customer with respect to the Dedication
Production Estimate reflected in such Development Plan (each such delivery point, a “Planned Delivery Point”), (B) each Delivery Point at which Customer expects to Nominate Customer Residue Gas or Customer NGLs produced
from the Dedicated Production Estimate reflected in such Development Plan to be redelivered to Customer, and (C) the estimated volumes of Customer Residue Gas and Customer NGLs produced from the Dedication Production Estimate contained in such
Development Plan that Customer expects to Nominate to each such Delivery Point; 

  
 8 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(iv) the earliest date on which each Planned Receipt Point and Planned Delivery Point included in the Development Plan is
required by Customer to be placed into service, which date shall not be earlier than three Months after the January 1st that is immediately subsequent to the date that the Development Plan
that initially reflected such Planned Receipt Point or Planned Delivery Point was delivered to Provider hereunder; 
 (v) the
anticipated characteristics of the production from the Wells and Planned Wells reflected in such Development Plan (including liquids content and gas and liquids composition) and the projected production volumes and production pressures applicable
thereto; provided that Customer may utilize the existing and historical production information from similarly situated Wells; 

(vi) any (A) proposed revision to the then-existing Dedicated Area and/or any then-existing Dedicated Contract and/or
(B) any new contract that Customer proposes to be a Dedicated Contract; and 
 (vii) other information reasonably
requested by Provider that is relevant to the design, construction, and operation of the TGP System, including (A) any applicable Plant Expansion or Facilities Modification proposed by Customer, (B) the relevant Receipt Point and Planned
Receipt Point facilities applicable to such Development Plan, and (C) the relevant Delivery Point and Planned Delivery Point facilities applicable to such Development Plan. 

Section 5.2 System Plans. Provider has provided Customer with a report attached hereto as Exhibit E (the “Initial
System Plan”) describing and/or depicting, as of the Execution Date, the modifications, extensions, enhancements, major maintenance and/or other actions necessary in order for the TGP System to be able to provide System Services to
Customer in accordance with the Initial Development Plan. The Initial System Plan attached hereto has been approved by the Parties. 
 (a)
From time to time during each Year of the Term, the Parties shall meet to discuss any modifications, extensions, enhancements, major maintenance and/or other actions necessary in order for the TGP System to be able to provide System Services to
Customer to meet the planned development, drilling, production, processing, treating, marketing and other activities expected to take place with respect to Dedicated Production and Customer Injected NGLs in the Dedicated Area for the then-applicable
Development Period. Following the receipt of a proposed Updated Development Plan from Customer, Provider shall (i) first develop and provide to Customer a high-level summary and estimate of any proposed update to the Initial System Plan or the
then-currently agreed System Plan, as applicable, and (ii) subsequently (and as soon as reasonably practicable) following the delivery of such summary, develop and provide to Customer a fully detailed version of such proposed update to the
Initial System Plan or the then-currently agreed System Plan, as applicable, describing and/or depicting the modifications, extensions, enhancements, major maintenance and/or other actions necessary in order for the TGP System to be able to provide
System Services to Customer in accordance with the proposed Updated Development Plan (each such detailed plan, as the then-currently agreed plan may be updated or amended from time to time, a “System Plan”). 

  
 9 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(b) Each proposed System Plan shall include information as to the following: 

(i) all Receipt Points, Planned Receipt Points, Delivery Points and Planned Delivery Points served or to be served by the TGP
System, including the contractual operating pressures and maximum operating pressures thereof; 
 (ii) estimates of all
modifications, enhancements and/or extensions to (A) the Plant that (1) would be owned and operated by Provider and (2) would need to be constructed and/or placed into service hereunder to provide the System Services pursuant to the
terms hereof (each, a “Plant Expansion”), and (B) the Plant Facilities that (1) would be owned and operated by Provider and (2) would need to be constructed and/or placed into service hereunder to provide the
System Services pursuant to the terms hereof (each, a “Facilities Modification”), in each case of (A) and (B) above, that are necessary in order for Provider to provide the System Services to Customer Gas and
Customer Injected NGLs (including any Customer Residue Gas and Customer NGLs allocable thereto) as set forth in the applicable Development Plan (the “Committed Build-Outs”); 

(iii) the estimated schedule for completing the construction and installation of the planned Committed Build-Outs (such
estimate, with respect to each such Committed Build-Out, the “Target Completion Date”); and 
 (iv)
the estimated changes to the Fees that would result if a Party made a Recalculation Election as a result of such updated System Plan and applicable Updated Development Plan. 

(c) Simultaneously with the delivery of any proposed System Plan, Provider shall also prepare and deliver to Customer a report containing the
following budget and schedule of information with respect to the applicable proposed System Plan (each, a “System Budget”): 

(i) the estimated budgeted amounts (other than Maintenance Capital Expenditures and operating expenses) for the construction
and installation of the planned Committed Build-Outs contained in the applicable System Plan (such amounts, collectively, “Committed Build-Out Costs” and each such estimate, a “Committed Build-Out
Estimate”); 
 (ii) the estimated budgeted amounts for all Maintenance Capital Expenditures that Provider
believes will be necessary to provide the System Services as contemplated by the applicable Development Plan and System Plan, including with respect to all Committed Build-Outs included therein (each such estimate, a “Maintenance Capital
Estimate”); 
 (iii) the estimated budgeted amounts for all operating expenses that Provider believes will be
necessary to provide the System Services as contemplated by the applicable Development Plan and System Plan, including with respect to all Committed Build-Outs included therein (each such estimate, an “Operating Expense
Estimate”); and 

  
 10 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(iv) an estimated schedule of all maintenance that Provider deems necessary or advisable to perform on the TGP System in the
next Year in order to provide the System Services set forth in the applicable Development Plan and System Plan, including with respect to all Committed Build-Outs included therein. 

Notwithstanding anything herein to the contrary, Provider shall be entitled to update any System Budget (and any or all of its constituent subparts) following
the agreement of the Parties on any proposed Updated Development Plan and its corresponding proposed System Plan pursuant to Section 5.3(a). 

Section 5.3 Agreement on Proposed Development Plan and System Plan; Meetings; Amendments to Currently Agreed Development Plan and System
Plan. 
 (a) The Parties shall use their good faith efforts to agree upon a proposed Updated Development Plan and corresponding proposed
System Plan on or before December 31st of the Year in which such Updated Development Plan was first delivered to Provider. Any failure to agree upon a proposed Updated Development Plan and
its corresponding proposed System Plan by such date shall mean the then-currently agreed Development Plan and System Plan shall remain in force until such time as they are replaced by a mutually agreed Updated Development Plan and updated System
Plan, respectively. 
 (b) Customer shall make representatives of Customer available to discuss the proposed Updated Development Plan from
time to time with Provider and its representatives at Provider’s request. Provider shall make representatives of Provider available to discuss the proposed System Plan from time to time with Customer and its representatives at Customer’s
request. 
 (c) The Parties and their respective representatives shall meet not less frequently than quarterly during the Term. At all such
meetings, the Parties shall exchange updated information about the plans for the development and expansion of the properties producing the then-existing Dedicated Production, including amendments to the then-currently agreed Development Plan, and
the TGP System, including amendments to the then-currently agreed System Plan and then-current System Budget, and shall have the opportunity to discuss and provide comments on the other Party’s plans. 

(d) Customer may deliver to Provider, from time to time, a proposed amendment to the then-currently agreed Development Plan. Following
delivery of such proposed amendment, the Parties shall meet to discuss the adoption of any amendments proposed by Customer and use their respective good faith efforts to reach agreement on any such proposed amendment and any necessary corresponding
amendments to the then-currently agreed System Plan. Upon the agreement of the Parties upon any such amendment to the then-currently agreed Development Plan (and any necessary corresponding amendments to the then-currently agreed System Plan),
Provider shall be entitled to update the applicable System Budget to reflect such agreed-upon amendments. 

  
 11 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(e) Should the Parties be unable to reach agreement on (x) any proposed Updated Development Plan or corresponding updated System Plan
pursuant to Section 5.3(a), (y) any proposed amendment to the then-currently agreed Development Plan and/or any necessary corresponding amendments to the then-currently agreed System Plan pursuant to Section 5.3(d), or
(z) the decision to install any additional facilities as contemplated pursuant to Section 1.1(b) of the Operating Terms (and/or any amendments to the then-current System Plan that would be needed to incorporate the installation of
such additional facilities), then either Party may elect, by delivering written Notice to the other Party (each, an “Executive Election”) to invoke the following provisions with respect to such disputed amendments or
facilities, as applicable: 
 (i) any Executive Election delivered hereunder shall include (A) the (1) proposed
Updated Development Plan and/or proposed corresponding updated System Plan that such electing Party proposes be adopted, (2) amendment to the then-currently agreed Development Plan and/or System Plan that such electing Party proposes be
adopted, or (3) additional facilities contemplated pursuant to Section 1.1(b) of the Operating Terms that such electing Party proposes be installed (and/or any amendments to the then-current System Plan that would be needed to
incorporate the installation of such additional facilities), as applicable, and (B) the name and title of (1) the executive who (x) has the authority to settle such dispute, (y) is at a Vice President or higher level of
management and (z) is at a higher level of management than the Persons with direct responsibility for administration of this Agreement or the amendments in dispute (any such Person, an “Executive Representative”) of such
electing Party who will represent such electing Party in resolving such dispute and (2) any other Person who will accompany such Executive Representative; 

(ii) within 15 Days after a Party’s receipt of the applicable Executive Election, the receiving Party shall submit to the
electing Party a written response to such Executive Election that includes (A) the (1) proposed Updated Development Plan and/or proposed corresponding updated System Plan that such electing Party proposes be adopted, (2) amendment to
the then-currently agreed Development Plan and/or System Plan that such responding Party proposes be adopted, or (3) additional facilities contemplated pursuant to Section 1.1(b) of the Operating Terms that such electing Party
proposes be installed (and/or any amendments to the then-current System Plan that would be needed to incorporate the installation of such additional facilities), as applicable, and (B) the name and title of (1) the Executive Representative
of such responding Party who will represent such responding Party in resolving such dispute and (2) any other Person who will accompany such Executive Representative; 

(iii) the Parties shall then attempt in good faith to resolve the applicable dispute by negotiations between their respective
Executive Representatives; and 
 (iv) such Executive Representatives of the Parties shall meet at least weekly (or as more
often as they reasonably deem necessary), at a mutually acceptable time and place, until the applicable dispute has been resolved. 

  
 12 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

Section 5.4 Expansion of TGP System; Committed Build-Outs. 

(a) Provider shall, at its sole cost and expense, design, construct and operate all Committed Build-Outs contained in the then-currently
agreed System Plan for the purpose of providing System Services in accordance with this Agreement. 
 (b) Provider is responsible, at its
sole cost, for the acquisition and maintenance of rights of way, surface use and/or surface access agreements necessary to construct, own and operate the TGP System and provide the System Services hereunder (including any Committed Build-Outs);
provided, however, that in the event (i) any right of way, surface use and/or surface access agreement necessary to construct, own or operate any Committed Build-Out cannot be obtained by Provider on terms and conditions reasonably acceptable
to Provider, and (ii) Customer cannot facilitate Provider’s receipt of any such necessary right of way, surface use and/or surface access agreement on terms and conditions reasonably acceptable to Provider, then Provider shall not be
obligated to complete such Committed Build-Out. Provider agrees to provide Customer with quarterly updates as to the progress of any then-approved Committed Build-Outs. Additionally, should Provider reasonably believe that any Committed Build-Out
will not be completed and placed in-service by the applicable Target Completion Date reflected in the applicable System Plan, Provider shall send written Notice to Customer of such delay promptly upon Provider’s determination that such delay
will be reasonably likely to occur. 
 (c) The Parties agree to work together in good faith to obtain the necessary permits and
authorizations from the appropriate Governmental Authorities and the necessary consents, rights of way and other authorizations from other Persons necessary to construct, own and operate each Committed Build-Out as expeditiously as reasonably
practicable. The Parties further agree to cooperate with each other and to communicate regularly regarding their efforts to obtain such permits, authorizations, consents and rights of way. 

(d) Upon the completion of any Committed Build-Out constituting a Planned Receipt Point or Planned Delivery Point, the Parties shall amend
Exhibit H or Exhibit I, as applicable, to include such new Receipt Point or Delivery Point. 
 ARTICLE 6 

MINIMUM VOLUME COMMITMENT; CREDITS 

Section 6.1 MVC. For each Quarter during the Term, Customer shall be obligated to Tender for delivery into the TGP System a minimum
volume of Customer Gas and Customer Injected NGLs (each such minimum amount, a “Minimum Volume Commitment” or “MVC”). The MVC for the Quarters occurring in Year 2014 are set forth on Exhibit F
attached hereto. Following Year 2014, the MVC with respect to any Quarter occurring in the then-subsequent three Year period shall be equal to 80% of the applicable Dedicated Production Estimate for such Quarter contained in the then-currently
agreed Development Plan. Notwithstanding the foregoing and regardless of the Dedicated Production Estimates with respect to any such Quarter included in any Updated Development Plan thereafter, the MVC for such Quarter contained in any prior
Development Plan shall not be reduced by such Updated Development Plan (but the applicable MVC volumes may be increased). 
 (a) Should any
Dedicated Production be released (either permanently or temporarily) from the dedication contained in this Agreement pursuant to Section 4.4 (other than pursuant to 

  
 13 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

Section 4.4(c)), the then-applicable MVC shall be proportionately reduced by the portion of the then-current Dedicated Production Estimate so released. Should any such temporary
release from dedication expire, then, upon such expiration, the then-applicable MVC shall be proportionately increased by the portion of the applicable Dedicated Production Estimate that is no longer released from dedication hereunder. 

Section 6.2 MVC Shortfall Credits. If Customer pays any Shortfall Fee with respect to any Quarter, then, subject to the other
provisions of this Section 6.2, for a period of four full Quarters from the end of the Quarter in which such Shortfall Fee was accrued, Customer shall be entitled to a credit with respect to the Processing Fees payable by Customer during
any such Quarter in connection with volumes of Customer Gas Tendered by Customer or for Customer’s account into the Receipt Points during any such Quarter, but only to the extent such volumes are in excess of the applicable Dedicated Production
Estimate for such Quarter (each such volume credit, stated in Mcfs, a “MVC Shortfall Credit”). 
 (a) During any
subsequent Quarter in which an earned MVC Shortfall Credit may be utilized by Customer, Customer may only utilize such MVC Shortfall Credit for volumes of Customer Gas delivered in excess of the applicable Dedicated Production Estimate for such
Quarter as contained in the then-currently agreed Development Plan. 
 (b) The use of a MVC Shortfall Credit shall result in Customer not
being obligated to pay any Processing Fee attributable to volumes of Customer Gas, stated in Mcfs, delivered into the Receipt Points, but only up to the amount of such MVC Shortfall Credit and only with respect to volumes of Customer Gas in excess
of the applicable Dedicated Production Estimate for such Quarter as contained in the then-currently agreed Development Plan. 
 (c) Each MVC
Shortfall Credit shall expire at the end of the fourth full Quarter following the date on which the applicable Shortfall Fee was accrued. 

(d) Provider shall be responsible for keeping records and balances of any applicable MVC Shortfall Credits that have been earned by Customer
and providing such balances to Customer upon Customer’s request. 
 ARTICLE 7 

FEES; CHARGES; DEDUCTIONS 

Section 7.1 Fees. The Fees to be paid by Customer to Provider for the performance of the System Services are set forth in this
Section 7.1. 
 (a) Subject to the provisions of Section 6.2, each Month, Customer shall pay to Provider a fee in
accordance with the terms of this Agreement for the Processing Services provided by Provider with respect to Customer Gas and Customer Injected NGLs received by Provider from Customer or for Customer’s account during such Month that is
determined as follows: (i) the aggregate volume of Customer Gas and Customer Injected NGLs received by Provider from Customer or for Customer’s account at the Receipt Points during such Month, stated in Mcfs or MCFEs, as applicable,
multiplied by (ii) the Processing Fee. 

  
 14 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(b) Each Month, Customer shall pay to Provider a fee in accordance with the terms of this Agreement for the Gas Lift Services provided by
Provider with respect to Customer Gas received by Provider from Customer or for Customer’s account during such Month that is determined as follows: (i) the aggregate volume of Customer Gas utilizing the Gas Lift Services, stated in Mcfs,
multiplied by (ii) the Gas Lift Fee. 
 (c) Each Month, Customer shall pay to Provider fees in accordance with the terms of this
Agreement for the Loading Services provided by Provider with respect to Customer NGLs during such Month that is determined as follows: 

(i) with respect to Customer NGLs utilizing the Loading Services at the Truck Delivery Points: (A) the aggregate volume of
Customer NGLs utilizing the Loading Services at the Truck Delivery Points during such Month, stated in Barrels, multiplied by (B) the Truck Loading Fee; and 

(ii) with respect to Customer NGLs utilizing the Loading Services at the Rail Car Delivery Points: (A) the aggregate
volume of Customer NGLs utilizing the Loading Services at the Rail Car Delivery Points during such Month, stated in Barrels, multiplied by (B) the Rail Car Loading Fee. 

(d) Each Month, Customer shall pay to Provider a fee in accordance with the terms of this Agreement for the Transportation Services provided
by Provider with respect to Customer Gas received by Provider from Customer or for Customer’s account during such Month that is determined as follows: (i) the aggregate volume of Customer Gas delivered to a HNDP Delivery Point during such
Month, stated in Mcfs, multiplied by (ii) the HNDP Fee. 
 (e) For any Quarter, should Customer fail to Tender an aggregate
volume of Customer Gas and Customer Injected NGLs to Provider at the Receipt Points equal to the MVC for such Quarter, then Customer shall pay to Provider the following fees in accordance with the terms of this Agreement as a result of such
shortfall (such fee, a “Shortfall Fee”): (i) (A) the then-applicable MVC, minus (B) the aggregate volumes, stated in Mcfs or MCFEs, as applicable, of Customer Gas and Customer Injected NGLs actually delivered
into the TGP System at the Receipt Points by Customer or for Customer’s account during such Quarter, minus (C) the aggregate volumes, stated in Mcfs or MCFEs, as applicable, of Dedicated Production and Customer Injected NGLs
Tendered for delivery by Customer or on Customer’s account into the TGP System at the Receipt Points during such Quarter but not received into the TGP System by Provider due to reasons of Force Majeure or curtailment, minus (D) the
aggregate volumes, stated in Mcfs, of Dedicated Producer Gas not Tendered for delivery by Customer or on Customer’s account into the TGP System at the Receipt Points during such Quarter due to reasons of a Force Majeure event affecting Customer
that Provider has accepted as a Force Majeure event hereunder, multiplied by (ii) the Processing Fee. 
 (f) If any Updated
Development Plan contains, for any Year, a Dedicated Production Estimate that is at least 15% greater than the Dedicated Production Estimate for such Year contained in the most recent previously agreed-upon Development Plan, then the then-current
Return on Capital shall be increased by two percent (2%) for each 15% increase represented by such Dedicated Production Estimate. 

  
 15 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(g) (x) at any time on or prior to January 15th of each Year beginning in 2015,
either Party may make an election to have the then-currently agreed Fees recalculated with respect to such Year (a “Recalculation Election”); provided, that, prior to the date such Recalculation Election is made, the Parties
shall have agreed upon an Updated Development Plan for such Year or the Parties shall have been unable to agree upon an Updated Development Plan for such Year, and (y) Customer shall have the right, in accordance with
Section 4.4(a)(i), to make a temporary Recalculation Election with respect to the remainder of the current Year. Upon a Recalculation Election being made pursuant to this Section 7.1(g), the Fees will be recalculated based
upon such then-currently agreed Development Plan. Any such recalculation shall be based on the model attached hereto as Exhibit G-2, which takes into account: 

(i) the aggregate volumes of Dedicated Production and Customer Injected NGLs that have actually been delivered by Customer into
the Receipt Points, in each case, prior to such Year during the Term; provided, however, that such aggregate volumes shall not, for purposes of the recalculation (A) exceed the applicable Dedicated Production Estimates for such Years as
contained in the applicable Development Plans or (B) be deemed to be lower than the applicable MVC for such Years as contained in the applicable Development Plans; 

(ii) any Committed Build-Out Costs actually incurred by Provider prior to such Year during the Term, regardless whether or not
such amounts are less than, equal to or greater than the applicable Committed Build-Out Estimates for such Years; 
 (iii)
the Committed Build-Out Estimates contained in the then-current System Budget for the current and future Years; 
 (iv) the
Maintenance Capital Estimates (A) for the previous Years of the Term as contained in the System Budgets applicable to such Years, and (B) contained in the then-current System Budget for the current and future Years; 

(v) the Operating Expense Estimates (A) for the previous Years of the Term as contained in the System Budgets applicable
to such Years, and (B) contained in the then-current System Budget for the current and future Years; 
 (vi) the
Historical Capital Expenditures; 
 (vii) the Dedicated Production Estimates; 

(viii) the then-current Return on Capital; and 

(ix) the percentage change, from the preceding Year, in the Consumer Price Index as published by the Department of Labor, in
the subsection titled “Consumer Price Index for All Urban Consumers” (such index, the “CPI”). For purposes of any Recalculation Election and notwithstanding anything in the foregoing to the contrary, (A) no
increase or decrease to any Fee resulting solely from a CPI adjustment shall exceed 3.0% for any given Year, and (B) no Fee shall ever be decreased as a result of any applicable CPI percentage change below the original amount of such Fee set
forth in Exhibit G-1 for Year 2014. 

  
 16 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(h) Except as set forth in Section 4.4(a)(i), any Fees recalculated under Section 7.1(g) shall apply as of
January 1st of the Year to which the relevant Updated Development Plan leading to such Recalculation Election first applies, and shall remain in effect for the remainder of the Term until
such Fees may subsequently be re-calculated pursuant to Section 7.1(g). 
 Section 7.2 Charges. Each Month, Customer
shall pay to Provider an amount equal to Customer’s allocated portion of the actual costs incurred by Provider for electricity required for the ownership, maintenance and operation of the TGP System, such allocation to be based upon the
aggregate volumes of (a) Customer Gas and Customer Injected NGLs Tendered by Customer at the Receipt Points and received by Provider into the TGP System during such Month and (b) Non-Party Gas and Non-Party Injected NGLs tendered by a
Non-Party at the Receipt Points during such Month (such amount as allocated to Customer for a Month, the “Charges”). 

Section 7.3 Flaring. In the event that (a) any volume of Customer Gas (including any Customer Residue Gas) is flared after being
delivered into the TGP System, and (b) (i) such flaring was caused by the Operational Failure of the TGP System or by the gross negligence or willful misconduct of Provider, then Customer shall (A) nevertheless be entitled to count
such flared volumes of Customer Gas as having been Tendered to the TGP System for purposes of meeting any applicable MVC, and (B) shall not be required to pay any applicable Fees with respect to such flared volumes of Customer Gas (with such
volumes of Gas for which Customer is not obligated to pay Fees to be reflected in the applicable Invoice for such Month), or (ii) such flaring was caused by any other reason, then Customer shall not be entitled to any credit or other reduction
in Fees as a result of such flaring. Notwithstanding the above, the Parties shall use their commercially reasonable efforts to minimize overall flaring in the TGP System. 

Section 7.4 System GL&U. Customer acknowledges that certain volumetric losses and/or gains of Customer Gas and Customer Injected
NGLs (and/or the resulting Customer Residue Gas and Customer NGLs) will occur even if the System Services are conducted in accordance with the provisions of Section 3.2, and such gains and/or losses attributable to System GL&U shall
be shared and allocated among all customers on the TGP System in the proportion that each such customer Tenders Gas and Injected NGLs to the Receipt Points on the TGP System. Customer’s allocated share of the System GL&U shall be based on
actual gains and losses attributable to System GL&U and shall not be subject to any minimum or maximum limits. 
 Section 7.5 System
Fuel. Reductions in volumes of Customer Gas (including any Customer Residue Gas) due to the usage of Customer Gas as measured System Fuel shall be shared and allocated among all customers on the TGP System in the proportion that each such
customer Tenders Gas to the Receipt Points on the TGP System. Customer’s allocated share of the System Fuel shall be based on actual usage of System Fuel and shall not be subject to any minimum or maximum limits. 

Section 7.6 NGLs and Residue Gas. All NGLs and Residue Gas recovered from the operation of the TGP System and the provision of the
Processing Services that are allocated to Customer in accordance with Section 1.7 of the Operating Terms (including any System GL&U) shall be the property of Customer, and Provider shall have no claim of ownership with respect
thereto. 

  
 17 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

ARTICLE 8 
 TENDER,
NOMINATION AND PROCESSING OF PRODUCTION 
 Section 8.1 Priority of Service. 

(a) All Dedicated Production Tendered to the Receipt Points shall, up to an aggregate volume of **% of the then-current total capacity of the
TGP System, be entitled to Anchor Customer Firm Service. 
 (b) All Customer Gas and Customer Injected NGLs that are not Dedicated
Production shall, only to the extent such volumes of Customer Gas and Customer Injected NGLs (together with all quantities of Dedicated Production Tendered to the TGP System) are both (i) needed by Customer to fulfill the then-applicable MVC,
and (ii) less than or equal to **% of the then-current total capacity of the TGP System, be entitled to Anchor Customer Firm Service. 

(c) All Customer Gas and Customer Injected NGLs that are not Dedicated Production shall, to the extent such Customer Gas and Customer Injected
NGLs (together with all other quantities of Customer Gas and Customer Injected NGLs Tendered to the TGP System, including any Dedicated Production) is in excess of the then-applicable MVC, but less than or equal to **% of the then-current total
capacity of the TGP System, be entitled to Firm Service. 
 (d) All Customer Gas and Customer Injected NGLs not described in subsections
(a) through (c) above shall only be entitled to Interruptible Service. 
 Section 8.2 Governmental Action. In the event any
Governmental Authority issues an order requiring Provider to allocate capacity on the TGP System to another customer, Provider shall do so by (a) first, reducing Hydrocarbons entitled to Interruptible Service, (b) second,
reducing Hydrocarbons entitled to Firm Service, and shall only curtail Hydrocarbons entitled to Firm Service (which curtailment shall be done in accordance with Section 8.5) to the extent necessary to allocate such capacity as required
by the Governmental Authority to such other customer, after complete curtailment of Interruptible Service, and (c) third, reducing Hydrocarbons entitled to Anchor Customer Firm Service, and shall only curtail Hydrocarbons entitled to
Anchor Customer Firm Service (which curtailment shall be done in accordance with Section 8.5) to the extent necessary to allocate such capacity as required by the Governmental Authority to such other customer, after complete curtailment
of Interruptible Service and Firm Service. In such event Provider shall not be in breach or default of its obligations under the Agreement and shall have no liability to Customer in connection with or resulting from any such curtailment; provided,
however, that Provider shall, at Customer’s request, temporarily release from the dedication under this Agreement all of Customer’s volumes of Dedicated Production (including the resulting Customer Residue Gas and Customer NGLs)
interrupted or curtailed as the result of such allocation, but only for the duration of such mandated allocation. Notwithstanding the foregoing, should any Governmental Authority issue an order requiring Provider to allocate capacity on the TGP
System to a customer other than Customer, Provider agrees to use its commercially reasonable efforts to cooperate with, and support, Customer in such actions that Customer may in good faith take against such Governmental Authority and/or order;
provided, however, that Provider shall not be required to cooperate in any such undertaking that Provider, in its good faith opinion, believes would materially and adversely affect Provider or the TGP System. 

  
 18 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

Section 8.3 Tender of Dedicated Production, Customer Injected NGLs and Additional Gas. Subject to Article 14 and all applicable
Laws, each Day during the Term Customer shall Tender to the TGP System at each applicable Receipt Point all of the Dedicated Production and Customer Injected NGLs available to Customer at such Receipt Point up to the applicable capacity of such
Receipt Point. Customer shall have the right to Tender to Provider for System Services under this Agreement Additional Gas; provided that, subject to Section 8.1, any such Additional Gas shall only be entitled to Interruptible Service
unless otherwise agreed in writing by the Parties. 
 Section 8.4 Nominations, Scheduling and Curtailment. Nominations and scheduling
of Hydrocarbons available for, and interruptions, Bypass and curtailment of, System Services under this Agreement shall be performed in accordance with the applicable Operating Terms set forth in Appendix I. 

Section 8.5 Suspension/Shutdown of Service. 

(a) During any period when all or any portion of the TGP System is shut down because of necessary maintenance, repairs or modifications or
Force Majeure or because such shutdown is necessary to avoid injury or harm to persons, property, the environment, or the integrity of the TGP System, receipts and/or deliveries of Customer Gas and/or Customer Injected NGLs (including the resulting
Customer Residue Gas and Customer NGLs) may be curtailed as set forth in Section 1.5 of the Operating Terms. In such cases, Provider shall have no liability to Customer, except to the extent such shut down is caused by the gross
negligence or willful misconduct of Provider (and then Provider shall have liability only to the extent of such gross negligence or willful misconduct). 

(b) Provider shall have the right to curtail or interrupt receipts and deliveries of Gas and/or Injected NGLs (including the resulting Residue
Gas and NGLs) for brief periods to perform necessary maintenance of and repairs or modifications to (including modifications required to perform its obligations under this Agreement) the TGP System; provided, however, that Provider shall use its
commercially reasonable efforts to (i) coordinate its maintenance, repair, and modification operations on the TGP System with the operations of Customer and (ii) schedule maintenance, repair, and modification operations on the TGP System
so as to avoid or minimize, to the greatest extent possible, service curtailments or interruptions on the TGP System. Provider shall provide Customer with (A) 60 Days prior Notice of any upcoming normal and routine maintenance, repair, and
modification projects that Provider has planned that would result in a curtailment or interruption of Customer’s deliveries of Customer Gas and/or Customer Injected NGLs (including the resulting Customer Residue Gas and Customer NGLs) on the
TGP System and the estimated time period for such curtailment or interruption, whether or not such maintenance, repair or modifications activities are contained in the then-current System Budget, and (B) Notice of any amendment, modification or
other change to the schedule of maintenance, repair or modifications activities contained in the then-current System Budget. 

  
 19 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(c) It is specifically understood by Customer that operations and activities on facilities upstream or downstream of the TGP System beyond
Provider’s control may impact operations on the TGP System, and the Parties agree that Provider shall have no liability therefor unless any such impact was caused by the gross negligence or willful misconduct of Provider (and then Provider
shall have liability only to the extent of such gross negligence or willful misconduct). Customer is required to obtain, maintain or otherwise secure capacity on or into the Downstream Facilities applicable to each Delivery Point that is sufficient
to accommodate the volumes of Customer Residue Gas and/or Customer NGLs that were Nominated by Customer to such Delivery Points. Notwithstanding the provisions of Section 8.6, should Customer fail to arrange such adequate downstream
transportation, Provider may (i) cease receipts of Customer Gas and/or Customer Injected NGLs at the Receipt Points, or (ii) may continue receipts of Customer Gas and/or Customer Injected NGLs at the Receipt Points and then deliver and
sell any Residue Gas or NGLs allocable to such Customer Gas and/or Customer Injected NGLs to any purchaser at its sole discretion, accounting to Customer for the net value received from the sale of such Hydrocarbons (after costs of transportation,
taxes, and other costs of marketing). 
 (d) If at any time Provider interrupts or curtails receipts and deliveries of Customer Gas and/or
Customer Injected NGLs pursuant to this Section 8.5 (other than Section 8.5(c)) for a period of 30 consecutive Days, then, at Customer’s written request, the affected volumes of Dedicated Production shall be temporarily
released from dedication to this Agreement for a period commencing as of the date of such request and ending as of the next first Day of a Month following the expiration date of Customer’s mitigating commercial arrangement for such Dedicated
Production; provided that, in any event, such period shall end no more than 180 Days following Customer’s receipt of Notice from Provider that such receipts and deliveries are no longer interrupted or curtailed. 

Section 8.6 Hydrocarbon Marketing and Transportation. As between the Parties, Customer shall be solely responsible for, and shall make
all necessary arrangements at and downstream of the Delivery Points for, receipt, further transportation, processing, and marketing of Customer Residue Gas and Customer NGLs. 

Section 8.7 Downstream Delivery Points. Provider shall use its commercially reasonable efforts to maintain, and shall act as a
reasonable and prudent operator in maintaining, all interconnect and operating agreements with Non-Parties reasonably necessary to facilitate the redelivery of Customer Residue Gas and Customer NGLs to Customer at the Delivery Points. 

Section 8.8 Loading Point Vetting. Customer shall have the obligation to ensure that procedures are in place such that all trucks and
rail cars receiving Customer NGLs at a Loading Point meet the Applicable Requirements and all Plant Rules. Provider shall advise Customer of such standards and any changes thereto. 

  
 20 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

ARTICLE 9 
 QUALITY AND
PRESSURE SPECIFICATIONS 
 Section 9.1 Quality Specifications. All Gas and Injected NGLs delivered at the Receipt Points by
Customer to Provider shall meet the applicable quality specifications set forth in Section 1.1 of the Operating Terms. 
 (a)
Provided that Customer Gas and Customer Injected NGLs delivered to the Receipt Points complies with the applicable quality specifications set forth in Section 1.1 of the Operating Terms, all Customer Residue Gas and Customer NGLs that
are redelivered at the Delivery Points by Provider to Customer shall meet the quality specifications of the applicable Downstream Facilities at the relevant Delivery Points; provided, however, that in the event any such quality specifications of the
applicable Downstream Facilities change from and after the date of this Agreement, Provider’s obligations under this Section 9.1(a) shall be subject to the provisions of Section 1.1(b) of the Operating Terms. 

(b) The Parties recognize and agree that Customer Gas and Customer Injected NGLs received into the TGP System may be commingled with other Gas
and Injected NGL receipts and, subject to Provider’s obligation set forth in Section 9.1(a), (i) such Hydrocarbons shall be subject to such changes in quality, composition and other characteristics as may result from such
commingling, and (ii) Provider shall have no other obligation to Customer associated with changes in quality of Hydrocarbons as the result of such commingling. 

Section 9.2 Pressure. Customer shall Tender or cause to be Tendered Customer Gas and Customer Injected NGLs to each applicable Receipt
Point at sufficient pressure to enter the TGP System against its contractual operating pressure, but not in excess of the maximum operating pressure for such Receipt Point. Provider shall redeliver Customer Residue Gas and Customer NGLs at each
applicable Delivery Point at pressures not in excess of the maximum operating pressure for such Delivery Point. 
 (a) Customer shall have
the means to ensure that Customer Gas and Customer Injected NGLs are prevented from entering the TGP System at pressures in excess of the applicable maximum operating pressure, and Provider shall have the obligation and right to restrict the flow of
Gas and Injected NGLs into the TGP System to protect the TGP System from over pressuring. 
 (b) Provider’s obligation to redeliver
Customer Residue Gas and Customer NGLs to a given Delivery Point shall, subject to Provider’s compliance with Section 8.7, be subject to the operational limitations of the Downstream Facility receiving such Customer Residue Gas or
Customer NGLs, including the Downstream Facility’s capacity, measurement capability, operating pressures and any operational balancing agreements as may be applicable. 

  
 21 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

ARTICLE 10 
 TERMINATION

 Section 10.1 Termination. 

(a) This Agreement may be terminated in its entirety as follows: 

(i) by Provider upon written Notice to Customer, if Customer fails to pay pursuant to Section 12.2 any Invoice
rendered pursuant to Section 12.1 and such failure is not remedied within 30 Days of written Notice of such failure to Customer by Provider; 

(ii) by one Party upon written Notice to the other Party, if such second Party fails to perform or comply with any material
warranty, covenant or obligation contained in this Agreement (other than as provided above in Section 10.1(a)(i) or for reasons of Force Majeure in accordance with Article 14), and such failure has not been remedied within 60 Days
after receipt of written Notice from the non-defaulting Party of such failure; 
 (iii) by Provider upon written Notice to
Customer, if Customer or Customer Parent (A) makes an assignment or any general arrangement for the benefit of creditors, (B) files a petition or otherwise commences, authorizes, or acquiesces in the commencement of a proceeding or cause
under any bankruptcy or similar Law for the protection of creditors or has such petition filed or proceeding commenced against either of them, or (C) otherwise becomes bankrupt or insolvent (however evidenced); 

(iv) by Provider upon written Notice to Customer pursuant to the provisions of Section 15.4(c); and 

(v) by Provider upon written Notice to Customer pursuant to the provisions of Section 18.2. 

(b) This Agreement may be terminated if the TGP System is Uneconomic during any six consecutive Months, by Provider upon written Notice to
Customer delivered within 180 Days following the end of such sixth consecutive Month. 
 (i) As used herein,
“Uneconomic” means that (A) the total direct operating costs and expenses incurred by Provider in the operation of the TGP System (including general and administrative expenses, insurance costs and any out of pocket
repair and/or maintenance costs and expenses) exceeds (B) the total net revenues received by Provider for the operation of the TGP System, all as determined in accordance with United States generally accepted accounting principles. 

(ii) Should Provider reasonably believe that the TGP System will be Uneconomic for more than three consecutive Months, Provider
shall advise Customer of such belief and shall provide Customer with supporting documentation reasonably necessary to confirm such Uneconomic status. 

(iii) Promptly following Provider advising Customer of such potential Uneconomic status, the Parties shall meet to discuss
Provider’s belief and related calculations and any measures that may be taken by the Parties to mitigate and/or reverse the Uneconomic status of the TGP System. 

(iv) Should (A) the Parties fail to reach agreement upon any such appropriate mitigation measures prior to the date upon
which Provider would otherwise be entitled to terminate this Agreement pursuant to this Section 10.1(b), (B) the Parties reasonably 

  
 22 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

believe that agreement upon such mitigation measures will nevertheless be possible, and (C) Customer makes Provider whole during any such Uneconomic periods occurring during such negotiation
period such that, due to Customer’s payment efforts, the operation of the TGP System is not Uneconomic to Provider (whether through Customer paying of the operating costs of the TGP System or otherwise), then for so long as subparts
(B) and (C) of this Section 10.1(b)(iv) remain true, Provider shall not be entitled to exercise its termination rights pursuant to this Section 10.1(b). 

(v) Upon the implementation of any such mitigating measures hereunder, should (A) the Uneconomic condition cease to exist
for three consecutive Months, and (B) the reversion of any such mitigating measures not be reasonably likely to cause such Uneconomic condition to return, then any terms of this Agreement affected by such mitigating measures will revert back to
the terms in effect prior to Provider’s declaration of Uneconomic status pursuant to this Section 10.1(b). 
 Section 10.2
Effect of Termination or Expiration of the Term. 
 (a) Upon the end of the Term (whether pursuant to a termination pursuant to
Section 10.1(a) or otherwise), this Agreement shall forthwith become void and the Parties shall have no liability or obligation under this Agreement, except that (i) the termination of this Agreement shall not relieve any Party from
any expense, liability or other obligation or remedy therefor which has accrued or attached prior to the date of such termination, and (ii) the provisions of Section 16.2 through Section 16.5, and Article 19
(other than Section 19.3), and such portions of Appendix II as are necessary to give effect to the foregoing, shall, in each case, survive such termination and remain in full force and effect indefinitely. 

(b) Upon the termination of this Agreement pursuant to Section 10.1(b), this Agreement shall forthwith become void and the Parties
shall have no liability or obligation under this Agreement, except that (i) the termination of this Agreement shall not relieve any Party from any expense, liability or other obligation or remedy therefor which has accrued or attached prior to
the date of such termination, and (ii) the provisions of Section 16.2 through Section 16.5 shall survive such termination and remain in full force and effect indefinitely. 

Section 10.3 Damages for Early Termination. If a Party terminates this Agreement pursuant to Section 10.1(a)(i),
Section 10.1(a)(ii), Section 10.1(a)(iii), or Section 10.1(a)(v), then such terminating Party may pursue any and all remedies at law or in equity for its claims resulting from such termination, subject to
Section 16.4. 
 ARTICLE 11 

TITLE AND CUSTODY 
 Section
11.1 Title. A Nomination (or Tendering without a Nomination) of Gas or Injected NGLs by Customer shall be deemed a warranty of title to such Gas or Injected NGLs (including any Customer Residue Gas or Customer NGLs resulting therefrom) by
Customer, or a warranty of the right of Customer to deliver such Gas or Injected NGLs (including any Customer Residue Gas or Customer NGLs resulting therefrom) for processing and fractionation under this Agreement. By Nominating Gas and/or Injected
NGLs for delivery into the TGP System at the 

  
 23 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

Receipt Point(s), Customer also agrees to indemnify, defend and hold Provider harmless from any and all Losses resulting from any claims by a Non-Party of title or rights to such Gas or Injected
NGLs (including any Customer Residue Gas or Customer NGLs resulting therefrom), other than any claims arising out of Provider’s breach of its warranty made in the succeeding sentence of this Section 11.1. By receiving Customer Gas
and/or Customer Injected NGLs at the Receipt Points, Provider (a) warrants to Customer that Provider has the right to accept and redeliver such Gas or Injected NGLs (including any Customer Residue Gas or Customer NGLs resulting therefrom), less
any System Fuel and Losses, free and clear of any title disputes, liens or encumbrances arising by, through or under Provider, but not otherwise, and (b) agrees to indemnify, defend and hold Customer harmless from any and all Losses resulting
from title disputes, liens or encumbrances arising by, through or under Provider, but not otherwise. Title to Customer’s share of System Fuel and Losses shall be transferred to Provider at the Receipt Points. Title to any water, contaminants,
inerts or other components of Customer Gas or Customer Injected NGLs that are removed pursuant to the System Services and not returned to Customer or for its account under this Agreement shall transfer to Provider at the Receipt Points. 

Section 11.2 Custody. From and after the delivery of Customer Gas or Customer Injected NGLs to Provider at the Receipt Point(s), until
Provider’s redelivery of Customer Residue Gas and/or Customer NGLs resulting from such Customer Gas to or for Customer’s account at the applicable Delivery Point(s), as between the Parties, Provider shall have custody and control of such
Hydrocarbons. In all other circumstances, as between the Parties, Customer shall be deemed to have custody and control of such Hydrocarbons. 

ARTICLE 12 
 BILLING AND
PAYMENT 
 Section 12.1 Invoices. On or before the 25th Day of each Month,
Provider will render to Customer an invoice (each, an “Invoice”) for all Fees (including the calculations thereof) owed for System Services provided to Customer for the preceding Month, all Charges attributable to the
preceding Month and any other amounts as may be due under this Agreement for the preceding Month, net of (a) any deductions to which Customer is entitled in respect of flaring in accordance with Section 7.3, and (b) any other
credits or deductions to which Customer is entitled hereunder, including any MVC Shortfall Credit. Each Invoice shall also contain the volumes of all System Fuel and Losses allocated to Customer in accordance with this Agreement. Provider shall
include with each Invoice such information in its possession as is reasonably sufficient to explain and support both the amounts due and any adjustments to amounts previously invoiced. 

Section 12.2 Payments. Unless otherwise agreed by the Parties, payments of amounts included in any Invoice delivered pursuant to this
Agreement shall be due and payable, in accordance with each Invoice’s instructions, on or before the later of (a) the last Day of each Month, and (b) the date that is ten Business Days after Customer’s receipt of the applicable
Invoice. All payments by Customer under this Agreement shall be made by electronic funds transfer of immediately available funds to the account designated by Provider in the applicable Invoice. Any amounts not paid by the due date will be deemed
delinquent and will accrue interest at the Interest Rate, such interest to be calculated from and including the due date but excluding the date the delinquent amount is paid in full. All Invoices shall be paid in full, but 

  
 24 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

payment of any disputed amount shall not waive the payor’s right to dispute the Invoice in accordance with this Section 12.2. Customer may, in good faith (i) dispute the
correctness of any Invoice or any adjustment to an Invoice rendered under this Agreement or (ii) request an adjustment of any Invoice for any arithmetic or computational error, in each case, within 24 Months following the date on which the
applicable Invoice (or adjustment thereto) was received by Customer. Any dispute of an Invoice by Customer or Invoice adjustment requested by Customer shall be made in writing and shall state the basis for such dispute or adjustment. Upon resolution
of the dispute, any required payment shall be made within ten Business Days of such resolution, along with interest accrued at the Interest Rate from and including the due date but excluding the date paid. 

Section 12.3 Audit. Each Party has the right, at its sole expense and during normal working hours, to examine the records of the other
Party to the extent reasonably necessary to verify the accuracy of any statement, charge or computation made pursuant to the provisions of this Agreement. The scope of such examination will be limited to the previous 24 Months calculated following
the end of the Month in which such Notice of audit, statement, charge or computation was presented. No Party shall have the right to conduct more than one audit during any Year. If any such examination reveals any inaccuracy in any statement or
charge, the necessary adjustments in such statement or charge and the payments necessitated thereby shall be made within ten Business Days of resolution of the inaccuracy. This Section 12.3 will survive any termination of the Agreement
for the later of (a) a period of 24 Months from the end of the Month in which the date of such termination occurred and (b) until a dispute initiated within such 24 Month period is finally resolved, in each case for the purpose of such
statement and payment objections. 
 ARTICLE 13 

REMEDIES 
 Section 13.1
Suspension of Performance; Release from Dedication. 
 (a) If Customer fails to pay pursuant to Section 12.2 any Invoice
rendered pursuant to Section 12.1 and such failure is not remedied within five Business Days of written Notice of such failure to Customer by Provider, Provider shall have the right to suspend performance under this Agreement until such
amount, including interest at the Interest Rate, is paid in full. 
 (b) In the event a Party fails to perform or comply with any material
warranty, covenant or obligation contained in this Agreement (other than as provided in Section 13.1(a)), and such failure has not been remedied within 30 Days after receipt of written Notice from the other Party of such failure, then
the non-defaulting Party shall have the right to suspend its performance under this Agreement. If Customer elects to suspend performance as the result of Provider’s uncured material default, then the Dedicated Production affected by such
default shall be deemed to be temporarily released from the terms of this Agreement during the period of such suspension of performance. 

Section 13.2 No Election. In the event of a default by a Party under this Agreement, the other Party shall be entitled in its sole
discretion to pursue one or more of the remedies set forth in this Agreement, or such other remedy as may be available to it under this Agreement, at 

  
 25 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

Law or in equity, subject, however, to the limitations set forth in Article 16. No election of remedies shall be required or implied as the result of a Party’s decision to avail
itself of any remedy under this Agreement. 
 ARTICLE 14 

FORCE MAJEURE 
 Section
14.1 Events of Force Majeure. An event of “Force Majeure” means, an event that (a) is not within the reasonable control of the Party claiming suspension (the “Claiming Party”),
(b) that prevents the Claiming Party’s performance or fulfillment of any obligation of the Claiming Party under this Agreement (other than the payment of money), and (c) that by the exercise of due diligence the Claiming Party is
unable to avoid or overcome in a reasonable manner. An event of Force Majeure includes, but is not restricted to: (i) acts of God; (ii) wars (declared or undeclared); (iii) insurrections, hostilities, riots, industrial disturbances,
blockades or civil disturbances; (iv) epidemics, landslides, lightning, earthquakes, washouts, floods, fires, storms or storm warnings; (v) acts of a public enemy, acts of terror, or sabotage; (vi) explosions, breakage or accidents to
machinery or lines of pipe; (vii) hydrate obstruction or blockages of any kind of lines of pipe; (viii) freezing of wells or delivery facilities, partial or entire failure of wells, and other events beyond the reasonable control of
Customer that affect the timing of production or production levels; (ix) mining accidents, subsidence, cave-ins and fires; and (x) action or restraint by any Governmental Authority (so long as the Claiming Party has not applied for or
assisted in the application for, and has opposed where and to the extent reasonable, such action or restraint). Notwithstanding anything herein to the contrary, an event of Force Majeure specifically excludes the following occurrences or events:
(A) the loss, interruption, or curtailment of interruptible transportation on any Downstream Facility necessary to take delivery of Customer Residue Gas or Customer NGLs at any Delivery Point, unless and only to the extent the same event also
curtails firm transportation at the same Delivery Point; (B) increases or decreases in Customer Gas or Customer Injected NGL supply (other than any such increase or decrease caused by the actions described in subpart (x) above), allocation
or reallocation of Customer Gas or Customer Injected NGL production by the applicable well operators; (C) loss of markets; (D) loss of supply of equipment or materials; (E) failure of specific, individual wells or appurtenant
facilities in the absence of an event of Force Majeure broadly affecting other wells in the same geographic area; and (F) price changes due to market conditions with respect to the purchase or sale of Hydrocarbons or the economics associated
with the delivery, connection, receipt, gathering, compression, dehydration, treatment, processing, fractionation, transportation or redelivery of such Hydrocarbons. 

Section 14.2 Actions. If either Provider or Customer is rendered unable by an event of Force Majeure to carry out, in whole or part,
its obligations under this Agreement and such Claiming Party gives Notice and reasonably full details of the event to the other Party as soon as practicable after the occurrence of the event, then, during the pendency of such Force Majeure, but only
during that period, the obligations of the Claiming Party shall be canceled or suspended, as applicable, to the extent required; provided, however, that notwithstanding anything in the foregoing to the contrary, neither Party shall be relieved from
any indemnification obligation or any obligation to make any payments hereunder as the result of Force Majeure, regardless which Party is affected. The Claiming Party shall use commercially reasonable efforts to remedy the Force Majeure condition
with all reasonable dispatch, shall give Notice to the other Party of the 

  
 26 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

termination of the Force Majeure, and shall resume performance of any suspended obligation promptly after termination of such Force Majeure. If the Claiming Party is Customer and such Force
Majeure is an event affecting a Delivery Point (but not all Delivery Points), such commercially reasonable efforts shall require, to the extent of capacity available to Customer at the applicable Downstream Facilities, Customer to Nominate Customer
Residue Gas or Customer NGLs for redelivery at those Delivery Points not affected by such Force Majeure. For the avoidance of doubt, if and to the extent Provider is delayed in completing any Committed Build-Outs by a Force Majeure event, then the
Target Completion Date applicable thereto shall be extended for a period of time equal to that during which such obligations of Provider were delayed by such events. 

Section 14.3 Strikes, Etc. The settlement of strikes or lockouts shall be entirely within the discretion of the Claiming Party, and any
obligation hereunder to remedy a Force Majeure event shall not require the settlement of strikes or lockouts by acceding to the demands of the opposing Person(s) when such course is inadvisable in the sole discretion of the Claiming Party. 

ARTICLE 15 

REPRESENTATIONS AND COVENANTS 

Section 15.1 Party Representations. 

(a) Each Party represents and warrants to the other Party as follows: (i) there are no suits, proceedings, judgments, or orders by or
before any Governmental Authority that materially adversely affect (A) its ability to perform its obligations under this Agreement or (B) the rights of the other Parties hereunder, (ii) it is duly organized, validly existing, and in
good standing under the Laws of the jurisdiction of its formation, and it has the legal right, power and authority and is qualified to conduct its business, and to execute and deliver this Agreement and perform its obligations hereunder,
(iii) the making and performance by it of this Agreement is within its powers, and have been duly authorized by all necessary action on its part, (iv) this Agreement constitutes a legal, valid, and binding act and obligation of it,
enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, reorganization and other Laws affecting creditors’ rights generally, and with regard to equitable remedies, to the discretion of the court before which
proceedings to obtain same may be pending, and (v) there are no bankruptcy, insolvency, reorganization, receivership or other arrangement proceedings pending or being contemplated by it. 

(b) Customer represents and warrants to Provider that, during the Term, Customer has the sole and exclusive right to purchase
all Gas owned or Controlled by Producer and produced from those oil and gas properties located in the Dedicated Area that are operated by Producer, or that are not operated by Producer, but from which Producer has elected to take its applicable
production in-kind (such right, collectively, the “Exclusive Producer Purchase Right”).  
 Section
15.2 Joint Representations. Customer and Provider jointly acknowledge and agree that (a) the movement of Customer Gas and Customer Injected NGLs (including any Customer Residue Gas or Customer NGLs resulting therefrom) on the TGP System
under this Agreement constitutes (and is intended to constitute for purposes of all applicable Laws) a 

  
 27 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

movement of Customer Gas and Customer Injected NGLs (including any Customer Residue Gas or Customer NGLs resulting therefrom), in each case, that is not subject to the jurisdiction of the Federal
Energy Regulatory Commission pursuant to the Natural Gas Act or Section 311 of the Natural Gas Policy Act, (b) the Fees have been freely negotiated and agreed upon as a result of good faith negotiations and are not discriminatory or
preferential, but are just, fair, and reasonable in light of the Parties’ respective covenants and undertakings herein during the term of this Agreement, and (c) neither Customer nor Provider had an unfair advantage over the other during
the negotiation of this Agreement. 
 Section 15.3 Applicable Laws. This Agreement is subject to all valid present and future Laws,
regulations, rules and orders of Governmental Authorities now or hereafter having jurisdiction over the Parties, this Agreement, or the System Services performed under this Agreement or the TGP System and other facilities utilized under this
Agreement. 
 Section 15.4 Government Authority Modification. It is the intent of the Parties that the rates and terms and conditions
established by any Governmental Authority having jurisdiction shall not alter the rates or terms and conditions set forth in this Agreement. If any Governmental Authority having jurisdiction modifies the rates or terms and conditions set forth in
this Agreement, then (in addition to any other remedy available to the Parties at Law or in equity): 
 (a) the Parties hereby agree to
negotiate in good faith to enter into such amendments to this Agreement and/or a separate arrangement in order to give effect, to the greatest extent possible, to the rates and other terms and conditions set forth in this Agreement; 

(b) the Parties agree to vigorously defend and support in good faith the enforceability of the rates and terms and conditions of this
Agreement; and 
 (c) in the event that the Parties are not successful in accomplishing the objectives set forth in (a) and
(b) above such that, following the failure to accomplish such objectives, Provider is not in substantially the same economic position as it was prior to any such regulation, then Provider may terminate this Agreement upon the delivery of
written Notice of termination to Customer. 
 Section 15.5 Taxes. Customer shall pay or cause to be paid, and agrees to indemnify and
hold harmless Provider and its Affiliates from and against the payment of, all excise, gross production, severance, sales, occupation, and all other taxes, charges, or impositions of every kind and character required by statute or by any
Governmental Authority with respect to Customer Gas and the handling thereof prior to receipt thereof by Provider at the Receipt Points. Subject to Section 15.4, Provider shall pay or cause to be paid all taxes and assessments, if any,
imposed upon Provider for the activity of processing, treating and/or fractionating, as applicable, Customer Gas and Customer Injected NGLs (including any Customer Residue Gas or Customer NGLs resulting therefrom) after receipt at the Receipt Points
and prior to redelivery thereof by Provider at the Delivery Points. Provider shall refund to Customer any tax paid on Customer’s behalf (a) that is successfully disputed, and (b) for which Provider has actually received a refund. 

Section 15.6 Exclusive Producer Purchase Right. Customer covenants and agrees that, during the Term, it shall not, without the prior
written consent of Provider (such consent to be 

  
 28 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

given or withheld in Provider’s sole discretion), materially alter, modify or amend the Exclusive Producer Purchase Right, including any contract or other arrangement forming a part of such
right (and shall not commit or agree to do so), in any manner that would adversely affect the volumes of Gas (a) to which Customer is entitled pursuant to the Exclusive Producer Purchase Right, or (b) delivered to Provider by Customer
hereunder. 
 ARTICLE 16 

INDEMNIFICATION AND INSURANCE 

Section 16.1 Custody and Control Indemnity. EXCEPT FOR LOSSES COVERED BY THE INDEMNITIES IN SECTION 11.1, THE PARTY HAVING
CUSTODY AND CONTROL OF HYDROCARBONS UNDER THE TERMS OF SECTION 11.2 SHALL BE RESPONSIBLE FOR AND SHALL RELEASE, DEFEND, INDEMNIFY AND HOLD HARMLESS THE OTHER PARTY AND SUCH OTHER PARTY’S GROUP FROM AND AGAINST EACH OF THE FOLLOWING:
(A) ANY LOSSES ASSOCIATED WITH ANY PHYSICAL LOSS OF SUCH HYDROCARBONS (OTHER THAN SYSTEM FUEL AND LOSSES), INCLUDING THE VALUE OF SUCH LOST HYDROCARBONS, AND (B) ANY DAMAGES RESULTING FROM THE RELEASE OF ANY SUCH HYDROCARBONS; PROVIDED,
HOWEVER, THAT NO INDEMNIFIED PERSON OR A MEMBER OF SUCH INDEMNIFIED PERSON’S GROUP SHALL BE ENTITLED TO INDEMNIFICATION PURSUANT TO THIS section 16.1 WITH RESPECT TO ITS OWN NEGLIGENCE OR WILLFUL MISCONDUCT. 

Section 16.2 Customer Indemnification. SUBJECT TO Section 16.1, CUSTOMER AGREES TO AND SHALL RELEASE, DEFEND, INDEMNIFY AND
HOLD HARMLESS PROVIDER, AND PROVIDER’S DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, PARENT, AFFILIATES AND SUBSIDIARIES, (ALL OF THE FOREGOING, THE “Provider Group”) FROM AND AGAINST ALL LOSSES WHICH IN ANY WAY RESULT FROM
ANY OF THE FOLLOWING: (A) THE OWNERSHIP, DESIGN, CONSTRUCTION, MAINTENANCE OR OPERATION OF CUSTOMER’S FACILITIES AND/OR ANY TRUCKS OR TRAINS UTILIZED BY CUSTOMER FOR DELIVERING CUSTOMER HYDROCARBONS TO A RECEIPT POINT OR DELIVERING
CUSTOMER HYDROCARBONS FROM A DELIVERY POINT; PROVIDED, HOWEVER, THAT NO MEMBER OF THE PROVIDER GROUP SHALL BE ENTITLED TO INDEMNIFICATION PURSUANT TO THIS SECTION 16.2 WITH RESPECT TO THE NEGLIGENCE OR WILLFUL MISCONDUCT OF ANY MEMBER OF
THE PROVIDER GROUP, (B) ANY CUSTOMER GAS OR CUSTOMER INJECTED NGLS DELIVERED INTO THE TGP SYSTEM THAT DO NOT MEET THE QUALITY SPECIFICATIONS SET FORTH IN SECTION 1.1(A) OF THE OPERATING TERMS (AS REVISED IN ACCORDANCE WITH
SECTION 1.1(B) OF THE OPERATING TERMS), AND (C) THE PAYMENT OR CALCULATION OF ANY PROCEEDS, ROYALTIES OR OTHER BURDENS ON PRODUCTION DUE BY ANY PRODUCER TO APPLICABLE LESSORS, LANDOWNERS, ROYALTY HOLDERS OR OTHER INTEREST HOLDERS
(INCLUDING CO-OWNERS OF WORKING INTERESTS), AS APPLICABLE, WITH RESPECT TO ANY GAS OR INJECTED NGLS DELIVERED INTO THE TGP SYSTEM BY OR ON BEHALF OF CUSTOMER. 

  
 29 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

Section 16.3 Provider Indemnification. SUBJECT TO Section 16.1 AND Section 16.5, PROVIDER AGREES TO AND SHALL
RELEASE, DEFEND, INDEMNIFY AND HOLD HARMLESS CUSTOMER, AND CUSTOMER’S DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, PARENT, AFFILIATES AND SUBSIDIARIES, (ALL OF THE FOREGOING, THE “Customer Group”) FROM AND AGAINST ALL LOSSES
WHICH IN ANY WAY RESULT FROM THE OWNERSHIP, DESIGN, CONSTRUCTION, MAINTENANCE OR OPERATION OF THE TGP SYSTEM; PROVIDED, HOWEVER, THAT NO MEMBER OF THE CUSTOMER GROUP SHALL BE ENTITLED TO INDEMNIFICATION PURSUANT TO THIS SECTION 16.3 WITH
RESPECT TO (A) THE NEGLIGENCE OR WILLFUL MISCONDUCT OF ANY MEMBER OF THE CUSTOMER GROUP, OR (B) ANY CUSTOMER GAS DELIVERED INTO THE TGP SYSTEM THAT DOES NOT MEET THE QUALITY SPECIFICATIONS SET FORTH IN SECTION 1.1(A) OF THE
OPERATING TERMS (AS REVISED IN ACCORDANCE WITH SECTION 1.1(B) OF THE OPERATING TERMS). 
 Section 16.4 Actual Direct Damages.
A PARTY’S (OR A MEMBER OF SUCH PARTY’S GROUP’S) DAMAGES RESULTING FROM A BREACH OR VIOLATION OF ANY REPRESENTATION, WARRANTY, COVENANT, AGREEMENT OR CONDITION CONTAINED IN THIS AGREEMENT OR ANY ACT OR OMISSION ARISING FROM OR RELATED
TO THIS AGREEMENT SHALL BE LIMITED TO ACTUAL DIRECT DAMAGES AND SHALL NOT INCLUDE ANY OTHER LOSS OR DAMAGE, INCLUDING INDIRECT, SPECIAL, CONSEQUENTIAL, INCIDENTAL, EXEMPLARY OR PUNITIVE DAMAGES, INCLUDING LOST PROFITS, PRODUCTION, OR REVENUES, AND
EACH PARTY EXPRESSLY RELEASES THE OTHER PARTY AND THE MEMBERS OF SUCH OTHER PARTY’S GROUP FROM ALL SUCH CLAIMS FOR LOSS OR DAMAGE OTHER THAN ACTUAL DIRECT DAMAGES; PROVIDED, THAT LIMITATION TO DIRECT DAMAGES ONLY SHALL NOT APPLY TO ANY DAMAGE,
CLAIM OR LOSS ASSERTED BY OR AWARDED TO THIRD PARTIES AGAINST A PARTY AND FOR WHICH THE OTHER PARTY WOULD OTHERWISE BE RESPONSIBLE UNDER THIS AGREEMENT. 

Section 16.5 Penalties. EXCEPT FOR INSTANCES OF GROSS NEGLIGENCE OR WILLFUL MISCONDUCT BY PROVIDER, CUSTOMER SHALL RELEASE, INDEMNIFY,
DEFEND AND HOLD PROVIDER AND THE PROVIDER GROUP HARMLESS FROM ANY LOSSES, INCLUDING ANY SCHEDULING PENALTIES OR MONTHLY BALANCING PROVISIONS, IMPOSED BY A DOWNSTREAM FACILITY IN ANY TRANSPORTATION CONTRACTS OR SERVICE AGREEMENTS ASSOCIATED WITH, OR
RELATED TO, CUSTOMER GAS OR CUSTOMER INJECTED NGLS (INCLUDING ANY CUSTOMER RESIDUE GAS OR CUSTOMER NGLS RESULTING THEREFROM), INCLUDING ANY PENALTIES IMPOSED PURSUANT TO A DOWNSTREAM FACILITY’S TARIFF (IF APPLICABLE), OR WHICH MAY BE CAUSED BY
OFO’S, PDA’S, OTHER PIPELINE ALLOCATION METHODS, UNSCHEDULED PRODUCTION, OR BY UNAUTHORIZED PRODUCTION. 
 Section 16.6
Insurance. The Parties shall carry and maintain no less than the insurance coverage set forth in Exhibit J. 

  
 30 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

ARTICLE 17 
 ASSIGNMENT

 Section 17.1 Assignment of Rights and Obligations under this Agreement. 

(a) Customer shall be entitled to assign its rights and obligations under this Agreement (in whole or in part) to another Person; provided
that (i) such transferee has also been assigned the Exclusive Producer Purchase Right (including any contract or other arrangement forming a part of such right), (ii) the transferee specifically assumes all of Customer’s rights and
obligations hereunder, and (iii) the transferee has, in Provider’s good faith and reasonable judgment, the financial and operational capability to perform and fulfill Customer’s obligations hereunder. Provider shall be entitled to
assign its rights and obligations under this Agreement (in whole or in part) to another Person; provided that (A) such Person has acquired all or a portion of the TGP System and (B) the portion of the rights and obligations of Provider
under this Agreement to be transferred to such Person correspond to the interest in the TGP System so transferred to such Person. 
 (b)
This Agreement shall be binding upon and inure to the benefit of the respective permitted successors and assigns of the Parties. Any attempted assignment made without compliance with the provisions set forth in this Section 17.1 shall be
null and void ab initio. 
 (c) Any release of any of Dedicated Production from dedication under this Agreement pursuant to
Section 4.4 shall not constitute an assignment or transfer of such Dedicated Production for the purposes of this Article 17. 

Section 17.2 Pre-Approved Assignment. Each Party shall have the right, without the prior consent of the other Party, to
(a) mortgage, pledge, encumber or otherwise impress a lien or security interest upon its rights and interest in and to this Agreement and (b) make a transfer pursuant to any security interest arrangement described in (a) above,
including any judicial or non-judicial foreclosure and any assignment from the holder of such security interest to another Person. 

ARTICLE 18 
 CUSTOMER
GUARANTEE; ADEQUATE ASSURANCES 
 Section 18.1 Customer Guarantee. Concurrently with the execution of this Agreement, Customer
shall deliver to Provider a guarantee from Hess Corporation, the indirect owner of 100% of the issued and outstanding shares of Customer (“Customer Parent”), in substantially the form attached hereto as Exhibit K (the
“Customer Guarantee”), which Customer Guarantee shall provide a guarantee of all of Customer’s obligations under this Agreement. 

Section 18.2 Adequate Assurances. If (a) Customer fails to pay any Invoice according to the provisions hereof and such failure
continues for a period of five Business Days after written Notice of such failure is provided to Customer or (b) Provider has reasonable grounds for insecurity regarding the performance by Customer of any obligation under this Agreement, then
Provider, by delivery of written Notice to Customer, may, singularly or in combination with any other rights it may have, demand Adequate Assurance by Customer. As used herein, “Adequate

  
 31 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

Assurance” means, at the option of Customer, (i) the advance payment in cash by Customer to Provider for System Services to be provided under this Agreement in the
following Month or (ii) delivery to Provider by Customer of an Adequate Letter of Credit in an amount equal to not less than the aggregate amounts owed from Customer to Provider hereunder for the prior two Month period. If (A) Customer
fails to provide Adequate Assurance to Provider within 48 hours of Provider’s request therefor pursuant to this Section 18.2 or (B) Customer or Customer Parent suffers any of the actions described in
Section 10.1(a)(iii), then, in either case, Provider shall have the right to, at its sole option, terminate this Agreement upon written Notice to Customer or suspend or reduce all services under this Agreement without prior Notice to
Customer, in each case, without limiting any other rights or remedies available to Provider under this Agreement or otherwise. If Provider exercises the right to terminate this Agreement or suspend or reduce any System Services under this
Section 18.2, then Customer shall not be entitled to take, or cause to be taken, any action hereunder or otherwise against Provider for such termination, suspension or reduction. Failure of Provider to exercise its right to terminate
this Agreement or suspend or reduce any System Service as provided in this Section 18.2 shall not constitute a waiver by Provider of any rights or remedies Provider may have under this Agreement, applicable Law, or otherwise. 

ARTICLE 19 

MISCELLANEOUS 
 Section
19.1 Relationship of the Parties. The rights, duties, obligations and liabilities of the Parties under this Agreement shall be individual, not joint or collective. It is not the intention of the Parties to create, and this Agreement shall not
be deemed or construed to create, a partnership, joint venture or association or a trust. This Agreement shall not be deemed or construed to authorize any Party to act as an agent, servant or employee for any other Party for any purpose whatsoever
except as explicitly set forth in this Agreement. In their relations with each other under this Agreement, the Parties shall not be considered fiduciaries. 

Section 19.2 Notices; Voice Recording. All notices and communications required or permitted to be given under this Agreement shall be
considered a “Notice” and be sufficient in all applicable respects if (a) given in writing and delivered personally, (b) sent by bonded overnight courier, (c) mailed by U.S. Express Mail or by certified or
registered United States Mail with all postage fully prepaid, (d) transmitted by facsimile (provided that any such fax is confirmed by written confirmation), or (e) by electronic mail with a PDF of the notice or other communication
attached (provided that any such electronic mail is confirmed by written confirmation), in each case, addressed to the appropriate Person at the address for such Person shown in Exhibit L. Any Notice given in accordance herewith shall be
deemed to have been given when (i) delivered to the addressee in person or by courier, (ii) transmitted by electronic communications during normal business hours, or if transmitted after normal business hours, on the next Business Day (in
each case, provided that any such electronic communication is confirmed in writing), or (iii) upon actual receipt by the addressee after such notice has either been delivered to an overnight courier or deposited in the United States Mail if
received during normal business hours, or if not received during normal business hours, then on the next Business Day, as the case may be. Any Person may change their contact information for notice by giving Notice to the other Parties in the manner
provided in this Section 19.2. Either Party may, from time-to-time, agree and request that certain Notices or statements, such as operational, 

  
 32 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

scheduling, Nominations, or Invoices, be sent by alternative means, such as e-mail, facsimile or otherwise. The Parties hereby agree that, to the extent permitted by Law, each Party may
electronically record telephone conversations between the Parties in connection with oral notices, nominations, scheduling, or other operational communications between the Parties for purposes of confirming and documenting such communications, with
or without the use of a prior warning tone or Notice. 
 Section 19.3 Expenses. Except as otherwise specifically provided, all fees,
costs and expenses incurred by the Parties in negotiating this Agreement shall be paid by the Party incurring the same, including legal and accounting fees, costs and expenses. 

Section 19.4 Waivers; Rights Cumulative. Any of the terms, covenants, or conditions hereof may be waived only by a written instrument
executed by or on behalf of the Party waiving compliance. No course of dealing on the part of any Party, or their respective officers, employees, agents, or representatives, and no failure by a Party to exercise any of its rights under this
Agreement, shall, in either case, operate as a waiver thereof or affect in any way the right of such Party at a later time to enforce the performance of such provision. No waiver by any Party of any condition, or any breach of any term or covenant
contained in this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver of any other condition or of any breach of any other term or covenant. The
rights of the Parties under this Agreement shall be cumulative, and the exercise or partial exercise of any such right shall not preclude the exercise of any other right. 

Section 19.5 Confidentiality. For the term of this Agreement and for one year after the termination of this Agreement, the Parties
shall keep confidential the terms of this Agreement, including, but not limited to, the Fees paid hereunder, the volumes delivered (and redelivered) hereunder, all other material terms of this Agreement and any non-public information and materials
delivered pursuant to this Agreement (collectively, “Confidential Information”), except as follows: 
 (a) to the
extent disclosures of Confidential Information may be reasonably required to effectuate the performance of this Agreement by either Party or the construction, operation or maintenance of the TGP System; 

(b) to meet the requirements of any applicable Law or of a Governmental Authority with jurisdiction over the matter for which information is
sought, and in that event, the disclosing Party shall provide prompt written Notice to the other Party, if legally permitted to do so, of the requirement to disclose the Confidential Information and shall take or assist the other Party in taking all
reasonable legal steps available to suppress the disclosure or extent of disclosure of the information; 
 (c) in a sales process involving
all or a portion of the TGP System; provided that the Parties take all reasonable steps to ensure that the confidentiality of Confidential Information is maintained as a result of such sales process; and 

(d) to those employees, consultants, agents, advisors and equity holders of each Party who need to know such Confidential Information for
purposes of, or in connection with, the 

  
 33 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

performance of such Party’s obligations under this Agreement; provided that the Party disclosing the Confidential Information to those Persons shall be liable to the other Party for any
damages suffered due to a failure by any of such Persons to maintain the confidentiality of the Confidential Information on the basis set forth in this Agreement. 

Section 19.6 Entire Agreement; Conflicts. THIS AGREEMENT CONSTITUTES THE ENTIRE AGREEMENT OF THE PARTIES PERTAINING TO THE SUBJECT
MATTER HEREOF AND SUPERSEDES ALL PRIOR AGREEMENTS, UNDERSTANDINGS, NEGOTIATIONS, AND DISCUSSIONS, WHETHER ORAL OR WRITTEN, OF THE PARTIES OR THEIR PREDECESSORS PERTAINING TO THE SUBJECT MATTER HEREOF OR THE TGP SYSTEM. THERE ARE NO WARRANTIES,
REPRESENTATIONS, OR OTHER AGREEMENTS AMONG THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT, INCLUDING THE EXHIBITS AND APPENDICES HERETO, AND NO PARTY SHALL BE BOUND BY OR LIABLE FOR ANY ALLEGED
REPRESENTATION, PROMISE, INDUCEMENT OR STATEMENT OF INTENTION NOT SO SET FORTH. 
 Section 19.7 Amendment. This Agreement may be
amended only by an instrument in writing executed by the Parties and expressly identified as an amendment or modification. 
 Section 19.8
Governing Law; Disputes. THIS AGREEMENT AND THE LEGAL RELATIONS AMONG THE PARTIES SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, EXCLUDING ANY CONFLICTS OF LAW RULE OR PRINCIPLE THAT MIGHT REFER
CONSTRUCTION OF SUCH PROVISIONS TO THE LAWS OF ANOTHER JURISDICTION. ALL OF THE PARTIES CONSENT TO THE EXERCISE OF JURISDICTION IN PERSONAM BY THE UNITED STATES FEDERAL DISTRICT COURTS LOCATED IN HARRIS COUNTY, TEXAS FOR ANY ACTION ARISING OUT OF
THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. ALL ACTIONS OR PROCEEDINGS WITH RESPECT TO, ARISING DIRECTLY OR INDIRECTLY IN CONNECTION WITH, OUT OF, RELATED TO, OR FROM THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY SHALL BE
EXCLUSIVELY LITIGATED IN THE UNITED STATES FEDERAL DISTRICT COURTS HAVING SITES IN HARRIS COUNTY, TEXAS (AND ALL APPELLATE COURTS HAVING JURISDICTION THEREOVER). EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 

Section 19.9 Parties in Interest. Nothing in this Agreement shall entitle any Non-Party to any claim, cause of action, remedy or right
of any kind. 
 Section 19.10 Preparation of Agreement. Both Parties and their respective counsel participated in the preparation of
this Agreement. In the event of any ambiguity in this Agreement, no presumption shall arise based on the identity of the draftsman of this Agreement. 

  
 34 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

Section 19.11 Severability. If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any
rule of Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any adverse
manner to any Party. Upon such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties
as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible. 

Section 19.12 Operating Terms; Service Interface Rules. The Operating Terms and Service Interface Rules are incorporated into this
Agreement for all purposes. 
 Section 19.13 Counterparts. This Agreement may be executed in any number of counterparts, and each
such counterpart hereof shall be deemed to be an original instrument, but all of such counterparts shall constitute for all purposes one agreement. Any signature hereto delivered by a Party by electronic mail shall be deemed an original signature
hereto. 
 [signature page follows] 

  
 35 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

IN WITNESS WHEREOF, the Parties have executed this Agreement on the Execution Date, to be effective as of the Effective Time. 

 

									
	CUSTOMER:	 		 	PROVIDER:
			
	HESS TRADING CORPORATION	 		 	HESS TIOGA GAS PLANT LLC
					
	By:	 	 /s/ Steven A. Villas
	 		 	By:	 	 /s/ Michael R. Lutz

	Name:	 	Steven A. Villas	 		 	Name:	 	Michael R. Lutz
	Title:	 	President	 		 	Title:	 	Vice President

 Signature Page to 

Gas Processing and Fractionation Agreement 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

APPENDIX I 

OPERATING TERMS AND CONDITIONS 

1.1 Quality Specifications. 

(a) Quality Specifications: 

(i) Customer Gas. All Customer Gas Tendered at the Receipt Points shall conform to the following specifications: 

(A) Carbon Dioxide: All Customer Gas delivered hereunder shall not contain more than ** percent (**%) by volume of carbon
dioxide. 
 (B) Hydrogen Sulfide:  

(1) If the Plant is being operated in Sulfur Recovery Mode, then any Customer Gas delivered hereunder during such time shall not contain more
than a total of ** percent (**%) by volume of hydrogen sulfide. 
 (2) If the Customer Gas delivered hereunder ever contains less than
a total of ** percent (**%) by volume of hydrogen sulfide, then Provider may, pursuant to Section 3.4(d), cause the Plant to cease operating in Sulfur Recovery Mode. 

(3) If the Plant is not being operated in Sulfur Recovery Mode, then all Customer Gas delivered hereunder shall not contain more than a total
of ** parts per million (** ppm) by volume of hydrogen sulfide. 
 (4) Notwithstanding anything in the foregoing and for the avoidance of
doubt, Customer Gas containing hydrogen sulfide shall only be accepted if the applicable Downstream Facility is capable of treating for such contaminant. 

(C) Sum of Hydrogen Sulfide plus Carbon Dioxide: The sum of the (A) hydrogen sulfide content, plus (B) carbon dioxide
content of any Customer Gas delivered hereunder shall not exceed ** of one percent (**%) by volume. 
 (D) Nitrogen: All
Customer Gas delivered hereunder shall not contain more than three and one-tenth of one percent (3.1%) of nitrogen by volume. 
 (E)
Oxygen: No Customer Gas delivered hereunder shall contain any oxygen. 
 (F) Other Constituents: All Customer Gas delivered
hereunder shall be commercially free from well treating chemicals, liquid water, dirt, dust, crude oil, gums, iron particles, arsenic, mercury, selenium, radon, antimony and other impurities or noncombustible gases, in each case, which, individually
or in the aggregate, would adversely affect the utilization of such Customer Gas. 

  
 Appendix I - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(G) Gross Heating Value after Processing: The Residue Gas produced from the Customer Gas delivered hereunder shall have a calculated
Gross Heating Value of not less than 967 Btus per cubic foot at Standard Base Conditions. 
 (H) Hydrocarbon Dew Point: All Customer
Gas delivered hereunder to the high pressure Receipt Point(s) identified in Exhibit H shall have a hydrocarbon dew point equal or less than thirty degrees (30°) Fahrenheit at the then-current operating pressure of such Receipt Point.

 (ii) Customer Injected NGLs. All Customer Injected NGLs Tendered at the Receipt Points shall conform to the following
specifications: 
 (A) Carbon Dioxide: All Customer Injected NGLs delivered hereunder shall contain a content of carbon dioxide such
that, when the delivered Injected NGLs, including dissolved or entrained carbon dioxide, is commingled with all delivered Gas at the Receipt Points, the aggregate total content of carbon dioxide contained in the delivered Gas plus delivered Injected
NGLs shall not be more than ** percent (**%) by volume. 
 (B) Hydrogen Sulfide: 

(1) If the Plant is being operated in Sulfur Recovery Mode, then any Customer Injected NGLs delivered hereunder during such time shall not
contain a content of hydrogen sulfide such that, when the delivered Injected NGLs, including dissolved or entrained hydrogen sulfide, is commingled with all delivered Gas at the Receipt Points, the aggregate total content of hydrogen sulfide
contained in the delivered Gas plus delivered Injected NGLs shall not be (x) more than a total of ** percent by volume (**%) of hydrogen sulfide or (y) less than a total of ** percent by volume (**%) by volume of hydrogen sulfide.

 (2) If the Customer Injected NGLs delivered hereunder ever contain less than a total of ** percent (**%) by volume of hydrogen sulfide,
then Provider may, pursuant to Section 3.4(d), cause the Plant to cease operating in Sulfur Recovery Mode. 
 (3) If the Plant
is not being operated in Sulfur Recovery Mode, then all Customer Injected NGLs delivered hereunder shall not contain more than a total of ** parts per million (** ppm) by volume of hydrogen sulfide. 

(4) Notwithstanding anything in the foregoing and for the avoidance of doubt, Customer Injected NGLs containing hydrogen sulfide shall only
be accepted if the applicable Downstream Facility is capable of treating for such contaminant. 
 (C) Sum of Hydrogen Sulfide plus
Carbon Dioxide: The Injected NGLs delivered hereunder shall not contain an aggregate total content of carbon dioxide plus hydrogen sulfide such that, when the delivered Injected NGLs, including dissolved or entrained carbon dioxide and dissolved
or entrained hydrogen sulfide, is commingled with all delivered Gas at the Receipt Points, the sum of the (A) aggregate hydrogen sulfide content of all 

  
 Appendix I - Page 2 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

such delivered Injected NGLs and delivered Gas, plus (B) aggregate carbon dioxide content of all such delivered Injected NGLs and delivered Gas shall not exceed ** percent (**%) by
volume. 
 (D) Nitrogen: All Customer Injected NGLs delivered hereunder shall not contain a content of nitrogen such that, when the
delivered Injected NGLs, including dissolved or entrained nitrogen, is commingled with all delivered Gas at the Receipt Points, the aggregate total content of nitrogen contained in the delivered Gas plus delivered Injected is more than three and
one-tenth of one percent (3.1%) of nitrogen by volume. 
 (E) Oxygen: No Customer Injected NGLs delivered hereunder shall
contain any oxygen. 
 (F) Other Constituents: All Customer Injected NGLs delivered hereunder shall be commercially free from well
treating chemicals, liquid water, dirt, dust, crude oil, gums, iron particles, arsenic, mercury, selenium, radon, antimony and other impurities, in each case, which, individually or in the aggregate, would adversely affect the utilization of such
Customer Injected NGLs. 
 (b) Downstream Facilities. Notwithstanding the quality specifications above, if a Downstream Facility
notifies either Party of different or additional quality specifications required at any Delivery Point that are more stringent than the specifications shown above, such Party will promptly notify the other Party of any such different or additional
specifications as soon as practicable after being notified of such specifications. 
 (i) Following the Parties’ receipt of a notice
from a Downstream Facility as described in Section 1.1(b) of the Operating Terms above, the Parties shall promptly meet to discuss such different or additional quality specifications and agree upon the Parties’ collective response
to such Downstream Facility. Each Party agrees to use its commercially reasonable efforts to meet and agree upon such response within any applicable time limitation imposed by such Downstream Facility, any binding contractual commitment of either
Party, or any Governmental Authority (including any applicable Law), as applicable. 
 (ii) In the event that Provider would be required to
install any processing or treatment facilities in order to meet any such different or additional Downstream Facility quality specifications, the Parties shall meet to determine (A) what additional facilities would be needed, (B) whether or
not the Parties agree that such additional facilities should be installed, and (C) what amendments to the then-current System Plan and System Budget would be needed to incorporate the installation of such additional facilities. 

(iii) In the event that the Parties do not mutually agree (A) that such additional facilities should either be installed or not
installed, or (B) on the amendments to the then-current System Plan that would be needed to incorporate the installation of such additional facilities, then, in each case, the provisions of Section 5.3(e) shall be applied by the
Parties with respect to such dispute. 
 (iv) In the event that the Parties mutually agree (or it is determined

  
 Appendix I - Page 3 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

pursuant to Section 5.3(e)) (A) that such additional facilities should be installed, and (B) upon the amendments to the then-current System Plan that would be needed to
incorporate the installation of such additional facilities, then Provider shall be provided such period of time as would be reasonably needed to install and place into service such additional facilities. 

(v) Following the date upon which any such additional facilities are installed and placed into service, such different or additional
Downstream Facility quality specifications will be considered as the quality specifications with respect to the applicable Delivery Points under this Agreement for as long as required by such Downstream Facility. 

(c) Nonconforming Gas or Injected NGLs. Should, at any time during the Term, either Party become aware that any Gas or Injected NGLs
Tendered by Customer into the TGP System does not meet any of the applicable quality specifications in Section 1.1(a) of the Operating Terms (as revised in accordance with Section 1.1(b) of the Operating Terms), such Party
shall immediately notify the other Party of such failure and nonconforming Customer Gas or Customer Injected NGLs, as applicable, and, if known, the extent of the deviation from such specifications. Upon any such notification, Customer shall
determine the expected duration of such failure and notify Provider of the efforts Customer is undertaking to remedy such deficiency. 
 (d)
Failure to Meet Specifications. If any Customer Gas or Customer Injected NGLs, as applicable, delivered into the TGP System fails to meet any of the quality specifications in Section 1.1(a) of the Operating Terms (as revised in
accordance with Section 1.1(b) of the Operating Terms) when Tendered at the Receipt Points, Provider shall have the right to cease accepting such Gas or Injected NGLs, as applicable, into the TGP System or reject such Gas or Injected
NGLs, as applicable, from entering the TGP System, as applicable. 
 (e) Acceptance of Nonconforming Gas or Injected NGLs. Without
limiting the rights and obligations of Provider pursuant to clause (d) immediately above, Provider may elect to accept receipt at any Receipt Point of Customer Gas or Customer Injected NGLs, as applicable, that fails to meet any of the
applicable quality specifications stated above. Such acceptance by Provider shall not be deemed a waiver of Provider’s right to refuse to accept non-specification Customer Gas or Customer Injected NGLs, as applicable, at a subsequent time. 

(f) Liability for Nonconforming Gas or Injected NGLs. With respect to any Customer Gas or Customer Injected NGLs (including any
Customer Residue Gas or Customer NGLs resulting therefrom) that fail to meet the applicable quality specifications under Section 1.1(a) of the Operating Terms (as revised in accordance with Section 1.1(b) of the Operating
Terms) when Tendered at the applicable Receipt Point, Customer shall be responsible for (i) any fees charged by any Downstream Facility, (ii) any costs incurred by Provider and agreed to by Customer in order to avoid such fees for such
Hydrocarbons, and (iii) any costs, expenses or damages incurred by Provider (including with respect to any damages incurred to the TGP System). Additionally, Customer shall always be responsible for fees charged by a Downstream Facility due to
non-specification Customer Gas or Customer Injected NGLs (including any Customer Residue Gas or Customer NGLs resulting therefrom) and will indemnify the Provider Group from claims by a Downstream Facility arising from non-specification Customer Gas
or Customer Injected NGLs (including any Customer Residue Gas or Customer NGLs resulting therefrom). 

  
 Appendix I - Page 4 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(g) Liability for Nonconforming Commingled Gas or Injected NGLs. With respect to any Customer Gas or Customer Injected NGLs (including
any Customer Residue Gas or Customer NGLs resulting therefrom) that (i) fail to meet the applicable quality specifications of any Downstream Facility under Section 1.1(b) of the Operating Terms, but (ii) met the applicable
quality specifications set forth in Section 1.1(a) of the Operating Terms (as revised in accordance with Section 1.1(b) of the Operating Terms) when Tendered at the applicable Receipt Point, Customer shall not be responsible
for (A) any fees charged by any Downstream Facility as a result thereof, or (B) any other costs, expenses or damages incurred by Provider (including with respect to any damages incurred to the TGP System) with respect to such commingled
Gas or Injected NGLs, as applicable. 
 1.2 Nomination Procedures. “Nominations” or
“Nominate” means a request submitted by Customer to Provider for the prospective processing and/or treatment of specific volumes of Customer Gas and Customer Injected NGLs on a Receipt Point-by-Receipt Point basis and the
redelivery of Customer Residue Gas and Customer NGLs produced therefrom on a Delivery Point-by-Delivery Point basis. The Nomination procedures are as follows: 

(a) Receipt Point Nominations of Customer Gas and Customer Injected NGLs. The Parties shall, as soon as reasonably practicable
following the date hereof, use their commercially reasonable efforts to agree upon a nomination procedure with respect to receipts of Customer Gas and Customer Injected NGLs at the Receipt Points. 

(b) Delivery Point Nominations of Customer Residue Gas. Customer shall submit a Nomination for all Customer Residue Gas to be Tendered
to each applicable Delivery Point (i) on a Daily basis and (ii) no later than 9:00 a.m. CCT on the date the first Mcf of the Customer Residue Gas contained in such Nomination is to be redelivered to the applicable Delivery Point. 

(i) In the event that Customer (A) submits any Nomination after the deadline specified in clause (b) above, or (B) desires to
change any Nomination then in effect that was timely made, in each case, Provider shall use its commercially reasonable efforts to accept such late Nomination or change to an existing Nomination, as applicable. 

(ii) Notwithstanding anything to the contrary herein (A) the Nominations made by Customer shall, with respect to each Delivery Point
subject to such Nomination, be made at Daily rates that are reasonably even and constant, and (B) Customer may not make any Nomination in excess of the applicable capacity constraints for any Delivery Point. 

(c) Delivery Point Nominations of Customer NGLs. Customer shall submit a Nomination for all Customer NGLs to be Tendered to each
applicable Delivery Point (i) on a Monthly basis and (ii) no later than three Business Days prior to the end of the immediately preceding Month. Should Customer wish to amend any such Nomination, Customer shall provide any such amended
Nomination no later than 9:00 a.m. CCT on the date that is three Business Days prior to the date the applicable Barrels of Customer NGLs are to be redelivered to the applicable Delivery Point. 

  
 Appendix I - Page 5 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(i) In the event that Customer (A) submits any Nomination after the deadline specified in clause (c) above, or (B) desires to
change any Nomination then in effect that was timely made, in each case, Provider shall use its commercially reasonable efforts to accept such late Nomination or change to an existing Nomination, as applicable. 

(ii) Notwithstanding anything to the contrary herein (A) the Nominations made by Customer shall, with respect to each Delivery Point
subject to such Nomination, be made at Daily rates that are reasonably even and constant, and (B) Customer may not make any Nomination in excess of the applicable capacity constraints for any Delivery Point. 

(d) Coordination with Receiving Transporters. The Parties recognize that Provider must coordinate its actions with those of the
Downstream Facilities. Accordingly, upon 30 Days written Notice to Customer, Provider may modify provisions of this Agreement to implement standards promulgated by NAESB and adopted by any Downstream Facility as it relates to the TGP System or to
otherwise coordinate the provisions of this Agreement with the operating conditions, rules, or tariffs of the Downstream Facilities, and Customer agrees to execute such amendment(s) to this Agreement proposed by Provider in good faith that reflect
such modifications. 
 (e) Scheduling and Dispatch. Attached hereto as Appendix III are the Service Interface Rules that
govern the scheduling and dispatch of Trucks and Trains at the Plant. In addition to the provisions of this Section 1.2 of the Operating Terms, the scheduling of Loading Services at the Loading Points shall be governed by such attached
Service Interface Rules. 
 (f) Customer Compliance. Customer covenants and agrees that it shall, in relation to each requested
receipt or delivery of Customer Gas, Customer Residue Gas or Customer NGLs (i) act in accordance and in a manner consistent with the applicable Nomination, and (ii) observe and comply with (A) the terms and conditions of this
Agreement, including these Operating Terms and the Service Interface Rules, (B) Applicable Requirements, and (C) the Plant Rules. 

1.3 Measurement. 
 (a)
Provider, or its designee, shall maintain and operate the measuring stations, meters, and other equipment that are necessary to accurately measure the volume, Thermal Content, NGL component content, and quality of Gas, Residue Gas and NGLs received,
processed, and delivered under this Agreement. 
 (b) Provider or its designee shall install, maintain, and operate, or cause to be
installed, maintained, and operated, suitable meters and/or other necessary equipment of ample size and proper type for accurate measurement of the following: 

(i) The volume, Thermal Content, and NGL component content, of Customer Gas and Customer Injected NGLs delivered at the Receipt Points; 

  
 Appendix I - Page 6 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(ii) The volume and Thermal Content of System Fuel; 

(iii) The volume and Thermal Content of Customer Residue Gas; 

(iv) The volume and Thermal Content of each NGL component recovered and removed from Customer Gas and/or Customer Injected NGLs and
redelivered to the Delivery Points as Customer NGLs; and 
 (v) Any other volume or quantity of product necessary for the proper
performance of Provider’s obligations under this Agreement. 
 (c) Customer or its designated representative may, in the presence of
Provider or Provider’s designated representative, have access to Provider’s measuring and analyzing equipment at reasonable times, and will have the right to witness tests, calibrations and adjustments thereof. Upon request of either Party
for a special test of any meter or auxiliary equipment, Provider will promptly verify the accuracy of same; provided, that the cost of such special test will be borne by the requesting Party, unless the percentage of inaccuracy found is more than
one and one percent (1.0%) of a recording corresponding to the average hourly rate of Gas flow, in which case the cost of the special test shall be borne by Provider. 

(d) If the measurement equipment is found to be measuring inaccurately and the amount of Gas, Residue Gas or NGLs delivered cannot be
ascertained or computed from the reading, then the Gas, Residue Gas or NGLs, as applicable, delivered will be estimated and agreed upon by the Parties based on the best data available, using the first available of the following: 

(i) The registration of any check meter or meters if installed and accurately registering; 

(ii) The correction of the errors, if the percentage of error is ascertainable by meter calibration, test, or mathematical calculation; and

 (iii) The estimation based on comparison of the quantity of deliveries with deliveries during preceding periods under similar conditions
when the meter was registering accurately. 
 (e) Upon the written request of Customer, Provider shall send any applicable measurement
charts or electronic data, as available, to Customer for Customer’s review. Any such materials delivered to Customer shall be returned to Provider within 90 Days of such delivery and such materials shall, at all times, be subject to the
confidentiality provisions set forth in Section 19.5. 
 1.4 Measurement Standards. The measurements of the volume and
quality of all Gas, Residue Gas and NGLs, as applicable, delivered at the Receipt Points and Delivery Points (other than the Interstate Delivery Points) will be conducted in accordance with the following

  
 Appendix I - Page 7 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

provisions. The measurements of the volume and quality of all Gas, Residue Gas and NGLs, as applicable, delivered at the Interstate Delivery Points will be conducted in accordance with the
regulations and procedures of the applicable Downstream Facilities at such Interstate Delivery Points. 
 (a) The unit of volume for
measurement will be one Standard Cubic Foot. Measured volumes, converted to Mcf, will be multiplied by their Gross Heating Value per Standard Cubic Foot and divided by one thousand (1,000) to determine the MMBtu content. 

(b) Gas shall be measured in accordance with the Manual of Petroleum Measurement Standards Chapter 14.3, Part 3 August 1992, Reaffirmed
February 2009, as amended from time to time, in a manner generally accepted by the gas producing industry. 
 (c) All Gas Tendered hereunder
at a Receipt Point and Gas or Residue Gas redelivered hereunder at a Delivery Point shall be measured by a suitable measurement device to be furnished and installed (or caused to be furnished and installed) by Provider, and subsequently kept in
repair (or caused to be kept in repair) by Provider, and located at or near such Receipt Point or Delivery Point, as applicable. Such measurement devices shall be installed, and the meter run fabricated and installed, in accordance with the American
Petroleum Institute Manual of Petroleum Measurement Standards (the “MPMS”) Chapter 14.3, Part 2 April 2000 Reaffirmed May 2011 utilizing EGM (electronic gas measurement) shall be installed pursuant to MPMS Chapter 21.1.

 (d) The specific gravity of Gas will be determined by spot samples or continuous sampling analyzed by gas chromatograph following
recommended industry practice. 
 (e) If a continuous sampling method is used, the gravity to the nearest one-thousandth (0.001) will be
determined once a Month from a Gas analysis. The result will be applied during the Month for the determination of Gas volumes delivered. 

(f) If a spot sample is used, the gravity to the nearest one-thousandth (0.001) will be determined at least once each quarter and will be
applied until the next spot sample is taken for the determination of Gas volumes delivered. 
 (g) Adjustments to measured Gas volumes for
the effects of super compressibility will be made in accordance with accepted American Gas Association standards. Provider or its designee will obtain appropriate carbon dioxide and nitrogen mole fraction values for the Gas delivered as may be
required to compute adjustments in accordance with standard testing procedures. At Provider’s or its designee’s option, equations for the calculation of super compressibility may be taken from either the API Chapter 14.2 or American Gas
Association Report No. 8, Compressibility and Super Compressibility for Natural Gas and Other Hydrocarbon Gases, latest revision. 

(h) For purposes of measurement and meter calibration, the average atmospheric pressure for each Receipt Point and Delivery Point is assumed
to be 13.5 pounds per square inch absolute. If the pressure transmitter being used is capable of measuring actual atmospheric pressure, then actual atmospheric pressure may be used. 

  
 Appendix I - Page 8 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(i) The Gross Heating Value of Gas delivered at Receipt Points and Delivery Points will be determined at least once each quarter using either a
continuous sampler, spot sampler or gas chromatograph; provided, however, that when Daily deliveries of Gas at any Receipt Point or Delivery Point average five thousand (5,000) Mcf per Day or greater during any Month, the Gross Heating Value of
the Gas delivered at that Receipt Point or Delivery Point will be taken at least Monthly at a suitable point on the facilities to be representative of the Gas being metered. 

(j) The physical constants used in Btu computation for a perfect Gas will be derived from the “Table of Physical Constants of Paraffin
Hydrocarbons and Other Compounds” as published in the GPA Standard 2145-03 and superseding revisions thereof. The analysis will be complete and individual values in mole percent or fraction of each Hydrocarbon compound will be listed through
C6. The C6+ values will be as stated in GPA standard 2261, 7.3.6 Table IV (as may be revised from time to time) or, at Provider’s option, by use of an extended analysis. The analysis will further include the mole fraction or percent
individually of additional compounds contained in chromatographically measurable quantities contained in the sample. The method to be used for chromatographic analysis will be that contained in GPA standard 2261, Analysis for Natural Gas and Similar
Gaseous Mixtures by Gas Chromatography, latest revision. 
 (k) Other tests to determine water content, sulfur, and other impurities in the
Gas will be conducted in accordance with standard industry testing procedures when requested by either Party. The Party requested to perform those tests shall bear the cost of those tests only if the Gas tested is determined not to be within the
quality specifications set forth in this Agreement. If the Gas is within such quality specifications, the requesting Party will bear the cost of the tests. 

(l) If, during the Term, a new method or technique is developed with respect to Gas measurement or the determination of the factors used in
Gas measurement, then, in Provider’s commercially reasonable discretion, the new method or technique may be substituted for the applicable method set forth in this Section 1.4 of the Operating Terms, provided that the new method or
technique is in accordance with accepted standards of the American Gas Association, and applied uniformly to all customers processing Gas on the TGP System. 

1.5 Curtailment and/or Bypass of Hydrocarbons. If (a) capacity on the TGP System is interrupted, curtailed or reduced, or
(b) capacity is insufficient for the needs of all customers desiring to use such capacity, the holders of Interruptible Service will be curtailed or subject to Bypass, as applicable, first, the holders of Firm Service shall be curtailed or
subject to Bypass, as applicable, second, and the holders of Anchor Customer Firm Service shall be curtailed or subject to Bypass, as applicable, last. As among the holders of each of Firm Service and Anchor Customer Firm Service, the capacity
available on the TGP System to each such class of service under the preceding sentence shall be allocated among the holders of the applicable class of service on a pro rata basis, based on the percentage derived by dividing the Daily average volume
of Gas or Injected NGLs, as applicable, actually Tendered by each holder of the applicable class of service to Receipt Points on the TGP System during the prior 90 Day period by the total volume of such Gas or Injected NGLs, as applicable, actually
Tendered by all 

  
 Appendix I - Page 9 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

holders of the applicable class of service during such period to Receipt Points on the TGP System. As among holders of Interruptible Service, the capacity available to such service, if any, shall
be allocated pro rata among the holders of such service based on the percentage derived by dividing the Daily average volume of Gas or Injected NGLs, as applicable, actually Tendered by each holder of Interruptible Service to Receipt Points on the
TGP System during the prior 60 Day period by the total volume of such Gas or Injected NGLs, as applicable, actually Tendered by all holders of Interruptible Service to Receipt Points on the TGP System during such period. During periods of
curtailment on the TGP System, the Parties shall meet to review alternative options for Customer to optimize its overall volume throughput and related revenues in light of the specific constraints causing such curtailment on the TGP System. 

1.6 Allocations of System Fuel, System GL&U and Shrinkage. Allocations required for determining payments or Fees due under this
Agreement shall be made by Provider. This Section 1.6 of the Operating Terms shall be based upon the measurements taken and quantities determined for the applicable Month. 

(a) The following definition shall be applicable: “Fuel Point” means a point on the TGP System where System Fuel is measured,
sampled, calculated or consumed. 
 (b) System Fuel shall be allocated to each Receipt Point upstream of the applicable Fuel Point by
multiplying (i) the System Fuel, stated in Mcfs, measured at the applicable Fuel Point during the applicable Month by (ii) a fraction, (A) the numerator of which is the volume of Gas, stated in Mcfs, received into the TGP
System at such Receipt Point during such Month, and (B) the denominator of which is the aggregate volume of Gas, stated in Mcfs, received into the TGP System at all Receipt Points upstream of the applicable Fuel Point during such Month. 

(c) The System GL&U in any Month shall be determined by subtracting (i) the sum of (A) the Thermal Content of all volumes
of Customer Residue Gas and Customer NGLs actually delivered to the Delivery Points on the TGP System during such Month, and (B) the Thermal Content of all volumes of Gas consumed as System Fuel measured at all Fuel Points on the TGP System
during such Month, from (ii) the Thermal Content of all volumes of all Gas and Injected NGLs received into the TGP System at all Receipt Points. 

(d) Total Shrinkage on the TGP System shall be calculated using industry standard Btu shrinkage factors for each component of NGLs recovered
from the total Gas and Injected NGL stream delivered into the Receipt Points. Customer’s share of Shrinkage shall be allocated based on the ratio used to allocate Customer’s share of NGLs. 

1.7 Allocations of Residue Gas and NGLs. Provider shall determine the volume of Customer Residue Gas and Customer NGLs by
proportionally allocating to Customer its ratable share of all Residue Gas and NGLs recovered in the TGP System based on the proportion that the Customer Gas and Customer Injected NGLs delivered to the Receipt Points contributes to the total volume
of Gas and Injected NGLs delivered to the Receipt Points by all customers, as more fully described below. 
 (a) Provider will, at least
Monthly, measure (whether at the Receipt Point or 

  
 Appendix I - Page 10 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

by combining all individual measurements) the total actual NGL gallon content of the total inlet stream of Gas and Injected NGLs at all Receipt Points (per Mcf or MCFE, as applicable) of ethane,
propane, butane, and C5+ by chromatographic analysis or gas sampling. 
 (b) Customer will be allocated its share of recovered NGLs (on a
component basis) as Customer NGLs based on the ratio that its delivered gallons of each component into the Receipt Points bears to the total gallons of such component delivered into the Receipt Points. 

(c) Customer will be allocated its share of recovered Residue Gas equal to the (i) MMBtus of Customer Gas and Customer Injected NGLs
delivered at the Receipt Points, less (ii) the sum of (A) Customer’s allocated share of Shrinkage, plus (B) Customer’s allocated share of System Fuel, plus or minus (C) Customer’s allocated share of
System GL&U. 
 1.8 Imbalances. 

(a) The intent of the Parties to this Agreement is that Gas and Injected NGLs be received and Residue Gas and NGLs be redelivered hereunder at
the same rate and Provider and Customer will use commercially reasonable efforts to keep Gas balanced on a Daily basis. Provider and Customer agree to communicate promptly in the event an imbalance situation starts to develop so that corrective
measures may be taken to minimize an imbalance. The Parties acknowledge and agree that an exact Daily balancing of receipts and deliveries may not be possible due to the inability of the Parties to control precisely such receipts and deliveries.
However, Provider, to the fullest extent practicable, will deliver each Day a volume of Residue Gas with a Thermal Content equal to the Gas volume received for that Day. Any imbalance at the end of a Month will be corrected, if possible,
volumetrically, the following Month. 
 (b) If the Downstream Facility at any Residue Gas Delivery Point being utilized by Customer requires
that imbalances between Provider and such Downstream Facility be eliminated by a cash settlement at the end of each Month in lieu of by the delivery or reduction in deliveries of Residue Gas at such Residue Gas Delivery Point, Provider may eliminate
any imbalance of Customer by cash settlement. If an imbalance is eliminated by cash settlement, the imbalance settlement amount charged to Customer by Provider will be Customer’s share of the cash settlement amount charged by the Downstream
Facility in accordance with such Downstream Facility’s FERC tariff. If the imbalance was caused by Customer’s failure to submit timely and proper Nominations in accordance with the requirements of the Downstream Facility at such Delivery
Point or Customer’s failure to deliver to Provider quantities of Customer Gas in accordance with such Nominations, then Provider may charge Customer for Customer’s share of the cash settlement amount actually charged by such Non-Party
Downstream Facility. If the imbalance was caused by Provider’s failure to deliver to such Delivery Point a volume of Residue Gas with a Thermal Content equivalent to the Thermal Content of the Gas volume received for that Day, then, to such
extent, Provider will bear and pay any imbalance charges, penalties, cash-out payments or other amounts due and owing to the Downstream Facility as a result of the imbalance caused by Provider. Upon request, Provider will provide Customer with a
copy of each Downstream Facility cash settlement statement and invoice, as well as documentation supporting Provider’s allocation of imbalances to Customer and the calculation of Customer’s share of each cash settlement invoice. 

  
 Appendix I - Page 11 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

1.9 Mcf Equivalents. For purposes of this Agreement, an NGL “Mcf Equivalent” or “MCFE”
will be calculated as follows: 
 ** 

For purposes of the formula included above, the following abbreviations have the meanings set forth below. 

 

	 	(a)	“A” = MCFE of NGLs. 

  

	 	(b)	“Q” = Barrels of NGLs. 

  

	 	(c)	“i” = Components of NGLs (including C1, C2, C3, C4, C5+, H2S, CO2, N2). 

 

	 	(d)	“yi” = Volume percentage of NGL component “i”, divided by 100. 

 

	 	(e)	“vi” = Volume factor of component “i” (as taken from Table A below), measured in gallon/ft3. 

  

									
	Table A1	 
	 Injected Liquids Components
	 	 	Volume Factor
(ft3 ideal gas/gal liquid)	 
	 Methane
	  	 	C1	  	 	 	59.138	  
	 Ethane
	  	 	C2	  	 	 	37.488	  
	 Propane
	  	 	C3,	  	 	 	36.391	  
	 i-butane
	  	 	iC4,	  	 	 	30.637	  
	 n-butane
	  	 	nC4,	  	 	 	31.801	  
	 i-pentane
	  	 	iC5	  	 	 	27.414	  
	 n-pentane
	  	 	nC5	  	 	 	27.658	  
	 Pentanes-plus
	  	 	C5	+, 	 	 	22.947	(*) 
	 hydrogen sulfide
	  	 	H2S	  	 	 	74.16	  
	 carbon dioxide
	  	 	CO2	  	 	 	58.746	  
	 nitrogen
	  	 	N2	  	 	 	91.128	  
	 (*) estimated as (iC5 + nC5)/2 x 1/1.2
	
  

  
  

	1 	Table A information taken from Gas Processors Association Publication Standard 2145-09, “Table of Physical Constants for Hydrocarbons and Other Compounds of Interest to the Natural Gas Industry”, 2009.

  
 Appendix I - Page 12 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

APPENDIX II 

DEFINITIONS 
 As used in
this Agreement, capitalized words and terms shall have the meaning ascribed to such terms as set forth below. 
 “Additional
Gas” means any Customer Gas that is not Dedicated Production. 
 “Adequate Assurance” has the meaning
given such term in Section 18.2. 
 “Adequate Letter of Credit” means one or more direct-pay,
irrevocable, standby letters of credit from a major U.S. commercial bank or a foreign bank with a U.S. branch office in either case having a credit rating of at least “A-” (or its equivalent successor rating) from Standard &
Poor’s Corporation or “A3” (or its equivalent successor rating) from Moody’s Investor Services, Inc. 

“Affiliate” means, with respect to any Person, any other Person that directly, or indirectly through one or more
intermediaries, Controls, or is Controlled by, or is under common Control with, such Person. 
 “Agreement” has the
meaning given such term in the preamble hereof. 
 “Anchor Customer Firm Service” means that type of System Service
that (a) has the highest priority call on capacity of the TGP System, (b) shall only be subject to interruption or curtailment by reason of an event of Force Majeure, necessary TGP System maintenance, or as otherwise expressly set forth in
this Agreement, and (c) in any event, has a higher priority than Interruptible Service, Firm Service and any other permissible level of service established by Provider with respect to the TGP System. 

“Applicable Requirements” means (a) any applicable rail transportation provider’s, truck transportation
provider’s or pipeline’s operating and engineering standards, (b) any and all applicable local state and federal Laws, including Association of American Railroads, Federal Railroad Administration and U.S. Department of Transportation
regulations and specifications, and (c) any applicable operating regulations or directions of any Governmental Authority. 

“Arrival Time” means, in relation to a Train or Truck Nominated by Customer for the receiving of Customer NGLs from
the TGP System, the date and time such Train or Truck is to arrive at the Terminals ready for loading and dispatch. 

“Bakken Area” means, collectively, the following Counties located in North Dakota: Adams, Billings,
Bottineau, Bowman, Burke, Burleigh, Divide, Dunn, Golden Valley, Hettinger, McHenry, McIntosh, McKenzie, McLean, Mercer, Morton, Mountrail, Renville, Slope, Stark, Walsh, Ward and Williams.  

“Barrel” means 42 United States standard gallons each of 231 cubic inches at 60° Fahrenheit. 

  
 Appendix II - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

“Btu”, “Gross Heating Value”, and “Thermal Content” means
the amount of heat required to raise the temperature of one avoirdupois pound of pure water from fifty-eight and one-half degrees Fahrenheit (58.5° F) to fifty-nine and one-half degrees Fahrenheit (59.5° F) at a constant pressure of fourteen
and seventy-three hundredths (14.73) pounds per square inch absolute. 
 “Bunching” means the
accumulation of Trains or Trucks, as applicable, for loading of Customer NGLs contrary to existing Nominations and/or the terms and conditions of this Agreement, including the Operating Terms and the Service Interface Rules. 

“Business Day” means a Day (other than a Saturday or Sunday) on which commercial banks in New York, New York are
generally open for business. 
 “Bypass” means that volume of Gas received at a Receipt Point on the
TGP System but bypassed around the processing train such that it is redelivered as part of a Residue Gas stream without receiving any processing or fractionation services included as part of the Processing Services. Bypass includes both Gas that is
physically bypassed around the Plant and Gas that is allocated through Plant accounting as Bypass (and not credited with any NGL recovery) even if the molecules of such Gas actually pass through the processing train. 

“CCT” means the time in the Central Time Zone, whether actual or programmed as Central Standard Time or
Daylight Savings Time, or such other time as the Parties may agree upon. 
 “Charges” has the meaning
given such term in Section 7.2. 
 “Claiming Party” has the meaning given such term in
Section 14.1. 
 “Committed Build-Out Costs” has the meaning given such term in
Section 5.2(c)(i). 
 “Committed Build-Out Estimate” has the meaning given such term in
Section 5.2(c)(i). 
 “Committed Build-Outs” has the meaning given such term in
Section 5.2(b)(ii). 
 “Confidential Information” has the meaning given such term in
Section 19.5. 
 “Conflicting Dedication” has the meaning given such term in Section 4.2.

 “Control” and its derivatives (a) with respect to any Person, mean the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting shares, by contract, or otherwise, and (b) with respect to any Gas (including any Residue Gas and NGLs allocable
thereto) or Injected NGLs, means the right or obligation (pursuant to a marketing, agency, operating, unit or similar agreement or otherwise) of a Person to market such Gas (including any Residue Gas and NGLs allocable thereto) or Injected NGLs, as
applicable; provided that such Person has elected or is obligated to market such Gas or Injected NGLs on behalf of a Non-Party. 

  
 Appendix II - Page 2 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

“CPI” has the meaning given such term in Section 7.1(g)(ix). 

“Customer” has the meaning given such term in the preamble of this Agreement. 

“Customer Gas” has the meaning given such term in the recitals to this Agreement. 

“Customer Group” has the meaning given such term in Section 16.3. 

“Customer Guarantee” has the meaning given such term in Section 18.1. 

“Customer Injected NGLs” has the meaning given such term in the recitals to this Agreement. 

“Customer NGLs” has the meaning given such term in Section 3.1(a). 

“Customer Parent” has the meaning given such term in Section 18.1. 

“Customer Residue Gas” has the meaning given such term in Section 3.1(a). 

“Day” means a period of time beginning at 9:00 a.m. CCT on a calendar day and ending at 9:00 a.m. CCT on the
succeeding calendar day. The term “Daily” shall have the correlative meaning. 
 “Dedicated
Area” has the meaning given such term in Section 4.1(a)(i). 
 “Dedicated Contracts” has
the meaning given such term in Section 4.1(a)(ii). 
 “Dedicated Producer Gas” has the meaning given
such term in Section 4.1(a)(i). 
 “Dedicated Production” has the meaning given such term in
Section 4.1(b). 
 “Dedicated Production Estimates” has the meaning given such term in
Section 5.1(b)(i). 
 “Delivery Point” means the points of interconnection of the TGP System described
on Exhibit I, which Exhibit may be updated from time to time by the Parties pursuant to this Agreement, including pursuant to the agreement on an Updated Development Plan and related updated System Plan pursuant to Article 5. 

“Development Period” means, as of any date of determination, the greater of (a) the then-remaining Term of this
Agreement (such remaining Term to be calculated using the assumptions that (i) Provider has elected to renew this Agreement for the Secondary Term hereof and (ii) no Party has elected to terminate the Agreement pursuant to
Section 2.2(c)) and (b) thirteen (13) years. 
 “Development Plan” has the meaning given such
term in Section 5.1(a). 
 “Downstream Facility” means (a) any pipeline downstream of any Delivery
Point on the TGP System, or (b) a Gas processing facility downstream of any Delivery Point (i) to which 

  
 Appendix II - Page 3 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

Customer has dedicated, or in the future elects to dedicate, any Customer Gas for processing, or (ii) at which Customer has arranged for Customer Gas to be processed prior to delivery to a
pipeline described in part (a) above. 
 “Effective Time” has the meaning given such term in the preamble of
this Agreement. 
 “Ethane Recovery Mode” has the meaning given such term in Section 3.4(c). 

“Ethane Rejection Mode” has the meaning given such term in Section 3.4(c). 

“Exclusive Producer Purchase Right” has the meaning given such term in Section 15.1(b). 

“Execution Date” has the meaning given such term in the preamble of this Agreement. 

“Executive Election” has the meaning given such term in Section 5.3(e). 

“Executive Representative” has the meaning given such term in Section 5.3(e)(i). 

“Facilities Modification” has the meaning given such term in Section 5.2(b)(ii). 

“Fees” mean, collectively, the Processing Fee, the Gas Lift Fee, the Loading Fees, the HNDP Fee and the Shortfall Fee.

 “Firm Service” means that type of System Service that (a) other than Anchor Customer Firm Service, has the
highest priority call on capacity of all of the TGP System, (b) shall only be subject to interruption or curtailment by reason of an event of Force Majeure, necessary TGP System maintenance, or as otherwise expressly set forth in this
Agreement, and (c) in any event, has a higher priority than Interruptible Service. 
 “Force Majeure” has the
meaning given such term in Section 14.1. 
 “Fuel Point” has the meaning given such term in
Section 1.6(a) of the Operating Terms. 
 “Gas” means natural gas in its natural state
after ordinary well production and mechanical separation, including all constituent hydrocarbon gases, non-combustible gases, entrained NGLs, and other normal constituents.  

“Gas Lift Delivery Points” means those Delivery Points that include the words “Gas Lift” in the
“Delivery Point” column on Exhibit I. 
 “Gas Lift Fee” has the meaning set forth in Exhibit
G-1. 
 “Gas Lift Services” has the meaning given such term in Section 3.1(b). 

“GGA” means that certain Gas Gathering Agreement, dated effective as of the Effective Time, by and between Customer
and Hess North Dakota Pipelines LLC, as the same may be amended, modified or supplemented from time to time. 

  
 Appendix II - Page 4 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

“Governmental Authority” means any federal, state, local, municipal, tribal or other government; any governmental,
regulatory or administrative agency, commission, body or other authority exercising or entitled to exercise any administrative, executive, judicial, legislative, regulatory or taxing authority or power; and any court or governmental tribunal,
including any tribal authority having or asserting jurisdiction. 
 “Group” means (a) with respect to Customer,
the Customer Group, and (b) with respect to Provider, the Provider Group. 
 “Historical Capital Expenditures”
means $**. 
 “HNDP Delivery Point” means each of the Delivery Points numbered 2, 20 and 21 on Exhibit I.

 “HNDP Fee” has the meaning set forth in Exhibit G-1. 

“Hydrocarbons” means oil, gas, condensate and other gaseous and liquid hydrocarbons or any combination
thereof and specifically includes Gas, Residue Gas and NGLs. 
 “Initial Development Plan” has the
meaning given such term in Section 5.1. 
 “Initial System Plan” has the meaning given such term in
Section 5.2. 
 “Initial Term” has the meaning given such term in Section 2.2. 

“Injected NGLs” has the meaning given such term in the definition of “NGLs”. 

“Interest Rate” means, on the applicable date of determination (a) the prime rate (as published in the
“Money Rates” table of The Wall Street Journal, eastern edition, or if such rate is no longer published in such publication or such publication ceases to be published, then as published in a similar national business publication as
mutually agreed by the Parties), plus (b) an additional two percentage points (or, if such rate is contrary to any applicable Law, the maximum rate permitted by such applicable Law). 

“Interruptible Service” means all obligations of Provider to provide System Services with respect to Gas (and any
Residue Gas and NGLs allocable to such Gas), which obligations are designated as interruptible and as to which obligations Provider may interrupt its performance thereof for any or no reason. 

“Interstate Delivery Point” means each of the Delivery Points numbered 2, 8, 11 and 22 on Exhibit I. 

“Invoice” has the meaning given such term in Section 12.1. 

“Laws” means any applicable statute, law, rule, regulation, ordinance, order, code, ruling, writ, injunction, decree
or other official act of or by any Governmental Authority. 

  
 Appendix II - Page 5 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

“Loading Fees” means the Rail Loading Fee and/or the Truck Loading Fee, as the context requires. 

“Loading Point” means any Rail Car Loading Point or Truck Loading Point, as the context requires. 

“Loading Services” has the meaning given such term in Section 3.1(c). 

“Loss” or “Losses” means any actions, claims, settlements, judgments, demands, liens, losses,
damages, fines, penalties, interest, costs, expenses (including expenses attributable to the defense of any actions or claims), attorneys’ fees and liabilities, including Losses for bodily injury, death, or property damage. 

“Maintenance Capital Estimate” has the meaning given such term in Section 5.2(c)(ii). 

“Maintenance Capital Expenditures” means cash expenditures (including expenditures for the construction of new capital
assets or the replacement, improvement or expansion of existing capital assets) by Provider that are made to maintain, over the long term, the operating capacity of the TGP System. For purposes of this definition, “long term” generally
refers to a period of not less than 12 Months. 
 “Manifest Train” means a train other than a Unit Train. 

“Mcf” means 1,000 Standard Cubic Feet. 

“MCFE” or “Mcf Equivalent” has the meaning given such term in Section 1.9 of the
Operating Terms. 
 “Minimum Volume Commitment” or “MVC” has the meaning given such term in
Section 6.1. 
 “MMBtu” means 1,000,000 Btus. 

“Month” means a period of time beginning at 9:00 a.m. CCT on the first Day of a calendar month and ending at 9:00 a.m.
CCT on the first Day of the next succeeding calendar month. The term “Monthly” shall have the correlative meaning. 

“MPMS” has the meaning given such term in Section 1.4(c) of the Operating Terms. 

“MVC Shortfall Credits” has the meaning given such term in Section 6.2. 

“NAESB” means North American Energy Standards Board, or its successors. 

“NGLs” means ethane, propane, methane, normal butane, isobutane, and C5+, and, depending on the context
(a) mixtures thereof that are present in Gas as Tendered into the TGP System for the System Services, (b) mixtures thereof that are in a liquid state as Tendered into the TGP System for the System Services (“Injected
NGLs”), or (c) mixtures thereof that exist as recovered products after extraction, whether as a combined mixture, raw make, or Y-Grade stream, or as individual product components after fractionation. 

  
 Appendix II - Page 6 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

“Nominate” and its derivatives have the meaning given such terms in Section 1.2 of the Operating Terms.

 “Non-Party” means any Person other than a Party to this Agreement. 

“Non-Party Gas” means Gas owned by a Non-Party. 

“Non-Party Injected NGLs” means Injected NGLs owned by a Non-Party. 

“Notice” has the meaning given such term in Section 19.2. 

“OFO” means an operational flow order or similar order respecting operating conditions issued by a Downstream
Facility. 
 “Operating Expense Estimate” has the meaning given such term in Section 5.2(c)(iii). 

“Operating Terms” means those additional terms and conditions applicable to the System Services provided under this
Agreement, as set forth in Appendix I. 
 “Operational Failure” means any explosions, breakage or accidents
to machinery or lines of pipe that are not caused by the gross negligence or willful misconduct of Customer. 

“Party” or “Parties” has the meaning given such term in the Preamble. 

“PDA” means, with respect to a Receipt Point or Delivery Point, a predetermined allocation directive from, or
agreement with, Customer. 
 “Person” means any individual, corporation, company, partnership, limited partnership,
limited liability company, trust, estate, Governmental Authority or any other entity. 
 “Planned Delivery Point”
has the meaning given such term in Section 5.1(b)(iii). 
 “Planned Receipt Point” has the meaning given
such term in Section 5.1(b)(ii). 
 “Planned Well” has the meaning given such term in
Section 5.1(b)(i). 
 “Plant” has the meaning given such term in Section 2.1. 

“Plant Expansion” has the meaning given such term in Section 5.2(b)(ii). 

“Plant Facilities” has the meaning given such term in Section 2.1. 

“Plant Rules” means the rules posted from time to time at the Plant or otherwise communicated to Customer by Provider,
in each case, pertaining to access, safety, conduct and use of the TGP System. 

  
 Appendix II - Page 7 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

“Plant Site” has the meaning given such term in Section 2.1. 

“Processing Fee” has the meaning set forth in Exhibit G-1. 

“Processing Services” has the meaning given such term in Section 3.1(a). 

“Producer” means Hess Bakken Investments II, LLC, a Delaware limited liability company, and any of such Person’s
successors and assigns. 
 “Provider” has the meaning given to it in the preamble of this Agreement. 

“Provider Group” has the meaning given such term in Section 16.2. 

“Psia” means pounds per square inch absolute. 

“Quarter” means a period of three consecutive Months, commencing on the first day of January, the first
day of April, the first day of July and the first day of October in any Year. 
 “Rail Car Loading
Point” means a Delivery Point that is marked as “Rail Car” in the “Receiving Facility” column on Exhibit I. 

“Rail Loading Fee” has the meaning set forth in Exhibit G-1. 

“Rail Tank Car” means a rail tank car that complies with the Applicable Requirements, is in good working order, is in
a condition suitable to receive Customer NGLs from the TGP System, and is compatible with the operation of the TGP System, including the Plant Rules. 

“Recalculation Election” has the meaning given such term in Section 7.1(g). 

“Receipt Point” means the connecting flanges on the TGP System that are described on Exhibit H, which Exhibit
may be updated from time to time by the Parties pursuant to this Agreement, including pursuant to the agreement on an Updated Development Plan and related updated System Plan pursuant to Article 5. 

“Residual Value” has the meaning given such term in Exhibit G-2. 

“Residue Gas” means the Gas remaining after processing and fractionation at the Plant (including Gas
that has been subject to Bypass) and after reduction for Shrinkage, System Fuel and System GL&U.  
 “Residue
Gas Delivery Point” means a Delivery Point that is marked as “Residue Gas” in the “Residue Gas / NGLs” column on Exhibit I. 

“Return on Capital” means ** percent (**%), as such return level may be modified by Provider pursuant to the
provisions of Section 7.1(f). 
 “Secondary Term” has the meaning given such term in
Section 2.2. 

  
 Appendix II - Page 8 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

“Service Interface Rules” means those additional terms and conditions applicable to the System Services provided under
this Agreement, as set forth in Appendix III. 
 “Shortfall Fee” has the meaning given such term in
Section 7.1(e). 
 “Shrinkage” means the Thermal Content reduction of the Gas as a result
of the extraction of NGLs therefrom as calculated in accordance with the Operating Terms. 
 “Standard Base
Conditions” means a pressure of fourteen and seventy three hundredths (14.73) Psia at a temperature of sixty degrees Fahrenheit (60°F). The atmospheric pressure used by Provider where Gas is measured shall be assumed to be
thirteen and five tenths (13.5) Psia, irrespective of the actual elevation of the measurement station(s) above sea level or variations in atmospheric pressure that may occur from time to time. 

“Standard Cubic Foot” means the volume of Gas contained in one cubic foot of space at Standard Base Conditions. 

“Sulfur Recovery Mode” has the meaning given such term in Section 3.4(d). 

“System Budget” has the meaning given such term in Section 5.2(c). 

“System Fuel” means all Gas (including Residue Gas) and electric power measured and utilized as fuel for the TGP
System, including Gas (including Residue Gas) and electric power utilized as fuel for compressor stations, stated in Mcfs or kilowatt hours, as applicable; provided, however, that “System Fuel” shall not include any Gas (including Residue
Gas) or electric power used as a result of Provider’s gross negligence or willful misconduct. 
 “System Fuel and
Losses” means the sum of: (a) all System Fuel; (b) all System GL&U; and (c) any volume of Customer Gas and/or Customer Residue Gas that is flared after being delivered into the TGP System, in each case, whether
estimated or measured. 
 “System GL&U” means that quantity of Gas or NGLs, measured in MMBtus, gained, lost or
unaccounted for (as applicable) after measuring or calculating all MMBtus (or their equivalents) received into the TGP System compared to the total quantity of MMBtus (or their equivalents) measured or calculated in dispositions to Residue Gas,
Shrinkage, NGLs, and System Fuel or other dispositions. “System GL&U” includes any Gas or NGL volumes lost (or gained, if applicable) as a result of, but not limited to, leakage, venting or flaring, discrepancies due to meter
inaccuracies, discrepancies in temperatures, pressures, conversion, measurement, or calculation factors and formulas, and other normal discrepancies resulting from TGP System measurement and volume reconciliations; provided, however, that
“System GL&U” shall not include any Gas or NGLs lost as a result of Provider’s gross negligence or willful misconduct. 

“System Plan” has the meaning given such term in Section 5.2(a). 

“System Services” has the meaning given such term in Section 3.1. 

“Target Completion Date” has the meaning given such term in Section 5.2(b)(iii). 

  
 Appendix II - Page 9 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

“Tender” and its derivatives mean, with respect to Gas or Injected NGLs, the act of Customer’s making Customer Gas
or Customer Injected NGLs, as applicable, available or causing Customer Gas or Customer Injected NGLs, as applicable, to be made available to the TGP System at a Receipt Point. 

“Term” has the meaning given such term in Section 2.2. 

“TGP System” has the meaning given such term in Section 2.1. 

“Train” means a Unit Train or a Manifest Train. 

“Transportation Event” means a leak, derailment, explosion or other failure, accident or incident occurring at any
time or location and involving a truck, train or rail tank car that Customer brought or caused to be brought to the Plant. 

“Transportation Services” has the meaning given such term in Section 3.1(d). 

“Truck” means a standard NGL carrying truck. 

“Truck Bay” means an industry standard NGL transloading station for one Truck being capable of loading a
Truck within one hour following hook-up and operating (in principle) 24 hours per Day.  
 “Truck Loading
Fee” has the meaning set forth in Exhibit G-1. 
 “Truck Loading Point” means a Delivery Point
that is marked as “Truck” in the “Receiving Facility” column on Exhibit I. 

“Uneconomic” has the meaning given such term in Section 10.1(b)(i). 

“Unit Train” means a train with at least 100 Rail Tank Cars. 

“Updated Development Plan” has the meaning given such term in Section 5.1(a). 

“Well” means a well for the production of hydrocarbons that is either producing, or is intended to produce, Dedicated
Production. 
 “Year” means a period of time on and after January 1 of a calendar year through and including
December 31 of the same calendar year; provided that the first Year shall commence on the Execution Date and run through December 31 of that calendar year, and the last Year shall commence on January 1 of the calendar year and end on
the Day on which this Agreement terminates. 
 “Y-Grade” means that raw make mixture of NGLs recovered
after processing, but before fractionation, consisting primarily of propane and heavier NGLs. 

  
 Appendix II - Page 10

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

APPENDIX III 

SERVICE INTERFACE RULES 

1.1 Generally. These Service Interface Rules set forth certain rules and procedures according to which Provider will provide certain of
the System Services to Customer, including the Loading Services. 
 1.2 Train Scheduling. Customer shall be responsible for arranging
and coordinating rail transportation for any Customer NGLs delivered by or on behalf of Provider to the Rail Car Loading Points. 
 (a)
Customer shall, as promptly as possible, keep Provider regularly informed as to (i) any rail transportation provider Customer has contracted to move any Customer NGLs, (ii) the number and dimensions of any Trains and Rail Tank Cars that
Customer has contracted to carry (or expects to contract to carry) such Customer NGLs, and (iii) the planned destinations of any such Trains and Rail Tank Cars, if available. 

(b) At all times during the Term, Customer shall have under contract with rail transportation providers sufficient Trains and Rail Tank Cars
to move all Customer NGLs Nominated to the Rail Car Loading Points (or expected to be so Nominated by Customer) pursuant to this Agreement as Provider and Customer shall reasonably agree are necessary or advisable to (i) take away all such
Customer NGLs from the Plant in a timely manner, and (ii) prevent Bunching. In making such determinations, the Parties shall take into consideration all relevant factors, including: (A) the destinations for such Customer NGLs, (B) the
expected loading and offloading time of such Trains and Rail Tank Cars, and (C) bad car rates, maintenance and repair estimates and expected service interruption rates. 

(c) Customer shall have an obligation to maintain at or near the Plant readily available spare parts for Trains and Rail Tank Cars consistent
with reasonably anticipated repair and replacement needs, as notified to Customer or posted on Provider’s website from time to time. Customer shall promptly remove from the Plant any Trains or Rail Tank Cars requiring repairs, unless Customer
has retained Provider to perform such repairs. In the event Customer does not have readily available at or near the Plant a spare part needed to repair a Train or Rail Tank Car, as applicable, then in addition to other remedies to which Provider may
be entitled, Provider may bad order the applicable Rail Tank Car. 
 (d) Customer shall use reasonable efforts to arrange rail
transportation for all Customer NGLs Nominated to the Rail Car Loading Points (or expected to be so Nominated by Customer) pursuant to this Agreement at such times and at such rates that are substantially even and coordinated with its Tendering of
Customer Gas at the Receipt Points and Nominations for delivery of such Customer NGLs to the Rail Car Loading Points and otherwise in a manner that prevents Bunching. 

(e) Provider shall use its commercially reasonable efforts to schedule the Loading Services of Customer NGLs Nominated to the Rail Car Loading
Points pursuant to this Agreement consistent with the applicable Nominations of Customer. 

  
 Appendix III - Page 1

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

1.3 Truck Scheduling. Customer shall be responsible for arranging and coordinating truck transportation for any Customer NGLs delivered
by or on behalf of Provider to the Truck Loading Points. 
 (a) Customer shall be entitled to use the Truck Bays at the Plant at such times
as Provider shall reasonably schedule, subject to availability, for purposes of receipt of the Nominated deliveries of Customer NGLs at the Truck Loading Points. Customer shall keep Provider regularly and promptly informed as to those times when
Customer will not be using a Truck Bay at its previously Nominated and scheduled time. 
 (b) Customer shall, as promptly as possible, keep
Provider regularly informed as to (i) any truck transportation provider Customer has contracted to move Customer NGLs, (ii) the number and dimensions of any Trucks that Customer has contracted to carry (or expects to contract to carry)
such Customer NGLs, and (iii) the planned destinations of any such Trucks, if available. 
 (c) At all times during the Term, Customer
shall have under contract with truck transportation providers sufficient Trucks to move all Customer NGLs Nominated to the Truck Loading Points (or expected to be so Nominated by Customer) pursuant to this Agreement as Provider and Customer shall
reasonably agree are necessary or advisable to (i) take away all such Customer NGLs from the Plant in a timely manner, and (ii) prevent Bunching. In making such determinations, the Parties shall take into consideration all relevant
factors, including: (A) the destinations for such Customer NGLs, (B) the expected loading and offloading time of such Trucks, and (C) maintenance and repair estimates and expected service interruption rates. 

(d) Customer shall use reasonable efforts to arrange Truck transportation for all Customer NGLs Nominated to the Truck Loading Points (or
expected to be so Nominated by Customer) pursuant to this Agreement at such times and at such rates that are substantially even and coordinated with its Tendering of Customer Gas at the Receipt Points and Nominations for delivery of such Customer
NGLs to the Truck Loading Points and otherwise in a manner that prevents Bunching. 
 (e) Provider shall use its commercially reasonable
efforts to schedule the Loading Services of Customer NGLs Nominated to the Truck Loading Points pursuant to this Agreement consistent with the applicable Nominations of Customer. 

1.4 Train and Truck Loading. 

(a) Customer shall use reasonable efforts to coordinate the arrival of all Trains, Rail Tank Cars and Trucks at the Plant in accordance with
the agreed Nominations. Provider shall use its commercially reasonable efforts to accommodate such adjustments to Arrival Times as Customer’s rail or truck transportation provider may reasonably request. Customer shall provide Provider with as
much advance notice as possible with respect to any alteration to any Nomination, including any change in the proposed Arrival Time, Train or Truck size, and Rail Tank Car or Truck dimensions. Customer shall additionally permit Provider to
coordinate any alterations to an agreed Arrival Time directly with the applicable rail or truck transportation provider, as applicable. 

  
 Appendix III - Page 2

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(b) In accordance with such agreed Arrival Times, Customer shall have the right to bring its Trains, Rail Tank Cars and Trucks to the Plant for
purposes of loading Customer NGLs (in accordance with and to the extent agreed in accordance with the Agreement, including the Nomination provisions hereof). Provider shall use its commercially reasonable efforts to provide the Loading Services with
respect to such Customer NGLs in a timely manner. Customer shall use reasonable efforts to cause all Trains, Rail Tank Cars and Trucks to depart from the Plant in a timely manner following the applicable loading or offloading of such Nominated
Customer Oil. 
 (c) Customer shall notify Provider of any Transportation Event as soon as possible, but in any event not less than one
Business Day after the occurrence of such event. 

  
 Appendix III - Page 3

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT A-1 
 PLANT

 Tioga Gas Plant 
 The Plant is located in Tioga,
North Dakota, and consists of a 250,000 Mcf/Day cryogenic Gas processing facility with ethane recovery capabilities that produces low Btu, pipeline-quality natural gas and a 60,000 Barrels/Day fractionation facility with NGL fractionation
capabilities for ethane, propane and butane and natural gasoline. The Plant is capable of processing sour gas and can recover up to 225 long tons per day of sulfur. 

The Plant was initially constructed in 1954. The Plant subsequently underwent a large-scale expansion, refurbishment and optimization project that was
completed in late March 2014, during which a new cryogenic processing train with a nameplate processing capacity of 250,000 Mcf/Day was installed. 
 As
used herein, the “Plant” and the “TGP System” specifically exclude the CNG terminal that is under construction at the Plant Site. 

  
 Exhibit A-1 - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT A-2 
 PLANT
FACILITIES 
 Hess North Dakota Natural Gas Pipeline 

The TGP System includes the Hess North Dakota Natural Gas Pipeline, an approximately 60-mile 10.75-inch Residue Gas pipeline that connects the Plant to the
interstate Northern Border Pipeline at Cherry Creek, North Dakota. This pipeline was constructed in 1992 and is capable of delivering 65,000 Mcf/Day of Residue Gas to the Northern Border Pipeline at Cherry Creek and up to 25,000 Mcf/Day of Residue
Gas to gas lift operations in McKenzie and Williams Counties, North Dakota. 
 3rd Party Residue Gas Line Interconnections 

The TGP System also includes direct Residue Gas pipeline connections to both the Alliance Pipeline and the Williston Basin Interstate Pipeline. 

The total Residue Gas offtake capacity from the TGP System into the Hess North Dakota Natural Gas Pipeline, Alliance Pipeline and the Williston Basin
Interstate Pipeline is approximately 190,000 Mcf/Day. 
 NGL Truck Loading Racks, NGL Storage, and Refined Product Line Interconnections 

The TGP System also includes four NGL truck loading racks with an aggregate loading capacity of 11,000 Barrels/Day of propane to serve the local propane
market, as well as 22 NGL bullet storage tanks and five NGL storage tanks with a combined shell capacity of approximately 36,000 Barrels of propane, 18,000 Barrels of butane and 34,000 Barrels of natural gasoline. 

  
 Exhibit A-2 - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT B-1 

DEDICATED AREA 
 For
purposes of this Agreement, as of the Execution Date, the “Dedicated Area” is the entire Bakken Area. 

  
 Exhibit B-1 - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT B-2 

DEDICATED CONTRACTS 
  

							
	 Counter Party
	  	Contract #	 	  	Termination2
	 **
	  	 	G-0177	  	  	                                   
     **                                    
    
	 **
	  	 	G-0305	  	  	**
	 **
	  	 	G-0320	  	  	**
	 **
	  	 	G-0082	  	  	**
	 **
	  	 	G-0151	  	  	**
	 **
	  	 	G-0282	  	  	**
	 **
	  	 	G-0368	  	  	**
	 **
	  	 	G-0343	  	  	**
	 **
	  	 	G-0296	  	  	**
	 **
	  	 	G-0295	  	  	**
	 **
	  	 	G-4027	  	  	**
	 **
	  	 	G-0382	  	  	**
	 **
	  	 	G-0062	  	  	**
	 **
	  	 	G-0052	  	  	**
	 **
	  	 	G-0280	  	  	**
	 **
	  	 	G-0330	  	  	**
	 **
	  	 	G-0304	  	  	**
	 **
	  	 	G-0297	  	  	**
	 **
	  	 	G-0289	  	  	**
	 **
	  	 	G-0317	  	  	**
	 **
	  	 	G-0323	  	  	**
	 **
	  	 	G-0324	  	  	**
	 **
	  	 	G-0365	  	  	**
	 **
	  	 	G-0316	  	  	**
	 **
	  	 	G-0284	  	  	**
	 **
	  	 	G-0308	  	  	**
	 **
	  	 	G-0309	  	  	**
	 **
	  	 	G-0316	  	  	**

  

	2 	See Key on Page 4 of Exhibit B-2 for list of abbreviations. 

  
 Exhibit B-2 - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

							
	 Counter Party
	  	Contract #	 	  	Termination2
	 **
	  	 	G-0322	  	  	**
	 **
	  	 	G-0369	  	  	**
	 **
	  	 	G-0300	  	  	**
	 **
	  	 	G-0053	  	  	**
	 **
	  	 	G-0315	  	  	**
	 **
	  	 	G-0275	  	  	**
	 **
	  	 	G-0306	  	  	**
	 **
	  	 	G-0348	  	  	**
	 **
	  	 	G-0364	  	  	**
	 **
	  	 	G-0055	  	  	**
	 **
	  	 	G-0086	  	  	**
	 **
	  	 	G-0088	  	  	**
	 **
	  	 	G-0056	  	  	**
	 **
	  	 	G-0079	  	  	**
	 **
	  	 	G-0361	  	  	**
	 **
	  	 	G-0338	  	  	**
	 **
	  	 	G-0328	  	  	**
	 **
	  	 	G-0006	  	  	**
	 **
	  	 	G-0058	  	  	**
	 **
	  	 	G-0009	  	  	**
	 **
	  	 	G-0084	  	  	**
	 **
	  	 	G-0269	  	  	**
	 **
	  	 	G-0281	  	  	**
	 **
	  	 	G-0090	  	  	**
	 **
	  	 	G-0085	  	  	**
	 **
	  	 	G-0298	  	  	**
	 **
	  	 	G-0277	  	  	**
	 **
	  	 	G-0089	  	  	**
	 **
	  	 	G-0266	  	  	**
	 **
	  	 	G-0329	  	  	**
	 **
	  	 	G-0342	  	  	**
	 **
	  	 	G-0262	  	  	**

  
 Exhibit B-2 - Page 2 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

							
	 Counter Party
	  	Contract #	 	  	Termination2
	 **
	  	 	G-0251	  	  	**
	 **
	  	 	G-0264	  	  	**
	 **
	  	 	G-0310	  	  	**
	 **
	  	 	G-0353	  	  	**
	 **
	  	 	G-0362	  	  	**
	 **
	  	 	G-0366	  	  	**
	 **
	  	 	G-0286	  	  	**
	 **
	  	 	G-0301	  	  	**
	 **
	  	 	G-0327	  	  	**
	 **
	  	 	G-0283	  	  	**
	 **
	  	 	G-0272	  	  	**
	 **
	  	 	G-0332	  	  	**
	 **
	  	 	G-0333	  	  	**
	 **
	  	 	G-0341	  	  	**
	 **
	  	 	G-0367	  	  	**
	 **
	  	 	G-0050	  	  	**
	 **
	  	 	G-0014	  	  	**
	 **
	  	 	G-0070	  	  	**
	 **
	  	 	G-0131	  	  	**
	 **
	  	 	G-0351	  	  	**
	 **
	  	 	G-0337	  	  	**
	 **
	  	 	G-0337	  	  	**
	 **
	  	 	G-0318	  	  	**
	 **
	  	 	G-0386	  	  	**
	 **
	  	 	G-0080	  	  	**
	 **
	  	 	G-0287	  	  	**
	 **
	  	 	G-0326	  	  	**
	 **
	  	 	G-0347	  	  	**
	 **
	  	 	G-0081	  	  	**
	 **
	  	 	G-0083	  	  	**
	 **
	  	 	G-0331	  	  	**
	 **
	  	 	G-4028	  	  	**

  
 Exhibit B-2 - Page 3 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

							
	 Counter Party
	  	Contract #	 	  	Termination2
	 **
	  	 	G-0346	  	  	**
	 **
	  	 	G-0354	  	  	**
	 **
	  	 	G-0339	  	  	**
	 **
	  	 	G-0091	  	  	**
	 **
	  	 	G-0344	  	  	**
	 **
	  	 	G-0359	  	  	**
	 **
	  	 	G-0336	  	  	**
	 **
	  	 	G-0299	  	  	**
	 **
	  	 	G-0285	  	  	**
	 **
	  	 	G-0285	  	  	**
	 **
	  	 	G-0319	  	  	**
	 **
	  	 	G-0325	  	  	**
	 **
	  	 	G-0335	  	  	**

  

					
	 Abbreviation
	  	Definition	 
	 LOL
	  	 	Life of Lease	  
	 MTM
	  	 	Month to Month	  
	 YTY
	  	 	Year to Year	  

  

  
 Exhibit B-2 - Page 4 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT C 

CONFLICTING DEDICATIONS 
  

							
	 Party
	  	 Agreement
	  	 Effective
	 	 Term

	 **
	  	 **
	  	**	 	**
	 **
	  	 **
	  	**	 	**
	 **
	  	 **
	  	**	 	**
	 **
	  	 **
	  	**	 	**
	 **
	  	 **
	  	**	 	**

 For the avoidance of doubt, no Customer Gas subject to a Conflicting Dedication is, or shall be, included in any Dedicated
Production Estimates contained in any Development Plan delivered by Customer hereunder while the applicable Conflicting Dedication is still in effect. 

  
 Exhibit C - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT D 
 INITIAL
DEVELOPMENT PLAN 
 Notwithstanding anything in Section 5.1 to the contrary, the Parties acknowledge that the Initial Development Plan
contained in this Exhibit D does not contain all of the information called for by Section 5.1 with respect to each Development Plan, as it is recognized that current Customer reporting, process, and system capabilities limit the
Initial Development Plan to the detail shown below. 
 SCHEDULE 1-A – DEDICATED PRODUCTION ESTIMATES BY RECEIPT POINT (HIGH & LOW PRESSURE)3 
 (MMCF/D) and (MMCFE/D), as applicable 

 

																																																																					
	Quarterly, Years 1-3	 	1Q14	 	 	2Q14	 	 	3Q14	 	 	4Q14	 	 	1Q15	 	 	2Q15	 	 	3Q15	 	 	4Q15	 	 	1Q16	 	 	2Q16	 	 	3Q16	 	 	4Q16	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Goliath Gathering
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
	 Hawkeye Gathering
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
	 Red Sky Gathering
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 				 				 				 				 			
	 Total
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
																		
	Annual, Years 4-20	 	2017	 	 	2018	 	 	2019	 	 	2020	 	 	2021	 	 	2022	 	 	2023	 	 	2024	 	 	2025	 	 	2026	 	 	2027	 	 	2028	 	 	2029	 	 	2030	 	 	2031	 	 	2032	 	 	2033	 
	 Goliath Gathering
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
	 Hawkeye Gathering
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
	 Red Sky Gathering
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  

  
  

	3 	Schedule 1-A is broken out by general Receipt Point groups, and not by individual Receipt Points, and contains information as to both the high pressure and low pressure Receipt Points. Additionally, all Injected NGL
volumes included in the Dedicated Production Estimates have, for purposes of Schedule 1-A, been converted to MCFEs and included with the Gas volumes shown above. See lead in paragraph to this Exhibit D. 

  
 Exhibit D - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

SCHEDULE 1-B – DEDICATED PRODUCTION ESTIMATES BY RECEIPT POINT (HIGH PRESSURE)4 

(MMCF/D) and (MMCFE/D), as applicable 
  

																																																																					
	Quarterly, Years 1-3	 	1Q14	 	 	2Q14	 	 	3Q14	 	 	4Q14	 	 	1Q15	 	 	2Q15	 	 	3Q15	 	 	4Q15	 	 	1Q16	 	 	2Q16	 	 	3Q16	 	 	4Q16	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Goliath Gathering
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
	 Hawkeye Gathering
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
	 Red Sky Gathering
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 				 				 				 				 			
	 Total
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
																		
	Annual, Years 4-20	 	2017	 	 	2018	 	 	2019	 	 	2020	 	 	2021	 	 	2022	 	 	2023	 	 	2024	 	 	2025	 	 	2026	 	 	2027	 	 	2028	 	 	2029	 	 	2030	 	 	2031	 	 	2032	 	 	2033	 
	 Goliath Gathering
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
	 Hawkeye Gathering
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
	 Red Sky Gathering
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  

  
  

	4 	Schedule 1-B is broken out by general Receipt Point groups, and not by individual Receipt Points, and contains information only as to the high pressure Receipt Points. Additionally, all Injected NGL volumes included in
the Dedicated Production Estimates have, for purposes of Schedule 1-B, been converted to MCFEs and included with the Gas volumes shown above. See lead in paragraph to this Exhibit D. 

  
 Exhibit D - Page 2 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

SCHEDULE 2 – DEDICATED PRODUCTION ESTIMATES BY DELIVERY POINT5 

(MMCF/D FOR RESIDUE GAS, MBBLS/D FOR NGLS 
 RESIDUE
GAS 
  

																																																																					
	Quarterly, Years 1-3	 	1Q14	 	 	2Q14	 	 	3Q14	 	 	4Q14	 	 	1Q15	 	 	2Q15	 	 	3Q15	 	 	4Q15	 	 	1Q16	 	 	2Q16	 	 	3Q16	 	 	4Q16	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 HNDP
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
	 Gas Lift
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
	 Northern Border
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
	 WBI
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
	 Alliance
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 				 				 				 				 			
	 Total
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
																		
	Annual, Years 4-20	 	2017	 	 	2018	 	 	2019	 	 	2020	 	 	2021	 	 	2022	 	 	2023	 	 	2024	 	 	2025	 	 	2026	 	 	2027	 	 	2028	 	 	2029	 	 	2030	 	 	2031	 	 	2032	 	 	2033	 
	 HNDP
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
	 Gas Lift
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
	 Northern Border
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
	 WBI
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
	 Alliance
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  

  
  

	5 	Schedule 2 is broken out by general Receipt Point groups, and not by individual Receipt Points, and contains information only as to the high pressure Receipt Points. See lead in paragraph to this Exhibit D.

  
 Exhibit D - Page 3 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

(MMCF/D FOR RESIDUE GAS, MBBLS/D FOR NGLS 
 SCHEDULE 2 

(continued) 
 NGLs 

 

																																																																					
	Quarterly, Years 1-3	 	1Q14	 	 	2Q14	 	 	3Q14	 	 	4Q14	 	 	1Q15	 	 	2Q15	 	 	3Q15	 	 	4Q15	 	 	1Q16	 	 	2Q16	 	 	3Q16	 	 	4Q16	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Alliance
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
	 Aux Sable
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
	 Vantage
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
	 Truck Rack
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
	 By Pipe to TRT
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 				 				 				 				 			
	 Total
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 				 				 				 				 			
																		
	Annual, Years 4-20	 	2017	 	 	2018	 	 	2019	 	 	2020	 	 	2021	 	 	2022	 	 	2023	 	 	2024	 	 	2025	 	 	2026	 	 	2027	 	 	2028	 	 	2029	 	 	2030	 	 	2031	 	 	2032	 	 	2033	 
	 Alliance
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
	 Aux Sable
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
	 Vantage
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
	 Truck Rack
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
	 By Pipe to TRT
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total
	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  

  
 Exhibit D - Page 4 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT E 
 INITIAL
SYSTEM PLAN 
 The Initial System Plan includes the information required by Section 5.2(b): 

Section 5.2(b)(i): See Exhibit H and Exhibit I. 

Section 5.2(b)(ii): See Schedule 1 attached below. 

Section 5.2(b)(iii): See Schedule 1 attached below. 

Section 5.2(b)(iv): N/A for Initial System Plan. 

SCHEDULE 1: 2014 PLANT EXPANSIONS; FACILITIES MODIFICATIONS; AND TARGET COMPLETION DATES 

 

					
	$(thousands)	  	2013	 
	 Various TGP Expansion Items
	  	 	**	  
	 Total
	  	 	**	  

  
 Exhibit E - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

Included below is the System Budget that corresponds to the Initial System Plan set forth in this Exhibit E. 

Such System Budget includes the information required by Section 5.2(c): 

Section 5.2(c)(i): See Schedule A attached below. 

Section 5.2(c)(ii): See Schedule B-1 and Schedule B-2 attached below. 

Section 5.2(c)(iii): See Schedule C-1 and Schedule C-2 attached below. 

Section 5.2(c)(iv): See Schedule D-1 and Schedule D-2 attached below. 

SCHEDULE A: PLANT EXPANSION CAPITAL EXPENDITURES 
  

																																									
	$(thousands)	  	2014	 	  	2015	 	  	2016	 	  	2017	 	  	2018	 	  	2019	 	  	2020	 	  	2021	 	  	2022	 	  	2023	 
	 Various TGP Expansion Items
	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  
	 Total
	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  

 SCHEDULE B-1: PLANT MAINTENANCE CAPITAL ESTIMATES 

 

																																									
	$(thousands)	  	2014	 	  	2015	 	  	2016	 	  	2017	 	  	2018	 	  	2019	 	  	2020	 	  	2021	 	  	2022	 	  	2023	 
	 Maintenance Capital
	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  

 SCHEDULE B-2: HNDP MAINTENANCE CAPITAL ESTIMATES 

 

																																									
	$(thousands)	  	2014	 	  	2015	 	  	2016	 	  	2017	 	  	2018	 	  	2019	 	  	2020	 	  	2021	 	  	2022	 	  	2023	 
	 Maintenance Capital
	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  

  
 Exhibit E - Page 2 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

SCHEDULE C-1: PLANT OPERATING EXPENSE ESTIMATES 
  

																																									
	$(thousands)	  	2014	 	  	2015	 	  	2016	 	  	2017	 	  	2018	 	  	2019	 	  	2020	 	  	2021	 	  	2022	 	  	2023	 
	 Operating Expense
	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  

 SCHEDULE C-2: HNDP OPERATING EXPENSE ESTIMATES 

 

																																									
	$(thousands)	  	2014	 	  	2015	 	  	2016	 	  	2017	 	  	2018	 	  	2019	 	  	2020	 	  	2021	 	  	2022	 	  	2023	 
	 Operating Expense
	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  

 SCHEDULE D-1: PLANT ESTIMATED SCHEDULE OF MAINTENANCE 

 

																																					
	$(thousands)	  	2014	  	2015	 	  	2016	 	  	2017	 	  	2018	 	  	2019	  	2020	 	  	2021	 	  	2022	 	  	2023	 
	 Estimated Schedule of Maintenance
	  	**
	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	**
	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  

 SCHEDULE D-2: HNDP ESTIMATED SCHEDULE OF MAINTENANCE 

 

																																					
	$(thousands)	  	2014	  	2015	 	  	2016	 	  	2017	 	  	2018	 	  	2019	  	2020	 	  	2021	 	  	2022	 	  	2023	 
	 Estimated Schedule of Maintenance
	  	**
	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  	  	**
	  	 	**	  	  	 	**	  	  	 	**	  	  	 	**	  

  
 Exhibit E - Page 3 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT F 
 INITIAL
MINIMUM VOLUME COMMITMENTS 
  

																	
	MVC:	  	MVC AMOUNT (MCF/DAY)6:	 
	  	1Q 2014	 	  	2Q 2014	 	  	3Q 2014	 	  	4Q 2014	 
	 Minimum Volume Commitment
	  	 	76,800	  	  	 	120,000	  	  	 	133,000	  	  	 	182,000	  

  
  

	6 	The MVC will be measured in Mcf/Day (in the case of Customer Gas) and MCFE/Day (in the case of Customer Injected NGLs), as applicable. 

  
 Exhibit F - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT G-1 
 FEES

  

					
	 FEE TYPE:
	  	FEE
AMOUNT:	 
	 Processing Fee
	  	$	**/Mcf	7 
	 Gas Lift Fee
	  	$	**/Mcf	  
	 Rail Loading Fee
	  	$	**/Barrel	  
	 Truck Loading Fee
	  	$	**/Barrel	  
	 HNDP Fee
	  	$	**/Mcf	  

  
  

	7 	The Processing Fee will be applied on a per Mcf basis (in the case of Customer Gas) and a per MCFE basis (in the case of Customer Injected NGLs), as applicable. 

  
 Exhibit G-1 - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT G-2 
 FEE
RECALCULATION MODEL 
 Original Methodology 
  

	 	•	 	The production profile used will be based on the Initial Development Plan. To the extent appropriate, the production profile is adjusted by an operating factor of **% to reflect realistic operations. Further, the
Initial Development Plan will be adjusted to reflect major maintenance and turnarounds. 

  

	 	•	 	Initial capital (opening balance) is based upon net book value as of December 31, 2013. 

  

	 	•	 	Committed Build-Out Costs and Maintenance Capital Estimates are based on the Initial System Plan. 

  

	 	•	 	Operating Expense Estimates are derived from the Initial System Plan. 

  

	 	•	 	Includes projected public company and executive management costs allocated on a pro rata basis to the assets. 

  

	 	•	 	Includes major maintenance and turnaround expenses 

  

	 	•	 	“Residual Value” equals the sum of (a) initial capital and Committed Build-Out Costs over the Initial Term (10 years), multiplied by (b) the ratio of cumulative throughput from
the Initial Development Plan in the Initial Term (10 years), divided by (c) the cumulative throughput from the Initial Development Plan over the full plan period (20 years). 

 

	 	•	 	The Return on Capital (unadjusted), using a mid-year convention, was utilized. 

  

	 	•	 	Fees are expressed as an escalating $/Mcf or $/Barrel, as applicable, figure required to achieve the Return on Capital. 

  

	 	•	 	Fees are escalated based on the average annual percentage change in the CPI for the 10 years prior to each Recalculation Election date or 2.4% for calendar year 2014 and will be expressed on an annual basis in forward
years. 

  

	 	•	 	Market-based Fees not subject to target return calculation but subject to CPI escalation: 

  

	 	•	 	Truck Loading Fee 

  

	 	•	 	HNDP Fee 

  

	 	•	 	Gas Lift Fee 

  

	 	•	 	If applicable, pass-through costs (power and utilities, other) and market-based revenue streams (compression fees, short-haul/injection fees, other) are set to offset costs to be recovered. 

  
 Exhibit G-2 - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

Redetermination Methodology 
 Each year, if a Recalculation
Election is made pursuant to Section 7.1(g), the Fees will be recalculated to reflect: 
  

	 	•	 	The enumerated items in Section 7.1(g)(i) through (ix). 

  

	 	•	 	The present value of prior year(s) revenue and throughput will be subtracted from the “Required Cost Recovery” and “Escalating Tariff Throughput” (as each such term is used in the following example
calculations) calculations so that the new Fees reflect costs to be recovered over the remaining Term coupled with expected throughput. 

  

	 	•	 	Operating Expense Estimates based upon the latest updated System Plan for the applicable year and subsequent years. Prior year(s) operating expenses will not be trued-up to actuals. 

 

	 	•	 	Projected public company and executive management costs allocated on a pro rata basis to the assets. 

  

	 	•	 	Major maintenance and turnaround expenses not otherwise included in the above listed items. 

  

	 	•	 	Any scheduled downtime of the TGP System. 

  

	 	•	 	Adjusted Residual Value based on latest Updated Development Plan. 

  

	 	•	 	All other assumptions will be the same as the Original Methodology set forth above. 

  
 Exhibit G-2 - Page 2 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

Example Fee Calculation 
  

																																																							
	 	 	 	  	 	 	 Calculation / Notes
	 	2013	 	 	2014	 	 	2015	 	 	2016	 	 	2017	 	 	2018	 	 	2019	 	 	2020	 	 	2021	 	 	20 22	 	 	2023	 	 	2024	 
		 	A	  	Discounting Date	 		 	 	31- Dec	  	 	 	30-Jun	  	 	 	30- Jun	  	 	 	30- Jun	  	 	 	30- Jun	  	 	 	30- Jun	  	 	 	30- Jun	  	 	 	30- Jun	  	 	 	30- Jun	  	 	 	30- Jun	  	 	 	30- Jun	  	 	 	30-Jun	  
		 	B	  	IRR (**%)	 		 				 				 				 				 				 				 				 				 				 				 				 			
		 	C	  	Tariff Escalation Index (**%)	 	CPI –annual update	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  	 	 	**	  
	 Cost Estimates
	 		 				 				 				 				 				 				 				 				 				 				 				 			
		 	D	  	Initial capital	 		 	 	#	  	 				 				 				 				 				 				 				 				 				 				 			
		 	E	  	Committed Build- Out Costs	 		 				 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 			
		 	F	  	Maintenance Capital Estimates	 		 				 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 			
		 	G	  	Operating Expenses	 		 				 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 			
		 		  		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
		 	H	  	Total Costs before Add backs	 	D+E+F+G	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 			
	 Add backs (decreases required cost recovery)
	 		 				 				 				 				 				 				 				 				 				 				 				 			
		 	I	  	Power & Utilities Pass- through *	 		 				 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 			
		 	J	  	Compression Revenues *	 	= $** * C * High Pressure Gas	 				 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 			
		 	K	  	Short- Haul / Injection Revenues *	 	=$** * C * Short-Haul Vol.	 				 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 	 	- #	  	 			
		 	L	  	Residual Value	 	See description	 				 				 				 				 				 				 				 				 				 				 				 	 	- #	  
		 		  		 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
		 	M	  	Total Add backs	 	I+J+K+L	 				 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  
		 	N	  	Net Total Costs	 	H- M	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  
		 	O	  	Required Cost Recovery	 	=XNPV ( B, A, N)	 	 
  
 
	PV @ **%
 as
of
1/1/14
	  

  
  
	 				 				 				 				 				 				 				 				 				 				 			
	 Throughput Estimate (Mbbls or
MMcf)
	 	 	 	2013	 	 	2014	 	 	2015	 	 	2016	 	 	2017	 	 	2018	 	 	2019	 	 	2020	 	 	2021	 	 	2022	 	 	2023	 	 	2024	 
		 	P	  	2014 Nomination	 		 				 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 			
		 	Q	  	Operating Factor *	 		 				 	 	%	  	 	 	%	  	 	 	%	  	 	 	%	  	 	 	%	  	 	 	%	  	 	 	%	  	 	 	%	  	 	 	%	  	 	 	%	  	 			
		 	R	  	Net Throughput	 	= P * Q	 				 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 			
		 	S	  	Escalated Net Throughput	 	= R * C	 				 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 	 	#	  	 			
		 	T	  	Escalating Tariff Throughput	 	=X N PV ( B , A , S)	 	 
  
 
	PV @ **%
 as
of
1/1/14
	  

  
  
	 				 				 				 				 				 				 				 				 				 				 			
	 Tariff Rate & Tariff Revenue
	 	 	 	2013	 	 	2014	 	 	2015	 	 	2016	 	 	2017	 	 	2018	 	 	2019	 	 	2020	 	 	2021	 	 	2022	 	 	2023	 	 	2024	 
		 	U	  	 2014 Tariff Rate

($/Bbl or $/Mcf)
	 	= O / T	 				 				 				 				 				 				 				 				 				 				 				 			
		 	V	  	Tariff Revenue	 	xnpv ( B , A , V) = O	 				 	 	U*R	  	 	 	U*C*R	  	 	 	U*C*R	  	 	 	U*C*R	  	 	 	U*C*R	  	 	 	U*C*R	  	 	 	U*C*R	  	 	 	U*C*R	  	 	 	U*C*R	  	 	 	U*C*R	  	 			
		 		  		 		 				 				 				 				 				 				 				 				 				 				 				 			

  

	*	Note: Not applicable to all tariffs 

  
 Exhibit G-2 - Page 3 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

Example Redetermination Election Fee Calculation (First Redetermination Election) 

 

																															
	 	 	 	  	 	 	 Calculation / Notes
	 	2013	 	2014	 	2015	 	2016	 	2017	 	2018	 	2019	 	2020	 	2021	 	2022	 	2023	 	2024
		 	 A
	  	Discounting Date	 		 	31- Dec	 	30-Jun	 	30-Jun	 	30-Jun	 	30-Jun	 	30-Jun	 	30-Jun	 	30-Jun	 	30-Jun	 	30-Jun	 	30-Jun	 	30-Jun
		 	 B
	  	IRR (TBD%)	 		 		 		 		 		 		 		 		 		 		 		 		 	
		 	 C
	  	Tariff Escalation Index
(TBD%)	 		 		 		 		 		 		 		 		 		 		 		 		 	
		 		  		 	CPI –annual update	 	**	 	**	 	**	 	**	 	**	 	**	 	**	 	**	 	**	 	**	 	**	 	**
		 		  	**% used for illustrative
purposes	 		 		 		 		 		 		 		 		 		 		 		 		 	
	 Cost Estimates
	 		 		 		 		 		 		 		 		 		 		 		 		 	
		 	 D
	  	Initial capital	 		 	#	 		 		 		 		 		 		 		 		 		 		 	
		 	 E
	  	Committed Build- Out
Costs	 		 		 	Actual	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	
		 	 F
	  	Maintenance Capital
Estimates	 		 		 	Actual	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	
		 	 G
	  	Operating Expenses	 		 		 	ISP	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	
		 	 H
	  	Total Costs before Add
backs	 	D+E+F+G	 	#	 	Actual/ISP	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	
	 Add backs (decreases required cost recovery)
	 		 		 		 		 		 		 		 		 		 		 		 	
		 	 I
	  	Power & Utilities Pass-
through *	 		 		 	Actual	 	- #	 	- #	 	- #	 	- #	 	- #	 	- #	 	- #	 	- #	 	- #	 	
		 	 J
	  	Compression Revenues *	 	= $** * C * High Pressure Gas	 		 	Actual	 	- #	 	- #	 	- #	 	- #	 	- #	 	- #	 	- #	 	- #	 	- #	 	
		 	 K
	  	Short- Haul / Injection
Revenues *	 	=$** * C * Short-Haul Vol.	 		 	Actual	 	- #	 	- #	 	- #	 	- #	 	- #	 	- #	 	- #	 	- #	 	- #	 	
		 	 L
	  	Residual Value	 	See description	 		 		 		 		 		 		 		 		 		 		 		 	- #
		 	 M
	  	Total add backs	 	I+J+K+L	 		 	Actual	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#
		 	 N
	  	Net Total Costs	 	H- M	 	#	 	Actual/ISP	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#
		 	 	  	 	 	=xnpv( B, A , N) –	 	 	 		 		 		 		 		 		 		 		 		 		 	
		 	 O
	  	Required Cost Recovery	 	xnpv (2014 actual revenue)	 	PV @ TBD% as

of 1/1/14 for

Redetermination
	 		 		 		 		 		 		 		 		 		 		 	
	 Throughput Estimate (Mbbls or
MMcf)
	 	 	 	2013	 	2014	 	2015	 	2016	 	2017	 	2018	 	2019	 	2020	 	2021	 	2022	 	2023	 	2024
		 	 P
	  	2015 Nomination	 		 		 	n/a	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	
		 	 Q
	  	Operating Factor *	 		 		 	n/a	 	%	 	%	 	%	 	%	 	%	 	%	 	%	 	%	 	%	 	
		 	 R
	  	Net Throughput	 	= P * Q	 		 	Actual	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	
		 	 S
	  	Escalated Net Throughput	 	= R * C	 		 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	#	 	
		 	 	  	 	 	=xnpv( B , A , S) –	 	 	 		 		 		 		 		 		 		 		 		 		 	
		 	 T
	  	Escalating Tariff
Throughput	 	xnpv (2014 actual throughput)	 	PV @ TBD% as
 of 1/1/14
for
 Redetermination
	 		 		 		 		 		 		 		 		 		 		 	
		 		  		 		 		 		 		 		 		 		 		 		 		 		 		 	
	 Tariff Rate & Tariff Revenue
	 	 	 	2013	 	2014	 	2015	 	2016	 	2017	 	2018	 	2019	 	2020	 	2021	 	2022	 	2023	 	2024
		 	 U
	  	2015 Tariff Rate in 2014 $
($/Bbl or $/Mcf)	 	= O / T	 		 	2014
Rate	 	U * C	 	U * C	 	U * C	 	U * C	 	U * C	 	U * C	 	U * C	 	U * C	 	U * C	 	
		 		  		 	xnpv ( B, A, V) –	 		 		 		 		 		 		 		 		 		 		 		 	
		 	 V
	  	Tariff Revenue	 		 		 	Actual	 	U*C*R	 	U*C*R	 	U*C*R	 	U*C*R	 	U*C*R	 	U*C*R	 	U*C*R	 	U*C*R	 	U*C*R	 	
		 		  		 	xnpv (2014 actual revenue) = O	 		 		 		 		 		 		 		 		 		 		 		 	

  
 Exhibit G-2 - Page 4 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT G-3 

TARGET ETHANE RECOVERY TABLES 
  

					
	 NGL
	  	Ethane Recovery Mode
(Recovery Rate)	  	Ethane Rejection Mode
(Recovery Rate)
	 Ethane
	  	**%	  	**%
	 Propane
	  	**%	  	**% Months 1 to 6;
 **% thereafter

	 Butane
	  	**%	  	**%
	 C5+ Content
	  	**%	  	**%

  
 Exhibit G-3 - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT H 
 RECEIPT
POINTS 
  

													
	 Receipt Point
	  	 Originating Facility
	  	Size	  	Gas /
Injected
NGLs	  	 Notes
	  	Meter #	  	Existing /
Future
	 1.      **
	  	 **
	  	**	  	**	  	 **
	  	**	  	**
	 2.      **
	  	 **
	  	**	  	**	  	 **
	  	**	  	**
	 3.      **
	  	 **
	  	**	  	**	  	 **
	  	**	  	**
	 4.      **
	  	 **
	  	**	  	**	  	 **
	  	**	  	**
	 5.      **
	  	 **
	  	**	  	**	  	 **
	  	**	  	**
	 6.      **
	  	 **
	  	**	  	**	  	 **
	  	**	  	**
	 7.      **
	  	 **
	  	**	  	**	  	 **
	  	**	  	**
	 8.      **
	  	 **
	  	**	  	**	  	 **
	  	**	  	**
	 9.      **
	  	 **
	  	**	  	**	  	 **
	  	**	  	**

  
 Exhibit H - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT I 

DELIVERY POINTS 
  

													
	 Delivery Point
	  	Receiving Facility	 	Size/Type
of Pipe	 	Residue
Gas /NGL	 	 Notes
	  	Meter #	 	Existing/
Future
	 1.      **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 2.      **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 3.      **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 4.      **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 5.      **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 6.      **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 7.      **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 8.      **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 9.      **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 10.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 11.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 12.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 13.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 14.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 15.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**

  
 Exhibit I - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

													
	 Delivery Point
	  	Receiving
Facility	 	Size/Type
of Pipe	 	Residue
Gas /NGL	 	 Notes
	  	Meter
#	 	Existing/
Future
	 16.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 17.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 18.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 19.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 20.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 21.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 22.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 23.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 24.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 25.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 26.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 27.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**
	 28.    **
	  	**	 	**	 	**	 	 **
	  	**	 	**

  
 Exhibit I - Page 2 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT J 

INSURANCE 
 Each of the
Parties shall maintain or self-insure, and shall require its applicable subcontractors or agents who (a) in the case of Provider, are providing any of the System Services hereunder, or (b) in the case of Customer, are delivering any Gas or
Injected NGLs to the Receipt Points and/or receiving any Residue Gas or NGLs at the Delivery Points hereunder, in each case, to maintain or self-insure, during the Term, the following insurance coverage: 

 

	 	1.	Workers’ Compensation Insurance, covering obligations under all applicable Laws and employer’s liability insurance in the amount of $1,000,000 per occurrence. 

 

	 	2.	General Liability Insurance, including contractual liability, with limits of $1,000,000 combined single limit per occurrence bodily injury and property damage with a $2,000,000 annual aggregate.

  

	 	3.	Automobile Liability Insurance, with limits of $1,000,000 combined single limit per occurrence bodily injury and property damage. Such automobile insurance will apply to all owned and non-owned vehicles.

  
 Exhibit J - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT K 
 FORM OF
CUSTOMER GUARANTEE 
 GUARANTY 

In consideration of Hess Tioga Gas Plant LLC (“Beneficiary”) agreeing at the request of Hess Corporation, 1185 Avenue of the
Americas, New York, NY 10036 (“Guarantor”) to enter into and execute that certain Gas Processing and Fractionation Agreement, dated             , 2014 (the
“Agreement”) with Hess Trading Corporation, a Delaware Corporation (“Obligor”), Guarantor does hereby guarantee to Beneficiary, irrevocably and unconditionally, except as set forth in this Guaranty, the payment,
upon Beneficiary’s demand, by Obligor of all obligations of Obligor to Beneficiary under the Agreement, whether now in existence or hereafter arising (the “Guaranteed Obligation”). 

Guarantor hereby waives notice of acceptance of this Guaranty and notice of any obligation to which it may apply, and, except as provided in
this Guaranty, waives presentment, demand for payment, protest, notice of dishonor, non-payment or non-performance of any such obligation, suit or the taking of other action by Beneficiary against, and any other notice to, Obligor, Guarantor or
others. 
 Beneficiary may at any time and from time to time without notice or consent of Guarantor (a) agree with Obligor to make any
change in, or amend, the terms of any Guaranteed Obligation, (b) take or fail to take any action in respect of any security for any Guaranteed Obligation, (c) exercise or refrain from exercising any rights against Obligor or others under
the Agreement, or (d) compromise or subordinate any Guaranteed Obligation, including any security therefor, with the assurance that the obligation of Guarantor to Beneficiary will not be impaired or compromised beyond that which is ultimately
agreed to between Beneficiary and Obligor. 
 This guaranty shall continue in full force and effect until the date of termination of the
Guaranteed Obligation. It is understood, however, that notwithstanding any such expiration or termination taking effect, this Guaranty shall continue in full force and effect with respect to any Guaranteed Obligation guaranteed hereunder which have
been incurred, arise or otherwise relate to any period prior to such expiration or termination becoming effective. Guarantor further agrees that this Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time the
payment, or any part thereof, of any Guaranteed Obligation is rescinded or must otherwise be reinstated or returned due to bankruptcy or insolvency laws or otherwise. 

This Guaranty is one of payment and not one of collection. Beneficiary may make written demand directly on Guarantor for such payment upon
default by Obligor of any Guaranteed Obligation. In addition, Guarantor, upon demand, will reimburse Beneficiary for reasonable attorney fees necessarily incurred by Beneficiary in collection of payments or enforcement of performance hereunder.
Except as to applicable statutes of limitation, delay by Beneficiary in making demand will not alter Guarantor’s obligation under this Guaranty and Beneficiary will not be required to exhaust any remedies it may have against Obligor. 

Notices and demands are to be made (i) via personal delivery, express courier or certified mail, postage prepaid and return receipt
requested, with such method of delivery effective upon receipt, or (ii) via electronic mail, with such method of delivery effective upon confirmation of receipt (but only if followed by transmittal by personal delivery or express courier for
delivery on the next business day). Any notice to Guarantor or demand on Guarantor must be made to the following address, to the attention of Vice President, Chief Risk Officer: Hess Corporation, 1185 Avenue of the Americas, New York, NY 10036,
RiskLegal@hess.com. 

  
 Exhibit K - Page 1 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN CONFORMITY WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICT OF LAWS
DOCTRINE WHICH WOULD APPLY THE LAWS OF ANOTHER JURISDICTION. GUARANTOR HEREBY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND TO FEDERAL COURTS LOCATED WITHIN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK. 

EACH OF GUARANTOR AND BENEFICIARY HEREBY IRREVOCABLY WAIVE, 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 RELATING TO THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY. EACH OF GUARANTOR AND BENEFICIARY (A) CERTIFIES THAT NO AGENT,
ATTORNEY, REPRESENTATIVE OR ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF LITIGATION, AND (B) ACKNOWLEDGES THAT GUARANTOR AND BENEFICIARY, AS
APPLICABLE, HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS PARAGRAPH. 

No term of provision of this Guaranty may be waived, amended, supplemented or otherwise modified except in a writing signed by Guarantor and
Beneficiary. 
 This Guaranty embodies the entire terms of the guaranty of payment by Guarantor to Beneficiary for the Guaranteed
Obligation, superseding any related prior understandings or agreements. 
 This Guaranty is executed effective as of
                    , 2014. 
  

	
	HESS CORPORATION
	
	
	  

	  

	  

  
 Exhibit K - Page 2 

 TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE
REDACTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH TWO ASTERISKS (**). 
  

EXHIBIT L 
 NOTICE
INFORMATION 
 If to Provider: 

Hess Tioga Gas Plant LLC 
 1501 McKinney Street 

Houston, Texas 77010 

	Attn:	Senior Commercial Manager 

	Fax:	(713) 496-8028 

	Email:	john.cable@hess.com 

 with a copy to: 

Hess Tioga Gas Plant LLC 
 1501 McKinney Street 

Houston, Texas 77010 

	Attn:	Operations Director 

	Fax:	(713) 496-8028 

	Email:	jtamborski@hess.com 

 If to Customer: 

 

			
	 Hess Trading Corporation
 1501 McKinney
Street
 Houston, Texas 77010

Attn:    Director Commercial – Bakken

Fax:      (713) 496-8028

Email:  bpetersen@hess.com
	  	
		
	 with copies to:
	  	
		
	 Hess Trading Corporation
 1501 McKinney
Street
 Houston, Texas 77010

Attn:    Gas Marketing Team Lead – Gas Marketing

Fax:      (713) 496-8028

Email:  kkifer@hess.com
	  	 Hess Trading Corporation
 1501 McKinney
Street
 Houston, Texas 77010

Attn:    HTC Legal

Fax:      (713) 496-8028

Email:  cpereyra@hess.com

  
 Exhibit L - Page 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]